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RECORDATION REQUESTED BY;
The Jackson Slale Bank & Trust
Main Office
P.O. Box 1788
112 Center Street
Jackson, WY 83001
WHEN RECORDED MAIL TO:
The Jackson State Bank & Trust
Main Office
P.O. Box 1788
112 Center Street
Jackson, WY 83001
SEND TAX NOTICES TO:
The Jackson Slate Bank & Trust
Main Office
P.O. Box 1788
112 Center Street
Jackson, WY 83001
899512
RECEIVED
LINCOLN COUNTI'Y CLERK
SPACE ABOVE THI~ LINE IS FOR RECORDER'S .USE ONLY
MORTGAGE
MAXIMUM LIEN. The lien of this Mortgage shall not exceed at any one time $100,000.00.
THIS MORTGAGE dated May 12, 2004, is made and executed between Cynthia A. Engelstad, sole Trustee, or her
successors in trust, under the Cynthia A. Engelstad Living Trust, dated February 1, 1999, and any amendments
thereto, whose address is P.O. Box 12321, Jackson, WY 83002-2321 (referred to below as "Grantor") and The
Jackson State Bank & Trust, whose address is P.O. Box 1788, 112 Center Street, Jackson, WY 83001 (referred
to below as "Lender").
GRANT OF MORTGAGE. For valuable considerallon, Grantor mortgages and conveys !o Lender all of Grantor's right, tille, and interest in and
the following described real property, together with all exisling or subsequently erecled or atfixed buildings, improvements and fixtures; all easements,
righls of way, and appurtenances; all water, water rights, watercourses and ditch rights (including stock in utilities with ditch or irrigation rights); and all
other rights, royalties, and profits relating lo the real property, including withoul limitation all minerals, oil, gas, geolhermal and similar matters, (the
"Real Property") located in Lincoln County, State of Wyoming:
Lot 23 of Alpine Village SubdiVision No. 1, Plat 2 Amended, Lincoln County, Wyoming as described on the
official plat thereof'
The Real Property or its address is commonly known as 1006 Alpine Village Loop, Alpine, WY 83128.
Grantor presently assigns to Lender ali of Grantor% right, title, and interest in and to all present and future leases ol Ihe Property and ail Rents from the
Property. In addition, Grantor grants to Lender a Uniform Commercial Code security interest in lhe Personal Property and Rents.
THIS MORTGAGE, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST iN THE RENTS AND PERSONAL PROPERTY, IS
GIVEN TO SECURE (A) PAYMENT OF THE INDEBTEDNESS AND (B) PERFORMANCE OF ANY AND ALL OBLIGATIONS UNDER THE NOTE,
THE RELATED DOCUMENTS, AND THIS MORTGAGE. THIS MORTGAGE IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS:
GRANTOR'S WAIVERS. Grantor waives ail rights or defenses arising by reason of any "one action" or "anti-deficiency" law, or any other law which
may prevent Lender from bringing any action against Grantor, including a claim for deficiency to the extent Lender is olherwise enlitled to a claim for
deficiency, before or after Lender's commencement or complelion of any foreclosure action, either judicially or by exercise of a power of sale.
GRANTOR'S REPRESENTATIONS AND WARRANTIES. Grantor warrants that: (a) this Mortgage is executed at Borrower's request and not at the
request ol Lender; (b) Grantor has lhe full power, right, and authority to enter into this Mortgage and to hypothecate the Property; (c) the provisions of
lhis Mortgage do not conflict with, or result in a default under any agreement or other instrument binding upon Grantor and do not resull in a violation
of any law, regulation, court decree or order applicable to Grantor; (d) Grantor has established adequate means of obtaining from Borrower on a
continuing basis information about Borrower's financial condition; and (e) Lender has made no representalion to Grantor about Borrower (including
without limitation the creditworthiness of Borrower).
PAYMENT AND PERFORMANCE. Except as Otherwise provided in this Mortgage, Borrower shall pay to Lender all Indebtedness secured by lhis
Mortgage as it becomes due, and Borrower and Grantor shall strictly perform all Borrower's and Grantor's obligations under this Mortgage.
POSSESSION AND MAINTENANCE OF THE PROPERTY. Borrower and Grantor agree that Borrower's and Grantor's possession end use of the
Properly shall be governed by the following provisions:
Possession and Use. Until Ihe occurrence of an Event ol Default, Grantor may (1) remain in possession and control of the Property; (2) use,
operate or manage the Properly; and (3) collect the Renls from the Property.
Duly to Maintain. Granlor shall mainta!in the Property in good condition and promplly perform all repairs, replacements, and maintenance
necessary to preserve ils value.
Compliance Wilh Envlronmenlal Laws. i Grantor represents and warrants to Lender lhal: (1) During the period of Grantor's ownership of lhe
Property, there has been no use, generation, manufacture, storage, treatment disposal, release or Ihrealened release of any Hazardous
Subslance by any person on, under, abdut or from the Property; (2) Granlor has no knowledge of, or reason to believe that Ihere has been,
excepl as previously disclosed to and acknowledged by Lender in writing, (a) any breach or violalion ol any Environmental Laws, (b) any use,
generation, manufacture, storage, trealm~nt, disposal, release or threatened release of any Hazardous Subslance on, under, about or from lhe
Property by any prior owners or occupants of the Property, or (c) any aclual or threalened litigation or claims of any kind by any person relating
Io such matters; and (3) Except as previously disclosed to and acknowledged by Lender in writing, (a) neither Grantor nor any tenanl,
contractor, agent or other authorized user of the Property shall use, generale, manufacture, store, treat, dispose of or release any Hazardous
Substance on, under, aboul or from the Property; and (b) any such activity shall be Conducted in compliance with ail applicable federal, slate,
and local laws, regulations and ordinances, including without limitation all Environmental Laws. Granlor authorizes Lender and its agents to enter
upon the Property 1o make such inspections and tests, at Grantor's expense, as Lender may deem appropriate to determine compliance of the
Property with this section of the Mortgage. Any inspeclions or tests made by Lender shall be for Lender's purposes only and shall not be
construed Io create any responsibility or liability on the part of Lender lo Grantor or to any other person. The representations and warranlies
contained herein are based on Grantor's ~ue diligence in investigating lhe Property lor Hazardous Substances. Grantor hereby (1) releases and
waives any future claims against Lender Ior indemnily or contribution in the event Grantor becomes liable for cleanup or other costs under any
such laws; and (2) agrees to indemnify and hold harmless Lender against any and all claims, losses, liabilities, damages, penalties, and expenses
which Lender may directly or indirectly sustain or suffer resulting from a breach of this section of the Mortgage or as a consequence of any use,
generation, manufacture, storage, disposal, release or threatened release occurring prior to Granlor's ownership or interest in the Property,
whether or not lhe same was or should have been known to Grantor. The provisions of this section of the Morlgage, including the obligation to
indemnify, shall survive the payment of the Indebtedness and the satisfaction and reconveyance of the lien ol this Mortgage and shall not be
affected by Lender's acquisition of any interest in the Property, whether by foreclosure or otherwise.
Nuisance, Waste. Grantor shall nol cause, conduct or permit any nuisance nor commit, permit, or suffer any stripping of or wasle on or to the
Property or any portion of the Property. Without limiting the generalily of the Ioregoing, Grantor will not remove, or grant to any other party the
right to remove, any timber, minerals (including oil and gas), coal, clay, scoria, soil, gravel or rock products without Lender's prior written consent.
Removal of Improvements. Granlor shall not demolish or remove any Improvemenls from the Real Property without Lender's prior wrilten
consent. As a condition to the removal of any Improvements, Lender may require Grantor to make arrangements salisfaclory to Lender to replace
such Improvements wilh Improvements of at least equal value.
Lender's Right to Enler. Lender and Lender's agents and representatives may enter upon the Real Property at alt reasonable limes Io attend to
Loan No: 33046723
MORTGAGE
(Continued) -..-.~,.~JL,~ i..; ~, .. 2 4 ,~ Page 2
Lender's interesls and to inspecl the Real Property for purposes of Grantor's compliance with the terms and condilions of lhis Mortgage.
COmPliance with Governmental Requlr~menls. Grantor shall promptly comply with all laws, ordinances, and regulalions, noW or hereafter in
elfect, of all governmental authorities applicable lo lhe use or occupancy of Ihe Property. Granlor may contest in good faith any such law,
ordinance, or regulation and withhold com.oliance during any proceeding, including appropriate appeals, so long as Grantor has nolified Lender in
wriling prior to doing so and so long as, in Lender's sole opinion, Lender's interests in the Property are not jeopardized. Lender may require
Gran{or 1o posl adequale security or a sur6ty bond, reasonably salisfaclory Io Lender, to prolect Lender's interest.
Duly' to Prolecl. Grantor agrees neilher lo abandon or leave unattended the Property. Grantor shall do all olher acls, in addition Io lhose acls set
forth above in lhis section, which from the Character and use of lhe Property are reasonably necessary to protecl and preserve Ihe Properly.
DUE ON SALE - CONSENT BY LENDER. Lerider may, al Lender's option, declare immedialely due and payable all sums secured by Ihis Mortgage
upon the sale or transfer, wilhout Lender's prior written consenl, of all or any part of the Real Properly, or any inlerest in lhe Real Properly. A "sale or
transfer" means lhe conveyance of Real Properly or any right, lille or inlerest in lhe Real Properly; whether'legal, beneficial or equilable; whelher
voluntary or involuntary; whether by outrighl sale, deed, installment sale contract, land conlracl, contract for deed, leasehold interesl wilh a lerm greater
than three (3) years, lease-option contradt, or t.~y Sale, assignment, or transfer of any beneficial interest in or Io any land trust holding lille to lhe Real
Properly or by any olher melhod of conveyan(~e ~of an interest in the Real Properly. However, this option shall not be exercised by Lender if such
exercise is prohibited by federal law or by Wyon~,,ing law.
TAXES AND LIENS. The following provisions relating to lhe taxes and liens on the Property are part of this Mortgage:
Payment. Grantor shall pay when due (amd in all events prior to delinquency) all taxes, payroll taxes, sPecial taxes, assessments, water charges
and Sewer service charges levied againsll or; on accounl of the Property, and shall pay when due all claims for work done on or for services
rendered Or material furnished to the Prop.~.rty. Grantor shall maintain the Properly free of any liens having priorily over or equal Io the inlerest of
Lender under this Mortgage, except for those liens specifically agreed lo in wdtJng by Lender, and except for Ihe lien of taxes and assessmenls not
due as further specified in the Right to Con'tes:l paragraph.
Right Io Contesl. Granlor may withhold payment of any tax,' assessmenl, or claim in connection with a good faith dispute over lhe obligation to
pay, so long as Lender's interest in the Property is not jeopardized. It a lien arises or is filed as a result of nonpayment, Grantor shall wilhin fifteen
(15) days after the lien arises or, if a lien is filed, within fifteen (15) days after Granior has notice el the filing, secure the discharge of the lien, or it
requested by Lender, deposit with Lender Cas.h or a sufficienl corporate surely bond or other security satislaclory to Lender in an amounl sufficient
to discharge the lien plus any costs and ~easpnab e attorneys' fees, or other charges that coulcJ accrue as a resull of a foreclosure or sale under
the lien. In any contest, Grantor shall defend ilself and Lender and shall satisfy any adverse judgment before enforcement againsl the Property.
Grantor shall name Lender as an additional obligee under any surety bond furnished in lhe contest proceedings.
Evidence of Paymenl. Grantor shall upon demand turnish to Lender satisfactory evidence of payment of lhe luxes or assessments and shall
aulhorize the appropriate governmental 0ftic{al to deliver lo Lender at any time a written statemenl of the taxes and assessments against the
Property. ,
Notice of Conslrucllon. Grantor shall notify'Lender al least fifteen (15) days befoie any work is commenced, any services are furnished, or any
malerials are supplied to the Properly, if ar~y mechanic's lien, malerialmen's lien, or other lien could be asserted on account of the work, services,
or materials. Grantor will upon request et Lender furnish to Lender advance assurances satisfactory to Lender thai Grantor can and will pay the
cost of sdch Improvements. ~
PROPERTY DAMAGE INSURANCE. The following provisions relating to insuring Ihe Property are a pad of this Mortgage:
Maintenance of Insurance. Granlor shall procure and maintain policies of fire insurance with slandard extended coverage endorsemenls on a
replacemenl basis for lhe full insurable value :cover ng all Improvemenls on the Real Properiy in an amounl sufficienl to avoid applicalion of any
coinsurance clause, and wilh a standard mortgagee clause in favor of Lender. Policies shall be wrilten by such insurance companies and in such
form as may be reasonably acceptable fo Lender. Granlor shall deliver to Lender cedificates of coverage from each insurer conlainlng a
stipulation that coverage will not be cancelled or diminished without a minimum of Ion (10) days' prior written notice Io Lender and riel containing
~ any disclaimer of lhe insurer's liabilily for 'failure Io give such notice. Each insurance policy also shall include an endorsement providing Ihat
coverage in favor of Lender will riel be impaired in any way by any acl, omission or default et Granlor or any olher person. Should Ihe Real
Property be located in an area designaled by the Director of the Federal Emergency Managemenl Agency as a special flood hazard area, Granlor
agrees to oblain and maintain Federal Flood Insurance, if available, wilhin 45 days after notice is given by Lender that Ihe Property is located in a
special flood hazard area, for ~he full unpaid principal balance of the loan and any prior liens on the properly securing the loan, up lo Ihe
maximum pOlicy limits set under the Natio~'~al Flood Insurance Program, or as otherwise required by Lender, and Io maintain such insurance for
the term of the loan.
Application of Proceeds.' Grantor shall promplly nolify Lender of any loss or damage Io Ihe Property. Lender may make proof of loss if Grantor
fails to do so within fifleen (15) days of the' casualty. Whether or not Lender's security is impaired, Lender may', al Lender's eleclion, receive and
retain the proceeds of any insurance and apply Ihe proceeds Io lhe reduclion of Ihe Indebtedness, payment of any lien affecling the Property, or
the restoration and repair of the Property. If Lender elecls Io apply the proceeds Io restoration and repair, Grantor shall repair or replace Ihe
damaged or deslroyed Improvements in a manner satisfactory to Lender. Lender shall, upon safisfaclory proof of such expendilure, pay or
reimburse Grantor from the proceeds for lhe reasonable coal of repair or restoration if Granlor is nol in defaull under Ihis Mortgage. Any proceeds
which have not been disbursed within 180 days afler lheir receipt and which Lender has riel committed to the repair or resloration of the Properly
shall be used firs{ to pay any amount owing Io Lender under this Mortgage, then to pay accrued inleresl, and lhe remainder, if any, shall be
applied Io the principal balance of the Indebledness. If Lender holds any proceeds after paymenl in full of the lndebledness, such proceeds shall
be paid to Granlor as Grantor's interests m~y appear.
LENDER'S EXPENDITURES. If Grantor fails (,.~,) [o keep the Properly free of all taxes, liens, security inlerests, encumbrances, and other claims, (B)
1o 'provide any required insurance on the Property, or (C) 1o make repairs to the Properly lhen Lender may do so. If any action or proceeding is
commenced thal would materially affect Lender s interesls in lhe Properly, Ihen Lender on Grantor's behalf may, but is riel required Io, take any aclion
thai Lender believes to be appropriate to protecl Lender's interesls. All expenses incurred or paid by Lender for such purposes will lhen bear inleresl
at the rate Charged under the Note from lhe dale incurred or paid by Lender to Ihe date of repaymenl by Grantor. All such expenses will become a pad
of lhe Indebtedness and, at Lender's oplion, wi'il (A) be payable on demand; (B) be added Io Ihe balance of lhe Nolo and be apportioned among
and be payable with any Installment payments t,3 become due during eilher (1) the term of any applicable insurance policy; or (2) lhe remaining lerm
of lhe Nolo; or (C) be trealed as a balloon paymenl which will be due and payable at the Nole's maturity. The Mortgage also will secure paymenl of
these amounls. The righls provided for in lhis Paragraph shall be in addition Io any olher righls or any remedies to which Lender may be entitled on
account of any default. Any such action by Lender she not be conslrued as curing the defaull so as Io bar Lender from any remedy thai it otherwise
would have had.
WARRANTY; DEFENSE OF TITLE. The following provisions relating Io ownership of the Property are a part of this Mortgage:
Tllle. Grantor warrants lhal: (a) Granlor holds good and markelable title of record to the Property in fee simple, free and clear of all liens and
encumbrances other than Ihose sol forth ih lhi; Real Property description or in any lille insurance policy, lille report, or final lille opinion issued in
favor of, and accepted by, Lender in connbction with this Mortgage, and (b) Grantor has the full right, power, and aulhority to execule and deliver
this Mortgage to Lender.
Defense of Title. Subjecl lethe exceptioll inthe paragraph above, Grantor warrants and will forever defend the lille 1o the Properly against Ihe
lawful claims of all persons. In the event any elction or proceeding is commenced Ihal questions Grantor's lille or the interest of Lender under Ibis
Mortgage, Grantor shall defend the action al Grunter's expense. Grantor may be the nominal party in such proceeding, bul Lender shall be
entitled to participate in Ihe proceeding and l0 be represented in the p~ocei~ding by counsel of Lender's own choice, and Grantor will deliver, or
cause to be delivered, to Lender such instruments as Lende~ may request from time Io lime 1o permit such pa[ticipat on.
Compliance Wilh Laws. Grantor warrants ~hal lhe Property and Grantor's use of Ihe Properly complies with all exisling applicable laws,
ordinances, and regulations of governmental agthorilies
Survival of Promises. All promises, agreements, and stalements Granlor has made in Ihis Mortgage shall survive the execulion and delivery of
lhls Mortgage, shall be continuing In nalure and, shall remain In full force and effect unlil such time as Borrower's Indebledness is paid in full.
CONDEMNATION. The following provisions relating to condemnation proceedings are a part of this Mortgage:
Proceedings. If any proceeding in condemnalion is filed, Grantor shall promplly noilly Lender in writing, and Grantor shall promptly lake such
steps as may be necessary Io defend lhe aclion and oblain lhe award. Grantor may be the nominal party in such proceeding, but Lender shall be
entitled Io participate in lhe proceeding and to be represenled in Ihe proceeding by counsel of its oWn choice, and Grantor will deliver or cause lo
be delivered to Lender such instruments and documentation as may be requesled by Lender from lime to lime to permit such participalion.
Loan No: 33046723
MORTGAGE
(Continued)
Page 3
Application of Net Proceeds. II all or any pad of Ihe Properly is condemned by emlnenl domain proceedings or by any proceeding or purchase
in lieu of condemnalion, Lender may al ils election require thai all or any podion el Ihe riel proceeds el Ihe award be applied to Ihe Indebledness
or Ihe repair or resloralion of the Properly.' The nel proceeds of Ihe award shall mean Ihe award afler paymenl el all reasonable cosls, expenses,
and allorneys' lees Incurred· by Lender in conneclion with Ihe condemnalion.
IMPOSITION OF TAXES, FEES AND CHARGI~S BY GOVERNMENTAL AUTHORITIES. The following provisions relaling Io governmenlal laxes, lees
and charges are a pad el Ihts Modgage:
Current Taxes, Fees and Charges. Upbn requesl by Lender, Granlor shall execute such documenls in addition Io Ihis Morlgage and lake
whalever olher aclion is requested by Lender ~to pedecl and conlinue Lender's lien on Ihe Real Properly. Granlor shall reimburse Lender for all
laxes, as described below, Iogelher with alit expenses incurred in recording, perfecling or conlinuing Ihis M0rlgage, including wilhoul limilalion alt
laxas, lees, documenlary stamps, and other, ch~.rges Ior recording or registerLng Ibis Morlgage.
TaXes. The lollowing shall conslilule laxe~ Io ~vhich Ihis seclion applies: (1) a specific tax upon Ibis lypa el Modgage or upon all or any part of
Ihe Indebledness secured by this Morlgai~e; i(2) a specilic lax on Borrower which Borrower is aulhorized or required lo deducl Item paymenls
on lhe Indebledness secured by this lype el Morlgage; (3) a lax on Ihis type o! Mortgage chargeable againsl Ihe Lender or the holder of Ihe
Nolo; and (4) a specilic tax on all or any per '6n el Ihe Indeb edness or on payrnen s el p~ nc~pa and ~nleresl made by Borrower.
Subsequenl Taxes. If any tax ~o which t.hls secllon applies Is enacled subsequenl to Ihe dale of Ibis Morlgage, Ihis evenl shall have Ihe same
elfecl as an Evenl of Delault, and Lender may exercise any or all of ils available remedies for an Evenl el Delaull as provided below unless Graolor
eJlher (1) pays lhe tax belore it becomes delir~quenl, or (2) conlesls Ihe tax as provided above in lhe Taxes and Liens seclion and deposlls wJlh
Lender cash or a suflicienl corporaie surelY' bond or olher securily salislaclory Io Lender.
SEC'URITY AGREEMENT; FINANCING STATE. MENTS. The following provisions relaling to Ihis Modgage as a securily agreemenl are a pad of Ibis
Mortgage:
Security Agreemenl. This inslrument shail cohslilule a SecurJly Agreemenl Io Ihe exlent any of Ihe Properly conslitules lixlures, and Lender shall
have all of Ihe rights of a secured parly un'Jet lhe Uniform Commercial Code as amended from lime Io lime.
Securlly Interesl. Upon requesl by Lender, Granlor shall lake whatever aclion is requesled by Lender Io perlecl and conlinue Lender's securily
inlerest in the Personal Properly. In additi0n Io recording Ibis Morlgage in lhe real properly records, Lender may, al any lime and wilhoul lurther
author za on from Granlor, file executed cgunlerparls, copies or reproduclions el this Morlgage as a financing slalement. Granlor shall reimburse
Lender for al expenses incurred In Perfedling! or conlinuing Ibis securily interesl. Upon delaull, Granlor shall nol remove, sever or delach Ihe
Personal Properly Item the Properly. Upon..de!aull, Granlor shall assemble any Personal Properly nol affixed
place reasonably convenienl 1o Granlor and Lender and make il available Io Lender wilhin three (3) days aller receipl el wrillen demand Item
Lender Io Ihe extent permilled by applicable law.
Addresses. The mailing addresses el E~ran[or (deblor) and Lender (secured party) from which informalion concerning lhe securily Inleresl
granled by lhis Modgage may be oblalnedi(ea!;h as required by Ihe Unilorm Commercial Code) are as slaled on the lirsl page el this Morlgage.
FURTHER ASSURANCES; ATTORNEY-IN-F.~CT.' The Iollowing provisions relaling Io lurlher assurances and allorney-in-facl are a pad of Ibis
Morlgage:.
Further Assurances. Al any lime, and from ;lime to lime, upon requesl of Lender, Grantor will make, execu{e and deliver, or will cause lo be
made, executed or delivered, lo Lender/or Io Lender's designee, and when requested by Lender, cause lo be filed, recorded, reliled, or
rerecorded, as Ihe case may be, al such 'lim~s and in such ollices and places as Lender may deem appropriale, any and all such modgages,
deeds of Irust, security deeds, securily ag~'eemenls, financing slalemenls, conlinualion stalemenls, Jnslrumenls of furlher assurance, cedificales,
and olher documenls as may, irt the sole opinion of Lender, be necessary or desirable in order Io ellecluale; complele, perfecl, conlinue, or
preserve (1) Borrower's and Granlor's opligations under Ihe Nole, Ibis Morlgage, and Ihe Related Documents, and (2) Ihe liens and security
Inlerests crea~ed by Ihis Mortgage as firsl alnd prior liens on the Properly, whelher now owned or hereafler acquired by Grantor. Unless prohibiled
by law or Lender agrees to Ihe conlrary i'n writing, Granlor shall reimburse Lender for all cosls and expenses incurred in connection wilh the
mailers referred Io In Ihis paragraph. .
AIIorney-ln-Facl. If Grantor fails Io do any of the Ihlngs referred Io in Ihe preceding paragraph, Lender may do so ~or and in Ihe name of Granlor
and.at Grantor's expense. For such purposes, Grantor hereby irrevocably appoinls Lender as Granlor's allorney-ln-lacl for Ihe purpose
making, execuling, delivering, liling, recording, and doing all olher Ihings as may be necessary or desirable, in Lender's sole opinion, Io
accomplish lhe mailers relerred Io in Ihe preceding paragraph.
FULL PERFORMANCE. II Borrower pays all Ihe Indebledness when due, and otherwise performs all Ihe obligalions Imposed upon Granlor under Ihis
Mortgage, Lender shall execule and deliver to Granlor a suilable salisfaclion el Ibis Modgage and suilable stalemenls of lerminalion el any tinancing
slalement on file evidencing Lender's secudly inleresl in Ihe Ranis and the Personal Properly. Granlor will pay, if permilled by applicable law, any
reasonable lerminalion fee as delermJned by La.oder from lime Io lime.
EVENTS OF DEFAULT. Al Lender's option, Granlor will be in defaull under Ibis Mortgage if any el Ihe following happen: Paymenl Default. Borrower fails Io make ~ny Paymenl when due under the Indebtedness.
Default on Other Paymenls. Failure· of Granlor wilhin Ihe time required by Ibis Mortgage Io make any payment for laxes or insurance', or 'any
olher paymenl necessary 1o prevenl filing ql erie effecl discharge of any lien.
Break Olher Promises. Borrower or Gr~ntOr breaks any promise made 1o Lender or fails Io perform promptly al Ihe lime and slriclly in Ihe
manner provided in Ihis Morlgageor In an'~ agreemenl relaled Io Ihis Morlgage.
Del'aull.ln Favor of 'rhlrd Parties. Shoul(~ Borrower or any Granlor defaull under any loan, exlension of credil, securily agreemenl, purchase or
sales agreemenl, or any olher agreemenl,~in favor of any olher credilor or person. Ihal may maledally ai'fecl any of Borrower's or any Granlor's
properly or Borrower's abilily Io repay the Indebledness or Borrower's or Granlor's abilily Io perform lheir respeclive obligalion5 under this
Morlgage or any related documenl. :'
False Statemenls. Any representalion or! slalemenl made or furnished to Lender by Borrower or Grantor or on Borrower's or Granlor's behall
under lhis Modgage or lhe Related DocumenlS is false or misleading in any malerial respecl, eilh~r now or at the lime made or furnished.
Del'active CollalerallZallOn. This Morlgag~. orlany of lhe Relaled Documenls ceases Io be in lull force and effecl (including failure of any collaleral
documenl Io creale a valid and perlecled s~cu.-ily inleresl or lien) al any lime and for any reason.
Insolvency. The dissolulion or lerminalion ~f Ihe Trusl, the insolvency el Borrower or Granlor, Ihe appoinlmenl el a receiver for any pad of
Borrower's or Grantor's properly, any asSignmenl for Ihe benefil of creditors, any lype of credilor workoul, or Ihe commencemenl el any
proceeding under any bankruplcy or insolvlency laws by or against Borrower or Granlor.
Taking of Ihe Property. Any credilor or g~vernmental agency Ides l0 lake any of Ihe Properly or any olher el Borrower's or Granlor's properly
which Lender has a lien. This includes faking o~, garnishing of or levying on Borrower's or Granlor's accounls wilh Lender. However, if Borrower
or Granlor dispules In good failh whelher Ihe claim on which the laking el the Properly is based is valid or reasonable, a~d if Borrower or Granlor
gives Lender writlen nolice et the claim arid furnishes Lender wilh monies or a surely bond salisfaclory Io Lender lo salisfy Ihe claim, lhen Ibis
defaull provision will nol apply. ~.
Breach of Other Agreemenl. Any breacl~ by Borrower or Granlor under the lerms of any olher agreemenl between Borrower or Granlor and
Lender Ihal is not remedied wilhin any grace period provided lherein, including wilhoul limilalion any agreemenl concerning any indebledness or
olher obligation of Borrower or Granlor lo t~ender, whelher exJsling now or laler.
Evenls Affecling Guarantor~ Any of Ihe p~reced ng evenls occurs wilh respecl Io any guarantor, endorser, sure~y, or accommodallon pady of any
of Ihe Indebledness or any guaranlor, endorser, surely, or accommodalion parly dies or becomes Incompelenl, or revokes or dispules the validity
of, or liabilily under, any Gaaranly et the In~ebledness. In Ihe evenl el a dealh, Lender, al ils oplion, may, bul shall riel be required 1o, permil Ihe
guaranlor's eslale 1o assume Unco.ndi{ionally Ihe obligalions arising under Ihe guaranly in a manner salisfactory Io Lender and, in doing so, cure
any Event of Delault.
Rlghl to Cure. Il such a failure Is curabt, e and if Borrower or Grantor has not been given a nolice el a breach of the same provision el Ibis
Medgage within fha preceding IWelve (~2) months, Jl may be cured (and no Evenl el Delaull will have occurred) if Borrower or Granlor, allot
Lender sends wrillen nolice demanding cure of such failure: (a) cures Ihe lailure wilhin fiIleen (~5) days; or (bi if Ihe cu~e requires more Ihan
lifleen (15) days, immedialely inJlJate5 51eP5 sufficienl Io cure Ihe failure and Ihereafler conlinues and compleles ail reasonable and necessary
steps suflicienl Io produce compliance as soon as reasonably praclical.
RIGHTS AND REMEDIES ON DEFAULT. Upgn Ihe occurrence o~ an Event o~ Defaull and al any time Ihereafler, Lender, af Lender's Option, may
Loan No: 33046723
MORTGAGE
(Continued)
Page 4
exercise any one or more of the following rightsland remedies, in addition lo any other rights or remedies provided by taw:
Accelerate Indebtedness. Lender shall 'have lhe right at its option wilhOut nolice to Grantor to declare the entire Indebtedness immediately due
and payable, including any prepaymenl penally which Grantor would be required to pay.
UCC Remedies. Wi{h respecl lo all or any part of the Personal Property, Lender shall have all the rights and remedies of a secured party under
the Uniform Commercial Code.
Collecl Rents. Lender shall have Ihe rlght, without notice 1o Borrower or Granlor, 1o lake possession of lhe Properly, including during Ihe
pendency of foreclosure, whether judicia.l~or non-judicial, and collecl lhe Rents, including amounts pasl due and unpaid, and apply the nel
proceeds, over and above Lender's costs'i against the Indebledness. In lurtherance of this right, Lender may require any lenant or other user of
the Property to make payments of rent o~ use fees directly lo Lender. If the Rents are collected by Lender, then Grantor irrevocably designates
Lender as Granlor's allorney-in-facl to endorse inslruments received in payment thereof in lhe name of Granlor and 1o negotiate the same and
collecl the proceeds. Payments by renard, tS or other users to Lender in response Io Lender's demand shall salisfy the obligalions for which lhe
payments are made, whether or nol any Plroper grounds for the demand existed. Lender may exercise ils rights under this subparagraph eilher in
person, by agent, or through a receiver. '
Appoint Receiver. Lender shall have the.nghl to have a receiver appointed lo lake possession of all or any part of the Property, with the power to
protect and preserve the Property, to opei'~te lhe Properly preceding foreclosure or sale, and lo collecl the Rents from the Property and apply the
proceeds, over and above the cosl of It-lo receivership, against lhe Indebtedness. The receiver may serve without bond il permiiied by law.
Lender's right to Ihe appointment of a r~ceiver shall exist whether or nol the apparenl value of the Property exceeds lhe Indebtedness by a
substantial amount. Employmenl by Lender shall nol disqualify a person from serving as a receiver.
Judicial Foreclosure. Lender may obtain' a judicial decree foreclosing Grantor's interest in all or any parl of lhe Properly. ·
Nonjudicial Sale. Lender may foreclose ~Granior's interest in all or in any parl of the Property by non-judicial sale, and specifically by "power of
sale" or ,advertisement and sale" forecloswre as provided by statute.
Deficiency Judgmenl. If permilted by a-3Plicable law, Lender may obtain a judgmenl for any deficiency remaining in the Indebtedness due to
Lender after application of ali amounls received from the exercise of the rights provided in this seciion.
Tenancy at Sufferance. If Grantor remains in possession of the Property after the Properly is sold as provided above or Lender olherwise
becomes enlilted to possession of the Property upon default of Grantor, Grantor shall become a tenanl at sufferance of Lender or the purchaser
of the Properly and shall, at Lender's opiion, either (1) pay a reasonable rental for lhe use of the Properly, or (2) vacate the Property
immediately upon the demand of Lender. ~
Olher Remedies. Lender shall have all oll~er rights ,and remedies provided in Ihis Mortgage or the Note or available at law or in equity.
Sale of the Property. To the extenl permitted by apPlicable law, Borrower and Grantor hereby waives any and all right to have the Property
marshalled. In exercising its rights and remedies, Lender shall be free to sell all or any part of Ihe property together or separatelY, in one sale or by
separate sales. Lender shall be entitled f~ ?d atany public sale on all or any portion ol the Property.
Notice of Sale. Lender will give Grantor reasonable notice of lhe time and place of any public sale of Ihe Personal Property or ol the time after
which any privale sale or other intended disposition of the Personal Property is to be made. Reasonable notice shall mean notice given al leasl
ten (10) days before .the lime of Ihe sale or disposition. Any sale ot the Personal Properly may be made in conjunction with any sale of the Real
Property. '
Eleclion of Remedies. All of Lender's righls and remedies will be cumulative and may be exercised alone or togelher. An election bY Lender to
choose any One remedy will nol bar Lender from using any other remedy. If Lender decides to spend money or 1o perform any of Grantor's
obligations under this Mortgage, after Grantor's failure to do so, that decision by Lender will not affect Lender's right to declare Grantor in defaull
and lo exercise Lender's remedies.
Allorneys' Fees; Expenses. If Lender ins[iiules any suil or aclion Io enforce any ol the terms of this Mortgage, Lender shall be entitled to recover
such sum as lhe court may adjudge reasonable as attorneys' fees at trial and upon any appeal. Whether or not any courl action is involved, and
Io the extent not prohibited by law, all reasonable expenses Lender incurs lhat in Lender's opinion are necessary al any time for the protection of
its interest or the enforcement of its rights shall become a part ot the Indebledness payable on demand and shall bear interest at the Nole rate
from the date of the expendilure until repaid. Expenses covered by this paragraph include, wilhoul limilalion, however subject to any limits under
applicable law, Lender's reasonable atlorr~eys' fees and Lender's legal expenses whether or not there is a lawsuil, including reasonable attorneys'
fees and expenses for bankruptcy proceedings (including efforts lo modify or vacale any aulomatic slay or injunction) appeals, and any
anticipated post-judgment colleclion services, lhe cost of searching records, obtaining lille reports (including foreclosure reports), surveyors'
reports, and appraisal fees and title insurance, to the extent permitted by applicable law. Grantor also will pay any court costs, in addition to all
olher sums provided by law.
NOTICES. Any notice required to be given under this Mortgage, including withoul limilalion any notice of defaull and any notice of sale shall be given
in writing, and shall be effective when actually delivered, when actually received by telefacsimile (unless olherwise required by law), when deposited
wilh a nalionally recognized overnight courier .or, if mailed when deposiled in the United Slates mail, as first Class, certified or registered mail postage
PrePaid, direcled to the addresses shown naa'.' the beginning of Ihis Mortgage. All copies of notices of foreclosure from lhe holder of any lien which
has priority over this Mortgage shall be sent lo Lender's address, as shown near the beginning ot lhis Mortgage. Any person may change his or her
address for notices under this Mortgage by giving formal written notice to Ihe other person or persons, specifying thai the purpose of the nolice is to
change the person's address. For notice purposes, Grantor agrees to keep Lender informed at all times of Granlor's currenl address. Unless otherwise
provided or required by law, it Ihere is more than one Grantor, any notice given by Lender Io any Grantor is deemed to be notice given Io all Granlors.
It will be Granlor's responsibility to tell lhe others:of the notice from Lender.
MISCELLANEOUS PROVISIONS. The foll0wir~g miscellaneous provisions are a part of this Mortgage:
Amendmenls. What is written in lhis Morlgage and in the Related Documents is Grantor's enlire agreement with Lender concerning Ihe mailers
covered by this Mortgage. To be effecliv¢', any change or amendmenl to this Mortgage must be in writing and musl be signed by whoever will be
bound or obligated by the Change or amendmenL
Caplion Headings. Caption headings in :this Mortgage are for convenience purposes only and are not to be used to interpret or define Ihe
provisions of this Mortgage.
Governing Law. This Morlgage will be governed by and interpreled in accordance with federal law and the laws of lhe Slale of Wyoming.
This Mortgage has been accepled by Lender in the State of Wyoming.
Choice of Venue. It'there is a lawsuit, GrantOr agrees upon Lender's request Io submit Io the jurisdiction of the courts of Telon Counly, Slale of
Wyoming. . .
Jolnl and several Llablllty. All obligations of Borrower.and Grantor under lhis Mortgage shall be joint and several, and all references to Grantor
shall mean each and every Grantor, and'all tolerances to Borrower shall mean each and every Borrower. This means that each Borrower and
Grantor signing below is responsible for all obligations in this Morlgage.
No Waiver by Lender. Granlor understands Lender will not give up any of Lender's rights under Ihis Mortgage unless Lender does so in writing.
The fact lhat Lender delays or omits to exercise any right will not mean Ihat Lender has given up that right. If Lender does agree in writing to give
up one of Lender's rights, lhal does nol. mean Grantor will nol have lo comply wilh the other provisions of this Mortgage. Grantor also
understands that if Lender does consenl to;.a request, that does no~ mean Ihat Granlor will nol have to get Lender's consenl again if the siiuation
happens again. Grantor further understands that jusl because Lender consents Io one or more of Gran~or's requests, that does nol mean Lender
will be required lo consenl lo any of Granlo~r's future requests. Grantor waives presenlment, demand for payment, proles{, and notice of dishonor.
Grantor waives all rights of exemption from execution or similar law in the Property, and Grantor agrees that the righls ol Lender in the Property
under this Mortgage are prior to Grantor's rights while this Mortgage remains in elleci.
Severabilily. Il a court finds thai any provision of this Mortgage is nol valid or should no{ be enforced, thal fact by itself will not mean that lhe rest
of this Mortgage will not be valid or enforced. Therefore, a court will enforce the rest of the provisions of this Mortgage even if a provision of this
Mortgage may be found lo be invalid or unenforceable.
Merger. There shall be no merger of lhe interesl or estale created by this Morlgage with any other inleresl or estate in the Property al any time
held by or for the benefit of Lender in any capacily, withoul the written consent of Lender.
Successors and ASsigns. Subject to any iimitations staled in this Mortgage on lransler of Granlor's inlerest, this Mortgage shall be binding upon
and inure to lhe benefil of the parties, their 'successors and assigns. II ownership of the Property becomes vested in a person other than Grantor,
Loan No: 33046723
(Continued)
Page 5
Lender, without notice to Grantor, may deal with Grantor's successors with reference to this Mortgage ahd the Indebtedness by way of
forbearance or extension withoul releasing Grantor from the .obligations of this Mortgage or liability under lhe Indebtedness.
Time is of the Essence. Time is .of the essence in the performance of this Mortgage.
Waiver of Homestead Exemption. Granl(~r hereby releases and waives all rights and benefits of the homestead exemption laws of the State of
Wyoming as to all Indebtedness secured by this Mortgage.
DEFINITIONS. The following words shall have the: following meanings when used in !his Mortgage:
Borrower. The word "Borrower" means Cynthia Engelstad and includes all co-signers and cO-makers signing Ihe Note.
Environmental Laws. The words "Environmental Laws" mean any and all state, federal and local statutes, regulalions and ordinances relaling Io
lhe protection of human health or the environment, including wilhout limilation the Comprehensive Environmental Response, Compensalion, and
Liability Act of 1980, as amended, 42 U.S.CI Section 9601, et seq. ("CERCLA"), the Superfund Amendmenls and Reauthorizalion Act of 1986, Pub.
L. No. 99-499 ("SARA"), lhe Hazardous M~:!.terials Transportation Act, 49 U.S.C. Section 1801, et seq., Ihe Resource Conservalion and Recovery
Act, 42 U.S.C. Section 6901, et seq., or other applicable state or lederal laws, rules, or regulalions adopted pursuant thereto.
Evenl of Default. The words "Event ot Deiaulr' mean any of the events of default set forth in this Morlgage in the events of detault seclion ot Ihis
Mortgage.
Granlor. The word "Grantor" means The Cynihia A. Engeistad Living Trust, dated February 1, 1999, and any amendmenls thereto.
Guaranty. The word "Guaranty" means the guaranty from guarantor, endorser, surely, or accommodalion party to Lender, including without
limitation a guaranty of all or part of the Note;
Hazardous Subslances. The words "HazErdous Subslances" mean materials that, because of their quantity, concentration or physical, chemical
or infectious characterislics, may cause or pose a present Or potential hazard to human heallh or lhe environmenl when improperly used, treated,
stored, disposed of, generaled, manulacture-J, transported or otherwise handled. The words "Hazardous Subslances" are used in their very
broadest sense and include withoul limitation any and all hazardous or loxic subslances, materials or waste as defined by or listed under lhe
Environmental Laws. The term "Hazardous Substances" also includes, without limilalion, petroleum and petroleum by-producls or any fraclion
thereof and asbestos.
Improvemenls. The word "lmprovement¢ means all existing and future improvemenls, buildings, structures, mobile homes affixed on Ihe Real
Property, facilities, additions, replacements an,¢ other construction on lhe Real Property.
Indebtedness. The word "Indebtedness" means all principal, interest, and other amounts, costs and expenses payable under the Nole or Related
Documents, together with all renewals of, extensions of, modifications of, consolidations of and subslitutions for lhe Note or Related Documents
and any amounts expended or advanced iby Lender to discharge Grantor's obligations or expenses incurred by Lender to enforce Granlor's
obligations under this Morlgage, together wi'thlinterest on such amounts as provided in this Morlgage.
Lender. The word "Lender" means The Jackson State Bank & Trusl, ils successors and assigns. The words "successors or assigns" mean any
person or company that acquires any intere~st in the Note.
Morlgage. The word "Mortgage" means lhis Morlgage between Grantor and Lender.
Nole. The word "Nolo" means the promissory note deled May 12, 2004, in the original principal amount of $100,000.00 from
Borrower 1o Lender, logether with all renewals of, exlensions or, modifications or, refinancings of, consolidations of, and substitutions tot lhe
promissory note or agreement.
Personal Property. The words "Personal Properly" mean all equipment, fixtures, and other articles of personal property now or hereafter owned
by Grantor, and now or hereafter attached cr affixed 1o the Real Property; logelher with all accessions, parts, and addilions Io, all replacements of,
and all substitulions for, any of such property; and together with all proceeds (including without limitation all insurance proceeds and refunds of
premiums) from any sale or olher disposition ol the Properly.
Property. The word "Property" means colleclively lhe Real Properly and the Personal Property.
Real Properly. The words "Real Property" mean lhe real property, interests and rights, as lurther described in this Mortgage.
Related Documents. The words "Related Documenls" mean all promissory notes, credit agreements, loan agreements, environmenlal
agreements, guaranties, security agreements, mortgages, deeds ot trust, security deeds, collateral mortgages, and all olher instruments,
agreements and documenls, whether now or hereafter existing, executed in connection with the Indebtedness.
Rents. The word "Renls" means all present and future renls, revenues, income, issues, royalties~ profits, and other benefils derived from the
Property.
GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE, AND GRANTOR AGREES TO ITS TERMS.
STATE OF , .
TRUST ACKNOWLEDGMENT
) (( COUNTY OF ff,~,~,'~ STATE OF
)SS II TETO. ~ WYOIVlING
) (.t. ×P,.Es Ju.E.. 2°0,
'"'gl ~ /~i;/~/ 20 _~__~, before me, the undersJgned Notary Public, personally
On this day, of
appeared Cynthia A. Engelstad, Sole Trustee, orlhdr successors in trust, under the Cynthia A. Engelslad Living Trust, dated February 1, 1999,
and any amendments thereto, of The Cynthia A~, Engelslad Living Trusl, dated February 1, 1999, and any amendments thereto, and known to
me to be an authorized trustee or agent of the Irusl lhat execuled the Mortgage and acknowledged the Mortgage to be lhe free and voluntary acl and
deed of the trust, by authorily set forth in the lrust documents or, by authority of statute, for the uses and purposes lherein menlioned, and on oath
stated that he or she is authorJzed to execute this Mortgage and in fact executed the Mortgage on behalf of lhe trust.
By / · . < ReSiding at
Nolary Public Cn and for lhe Stale of /~J ¢~)/~,/A ] ~- My commisSion expires