HomeMy WebLinkAbout899556RECORDATION REQUESTED BY.'
The Jackson Stale Bank & Trusl
Maln Office
P.O. Box 1788
112 Center Slreet
Jackson, WY 83001
WHEN RECORDED. MAIL TO:
The Jackson Stale Bank & Trust
Main Office
P.O. Box 1788
112 Cenler Streel
Jackson, WY 83OO1
SEND TAX NOTICES TO:
The Jackson Stale Bank & Trusl
Main Office
P.O. Box 1788
112 Cenler Slreel
JacksQn, WY 83001
RECEIVED
LINCOLN COUI".,ITY CLERK
8 9 9 5 5 6 Ol.~ !,fny '2~, Pil S~, 39
SPACE ABOVE THIS LINE Iff FOR RECORDER'fi U~;E ONLY
CONSTRUCTION MORTGAGE
MAXIMUM LIEN. The lien of this Mortgage shall not exceed at any one time $285,000.00.
THIS MORTGAGE dated May i8, 2004, is made and executed between Timothy J. Raver, a single man, whose
address is P.O. Box 2315, Jackson, WY 83001-2315 (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 conslderallon, Granlor mortgages and conveys Io Lender all of Grantor's righl, title, and interesl in and 1o
Ihe following described real property, together with all exisling or subsequently erecled or affixed buildings, improvemenls and fixtures; all easemenls,
rights of way, and appurtenances; all waler, water rights, watercourses and ditch rights (including stock in utilities wilh dilch or irrigalion rights); and all
other righls, royalties ~and profits relaling lo lhe real properly, including w lhoul m a on all minerals, oil, gas, geolhermal and similar matters, (the
"Real Property") located in Lincoln County, State of Wyoming:
Lot 41 of Riverview Ranchettes Third Filing, Lincoln County, Wyoming as described on the official plat filed
March 22, 1991 as Instrument No. 723932 of the records of the Lincon County Clerk.
The Real Property or its address is commonly known as 1077 Duffin Circle County Road 173, Thayne, WY
83127. The Real Property tax identification number is 12-3419-26-4-00-015.00
Grantor presently assigns to Lender all' of Granlor's righl, lille, and interesl in and to all present and tUlL're leases of the Property and all Renls from lhe
Properly. In addilion, Grantor granls to Lender a .Unitorm Commercial Code security inleresl in lhe Personal Properly 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:
PAYMENT AND PERFORMANCE. Except as otherwise provided in this Mortgage, Grantor shall pay lo Lender all amounls secured by Ihis Mortgage
as they become due and shall slrictly perform all of Granlor's obligations under lhis Morlgage.
CONSTRUCTION MORTGAGE. This Mortgage is a "construction mortgage" for lhe purposes of Sections 9-334 and 2A-309 of lhe Uniform
Commercial Code, as those sections have been adopted by Ihe Stale of Wyoming.
POSSESSION AND MAINTENANCE OF THE PROPERTY. Grantor agrees thai Grantor's possession and use of lhe Properly shall be governed by
following provisions:
Possession and Use. Until the occurrence of an Evenl of Default, Grantor may (1) remain in possession and control of the Properly; (2) use,
operate or manage the Properly; and (3) collect the Ranis from lhe Property.
Duty to Maintain. Grantor shall maintain the Property in good condition and promplly perform all repairs, replacemenls, and maintenance
necessary Io preserve ils value.
Compliance Wilh Environmental Laws. Grantor represents and warranls to Lender that: (1) During the period of Grantor's ownership of lhe
Properly, there has been no use, generation, manufaclure, storage, trealmenl, disposal, release or lhreatened release of any Hazardous
Subslance by any person on, under, about or from the Property; (2) Granlor has no knowledge of, or reason to believe that lhere has been,
except as previously disclosed to and acknowledged by Lender in writing, (a) any breach or violalion Of any Environmenlal Laws, (b) any use,
generation, manufaclure, slorage, Irealmenl, disposal, release or lhreatened release of any Hazardous Substance on, under, about or from the
Property by any prior owners or occupanls of lhe Properly, or (c) any actual or lhrealened liligalion or claims of any kind by any person relating
to such matters; and (3) Excepl as 'previously disclosed Io and acknowledged by Lender in writing, (a) neither Granlor nor any lenanl,
contractor, agent or olher authorized user of Ihe Properly shall use, generale, manufaclure, sto~e, treat, dispose of or release any Hazardous
Substance on, under, about or from lhe Properly; and (b) any such aclivity shall be conducted in compliance wilh all applicable federal, stale,
and local laws, regulations and ordinances, including without limilation all Environmental Laws. G-anlor authorizes Lender and its agenls to enler
upon the Property 1o make such inspections and tesls, at Grantor's expense, as Lender may deem appropriate to determine compliance of the
Property with this section of lhe Mortgage. Any inspeclions or tests made by Lender shall be for Lender's purposes only and shall nol be
construed to create any responsibilily or liability on lhe part of Lender to Grantor or Io any other person. The represenlations and warranlies
contained herein are based on Grantor's due diligence in invesligating Ihe Properly for Hazardous Substances. Grantor hereby (1) releases and
waives any future claims against Lender fo[ indemnity or conlribution in the event Grantor becomes liable for cleanup or other costs under any
such laws; and (2) agrees 1o indemnify and hold harmless Lender againsl any and all claims, losses, liabilities, damages, penalties, and expenses
which Lender may directly or indirectly sustain or sulfer resulting from a breach of this section of Ihe Morfgage or as a consequence of any use,
generation, manufacture, storage, disposal, release or threalened release occurring prior to Grantor's ownership or inleresl in the Properly,
whelher or not the same was or should have been known fo Granlor. The provisions of Ibis section of the Mortgage, including the obligation to
indemnify, shall survive lhe paymenl of the Indebledness and the satisfaclion and reconveyanc(~ of the lien of this Mortgage and shall nol be
affected by Lender's acquisition of any interest in the Property, whelher by foreclosure or otherwise.
Nuisance, Waste. Granfor shall not cause, conduct or permil any nuisance nor commit, permil,
or suffer any stripping ol or waste on or Io lhe
Property or any portion of lhe Property. Without limiting Ihe generality of lhe foregoing, Grantor Will not remove, or grant to any other parly Ihe
right to remove, any timber, minerals (including oil and gas), coal, clay, scoria, soil, gravel or rock producls without Lender's prior written consenl.
Removal of Improvements. Granlor shall not demolish or remove any Improvements from lhe Real Property wilhoul Lender's prior written
consent. As a condilion to the removal of any Improvemenls, Lender may require Grantor Io make arrangements salisfaclory to Lender to replace
such Improvements with Improvements of at leasl equal value.
Lender's Right lo Enter. Lender and Lender's agents and represenlalives may enter upon lhe Real Property at all reasonable times to attend to
Lender's inlerests and Io inspect lhe Real Property for purposes ol Granlor's compliance wilh the l(?rms and conditions of Ihis Mortgage.
Compliance wilh Governmental Requiremer~ls. Granlor shall promptly comply wilh all laws, o:-dinances, and regulations, now or hereafter in
effect, of all governmental aulhorities applicable to the use or occupancy of the Properly. Granlor may contesl in good faith any such law,
ordinance, or regulation and wilhhold compliance during any proceeding, including appropriate appeals, so long as Granlor has nolified Lender in
writing prior to doing so and so long as, in Lender's sole opinion, Lender's interests in lhe Properly are not jeopardized. Lender may require
Grantor Io posl adequale security or a surely bond, reasonably satisfactory 1o Lender, to protecl Lender's Interesl.
Loan No: 33050394
MORTGAGE
(Continued)
'o31
Page 2
Duty IO Protect. Grantor agrees neither lo abandon or leave unattended the Property. Grantor shall do all other acts, in addilion 1o Ihose acts set
forth above in this seclion,.~hich from the characler and use of lhe Properly are reasonably necessary to protect and preserve lhe Properly.
DUE ON SALE - CONSENT BY LENDER. Lender may, at Lender's option, declare immediately due and payable all sums secured by this Mortgage
upon lhe sale or transfer, wilhout Lender.'s prior wrillen consent, of all or any pad of the Real ProPerly, or any interesl in the Real Property, A "sale or
transfer" means lhe co.nveyance of Real Properly or any righl, lille or interest in the Real Properly; whelher legal, beneficial or equitable; whether
volunlary or involunlaryl whether by oulright'sale;deed, installment sale conlract, land conlracl, conlrac; for deed, leasehold inlerest wilh a term greater
than Ihree (3) years, lease-option contract, or by sale, assignment, or transler of any beneficial interesl in or to any land trust holding title Io lhe Real
Properly, or by any.olher method of conveyance .of an interest in ihe Real Properly. However, this OPtion shall nol be exercised by Lender if such
exercise is prohibiled by federal law or by wyoming law. ' · · ~
TAXES AND LIENS. The following provisions re~lating to Ihe loxes and liens on the Properly are pad of this Mortgage:
Paymenl. Grantor shall pay when due (and in all evenls prior ~o delinquency) all taxes, payroll taxes, special taxes, assessmenls, water charges
and sewer service charges levied against or on account of Ihe Property, and shall pay when due all claims for work done on or for services
rendered or malerial furnished to Ihe Property, Grantor shall maintain Ihe Property free of any liens having priority over or equal to fhe inleresl of
Lender under this Mortgage, excepl for those liens specifically agreed to in writing by Lender, and except for the lien of taxes and assessments nol
due as further specified in lhe Righl Io Confesl paragraph.
Right Io Conlest. Grantor may wilhhold payment of any tax, assessment, or claim in connection'with a good failh dispule over Ihe oblige! on to
pay, so long as Lender's inleresl in lhe PrOPerty is not jeopardized. If a lien arises or is filed as a result of nonpayment, Granlor shall within fifteen
(15) days afler the lien arises or, if a lien is filed, wilhin fifteen (15) days after .Grantor has notice or the filing, secure Ihe discharge of the lien, or if
requesled by Lender, deposit wilh Lender Cash or a sufficienl corporate surety bond or other secu,ity satisfactory to Lender in an amounl sufficient
to discharge Ihe lien plus any costs and reasonab e attorneys' fees, or other charges that could accrue as a result of a foreclosure or sale under
the lien. In any contesl, Grantor shall defend ilself and Lender and 'shall salisfy any adverse jud.qmenl before enforcemenl against lhe Properly.
Granlor shall name Lender as an addilional.:obligee under any surety bond furnished in the conlest proceedings.
EVidence of Payment. Granlor shall upon demand furnish Io Lender satisfaclory evidence of payment of lhe laxes or assessmenls and shall
aulhorize the appropriate governmental official to deliver to Lender at any lime a written slalemen of the taxes and assessmenls against the
Property.
Nolice of Conslrucllon. Granlor shall not~fy Lender al least lifleen (15) days before any work is commenced, any services are furnished, or any
materials are supplied Io the Property, if an;y mechanic's lien, materialmen's lien, or olher lien coulJ be asserted on account of the work, services,
or malerials. Granlor will upon request of Lender furnish to Lender advance assurances salisfact:0ry lo Lender Ihal Granlor can and will pay the
cost of such improvements.
PROPERTY DAMAGE INSURANCE. The follpwing provisions relating 1o insuring the Properly are a pat'/of this Mortgage:
Mainlenance of Insurance. Grantor shall lprocure and maintain policies ot fire insurance with standard extended coverage endorsemenfs on a
replacement basis for Ihe lull insurable value covering all Improvements on lhe Real Property in ~m amount sufficienl 1o avoid applicalion of any
coinsurance clause, and with a standard mortgagee clause in favor of Lender. Policies shall be wrillen by such insurance companies and in such
form as may be reasonably acceplable 10 Lender. Grantor shall deliver Io Lender cedificates of coverage from each insurer conlaining a
stipulalion thai coverage will nOt be cancelled or diminished without a minimum of len (10) days' I: riot wrilten notice to Lender and not conlainlng
any disclaimer of the insurer's liability for failure Io give such notice. Each insurance policy also shall include an endorsement providing Ihal
coverage in lavor of Lender will not be impaired in any way by any acl, omission or defaull of !,3ranlor or any other person. Should the Real
Property be located in an area designaled by lhe Direclor of the Federal Emergency Managemenl 'Agency as a special flood hazard area, Granlor
agrees lo oblain and maintain Federal Flood Insurance, if available, wilhin 45 days after nolice is .civen by Lender that the Property is located in a
special flood hazard area, for lhe lull unpaid principal balance of lhe loan and any prior liens on the properly securing lhe loan, up lo the
maximum policy limils sel under lhe Nalioqal Flood Insurance Program, or as otherwise required by Lender, and 1o mainlain such insurance for
the term oflhe loan.
Appllcallon of Proceeds. Granlor shall promplly nolify Lender of any loss or damage to the Properly. Lender may make proof of loss if Granlor
fails to do so within fifteen (15) days of the casually. Whether or not Lender's securily is impaired, Lender may, at Lender's election, receive and
relain the proceeds of any insurance and apply Ihe proceeds' to Ihe reduction of the Indeblednes~;, payment of any lien affecting the Properly, or
lhe resloration and repair of the Properly. If Lender elecls 1o apply Ihe proceeds to reslorationland repair, Grantor shall repair or replace Ihe
damaged or destroyed Improvemenls in a manner satisfaclory Io Lender. Lender shall, upon salisfaclory proof ot such expenditure, pay or
reimburse Granlor from the proceeds tot the reasonable cosl of repair or resloration il Grantor is not in defaull under this Mortgage. Any proceeds
which have not been disbursed wilhin 180 days after lheir receipt and which Lender has nol commitled Io the repair or restoration of the Property
shall be used firsl to pay any amounl owing Io Lender under lhis Morlgage, Ihen to pay accrued inlerest, and the remainder, Jf any, shall be
applied 1o the principal balance of Ihe Indebledness. II Lender holds any proceeds after payment in full of lhe Indebledness, such proceeds shall
be paid 1o Granlor as Grantor's interests may appear. ,
LENDER'S EXPENDITURES. If Grantor fails (A) to keep the Property free ot all taxes, liens, securily interestS, encumbrances, and other claims, (B)
Io provide any required insurance on lhe Properly, or (C) to make repairs to the Property Ihen Lender may do so. If any aclion or proceeding is
commenced thai would materially affecl Lender's inlerests in the Property, then Lender on Granlor's behalf may, but is nol required ~o, take any aclion
that Lender believes fo be appropriate ~o protect Lender's inferesls. All expenses incurred or paid by Lender for such purposes will fhen bear inlerest
at the rale charged under the Note from the date incurred or paid by Lender to Ihe dale of repaymenl b~f Grantor. All such expenses will become a pad
ot lhe Indebtedness and, al Lender's option, will (A) be payable on demand; '(B) be added to the balance of Ihe NOte and be apportioned among
and be payable with any installmenl payments to become due during eilher (1) Ihe term ot any applicable insurance policy; or (2) lhe remaining lerm
of Ihe .Note; or (C) be trealed as a balloon payment which will be due and payable at lhe Nole's malurily. The Morlgage also will secure paymenl of
lhese amounts. The righls provided for in this paragraph shall be in addition Io any other righls or any remedies Io which Lender may be enlilled on
accounl of any default. Any such action by Lender shall not be conslrued as curing the defaull so as 1~ bar Lender from any remedy thai II olherwise
would have had.
WARRANTY; DEFENSE OF TITLE. The following provisions relating fo ownership of the Property are ai pad of this Mortgage:
Title. Granlor warrants lhal: (a) Granlor h:olds good and markelable lille ol record Io the Propeily in fee simple, free and clear of all liens and
encumbrances other lhan lhose set Iodh inthe Real Property description or in any title insurance .policy, title report, or final title opinion issued in
favor of, and accepted by, Lender in connection wilh this Mortgage, and (b) Grantor has Ihe tull right, power, and aulhority to execute and deliver
Ihis Mortgage 1o Lender.
Defense of Title. Subjecl to the exceplion~in' the paragraph:above, Gra~lor warrants and will Iorever defend Ih~ lille Io the Properly againsl Ihe
lawful claims of all persons. In lhe event any aclion or proceeding is commenced lhat queslions Grantor's lille or Ihe inlerest of Lender under this
Morlgage, Grantor shall defend the aclion al Grantor's expense. Grantor may be the nominal party in such proceeding, bul Lender shall be
enlilled 1o participate in the proceeding and to be represented in the proceeding by counsel of Lender's own choice, and Grantor will deliver, or
cause 1o be delivered, 1o Lender such instrumenls as Lender may request from lime 1o lime Io pern'iil such parlicipalion.
Compliance With [.aws. Grantor warranls that lhe Property and Grantor's use ol lhe Prope'rly complies with all exisling applicable laws,
ordinances, and regulations of governmenlal authorilies.
Survival of Promises. All promises, agreemenls, and slJ~lemenls Grantor has made in lhis Mortgage shall survive lhe execulion and delivery of
this Mortgage, shall be conlinuing in nalure and shall remair~ 'in full force and etlecl until such lime as Granlor's Indebledness is paid in full.
CONDEMNATION. The following provisions relaling to condemnalion proceedings are a pad of lhis Moi~tgage:
Proceedings. If any proceeding in condemnalion is filed, Grantor shall promplly notify Lender in writing, and Grantor shall promplly lake such
steps as may be necessary Io defend the action and obtain Ihe award. Granlor may be Ihe nomim'l party in such proceeding, bul Lender shall be
enlilled lo.parlicipale in lhe proceeding and,to be represented in lhe proceeding by counsel of its c',wn choice, and Grantor will deliver or cause to
be delivered t0 Lender such instrumen s and documentation as may be requested by Lender from iime 1o time 1o permit such participalion.
Application' 0flNel Proceeds. If all or any pad of the Property is condemned by eminent domain proceedingS or by any proceeding or purchase
In lieu of condemnation, Lender may al its election require thai all or any portion of the nel proceeds of Ihe aWard'be applied to Ihe Indebledness
or the repair or resloration ol the Property. The net proceeds of lhe award shall mean Ihe award a'ller payment of all reasonable costs, expenses,
and altorneys' tees incurred by Lender in connecl on w h lhe condemnation.
IMPOSITION OF TAXES, F'~Es AND CHARGES BY GOVERNMENTAL AUTHORITIES. The followingprovisions relaling to governmenlal taxes, fees
and charges are a part o! this Mortgage:
Loan No: 33050394
(Continued)
Page 3
Currenl Taxes, Fees and Charges.. Upon request by Lender, Granlor shall execule such dot~uments in addition to Ihis Morlgage and take
whatever other action ts requested by Lender to perfect and conlinue Lender's lien on the Real Property. Grantor shall reimburse Lender for all
taxes, as described below, together with all expenses incurred in recording, perfecting or continuing this Mortgage, including without limitation all
laxes, fees, documentary slamps, and olher charges for recording or registering lhis Morlgage.
Taxes. The following shall constitule laxes to which this section applies: (1) a specific lax upon 'ihis lype of Mortgage or upon all or any parl of
the Indebtedness secured by this Mortgage; (2) a specific tax on Grantor which Granlor Is authorized or required Io deduct from payments on
the Indebtedness secured by lhis type of Mortgage; (3) a tax on this lype of Mortgage chargeab!'e against Ihe Lender or lhe holder of lhe Nole;
and (4) a specific lax on all or any porlion of thE: Indebtedness or on paymenls of'principal and inlerest made by Grantor.
Subsequent Taxes. If any tax to which this sedliOn applies is enacted subsequent Io the dale of this Morlgage, this evenl shall have the same
effect as an Event of Default, and Lender may exercise any or all ol its available remedies for an Event of Default as provided below unless Grantor
either (1) pays lhe tax before it becomes delinquent, or (2) contests lhe tax as provided above in the Taxes and Liens seclion and deposits with
Lender cash or a sufficient corporate surely bond or olher security satisfaclory to Lender.
SECURITY AGREEMENT; FINANCING STATEMENTS. The following provisions relating to this Mortgage' as.a securily agreemenl are a part of this
Mortgage:
Securlly Agreement. This instrument shall'conslitute a Security Agreemenl to the extent any of Ihe Property conslilules fixtures, and Lender shall
have all of lhe rights of a secured party under the Uniform Commercial Code as amended from time Io time.
Securily Inlerest. Upon request by Lende~ Granlor shall take whatever action is requested by Lender Io perfect and continue Lender's security
interest in the Personal Property. In addition Io recording this Mortgage in lhe real property records, Lender may, at any lime and without furlher
authorization from Grantor, file executed counterparts, copies or reproductions of lhis Mortgage aR a financing statement. Grantor shall reimburse
Lender for all expenses incurred in perfecting or contin.uing this secu. rity !nteresLI .Upon defaull, Grantor shall not remove, sever or detach lhe
Personal Property from the Property. Upon idefault, Grantor shall assemble any Personal Properly ,not affixed to ihe Properly in a manner and at a
place reasonably convenienl to Grantor and Lender and make it available to Lender within three (3) days after receipt of written demand from
Lender 1o the exlent permilted by applicable law.
Addresses. The mailing addresses of Grantor (debtor) and Lender (secured party) from which information concerning the security interest
granled by this Mortgage may be obtained (each as required by lhe Uniform Commercial.Code) are as slaled on lhe first Page of lhis Mortgage.
FURTHER ASSURANCES; ATTORNEY-IN-FACT. The following provisions relaling Io further assurances and attorney-in-facl are a peri of this
Mortgage:
Furlher Assurances. At any time, and from time lo time, upon requesl of Lender, Granlor will 'make, execute and deliver, or will cause to be
made, executed or delivered, to Lender or to Lender's designee, and when requested by Lender, cause to be filed, recorded, refiled, or
rerecorded, as the case may be, al such times and in such offices and places as Lender may deem appropriate, any and all such mortgages,
deeds of trust, security deeds, security agr~emenls financing slalemenls, conlinualion slalemen/s, instruments of further assurance, cedificales,
and other documents as may, in the sole bpinion of Lender, be necessary or desirable in order 1o eftectuale, complete, perfect, conlinue, or
preserve (1) Grantor's obligations under the Note, this Morlgage, and the Relaled Documents, and (2) the liens and securily interesls created
by this Morlgage as first and prior liens on the Property, whether now owned or hereafter acqu red by Grantor. Unless prphibited by law or Lender
agrees 1o the contrary in writing, Grantor sh,all reimburse Lender ior' ail cosls and expenses incurred in conneclion with lhe matters referred Io in
this paragraph. ~ ·
AllorneyLIn-Facl. If Grantor fails 1o do any.of lhe Ihings referred to in the preceding paragraph, L~nder may do so for and in the name of Grantor
and at Grantor's expense. For such purposes, Grantor hereby irrevocably appoints Lender aS Grantor's attorney-in-fact for the purpose of
maki. ng, executing, delivering, filing, recording, and doing all other Ihings as may be necessary or desirable, in Lender's sole opinion, to
accomplish the matters referred to in the preceding paragraph.
FULL PERFORMANCE. If Grantor pays all Ihe Indebtedness when due, and olherwise performs all tt'? obligali°ns imposed upon Grantor under Ihis
Morlgage, Lender shall execute and deliver to Grantor a suitable satisfaction of this Morlgage and suitable statements of terminalion of any financing
statement on file evidencing Lender's security interest in the Rents and the Personal Property. Granior will pay, if permitted by applicable law, any
reasonable termination fee as determined by Lender from time Io time;.
EVENTS OF DEFAULT. At Lender's oplion, Granlor will be in default Under this Mortgage if any of the fi311owing happen: Paymenl Default. Grantor fails Io make any paymenl when due under the Indebtedness.
Defaull on Other Paymenls. Failure of Grantor within the time required by this Morlgage to ma~ke any payment for taxes or insurance, or any
olher payment neces~.a,~',y, to prevenl filing of or to effect discharge of any lien.
Break Other Promises. Grantor breaks any promise made lo Lender or fails to perform promplly al the lime and strictly in the manner provided in
lhis Mortgage or in any agreement related 1o lhis Mortgage.
Default In Favor of Third Parties. Should Grantor defaull under any loan, extension of credit, seburity agreement, purchase or sales agreement,
or any olher agreement, in lavor'of any other credilor or person that may malerially affect any of G~antor's property or Grantor's ability 1o repay the
IndeblednesS or Grantor's ability Io perfo[m Grantor's obligalions under this Mortgage or any related document.
False Statements. Any representation or stalemenl made or furnished to Lender by Granlor or ion Grantor's behalf under/his Morlgage or Ihe
Related Documents is false or misleading in any malerial respect, either now or at the time made or furnished.
Defective Collaterallzatlon. This Mortgage or any of the Related Documenls ceases 1o be in full force and effect (including failure of any collateral
document fo crea!e a valid and perfected security interest or lien) al any time and for any reason.
Dealh'or Insolvency. The death of Grantor, the insolvency of Grantor, the appointmenl of a receiver for any part of Grantor's property, any
assignment for the benefit of credilors, any type of creditor workoul, or the commencement ot any proceeding under any bankruptcy or insolvency
laws by or against Grantor.
Taking of Ihe Property. Any credilor or governmental agency tries Io lake any ol the Properly or any 01her of Grantor's property in which Lender
has a lien. This includes taking of, garnishing of or levying on Grantor's accounts with Lender. However, if Grantor dispules in good faith whether
the claim on which lhe taking of the Property is based is valid or reasonable, and if Granlor gives Lender written notice ol Ihe claim and furnishes
Lender wilh monies or a ,surely bond satisfactory 1o Lender fo salisfy Ihe claim, then this default pro, vision will not apply.
Breach of Olher Agreement. AnY breach .by Grantor unCer the terms of any olher agreement b~lween Grantor and Lender that is not remedied
within any grace period provided therein, including wilhOut limitalion an;/agreement concerning any indebtedness or other obligation of Granlor Io
Lender, whelher existing now or later.
Events Affecting Guaranlor. Any of the preceding events occurs with respecl to any guarantor, endorser, surely, or accommodation parly of any
of the Indebtedness or any guaranlor, endorser, surely, or accommodation party dies or becomes'incompetent, or revokes or disputes Ihe validily
of, or liability under, any Guaranly of lhe Indebtedness. In the event ol a dealh, Lender, at its option, may, bul shall nol be required to, permil lhe
guarantor's estale to assume unconditionally the obligations arising under the guaranly in a manner satisfactory to Lender, and, in doing so, cure
any Event of Defaull.
Right 1o Cure. If any delault, olher than a default in paymenl is curable and if Grantor has noi been given a notice of a breach of the same
provision of Ihis Mortgage wilhin the preceding twelve (12) monlhs, il may be cured if Grantor, after receiving wrilten nolice trom Lender
demanding cure of such default: (1) cures.the default within fifteen (15) days; or (2) if the cure r~quires more lhan fifteen (15) days, immedialely
initiates sleps which Lender deems in Lender's sole discretion to be sufficienl to cure the default and lhereafler conlinues and completes all
reasonable and necessarY steps sufficient 1o produce compliance as soon as reasonably praclical..
RIGHTS AND REMEDIES ON DEFAULT. Upon Ihe occurrence of an Evenl of Default and al any lime thereafter, Lender, at Lender's Option, may
exercise any one or more of Ihe fofiowing righls and remedies, in addition to any other rights or remedie~ provided by lawi
Accelerate Indebledness. Lender Shall have Ihe right at its option wilhout notice 1o Grantor 1o d~eclere the entire Indebledness immediately due
and payable, including any prepayment penalty Which Granlor would be required lo pay~ :
UCC Remedies. Wilh respecl to all or any part of the Personal Property, Lender shall have all the rights and remedies of a secured party under
the Uniform Commer~:ial. Code.
Collect Rents. Lender'shall havelhe right, wilhoul notice 1o Granlor, to take possession of tl~e Properly, including during the pendency of
foreclosure, whether judicial or non-judicial, and collecl lhe Rents, including amounts pasl due an~;:l unpaid, and apply lhe net proceeds, over and
Loan No: 33050394
MORTGAGE ' < - ~'r'' -,
(Continued) Page 4
above Lender's costs, againsl the Indebtedness. In furlherance of this righl, Lender may require any tenant or olher user of the Property to make
paymenls of renl or use fees direclly Io Lender. If lhe Rents are collecled by Lender, then Grantor irrevocably designales Lender as Grantor's
altorney-in-fact lo endorse instruments received in payment lhereof in Ihe name of Grantor and lc negotiate Ihe same and collect lhe proceeds.
Payments by lenanls or other users to Lender in response to Lender's demand shall salisfy lhe 0bligalions for which the payments are made,
whether or nol any proper grounds for the demand existed. Lender may exercise its rights under Ibis subparagraph eilher in person, by agent, or
lhrough a receiver.
Appoint Receiver. Lender shall have Ihe righl to have a receiver appoinled Io take possession of a'll or any part of the Property, wilh the power 1o
prolect and preserve the Properly, to operate the Property preceding foreclosure or sale, and Io collect'lhe Rents from Ihe Property and apply the
proceeds, over and above the cosl of Ihe receivership, against the Indebtedness. The receiver,may serve wilhoul bond if permilled by law.
Lender's righl 1o lhe appoinlment ct a receiver shall exisl whether or nol Ihe apparenl value of lhe Property exceeds Ihe Indebtedness by a
substantial amount. Employmenl by Lender shall not disqualify a person from serving as a receiver.
Judicial Foreclosure. Lender may obtain a iudicial decree foreclosing Granlor's inleresl in all or any part of the Properly.
Nonjudicial Sale. Lender may foreclose Gr~ntor's interest in all or in any pad of the Property by non-judicial sale, and specifically by "power of
sale" or "adverlisemenl and sale" foreclosure!as provided by stalUle.
Deficiency Judgment. If permilled by applicable law, Lender may oblain a judgmenl for any deliciency remaining in lhe Indebledness due
Lender after application ol all amounls received from lhe exercise ct the rights provided in Ihis section.
Tenancy at Sufferance. If Grantor remain.s In possession of the Properly after the Property is :~old as provided above or Lender otherwise
becomes entilled to possession of lhe Properly upon defaull ol Grantor, Grantor shall become a lenanl al sufferance ct Lender or lhe purchaser
of Ihe Property and shall, at Lender's option, either (1) pay a reasonable rental for Ihe use ;3f lhe Properly, or (2) vacale lhe Property
immediately upon lhe demand of Lender.
Other Remedies. Lender shall have all other righls and remedies provided in this Morlgage or the I:,lole or available al law or in equily.
Sale of the Properly. To the extent permitted by applicable law, Grantor hereby waives any and all right lo have the Properly marshalled. In
exercising ils righls and remedies, Lender shall be free lo sell all or any part of Ihe Property togelher or separately, in one sale or by separate
sales. Lender shall be entitled 1o bid al any public sale on all or any porlion of Ihe Property.
Nollce of Sale. Lender will give Grantor reasonable notice of the lime and place ol any public sa~e of the Personal Properly or of Ihe lime after
which any privale sale or other inlended disposilion ol lhe Personal Properly is Io be made. Reasonable nolice shall mean nolice given al leasl
lan (10) days before lhe lime of lhe sale or disposilion. Any sale of Ihe Personal Property may be made in conjunclion with any sale of Ihe Real
Properly.
Election of Remedies. All of Lender's right-~ and remedies will be cumulalive and may be exercised alone or logether. An election by Lender 1o
choose any one remedy will nol bar Lender- Irom using any olher remedy. II Lender decides Io spend money or to perform any of Granlor's
obligations under Ihis Morlgage, after Grantor's failure Io do so, lhat decision by Lender will nol aflect Lender's righl Io declare Granlor in defaull
and to exercise Lender's remedies.
Attorneys; Fees; ExpenseS.. If Lender inslit'utes any suit or action lo enforce any of the terms of Ihis Morlgage, Lender shall be enlitled Io recover
such sum as Ihe courl may adjudge reasonable as allorneys' fees at trial and upon any appeal. Whether or not any coud action Is involved, and
Io lhe extent nol prohibiled by law, all reasonable expenses Lender incurs thai in Lender's opinion are necessary at any lime Ior Ihe proleclion of
its interest or the enforcemenl of its rights shall become a pad of the Indebledness payable on demand and shall bear interest al the Nole rate
from the dale of Ihe expenditure unlil repaid~ Expenses covered by this paragraph include, wilhoul Iimilalion, however subject lo any limils under
applicable law, Lender's reasonable allorneYs' fees and Lender's legal expenses whether or not there is a lawsuil, including reasonable allorneys'
fees and expenses for bankruplcy proceedings (including eflorls 1o modify or vacale any aulomalic stay or injunction), appeals, and any
anlicipated posl-judgment colleclion services lhe cosl of searching records, oblaining title repclrls (including foreclosure reports), surveyors'
reports, and appraisal fees and lille insurance, to the exlent permilled by applicable law. Granlor also will pay any courl cosls, in addilion lo all
olher sums provided by law.
NOTICES. Any nolice required to be g!ven under lhis Mortgage, including Wilhout limitaiion any nolice of defaull and any notice of sale shall be given
in writing, and shall be effeclive when aclually delivered, when actually received by telefacsimile (unless otherwise required by law), when deposiled
with a nationally recognized overnighl courier, or, if mailed, when deposiled in lhe Uniled States mail, as firsl class, cerlilied or registered mail postage
prepaid, direcled to the addresses shown near the beginning of lhis Morlgage. All copies of nolices ct Ioreclosure from lhe holder of any lien which
has priority over this Mortgage shall be sent to Lender's address, as shown near lhe beginning of lhis Mortgage. Any person may change his or her
address for notices under lhis Mortgage bY giving formal wrillen nolice to the olher person or persons, specifying that the purpose of Ihe notice is to
change the person's address. For notice purposes, Granlor agrees Io keep Lender informed al all limes of Grantor's currenl address. Unless olherwise
provided or required by law, if lhere is more than:one Grantor, any notice given by Lender 1o any Granlor is deemed Io be nolice given 1o all Granlors.
It will be Grantor's responsibility to tell lhe others of the notice from Lender.
MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a pad of this Mortgage:
Amendments. What is writlen in Ibis Morlgage and in lhe Related Documents is Granlor's enlire agreement wilh Lender (~oncerning Ihe matlers
covered by Ihis Mortgage. To be effectlve, any change or amendmenl to this Modgage musl be in writing and must be Signed by whoever will be
bound or obligaled by lhe change or amendment
Caption Headings. Caplion headings in this Mortgage are for convenience purposes only and are not to be used Io inlerprel or define lhe
provisions of ~his Mortgagm
Governing Law. Thls Mortgage will be governed by and Inlerpreted In accordance with federal law and lhe laws of the Slate of Wyoming.
This Morlgage has been accepled by Lenc~er In Ihe State of Wyoming.
Choice of Venue. If there is a lawsuit, Granlor agrees upon Lender's requesl to submit 1o the jurisdiclion of lhe courts of Teton Counly, Slale of
Wyoming.
No Waiver by Lender. Granlor underslands Lender will not give up any of Lender's rights under lhis Mortgage unless Lender does so in writing.
The facl lhal Lender delays or omils Io exercise any righl will nol mean lhal Lender has given up Ih~l' righl. If Lender does agree in wriling 1o give
up one of Lender's righls, lhal does nol mean Granlor will nol have to comply with the olh£r provisions of this Mortgage. Grantor also
underslands lhal if Lender does consenl 1o a requesl, Ihat does nol mean Ihal Granlor will nol hav~ to gel Lender's consent again if Ihe situation
happens again. Grantor further underslands,:lhal just becau,se Lender consenls lo one or more of Grantor's requests, lhal does not mean Lender
will be required 10 consent to any of Grantor's fulure requests. Grantor waives presentment, demand for payment, proiesl, and nolioe of dishonor.
Grantor waives all rights of exemption from execution or similar law in the Properly, and Granlor agrees that Ihe righls of Lender in Ihe Property
under this Morlgage are prior 1o Granlor's rights while this Morlgage remains in effect. '.
Severabiilly. If a court finds that any provision ol this Mortgage is nol valid or should nol be entorded, that facl by ilself will nol mean that the resl
of this Morlgage will not be valid or enlorced. Therefore, a coud will enlorce the rest of the provisions of Ihis Mortgage even If a provision of this
Mortgage may be found to be invalid or unenforceable.
Merger. There shall be no merger of the interesl or estate created by this Mortgage wilh any other Interesl or estale in the Properly al any lime
held by or for Ihe benefit of Lender in any cagacity, wilhout the wrillen consenl of Lender.
Successors and Assigns. Subjecl Io any limilalions slaled in lhis Mortgage on transfer of Granlor's inleresl, this Mortgage shall be binding upon
and inure 1o lhe benefit of the parties, their successors and assigns. II ownership of the Property becomes vesled in a person olher than Grantor,
Lender, without notice to Granlor, may deal with Grantor's successors with reference Io lhis Mortgage and the Indebledness by way of
forbearance or exlension wilhout releasing Grantor from lhe obligalions of lhis Mortgage or liabilily Under the Indebledness.
Time Is of Ihe Essence; Time is of the essence in the performance of Ihis Mortgage.
Waiver of H0meslead Exem.plion~ Grantor hereby releases and Waives all rights and benefits of Ihe homeslea.d exemption laws of the Stale of
'Wyoming as 1o all Indebledness secured by lhis Morlgage.
DEFINITIONS. The following words shall have Iha following meanings when used in Ihis Mortgage: .
Borrower. The word "Borrower" means Timolhy J. Raver and includes all co-signers and co-makeis signing the Nole.
Environmental Laws. '"~J~'e'words "Environmenlai Laws" mean any and all stale, federal and local ~:~lalules, regulalions and ordinances relaling
Ihe prolection of human heallh or lhe environment including wilhoul limilalion lhe Comprehensive Environmental Response; Compensalion, and
Liability Act of 1980, as amended, 42 U.S.C. Section 9601, et seq. ("CERCLA"), the Superlund Amendmenls and Reaulhorizalion Act of 1986, Pub.
Loan No: 33050394
MORTGAGE (.),.~ ~.~,.,~,~ ~
(Continued) · - 53 ~.~
Page 5
L. No. 99-499 ("SARA"), the Hazardous Materials Transporlation Act, 49 U.S.C. Section 1801, et seq., the Resource Conservation and Recovery
Acl, 42 U.S.C. Section 6901, et seq., or other applicable state or federal laws, rules, or regulalion~ adopted pursuant lhereto.
Evenl of Default. The words "Event of Default" mean any of the events of default set forlh in lhis Mortgage in the events of defaull section of' this
Mortgage.
Granlor. The'word "Grantor" means Ti_mothy J. Raver.
Guaranty. The word "Guaranty" means ihe guaranty from guarantor, endorser, surely, or accommodation parly, lo Lender-including wilhout
limitation a guaranty of all or part of Ihe
Hazardous Substances. The words "Hazardous Substances" mean malerials Ihal, because of lheir quantity, concentration or physical, chemical
or infectious characteristics, may cause or pose a present or potential hazard lo human heallh or the environment when improperly used, Ireated,
slored, disposed of, generated, manufact~Jred, transported or otherwise handled. The words "Hazai'dous Substances" are used in their very
broadest sense and-include without limita'.tion any and all hazardous or Ioxic subslances, malerials or waste as defined by or listed under lhe
Environmenlal Laws. The lerm '~Hazardou, s .Substances" also includes, wilhoul limilation, petroleum and petroleurn by-products or any fraclion
Ihereof and asbestos.
Improvemenls. The word "lmprovemenl..¢' means all exisling and future improvements, buildings, structures, mobile homes ~ffixed on the Real
Properly, facilities, addilions, replacemenlsiand other construclion on the Real Properly.
Indebledness. The word "lndebledness" means all principal, interesl, and other amounts, cosls and expenses payable under the Nole or Relaled
Documenls, togelher with all renewals of, ~xtensions ct, modifications of, consolidations of and Substilulions for the Nole or Relaled Documents
and any amounts expended or advanced by Lender to discharge Grantor's obligalions or expenses incurred by Lender to enforce Grantor's
obligations under this Mortgage, logelher with interest on such. amounts as provided in Ibis Morlgage.
Lender, The word "Lender" means The J'a'ckson State Ba~k & Trust, ils succes§ors and assigns. The words "successors or assigns" mean any
person or company lhat acquires any interest in the Note.
Mortgage. The word "Mortgage" means lhis Mortgage between Grantor and Lender.
Nole. The word "Note" means lhe promissory note dated May 18, 2004, in the original principal amount of $285,000.00 from
Grantor to Lender, together with all renewals of, exlensions of, modifications of, refinancings of, consolidalions of, and subslilulions for lhe
promissory hole or agreement. NOTICE TO GRANTOR: THE NOTE CONTAINS A VARIABLE INTEREST RATE.
Personal Property. The words "Personal Property" mean all equipmenl, fixtures, and olher articles of personal property now or hereafter owned
by Grantor, and now or hereafter attached or affixed Io lhe Real Properly; together with all accessions, parts, and additions Io, all replacements of,
and all substitutions for, any of such property; and together wilh all proceeds (including withoul limitation all ~nsurance proceeds and refunds of
premiums) from any sale or other disposition of Ihe Property.
Properly. The word "Property" means collectively the Real Property and lhe Personal Property.
Real Properiy. The words "Real Properly" mean lhe real properly, inleresls and rights, as furlher described in Ihis Mortgage.
Related Documents. The words "Related Documents'! mean all promissory n.oles,.~redit agreements, loan agreements, environmenlal
agreements, guaranties, security agreements, morlgages, deeds of lrusl security deeds, collaleral morlgages, and all olher inslruments,
agreements and documents, whelher now or hereafter exisling, executed in connection wilh the Indebtedness.
Renls. The word "Renls" means all present and future rents, revenues, income, ~ssues, royalties, profits, and other benefits derived from the
Property.
GRANTOR ACKNOWLEDGES HAVING READ '~.LL THE PROVISIONS OF THIS MORTGAGE, AND GRANTOR AGREES TO ITS TERMS.
GRANTOR:
/
INDIVIDUAL ACKNOWLEDGMENT
COUNTY OF )
On this day before me, lhe undersigned Nolary,tPublic, personally appeared Tlmolhy J. Raver, to me known to be the individual described in and who
executed Ihe Morlgage, and acknowledged that he or she signed the Mortgage as his or her free and voluntary act and deed, for the uses and
purposes therein menlioned.
Givenu ' r yhandand '-flclalseallhis~/PO~ ~fl///. ~.~"~ dayof
Nolary Public in an~f~'for lhe Stale' of
LASER PRO Lending Vet. 5,24.00,003. (;apr H`ar ,and F nanclal Soluliona In¢. 1997. 2004 All Rlghl$ Reserved - WY L:~CFI~LPL~GO3.~C TR-T3Sg PR-S1