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HomeMy WebLinkAbout899776 RECORDATION REQUESTED BY: First Interstate Bank Riverton Downtown Branch 323 East Main Street ' P. O. Box 233 - ' ........ ~ .... Riverton, WY 82501-0233 WHEN RECORDED MAIL ~TO:. First Interstate Bank Riverton Downtown Branch 323 East Main Street P. O. Box 233 Rlverton, WY 82501-0233 SEND TAX NOTICES TO: JAMES LANDIS REBECCA LANDIS PO BOX 31 RIVERTON, WY 82501 8'9 9'7'7 6 RECF. IVFD · LINCOLN COUNTY CLERK First Interstate Bank SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY ~.. MORTGAGE MAXIMUM LIEN. The lien of this Mertgage shall not exceed at any one time $601,267.00. THIS MORTGAGE dated ·May 25, 200~4, is made and executed between JAMES LANDIS .and REBECCA LANDIS, whose address is 92 C'HAIR LANE, ARApAHOE, WY. ·82510 (referred tO. below .as "Grantor").and First Interstate · Bank, whose address is 323 East Main Street; P.:O. Box' 233, Riverton,.WY 82501-0233 (referred to below as "Lender"). . .... GRANT OF MORTGAGE. For·valuable consideration, Grantor mortgages and conveys to Lender all of Grantor's right, title, and interest in and to the following described real property,' together with all existing or subsequently erected or affixed buildings, improvements and fixtures; all easements, r ghts of way and appurtenances; all water, water ~ights, watercourses and ditch rights (including stock in utilities with ditch or irrigation rights); and all other rights royalties and profits relatingto the real property, including without limitation all minerals, oil, gas, geothermal and similar matters, (the Real Property") located in. LINCOLN County, State of Wyoming: See EXHIBIT "A", which is attaci~'ed to this Mortgage and made a part of this Mortgage as if fully set forth herein. The Real Property or its address is commonly known as VACANT LAND - HWY 89, ALPINE, WY 83128. Grantor presently assigns to Lender all of Grantor% right, title, and interest in and to all present and future leases Of the Property and all Rents from the Property. In addition, Grantor grants to Lender a Uqiform Commercial Code security interest in the 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: PAYMENT AND PERFORMANCE. Except as otherwise provided in this Mortgage, Grantor shall pay to Lender all amounts secured by this Mortgage' as they become due and shall strictly .perform all of Grantor's obligat OhS under this Mortgage. POSSESSION AND MAINTENANCE OF THE PROPERTY.. Grantor agrees that Grantor's possession and use of the Property shall be governed by the following provisions: . Possession and Use. Until the occurrence of an'Event of'Default, Grantor may (1) remain in possession and control of the Property; (2) use, operate or manage the Property; and (3) collect the Rents from the Property. · Duty to Maintain. Grar~tor"shall maintain the Property in tenantable condition and promptly pedorm all repairs; replacements and maintenance necessary to preserve its value. Compliance With Environmental Laws. Grantor represents and warrants to Lender that: (1) During the period of Grantor's ownership of the Property, there has been no use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous Substance by any person on, under, about or ~rom the Property; (2) Grantor has no knowledge of, or reason to believe that there has been, except as previously disclosed to and acknowledged by Lender in writing, (a) any breach or violation of any Environmental Laws, (b) any use, generation, manufacture, storage, treatment, cisposal, release or threatened release of any Hazardous Substance on, under, about or from the Property by any prior owners or occupants of ~he Property, or (c) any actual or threatened litigation or claims of any kind by any person relating to such matters; and (3) Except as previoiJsly disclosed to and acknowledged by Lender in writing, (a) neither Grantor nor any tenant, contractor, agent or other authorized user of :he Property shall use generate, manufacture store, treat, dispose of or release any Hazardous Substance on, under, about or from the Property; and (b) any such activity shall be conducted in compliance with all applicable federal, state, and local laws, regulations and ordinances including without limitation all Environmental Laws. Grantor authorizes Lender and its agents to enter · upon the Property to make such inspections and tests, at Grantor's expense, as Lender may deem appropriate to determine compliance of the Properly with this section of the Mortgage. Any inspections or tests made by Lender shall be for Lender's purposes only and shall not be construed to create any responsibility or liability on the part of Lender to Grantor or to any other person. The representations and warranties conlained herein are based on Grantor's due diligepce in investigating the Property for Hazardous Substances. Grantor hereby (1) releases and waives any future claims against Lender for inderhnity or contribution in the event Grantor becomes liable roi' cleanup or other costs under any such laws; and (2) agrees to indemnify and h~,ld 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, r~lease or threatened release occurring prior to Grantor's ownership or interest ia the Property, whether or not the same was or should have been known to Grantor. The provisions ol this section of the Modgage, including the obligation to indemnify, shall survive the payment of the Indabtedness and the satisfaction and reconveyance of the lien of 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 not cause, conduct or permit any nuisance nor commit, permit, or suffer any stripping of or waste on or to the Property or any portion Of the Property. Without limiting the generality of the foregoing, Grantor will not remove, or grant to any other party the right to remove, any timber, minerals (including o;I and gas), coal, clay, scoria, soil, gravel or rock products without Lender's prior writlen consent. Removal of Improvements. Grantor shall not demolish or remove any Improvements from the Real Property without Lender's prior written consent. As a condition to the removal of any I nprovements, Lender may require Grantor to make arrangements satisfactory to Lender Io replace such Imp~'o?me.nts wit.h Improyements of at least equal value. Lender's Right to Enter. Lender and Lender'.~ agents and representatives may enter upon the Real Property at all reasonable times to attend to Lender's i~terest.s.:and ~to... [Ispect the Real Property for purposes of Grantor's compliance with the terms and condition{ of this Mortgage. Compliance With Governmental Requirements. Grantor shall promptly comply with all laws, Ordinances, and regulations, now or hereafter in effect, of all governmental authorities applicable to the use oi' occupancy of the Property, including without limitation, the Americans With Disabiliti.e~ 'Act. Grantor may contest in good faith any such law, ordinance, or regulation and withhold compliance during any proceeding, including appropriate appeals, so long as Grantor has notified Lender in writing 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 Grantor to post adequale security or a surety bond, reasonably satisfactory to Lender, to protect Lender's interest. MORTGAGE O, '~,~.~'~ ,... ~.. (Continued) " G Page 2 Duty to Protect. Grantor agrees neither to abandon or leave unattended the Property, Grantor shall do all other acts, in addition to those acts set forth above in this section, which from the character and use of the Property are reasonably necessary to protect and preserve the Property. DUE ON-SALE .- CONSENT BY LENDER.. Lender may, at Lender's.. opl on, declare immediately due and payable all sums secured by:this Mortgage upon .the: sa~eo[, transfeq without .Lenderls:pr or..wlr .it. an consent, .of all or.any 'Part of the Real Property, or any. interest in the Re.a. Property. A "sale qr transfer~ means the CoBveyapce of Rea Property or ai3y rght title or interest in the Real Property; whether .legal beneficia or equ tab e; whether voluntary or involuntary; whether by outright sale, deed, installment sale contract land contract contract for deed, leasehold interestwith'a term greater' than three (3):.years,-ease-Option contract; .or. by ~ale,.assignment"or transfer ~f any beneiici~l nterest in o~' to any and irust ho d ng title to theirea Property, orby.any other method of conveyance'!'of an nterest in the Real Pr°pedy. However, this oPtion.shall not be exercised by Lender if such exercis~ is.prohibited by federal law or by Wyoming law. ' TAXES AND LIENS. The following provisions rel~ti0g to the taxes and liens on the Property are part of this Mortgage: Payment. Grantor shall pay when due (andiin all events prior to delinquency) all taxes, payroll taxes, special ta)~es, assessments, water charges and sewer service charges levied against or on account of the Property, and shall pay when due all claims for work done on or for services rendered or material furnished to the Property.' Grantor shall maintain the Property free of any liens having priority over or equal to the interest Lender under this Mortgage, except for those:liens specifically agreed to in writing by Lender, and except for the lien of taxes and assessments not due as further specified in the Right to Contest Paragraph. ! Right to Contest. Grantor may withhold payment of any tax, assessment, or claim in connection with a good faith dispute over the obligation to pay, so long as Lender's interest in the Property isnot jeopardized. If a lien arises or is filed as a result of nonpayment, Grantor shall within fifteen (15) days after the lien arises Or, if a lien i~ filed, within fifteen (15) days after Grantor has notice of the filing, secure the discharge of the lien, or if requested by Lender/depOsit With Lender'cash!or .~ sufficibnt corporate surety bond or other '~ecurity satisfactory 't~ Lender in"a6 amount sufficient' to discharge the lien plus any costs and rea~ohab e attorneys' fees, or other charges that could accrue as a result of a foreclosure or sale under the lien. In any contest, Grantor shall defen~l itself and Lender and shall satisfy any adverse judgment before enforcement against the Property. Grantor shall name Lender as an additional obit:gee under any surety bond furnished in the contest proceedings. ' Evidence of Payment. Grantor shall up0n d'.emand furn sh to Lender satisfactory evidence of payment of the taxes or assessments and shall authorize the appropriate governmental offic:ial to deliver to Lender at any time a written statement of the taxes and assessments against the Property. '; ~ · Notice of Construction. Grantor shall notif!;., Lender at least fifteen (15) days before any work is commenced, any services are furnished, or any materials are supplied to the Property, if any imechanic's lien, materialmen's lien, or other lien could be asserted on account of the work, services, or materials and the cost exceeds $10,000.00. Grantor will upon request of Lender furnish to Lender advance assurances satisfactory to Lender that Grantor can and will pay the cost of sbckl improvements. PROPERTY DAMAGE INSURANCE.' The f011owi3g provisions relating to insuring the Properly'are a part of this Mortgage: ; :' -~'-~ .... '-.' Malntenar{ce ~f: Insu~'J~nce. Grar~t0i Shall i:ir~cure a~d maJniain policies of fire insurance with standard extended c0verage, ehd0rser:flents replacement basis for the full insurable~ value cover ng al Improvements on the Real Property in an amount sufficient lo avoid aPplicatiOn of anY c0insumnce clause, and with a standard'mOrtgagee clause in favor of Lender. Grantor shall also procure and maintain comprehensive general liability .insurance in Such' coverage amounts,;, as Lender may request with Lender being named as additional insureds in such liability insurance' policies. Additionally, Grantor shall maintainlsuch other insurance, including but not limited to hazard, business interruption and boiler insurance as Lender may require. 'Policies shall be written by such insurance companies and in such form as may be reasonably acceptable to Lender. Grantor shall deliver to Lender certificates oflc0verage from each insurer containing a stipulation that coverage will not be cancelled or diminished without a minimum of ten (10) days' prior wr !teln notice to Lender and not containing any disclaimer of the insurer's liability for failure to give such notice. Each insurance policy also shall include an endorsement providing that coverage in favor of Lender will not be mpa red in any way by any act, omission or default of Grantor or any otherl person. Should'the Real Property be located in an area des gnated by the Director ol the Federal Emergency Management Agency as a special flood hazard area, Grantor agrees to obtain and maintain Federal Flood Insurance, ii' available, within 45 days after notice is given by Lendei; that the Property is located in a special flood hazard area, for the full unpaid principal balance of the loan and any prior liens on the property securing the loan, up to the maximum policy limits set under the National Flood Insurance Program, or as otherwise required by Lender, and to maintain such insurance for the term of the loan.. . Application of Proceeds. Grantor shall promptly notify Lender of any loss or damage to the Property if the estimated cost of repair or replacement exceeds $10,000.00. Lender may make proof of loss if Grantor fails to do so within fifteen (15) days of the casualty. Whether or not Lender's security is impaired, Lender may, at Lender's election, receive and retain the proceeds of any insurance and apply the proceeds to the reduction of the Indebtedness, payment of'any lien affecting the Property, or the restoration and repair of the Property. ff Lender elects to apply the proceeds to restoration and repair, Grantor shall repair or replace the damaged or destroyed Improvements in a manner satisfactory to Lender. Lender shall, upon satisfactory proof of such expenditure, pay or reimburse Grantor from the proceeds for the reasonable cost of repair or restoration if Grantor is not in default.u0der this Mortgage. Any proceeds which have not been disbursed within 180 days after their receipt and Which Lender has not committed to the rep~ir or restoration of the Property shall be used first to pay any amount owing to Lender under this Mortgage, then to pay accrued interest, and.the remair~der, if any shall be applied to the principal balance of the Indebtedness. ff Lender holds any proceeds after payment in full of the ndegtedness, such Proceeds sba be paid to Grantor as Grantor's interests may appea~. TAX AND INSURANCE RESERVES. Subject ~ limitations set by to iany applicable law, Lender may require Grantor to maintain w th Lender reserves for payment of al~nual taxes, assessments, and insure_hca premiums,' which reserves shall be created by advance payment or monthly payments of a su~ estimated by Lender to be sufficient to produce, ~imounts at least equal to the taxes, assessments, and insurance premiums to be paid: The reserve funds shall be held by Lender as a general.deposit.from Grantor, which Lender may satisfy by payment of the taxes, assessments, and insurance premiums required to be paid by Grantor as they~ become due. Lender shall have the right to draw upon the reserve funds to pay such item~, and.. Lender shall not be required to determine the vali6ity or accuracy of any item before paying it. Nothing in the Mortgage shall be construed as requiring Lender to advance other monies for such purposes, and Lender shall not incur any liability for anything it may do or omil to do with respect to the reserve account. Subject to any limitations set by'applicable law, if the reserve funds disclose a shortage or deficiency, Grantor shall pay such shortage or deficiency as required by Lender. All amounts lin the reserve account are hereby pledged to lurther secure the Indebtedness, and Lender is hereby authorized to withdraw and apply such amounts o;:) t. he Indebtedness upon the occurrence of an Event of Default. Lender shall not be required to pay any interest or earnings on the reserve funds unless required by law or agreed to by Lender in writing. Lender does not hold the reserve funds in trust for Grantor, and Lender is not Grantor's agent for ~ayment of the taxes and assessments required to be paid by Grantor. LENDER'S EXPENDITURES. If any action or proceeding is commenced that would materially affect Lender's interest in the'Property or if Grantor fails to comply with any provision of this Mortgage or 'a. riy Related Documents, including but not limited to Grantor's failure to discharge or pay when due anY amounts Grantor is required to discharge or Pay under this Mortgage or any Related Documents, Lender on Grantor's behalf may (but shall not be obligated to) take any action that Lender deem.~ appropriate, including but not limited to discharging or paying all taxes, liens, security interests, encumbrances and other claims, at any time levied, or placed on the Property and paying all costs for insuring, maintaining and preserving the Property. All such expenditures incu'rred or paid by Lender f~r such purposes will then bear nterest at the rate charged under the Note from the date incurred or paid by Lender to the date of repayment bY Gran';!oi. All such expenses wi become a part ol the Indebtedness and, at Lender's option, will (A) be payable on demand; (B) be added to the. balanc~ Of the Note and be apportioned among and be payable with any installment payments to become due during either (1) the term of any applicablelinSurance policy; or (2) the remaining term of the Note; or (C) be treated as a balloon payment which will be due and payable at the Note's maturity. The Mortgage also will secure payment of these amounts. Such right shall be in addition to all other rights and remedies to which Lender may be entitled upon Default. WARRANTY; DEFENSE OF TITLE. The follow ng prov s ohs relating to ownership of the Property are a pad of this Mortgage: Title. Grantor warrants that: (a) Grantor holds good and marketable title of record to the ProPerty in fee simple, fre(~ and clear of all liens and encumbrances other than those sel forth in the Real Property description or in any title insurance policy, title report, or final title opinion issued in favor of, and accepted by, Lender in connectlpn with this Mortgage, and (b) Grantor has the full right, power, and authority to execute and deliver this Mortgage to Lender. :. Defense 0f Tlil~.' "SubjeCt to the except on'h the p~ragrJ~ph above, Grantor' warrants arid w fore',er' d~:fend'th~ ti e tO' the 'Pr~¢erty agains~ i'awful claims~ of all' per~0ns. In: th~' event an~, actio~i:0r proceeding is commenced that questions Grantor's:title'or' th'e inter~i' Of Len~ei- Un,er this Mdrtgage, Granto~'shall~defend the ,~ction~'~t' Grahtor~s.expense; Grantor may be the nominal:'pady' ih su(~h p~:oC'eeding ::b~it"Eender 'shail"be' , -entitled to participate in-the proceeding and l~o~be represented in the proceeding by counsel of Lender's own choice, and Grantor will deliver, or cause to be delivere.d,., to Lender such'instrumehts as Lender may request from time to time to permit such participation. Compliance With Laws, .Grantor warrant~ that the-Property and Grantor's use of the Properly complies with all existing applicable laws, ordinances, and regulations of governmental authorilies. Survival of Representations and Warranti~s. All representations, warranties, and agreements made by Grantor in this Mortgage shall survive i ' MORTGAGE ~:::~ (Continued , the execution and delivery of this Mortgag!~i'shall be continuing in nature, and shall remain in full force and effect until such time as Grantor's Indebtedness shall be paid in full. , . COND'E~N~TioN.' fh~'~ll~win~ P;0Wsi~nS rel~,.t~ng ~0 C~demnafi0n proce~ings are a ~a~ 0f {his M0~gage:..'; ~ ~.; ' ...... ~'. :., :. Proceedings:: If'any' ProCeeding in COndem~ati0n'iSflled, Grantor shall promptly notify Lender' in wdting, and Grantor :sh~ll ~r0mptly take Such Steps as may be necessa~ to defend t~e a:;tion,~d obtain the award. Grantor ma be the no ' ' ' ;;'~l;?v~??pat~ ,n ,h~ pro~eed,ng and ,o be ~epieSent~d in'the p~eeding by ~0uns~l ~f :i~"~a~~'''p ~UC~ ~ed,n~, but: Fender vu¢eo [o Leader suo~ inszrumenl ' n~nm~n*.*i .... ~-- ~ ............ H ~11OIC6 a~o ~[a~lor Will dehver or cause to S ~nd d~o~o~t~H o~ illin,. ~u/~." ................ · ' , ~ : ' z ~H-~,~u uy LUnuer ~rom nme [o t~me lo permit such pa~icipation. APPlication of'Net prOCeeds. If a or any'~ad 0f ihe P~0pe~ is condemn~ by em nent domain p~0ceedings or by any proceeding or purchase id lieu 0f Condemnation, Lender may at its'~e~ti~ 'ieqdire that all Or any ~dion of the net proceeds of the award be appli~ to the Indebtedness or the repair or restoration of the Prope~. ':The ~et proceeds of the award shall mean lhe award after payment of all reasonable costs, expenses, and aHorneys' fees incurred by Lender in co'?oection with the condemnation. IMPOSITION OF TAXES, FEES AND CHARGE~'By GOVERNMENTAL AUTHORITIES. The following provisions relating to governmental taxes, fees and charges are a pad of this Modgage: Current Taxes, Fees and Charges. Upo~ request by Lender Grantor shall execute su . ' whatever other act on is n ~ ~,, ~.~ ......... '.. , . ch documents in add l on to this Mod and , ...... ..... re~uest6..y ~Hu~l, ~u pUHU~I a~O CO~[InU6 L6~de['S li6~ on th~ R~.I D .... ... ~ ...... gage take ~xuu ~s oescr Deal Delow [ n t ' h .~'~ense. ~ ...... ~, ......... _ ..... ~, ,..uppity. ~ra~(o¢ S~all reimburse Lender for , %e her wit ...... ~H ~ ~nuu.uu ,~ ~uuuru,~g, peri. ting or conll~ulng this Modgage, including without limitation a~II taxes, fees, documentary stamps, and other c:harges for recording or register ng this Modgage. ~'h this Section applies: (1) a sP~ilic lax u~n this Wpe of Mo.gagthe or upon all or any Pad of Indebtedness secured by this Modgage; .(2) a specific tax on Grantor which Grantor is authorized or r~uir~ to deduct from payments on ethe Indebtedness secured by this type of Mo~gage; (3) a tax on this type of Modgage chargeable against the Lender or the holder ol the Note; and (4) a specific tax on all or any ~dion cf the Indebtedness or on payments of principal and interest made by Grantor. Subsequent Taxes. If any tax to which this Section applies is enacted subsequent to the date of this Modgage, this event shall have the same effect as an Event of Default, and Lender ma~y/exercise any or all of its available remedies for an Event of Default as provided below unless Grantor either (1) pays the tax bef~e it becomes delinquent, or (2) contests the tax as provided above in ~e Taxes and Liens section and deposits with Lender cash or a sufficient corporate surety bend or other securi~ satisfacto~ to Lender. SECURITY AGREEMENT; FINANCING STATEr'~ENTS. 'The following provisions relating to this Modgage as a securiW agreement are a pad of this Modgage:. Security Agreement. This instrument shall .::0nstitute a Securi~ Agreement to the extent any ct the Properly consUtu~es fixtures, and ~ende¢ Shall have all of the r ghts of a secured pady under the Uniform Commerc al C~e as amend~ from time to time. Secur ty Interest. Upon'request by Lender, ' ' ~ :::"' ' -': · - .':'~ . interest in the Rents' ah~ Personal Prope~. Gmnt°r shall take whatever action is request~ by Lender to pedect and'c0ntinU~ fender's SbcdriW In addition 'to recording this Modgage in the real prope~y records, Lender maY, at any time ahd Without ludher authorization from Grantor, file executed counterpads, copies or reproductions of this Modgage as ~ financihg statement.'..Granto~. shall reimburse Lender. for all expenses incurred in pedecting or continuing this security interest. Upon default, Grantor shall not remove sever or detach the Personal Properly'from the rope~. Upon default, Grantor shall assemble any Personal Propedy not a~ixed to the Properly in a manner and at a place reasonably convenient .io Grantor and Lender and make it available to Lender within three (3) days after receipt ct wri~en demand from Lender to the extent permi~ed Ey: applicab e law. Addresses. The mailing addresses of Grantor (debtor) and Lender (s~ured pady) from which information concerning the security interest granted by this Modgage may be obtained (each as required by the Uniform Commercial Code) are as stat~ on the first page ol this Modgage. FURTHER ASSURANCES; A~ORNEY.IN.FAcT; The following provisions relating to fudher assurances and a~orney-in-fact are a pad ol this Modgage: '.' Further Assurances. At any time, and from time to time, upon request of Lender, Grantor 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, at such times and in such offices and places as Lender may deem appropriate, any and all such modgages, deeds of trust, securi~ deeds, security agre(~ments, financing statements, continuation statements, instruments of fudher assurance, ce~ificates, and other documents as may, in the sole opinion of Lender, be necessa~ or desirable in order to effec{uate, complete, peflec/, continue, or prese~e (1) · Grantor's obligations under the Note, this Modgage, and the Relat~ D~uments, and (2) the liens and security interests created by this Modgage as first and prior liens on the Prope~, whether now owned or hereafter acquired by Grantor. Unless prohibited by law or Lender agrees to the contraw in writing, Grantor shall ~'eimburse Lender for all costs and expenses incurred in conn~tion with the maUers referred to · is paragraph. Attorney-In-Fact. If Grantor fails to do any of the things referred to in the pr~ing paragraph, Lender ~y do so lot and in the name of Grantor and at Grantor's expense. FOr such purposes, GrantOr hereby irrevocably appoints Lender as Grantor's attordey-in-lact for the purpose of making, executing, deliveriflg: filing, rec0rdi~:g; and doidg all other things as may be n~essaw or desirable, in Lender's sole opinion, to AcComplish ~e maue~s referred to in ~e preceding paragraph. .. .. · . · : . ..:.' , FULL pERFORMANCE.'" If Grantor pa~s all the' i~%tedneSs when due, and othe~ise pe~orms a~l the obligations im~sed upon Gmnt0r Und~r'~his Modgage, Lender shall execute and deliver to Gra:~tor a suitable satisfaction of this Modgage and suitable statements of termination of any financing statement on file evidencing Lende(s securi~ inte:'est in the Rents and the Personal Prope~. Grantor will pay, il permiUed by applicable law, any reasonable termination fee as determined by Lender from time t0 time. EVENTS OF DEFAULT. Each of the following, at Lepdeds option, shall constitute an Event of Default under this Modgage: Payment Default. Grantor fails to make any payment When due under the Indebtedness. Default on Other Payments. Failure of GrantOr within the time required by this Modgage to make any payment for taxes or insurance, or any other payment necessaw to prevent filing of or to effect discharge of any lien. Other Defaults. Grantor fails to comply with or to pedorm any other term, obligation, covenant or condition contained in this Modgage or in any of the Relat~ Documents or to comply with or to pedorm any term, obligation, covenant or condition contained in any other agreement be~een Lender and Grantor. Default In Favor of Third Padles. Should Grantor default under any loan, extension of credit, security agreement, purchase or sales agreement o'r any bther agreement: in favor of any ot~er c.'~or, or: perSoi] ihat may n~terially ~l[ect any of Granto¢'s propet~y :or Grantor's ability to repay the Indebtedness or Grantor's ability to pe~orm Grantor's obligations under this Modgage or any related document. False Statements. Any warrant, representation or statement made or furnish~ to Lender by Grantor or ~n Grantor's behalf under this Modgage or the Related Documents is false or misleading in any material resp~t, either now or at the time made or furnished or becomes false or misleading at any time thereaQer. ~ Defective Collaterallzation. This Modgage or;a~y of' th~ Related Documents ceases to be in lull force and effect (including failure of any collateral document to create a valid and pedected securi~ interest or lien) at any time and for any reason. Death or Insolvency. The death of Grantor,:t/:'le insolvency of Grantor, the ap~intment of a receiver` for any pad of Grantor's properly, any assignment for the benefit of creditors, any typ6.qf creditor workout or the commencement ol any proceeding under any bankruptcy or insolvency laws by or against Grantor - ~ ' · .. Creditor. or F0~elture Proceedings. ..Com~encement of forecosum or fodeiture proceedings whether by judicial proceedng, self-bop, :: repossession.or.any other method: by any creditor °f Grantor.. or by any.governmental a enc ..... · This includes a amish ,' ~ · · - : · . . . g y against any proped securin t e. g ment of any of Grantor s accounts Incudngdeposit nt~ ~ithl~~-- ' ' .~ y :.:._~..h Indebtedness. :... if:there is a gQod.fa th dispute by Grantor:as to.the VaJidi~ or [easonableness of the claim which is the basis o~ the Creditor or fo~eiture proceed ng , _ _ accou ........... nuur..However, thls-Evenz ct ~e[ault shall notapply : -, and ifGrantorgives Lender wri~en notice of the c~editor, or tone ture.'proceed ng and de osits wi ' , or fodeiture Proceedinn ~ an.amOunt dete.~._~ ............. p th Lender mort es or a sure bond for th ' .... " .... . ..... "~"u~uUuu~. ~n m'so~eascrezon-asDeinnanade.u., ......... :~: .. ~_ ,. . egred!t°~: ,Breach of Other Agreement..Any breach by G~antor under the terms of any other agreement be~een Grantor and Lender that is not remedi~ Within any' grace period prov dod therein, including Without limitation any agreement concerning any indebt~ness ~r other obligation of Grantor Lender, wh~ther existing now or later. Events Affecting Guarantor. Any of the preceding events ~curs with resp~t to any guarantor, endorser, surety, or accomm~ation pady of any MORTGAGE (Continued) Page 4 of the Indebtedness or any guarantor, endor.!~er, surety, or accommodation party dies or becomes incompetent, or revokes or disputes the validity of, or liability under, any Guaranty of the Indebtedness I Adverse Change. A material adverse chan3e occurs in Grantor's financial condition, or Lender believes the prospect of payment or pedormance of the Indebtedness is impaired. ? ~ Insecurity. Lender in good faith believes its!lf'iinsecure. RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence of an Event of Default and at any time thereafter, Lender, at Lender's option, may exercise any one or more of the following rights and .remedies, in addition to any other rights or remedies provided by law: . Accelerate Indebtedness. Lender shall ha~,e:the right at its option without notice to Grantor to declare the entire Indebtedness immediately due and payable, including any prepayment pen~l~y which Grantor would be required to pay. UCC Remedies. With respect to all or anyipad ol the Personal Property, Lender shall have all the rights and remedies of a secured party under the Uniform Commercial Code. i ':' Collect Rents. Lender shall have the rigl~t, Without notice to Grantor, to take possession of the Property, including during the pendency of foreclosure, whether judicial or non-judicial, and.. collect the Rents, including amounts past due and unpaid, and apply the net proceeds, over and above Lender's costs, against the Indebtedqes~ In fudherance of this right, Lender may require any tenant or other user of the Property to make payments of rent or use fees directly to Lehder. If the Rents are collected by Lender, then Grantor irrevocably designates Lender as Grantor's attorney-in-fact to endorse instruments recelved in payment thereof in the name ol Grantor and to negotiate the same and collect the proceeds. Payments by tenants or other users to Len'der in response to Lender's demand shall satisfy the obligations for which the payments are made, whether or not any prope'r grounds for the d;amand existed. Lender may exercise its righis under this subparagraph either in person, by agent, or through a receiver. ~ Appoint Receiver. Lender shall have the ri,i;]h! to have a receiver appointed to take possession of all or any part of the Property, with the power to protect and preserve the Property, to operate the~Property preceding foreclosure or sale, and to collect the Rents from the Property and apply the proceeds, over and above the cost of the ireceivership, against the Indebledness. The receiver may serve without bond if permitted by law. Lender's right to the appointment of a receiver shall exist whether or not the apparent value of the Property exceeds the Indebtedness by a substantial amount. Employment by Lenderish~all not disqualify a person from serving as a receiver. Judicial Foreclosure. Lender may obtain ~judicial decree foreclosing Grantor's interest in all or any part of the Property. Nonjudicial Sale. Lender may foreclose Grantor's interest in all or in any part of the property by non-judicial sale, and specifically by "power of sale" or "advertisement and sale" foreclosuri~ as. provided by statute. Deficiency.Judgment. If permitted by applicable law, Lender may obtain a judgment for any deficiency remaining in the Indebtedness due to Lender afteLapplication, ol all amounts rece (/ed from the exerc se ol the r ghts provided in this section. Tenancy at Sufferance. If Grantor remai~slin possession of the Property after the Property s sod as provided above or Lender otherwse becomes eniiti~d.~ possession of the Pr0P~rtv upOn default of Grantor, Grantor shall become a tenant at sufferance of Lender or the purchaser of 'the' property."A~d Shal'l;"at Lender's.0pt0~, eitl~er :~(i) Pay a reasonable rental for the US~ of the Properly'bt (2');' 'va~at~ the Pro'~erty ih~mediately upon the demand'~f Lender..: i .i' ii : :' ': . .' ' ~' ' . ..... . ': Other Remedies. Lender shall have all other ~'ights and remedies provided in this Mortgage or the Note or available at law or in equity. Sale of the Property. To the extent perm!trOd by applicable law, 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 a~y part el the Property together or separately, in one sale or by separate sales. Lender shall be entitled to bid at any ipublic sale on all or any portion of the Property. Notice of Sale. Lender shall give Grantor I'easonable notice of the time and place of any public sale of the Personal Property or of the time after which any private sale or other intended di~p0sition of the Personal Property is to be made. Reasonable notice shall mean notice given at least ten (10) days before the time of the sale ocdisposition. Any sale of the Personal Property may be made in conjunction with any sale of the Real Property. Election of Rem'edies. Election by Lendgr t° purs'ue a~y remedy shall not exclude pursuit of any other remedy, and an election to make expenditures or to take action to perform ar':; obligation of Grantor under this Mortgage, after Grantor's failure to perform, shall not affect Lender's right to declare a default and exercise its re(nedies. Nothing under this Mortgage or otherwise shall be construed so as to limit or restrict the rights and remedies available to Lender following ,'=~n.Event of Default, or in any way to limit or restrict the rights and ability of Lender to proceed directly against Grantor and/or against any other ?o-maker guarantor, surety or endorser and/or Io proceed against any other collateral directly or indirectly securing the Indebtedness. ~ i Attorneys' Fees; Expenses. If Lender ins~tuies an~ suit or action to enforce any of the terms of this Mortgage, Lender shall be entitled to recover such sum as the court may adjudge reasonable 'as attorneys' fees at trial and upon any appeal. Whether Or not any court action is involved, and to the 'extent not prohibited by law; all reasOnable:expenses Lender incurs that in Lender's opinion are necessary atany time for the protection of its intere`st or the enfOrcement:of its rights 3hall become a part of.the Indebtedness payable on demand and shall bear interest at the Note rate from the date of the expenditure until repaidl. Expenses covered by this paragraph include, without limitation, however,sUbjeCt to any limits under:'" applicable law,.Lend~r s.reasonable attomeys'~ fees and Lender's legal expenses whether or not there is a lawsuit, including reasonable attorneys' fees and e~en~es' fOr~bankruptc~/ P~oce(?d ngs (nc ud ng efforts to modify or vacate any automat c stay or injunction), .appeals, and any,. anticipated POst-jUdgment collection' services¢ ttie cost of soarching records, obtaining title 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 Other sums provided by law. NOTICES, Any notice required to be given under ti3Js Mortgage, including w thout limitation' any notice of default and any notice of sale shall be given in writing, and shall be effective when actually delivered, when actually received by telefacsimile (unless otherwise required by law), when deposited with a nationally recognized overnight courier, or, if mailed, when deposited in the United states mail, as first class, certified or registered mail postage prepaid, directed to the addresses shown near t~e beginning of this Mortgage. All copies of notices of foreclosure from the holder of any lien which has priority over this Mortgage shall be sent to L~nd,er's address, as shown near the beginning ct this Mortgage. Any party may change its address for notices under this Mortgage by giving formal Written notice to the other parties, specifying that the purpose of the notice is to change the party's address. For notice purposes, Grantor agrees~ to keep Lender informed at all times of Grantor's current address. Unless otherwise provided or required by law, if there is more than one Grantor', any notice given by Lender to any Grantor is deemed to be notice given to all Grantors. MISCELLANEOUS PROvisIONS. The following miscellaneous provisions are a part oi this Mortgage: Amendments. This Mortgage, together with any Related Documents, constitutes the entir9 understanding and agreement of the parties as to the matters set forth in this Mortgage. NO alteration bf or arfiendment to this Mortgage shall be effective unless given in writing and signed by the party or parties sought to be charged or bet!nd' by the alteration or amendment. Annual Reports. If the Property is used for purposes other than Grantor's residence, Grantor shall furnish to Lender, upon request, a certified statement of net operating income received from the Property during Grantor's previous fiscal year in such form and detail as Lender shall require. "Net operating income" shall mean all casl) receipts from the Property less all cash expenditures made in connection with the operation of the Property. Caption Headings. Caption headings in ith s Mortgage are for convenience purposes only and are not to be used to interpret or define the provisions of this Mortgage. Governing'Law. This Mortgage will be .c~Overned by, Construed and enforced In accordance with federal law and the laws of the State of WyOming. This MOrtgage has beenacce,ptedby Lender in ttie State of Wyoming. ' ! "-';.~ ~ ' ' - ' '" .... '~ ''~ Joint and Sever;al Liability. ~AII Obligatior~s Of Grant0r"under this Mortgage shall be joint and several, and all references to Grantor shall mean each and b~,ery Grant0r; This 'means that e~a'cli Grantor signing below iS responsible for all Obligations in 1his Mbrtg,~ge.:'. ! :' ':! 're :: '.: ': ,-:.' ::':..',.?. !'.;'' No Wawer. by Lender:'.. Lender shall not.be deemed to.have wawed any rights under th~s Mortgage 'oniesS :S~cl~'waiver is given in writing anc~ signed'by Lender?; No: delay or 0mission or~ the part. Of Lender in exercising any r ght she operate as a weir'er of.'such 'righ! or any other rigtit.~'.A Waiver by'Lender 'of a: I~r0vis'ion of this Mortgage shall not:prejudice or' Constitute a waiver of Lehder's' i' ght Otherw ~e t0 demand ~tdct compliani2e ~vith that p¢ovisi0n o/' a~y"other'provisi0h ~; this Mortgage.' No' prior Waivei' by Lender; nor any course of dea ng between Lender and Grantor shall constitute 'a wai~er of an~,'0f Lerfde'¢'S ~rightS'or 0f'ahy'of Grantor's obligatiOns as to any future'transactio'ns.:'Whenever the consent of Lehdbr ~s required under this Mortgage, the grantihg of such consent by Lender in any instance shall not constilute continuing consent 1o subsequent instances where Such consent is required a~d;in all cases such consent may be granted or withheld in the sole discretion Of Lender. .;. ! ~: .?~ ,, ':? :.:: ·' MORTGAGE (Continued) ' "'~"~'~ ~ ~' ~ { ' 3 1 ~ = ~ ~ Page 5 Severablllty. If a coud of competent jurisdiction{inds any orovision of this Mo~gage to be legal, invalid, or unenforceable as to any person 0r Circumstance that finding shall not make the Offending pr~ision illegal, invalid, or unenforceable as to any other person or circumstance. feasible, the offending :pr0Visish ~hall be c~'ns dered mbdified'so that it b~o ~0 ~o?he~,.~.s~ll ~e considereddeleted ~'rbm-this 'Mo~gage Unless othe',~l~::~'~ and enf°rceabl~: If the offend ng p~dvisibn cannot b' prows~on or ~s' Mo~gage" sh~ I nbt:'a~e~t't~,~ le'aalit~ :,,'- ~;*.;' ~-' ..... ~-,~ ,~u,,uu uy law the illeg~ [y' ~a dit~ oi'b~;~ .... ... e. ' ~ ., .va.fully u/ ull/orCeaOlll~ Ol any other nr~,,igi~- ~ ,~:~ -- ' '- · · ,.~' . ~,,y,,.v.~uduiil~ Of a~ Merger.. There'shall be no mer~r 'of:the'~nterest or'estate: created by this' Modgage with 'any',0the~ ' ' held by. or for the benefit of Lender in any ~pacit?,' Withobt the wri~en'consent of Lender: · ' :::,, interest or estgte in the Prope~y at any time Successors and Assigns. Subject to any;limitations stated in this Mo~gage on transfer of Grantors interest this Mo~gage shall be binding u~ and inure to the benefit of the padies, their successors and 'assigns. ff ownership of the Prope~y becomes vested in a person other t~an Grantor, Lender, without notice to Grantor, may dee with Grantor's successors with reference to this Mo~gage and the Indebtedness by way of forbearance or extension without releasing Grantor from the ob gallons of ~is Modgage or liability under the Indebtedness. Time Is of the Essence. Time is of the essence in the pedormance of this Mo~gage, Waiver of Homestead Exemption. Grantor 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 Modgage. DEFINITIONS. The following capitalized words and terms shall have the following meanings when us~ in this Modgage. Unless specifically stat~ lo the contras, all references to dollar amounts shall mean amounts in lawful money of the United States of America. Words and terms used in the singular shall include the plural, and the plural shall include the singular, as the context may r~uire. Words and terms not othe~ise del ned in lhis Modgage 'shall have the meanings aflributed to s~ch terms in the U~iform Commercial C~e: Borrower. The word "Borrower" means JAJ~ES ~NDIS'and REBECCA ~NDIS and includes all co-signers and co-makers signing the Note. Default. The word "Default" means the Default set fodh in this Mo~gage in the section titl~ "Default". ~ ' Environmental Laws. The words nvlronmgntal Laws" mean any and all state, federal and I~al statutes, regulations and Ordinances relating Io the protection Of human health or the environment, including without limitation lhe Comprehensive Environmental Response Compensation and Liability Act of 1980, as amended, 42 U.S.C.' Sect On 9601 et seq. ("CERC~") the Supedund Amendments and Reauthoriz Act, ;lion Act of 198~, Pub. L No. 99-499 ("SARA"), the Hazardous Ma:erials Transpolar on Act~ 49 U.S.C. Section 1801, et seq., the Resource Conse~ation and Recovery 42 U.S.C. Section 6901, et seq., or othe.. applicable state or federal laws, rules, or regulations adopted pursuant thereto. Event of Default. The words "Event of Default" mean any of the events of d~fault set ~o~h in this Mo~gage in the events of d~fault section of this Mo~gage. Grantor. The Word "Grantor" means ~AMES ~NDiS and REBECCA ~NDIS. ' .~uaranty..'Thb word'"Guaran~,,:~A~S"~h~ ~:.'L:.~'L: ~,'. "'~ '. ', · ...... · . : uu-,an~y irom guarantor, endorser, surety, '0r ac~bmmodation pady to Lendbr .'~cl'uding' Without um~[a[ion a guaran~ of all or pa~ of the Note ...... Hazardou's SubStances: 'The words "Hazardous Substances~' mean. materials that, because of their quantity concentration or physical- chemical or infectious characteristics, may cause 0r pose a present or potential hazard to human health or the 'environment when improperly used, treated, stored, disposed of, generated, manufactured, transposed 'or othe~ise handled. The words "Hazardous Substances" are used in their ve~ broadest sense and include without limitation'any and all hazardous or toxic substances, materials or waste as defined by or list~ under the Environmental ~ws. The term "Hazardous Substances" also includes, without lira ration petroleum and petroleum by-products or any fraction thereof and asbestos. Improvements. The word "Improvements" means all existing and future improvements, bu dings, structures, mobile homes a~ixed on the Real Prope~y, facilities, additions, replacements and other construction on the Real Prope~y. · Indebtedness. The word "Indebtedness" means all principal, interest, and other amoums, costs and expenses payable under the Note or Related Documents, together with all renewals of~ extensions o~, modifications o~, consolidations of aha substitutions [or the Note or Related Documents and any amounts expend~ or advanced by Lender to discharge Grantor's obligations or expenses incurred by Lender to enforce Grantor's obligations unqer this Mo~gage, together with interest on such amounts as provided in this Mortgage. Lender. The word "Lender" means First Inten;tate Bank, its successors and assigns. Mo~gage. The word "Mo~gage" means this Mo~gage be~een Grantor and Lender. Note. The word "Note" means the promisso~ note dated May 25, 2004, in the original principal amount of $601,267.00 from Grantor to Lender, together with all renewals of, extensions of, modifications o~, refinancings or, consolidations of, ane substitutions for the promisso~ note or agreement. The maturity date of this Mo~gage is July 15, 2007. NOTICE TO GRANTOR: THE NOTE CONTAINS A VARIABLE INTEREST RATE. Personal Property, The words "Personal Prope~y" mean all equ pment, fixtures and other a~icles of personal prope~ now or herea~er owned by Grantor, and now or herea~er affached or ~ixed to ~e Real Property; together wilh all accessions, pads, and additions ~o, all replacements and all substitutions for;' any of such prope~y; and together w th all proceeds (including wilhout limitation all insurance pr~e~s and refunds o~ premiums) from any sale or other disposition of. the Properly. Prope~y. The word "Prope~y" means collectivgly ~e R~ai Prope~ and the Personal Properly. - .... Real Properly. The words "Real Prope~" mean the real prope~y, interests and rights, as fudher described in this Mo~gage: ....... Related Documents. The words "Related Documents" mean ali promissory notes, credit agreements, loan agreements, environmental agreements, guaranties, securi~ agreement~', mo~gages, deeds of trust, s~urily deeds, collateral mortgages, and all other instrumems, agreements and documents, whether now or hereafter existing, executed in conn~tion wilh the Indebtedness. Rents, The word "Rents" means all present ,~nd future rents, revenues, income, issues, royalties, profits, and other bene¢its derived from the Prope~y. EACH GRANTOR ACKNOWLEDGES HAVING R;EAD TERMS. GRANTOR; X S~N ~U..~ ~__~~.r JAME DIS ALL THE PROVISIONS OF THIS MORTGAGE, AND EACH GRANTOR AGREES TO ITS Page 6 STATE OF COUNTY OF INDIVIDUAL ACKNOWLEDGMENT ) COUNTY OF I~ll.~ STATE OF_ ) ~ COMMISSION~~~EXPIRES JANUARY 14, 200]' On this day before me, the undersigned Notary Public, personally appeared JAMES LANDIS and REBECCA LANDIS. to me known to be the individuals described in and who executed the MOrtgage, and acknowledged that they signed the Mortgage as their lree and voluntary act and deed, for the uses and purposes therein mentioned. Given under my hand and o, lfficlal seal this Notary Public In and for the State o~ My commission expires That part of Lot 3 of Section 29, T37N RllSW of the 6th P.M., Lincoln County, Wyoming bounded and described as follows: On the West by the west line of said Lot 3; On the north by the south line of that tract of record in the Office of the Clerk of Lincoln County in Book 269PR on page 375; On the east by the west right of way line of State Highway 89; and On the South by the Palisades Reservoir Take Line; and may be secondarily described as follows: Beginning at an intersection on the on the wes[ line of said Lot 3 with the south line that of that tract of record in said Book 269, S 00011'05" W, 124.5'5 feet from the northwest corner of said Lot 3 found as described in th~ corner record filed in the said office; thence S 89°58'55, E, 762.90 feet along the south line of that tract of recor¢[ in said Book 269 to an intersection with the westerly right of way line of State HighWay 89; thence S 08°00'20" E, 802.10 feet along ~aid south line of that tract of record in said Book 269 to an intersection with the Palisades Reservoir Take Line; thence S 78~39'36,, W, 892.49 feet along said Take Line to an angle point; thence N 87°46'37,, W, 2.72 feet to an intersection with the west line of said Lo~ 3; thence N 00o11'15' E, 969.92 feet, along said west line to the intersection of beginning. 1 !/91