HomeMy WebLinkAbout900188RECORDATION REQUESTED BY:
The Jackson State Bank & Trust
West Office
P.O. Box 1788
50 Buffalo Way
Jackson, WY 83001
WHEN RECORDED MAIL TO:
The Jackson State Bank & Trust
West Office
P.O. Box 1788
50 Buffalo Way
Jackson, WY 83001
SEND TAX NOTICES TO:
The Jackson State Bank & Tru st
West Office
P.O. Box 1788
50 Buffalo Way
Jackson, WY 83001
900t88
RECE VED
'LINCOL. N COUNTY CLERK
SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY
CONSTRUCTION MORTGAGE
MAXIMUM LIEN. The lien of this M!ort, gage shall not exceed at any one time $221,250.00.
THIS MORTGAGE dated June 11,'2.004, is made and executed between Steve Bell and Carrie Bell, husband and
wife, as tenants by the entireties, whose address is P.O. Box 7067, Jackson, WY 83002 (referred to below as
"Grantor") and The Jackson State t-3ank & Trust, whose address is P.O. Box 1788, 50 Buffalo Way, Jackson, WY
83001 (referred to below asLende','.'~)~
GRANT OF MORTGAGE. For valuable consk'ler~tlon, Grantor mortgages and conveys to Lender all of Granlor's right, title, and intere§t in and to
the following described real properly, togemer w:lh ,'J. II existing or subsequently erected or affixed buildings, improvements and fixtures; all easements,
rights of way, and appurtenances; all water, wat~'r ri~!]hts, watercourses and ditch rights (including stock in ulilities with ditch or irrigation rights); and all
other rights royalties and profits relating to the,rea, I property, including withoul limitation all minerals, oil, gas, geothermal and similar malters. (the
"Real Property") located in Lincoln County, State of Wyoming:
Lot 81 River View Meadows S('icc, nd Addition to the Town of Alpine within the SE1/4 of Section 30, T37N,
R118W, according to that plat f?e(~l February 11, 1994, Plat No. 264-D, Instrument No. 778568.
The Real Property or its address i~'commonly known as 611 Snake River Drive, Alpine, WY 83128.
Grantor presently assigns to Lender all of Grantc~r's .ight, title, and interest in and to all presenl and future leases of the Property and all Rents from the
Property: In addition, Grantor grants to Lender a Un~orm Commercial Code security interest in the Personal Property and Rents.
THIS MORTGAGE, INCLUDING THE ASSIGNMEI,,~r 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 (~the:rwise provided in this Mortgage, Granlor shall pay to Lender all amounts secured by this Mortgage
as they become due and shall strictly perform all of Grantor's obligations under this Mortgage.
CONSTRUCTION MORTGAGE. This Mortga,rie ts a "construction mortgage" for the purposes el Sections 9-334 and 2A-309 of the Uniform
Commercial Code, as those sections have been ado;)ted by the State of Wyoming.
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. Grantor shall maintain,the Property in good condition and promptly perform all repairs, replacements, and maintenance
necessary to preserve its value.
Compliance With Environmental Laws. t-~rantor 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 lrom the Property; (2) Grantor has no knowledge of, or reason to believe that there has been,
except as previously disclosed to and ackngwledgod by Lender in writing, (a) any breach or violation of any Environmental Laws, (b) any use,
generation, manufacture, storage, treatmen, disposal, release or threatened release of any Hazardous Substance on, under, about or from the
Property by any prior owners or occupants ')f the Property, or (c) any actual or threatened litigation or claims of any kind by any person relating
to such matlers; and (3) Except as previously disclosed to and acknowledged by Lender In wriling, (a) neither Grantor nor any tenant,
contractor, agent or other authorized user ol the Property shall use, generate, manufacture, store, treat, dispose of or release any Hazardous
Substance on, under, about or from the Pr(;per,,y; 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 inspectlorfs and tests, at Grantor's expense, as Lender may deem appropriate to determine compliance of the
Property 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 liabil ty on the part of Lender to Grantor or to any other person. The representations and warranties
contained herein are based on Grantor's due diligence in ~nvestigating the Property for Hazardous Substances. Grantor hereby (1) releases and
waives any future claims against Lender lc,' indemnity or contribution in the event Grantor becomes liable for cleanup or other costs under any
such laws; and (2) agrees to indemnify an(". hoid harmless Lender against any and all claims, losses, liabilities, damages, penalties, and expenses
which Lender may directly or indirectly sust.~in or suffer resulting from a breach of this section of the Mortgage or as a consequence of 'any use,
generation, manufacture, storage, disposal, reiease or threatened release occumng prior to Grantor's ownership or interest in the Property,
whether or not the same was or should ha,,e been known to Grantor. The provisions of this section of the Mortgage, including the obligation to
indemnify, shall survive the paymenl of th~ Indebtedness and the satisfaction and reconveyance of the lien of this Mortgage and shall not be
affected by Lender's acquisition of any inter,:st in the Properly, whether by foreclosure or otherwise.
Nuisance, Waste. Grantor shall not cause" ccnduct 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. Wthout limiting the generality of the foregoing, Grantor will nol remove, or grant to any other party the
right to remove, any timber, minerals (includ r~g oil and gas), coal, clay, econa, soil, gravel or rock products without Lender's prior written consent.
Removal of Improvements. Grantor sha_l not demolish or remove any Improvements from the Real Property without Lender's prior written
consent. As a condition to the removal of any ~nprovements, Lender may require Grantor to make arrangements satisfactory to Lender to replace
such Improvements with Improvements of a' least equal value.
Lender's Right to Enter. Lender anct Lent er's agents and representatives may enter upon the Real Property at all reasonable times to attend to
Lender's interests and to inspect the Real P, 3petty for purposes of Grantor's compliance with the terms and conditions of this Mortgage.
Compliance with Governmental Requlrer'~ents. Grantor shall promplly comply with all laws, ordinances, and regulations, now or hereafter in
effect, of all governmental authorities appli,.;able to the use or occupancy of the Property. Grantor may contest in good faith any such law,
ordinance, or regulation and withhold comp .mc~ during any proceeding, including appropriate appeals, so long as Granto~' has notilied 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 adequate security or a surer!: bqnd, reasonably satisfactory to Lender, to protect Lender's interest.
Duty to Protect. Grantor agrees neither to :~bahdon or leave unattended the Property. Grantor shall do all other acts, in addilion lo those acts set
forth above in this seclion, which from lhe ct. iarabter and use of the Property are reasonably necessary to prelect and preserve the Property.
Loan No: 33048406
MORTGAGE
(Continued)
880
Page 2
CONSTRUCTION LOANi If some or all of the proceeds of the loan creating the Indebtedness are to be used to construcl or complete construction of
any Improvements on the Property, the Improveme~t.~ shall be completed no later than the maturity date of the Note (or.such earlier date as Lender
may reasonably establish) and Grantor shall pay in ~:ul' all costs and expenses in connection with the work. Lender will disburse loan proceeds under
such terms and conditions as Lender may deem re'asbnably necessary to insure that the interest created by this Mortgage shall have priority over all
possible liens, including those of material suppliers and Workmen. Lender may require, among other things, that disbursement requests be supported
by receipted bills, expense affidavils, waivers of liens, (':onstruction~ progress: reports, and such other documentation as Lender may reasonably request.
DUE ON SALE - CONSENT BY LENDER. Lendbi' n~ay, at Lender's option, declare immediately due and payable all sums secured by this Mortgage
upon Ihe sale or transfer, without Lender's prior written consent, of all or any part of the Real Property, or any interest in the Real Property. A "sa e or
transfer" means the conveyance ol Real Property 'or'~any right, title or interest in the Real Property; whether legal, beneficial or equitable; whether
voluntary or involuntary; whether by outright sale, d~'ed; inslallment sale contract, and conlract, contract for deed, leasehold interest with a term greater
than three (3) years, lease-option contract, or bY s~le ~ assignment, or transfer of any beneficial interest in or to any land trust holding title to the Real
Property, or by any other method of conveyance o:! ah interest in the Real Property. However, Ihis option shall not be exercised by Lender if such
exercise is prohibited by federal law or by Wyoming ~aw.
TAXES AND LIENS. The following provisions relati,:lg itc the taxes and liens on the Property are part ol this Mortgage:
Payment. Grantor shall pay when due (and in afl events prior to delinquency) all taxes, payroll taxes, special taxes, assessments, water charges
and sewer service charges levied against 'or ~3n:acc°unt of the Property, and-shall pay when due'all claims for work done on or Ior 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 of
Lender under this Mortgage, except for those ,;)n~ 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 i,aa~agraph.
Right to Contest. Grantor may withhold payr~erit 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 Properll/ .,s not jeopardized. If a lien arises or is filed as a result of nonpayment, Grantor shall within fiffeen
(15) days after the lien arises or, if a lien is file:l, ~ithin 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 a sufficient corporate surety bond or other security satisfactory to Lender in an amount sufficient
to discharge the lien plus any costs and reaso!'~a~ 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 defend 'ts~i;If and Lender and shall satisfy any adverse judgment before enforcement against the Property.
Granlor shall name Lender as an additional oblige9 under any surety bond furnished in the contest proceedings.
Evidence of Payment. Grantor shall upon d,~mand furnish to Lender satisfactory evidence of payment of the taxes or assessments and shall
authorize the appropriate governmental officia' to deliver,to Lender at any time a written statement of the taxes and assessments against the
Property.
Notice of Construction. Grantor shall notify bender at least fifteen (15) days before any work is commenced, any services are furnished, or any
materials are supplied to the Property, if any rr'.echanic's lien, matedalmen's lien, or other lien could be asserted on account of the work, services,
or materials. Grantor will upon request of Lena:let furnish to Lender advance assurances salisfactory to Lender that Grantor can and will pay the
cost of such improvements. '
PROPERTY DAMAGE INSURANCE. The followin~ pr;bvisions relating tO insuring lhe Property are a part of this Mortgage:
Maintenance of Insurance. Grantor Shall pr¢cure and maintain policies of fire insurance with standard extended coverage endorsements on a
replacement basis for the full insurable value [i'ov~gring all Improvements on the Real Property in an amount sufficient to avoid application ol any
coinsurance clause, and with a standard mortg]gee clause in favor of Lender. Po c es shal be written by such insurance companies and in such
form as may be reasonably acceptable to L'~n~e~'. Grantor shall delver to Lender certificates of coverage from each insurer conlaining a
stipulation that coverage will not be cancelled ( r ~iminished without a minimum of ten (10) days' prior written notice to Lender and not containing
any disclaimer of the insurer's liability for faikre!to give such notice. Each insurance policy also shall include an endorsement providing that
coverage in favor of Lender will not be impaired;in any way by any act, omiss on or defaull of Grantor or any other person. Should the Real
Property be located in an area designated by t,~e ~irector of the Federal Emergency Management Agency as a special flood hazard area, Grantor
agrees to obtain and maintain Federal Flood Insu~ance, if available, within 45 days after notice is given by Lender that the Property is located in a
special flood hazard area, for the full unpaid;pr~cipal balance of the loan and any prior liens on the property securing the loan, up to the
maximum policy limits set under the National ;:lo~)d 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. 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 eleclion, receive and
retain the proceeds of any insurance and appl!, tl-~e proceeds to the reduction of the Indebtedness, payment of an~, lien affecting the Property, or
the restoration and repair of the Property. If Le[~der 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 reas(:,nable cost of repair or restoration if Grantor is not in default under this Mortgage. Any proceeds
which have not been disbursed within 180 day:~ after their receipt and which Lender has nol committed to the repair or restoration of lhe Property
shall be used first to pay any amount owing ~:o Lender under this Mortgage, then lo pay accrued interest, and the remainder, if any, shall be
applied to the principal balance of the Indebtedness. If Lender holds any proceeds after payment in full of the Indebtedness, such proceeds shall
be paid to Grantor as Grantor's interests may appear.
LENDER'S EXPENDITURES. If Grantor fails (A) 'to keep the Property free of all taxes, liens, security interests, encumbrances, and other claims, (B)
to provide any required insurance on the Property, 'or. (C) to make repairs to the Property then Lender may do so. I1 any action or proceeding is
commenced that would materially affect Lender's interests in the Property, then Lender on Grantor's behalf may, but is not required to, take any action
that Lender believes Io be appropriate to protect Lenderls interests. All expenses incurred or paid by Lender for such purposes will then bear interest
at the rate charged under the Note from the date incurred or paid by Lender to the date of repayment by Grantor. All such expenses will become a part
of the Indebtedness and, at Lender's option, will (A:) be payable on demand; (B) be added to the balance of the Note and be apportioned among
and be payable with any installment payments to bet;omo due during either (1) the term of any applicable insurance policy; or (2) the remaining term
of the Note; or (C) be treated as a balloon payme[ t w!hich will be due and payable at the Note's maturity. The Mortgage also will secure payment
these amounts. The rights provided for in this para;lraph shall be in addition to any other rights or any remedies to which Lender may be entitled on
account of any default. Any such action by Lender' shall not be construed as curing the default so as to bar Lender from any remedy that it otherwise
would have had.
WARRANTY; DEFENSE OF TITLE. The following provisions relating to ownership of the Property are a part of this Modgage:
Title. Grantor warrants that: (a) Grantor holc:s good and marketable title of record to the Property in fee simple, free and clear of all liens and
encumbrances other than those set forth in the' Real Property description or in any lille insurance policy, title report, or final title opinion issued in
' favor of, and accepted by, Lender in connectior: wi'th this Mortgage, and (b) Grantor has the full right, power, and authority to execute and deliver
this Mortgage to Lender.
Defense of Title. Subject to the exception in .:he!paragraph above, Grantor warrants and will forever defend the title to the Property against the
lawful claims of all persons. In the event any ~ction or proceeding is commenced that questions Grantor's title or the interest of Lender under this
Mortgage, Grantor shall defend the action at 3rantor's expense. Grantor may be lhe nominal party in such proceeding, but Lender shall be
entitled to participate in the proceeding and to '~e 'represented in the proceeding by counsel of Lender's own choice, and Grantor will deliver, or
cause to be delivered, to Lender such instrumei]tslas Lender may request from time to time to permit such participation.
Compliance With Laws. Grantor warrants .tha~ the Property and Grantor's use ol the property complies with all existing applicable laws,
ordinances, and regulations of governmental aLthorities.
Survival of Promises. All promises, agreements, and statements Grantor has made in this Mortgage shall survive the execution and delivery
this Mortgage, shall be continuing in nature and she remain in full force and effect until such time as Grantor's Indebtedness is paid in fulk
CONDEMNATION. The following provisions relatin.~! 'to!condemnation proceed rigs are a part of this Mortgage:
Proceedings. If any proceeding in condemnation, is filed, Grantor shall promptly notify Lender in writing, and Grantor shall promptly take such
steps as may be necessary to defend the actio] ahd obtain the award. Grantor may be the nominal party in such proceeding, but Lender shall be
entitled to participate in the proceeding and to {'.e ~presented in the proceeding by counsel ct its own choice, and Grantor will deliver or cause to
be delivered to Lender such instruments and d(cu(nentation as may be requested by Lender from t me to time to perm t such partici at on
Application of Net Proceeds. Il all or any pa't. ol, the Property. is condemned by eminent domain proceedings or by any proceeding or purchase
in lieu of condemnation, Lender may at its elec':loq require that all or any portion of the net proceeds' of the award be applied to the Indebtedness
or the repair or restoration of the Property. The. n~t proceeds of the award shall mean the award after payment of all reasonable costs, expenses,
Loan No: 33048406
MORTGAGE
,-- -, ,-,~ ~,nontinuea~
Page 3
and attorneys' fees incurred by Lender in conr. ection with the condemnation.
IMPOSITION OF TAXES, FEES AND CHARGES BYIGOVERNMENTAL AUTHORITIES. The following provisions relating to governmental taxes, fees
and charges are a pad of this Modgage:
Current Taxes, Fees and Charges. Upon req:uest by Lender, Grantor shall execute such documents in addition to this Mortgage and take
whatever other action is requested by Lender to ioerfect and continue Lender's lien on the Real Property. Grantor shall reimburse Lender for all
taxes, as described below, together with all e;:peoses incurred in recording, pedecting or continuing this Mortgage, including without limilation all
taxes, fees, documentary stamps, and other char~,!es for recording or registering this Mortgage.
Taxes. The following shall constitute taxes tci'wl-lich this section applies: (1) a specilic tax upon this type of Mortgage or upon all or any part of
the Indebtedness secured by this Mortgage; '(2):, a specific tax on Grantor which Grantor is authorized or required to deduct from payments on
the Indebtedness secured by this type of Mor'ga(ie; (3) a tax oil this type of Mortgage chargeable against the Lender or the holder of the Note;
and (4) a specific tax on all or any portion of .:he 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 may exerc se any or all of its available remedies for an Event of Default as provided below unless Grantor
either (1) pays the tax before it becomes deli3qdent, or (2) contests the tax as provided above in the Taxes and Liens section and deposits with
Lender cash or a sufficient corporate surety bond ~or other security satisfactory to Lender.
SECURITY AGREEMENT; FINANCING STATEM!'.~NTs. The following provisions relating to this Mortgage as a security agreement are a part of this
Mortgage::
Security Agreement~ This instrument shall consiitute a Security Agreement to the extent any of the Property constitutes fixtures, and Lender shall
have all ol the rights of a secured party under :he ~Uniform Commercial Code as amended from time to time.
Security Interest. Upon request by Lender, Grantor shall take whatever action is requested by Lender to perfect and continue Lender's security
interest in the Personal Property. In addition o recording this Mortgage in the real property records, Lender may, al any time and without lurther
authorization from Grantor, file executed court' erp~,rts, copies or reproductions of this Mortgage as a financing statement. Grantor shall reimburse
Lender for all expenses incurred in pedect nc or continuing th s secur ty interest. Upon default, Grantor shall not remove, sever or detach the
Personal Property from the Property. Upon default, Grantor shall assemble any Personal Property not affixed to the Property in a manner and at a
place reasonably convenient to Grantor and LenLler and make it available to Lender within three (3) days after receipt oI written demand from
Lender to the extent permitted by applicable la ~.
Addresses. The mailing addresses of Grai~t0r' (debtor) and Lender (Secured party) from which information concerning the security inlerest
granted by this Mortgage may be obtained (each as. required by the Uniform Commercial Code) are as stated on the first page of this Mortgage.
FURTHER ASSURANCES; ATTORNEY-IN-FAC';'. ~he following provisions relating to further assurances and attomey-in-facl are a part of this
Mortgage:
Further Assurances. At any time, and from tirade to time, upon request of Lender, Grantor will make, execute and deliver, or will cause to be
made, executed or delivered, to Lender Or Jo I~_ender's designee, and when requested by Lender, cause to be filed, recorded, refiled, or
rerecorded, as the case may be~ at such tim~s ~nd in such offices and places as Lender may deem appropriate, any and all such mortgages,
deeds of trust, security deeds, security agree~mehts, financing statements, continuation statements, instruments of further assurance, certificates,
and other documents as may, in the sole ol:ini .dh of Lender, be necessary or desirable in order to effectuate, complete, perfect, continue, or
preserve (1) Grantor's obligations under the Note, this Mortgage, and the Related Documents, and (2) the liens and security interests created
by this Mortgage as first and prior liens on the Pr~{:)erty, whether now owned or hereafter acquired by Grantor. Unless prohibited by law or Lender
agrees to the conlrary in writing, Grantor sba! reimburse Lender for all costs and expenses incurred in connection with the matters referred to in
this paragraph. '
Attorney- n-Fact. If Grantor fails to do any of the'things referred to inthe preceding paragraph, Lender may do so for and in the name of Grantor
and at Grantor's expense. For such purpo.~'esJ Grantor hereby irrevocably appoints Lender as Grantor's attorney-in-fact for the purpose of
making, executing, delivering, filing, recordirg, ,!~nd doing all other things 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 the Indebtedness when due, and othenNise performs all the obligations imposed upon Grantor under this
Mortgage, Lender shall execute and deliver to Grantor a suitable satisfaction of this Mortgage and suitable statements of termination of any financing
statement on file evidencing Lender's security interest in the Rents and the Personal Property. Grantor will pay, if permitted by applicable law, any
reasonable termination fee as determined by Lende' frcm time to time.
EVENTS OF DEFAULT. At Lender's option, Grant?r Will be in default under this Mortgage if any of the following happen: Payment Default. Grantor fails to make any t~ay[!~ent when due under the Indebtedness.
Default on Other Payments. Failure of Gra.3tor: within the time required by this Mortgage to make any payment for taxes or insurance, or any
other payment necessary, to prevent filing of o~. to effect discharge of'any lien.
Break Other Promises. Grantor breaks any promise made tO Lender or fails to perform promptly at the time and strictly in the manner provided in
this Mortgage or in any agreement related to ti.is k;lortgagel
Default in Favor of Third Parties. Should Grantor default under any loan, extension of credit, security agreement, purchase or sales agreement,
or any other agreement, in favor of any other creditor or person that may materially affect any of Grantor's property or Grantor-'s ability to repay the
Indebtedness or Grantor's ability to perform G~antor's obligations under this Mortgage or any related document.
False Statements. Any representation or statement made or furnished to Lender by Grantor or on Grantor's behalf under this Mortgage or the
Related Documents is false or misleading in any ~aterial respect, either now or at the time made or furnished.
Defective Collateralizatlon. This Mortgage o' anyol the Related Documents ceases to be in full force and effect (including failure of any collateral
document to create a valid and perfected security interest or lien) at any time and for any reason.
Death or Insolvency. The death of Grantor, th~ insolvency of Grantor, the appointment of a receiver for any part of Grantor's property, any
assignment for the benefit of creditors, any tyFe o~' creditor workout, or the commencement of any proceeding under any bankruptcy or insolvency
laws by or against Grantor.
Taking of the Property. Any creditor or gow mmental agency tries to take any of the Property or any other of Grantor's property in which Lender
has a lien. This includes taking of, garnishing of cr levying on Grantor's accounts with Lender. However, il Grantor disputes in good faith whether
the claim on which the taking of the Property i-~ ba, sed is valid or reasonable, and if Grantor gives Lender written notice of the claim and furnishes
Lender with monies or a surety bond satisfact~'ry tO Lender to satisfy the claim, then this default provision will not apply.
Breach of Other Agreement. Any breach b~ G~ntor under the terms ol any other agreement between Grantor and Lender that is not remedied
within aoy grace period prov dod therein, including!without limitation any agreement concerning any indebtedness or other obligation of Grantor to
Lender, whether existing now or later.
Events Affecting Guarantor, Any of the pre(eding events occurs with respect to any guarantor, endorser, surety, or accommodation party of any
of the Indebtedness or any guarantor, endors~r, surety, or accommodation party dies or becomes incompetent, or revokes or disputes the validity
of, or liability under, any Guaranty of the Iodet. tedr~ess. In the event of a death, Lender, at its opt on, may, but shall not be required to, permit the
guarantor's estate to assume unconditionally t~e obligations arising under the guaranty in a manner satisfactory to Lender, and, in doing so 'cure
any Event of Default.
Right to Cure. If any default, other than a.default in payment is curable and if Grantor has not been given a notice of a breach of the same
provision of this Mortgage within the precec'ing~twelve (12) months, it may' be cured if Grantor, after receiving written notice from Lender
demanding cure of such default: (1) cures th~ deJault within fifteen (15) days; or (2) if the cure requires more than fifteen (15) days, immediately
initiates steps which Lender deems in Lend6.r's tole discretion to be sufficient to cure the default and thereafter continues and completes alt
reasonable and necessary steps sufficient to r.t'od~i~ce compliance as soon as reasonably Practical.
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 haw. th~ right at its option without notice to Grantor to declare the entire Indebtedness immediately due
and payable, including any prepayment penalt,, w~ich Grantor would be required to pay.
UCC Remedies. With respect to all or any p.~rt d~f the Personal Property, Lender shall have all the rights and remedies of a secured party under
Loan No: 33048406
MORTGAGE ', 8 8 2
(Continued) .... Page 4
the Uniform Commercial Code. :
Collect Rents. Lander shall have the rgl~t, :without notice to Grantor, to take possession of the Property, including during the pendency of
foreclosure, whether judicial or non-judicial, an(~ collect tlqe Rents, including amounts past due and unpaid, and apply the net proceeds, over end
above Lender's costs, against the Indebtedr ess. In furtherance of this right, Lender may require any tenant or other user of the Property to make
payments of rent or use fees directly to Lelder. If the Rents are collected by Lender, then Grantor irrevocably des.ignates Lender as Grantor's
attorney-in-fact to endorse instruments received in paymen[ thereof in the name et Grantor and to negotiate the same and collect the proceeds.
Payments by tenants or other users t~ Ler~de.r in response to Lender's demand shall satisfy the obligations for which the payments are made,
whether or nor any proper grounds for the d,'.~mand existed. Lender may exercise ils rights under this subparagraph either in person, by agent, or
through a receiver.
Appoint Receiver. Lender shall have the .r grit 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 'rec.,eivership, against the Indebtedness. The receiver may serve withoul bond if permitted by law.
Lender's right to the appointment of a rec~j, iver shall exist whether or not the apparent value of tile Property exceeds the Indebtedness by a
substantial amount. Employment by Lender!sh,~l] not disqualify a person from serving as a receiver.
Judicial Foreclosure. Lender may obtain al judicial decree foreclosing Grunter's interest in all or any part of the Property.
Nonjudicial Sale. Lender may foreclose G':af;tor'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" toreclosurt~ a~ provided by statute.
Deficiency Judgment. If permitted by apFiicable law, Lender may obtain a judgmem tar any deficiency remaining in the Indebtedness due to
Lender after application of all amounts recei?d from the exercise of the rights provided in this section.
Tenancy at Sufferance. If Grantor remai~'!s ~n possession of the Property aller the Property is sold as provided above or Lender otherwise
becomes entitled to possession of the Prop~..~rty upon default el Grantor, Grantor shall become a tenant at sufferance el Lender or the purchaser
of the Property and shall at Lender's opti!.~n, either (1) pay a reasonable rental for the use of the Property, or (2) vacate the Property
immediately upon the demand of Lender.
Other Remedies. Lender shall have all oth~,r r!ghts and remedies provided in this Mortgage or the Note ar available at law or ~n equity.
Sale of the Property. To the extent permitted by applicable law, Grantor hereby waives any and all right to have the Property marshalled. In
exercising its rights and remedies, Lender ;hg, ll be free to sell all or any part of the Property together or separately, in one sale or by separate
sales Lender shall be entitled to bid at any bublic sale on all or any portion of the Property.
Notice of Sale. Lender will give Grantor r~!as~)nable 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 disposition 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 or ~islposition. Any sale of the Personal Property may be made in conjunction with any sale of the Real
Property.
· Election of Remedies. All of Lender's righ's and remedies will be cumulative and may be exercised alone or together. An election by Lender to
choose any one remedy will not bar Lendelr from using any other remedy. If Lender decides to spend money or to perform any of Grantor's
obligations under this Mortgage, after Grank)r's failure to do so, that decision by Lender will not affect Lender's right to declare Grantor in default
and to exercise Lender's remedies. '!
Attorneys' Fees; Expenses. If Lender institutes any 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 reason,~ble 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 reaso~'~able expenses Lender incurs that n Lender's opinion are necessary at any time for the protection of
its interest or the enforcement of its rights i:.ha!l become a part of the Indebtedness payable on demand and shall bear interest at the Note rate
from the date of the expenditure until repaid.;' E~penses covered by this paragraph include, without limitalion, however subject to any limits under
applicable law, Lender's reasonable attorneys' iees and Lender's legal expenses whether or not there is a lawsuit, including reasonable attorneys'
fees and expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), appeals, and any
anticipated post-judgment collection services, the cost el searching records, obtaining title reports (including foreclosure reports), surveyors'
reports, and appraisal fees and title insuranCe-e, 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 unde", thiS. Mortgage, including without limitation any notice of default and any notice of sale shall be given
in writing, and shall be effective when actually d;~. v. ered, when actually received by telefacsimile (unless otherwise required by law), when deposited
with a nationally recognized overnight courier, or,i if mailed, when deposited in the United States mail, as iirst class, certified or registered mail postage
prepaid, directed to the addresses shown near Ihe beginning of this Mortgage. All copies el notices of foreclosure from the holder of any lien which
has priority over this Mortgage shall be sent to L'ender's address, as shown near the beginning of this Mortgage. Any person may change his or her
address for notices under this Mortgage by giving1 f(-~rmal written notice to the other person or persons, specifying that the purpose of the notice is to
change the person's address. For notice purpos~s, Grantor agrees to keep Lender informed at a t roes 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 s deemed to be notice g ven to all Grantors.
It will be Grunter's responsibility to tell the others ~i;f the notice from Lender.
MISCELLANEOUS PROVISIONS. The following~ miscellaneous provisions are a part et this Mortgage:
Amendments. What is written in this Mort~lag~ and in the Related Documents is Grunter's entire agreement with Lender concerning the matters
covered by this Mortgage: TO be effective, ~ny change or amendment to this Mortgage must be in writing and must be signed by whoever will be
bound or obligated by the change or amend~'~er, t.
Caption Headings. Caption .headings in this: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 Joe g~'ve~'ned by and Interpreted in accordance with federal law and the laws of the State of Wyoming.
This Mortgage has been accepted by Len,ter~ln the State of Wyoming.
Choice of Venue. If there is a lawsuit, GreL~to~ agrees upon Lender's request to submit to the jurisdiction of the courts of Teton County, State of
Wyoming. ·
Joint and Several Liability. All obligation.,: of Grantor under this Mortgage shall be joint and several, and all references to Grantor shall mean
each and every Grantor. This means that e~:ch Grantor signing below is responsible tor all obligations in this Mortgage.
No Waiver by Lender. Grantor understands Lpnder will not give up any of Lender's rights under this Mortgage unless Lender does so in writing.
The fact that Lender delays or omits to exer,:::ise any right will not mean that Lender has given up that right. If Lender does agree in writing to give
up one of Lender's rights, that does not mean Grantor will not have to comply with the other provisions of this Mortgage. Grantor also
understands that if Lender does consent to ~ r(~quest, that does not mean that Grantor will not have to get Lender's consent again if the siluation
happens again. Grantor further understand§, th,~t just because Lender consents to one or more of Grantor's requests, that does not mean Lender
will be required to consent to any of Grantor{s fL~ture requests. Grantor waives presentment demand for payment protest, and notice of dishonor.
Grantor waives all rights of exemption from ~execution or s mi ar law in the Property, and ~rantor agrees, that th~; rights of Lender in the Property
under this Mortgage are prior to Grantor's rights,while this Mortgage remains in effect.
Severablllty. If a court finds that any provis!on of this Mortgage is not valid or should not be enforced, that fact by itself will not mean that the rest
of this Mortgage will not be valid or enforced. Therefore, a court will enforce the rest ol the provisions of this Mortgage even if a provision of this
Mortgage may be found to be invalid or uner, forceable.
Merger. There shall ~e no merger Of the i~'terest or estate created by this Modgage with any other interest or estate in the Property at any time
held by or for the benefit of Lender in any ca ~aCity, without the written consent of Lender.
Successors and Assigns. Subject to any I!mitations stated in this Mortgage on transfer of Grantor's inlerest, this Mortgage shall be binding upon
and inure to the benefit of the parties, their s,uc~'essors and assigns. If ownership of the Property becomes vested in a person other than Grantor,
Lender, without notice to Grantor, may d~al with Grantor's successors with reference to this Mortgage and the Indebtedness by way of
forbearance or extension without releasing (2;,ra?or from the obligations of this Mortgage or liability under the Indebtedness.
.~ Time is of the Essence Time is of the ess,~nci9 In the performance of this Mortgage.
Waiver of Homestead Exemption. Grantor h~reby releases and waives all rights and benefils of the homestead exemption laws of the State of
Wyoming as to all Indebtedness secured by ithis~ Mortgage.
Loan No: 33048406
,. MORTGAGE
(~00.~'i~I (Continued) ~ ' 88 3 Page 5
DEFINITIONS. The following words shall have th~ following meanings when used in this Mortgage:
Borrower. The word "Borrower" means Steve Bell and Carrie Bell and includes all co-signers and co-makers signing the Note.
Environmental Laws. The words "Environmental Laws" mean any and all slate, federal and local statules, regulations and ordinances relating to
the protection of human health or the envi,ror'menl, including without limitation the Comprehensive Environmental Response, Compensation, and
Liability Act of 1980, as amended, 42 U:S.;. Section 9601, et seq. ("CERCLA"), the Supertund Amendments and Reauthorization Act ol 1986, Pub.
L. No. 99-499 ("SARA"), the Hazardous I~laterials Transportation Act, 49 U.S.C. Section 1801, el seq., the Resource Conservation and Recovery
Act, 42 USC. Section 6901, et seq., or otser 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 default set forth in this Mortgage in the events of default section of lhis
Mortgage. I
Grantor. The word "Grantor" means Slav,9 Bell and Carrie Bell.
Guaranty. The word "Guaranty" means th!~ guaranty from guarantor, endorser, surety, or accommodation party to Lender, including without
limitation a guaranty of all or part of the Nc, re. ~
Hazardous Substances. The words "Hazardous Substances" mean materials that, because of their quanlity, concentration or physical, chemical
or infectious characteristics, may cause o( pose a present or potential hazard to human health or the environment when improperly used, treated,
stored, disposed of, generated, manufac(ured, transported or otherwise handled. The words "Hazardous Substances" are used in their very
broadest sense and include without limitation any and all hazardous or toxic subslances, materials or waste as defined by or listed under the
Environmental Laws. The term "Hazardcus .,Substances" also includes, without limitation, petroleum and petroleum by-products or any fraction
thereof and asbestos.
Improvements. The word "lmprovement.~" means all existing and future improvements, buildings, structures, mobile homes a~ixed on the Real
Property, facilities, additions, replacement,.~'aqd other construction on the Real Property.
Indebtedness. The word ."Indebtedness" ;means all principal, interest, and other amounts, costs and expenses payable under the Note or Related
Documents, together with all renewals oi, ex'ensions of, modifications of, consolidations of and substitutions lor the Note or Related Documents
and any amounts expended or advance(; b7 Lender to discharge Grantor's obligalions or expenses incurred by Lender to enforce Grantor's
obligations under this Mortgage, together v,ith interest on such amounls as provided in this Mortgage.
Lender. The word "Lender" means The ,.ac!;son State Bank & Trust, its successors and assigns. The words "successors or assigns" mean any
person or company that acquires any inter~ast in the Note.
Mortgage. The word "Mortgage" means t'.;~is. Mortgage between Grantor and Lender.
Note. The word "Note" means the pron'i~sory note dated June 11, 2004, in the original principal amount of $221,250.00 from
Grantor to Lender, together with ali renewa;s of, extensions of, modifications of, refinancings of, consolidations of, and s~bbstitutions for the
promissory note or agreement. NOTICE T~) GRANTOR: THE NOTE CONTAINS A VARIABLE INTEREST RATE.
Personal Property. The words "Personal Property" mean all equipment, fixtures, and other articles of personal property now or hereafter owned
by Grantor, and now or hereafter attached or affixed to the Real Property; Iogelher with all accessions, parts, and additions to, all replacements oi,
and all substitutions for, any of such proF~rty; and together with all proceeds (including wilhout limitation all insurance proceeds and refunds of
premiums) from any sale or other disposition of the Property.
Property. The word "Property" means collectively the Real Property and the Personal Property.
Real Property. The words "Real Property" m~ean the real property, interests and rights, as further described in this Mortgage.
Related Documents. The words "Reared Documents" mean all promissory notes, credit agreements, loan agreements, environmenlal
agreements, guaranties, security agreer)ems, mortgages, deeds ol Irust, security deeds, collateral mortgages, and all olher instruments,
agreements and documents, whether now or hereafter existing, executed in connection with the Indebtedness.
Rents. The word "Rents" means all pre~ent and luture rents, revenues, income, issues, royalties, profits, and other benefits derived from the
Property.
EACH GRANTOR ACKNOWLEDGES HAVII'IG READ ALL THE PROVISIONS OF THIS MORTGAGE, AND EACH GRANTOR AGREES TO ITS
TERMS.
GRANTOR:
S Carrie Bell" -
INDIVIDUAL ACKNOWLEDGMENT
COUNTY OF )
On this day before me, the undersigned Notary Pu~.lic, personally appeared Steve Bell and Carrie Bell, to me known to be the individuals described in
and who executed the Mortgage, and acknowledge~J, that they signed the Mortgage as their free and voluntary act and deed for the uses and purposes
~ ievree: u~.i;/~d~ o f t~c? ~J~ e a, t h i s [)-r'~ dayo, (~~
Notary Public in artd{lJor the St~-'~ate of ~/~i~ ~"~ ~ My commission e:~fre~~