HomeMy WebLinkAbout900947RECORDATION REQUESTED BY:
State ~arm Bank, F.S.B.
I~ank Lo~n Center
~One State Farm Plaza
Bloomington, IL 61710
SEND TAX NOTICES TO:
SHARI L GORDON
1185 SOUTH TWIN CREEK COUNTY ROAD 342
KEMMERER, WY 83101
DE! Tltle& Escrow
9 0 f? 9 t
RECEIVED
LI~, r"~,,,,,, .,~.,~.., COIIHTY CLERK
SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY
11128 John ~<:1. Blvd, Ste 300 IViORTGAGE
Omaha, NE 68137
MAXIMUM LIEN. The lien of this Mortgage shall not exceed at any one time $10,000.00.
THIS. MORTGAGE dated June 24, 2004,' is made and executed between SHARI L GORDON; a Single Person
.(referred to below as "Grantor") and State Farm Bank, F.S.B., whose address is One State Farm Plaza,
Bloomington, IL 61710 (referred to below as "Lender").
GRANT OF MORTGAGE. For valuable consider~iion,.Grantor mortgages and conveys to Lender ali of Grantor's righl, title, and interest ill and lo
the following described real property, together will] all existing or subsequently erected or affixed buildings, improvements and fixtures; all easemenls,
rights of way, and appurtenances; all water, water rights, watercourses and ditch rights (including stock in ulilities with ditch or irrigation rights); andall
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:
THE FOLLOWING DESCRIBED PREMISES, TO-WIT: N SE NE OF SECTION 22, T21N R117W OF THE
6TH P.M., LINCOLN COUNTY, WYOMING. SUBJECT TO RESTRICTIONS, RESERVATIONS, EASEMENT,
COVENANTS, OIL, GAS OR MINErAl. RIGHTS OF RECORD, IF ANY.
The Real Property or its address i.,'; commonly known as 1185 SOUTH TWIN CREEK COUNTY ROAD 342,
KEMMERER, WY 83101. The Real Property tax identification number is 21172210002200
Grantor presently assigns to Lender all of Grantor's right, 'title, and interest in and to all present and future leases of the Property and all Renls from the
Property. In addition, Grantor grants to Lender a Ur.florin 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 REI~ATED DOCUMENTS, AND THIS MORTGA. GE. THIS MORTGAGE IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS:
PAYMENT AND PERFORMANCE. Except as othgrwise 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 3rantor's obligations under this Mortgage.
POSSESSION AND MAINTENANCE OF THE PROPERTY. Grantor agrees that Grantor's possession and use of the Properly shall be governed by the
following provisions:
Possession and Use. Until the occurrence o~ 'an Evenl of Default, Grantor may (1) remain in possession and control ol the Property; (2) use,
operate or manage the Property; and (3) collect fha Rents Irom the Property.
Duty to Maintain: G~anlor shall maintain th~ P!operty in good condition and promptly perform all repairs, replacemenls, and maintenance
necessaw to preserve its value. ,
Compliance With Environmental Laws. Graritor.represents and warrants to Lender that: (1) During the period of Granlor's ownership of the
Property, there has been no use, generation, manufaclure, storage, treatment, disposal, release or threatened release of any Hazardous
Substance by any person on, under, about ol .frona the Property; (2) Granlor has no knowledge of, or reason to believe that lhere has been,
except as previously disclosed to and acknowle'dg~d by Lender in writing, (a) any breach or violation of any Environmental Laws, (b) any use,
generation, manufacture, storage, treatment, disposal, release or threatened release ol any Hazardous Substance on, under, aboul or Jrom the
'Property by any prior owners or occupants of the Property, or (c) any actual or threatened litigation or claims ct any kind by any person relating
to such mailers; and (3) Excepl as previcJsly disclosed to and acknowledged by Lender in writing, (a) neither Grantor nor any tenant,
contraclor, agent or other authorized user of tile Property shall use, generate, manulaclure, store, treat, dispose of or release any Hazardous
Substance on, under, about or from the Property; and (b) any such activity shall be conducled in compliance with all applicable tederal, siate,
and local laws, reg8lations and ordinances, inclu, ding without limitation all Environmental Laws. Grantor authorizes Lender and its agents to euler
upon the Property to make such inspections and tests, at Grantor's expense, as Lender may deem appropriate to delermine compliance of Ihe
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 liabi!ity on the part of Lender to Grantor or Io any other person. The representations and warranties
contained herein are based on. Grantor's due diligence in investigating the Property for Hazardous Substances. Grantor hereby (1) releases and
waives any future claims against Lender for indemnity or contribulion in the event Grantor becomes liable for cleanup or other costs under any
such laws; and (2) agrees to indemnify and hold harmless Lender against any and all claims, losses, liabilities, damages, penalties, and expenses
which Lender may directly or indirectly sustain or suffer, resulting from a breach of this section ol the Mortgage or as a consequence of any use,
generation, manufacture, storage, disposal, reiea~e or threatened release occurring prior Io Grantor's ownership or interesl in tile Property,
whether or not the same was or should have been known to Grantor. The provisions of Il'lis section of the Mortgage, including the obligalion Io
indemnify, shall survive the payment of the Indebtedness and the satisfaction and reconveyance of the lien of this Mortgage and shall not be
affected by Lender's acquisition of any interest in lhe Property, whelher by foreclosure or otherwise.
MORTGAGE
(Continued) ..... 5 1 8 Page 2
Nuisance, Waste. Grantor shall not cause, conduct or permit any nuisance nor commit, permit, or suffer any stripping of or wasle on or to Ihe
'Property or any portion of the Property. Wi'!'lout limiting the generality of the foregoing, Grantor will not remove, or granl to any other party lhe
right to remove, any timber, minerals (including oil and gas), coal, clay, scoria, so~l, gravel or rock products without Lender's prior written consent.
Removal of Improvements. Grantor shal~' not demolish or remove any Improvements from the Real Property without Lender's prior written
consent. As a condition to the removal of an~, Improvements, Lender may require Grantor to make arrangements satisfactory to Lender Io replace
such Improvements with Improvements of at least equal value.
Lender's Right to Enter. Lender and Lender's agents and representatives may enter upon the Real Properly at all reasonable times to attend to
Lender's interests and to inspect the Real Pr~)perty for purposes of Grantor's compha~ce wilh tile terms and conditions of this Mortgage.
Compliance with Governmental Requipements. Grantor shall promptly comply with all laws, ordinances, and regulations, now or hereafter in
effect, of all governmental authorities applic~ble to the use or occupancy of the Property. 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 I~.ender's sole opinion, Lender's interests in Ihe Property are not jeopardized. Lender may. require
Grantor to post adequate security or a surety. ~ond, reasonably satisfactory to Lender, to protect Lender's interest.
Duty to Protect. Grantor agrees neither Io a'.)andon or leave unattended the Property. Giantor shall do all other acts, in addition to those acls set
forth above in this Section, which from the cha:racter and use of the Property are reasonably necessary to protect and preserve the Property.
DUE ON SALE - CONSENT BY LENDER. Len~l~r may, at Lender's option, declare immediately due and payable all sums secured by this Mortgage
upon the 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 "sale or
transfer" means the conveyance of Real Property or any right, title or interest in the Real Property; whether legal, beneficial or equilable; whether
voluntary or involuntary; whether by outright sale, deed, installment sale contract, land co~tract, contract for deed, leasehold interest with a term greater
than three (3) years, lease-option contract, or by ,sale, assignment; or transfer of any beneficial interest in or to any land trust holding title Io Ihe Real
Property, or by any other method of conveyance, of an interest in the Real Property. However, this option shall not be exercised by Lender il such
exercise is prohibited by federal law or by Wyomir g law.
TAXES AND LIENS. The following provisions rel.~ting to the taxes and liens on the Properly are part of this Mortgage:
Payment. Grantor shall pay when due (anc in all events prior tO delinquency) all taxes, payroll taxes, special taxes, 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 lumished to the Property. Grantor shall rnaintain the Property free of any liens having priority over or equal to the interest of
Lender under this Mortgage, except for those liens specifically agreed to in wriling by Lender, and exc~ept for tile lien of taxes and assessments not
due as further specified in the Right to Contest paragraph.
Right to Contest. Grantor may withhold p&yment of any tax, assessment, or claim in connection wilh a good faith dispute over Ihe obligation to
pay, so long as Lender's interest in the. Properly is not 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 is (iled, within fi[teen (15) days after Grantor has notice ol the filing, secure Ihe discharge of the lien, or if
requested by Lender, deposit with Lender ca~'h or a sufficient corporate surety bond or other security satisfactory to Lender in an amount sufficient
to discharge the lien plus any costs and attcrneys' fees, or other charges that could accrue as a result ol a foreclosure or sale under the lien. In
any contest, Grantor shall defend itself and Lender and shall satisfy any adverse judgment before enforcement against the Property. Granlor shall
name Lender as an additional obligee under thy surety bond furnished in the contest proceedings.
Evidence of Payment. Grantor shall upon demand furnish to Lender satisfaclory evidence of payment of the taxes or assessments and shall
authorize the appropriate governmental official to deliver to Lender at any time a written stalement of the taxes and assessments against the
Property.
Notice of Construction. Grantor shall notify Lender at least fi[teen (15) days before any work is commenced, any services are furnished, or any
materials are supplied to the Property, if any nechanic's lien, materialmen's lien, or other lien could be asserted on account of the work, services,
or materials. Grantor will upon request of Lender furnish to Lender advance assurances satisfactory to Lender that Granlor can and will pay the
cOst of such improvements.
PROPERTY DAMAGE INSURANCE. The follow i~g provisions relating to insuring the Property are a part of this Mortgage:
Maintenance of Insurance. Grantor shall pJ'ocure and maintain policies of fire insurance with standard extended coverage endorsements on a
replacement basis for the full insurable vale,?,, covering all Improvements on the Real Property in an amounl sufficient to avoid application ol any
coinsurance clause, and with a standard motgagee clause in favor of Lender. Policies shall be written by such insurance companies and in such
form as may be reasonably acceptabl'e to Lender. Grantor shall deliver to Lender certilicates of coverage from each insurer containing a
stipulation that coverage will not be cancelled or diminished without a minimum of ten (10) days' prior written notice to Lender and not containing
any disclaimer of the insurer's liability for fa:lure 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, omission or default ol Grantor or any other person. Should tile Real
Property be located in an area designated by the Director ct the Federal Emergency Management Agency as a special flood hazard area, Grantor
agrees to obtain and maintain Federal Flood Insurance, il 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 principal balance of the loan and any prior liens on the property securing the loan, tip to the
maximum policy limits set under the National Flood Insurance Program, or as otherwise required by Lender, and to maintaif~ such insurance for
the term of the loan.
Application of Proceeds. Grantor shall promplly notify Lender of any loss or damage to the Property. Lender may make proof of loss il 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 a,r_ply the proceeds to tile reduction of the Indebtedness, payment of any lien affecting the Properly, or
the restoralion and repair ol the Property. I' Lender elects to apply the proceeds to restoration and repair, Grantor shall repair or replace the
damaged or destroyed Improvements in a ':i~anner satisfactory to Lender. Lender shall, upon satisfactory proof of such expenditure, pay or
reimburse Grantor from the proceeds for the reasonable cosl of repair or restoration if Grantor is not in default under this Mortgage. Any proceeds
which have not been disbursed within 180 daps after their receipt and which Lender has not committed to the repair or reslo~ation of the Property
shall be used first to pay any amount owing to Lender under this Mortgage, then to pay accrued inlerest, and the remainder, if any, shall be
applied to the principal balance of the Indebt.edness. If Lender holds any proceeds after payment in lull of the Indebtedness, such proceeds shall
be paid to Grantor as Grantor's interests map appear.
LENDER'S EXPENDITURES. If Grantor fails (A) to keep the Property free of alt taxes, liens, security interests, encumbrances, and other claims, (B)
to provide any required insurance on the Proper.y, or (C) lo'make repairs to tile Properly then Lender rnay do so. II any action or proceeding is
MO RTGAG El-, <-~ ~f~.- ..
(Continued)'J.~.~'~ ,r ~.
Page 3
commenced ihat would materially affect Lender's i~'lterests in tile Property, Ihen Lender on Grantor's behalf may, bul is not required to, take any action
that Lender believes lo be appropriate to protect Lender's interests. All expenses ~ncurred or paid by Lender for such purposes will then bear interest
at the rate charged under tile Note from the date in'curred or paid by Lender to the dale of repayment by Grantor. All such expenses will become a pad
of the Indebtadness and, at Lender's option, will': (A) be payable on demand; (B) be added to Ibe balance of the Note and be apportioned among
and be payable with any installment payments to become due dering either (~1) the term of any applicable insurance policy; or (2) the remaining term
of the Note; or (C) be treated as a balloon payr.lent which will be due and payable at Ihe Note's maturity. The Mortgage also will secure payment of
these amounts. The rights provided for in this p~ragraph shall be in addition'to any other righls or any remedies to which Lender may be enlitled 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 followi0~.) provisions relating to ownership gl lhe Properly are a part of this Mortgage:
Title. Grantor warrants that: (a) Grantor I"~(~lds good and marketable title of record to the Property in fee simple, free and clear of all liens and
encumbrances other than those set fodh in tl',~e Real Properly description or in any lille insurance policy, tille report, Or final title opinion issued in
favor of, and accepted by, Lender in connection with 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 the paragraph above, Grantor warrants and will forever defend the title to tile Properly against the
lawful claims of ail persons. In the event a~iy action or proceeding is commenced that questions Grantor's title or the interest of Lender under this
Mortgage, Grantor shall defend tire action at Grantor's expense. Grantor may be tl~e nominal pady in SuCh proceeding, but Lender shall be
entitled to participate in the proceeding and to be represented in the proceeding by counsel of Lender's own choice, and Grantor will deliver, or
cause to be delivered, to Lender such instruments as Lender may request from lime to lime Io permit such participation.
Compliance With Laws. Grantor warrarits that the Property and Grantor's use of the Properly complies with ail existing applicable laws,
ordinances, and regulations of governmental authorities.
Survival of Promises. All promises, agreements, and statements Grantor has made in this Mortgage shall survive the execution and delivery of
this Mortgage, shall be continuing in nature and shall remain in full force and effect until such lime as Grantor's Indebtedness is paid io full.
CONDEMNATION. The following provisions relaling to condemnation proceedings are a part gl ti~is Modgage:
Proceedings. If any proceeding in conder0nation is filed, Granlor shall promplly notify Lender in wriling, and Grantor shall promptly take such
steps as may be necessary to defend the action and obtain the award. Grantor may be the nominal party in such proceeding, but Lender shall be
entitled to participate in the proceeding and to be represented in the proceeding by counsel of its own choice, and Grantor will deliver or cause to
be delivered to Lender such instruments and documentation as 'may be requesled by Lender from time to time to permit such parlicipation.
Application of Net Proceeds. If all or any~ part of the Properly is condemned by eminent domain proceedings or by any proceeding or purchase
in lieu of condemnation, Lender may at its ~'.lection require that ali or any portion gl Ihe nel proceeds of the award be applied lo the Indebledness
or the repair or restoration of the Property. Tne net proceeds of the award shall mean Ihe award after payment of all reasonable cosls, expenses,
and attorneys' fees incurred by Lender in cc nnection with the condemnation.
IMPOSITION OF TAXES, FEES AND CHARGE'.S BY GOVERNMENTAL AUTHORITIES. 'the following provisions relating to governmental taxes, lees
and charges are a pad of tills Mortgage:
Current Taxes, Fees and Charges· Upon' request by Lender, Granlor shall execute such documents in addition to this Modgage and take
whatever other action is requested by Lender to perfect and continue Lender's lien on the Real Property. Grantor shall reimburse Lender lot all
taxes, as described below, together with al;. (xpenses incurred in recording, perfecting or continuing this Mortgage, includin9 wilhout limitation ail
taxes, fees, documentary stamps, and othe~ charges for recording or registering this Mortgage.
Taxes. The following shall constitute taxes to which this section applies: (1) a specific tax upon this type of Modgage or upon all or any pad of
the Indebtedness secured by this Mortgagg; (2) a specific tax on Grantor which Grantor is authorized or required to deduct lrom payments on
the indebtedness secured by this type of Mortgage; (3) a tax on this type of Modgage chargeable against tile Lender or the holder of the Note;
and (4) a specific tax on all or any portion ~f tile Indebtedness or on payments gl pri~cipal and interest made by Grantor.
Subsequent Taxes. If any tax to which this section applies is enacted subsequent to tile date of this Modgage, this event shall have lhe same
effect as an Event of Delault, and Lender ma,? exercise any or all of its available remedies for an Event of Default as provided below unless Granlor
either (1) pays the tax before it becomes qelinquent, or (2) contests tile tax as provided above in the Taxes and Liens section and deposits with
Lender casll or a sufficient corporate surety, bond or other security satisfaclory to Lender.
SECURITY AGREEMENT; FINANCING STAT[!P,;IENTS. The following provisions relating to this Mortgage as a security agreemenl are a part of Ibis
Mortgage:
Security Agreement. This instrument she'! constitute a Security Agreement to the extent any of the Properly constilutes fixtures, and Lender shall
have all of the rights of a secured party under the Uniform Commercial Code as ameoded from lime to time.
Security Interest. Upon request by Lende, Grantor shall execute financing stalements and take whatever giber action is requested by Lender to
perfect and continue Lender's security intere.~.t in the Personal Property. In addition to recording this Mortgage in Ihe real property records, Lender
may, at any time and without further autho[iz~tion from Grantor, file executed counterparts, copies or repreductions of this Mortgage as a financing
statement. Grantor shall reimburse Lende~ for all expenses incurred in perfecting or continuing this security interest. Upon default, Granlor shall
not remove, sever or detach the Personal Property from the Property. Upon default, Grantor shall assemble any Personal Properly not affixed to
the Property in a manner and at a place reasonably convenient to Grantor and Lender and make it available to Lender within three (3) days after
receipt of written demand from Lender to the 3xtant permitted by applicable law.
Addresses. The mailing addresses of Granlor (debtor) and Lender (secured party) from which information concerning the security interest
granted bY Ibis Modgage may be obtained [e~'~ch as required by the Uniform Commercial Code) are as staled on the first page of this Modgage.
FURTHER ASSURANCES; ATTORNEY-IN-FACT. The following provisioi~s relating to further assurances and attorney-in-fact are a part gl this
Mortgage:
Further Assurances. At any time, and from time to time, upon request gl Lender, Granlor will make, execute and deliver, or will cause to be
made, executed or delivered, to Lender or to Lender's designee, and when requested by Lender, cause to be filed, recorded, refilod, or
rerecorded, as the case may be, at such ~imes and in such office§ and places as Lender may deem appropriale, any and all such mortgages,
deeds of trust, security deeds, security agreements, financing statemenls, conlinuation statements, instruments of furtl~er assurance, certilicales,
MORTGAGE
(Continued) ~ "- ~ 0 0
~ ~ Page 4
and other documents as may, in the sole cpinion of Lender, be necessary or desirable in order t(~ effectuate, complete, perfect, continue, or
"'preserve (1) Grantor's obligations under the Note, this Mortgage, and the Related Documenls, and (2) the liens and security interests created
by this Modgage as first and prior liens oil the Properly, whether now owned or herealter acquired by Grantor. Unless prohibited by law or Lender
agrees to the centrary in writing, Grantor shell reimburse Lender for all costs and expenses incurred in connection with tile matters referred to in
this paragraph.
Attorney-in-Fact. If Grantor fails to do any c;f the tilings referred to in the'preceding paragraph, Lender may do so lot and in the name of Granior
and at Grantor's expense. For such purpo§es, Grantor hereby irrevocably appoinls Lender as Giantor's attorney-in-fact for tee purpose of
making, executing, delivering, filing, recordir,)g, and doing all other things as may be necessary or desirable, in Lender's sole opinion, to
accomplish tile matters referred to in the preceding paragraph.
FULL PERFORMANCE. Il Grantor pays all the I,-idebtedness when due, and otherwise performs all the obligations imposed upon Grantor under Ibis
Mortgage, Lender shall execute and deliver to Gr~;ntor a suitable satisfaction of this Mortgage and suitable statements o[ termination of any financing
statement on file evidencing Lender's security nterest in tee Rents and the Personal Property. Grantor will pay, il permitted by applicable law, any
reasonable termination fee as determined by Lender from time to time.
EVENTS OF DEFAULT. At Lender's option, Graf !~3r will be in defaull under this Mortgage il any of the following happen:
Payment Default. Grantor fails to make any !)ayment when due under the Indebtedness.
Default on Other Payments, Failure of Gr:~ntor wilhin the lime required by this Mortgage to make any payment for taxes or insurance, or any
other payment necessary to prevent filing of 9i' to effect discharge QI any lien.
Break Other Promises. Grantor breaks any ;2romise made to Lender or fails to pedorm promptly at the time and strictly in the manner provided in
this Mortgage or in any agreement related to this Mortgage. .
False Statements. Any representation or s;atement made or furnished to Lender by Grantor or on Grantor's behalf under this Mortgage or the
Related Documents is false or misleading in ~,'~y mater a respect, e lher now or at the time made or lumished.
Defective Collateralization, This Modgage cr any of the Related Documents ceases to be in full force and effect (including failure of any collateral
document to create a valid and perfected sec~ rity interest or lien) at any time and for any reason.
Death or Insolvency. The death of Grant(~r, the insolvency of Grantor, the appointment gl a receiver for any part of Grantor's properly, any
assignment for the benefit of creditors, any type of creditor workout, or the commencement gl any proceeding under any bankruptcy or insolvency
laws by or against Grantor.
Taking o[ the Property. Any creditor or governmental agency tries to take any gl tl~e Property or any other gl Grantor's property in which Lender
has a lien. This includes taking of, garnishing of or levying on Grantor's accounts, including deposil accounts, with Lender. However, if Granlor
disputes in good faith whether the claim on which the taking of the Property is based is valid or reasonable, and il Grantor gives Lender written
notice of the claim and furnishes Lender with'monies or a surety bond satisfactory to Lender to satisfy the claim, then this default provision will not
apply.
Breach of Other Agreement. Any breach L,y Grantor under the terms of any other agreement between Grantor and Lender thai is not remedied
within any grace period provided therein, incl,zding without limitation any agreement concerning any indebtedness or other obligation of G~antor to
Lender, whether existing now or later.
Events Affecting Guarantor. Any of the preceding events occurs with respect to any guarantor, endorser, surety, or accommodation party of any
of the Indebtedness or any guarantor, endorser, surety, or accommodation party dies or becomes incompetent, or revokes o~ disputes the validity
of, or liability under, any Guaranty of the Indebtedness. In the event of a deaitl, Lender, at its option, may, but shall not be required lo, permit tt~e
guarantor's estate to assume unconditionally the obligations arising under the guaranty in a manner satisfactory lo Lender, and, in doing so, cure
any Event of Default.
Insecurity. Lender in good faith believes itself insecure.
Right to Cure. If such a failure is curable and if Grantor has not been given a notice gl a breach of the same provision of this Mortgage within tee
preceding twelve (12) months, it may be cared (and no Event of Default will have occurred) if Grantor, after Lender sends written notice
demanding cure c~f such failure: (a) cures tl-.~.~ failure within fifteen (15) days; or (b) if tile cure requires more than lifteen (15) days, immediately
initiates steps sufficient to cure the failure and thereafter continues and completes all reasonable and necessary steps sufficient lo produce
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 hav~ the right at its option without notice to Granlor to declare the entire Indebtedness immediately due
and payable, including any prepayment penal!y which Grantor would be required to pay.
UCC Remedies. With respect to all or any ~art of the Personal Property, Lender shall have all the rights and remedies gl a secured party under
the Uniform Commercial Code. _
Collect Rents. Lender shall have lhe right, without notice to Grantor, to take possession of the Property, including during the pendency ol
foreclosure, whether judicial or non-judicial, ~nd collect the Rents, including amounls past due and unpaid, and apply the net proceeds, over and
above Lender's costs, against the lndebledn,~,'ss. In lurtherance of this right, Lender may require any tenanl or other user ol the Property to make
payments of rent or use fees directly to Larder. I1 the Ranis are collected by Lender, then Grantor irrevocably designates Lender as Granlor's
attorney-in-fact to endorse inslrumenls recei zed in payment thereof in the name of Grantor and to negotiate the same and collect lhe proceeds.
Payments by tenants or other users to Len,~er in response to Lender's demand shall satisfy the obligations for which the payments are made,
whelher or not any proper grounds for the demand existed. Lender may exercise its rights under this subparagraph either in person, by agent, or
through a receiver. :,.
Appoint Receiver. Lender shall have the ripht to have a receiver appointed to take possession of all or any part of the Property, with Ihe power to
protect and preserve the Property, to operate:the Properly preceding foreclosure or sale, and to collect the Rents from the Property and apply the
proceeds, over and above the cost of the receivership, against the Indebtedness. The receiver may serve without bond if permitted by law.
Lender"s right to the appointment of a rece,,er shall exist whelher or not the apparent value of the Property exceeds the Indebtedness by a
subslantial amount. Employment by Lender ~.hall not disqu¢lily a person from serving as a receiver.
MORTGAGE '-
(Continued) 0 ~ (J 0.~ ~:~'~;~ Page 5
Judicial Foreclosure. Lender may obtain a jncicial decree foreclosing Grantor's interesl in all or any part of the Property.
-Nonjudicial Sale. Lender may foreclose Grantor's interest in all or in any part ol tile Property by non-judicial sale, and speciiically by "power of
sale" or "advertisement and sale" foreclosure 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 after application of ail amounts received'from the exercise of the fist)ts provided tn this section.
Tenancy at Sufferance. ff Grantor remains in possession of the Property after the Property is sold as provided above or Lender o~herwise
becomes entitled to possession of the Proper':y upon default of G~:antor, Grantor shall become a tenant at sulferance of Lender or the purchaser
ol the Property and shall, at Lender's optioR, either (1) pay a ceasonable rental lot the use ct II~e Property, or (2) vacate the Property
immediately upon the demand ol Lender. ,..
Other Remedies. Lender shall have all other ri'~hts and remedies provided in this Mortgage or tile Note or available at law or in equity.
Sale of the Property. To the extent permittgd by applicable law, Grantor hereby waives any and all right to have the Property marshalled. In
exercising its rights and remedies, Lender sha;t be free to sell all or any part ct the Property together or separately, in one sale or by separate
sales. Lender shall be entitled to bid at any p~:~'lic sale on all or any portion of the Property.
Notice of Sale. Lender will give GraBtor reag(~nable notice o[ the time and place of any public sale o[ the Personal Property or of the tirr e after
which any pnvate sale or other intended d~sp3sltlon of the Personal Property ~s to be made. Reasonable notice shall mean not,ce given at least
ten (10) days before the time of the sale .or disposition. Any sale of the Personal Property may be made in conjunction with any sale of the Real
Prope,ty.
Election of Remedies. All of Lender's rights. &nd remedies will be cumulative and may be exerc, ised alone or togelher. An election by Lender to
choose any one remedy will not bar Lender from using any other remedy. If Lender decides to spend money or to pedorm any o[ Grantor's
obligations under this Mortgage, alter Grantori's failure to do so, that decision by Lender will not affect Lender's right to declare Granter in default
and to exercise Lender's remedies.
Attorneys' Fees; Expenses. If Lender instit~,tes any suit or action to enforce any of lhe terms of lhis Mortgage, Lender shall be entitled to recover
such sum as the court may adjudge reasonab,.le as attorneys' fees at trial and upon any appeal. Whether or not any cou~t action is involved, and
to the extent not prohibited by law, all reason.:~ble expenses 'Lender incurs that in Lender's opinion are necessary at any time for the protection of
its interest or the enforcement of its rights shall 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. Expenses covered by this paragraph include, without limitation, however subject to any limits under
applicable law, Lender's attorneys' fees and Lender's legal expenses whether or not there is a lawsuit, including attorneys' fees and expenses for
bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), appeals, and any anticipated posFjudgment
collection services, the cost of searching records, obtaining title reports (including foreclosure reports), surveyors' reports, and appraisal lees and
title insurance, to the extent permitted by appFcable law. Granlor also will pay any court costs, in addition to all other sums provided by law.
NOTICES. Any notice required to be given under 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 delivered, when actually received by telefacsimile (unless otherwise required by law), when deposited
with a nationally recognized overnight courier, or, i, mailed, when deposited in the United States mail, as first class, certified or registered mail postage
prepaid, directed to the addresses shown near the beginning o[ this Mortgage. All copies of notices of foreclosure from the holder o[ any lien which
has priority over this Mortgage shall be sent to Lender's address, as shown near the beginning of this Mortgage. Any person may change his or her
address for notices under this Modgage by giving formal written notice to the other person or persons, specifying that the purpose of the notice is to
change the person's address. For notice purposes, Grantor agrees to keep Lender inlormed 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.
It will be Grantor's responsibility to tell the others of the notice from Lender.
MISCELLANEOUS PROVISIONS. The following ~niscellaneous provisions are a part of this Mortgage:
Amendments. What is written in this Modgaga and in the Related Documents is Grantor's entire agreement with Lender concerning the melters
covered by this Mortgage. To be effective, ar~y 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 amendmer, t.
Caption Headings. Caption headings in this Modgage are for convenience purposes only and are not to be used to interpret or deiine the
provisions of this Mortgage.
Governing Law. This Mortgage will be governed by and interpreted in accordance with federal law and the laws of the State of Illinois,
except and only to the extent of procedural matters related to Ihe perfection and enforcement of Lender's rights and remedies against the
Property, which will be governed by the laws of the State of Wyoming. However, if there ever is a question about whether any provision
of this Mortgage is valid or enforceable, the provision that Is questioned will be governed by whichever state or federal law would find
the provision to be valid and enforceable. The loan transaction which is evidenced by the Note and this Mortgage has been applied for,
considered, approved and made, and all necessary loan documents have been accepted by Lender in the State ct Illinois.
No Waiver by Lender. Grantor understands' Lender wilt not give up any of Lender's rights under this Mortgage unless Lender does so in writing.
The lact that Lender delays or omits to exerc!su any right will not mean that Lender has given up that right, ff Lender does agree in writing to give
up one of Lender's rights, that does not n,e~n Grantor will not have to comply with the other provisions of Ibis Mortgage. Grantor also
understands that it Lender does consent to a rrp~quest, that does not mean that Grantor will not have to got Lender's consent again it the situation
happens again. Grantor further understands ;hat just because Lender consents to one or more ct Grantor's requests, that does not mean Lender
will be required to consent to any of Grantor's future requests. Grantor waives presentment, demand for payment, protest, and notice o! dishonor.
Severability. If a court finds that any provision ol this Mortgage is not valid or should not be enforced, tidal fact by itself will not mean that the rest
of Ibis Mortgage will not be valid or enlorced.' Therefore, a court will enforce the rest of the provisions of this Mortgage even if a provision of this
Mortgage may be found to be invalid or unenf~)r~eable.
Merger. There shall be no merger of the int.?fast or estate created by this Mortgage with any other interest or estate in the Property at any time
held by or for the benefit of Lender in any capiacity, without the written consent of Lender.
Successors and Assigns. Subject to any limi~.ations stated in this Mortgage on transfer of Grantor's interest, this Mortgage shall be binding upon
and inure to the benelit of the parties, their successors and assigns. If ownership ol the Property becomes vested in a porson olher than Grantor,
Lender, without notice to Grantor, may de~l with Grantor,'s successors with relerence to this Mortgage and the Indebtedness by way of
forbearance or extension without releasing Grantor from the obligations of this Mortgage or liability under the Indebledness.
MORTGAGE
(Continued) ~ ':' '~ Page 6
Time is of the Essence. Time is of the essenc~ in the performance of this Modgag_e.
-Waiver of Homestead Exemption. Grantor h,~reby releases and waives all rights and benefits of the homestead exemption laws of the State of
Wyoming as to all Indebtedness secured by this Mortgage.
DEFINITIONS. The following words shall have the following meanings when used in this Mortgage:
Borrower. The word "Borrower" means SHAR L GORDON and includes all co-signers and co-makers signing tile Note.
Environmental Laws. The words "Environmental Laws" mean any and all state federal and local statutes, regulalions and ordinances relating to
the protection of human health or the environment, including without limitation tt~e Comprehensive Environmental Response, Compensation, and
Liability Act of 1980, as amended, 42 U.S.C. Section 9601, et seq. ("CERCLA"), the Superfund Amendments and Reauthorization Act ol 1986, Pub.
L. No. 99-499 ("SARA"), the Hazardous Materi~ts Transportation Act, 49 U.S.C. Sectior~ 1801, et seq., the Resource Conservation and Recovery
Act, 42 U.S.C. Section 6901, et seq., or otl~er apolicable state or federal laws, rules, or regulations adopted pursuant thereto.
Event of Default. The words "Event of Default;'~ mean any of the events ol delault set fodt~ in this Mortgage in the events of delault section of this
Mortgage. .
Grantor. The word "Grantor" means SHARI L GORDON.
Guaranty. The word "Guaranty" means the L.]uaranty from guarantor, endorser, surety, or accommodation party to Lender, including without
limitation a guaranty of all or part of the Note,
Hazardous Substances. The words "Hazardo~s Substances" mean materials that, because ol their quantity, 0oncentration or physical, chemical
or infectious characteristics, may cause or pose a present or potential hazard to human health or the environment when improperly used, treated,
stored, disposed of, generated, manufactured, transported or otherwise handled. The words "Hazardous Substances" are used ir, their very
broadest sense and include without limitation any and all hazardous or toxic substances, materials or waste as defined by or listed under the
Environmental Laws. The term "Hazardous Substances" also includes, without limitation, petroleum and petroleum by-products or any fraction
thereof and asbestos.
Improvements. The word "improvements" means all existing and future improvements, buildings, structures, mobile homes aflixed on the Real
Property, facilities, additions, replacements and 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 of, exte.~sions of, modifications of, consolidations of and substitutions for the Nole or Related Documents
and any amounts expended or advanced by '.ender to discharge Grantor's obligations or expenses incurred by Lender to enforce Granto~'s
obligations under this Mortgage, together with ir retest on such amounts as provided in tl~is Modgage.
Lender. The word "Lender" means State Farm ~3ank, F.S.B., its successors and assigns. The words "successors or assigns" mean any person or
company that acquires any interest in the Note~
Mortgage. The word "Morfgage" means this Mcrfgage between Grantor and Lender.
Note. The word "Note" means the promisso.y note dated June 24, 2004, in the original principal· amount of $10,000.00 from
Grantor to Lender, together with all renewals of, extensions of, modifications of, refinancings of, consolidations ol, and substitutions for the
promissory note or agreement. The maturity dste of this Mortgage is June 29, 2009.
Personal Property. The words "Personal Pro'~erty" mean ali equipment, fixtures, and other articles of personal property now or hereafter owned
by Grantor, and now or hereaftf~r attached or all.xed to the Real Property; together with all accessions, parts, and additions to, all replacements ol,
and all substitutions for, any of such properfy;'and together with all proceeds (including without limitation all insurance proceeds and relunds ct
premiums) from any sale or other disposition of the Property.
Property. The word "Property" means collectNely the Real Property and the Personal Property.
Real Property. The words "Real Property" me'~n the real property, interests and rights, as further described in this Mortgage.
Related Documents. The words "Related' Documents" mean all promissory notes, credit agreements, loan agreements, environmental
agreements, guaranties, security agreements:, mortgages, deeds of trust, secudty deeds, collateral mortgages, and all other instruments,
agreements and documents, whether now or h~,'.?after existing, executed in connection wilh the indebtedness.
Rents. The word "Rents" means all present .a, nd future rents, revenues, income, issues, royalties, profits, and other benelits dedved from tile
Property.
GRANTOR ACKNOWLEDGES HAVING READ A~E THE PROVISIONS OF THIS MORTGAGE, AND GRANTOR AGREES TO ITS TERMS.
GRANTOR: ~,~ ~ ,~ ///~
MORTGAGE
(Continued)
Page 7
STATE OF
COUNTY OF ~J { ~
INDIVIDUAL ACKNOWLEDGMENT
)
) ss
)
On this day before me, the undersigned Notary Pubiib, personally appeared SHARI L GORDON, a Single Person, to me known to be the individual
the Modgage, and a(:l<nowledged that he or she signed the Mortgage as his or her free and volunta[y act and deed, for
described in and who exec.b"fed
the uses.,ari'd"~eses th~ein)mentioned.
Given ~..~r m~and a d~ficia, seal this ~ .~"-~'
No~br~nd for the State of ~~'
day of "~%,-)V'~.~ . 20 0 L~.
,, commission expires _~!_~, / t~Lf