HomeMy WebLinkAbout901120 3722206+1 00426370288314
JENSEN, SHELLY
WHEN RECORDED MAIL TO:
Bank One. N.A. Retail Loan Servicing KY2-1606
P.O. Box 11606
Lexington,
KY
40576-1606
SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY
MORTGAGE
MAXIMUM LIEN. The lien of this Mortgage shall not exceed at any one time $100,000.00.
THIS MORTGAGE dated July 1, 2004, is made and executed between ALAN R JENSEN, JOINED HEREIN
PRO-FORMA BY HIS SPOUSE SHELLY W JENSEN, whose address is PO BOX 157, SMOOT, WY 83126 (referred
to below as "Grantor") and Bank One, NA , whose address is 100 East Broad Street, Columbus, OH 43271
referred to below as "Lender").
GRANT OF MORTGAGE. For valuable consideration, Grantor mortgages and conveys to Lender all of Grantor's right, title, and interest in and to
the following described real property, together with all existing or subsequently erected or affixed buildings, improvennenIs and fixtures; all
easements, rights of way, and appurtenances; all water, water rights, watercourses and ditch rights (including stock in utilities with ditch or
irrigation rights); and all other rights, royalties, and profits relating to the real property, including without limitation all minerals, od, gas,
geothermal and similar matters, (the "Real Property") located in LINCOLN County, State of Wyoming:
THE FOLLOWING DESCRIBED LAND: A PORTION OF THE SE 1/4 SW 1/4 OF SECTION 32, T31N R118W OF
THE 6TH P.M., LINCOLN COUNTY, WYOMING, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:
BEGINNING AT A POINT IN THE SOUTH LINE OF SAID SECTION 32, SAID POINT BEING 822.54 FEET WEST
FROM THE SOUTH 1/4 CORNER OF SAID SECTION 32; THENCE WEST 492.53 FEET; THENCE N 0 DEGREES
09 MINUTES 27 SECONDS W, 330.001 FEET; THENCE EAST 493.44 FEET; THENCE SOUTH 330 FEET TO
THE POINT OF BEGINNING. ALSO A PORTION OF THE SE 1/4 SW 1/4 OF SECTION 32, T31N R118W OF THE
6TH P.M., LINCOLN COUNTY, WYOMING, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:
BEGINNING ON THE SOUTH BOUNDARY LINE OF SAID SECTION 32 AT A POINT 330.00 FEET, WEST FROM
THE SOUTH 1/4 CORNER OF SECTION 32, SAID POINT BEING THE SOUTHWEST CORNER OF THE SIVIOOT
CEMETERY TRACT AND RUNNING THENCE WEST, ALONG SECTION LINE, 492.52 FEET TO A SECOND IRON
PIPE SURVEY MARKER; THENCE N I DEGREE 01 MINUTE 24 SECONDS W, 330.00 FEET; THENCE EAST,
493.1 FEET TO AN IRON PIPE SURVEY MARKER MONUMENTING THE NORTHWEST CORNER OF TIlE
SMOOT CEMETERY TRACT; THENCE S 0 DEGREES 49 MINUTES 24 SECONDS E, 330.00 FEET TO THE
POINT OF BEGINNING. SUBJECT TO RESTRICTIONS, RESERVATIONS, EASEMENTS, COVENANTS, OIL, GAS
OR MINERAL RIGHTS OF RECORD, IF ANY.
The Real Property or its address is commonly known as 354 FOREST COUNTY RD 152, SMOOT, WY 83126. The
Real Property tax identification number is 311832300.
REVOLVING LINE OF CREDIT. Specifically, in addition to the amounts specified in the Indebtedness definition, and without limitation, this
Mortgage secures a revolving line of credit, which obligates Lender to make advances to Borrower so long as Borrower complies wi[l~ alt
terms of the Credit Agreement. Such advances may be made, repaid, nod remade from time to time, subject to the limitation that the total
outstanding balance owing at any one time, not including finance charges on such balance at a fixed Or variable rate or sum as provided in the
Credit Agreement, any temporary overages, other charges, and any amounts expended or advanced as provided in either tire hrdebtedness
paragraph or this paragraph, shall not exceed the Credit Limit as provided in the Credit Agreement. It is the intention of Grantor and Lender that
this Mortgage secures the balance outstanding under the Credit Agreement from time to time from zero up to the Credit Limit as provided in this
Mortgage and any intermediate balance.
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 Runts
froln the Property. In addition, Grantor grants to Lender a Uniform 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 EACH OF GRANTOR'S AGREEMENTS AND
OBLIGATONS UNDER THE CREDIT AGREEMENT, THE RELATED DOCUMENTS, AND THIS MORTGAGE. THIS MORTGAGE IS GIVEN AND
ACCEPTED ON THE FOLLOWING TERMS:
GRANTOR'S WAIVERS. Grantor waives all rights or defenses arising by reason of any "poe action" or ?anti-deficiency" law, or any other law
which may prevent Lender from bringing any act on against Grantor, including a claim for deficiency to the extent Lender is otherwise entitled
a claim for deficiency, before or after Lender's commencement or completion pi any foreclosure action, either judicially or by exercise of a
power of sale.
GRANTOR'S REPRESENTATIONs AND WARRANTIES. Grantor warrants that: (a) this Mortgage is executed at Borrower's request and r~ot at
the r~quest of Lender; (b) Grantor has the full power, right, and authority to enter into this Mortgage and to hypothecate the Property; (c) the
provisions of this Mortgage do not conflict with, or result Jn a default under any agreement or other instrument binding upon G~antor and do not
result in a violation of any law, {egulation, court decree or order applicable to Grantor; (d) Grantor has established adequate means of obtaining
from Borrower on a continuing basis information about Borrower's financial condition; arid (e) Lender has made no representation m Granter
about Borrower (including without limitation the creditworthiness of Borrower).
PAYMENT AND PERFORMANCE. Except as otherwise provided in this Mortgage, Borrower shall pay to Lender all Indebtedness secured by this
Mortgage as it becomes due, and Borrower and Grantor shall strictly perform all Borrower's and Grantor's obligations under this Murtgage.
POSSESSION AND MAINTENANCE OF THE PROPERTY. Borrower and Grantor agree that Borrower's and Grantor's possessiou and use of
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 P~operty; (2)
use, operate or manage the Property; and (3} collect the Rents horn 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. sGrantor 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, treat*nent, disposal, release or threatened release uf any Hazardous
Substance by any person on, under, about or from the Property; (2) Granto~ has no knowledge of, or reason to believe that there has
been, except as previously disclosed to and acknowledged by Lender in writing, (a) any breach or violation pt any Environmental Laws,
(b) any use, generat on, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous Substance on, under,
about or from the Property by any prior owners or occupants of the Property, or (c) any actual or threatened litigation or claims of any
kind by any person relating to suchrnatters; and (3) Except as previously disclosed to and acknowledged by Lender in writing, (a) neither
Grantor nor any tenant, contractor, agent or other authorized user of the Property shall use, generate, manufacture, 5tore, Ireat, dispose ul
or release any Hazardous Substance on, under, about or from the Property; and (b) any such activity shall be conducted in compliance
with all applicable federal, state, and local laws, regulations and ordinances, including without limitation all Environmental Laws. Grantor
authorizes Lender and its agents to enter upon the Property to make such inspections and tests, at Grantor's expense, as Leader may deem
~-'" "'" : ~ .' '.':;/.:
Loan No: 426370288314
MORTGAGE ~:,, ~i'i! "~ 1 '~ g
(Continued)
Page 2
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 liability on the pa~t of t_ender to Grantor or to any other
person. ]'he representations and warranties contained herein are based on Grantor's due diligence in investigating tile Property for
Hazardous Substances. Grantor hereby (1) releases and waives any future claims against Lender for indernnity or contribution in the
event Grantor becomes liable for cleanup or other costs under any such laws; and (2) agrees to indemnify and hold harmless Lander
against any and all claims, losses, liabilities, damages¢ penalties, and expenses which Lender may directly or indirectly sustain or suffer
resulting from a breach of this section of the Mortgage or as a consequence of any use, generation, manufacture, storage, disposal, release
or threatened release occurring prior to Grantor's ownership or interest in the Property, whether or riot tile same was or should have been
known to Grantor. The provisions of this section of the Mortgage, including the obligation to indemnify, shall survive the payment of tile
Indebtedness and the satisfaction and reconveyance of tile lien of this Mortgage and shall not be affected by ~ender's acquisition of any
interest in the Property, whether by foreclosure or otherwise.
Nuisance, Waste. Grantor shall not cause, conduct or permit any nuisance nor commit, permit, or suffer any stripping of or waste on or [o
the Property or any portion of die Property. Without limiting tile generality of [l~e foregoing, Grantor will riot remove, or grant to any other
party 'the right to remove, any timber, minerals (including oil and gas), coal, clay, scoria, soil, gravel or rock products without Lender's prior
written consent.
Removal of Improvements. Grantor shall not demolish or remove any Irnprovements from the Real Property without Lender's prior written
consent. As a condition to the removal of any Improvements, Lender may require Grantor to make ananoements satisfactory to Lender to
replace such Improvements with Improvements of at least equal value.
Lender's Right to Enter. Lender and Lender's ~gents and representatives may enter upon the Re~al Property at all reasonable times to a[Eend
to Lender's interests and to inspect the Real Property for purposes of Graotor's compliance with tile terms and conditions of this Mortgage.
Compliance with Governmental Requirements. Grantor shall promptly comply with all laws, ordinances, and regulations, now or hereafter
in effect, of all governmental authorities applicable to tl~e use or occupancy of the Property. Grantor may contest in good faith any such
taw, ordinance, or regL,tation and withhold compliance during any proceedin9, including appropriate appeals, so long as Grantor has notified
Lender in writing prior to doing so and so long as, in Lender's sole opinion, Lender's interests in tile Property are not jeopardized. Lender
may require Grantor to post adequate security or a surety bond, reasonably satisfactory to Lender, to protect Lender's interest.
Duty to Protect. Grantor agrees neither to abandon or leave unattended the Property. Grantor shall do all other acts, in addition to those
acts set forth above in tliis section, which from the character and use of the Property are reasonably necessary to protect and preserve
Property.
DUE ON SALE - CONSENT BY LENDER. Lender may, at Lender's option, d~clare immediately due and payable all sums secured by tiffs
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 tile conveyance of Real Property or any right, title or interest in the Real Propmty; whether legal, beneficial
or equitable; whether voluntary or involuntary; whether by outright sale, deed, instalh'nent sale contract, land contract, 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 to the Real Property, or by any oilier metllod of conveyance of an interest in the Real Propelty. However, this
option sl~all not be exercised by Lender if such exercise is prohibited by federal law or by Wyoming law.
TAXES AND LIENS. The following provisions relating to the taxes and liens on the Property are part of this Mortgage:
Payment. Grantor shall pay when due (and in all events prior to delinquencv) 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 clue all claims for v~o]k done on or for
services rendered or rnaterial furnished to tile Property. Grantor shall maintain the Property free of any liens having priority over or equal
the interest of Lender under [his Mortgage, except for those liens specifically agreed to in writing by Lender, arid excel)[ for the lien of taxes
and assessments not due as further specified in the Right io Contest paragrapi~.
Right to Contest. Grantor may withhold payment of any tax, assessment, or claim in connection with a good faith dispute over the
obligation to pay, so long as Lend'er's interest in the Property is not jeopardized. If a lien arises or is filed as a result of nonpayment,
Grantor shall within fifteen (15) days after tile lien arises or, if a lien is filed, widiin 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 permissible fees, or other charges that could accroe
as a result of a foreclosure or sale under the lien. In any contest, Grantor shall defend itself and Lender and shall satisfy any ~dve~se
judgment before enforcement against the Property, Grantor shall name Lender as an additional obligee under aoy surety bond furnished in
the conl;est proceedings.
Evidence of Payment. Grantor shall upon demand furnisbto Lender satisfactory evidence of payment of tile taxes or assessments and shall
authorize the appropriate governmental official to deliver to Lender at any time a written statement of the taxes and assessments agaiost
tile Property.
Notice of Construction. Grantor shall notify Lender at least fifteen (1 5) days before any work is commenced, any services are furnished, or
any materials are supplied to the Property, if any mechanic'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 ti/at Grantor
can and will pay the cost of such improvements.
PROPERTY DAMAGE INSURANCE. The following provisions relating to insuring tile Property are a pa/tofthis Mortgage:
Maintenance Of Insurance. Grantor shall procure and maintain policies of fire insurance with standard extended coverage endorsements on
a replacement basis for the full insurable value covering all Improvemeots on the Real Property in an amount sufficient to aw}ici application
of any coinsurance clause, and with a standard mortgagee clause in favor of Lender. Policies shall be written by such insurance companies
and in such form as may be reasonably acceptable 'to Lender. Grantor shall deliver to Lender certificates 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 failure 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 of Grantor or any
other person. Should the Real Property be located in an area ciesignated by the Director of the Federal Emergency Management Agency as
a special flood hazard area, Grantor agrees to obtain and maintain Federal Flood Insurance, 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 principal balance of tile loan and any prio~ liens on
the property securing tile loan, up to the maximum policy limits set under tile National Rood Insurance Program, or as otherwise required by
Lender, a~d 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
election, receive and retain the proceeds of any insurance and apply the proceeds to tile reduction of the Indebtedness, payment of any lien
affecting the Property, or the restoration and repair of the Property. If Lender elects to apply the proceeds (o restoration arid repair, Grantor
shall repair or replace tile damaged or destroyed Improvements in a manner satisfactory to Lender. Lender shall, upon satisfactory I}~()of of
such expenditure, pay or reimburse Grantor from the proceeds for the reasonable cost of repair or restoration if Grantor is not in default
under this Mortgage. Any proceeds which have ,lot been disbursed within 180 days after their receipt and which Lender has not
committed to the repair' or restoration of the Property shall be used first to pay any amount owing to Lender under this Mortgage, then to
pay accrued interest, and the remainder, if any, shall be applied to the principal balance of the Indebtedness. tf 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
(Bi to provide any required insurance on the Proper~y, or (C) to make repairs to the Property then Lender may do so. If any action or
proceeding is commenced that would materially affect Lender"s interests in tile Property, then Lender on Grantor's behalf may, hut is not
required to, take any action that Lender believes to be appropriate to protect Lender's interests. All expenses incu~eci or paid by Lencier for
such purposes will then bear interest at the rate charged under the Credit Agreement from tile date iocurred or paid by Lender to the date of
· repayment by Grantor. All such expenses will become a part of the Indebtuduess and, at Lender's option, will (A) be payable on demand; (13)
be added to the balance of the Credit Agreement arid be apportioned among and be payable with any instalhnent payments to become due
during either (1) the term of any applicable insurance policy; or (2) the remaining term of the Credit Agreement; or CC) be treated as a
balloon payment which will be due and payable at the Credit Agreement's maturity. Tile Property also will secure payment of these amounts.
The rights provided for in this paragraph shall be in addidon to any other rights or any remedies to which Lender may be entitled on account of
any default. Any soch action by Lender shall not be construed as curing th~ default so as to bar Lendel from any remedy that it otherwise
would have bad.
011 0
Loan No: 426370288314
MORTGAGE
(Continued)
Page 3
WARRANTY; DEFENSE OF TITLE. The following provisions relating to ownership of the Property are a part of this Mortgage:
Title. Grantor warrants that: (a) Grantor holds 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 title insurance policy, title 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 the Property against
the lawful claims of all persons. In the event any action or proceeding is cornmenced that questions Grantor's title or the interest of Lender
under this Mortgage, Grantor shall defend the action at Grantor's expense. Grantor may be tbe 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 Lender's own choice, and
Grantor will deliver, or cause to be delivered, to Lender such instruments as Lender may request from time to time to permit such
participation.
Compliance With LaWs. Grantor warrants that the Property and Grantor's use of the Property complies with all existing applicable laws,
ordinances, and regulations of governmental authorities.
Survival of Promises. All promises, agreements, and statements Grantor has made inthis Mortgage shall survive the execution and delivery
of this Mortgage, shall be continuing in nature and shall remain in full force and elfect until such time as Borrower's Indebtedness is paid io
full.
CONDEMNATION. The following provisions relating to condemnation proceedings are a part of this Mortga0e:
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 action and obtain the award. Grantor may be the nominal party in such proceeding, [)ut
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 requested by Lender from lirne to time ro
permit such participation.
Application of Net Proceeds. If all or any part of the Property is condemned by eminent domai~ proceedings or by any proceeding or
purchase in lieu of condemnation, Lender may at its election require that all or any portion of the net proceeds of the award be at)ptied to
the indebtedness or the repair or restoration of the Property. The net proceeds of the award shall mean [tie award after payment of all
reasonable costs, expenses, and attorneys' fees incurred by Lender in connection with the condemnation.
IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relating to governmental taxes,
fees and charges are a part of this Mortgage:
Current Taxes, Fees and Charges, Upon request by Lender, Grantor shall execute such documents in addition to this Mortgage and take
whatever other action is requested by Lender to perfect and continue Lender's lien on the Real Property. Grantor shall reimburse Le[~de~ for
all taxes, as described below, together with all expenses incurred in recording, perfecting or continuing this Mortgage, including without
limitation all taxes, fees, documentary stamps, and other charges for recording or registering this Mortgage.
Taxes. The following shall constitute taxes to which this section applies: (~) a specific tax upon Ibis type of Mortgage or upon all o~ any
part of the Indebtedness secured by this Mortgage; (2) a specific tax o~ Borrower which Borrower is authorized or required to deduct
from payments on the Indebtedness secured by this type of Mortgage; (3) a tax on this type of Mortgage chargeable against the Lender or
the bolder of the Credit Agreement; and (4) a specific tax on all or any portion of the Indebtedness or on payments of principal and
interest made by Borrower.
Subsequent Taxes. If any tax to which this section applies is enacted subsequent to the date of this Mortgage, this event shall have the
same effect as an Event of Default, and Lender may exercise any or all of its available remedies for an Event of Detault as p~ovided below
unless Grantor either (1) pays the tax before it becomes delinquent, 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 AGRE[MENT; FINANCING STATEMENTS. The following provisions relating to this Mortgage as a security agreement are a part of
this Mortgage:
Security Agreement. This instrument shall constitute a Security Agreement to the extent any of the Property constitutes fixtures, a~d
Lender shall have all of the rights of a secured party under the Uniform Commercial Code as amended flora time to time.
Security Interest. Upon request by Lender, Grantor shall execute financing statements and take whatever other action is requested by
Lender to perfect and continue Lender's security interest in the Personal Property. In addition to recording this Mortgage in the real
property records, Lender may, at any time and without further authorization from Grantor, file executed counterparts, copies or
reproductions of this Mortgage as a financing statement. Grantor shall reimburse Lender for all expenses incurred in perfecting or
continuing this security interest. Upon default, Grantor shall assemble the Personal 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.
Addresses. The mailing addresses of Grantor (debtor) and Lender (secured party) from wlfich information concerning the security interest
granted by this Mortgage may be obtained (each as required by the Uniform Commercial Code) are as stated on the first page of [his
Mortgage.
FURTHER ASSURANCES; ATTORNEY-IN-FACT. The following provisions relating to further assurances and attorney in-fact are a pa~t of tlds
Mortgage:
Further Assurances. At any time, and from time to time, upon request of Lender, Grantor will make, execute and deliver, or will cause to
be made, executed or delivered, to Lender or to Lender's designee, and when requested by Lender, cause to be filed, recorded, refiled, or
rerecorded, as the case may be, at such times and in such offices and places as Lender may deem appropriate, any and all such mortgages,
deeds of trust, security deeds, security agreements, financing statements, continuation statements, instruments of fu~the~ assurance,
certificates, and other documents as may, in the sole opinion of Lender, be necessary or desirable in order to effectuate, complete, perfect,
continue or preserve (1) Borrower's and Grantor's obligations under tbe Credit Agreement, this Mortgage, and the Related Docurnents,
and (2) theiiens and security interests created by this Mortgage as first and prior liens on the Property, whether now owned or hereafter
acquired by Grantor. Unless prohibited by law or Lender agrees to the contrary in writing, Grantor shall reirnburse Lender for all costs aod
expenses incurred in connection with the matters referred to in this paragraph.
Attorney-in-Fa~:t. If Grantor fails to do any of the things referred to in the preceding paragraph, Lender may do so for and in the name of
Grantor and at Grantor's expense. For such purposes, Grantor hereby irrevocably appoints Lender as Grantor's attorney-io-fact for the
purpose of making, executing, delivering, filing, recording, and 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 Borrower pays all the Indebtedness when due, terminates the credit line account, and otherwise performs all the
obligations imposed upon Grantor under this Mortgage, Lender shall execute a,M deliver to Grantor a suitable satisfaction of this Mortgage and
suitable statements of termination of any f!nancing statement on file evidencing Leuder'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 Lender from time to time.
EVENTS OF DEFAULT. Grantor will be in default under this Mortgage if any of the following happen:
(A) Grantor commits fraud or makes a material misrepresentation at any time in connection with the Credit Agreement. This can
include, for example, a false statement about Borrower's or Grantor's income, assets, liabilities, or any other aspects of Borrower's or Grantor's
financial condition.
(B) Borrower does not meet the repayment terms of the Credit Agreement.
(3) Grantor's action or inaction adversely affects the collateral or Lender's rights in the collateral. This can include, for example, failure
to maintain required insurance, waste or destructive use of the dwelling, failure ~o pay taxes, death of all persons liable co the account, transfer
of title or sale of the dwelling, creation of a senior lien on the dwelling without ocr perrnission, foreclosure by the holder oi~ another lien, or the
use of funds or the dwelling for prohibited purposes.
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 Giber rights or remedies provided by law:
Accelerate Indebtedness. Lender shall have the right at its option without notice to Grantor to declare the entire Indebtedness immediately
due and payable, including any prepayment penalty which Grantor would be required to pay.
Loan No: 426370288314
MORTGAGE ~ :
" ~':~" Page 4
(Continued)
UCC Remedies. With respect to all or any part of the Personal Property, Lender shall have all the rights and remedies of a secured party
under the Uniform Commercial Code.
Collect Rents. Lender shall have the right, without notice to Borrower or Grantor, to take possession of the P~operty, inctudiog during the
pendency of foreclosure, whether judicial or non-judicial, arid collect the Roots, including amounts past due and unpaid, and apply the net
proceeds, over and above Lender's costs, against the Indebtedness. In furtherance of this right, Lende~ may requi,e any tenant or other
user of the Pfopertyto make payments of rent or use fees directly to Lender. If the Rents are collected by Lender, then Granto~ irrevocably
designates Lender as Grantor's attorney-in-fact to endorse instruments received in payment thereof in the name of Grantor and to oegotiate
the same and collect the proceeds. Payments by tenants or other users to Lender in response to Lender's demand shall satisfy the
obligations for which the payments are made, whether 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 right 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 appll) the proceeds, over and above tile cost of the receiversldp, against the Indebtedness. The receiver may serve without
bond if permitted by law. Lender's right to the appointment of a receiver shall exist whether or not the apparent value of ~f~e Property
exceeds the Indebtedness by a substantial amount. Employment by Lender shall~ot disqualify a person from serving as a receiver.
Judicial Foreclosure. Lender may obtain a judicial decree foreclosing Grantor's interest in all or any part of the Property.
Nonjudicial Sale. Lender may foreclose Grantor's interest in all or in any part of the Property by non-judicial sale, and specifically by "power
of sa e" 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 all amounts received from the exercise of the rights provided in this section.
Tenancy at Sufferance. If Grantor remains in possession of the Property after the Property is sold as provided above or Lender otherwise
becomes entitled to possession of the Property .upon default of Grantor, Grantor shall become a tenant at sufferance bi~ Lender or the
purchaser of the Property and shall, at Lender's option, 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 other rights and remedies provided in this Mortgage or the Credit Agreement or available at law or in
equity.
Sale of the Property. To the ext~nt permitted by applicable law, 'Borrower and Grantor hereby waives any and all right to have the Property
marshalled. In exercising its rights and remedies, Lender shall be free to sell all or aoy pa~t of the Property together or separatey, in one
sale or by separate sales. Lender shall be entitled to bid at any public sale on all or any portion of the' Property.
Notice of Sale. Lender will give Grantor reasonable 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 mac~e. Reasonable notice shall mean no[ice
given at least ten (10) days before the time of the sale or disposition.
Election of Remedies. All of Lender's rights and remedies will be cumulative and may be exercised alone o~ together. 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 perform any of
Grantor's obligations under this Mortgage, after Grantor's failure to do so, that decision by. Lender will not affect Lender's right to declare
Grantor in default and to exercise Lender's remedies.
Expenses. To the extent not prohibited by applicable law, all reasonable 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 loan payable on demand, and shall
bear interest at the Note rate from the date of expenditure until repaid. Expenses covered by this paragraph include, without limitatioo,
however subject to any limits under applicable law, Lender's expenses for bankruptcy proceedings (including efforts to modify or vacate the
automatic stay or injunction) and appeals, to the extent permitted by al)plicable 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 writipg, and shall be effective when actually delivered, when actually received by telefacsimile (unless otherwise required by law), when
deposited with a nationally recognized overnight courier, or, if mailed, when deposited in the United States mail, as first class, certified or
registered mail postage prepaid, directed to the addresses shown near the beginning of this Mortgage. All copies of notices of foreclosure from
the holder of any lien which has priority over this Mortgage shall be sent to Leoder's address, as shown near the beginoing of this Mortgage.
Aoy person may change his or her address for notices under this Mortgage by giving formal Written notice to the other person or perso~s,
specifying that the purpose of the notice is to change the person's address. For notice purposes, Grantor agrees to keep Lender ioformed at all
times of Grantor's current adSress. Unless otherwise provided or required by law, iithere is more than one Graotor, any no[ice 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.
Notwithstanding the foregoing, the address for notice for Lender is: Bank One, P.O. Box 901008, Fort Worth, TX 76'101-2008.
IDENTITY OF LENDER. Lender is Bank One, N.A., a national banking association with its main offices located in Columbus, Ohio.
NON-wAIvER. A waiver by any party of a breach of a provision of this Mortgage shall not constitute a waiver gl or prejudice the party's right
otherwise to demand strict compliance with that provision or any other provision.
SUPPLEMENT TO PERSONAL PROPERTY DEFINITION. It is the intention of Lender only to take a security interest i,~ and retain a lien on that
personal property considered fixtures under the Uoiform Commercial Code as adopted in the jurisdiction where this Mortgage is filed of record as
same may be amended from time to time or such other statute of such jurisdiction that defines property affixed to real estate and no other
personal property.
JOINDER. Any Grantor who is joined herein pro lo, ma is sig.ning solely for the purpose of binding whatever rights or interests may be granted to
such Grantor at law or in equity and not for the purpose of claiming or asserting any ownership interest in the Property by virtue of signing this
document.
MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Mortgage:
Amendments. What is written in this Mortgage and in the Related Documents is Grantor's entire agreement with Lender concerning the
matters covered by this Mortgage. To be effective, any 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 amendment.
Caption Headings. Caption headings in this Mortgage are for convenience purposes only and are not to be used to interpret of define the
provisions of this Mortgage.
Governing Law. This agreement will be governed by and interpreted in accordance with federal law and the laws of the State ~f Wyoming
except for matters related to: (1) interest and the exportation of interest, which will be governed by and interpreted in accordance with
federal law (including, but not limited to, statutes, regulations, interpretations, and opinions) and the laws of the State of Ohio; and (2) the
validity and enforcement of Lender's security interest in the Property, which will be governed by tl~e laws of the State where the PrOperly is
located, However, if th'ere ever is a question about whether any provision o[ the agreement is valid or enforceable, the provision that is
questioned will be governed by whichever of the governing State or federal laws float would find the provision to be wdid and enforceal)le.
The loan transaction which is evidenced by this and other related docume~ts has been approved, made and funded, and all necessary
documents have been accepted by Lender in the State of Ohio.
Joint and Several Liability. All obligations of Borrower and Grantor under this Mortgage shall be joint and several, and all references to
Grantor shall mean each and every Grantor, and all references to Borrower shall mean each and every Borrower. This means that each
Borrower and Grantor signing below is respoosible for all obligations in this Mortgage.
No Waiver by Lender. Grantor understands Lender will not give up any of Lender's rights under this Mortgage unless Le,lder does so in
writing. The fact that Lender delays or omits to exercise 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 a request, that does nol mean that Grantor will not have to get I coder's consent
again if the situation happens again., Grantor further understands that just because Lender consents to one or more of Grantor's requests,
that does not mean Lender wilJ be required to consent to any of Grantor's future requests. Grantor waives presentment, demand [or
payment, protest, and notice of dishonor. Grantor waives all rights of exemption from execution or similar law in the Property, and Gra~tor
agrees that the rights of Lender in the Property under this Mortgage are prior to Grantor's rights while this Mortgage remains in effect.
Severability. If a court finds that any provision of this Mortgage is not valid or should not be enforced, that fact by ilself will not mean that
loan ~o: 4~63V02883~4
MORTGAGE ,, u Page 5
(Continued)
the rest of this Mortgage will not be valid or enforced. Therefore, a court will enforce the rest of the provisions of this Mortgage even if a
provision of this Mortgage may be found to be invalid or unenforceable.
Merger. There shall be no merger of the interest 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 capacity, without the written consent of Lender.
Successors and Assigns. Subject to anylimitatioos stated in this Mortgage on transfer of Grantor's interest, this Mortgage shall be binding
upon and inure to the benefit of the parties, their successors and assigns. If ownership of the Property becomes vested in a person other
than Grantor, Lender, without notice to Grantor, may deal with Orantor's successors with reference to this Mortgage and the h~debtedness
by way of forbearance or extension without releasing Grantor from the obligations of this Mortgage or liability under the Indebtedness.
Time is of the Essence. Time is of the essence in the performance of this Mortgage.
Waiver of Homestead Exemption, Grantor hereby releases and waives all rights and benefits of the homestead exemption laws of the State
of Wyoming as to all Indebtedness secured by this Mortgage.
DEFINITIONS. The following words shall have the following meanings when used in ~his Mortgage:
Borrower. The Word "Borrowe~" means SHELLY W JENSEN and ALAN R JENSEN, and all other persons and entities signing the Credit
Agreement.
Credit Agreement. The words "Credit Agreement" mean the credit agreement dated July 1, 2004, ill the original principal amou~t
of $100,000.00 from Borrower to Lender, together with all renewals o~, extensions of, modifications of, refinancings of, consolidations
of, and substitutions for the promissory note or agreement. The maturity da~e of this Mortgage is July 1, 2024.
Environmental Laws. The words "Environmental Laws" mean any and all state, federal and local statutes, regulations and ordinances
'relating to the protection of human health or the environmen[, including without limitation the Comprehensive Environmental Response,
Compensation, and Liability Act of 1980, as arnended, 42 U.S.C. Section 9601, et seq. ("CERCLA"), the Superfund Amendments and
Reauthorization Act of 1986, Pub. L. No. 99-499 ("SARA"), the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, et seq.,
the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901, et seq., or other 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 this Mortgage,
Grantor. ' The word "Grantor" means ALAN R JENSEN and SHELLY'W JENSEN.
Hazardous Substances. The words "Hazardous Substances" mean materials that, because of their quantity, concentration or physical,
chemical or infectious characteristics, may cause or pose a present or potential hazard to human heahh or the environment when
improperly used, treated, stored, disposed of, generated, manufactured, 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 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 affixed on the
Real Proper'ty~ 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 Credit
Agreement or Related Documents, together with all .renewals of, extensions o[, modifications of, consolidations of and substitutions for the
Credit Agreement or Related Documents and any amounts expended or advanced by Lender to discharge Grantor's obligations or expenses
incurred by Lender to enforce Grantor's obligations under this Mortgage, together with interest o¢i such amounts as provided in this
Mortgage. In addition, and without limitation, the term "Indebtedness" includes all amounts identified io the Revolving Lice of Credit
paragraph of this Mortgage. However, the term "lndebtedoess." is subject to the limitations identified in the Maximum Lien section of this
Mortgage.
Lender. The word "Lender" means Bank One, NA , its successors and assigns. The words "successors or assigns" rnean any person or
company that acquires any interest in the Credit Agreement.
Mortgage. The word "Mortgage" means this Mortgage between Grantor and Lender.
Personal Property. The w~)rds "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; together with all accessions, parts, and additions to, all
replacements of, and all substitutions for, any of such property; and together with all proceeds (including without limitation alt insurance
proceeds and refunds of.premiums) from any sale or other disposition of the Property.
Property. The word "Property" means collective!ythe Real Property and the Personal Property.
Real Property. The words "Real Property" mean '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, security deeds, collateral mortgages, and all other instruments,
agreements and documents, whether now or hereafter existing, executed in connection with the Indebtedness.
Rents. The word "Rents" means all present and future rents, revenues, iocome, issues, royalties, profits, and other benefits derived from
the Property.
EACH GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE, AND EACH GRANTOR AGREES TO ITS
TERMS.
GRANTOR:
A AN R JENa..
SHELLY W JEI~ISEI~I, Ind'L, Cdually - ' ~ ~" .~.~
, -- /-/--c,,/
Loan No: 426370288314
MORTGAGE
(Continued)
Page 6
INDIVIDUAL ACKNOWLEDGMENT
) SS
On this day before me, the undersigned Notary Public, personally appeared ALAN R JENSEN and SHELLY W JENSEN, to me known to be ~he
'individuals described in and who executed the Mortgage, and acknowledged that they signed the Mortgage as their free and voluntary act and
deed, for the uses and purposes therein mentioned,
iven und~er r~ hand and official seal this
Notary Public in and for the State of