HomeMy WebLinkAbout901580RECORDATION REQUESTED BY:
First Interstate Bank
Jackson Downtown Branch
842 West Broadway
P. O. Box 11095
Jackson, WY 83002-1095 9 0 I 5 8 0
WHEN RECORDED MAIL TO:
First Interstate Bank
Jackson Downtown Branch
842 West Broadway
P. O. Box 11095
Jackson, WY 83002-1095
SEND TAX NOTICES TO:
BECKY A ADAMS
JAMES M HICKS
PO BOX 12421
JACKSON, WY 83002-2421
RECEIVED
LINCOLN COUNTY CLERK
0~, ~.UG -?- P?i 3:31
SPACE ABOVE THIS UNE IS FOR RECORDER'S USE ONLY
F'est I te Bank
MORTGAGE
MAXIMUM LIEN. The lien of this Mortgage shall not exceed at any one time $17,094.00.
THIS MORTGAGE dated July 30, 2004, is made and executed between BECKY A ADAMS, whose address is 370
REDMOND ST, JACKSON, WY 83001 and JAMES M HICKS, whose address is N US HIGHWAY 89, MOOSE, WY
83012-9700 (referred to below as "Grantor") and First Interstate Bank, whose address is 842 West Broadway, p.
O. Box 11095, Jackson, WY 83002-1095 (referred to below as "Lender").
GRANT OF MORTGAGE. For valuable consideration, Grantor mortgaga~ and conveys to Lender ell of Grantor's right, title, and interest in and to
the following described real property, ~_g,e_~er w. ith .el! .exlst~g. or subeaquantiy erected or affixed buildings, Improvements and fixtures, ell easements
rights of way, and appurtenances; all wumr, wa[er ngnts, wammoorses and ditch rights (inoJuding stock in utilities with ditch or Irrigatic~ dgbta); and all
other rights, royatles and profits relating to the real propen~ including without limitation ell minerals, oil, gas, geothermal and similar mattam, (the
"Real Property") located in Lincoln uounty, State of Wyoming:
Lot 70 of Amended Plat of Star Valley Ranch Plat 1, Lincoln County, Wyoming as described on the Plat No.
427346 of Lincoln County official records.
The Real Property or its address is commonly known as Lincoln County, WY.
Grantor presently assigns to Lender all of Grantor's dght, title, and interest in and to ~ present and future leases of the Properly and all Rents from the
Property. In addition, Grantor grants to Lender a Uniform Commercial Code sacudty interest in the Pemonel Property and Rants.
THIS MORTGAGE, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTERF. ST IN THE RENTS AND PERSONAL PROPERTY, IS
GIVEN TO SECURE (A) PAYMENT OF THE INDEBTT=DNE~ AND (B) PERFORMANCE OF ANY AND ALL OBMGATIONS UNDER THE NOTE,
THE RELATED DOCUMENTS, AND THIS MORTGAGE. THIS MORTGAGE IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS:
PAYMENT AND PERFORMANCE. Except as otherwise provided in this Mortgage, Grantor shall pay to Lender ell amounts secured by this Mortgage
as they become due and shall stdctiy perform all of Granto~s obligations under this I~ge.
POSSESSION AND MAINTENANCE OF THE PROPERTY. Grantor agrees that Grantc~e possession and use of the Pmparbj shall be govemed by the
following provisions:
Possession and Use. Until the occurrence of an Event of Detault, Grantor may (1) remain in possession and control of the Property; (2) use,
operate or manage the Property; and (3) collect the Rants from the Property.
Duty to Maintain. Grantor shall maintain the Property in good condition and promptly perform eli repairs, replacements, and maJntanance
necessary to preserve its value.
Compliance With Environmental Laws. Grantor represents and warrants to Lender that: (1) Dudng the period of Grantor's ownership of the
Property, there has been no use, generation, manufacture, storage, treatment, disposaJ, release or threatened release of any Hazardous
Substance by any person on, under, about or from the Property; (2) Grantor has no knowledge of, or reason to believe that there has been,
except as previously disclosed to and acknowledged by Lender in wriitng, (a) any breach or violatiorl of any Environmental Laws, (b) any use,
generation, 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 Pmberty, or (c) any actual or threatened litigation or claim4 of any kind by any person relating
to such matters; 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 Propo~ly shall use, generate, manufacture, store, treat, dispose of or release any Hazardous
Substance on, under, about or from the Property; and (b) any such activity shall be conducted in com~iance with ell applicable federal, state,
and local laws, regulations and ordinances, including without limitation all Environmental Laws. Grantor authorizes Lender and its agents to enter
upon the Property to make such Inspections and tests, at Grantor's expense, as Lender may deem appropriate to detem~ne compliance of the
Property with this section of the Mortgage. Any inspections or testa made by Lander shall be for Landor's purposes only and shell not be
construed to create any responsibility or liability on the part of Lender to Grantor or to any Other person. The representations and warranties
contained herein are based on Grantor's due diligence in investigating the Properly fo~ Hazardous Substances. Grantor hereby (1) releases and
waives any futura claims against Lender for indemnity or contribution in the event Grantor becomes liable for cleanup or olhar costs under any
su.c.h laws; .and (2) agrees to Indemnify and hold harmless Lander against any and All claims losses liabilities damages penalties and e ens
winch Lanoer may directly or indirectly sustain or suffer resultinn from a breach ,-* --~- ::~T,_'_" _ :"_ ... , , * , xp es
generation, manufacture, storage, disposal, release or threatened release ocouning prior to Grantor'$ ownership or interest in the Property,
o ~ .,~ ~-..m..~ ui me Mongaga or as a co~3saquance of any use,
whether or not the 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 the Indebtedness and the satisfaction and reconveyance of ~ lien of this Mortgage and shall not be
affected by Lander's acquisition of any interest in the Property, whether by foreclosure or otherwise.
Nuisance, Westa~ Grantor shall not cause, conduct or permit any nuisance nor commit, permit, or suffer any stripping of or waste on or to the
Property or any portion of the Property. Without limiting the generality of the foregoing, Grantor will not remove, or g~ent to any other party the
dght 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 Improvements from the Real Properly without Lender's prior written
consent. As a condition to the removal of any Improvements, Lender may require Grantor to make arrangements satisfactory to Lender to raptace
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 Property at ell reesonebie times to attend to
Lender's interests and to inspect ~e Real Property for puq3cees of Grantor'a complience with the tarots and condl~3n8 of this Mo~ge.
Compliance with Governmental Requirements. Grantor shall promptly comply with ell laws, ordinances, and regulations, now or hereafter in
effect, of all govemmantal au~orities applicable to the use or occupancy of the Properly. Grantor may contest in good ~ any such law,
ordinance, or regulation and withhold compliance during any proceeding, including appropriate appeals, so long es Grantor has no~fled Lender in
writing prior to doing so and so long as, In Lander's sole opinion, Lender's interests in the Properly are not Jeopardized.
Grantor to post adequate security or a surety bond, reesonebiy satisfactory to Lender, to protect Lander's ~tarest. Lender may require
MORTGAGE ~, ,--, r,
-, .... 636
(Continued) Page 2
Duty to Protect. Grantor agrees neither to abandon or leave unattended the Property. Grantor shall do all other acts, in addition to those acts set
forth above in this section, which from the character and use of the Property are reasonably necessary to protect and preserve the Property.
DUE ON SALE - CONSENT BY LENDER. Lender may, at Lender's option, declare immediately due and payable ell sums secured by this Mortgage
upon the sale or transfer, without Lender's prior written consent, of ell or any pert of the Real Property, or any Interest in the Real Property. A "sale or
transfer" means the conveyance of Real Property or any dght, title or interest in the Real Property; whether legal, beneficial or equtlable; whether
voluntary or involuntary; whether by outright sale, deed, installment 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 other method of conveyance of an interest in the Real Properly. However, this option shall not be exercised by Lender if such
exercise is prohibited by federal law or by Wyoming law.
TAXES AND MENS. The following provisions relating to the taxes and liens on the Property are part of this Mortgage:
PaymenL Grantor shall pay when due (and in ell 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 matedal furnished to the Property. Grantor shall maintain the Property free of any liens having priority over or equal to the interest of
Lender under this Mortgage, except for those liens specifically agreed to in writing by Lender, and except for the lien of taxes and assessments not
due as further specified in the Right to Contest paragraph.
Right to Contest. Grantor may withhold payment of any tax, assessment, or claim In connection with a good faith dispute over the obligation to
pay, so long as Lender's interest in the Property is not jeopardized. If a lien arises or is filed as a result of nonpayment, Grantor shall within fifteen
(15) days after the lien adsas or, If a lien is flied, within fifteen (15) days after Grantor has notice of the filing, secure the discharge of the lien, or if
requested by Lender, depoelt with Lender cash or a sufficient corporate surety bond or Ob'mr security satisfactory to Lender in an amount sufficient
to discharge the lien plus any costs and reasonable attorneys' fees, or ~ charges that could accrue as a result of a foreclosure or sale under
the lien. In any contest, Grantor shall defend itself and Leader and shall satisfy any adverse Judgment before enforcement against the Property.
Grantor shall name Lender as an additional obligee under any surety bond fumlshed in the contest proceedings.
Evldonce of Payment. Grantor shaJl upon demand furnish to Lender satisfactory evidence of payment of the taxes or assessments and shall
authorize the appropriate governmental official to deliver to Lender at any time · written statement of the taxes and assessments against the
Property.
Notice of Construction. Grantor shall notify Lender at least fifteen (15) days before any work is commenced, any services are furnished, or any
materiels are supplied to the Property, If any mechanic's lien, materielmen's lien, or other lien could bo asserted on account of the work, services,
or materials and the cost exceeds $3,000.00. Grantor will upon request of Lender furnish to Lender advance assurances satisfactory to Lender
that Grantor can and will pay the cost of such improvements.
PROPERTY DAMAGE INSURANCE. The following provisions relating to insuring the Property are a part of this Mortgage:
Maintenance of Insurance. Grantor shall procure and maintain policias of fire insurance with standard extended coverage endorsements on an
actual cash value basis for the full insurable value covering all Improvements on the Real Properly in an amount sufficient to avoid 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 dalivar to Lender cerarmates of coverage from each insurer containing a
stipulation that coverage will not be cancelled or diminished without a minimtml 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 shell 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 designated by the Director of the Federal Emergency Management Agency as a special flood hazard area, Granter
egress to obtain and maintain Federal Rood Insurance, if available, within 45 days afl. er 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 end any prior liens on the property securing the loan, up to the
maximum policy limits set under the Natlonel Flood Insurance Program, or es otherwise required by Lender, and to maintain such insurance for
the term of the loan.
Application of Proceeds. Grantor shall promptly notify Lender of any loss or damage to the Property If the estimated cost of repair or
replacement exceeds $3,000.00. Lender may make proof of loss if Grantor falie to do so within fifteen (15) days of the casualty. Whether or not
Lender's security Is impaired, Lender may, at Lender's election, receive and retain the proceeds of any insurance and apply the proceeds to the
reduction of the Indebtedness, payment of any lien affecting the Property, or the restoration and repair of ~ Property. If Lender elects to apply
the proceeds to restoration and repair, Grantor shall repair or replace the damaged or destroyed Improvements in a manner satisfactory to Lender.
Lender shall, upon satisfactory proof of such expenditure, pay or reimburse Grantor from the proceeds for the reasonable cost of repair or
restoration if Grantor is not in default under this Mortgage. Any proceeds which have not been disbursed within 180 days after their receipt and
which Lender has not committed to the repair or restoration of the P~ shall be used first to pay any amount owing to Lender under this
Mortgage, then to pay accrued interest, and the remainder, if any, shell be applied to the principal belance of the Indebtedness. If Lender holds
any proceeds after payment in full of the Indebtedness, such proceeds shell be paid to Grantor as Grantor's interests may appear.
LENDER'S EXPENDITURES. If Grantor fails (A) to keep the Property free of ell taxes, liens, sacudty interests, encumbrances, and other claims, (B)
to provide any required insurance on the Property, or (C) to make repairs to ~e Propert3/then Lender may do so. If any action or p,"oceeding is
commenced that would materially affect Lender's interests In the Property, then Lender on Grantors behatl may, but is not required to, take any action
that Lender believes to be appropriate to protect Lender's interests. All expenses incurred or paid by Leader for such purposes will then bear interest
at the rate charged under the Note from the date incurred or paid by Lender to the date of repayment by Grantor. Ail such expenses will become a part
of the Indebtedness and, at Lender's option, will (A) be payable on demand; (B) be added to the balance of the Note and be apportioned among
end be payable with any installment payments to become due during either (1) the term of any appiiceble Instance policy; or (2) the remaining term
of the Note; or (C) be treated as a balloon payment which will be due and payable at the Nota's mefudty. The Mortgage also w~l secure payment of
these amounts. The rights provided for in this paragraph shall be In addition to any other rights or any remedies to which Lender may be entitled on
account of any default. Any such action by Lender shall not be construed as curing the default so as to bar Lender from any remedy that it otherwise
would have had.
WARRANTY; DEFENSE OF TITLE. The following provisions relating to ownership of the Property are a part of this Mortgage:
Title. Grantor warrants that: (a) Grantor helds good and marketable title of record to the Property in fee simple, free and clear of all liens and
encumbrances other than those set foflh 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 rigttt, power, and authority to execute and detiver
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 commenced that questions Grantor's title or the interest of Lender under this
Mortgage, Grantor shall defend the action at Grentor's expense. 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 Lender's own choice, and Grantor w~l deliver, or
cause to be delivered, to Lender such Instruments es Lender may request from time to time to permit such participation.
Compliance With Laws. Grantor warrants that the Property and Grantors use of the Property complies with ell existing applicable laws,
ordinances, and regulations of governmental authorities.
Survival of Promises. Ail 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 shaJl remain in full force and effect until such time as Grantor's Indebtedness is paid in full.
CONDEMNATiON. The following provisions relating to condemnation proceadings are a part of this Mortgage:
Proceedings. If any proceeding in condemnation is filed, Grantor shall promptly notify Lender in writing, and Grantor shall promptly take such
steps as may be necessary to defend the 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 es may be req~'---'~ by Lender from time to time to permit such participation.
Application of Net Pro _ceed___~. If all er any part of the Property is condemned by eminent domain 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 applied to the Indebtedness
or ~ repair or restoration of the Property. The net proceeds of the award shall mean the award after payment of all reasonable costs, expenses,
and aP. omeys' fees incurred by Lender in connection with the condan~efion.
IMPOSITION OF TAXES, FEF.~ AND CHARGES BY GOVERNMENTAL AU'I'HORrnES. The following provisions relating to governmental taxes, fees
end charges are a part of this Mortgage:
MORTGAGE .... "
(Continued) ,-. 6 ~ ~7 Page 3
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 Lender 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: (1) a specific tax upon this type of Mortgage or upon all or any part of
the Indebtedness secured by this Mortgage; (2) a specific tax on Grantor which Grantor is authorized or required fo deduct from payments on
the Indebtedness secured by this type of Mortgage; (3) a tax on this type of Mortgage chargeebto against the Lender or the holder of the Note;
and (4) a specific tax on all or any portion of the Indebtedness or on payments of principal and interest mede by Grantor.
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, end Lender may exercise any or all of its available remedies for an Event of Default as provided below unless Grantor
either (1) pays the tax before if becomes delinquent, or (2) contests file tax es provided above in the Taxes and Mens section and deposits with
Lender cash or a sufficient corporate surety bond or other security satisfactory fo Lender.
SECURITY AGREEMENT; FINANCING STATEMENTS. 3'he following provisions relating fo 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, and Lender shall
have all of the rights of a secured party under the Uniform Commercial Code es emended from time to time.
Security Interest. Upon request by Lender, Grantor shall take whatever action is requested by Lender to perfect and continue Lender's security
interest in the Personal Property. In addition 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 es a financing statement. Grantor shall reimburse
Lender for all expenses Incurred in perfecting or continuing this security interest. Upon default, Grantor shall not remove, sever or detach the
Personal Property from the Property. Upon default, Grant~' shall assemble any Personal Property not affixed to the Property in a manner and at a
place reasonably convenient to Grantor and Lender and make if available to Lender within three (3) days after receipt of written demand from
Lender to the extent permitted by applicable law.
Addresses. The mailing addresses of Grantor (debtor) and Lender (secured party) from which information conceming the security interest
granted by this Mortgage may be obtained (each as required by the Unlfom~ Ce~mercial Code) are as stated on the first page of this Mortgage.
FURTHER ASSURANCES; A'I'rORNEY-IN-FACT. The following provisions relating to further assurances and attorney-in-fact are a part of this
Mortgage:
Further Assurances. At any time, end from time to time, upon request of Lender, Grantor will make, execute and deliver, or will cause to be
made, executed or daltvered, to Lender or to Lenders designee, and when requested by L.erKler, cause to be filed, recorded, reffied, 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, continuaifon statements, instruments of further 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) Grantor's obligations under the Note, this Mortgage, and the Related Documents, and (2) the liens and security interests created
by this Mortgage es first and pdor 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 reimburse Lender for all costs and expenses Incurred in connection with the matters referred to in
this paragraph.
Attorney-In-Fact. 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 irrevcoably appoints Lender as Grantors attorney-in-fact for the purpose of
making, executing, dalivedng, filing, recording, and doing all other things es may be necessary or desirable, in Lender's sole opinion, to
accomplish the matters referred to in the preceding paragraph.
FULL PERFORMANCE. If Grantor pays all the Indebtedness when due, end otherwise pedorms all the obligations imposed upon Grantor under this
Mortgage, Lender shall execute and deliver to Grantor a suitable satisfaction of this Moctgage and suitable statements of terminatfon of any financing
statement on file eqidencing Lender's security interest in the Rants and the Personal Property. Grantor will pay, if permitted by applicable law, any
reasonable termination fee as defermined by Lender from time to time.
EVENTS OF DEFAULT. At Lender's option, Grantor will be in dafauit under this Mo~ge ff any of the following happen: Payment Default. Grantor fails to make any payment when due under the Indebtedness.
Default on Other Payments. Failure of Grantor within the time required by this Mortgage to make any payment for taxes or insurance, or any
other payment necessary to prevent filing of or to effect discharge of any lien.
Break Other Promises. Grantor breaks any promise made to Lender or fails to perform prompify at the time and strictly in the manner provided in
this Mortgage or in any agreement related to this Mortgage,
Default In Favor of Third Parties. Should Grantor default under any loan, extension of credit, security agreement, purchase or sales agreement,
or any other agreement, in favor of any other creditor or parson that may materially affect any of Grantor's property or Grantors ability to repay the
Indebtedness or Grantor's ability to perform Grantor's obligations under this Mortgage or any related documenL
False Statements. Any representation or statement made or furnished to Lender by Grantor or on Grantor's behalf under this Mortgage or the
Related Documents is false or misleading in any material respect, eifher now or at the time made or furnished.
Defective Collateralization. This Mortgage or any of the Related Documents ceases to be in full force end effect (including failure of any collateral
document to create a valid and perfected security interest or lien) at any time and for any reason,
Death or Insolvency. The death of Grantor, the insolvency of Grantor, the appointment of a receiver for any part of Grantor's property, any
assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any bankruptoy or insolvency
laws by or against Grantor.
Taking of the Property. Any creditor or governmental agency tries to take any of the Property or any other of Grantors property In which Lender
has a lien. This includes taking of, gamishing of or levying on Grsntor's accounts with Lender. However, If Grantor dlaputas in good faith whether
the claim on which the taking of the Property is based is valid or reasonable, and if Grantor gives Lender written notice of the claim end fumishes
Lender with monies or a surety bond satisfactory to Lender to satisfy ~ claim, then this default provision will not apply.
Breech of Other Agreement. Any breach by Grantor under the terms of any other agreement between Grantor and Le~lder that is not remedied
within any grace period provided therein, including without limitation any agreement concerning any indebtedness or other obligation of Grantor fo
Lender, whether existing now or later.
Events Affecting Guarantor. Any of the preceding events occurs with respect to any guarantor, endorser, surety, or accomnxx~tion party of any
Ut the Indebtedness or any guarantor, endorser, surety, or accommodation pan'y dies or becomes Incompetent, or revokes or disputes the validity
of, or liability under, any Guaranty of the Indebtedness.
Insecurity. Lender in good faith believes itself insecure.
RIGHTS AND REMEDIES ON DEFAULT. Upon She eccurrence 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 romediea provided by law:
Accelerate Indebtedness. Lender shall have the right at its option without notice to Grantor to declare the entire Indebtedness irnmedlataly due
and payable, including any prePayment penalty which Grantor would be required to pay.
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 Grantor, to take possession of She Property, including during She pendency of
foreclosure, whether judicial or non-judicial, and coileot ~ Rents, including amo~Jnts past due and unpaid, and apply the ne{ proceeds, over and
above Lender's costs, against the Indebtedness. In fu~'~erance of this right, Lender may require any tenant or other user of the Property to make
payments of rent or use fees directly to Lender. If the Rents are collected by Lender, then Grantor irrevocably designates Lender as Grentor's
attorney-in-fact to endorse instruments received in payment thereof in the name of Grantor and to negotiate the same end collect the proceeds.
Payments by tenants or other users to Lender in response to Lender's demand shall satisfy She obligations for which the payments ere made,
whether or not any proper grounds for the demand existed. Lender may exercise its rights under this subparagraph ~ In person, by agent, or
through a receiver.
MORTGAGE 6 3 8
(Continued) Page 4
Appoint Rccalver. Lender shall have the ~ to have a receiver appointed to taka possession of all or any part of the Property, with the power to
protect and preserve the Property, to operate the Property preceding foreolosure or sale, and to collect the Rants from the Property and apply the
proceeds, over and above the cost of the receivership, against the Indebtedness. The receiver may eerve without bond if permitted by law.
Lender's dght to the appointment of a receiver shall exist whether or not the apparent value of the Propen'y exceeds the Indebtedness by a
substantial amount Ernptoymant by Lender shall not 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 Proper'o/.
Nonjudicial Sale. lander may foreclose Grantor's interest in all or in any part of the Property by non-judicial sale, and specifically by "power of
sale' or "advertisement and sale' foreclosure es 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 dgt~ provided in this section.
Tenancy at Sufferance. If Grantor remains in possession of the Prcpar~y 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 of Lender or the purchaser
of the Property and shall, at Lender's option, either (1) pay a ressensble rental for the use of the Property, or (2) vacate the Property
immediately upon the demand of Lender.
Other Remedies. lander shall have all other fights and remedies provided in this Mortgage or the Note or available at law or in equity.
Sale of the Property. To the extent permitted by applicable law, Grantor hereby waives any and all right to have the Pmparty marshalled. In
exercising its dghts and remedies, lander shall be free to sell all or any part of the Prcpa~y together or separately, in one sale or by separate
sales, lander shall be entitled to bid at any public sale on all or any portion of the Propmly.
Notice of Sale. Lender will give Grantor reasonable notice of the time and place of any public sale of the Pemonal Property or of the t~me after
which any private sale or other Intended disposition of the Personal Property is to be made. Reasonable notice shall mean notice given at least
ten (10) days before the time of the sale or disposition. Any sale of the Pemonal Property may be made in co~junction with any sale of the Real
Properb/.
Election of Remedies. All of Lender's rights and remedies will be cumulative and may be exercised alone or toge~er. 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 Grentor'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 Lander's remedies.
Attorneys' Fees; Expanses. If Lender institutes any suit or action to enforce any of the terms of this Mortgage, Lender shall be ent~Jed to recover
such sum as the court may adjudge reasonable as attorneys' fees at trial and upon any appeal. Whether or not any court action is involved, and
to the extent not prohibited by law, all reasonable expanses Lender incurs 6'mt in lander's opinion are necessary at any time for the protection of
its interest or the enforcement of its dghts 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 reasonable attomeys' fees and lander's legal expenses wbether or not there is a lawsuit, Including reasonable attorneys'
fees and expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), appeals, and any
anticipated post-judgment collection services, the cost of searching records, obtaining title reports (including foreclosure reports), surveyors'
reports, and appraisal fees and title insurance, to the extent permitted by appiioable law. Grantor also will pay any court costs, in addition to all
other sums provided by law.
NOTICES. Any notice required to be given under this Mortgage, including without limitation any notice of default and any notice of sale shall be given
in writing, and shall be effective whan actually delivered, when actually received by tefafaosim~e (unless ofhorwise 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 lian which
has priority over this Mortgage shall be sent to lander's address, as shown near the beg/~ of this Mmtgage. Any person may change his or her
address for notices under this Mortgage by giving formal written notice to the other person or persons, specifying that the purpose of the notice is to
change the parson's address. For notice purposes, Grantor agrees to keep Lender infom'md at all times of Grentor'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 lander.
MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Mortgage:
Amendments. What is written In this Mortgage and In the Related Documants Is Grantor's entire agreement with Lender concemicg 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 or define 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 Wyoming.
This Mortgage has been accepted by Lender In the State of Wyoming.
Joint and Several Liability. All obligations of Grantor under this Mortgage shall be joint and several, and all references to Grantor shati mean
each and every Grantor. This means that each Grantor signing below is respoosible for all obfigaflons in this Mortgage.
No Waiver by Lender. Grantor understands Lender will not give up any of Lander's rights under this Mortgage unless lander does so in writing.
The fact that lander delays or omits to exercise any right will not mean that Lender has glvan up that rlghL 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 dues not mean that Grantor w~l not have to get Lender's consant 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
will be required to consent to any of Grantor's future requests. Grantor waives presantment, demand for payment, protest, and notice of dishonor.
Grantor waives all rights of exemption from execution or similar law In the Propa~y, and Grantor agrees that lhe rights of Lender in the Property
under this Mortgage are prior to Grantor's rights while this Mortgage remains in effect.
Severablfity. If a court finds that any provision of this Mortgage is not valid or should not be enforced, thet fact by itsalf will not mean that 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 lander in any capacity, without the written consant of Lender.
Successors and Aealgns. Subject to any limitations stated In this Mortgage on transfar of Grantings interest, this Mortgage shall be binding upon
and Inure to the benefit of the parties, their successors and assigns. If ownmship of the Propart~ becomes vested in a pamon other b~art Grantor,
lander, without notice to Grantor, may deal with Grantor's succeesom with reference to this Mortgage and the Indebtedness by way of
forbearance or extension without releasing Grantor from the obligations of this Mortgage or lisbility 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.
DERNITIONS. The following words shall have the following meanings when used in this Mortgage:
Borrower. The word *Borrower" means BECKY A ADAMS and JAMES M HICKS and Includes all co-signers and co-makers signing the Note.
Envlronmantel Laws. The words "Environmental laws" mean any and all state, federal and local statutes, regulations and ordinances ralating to
the protection of human health or the anvironment, Including without limitation the ~ive Environmental Response, CompansaUon, and
Uabiltiy Act of 1980, es amended, 42 U.S.C. Section 9601, et seq. ('CERCLA'), the SupeHund Amendments and Resuthodzatton Act of 1986, Pub.
L. No. 99499 ("SARA"), the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, ef 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 Defaolt' mean any of the events of default sef forth in this Mortgage in the events of default section of this
Mortgage.
Grantor. The word 'Grsntor~ means BECKY A ADAMS and JAMES M HICKS.
MORTGAGE ~" ~' ~, 6 3 9
(Continued) Page
Guaranty. The word "Guaranty" means the guaranty from guarantor, endomer, surety, or accommodation party to Lender, Including without
limitation a guaranty of all or part of the Note.
Hazardous Substances. The words "Hazardous Substances' mean materials that. because of their quantity, concentration or physical, chemicaJ
or infectious characteristics, may cause or pose a present er potential hazard to human health or the environment when improperly used, treated,
stored, disposed of, generated, manufactured, transported or othen~vise handled. The words 'Hazardous Substances' ere used in their very
broadest sense and include without limitation any and all hazardous or toxic substances, materials or waste as defined by or list. ed u,'xJer 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 Read
Property, facilities, additions, replacements and other consbuction on the Real Property.
Indebtedness. The word "Indebtedness' means ail principaJ, Interest, and other amounts, costs and expenses payable under the Nots or Related
Documents, together with all renewals of, extensions of, modifications of, consoitdalions of and substitutions for the Note or Retatod Documents
and any amounts expended or advanced by Lender to discharge GrantoCs ol311gaUons or expenses incurred by Lender to enforce Grantor's
obligations under this Mortgage, together with interest on such amounts as provided in this Mortgage.
Lender. The word "Lender" means First Interstate Bank, its successors and esalgns. The words 'successors or assignc' mean any person or
company that acquires any interest in the Note.
Mortgage. The word "Mortgage" means this Mortgage between Grantor and Lender.
Note. The word "Note" means the promissory note dated July 30, 2004, In the original principal amount of $17,094.00 from Grantor
to Lender, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and substitutions for the promissory note
or agreement. The maturity date of this Mortgage is July 30, 2007.
Personal Property. The words "Personal Property' mean all equipment, fixtures, and other articles of personal property now or hereafter owned
by Grantor, and now or hereafter attached or afro(ed 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 all insurance proceeds and refunds of
premiums) from any sale or other disposition of the Property.
Property. The word "Property" means collectively the Real Property and the Personal Property.
Real Property. The words "Real Property" mean the real I~'operty, interests and rights, es further desodbsd in this Mortgage.
Related Documents. The words "Related Documents' mean all promtesocj notes, credit agreements, loan agreements, environmental
agreements, guaranties, secudty agreements, mortgages, deeds of bust. security deeds, collateral mortgages, and all o~er instruments,
agreements and documents, whether now or hereafter existing, executed in connection with the Indebtadnoes.
Rents. The word "Rents" means all present and future rents, revenues, Income, issues, royalties, prores, and other benef~ derived from the
Property.
EACH GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE, AND EACH GRANTOR AGREES TO ITS
TERMS.
GRANTOR:
BECKY A
JAMES M HICKS
INDIVIDUAL ACKNOWLEDGMENT
On ~is day before me, ~e undemig~ No~ Public, pemonally appeer~ BEC~ A AD~ ~d JA~ M HICKS,
individuals describ~ in a~ who ex~ ~ ~, and acknowl~g~ ~at ~ s~ ~e M~ge ~ ~elr fr~ ~ v~un~
for the uses an~ pu~s~ ~r~n ~n~. ~
Not~Publiclna~f~r~eS~teo, - ~.[ ~ ~ ~ R.~lnga, ~