HomeMy WebLinkAbout904090 RECEIVED
AGREEMENT FOR ASSIGNMENT AND
R O: ,ND SUBSTITUTION .LJ&BILITY
NOTE AND MO O_
This Agreement is made this 23rd day of Septomber, 20'~4~Fbe[~'~Timothy J.
Raver, herein referred to as "Assignor", The Jackson ~;tate Bank & Trust, a Wyoming
Banking Corporation; herein referred to as "Mortgagee", and RTJ-1, Limited Liability
Company, a Wyoming limited liability company; here~q referred to as "Assignee".
RECITALS
WHEREAS, Assignor is obligated and liable for ti,,. payment to Mortgagee of that certain
debt evidenced by a promissory note in the original sum ,,1'~ 104,000.00, dated March 15, 2004,
a copy of which is attached hereto (the "Promissory Note' :t~ l:;xhibit "A"). The Promissory
Note is secured by a mortgage, a copy of which is attached l~crdo (the "Mortgage" as Exhibit
"B") dated March 15, 2004 and recorded in the Office of l.it~coln County Clerk, Lincoln County,
Wyoming, on March 16, 2004, Document Number 897827 llook 550, page 120. Mortgagee
owns and holds the Promissory Note and Mortgage.
WHEREAS, Assignor has Conveyed to Assignee all ,Ii' tile real property described in the
Mortgage, more particularly described as follows:
A portion of the SW1/4NW1/4 of Section 11, T35N, R 11~ ~\V, or' the 6th P.M., Lincoln County,
Wyoming, being more particularly described as follows:
BEGINNING at a Cotton Gin Spike set at'a point in the \Vest lin~ of said SWl/4NW1/4, said
point being 690.69 feet Nl°01°49'E, along said West linc. t't oln the B.L.M. type Monument
found marking the Southwest corner of said SW 1/4NW 1-1 thcalee N 1 °01 °49E, continuing along
said West line, 126.50 feet to a Cotton Gin Spike set; thc~cc .NSg°02°23'E 213.70 feet to an Iron
Pipe set; thence S1°01°49'W 126.50 feet to an Iron Pipe .wt, thence N89°02°23'W 213.70 feet, to
the Point of Beginning.
Excepting therefrom that parcel of land conveyed to Lincoln (?ounty in Deed recorded
November 17, 1931, Book 17 Deeds, Page 212.
NOW THEREFORE, for the reasons set forth aboxc and in consideration of the mutual
covenants and promises of the parties hereto, Assignor, ~\ h ,~tgagee, and Assignee covenant and
agree as follows:
1)
Outstanding Balance of Secured Oblig.atjs~ As of this date, the outstanding
· )-~
balance under the Promissory Note is $1 ( _ ~5() 65. The next scheduled monthly
payment of all accrued unpaid interest undc~' the Promissory Note is due on or
before October 15, 2004. The Promissorx Note is secured by the Mortgage.
2)
3)
4)
s)
6)
7)
i_(0747
Assignor's Release of Liability. Mortgagee hereby consents to the conveyance of
the real property subject to the Mortgage Ii-om Assignor to Assignee and waives
the due on sale provision contained in thc Mortgage. Assignor shall be released
from liability under or on account of the Promissory Note or the Mortgage.
Assumption 0fLiability. Assignee agrees to pay the Promissory Note at the
times, in the manner, and in all other respects as provided in the Promissory Note;
to perform all of the obligations provided in the Mortgage and Promissory Note to
be performed by Assignor at the time, in the manner, and in all respects as therein
provided; and to be bound by all of the terms of the Mortgage and Promissory
Note; all as though the Promissory Note and Mortgage, and each of them, had
originally been made, executed and delivered by Assignee. Assignee
acknoWledges that all amounts under the Promissory Note are due on or before
March 15, 2009.
No Impairment of Lien All of the real properly described in the Mortgage shall
remain subject to the lien, charge or encumbrance of the Mortgage, and nothing
herein contained or done pursuant hereto shall affect or be construed to affect the
lien, charge or encumbrance of the Mortgage or the priority thereof over other
liens, charges or encumbrances, or to relca se or affect the liability of any party or
parties whomsoever would now or may hereafter be liable under or on account of
the Promissory Note or the Mortgage.
Notices. Any nOtices which Mortgagee intcncts to send Assignee in accordance
with the Promissory Note or the Mortgage, shall be sent to Assignee at the
following address: PO Box 2315, Jackson, \VY 83001.
Limitations. The right to plead any statute of limitations as a defense to any
obligations and demands secured by or mcmioned in the Mortgage is hereby
waived by Assignee to the full extent permissible by law.
Application of Agreement. This agreemcm applies to, inures to the benefit of,
and binds all parties hereto and their respective heirs, legatees, devisees and
administrators, executors, successors and assigns.
'.0748
8)
Further Assurances and Documents. The parties agree to provide assurances and
execute documents reasonably required to carry out the purposes and intents of
this agreement.
IN WITNESS WHEREOF, the parties have excc.ted this agreement to be effective
as of the day and year first above written.
ASSIGNOR
Timothy J[ R'~.2~ert
MORTGAGI:I~-
The Jackson Ntate Bank & Trust, a Wyoming
Banking Corporation
/
By: /' /
Gil l:lttndley, AVP
ASSIGNEE
RTJ-1, Limited Liability Company, a Wyoming
limited liabilit, company
Tim Raqer,'M~{naging Member
INDIVIDUAL ACKNOWL 1 ! 1 ) G MENT
State of Wyoming )
)ss
County of 7~7~ )
On this c~0V~'~ day ,,r
,'-~'~v ...... ,,,, 2004, before mc personally appeared Timothy J.
Raver, the person described in and who executed the foregoing instrument and acknowledged
that he executed the same as his free act and deed.
Given under my hand and seal the date first above written.
County of LIIII~IJ~ State of
Teton ~ Wyoming
My Commission Expires Februap/13, 2006
My Commission expires:
Page 3 of 4
O O40 O
CORPORATE ACKNOW i ,EDGEMENT
0749
State of Wyoming )
) ss
County of Teton )
On this o¢"~ ~'~day of-September, 2004 before mc personally appeared Gil Hundley, to
me personally known, who, being by me duly sworn, did say that he is the AVP of The Jackson
State Bank & Trust, a Wyoming Banking Corporation and ~hat instrument was signed and sealed
on behalf of said Banking Corporation, and said AVP acknowledged said instrument to be the
free act and deed of said corporation.
GIVEN UNDER my hand and seal the date first above written.
My Commission expires:
N15'fary Public
LIMITED LIABILITY ACKNO\VLEI)GEMENT
State of Wyoming )
) ss
County of ~'"~ )
On this c~ ~ay
of ~,ptemJcw~, 2004, before me personally appeared Tim Raver,
Managing Member of RTJ-1, Limited Liability Company, a Wyoming limited liability company;
whose identity I proved on the basis of satisfactory evidence, and acknowledged said instrument
to be the free and voluntary act and deed of the Limited l~iability Company, by authority of
statute, its articles of organization or its operating agreement lbr the uses and purposes therein
mentioned, and on oath statement they are authorized to c×ccute this instrument and in fact
executed the instrument on behalf of the Limited Liabilily ('ompany.
County of ~[I.1~.,'~ State of
Teton ~ Wyoming
Given under my hand and seal the date first above written
N'~'i-ary Publi/~ "-
My Commission expires: ~[~ ~ ~
Page4,. 9[ 4
References in the shaded area are for Lender's use only and do not limit the applicahdity of this document to any particular loan or item.
Any item above containing ..... has been omitted duc to text length limitations.
Borrower:
Timothy J. Raver
P.O. Box 2315
Jackson, WY 83001
Lender:
The Jackson State Bank & Trust
Main Office
P.O. Box 1788
112 Center Street
Jackson, WY 83001
Principal Amount: $104,000.00 Interest Rate: 6.250% Date of Note: March 15, 2004
PROMISE TO PAY. Timothy J. Raver ("Borrower'') promises to pay to The Jackson State Bank & Trust ("Lender"), or order, In lawful money of
the United States of America, the principal amount of One Hundred Four Thousand & 00/100 Dollars ($104,000.00), together with interest at the
rate of 6.250% per annum on the unpaid principal balance from March 15, 2004, until paid in full.
PAYMENT. Borrower will pay this loan In 59 regular payments of $765.77 each and one irregular last payment estimated at $89,550.11.
Borrower's first payment is due April 15, 2004, and all subsequent payments are due on the same day of each month after that. Borrower's
final payment wtll be due on March 15, 2009, and will be for all principal and all accrued interest not yet paid. Payments Include principal and
interest. Unless otherwise agreed or required by applicable law, payments win t)e applied first to any accrued unpaid interest; then to
principal; then to any unpaid collection costs; and then to any late charges. The annual interest rate for this Note Is computed on a 365/360
basis; that Is, by applying the ratio of the annual interest rate over a year of 360 clays, multiplied by the outstanding principal balance,
multiplied by the actual number of days the principal balance is outstanding. Borrower will pay Lender at Lender's address shown above or at
such other place as Lender may designate In writing.
PREPAYMENT; MINIMUM INTEREST CHARGE. Borrower agrees that all loan fees ar,J other prepaid finance charges are earned fully as of the date
of the loan and will not be subject to refund upon early payment (whether voluntary or as a result of default), except as otherwise required by law. In
any event, even upon full prepayment of this Note, Borrower understands that Lender is ~-..mitlod to a minimum Interest charge of $30.00. Other than
Borrower's obligation to pay any minimum interest charge, Borrower may pay without pc,~alty all or a portion of the amount owed earlier than it is due.
Early payments will not, unless agreed to by Lender in writing, relieve Borrower of Bor[ower's obligation to continue to make payments under the
payment schedule. Rather, early payments will reduce the principal balance due and may result in Borrower's making fewer payments. Borrower
agrees not to send Lender payments marked "paid in full", "without recourse", or similar lancluage If Borrower sends such a payment, Lender may
accept it without losing any of Lender's rights under this Note, and Borrower will remain obligated to pay any further amount owed to Lender. All
written communications concerning disputed amounts, including any check or other payment instrument that indicates that the payment constitutes
"payment in full" of the amount owed or that is tendered with other conditions or limitath)~ or as full satisfaction of a disputed amount must be mailed
or delivered to: The Jackson State Bank & Trust, P.O. Box 1788 Jackson, WY 83001.
LATE CHARGE. If a payment is 30 days or more late, Borrower will be charged 5.000% of the unpaid portion of the regularly scheduled payment
or $25.00, whichever Is greater.
INTEREST AFTER DEFAULT. Upon default, including failure to pay upon final maturity, Lender, at its option, may, if permitted under applicable law,
increase the interest rate on this Note to 18.000% per annum. The interest rate will not exr;eed the maximum rate permitted by applicable law.
DEFAULT. Each of the following shall constitute an event of default ("Event of Default") under this Note:
Payment Default. Borrower fails to make any payment when due under this Note.
Other Defaults. Borrower fails to comply with or to perform any other term, obligation, covenant or condition contained in this Note or in any of
the related documents or to comply with or to perform any term, obligation, cov.r~ar~t or condition contained in any other agreement between
Lender and Borrower.
Default In Favor of Third Padles. Borrower or any Grantor defaults under any loan, extension of credit, security agreement, purchase or sales
agreement, or any other agreement, in favor of any other creditor or person that may materially affect any of Borrower's property or Borrower's
ability to repay this Note or perform Borrower's obligations under this Note or any of the related documents.
False Statements. Any warranty, representation or statement made or furnished to Lender by Borrower or on Borrower's behalf under this Note
or the related documents is false or misleading in any material respect, either now nr at the time made or furnished or becomes false or misleading
at any time thereafter.
Death or Insolvency. The death of Borrower or the dissolution or termination of Borrower's existence as a going business, the insolvency of
Borrower, the appointment of a receiver for any part of Borrower's property, any assi0nment for the benefit of creditors, any type of creditor
workout, or the commencement of any proceeding under any bankruptcy or insolvency laws by or against Borrower.
Creditor or Forfeiture Proceedings. COmmencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help,
repossession or any other method, by any creditor of Borrower or by any governmental agency against any collateral securing the loan. This
includes a garnishment of any of Borrower's accounts, including deposit aocounls, with Lender. However, this Event of Default shall not apply if
there is a good faith dispute by Borrower as to the validity or reasonableness of the claim which is the basis of the creditor or forfeiture proceeding
and if Borrower gives Lender written notice of the creditor or fodeiture proceed,~9 and deposits with Lender monies or a surety bond for the
creditor or forfeiture proceeding, in an amount determined by Lender, in its sole discretion, as being an adequate reserve or bond for the dispute.
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 or disputes the validity
of, or liability under, any guaranty of the indebtedness evidenced by this Note. In the event of a death, Lender, at its option, may, but shall not be
required to, permit the guarantor's estate to assume unconditionally the obligation~ arising tinder Ihe guaranty in a manner satisfactory to Lender,
and, in doing so, cure any Event of Default.
Adverse Change. A material adverse change occurs in Borrower's financial condition, or Lender believes the prospect of payment or
performance of this Note is impaired.
Cure Provisions. If any default, other than a default in payment is curable and if Borrower has not been given a notice of a breach of the same
provision of this Note within the preceding twelve (12) months, it may be cured (and no event of default will have occurred) if Borrower, after
receiving written notice from Lender demanding cure of such default: (1) cures the default within fifteen (15) days; or (2) if the cure requires
more than fifteen (15) days, immediately initiates steps which Lender deems in Le~der's sole discretion to be sufficient to cure the default and
thereafter continues and completes all reasonable and necessary steps sufficient tn produce compliance as soon as reasonably practical.
LENDER'S RIGHTS. Upon default, Lender may declare the entire unpaid principal balm~ce on this Note and all accrued unpaid interest immediately
due, and then Borrower will pay that amount.
ATTORNEYS' FEES; EXPENSES. Lander may hire or pay someone else to help coil(cot this Note if Borrower does not pay. Borrower will pay Lender
that amount. This includes, subject to any limits under applicable law, Lender's reasonable attorneys' fees and legal expenses, whether or not there is
a lawsuit, including without limitation all reasonable attorneys' fees and legal expenses for bankruptcy proceedings (including efforts to modify or vacate
any automatic stay or injunction), and appeals. If not prohibited by applicable law, Borrower also will pay any court costs, in addition to all other sums
provided by law.
GOVERNING LAW. This Note will be governed by, construed and enforced In accordance with federal law and the laws of the State of
Wyoming. This Note has been accepted by Lender In the State of Wyoming.
CHOICE OF VENUE. If there is a lawsuit, Borrower agrees upon Lender's request to submit to the jurisdiction of the courts of Teton County, State of
Wyoming.
RIGHT OF SETOFF. To the extent permitted by applicable law, Lender reserves a ri!Iht of setoft in all Borrower's accounts with Lender (whether
checking, savings, or some other account). This includes all accounts Borrower holds joi~tly with someone else and all accounts Borrower may open in
the future. However, this does not include any IRA or Keogh accounts, or any trust accounts for which setoff would be prohibited by law. Borrower
authorizes Lender, to the extent permitted by applicable law, to charge or setoff all sums owing on the indebtedness against any and all such accounts,
and, at Lender's option, to administratively freeze all such accounts to allow Lender to protect Lender's charge and s&toff rights provided in this
paragraph.
SUCCESSOR INTERESTS. The terms of this Note shall be binding upon Borrower, and upon Borrower's heirs, personal representatives, successors
and assigns, and shall inure to the benefit of Lender and its successors and assigns.
NOTIFY US OF INACCURATE INFORMATION WE REPORT TO CONSUMER REPORTING AGENCIES. Please notify us if we report any inaccurate
information abolJt Vnllr ~.dnHnfl~ tn = pr~n=Hm=r rnnn~i ......... ~,/ ........ ~ ..... t .............
Loan .o: 33041401
(Continued) Page 2
the following address: The Jackson State Bank & Trust P.O. Box 1788 Jackson, WY 83001
GENERAL PROVISIONS. Lender may delay or forgo enforcing any of its rights or remedi~'.~ L.~der this Note without losing them. Borrower and any
other person who signs, guarantees or endorses this Note, to the extent allowed by law, waive presentment, demand for payment, and notice of
dishonor. Upon any change in the terms of this Note, and unless otherwise expressly stated ~n wdting, no party who signs this Note, whether as maker.
guarantor, accommodation maker or endorser, shall be released from liability. All such parlie.~ a0ree that Lender may renew or extend (repeatedly and
for any length of time) this loan or release any party or guarantor or collateral; or impair, fail ~o ~ealize upon or pedect Lender's security Interest in the
collateral; and take any other action deemed necessary by Lender without the consent of or r~olice to anyone. All such parties also agree that Lender
may modify this loan without the consent of or notice to anyone other than the party with vvh<,r]~ the modification is made. The obligations under this
Note are joint and several.
PRIOR TO SIGNING THIS NOTE, BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS NOTE. BORROWER AGREES TO
THE TERMS OF THE NOTE.
BORROWER ACKNOWLEDGES RECEIPT OF A COMPLETED COPY OF THIS PROMISSORY NOTE.
BORROWER:
LENDER:
//' ~NK & TRUST
THE JACKSON/STATE B~
x
Authorized Signer/'
/
RECORDATION REQUESTED BY:
The Jackson State Bank & Trust
Main Office
P.O. Box 1788
112 Center Street
Jackson, WY 83001
WHEN RECORDED MAIL TO:
The Jackson State Bank & Trust
Main Office
P.O. Box 1788
112 Center Street
Jackson, WY 83001
SEND TAX NOTICES TO:
The Jackson State Bank & Trust
Main Office
P.O. Box 1788
112 Center Street
Jackson, WY 83001
EXHIBIT o
0 ? 5
· - PR P.
SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLV
MORTGAGE
MAXIMUM LIEN. The lien of this Mortgage shall not exceed at any one time $104,000.00. -~"-"~~
/aka Tim Raver
THIS MORTGAGE dated March 15, 2004, is made and executed between Timothy J. Ravel, a single man, whose
address is PO Box 2315, Jackson, WY 83001-2315 (referred to below as "Grantor") and The Jackson State
Bank & Trust, whose address is P.O. Box 1788, 112 Center Street, Jackson, WY 83001 (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 o~ .ltl×ed buildings, improvements and fixtures; all easements,
rights of way, and appurtenances; all water, water rights, watercourses and ditch rights (,.:l.din9 stock in utilities with ditch or irrigation rights); and all
other rights royalties, and profits relating to the real property, including without limitatinn all minerals, oil gas, geothermal and similar matters, (the
Real Property") located in Lincoln County, State of Wyoming:
See Exhibit A, which is attached to this Mortgage and made a part of this Mortgage as if fully set forth
herein.
The Real Property or its address is commonly known as 108050 Highway 89, Etna, WY 83118.
Grantor presently assigns to Lender all of Grantor's right, title, and interest in and to all pn~..~;~,nt and future leases of the Property and all Rents from the
Property. In addition, Grantor grants to Lender a Uniform Commercial Code security inter~t in the Personal Property and Rents.
THIS MORTGAGE, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY, IS
GIVEN TO SECURE (A) PAYMENT OF THE INDEBTEDNESS AND (B) PERFORMANCE OF ANY AND ALL OBLIGATIONS UNDER THE NOTE,
THE RELATED DOCUMENTS, AND THIS MORTGAGE. THIS MORTGAGE IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS:
PAYMENT AND PERFORMANCE. Except as otherwise provided in this Mortgage, Gra,,lo~ shalt pay to Lender all amounts secured by this Mortgage
as they become due and shall strictly perform all of Grantor's obligations under this Mortg.!je
POSSESSION AND MAINTENANCE OF THE PROPERTY. Grantor agrees that Granto['.<~ pc)ssession and use of the Property shall be governed by the
following provisions:
Possession and Use. Until the occurrence of an Event of Default, Grantor may (~) romain in possession and control of the Property; (2) use,
operate or manage the Property; and (3) collect the Rents from the Property.
Duty to Maintain. Grantor shall maintain the Property in tenantable condition and I~r<.nptly perform all repairs, replacements, and maintenance
necessary to preserve its value.
Compliance With Environmental Laws. Grantor represents and warrants to Len~h~ that: (1) During the period of Grantor's ownership of the
Property, there has been no use, generation, manufacture, storage, treatment, ~l i~sal release or threatened release of any Hazardous
Substance by any person on, under, about or from the Property; (2) Grantor has ~.~ knowledge of, or reason to believe that there has been,
except as previously disclosed to and acknowledged by Lender in writing, (a) any l)~e.ch or violation of any Environmental Laws, (b) any use,
generation, manufacture, storage, treatment, disposal, release or threatened release el any Hazardous Substance on, under, about or from the
Property by any prior owners or occupants of the Property, or (c) any actual or th.~at~.~d litigation or claims of any kind by any person relating
to such matters; and (3) Except as previously disclosed to and acknowledged b,/ Leander in writing, (a) neither Grantor nor any tenant,
contractor, agent or other authorized user of the Property shall use, generate, rnw.Hacture, store, treat, dispose of or release any Hazardous
Substance on, under, about or from the Property; and (b) any such activity shall I)~ cn~wJucted in compliance with all applicable federal, state,
and local laws, regulations and ordinances, including without limitation all Environme~t.l Laws, Grantor authorizes Lender and its agents to enter
upon the Property to make such inspections and tests, at Grantor's expense, as Le~, h.~ may deem appropriate to determine compliance of the
Property with this section of the Mortgage. Any inspections or tests made by l.~'.~(tc, r shall be for Lender's purposes only and shall not be
construed to create any responsibility or liability on the part of Lender to Grantor <. t~) any other person. The representations and warranties
contained herein are based on Grantor's due diligence in investigating the Property h. Hazardous Substances. Grantor hereby (1) releases and
waives any future claims against Lender for indemnity or contribution in the event Gramlor becomes liable for cleanup or other costs under any
such laws; and (2) agrees to indemnify and hold harmless Lender against any and z~ll claimS, losses, liabilities, damages, penalties, and expenses
which Lender may directly or indirectly sustain or suffer resulting from a breach of ti,,.; section of the Mortgage or as a consequence of any use,
generation, manufacture, storage, disposal, release or threatened release occurri~U l)rior to Grantor's ownership or interest in the Property,
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 end ~uconveyance of the lien of this Mortgage and shall not be
affected by Lender's acquisition of any interest in the ProperS/, whether by foreclos~.e or otherwise·
Nuisance, Waste. Grantor shall not cause, conduct or permit any nuisance nor co,.mit, 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 foreoning, Grantor will not remove, or grant to any other party the
right to remove, any timber, minerals (including oil and gas), coal. clay, scoria, soil, (j.~vet or rock products without Lender's prior written consent·
Removal of Improvements. Grantor shall not demolish or remove any Improver[~(.~nts from the Real Property without Lender's prior written
consent. As a condition to the removal of any Improvements, Lender may require Granlor to make arrangements satisfactory to Lender to 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 Property at all reasonable times to attend to
Lender's interests and to inspect the Real Property for purposes of Grantor's complia~cc, with the terms and conditions of this Mortgage.
Compliance with Governmental Requirements. Grantor shall promptly comply with ~11 laws, ordinances, and regulations, now or hereafter in
effect, of all governmental authorities applicable to the use or occupancy of the Property, including without limitation, the Americans With
Disabilities Act. Grantor may contest in good faith any such law, ordinance, or ro.q.l~tion and withhold compliance during any proceeding,
including appropriate appeals, so long as Grantor has notified Lender in writing p.(. to doing so and so long as, in Lender's sole opinion,
Lender's interests in the Property are not jeopardized. Lender may require Grantor to post adequate security or a surety bond, reasonably
satisfactory to Lender, to protect Lender's interest.
Duty to Protect. Grantor agrees neither to abandon or leave unattended the PropeHw. 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 all sums secured by this Mortgage
0.904030
' V(Continued) ' ' _l.~l~,~e 2
Loan
No:
33O414O1
upon the sale or transfer, without Lender's prior written consent, of all or any part of the Ru;d 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 [~;~1 Property; whether legal, beneficial or equitable; whether
voluntary or involuntary; whether by outright sale, deed, installment sale contract, land contr;lct, contract for deed, leasehold interest with a term greater
than three (3) years, lease-option contract, or by sale, assignment, or transfer of any ben,~ficial 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 Property. However, this option shall not be exercised by ~ender 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 Prop¢~rtV ,are part of this Mortgage:
Payment. Grantor shall pay when due (and in all events prior to delinquency) all t;~×(,~;, payroll taxes, special taxes, assessments, water charges
and sower service charges levied against or on account of the Property, and sh,~dl p,%, when due all claims for work done on or for services
rendered or material furnished to the Property. Grantor shall maintain the Property h,~u 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 L ~.,nder, 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 i~ 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 ,;~ i:~ lii~.d as a result of nonpayment, Grantor shall within fifteen
(15) days after the lien arises or, if a lien is filed, within fifteen (15) days after Grantor h~s 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 off,er security satisfactory to Lender in an amount sufficient
to discharge the lien plus any costs and reasonable attorneys' fees, or other char0,;~; lh~t could accrue as a result of a foreclosure or sale under
the lien. In any contest, Grantor shall defend itself and Lender and shall satisfy ar~.,, ;,,Jverse judgment before enforcement against the Property.
Grantor shall name Lender as an additional obligee under any surety bond furnished in th~. contest proceedings.
Evidence of Payment. Grantor shall upon demand furnish to Lender satisfactory {,vi, tence of payment of the taxes or assessments and shall
authorize the appropriate governmental official to deliver to Lender at any time a w~itter~ statemenl of the taxes and assessments against the
Property.
Notice of Construction. Grantor shall notify Lender at least fifteen (15) days before; ;~ny work is commenced, any services are furnished, or any
materials are supplied to the Properly, if any mechanic's lien, materialmen's lien, or crt,or lien could be asserted on account of the work, services,
or materials. Grantor will upon request of Lender furnish to Lender advance assur~(;~.,s satisfactory to Lender that Grantor can and will pay the
cost of such improvements.
PROPERTY DAMAGE INSURANCE. The following provisions relating to insuripg the P~ul~urty are a part of this Mortgage:
Maintenance of Insurance. Grantor shall procure and maintain policies of fire insu~;,nce with standard extended coverage endorsements on a
replacement basis for the full insurable value covering all Improvements on the Ro:~I Property in an amount sufficient to avoid application of any
coinsurance clause, and with a standard mortgagee clause in favor of Lender. GrL, r~l()r shall also procure and maintain comprehensive general
liability insurance in such coverage amounts as Lender may request with Lender h~:in!l named as additional insureds in such liability insurance
policies. Additionally, Grantor shall maintain such other insurance, including but not h~¢;llod lo hazard, business interruption and boiler insurance
as Lender may require. Policies shall be written by such insurance companies a~l(J i~l such form as may be reasonably acceptable to Lender.
Grantor shall deliver to Lender cedificates of coverage from each insurer containing a .~;tipt~lation that coverage will not be cancelled or diminished
without a minimum of ten (10) days' prior written notice to Lender and not containin9 ;,~y disclaimer of the insurer's liability for failure to give such
notice. Each insurance policy also shall include an endorsement providing that covor[~,.j,¢ 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 hx:aled in an area designated 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 speci,~d flood hazard area, for the full unpaid principal balance of the
loan and any prior liens on the property securing the loan, up to the maximum policy limits set under the National Flood Insurance Program, or as
otherwise required by Lender, and to maintain such insurance for the term of the loan
Application of Proceeds. Grantor shall promptly notify Lender of any loss or dam;~,;~,~ lo tl~e Properly. Lender may make proof of loss if Grantor
fails to do so within fifteen (15) days of the casualty. Whether or not Lender's secumy ~,.~ impaired, Lender may, at Lender's election, receive and
retain the proceeds of any insurance and apply the proceeds to the reduction of the hM~:~htedness, payment of any lien affecting the Properly, or
the restoration and repair of the Property. If Lender elects to apply the proceeds tn r¢;storation and repair, Grantor shall repair or replace the
damaged or destroyed Improvements in a manner satisfactory to Lender. Lend,?r ,.;l~,~ll, upon satisfactory proof of such expenditure, pay or
reimburse Grantor from the proceeds for the reasonable cost of repair or restoration if Or~l~tor is not in default under this Mortgage. Any proceeds
which have not been disbursed within 180 days after their receipt and which Lender h~s 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 t,~ p~y accrued interest, and the remainder, if any, shall be
applied to the principal balance of the Indebtedness. If Lender holds any proceeds ~tll~r payment in full of the Indebtedness, such proceeds shall
be paid to Grantor as Grantor's interests may appear.
LENDER'S EXPENDITURES. If any action or proceeding is commenced that would m~h~,,~ll,,, affect Lender's interest in the Property or if Grantor fails
to comply with any provision of this Mortgage or any Related Documents, including but ~.,t broiled to Grantor's failure to discharge or pay when due
any amounts Grantor is required to discharge or pay under this Mortgage or any Related [)~c~ments, Lender on Grantor's behalf may (but shall not be
obligated to) take any action that Lender deems appropriate, including but not limited h) discharging or paying all taxes, liens, security interests,
encumbrances and other claims, at any time levied or placed on the Property and paying utt costs for insuring, maintaining and preserving the Property.
All such expenditures incurred or paid by Lender for such purposes will then bear interest ;~t the rate charged under the Note from the date incurred or
paid by Lender to the date of repayment by Grantor. All such expenses will become a l~,~t ol 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 amo~Li ur~d be payable with any installment payments to become
due during either (1) the term of any applicable insurance policy; or (2) the remainin!j h.~rm of the Note; or (C) be treated as a balloon payment
which will be due and payable at the Note's maturity. The Mortgage also will secure pa,/m~:nt of these amounts. Such right shall be in addition to all
other rights and remedies to which Lender may be entitled upon Default.
WARRANTY; DEFENSE OF TITLE. The following provisions relating to ownership of the I'r~¢i)eHy are a part of this Mortgage:
Title. Grantor warrants that: (a) Grantor holds good and marketable title of record t,~ 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 titl~ ~nsurance policy, title.report, or final title opinion issued in
favor of, and accepted by, Lender in connection with this Mortgage, and (b) Granto~ h~'.~ 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 warra~,t:~ und will forever defend the title to the Property against the
lawful claims of all persons. In the event any action or proceeding is commenced th~[ qt~estions Grantor's title or the interest of Lender under thiS
Modgage, Grantor shall defend the action at Grantor's expense. Grantor may b~ tho nominal party in such proceeding, but Lender shall be
entitled to participate in the proceeding and to be represented in the proceeding by c()u~sel 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 lime to permit such participation.
Compliance With Laws. Grantor warrants that the Property and Grantor's usu ~,f the Properly complies with all existing applicable laws,
ordinances, and regulations of governmental authorities.
Survival of Representations and Warranties. All representations, warranties, and ,~drerCments made by Grantor in this Mortgage shall survive
the execution and delivery of this Mortgage, shall be continuing in nature, and sh;dl ~umain in full force and effect until such time as Grantor's
indebtedness shall be paid in full.
CONDEMNATION. The following provisions relating to condemnation proceedings are a I'¢z~t of this Mortgage:
Proceedings. If any proceeding in condemnation is filed, Grantor shall promptly r~(~hty Lender in writing, and Grantor shall promptly take such
steps as may be necessary to defend the action and obtain the award. Grantor may hr.~ tho nominal party in such proceeding, but Lender shall be
entitled to participate in the proceeding and to be represented in the proceeding by c()u~sol of its own choice, and Grantor will deliver or cause to
be delivered to Lender such instruments and documentation as may be requested by Lu~Mer from time to time to permit such participation.
Application of Net Proceeds. If all or any part of the Property is condemned by emin,~t domain proceedings or by any proceeding or purchase
in lieu of condemnation, Lender may at its election require that all or any portion of th~.. net proceeds of the award be applied to the Indebtedness
or the repair or restoration of the Property. The net proceeds of the award shall me~n lhe 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 execrate, such documents in addition to this Mortgage and take
Loan No: 33041401 (Continued) ~-~
Page 3
taxes, as described below, together with all expenses incurred in recording, perfecti~,.i or continuing this Mortgage, including without limitation all
taxes, fees, documentary stamps, and other charges for recording or registering this Mort0age.
Taxes, The following shall constitute taxes to which this section applies: (1) a sp,.:ihc 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 (~or is authorized or required to deduct from payments on
the Indebtedness secured by this type of Mortgage; (3) a tax on this type of Mort[l;~l(; chargeable 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 pr ~ciI>al and interest made by Grantor.
Subsequent Taxes. If any tax to which this. section applies is enacted subsequer~t ~,, 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 re~t]~,(h~,s for an Event of Default as provided below unless Grantor
either (1) pays the tax before it becomes delinquent, or (2) contests the tax as providud above in the Taxes and Liens section and deposits with
Lender cash or a sufficient corporate surety bond or other security satisfactory to
SECURITY AGREEMENT; FINANCING STATEMENTS The following provisions relati~.l to this Mortgage as a security agreement are a part of this
Mortgage:
Security Agreement. This instrument shall constitute a Security Agreement to the (~xt~rzt any of the Property constitutes fixtures, and Lender shall
have all of the rights of a secured party under the Uniform Commercial Code as amc~iiH~(J trom time to time.
Security Interest. Upon request by Lender, Grantor shall take whatever action is ~;q~;~ted by Lender to perfect and continue Lender's security
interest in the Rents and Personal Property. In addition to recording this Modga!j~; ~) tt~e real property records, Lender may, at any time and
without further authorization from Grantor, file executed counterparts, copies or reF)r~,rh~r:tions of this Mortgage as a financing statement. Grantor
shall reimburse Lender for all expenses incurred in perfecting or continuing this securer's, i~)terest. Upon default, Grantor shall not remove, sever or
detach the Personal Property from the Property. Upon default, Grantor shall ass~hle any Personal Property not affixed to the Property in a
manner and at a place reasonably convenient to Grantor and Lender and make it av~dl~d~le 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 p~ty) from which 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 this Mortgage.
FURTHER ASSURANCES; ATTORNEY-IN-FACT. The following provisions relating ~,~ fudher assurances and attorney-in-fact are a part of this
Mortgage:
Further Assurances. At any time, and from time to time, upon request of Lend~?~. G[anlor will make, execute and deliver, or will cause to be
made, executed or delivered, to Lender or to Lender's designee, and'when reqt~,stod by Lender,. cause to be filed, recorded, refiled, or
rerecorded, as the case may be, at such times and in such offices and places a.~, I ~:,~dor may deem appropriate, any and all such mortgages,
deeds of trust, security deeds, security agreements, financing statements, continu;)t,,~ statements, instruments of further assurance, certificates,
and other documents as may, in the sole opinion of Lender, be necessary or d~.~,~r~d~le in order to effectuate, complete, perfect, continue, or
preserve (1) Grantor's obligations under the Note, this Mortgage, and the Related I)ocuments, and (2) the liens and security interests created
by this Mortgage as first and prior liens on the Property, whether now owned or here;~tt;~r acquired by Grantor. Unless prohibited by law or Lender
agrees to the contrary in writing, Grantor shall reimburse Lender for all costs and ~;xl~(?n~es 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 I);~rarjraph, Lender may do so for and in the name of Grantor
and at Grantor's expense. For such purposes, Grantor hereby irrevocably app~',,,ts Lender as Grantor's attorney-in-fact for the purpose of
making, executing, delivering, filing, recording, and doing all other things as m~;, be necessary or desirable, in Lender's sole opinion, to
accomplish the matters referred to in the preceding paragraph.
FULL PERFORMANCE. If Grantor pays all the Indebtedness when due, and otherwise I)~,rforms all the obligations imposed upon Grantor under this
Mortgage, Lender shall execute and deliver to Grantor a suitable satisfaction of this Mc)~t!t~t[je and suitable statements of termination of any financing
statement on file evidencing Lender's security interest in the Rents and the Personal P.,l~erty. Grantor will pay, if permitted by applicable law, any
reasonable termination fee as determined by Lender from time to time.
EVENTS OF DEFAULT. Each of the following, at Lender's option, shall constitute an Ev;~t nf Default under this Modgage:
Payment Default. Grantor fails to make any payment When due under the Indebted~
Default on Other Payments. Failure of Grantor within the time required by this k~om.]a.cle to make any payment for taxes or insurance, or any
other payment necessary to prevent filing of or to effect discharge of any lien.
Other Defaults. Grantor fails to comply with or to perform any other term, obligations, c~w;nant or condition contained in this Mortgage or in any of
the Related Documents or to comply with or to perform any term, obligation, cover~a~)t or condition contained in any other agreement between
Lender and Grantor.
Default in Favor of Third Parties. Should Grantor default under any loan, extensi~ of credit, security agreement, purchase or sales agreement,
or any other agreement, in favor of any other creditor or person that may materially ~dlect any of Grantor's property or Grantor's ability to repay the
Indebtedness or Grantor's ability to perform Grantor's obligations under this Mortga0¢,~ or any related document.
False Statements. Any warranty, representation or statement made or furnished to Ler~der by Grantor or on Grantor's behalf under this Mortgage
or the Related Documents is false or misleading in any material respect, either now or at the time made or furnished or becomes false or
misleading at any time thereafter.
Defective Collateralization. This Mortgage or any of the Related Documents ceas(;'~ to be in full force and effect (including failure of any collateral
document to create a valid and pedected security interest or lien) at any time and fo~ a~y reason.
Death or Insolvency. The death of Grantor, the insolvency of Grantor, the app,.~,dment of a receiver for any part of Grantor's property, any
assignment for the benefit of creditors, any type of creditor workout, or the commenc(~,~ent of any proceeding under any bankruptcy or insolvency
laws by or against Grantor.
Creditor or Forfeiture Proceedings. Commencement of foreclosure or forfe~h~[~ proceedings, whether by judicial proceeding, self-help,
repossession or any other method, by any creditor of Grantor or by any governm~tal agency against any property securing the Indebtedness.
This includes a garnishment of any of Grantor's accounts, including deposit accour~t.% with Lender. However, this Event of Default shall not apply
if there is a good faith dispute by Grantor as to the validity or reasonableness of the cl;~im which is the basis of the creditor or forfeiture proceeding
and if Grantor giveS Lender written notice of the creditor or forfeiture proceeding ar~(J (l(~[)o$its with Lender monies or a surety bond for the creditor
or forfeiture preceeding, in an amount determined by Lender, in its sole discretion, as l~eit~.cI an adequate reserve or bond for the dispute.
Breach of Other Agreement. Any breach by Grantor under the terms of any oth~r ~greornent between Grantor and Lender that is not remedied
within any grace period provided therein, including without limitation any agreement r:~)cerning any indebtedness or other obligation of Grantor to
Lender, whether existing now or later.
Events Affecting Guarantor. Any of the preceding events occurs with respect to ~y guarantor, endorser, surety, or accommodation party of any
of the Indebtedness or any guarantor, endorser, surety, or accommodation party die.~, or I~ecomes incompetent, or revokes or disputes the validity
of, or liability underl any Guaranty of the Indebtedness. In the event of a death, L~.~d~;r, at its option, may, but shall not be required to, permit the
guarantor's estate to assume unconditionally the obligations arising under the guara~dy i~ a manner satisfactory to Lender, and, in doing so, cure
any Event of Default.
Adverse Change. A material adverse change occurs in Grantor's financial conditi(,~, or Lender believes the prospect of payment or performance
of the Indebtedness is impaired.
Right to Cure. If such a failure is curable and if Grantor has not been given a noli~:(; of a breach of the same provision of this Mortgage within the
preceding twelve (12) months, it may be cured (and no Event of Default will h,~,.,e occurred) if Grantor, after Lender sends written notice
demanding cure of such failure: (a) cures the failure within fifteen (15) days; or (h) if the cure requires more than fifteen (15) days, immediately
initiates steps sufficient to cure the failure and thereafter continues and completed, i; ,qll reasonable and necessary steps sufficient to produce
compliance as soon as reasonably practical.
RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence of an Event of Defaull 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 rigl ~ts or remedies provided by law:
Accelerate Indebtedness. Lender shall have the right at its option without notice tr~ Grantor to declare the entire Indebtedness immediately due
and payable, including any prepayment penalty which Grantor would be required to
O~(J4(J~O '~ .. 075'~ MORTGAGE {)8~'78~'~ , ......
Loan No: 33041401 (Continued) ' l~l~age 4
UCC Remedies. With respect to all or any part of the Personal Property, Lender 5h;ill h,lve 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 t~,,a'.;oss~on of the Property, including during the pendency of
foreclosure, whether judicial or non-judicial, and collect the Rents, including amounts i,:~st due and unpaid, and apply the net proceeds, over and
above Lender's costs, against the indebtedness. In furtherance of this right, Lende-r [~.ly 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 Le[~,J,~.~, then Grantor irrevocably designates Lender as Grantor's
attorney-in-fact to endorse instruments received in payment thereof in the name of ¢~tr~t()r and to negotiate the same and collect the proceeds.
Payments by tenants or other users to Lender in response to Lender's demand 511~11 satisfy the obligations for which the payments are made,
whether or not any proper grounds for the demand existed. Lender may exercise ih-~ ~i~ht,.~ 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 I~,,r,~ossion of all or any part of the Property, with the power to
protect and preserve the Property, to operate the Property preceding foreclosure or 5~l~;, and to collect the Rents from the Property and apply the
proceeds, over and above the cost of the receivership, against the Indebtedness. 'ihe receiver may serve without bond if permitted by taw.
Lender's right to the appointment of a receiver shall exist whether or not the al~!~r~;r~t value of the Property exceeds the indebtedness by a
substantial amount. Employment by Lender shall not disqualify a person from servi~l ~.~, a receiver.
Judicial Foreclosure. Lender may obtain a judicial decree foreclosing Grantor's intc~.st i~ all or any part of the Property.
Nonjudicial Sale. Lender may foreclose Grantor's interest in all or in any part of ti~,~ Proi~edy by non-judicial sale, and specifically by "power Of
sale" or "advertisement and sale" foreclosure as provided by statute.
Deficiency Judgment. If permitted by applicable law, Lender may obtain a judgmr~t for any deficiency remaining in the indebtedness due to
Lender after application of all amounts received from the exercise of the rights provid(;~t ir~ this section.
Tenancy at Sufferance, If Grantor remains in possession of the Property after th~.~ Property is sold as provided above or Lender otherwise
becomes entitled to possession of the Property upon default of Grantor, Grantor sh;~ll t.~ocome a tenant at sufferance of Lender or the purchaser
of the Property and shall, at Lender's option, either (1) pay a reasonable rent~l I~r the use of the Properly, or (2) vacate the Property
immediately upon the demand of Lender.
Other Remedies. Lender shall have all other rights and remedies provided in this I'~1, ,~ t,j;~je or the Note or available at law or in equity.
Sale of the Property, To the extent permitted by applicable law, Grantor. hereby ?.','~,~es any and all right to have the Property marshalled. In
exercising its rights and remedies, Lender shall be free to sell all or any part of th~ t'~¢~f-)erty together'or separately, in one sale or by separate
sales. Lender shall be entitled to bid at any public sale on all or any portion of the Prol)~.~rty.
Notice of Sale. Lender shall give Grantor reasonable notice of the time and place ~,t ,~ny 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 ~, ~;~de. Reasonable notice shall mean notice given at least
ten (10) days before the time of the sale or disposition. Any sale of the Personal P~)~rty may be made in conjunction with any sale of the Real
Property.
Election of Remedies. Election by Lender to pursue any remedy shall not exc. IHH~:~, pursuit of any other remedy, and an election to make
expenditures or to take action to perform an obligation of Grantor under this Mortga!~, atl(~r Grantor's failure to perform, shall not affect Lender's
right to declare a default and exercise its remedies. Nothing under this Mortgage or ~th~.~r~*vise shall be construed so as to limit or restrict the rights
and remedies available to Lender following an Event of Default, or in any way to limit ~r restrict the rights and ability of Lender to proceed directly
against Grantor and/or against any other co-maker, guarantor, surety or endors~ u~i/or to proceed against any other collateral directly or
indirectly securing the Indebtedness.
Attorneys' Fees; Expenses. If Lender institutes any suit or action to enforce any of tl~,~ torrns of this Mortgage, Lender shall be entitled to recover
such sum as the court may adjudge reasonable as attorneys' fees at trial and upon ~,,, ~I~i~eal. Whether or not any court action is involved, and
to the extent not prohibited by law, all reasonable expenses Lender incurs that in Lar~J,~'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 I~,~,abte on demand and shall bear interest at the Note rate
from the date of the expenditure until repaid. Expenses covered by this paragraph i~h~l~., without limitation, however subject to any limits under
applicable law, Lender's reasonable attorneys' fees and Lender's legal expenses wh+~tl ~r ¢~r not there is a lawsuit, including reasonable attorneys'
fees and expenses for bankruptcy proceedings (including efforts to modify or ~,~r~l~, ~ny automatic stay or injunction), appeals, and any
anticipated post-judgment collection services, the cost of searching records, obt~i~i~,j title reports (including foreclosure reports), surveyors'
reports, and appraisal fees and title insurance, to the extent permitted by applicabl~ h,?.,. 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 limitali~ ~,~ ~otice of default and any notice of sale shall be given
in writing, and shall be effective when actually delivered, when actually received by teleh~,;~i~ile (unless otherwise required by law), when deposited
with a nationally recognized overnight courier, or, if mailed, when deposited in the United Sh~la~ mail, as first class, certified or registered mail postage
prepaid, directed to the addresses shown near the beginning of this Mortgage. All copi~:.~ ~l notices of foreclosure from the holder of any lien which
has priority over this Mortgage shall be sent to Lender's address, as shown near the beg ~n~:l of this Mortgage. Any party may change its address for
notices under this Mortgage by giving formal written notice to the other parties, specify~j Ihal the purpose of the notice is to change the party's
address. For notice purposes, Grantor agrees to keep Lender informed at ail times ~f C~r~tor's current address. Unless otherwise provided or
required by law, if there is more than one Grantor, any notice given by Lender to any Gra~t~i i~ deemed to be notice given to all Grantors.
MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of thi.~ ~l~rtgage:
Amendments. This Mortgage, together with any Related Documents, constitutes th~ ~,~hre understanding and agreement of the parties as to the
matters set forth in this Mortgage. No alteration of or amendment to this Mortgage sh~ll be effective unless given in writing and signed by the
party or parties sought to be charged or bound by the alteration or amendment.
Annual Reports. If the Property is used for purposes other than Grantor's resider~.~. Grantor shall furnish to Lender, upon request, a certified
statement of net operating income received from the Property during Grantor's previo~ liscal year in such form and detail as Lender shall require.
"Net operating income" shall mean all cash receipts from the Property less all cash ~×I~nditures made in connection with the operation of the
Property.
Caption Headings. Caption headings in this Mortgage are for convenience purp¢,~.~ (~ly and are not to be used to interpret or define the
provisions of this Mortgage.
Governing Law. This Mortgage will be governed by, construed and enforced 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.
Choice of Venue. If there is a lawsuit, Grantor agrees upon Lender's request to s~hn~it to the jurisdiction of the courts of Teton County, State of
Wyoming.
No Waiver by Lender. Lender shall not be deemed to have waived any rights und(.-'r this Mortgage unless such waiver is given in writing and
signed by Lender. No delay or omission on the part of Lender in exercising any rigl~t sh~tl operate as a waiver of such right or any other right. A
waiver by Lender of a provision of this Mortgage shall not prejudice or constitute a w;:~w~,~ of Lender's right otherwise to demand strict compliance
with that provision or any other provision of this Mortgage. No prior waiver by Len~h~r, ~or any course of dealing between Lender and Grantor,
shall constitute a waiver of any of Lender's rights or of any of Grantor's obligations as. t~ ~tr~y future transactions. Whenever the consent of Lender
is required under this Mortgage, the granting of such consent by Lender in any insi~,:(? shall not constitute continuing consent to subsequent
instances where such consent is required and in all cases such consent may be grar)i(~J ()~ withheld in the sole discretion of Lender.
Severability. If a court of competent jurisdiction finds any provision of this tvl~)rt,~je to be illegal, invalid, or unenforceable as to any
circumstance, that finding shall not make the offending provision illegal, invalid, or un,.~t¢~rceable as to any other circumstance. If feasible, the
offending provision shall be considered modified so that it becomes legal, valid and e~l~(:(~able, if the offending provision cannot be so modified,
it shall be considered deleted from this Mortgage. Unless otherwise required by law, the i o~jalily invalidity, or unenforceability of any provision of
this Mortgage shall not affect the legality, validity or enforceability of any other provision c)f this Mortgage.
Merger. There shall be no merger of the interest or estate created by this Mortgag£~ 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 Lend~,r.
Successors and Assigns. Subject to any limitations stated in this Mortgage on tran~;h~ ~f Grantor's interest, this Mortgage shall be binding upon
and inure to the benefit of the parties, their successors and assigns. If ownership of tl~(~, P~c)ioerty becomes vested in a person other than Grantor,
Lender, without notice to Grantor, may deal with Grantor's successors with refe~(~n~e to this Mortgage and the Indebtedness by way of
Loan No: 33041401
MORTGAGE 2'~ ~---
(Continued) 0;~ 1~4-Page 5
forbearance or extension without releasing Grantor from the obligations of this Mort~ju!le or liability under the Indebtedness.
Time is of the Essence. Time is of the essence in the pedormance of this Mortgage.
Waiver of Homestead Exemption. Grantor hereby releases and waives all rights a~d benefits of the homestead exemption laws of the State of
Wyoming as to all Indebtedness secured by this Mortgage.
DEFINITIONS. The following capitalized words and terms shall have the following mear,ngs when used in this Mortgage. Unless specifically stated to
the contrary, all references to dollar amounts shall mean amounts in lawful money of il,c: United States of America. Words and terms used in the
singular shall include the plural, and the plural shall include the singular, as the context u,ay require. Words and terms not otherwise defined in this
Mortgage shall have the meanings attributed to such terms in the Uniform Commercial
Borrower. The word "Borrower" means Timothy J. Raver and includes all co-signers amd co-makers signing the Note.
Default. The word "Default" means the Default set forth in this Modgage in the secti~)n titled "Default".
Environmental Laws. The words "Environmental Laws" mean any and all state, t~.~doral and local statutes, regulations and ordinances relating to
the protection of human health or the environment, including without limitation the C~,nprehensive 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 of 1986, Pub.
L. No. 99-499 ("SARA"), the Hazardous Materials Transportation Act, 49 U.S.C. S~,ction 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 ~et forth in this Mortgage in the events of default section of this
Mortgage.
Grantor. The word "Grantor" means Timothy J. Raver.
Guaranty. The word "Guaranty" means the guaranty from guarantor, endorser, .'x,c, ty. 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. l,ecause of their quantity, concentration or physical, chemical
or infectious characteristics, may cause or pose a present or potential hazard to bunyan health or the environment when improperly used, treated,
stored, disposed of, generated, manufactured, transported or otherwise handled, rl~e 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 improve ~ ds. buildings, structureS, mobile homes affixed on the Real
Property, facilities, additions, replacements and other construction on the Real Prop(;r
Indebtedness. The word "Indebtedness" means all principal, interest, and other an ,,~unts, costs and expenses payable under the Note or Related
Documents, together with all renewals of, extensions of, modifications of, consolidalioms of and substitutions for the Note or Related Documents
and any amounts expended or advanced by Lender to discharge Grantor's obliualions or expenses incurred by Lender to enforce Grantor's
obligations under this Mortgage, together with interest on such amounts as provided in this Modgage.
Lender. The word "Lender" means The Jackson State Bank & Trust, its successom and assigns.
Mortgage. The word "Mortgage" means this Mortgage between Grantor and Lender.
Note. The word "Note" means the promissory note dated March 15, 2004, in the original principal amount of $104,000.00 from
Grantor to Lender, together with all renewals of, extensions of, modifications ct. refinancings of, consolidations of, and substitutions for the
promissory note or agreement.
Personal Property. The words "Personal Property" mean all equipment, fixtures, a~,d 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 (inch,l,~g 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 property, interests and ritjhls, 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, income, issues, royalties, profits, and other benefits derived from the
Property.
GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE, AND GRANTOR AGREES TO ITS TERMS.
GRANTOR:
Thfiothy d. Raver ~
aka Tim Ravgr..]~?~
INDIVIDUAL ACKNOWLEDGMENT
.
COUN~ OF )
aka Tim Raver~
On this daF b~fom m~, th~ undsmi~n~d Nota~ Publi~, pomonally appeared TimolhF J. Nav~, ~o me known ~o b~ th~ indMdual ~s~rib~ in and who
exec~t~ th~ Mo~DaD~,; and ecknowl~Dsd tha~ hs or sh~ si~ned th~ Mo~aD~ as hi~, or her ffse and volunta~ a~t and d~ed, ~o~ ~h~ us~s and
purposms therein m~nfion~.
Given ~e~ my hand ,nd~ff~l this
Notary .ubl c n an~or the State of
A portion of the SWI/4NW1/4 of Section 11 T3$N, RI IOW, of the t~
' 6 P.M., Lincoln County,
Wyoming, being more particularly described as follows.
BEGINNING at a Cotton Gin Spike set at a point in the We~t line of said SW1/4NW1/4, said
point bet~lft 690,69 i~t N1,01~49,ti, alonl~ a~td V,'~tt li~o, i~,om tho Iit.L. lVl. type Monument
found marking the Southwest comer of said SW1/4NW 1/,1; thence N1 °01°49'E, continueing
along said West line, 126.50 feet to a Cotton Gin Spike set; thence S89°02o23,E 213.70 feet to
an Iron Pipe set; thence S1.°01o49,W 126.50 feet to an h'(m Pipe set, thence N89°02o23,W
213.70 feet, to the Point °fBeginning'
Excepting therefrom that parcel of land conveyed to Lincc~ln County in Deed recorded November
17, 1931, Book 17 Deeds, Page 212,
125
Commonwealth Land Title Insurance Company Commitment- Schedule A
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