HomeMy WebLinkAbout90430431215~ 7~'7 ~':7:7
RECORDATION REQUESTED BY:
First Interstate Bank
Jackson Downtown Branch
802 West Broadway
P. O. Box 11095
Jackson, WY 83002-1095
WHEN RECORDED MAIL TO:
First Interstate Bank
Jackson Downtown Branch
802 West Broadway
P. O. Box 11095
Jackson, WY 83002-1095
SEND TAX NOTICES TO:
SHIRLEY ANN UHL
PO BOX 8551
JACKSON, WY 83002-8551
RECEIVED
LINCOLN COUNTY CLERK
2:12
SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY
MORTGAGE
MAXIMUM LIEN. The lien of this Mortgage shall not exceed at any one time $8,572.00.
THIS MORTGAGE dated October 26, 2004, is made and executed between SHIRLEY ANN UHL, A MARRIED
WOMAN, AS HER SOLE AND SEPARATE PROPERTY, WHOSE ADDRESS IS 37192 WASHBURN AVENUE,
BURNEY, CA 96013 (referred to below as "Grantor") and First Interstate Bank, whose address is 802 West
Broadway, P. O. Box 11095, Jackson, WY 83002-1095 (referred to below as "Lender").
GRANT OF MORTGAGE. For valuable consideration, Grantor mortgages and conveys to Lender all of Grantor's right, t!tle, and interest in and to
the following described real property, together with all existing or subsequently erected or affixed buildings, improvements and fixtures; all easements,
rights of way, and appurtenances; all water, water rights, watemourses and ditch rights /including stock in utilities with ditch or irrigation rights); and all
other, rights, roYalties, and profits' relatingto the real property, including without limitation all mineraJs, oil, gas, geothermal and similar matters, (the
Real Property") located in LINCOLN County, State of Wyoming:
LOT 76 IN STAR VALLEY RANCH, PLAT 18 AS PLATTED AND RECORDED IN THE OFFICIAL RECORDS OF
LINCOLN COUNTY, WYOMING
The Real Property or its address is commonly known as LOT 76, STAR VALLEY RANCHES, AFTON, WY 83110.
The Real Property tax identification number is 34180530201900
Grantor presently assigns to Lender all of Grantor's right, title, and interest in and to all present and future leases of the Property and all Rents from the
Property. In addition, Grantor grants to Lender a Uniform Commercial Code security interest in the Personal Property and Rents.
THIS MORTGAGE, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY, IS
GIVEN TO SECURE (A) PAYMENT OF THE INDEBTEDNESS AND (B) PERFORMANCE OF ANY AND ALL OBLIGATIONS UNDER THE NOTE,
THE RELATED DOCUMENTS, AND THIS MORTGAGE. THIS MORTGAGE IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS:
GRANTOR'S WAIVERS. Grantor waives all rights or defenses arising by reason of any "one action" or "anti-deficiency" law, or any other law which
may prevent Lender from bringing any action against Grantor, including a claim for deficiency to the extent Lender is otherwise entitled to a claim for
deficiency, before or after Lender's commencement or completion of any foreclosure action, either judicially or by exercise of a power of sale.
GRANTOR'S REPRESENTATIONS AND WARRANTIES. Grantor warrants that: (a) this Mortgage is executed at Borrower's request and not at the
request of Lender; (b) Grantor has the full power, right, and authority to enter into this Mortgage and to hypothecate the Property; (c) the provisions of
this Mortgage do not conflict with, or result in a default under any agreement or other instrument binding upon Grantor and do not result in a violation
of any law, regulation, court decree or order applicable to Grantor; (d) Grantor has established adequate means of obtaining from Borrower on a
continuing basis information about Borrower's financial condition; and (e) Lender has made no representation to Grantor about Borrower (including
without Limitation the creditworthiness of Borrower).
PAYMENT AND PERFORMANCE. Except as otherwise provided in this Mortgage, Borrower shall pay to Lender all Indebtedness secured by this
Mortgage as it becomes due, and Borrower and Grantor shall strictly perform all Borrow~ 's and Grantor's obligations under this Mortgage.
POSSESSION AND MAINTENANCE OF THE PROPERTY. Borrower and Grantor agree that Borrower's and Grantor's possession and use of the
Property shall be governed by the following provisions:
Possesslon and Use. Until the occurrence of an Event of Default, Grantor may (1) remain in possession and control of the Property; (2) use,
operate or manage the Property; and (3) collect the Rents from the Property.
Duty to Maintain. Grantor shall maintain the Property in good condition and promptly perform all repairs, replacements, and maintenance
necessary to preserve its value.
Compliance With Environmental Laws. Grantor represents and warrants to Lender that: (1) During the period of Grantor's ownership of the
Property, there has been no use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous
Substance by any person on, under, about or 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 writing, (a) any breach or violation 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 Property, or (c) any actual or threatened litigation or claims 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 Property 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 shatl be conducted in compliance with all applicable federal, state,
and local laws, regulations and ordinances, including without limitation all Environmental Laws. Grantor authorizes Lender and its agents to enter
upon the Property to make such inspections and tests, at Grantor's expense, as Lender may deem appropriate to determine compliance of the
Property with this section of the Mortgage. Any inspections or tests made by Lender shall be for Lender's purposes only and shall not be
construed to create any responsibility or 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 Property for Hazardous Substances. Grantor hereby (1) releases and
waives any future claims against Lender for indemnity or contribution in the event Grantor becomes liable for cleanup or other costs under any
such laws; and (2) agrees to indemnify and hold harmless Lender against any and alt claims, losses, liabilities, damages, penalties, and expenses
which Lender may directly or indirectly sustain or suffer resulting from a breach of tills section of the Mortgage or as a consequence of any use,
generation, manufacture, storage, disposal, release or threatened release oocurrino prior to Grantor's ownership or interest in the Property,
whether or not the same was or should have been known to Grantor. The provis~ons of this section of the Mortgage, including the obligation to
indemnify, shall survive the payment of the Indebtedness and the satisfaction and reconveyance of the lien of this Mortgage and shall not be
affected by Lender's acquisition of any interest in the Property, whether by foreclosure or otherwise.
Nuisance, Waste. Grantor shall not cause, conduct or permit any nuisance nor commit, permit, or suffer any stripping of or waste on or to the
Property or any portion of the Property. Without limiting the generality of the foregoing, 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, 0ravel or rock products without Lender's prior written consent.
Removal of Improvements. Grantor shall noi demolish or remove any Improvements from the Real Property without Lender's prior written
consent. As a condition to the removal of any Improvements, Lender may require Grantor to make arrangements satisfactory to Lender to replace
o o4ao,1
MORTGAGE
(Continued) ', ~ 0 6 5 7 Page 2
such Improvements with Improvements of at least equal value.
Lender's Right to Enter. Lender and Lender's agents and representatives may enI~.r 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 compliar ~ce with the terms and conditions of this Mortgage.
Compliance with Governmental Requirements. Grantor shall promptly comply with all laws, ordinances, and regulations, now or hereafter in
effect, of all governmental authorities applicable to the use or occupancy of the Property. Grantor may contest in good faith any such law,
ordinance, or regulation and withhold compliance during any proceeding, including appropriate appeals, so long as Grantor has notified Lender in
writing prior to doing so and so long as, in Lender's sole opinion, Lender's interests ir~ 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 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 Properly are reasor~ably necessary to protect and preserve the Property.
DUE ON SALE - CONSENT BY LENDER. Lender may, at Lender's option, declare immc~tiately due and payable all sums secured by this Mortgage
upon the sale or transfer, without Lender's prior written consent, of all or any part of the Ro~I Property, or any interest in the Real Property. A "sale or
transfer" means the conveyance of Real Property or any right, title or interest in the Real Property; whether legal, beneficial or equitable; whether
voluntary or involuntary; whether by outright sale, deed, installment sale contract, land cor~tr~ct, contract for deed, leasehold interest with a term greater
than three (3) years, lease-option contract, or by sale, assignment, or transfer of any ber~eficial 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 exemised by Lender if such
exercise is prohibited by federal-law or by Wyoming law.
TAXES AND LIENS. The following provisions relating to the taxes and liens on the Property ~re part of this Mortgage:
Payment. Grantor shall pay when due (and in all events prior to delinquency) all taxos, payroll taxes, special taxes, assessments, water charges
and sewer service charges levied against or on account of the Property, and shall pay when due all claims for work done on or for services
rendered or material furnished to the Property. Grantor shall maintain the Property hog 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 Ler~der, 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 clah-n h~ cor~r~ection 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 ~s filed 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 has notice of the filing, secure the discharge of the lien, or if
requested by Lender, deposit with Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender in an amount sufficient
to discharge the lien plus any costs and reasonable attorneys' fees, or other charges that could accrue as a result of a foreclosure or sale under
the lien. In any contest, Grantor shall defend itself and Lender and shall satisfy a~y adverse judgment before enfomement against the Property.
Grantor shall name Lender as an additional obligee under any surety bond furnished ir~ the contest proceedings.
Evidence of Payment. Grantor shall 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 a w¢itten 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
materials are supplied to the Property, if any mechanic's lien, materialmen's lien, or other lien could be asserted on account of the work, services,
or materials 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 Properly are a part of this Mortgage:
Maintenance of Insurance. Grantor shall procure and maintain policies of fire insu<~ce with standard extended coverage endorsements on a
replacement basis for the full insurable value covering all Improvements on the Real Property 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 deliver to Lender certificates of coverage from each insurer containing a
stipulation that coverage will not be cancelled or diminished without a minimum of ten (10) days' prior written notice to Lender and not containing
any disclaimer of the insurer's liability for failure to give such notice. Each insurar~ce policy also shall include an endorsement providing that
coverage in favor of Lender will not be impaired in any way by any act, omission or default of Grantor or any other person. Should the Real
Property be located in an area 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 allot notice is given by Lender that the Property is located in a
special flood hazard area, for the full unpaid principal balance of the loan and any prior liens on the property securing the loan, 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 damage to the Property if the estimated cost of repair or
replacement exceeds $3,000.00. Lender may make proof of loss if Grantor fails to do so within fifteen (15) days of the casualty. Whether or not
Lender's security is impaired, Lender may, at Lender's election, receive and retain the I~roceeds of any insurance and apply the proceeds to the
reduction of the Indebtedness, payment of any lien affecting the Property, or the restorulion and repair of the Property. If Lender elects to apply
the proceeds to restoration and repair, Grantor shall repair or replace the damaged or dostroyed Improvements in a manner satisfactory to Lender.
Lender shall, upon satisfactory proof of such expenditure, pay or reimburse Gray,tot from the proceeds for the reasonable cost of repair or
restoration if Grantor is not in default under this Mortgage. Any proceeds which have ~ot been disbursed within 180 days after their receipt and
which Lender has not committed to the repair or restoration of the Property shall be ~sed first to pay any amount owing to Lender under this
Mortgage, then to pay accrued interest, and the remainder, if any, shall be applied to the principal balance of the Indebtedness. If Lender holds
any proceeds after payment in full of the Indebtedness, such proceeds shall be paid to Grar~tor as Grantor's interests may appear.
LENDER'S EXPENDITURES. If Grantor fails (A) to keep the Property free of all taxes, lio~s, security interests, encumbrances, and other claims, (B)
to provide any required insurance on the Property, or (C) to make repairs to the Property then Lender may do so. If any action or proceeding is
commenced that would materially affect Lender's interests in the Property, then Lender on Grantor's behalf may, but is not required to, take any action
that Lender believes to be appropriate to protect Lender's interests. All expenses incurred or paid by Lender for such purposes will then bear interest
at the rate charged under the Note from the date incurred or paid by Lender to the date of rc.p~yment by Grantor. All such expenses will become a part
of the Indebtedness and, at Lender's option, will (A) be payable on demand; (B) be added to the balance of the Note and be apportioned among
and be payable with any installment payments to become due during either (1) the term of any applicable insurance policy; or (2) the remaining term
of the Note; or (C) be treated as a balloon payment which will be due and payable at the Note's maturity. The Mortgage also will secure payment of
these amounts. The rights provided for in this paragraph shall be in addition to any other ri0hts 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 d~..k~ult 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 P~oporty are a part of this Mortgage:
Title. Grantor warrants that: (a) Grantor holds good and marketable title of record to the Property in fee simple, free and clear of all liens and
encumbrances other than those set forth in the Real Property description or in any till~ i~surance policy, title report, or final title opinion issued in
favor of, and accepted by, Lender in connection with this Mortgage, and (b) Grantor h~s the full right, power, and authority to execute and deliver
this Mortgage to Lender.
Defense of Title. Subject to the exception in the paragraph above, Grantor warrants ~r~d 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 q~estions Grantor's title or the interest of Lender under this
Mortgage, Grantor shall defend the action at Grantor's expense. Grantor may be the nor'ninal party in such proceeding, but Lender shall be
entitled to participate in the proceeding and to be represented in the proceeding by cour;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 time to permit such participation.
Compliance With Laws. Grantor warrants that the Property and Grantor's use of the Property complies with all existing applicable laws,
ordinances, and regulations of governmental authorities.
Survival of Promises. All promises, agreements, and statements Grantor has made in this Mortgage shall survive the execution and delivery of
this Mortgage, shall be continuing in nature and shall remain in full force and effect until such time as Borrower's Indebtedness is paid in full.
CONDEMNATION. The following provisions relating to condemnation proceedings are a p~H 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
MORTGAGE '0658
(Continued)
Page 4
UCC Remedies. With respect to all or any part of the Personal Property, Lender sh,~ll have all the rights and remedies of a secured party under
the Uniform Commercial Code.
Collect Rents. Lender shall have the right, without notice to Borrower or Grar~tor, to take possession of the Property, including during the
pendency of foreclosure, whether judicial or non-judicial, and collect the Rents, ir~clu~Jing amounts past due and unpaid, and apply the net
proceeds, over and above Lender's costs, against the Indebtedness. In furtherance of this right, Lender may require any tenant or other user of
the Property to make payments of rent or use fees directly to Lender. If the Rents are collected by Lender, then Grantor irrevocably designates
Lender as Grantor's attorney-in-fact to endorse instruments received in payment th~.r~,of in the name of Grantor and to negotiate the same and
collect the proceeds. Payments by tenants or other users to Lender in response to Le~der's demand shall satisfy the obligations for which the
payments are made, whether or not any proper grounds for the demand existed. Lankier may exercise its rights under this subparagraph either in
person, by agent, or through a receiver.
Appoint Receiver. Lender shall have the right to have a receiver appointed to take possession of all or any part of the Property, with the power to
protect and preserve the Property, to operate the Property preceding foreclosure or .~;~le, and to collect the Rents from the Property and apply the
proceeds, over and above the cost of the receivership, against the Indebtedness. Tile receiver may serve without bond if permitted by law.
Lender's right to the appointment of a receiver shall exist whether or not the app~r¢.~t value of the Property exceeds the Indebtedness by a
substantial amount. Employment by Lender shall not disqualify a person from servi~10 as a receiver.
Judicial Foreclosure. Lender may obtain a judicial decree foreclosing Grantor's int~rost in all or any part of the Property.
Nonjudicial Sale. Lender may foreclose Grantor's interest in all or in any part of the Property by non-judicial sale, and specifically by "power of
sale" or "advertisement and sale" foreclosure as provided by statute.
Deficiency Judgment. If permi:tted by applicable law, Lender may obtain a judgme~t for any deficiency remaining in the Indebtedness due to
Lender after application of all amounts received from the exercise of the rights provided ir~ this section.
Tenancy at Sufferance. If Grantor remains in possession of the Property after the Property is sold as provided above or Lender otherwise
becomes entitled to possession of the Property upon default of Grantor, Grantor sh,'~ll l)ecome a tenant at sufferance of Lender or the purchaser
of the Property and shall, at Lender's option, either (1) pay a reasonable re~t;~l for the use of the Property, or (2) vacate the Property
immediately upon the demand of Lender.
Other Remedies. Lender shall have all other rights and remedies provided in this M~rt0a0e or the Note or available at law or in equity.
Sale of the Property. To the extent permitted by applicable law, Borrower and Graduator hereby waives any and all right to have the Property
marshalled. In exercising its rights and remedies, Lender shall be free to sell all or a~y [~art of the Propedy 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 Property.
Notice of Sale. Lender will give Grantor reasonable notice of the time and place of ~r)y 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 ~)ade. Reasonable notice shall mean notice given at least
ten (10) days before the time of the sale or disposition. Any sale of the Personal Pr~perty may be made in conjunction with any sale of the Real
Property.
Election of Remedies. All of Lender's rights and remedies will be cumulative and r~ay be exercised alone or together. An election by Lender to
choose any one remedy will not bar Lender from using any other remedy. If Leander decides to spend money or to perform any of Grantor's
obligations under this Mortgage, after Grantor's failure to do so, that decision by Lerl(fer will not affect Lender's right to declare Grantor in default
and to exercise Lender's remedies.
Attorneys' Fees; Expenses. If Lender institutes any suit or action to enforce any of the terms of this Mortgage, Lender shall be entitled to recover
such sum as the court may adjudge reasonable as attorneys' fees at trial and upon a~y appeal. Whether or not any court action is involved, and
to the extent not prohibited by law, all reasonable expenses Lender incurs that in Le~der'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 [~ayable on demand and shall bear interest at the Note rate
from the date of the expenditure until repaid. Expenses covered by this paragraph ir)clude, without limitation, however subject to any limits under
applicable law, Lender's reasonable attorneys' fees and Lender's legal expenses whether or not there is a lawsuit, including reasonable attorneys'
fees and expenses for bankruptcy proceedings (including efforts to modify or vac~te any automatic stay or injunction), appeals, and any
anticipated post-judgment collection services, the cost of searching records, obtair~h~g title reports (including foreclosure reports), surveyors'
reports, and appraisal fees and title insurance, to the extent permitted by applicable law. Grantor also will pay any court costs, in addition to all
other sums provided by law.
NOTICES. Any notice required to be given under this Mortgage, including without limitati(}~l ~ny notice of default and any notice of sale shall be given
in writing, and shall be effective when actually delivered, when actually received by telefacsimile (unless otherwise required by law), when deposited
with a nationally recognized overnight courier, or, if mailed, when deposited in the United St~tes mail, as first class, certified or registered mail postage
prepaid, directed to the addresses shown near the beginning of this Mortgage. All copies of notices of foreclosure from the holder of any lien which
has priority over this Mortgage shall be sent to Lender's address, as shown near the begir~r)ir~g of this Mortgage. Any person may change his or her
address for notices under this Mortgage by giving formal written notice to the other perso~l or persons, specifying that the purpose of the notice is to
change the person's address. For notice purposes, Grantor agrees to keep Lender informe~J ;tt all times of Grantor's current address. Unless otherwise
provided or required by law, if there is more than one Grantor, any notice given by Lender to any Grantor is deemed to be notice given to all Grantors.
It will be Grantor's responsibility to tell the others of the notice from Lender.
ASSOCIATION OF UNIT OWNERS. The following provisions apply if the Real Properly has ~eerl submitted to unit ownership law or similar law for the
establishment of condominiums or cooperative ownership of the Real Property:
Power of Attorney. Grantor grants an irrevocable power of attorney to Lender to vote i~l Lender's discretion on any matter that may come before
the association of unit owners. Lender will have the right to exercise this power of ~ttorney only after Grantor's default; however, Lender may
decline to exercise this power as Lender sees fit.
Insurance. The insurance as required above may be carried by the association of L,~it owners on Grantor's behalf, and the proceeds of such
insurance may be paid to the association of unit owners for the purpose of repairinrj or reconstructing the Property. If not so used by the
association, such proceeds shall be paid to Lender.
Default. Grantor's failure to perform any of the obligations imposed on Grantor by th~ ~leclaration submitting the Real Properly to unit ownership,
by the bylaws of the association of unit owners, or by any rules or regulations theru~nder, shall be an event of default under this Mortgage. If
Grantor's interest in the Real Property is a leasehold interest and such property has been submitted to unit ownership, any failure by Grantor to
perform any of the obligations imposed on Grantor by the lease of the Real Property from its owner, any default under such lease which might
result in termination of the lease as it pertains to the Real Property, or any failure of Graduator as a member of an association of unit owners to take
any reasonable action within Grantor's power to prevent a default under such lease by the association of unit owners or by any member of the
association shall be an Event of Default under this Mortgage.
MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Mortgage:
Amendments. What is written in this Mortgage and in the Related Documents is Gr~tor's entire agreement with Lender concerning the matters
covered by this Mortgage. To be effective, any change or amendment to this Mortg~ge 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 accorda~lce 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 Borrower and Grantor under this Morto~0e shall be joint and several, and all references to Grantor
shall mean each and every Grantor, and all references to Borrower shall mean each arid every Borrower. This means that each Borrower and
Grantor signing below is responsible for all obligations in this Mortgage.
No Waiver by Lender. Grantor understands Lender will not give up any of Lender's rights under this Mortgage unless Lender does so in writing.
The fact that Lender delays or omits to exercise any right will not mean that Lender I~as given up that right. If Lender does agree in writing to give
up one of Lender's rights, that does not mean Grantor will not have to comply with tile other provisions of this Mortgage. Grantor also
understands that if Lender does consent to a request, that does not mean that Gra~to~ will not have to get Lender's consent again if the situation
happens again. Grantor further understands that just because Lender consents to o[~e 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 prese~tment, demand for payment, protest, and notice of dishonor.
0659
(}~0430~ MORTGAGE
(Continued) Page 3
entitled to participate in the proceeding and to be represented in the proceeding by counsel of its own choice, and Grantor will deliver or cause to
be delivered to Lender such instruments and documentation as may be requestecJ L~y Lender from time to time to permit such participation.
Application of Net Proceeds. If all or 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 the repair or restoration of the Property. The net proceeds of the award shall mean the award after payment of all reasonable costs, expenses,
and attorneys' fees incurred by Lender in connection with the condemnation.
IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relating to governmental taxes, fees
and charges are a part of this Mortgage:
Current Taxes, Fees and Charges. Upon request by Lender, Grantor shall execute such documents in addition to this Mortgage and take
whatever other action is requested by Lender to perfect and continue Lender's lien on the Real Property. Grantor shall reimburse Lender for all
taxes, as described below, together with all expenses incurred in recording, pedecting 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 Borrower which Borrower is authorized or required to deduct from payments
on the Indebtedness secured by this type of Mortgage; (3) a tax on this type of Mortgage chargeable against the Lender or the holder of the
Note; and (4) a specific tax on all or any portion of the Indebtedness or on payme~ts of principal and interest made by Borrower.
Subsequent Taxes. If any tax to which this section applies is enacted subseqt~ent to the date of this Mortgage, this event shall have the same
effect as an Event of Default, and Lender may exercise any or all of its available remedies for an Event of Default as provided below unless Grantor
either (1) pays the tax before it becomes delinquent, or (2) contests the tax as provided above in the Taxes and Liens section and deposits with
Lender cash or a sufficient corporate surety bond or other security satisfactory to Leander.
SECURITY AGREEMENT; FINANCING STATEMENTS. The following provisions relating to this Mortgage as a security agreement are a part of this
Mortgage:
Security Agreement. This instrument shall constitute a Security Agreement to t[~e extent any of the Property constitutes fixtures, and Lender shall
have all of the rights of a secured party under the Uniform Commercial Cede as ~mended 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 reCtl property records, Lender may, at any time and without further
authorization from Grantor, file executed counterparts, copies or repro~luctions gl this Mortgage as .a. financing statement. Grantor shall reimburse
Lender for all expenses incurred in perfecting or continuing this security interesL Upon default, Grantor shall not remove, sever or detach the
Personal Property from the Property. Upon default, Grantor shall assemble any Personal Property not affixed to the Property in a manner and at a
place reasonably convenient to Grantor and Lender and make it available to LenOer 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 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; A'I-rORNEY-IN-FACT. The following provisions relatir-~0 to further assurances and attorney-in-fact are a part of this
Mortgage:
Further Assurances. At any time, and from time to time, upon request of Leander, Grantor will make, execute and deliver, or will cause to be
made, executed or delivered, to Lender or to Lender's designee, and when req~ested by Lender, cause to be filed, recorded, raffled, or
rerecorded, as the case may be, at such times and in such offices and places ~s Lender may deem appropriate, any and all such mortgages,
deeds of trust, security deeds, security agreements, financing statements, continuation statements, instruments of further assurance, certificates,
and other documents as may, in the sole opinion of Lender, be necessary or d~sirable in order to effectuate, complete, perfect, continue, or
preserve (1) Borrower's and Grantor's obligations under the Note, this Mortga0o, a~d the Related Documents, and (2) the liens and security
interests created by this Mortgage as first and prior liens on the Property, whether ~:ow 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 precedi~g paragraph, Lender may do so for and in the name of Grantor
and at Grantor's expense. For such purposes, Grantor hereby irrevocably appoints Lender as Grantor's attorney-in-fact for the purpose of
making, executing, delivering, filing, recording, and doing all other things as may be necessary or desirable, in Lender's sole opinion, to
accomplish the matters referred to in the preceding paragraph.
FULL PERFORMANCE. If Borrower pays all the Indebtedness when due, and otherwise pedorms all the obligations imposed upon Grantor under this
Mortgage, Lender shall execute and deliver to Grantor a suitable satisfaction of this Mortgage and suitable statements of termination of any financing
statement on file evidencing Lender's security interest in the Rents and the Personal Property. Grantor will pay, if permitted by applicable law, any
reasonable termination fee as determined by Lender from time to time.
EVENTS OF DEFAULT. At Lender's option, Grantor will be in default under this Mortg~ge if any of the following happen:
Payment Default. Borrower fails to make any payment when due under the Indebledness.
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. Borrower or Grantor breaks any promise made to Lender or fails to perform promptly at the time and strictly in the
manner provided in this Mortgage or in any agreement related to this Mortgage.
Default in Favor of Third Parties. Should Borrower or any 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 persor~ that may materially affect any of Borrower's or any Grantor's
property or Borrower's ability to repay the Indebtedness or Borrower's or Gm~tor's ability to perform their respective obligations under this
Mortgage or any related document.
.... False 'Statements. Any representation or statement made or furnished to Lender by Borrower or Grantor or on Borrower's or Grantor's behalf
under this Mortgage or the Related Documents is false or misleading in any materiul respect, either now or at the time made or furnished.
Defective Collaterallzation. This Mortgage or any of the Related Documents ceases to be in full force and effect (including failure of any collateral
document to create a valid and perfected security interest or lien) at any time and for any reason.
Death or Insolvency, The death of Borrower or Grantor, the insolvency of Borrower or Grantor, the appointment of a receiver for any part of
Borrower's or Grantor's property, any assignment 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 or Gra~tor.
Taking of the Property. Any creditor or governmental agency tries to take any ul tile Property or any other of Borrower's or Grantor's property in
which Lender has a lien. This includes taking of, garnishing of or levying on Borrower's or Grantor's accounts with Lender. However, if Borrower
or Grantor disputes in good faith whether the claim on which the taking of the Propedy is based is valid or reasonable, and if Borrower or Grantor
gives Lender written notice of the claim and furnishes Lender with monies or a surety bond satisfactory to Lender to satisfy the claim, then this
default provision will not apply.
Breach of Other Agreement. Any breach by Borrower or Grantor under the terms of any other agreement between Borrower or Grantor and
Lender that is not remedied within any grace period provided therein, including without limitation any agreement concerning any indebtedness or
other obligation of Borrower or Grantor to Lender, whether existing now or later.
Events Affecting Guarantor. Any of the preceding events occurs with respect to a~y guarantor, endorser, sure'o/, or accommodation party of any
of the Indebtedness or any guarantor, endorser, surety, or accommodation party dius 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 the occurrence of an Event of Def~ult 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 rkjhts or remedies provided by law:
Accelerate Indebtedness. Lender shall have the right at its option with6ut notice to Grantor to declare the entire Indebtedness immediately due
and payable, including any prepayment penalty which Grantor would be required to pay.
MORTGAGE
(Continued) "- 0 J~ ~) 0 Page 5
and inure to the benefit of the parties, their successors and assigns. If ownership of the Property becomes vested in a person other than Grantor,
Lender, without notice to Grantor, may deal with Grantor's successors with ~uference to this I~:~g~i~.~a~d the Indebtedness by way of
forbearance or extension without releasing Grantor from the obligations of this Mortu,~oe or liabili~ un~M~ tEde~t~ness.
Time is of the Essence. Time is of the essence in the pedormance of this Modoafle.
Waiver of Hom~tead Exemption. Grantor hereby releases and waives all riglds and benefits of the homestead exemption laws of the State of
DEFINITIONS. The following words shall h~o~ing meanings when us~ in'this Mo~gage:
Borrower. The word "Borrower" m~~~, L U~]~.,~~~s%ners and co-makers signing the
Note.
Environmental Laws. ~e words" __ :.:~: ~'--;"::~ ~'. :~te,~f~mt'~~tes, regulations and ordinances relating to
· e prot~tion of human health or the environment, including withoutJ~i~t~ ~e Coml~rehen~iv~ Envk~m~Res~nse Compensation, and
Lab i~ Act of 1980, as amended, 42 U.S.C. S~tion 9601, et s~~), the Sup~uhd~~?~ Reauthorization Act of 1986, Pub.
L No. 99-499 ("SARA"), the Hazardous Materials Transpo~ation Act, 49 U.S.C. Section 1801, et seq., ~e Resource Conse~ation and R~ove~
Event of Default. The words "Event of Default" mean any of ~e -- - ~).t~ -~~events of default set fo~h in (~o~ ~he events of default section of this
Mo~gage.
~dC~IMMOO
YM
Grantor. The word "Grantor" means SHIRL~ ANN ~~D L UHL 'JR.
Guaranty. The word "Guarani" means the ~uaran~ from guarantor, endorser, sure~, o~ to Lender, including without
limitation a guaran~ of all or pa~ of t~u'~u: _u ......................... ,
Hazardous Substances, The words "H~ardous Substances" mean ~terials that, because of their quanti~, concentration or physical, chemical
or infectious characteristics, may cause or ~se a present or potential hazard to human health or the environment when improperly us~, treated,
stor~, dis~s~ of, generated, manufacture, trans~ed or othe~ise handled. The words "Hazardous Substances" are used in ~eir ve~
br~dest sense and include without limitation any and all hazardous' or to~ic substances, materials or waste as defined by or listed under the
Environmental Laws. ~e term "Hazardous Substances" also includes, without limitation, petroleum and petroleum by-products or any fraction
· er~f and asbestos. ' '
Improvements. The word "Improvements" means all existing and future improw~ments, buildings,, structures, mobile homes affixed on the Real
Prope~, facilities, additions, replacements and other construction on the Real Propu~y.
Indebt~n~s. The word "lndebt~ness" means all principal, interest, and other mnounts, costs and expenses payable under ~e Note or Related
Documents, together with all renewals of, e~ensions of, m~ifications of, consolidations of and substitutions for the Note or Relat~ Documents
and any amounts expended or advanc~ by Lender to discharge Grantor's obti0ations or expenses incurred by Lender to enforce Grantor's
obligations under this Mo~gage, together wi~ interest on such amounts as provid,:d in this Mo~gage.
Lender. The word "Lender" means First Inters~te Bank, its successors and assigns. The words "successors or assigns" mean any person or
company that acquires any interest in the Note.
Mo~gage. The word "Mo~gage" means this Modgage baleen Grantor and Lender.
Note. The word "Note" means the promisso~ note dated October 26, 2004, in the original principal amount of $8,643.50 from
Grantor to Lender, together wi~ all renewals of, extensions of, modifications of, refinancings of, consolidations of, and substitutions for the
promisso~ note or agreement. The maturi~ date of this Mo~gage is November ~ 5, 2009.
Personal Prope~y. The words "Personal Prope~" mean all equipment, fixtures, and other articles of personal prope~ now or hereafter owned
by Grantor, and now or hereafter a~ached or affix~ to the Real Prope~; together with all accessions, pa~s, and additions to, all replacements
and all substitutions for, any of such prope~; and together with all pr~eeds 0ncluding without imitation all ~nsurance proceeds and refunds of
premiums) from any sale or o~er dis~sition of ~e Prope~.
Prope~y. ~e word "Prope~" means collectively the Real Prope~ and the Personal Prope~.
R~I Prope~. The words "Real Prope~" mean the real prope~, interests and rignm as fu~her describ~ in this Mo~gage.
Relat~ Documents. The words "Related D~uments" mean all promissory notes, credit agreements, loan agreements, environmen~l
agreements, guaranties, s~uri~ agreements, ~gages, deeds of trust, security aeeds, collateral modgages, and al] other instruments,
agreements and documents whether now or hereafter existing, ex~ut~ in connection with the Indebtedness.
Rents. The word "Rents" means all present and future rents, revenues, income ~ssues, ,oyalties, profits, and other benefits derived from the
Prope~.
EACH GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE, AND EACH GRANTOR AGREES TO ITS
TERMS.
GRANTOR:
x
SFIIRLEY ANN
INDIVIDUAL ACKNOWLEDGMENT
STATE OF "-~ r ~-- ~,, ~10-~ J/~
) ss
COUNW )
On this day ~fore me, the undersign~ Nota~ Public, personally appear~ SHIRLEY ANN UHL a~~ 'm to me k~cwn to be the
individuals describ~ in and who executed the Modgage, and acknowledged that they s~gne~ the Modgage as their free and volunta~ act and de~,
for the uses and pur~ses therein mentioned.
Given under my hand and official s.I this
By ~~ L. WO ~ ~, Residing at
?
0904304
066.1.
COUNTYOP
MY COMMISSION EXPtRE~ REEIDtI~ AI~
Counv of f~ State of ~
Teton ~ Wyoming J
[~