HomeMy WebLinkAbout904544RECORDATION REQUESTED BY:
ZIONS FIRST NATIONAL BANK
MONTPELIER BRANCH
902 WASHINGTON STREET
MONTPELIER, ID 83254
WHEN RECORDED MAIL TO:
Zions First National Bank
Retail Loan Center - UT RDWG 0853
P.O. Box 30160
West Valley City, UT 84130-0160
RECEIV£D
,LINCOLN COUNTY CLERK
O! NOV 12 PH 36
'JEANNE 'AGNER
SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY
*001004230004021969074507¢112004
MORTGAGE
THIS MORTGAGE dated July 1, 2004, is made and executed between JUDY L WALTON, A SINGLE PERSON
(referred to below as "Grantor") and ZIONS FIRST NATIONAL BANK, whose address is 902 WASHINGTON
STREET, MONTPELIER, ID 83254 (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 ~:(:t~.~d or affixed buildings, improvements and fixtures; all
easements, rights of way, and appurtenances; all water, water rights, watercourse5 and ditch rights (including stock in utilities with ditch or
irrigation rights); and all other rights, royalties, and profits relating to the real i)rcd)crt¥, including without limitation all minerals, oil, gas,
geothermal and similar matters, (the "Real Property") located in LINCOLN County, State of Wyoming:
LOT 1 AND NORTH 40 FEET OF LOT 2 OF BLOCK 20 TO THE TOWN OF COKEVILLE, LINCOLN COUNTY,
WYOMING AS DESCRIBED ON THE OFFICIAL PLAT THEREOF.
The Real Property or its address is commonly known as 425 SAGE STREET, COKEVILLE, WY 831 14. The Real
Property tax ,dentification number is 12-2419-05-4-09_074.00
Grantor presently assigns to Lender all of Grantor's right, title, and interest in and t~ atl present and future leases of the Property and all Rents
from the Property. In addition, Grantor grants to Lender a Uniform Commercial Code s(;cudty 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:
PAYMENT AND PERFORMANCE. Except as otherwise provided in this Mortgage, Grantor shall pay to Lender all amounts secured by this
Mortgage as they become due and shall strictly perform all of Grantor's obligations undur d~is Mortgage.
POSSESSION AND MAINTENANCE OF THE PROPERTY. Grantor agrees that Grantor',~; possession 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 (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 pruu,I)tly perform all repairs, replacements, and maintenance
necessary to preserve its value.
Compliance With Environmental Laws. Grantor represents and warrants to Le. ndur [hat: (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 duo,ale, ned release of any Hazardous Substance on, under,
about or from the Property by any prior owners or occupants of the Property, o~ ((:) any actual or threatened litigation or claims of any
kind by any person relating to such matters; and (3) Except as previously disclo,,;ed to and acknowledged by Lender in writing, (a) neither
Grantor nor any tenant, contractor, agent or other authorized user of the Propurw '.d~all use, generate, manufacture, store, treat, dispose of
or release any Hazardous Substance on, under, about or from the Property; and (b) any such activity shall be conducted in compliance
with all applicable federal, state, and local laws, regulations and ordinances, inr;ludir)(j without limitation all Environmental Laws. Grantor
authorizes Lender and its agents to enter upon the Property to make such inspecti(m.s and tests, at Grantor's expense, as Lender may deem
appropriate to determine compliance of the Property with this section of the Mo~toage Any inspections or tests made by Lender shall be
for Lender's purposes only and shall not be construed to create any responsibiliW ~)r liability on the part of Lender to Grantor or to any other
person. The representations and warranties contained herein are based un Gr~mtor's due diligence in investigating the Property for
Hazardous Substances. Grantor hereby (1) releases and waives any future chdms 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 all claims, losses, liabilities, damages, penalties, and expense~ which Lender may directly or indirectly sustain or suffer
resulting from a breach of this section of the Mortgage or as a consequence of any u~e, generation, manufacture, storage, disposal, release
Loan No: 001004230004021969
MORTGAGE
(Continued)
Page 2
or 1~hreatened release occurring prior to Grantor's ~w~ership or interest in the Property, whether or not the same was or should have been
known to Grantor. The provisions of this section ~f the Mortgage, including the obligation to indemnify, shall survive the payment of the
Indebtedness and the satisfaction and reconveyan~:,; r~f the lien of this Mortgage and shall not be affected by Lender's acquisition of any
interest in the Property, whether by foreclosure or oth~'rwise.
Nuisance, Waste. Grantor shall not cause, condu~:t ~r 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, gravel or rock products without Lender's prior
written consent.
Removal of Improvements. Grantor shall not dem~di~,h or remove any Improvements from the Real Property without Lender's prior written
consent. As a condition to the removal of any Impr~;,~en~ents, Lender may require Grantor to make arrangements satisfactory to Lender to
replace such Improvements with Improvements ~f ~t h~ast equal value.
Lender's Right to Enter. Lender and Lender's agent~; m~d representatives may enter upon the Real Property at all reasonable times to attend
to Lender's interests and to inspect the Real Prol~ert¥ Ior purposes of Grantor's compliance with the terms and conditions of this Mortgage.
Compliance with Governmental Requirements. Grm~[or shall promptly comply with all laws, ordinances, and regulations, now or hereafter
in effect, of all governmental authorities applicabh~ t¢~ the use or occupancy of the Property. Grantor may contest in good faith any such
law, ordinance, or regulation and withhold comphan~.~; during any proceeding, including appropriate appeals, so long as Grantor has notified
Lender in writing prior to doing so and so long as, i~ 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 aband~n or leave unattended the Property. Grantor shall do all other acts, in addition to those
acts set forth above in this section, which from tim ~:h~racter and use of the Property are reasonably necessary to protect and preserve the
Property.
TAXES AND LIENS. The following provisions relating t~ the taxes and liens on the Property are part of this Mortgage:
Payment. Grantor shall pay when due (and in all ~w~'~ts prior to delinquency) all taxes, payroll taxes, special taxes, assessments, water
charges and sewer service charges levied against ~r ~ account of the'Property, and shall pay when due all claims for work done on or for
services rendered or material furnished to the Prop~rW. Grantor shall maintain the Property free of any liens having priority over or equal to
the interest of Lender under this Mortgage, except !~ lhose liens specifically agreed to in writing by Lender, and except for the lien of taxes
and assessments not due as further specified in th~ ~jht to Contest paragraph.
Right to Contest. Grantor may withhold payment ~f any tax, assessment, or claim in connection with a good faith dispute over the
obligation to pay, so long as Lender's interest in th~ Property is not jeopardized. If a lien arises or is filed as a result of nonpayment,
Grantor shall within fifteen (15) days after the li~;r~ ;~riqes 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 L~.'nder, 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 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 any adverse
judgment before enforcement against the Property. Grantor shall name Lender as an additional obligee under any surety bond furnished in
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 written statement of the taxes and assessments against
the Property.
Notice of Construction. Grantor shall notify Lend~r ,'~t least fifteen (15) days before any work is commenced, any services are furnished, or
any materials are supplied to the Property, if any m~chanic's lien, materialmen's lien, or other Ii'eh could be asserted on account of the
work, services, or materials. Grantor will upon reHu~,~t 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 pr~vi~i~ns relating to insuring the Property are a part of this Mortgage:
Maintenance of Insurance. Grantor shall procure m~d maintain policies of fire insurance with standard extended coverage endorsements on
a replacement basis for the full insurable value coveri~g all Improvements on the Real Property in an amount sufficient to avoid application
of any coinsurance clause, and with a standard mort!j~gce clause in favor of Lender. Policies shall be written by such insurance companies
and in such form as may be reasonably acceptabh., t~ Lender. Grantor shall deliver to Lender certificates of coverage from each insurer
containing a stipulation that coverage will not be ca~,:~.~lle¢i or diminished without a minimum of ten (10) days' prior written notice to Lender
and not containing any disclaimer of the insurer','~ li~d~ility for failure to give such notice. Each insurance policy also shall include an
endorsement providing that coverage in favor of Lr~'nd,;r 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 ~'m area designated by the Director of the Federal Emergency Management Agency as
a special flood hazard area, Grantor agrees to oht;~h~ arid maintain Federal Flood Insurance, if available, within 45 days after notice is given
by Lender that the Property is located in a speci~d lh,,~d hazard area, for the full u~paid principal balance of the loan and any prior liens on
the property securing the loan, up to the maximum p,~hcy limits set under the National Flood Insurance Program, or as otherwise required by
Lender, and to mainta n such insurance for the term ~f 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 t~500.00. Lender may make, I~r~f of loss if Grantor fails to do so withi~ fifteen (15) days of the casualty. Whether
or not Lender's security is impaired, Lender may, ;~[ Lender's election, receive and retain the proceeds of any insurance and apply the
proceeds to the reduction of the Indebtedness, paym~mt of any lien affecting the Property, or the restoration and repair of the Property. If
Lender elects to apply the proceeds to restoration arch repair,.Grantor shall repair or replace the damaged or destroyed Improvements in a
manner satisfactory to Lender. Lender shall, upon ,~,'~tisIactory proof of such expenditure, pay or reimburse Grantor from the proceeds for
the reasonable cost of repair or restoration if Gray,t,, is not i~ default under this Mortgage. Any proceeds which have not been disbursed
within 180 days after their receipt and which Lend~..'r has not committed to the repair or restoration of the Property shall be used first to pay
any amount owing to Lender under this Mortgage, th~;n to pay accrued interest, and the remainder, if any, shall be applied to the principal
balance of the Indebtedness. If Lender holds any pr~:~mds after payment in full of the Indebtedness, such proceeds shall be paid to Grantor
as Grantor's interests may appear.
LENDER'S EXPENDITURES. If Grantor fails (A) to keep [h~ Property free of all taxes, liens, security interests, encumbrances, and other claims,
0904544
Loan No: 001004230004021969 MORTGAGE ,.
~_- Page 3
{BI to provide any required insurance on the Property, or {C) to make redah ,; t(J the Property then Lender may do so. If any action or
proceeding is commenced that would materially affect Lender's interests in 1[~(; Property, then Lender on Grantor's behalf may, but is not
required to, take any action that Lender believes to be appropriate to protect [('~)der's interests. All expenses incurred or paid by Lender for
such purposes will then bear interest at the rate charged under the Note from th,~ (late incurred or paid by Lender to the date of repayment by
Grantor. All such expenses will become a part of the Indebtedness and, at Lend~r's option, will (A} be payable on demand; (B} be added to
the balance of the Note and be apportioned among and be payable wi~h any in,~Ldhnent payments to become due during either (1) the term of
any applicable insurance policy; or (2) the remaining term of the Notel or (CI hc treated as a balloon payment which will be due and payable
at the Note's maturity. The Mortgage also will secure payment of these amounls. 7he rights provided for in this paragraph shall be in addition
to any other rights or any remedies to which Lender may be entitled on ac(:(mnt of any default. Any such action by Lender shall not be
Construed as curing the default so as to bar Lender from any remedy that it othmwise would have had.
WARRANTY; DEFENSE OF TITLE. The following provisions relating to OWnersh'~, (~[ the Property are a part of this Mortgage:
Title. Grantor warrants that: (a} Grantor holds good and marketable title (~ ~e~::)rd to the Property in fee simple, free and clear of all liens
and encumbrances other than those set forth in the Real Property descripth,n ,,, n any title insurance policy, title report, or final title opimon
issued in favor of, and accepted by, Lender in Connection with this Mort~j,-<,j,~ and (bi Grantor has the full right, power, and authority to
execute and deliver this Mortgage to Lender.
Defense of Title. Subject to the exception in the paragraph above, Grantor w.,,q~ms and will forever defend the title to the Property against
the lawful claims of all persons. In the event any action or proceeding is
under this Mortgage, Grantor shall defend the action at Grantor's expense, crcec ~nat questions Grantor's title or the '
Lender shall be entitled to participate in the proceeding and to be represem~ Grantor may be the no~= .... interest of Lender
Irll/l~! party Bn such ·
Grantor will deliver, or cause to be delivered, to Lender such instrumem,~; as Lender may request from time to time to permit such
~r~ the proceed nn by c ..... , .... proceeding, but
participation. ~ - ~-o~ m Lenoer's own choice and
Compliance With Laws. Grantor warrants that the Property and Grantor's ...... of me Property complies with all existing applicable laws,
ordi~ an~es, and regulations of governmental authorities.
Survival of Promises. All promises, agreements, and statements Grantor has ~a,Je ,~ this Mortgage shall survive the execution and delivery
of this Mc':gage, shall be continuing in nature and shall remain in full force and uffect until such time as Grantor s Indebtedness is paid in
full.
CONDEMNATION. The foJlow%g provisions relating to condemnation proceedings; arc a part of this Mortgage:
Proceedings. If any proceeding in condemnation is filed, Grantor shall pro~r
such steps as may be necessary to defend the action and obtain the awar~J u'~ notify Lender in writing, and Grantor shall promptly take
G~aCtor may be the acm hal party in su ·
will deliver or cause to be delivered to Lender such instruments and docum, "a[~on as may b~ , c~,.o~, u~ ~[s Own choice, and Grantor
Lender shall be entitled to participate in the proceeding and to be represente~] i~ the proceeding by ...... . .... ,ch proceeding, but
permit such participation, requested by Lender from time to time to
Application of Net Proceeds. If ail or any part of the Property is condem~m,d by eminent domain proceedings or by any proceeding or
purchase in lieu of condemnation, Lender may at its election require that all nr ary I~ortion of the net proceeds of the award be appliee to
the Indebtedness or the repair or restoration of the Property. The net procccd,~ Gl [ne award shall mean
reasonable costs, expenses, and attorneys' fees incurred by Lender in connecLio, with the condemnation, the award after payment of all
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 ez~ ,dte such documents in addition to this Mortgage and take
whatever other action is requested by Lender to perfect and continue Lender's ,ca on the Real Property. Grantor shall reimburse Lender for
ali taxes, as described below, together with all expenses incurred in recorrn ~fl Purfecting or continuJng this Mortgage, including without
limitation all taxes, fees, documentary stamps, and other charges for recordJn0 ~r re0JStering this Mortgage.
Taxes. The following shall constitute taxes to which this section applies: (ti a ,~pecific 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 whmh Grantor is authorized or required to deduct from
payments on the Indebtedness secured by this type of Mortgage; (3) a tax on m~s WPe of Mortgage chargeable against the Lender or the
holder of the Note; and (4) a specific tax on all or any portion of the h~deh[e(mess or on payments of principal and interest made by
Grantor.
Subsequent Taxes. If any tax to which this section applies is enacted subsP, q~c~ 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 av~ da[)le remedies for an Event of Default as provided below
unless Grantor either (1) pays the tax before it becomes delinquent, or
section and deposits with Lender cash or a sufficient corporate surety bone (21 c()n[esrs the tax as provided above i~ the Taxes and Liens
or u[n~,~r SeCurity satisfactory to Lender.
SECURITY AGREEMENT; FINANCING STATEMENTS. The following provisions relaijn!~ [o this Mortgage as a security agreement are a part of
this Mortgage:
Security Agreement. This instrument shall constitute a Security Agreement m me e×ten[ any of the Property Constitutes fixtures, and
Lender shall have all of the rights of a secured party under the Uniform Commer :~a~ Code as amended from time to time.
Security Interest. Upon request by Lender, Grantor shall take whatever act, on ,~ requested by Lender to perfect and continue Lender's
security interest in the Personal Property. In addition to recording ~his Mor~gaUc ,~ the real property records, Lender may, at any time and
without further authorization from Grantor, file executed Counterparts, cop~es ~ n productions of this Mortgage as a financing statement.
Grantor shall reimburse Lender for all expenses incurred in perfecting or conpquB ~j [r~rs security interest. Upon default, Grantor shall not
remove, sever or detach the Personal Property from the Property. Upon defm~rt (~rantor shall assemble any Personal Property not affixed
to the Property in a manner and at a place reasonably convenient to Grantor an · L(mder and make it available to Lenegr within three (3)
days after receipt of written demand from Lender to the extent permitted by ~PPJJc~ble law.
Addresses. The mailing addresses of Grantor (debtor) and Lender (secured parlv from which information concerning the security interest
granted by this Mortgage may be obtained (each as required by the Uniforn- Commercial Codel are as stated on the first page of this
Mortgage.
FURTHER ASSURANCES; ATTORNEY-IN-FACT. The following provisions relating to further assurances and attorney-in-fact are a part of this
Loan No: 00100423000402196~
MORTGAGE ~ k~ L Q4,~0
(Continued) Page 4
Mortgage:
Further Assurances. At any time, and from time to tim~, upon request of Lender, Grantor will make, execute and deliver, or will cause to
be made, executed or delivered, to Lender or to Lencler"~ ~lo, signee, and when requested by Lender, cause to be filed, recorded, raffled, or
rerecorded, as the case may be, at such times and in sL~,:h ,)ffices and places as Lender may deem appropriate, any and all such mortgages,
deeds of trust, security deeds, security agreements, fh~ancing statements, continuation statements, instruments of further assurance,
certificates, and other documents as may, in the sole ( p ~,,n of Lender; be necessary or desirable in order to effectuate, complete, perfect,
continue, or preserve (1) Grantor's obligations uncler the Note, this Mortgage, and the Related Documents, and (2) the liens and
security interests created by this Mortgage as first and I~r~)r liens on the Property, whether now owned or hereafter acquired by Grantor.
Unless prohibited by law or Lender agrees to the contrary in writing, Grantor shall reimburse Lender for all costs and expenses incurred in
connection with the matters referred to in this paragraph.
Attorney4mFact. If Grantor fails to do any of the ti~int'; r~derred to in the preceding paragraph, Lender may do so for and in the name of
Grantor and at Grantor's expense. For such purpose:~, Grantor hereby irrevocably appoints Lender as Grantor's attorney-in-fact for the
purpose of making, executing, delivering, filing, recordi~!l and doing all other things as may be necessary or desirable, in Lender's sole
opinion, to accomplish the matters referred to in ti~e i)re~:~li~g paragraph.
FULL PERFORMANCE. If Grantor pays all the Indebtedness, i~;luding without limitation all future advances, when due, and otherwise performs
all the obligations imposed upon Grantor under this Mortqaq~~, Lender shall execute and deliver to Grantor a suitable satisfaction of this
Mortgage and suitable statements of termination of any fir~at~,:.~g statement on file evidencing Lender's security interest in the Rents and the
Personal Property. Grantor will pay, if permitted by appJicahte law, any reasonable termination fee as determined by Lender from time to time.
EVENTS OF DEFAULT. At Lender's option, Grantor will be i~ default under this Mortgage if any of the following happen: Payment Default. Grantor fails to make any payment wheo clue under the Indebtedness.
Default on Other Payments. Failure of Grantor within th,~ time required by this Mortgage to make any payment for taxes or insurance, or
any other payment necessary to prevent filing of or to efl~,(,t discharge of any lien.
Break Other Promises. Grantor breaks any promise mad(~ to Lender or fails to perform promptly at the time and strictly in the manner
provided in this Mortgage or in any agreement related t~) this Mortgage.
Default in Favor of Third Parties. Should Grantor d~dm~lt under any loan, extension of credit, security agreement, purchase or sales
agreement, or any other agreement, in favor of any ()thor creditor or person that may materially affect any of Grantor's property or
Grantor's ability to repay the Indebtedness or Oraomr'% ability to perform Grantor's obligations under this Mortgage or any related
document.
False Statements. Any representation or statement m~l~ (~r furnished to Lender by Grantor or on Grantor's behalf under this Mortgage or
the Related Documents is false or misleading in any ma~rial respect, either now or at the time made or furnished.
Defective Collateralization. This Mortgage or any of tl~(; F~elated Documents ceases to be in full force and effect (including failure of any
collateral document to create a valid and perfected se(;t~rit¥ interest or lien) at any time and for any reason.
Death or Insolvency. The death of Grantor, the insolver)~:y of Grantor, the appointment of a receiver for any part of Grantor's property, any
assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any bankruptcy or
insolvency laws by or against Grantor. However, the ch:nth of any Grantor will not be an Event of Default if as a result of the death of
Grantor the Indebtedness is fully covered by credit life im;urance.
Taking of the Property. Any creditor or governmental a!pmcy tries to take any of the Property or any other of Grantor's property in which
Lender has a lien. This includes taking of, garnishing (,J or levying on Grantor's accounts with Lender. However, if Grantor disputes in
good faith whether the claim on which the taking o! th~ P~operty is based is valid or reasonable, and if Grantor gives Lender written notice
of the claim and furnishes Lender with monies or a st~r~ty bond satisfactory to Lender to satisfy the claim, then this default provision will
not apply.
Breach of Other Agreement. Any breach by Grantor ur~der the terms of any other agreement between Grantor and Lender that is not
remedied within any grace period provided therein, io~:luding without limitation any agreement concerning any indebtedness or other
obligation of Grantor to Lender, whether existing now (~r later.
Events Affecting Guarantor. Any of the preceding event?; occurs with respect to any guarantor, endorser, surety, or accommodation party
of any of the Indebtedness or any guarantor, enclors~, surety, or accommodation party dies or becomes incompetent, or revokes or
disputes the validity of, or liability under, any Guaranty (,[ the Indebtedness. In the event of a death, Lender, at its option, may, but shall
not be required to, permit the guarantor's estate ~ ,~msume unconditionally the obligations arising under the guaranty in a manner
satisfactory to Lender, and, in doing so, cure any Ever~t ,f Default.
Insecurity. Lender in good faith believes itself insecure
Right to Cure. If any default, other than a default m );wment is curable and if Grantor has not been given a notice of a breach of the same
provision of this Mortgage within the preceding twelw~ 1 2) months, it may be cured if Grantor, after receiving written notice from Lender
demanding cure of such default: (1) cures the defa~l~ within fifteen (15) days; or (2) if the cure requires more than fifteen (15) days,
immediately initiates steps which Lender deems in L~r~ r s sole discretion to be sufficient to cure the default and the.realtor continues and
completes all reasonable and necessary steps sufficient '" ~)roduce compliance as soon as reasonably practical.
RIGHTS AND REMEDIES ON DEFAULT. Upon the OCCLIrr~ ...... el an Event of Default and at any time thereafter, Lender, at Lender's option, may
exercise any one or more of the following rights and remech~)~;, m addition to any other rights or remedies provided by law:
Accelerate Indebtedness. Lender shall have the rigJ~ :,, ts optior~'without notice to Grantor to declare the entire Indebtedness immediately
due and payable, including any prepayment penalty which Grantor would be required to pay.
UCC Remedies. With respect to all or any part of the Personal Property, Lender shall have all the rights and remedies of a secured party
under the Uniform Commercial Code.
Collect Rents. Lender shall have the right, without r~)u,:e to Grantor, to take possession of the Praperty, including during the pendency of
foreclosure, whether judicial or non-judicial, and cc~llect me Rents, including amounts past due and unpaid, and apply the net proceeds, over
and above Lender's costs, against the Indebtedne~, hTM furtherance of this right, Lender may require any tenant or other user of the
0904544_.. MORTGAGE t ' ._.0421
Loan No: 001004230004021969 (Continued)
Page 5
Property to make payments of rent or use fees directly to Lender. If the R~,,,,, ,~ru collected by Lender, then Grantor irrevocably designates
Lender as Grantor's attorney-in-fact to endorse instruments received in pa~,~t [hereof in the name of Grantor and to negotiate the same
and collec! the proceeds. Payments by tenants or other users to Lender., ~sponse to Lender's demand shall satisfy the obligations for
which the payments are made, whether or not any proper grounds for th~-: ~,'~nand existed. Lender may exercise its rights under this
subparagraph either in person, by agent, or through a receiver.
Appoint Receiver. Lender shall have the right to have a rece~'ver appointud ~ ~aKu possession of all or any part of the Property, with the
power to protect and preserve the Property, to operate the Property prec~,d~ng foreclosure 'or sale, and to collect the Rents from the
Property and apply the proceeds, over and above the cost of the receiversn,~ aoainst the Indebtedness. The receiver may serve without
bond if permitted by law Lender's right to the appointment of a receiw}~ ~,~,, ex~st whether or not the apparent value of the Property
exceeds the indebtedness by a substantial amount. Employment by Lender :.,,,.Il ~o~ disqualify a person from serving as a receiver.
Judicial Foreclosure. Lender may obtain a judicial decree foreclosing Grantor'~; ~nteresz in all or any part of the Preperty.
Nonjudicial Sale. Lender may foreclose Grantor's interes! in all or in any pa~ f u~e Property 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 aw, Lender may obtain a jtJ{l~ment for any deficiency remaining in the Indebtedness due
to Lender after application of all amounts received from the exercise of the ri!illiN provided in this section.
Tenancy at Sufferance, If Grantor remains in possession of the Property ait,~ u)e Property is sold as provided above or Lender otherwise
becomes entitled to possession of the Property upon defaull of Grantor. G~r~[o~ shall become a tenant at sufferance of Lender or the
purchaser of the Property and shall, at Lender's option, either (ll pay a r~;~;(}nal)e rental for the use of the Property, or (2) vacate the
Pro perry immediately upon the demand of Lender.
Other Remedies. Lender shall have all other rights and remedies provided n ~; Mortgage or the Note or available at law or in equity.
Sale of the Property. To the extent permitted by applicable law, Grantor h~}r~hy waives any and all right to have the Property marshalled.
In exercising its rights and remedies, Lender shall be free to sell all or ar'y ~;~rt of the Property together or separately, in one sale or by
separate sales. Lender shall be entitled to bid at any public sale on all or an, I (,ru()n of the Property.
Notice of Sale. Lender will give Grantor reasonable notice of the time an~J t)~m(,~ of any public sale of the Personal Property or of the time
after which any private sale or other intended disposition of the Persona P~p~:rrF is to be made. Reasonable notice shall mean notice
given al least ten (10) days before the time of the sale or disposition. Any ..... ol u~e Personal Property 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 may be exercised alone or together. An election by
Lender to choose any one remedy will not bar Lender from using any other r~(~(~y. If Lender decides to spend money or to perform any of
Grantor's obligations under this Mortgage, after Grantor's failure to do so, t~;,~ decision by Lender 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 enforc~ m~y of the terms of this Mortgage, Lender shall be entitled to
recover such sum as the court may adjudge reasonable as attorneys' fees at trna and upon any appeal. Whether or not any court action is
involved, and to the extent not prohibited by law, all reasonable expenses L~h~r ~ncurs that in Lender's opinion are necessary at any time
for the protection of its interest or the enforcement of its rights shall becom~ ,, part of the Indebtedness payable on demand and shall bear
Interest at the Note rate from the date of the expenditure until repaid. E~[~,,,n~es covered by this paragraph include, without limitation,
however subject to any limits under applicable law, Lender's attorneys' fees ,,~)(~ Lender's legal expenses whether or not there is a lawsuit,
including attorneys' fees and expenses for bankruptcy proceedings (includintj (;lforts to modify or vadate any automatic stay or injunction),
appeals, and any anticipated post-judgment collection services the cost ol ',,~'~rcr~ng records, obtaining title reports (including foreclosure
reports), surveyors' reports, and appraisal fees and title insurance, to the ,;:.,~,'nt permitted by applic.able 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 witho~ I,]~tauon any notice of default and any notice of sale shall be
given n writing, and shall be effective when actually delivered, when actually rec(,~v~(~ by telefacsimile (unless otherwise required by law), when
deposited with a nationally recognized overnight courier, or, if mailed, when {l~ sm,~(~ in the United States mail, as first class, certified or
registered mail postage prepaid, directed to the addresses shown near the begin~hl (Df ~n~s Mortgage. All copies of notices of foreclosure from
the holder of any lien which has priority over this Mortgage shall be sent to Le~d~:r's address, as shown near the beginning of this Mortgage.
Any person may changq his or her address for notices under this Mortgage uy ~,pwrg formal written notice to the other person or persons,
specifying that the purpose of the notice is to change the person's address. For ~,~t~ce i)urposes, Grantor agrees to keep Lender informed at all
times of Grantor's current address. Unless otherwise provided or required by law, ~ mere 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 r~,~, ~nsibility to tell the others of the notice from Lender.
MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a pa~t ~f tn~s Mortgage:
Amendments. What is written in this Mortgage and in the Related Docum,,,r~ s Grantor's entire agreement with Lender concerning the
matters covered by this Mortgage. To be effective, any change or amenclm~,~d t(~ this Mortgage must be in writing and must be signed by
whoever will be bound or obligated by the change or amendment.
Caption Headings. Caption headings in this Mortgage are for convenience i}~l)~ses only and are not to be used to interpret or define the
provisions of this Mortgage.
Governing Law. This Mortgage will be governed by and interpreted in accordance with federal law and the laws of the State of Idaho,
except and only to the extent of procedural matters related to the perfection a ~(I enforcement of Lender's rights and remedies against the
Property, which will be governed by the laws of the State of Wyoming. However, if there ever is a question about whether any provision of
this Mortgage is valid or enforceable, the provision that is questioned will be governed by whichever state or federal law would find the
prevision to be valid and enforceable. The loan transaction which is evidenced by the Note and this Mortgage has been applied for,
considered, approved and made, and all necessary loan documents have been accepted by Lender in the State of Idaho.
Choice of Venue. If there is a lawsuit, Grantor agrees upon Lender's requ(~r,[ [~ submit to the jurisdiction of the courts of ADA County,
State of Idaho.
No Waiver by Lender. Grantor understands Lender will not give up any of [~:l~d(~,r's rights under this Mortgage unless Lender does so in
writing. The fact that Lender delays or omits to exercise any right will no~ ~.:,.~ umt Lender has given up that right. If Lender does agree
koan [Mo: 00100423000402'1
MORTGAGE ~,, ~'
(Continued) ,i 0 4 2 2 Page 6
in writing to give up one of Lender's rights, that does ,~,~t mean Grantor will not have to comply with the other provisions of this Mortgage.
Grantor also understands that if Lender does consent h) a request, that does not mean that Grantor will not have to get Lender's consent
again if the situation happens again. Grantor further tm,h?rstands that just because Lender consents to one or more of Grantor's requests,
that does not mean Lender will be required to c(msm~t to any of Grantor's future requests. Grantor waives presentment, demand for
payment, protest, and notice of dishonor. Grantor waiw~s all rights of exemption from execution or similar law in the Property, and Grantor
agrees that the rights of Lender in the Property under thi'; Mortgage are prior to Grantor's rights while this Mortgage remains in effect.
Severability. If a court finds that any provision of thru M<~rtgage is not valid or should not be enforced, that fact by itself will not mean that
the rest of this Mortgage will not be valid or enforced. 7herefore, a court will enforce the rest of the provisions of this Mortgage even if a
provision of this Mortgage may be found to be invalid ~r unenforceable.
Merger. There shall be no merger of the interest or e,,;tme created by this Mortgage with any other interest or estate in the .Property at any
time held by or for the benefit of Lender in any capacity, without the written consent of Lender.
Successors and Assigns. Subject to any limitations ',~hm,I in this Mortgage on transfer of Grantor's interest, this Mortgage shall be binding
upon and inure to the benefit of the parties, their su~:~.m~sors and assigns. If ownership of the Property becomes vested in a person other
than Grantor, Lender, without notice to Grantor, may dcm with Grantor's successors with reference to this Mortgage and the Indebtedness
by way of forbearance or extension without releasing Grm~tor from the obligations of this Mortgage or liability under the Indebtedness.
Time is of the Essence. Time is of the essence in thc Imrformance of this Mortgage.
Waiver of Homestead Exemption. Grantor hereby reh;a,.~zs and waives all rights and benefits of the homestead exemption laws of the State
of Wyoming as to all Indebtedness secured by this M~rt(i,'~ge.
DEFINITIONS. The following words shall have the following n~eanings when used in this Mortgage:
Borrower. The word "Borrower" means JUDY L WALiON and includes all co-signers and co-makers s!gning the Note.
Environmental Laws. The words "Environmental Law~" mean any and all state, federal and local statutes, regulations and ordinances
relating to the protection of human health or the envir-nment, including without limitation the Comprehensive Environmental Response,
Compensation, and Liability Act of 1980, as amend(~d, 42 U.S.C. Section 9601, et seq. ("CERCLA"), the Superfund Amendments and
Reauthorization Act of 1986, Pub. L. No. 99-499 ("SA~]A"), the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, et seq.,
the Resource Conservation and Recovery Act, 42 II.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" mcm~ an~, of the events of default set forth in this Mortgage in the events of default
section of this Mortgage.
Grantor. The word "Grantor" means JUDY L WALTON
Guaranty. The word "Guaranty" means the guaram. 'rom guarantor, endorser, surety, or accommodation party to Lender, including
without limitation a guaranty of a or part of the Note.
Hazardous Substances. The words "Hazardous Suhsumces" mean materials that, because of their quantity, concentration or physical,
chemical or infectious characteristics, may cause ,,~ ~ose a present or potential hazard to human health or the environment when
improperly used, treated, stored, disposed of, genur,tcd, manufactured, transported or otherwise handled. The words "Hazardous
Substances" are used in their very broadest sense and include without limitation any and all hazardous or toxic substances, materials or
waste as defined by or listed under the Environmental ,,vs. Th~ term "Hazardous Substances" also includes, without limitation, petroleum
and petroleum by-products or any fraction thereof and ;mhcstos.
Improvements, The word "Improvements" means all e,,,,~Ung and future improvements, buildings, structures, mobile homes affixed on the
Real Property, facilities, additions, replacements and ~um~ construction on the Real Property.
Indebtedness. The word "Indebtedness" means all rm,:ipal, interest, and other amounts, costs and expenses payable under the Note or
Related Documents, together with all renewals of. ~×bmsions of, modifications of, consolidations of and substitutions for the Note or
Related Documents and any amounts expended or adwm :ed by Lender to discharge Grantor's obligations or expenses incurred by Lender to
enforce Grantor's obligations under this Mortgage, tn mlhr.}r with interest on such amounts as provided in this Mortgage.
Lender. The word "Lender" means ZlONS FIRST NA~ L)NAL BANK, its successors and assigns. The words "successors or assigns" mean
any person or company that acquires any interest i. th~
Mortgage. The word "Mortgage" means this Mortfla!lC ,~tweenGrantor and Lender.
Note, The word "Note" means the promissory note iated July 1, 2004, in the original principal amount of $9,000.00 from
Grantor to Lender, together with al renewals of, exum~m)ns of, modifications of, refinancings of, consolidations of, and substitutions for
the promissory note or agreement. The maturitydat~ .,~tms Mortgage is July 12, 2009
Personal Property. The words "Personal ProperW" ,~,~:,,~ all equipment, fixtures, and other articles of personal property now or hereafter
owned by Grantor, and now or hereafter attached ,,, ~lh×,~d to the Real Property; together with all accessions, parts, and additions to, all
replacements of, and all substitutions for, any ct su~:n property; and together with all proceeds (including without limitation all insurance
proceeds and refunds of premiums) from any sale or ~tt · disposition of the Property.
Property. The word "Property" means collectively tm; m,..~ Property and the Personal Property.
Real Property. The words "Real Property" mean th{} q~a] ~roperty, interests and rights, as further described in this Mortgage.
Related Documents. The words "R~lated Docur~enh; mean all 'promissory notes, credit agreements, loan agreements, environmental
agreements, guaranties, security agreements, mortflmlm;. {leeds of trust, security deeds, collateral mortgages, and all other instruments,
agreements and documents, whether now or hereaft~r cx~sting, executed in connection with the Indebtedness.
Rents. The word "Rents" means all present and futur~ rents, revenues, income, issues, royalties, profits, and other benefits derived from
the Property.
Q so4 44
Loan No: 001004230004021969
MORTGAGE .'(~ ~.04~ 3
(Continued)
Page 7
GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE. AND GRANTOR AGREES TO ITS TERMS.
GRANTOR:
INDIVIDUAL ACKNOWLEDGMENT
)
COUNT~ ~
) SS
)
On this day before me, the undersigned Notary Public, personally appeared JUDY L WALTON, to me known to be the individual described in
and_who executed the Mortgage, an_d_~cknowledged that he or she ~i~[qp~l}he Mortgage as his or her free and voluntary act and deed,
u~s ~purposes therein me~d. ~ . ~ i/// ~ for the
G~ undUlY han~ and °~cial~his ~ / ~~' ~'-~~~ 20~
~ ~"' ". '~?C- - ' '
Notary Public ,~~,ate of ~ ~~ [ My co~,~,~,on expires ~- ~ ~ -- 0 ?
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