HomeMy WebLinkAbout904875WHEN RECORDED MAIL TO:
Community First National Bank
P. O. Box 6080
Fargo. ND 58108-6080
RECEIVED 11/30/2004 at 3:55 PM
RECEIVING # 904875
BOOK: .573 PAGE: 620
JEANNE WAGNER -
LINCOLN COUNTY CLERK. KEMMERER. WY'
SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY
MORTGAGE
THIS MORTGAGE dated November 30, 2004, is made and executed between Michael R Decker and Debra M
Decker, husband and wife, whose address is PO Box 395, Labarge, WY 83123 (referred to below as "Grantor")
and COMMUNITY FIRST NATIONAL BANK, whose address is 801 Pine Ave. , Kemmerer, WY 83101 (referred to
below as "Lender").
GRANT OF MORTGAGE. For valuable consideration, Grantor mortgages and cenveys to Lender a of Grantor's right, title, and interest in and to
the following described real property, together with all existing or subsequem~y ,.,rected or affixed buildings, mprovements and fixtures; all
easements, rights of way, and appurtenances; all water, water rights, waterc~.,~r~;es and ditch rights (including stock in utilities with ditch or
irrigation rights); and all other rights, royalties, and profits relating to the r~.~l pruperw, including without limitation all minerals, oil, gas,
geothermal and similar matters, (the "Real Property") located in Lincoln County, State of Wyoming:
Lots 7 and 8 of Block 2 of the Second Amended Plat of Birch Creek Commercial Park to the Town of LaBar_~e,
Lincoln County, Wyoming as described on the official plat No. 286 filed June 2, 1985 as Instrument No.
587719 of the records of the Lincoln County Clerk.
The Real Property or its address is commonly known as 130 West Birch Creek Drive, LaBarge, WY 83123.
Grantor presently assigns to Lender all of Grantor's right, title, and interest in a~d t(~ all present and future leases of the Property and all Rents
from the Property. In addition, Grantor grants to Lender a Uniform Commercial C~d~ 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:
PAYMENT AND PERFORMANCE. Except as otherwise provided in this Mort!ja~je, Grantor shall pay to Lender all amounts secured by this
Mortgage as they become due and shall strictly perform all of Grantor's obligatk, r~ ul~¢tur this Mortgage.
POSSESSION AND MAINTENANCE OF THE PROPERTY. Grantor agrees that G~,~tor's 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 m~y (1) remain in possession and control of the Property; (2)
use, operate or manage the Property; and (3) collect the Rents from the Pr~q~er[y.
Duty to Maintain, Grantor shall maintain the Property in tenantable ~:,,~dition and promptly perform all repairs, replacements, and
maintenance necessary to preserve its value.
Compliance With Environmental Laws. Grantor represents and warrants t~ ~ under that: (1) During the period of Grantor's ownership of
the Property, there has been no use, generation, manufacture, storage, tre;~m~ent, disposal, release or threatened release of any Hazardous
Substance by any person on, under, about or from the Property; (2) Gram~)r has no knowledge of, or reason to believe that there has
been, except as previously disclosed to and acknowledged by Lender in vvli[io(.j, (a) any breach or violation of any Environmental Laws,
(b) any use, generation, manufacture, storage, treatment, disposal, rele~,~,~ ~,~ threatened release of any Hazardous Substance on, under,
about or from the Property by any prior owners or occupants of the Prop~.,~t¥, or (c) any actual or threatened litigation or claims of any
kind by any person relating to such matters; and (3) Except as previously di~,:losed to and acknowledged by Lender in writing, (a) neither
Grantor nor any tenant, contractor, agent or other authorized user of the P~,t,,~ty shall use, generate, manufacture, store, treat, dispose of
or release any Hazardous Substance on, under, about or from the Proper[y; arid (b) any such activity shall be conducted in compliance
with all applicable federal, state, and local laws, regulations and ordinanc,;s, ir~cluding without limitation all Environmental Laws. Grantor
authorizes Lender and its agents to enter upon the Property to make such ir~,p~.ctions and tests, at Orantor's expense, as Lender may deem
appropriate to determine compliance of the Property with this section of tl~; Mortgage. Any inspections or tests made by Lender shall be
for Lender's purposes only and shall not be construed to create any respon.,.;ihility or liability on the part of Lender to Grantor or to any other
person. The representations and warranties contained herein are based -n Grantor's due diligence in investigating the Property for
Hazardous Substances. Grantor hereby (1) releases and waives any f~t~,rc 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 all claims, losses, liabilities, damages, penalties, and expu~;s which Lender may directly or indirectly sustain or suffer
resulting from a breach of this section of the Mortgage or as a consequence., oi ~n¥ use, generation, manufacture, storage, disposal, release
or threatened release occurring prior to Grantor's ownership or interest in Ih,~. Property, whether or not the same was or should have been
known to Grantor. The provisions of this section of the Mortgage, includi~u the obligation to indemnify, shall survive the payment of the
Indebtedness and the satisfaction and reconveyance of the lien of this M~ruj~ge 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 ~r commit, permit, or suffer any stripping of or waste on or to
Loan No: 388860355~t0~1~
MORTGAGE
(Continued) Page 2
the Property or any portion of the Property. Without limiting the generality ~ mu foregoing, Grantor will not remove, or grant to any other
party the right to remove, any timber, minerals (including oil and gas), coal, (:~,¢ scoria, soil, gravel or rock products without Lender's prior
written consent.
Removal of Improvements. Grantor shall not demolish or remove any Imp~uv,:~]~,;nts from the Real Property without Lender's prior written
consent. As a condition to the remova of any Improvements, Lender may r(~'(~L~re Grantor to make arrangements satisfactory to Lender to
replace such Improvements with Improvements of at least equal val~e
Lender's Right to Enter. Lender and Lender's agents and representatives m;~, ~r~er upon the R;al Property at all reasonable times to attend
to Lender's interests and to inspect the Real Property for purposes of Granto~ ~ compliance with the terms and conditions of this Mortgage.
Compliance with Governmental Requirements. Grantor shall promptly comt~ly with all laws, ordinances, and regulations, now or hereafter
in effect, of all governmental authorities applicable to the use or occupancy .~l the Property, including without limitation, the Americans
With Disabilities Act. Grantor may contest in good faith any such law, ,.~l,~nce. or regulation and withhold compliance during any
proceeding, including appropriate appeals, so long as Grantor has notified Lu,~)dur ~n writing prior to doing so and so long as, in Lender's
sole opinion, Lender's interests in the Property are not jeopardized. Lender n~, 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 ~'~(~perty. 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 Pr< perry are reasonably necessary to protect and preserve the
Property.
DUE ON SALE - CONSENT BY LENDER. Lender may, at Lender's option, du(,l~[e~ immediately due and payable all sums secured by this
Mortgage upon the sale or transfer, without Lender's prior written consent, of ~dl ~r any part of the Rea Property, or any interest in the Real
Property. A "sale or transfer" means the conveyance of Real Property or any right t~tle or interest in the Real Property; whether legal, beneficial
or equitable; whether voluntary or involuntary; whether by outright sale, deec [tstallment sale contract, land contract, contract for deed,
leasehold interest with a term greater than three (3) years, lease-option contract ~r [~y sale, assignment, or transfer of any beneficial interest in
or to any land trust holding title to the Real Property, or by any other method of (:(mveyance of an interes! in the Real Property. However, this
option shall not be exercised by Lender if such exercise is prohibited by federal law, ,~r uy Wyoming law.
TAXES AND LIENS. The following provisions relating to the taxes and liens on ~he ~ro )erty are part of this Mortgage:
Payment. Grantor shall pay when due {and in all events prior to delinquenc,/~ ~ll taxes, payroll taxes, special taxes, assessments, water
charges and sewer service charges levied against or on account of the Prol)~t¥, ~n(J shall pay when due all claims for work done on or for
services rendered or material furnished to the Property. Grantor shall maint;.~ u)o Property free of any liens having priority over or equal to
the interest of Lender under this Mortgage, except for those liens specifically ,,,~rued to n writing by Lender, and except for the lien of taxes
and assessments not due as further specified in the Right to Contest paragr~q~.
Right to Contest. Grantor may withhold payment of any tax, assessment ,,r claim in connection with a good faith dispute over the
obligation to pay, so long as Lender's interest in the Property is not jeop~r,l~zed, f a lien arises or is filed as a result of nonpayment,
Grantor shall within fifteen (15) days after the lien arises or, if a lien is filed v~(hin 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 cos[s 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 sha satisfy any
adverse judgment before enforcement against the Property. Grantor shall ~me Lender as an additional obligee under any surety bond
furnished in the contest proceedings.
Evidence of Payment. Grantor shall upon demand furnish to Lender satisfact,,~, ~v~de~ce of payment of the taxes or assessments and shall
authorize the appropriate governmental official to deliver to Lender at any t~[~,~ , written statement of the taxes and assessments against
the Property.
Notice of Construction. Grantor shall notify Lender at least fifteen (15) days h~,l~re any work is commenced, any services are [urnished, or
any materials are supplied to the Property, if any mechanic's lien, materiah~;r~'s lien, or other lien could be asserted on account of the
work, services, or materials. Grantor will upon request of Lender furnish to L.~)~ ur 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 tl~: P~operty are a part of this Mortgage:
Maintenance of Insurance. Grantor sha procure and maintain policies of fire ~surance with standard extended coverage endorsements on
a replacement basis for the full insurable value covering all Improvements on ~n,,~ Real Property in an amount sufficient to avoid application
of any coinsurance clause, and with a standard mortgagee clause in ,~w~r of Lender. Grantor shall also procure and maintain
comprehensive general liability insurance in such coverage amounts as Lendc~ ~n~ ~ request with Lender being named as additional insureds
in such liability insurance policies. Additionally, Grantor shall maintain such ~tner ~nsurance, including but not limited to hazard, business
interruption and boiler insurance as Lender may require. Policies shall be wr~,;~) [)y such nsurance companies and in such form as may be
reasonably acceptable to Lender. Grantor shall deliver to Lender certificatu:, ,~ coverage from each insurer containing a stipulation that
coverage will not be cancelled or diminished without a m~nimum of ten (10) d;~ys' prior written notice to Lender and not containing any
disclaimer of the insurer's liability for failure to give such notice. Each insu~)(:e policy also shall include an endorsement providing that
coverage in favor of Lender will not be impaired in any way by any act, omissi<,~ or default of Grantor or any other person. Should the Real
Property be located in an area designated by the Director of the Federal Er~,~!j~.ncy Management Agency as a special flood hazard area,
Grantor agrees to obtain and maintain Federal Flood Insurance, if available, w~hir~ 45 days after notice is given by Lender that the Property
is located in a special flood hazard area, for the full unpaid principal balanc~: ~f the loan and any prior liens on the property securing the
loan, up to the maximum policy limits set under the National Flood Insurance Pre)gram, 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 o~ d~ma0e to the Property. Lender may make proof of loss if
Grantor fails to do so within fifteen (15) days of the casualty. Whether u~ ~,)t Lender's security is impaired, Lender may, at Lender's
election, receive and retain the proceeds of any insurance and apply the proc,;,~dt, to the reduction of the Indebtedness, payment of any lien
affecting the Property, or the restoration and repair of the Property. If Lender ,~l,;.:ts to apply the proceeds to restoration and repair, Grantor
shall repair or replace the damaged or destroyed Improvements in a manner ,%;~tisfactory to Lender. Lender shall, upon satisfactory proof of
such expenditure, pay or reimburse Grantor from the proceeds for the reas(,~ble cost of repair or restoration if Grantor is not in default
under this Mortgage. Any proceeds which have not been disbursed with~ ~ 80 days after their receipt and which Lender has not
Loan No: 3888603555
MORTGAGE ' L 0 6,..9 2
(Continued) Pago 3
committed to the repair or restoration of the Property shall be used first to I~,~y ~ny amount owing to Lender under this Mortgage, then to
pay accrued interest, and the remainder, if any, shall be applied to the princil~;,l balance of the Indebtedness, If Lender holds any proceeds
after payment in full of the Indebtedness, such proceeds sba be paid to Gram ' ~,.~ Grantor's interests may appear.
LENDER'S EXPENDITURES. If any action or proceeding is commenced that would ma~er ally affect Lender's interest in the Property or if Grantor
fails to comply with any provision of this Mortgage or any Related Documents. ,n~,h~ding but not limited to Grantor's failure to discharge or pay
when due any amounts Grantor is required to discharge or pay under this Mortg~tj. ~ an~ Related Documents, Lender on Grantor's behalf may
(but shal not be obligated to) take any action that Lender deems appropriate, inc;IL~dH~g but not limited to discharging or paying all taxes, liens,
security interests, encumbrances and other claims, at any time levied or placed on u~. Property and paying all costs for nsuring, maintaining and
preserving the Property. All such expenditures incurred or paid by Lender for suc~ ~,~. ~oses will then bear interest at the rate charged under the
Note from the date incurred or paid by Lender to the date of repayment by Grant~ All such expenses will become a part of the Indebtedness
aha, at Lender's option, will (A) be payable on demand; (B) be added to the ~.ance of me Note and be apportioned among and be payable
with any installment payments to become due during either (1) the term of any al,l~licable insurance policy; or (2) the remaimng term of the
Note; or (C) be treated as a balloon payment which will be due and payable at [r~. Nme's maturity. The Mortgage also will secure payment of
these amounts. Such right shall be in addition to all other rights and remedies to wh~;h Lender may be entitled upon Default.
WARRANTY; DEFENSE OF TITLE. The following provisions relating to ownership ,,~ me. Property are a part of this Mortgage:
Title. Grantor warrants that: (a) Grantor holds good and marketable title o] r.c~rd to the Property in fee simple, free and clear of all liens
and encumbrances other than those set forth in the Real Property description · .~ any title insurance policy, title report, or final title opinion
issued in favor of, and accepted by, Lender in connection with this Mortgage;, and (b) Grantor has the ful 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~rrams and will forever defend the title to the Pro party against
the lawful claims of all persons. In the event any action or proceeding is commenced that questions Grantor's title or the ~nterest of Lender
under this Mortgage, Grantor shall defend the action at Grantor's expense Granto~ may be the nominal party in such proceeding, but
Lender shall be entitled to participate in the proceeding and to be represemcd ~ [l~e proceeding by counsel of Lender's own choice, and
Grantor will deliver, or cause to be delivered, to Lender such instruments ~s Lender may request from time to time to permit such
participation.
Compliance With Laws. Grantor warrants that the Property and Grantor's ,,~,,~ of me Property complies with all existing applicable laws,
ordinances, and regulations of governmental authorities.
Survival of Representations and Warranties. All representations, warram~c~ and agreements made'by Grantor in this Mortgage shall
survive the execution and delivery of this Mortgage, sba be continuing m nature and shal remain in full force and effect until such time as
Grantor's Indebtedness shal be paid in full.
CONDEMNATION. The following provisions relating to condemnation proceedin§~ ,.c ~, part of this Mortgage:
Proceedings. If any proceeding n condemnation is filed Grantor shall promlm, notify Lender in writing, and Grantor sba promptly take
such steps as may be necessary to defend the action and obtain the awar,~ Grantor may be the nominal party in such proceeding, but
Lender shall be entitled to participate in the proceeding and to be represented i~ the proceeding by counsel of its own choice, and Grantor
will deliver or cause to be delivered to Lender such instruments and docum~,~n[atio~ ~s may be requested by Lender from time to time to
permit such participation.
Application of Net Proceeds. f all or any part of the Property is condem~ cd t~y eminent domain proceedings or by any proceeding or
purchase in lieu of condemnation, Lender may at its election require that all ~r any portion of the net proceeds of the award be applied to
the Indebtedness or the repair or restoration of the Property. The net proc,~:~ls of the award shall mean the award after payment of all
reasonable costs, expenses, and attorneys' fees incurred by Lender in connec[~m w~tl~ 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 e,:,~:cme such documents in addition to this Mortgage and take
whatever other action is requested by Lender to perfect and continue LendeF~, ~a,,~ on the Real Property. Grantor shall reimburse Lender for
all taxes, as described below, together with all expenses incurred in recordH~9, i~erfecting or continuing this Mortgage, including without
limitation all taxes, fees. documentary stamps, and other charges for recordH~9 ~ registering this Mortgage.
Taxes. The following shall constitute taxes to which this section applies: (1, ;~ 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 G~,mor which Grantor is authorized or required to deduct from
payments on the Indebtedness secured by this type of Mortgage; (3) a tax or~ 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 Ind.htudness or on payments of principal and interest made by
Grantor.
Subsequent Taxes. If any tax to which this section applies is enacted subs~quunt 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 ;~wdlable 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 ur ~ther security satisfactory to Lender.
SECURITY AGREEMENT; FINANCING STATEMENTS. The following provisions rchm~g to this Mortgage as a security agreement are a part of
this Mortgage:
Security Agreement. This instrument shall constitute a Security Agreement to the extent any of the Property constitutes fixtures, and
Lender shall have all of the rights of a secured party under the Uniform Commc~ch'd Code as amended from time to time.
Security Interest. Upon request by Lender, Grantor shall take whatever actk~n is requested by Lender to perfect and continue Lender's
security interest in the Rents and Personal Property. In addition to recording th~ Mortgage in the real property records, Lender may, at any
time and without further authorization from Grantor, file executed counteri~m~,~, copies or reproductions of this Mortgage as a financing
statement. Grantor shall reimburse Lender for all expenses incurred in perfe~[i~U or continuing this security interest. Upon default, Grantor
shall not remove, sever or detach the Personal Property from the Property. Ui~a default, Grantor shall assemble any Personal Property not
affixed to the Property in a manner and at a place reasonably convenient to Gr,,m~r and Lender and make it available to Lender within three
(3) days after receipt of written demand from Lender to the extent permitted I~y ,q~plicable law.
Loan No: 3888603555
MORTGAGE
(Continued)
Page 4
Addresses. The mailing addresses of Grantor (debtor} and Lender (secured i),~rt?j from which information concerning the security interest
granted by this Mortgage may be obtained (each as required by the Unif~fm Commercial Code} are as stated on the first page of this
Mortgage.
FURTHER ASSURANCES; ATTORNEY-IN-FACT. The following provisions rela[,~U tv further assurances and attorney-in-fact are a part of this
Mortgage:
Further Assurances. At any time, and from time to time. upon re~luest of [.~l,h~'r. Grantor will make, execute and deliver, or will cause to
be made, executed or delivered, to Lender or to Lender's designee, and wl~cr et uested by Lender, cause to be filed, recorded, reflled, or
rerecorded, as the case may be, at such times and in such offices and place~ ,,.~ Lender may deem approprtate, any and all such mortgages,
deeds of trust, security deeds, security agreements, financing statement,,,, onunuation statements, instruments of I~urther assurance,
certificates, and other documents as may, in the sole opinion of Lender, be ~c,.cssary or desirable in order to effectuate, complete, perfect,
continue, or preserve (1) Grantor's obligations under the Note, this Murh~,je, and the Related Documents, and (2) the liens and
security interests created by this Mortgage as first and prior liens on the P~ul),~.rty, wl3ether now owned or hereafter acquired by Grantor.
Unless prohibited by law or Lender agrees to the contrary in writing, Grant(,t ,;hMI 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 p~,(:~;ding paragraph, Lender may do so for and in the name of
Grantor and at Grantor's expense. For such purposes, Grantor hereby irrc,.'o~:ably appoints Lender as Grantor's attorney-in-fact for the
purpose of making, executing, delivering, filing, recording, and doing all oth~r 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 Grantor pays all the Indebtedness when due, and other,.~i.~(~· performs all the obligations imposed upon Grantor under
this Mortgage, Lender shall execute and deliver to Grantor a suitable satisfaction ul this Mortgage and suitable statements of termination of any
financing statement on file evidencing Lender's security interest in the Rents ~M [he Personal Property. Grantor will pay, if permitted by
applicable law, any reasonable termination fee as determined by Lender from timt; t,~ time.
EVENTS OF DEFAULT. Each of the following, at Lender's option, shall constitute ;,n Event of Default under this Mortgage:
Payment Default. Grantor fails to make any payment when due under the h~d~htudness.
Default on Other Payments, Failure of Grantor within the time required by thi.'; Mortgage to make any payment for taxes or insurance, or
any other payment necessary to prevent filing of or to effect discharge of any
Environmental Default. Failure of any party to comply with or perform wh,~r~ due any term, obligation, covenant or condition contained in
any environmental agreement executed in connection with the Property.
Other Defaults. Grantor fails to comply with or to perform any other term, M,lioation, covenant or condition contained in this Mortgage or
in any of the Related Documents or to comply with or to perform any term, obligation, covenant or condition contained in any other
agreement between Lender and Grantor.
Default in Favor of Third Parties. Should Grantor default under any Ioa~, extension of credit, security agreement, purchase or sales
agreement, or any other agreement, in favor of any other creditor or pc~,~ that may materially affect any of Grantor's property or
Grantor's ability to repay the Indebtedness or Grantor's ability to perf(,m Grantor's obligations under this Mortgage or any related
document.
False Statements. Any warranty, representation or statement made or fumF;hcd to Lender by Grantor or on Grantor's behalf under this
Mortgage or the Related Documents is false or misleading in any material ru~;l~,~',:t, either now or at the time made or furnished or becomes
false or misleading at any time thereafter.
Defective Collateralization. This Mortgage or any of the Related Document~ ~:~ases to be in full force and effect (including failure of any
collateral document to create a valid and perfected security interest or lien) ~,t ~,r~y time and for any reason.
Death or Insolvency, The death of Grantor, the insolvency of Grantor, the alq~uhmnent of a receiver for any part of Grantor's property, any
assignment for the benefit of creditors, any type of creditor workout, or thc commencement of any proceeding under any bankruptcy or
insolvency laws by or against Grantor.
Creditor or Forfeiture Proceedings. Commencement of foreclosure or forh¢i~ur~ proceedings, whether by judicial proceeding, self-help,
repossession or any other method, by any creditor of Grantor or by ~n¥ 0overnmental agency against any property securing the
Indebtedness. This includes a garnishment of any of Grantor's accounts, in,;ludi~U deposit accounts, with Lender. However, this Event of
Default shall not apply if there is a good faith dispute by Grantor as to the w, lidity or reasonableness of the claim which is the basis of the
creditor or forfeiture proceeding and if Grantor gives Lender written notice t~l thc creditor or forfeiture proceeding and deposits with Lender
monies or a surety bond for the creditor or forfeiture proceeding, in an am~,~t determined by Lender, in its sole discretion, as being an
adequate reserve or bond for the dispute.
Breach of Other Agreement. Any breach by Grantor under the terms of ~,~y uther agreement between Grantor and Lender that is not
remedied within any grace period provided therein, including without timmmun any agreement concerning any indebtedness or other
obligation of Grantor to Lender, whether existing now or later.
Events Affecting Guarantor. Any of the preceding events occurs with respc,A t~ any guarantor, endorser, surety, or accommodation party
of any of the Indebtedness or any guarantor, endorser, surety, or acco~m~dation party dies or becomes incompetent, or revokes or
disputes the validity of, or liability under, any Guaranty of the Indebtedness. In the event of a death, Lender~ at its option, may, but shall
not be required to, permit the guarantor's estate to assume unconditkmMl¥ the obligations arising under the guaranty in a manner
satisfactory to Lender, and, in doing so, cure any Event of Default.
Adverse Change. A material adverse change occurs in Grantor's financ~M ,;(.~dition, or Lender believes the prospect of payment or
performance of the Indebtedness is impaired.
Insecurity. Lender in good faith believes itself insecure.
RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence of an Event of Berm,ti 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 ~[1~;~ rights or remedies provided by law:
Accelerate Indebtedness. Lender shall have the right at its option without noti,:e to Grantor to declare the entire Indebtedness immediately
MORTGAGE
Loan No: 3888603555 (~L~;~'~,~
(Continued) '~ 0 ~ ''~' 4 Page 5
due and payable, including any prepayment penalty which Grantor would b~ i,:<lLJire¢l to pay.
UCC Remedies. With respect to all or any part of the Personal Property, L.~)d~r shall have all the rights and remedies of a secured party
under the Uniform Commercial Code.
Collect Rents. Lender shall have the right, without notice to Grantor, to t~k,, i~,~ssession of the Property, including during the pendency of
foreclosure, whether judicial or non-judicial, and collect the Rents, ir)cluding L,~()unts past due and unpaid, and apply the net proceeds, over
and above Lender's costs, against the Indebtedness. In furtherance of thi,~; ~i(jht, Lender may require any tenant or other user of the
Property to make payments of rent or use fees directly to Lender. If the R,~.~,t~, ~.e collected by Lender, then Grantor irrevocably designates
Lender as Grunter's attorney-in-fact to endorse instruments received in pa,,,~,~t thereof in the name of Grantor and to negotiate the same
and collect the proceeds. Payments by tenants or other users to Lender iii r(:~ponse to Lender's demand shall satisfy the obligations for
which the payments are made, whether or not any proper grounds for the demand existed. Lender may exercise its rights under this
subparagraph either in person, by agent, or through a receiver.
Appoint Receiver. Lender shall have the right to have a receiver appointed t~, tak~ possession of all or any part of the Property, with the
power to protect and preserve the Property, to operate the Property pre(:~ding foreclosure or sale, and to collect the Rents from the
Property and apply the proceeds, over and above the cost of the receiversh[l~, a~jainst the Indebtedness. The receiver may serve without
bond if permitted by law. Lender's right to the appointment of a receiver ~;I,;dl exist whether or not the apparent value of the Property
exceeds the Indebtedness by a substantial amount, Employment by Lender ~l~,dt not disqualify a person from serving as a receiver.
Judicial Foreclosure; Lender may obtain a judicial decree foreclosing Grant¢,r',,; i~terest in all or any part of the Property.
Nonjudicial Sale. Lender may foreclose Grantor's interest in all or in any purl ,,I the 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 law, Lender may obtain a j~d!jment for any deficiency remaining in the Indebtedness due
to Lender after application of all amounts received from the exercise of the r~,.lt~ts provided in this section.
Tenancy at Sufferance. If Grantor remains in possession of the Property ~tt~,r th~ Property is sold as provided above or Lender otherwise
becomes entitled to possession of the Property upon default of Grantor, (.~r~ntor shall become a tenant at sufferance of Lender or the
purchaser of the Property and shall, at Lender's option, either (1) pay a r~,,~;~.~ble rental for the use of the Property, or (2) vacate the
Property immediately upon the demand of Lender.
Other Remedies. Lender shall have all other rights and remedies provided in ti)is r¥1ortgage or the Note or available at law or in equity.
Sale of the Property. To the extent permitted by applicable law, Grantor h,~r.h¥ waives any and all right to have the Property marshalled.
In exercising its rights and remedies, Lender shall be free to sell all or any i~tlt 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 any I~.rtion of the Property.
Notice of Sale. Lender shall give Grantor reasonable notice of the time and place of any public sale of the Personal Property or of the time
after which any private sale or other intended disposition of the Personal P~,porty is to be made, Reasonable notice shall mean notice
given at least ten (10) days before the time of the sale or disposition, An,/ ~c~l~, of the Personal Property may be made in conjunction with
any sale of the Real Property.
Election of Remedies. Election by Lender to pursue any remedy shall not ,..~'h~de pursuit of any other remedy, and an election to make
expenditures or to take action to perform an obligation of Grantor under thi,, M(~rtgage, after Grunter's failure to perform, shall not affect
Lender's right to declare a default and exercise its remedies, Nothing unde~ ['~,_~ Mortgage or otherwise shall be construed so as to limit or
restrict the rights and remedies available to Lender following an Event of r~t;~,~lt, or in any way to limit or restrict the rights and ability of
Lender to proceed directly against Grantor and/or against any other co-mak,~.~, !j~rantor, surety or endorser and/or to proceed against any
other collateral directly or indirectly securing the Indebtedness.
Attorneys' Fees; Expenses, If Lender institutes any suit or action to enforc~ ~r~y of the terms of this Mortgage, Lender shall be entitled to
recover such sum as the court may adjudge reasonable as attorneys' fees ;d t~ial and upon any appeal. Whether or not any court action is
involved, and to the extent not prohibited by law, all reasonable expenses L~;~der incurs that in Lender's opinion are necessary at any time
for the protection of its interest or the enforcement of its rights shall become ;~ part of the Indebtedness payable on demand and shall bear
interest at the Note rate from the date of the expenditure until repaid. F×l~(~.~es covered by this paragraph include, without limitation,
however subject to any limits under applicable law, Lender's reasonable utter ~(~¥.,;' fees and Lender's !egal expenses whether or not there is
a lawsuit, including reasonable attorneys' fees and expenses for bankrL~l~[~;y proceedings (including efforts to modify or vacate any
automatic stay or injunction), appeals, and any anticipated post-judgment c,~lh.~ction services, the cost of searching records, obtaining title
reports (including foreclosure reports), surveyors' reports, and appraisal fee~ ;~r~(l title insurance, to the extent permitted by applicable law.
Grantor also will pay any court costs, in addition to all other sums provided h¥ h~w.
NOTICES. Any notice required to be given under this Mortgage, including with~)~[ h~it~tion any notice of default and any notice of sale shall be
given in writing, and shall be effective when actually delivered, when actually re~:ci,.,(.~d by telefacsimile (unless otherwise required by law), when
deposited with a nationally recognized overnight courier, or, if mailed, when d,~p~)sited in the United States mail, as first class, certified or
registered mail postage prepaid, directed to the addresses shown near the begi~nh~j ~f this Mortgage. All copies of notices of foreclosure from
the holder of any lien which has priority over this Mortgage shall be sent to Lur~dur's address, as shown near the beginning of this Mortgage.
Any party may change its address for notices under this Mortgage by giving h)re~al written notice to the other parties, specifyin9 that the
purpose of the notice is to change the party's address. For notice purposes, Gr~,~ror agrees to keep Lender informed at all times of Grunter's
current address. Unless otherwise provided or required by law, if there is more tl~;~n one Grantor, any notice given by Lender to any Grantor is
deemed to be notice given to all Grantors.
MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Mortgage:
Amendments. This Mortgage, together with any Related Documents, constitutes the entire understanding and agreement of the parties as
to the matters set forth in this Mortgage. No alteration of or amendment t~, this Mortgage shall be effective unless given in writing and
signed by the party or parties sought to be charged or bound by the alteratio~ ,~[ ~mendment.
Annual Reports. If the Property is used for purposes other than Grantor'.~ residence, Grantor shall furnish to Lender, upon request, a
certified statement of net operating income received from the Property durh~0 Grunter's previous fiscal year in such form and detail as
Lender shall require. "Net operating income" shall mean all cash receipts Ir~ tile Property less all cash expenditures made in connection
with the operation of the Property.
Loan No: 3888603555
MORTGAGE ~ 0 6 ?.. 5
(Continued) Page 6
Caption Headings. Caption headings in this Mortgage are for convenience I~p~ses only and are not to be used to interpret or define the
provisions of this Mortgage.
Governing Law. This Mortgage will be gove'rned by, construed and enforced in accordance with federal law and the laws of the State of
Wyoming. This Mortgage has been accepted by Lender in the State of Wyoming.
Choice of Venue. If there is a lawsuit, Grantor agrees upon Lender's reques[( .~LJDmit 1:o the jurisdiction of the courts of Lincoln County,
State of Wyoming.
Joint and Several Liability. All obligations of Grantor under this Mortgage sh~ll [~,. ~o~nt and several, and all references to Grantor shall mean
each and every Grantor. This means that each Grantor signing below is respo~.~hle for all obligations in this Mortgage.
No Waiver by Lender. Lender shall not be deemed to have waived any ri0h[~ ~,~der tn~s Mortgage unless such waiver is g~ven in writing
and signed by Lender. No delay or omission on the part of Lender in exerc~,,;~U any right shall operate as a waiver of such right or any
other right A waiver by Lender of a provision of this Mortgage shall not [~;jH(l~ce or constitute a waiver of Lender's right otherwise to
demand strict compliance with that provision or any other provision of this M~t~,j,,de No prior waiver by Lender, nor any course of dealing
between Lender and Grantor, shall constitute a waiver of any of Lender's r,?Hs or of any of Grantor's obligations as to any future
transactions. Whenever the consent of Lender is required under this Mortg,~!j,; [t~e granting of such consent by Lender in any instance
shall not constitute continuing consent to subsequent instances where suc~ (:~)nsen[ is required anc~ in all cases such consent may be
granted or withheld in the sole discretion of Lender.
Severability. If a court of competent jurisdiction finds any provision of this M~,~ hj,,ju [o be illegal, invalid, or unenforceable as to any person
or circumstance, that finding shall not make the offending provision ~h.~.j;,l, nvalid, or unenforceable as to any other person or
circumstance, tf feasible, the offending provision shall be considered mod~l~;d so that it becomes legal, valid and enforceable, f the
offending provision cannot be so modified, it shall be considered deleted horn t~ s Mortgage. Unless otherwise required by law, the
illegality, invalidity, or unenforceability of any prowsion of this Mortgage sh~dt :~<~t affect the legality, validity or enforceability of any other
provision of this Mortgage.
Merger, There shall be no merger of the interest or estate created by this Mo~[UaUe 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 c<,~;~[ of Lender.
Successors and Assigns. Subject to any limitations stated in this Mortgage u~ transfer o! Grantor's interest, this Mortgage shall be binding
upon and inure to the benefit of the parties, their successors and assigns I1 ~,w~ership of the Property becomes vested in a person other
than Grantor, Lender, without notice to Grantor, may deal with Orantor's suc~,~.s~ors with reference to this Mortgage and the Indebtedness
by way of forbearance or extension without releasing Grantor from the obl, g~,[,,~.~; of this Mortgage or liability under the Indebtedness.
Time is of the Essence, Time is of the essence in the performance of this
Waive Jury. All parties to this Mortgage hereby waive the right to any jury t~i~,l in any action, proceeding, or counterclaim brought by any
party against any other party,
Waiver of Homestead Exemption. Grantor hereby releases and waives all righl~; ~,~d benefits of the homestead exemption laws of the State
of Wyoming as to all Indebtedness secured by this Mortgage.
DEFINITIONS. The following capitalized words and terms sha have the followi~:~ m~'anings when used in this Mortgage Unless specifically
stated to the contrary, al references to dollar amounts shall mean amounts in lawf~l money of the United States of America. Words and terms
used in the singular shall include the plural, and the plural sba include the singula~ a,,; tr~e context may require. Words and terms not otherwise
defined in this Mortgage shall have the meanings attributed to such terms in the U~uh~rl,~ Commercial Code:
Borrower. The word "Borrower" means Michael F{ Decker and Debra M Deckur ~r~] includes all co-signers and co-makers signing the Note.
Default. The word "Default" means the Default set forth in this Mortgage in tr~ .~ecuon titled "Default".
Environmental Laws. The words "Environmental Laws" mean any and all ~,~,~e federa and local statutes, regulations and ordinances
relating to the protection of human health or the environment, including wm~[ limitation the Comprehensive Environmental Response,
Compensation, and Liability Act of 1980, as amended, 42 U.S.C. Section ~..~01 et seq. ("CERCLA"), the Superfund Amendments and
Reauthorization Act of 1986, Pub. L. No. 99-499 ("SARA"), the Hazardous M~,l~,rials Transportation Act, 49 U.S.C. Section 1801, et seq.,
the Resource 'Conservation and Recovery Act, 42 U.S.C. Section 6901. ~ .~q., or other applicable state or federal laws, rules, or
regulations adopted pursuant thereto.
Event of Default. The words "Event of Default" mean any of the events :~ d~.,faull set forth in this Mortgage in the events of default
section of this Mortgage.
Grantor. The word "Grantor" means Michael R Decker and Debra M Decker.
Guaranty. The word "Guaranty" means the guaranty from guarantor, en(~sur, surety, or accommodation party to Lender, including
without limitation a guaranty of all or part.of the Note.
Hazardous Substances. The words "Hazardous Substances" mean materiah; that because of their quantity, concentration or physical,
chemical or infectious characteristics, may cause or pose a present or p,,[,.~,~ua hazard to human health or the enwronment when
improperly used, treated, stored, disposed of, generated, manufactureo tr~[~[~orted or otherwise handled. The words "Hazardous
Substances" are used in their very broadest sense and include without limi[a[io,~ any and all hazardous or toxic substances, materials or
waste as defined by or listed under the Environmental Laws. The term "Hazard~)us Substances" also includes, without limitation, petroleum
and petroleum by-products or any fraction thereof and asbestos.
Improvements. The word "Improvements" means all existing and future impr.wm~en[s, buildings, structures, mobile homes affixed on the
Real Property, facilities, additions, replacements and other construction on u;e F{u;~l Property.
Indebtedness. The word "Indebtedness" means a principal, interest, and other ~moun[s, costs and expenses payable under the Note or
Related Documents, together with all renewals of, extensions of, modifica[h)~s of consolidations of and substitutions for the Note or
Related Documents and any amounts expended or advanced by Lender to disch,,~uu Grantor's obligations or expenses incurred by Lender to
enforce Orantor's obligations under this Mortgage, together with interest on s~,:~ amounts as provided in this Mortgage.
Lender. The word "Lender" means COMMUNITY FIRST NATIONAL BANK, ~ts .~;~:cessors and assigns
MORTGAGE
Loan No: 3888603555 (Continued)
Page 7
Mortgage. The word "Mortgage" means this Mortgage between Grantor and Lunder,
Note. The word "Note" means the promissory note dated November 30, 200-1 in the original principal amount of $167,666.41
from Grantor to Lender, together with a renewals of, extensions of, modificatkms of, refinancings of, consolidations of, and substitutions
for the promissory note or agreement. The maturity date of this Mortgage ~s Ducumber 1. 2019.
Personal Property. The words "Personal Property" mean all equipme, nt, fixtuf,.,s and other articles of personal property now or hereafter
owned by Grantor, and now or hereafter attached or affixed to the Real Prol)m tV; together with. all accessions, parts, and additions to, all
replacements of, and all substitutions for, any of such property; and togethur wm~ all proceeds (including without limitation all insurance
proceeds and refunds of premiums) from any sale or other disposition of [he P~() )erty,
Property, The word "Property" means collectively the Real Property and the P.rs/)nal Property.
Real Property. The words "Real Property" mean the real property, interests and ,uhts, as further described in this Mortgage.
Related Documents. The words "Related Documents" mean all prom~ssor~ n,)tes, credit agreements, loan agreements, environmental
agreements, guaranties, security agreements, mortgages, deeds of trust, seb'ur~ty deeds, collateral mortgages, and all other instruments,
agreements and documents, whether now or hereafter existing, executed m c,,m~ecuor~ with the Indebtedness.
Rents. The word "Rents" means all present and future rents, revenues, mcomu ~ssues royalties, profits, and other benefits derived from
the Property.
EACH GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF Tills MORTGAGE, AND EACH GRANTOR AGREES TO ITS
TERMS.
GRANTOR:
Decker
INDIVIDUAL ACKNOWLEDGMENT
On this day before me, the undersigned Notary Public, personally appeared Michael R Decker and Debra M Decker. husband and wife, to me
known to be the individuals described in and who executed the Mortgage, and a.knowmdged that they signed the Mortgage as their free and
voluntary act and deed, for the uses and purposes therein mentioned.
Given under my hand and official seal this c~0 day of ~,~ 0 \J' ~-- ~ ~J2..y-- , 20 0 ~
Notary Public in and for the State of ~l~J.~ My co,nmission expires] -- - ~] '" ·