HomeMy WebLinkAbout905045RECORDATION REQUESTED BY:
Wells Fargo Bank, National Association
Afton Business Banking Center
485 Washington
MAC #C7826-011
Alton, WY 83114
WHEN RECORDED MAIL TO:
Wells Fargo Bank, National Association
BBG- Boise Loan Operations Center, MAC #U1851-015
3033 Elder STreet
Boise, ID 83705
-. 0i64
RECEIVED 12/6/2004 at 4:09 PM
RECEIVING Ct 905045
BOOK 574 PAGE: 164
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY
200022798167700490
CONSTRUCTION MORTGAGE
THIS MORTGAGE dated October 5, 2004, is made and executed between Robert Smith and Jeanette Smith, whose
address is 73 Double Tree Lane, Thayne, WY 83127 (referred to below as "Grantor") and Wells Fargo Bank,
National Association, whose address is 485 Washington, MAC #C7826-011, Afton, WY 83114 (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 subsequenuy erected or affixed buildings, improvements and fixtures; all
easements, rights of way, and appurtenances; al~ water, water rights, watercou~su~ and ditch rights (including stock in utilities with ditch or
irrigation rights); and all other rights, royalties, and profits relating to the rem property, including without limitation all minera s, oil, gas,
geothermal and similar matters, (the "Real Property") located in Lincoln County, State of Wyoming:
Lot 24 of Stewart Country Club Estates Phase I, Lincoln County, Wyoming as described on the official plat No.
3158 filed April 14, 2004 as Instrument No. 898491 of the records of the Lincoln County Clerk.
The Real Property or its address is commonly known as 161 Country Club Way, Thayne, WY 83127. The Real
Property tax ,dentification number is 12-3419-01-1-00-001.00
CROSS-COLLATERALIZATION. In addition to the Note, this Mortgage secures all obligations, debts and liabilities, plus interest thereon, of
Grantor to Lender, or any one or more of them, as well as all claims by Lender against Grantor or any one or more of them, whether now
existing or hereafter arising, whether related or unrelated to the purpose of the N.te, whether voluntary or otherwise, whether due or not due,
direct or indirect, determined or undetermined, absolute or contingent, liquidated or unliquidated whether Grantor may be liable individually or
jointly with others, whether obligated as guarantor, surety, accommodation party or o[herwise, and whether recovery upon such amounts may
be or hereafter may become barred by any statute of limitations, and whether the obligation to repay such amounts may be or hereafter may
become otherwise unenforceable. If the Lender is required to give notice of the right to cancel under Truth in Lending in connection with any
additional loans, extensions of credit and other liabilities or obligations of Grantor to L~nder, then this Mortgage shall not secure additional loans
or obligations unless and until such notice is given.
Grantor presently assigns to Lender all of Grantor's right, title, and interest in and to all present and future leases of the Property and all Rents
from the Property. In addition, Grantor grants to Lender a Uniform Commercial Cod~ security interest in the Personal Property and Rents.
THIS MORTGAGE, INCLUDING THE ASSIGNMENT.OFRENTS 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 under this Mortgage.
CONSTRUCTION MORTGAGE. This Mortgage is a "construction mortgage" for ~l~e purposes of Sections 9-334 and 2A-309 of the Uniform
Commercial Code, as those sections have been adopted by the State of Wyoming.
POSSESSION AND MAINTENANCE OF THE PROPERTY. Grantor agrees that Gramor'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 may (1) remain in possession and control of the Property; (2)
use, operate or manage the Property; and (3) collect the Rents from the Prop~rty.
Duty to Maintain. Grantor shall maintain the Property in good condition and promptly perform all repairs, replacements, and maintenance
necessary to preserve its value.
Compliance With Environmental Laws. Grantor represents and warrants to Lender that: (1) During the period of Grantor's ownership of
the Property, there has been no use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous
Substance by any person on, under, about or from the Property; (2) Grantor I~as no knowledge of, or reason to believe that there has
been, except as previously disclosed to and acknowledged by Lender in writin0, (a) any breach or violation of any Environmental Laws,
(b) any use, generation, manufacture, storage, treatment, disposal, release or ~hreatened release of any Hazardous Substance on, under,
Loan No:
MORTGAGE t 016 5
(Continued) Page 2
about or from the Property by any prior owners or occupants of the Property, or (c) any actual or threatened litigation or claims of any
kind by any person relating to such matters; and (3) Except as previously disclc~sed to and acknowledged by Lender in writing, (a) neither
Grantor nor any tenant, contractor, agent or other authorized user of the Property shall use, generate, manufacture, store, treat, dispose of
or release any Hazardous Substance on, under, about or from the Property; ~nd (b) any such activity shall be conducted in compliance
with all applicable federal, state, and local laws, regulations and ordinances, including without limitation all Environmental Laws. Grantor
authorizes Lender and its agents to enter upon the Property to make such inst' cottons and tests, at Grantor's expense, as Lender may deem
appropriate to determine compliance of the Property with this sectior~ of the Mortgage. Any inspections or tests made by Lender shall be
for Lender's purposes only and shall not be construed to create any responsibdity or liability oh the part of Lender to Grantor or to any other
person. The representations and warranties contained herein are based (~n Gran[or's due diligence in investigating the Property for
Hazardous Substances. Grantor hereby (1) releases and waives any future claims against Lender for indemnity or contribution in the
event Grantor becomes liable for cleanup or other costs under any such laws; an~J (2) agrees to indemnify and hold harmless Lender
against any and all claims, losses, liabilities, damages, penalties, and expenses which Lender may directly or indirectly sustain or suffer
resulting from a breach of this section of th~ Mortgage or as a consequence of any use, generation, manufacture, storage, disposal, release
or threatened release occurring prior to Grantor's ownership or interest in the Prol~er[y, whether or not [he same was or shoul(d have been
known to Grantor. The provisions of this section of the Mortgage, including ~he obligation to indemnify, shall survive the payment of the
Indebtedness and the satisfaction and reconveyance of the lien of this Mortuage and shall no[ be affected by Lender's acquisition of any
interest in the Property, whether by foreclosure or otherwise.
Nuisance, Waste. Grantor shall not cause, conduct or permit any nuisance nor commit permit, or suffer any stripping of or waste on or to
the Property or any portion of the Property. Without limiting the generality of the foregoing, Grantor will not remove, or grant to any other
party the right to remove, any timber, minerals (including oil and gas), coal, clay, scoria, soil, gravel or rock products without Lender's prior
written consent.
Removal of Improvements. Grantor shall not demolish or remove any Improvements from the Real Property without Lender's prior written
consent. As a condition to the removal of any Improvements, Lender may require Grantor to make arrangements satisfactory to Lender to
replace such Improvements with Improvements of at least equal value.
Lender's Right to Enter. Lender and Lender's agents and representatives may enter upon the Rea Property at all reasonable times to attend
to Lender's interests and to inspect the Real Property for purposes of Grantor's compliance with the terms and conditions of this Mortgage.
Compliance with Governmental Requirements. Grantor shall promptly comply w~[n all laws, ordinances, and regulations, now or hereafter
in effect, of all governmental authorities applicable to the use or occupancy ()f the Property. Grantor may contest in good faith any such
law, ordinance, or regulation and withhold compliance during any proceeding, n~:luding appropriate appeals, so long as Grantor has notified
Lender in Writing prior to doing so and so long as, in Lender's sole opinion, L~;nder's interests in the Property are not jeopardized Lender
may require Grantor to post adequate security or a surety bond, reasonably satis[~ctory [o Lender, to protect Lender's interest.
Duty to Protect. Grantor agrees neither to abandon or leave unattended the Property. Grantor shall do all other acts, in addition to those
acts set forth above in this section, which from the character and use of the Prei~er~y are reasonably necessary to protect and preserve the
Property.
CONSTRUCTION LOAN. If some or all of the proceeds of the loan creating the Indebtedness are to be used to construct or complete
construction of any Improvements on the Property, the Improvements shall be completed no later than the maturity date of the Note (or such
earlier date as Lender may reasonably establish) and Grantor shall pay in full all costs and expenses in connection with the work. Lender will
disburse loan proceeds under such terms and conditions as Lender may deem reasonably necessary to insure that the interest created by this
Mortgage shall have priority over all possible liens, including those of material suppliers and workmen. Lender may require, among other things,
that disbursement requests be supported by receipted bills, expense affidavits, waiw~rs of liens, construction progress reports, and such other
documentation as Lender may reasonably request.
DUE ON SALE - CONSENT BY LENDER. Lender may, at Lender's option, declare immediately due and payable all sums secured by this
Mortgage upon the sale or transfer, without Lender's prior written consent, of all or any part of the Real Property, or any interest in the Real
Property. A "sale or transfer" means the conveyance of Real Property or any right, title or interest in the Real Property; whether legal, beneficial
or equitable; whether voluntary or involuntary; whether by outright sale, deed, installment sale contract, land contract, contract for deed,
leasehold interest with a term greater than three (3) years, lease-option contract, or l)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 conveyance of an interest in the Real Property. However, this
option shall not be 'exercised by Lender if such exercise is prohibited by federal law or by Wyoming law.
TAXES AND LIENS. The following provisions relating to the taxes and liens on the Property are part of this Mortgage:
Payment. Grantor shall pay when due (and in all'events prior to delinquency) all taxes, payroll taxes, special taxes, assessments, water
charges and sewer service charges levied against or on account of the Property, and shall pay when due all claims for work done on or for
services rendered or material furnished to the Property. Grantor shall maintain tho Property free of any liens having priority over or equal to
the interest of Lender under this Mortgage, except for those liens specifically aoreed to in writing by Lender, and except for the lien of taxes
and assessments not due as further specified in the Right to Contest paragraph.
Right to Contest. Grantor may withhold payment of any tax, assessment, or claim in connection with a g'ood faith dispute over the
obligation to pay, so long as Lender's interest in the Property is not jeopardized. If a lien arises or is filed as a result of nonpayment,
Grantor shall within fifteen (1 5) days after the lien arises or, if a lien is filed, within fifteen (1 5) days after Grantor has notice of the filing,
secure the discharge of the lien, or if requested by Lender, deposit with Lender cash or a sufficient corporate surety bond or other security
satisfactory to Lender in an amount sufficient to discharge the lien plus any costs and reasonable attorneys' fees, or other charges that
could accrue as a result of a foreclosure or sale under the lien. In any contest, Grantor shall defend itself and Lender and shall satisfy any
adverse judgment before enforcement against the Property. Grantor shall n~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 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 Lender at least fifteen (1 5) days before any work is commenced, any services are furnished, or
any materials are supplied to the Property, if any mechanic's lien, materialmen's lien, or other lien could be asserted on account of the
work, services, or materials. Grantor will upon request of Lender furnish to Londer advance assurances satisfactory to Lender that Grantor
Loan No: NEW
MORTGAGE
(Continued)
Page 3
can and will pay the cost of such improvements.
PROPERTY DAMAGE INSURANCE. The following provisions relating to Insuring th~ Property are a part of this Mortgage:
Maintenance of Insurance. Grantor shall procure and maintain policies of fire ~nsuranoe with standard extended coverage endorsements on
a replacement basis for the full insurable value covering all Improvements on u~¢ Real Property in an amount sufficient to avoid application
of any coinsurance clause, and with a standard mortgagee clause in favor of L~;nd~r Policies shall be written by such insurance companies
and in such form as may be reasonably acceptable to Lender. Granior she ~uHver to Lender certificates of coverage from each insurer
containing a stipulation that coverage will not be cancelled or diminished without a minimum of thirty (30) days' prior written notice to
Lender and not containing any disclaimer of the insurer's liability for failure to O~ve such notice. Each insurance policy also shall include an
endorsement providing that coverage in favor of Lender will not be impaired ~n any way by any act, omission or default of Grantor or any
other person Should the Real Property be located in an area designated by th(~, Director of the Federal Emergency Management Agency as
a special flood hazard area, Grantor agrees to obtain and maintain Federa Flood h~surance, if available, within 45 days after notice is g~ven
by Lender that the Property is located in a gpecial flood hazard area, for the f~l unpaid principal balance of the loan and any prior liens on
the property securing the loan, up to the maximum policy limits set under the ~J;.H~r~al Flood Insurance Program, or as otherwise required by
Lender, and to maintain such insurance for the term of the loan.
Application of Proceeds. Grantor shall promptly notify Lender of any loss or damage to the Property. Lender may make proof of loss if
Grantor fails to do so within fifteen (15) days of the casualty. Whether or not Lender's security is impaired, Lender may, at Lender's
election, receive and retain the proceeds of any insurance and apply the procecds to the reduction of the Indebtedness, payment of any lien
affecting the Property, or the restoration and repair of the Property. If Lender 6h:cts to apply the proceeds to restoration and repair, Grantor
shall repair or replace the damaged or destroyed Improvements in a manner satisfactory to Lender. Lender shall, upon satisfactory proof of
such expenditure, pay or reimburse Grantor from the proceeds for the reaso~ble cost of repair or restoration if Grantor is not in default
under this Mortgage. Any proceeds which have not been disbursed withi~ 180 days after their receipt and which Lender has not
committed to the repair or restoration of the Property shall be used first to p~¥ an~ amount owing to Lender under this Mortgage, then to
pay accrued interest, and the remainder, if any, shall be applied to the principa~ I~;dance of the Indebtedness. If Lender holds any proceeds
after payment in full of the Indebtedness, such proceeds shall be paid to Granto~ ~,~ Grantor's interests may appear.
LENDER'S EXPENDITURES. If Grantor fails lA) to keep the Property free of all tax~,~ liens, security interests, encumbrances, and other claims,
lB) to provide any required insurance on the Property, or lC) to make repairs m the Property then Lender may do so. If any action or
proceeding is commenced that would materially affect Lender's interests in the Pm ~erty, then Lender on Grantor's behalf may, but is not
required to, take any action that Lender believes to be appropriate to protect Lendr~r's interests. All expenses incurred or paid by Lender for
such purposes will then bear interest at the rate charged under the Note from the d~Hu incurred or paid by Lender to the date of repayment by
Grantor. All such expenses will become a part of the Indebtedness and, at Lender's o~mon, will lA) be payable on demand; lB) be added to
the balance of the Note and be apportioned among and be payable with any installment payments to become due during either (1) the term of
any applicable insurance policy; or (2) the remaining term of the Note; or lC) be tre,~tod as a balloon payment which will be due and payable
at the Note's maturity. The Mortgage also will secure payment of these amounts Yhe rights provided for in this paragraph shall be in addition
to any other rights or any remedies to which Lender may be entitled on account uf 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 otherwi,:,~, would have had.
WARRANTY; DEFENSE OF TITLE. The following provisions relating to ownership ot th~'. Property are a part of this Mortgage:
Title. Grantor warrants that: la) Grantor holds good and marketable title of rec~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 or in any title insurance policy, title report, or fine title opinion
issued in favor of, and accepted by, Lender in connection with this Mortgage ~¢i lb) 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 war~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 comm~mcud that questions Grantor's title or the interest of Lender
under this Mortgage, Grantor shall defend the action at Grantor's expense Grm'tor may be the nominal party in such proceeding, but
Lender shall be entitled to participate in the proceeding and to be represented H~ the proceeding by counsel of Lender's own choice, and
Grantor will deliver, or cause to be delivered, to Lender such instruments ,.,~ t.ender may request from time to time to permit such
participation.
Compliance With Laws. Grantor warrants that the Property and Grantor's use, of the Property complies with all existing applicable laws,
ordinances, and regulations of governmental authorities.
Survival of Promises. All promises, agreements, and statements Grantor has m~e r~ this Mortgage shall survive the execution and delivery
of this Mortgage, shall be continuing in nature and she1 remain in full force and r~ffect until such time as Grantor's Indebtedness is paid ~n
full.
CONDEMNATION. The following provisions relating to condemnation proceedings are a part of this Mortgage:
Proceedings. If any proceeding in condemnation is filed, Grantor shall prompd¥ notify Lender in writing, and Grantor shall promptly take
such steps as may be necessary to defend the action and obtain the award Gray, for may be the nominal party in such proceeding, but
Lender shall be entitled to participate in the proceeding and to be represented in tho proceeding by counsel of its own choice, and Grantor
wil deliver or cause to be delivered to Lender such instruments and documenh~tion as may be requested by Lender from time to time to
permit such participation.
Application of Net Proceeds. If all or any part of the Property is condemned by eminent domain proceedings or by any proceeding or
purchase in lieu of condemnation, Lender may at its election require that all or :~n~ portion of the net proceeds of the award be applied to
the Indebtedness or the repair or restoration of the Property. The net proceeds of the award shall mean the award after payment of all
reasonable costs, expenses, and attorneys' fees incurred by Lender in connection with the condemnation.
IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relating to governmental taxes,
fees and charges are a part of this Mortgage:
Current Taxes, Fees and Charges. Upon request by Lender, Grantor shall exe¢:ut,; such documents in addition to this Mortgage and take
whatever other action is requested by Lender to perfect and continue Lender's h~n on tne Real Property. Grantor shall reimburse Lender for
all taxes, as described below, together with all expenses incurred in recording pt~,rfecting or continuing this Mortgage, including without
limitation all taxes, fees, documentary stamps, and other charges for recording or registering this Mortgage.
Loan No: NEW
MORTGAGE 0.~_1 G vi,
(Continued)
Page 4
Taxes. The following shall constitute taxes to which this section applies: (1) ;~ s[~ecific tax upon this type of Mortgage or upon all or any
part of the Indebtedness secured by this Mortgage; (2) a specific tax on Gr~r~tor which Grantor is authorized or required to deduct from
payments on the Indebtedness secured by this type of Mortgage; (3) a tax c)n this type of Mortgage chargeable against the Lender or the
holder of the Note; and (4) a specific tax on a or any portion of the In(J(:htectness or on payments of principal and interest made by
Grantor.
Subsequent Taxes. If any tax to which this section applies is en,!cted subs~.q~en~ 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 aw~ilable remedies for an Event of Default as provided below
unless Grantor either (1) pays the tax before it becomes delinquent, or (2) contests the tax as provided above in the Taxes and Liens
section and deposits with Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender.
SECURITY AGREEMENT; FINANCING STATEMENTS. The following provisions rd~;~]ing ~o this Mortgage as a security agreement are a part of
this Mortgage:
Security Agreement. This instrument s'hall constitute a Security Agreement rd the extent any of the Property constitutes fixtures, and
Lender shall have all of the rights of a secured party under the Uniform Commercial Code as amended from time to time.
Security Interest. Upon request by Lender, Grantor shall take whatever acuo.~ )s requested by Lender to perfect and continue Lender's
security interest in the Personal Property. In addition to recording this Mortgage ~ the real property records, Lender may, at any time and
without further authorization from Grantor, file executed counterparts, copies or reproductions of this Mortgage as a financing statement.
Grantor shal reimburse Lender for all expenses incurred in perfecting or continuing this security interest. Upon default, Grantor shall not
remove, sever or detach the Personal Property from the Property. Upo~ default. Grantor shall assemble any Personal Property not affixed
to the Property in a manner and at a place reasonably convenient to Grantor all(J Lender and make it available to Lender within three (3)
days after receipt of written demand from Lender to the extent permitted by at)f~licable law.
Addresses. The mailing addresses of Grantor (debtor) and Lender (secured I~arw) from which information concerning the security interest
granted by this Mortgage may be obtained (each as required by the Unifom~ Commercial Code) are as stated on the first page of this
Mortgage.
FURTHER ASSURANCES; ATTORNEY-IN-FACT. The following provisions relating [o further assurances and attorney-in-fact are a part of this
Mortgage:
Further Assurances. At any time, and from time to time, upon request of Let)der Grantor will make, execute and deliver, or will cause to
be made, executed or delivered, to Lender or to Lender's designee, and when ~(~.quested by Lender, cause to be filed, recorded, refiled, or
rerecorded, as the case may be, at such times and in such offices and places as Lender may deem appropriate, any and all such mortgages,
deeds of trust, security deeds, security agreements, financing statements continuation statements, instruments of further assurance,
certificates, and other documents as may, in the sole opinion of Lender, be nc(:(;ssary or desirable in order to effectuate, complete, perfect,
continue, or preserve (1) Grantor's obligations under the Note, this Mortgage, and the Related Documents, and (2) the liens and
security interests created by this Mortgage as first and prior liens on the Pr~r~erw, whether now owned or hereafter acquired by Grantor.
Unless prohibited by law or Lender agrees to the contrary in writing, Grantor shall reimburse Lender for all costs and expenses incurred in
connection with the matters referred to in this paragraph.
Attorney-in-Fact. If Grantor fails to do any of the things referred to in the preceding paragraph, Lender may do so for and in the name of
Grantor and at Grantor's expense. For such purposes, Grantor hereby irrevoc~dJl¥ appoints Lender as Grantor's attorney-in-fact for the
purpose of making, executing, delivering, filing, recording, and doing al 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 otherwise performs all the obligations imposed upon Grantor under
this Mortgage, Lender shall execute and deliver to Grantor a suitable satisfaction of lhis Mortgage and suitable statements of termination of any
financing statement on file evidencing Lender's security interest in the Rents a~() the Persona Property. Grantor will pay, if permitted by
applicable law, any reasonable termination fee as determined by Lender from tim~ LO
EVENTS OF DEFAULT. At Lender's option, Grantor wil be in default under this Mdrrga§e if any of the following happen:
Payment Default. Grantor fails to make any payment when due under the Indebtedness.
Default on Other Payments. Failure of Grantor within the time required by thins Mortgage to make any payment for taxes or insurance, or
any other payment necessary to prevent filing of or to effect discharge of a~v lien.
Break Other Promises. Grantor breaks any promise made to Lender or fails [~ perform promptly at the time and strictly in the manner
provided in this Mortgage or in any agreement related to this Mortgage.
Default in Favor of Third Parties. Should Grantor default under any loan, extension of credit, security agreement, purchase or sales
agreement, or any other agreement, in favor of any other creditor or pers~ that may materially affect any of Grantor's property or
Grantor's ability to repay the Indebtedness or Grantor's ability to perform Grantor's obligations under this Mortgage or any related
document.
False Statements. Any representation or statement made or furnished to Lender by Grantor or on Grantor's behalf under this Mortgage or
the Related Documents is false or misleading in any material respect, either now (Jr at the time made or furnished.
Defective Collateralization. This Mortgage or any of the Related Documents ceases to be in full force and effect (including failure of any
collateral document to create a valid and perfected security interest or lien) at any time and for any reason.
Death or Insolvency. The death of Grantor, the insolvency of Grantor, the appointment of a receiver for any part of Grantor's property, any
assignment for the benefit of creditors, any type of creditor workout, or tl3e commencement of any proceeding under any bankruptcy or
insolvency laws by or against Grantor.
Taking of the Property. Any creditor or governmental agency tries to take any ~f the Property or any other of Grantor's property in which
Lender has a lien. This includes taking of, garnishing of or levying on Grant,it's accounts with Lender. However, if Grantor disputes in
good faith whether the claim on which the taking of the Property is based is /~di~l or reasonable, and if Grantor gives Lender written notice
of the claim and furnishes Lender with monies or a surety bond satisfactory to Lender to satisfy the claim, then this default provision wil
not apply.
Breach of Other Agreement. Any breach by Grantor under the terms of ~my ~)ther agreement between Grantor and Lender that is not
Loan No: NEW
MORTGAGE
(Continued)
Page 5
remedied within any grace period provided therein, including without limitatior, 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 respec~ t,q any c~uarantor, endorser, surety, or accommodation party
of any of the Indebtedness or any guarantor, endorser, surety, or accomr~-.).ation 9arty dies or becomes incompetent, or revokes or
disputes the validity of, or liability under, any Guaranty of the ndebtedness.
Insecurity. Lender in good faith believes itself insecure.
RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence of an Event of Default and at acy time thereafter, Lender, at Lender's option, may
exercise any one or more of the following rights and remedies, in addition to any other r,ghts or remedies provided by law:
Accelerate Indebtedness. Lender shall have the right at its option without ne, doe to Grantor to declare the entire Indebtedness immediately
due and payable, including any prepaymen~ penalty which Grantor would be ~,~( uired to pay.
UCC Remedies. With respect to all or any part of the Personal Property, Leander shall have al the rights and remedies of a secured party
under the Uniform Commercia Code.
Collect Rents. Lender shall have the right, without notice to Grantor, to tek.-.' ~ossession of the Property, including during the pendency of
foreclosure, whether judicial or non-judicial, and collect the Rents, including amounts past due and unpaid, and apply the net proceeds, over
and above Lender's costs, against the Indebtedness. In furtherance of this r~jnt, Lender may require any tenant or other user of the
Property to make payments of rent or use fees directly to Lender. If the Rents are collected by Lender, then Grantor irrevocably designates
Lender as Orantor's attorney-in-fact to endorse instruments received in paymf~nt thereof in the name of Grantor and to negotiate the same
and collect the proceeds. Payments by tenants or other users to Lender ~n rczponse to Lender's demand shall satisfy the obligations for
which the payments are made, whether or not any proper grounds for the m~mand 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,ke ~)ossession of all or any part of the Property, with the
power to protect and preserve the Property, to operate the Property preccdinu foreclosure or sale, and to collect the Rents from the
Property and apply the proceeds, over and above the cost of the receiversh ~, a0ainst the Indebtedness. The receiver may serve without
bond if permitted by law. Lender's right to the appointment of a receiver shall exist whether or not the apparent value of the Property
exceeds the Indebtedness by e substantial amount. Employment by Lender sh;~ll not disqualify a person from serving as a receiver.
Judicial Foreclosure. Lender may obtain a judicial decree foreclosing Grantor's interest in ail or any part of the Property.
Nonjudicial Sale. Lender may foreclose Grantor's interest in a or in any par~ of the Property by non-judicial sale, and specifically by "power
of sale' or "advertisement and sale" foreclosure as provided by statute.
Deficiency Judgment. If permitted by applicable law, Lender may obtain a jut~(jnqent for any deficiency remaining in the ndebtedness due
to Lender after application of all amounts received from the exercise of the rkjtnts provided in this section.
Tenancy at Sufferance. If Grantor remains in possession of the Property aftc. r tl~e Property is sold as provided above or Lender otherwise
becomes entitled to possession of the Property upon default of Grantor Grantor shall become a tenant at sufferance of Lender or the
purchaser of the Property and shall, at Lender's option, either (1) pay a ret~s~)nable rental for the use of the Property, or (2) vacate tl~e
Property immediately upon the demand of Lender.
Other Remedies. Lender shall have all other rights and remedies provided in u,s Mortgage or the Note or available at law or n equity.
Sale of the Property. To the extent permitted by applicable law, Grantor hereby waives any and al right to have the Property marshalled.
In exercising its rights and remedies, Lender shall be free to sell all or any I,ar[ of the Prc~3erty together or separately, n one sale or ~y
separate sales. Lender shall be entitled to bid at any public sale on all or any )oruon of the Property.
Notice of Sale. Lender will give Grantor reasonable notice of the time and t. ace of any public sale of the Personal Property or of the time
after which any private sale or other intended disposition of the Personal Pro;~erty is to be made. Reasonable notice shall mean notice
given at least ten (10) days before the time of the sale or disposition. Any sa~e of the Personal Property may be made in conjunction with
any sale of the Rea Property.
Election of Remedies. All of Lender's rights and remedies will be cumulatiw~, and may be exercised alone or together. An election by
Lender to choose any one remedy will not bar Lender from using any other remedy If Lender decides to spend money or to perform any of
Grantor's obligations under this Mortgage, after Grantor's failure to do so, that decision by Lender will not affect Lender's right to declare
Grantor in default and to exercise Lender's remedies.
Attorneys' Fees; Expenses. If Lender institutes any suit or action to enforce .n; of the terms of this Mortgage, Lender shall be entitled to
recover such sum as the court may adjudge reasonable as attorneys' fees at tritd and upon any appeal. Whether or not any court action is
involved, and to the extent not prohibited by law, all reasonable expenses Lender 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 a [)art of the Indebtedness payable on demand and shall bear
interest at the Note rate from the date of the expenditure until repaid. Exl c~ses covered by this paragraph include, without limitatioc,
however subject to any limits under applicable law, Lender's reasonable attorne/s' fees and Lender's legal expenses whether or not there is
a lawsuit, including reasonable attorneys' fees and expenses for bankruF~c,, proceedings (including efforts to modify or vacate any
automatic stay or injunction), appeals, and any anticipated post-judgment cotlec~or, servtces, the cost of searching records, obtaining title
reports (including foreclosure reports), surveyors' reports, and appraisal fees .~. title insurance, to the extent permitted by applicable law.
Grantor also will pay any court costs, in addition to all other sums provided b~ ~aw.
NOTICES. Any notice required to be given under this Mortgage, including without I~m~ation any notice of default and any notice of sale shall be
given in writing, and shall be effective when actually delivered, when actually receivt~.d by telefacsimile (unless otherwise required by law), when
deposited with a nationally recognized overnight courier, or, if mailed, when del~...ited in the United States mail, as first class, certified or
registered mail postage prepaid, directed to the addresses shown near the beginnin(j of this Mortgage. All copies of notices of foreclosure from
the holder of any lien which has priority over this Mortgage shall be sent to Lender's address, as shown near the beginning of this Mortgage.
Any person may change his or her address for notices under this Mortgage by (jivin0 formal written notice to the other person or persons,
specifying that the purpose of the notice is to change the person's address. For ~qoti¢:e purposes, Grantor agrees to keep Lender informed at all
times of Grantor's current address. Unless otherwise provided or required by law, if there is more than one Grantor, any notice given by Lender
to any Grantor is deemed to be notice given to all Grantors. It will be Grantor's reH)onsibility to tell the others of the notice from Lender.
0~~ MORTGAGE
Loan No: NEW (Continued) ~' ~.~. 6 9 Page
FURTHER ASSURANCES. The parties hereto agree to do all things deemed necessary by Lender in order to fully document the loan evidenced
by this Note and any related agreements, and will fully cooperate concerning the oxecution and delivery of security agreements, stock powers,
instructions and/or other documents pertaining to any collateral intended to securo t~e hldebtedness. The undersigned agree to assist in the
cure of any defects in the execution, delivery or substance of the Note and related agreements, and in the creation and perfection of any liens,
security interests or other collateral rights securing the Note.
CONSENT TO SELL LOAN. The parties hereto agree: (a) Lender may se. Il or transh~r all or part of this loan to one or more purchasers, whether
related or unrelated to Lender; (b) Lender may provide to any purchaser, or potenti~d ;~urchaser, any information or knowledge Lender may have
about the parties or about any other matter relating to this loan obligation, and the ~artie$ waive any rights to privacy it may have with respect
to such matters; (c} the purchaser of a loan will be considered its absolute owner a~(I will have a the rights granted under the loan documents
or agreements governing the sale of the loan; and (d) the purchaser of a loan may enforce ~ts interests irrespective of any claims or defenses
that the parties may have against Lender.
FACSIMILE AND COUNTERPART. This document may be signed in any number :')f seperate copies, each of which shall be effective as an
original, but all of which taken together shall constitute a single document. An e[(~ tronic transmission or other facsimile of this document or
any related document shall be deemed an original and shall be admissible as evidence of the document and the signer's execution.
ARBITRATION AGREEMENT. Arbitration - Binding Arbitration. Lender and each [~ar~y to this agreement hereby agree, upon demand by any
party, to submit any Dispute to binding arbitration in accordance with the terms ¢,f ~n~s Arbitration Program. A "Dispute" shall include any
dispute, claim or controversy of any kind, whether in contract or in tort, Legal or eq~it~ble now existing or hereafter arising, relating in any way
to this Agreement or any related agreement incorporating this Arbitration Program it~e "Documents"), or any past, present, or future loans,
transactions, contracts, agreements, relationships, incidents or injuries of any kind whatsoever relating to or involving Business Banking,
Regional Banking, or any successor group or department of Lender. DISPUTES SUBMITTED TO ARBITRATION ARE NOT RESOLVED IN COURT
BY A JUDGE OR JURY.
Governing Rules. Any arbitration proceeding will (i) be governed by the Federal Arbitration Act (Title 9 of the United States Code),
notwithstanding any conflicting choice of law provision in any of the documents between the parties; and (ii) be conducted by the AAA
(American Arbitration Association), or such other administrator as the parties sn~]' mutua V agree upon, 'n accordance with the AAA's
commercial dispute resolution procedures, unless the claim or counterclaim is at h;ast $1,000,000.00 exclusive of claimed interest, arbitration
fees and costs in which case the arbitration shall be conducted in accordance with the AAA's optional procedures for large, complex
commercial disputes (the commercial dispute resolution procedures or the option~d procedures for large, complex commercial disputes to be
referred to, as applicable, as the "Rules"). If there is any inconsistency between th(; [erms hereof and the Rules, the terms and procedures set
forth herein shall control. Arbitration proceedings hereunder shall be conducted at ~ location mutually agreeable to the parties, or if they cannot
agree, then at a location selected by the AAA in the state of the applicable substantive law primarily governing the Credit. Any party who fails
or refuses to submit to arbitration following a demand by any other party shall h~:ar all costs and expenses incurred by such other party in
compelling arbitration of any Dispute. Arbitration may be demanded at any time, and may be compelled by summary proceedings in Court. The
institution and maintenance of an action for judicial relief or pursuit of a provisional or ancillary remedy shall not constitute a waiver of the right
of any party, including the plaintiff, to submit the controversy or claim to arbitration if any other party contests such action for judicial relief.
The arbitrator shall award all costs and expenses of the arbitration proceeding. Nothing contained herein shall be deemed to be a waiver by any
party that is a Bank of the protections afforded to it under 12 U.S.C. °91 or any similar applicable state law.
No Waiver of Provisional Remedies, Self-Help and Foreclosure. The arbitration requirement does not limit the right of any party to (i) foreclose
against real or personal property collateral; (ii) exercise self-help remedies relating to collateral or proceeds of collateral such as setoff or
repossession; or (iii) obtain provisional or ancillary remedies such as replevin, injunctive relief, attachment or the appointment of a receiver,
before during or after the pendency of any arbitration proceeding. This exclusion ~fo{;s not constitute a waiver of the right or obligation of any
party to submit any Dispute to arbitration or reference hereunder, including those arising from the exercise of the actions detailed in sections (i),
(ii) and (iii) of this paragraph.
Arbitrator Qualifications and Powers. Any arbitration proceeding in which the amount in controversy is $5,000,000.00 or less will be decided
by a single arbitrator selected according to the Rules, and who shall not render an award of greater than (;5,000,000.00. Any Dispute in which
the amount in controversy exceeds $5,000,000.00 shall be decided by majority w)[e, of a panel of three arbitrators; provided however, that all
three arbitrators must actively participate in all hearings and deliberations. Every arbitrator must be a practicing attorney or a retired member of
the state or federal judiciary, in either case with a minimum of ten years experience i~ the substantive law applicable to the subject matter of the
Dispute. The arbitrator will determine whether or not an issue is arbitratable and will give effect to the statutes of limitation in determining any
claim. In any arbitration proceeding the arbitrator will decide (by documents only or with a hearing at the arbitrator's discretion) any pre-hearing
motions which are similar to motions to dismiss for failure to state a claim or motk)ns for summary adjudication. The arbitrator shall resolve all
Disputes in accordance with the applicable substantive law and may grant any rem{~dy or relief that a court of such state could order or grant
within the scope hereof and such ancillary relief as is necessary to make effective any award. The arbitrator shall also have the power to award
recovery of all costs and fees, to impose sanctions and to take such other action as the arbitrator deems necessary to the same extent a judge
could pursuant to the Federal Rules of Civil Procedure, the applicable State Rules of Ciwl Procedure, or other applicable law. Judgment upon the
award rendered by the arbitrator may be entered in any court having jurisdiction.
Discovery. In any arbitration proceeding discovery will be permitted in accordance with the Rules. All discovery shall be expressly limited to
matters directly relevant to the Dispute being arbitrated and must be completed no later than 20 days before the hearing date and within 180
days of the filing of the Dispute with the AAA. Any requests for an extension ~)f the discovery periods, or any discovery disputes, will be
subject to final determination by the arbitrator upon a showing that the request for discovery is essential for the party's presentation and that no
alternative means for obtaining information is available.
Miscellaneous. To the maximum extent practicable, the AAA, the arbitrators and the parties shall take all action required to conclude any
arbitration proceeding within 180 days of the filing of the Dispute with the AAA. The resolution of any Dispute shall be determined by a
separate arbitration proceeding and such Dispute shall not be consolidated with other disputes or included in any class proceeding. No arbitrator
or other party to an arbitration proceeding may disclose the existence, content or results thereof, except for disclosures of information by a
party required in the ordinary course of its business or by applicable law or regulation. If more than one agreement for arbitration by or between
the parties potentially applies to a Dispute, the arbitration provision most directly related to the documents between the parties or the subject
matter of the Dispute shall control. This arbitration provision shall survive termination, amendment or expiration of any of the documents or any
relationship between the parties.
State-Specific Provisions.
Loan No: NEW
MORTGAGE
(Continued)
-'.0!70
Page 7
If California law governs the Dispute, the following provision is included:
Real Property Collateral; Judicial Reference, Notwithstanding anything herein to m~ contrary, no Dispute shall be submitted to arbitration if the
Dispute concerns indebtedness secured directly or indirectly, in whole or in parT, hv nny real property unless the holder of the mortgage, lien or
security interest specifically elects in writing to proceed with the arbitration. If ~m¥ such Dispute is not submitted to arbitration, the Dispute
shall, at the election of any party, be referred to a referee in accordan.ce with California Code of Civil Procedure Section 638 et seq., and this,
general reference agreement is intended to be specifically enforceable in accordam:~~. with said Section 638. A referee with the qualifications
required herein for arbitrators shall be selected pursuant to the AAA's selection 0r<m(;dures Judgment upon the decision rendered by a referee
shall be entered in the court in which such proceeding was commenced in accordm~co with California Code of Civil Procedure Sections 644 and
645,
If Idaho law governs the Dispute, the following provision is included:
Real Property Collateral; Judicial Reference, Notwithstanding anything herein to the contrary, no dispute shall be submitted to arbitration if the
dispute concerns indebtedness secured directly or indirectly, in whole or m parT, by m~y real property unless (i) the holder of the mortgage, lien
or security interest specifically elects in writing to proceed with the arbitration, er Iii) all parties to the arbitration waive any rights or benefits
that might accrue to them by virtue of the single action rule statute of Idaho. th~rcby agreeing that a indebtedness and obligations of the
parties, and all mortgages, liens and security interests securing such indebtedness ~rm obligations, shall remain fully valid and enforceable.
If Montana law governs the Dispute, the following provision is included:
Real Property Collateral; Judicial Reference. Notwithstanding anything herein to the contrary, no dispute shall be submitted to arbitration if the
dispute concerns indebtedness secured directly or indirectly, in whole or in part, by ~my real property unless (i) the holder of the mortgage, lien
or security interest specifically elects in writing to proceed with the arbitration, or (m all parties to the arbitration waive any rights or benefits
that might accrue to them by virtue of the single action rule statute of Montana. th(~,reby agreeing that a indebtedness and obligations of the
parties, and all mortgages, liens and security interests securing such indebtedness ,mi obligations, shall remain fully valid and enforceable.
If Nevada law governs the Dispute, the following provision is included:
Real Property Collateral; Judicial Reference. Notwithstanding anything herein to m. contrary, no dispute shall be submitted to arbitration if the
dispute concerns indebtedness secured directly or indirectly, in whole or in parL t~¥ any real property unless (i) the holder of the mortgage, lien
or security interest specifically elects in writing to proceed with the arbitration, or (ii) all parties to the arbitration waive any rights or benefits
that might accrue to them by virtue of the single action rule statute of Nevada. th~,reby agreeing that all indebtedness and obligations of the
parties, and all mortgages, liens and security interests securing such indebtedness and obligations, shall remain fully valid and enforceable
If Utah law governs the Dis pure, the following provision is included:
Real Property Collateral; Judicial Reference. Notwithstanding anything herein to ~l~ contrary, no Dispute shall be submitted to arbitration if the
Dispute concerns indebtedness secured directly or indirectly, in whole or in parT, by any real property unless the holder of the mortgage, lien or
security interest specifically elects in writing to proceed with the arbitration. If any such Dispute is not submitted to arbitration, the Dispute
shall, at the election of any party, be referred to a master in accordance with ut,l~ Rule of Civil Procedure 53, and this general reference
agreement is intended to be specifically enforceable. A master with the qualifications required herein for arbitrators shall be selected pursuant
to the AAA's selection procedures. Judgment upon the decision rendered by a mas~er shall be entered in the court in which such proceeding
was commenced in accordance with Utah Rule of Civil Procedure 53(e).
MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part ()l this Mortgage:
Amendments, What is written in this Mortgage and in the Related Documents is Grantor's entire agreement with Lender concerning the
matters covered by this Mortgage. To be effective, any change or amendme~t m tbis 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 purl)oses 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 accordanca with federal law and the laws of the State of Wyoming.
This Mortgage has been accepted by Lender in the State of Wyoming.
Joint and Several Liability. All obligations of Grantor under this Mortgage shall h~ joint and several, and a references to Grantor shall mean
each and every Grantor. This means that each Grantor signing below is responsd)le for all obligations in this Mortgage.
No Waiver by Lander. Grantor understands Lender will not give up any of fender's rights under this Mortgage unless Lender does so in
writing. The fact that Lender delays or omits to exercise any right will not me;m that Lender has given up that right. [ Lender does agree
in writing to give up one of Lender's rights, that does not mean Grantor will no~ I~ave to comply with the other provisions of this Mortgage.
Grantor also understands that if Lender does consent to a request, that does m)t mean that Grantor will not have to get Lender's consent
again if the situation happens again. Grantor further understands that just uecause Lender consents to one or more of Grantor's requests, .
that does not mean Lender will be required to consent to any of Grantor's ft~ture requests. Grantor waives presentment, demand for
payment, protest, and notice of dishonor. Grantor waives all rights of exempfio[, i~rom execution or similar law in the Property, and Grantor
agrees that the rights of Lender in the Property under this Mortgage are prior t~ Grantor's rights while this Mortgage remains in effect.
Severability, If a court finds that any provision of this Mortgage 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. Therefore, a court wil enforce the rest of the provisions of this Mortgage even if a
provision of this Mortgage may be found to be invalid or unenforceable.
Merger. There shall be no merger of the interest or estate created by this Mor~(j,~je 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 co[~sent of Lender.
Successors and Assigns. Subject to any limitations stated in this Mortgage on transfer of Grantor's interest, this Mortgage shall be binding
upon and inure to the benefit of the parties, their successors and assigns. If owrership of the Property becomes vested in a person other
than Grantor, Lender, without notice to Grantor, may deal with Grantor's successors with reference to this Mortgage and the Indebtedness
by way of forbearance or extension without releasing Grantor from the oblig~ic,~s of tins Mortgage or liability under the Indebtedness.
Time is of the Essence, Time is of the esseni:e in the performance of this Mort!j;~ue.
MORTGAGE
Loan No: NEW (Continued) Page 8
Waiver of Homestead Exemption. Grantor hereby releases and waives all righl~ an¢: benefits of the homestead exemption laws of the State
of Wyoming as to all Indebtedness secured by this Mortgage.
DEFINITIONS. The following words shall have the following meanings when used n ires Mortgage:
Borrower. The word "Borrower" means Jeanette M. Smith and Robert H. Sm u~ and includes all co-signers and co-makers signing the
Note.
Environmental Laws. The words "Environmental Laws" mean an~/ and all ,~[me federal and local statutes, regulations and ordinances
relating to the protection of human health or the envirenment, including wiHmut limitation the Comprehensive Environmental Response,
Compensation, and Liability Act of 198(3, as amendee, 42 U.S.C. Section 9601 et seq. ("CERCLA"), the Superfund Amendments and
Reauthorization Act of 1986, Pub. L. No. 99-499 ("SARA"), the Hazardous Ma~rials Transportation Act, 49 U.S.C. Section 1801, et seq.,
the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901, ~-~[ ,~eq., or other applicable state or federal laws, rules, or
regulations adopted pursuant thereto.
Event of Default. The words "Event of Default" mean any of the events of d~Iault set forth in this Mortgage in the events of default
section of this Mortgage.
Grantor. The word "Grantor" means Jeanette M. Smith and Robert H. Smith.
Guaranty. The word "Guaranty" means the guaranty from guarantor, en(l~r~er, surety, or accommodation party to Lender, including
without limitation a guaranty of all or part of the Note.
Hazardous Substances. The words "Hazardous Substances" mean materials that, because of their quantity, concentration or physical,
chemical or infectious characteristics, may cause or pose a present or potential hazard to human health or the environment when
improperly used, treated, stored, disposed of, generated, manufactureo, transported or otherwise handled. The words "Hazardous
Substances" are used in their very broadest sense and include without limitaficm 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 improvements buildings, structures, mobile homes affixed on the
Real Property, facilities, additions, replacements and other construction on th~ F~c, al Property.
Indebtedness. The word "Indebtedness" means all principal, interest, and oll~P.r amounts, costs and expenses payable under the Note or
Related Documents. together with all renewals of, extensions of, modifica[km~ ~f, consolidations of and substitutions for the Note or
Related Documents and any amounts expended or advanced by Lender to discharge Grantor's obligations or expenses incurred by Lender to
enforce Grantor's obligations under this Mortgage, together with interest o~ such amounts as provided in this Mortgage. Specifically,
without limitation, Indebtedness includes all amounts that may be indirecII, secured by the Cross-Collateralization provision of this
Mortgage.
Lender. The word "Lender" means Wells Fargo Bank, Nationa Association. its successors and assigns. The words "successors or
assigns" mean any person or company that acquires any interest in the Note.
Mortgage, The word "Mortgage" means this Mortgage between Grantor and I-~nder~
Note. The word "Note" means the promissory note dated October 5, 2004 il~ the original principal amount of $150,000.00
from Grantor to Lender, together with all renewals of, extensions of, modificali~ms of, refinancings of, consolidations of, and substitutions
for the promissory note or agreement NOTICE TO GRANTOR: THE NOTE CONTAINS A VARIABLE INTEREST RATE.
Personal Property. The words "Personal Property" mean all equipment, fixtures and other articles of personal property now or hereafter
owned by Grantor, and now or hereafter attached or affixed to the Real Proper[v; together with all accessions, parts, and additions to, all
replacements of, and all substitutions for, any of such property; and together with all proceeds (including without limitation a insurance
proceeds and refunds of premiums) from any sale or other disposition of the Pr~q~erty.
Property. The word "Property" means collectively the Real Property and the P~rsonal Property.
Real Property. The words "Real Property" mean the real property, interests a~'] rkjhts, as further described in this Mortgage.
Related Documents. The words "Related Documents" mean all promissory n~tes, credit agreements, loan agreements, enwronmental
agreements, guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other instruments,
agreements and documents, whether now or hereafter existing, executed i~ compaction with the Indebtedness.
Rents. The word "Rents" means all present and future rents, revenues, incbmc issues, royalties, profits, and other benefits derived from
the Property.
EACH GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE, AND EACH GRANTOR AGREES TO ITS
TERMS.
GRANTOR:
l'r otte M, Smith /
Robert R. Smith
~ MORTGAGE
Loan No: NEW (Continued)
0!72
Page 9
INDIVIDUAL ACKNOWLEDGMENT
STATE
OF
",',yc ....... ' ~ ~ I~
On this day before me, the undersigned Notary Public, personally appeared Jeanette M. Smith, to me known to be the individual described in
and who executed the Mortgage, and acknowledged that he or she signed the Mortgage as his or her free and voluntary act and deed, for the
uses and purposes therein mentioned.
Given under my hand and official seal this ~ day of ~,~' ~'. ;~,.::-C , 20 ~
By
Notary ~lic in and for the State of ~t~ My comm,ssion expires ~ ~/~ ¢ f~OW
INDIVIDUAL ACKNOWLEDGMENT
STATE OF
) ss ~
COUHTY OF
On this day before me, the undersigned Notary Public, personally appeared Robert H. Smith, to me known to be the individual described in and
who executed the Mortgage, and acknowledged that he or she signed the Mortga~j~.~ as his or her free and voluntary act and deed, for the uses
and purposes therein mentioned,
Given under my hand and official seal this "~ day of ,: ¢. ;/', ';~- , 20 ¢/d¢
Notary~u~lic in and for the State of ~~ My co,nmission expires / ~h¢/~¢~