HomeMy WebLinkAbout905324RECORDATION REQUESTED BY:
The Jackson State Bank & Trust
Main Office
P.O. Box 1788
112 Center Street
Jackson, WY 83001
WHEN RECORDED MAIL TO:
The Jackson Slate Bank & Trust
Main Office
P.O. Box 1788
112 Center Streel
Jackson, WY 83001
SEND TAX NOTICES TO:
The Jackson State Bank & Trust
Main Office
P.O. Box 1788
112 Center Slreet
Jackson, WY 83001
RECEIVED 12/16/2004 at 12:39 PM
RECEIVING it 905324
BOOK: 575 PAGE: 207
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
SPACE ABOVE THI~i LINE IS FOR RECORDER'S USE ONLY
MORTGAGE
MAXIMUM LIEN. The lien of this Mortgage shall not exceed at any one time $50,000.00.
THIS MORTGAGE dated December 10, 2004, is made and executed between Douglas McAfee and Adel McAfee,
husband and wife, whose address is PO Box 1563, Jackson, WY 83001-1563 (referred to below as "Grantor")
and The Jackson State Bank & Trust, whose address is P.O. Box 1788, 112 Center Street, Jackson, WY 83001
(referred to below as "Lender").
GRANT OF MORTGAGE. For valuable consideration, Granlor morlgages and conveys to Lender all of Grantor's right, title, and interest in and to
the following described real property, together with all existing or subsequently erected or affixed buildings, improvements and fixtures; alt easements,
rights of way, and appurtenances; all water, water rights, watercourses and ditch r~ghts (including stock in utilities with ditch or irrigation rights); and all
other rights, royalties, and profits relating to the real property, including without limilalion all minerals, oil, gas, geothermal and similar matters, (the
"Real Property") located in Lincoln County, State of Wyoming:
Lots 13, 14, 72 and 73 of Palls Park Subdivision, Lincoln County, Wyoming as described on the official plat
thereof.
The Real Property or its address is commonly known as 216 & 218 W. Mill Circle, Alpine, WY 83128.
REVOLVING LINE OF CREDIT. This Mortgage secures the Indebtedness including, without limitation, a revolving line of credit, which
obligates Lender to make advances lo Borrower so long as Borrower complies with all the terms of the Credit Agreement. Such advances
may be made, repaid, and remade from time Io time, subjecl to the limitation lhat the total outstanding balance owing at any one time, not
Including finance charges on such balance at a fixed or variable rate or sum as provided in the Credit Agreemenl, any temporary overages,
other charges, and any amounts expended or advanced as provided In either the Indebledness paragraph or Ihls paragraph, shall not exceed
the Credit Limit as provided In the Credit Agreement. It Is the Intention of Grantor and Lender that this Mortgage secures Ihe balance
oulstandlng under the Credit Agreement from time to time from zero up to the Credit Limil as provided in this Mortgage and any Intermediate
balance.
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
Properly. In addition, Grantor grants to Lender a Uniform Commercial Code secumy ~rd~rest in the Personal Property and Renls.
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 EACH OF GRANTOR'S AGREEMENTS AND
OBLIGATIONS UNDER THE CREDIT AGREEMENT, THE RELATED DOCUMENTS, AND THIS MORTGAGE. THIS MORTGAGE IS GIVEN AND
ACCEPTED ON THE FOLLOWING TERMS:
GRANTOR'S WAIVERS. Grantor waives all rights or defenses arising by reason of any "one action" or "anti-deficiency" law, or any other law which
may prevent Lender from bringing any action against Grantor, including a claim for dehciency to lhe extent Lender is otherwise entitled to a claim for
deficiency, before or after Lender's commencement or completion of any foreclosure achon, either judicially or by exercise of a power of sale.
GRANTOR'S REPRESENTATIONS AND WARRANTIES. Grantor warrants that: (a) Ibis Mortgage is executed at Borrower's request and not at the
request of Lender; (b) Grantor has the full power, right, and authority to enter into th~s Modgage and to hypothecate the Properly; (c) the provisions of
Ihis Modgage do not conflict with, or result in a default under any agreement or other instrument binding upon Grantor and do not result in a violation
of any law, regulation, court decree or order applicable to Grantor; (d) Grantor has established adequate means of obtaining from Borrower on a
continuing basis information about Borrower's financial condition; and (e) Lender has made no representation to Grantor about Borrower (including
without limitation the creditwodhiness of Borrower).
PAYMENT AND PERFORMANCE. Except as otherwise provided in this Modgage, Borrower shall pay to Lender all Indebtedness secured by this
Modgage as it becomes due, and Borrower and Grantor shall strictly perform all Borrower's and Grantor's obligations under this Modgage.
POSSESSION AND MAINTENANCE OF THE PROPERTY. Borrower and Grantor agree that Borrower's and Grantor's possession and use of the
Property shall be governed by the following provisions:
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 Properly.
Duty to Maintain. Grantor shall maintain the Properly in good condition and promptly perform all repairs, replacements, and maintenance
necessary to preserve its value.
Compliance With Envlronmental Laws. Grantor represents and warrants to Lender that: (1) During the period of Grantor's ownership of the
Properly, there has been no use, generation, manufacture, storage, treatme¢~t, disposal, release or threatened release of any Hazardous
Substance by any person On, under, about or from the Properly; (2) Grantor has no knowledge of, or reason to believe that there has been,
except as previously disclosed to and acknowledged by Lender in writing, (a) any breach or violation of any Environmental Laws, (b) any use,
generation, manufacture, storage, treatment, disposal, release or threatened reluuse of any Hazardous Substance on, under, about or from the
Properly by any prior owners or occupants of the Properly, or (c) any actual or threatened litigation or claims of any kind by any person relating
to such matters; and (3) Except as previously disclosed to and acknowled~jed by Lender in writing, (a) neither Grantor nor any tenant,
contractor, agent or other authorized user of the Property shall use, generate, manufacture, store, treat, dispose of or release any Hazardous
Substance on, under, about or from the Property; and (b) any such activity 5h~ll be conducted in compliance with all applicable federal, state,
and local laws, regulations and ordinances, including without limitation all Enviromr~ental Laws. Grantor authorizes Lender and its agents to enter
upon the Properly to make such inspections and tests, at Grantor's expense, as Lender may deem appropriate to determine compliance of the
Property with this section of the Mortgage. Any inspections or tests made by Lender shall be for Lender's purposes only and shall not be
construed to create any responsibility or liability on the part of Lender to Grantor or to any olher person. The representations and warranties
contained herein are based on Grantor's due diligence in investigating the Property for Hazardous Substances. Grantor hereby (1) releases and
waives any future claims against Lender for indemnity or contribution in the event Granlor 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 expenses
which Lender may directly or indirectly sustain or suffer resulting from a breach of this section of the Modgage or as a consequence of any use,
generation, manufacture, storage, disposal, release or threatened release OCCLJrring prior to Grantor's ownership or interest in the Property,
whether or not the same was or should have been known to Grantor. The provisions of this section of the Modgage, including the obligation to
indemnify, shall survive the payment of the Indebtedness and the satisfaction and reconveyance of the lien of this Modgage and shall not be
affected by Lender's acquisition of any interest in the Properly, whether by foreclosure or otherwise.
U~UG~;~ MORTGAGE
Loan No: 33056995 (Continued) Li ~i 0 '~p,~'''' S Page 2
Nuisance, Waste. Grantor shall not cause, conduct or permit any nuisance no~ 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 fo[ageing, Grantor will not remove, or grant to any other party the
right lo 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 ImpmYements from the Real Property without Lender's prior written
consent. As a condition to the rer~oval of any mprovements, Lender may req~-? Grantor to make arrangements satisfactory to Lender to replace
such ImPi'ovements wilh Improvements of ,at..leaSt equal value.
Lender's Right to Enter. Lender and Lender's agents and representatives may enter upon the Real Property at all reasonable times to attend 1o
Lender's interests and to inspect the Real Property for purposes of Grantor's compliance with the terms and conditions of this Mortgage.
Compliance wilh Governmental Requirements. Grantor shall promptly com~ly with all laws, ordinances, and regulations, now or hereafter in
effecl, of all governmental authorities applicable to the use or occupancy of the Property. Grantor may contest in good faith any such law,
ordinance, or regulation and withhold compliance during any proceeding, inclodin~ appropriate appeals, so long as Grantor has notified Lender in
writing prior to doing so and so long as, in Lender's sole opinion, Lender's intermits in the Property are not jeopardized. Lender may require
Grantor to post adequate security or a surety bond, reasonably satisfactory to Lc~d~r, 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 Property are reasonably necessary lo prelect and preserve the Property.
DUE ON SALE - CONSENT BY LENDER. Lender may, at Lender's option, declare ~mmediately due and payable all sums secured by this Mortgage
upon the sale or transfer, withoul 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 ira.~ Real Properly; 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 by 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 lhe taxes and liens on the P~ operly are part of this Modgage:
Payment. Grantor shall pay when due (and in all events prior to delinquency) alt taxes, payroll loxes, special taxes, assessments, water charges
and sewer service charges levied against or on account of the Property, and shall pay when due all claims for work done on or for services
rendered or material furnished to the Property. Grantor shall maintain the Property flee of any liens having priority over or equal to the interest of
Lender under this Modgage, except for those liens specifically agreed.to in writing by Lender, and except for the lien of taxes and assessments not
due as fudher specified in the Right to Contest paragraph.
Right 1o Contest. Grantor may withhold payment of any tax, assessment, or claim ~n connection with a good faith dispute over the obligation to
pay, so long as Lender's interest in the Properly is not jeopardized. If a lien aristas or is filed as a result of nonpayment, Grantor shall within fifteen
(15) days after the lien arises or, if a lien is filed, within fifteen (15) days after G[antor has notice of the filing, secure the'discharge of the lien, or if
reqUested by Lender, deposit with Eender'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 cha[~jes that could accrue as a result of a foreclosure or sale under
the lien. In any contest, Grantor shall defend itself and Lender and shall satisfy, any adverse judgment before enforcement against the Property.
Grantor shall name Lender as an additional obligee under any surety bond furnished in the contest proceedings.
Evidence of Payment, Grantor shall upon demand furnish to Lender salisfaclo~y 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 assessmenls against the
Properly.
Notice of Conslructlon. Grantor shall notify Lender at least fifteen (15) days before any work is commenced, any services are furnished, or any
materials are supplied to the Property, if any mechanic's lien, materialmen's lien, or other lien could be asseded on account of the work, services,
or materials and the cost exceeds $1,000.00. Granlor will upon request of Lend~ lurnish to Lender advance assurances satisfaclory to Lender
that Grantor can and will pay the. COSt of Such improvements.
PROPERTY DAMAGE INSURANCE. The following provisions relating to insuring the Property are a part of this Mortgage:
Maintenance of Insurance. Grantor shall procure and maintain policies of fi~e insurance with standard extended coverage endorsements on a
replacement basis for the full Insurable value covering all Improvements on the Real Property in an amount sufficient to avoid application of any
coinsurance clause, and with a standard mortgagee clause in favor of Lender. Policies shall be written by such insurance companies and in such
form as may be reasonably acceptable to Lender. Grantor shall deliver to Lender certificates of coverage from each insurer containing a
stipulation that coverage will not be cancelled or diminished without a minimum of ten (10) days' prior written notice to Lender and not containing
any disclaimer of the insurer's liability for failure to give such notice. Each insurance policy also shall include an endorsement providing that
coverage in favor of Lender will not be impaired in any way by any act, om~s5ion or default of Grantor or any other person. Should the Real
property be located in an area designated bythe Director of the Federal Emerged. ney Management Agency as. a special flood hazard area, Grantor
agrees to obtain and maintain Federal Flood Insurance~.if available, within 45 days after notice is given by Lender that the Property is located in a
special flood hazard area, for the full unpaid principal balance of the loan and any prior liens onthe properly securing the loan, up to the
maximum policy limits set under the National Flood Insurance Program, or as otherwise required by Lender, and to maintain such insurance for
the term of the loan. · . ...~...~. .,:,: :..
Application of Proceeds. Grantor Shall promptly notify Lender of any loss or damage to the Properly if the estimated cost of repair or
replacement exceeds $1,000.00. Lender may make proof of loss if Grantor fails to do so within fifteen (15) days of the casualty. Whether or not
Lender's security is impaired, Lender may, at Lender's election, receive and retain the proceeds of any insurance and apply the proceeds to the
reduction of the Indebtedness, payment of any lien affecting the Properly, or the restoration and repair of the Property. If Lender elects to apply
the proceeds to resloration 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 reasonable cost of repair or
restoration if Grantor is not in default under this Mortgage. Any proceeds which have not been disbursed within 180 days after their receipt and
which Lender has not committed to the repair or restoration of the Property shall be used first to pay any amount owing to Lender under this
Modgage, then to pay accrued interest, and the remainder, if any, shall be apptied to the principal balance of the Indebtedness. If Lender holds
any proceeds after payment in full of the Indebtedness, such proceeds shall be paid to Grantor as Grantor's interests may appear.
LENDER'S EXPENDITURES. If Grantor fails (A) to keep the Property free of all taxa. s, liens, security interesls, encumbrances, and other claims, (B)
to provide any required insurance on the Pr. op.edy, or (C} to make repairs to the Properly then Lender may do so. If any action or proceeding is
commenced that woUld materially affect Lender's, nterests in the Property, then Lender on Grantor's behalf may, bUt is not required to, take any action
that Lender believes to be appropriate to protect Lender's interests. All expenses inclined or paid by Lender for such purposes will then bear interest
at the rate charged under the Credit Agreement from the date incurred or paid by Lender to the date of repayment by Grantor. All such expenses will
become a pad of the Indebtedness and, at Lender's option, will (A) be payable on demand; (B) be added to the balance of the Credit Agreement
and be apportioned among and be payable with any installment payments to became due during either (1) the term of any applicable insurance
policy; or (2) the remaining term of the Credit Agreement; or (C) be treated as a balloon payment which will be due and payable at the Credit
Agreement's maturity. The Modgage also will secure payment of these amounts. The ~ights provided for in this paragraph shall be in addition to any
other rights or any remedies to which Lender may be entitled on account of any delault. Any such action by Lender shall not be construed as curing
the default so as to bar Lender from any remedy that it otherwise would have had.
WARRANTY; DEFENSE OF TITLE. The following provisions relating to ownership of the Property are a pad of this Modgage:
Title. Grantor warrants that: (a) Grantor holds good and marketable title of reco~d to the Properly in fee simple, free and clear of all liens and
encumbrances other than those set forth in the Real Properly description or in any title insurance policy, title report, or final title opinion issued in
favor 0f and accepted by, Lender in connection with this Mortgage, and (b) Grantor has the full right, power, and authority to execute and deliver
this Modgage' to Lender. , .
Defense of Title. ,Subject to the exception in the paragraph above, Grantor warrants and will forever defend the title to the Property against the
lawful claims of all Persons. In the event any action or proceeding is commenced that questions Grantor's title Or the interest of Lender under this
Modgage, Grantor shall defend the action at Grantor's expense. Grantor may he the nominal pady in such proceeding, but Lender shall be
entitled to padicipate in the proceeding and to be represented in the proceedin0 by counsel of Lender's own choice, and Grantor will deliver, or
cause to be delivered, to Lender such instruments as Lender may request from time to time to permit such participation.
Compliance Wllh Laws. Grantor warrants that the Property and Grantor's use of the Propedy complies with all existing applicable laws,
ordinances, and regulations of governmental authorities.
Survival of Promls~s. All promises, agreements, and stateme,'~ts Grantor has made in this Mortgage shall survive the execution and delivery of
Loan No: 33056995 O~~;~ MORTGAGE
(Continued) Page 3
this Mortgage, shall be continuing In nature and shall remain in full force and effect [J~l. such lime as Borrower's Indebtedness is paid in full.
CONDEMNATION. The following provisions relating to condemnation proceedings are a ~)a~t of lhis Mortgage:
Proceedlngs~~ If any proceeding in condemnation is filed, Grantor shall promptly r~otify Lender in writing, and Grantor shall promplly take such
steps as may be necessary to defend the action and obtain the award. Grantor may be the nominal party in such p?oceeding, but Lender shall be
entitled to participate in the proceeding and 1o be represented in the proceeding by counsel of its own choice, and Grantor will deliver or cause to
be delivered to Lender su, ch instruments and documentation as may be requested b~,, Lender from time to time to permit such participation.
Application of Net Proceeds. If ali or any part of the Property is condemned by ~m*nent domain proceedings or by any proceeding or purchase
in lieu of condemnation, Lender may at its e~ecfion require that all or any portion of Ihe nel proceeds of the award be applied to the Indebtedness
or the repair or resloration of the Property. The net proceeds of the award shall mear~ 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 sha~l ex~c[JIe such documents in addition to this Mortgage and take
whatever other action is requested by Lender to perfect and continue Lender's lien or~ ti~e Real Property. Grantor shall reimburse Lender for all
taxes, as described below, together with all expenses incurred in recording, perfecting or conlinuing this Mortgage, including without limitation all
taxes, fees, documentary stamps, and other charges for recording or regislering this M~rtgage.
Taxes. The following shall constitute taxes to which this section applies: (1) a spec~lic tax upon this type of Mortgage or upon all or any part of
the Indebtedness secured by this Mortgage;~ (2) a :specific.tax o~ Borrower which Borrower is authorized or,required to deduct from payments
on the indebtedness secured by this type of Mortga{~e; (3) a tax on this type of Moll§age chargeable against the Lender or the holder of the
Credit Agreement; and (4) a specific tax on all or any portion of the Indebtedness ~- on payments of principal and interest made by Borrower.
Subsequent Taxes. If any tax to which this section.applies is enacted subsequent to the clare of this Mortgage, this event shall have the same
effect as an Event of Default, and Lender may exercise any or all of its available remedies for an Event of Default as provided below unless Grantor
either (1) pays the tax before it becomes delinquent, or (2) contesls the tax as ~rowc~ed a~ove in lhe 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 relati~g Io this Mortgage as a securily agreement are a part of this
Mortgage:
Securlly Agreement. This instrument shall constitute a Security Agreement to the extel! any of the Properly constitutes fixtures, and Lender shall
have all of the rights of a secured party under the Uniform Commercial Code as amer~dec~ from time to time.
Security Interest. Upon request by Lender, Grantor shall take whatever action is r~q~ested by Lender to perfect and continue Lender's security
interest in the Personal Property. In addition to recording this Mortga e in lhe
authorization from Grantor, file executed cou~nt .... .~ __~:,_ g. : real property records, Lender may, at any time and without further
,=,~,,, uup~es or reproouclions of this Mortgage as a financing statement.··Grantor shall 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 Properly. Upon default, Grantor shall assemble any Person]al Property not affixed to the Property in a manner and at a
place reasonably convenient to Grantor and Lender and make it available to Lender ~vilhm three (3) days after receipt of written demand from
Lender to the extent permitted by applicable law.
Addresses. The mailing addresses of Grantor (debtor) and Lender (secured pa~ty) from which information concerning the security interest
granted by this Modgage may be obtained (each as required by the Uniform Commercial Code) are as stated on the first page of this Modgage.
FURTHER ASSURANCES; ATTORNEY-IN-FACT. The following provisions relating to further assurances and attorney-in-fact are a pad of this
Modgage:
Further Assurances. At any time, and from time to time, upon request of Lender, Grantor will make, execute and deliver, or will cause to be
made, executed or delivered, to Lender or to Lender's designee, and when reqL~es~eC by Lender, cause to be filed, recorded, refiled, or
rerecorded, as the case may bej at such times'a'nd in SUch offices and places as Lender may deem appropriate, any and all such modgages,
deeds of trust, secudty deeds, security agreements, financing statements, confinuatio~ statements, instruments of fudher assurance, certificates,
and other documents as may, Jn lhe sole opinion of Lender, be necessary or desirable in order to effectuate, complete, perfect, continue, or
aP~eserve (1). Borrower's and Grunter's obligations under the Credit A reem n. '.
d security Interests created by this Mortgage as first ,-,' .... g^. ,.e~ ,~.t..h_is_ ,M. ortg, ag,.e, and the Rela!ed Documents, and (2) the liens
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 p°aragraph, and ~rl~r ,,~.o ,.,. ,., r~upur~y, wne[ner now owneo or hereafter acquired by Grantor.
AtlorneY-ln-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 Grunter's expense. For such purposes, Grantor hereby irrevocably appoints Lenc~gr as Grunter's attorney-in-fact for the purpose of
making, executing, delivering, filing, recording, and doing all other things as may be necessary or desirable, in Lender's sole opinion, to
accomplish the matters referred to in the preceding paragraph~
FULL PERFORMANCE. If Bol:row~J:' pays all the I'ndebtedness when'due,' terminates the credit line account, and otherwise performs all the obligations
imposed upon Grantor under this Modgage, Lender shall execute and deliver lo Grantor a suJtaole satisfaction of this Mortgage and suitable statements
of termination of any financing statement on file evidencing Lender's security interest in the Rents and the Personal Property. Grantor will pay, if
permitted by applicable law, any reasonable termination fee as determined by Lender from t~me to time.
EVENTS OF DEFAULT. At Lender's option, Grantor will be in default under this Modgage if any gl the following happen: Payment Defaull. Borrower fails to make any payment when due under the Indebtedness.
Default on Other Payments. Failure of Grantor within the time required by this Mortgage to make any payment for taxes or insurance, or any
other payment necessary to prevent filing of or to effect discharge of any lien.
Break Other Promises. Borrower or Grantor breaks any promise made to Lender or fails to perform promptly at the time and strictly in the
manner provided in this Modgage or in any agreement related to this Mortgage.
False Statemenls. Any representation or statement made or furnished to Lender by Borrower or Grantor or on Borrower's or Grunter's behalf
under this Modgage or the Related D_~ocume_nts.. s false or misleading in any material respect, either pow or at.the time made or furnished.
Defecllve Collaterallzallon. This Modgage,or any of the Related Documents c'eases to ~e ~n full force and effect (including failure of any collateral
document to create a valid and perfected security interest or lien) at any time and for any reason.
Death or Insolvency. The death of Borrower or Grantor, the insolvency of Borrower or Grantor, the appointment of a receiver for any part of
Borrower's or Grunter's property, any assignment for the benefit of creditors, any type of creditor workoul, or the commencement of any
proceeding under any bankruptcy or insolvency laws by or against Borrower or Grantor.
Taking of the Property. Any creditor or governmental agency tries to take any of the Properly or any giber of Borrower's or Grunter's property in
which Lender has a lien. This includes taking of, garnishing of or levying on Borrower's or Grunter's accounts with Lender. However, if Borrower
or Grantor disputes in good faith whether the claim on which the taking of the Property is based is valid or reasonable, and if Borrower or Grantor
gives Lender wriffen notice of/he claim and furnishes Lender with monies or a surely bond satisfactory to Lender to satisfy the claim, then this
default provision will not apply. '
Breach of Other Agreement. Any breach by Borrower or Grantor under the terms gl a~]y other agreement between Borrower or Grantor and
Lender that is not remedied within any grace period provided therein, including without hmitation any agreement concernl'ng any indebtedness or
other qbligat on of Borrower or' Grantor lo Lender, whether existing now or later,
Events Affecting Guarantor. Any Of the preceding events occurs with respect to any guarantor, endorser, surety, or accommodation party of any
qf the Indebtedness or any guarantor, endorser, surety, or accommodalion party dies or becomes incompetent, or revokes or disputes lhe validity
of, or liability under, any Guaranty of the Indebtedness. In the event of a death, Lender, at ~Is option, may, but shall no/be required to, permit the
guarantor's estate to assume unconditionally the obligations arising under the guaranty in a manner satisfactory to Lender, and, in doing so, cure
any Event of Default. .
Right to Cure. If any default, other than a default in payment is curable and if Grantor has not been given a notice of a breach of the same
provision of this Modgage within the preceding twelve (12) months, it may be cured if Granlor, after receiving written notice from Lender
demanding cure of such default: (1) cures the default within fifteen (15) days; or (2) if the cure requires more than fifteen (15) days, immediately
O ~ Lit,.~,.~ MORTGAGE
Loan ,o: 33056995 (Continued)"
Page 4
initiates steps which Lender deems in Lender's sole discretior~ lo be sufficient Io cu~e the default and thereafter continues and completes all
reasonable and necessary steps sufficient to produce compliance as soon as reasona~) y practical.
RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence of an Event of Defaull and at any time thereafter, Lender, at Lender's option, may
exercise any one or more of the following rights and remedies, in addition to any other rig ~ls or remedies provided by law:
Accelerate Indebledness, Lender shall have the right at its option without notice to Graf]tot to declare the entire Indebtedness immediately due
and payable, Including any prepayment penalty which Grantor would be required Io
UCC Remedies. Wilh respect to all or any part of the Personal Property, Lender 5hall have all the rights and remedies of a secured party under
the Uniform Commercial Code.
Collecl Rents. Lender shall have the right, without notice to Borrower or Grantor. to take possessi(~n of the Proper~y, including during the
pendency of foreclosure, whether judicial or non-judicial, and collect the Rents. ~neluding amounts past due and unpaid, and apply the net
proceeds, over and above Lender's costs, against the Indebtedness. In furtherance et tl~s right, Lender may require any tenant or other user of
the Property to make payments of rent or use fees directly to Lender. If the Rents a~e co~ected by Lender, then Grantor irrevocably designates
Lender as Grantor's attorney-In-fact 1o endorse instruments received in payment thereof ~n the name of Grantor and to negotiate the same and
collect the proceeds. Payments by tenants or other users to Lender in response to [ender's demand shall satisfy the obligations for which the
payments are made, whether or not any proper grounds for the demand existed. Ler~dor 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 lo take possession of all or any part of the Property, with the power to
protect and preserve the Property, to operate the Property preceding foreclosure or sa~e and to collect the Rents from the Property and apply the
proceeds, over and above the cost of the receivership, against the Indebtedness. The receiver may serve without bond if permitted by law.
Lender's right to the appointment of a rec_qiy.er shall.exist whether or nol the appa~em value of the Property exceeds the Indebtedness by a
substantial amount. Employment by Lender shall not disqualify a person from servi[rcj as a receiver.
Judlclal Foreclosure. Lender may oblain a judicial decree foreclosing Grantor's interest in all or any part of the Property.
Nonjudicial Sale. Lender may foreclose Granlor's interest in all or in any part of the Property by non-judicial sale, and specifically by "power of
sale" or "advertisement and sale" foreclosure as provided by statute.
Deficiency Judgment. If permitted by applicable law, Lender may obtain a judgmer~ for any deficiency remaining in the Indebtedness due to
Lender after application of all amounts received from the exercise of the righ!s provided ~n lh~S section.
Tenancy at Sufferance. If Grantor remains in possession of the Property after th~ Property is sold as provided above or Lender otherwise
becomes entitled to possession of the Property upon default of Grantor, Grantor sba t)ecome a tenant at sufferance of Lender or the purchaser
of the Property and shall, at Lender's option, either (1) pay a reasonable renta~ for the use of the Property, or (2) vacate the Property
mmediately upon the demand of Lender.
Other Remedies, Lender shall have all other rights and remedies provided in th~s Mortgage or the Credit Agreement or available at law or in
equity.
Sale of the Property, To the extent permitted by applicable law, Borrower and (3[antor hereby waives any and all right to have the Property
marshalled, n exercising its rights and remedies, Lender shall be free to sell all or an), part 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 porl~o~ of the Property.
Notice of Sale. Lender will 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 Property is to [~e made. Reasonable notice shall mean notice g~ven at least
ten (10) days before the time of the sale or disposition. Any sale of the Personal P~o,ue~ty may be made in conjunclion wilh any sale of the Real
Property.
Election of Remedies. All of Lender's rights and remedies will be cumulative and ma, be exercised alone or together. An election by Lender to
choose any one remedy will not bar Lender from using any other remedy. If Le~deJ decides to spend money or to perform any of Grantor's
obligations under this Mortgage, after Grantor's failure lo do so, that decision by Leander w~l] not affect Lender's right lo declare Grantor in default
and lo exercise Lender's remedies.... -
Attorneys' Fees; Expenses, If Lender institutes any suit or action to enforce any of the terms of this Mortgage, Lender shall be entitled to recover
such sum as the court may adjudge reasonable as attorneys' fees at trial and upon 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 Le~der's opinion are necessary at any time for the protection of
its interest or the enforcement of its righls shall become a part of the Indebtedness payable on demand and shall bear interest at the Credit
Agreement rate from the date of the expenditure until repaid. Expenses covered' by th~s paragraph include, without limitation, however subject to
any limits under applicable law, Lender's reasonable attorneys' fees and Lender's ]eOa[ expenses whether or not there is a lawsuit, including
reasonable attorneys' fees and expenses for bankruptcy proceedings (including attests to modify or vacate any automatic stay or injunction),
appeals, and any anticipated post-judgment collection services, Ihe cost of searcr~]9 records, obtaining title reports (including foreclosure
reports), surveyors' reports, and appraisal fees and title insurance, 1o the extent pern~te(:] Dy applicable law. Grantor also will pay any coud costs,
~n addition to all other sums provided by law.
NOTi'CES. Any n'01ice required to be given under this Mortg'age, including without limitat~o~ any notice of default and any notice of sale shall be given
in writing, and shall be effective when actually delivered, when actually received by telelacsirnile (unless otherwise required by law), when deposited
with a nationally recognized overnight courier, or, if mailed, when deposited in the Uniteo ~tates mail, as first class, certified or registered mail postage
prepaid, directed to the addresses shown near the beginning of lhis Mortgage. All cop~es 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 becj~[~n~ng of this Mortgage. Any person may change his or her
address for notices under this Mortgage by giving formal written notice to the other pe~so~ or persons, specifying that the purpose of lhe notice is to
change the person's address. For notice purposes, Grantor agrees to keep Lender informec~ 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 Granlors.
It will be Grantor's responsibility to tell the others of the notice from Lender.
MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of th~s Mortgage:
Amendmenls, What is written in this Mortgage and in the Related Documents is (3~antor's entire agreement with Lender concerning the matters
covered by this Mortgage. To be effectiva, any change or amendment to this Mortgage must be in writing and must be signed by whoever will be
bound or obligated by the change or amendment.
Caption Headings. Caption headings in thls Modgage are for convenience purposes on~y and are not to be used to interpret or define the
provisions of this Mortgage.
Governing Law. This Mortgage will be governed by and Interpreted In accordance with federal law and the laws of the State of Wyoming.
This Mortgage has been accepted by Lender In the Stale of Wyoming.
Choice of Venue. If there is a lawsuit, Grantor agrees upon Lender's requesl to sur~m~ to the jurisdiction of the courts of Teton County, State of
Wyoming.
Jolnl and Several Liability. All obligations of Borrower and Grantor under this Mot{gage shall be joint and several, and all references to Grantor
shall mean each and every Grantor, and all references to Borrower shall mean eac~ ancl every Borrower. This means that each Borrower and
Grantor signing below is responsible for all obligations in this Mortgage.
No Waiver by Lender. Grantor understands Lender will not give up any of Lender's r~0hts under this Mortgage unless Lender does so in writing.
The fact that Lender delays or omits to exemise any right will not mean that Lender h~s 9~ven up that right. If Lender does agree in writing to give
up one of Lender's rights, that does not mean Grantor will not have to comply w~ the other provisions of this Mortgage. Grantor also
understands that if Lender does consent to a request, that does not mean that Gra[~to[ w~l[ not have to get Lender's consent again if the situation
happens again. Grantor further understands that just because Lender consents to o~e or more of Grantor's requests, that does not mean Lender
will be required to consent to any of Grantor's future requests. Grantor waives presentment, demand for payment, protest, and notice of dishonor,
Grantor waives all rights of exemption from execution or similar law in the Property ar~o Grantor agrees that the rights of Lender in the Property
under this'Mortgage are prior to 'Grento~"s rights while this Mortgage remains in effect.
Severabllity. If a court finds that any provision of this Mortgage is not valid or should r~ot be enforced, that fact by itself will not mean that the rest
of this Mortgage will not be valid or enforced. Therefore, a court will enforce the rest of the provisions of this Mortgage even if a provision of this
Mortgage may be found to be invalid or unenforceable.
· i
MORTGAGE ii ,,. 0 ~;
Loan No: 33056995 (Continued) -' Page 5
Merger. There shall be no merger of the interest or estate created by this Mortgage wdh any other interest or estate in the Property at any time
held by or for the benefit of Lender in any capacity, without the written consent of [ under.
Successors and Assigns. Subject to any limitations stated in this Mortgage on lransfer of Grantor's interest, this Modgage shall be binding upon
and inure to the benefit of the parties, their successors and assigns. If ownership of the Property becomes vesled in a person other than Grantor,
Lender, without notice to Grantor, may deal with Grantor's successors with ~:ference to this Mortgage and the Indebtedness by way of
forbearance or extension wit.h0u, t re!easi0g Grantor !?om the obligations of this Mo, lgage or liability under the Indebtedness.
Time Is of the Essence. Time Is of the essence in the performance of this Mortgage.
Waiver of Homestead Exemption. Grantor hereby releases and waives all ric~ r~is and benefits of the homestead exemption laws of the State of
Wyoming as to all Indebtedness secured by this Modgage.
DEFINITIONS. The following words shall have the following meanings when used in m~s Mortgage:
Borrower. The word "Borrower" means Douglas G. McAfee and Adele C. McAfoo and includes all co-signers and co-makers signing the Credit
Agreement.
Credit Agreement. The words "Credit Agreement" mean the credit agreement paled December 10, 2004, with credit limit of $50,000.00
from Borrower to Lender, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and substitutions for the
promissory note or agreement. NOTICE TO GRANTOR: THE CREDIT AGREEMENT CONTAINS A VARIABLE INTEREST RATE.
Environmental Laws. The words "Environmental Laws" mean any and all state federal and local statutes, regulations and ordinances relating to
the protection of human health or the environment, including without limitation me Comprehensive Environmental Response, Compensation, and
Liability Act of 1980, as amended, 42 U.S.C. Section 9601, et seq. ("CERCLA"), the Superfund Amendments and Reauthorization Act of 1986, Pub.
L. No. 99-499 ("SARA','~., the Hazardous Materials Transpodation Act, 49 U.S.C. Section 1801, et seq., the Resource Conservation and Recovery
Act, 42 U.S.C. Section 6901, et seq., or other applicable state or federal laws, rulo:~, or regulations adopted pursuant ihereto.
Evenl of Default. The words "Event of Default" mean any of the events of defaull set forth in this Mortgage in the events of default section of this
Mortgage.
Grantor. The word "Grantor" means Douglas McAfee and Adel McAfee.
Guaranty. The word "Guaranty" means the guaranty from guarantor, endorser, surety, or accommodation party to Lender, including without
limitation a guaranty of all or part of the Credit Agreement.
Hazardous Substances. The words "Hazardous Substances" mean r~aterials mai. because of their quantity, concentration or physical, chemical
or infectious characteristics, may cause or pose a present or polential hazard to hL~man heallh or the environment when improperly used, treated,
stored, disposed of, generated, manufactured, transported or otherwise handIe~J. The words "Hazardous Substances" are used in their very
broadest sense and include wilhout limitation any and all hazardous or toxic subsfances, materials or waste as defined by or listed under the
Environmental Laws. The term "Hazardous Substances" also includes without I~mdation, 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 the Real Pr opedy.
Indebtedness. The word "Indebtedness~ means all principal, inleresl, ano girder amounts, costs and expenses payable under the Credit
Agreement or Related Documents, together With all renewals of, extensions of, rnod~lications of, consolidations of and substitutions for the Credit
Agreement or Related Documents and any amounts expended or advanced by Lu.der to d~scharge Grantor's obligations or expenses incurred by
Lender Io enforce Grantor's obligations under this Mortgage, together with inleresl or' such amounts as provided in this Mortgage.
Lender. The word "Lender" means The Jackson State Bank & Trusl, its succe~5o~s and assigns. The words "successors or assigns" mean any
person or company that acquires any interest in the Credit Agreement.
Mortgage. The word "Mortgage" means this Mortgage between Grantor and Leander.
Personal Property. The words "Personal Property" mean all equipment, fixlure~ ~n~ omar articles of personal property now or hereafter owned
by Granlor, andnowor hereafter attached or affixed to the Real Property; togelh~:~ wdh all accessions, parts, and additions to, all replacements of,
and all substitutions for, any of such property; and ~together with all proceeds 0~cluding without limitation all insurance proceeds and refunds of
premiums) from any sale or olher disposition of the Property.
Property. The word "Property" means collectively the Real Property and the Persona Properly.
Real Property. The words "Real Property" mean the real property, interests and .gr~ls, as further described in this Mortgage.
Related Documenls. The words "Related Documents" mean all promissory notes, credit agreements, loan agreements, environmental
agreements, guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other instruments,
agreements and documents, whether now or hereafter existing, executed in connection with the Indebtedness.
Rents. The word "Rents" means all present and futura'rents, revenues, income, ~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:
Douglas Me'Afee ' /
INDIVIDUAL ACKNOWLEDGMENT
)SS
COUNTY OF ~ ) ~~ ~xpires Novemba~ 29, 2008 ~
On this day before me, the undersigned Notary Public, personally appeared Douglas McAfee and Adel McAfee, to me known to be the individuals
described in and who executed the Mortgage, and acknowledged that they signed the Modgage as their free and voluntary act and deed, for the uses
and purposes therein mentioned.
Given under my hand and official seal this ?-cc day of __~. *,.,~ ,~ ,"*~_--~ ,20 ~ ~
By "~-t~'"~.~* Residing at '-),~c.--_~,r-,~ ~.?~ (:~.~,J~-~. '~,~
Notary Public inand for the State of z-;'J~<5¥~.~ ~ My commission expires I ~ -~'J- o~