HomeMy WebLinkAbout90584831320 (04) ~ ~ ~ 0
RECORDATION REQUESTED BY:
The Jackson State Bank & Trust
West Office
P.O. Box 1788
50 Buffalo Way
Jackson, WY 83001
WHEN RECORDED MAIL TO:
The Jackson State Bank & Trust
West Office
P.O. Box 1788
50 Buffalo Way
Jackson, WY 83001
SEND.TAX NOTICES TO:
The Jackson State Bank & Trust
West Office
P.O. Box 1788
50 Buffalo Way
Jackson, WY 83001
RECEIVED 1/13/2005 at 10:16 AM
RECEIVING # 905848
BOOK: 577 PAGE:
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, VVY
SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY
MORTGAGE
MAXIMUM LIEN. The lien of this Mortgage shall not exceed at any one time $225,000.00.
THIS MORTGAGE dated January 12, 2005, is made and executed between Corinne Wenzler, a single woman,
whose address is 541 Heartridge Dr., Hartland, WI 53029 (referred to below as "Grantor") and The Jackson
State Bank & Trust, whose address is P.O. Box 1788, 50 Buffalo Way, Jackson, WY 83001 (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 aft exislir~(i ~,r subsequently erected or affixed buildings, improvements and fixtures; all easements,
rights of way. and appurtenances; all water, water rights, wa~'~ ourses and ditch rights (including stock in utilities with ditch or irrigation rights); and all
other rights, royalties, and profits relating to the real property, including without limitation all minerals, oil, gas, geothermal and similar matters, (the
"Real Property") located in Lincoln County, State of Wyoming:
Lot 91 of Riverview Meadows Second Addition to the Town of Alpine, Lincoln County, Wyoming within the
SE1/4 of Section 30, T37N, R118W, according to that plat filed February 11, 1994, Plat No. 264-D, Instrument
No. 778568.
The Real Property or its address is commo.ly known as 505 Snake River Dr., Alpine, WY 83128.
Grantor presently assigns to Lender all of Grantor's right, titlr~, m~d 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 C<-,~)r~ercial Code security interest in the Personal Property and Rents.
THIS MORTGAGE, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY, IS
GIVEN TO SECURE (A) PAYMENT OF THE INDEBTEDNESS AND (B) PERFORMANCE OF ANY AND ALL OBLIGATIONS UNDER THE NOTE,
THE RELATED DOCUMENTS, AND THIS MORTGAGE. Tills MORTGAGE IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS:
PAYMENT AND PERFORMANCE. Except as otherwise i~r~-,vided 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 ~)hligations under this Mortgage.
POSSESSION AND MAINTENANCE OF THE PROPERTY. (~rantor agrees that Grantor's possession and use of the Property shall be governed by the
following provisions:
Possession and Use. Until the occurrence of an Ew~t ~f Default. Grantor may (1) remain in possession and control of the Property; (2) use.
operate or manage the Property; and (3) collect the tAr,~ts from the Property.
Duty to Malntaln. Grantor shall maintain the Prol}r~rl~' in good condition and promptly perform all repairs, replacements, and maintenance
necessary to preserve its value.
Compliance With Environmental Laws. Grantor ret~r~.nts and warrants to Lender that: (1) During the period of Grantor's ownership of the
Property, there has been no use, generation, man~f~ch~re, storage, treatment, disposal, release or threatened release of any Hazardous
Substance by any person on, under, about or from th~, Property; (2) Grantor has no knoWledge of, or reason to believe that there has been,
except as previously disclosed to and acknowledged by tender in writing, (a) any breach or violation of any Environmental Laws, (b) any use,
generation, manufacture, storage, treatment, disposal, r~l~.ase or threatened release of any Hazardous Substance on, under, about or from the
Property by any prior owners or occupants of the ProI:,,~ IV. or (c) any actual or threatened litigation or claims of any kind by any person relating
to such matters; and (3) Except as previously di~;l~),~ed to and acknowledged by Lender in writing, (a) neither Grantor nor any tenant,
contraCtor, agent or other authorized user of the Prof~ly shall use. generate, manufacture, store, treat, dispose of or release any Hazardous
Substance on, under, about or from the Property; a~¥1 !h) any such activity shall be conducted in compliance with all applicable federal, state,
and local laws, regulations and ordinances, includinu ,,?ilhr)ut limitation all Environmental Laws. Grantor authorizes Lender and its agents to enter
upon the Property to make such inspections and te.~h}, ;~t Grantor's expense, as Lender may deem appropriate to determine compliance of the
Property with this section of the Mortgage. Any i~r,~,~;tions or tests made by Lender shall be for Lender's purposes only and shall not be
construed to create any responsibility or liability o. the I:art of Lender to Grantor or to any other person. The representations and warranties
contained herein are based on Grantor's due diligence ir~ investigating the Property for Hazardous Substances. Grantor hereby (1) releases and
waives any future claims against Lender for indemnitv ~,r contribution in the event Grantor becomes liable for cleanup or other costs under any
such laws; and (2) agrees to indemnify and hold h~m~r¢~,,~s Lender against any and all claims, losses, liabilities, damages, penalties, and expenses
which Lender may directly or indirectly sustain or suffc!r =~sulting from a breach of this section of the Modgage or as a consequence of any use,
generation, manufacture, storage, disposal, release {)r threatened release occurring prior to Grantor's ownership or interest in the Property,
whether or not the same was or should have been k.ov,,, to Grantor. The provisions of this section of the Mortgage, including the obligation to
indemnify, shall survive the payment of the Indebte ~r~ and the satisfaction and reconveyance of the lien of this Mortgage and shall not be
affected by Lender's acquisition of any interest in the F~I~erty, whether by foreclosure or otherwise.
Nuisance, Waste. Grantor shall not cause, condL~ct ~r i~ermit any nuisance nor commit, permit, or suffer any stripping of or waste on or to the
Property or any portion of the Property. Without limiti.q the generality of the foregoing, Grantor will not remove, or grant to any other party the
right to remove, any timber, minerals (including oil anrt <];~,;), coal. clay, scoria, soil. gravel or rock products without Lender's prior written consent.
Removal of ImprovementsI. Grantor shall not de~r~l~;h or remove any Improvements from the Real Property without Lender's prior written
consent. As a condition to the removal of any Impro¥~ts, Lender may require Grantor to make arrangements satisfactory to Lender to replace
such Improvements with Improvements of at least erl~],~l v,alue.
Lender's Right to Enter. Lender and Lender's ag~t~; ;~r~d representatives may enter upon the Real Property at all reasonable times to attend to
Lender's interests and to inspect the Real Property for p~. poses of Grantor's compliance with the terms and conditions of this Mortgage.
Compliance with Governmental Requirements. C~r,~r~tor shall promptly comply with all laws, ordinances, and regulations, now or hereafter in
effect, of all governmental authorities applicable to tt~,? ~lse or occupancy of the Property. Grantor may contest in good faith any such law.
ordinance, or regulation and withhold compliance dt~r,~! ;~.y proceeding, including appropriate appeals, so long as Grantor has notified Lender in
writing prior to doing so and so long as. in Lender'~ s~le opinion, Lender's interests in the Property are not jeopardized. Lender may require
Grantor to post adequate security or a surety bond, rr,:~r;,:~ably satisfactory to Lender. to protect Lender's interest.
Duty to Protect. Grantor agrees neither to abando. ~r r,,ave unattended the Property. Grantor shall do all other acts, in addition to those acts set
forth above in this section, which from the character ~, I .se of the Property are reasonably necessary to protect and preserve the Property.
DUE ON SALE - CONSENT BY LENDER. Lender ma7, at Iender's option, declare immediately due and payable all sums secured by this Mortgage
0905~4~ MORTGAGE ~ OJ.~.i.
Loan No: 33049610 (Continued) " Page 2
upon the sale or transfer, without Lender's prior written consent, of all or any part of th~ t t.:~l 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 ~i~ :~1 Property; whether legal, beneficial or equitable; whether
voluntary or involuntary; whether by outright sale, deed, installment sale contract, land c~:. ,~;=ct, contract for deed, leasehold interest with a term greater
than three (3) years, lease-option contract, or by sale, assignment, or transfer of any l,.~ ,,~hcial i~terest 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. }~,~',',,(~ver, 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 Prol ,~:~ ~' ate part of this Mortgage:
Payment. Grantor shall pay when due (and in all events prior to delinquency) all t~.:cs, payroll taxes, special taxes, assessments, water charges
and sewer service charges levied against or on account of the Property, and si~,~ll pay when due ali claims for work done on or for services
rendered or material furnished to the Property. Grantor shall maintain the Propea/ i~ ~:~. of any liens having priority over or equal to the interest of
Lender under this Mortgage, except for those liens specifically agreed to in writing h7 [.~ ~der, and except for the lien of taxes and assessments not
due as further specified in the Right to Contest paragraph.
Right to Contest. Grantor may withhold payment of any tax, assessment, or clai.~ ,~ co~.~ection with a good faith dispute over the obligation to
pay, so long as Lender's interest in the Property is not jeopardized. If a lien arises ~ ~,~ 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 Gra[ ,t~r t~s notice of the filing, secure the discharge of the lien, or if
requested by Lender, deposit with Lender cash or a sufficient corporate surety borzoi ~r ol~,~r security satisfactory to Lender in an amount sufficient
to discharge the lien plus any costs and reasonable attorneys' fees, or other char,j~, tl~t 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 ~. ~, ~dverse judgment before enforcement against the Property.
Grantor shall name Lender as an additional obligee under any surety bond furnishe<~ ,~ the contest proceedings.
Evidence of Payment. Grantor shall upon demand furnish to Lender satisfacto['~, ~vklence of payment of the taxes or assessments and shall
authorize the appropriate governmental official to deliver to Lender at any time ~ ,.¥=itten statement of the taxes and assessments against the
Property.
Notice of Construction. Grantor shall notify Lender at least fifteen (15) days b~l~.., airy work is commenced, any services are furnished, or any
materials are supplied to the Proparty, if any mechanic's lien, materialmen's lien, ~ ~ti ~.~ lien could be asserted on account of the work, services,
or materials. Grantor will upon request of Lender furnish to Lender advance ass~.~..:~;.~ satisfactory to Lender that Grantor can and will pay the
cost of such improvements.
PROPERTY DAMAGE INSURANCE. The following provisions relating to insuring the P~,l~'~rtY are a part of this Mortgage:
Maintenance of Insurance. Grantor shall procure and maintain policies of fire i~,~;.~.,ce with standard extended coverage endorsements on a
replacement basis for the full insurable value covering all Improvements on the R,~.,I P~operty in an amount sufficient to avoid application of any
coinsurance clause, and with a standard mortgagee clause in favor of Lender. Poh~.~,~; shall be written by such insurance companies and in such
form as may be reasonably acceptable to Lender. Grantor shall deliver to L(:i,J~;; certificates of coverage from each insurer containing a
stipulation that coverage Will not be cancelled or diminished without a minimum ol t,., il 0) days' prior written notice to Lender and not containing
any disclaimer of the insurer's liability for failure to give such notice. Each ins~.a;~:e policy also shall include an endorsement providing that
coverage in favor of Lender will not be impaired in any way by any act, omissio~ (~, {~ofault of Grantor or any other person. Should the Real
Property be located in an area designated by the Director of the Federal Emergent, ~, L1~.)agement Agency as a special flood hazard area, Grantor
agrees to obtain and maintain Federal Flood Insurance, if available, within 45 days ~,1~. r ~)otice 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 ~.~,~, prior liens on the property securing the loan, up to the
maximum policy limits set under the National Flood Insurance Program, or as oth.~..,~:~.~ 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 da~,~tj,~ 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 se(:u[ ,ty ~s impaired, Lender may, at Lender's election, receive and
retain the proceeds of any insurance and apply the proceeds to the reduction of ti~. h~{Jcbtedness, payment of any lien affecting the Property, or
the restoration and repair of the Property. If Lender elects to apply the proceed; ~,~ ~estoration and repair, Grantor shall repair or replace the
damaged or destroyed Improvements in a manner satisfactory to Lender. Lend~}~ ~t~all, upon satisfactory proof of such expenditure, pay or
reimburse Grantor from the proceeds for the reasonable cost of repair or restoratio[~ if ,'3rantor is not in default under this Mortgage. Any proceeds
which have not been disbursed within 180 days after their receipt and which Lend...~ i,~s not committed to the repair or restoration of the Property
shall be used first to pay any amount owing to Lender under this Mortgage, the~ t,, p~y accrued interest, and the remainder, if any, shall be
applied to the principal balance of the Indebtedness. If Lender holds any proceeds ~.1,. 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 tax.,., h,~.ns, security interests, encumbrances, and other claims, (B)
to provide any required insurance on the Property, or (C) to make repairs to the P[,,i,.~ty then Lender may do so. If any action or proceeding is
commenced that would materially affect Lender's interests in the Property, then Lender ~., ~c. Uor's behalf may, but is not required to, take any action
that Lender believes to be appropriate to protect Lender's interests. All expenses incu..,~ or paid by Lender for such purposes will then bear interest
at the rate charged under the Note from the date incurred or paid by Lender to the date ol ~,;payment by Grantor. All such expenses will become a part
of the Indebtedness and, at Lender's option, will (A) be payable on demand; (B) be a,i~Jt:d to tile balance of the Note and be apportioned among
and be payable with any installment payments to become due during either (1) the tern~ .t ~.)y applicable insurance policy; or (2) the remaining term
of the Note; or (C) be treated as a balloon payment which will be due and payable at tl,~; fJote's maturity. The Mortgage also will secure payment of
these amounts. The rights provided for in this paragraph shall be in addition to any oth~:r ~(3hts or any remedies to which Lender may be entitled on
account of any default. Any such action by Lender shall not be construed as curing th~ d,:l~L~lt 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 tr~, ['~operty are a part of this Mortgage:
Title. Grantor warrants that: (a) Grantor holds good and marketable title of reco~J 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 t~[lu ,~surance policy, title report, or final title opinion issued in
favor of, and accepted by, Lender in connection with this Mortgage, and (b) Grant¢)~ t~;~s Ihe full right, power, and authority to execute and deliver
this Mortgage to Lender.
Del'ense of Title. Subject to the exception in the paragraph above, Grantor warra= ,tv a.d will forever defend the title to the Property against the
lawful claims of all persons. In the event any action or proceeding is commenced tl~t q.estions Grantor's title or the interest of Lender under this
Mortgage, Grantor shall defend the action at Grantor's expense. Grantor may [)..~ nominal party in such proceeding, but Lender shall be
entitled to participate in the proceeding and to be represented in the proceeding by ~:, ,~.~sel of Lender's own choice, and Grantor will deliver, or
cause to be delivered, to Lender such instruments as Lender may request from, tim. ~,~ time to permit such participation.
Compliance With Laws. Grantor warrants that the Property and Grantor's u~; ,~f 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~d,.~ in Ibis Mortgage shall survive the execution and delivery of
this Mortgage, shall be continuing in nature and shall remain in full force and effect .~hl such time as Grantor's Indebtedness is paid in full.
CONDEMNATION. The following provisions relating to condemnation proceedings are a I,~.t of this Mortgage:
Proceedings. If any proceeding in condemnation is filed, Grantor shall promptly ~,,~t~l;, Lender in writing, and Grantor shall promptly take such
steps as may be necessary to defend the action and obtain the award. Grantor ma~,, i~. the nominal party in such proceeding, but Lender shall be
entitled to participate in the proceeding and to be represented in the proceeding by (:~,~.)sel of its own choice, and Grantor will deliver or cause to
be delivered to Lender such instruments and documentation as may be requested t,,~, [ ,~nder from time to time to permit such participation.
Application of Net Proceeds. If all or any part of the Property is condemned by u~,~ ~,}[ ~t domain proceedings or by any proceeding or purchase
in lieu of condemnation, Lender may at its election require that all or any portion ot t~ ~; ~et proceeds of the award be applied to the Indebtedness
or the repair or restoration of the Property. The net proceeds of the award shall m~}~.~ 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 e×~;,:.te such documents in addition to this Mortgage and take
whatever other action is requested by Lender to pedect and continue Lender's lie~ ~,~ the Real Property. Grantor shall reimburse Lender for all
taxes, as described below, together with all expenses incurred in recording, pedect, ,!j o~ continuing this Mortgage, including without limitation all
taxes, fees, documentary stamps, and other charges for recording or registering thi~ tJ~tuage.
Loan No: 33049610
MORTGAGE
(Continued) il :' ~ 1 ~ ~ Page 3
Taxes. The following shall constitute taxes to which this section applies: (1) a sl,,,~ ific tax upon this type of Mortgage or upon all or any part of
the Indebtedness secured by this Mortgage; (2) a specific tax on Grantor whid~ ~r~i~tor is authorized or required to deduct from payments on
the Indebtedness secured by this type of Mortgage; (3) a tax on this type of Mo~t,j:~Lte chargeable against the Lender or the holder of the Note;
and (4) a specific tax on all or any portion of the Indebtedness or on payments of ~{:ipal and interest made by Granter.
Subsequent Taxes. If any tax to which this seCti0n'aP~ii~'is enacted subsequ~,,t to the date of this Mortgage, this event shall have the same
effect as an Event of Default, and Lender may exercise any or all of its available r~.~d~es lot an Event of Default as provided below unless Grantor
either (1) pays the tax before it becomes delinquent, or (2) contests the tax as I,[, ~'.,i~ed above in the Taxes and Liens section and deposits with
Lender cash or a sufficient corporate surety bond or other security satisfactory to L ~.~ ~, let.
SECURITY AGREEMENT; FINANCING STATEMENTS. The following provisions retmU~!~ to this Mortgage as a security agreement are a part of this
Mortgage:
Security Agreement. This instrument shall constitute a Security Agreement to th~ ~ent any of the Property constitutes fixtures, and Lender shall
have all of the rights of a secured party under the Uniform Commercial Code as ar~ ~.~ ~dud from time to time.
Security Interest. Upon request by Lender, Grantor shall take whatever action i~ ~.,luested by Lender to perfect and continue Lender's security
interest in the Personal Property. In addition to recording this Mortgage in the re~,l I~,~t)erty records, Lender may, at any time and without further
authorization from Grantor, file executed counterparts, copies or reproductions of tt,i:. Modgage as a financing statement. Grantor shall reimburse
Lender for all expenses incurred in perfecting or continuing this security interest fJ~on default, Grantor shall not remove, sever or detach the
Personal Property from the Property. Upon default, Grantor shall assemble any P~.;:.,~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 Le~d~ within three (3) days after receipt of written demand from
Lender to the extent permitted by applicable law.
Addresses. The mailing addresses of Grantor (debtor) and Lender (secured I~*~tY) from which information concerning the security interest
granted by this Mortgage may be obtained (each as required by the Uniform Com~ k~r~:i~l Code) are as stated on the first page of this Mortgage.
FURTHER ASSURANCES; A'I-rORNEY-IN-FACT. The following provisions relatin~j t,, 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 Lend,~. Grantor will make, execute and deliver, or will cause to be
made, executed or delivered, to Lender 'or to Lender's designee, and when r~: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 a5 ~ ~nder may deem appropriate, any and all such mortgages,
deeds of trust, security deeds, security agreements, financing statements, continumi~,~ statements, instruments of further assurance, certificates,
and other documents as may, in the sole opinion of Lender, be necessary or ¢lc'~m~,blo in order to effectuate, complete, perfect, continue, or
preserve (1) Grantor's obligations under the Note, this Mortgage, and the Relate<t [)ocuments, and (2) the liens and security interests created
by this Mortgage as first and prior liens on the Property, whether now owned or he~:~dter acquired by Grantor. Unless prohibited by law or Lender
agrees to the contrary in writing, Grantor shall reimburse Lender for all costs and (~t)(:;~hses incurred in connection with the matters referred to in
this paragraph.
Attorney-in-Fact. If Grantor fails to do any of the things referred to in the precedi~!j I~,ragraph, Lender may do so for and in the name of Grantor
and at Grantor's expense. For such purposes, Grantor hereby irrevocably apl,~,u,ts Lender as Grantor's attorney-in-fact for the purpose of
making, executing, delivering, filing, recording, and doing all other things as ~k,y 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 otherwi5,, I,erforrns all the obligations imposed upon Grantor under this
Mortgage, Lender shall execute and deliver to Grantor a suitable satisfaction of this M,~ hjaoe and suitable statements of termination of any financing
statement on file evidencing Lender's security interest in the Rents and the Personal ['~,i)erty. Grantor will pay, Jf permitted by applicable law, any
reasonable termination fee as determined by Lender from time to time.
EVENTS OF DEFAULT. At Lender's option, Grantor will be in default under this Mortgud~, it any of the following happen:
Fraud or Material Misrepresentation. Grantor commits fraud or material misrepm.~;~,tation in connection with the terms of the Note.
Payment Default. Grantor fails to meet the repayment terms of the Note for any out'~ianding balance.
Other Defaults. Grantor's act or failure to act adversely affects Lender's security i~ ,k;~ cst in the Property, or any right of Lender's in such security.
Right to Cure. If such a failure is curable and if Grantor has not been given a notic~ ()f a breach of the same provision of this Mortgage within the
preceding twelve (12) months, it may be cured if Grantor, after Lender sends wrm,.~ ~otice demanding cure of such failure: (a) cures the failure
within fifteen (15) days; or (b) if the cure requires more than fifteen (15) days, imray,, h,~[ely initiates steps sufficient to cure the failure and thereafter
continues and completes all reasonable and necessary steps sufficient to produce c~mt}liance as soon as reasonably practical.
RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence of an Event of DeMerit 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 litjt ,IL, or remedies provided by law:
Accelerate Indebtedness, Lender shall have the right at its option without notice t~) Grantor to declare the entire indebtedness immediately due
and payable, including any prepayment penalty which Grantor would be required to
UCC Remedies. With respect to all or any part of the Personal Property, Lender 51~;dl have all the rights and remedies of a secured party under
the Uniform Commercial Code.
Collect Rents. Lender shall have the right, without notice to Grantor, to take l',",~ession of the Property, including during the pendency of
foreclosure, whether judicial or non-judicial, and collect the Rents, including amou~ ,t:; t,~,st due and unpaid, and apply the net proceeds, over and
above Lender's costs, against the Indebtedness. In furtherance of this right, Lend,r 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 L(.'ll:h.'I, then Grantor irrevocably designates Lender as Grantor's
attorney-in-tact to endorse instruments received in payment thereof in the name ct {~mtor and to negotiate the same and collect the proceeds.
Payments by tenants or other users to Lender in response to Lender's deman(J ;l~tll satisfy the obligations for which the payments are made,
whether or not any proper grounds for the demand existed. Lender may exercise m~ ~,~jhts under this subparagraph either in person, by agent, or
through a receiver.
Appoint Receiver. Lender shall have the right to have a receiver appointed to tak,, t, ~.~session of all or any part of the Property, with the power to
protect and preserve the Property, to operate the Property preceding foreclosure o~ ~,al~, and to collect the Rents from the Property and apply the
proceeds, over and above the cost of the receivership, against the Indebtednes~ 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 a[)l).,,;nt value of the Property exceeds the Indebtedness by a
substantial amount. Employment by Lender shall not disqualify a person from servu uj ~s a receiver.
Judicial Foreclosure. Lender may obtain a judicial decree foreclosing Grantor's i~ ~t~,~,~st in all or any part of the Property.
Nonjudicial Sale. Lender may foreclose Grantor's interest in all or in any part of ti ,,~. 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 jud0m(~nt for any deficiency remaining in the Indebtedness due to
Lender after application of all amounts received from the exercise of the rights prow, i, .~ J in this section.
Tenancy at Sufferance. If Grantor remains in possession of the Property afte~ tl,,~ Property is sold as provided above or Lender otherwise
becomes entitled to possession of the Property upon default of Grantor, Grantor ~t~dl become a tenant at sufferance of Lender or the purchaser
of the Property and shall, at Lender's option, either (1) pay a reasonable re~,t~,l for the use of the Property, or (2) vacate the Property
immediately upon the demand of Lender.
Other Remedies. Lender shall have all other rights and remedies provided in this f.1, ,, toage or the Note or available at law or in equity.
Sale of the Property. To the extent permitted by applicable law, Grantor hereby w~wes any and all ~'ight to have the Property marshalled. In
exercising its rights and remedies, Lender shall be free to sell all or any part el tt~ Property together or separately, in one sale or by separate
sales. Lender shall be entitled to bid at any public sate on all or any portion of the
Notice of Sale. Lender will give Grantor reasonable notice of the time and Place (~i 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 ~,~, made. Reasonable notice shall mean notice given at least
ten (10) days before the time of the sale or disposition. Any sale of the Personal ~h,~pe~ty may be made in conjunction with any sale of the Real
Property.
Election of Remedies. All of Lender's rights and remedies will be cumulative and n,,,y be exercised alone or together. An election by Lender to
Loan No: 33049610
090584:8 MORTGAGE '~ 0.][~,., q
(Continued) Page 4
choose any one remedy will not bar Lender from using any other remedy. If Le~,d,, 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 Le~,, t,..~ wilt not affect Lender's right to declare Grantor in default
and to exercise Lender's remedies.
Attorneys' Fees; Expenses. If Lender institutes any suit or action to enforce any ct ti ~,~. reruns of this Mortgage, Lender shall be entitled to recover
such sum as the court may adjudge reasonable as attorneys' fees at trial and upon ~,~;, ~ppeal. Whether or not any court action is involved, and
to the extent not prohibited by law, all reasonable expenses Lender incurs that in Le~,,l,~'s opinion are necessary at any time for the protection of
its interest or the enforcement of its rights shall become a part of the Indebtedness I*~.,L*ble on demand and shall bear interest at the Note rate
from the date of the expenditure until repaid. Expenses covered by this paragraph i~:h~e, without limitation, however subject to any limits under
applicable law, Lender's reasonable attorneys' fees and Lender's legal expenses who:their or not there is a lawsuit, including reasonable attorneys'
fees and expenses for bankruptcy proceedings (including efforts to modify or w~,:~te any automatic stay or injunction), appeals, and any
anticipated post-judgment collection services, the cost of searching records, obtz,~,,O title reports (including foreclosure reports), surveyors'
reports, and appraisal fees and title insurance, to the extent permitted by applicabl~ k~',¥. Grantor also will pay any court costs, in addition to all
other sums provided by law.
NOTICES. Any notice required to be given under this Mortgage, including without limitati,:)~ a~y notice of default and any notice of sale shall be given
in writing, and shall be effective when actually delivered, when actually received by telefL,;..;i~r~ile (unless otherwise required by law), when deposited
with a nationally recognized overnight courier, or, if mailed, when deposited in the United 5kdus mail, as first class, certified or registered mail postage
prepaid, directed to the addresses shown near the beginning of this Mortgage. All copie~; ~)t 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 be~.ti~i~g of this Mortgage. Any person may change his or her
address for notices under this Mortgage by giving formal written notice to the other pers~, ,,r persons, specifying that the purpose of the notice is to
change the person's address. For notice purposes, Grantor agrees to keep Lender infom~,:J ~t ~ll times of Grantor's current address. Unless otherwise
provided or required by law, if there is more than one Grantor, any notice given by Lende~ t,~, ~y Grantor is deemed to be notice given to all Grantors.
It will be Grantor's responsibility to tell the others of the notice from Lender.
MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of ti ,.~ h'lortgage:
Amendments. What is written in this Mortgage and in the Related Documents is Grenadier's entire agreement with Lender concerning the matters
covered by this Mortgage. To be effective, any change or amendment to this Mortg~,j~, ~ust 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 purp~,:s only and are not to be used to interpret or define the
provisions of this Mortgage.
GoVerning Law. This Mortgage will be governed by federal law applicable to Lc.der and, to the extent not preempted by federal law, the
laws of the State of Wyoming without regard to its conflicts of law provisions. This Mortgage has been accepted by Lender in the State
of Wyoming.
Choice of Venue. If there is a lawsuit, Grantor agrees upon Lender's request to s[~l,,,it to the jurisdiction of the courts of Teton County, State of
Wyoming.
No Waiver by Lender. Grantor understands Lender will not give up any of Lender's ~idl~[s u,~der this Mortgage unless Lender does so in writing.
The fact that Lender delays or omits to exercise any right will not mean that Lender t,,,,.; ~j~ve~h 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 .,,,~II~ the other provisions of this Mortgage. Grantor also
understands that if Lender does consent to a request, that does not mean that Graf ~t~ will not have to get Lender's consent again if the situation
happens again. Grantor further understands that just because Lender consents to o~; ~)r more of Grantor's requests, that does not mean Lender
will be required to consent to any of Grantor's future requests. Grantor waives prese~ d~c.r ~t, demand for payment, protest, and notice of dishonor.
Grantor waives all rights of exemption from execution or similar law in the Property. ~,d Grantor agrees that the rights of Lender in the Property
under this Mortgage are prior to Grantor's rights while this Mortgage remains in effect.
Severabllity. If a court finds that any provision of this Mortgage is not valid or shoul~l ~t 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 res[ ,)1 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 Mortgag~ ..'.ith 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 Le~ ~d~
Successors and Assigns. Subject to any limitations stated in this Mortgage on trar ,st,~ of Grantor's interest, this Mortgage shall be binding upon
and inure to the benefit of the parties, their successors and assigns. If ownership of ti ~; Property becomes vested in a person other than Grantor,
Lender, without notice to Grantor, may deal with Grantor's successors with ref~,.q,ce to this Mortgage and the Indebtedness by way of
forbearance or extension without releasing Grantor from the obligations of this Mortgag~ o~ 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 rights ~ ~,~ ber~efits 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 in this h.l~ tg~ge:
Borrower. The word "Borrower" means Corinne Wenzler and includes all co-signers ~ ,d co-makers signing the Note.
Environmental Laws. The words "Environmental Laws" mean any and all state, fe(k;~d ~nd local statutes, regulations and ordinances relating to
the protection of human health or the environment, including without limitation the C(,r~,prehensive Environmental Response, Compensation, and
Liability Act of 1980, as amended, 42 U.S.C. Section 9601, et seq. ("CERCLA"), the S~q)u~fund Amendments and Reauthorization Act of 1986, Pub.
L. No. 99-499 ("SARA"), the Hazardous Materials Transportation Act, 49 U.S.C. Se,:ti,)~ 1801, et seq., the Resource Conservation and Recovery
Act, 42 U.S.C. Section 6901, et seq., or other applicable state or federal laws, rules, o~ ~julations adopted pursuant thereto.
Event of Default. The words "Event of Default" mean any of the events of default s(;t f~th in this Mortgage in the events of default section of this
Mortgage.
Grantor. The word "Grantor" means Corinne Wenzler.
Hazardous Substances. The words "Hazardous Substances" mean materials that, I,,:,:~,use of their quantity, concentration or physical, chemical
or infectious characteristics, may cause or pose a present or potential hazard to hu~, I,ealth or the environment when improperly used, treated,
stored, disposed of, generated, manufactured, transported or otherwise handled. '1t~: words "Hazardous Substances" are used in their very
broadest sense and include without limitation any and all hazardous or toxic subs~,,~,, ~,.~, materials or waste as defined by or listed under the
Environmental Laws. The term "Hazardous Substances" also includes, without lin~it,d,,~, petroleum and petroleum by-products or any fraction
thereof and asbestos.
Improvements. The word "Improvements" means all existing and future improven~c~t:~, buildings, structures, mobile homes affixed on the Real
Property, facilities, additions, replacements and other construction on the Real Prope%,
Indebtedness. The word "Indebtedness" means all principal, interest, and other amo~, ~r~, costs and expenses payable under the Note or Related
Documents, together with all renewals of, extensions of, modifications of, consolidati~, ~; el and substitutions for the Note or Related Documents
and any amounts expended or advanced by Lender to discharge Grantor's oblig~,li~ or expenses incurred by Lender to enforce Grantor's
obligations under this Mortgage, together with interest on such amounts as provided i~, ti Hs Mortgage.
Lender. The word "Lender" means The Jackson State Bank & Trust, its successor u ~,~d 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 Lender.
Note. The word "Note" means the promissory note dated January 12, 2005, in the original principal amount of $225,000.00 from
Grantor to Lender, together with all renewals of, extensions of, modifications of. ~{~l,,~ncings of, consolidations of, and substitutions for the
promissory note or agreement.
Personal Property. The words "Personal Property" mean all equipment, fixtures, arid ~ther articles of personal property now or hereafter owned
by Grantor, and now or hereafter attached or affixed to the Real Property; together w~l~ ~11 accessions, parts, and additions to, all replacements of,
and all substitutions for, any of such property; and together with all proceeds (inclu~Ji~!~ without limitation all insurance proceeds and refunds of
premiums) from any sale or other disposition of the Property.
Loan No: 33049610
MORTGAGE (" 0~ ~ z~ Page 5
(Continued) - ~.
Property. The word "Property" means collectively the Real Property and the Perso~,d P~operty.
Real Property. The words "Real Property" mean the real property, interests and rigl ~,,. as further described in this Mortgage.
Related Documents. The words "Related Documents" mean all promissory ~,tes, credit agreements, loan agreements, environmental
agreements, guaranties, security agreements,' mortgages, deeds ot trust, security deeds, collateral mortgages, and all other instruments,
agreements and documents, whether now or hereafter existing, executed in connecti,,~ with the Indebtedness.
Rents. The word "Rents" means all present and future rents, revenues, income, ~:::ues, royalties, profits, and other benefits derived from the
Property.
GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE, AND GRANTOR AGREES TO ITS TERMS.
GRANTOR:
CorinneW~nzler ~ -
STATE OF
COUNTY OF
INDIVIDUAL ACKNOWLEDGMENT
) $$
On this day before me, the undersigned Notary Public, personally appear~l Corinne Wenzler, 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 ~,r t~er free and voluntary act and deed, for the uses and
purposes therein mentioned.
Given under my hand and official seal this I ~ day of ,~J ~ ! ,'* !3~ ,20 ~
_ _ Residing at ! ;r~ ~'.~ l IX.
Notary Publicin and for theStateof ~.~ y~Y~"tT J~3~ My commission expires ~~ ~ ~O ~