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HomeMy WebLinkAbout905893RECORDATION 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 State Bank & Trust Main Office P.O. Box 1788 112 Center Street Jackson, WY 83001 SEND TAX NOTICES TO: The Jackson State Bank & Trust Main Office P.O. Box 1788 112 Center Slreel ,,la{:ks0n, WY 83001 · 0! 75 RECEIVED 1/14/2005 at 10:18 AM RECEIVING it 905893 BOOK: 577 PAGE: 175 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, VVY SPACE ABOVE THIE~ LINE I!~ FOR RECORDER'$ USE ONLY MORTGAGE MAXIMUM LIEN. The lien of this Mortgage shall not exceed at any one time $26,000.00. THIS MORTGAGE dated January 14, 2005, is made and executed between Jeffrey Blair Carlyle, a single man, whose address is P.O. Box 4159, Jackson, WY 83001-4159; Blair Carlyle and Donna R. Carlyle, husband and wife, whose address is P.O. Box 4159, Jackson, WY 83001-4159 (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, Grantor morlgages and conveys Io 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; all easements, rights of way, and appurtenances; all water, water rights, watercourses and ditch rights 0ncluding stock in utilities with ditch or irrigation rights); and all other,,RealrightS,pr oper°yaltieSr ty ,,,) andlocatedPrOf ts In' re atLincoln, ng to thecounty,real propertYstate, includof n~,yomlng.W thout, m tatio~ a minerals , oit , g as , g. eotherma and similar matters, (the /~'~'" Lot 4 of River View Meadows Addition to the Town of Al 'ina Lincoln Count W m official plat thereof P , y, yo lng as described on the The Real Property or its address is commonly known as Lot 4 Sf~ake River Drive, Alpine, WY 83128. The Real Property tax ~dentification number is 37183040000400 Grantor presently assigns to Lender ali of Grantor's right, title, and interest in ahd to all p~o.sent and future leases of the Property and all Rents from the Property. In addition, Grantor grants to Lender a Uniform Commercial Code security into~ost in the Personal Property and Rents. THIS MORTGAGE, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY, IS GIVEN TO SECURE (A) PAYMENT OF THE INDEBTEDNESS AND (B) PERFORMANCE OF ANY AND ALL OBLIGATIONS UNDER THE NOTE, THE RELATED DOCUMENTS, AND THIS MORTGAGE. THIS MORTGAGE IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS: PAYMENT AND PERFORMANCE. Except as otherwise provided in this Mortgage, Gra~tor shall pay to Lender all amounts secured by this Mortgage as they become due and shall slrictly perform all of Grantor's obligations under Ibis POSSESSION AND MAINTENANCE OF THE PROPERTY. Grantor agrees that Grantor's possession and use of the Property shall be governed by lhe following provisions: Possession and Use. Unlil the occurrence of an Event of Default, Grantor may (~) ~emain in possession and control of the Property; (2) use, operate or manage lhe Property; and (3) collect the Rents from the Property. Duty to Maintain. Grantor shall maintain the Property in good condition and p~omptly perform all repairs, replacements, and maintenance necessary to preserve its value. Compliance With Environmental Laws. Grantor represenls and warrants to Ler~d~:~ that: (t) During the period of Grantor's ownership of the Property, there has been no use, generation, manufacture, storage, lreatment, d~sposal, release or threatened release of any Hazardous Substance by any person on, under, about or from the Property; (2) Grantor has ~o knowledge of, or reason to believe that there has been, except as previously disclosed to and acknowledged by Lender in writing, (a) a¢~y t~reach or violation of any Environmental Laws, (b) any use, generation, manufacture, storage, treatment, disposal, release or threatened releaso of any Hazardous Substance on, under, about or from the Property by any prior owners or occupants of the Property, or (c) any actual or th~o~tened litigation or claims of any kind by any person relating 1o such matters; and (3) Except as previously disclosed 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, m;~r~ufacture, store, treat, dispose of or release any Hazardous Substance on, under, about or from the Property; and (b) any such activity shall bo conducted in compliance with all applicable federal, state, and local laws, regulations and ordinances, including without limitation all Envirom~}e~tal Laws. Grantor authorizes Lender and its agents Io enter upon the Property to make such inspections and tests, at Grantor's expense, as Ler~der may deem appropriate to determine compliance of the Property with lhis section of the Mortgage. Any inspections or tests made by [onder shall be for Lender's purposes only and shall not be construed to create any responsibility or liability on the part of Lender Io Granto~ o~ to any other person. The representations and warranties contained herein are based on Grantor's due diligence in investigating the Property f;~¢ Hazardous Substances. Grantor hereby (1) releases and waives any future claims against Lender for indemnity or contribution in the ever~t (hantor becomes liable'for cleanup or other costs under any such laws; and (2) agrees to indemnify and hold harmless Lender against any and ~ll claims, losses, liabilities, damages, penalties, and expenses which Lender may directly or indirectly sustain or suffer resulting from a breach ot this section ot the Mortgage or as a consequence of any use, generalion, manufacture, storage, disposal, release or threatened release occurm~g prior to Grantor's ownership or interest in the Property, whether or not the same was or should have been known to Grantor. The provis~o~s of this section of the Mortgage, including the obligation to indemnify, shall survive the payment of the Indebtedness 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 Property, whether by foreclosu¢ e o¢ 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 fore~joing, 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, §r;~vel or rock producls without Lender's prior written consent. Removal of Improvements. Grantor shall not demolish or remove any Improvoments from the Real Property without Lender's prior written consent. As a condition to the removal of any Improvements, Lender may require G~ u¢~tor to make arrangements satisfactory to Lender to replace such Improvements with Improvemenls of at least equal value. Lender's Rlghl to Enter. Lender and Lender's agents and representatives may emer upon the Real Property at all reasonable times to attend to Lender's interests and to inspect the Real Property for purposes of Grantor's compl~a~ce with the terms and conditions of this Modgage. Compliance with Governmental Requirements. Grantor shall promptly comply v:ith all laws, ordinances, and regulations, now or hereafter in effect, of all governmental authorities applicable to the use or occupancy of the P[operty. Grantor may contest in good faith any such law, ordinance, or regulation and withhold compliance during any proceeding, includin9 appropriate appeals, so long as Grantor has notified Lender in wriling prior to doing so and so long as, in Lender's sole opinion, Lender's inleresls in the Property are not jeopardized. Lender may require Grantor to post adequate security or a surety bond, reasonably satisfactory to Lende/, to protect Lender's interest. Duty lo Protect. Grantor agrees neither to abandon or leave unattended the Property. Grantor shall do all other acts, in a~ldition to those acts set forth above in this section, which from the character and use of the Property are reasonably necessary to protect and preserve the Property. '~ ~7 Page 2 Loan No: 33055989 (Continued) i.. ,,. ~? DUE ON SALE - CONSENT BY LENDER. Lender may, at Lender's option, declare im~e. diately 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 ~-<~al 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 F-teal Property; whether legal, beneficial or equitable; whether voluntary or involuntary; whether by outright sale, deed, installment sale contract, land court,act, contract for deed, leasehold interest with a term greater lhan three (3) years, lease-option contract, or by sale, assignment, or transfer of any be~eficial 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. ~lowever, 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 laxes and liens on the Pro~erty are part of this Mortgage: Payment. Grantor shall pay when due (and in all events prior to delinquency) all ~,~xes, payroll taxes, special taxes, assessments, water charges and sewer service charges levied against or on account of the Property, and sh~,ll pay when due all claims for work done on or for services rendered or material furnished to the Property. Grantor shall maintain the Property' bee of any liens having priority over or equal 1o the interest of Lender under this Mortgage, except for those liens specifically agreed to in writin§ by [~ender, and except for the lien of taxes and assessments not due as further specified in the Right to Contest paragraph. Right to Contesl. Grantor may withhold payment of any tax, assessment, or clai~ ~ connection 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 o~ ~s 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 Grar~ic~ 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 bcc~d o~ other security satisfactory to Lender in an amount sufficient to discharge the lien plus any costs and reasonable attorneys' fees, or other char{je~ lhat 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 a~;, adverse judgment before enforcement against the Property. Grantor shall name Lender as an additional obligee under any surety bond furnished ~r~ 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 ?.,,itten statement of the taxes and assessments against the Property. Notice of Construction. Grantor shall notify Lender at least fifteen ('15) days before a~y work is commenced, any services are furnished, or any materials are supplied to the Property, if any mechanic's lien, materialmen's lien, o~ oth~r lien could be asserted on account of the work, services, or materials. Grantor will upon request of Lender furnish to Lender advance assu~a~ces 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}e~ty are a part of this Mortgage: Maintenance of Insurance. Grantor shall procure and maintain policies of fire ~SL]~ance with standard extended coverage endorsements on a replacement basis for the full insurable value covering all Improvements on the Ruat Property in an amount sufficient to avoid application of any coinsurance clause, and with a slandard mortgagee clause in favor of Lender. Poli~:ies shall be written by such insurance companies and in such form as may be reasonably acceptable to Lender. Grantor shall deliver to Le~}de~ certificates of coverage from each insurer containing a stipulation that coverage will not be cancelled or diminished without a minimum of t~n (]0) days' prior written notice to Lender and not containing any disclaimer of the insurer's liability for failure to give such notice. Each insu~a~,~:e policy also shall include an endorsement providing that coverage in favor of Lender will not be impaired Jn any way by any act, omissio~ o~ default of Grantor or any other person. Should the Real Property be located in an area designated by the Director of the Federal Emergency ~.~lar~agement 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 a~y prior liens on the property securing the loan, up to the maximum policy limits set under the National Flood Insurance Program, or as othe[,~'?ise 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 dan~a~ju 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 secu~=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 t~'~e Indebtedness, payment of any lien affecting the Property, or the restoration and repair of the Property. If Lender elects to apply the proceeds to restoration and repair, Grantor shall repair or replace the damaged or destroyed Improvements in a manner satisfactory to Lender. Lende~ 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 Lend,}[ has not committed to the repair or restoration of the Property shall be used first to pay any amount owing to Lender under this Mortgage, their to pay accrued interest, and the remainder, if any, shall be applied 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 taxes, lio[~s, security interests, encumbrances, and other claims, (B) to provide any required insurance on the Property, or (C) Io make repairs to the P[ol)~'[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 o[~ 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 incu~e{] 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 of ~epayment 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 ~dded to the balance of the Note and be apportioned among and be payable with any installment payments to become due during either (1) the ter~'~ of any 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 the Note's maturity. The Mortgage also will secure payment of these amounts. The rights provided for in this paragraph shall be in addition to any othe~ ~icjhts 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,;~ daf;tull 5o as to bar Lender from any remedy that it otherwise would have had. WARRANTY; DEFENSE OF TITLE. The following provisions relating to ownership of t~e Property are a part of this Mortgage: Title. Grantor warrants that: (a) Grantor holds good and marketable title of reco~d 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 bile insurance policy, title report, or final title opinion issued in favor of, and accepted by, Lender in connection with this Mortgage, and (b) Grar~to[ ~)as the full right, power, and aulhority to execute and deliver this Mortgage to Lender. Defense of Title. Subjecl to the exception in the paragraph above, Grantor warra~ts 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 theft questions Grantor's title or the interest of Lender under this Mortgage, Grantor shall defend the action at Granlor's expense. Grantor may [)e the nominal party in such proceeding, but Lender shall be entitled to participate in the proceeding and to be represented in the proceeding ~y counsel of Lender's own choice, and Grantor will deliver, or cause to be delivered, to Lender such instruments as Lender may request from lingo 1o ti~e to permit such participation. Compliance With Laws. Grantor warrants that the Property and Grantor's us~ of the Property complies with all existing applicable laws, ordinances, and regulations of governmental aulhorities. Survival of Promises. All promises, agreements, and statements Grantor has n~ade ir~ this Mortgage shall survive the execution and delivery of this Mortgage, shall be continuing in nature and shall remain in full force and effect L~il such lime aS Grantor's Indebtedness is paid in full. CONDEMNATION. The following provisions relating 1o condemnation proceedings are a ~)a~t of this Mortgage: Proceedings. If any proceeding in condemnation is filed, Grantor shall promptly r~(.~tify Lender in writing, and Grantor shall promplly take such steps as may be necessary to defend the action and obtain the award. Grantor m~y ~}e the nominal party in such proceeding, but Lender shall be entitled to participate in the proceeding and to be represented in the proceeding by counsel of its own choice, and Grantor will deliver or cause to be delivered to Lender such instruments and documentation 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 e~ent domain proceedings or by any proceeding or purchase in lieu of condemnation, Lender may at its election require that all or any portion of th~ ~et proceeds of the award be applied fo the Indebtedness or the repair or restoration of the Property. The net proceeds of the award shall m~}a~ 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 execL~te such documents in addition to this Mortgage and take whatever other action is requested by Lender to perfect and continue Lender's lier~ on the Real Property. Grantor shall reimburse Lender for all taxes, as described below, together with all expenses incurred in recording, perfecli[~9 or continuing this Mortgage, including without limitation all MORTGAGE Loan No: 33055989 (Continued) /3 -~ ~7 ? Page 3 taxes, fees, documentary stamps, and other charges for recording or registering this ~lortcjage. Taxes. The following shall constitute taxes to which this section applies: (~1) a sp~cific tax upon this lype of Mortgage or upon all or any part of the indebtedness secured by this Mortgage; (2) a specific tax on Grantor which ¢.~antor 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~.~age ciqargeable 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 p~cipal and interest made by Grantor. Subsequent Taxes. If any tax to which this section applies is enacted subseqt~e~t Io 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 rer~]~Jies 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 pro,.,~eci above in the Taxes and Liens section and deposits with Lender cash or a sufficient corporate surety bond or other security satisfactory to Leander. SECURITY AGREEMENT; FINANCING STATEMENTS. The following provisions relati~g to this Mortgage as a security agreement are a part of this Mortgage: Security Agreement. This instrument shall constitute a Security Agreement to the ~.ter~t any of the Property constitutes fixtures, and Lender shall have all of the rights of a secured party under the Uniform Commercial Code as ame.~Jed from time to time. Security Inleresl. Upon request by Lender, Grantor shall take whatever action is ~,¢~uested by Lender to perfect and continue Lender's security interest in the Personal Property. In addition to recording this Mortgage in the real I~,operty records, Lender may, at any time and without further authorization from Grantor, file executed counterparts, copies or reproductions of th~s Mortgage as a financing statement. Grantor shall reimburse Lender for all expenses incurred in perfecting or continuing this security inlerest. I.Jpon default, Grantor shall not remove, sever or detach the Personal Property from the Property. Upon default, Grantor shall assemble any Pe~sc>~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~de~ 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 pa[ty) from which information concerning the security interest granted by this Mortgage may be obtained (each as required by the Uniform Comr~e[cial Code) are as stated on the first page of this Mortgage. FURTHER ASSURANCES; ATTORNEY-IN-FACT. The following provisions relating t(~ tL~rther assurances and attorney-in-fact are a part of this Mortgage: Further Assurances. At any time, and from time to time, upon request of Lender, Gr~ntor will make, execute and deliver, or will cause to be made, executed or delivered, to Lender or to Lender's designee, and when r~t~ested by Lender, cause to be filed, recorded, raffled, or rerecorded, as the case may be, at such times and in such offices and places a.s L~;~der may deem appropriate, any and all such mortgages, deeds of trust, security deeds, security agreements, financing statements, continuati<>n statements, instruments of further assurance, certificates, and other documents as may, in the sole opinion of Lender, be necessary or d~s~able in order to effectuate, complete, perfect, continue, or preserve (~) Grantor's obligations under the Note, this Mortgage, and the Relate¢J L~ocuments, and (2) the liens and security interests created by this Mortgage as first and prior liens on the Property, whether now owned or hereafter acquired by Grantor. Unless prohibited by law or Lender agrees to the contrary in writing, Grantor shall reimburse Lender for all costs and expenses incurred in connection with the matters referred to in this paragraph. Atlorney-ln-Facl. If Granlor fails to do any of the things referred to in the precedin.rj paragraph, Lender may do so for and in the name of Grantor and at Grantor's expense. For such purposes, Grantor hereby irrevocably appoints Lender as Grantor's attorney-in-fact for the purpose of making, executing, delivering, filing, recording, and doing all other things as rna~,., 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 Mo~igage and suitable statements of termination of any financing statement on file evidencing Lender's security interest in the Rents and the Personal P¢o,~eHy. Grantor will pay, if 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 Mortgage ~l ar~y of the following happen: Payment Default. Grantor fails lo make any payment when due under the Indebted~ess. 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 lo prevent filing of or to effect discharge of any lien. Break giber Promises. Grantor breaks any promise made to Lender or fails to perf(~rm promptly at the time and strictly in the manner provided in lhis Mortgage or in any agreement related to this Modgage. Default In Favor of Third Parties. Should Grantor default under any loan, extensio~ of credit, security agreement, purchase or sales agreement, or any other agreement, in favor of any other credilor or person that may materially afl,ct 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 Stalemenls. Any representation or statement made or furnished to Lender b~,, Grantor or on Grantor's behalf under this Mortgage or the Related Documents is false or misleading in any material respect, either now or at the ti~e made or furnished. Defective Collateralizalion. 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 a~y reason. Death or Insolvency. The death of Grantor, the insolvency of Grantor, the appoi~hnent of a receiver for any part of Grantor's property, any assignment for the benefit of creditors, any type of creditor workout, or the commence¢~ent 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 of the Property or any other of Grantor's property in which Lender has a lien. This includes taking of, garnishing of or levying on Grantor's accounts with Lender. However, if Grantor disputes in good faith whether the claim on which the taking of the Properly is based is valid or reasonable, and if Gr2r~tor 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 detault provision will not apply. Breach of Other Agreement. Any breach by Grantor under the terms of any other ag¢eement between Grantor and Lender that is not remedied within any grace period provided therein, including without limitation any agreement cor~cerning any indebtedness or other obligation of Grantor to Lender, whether existing now or later. Evenls Affecting Guarantor. Any of the preceding events occurs with respect to an~/guarantor, endorser, surety, or accommodation pady of any of the Indebtedness or any guarantor, endorser, surety, or accommodation party dies o~ becomes incompetent, or revokes or disputes the validity of, or liability under, any Guaranty of the Indebtedness. In fha event of a death, Ler~der, at its option, m.ay, but shall not be required to, permit the guaranlor's estate to assume unconditionally the obligations arising under the guarar~t;, in a manner satisfactory to Lender, and, in doing so, cure any Event of Default. Right to Cure. If anydefault, other than a defaull in payment is curable and if ¢3¢a~tor has not been given a notice of a breach of the same provision of this Mortgage within the preceding lwelve (12) months, it may be ct~red if Grantor, 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 initiates steps which Lender deems in Lender's sole discretion to be sufficient to CLJ~e the default and thereafter continues and completes all reasonable and necessary steps sufficient to produce compliance as soon as reasonably practical. RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence of an Event of Default ¢~d 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 rights or remedies provided by law: Accelerate Indebtedness. Lender shall have the right at its option without notice to G~ar~tor to declare the entire Indebtedness immediately due and payable, including any prepayment penalty which Grantor would be required to pay. UCC Remedies. With respect to all or any part of the Personal Property, Lender shalt 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 Grantor, to take possession 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 right, Lender m~y require any tenant or other user of the Properly to make payments of rent or use fees directly to Lender. If the Rents are collected by Lende=, then Grantor irrevocably designates Lender as GrantOr's attorney-in-fact to endorse instruments received in payment thereof in the name of G~ar~tor and to negotiate the same and collect the proceeds. "~'~:,~ MOR'I ~i~:E ~ I ~7 S Page 4 Loan No: 33055989 (Continued) Payments by lenants or other users to Lender in response to Lender's demand 5nail satisfy the obligations for which the payments are made, whether or not any proper grounds for the demand existed. Lender may exercise ~t5 ~dhts 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 take possession of all or any pad of the Property, with the power to prelect and preserve the Property, to operate the Property preceding foreclosure or sale,, 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 receiver shall exist whether or not the appa~unt value of the Property exceeds the Indebtedness by a substantial amount. Employment by Lender shall not disqualify a person from servin~j ~s ~ receiver. Judicial Foreclosure. Lender may obtain a judicial decree foreclosing Grantor's inte,ost in all or any pad of the Property. Nonjudicial Sale. Lender may foreclose Grantor's interest in all or in any part of th,~ P[operty by non-judicial sale, and specifically by "power of sate" or "advertisement and sale" foreclosure as provided by statute. Deficiency Judgment. If permitted by applicable law, Lender may obtain a judgme~q for any deficiency remaining in the Indebtedness due to Lender after application of all amounts received from the exercise of the rights provided in this section. Tenancy al Sufferance. If Granlor remains in possession of the Property after me Property is sold as provided above or Lender otherwise becomes entitled to possession of the Property upon default of Grantor, Grantor 5hall become a tenant at sufferance of Lender or the purchaser of the Property and shall, at Lender's option, either (1) pay a reasonable renhd 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 k, lo[ Igage or the Note or available at law or in equity. Sale of lhe Property. To the extent permitted by applicable law, Granlor hereby w~¢ves any and all right to have the Property marshalled. In exercising its rights and remedies, Lender shall be free to sell all or any part of tho. 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 portion of the P~o~erty. 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 olher intended disposition of the Personal Property is to bo, 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 Propo,rty may be made in conjunction with any sale of the Real Property. Election of Remedies. All of Lender's rights and remedies will be cumulative and may be exercised alone or together. An election by Lender to choose any one remedy will not bar Lender from using any other 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 L~[~dor will not affect Lender's right to declare Grantor in default and to exercise Lender's remedies. Allorneys' 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 uport ~ny appeal. Whether or not any court action is involved, and to the extent not prohibited by law, all reasonable expenses Lender incurs that in Lendo,r'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 Indebledness ~ayable on demand and shall bear interest at the Note rate from the date of lhe expenditure until repaid. Expenses covered by this paragraph include, without limitation, however subject to any limits under applicable law, Lender's reasonable attorneys' fees and Lender's legal expenses whcthe~ or not there is a lawsuit, including reasonable attorneys' fees and expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), appeals, and any anticipated post-judgment collection services, the cost of searching records, obtaining title reports (including foreclosure reports), surveyors' reports, and appraisal fees and tille insurance, to the extent permitted by applicabl~ law. Grantor also will pay any court costs, in addition to all other sums provided by law. NOTICES. Any notice required to be given under this Mortgage, including without limitation 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 telet~(;simile (unless otherwise required by law), when deposited with a nationally recognized overnight courier, or, if mailed, when deposited in the United .Ut~tes mail, as first class, certified or registered mail postage prepaid, directed to the addresses shown near the beginning 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 be~ji~ming of Ibis Mortgage. Any person may change his or her address for notices under this Mortgage by giving formal written notice to the other pe~son or persons, specifying that the purpose of the notice is to change the person's address. For notice purposes, Grantor agrees to keep Lender informo,d 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 Lende~ to any 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 this Mortgage: Amendments. What is written in this Mortgage and in the Related Documents is C[antor's entire agreement with Lender concerning the matters covered by this Mortgage. To be effective, any change or amendment to this Mortg;~0e must be in writing and must be signed by whoever will be b@und or obligated by the change or amendment. Caption Headings. Caption headings in this Mortgage are for convenience pu[~ot~es 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 Lender and, to the extent not preempted by federal law, the laws of the Slate of Wyoming without regard to ils conflicts of law provisions. 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 request to submit to the jurisdiction of the courts of Teton County, State of Wyoming. Joint and Several Liability. All obligations of Grantor under this Mortgage shall be joint and several, and all references to Grantor shall mean each and every Grantor. This means that each 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 ~irjhts under this Mortgage unless Lender does so in writing. The fact that Lender delays or omits to exercise any right will not mean that Lender has given up that right. If Lender does agree in writing lo give up one of Lender's rights, that does not mean Grantor will not have lo comply with the other provisions of this Mortgage. Grantor also understands that if Lender does consent to a request, that does not mean lhat Grantor will not have to get Lender's consent again if the situation happens again. Grantor further understands that just because Lender consents to or~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 preso~tment, demand for payment, protest, and notice of dishonor. Grantor waives all rights of exemption from execution or similar law in the Property, and 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. Severabilily. If a courl finds that any provision of this Mortgage is not valid or should not be enforced, that fact by itself will not mean that the resl of this Mortgage will not be valid or enforced. Therefore, a court will enforce lhe 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 lhe interest or estate created by this Mortgaoe with any other interest or estate in the Property at any time held by or for the benefit of Lender in any capacity, without the written consent of Lender. Successors and Assigns. Subject to any limitations stated in this Mortgage on tran:;f~r 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 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 obligations of this Mortgage 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 rights and 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 in this Mortgage: Borrower. The word "Borrower" means Jeffrey Blair Carlyle, Blair Carlyle and Donna R. Carlyle and includes all co-signers and co-makers signing the Note. Environmental Laws. The words "Environmental Laws" mean any and all state, federal and local statutes, regulations and ordinances relating to Loan No: 33055989 O~_....,...,,...~,~(~.c;...~-,.~ c. MORTGAGE (ContinUed) .. ~ ! 7 g Page 5 the protection of human health or the environment, including without limitation ti~o 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 Transporlation Act, 49 U.S.C. ~;uclion 1801, et seq., the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901, et seq., or other applicable state or federal laws, ruleu, o~ ~egulations adopted pursuant thereto. Event of Default. The words "Event of Default" mean any of the events of default '.~t forth in this Mortgage in the events of default section of this Mortgage. Granlor. The word "Grantor" means Jeffrey Blair Carlyle, Blair Carlyle and Don~ ~'~ Carlyle. Guaranty. The word "Guaranty" means the guaranty from guarantor, endorse~, surety, or accommodation party to Lender, including without limitation a guaranty of all or part of Ihe Note. Hazardous Substances. The words "Hazardous Substances" mean materials thut, ~ecause 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, manufactured, transported or otherwise handled The words "Hazardous Substances" are used in their very broadest sense and include without limitation any and all hazardous or toxic ~ub~;t~nces, materials or waste as defined by or listed under the Environmental Laws. The term "Hazardous Substances" also includes, wilhout tUnit~tion, petroleum and petroleum by-products or any fraction lhereof and asbestos. Improvements. The word "Improvements" means all existing and future impro¥~ment$, buildings, structures, mobile homes affixed on the Real Property, facilities, additions, replacements and other construction on the Real P~ ope~ty. Indebtedness. The word "indebtedness" means all principal, interest, and other umounts, costs and expenses payable under the Note or Related Documents, together with all renewals of, extensions of, modifications of, consohdations of and substitutions for the Note or Relaled Documents and any amounts expended or advanced by Lender to discharge Grantor's cbh~j~tions or expenses incurred by Lender to enforce Grantor's obligations under this Mortgage, together with interest on such amounts as pro¥ided in this Mortgage. Lender. The word "Lender" means The Jackson State Bank & Trust, its succe55o~5 ~nd 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 14, 2005, iR the original principal amount of $26,000.00 from Grantor to Lender, together with all renewals of, extensions of, modifications of, ~efinancings of, consolidations of, and substitutions for the promissory note or agreement. Personal Property. The words "Personal Properly" mean all equipment, fixtures, and other articles of personal property now or hereafter owned by Grantor, and now or hereafter attached or affixed to the Real Property; together with all accessions, parts, and additions to, all replacements of, and all substitutions for, any of such property; and together with all proceeds (including without limitation all insurance proceeds and refunds of premiums) from any sale or other disposition of the Properly. Property. The word "Property" means collectively the Real Property and the Personal Property. Real Property. The words "Real Property" mean the real properly, interests and ~iUhts, as further described in this Mortgage. Related Documenl$. The words "Related Documents" mean all promissory notes, credit agreements, loan agreements, environmental agreements, guaranties, security agreements, mortgages, deeds of trust, sectuity deeds, collateral modgages, 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 future rents, revenues, income, ~ssues, 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: Blair Carlyle INDIVIDUAL ACKNOWLEDGMENT COUNTY OF On this day before me, the undersigned Notary Public, personally appeared Jeffr.=y Blair Carlyle; Blair Carlyle; and Donna R. Carlyle, to me known to be the individuals described in and who executed the Mortgage, and ~cknowl6dg~;~ Ih, at they signed the MoHgage as their free and voluntary act and deed, for the uses and purposes lherein mentioned. Not~blic in and for the State of ~¢V~ / X]