Loading...
HomeMy WebLinkAbout90665250076 RECORDATION REQUESTED BY: First Bank of Idaho, feb, dba First Sank of the Tetons Jackson Office 170 E. Broadway P.O. Box 12860 Jackson, WY 83002 WHEN RECORDED MAIL TO: First Bank of Idaho, fab, dba First Bank of the Tetons Jackson Office 170 E. Broadway P.O. Box 12860 Jackson, WY 83002 SEND TAX NOTICES TO: First Bank of Idaho, feb, dba First Bank ot the Teton,= Jackson Office 170 E. Broadway P.O. Sox 12860 Jackson, WY 83002 RECEIVED 2/23/2005 at 1:53 PM RECEIVING # 906652 BOOK: 579 PAGE: 486 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, VVY SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY MORTGAGE THIS MORTGAGE dated February 17, 2005, Is made and executed between CATHERINE J. CRIER, an unmarried woman who acquired title as a married woman (referred to below as "Grantor") and First Bank of Idaho, fsb, dba First Bank of the Tetons, whose address is 170 E. Broadway, P.O. Box 12860, Jackson, WY 83002 (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 end to the following described real property, together with a~l existing or subsequeotty erected or affixed buildings, improvements and fixtures; all easements, rights of way, and appurtenances; all water, water rights, watercourses and ditch rights (including stock in utilities with ditch or irrigation rights); and all other rights, royalties and pro/its relating to the real property, including without limitation all minerals, oil, gas, geolhermal and similar matters, (the "Real Property") located in Lincoln County, State of Wyoming: See See Attached "Exhibit A", which is attached to this Mortgage and made a part of this Mortgage as if fully set forth herein. The Real Property or its address is commonly known as Rocking Horse Ranch, Thayne, WY 83127. Grantor presently assigns to Lender ali of Grantor's right, [[tie, and interest in and to all present and future leases of the Property and all Rants from the Property. In addition, Grantor grants to Lender a Uniform Commercial Cede 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 iA) 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 othenNise provided in this Mortgage, Grantor shall pay to Lender all amounts secured by this Mortgage as they become due and shall stricUy perform all of Granthr's obligations under this Mortgage. POSSESSION AND MAINTENANCE OF THE PROPERTY. Grantor 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 Event of Default, Grantor may (1) remain in possession and control of the Property; (2) use, operate or manege the Property: and (3) collect the Rents from the Property. Duty to Maintain. Grantor shall maintain the Property in good condition and promptly perform all repairs,' rep acements, and maintenance necessary to preserve its value. Compliance With Environmental Laws. Grantor represents and warrants to Lender that: (1) During the period of Grantor's ownership of the Property, there has been no use, generation, manufacture, storage, treabT~ent, disposal, release or threatened release of any Hazardous Substance by any person on, under, about or from the Property; {2) Grantor has no knowledge of, or reason to believe that there has been, except as previously disclosed to and acknowledged by Lender in wrieng, ia) any breach or vi~ation of any Environmental Laws, (b) any use, generation, manufacture, storage, treatment, disposal, release or threatened release gl any Hazardous Substance on, under, about or from the Property by any prior owners or occupants of the Property, or (c) any actual or threatened litige[[on or claims of any kind by any person relating to such matters; and (3) Except es previously disclosed to and acknowledged by Lender in writing, ia) neither Grantor nor any tenenl, 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 shall be conducted in compliance with all at3piicable federal, state, and local laws, regulations and ordinances, including without limitation all Environmental Laws. Grantor authorizes Lender and its agents to enter upon the Property to make such 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 lot 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 other 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 Grantor becomes tiable for cleanup or other costs under any such laws; and (2) agrees to indemnify and hold harmless Lender against any and all claims, osses, liabilities, damages, penalties, and expenses which Lender may directly or indirectly suslain or suffer resulting from a breach of this section of the Mortgage or as a consequence ot any use, generation, manufacture, sloraga, disposal, release or threatened release occurring 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 Mortgage, including the obligation to indemnify, shall survive the payment of the Indebtedness and the satisfaction and reconveyance of the lien gl this Mortgage and shall not be affected by Lender's acquisition of any interest In the Property, whether by foreclosure or othecwise. Nuisance, Waste. Grantor shall not cause, conducl or permit any nuisance nor commit, permit, or suffer any s~ipping of or waste on or to the Property or any portion of the Property. Without limiting the generality of the foregoing, Grantor will not remove, or grant to any other party the right to remove, any timber, minerals (including oil and gas), coal, clay, scoria, soil, gravel or rock products without Lender's prior written consent. Removal of Improvements. Grantor shall not demolish or remove any Improvements from the Real Property without Lender's prior written consent. As a condition to the removal of any Improvements, Lender may require Grantor to make arrangements satisfactory to Lender to replace such Improvements with Improvements of at least equal value. Lender's Right to Enter. Lender and Lender's agents and representatives may enter upon the Real Property at all reasonable times to attend to Lander's interests and to inspect the Real Property for purposes of Grantor's compliance with the terms and conditions of this Mortgage. Compliance with Governmental Requirements. Grantor shali promptly comply with all laws. ordinances, and regulations, now or hereafter in effect, of all governmental authorities applicable to the use or occupancy gl the Property. Grantor may contest in good faith any such law, ordinance, or regulation and withhold compliance during any proceeding, including appropriate appeals, so long as Grantor has notified Lender in writing prior to doing so and so long es, in Leodar's sole opinion, Lender's interests in the Property are not jeopardized. Lender rpay require Grantor to post adequate security or a surety bond, reasonably satisfactory to Lender, to protect Lender's interest. Duty to Protect. Grantor agrees neither to abandon or leave unattended the Property. Grantor shall do all other acts, in addition to those acts sci forth above in this section, which from the character and use ot the Property are reasonably necessary to protect and preserve the Property. DUE ON SALE - CONSENT BY LENDER. Lender may, at Landeds option, declare immediately due~.~o~ ]~a~/~b e a sums secured by this Mortgage upon the sale or Iransler, without Lender's prior written consent, of all or any part gl the Real Property. ar any interest in the Real Property. A "sale or transfer" means the conveyance of Real Property or any right, tiUe or inlerest in the Real Property; whether legal, beneficial or equitable whether voluntary or involuntary; whether by outright sale deed installment sale contrac, and contract, contract for deed, leasehold interest with a term g~ koa,'! 1'4o: MORTGAGE (Continued) Page 2 than three (3) years, tease-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 ol conveyance of an interest in the Real Property. However, this option shall not be exercised by Lender ti such oxen:ina is prohibited by federal law or by Wyoming law. TAXES AND LIENS. The following provisions relating to the taxes and liens on the Property are pad of this Mortgage: Payment, Grantor shall pay when due (and in all events prior fo delinquency) all faxes, payroll faxes, special taxes, assessments, water charges and sewer service charges levied against or on account of the Property, and shall pay when due ali claims lot work done on or for services rendered or material furnished to the Property, Grantor shall maintain the Property free of any liens having pbortiy over or equal fo the interest of Lender under this Mortgage, except for those liens specifically agreed to in w~qting by Lender, and except/or the lien of taxes and assessments not due as lurther specified in the Right to Contest paragraph. Right to Contest. Grantor may withhc~d payment of any tax, assessment, or claim in connection with a good faith dispute over the obligation lo pay, so long as Lender's interest in the Property is not jeopardized. If a lien arises or is filed as a result of nonpayment, Grantor shall within fifteen (15) days after the lien arises or, il a lien is filed, within fifteen 05) days after Grantor has notice of the filing, secure the discharge of the lien, or if toques ed by Lender. deposit with Lender cash of a sufficient corporate surely bond or other security satisfactory to Lender in an amount sufficient to discharge the lien plus any costs and reasonable attorneys' fees, or other charges that could accrue as a result o[ a foreclosure or sale under the lien. tn any contest, Grantor shall delend itself and Lender and shall satisly any adverse judgment before enfomement against the Property. Grantor shall name Lender as an additional obliger under any surety bond furnished in the contest proceedings. Evidence of Payment. Grantor shall upon demand furnish to Lender satisfactory evidence of payment of the faxes or assessments and shall authorize the appropriate governmental official io deliver to Lender at any time a written statement of the taxes and assessments against the Property. Notice of Construction. Grantor shall notify Lender et 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, matarialmen's liar. or other lien could be asserted on account of the work, services, or materials. Grantor will upon request of Lender furnish to Lender advance assurances satisfactory to Lender that Grantor can and will pay the cost of such improvements. PROPERTY DAMAGE INSURANCE. The following provisions relating to insuring the Property are a part of this Mortgage: Maintenance of Insurance. Grantor shall procure and maintain policies of fire insurance with standard extended coverage endorsements on a replacement basis for the tull insurable value covering all Improvements on the Real Property in an amoonf sufficient io avoid application of any coinsurance clause, end with a standard mortgagee clause in laver of Lender. Policies shall be written by such insurance companies and in such form as may be reasonably acceptable to Len~3er. Grantor shall deliver to Lender certificates of coverage from each insurer containing a stipulation that coverage will not be cancelled or diminished wiinouf a minimum of fifteen (15) days' prior written notice to Lender and not containing any disclaimer of the insurer's liability for lailure fo give such notice. Each insurance policy also shall include an endorsement providing that coverage in tarot of Lender will not be impaired in any way by any act, omission or defaull o[ Grantor or any other person. Should the Real Property be located in an area designated by the Director of the Federal Emergency 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 on the property securing the loan, up to /he maximum policy limits sol under the National Flood Insurance Program, o~ as otherwise required by Lender, and io maintain such insurance for the term of the loan. Application of Proceeds. Grantor shall promptly notify Lender of any loss or damage to the Property. Lender n~y make proof of loss if Grantor fails to do so within fifteen (15) days of the casually. Whether or not Lender's security Is impaired, Lender may, al Ler',ddr'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 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 satisfacthry to Lender. Lender shall, upon satisiactory proof of such expenditure, pay or reimburse Grantor from the proceeds fo,.' 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 whicb Lender has eot committed to the repair or restoration of the Property shall be used first Io pay any amount owing to Lender under this Mortgage, then to pay accrued interest, and the remainder, il any, shall be applied to the principal balance of the Indebtedness, Ii Lender holds any ~oceeda after payment in furl el the Indebtedness, such proceeds shall be paid to Grantor as Granthr's interests may appear. LENDER'S EXPENDITURES. ff Grantor fails (A) to keep the Property free et all taxes, liens, security interests, encumbrances, and other claims, (B) to provide any required insurance on the Property, or (C) to make repairs to the Property then Lender may do so. ti any action or proceeding is commenced that would materially affect Lender's interests in the Property, then Lender on Granfor's behalf may, but is not required to, take any action that Lender believes th be appropriate to protect Lender's interesls. All expenses incurred or paid by Lender for such purposes will then bear interest at the rate charged under the Note Item the date incurred or paid by Lender to the date of repayment by Grantor. All such expenses will become a part of the Indebtedness and, at Lender's option, will (A) be payable on demand; (B) be added to the balance of the Note and be apportioned among and be payable with any installment payments 1o become due during either (1) the term et 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 Nora's maturity. The Mortgage also will secure payment of these amounts. The rights provided for in this paragraph shall be in addition to any other rights or any remedies to which Lender may be entitled on account el any default. Any such action by Lender shall nol be construed as curing the defaull so as to bar Lender from any remedy that it otherwise would have had. WARRANTY; DEFENSE OF TITLE. The following provis~3ns relaling to ownership of the Property are a part of this Mortgage: Title. Grantor warrants that: (a) Grantor holds good and marketable title el record Io the Property in lea simple, free and clear of all liens and encumbrances other Ihao those set forth in the Real Property description or in any title insurance policy, title report, or final title opinion issued in favor of, and accepted by, Lender in connection with this Mortgage, and (b) Grantor has the full right, power, and authority to execute and deliver this Mortgage to Lender. Defense of Title. Subject to the exception in the paragraph above, Grantor warrants and will forever defend Ihe title lo the Property againsl the iawlul 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 Mortgage, Grantor shall defend the action at Grantor's expense. Grantor may be tile nominal party in such proceeding, but Lender shall be entilled to participate in the proceeding and 1o be represented in the proceeding by counsel of Lender's own choice, and Grantor will deliver, or cause to be delivered, lo Lender such instruments as Lender may request from lime to time to permil such pedicipetion. Compliance With Laws. Grantor warrants that the Property and Grantor's use et the Property complies with all existing applicable laws, ordinances, and regoiations of governmental authorities. Survival of Promises. All promises, agreements, and statements Grantor has made in this Mortgage shall survive the execution and delivery of this Mortgage, shall be continuing in nature and shall remain in full torce and effecl until such time as Grantor's Indebtedness is paid in full. CONDEMNATION. The following provisions relating to condemnation proceedings are a part of this Mortgage: Proceedings. If any proceeding in condemnation is filed, Grantor shall promptly notify Lender in writing, and Grantor shall promptly take such steps as may be necessary to defend the action and obtain the award. Grantor may be 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 cho.~e, 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 perticipalion. Application Of Net Proceeds. It all or any par[ et the Property is condemned by eminent domain proceedings or by any proceeding or purchase in lieu of condemnation, Lender may at its election require that all or any portion of the net proceeds of the award be applied to the Indebtedness or the repair or restoration of the Property. The net proceeds of the award shall mean the award after paymenl of all reasonable costs, expenses, and attorneys' lees 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 et this Mortgage; Current Taxes, Fees and Charges. Upon request by Lender, Grantor shall execute such documents in addition to this Modgage and take whatever other action is requested by Lender to perfect and continue Lender's lien on the Real Property. Grantor shall reimburse Lender for all taxes, as described below, together with all expenses incurred in recording, per/acting or continuing this Mortgage, including without limitation all taxes, fees, documentary stamps, and other charges for recording or registering this Mortgage. -,...~-... ' · Taxes. The Iotlowing shall constitute taxes to which this section applies: (1) a specific fax upon this type el Mortgage or upon all or any part of the indebtedness secured by this Mortgage; (2) a specific tax on Grantor which Grantor is authorized or required to deduct from paymentson /I j O~0~,~ MORTGAGE ~-- 0488 Loan No: 494015894 (Continued) Page 3 the thdebtedness secured by this type of Mortgage; (3) a tax on this type of Mortgage chargeable against the Lender or the holder of the Note; and (4) a specific tax on all or any portion of the Indebtedness or on payments of principal and interest made by Grantor. Subsequent Taxes. If any ~x to which this section applias is enacted subsequent lo the date of this Mortgage, this event shall have the same effect as an Event ol 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 ti becomes delinquent, or (2) contests the tax es provided above in the Taxes and Liens section and deposits with Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender. SECURITY AGREEMENT; FINANCING STATEMENTS. The following provisions relating to this Mortgage as a security agreement are a part of this Mortgage: Security Agreement. This instrument shall constitute a Security Agreement to the extent any of the Property constitutes fixtures, and Lender shall have all of the rights of a secured party under the Uniform Commercial Code as amended from time to time. Security Interest. Upon request by Lender, Grantor shall take whatever action is requested by Lender to perfect and continue Lender's security interest in the Personal Property. In addition to recording this Mortgage in the real property records, Lender may, at any time and without further authorization lrom Grantor, file executed counterparts, copies or reproductions of this Mortgage as a financing statement. Grantor shall reimburse Lender for all expanses incurred in padecting or continuing this security interest. Upon default, Grantor shall not remove, sever or detach the Personal Property from the Property. Upon default, Grantor shall assemble any Personal 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 within three (3) days allot receipt of writien demand from Lender to the extent permitled by applicable law. Addresses. The mailing addresses of Grantor (debtor) and Lender (secured party) from which information concerning the security interest granted by this Mortgage may be obtained (each as required by the Uniform Commercial Code) are es slated on the first page of this Mortgage. FURTHER ASSURANCES; A'n'ORNEY-IN-FACT. The following provisions relating to lurther assurances and attorney-in*fact are a pert of this Mortgage: Further Assurances. At any time, end 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, end when requested by Lender, cause to be filed, recorded, raffled, or rerecorded, as the case may be, at such times and in such offices and places as Lender may deem appropriate, any and ell such mortgages, deeds of trust, security deeds, security agreements, financing statements, continuation statements, instruments of further assurance, certificates, and other documents as may, in the sole opinion of Lender, be necessary or desirable in order to effectua e, complete, perfect, continue, or preserve (1) Grantor's obligations under the Note, this Mortgage, and the Related Documents, and (2) the liens and security interests created by this Mortgage 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. Anorney-ln.Fact. II Grantor fails to do any of the things referred to in the preced ng paragraph, Lender may do so for and in the name ol Grantor and at Grantor's expense. For such purposes, Grantor hereby irrevocably appoints Lender as Grantor's attorney-tn-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 Grantor pays ail the Indebtedness when due, and othenNise performs all the obligations imposed upon Grantor under this Mortgage, Lender shall execute and deliver to Grantor e suitable satisfaction of this Mortgage and suitable statements of termination of any linancing statement on file evidencing Lander's security interest in the Rents and the Personal Property. Grantor will pay, if permitted by applicable law, any reasonable termination fee as delermined by Lender from time to time. EVENTS OF DEFAULT. At Lender's option, Grantor will be in defaull under this Mortgage if any of the following happen: Payment Default. Grantor fails to make any payment when due under the indebtedness. Default on Other Payments. Failure of Grantor within the time required by this Mortgage to make any payment for taxes or insurance, or any other payment necessary Io prevent filing of or to effect discharge of any lien. Break Other Promises. Grantor breaks any promise made to Lender or fails to perform promptly at the time and strictly in the manner provided in this Mortgage or in any agreement related to this Mortgage. Default In Favor of Third Parties. Should Grantor default under any loan, extension of credit, security agreement, purchase or sales agreement, or any other' agreement, in favor of any other creditor or person that may materially affect any Of Grantor's property or Grantor's abilify lo repay the indebtedness or Grantor's ability to pedorm Grentor's obligations under this Mortgage or any related document. False Statements. Any representation or statement made or furnished to Lender by Grantor or on Grantor's behalf under this Mortgage or the Rblatad Documents is false or misleading in any material ~'espect. either now or at the time made or furnished. Defective Collaterallzation. 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 tien) at any time and for any reason. Death or Insolvency, The death of Grantor, the insolvency of Grantor, the appointment of a receiver for any part of Grantor's property, any assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any bankruptcy or insolvency laws by or against Grantor. Taking ot the Property. Any creditor or governmental agency tries to take any ol 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 Property is based is valid or reasonable, and if Grantor gives Lender written notice of the claim and furnishes Lender with monies or a surety bond satisfactory to Lender to satisfy the claim, then this default provision will not apply. Breach of Other Agreement. Any breach by Grantor under the terms o~ any other agreement between Grantor and Lender that is not remedied within any grace period provided therein, including without limitation any agreement concerning any indebtedness or other obligation of Grantor to Lender, whether existing now or taler. Events Affecting Guarantor. Any of the preceding events occurs with respect to any guarantor, endorser, surety, or accommodation party of any of the Indebtedness or any guarantor, endorser, surety, or accommodation party dies or becomes incompetent, or revokes or disputes the validity of, or liability under, any Guaranty ol the Indebtedness. In the event of a death, Lender, at its option, may, but shall not be required to, permit the guarantor's estate to assume unconditionally the obligations arising under the guaranly in a manner satisfactory to Lender, and, in doing so, cure any Event of Default. Insecurity. Lender in good faith believes itself insecure. Right 1o Cure, If any default, other than a default in payment is curable and if Grantor has not been given a notice of a breach ol the same provision of this Mortgage within the preceding twelve (12) months, it may be cured if Grantor, after receiving wrinen notice from Lender demanding cure of such default: (1) cures the default within fifteen (15) days; or (2) if the cure requires more than itteen (15) days immediately initiates steps which Lender deems in Lender's sole discretion to be sufficient to cure the default and thereafter continues and compleles ali reasonable end necessary steps sufficient to produce compliance as soon as reasonably practical. RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence of an Event of Default and at any time thereafter but subject to any limitation in the Note or any limitation in this Mortgage, Lender, at Lander's option, may exercise any one or more ot 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 Grantor 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 shall have all the rights and remedies o[ a secured party under the Uniform Commercial Code. Collect Rents. Lender shall have the right, without notice to Grantor, to take possession of the Property, including during the pendency ol foreclosure, whether judicial or non-judicial, and collect the Rents includin0 am9unts pas due end unpaid, and apply the net proceeds, over and above Lender's costs, against the Indebtedness. I~f furtherarice of this right, Lender may require any ~nant or other user of the Property to make payments of rent or use fees directly to Lender. the Rents are collected by Lender, then C.~:)'r irrevocably designates Lender as Grantor's attorney-in-fact to endorse instruments received in payment thereof in the name of Grantor and to negotiate the same end collect the proceeds. Payments by tenants or other users to Lender in response to Lender's demand shall satisfy the obligations for which he payments are made whether or not any proper grounds for the demand existed. Lender may exercise its rights under th s subparagraph either in person, by agen~ O~rough a r~eiver. Appoint Receiver, Lender s~l~ ~ve ~e right 1o have a receiver ap~in[ed to ~ke ~ssession o[ all or any ~ o( the PropeRy, with ~e ~wer pro,ecl and presage Ihe Propeny, to operate ~e PropeRy preceding for~losure or sale, and to col~t U~e Ren~s fr~ ~e Properly and a~ly pr~eeds, over ~nd a~ve lhe coat of ~e receivership, agai~ ~e Indebtedness. The receiver ~y se~e without ~nd it permi(~ed by law. Lender's right to Ihe a~intmen~ o~ a receiver shall exist whether or not the apparent value o[ ~e PropeRy exceeds ~he In~eb~eQ~ess Dy a substan~al amounL Employment by L~der sh~ll no~ disqualify a person from se~ing as a receiver. Judicial Foreclosure. LePer may obtain a judicial decree for~losing Grantor's ~/erest in all or aRy par o( the Properly. Nonjudicial Sale. Lender ~y foreclose Grantor's interest in all or in any pa~ gl ~e Prope~y by n~-jud c al sale and specifically by "power of sale" or *adve~is~ent a~ sa~e' foreclosure as provided by sta~ule. ' DetJctency Judgment. It permiaed by applic~le law, Lender ~y ob~ a J~gment for any deficiency remaining in the Indebtedness due to Lender aQer appl~alion o~ all amounts received lr~ ~e exercise o[ the dgh~s p~ovided in this section. Tenancy at Sut~erance. If Grantor re.ins in ~ssession gl lhe Prope~y after ~e Propedy is sold as provided a~ve or Lender o~e~ise becomes entitled to possessi~ ct ~e Pro~y upon default gl Grantor, Grantor shall become a tenant at sufferance o~ Le~e~ or the purchaser of the Properly and shall, at Lender's option, either (1) pay a reasonable rental tot the use gl the Prope~y, or (2) vacate the Prope~ imm~iate{y u~n the de.nd of LePer. Other Remedies. LePer shall ~ve all other rights and remedies provided tn this ~gage or ~e Note or available at law or ~ equity. Sale of the Prope~y. To ~e extent ~r~ed by applicable law, Granto~ hereby waives any and a~l right to have the Prope~y marshall.. exercising its rights and remedies, Lender shall be kee to sell all or any pa~ ct ~e Prope~y together or separately, in one sale o~ by separate sales. Lender shall be enti~ to bid at any publ~ sale on all or any ~dion o~ ~e Prope~y. Notice of Sale. Lende~ will give Grantor reasonable notice o[ lhe time and place gl any public sale of the Personal Prope~ or gl the time a~er which any private sale or o~er intend~ dis~sition of the Personal Prope~ is Io be ~de. Reasonable notice shall mean notice given at least ten (10) days before Ihe time of the sale or dis~silion. ~y sale of the Personal Properly ~y be made in c~junction with any sale of the Real Prope~y. Election of Remedies, All of Lender's rights and remedies will be cumula~ve and ~y ~ exercis~ alone or together. An election by Lender to choose any one remedy will no~ bar Lender from using ~ny other rem~y. If LePer dec.es to spend ~ney or Io pedorm any ct Grantor's obligations under this Mo~gage. after Grantors lailure to do so, ~at decision by Lender will not affect Le~er's right to declare Granlor in delaul[ and to exercise Lenders remedies. Attorneys' Fees; Expenses. ff Lender institutes any suil or action to enforce any of ~e lerms gl ~is Mo~gage, Lender s~il be entitled to recover such sum as the cou~ may adjudge reasonable as affomeys' fees al trial and u~ ~y appeal. Whaler or not any cou~ ac~io~ is involve, and to the extent ~t prohibited by law, all reasona~e expenses Lender Incurs that ~ Lenders option are necessa~ at any time tot the pro[~[ion gl its interest or ~e enforcement of its rights shall b~ome a pad ct ~e Indebl~ness ~yable on demand and shall bear interest a~ the Note tale trom ~e date ct ~e expenditure until re~. Expenses covered by ~is paragra~ ~lude, wilhout limitation, however subject to any limits under applicable law, Lender's reasonable aaomeys' fees and Lender's legal ex.rises whe~er or not ~ere is a lawsuit, Including reasonable a~orneys' fees after default and referral to an attorney not Lenders salari~ employee and ex.rises /or bankruptcy pr~eedings (including effoAs to m~i~ or vacate any aulomat~ stay or inju~t~), appeals, and any ant~i~ted ~sl-j~gmenl colleclion so.ices, the cost of searching r~ords, obtaining title re~s (inciSing ~oreciosure repo~s), su~eyors' re.ds, and appraisal fees and title insurance, to the extenl permiaed by applicable law. Grantor ~so will pay any cou~ costs, in addition lo all o~er sums provided by law. NOTICES. ~y ~t~e r~uired to ~ given u~er ~is Mo~gage, including wi~ou[ limitat~n any notice gl deiault and any notice og sale shall be given in wriang, and shall be effec~ve when aclually deliver~, when actually r~eiv~ by teletacs~ile (unless ea~e~ise required by law), when de.sited witl~ a ~ationally r~ognJzed overnight courier, or, i~ ~iled, when de.sited ~ ~e United Sla~es mail, as first class, ce~ilied or register~ ~il pos~ge prepaid, directed to the addresses shown near ~e beginning ct this Me.gage. All copies of nolices of foreclosure from the holder of any lien which has priority over this Modgage s~ll ~ sent to Le~er's address, as shown near ~e b~i~ing gl ~is Mo~gage. Any person ~y change his or her address for notices unde~ ~is Modgage by giving for~l wriQen notice to the o~er person or persons, sp~ifying ~at ~e purpose gl the notice is change the person's address. For ~tice purposes, Grantor agrees to keep Lender inlormed at all times o[ Gran/ods current address. Unless othe~ise provid~ or ¢~uir~ by law, if Ihere is ~re ~an ~e Grantor, any noQce given by Lender to any Grantor is deemed to be notice given to all Grantors. It will be Grantors res~nsib~i{y to tell the others gl ~e nolice lrom Lender. MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a ~d gl this Mo~gage: Amendments. What is wri~en In this Mo~gage and in the Related D~umen{s Is GrantoFs entire agreement with Lender concerning the ma~ers covered by ~is Mo~gage. To be effective, any change or amendment Io ~is Mo~gage must be in writing and must be signed by whoever will be ~ or obligated by ~e change or amend~nL Caption Headings. Caption headings in this Modgage are lot convenie~e pur~ses only and are not to be used to interpret or define the provisions of this Mo~ge. Governing Law. This Mortgage will be governed by ~ederal law applicable to Lender and, to the extent not preempted by federal law, the laws of the State el Wyoming without regard to its conflicts of law provisions. This Mortgage has been accepted by Lender Jn Ihe State gl Wyoming. No Waiver by Lender. Grantor understands Lender will ~t give up any gl Lender's rights u~er [his Modgage unless Lender does so in writing, The tact that Lender delays or ~its to exercise any right will not mean ~at LePer has given up ~at right. I~ Lender does agree in writing to give up one gl Le~er's righls, ~at does not ~an Grantor will not have to comply wi~ the o~er provisions of this Modgage. Grantor also understands ~a[ if Lender does consent to a request, [hat d~s not mean ~at Granlor will not have lo get Le~er's consent again if Ihe silualion happens again. Grantor fu~her unders~nds ~at just because Lender c~sen[s to one or more gl Grantor's r~uests, ~at does not mean Lender will be required to consent to any of Grantor's luture'r~uests. Grantor waives presentment, de. nd lot payment, prolest, and notice o[ dishonor. Grantor waives all rights o[ exempti~ lrom execution or similar law in ~e Prope~y, and Grantor agrees that ~e rights oi Lender in the Prope~y under ~is M~gage are prio~ to Grantor's ri~ts while ~is Mo~gage re.ins in eflecL Severability. It a couQ linds that any provis~ ct ~is Mortgage is no~ valid ~ should not be e~forced, that fact by itsel[ will not mean that ~e of ~is ~d9age will nol be valid or enforced. ~erefore, a cou~ will enforce ~e rest o~ the provisions of this Modgage even if a provision of this Mo~gage ~y be fou~ 1o be inval~ or unenforceable. Merger. There shall be ~ merger o[ the i~lerest o~ es~te created by this MoAgage with any olher interest or estate in the Prope~ at any time held by or for the benefit ct Lender ~ any capaci~, wit~ut ~e wriHen consent ct Lender. Successors and Assigns. Subjeci to any I~itations stat~ in ~his Mo~gage on transfer of Grantors interest, ~is Mo~gage shall be binding u~n and inure to ~e ~eti[ of the patios, ~eir successors and assigns. II ownership of ~e Prope~y b~omes vested in a person other than Granlor, Lender, wi~out nolice to Grantor. may deal wi~ Grantor's successors with regerence to this ~gage and the Indebt~ness by way forbearance or extension without releasing Grantor trom ~e obligations of this ~gage or liability under the I~ebledness. Time is of ~e Essence. ~me is of ~e ess~ce in the ~dormance gl ~is MoP.ge. Waiver o~ Homestead Exemption. Grant~ hereby releases and waives all rights and benelils o~ the homestead exempti~ laws gl the State of Wyoming as to all indebtedness secur~ by ~is Mo~gsge. DEFINITIONS. The gollowing word~ shall ~ve the following mean~gs when us~ in ~is Mo~gage: Borrower. The word "Borrowe~ means Ca.erie J. Crier and ~cludes all co-signers and co-makers signing the Note. Environmental Laws. The words "Environmental ~ws" mean any ~d all state, f~eral and I~al slatutes, regulations and ordinances relating the protection ct human heallh or ~e environment, including withoul timila[i~ ~e Comprehensive Environmental Response, Core.sa/ion. and Liability Act gl 1980, as amended, 42 U,S.C. Section 9601, et seq. ("CERC~'), the Supedund Amendments and Reau~orization Act gl 1986, Pub. L. No. 99-499 ("SARA"), Ihe Hazardous Materials Trans~a[ion Act, 49 U.S.C. Sec~on 1~t, et s~., the Resource Conse~ati~ and Recove~ Act, 42 U.S.C. S~lion 6~1, et s~.. or other applicable state or federal laws, rules, or regulations adopted pursuan~ thereto. Event gl Default. The words "Event o~ Default" mean any o~ the events of delaul[ set fodh in ~3is M~ge ~ the evenls of default section of s Grantor. The word "GrAntor" means Catherine J. Crier. Loan No: 494015894 MORTGAGE (Continued) Page 5 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 ol the Note· Hazardous Substances. The words 'Hazardous Substances" mean materials that, because of their quantity, concentration or physical, chemical or infectious characteristics, may cause or pose a present or potential hazard to human health or the environment when improperly used, treated, stored, disposed oI, 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 substances, materials or waste as defined by or listed under the Environmental Laws. The term "Hazardous Substances" also includes, without limitation, petroleum and petroleum by-products or any fraction thereof and asbestos. Improvements. The word "Improvements" means all existing and future improvements, buildings, structures, mobile homes affixed on the Real Property, facilities, additions, replacements and other construction On the Real Property. Indebtedness. The word "Indebtedness' means ali principal, interest, and other amounts, costs and expenses payable under the Note or Related Documents, together with all renewals ol, extensions of, modifications of, consolidations ut and substitutions for the Note or Related Documents and any amounts expended or advanced by Lender to discharge Grantor's obligations or expenses incurred by Lender to enforce Grantor's obligations under this Mortgage, together with interest on such amounts as provided in this Mortgage. Lender. The word "Lender' means First Bank of Idaho, fsb, dba First Bank o the Tetons, its successors and assigns. The words "successors or assigns' m~an 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 February 17, 2005, in the original principal amount of $303,000.00 from Grantor to Lender, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and substitutions for the promissory note or agreement. The maturity date of this Mortgage is March 22, 2010. NOTICE TO GRANTOR: THE NOTE CONTAINS A VARIABLE INTEREST RATE. Personal Property. The words "Personal Property' mean all equipment, fixtures, and other articles of personal property now or hereafter owned by Grantor, and now or hereafter attached or aftixed to the Real Property; together with all accessions, parts, and additions to, ail replacements and ail substitutions for, any of such property; and together with all proceeds {including without limitation ail insurance proceeds and retunds ut premiums) from any sale or other disposition of the Property. Property. The word "Property" means collectively the Real Property and the Personal Property, Real Property. The words "Real Property" mean the real property, interests and rights, as further described in this Mortgage. Related Documents. 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 ail present and future rents, revenues, income, issues, 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. OF ) On this day beio~e me;the undersigned Nota. l:.a/Public, pers~ally appear~ Catherine J. Crier to me known to be the i~ividual descr b~ in and who .... ~u~C~eP~ ~d9A~l..'~od ~?~W~d~at he o, s~ signed ~e Modgage as h~s or her tree and voun~ act a~ de~ for the use : ~ No ...... f New Yo~ Ehxibi~ "A" Parcel I = T30N Rll9W of the 6th P.M., Lincoln County, Wyoming Section 2: $1/2NW1/4, SW1/4NE1/4, W1/2SEI/4, SW1/4, Lots 3 and 4; Section 3:E1/2SE1/4 Section 11: NW1/~NE1/4. Parcel 2 T30N R119W of the 6th P.M., Lincoln County, Wyoming Section 3: W1/2SE1/4. ?~rcel 3 The right of access as provided for in instrument recorded February 1999 in Book 425PR on page 318 of the records of Lincoln County Clerk.