HomeMy WebLinkAbout907520RECORDATION REQUESTED BY:
First Bank of Idabo fsb, dba First Bank of the Tetons
Driggs Office
PO Box ?44
189 N. Main, Suite 115
Driggs, ID 83422
WHEN RECORDED MAIL TO:
First Bank of Idaho fsb, dba First Bank or the Talons
Driggs Office
PO Box 744
189 N. Main, Suite 115
Drlggs, ID 83422
SEND TAX NOTICES 1-O:
First Bank of Idaho fsb, dba First Bank of the Tetons
Driggs Office
PO Box 744
f89 N. Main, Suite 115
Drl~lqS. ID 83422
,. 006.1.9
RECEIVED 4/6/2005 at 4:11 PM
RECEIVING # 907520
BOOK: 582 PAGE: 619
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY
MORTGAGE
THIS MORTGAGE dated April 1, 2005, is made and executed between Sidney J. Stevens (referred to below as
"Grantor") and First Banl~ of Idaho fsb, dba First Bank of the Tetons, whose address is PO Box 744, 189 N.
Main, Suite 115, Dr. iggs, ID 83422 (referred to below as "Lender").
GRANT OF MORTGAGE. For valuable consideration, Granto~ mortgages and conveys to Lender all of Grantor's right, title, and interest in and Io
the following described real properly, togelher wilh all ex]sling or subsequently erected or affixed buildings, improvements and fixlures; all easemenls,
righls of way, and appudenances; all water, waler rights, watercourses and ditch righls (including stock in utilities wilh ditclr or irfigalion rigbls); and all
other fighls, royalties, and profils relaling to tie real properly inchJding without Ii n ation all minerals, oil, gas, geothermal arid similar matters, (the
"Real Property") located in Lincoln County, Sta'te of Wyoming:
Lot 26 of Airport AddiUon to the Town of Afl. on Tit]rd Filing, Lincoln County, Wyoming as described on the
official Plat No. 313-B filed July 16, 2003 as Instrument No. 89'1662 of the records of the Lincoln County
Clerk
The Real Property or its address is commonly known as Lot 26 of the Airport Addition, Alton, WY 83110.
Granlor presenlly assigns to Lender all of Grantor's right, lille, and interest in and to all presenl and future leases of [he Properly and all Ranis lrom the
Property. In addition, Granter granls to Lender a Uniform Commercial Code security inlerest in Ihe Personal Property and Ranis.
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 [his Modgage, Granlor shall pay to Lender all amounls secured by Ibis Modgage
as they become due and shall sldctly ped'orm all of Grantor's obi]gallons under this Modgage.
POSSESSION AND MAINTENANCE OF THE PROPERTY. Grantor agrees tlral Granlor's possession and use of the Property shall be governed by the
following provisions:
Possession arid Use. Until fire occurrence of an Event or Default, Granlor may (1) remain in possession and control of Ihe Property; (2) use,
operale or manage the Properly; and (3) collect the Rents from lira Properly.
Duty to Maintain. Granlor sbalf maintain Ilia Properly iii tenantable condition and promplly perform alt repairs, replacemenls, and maintenance
necessary to preserve its value.
Compllaece Witll Environmental Laws. Grantor represenls and warrants lo Lender thai: (1) Dudng Ihe period of Grantor's ownership of the
Properly, l,here bas been no use, general]on, manu[aclure, storage, treatmenl, disposal, release or threatened release of any Hazardous
Substance by any person on, under, about or from the Properly; (2) Grantor has no knowledge of, or reason to believe that there has been,
except as previously disclosed to and acknowledged by Lender in wriling, (a) any breach or violation of any Environmenlal Laws, (b) any use,
generation, manufaclure, storage, Irea[ment, disposal, release or threatened release or any Hazardous Subslance on, under, about or from lire
Properly by any pdor owners or occupanls of the Properly, or (c) any actual or threatened litigalion or claims of any kind by any person relating
to such matters; and (3) Except as previously disclosed to and acknowledged by Lender in wriling, (a) neither Grantor nor any lena]ri,
contractor, agent or other aulbodzed user of Ihe Properly shall use, generale, manutaclure, store, [real, dispose of or release any Hazardous
Substance on, under, about or from the Property; and (b) any such activity shall be conducted in compliar~ce wi!.h all applicable federal, state,
and local laws, regulations and ordinances, includiog witboul limitation all Environmenlal Laws. Granlor authorizes Lender and ils agents [o enter
upon Ihe Properly to make suclr inspections and tests, at Oranlor's expense, as Lender may deem appropriale to determine compliance el' the
Property wilh this section of fire Mortgage. Any inspections or tests made by Lender shall be for Lendefs purposes only and shall not be
cons[rued lo create any responsibility or liability on the part of Lender Io Grantor or to any oil]er person. The representations and warranties
conlained herein are based on Gran~or's due diligence ill investigating the Property for Hazardous Subslances. Grantor bereby (1) releases and
waives any future claims against Lender for indemnily or contribution in the event Grantor becomes liable for cleanup or oilier costs under any
such laws; and (2) agrees to indemnify and hold harmless Lender against any and all claims, losses, liabililies, damages, penalties, and expenses
which Lender may directly or indirectly sustain or suffer resulting from a bread[ of this section of Ihe Mortgage or as a consequence of any use,
generalion, manufacture, storage, disposal, release or Ilrreatened release occurdng prior to Grantor's ownership or interesl in the Properly,
whether or not the same was or should have been known to Grantor. Tlre provisions of this section of the Modgage, including the obligation to
indemnify, shal survive the payment of tire Indebtedness and the satisfaction and reconveyance of fl~e lien el' this Mortgage and shall not be
affected by Lender's acquisition of any interest in the Property, whether by foreclosure or otherwise.
Nuisance, Waste. Grantor shall not cause, conduct or permit any nuisance nor commit, permit, or sufrer any stripping of or waste on or to the
Properly or any podion of the Property. Without limillng [ire generality et Ihe foregoing, Grantor will not remove, or grant to any other party the
right Io remove, any timber, minerals (including oil and gas), coal, clay, scoria, soil, gravel or rock products wi[bout Lender's pdor written consent.
Removal of Improvements. Grantor shall not demolish or remove airy Improvements from Ihe Real Properly withoul Lender's pdor wdl,ten
consent. As a condition Io Ibe removal of any hrrprovemenl,s, Lender may require Grantor to make arrangements satisfacto~ ~o Lender to replace
such Improvements wi[b Improvements of at least equal value.
Lender's Right to Enter. Lender and Lender's agents and represenlatives may enter upon the Real Property at all reasonable limes to al,tend Io
Lender's inleresls and to inspect tire Real Property for purposes of Grantor's compliance with Ihe lerms and conditions oi' this Modgage.
Conrpliance with Governruental Requirements. Graalor shall promptly con[ply with all laws, ordinances, and regulal,ions, now or hereafter in
effect, of all govemmenlal authorities applicable to the use or occupancy of Ihe Property, including wi[bout limitation, the Americans With
Disabilities Act. Grantor may co]]fast in good faith any such law, ordinance, or regulation and withhold compliance during any proceeding,
including appropdale appeals, so long as Granlor has notified Lender in writing pdor lo doing so and so long as, in Lender's sole opinion,
Lender's interests in the Property are not jeopardized. Lender may require Grantor to post adequate secudty or a surely bond, reasonably
satisfactory to Lender, to protect Lender's inlerest.
Duty to Protect. Grantor agrees neither to abandon or leave unaitended Ihe Properly. Grantor shall do all other acts, in addition to l,bose acts sel,
fo]Ih, above in this seclion, which from Ihe character and use of l,he Properly are reasonably necessary to protect and preserve the Properly.
DUE ON SALE - CONSENT BY LENDER. Lender may, at Lender's option, declare in]mediately due and payable all sums secured by l,his Modgage
open the sale or transfer, will[out Lender's prior written consenl, of all or any pad of l,he Real Property, or any interest in the Real Properly. A "sale or
transtar" means l,he conveyance el' Real Properly or any dghl, l,itle or interesl, in the Real Property; whether legal, beneficial or equitable; whetlrer
Loan No: 595000011~9~[~]~7520
MORTGAGE
(Continued) '- 0 0 6 2 0 Page 2
volunlary or involunlary; whether by outdght sale, deed, inslallment sale co ~lract, and contract contract for deed, leasehold interest with a tern] greater
than three (3) years, lease-option contract, or by sale, assignment, or transfer of any beneficial inlerest in or to any land trust holding rifle to the Real
Property, or by any other method of conveyance of an interest in lhe Real Property. However, this option shall not be exercised by Lender if such
exercise is prohibited by federal law or by VWoming law.
TAXES AND LIENS. The following provisions relalJng to the taxes and liens on the Properly are part of this Mortgage:
Payment. Grantor shall pay when due (and in all events prior ~o delinquency) all taxes, payroll taxes, special taxes, assessments, water charges
and sewer service charges levied against or on account of tile Property, and sllall pay when due ail claims for work done on or for services
rendered or material furnished to the Property. Grantor shall maintain the Property free of any liens having priority over or equal to tile interest of
Lender under this Mol[gage, except for those liens spedi,ically agreed to iii writing by Leander, and except for the lien of, taxes a~d assessments not
due as further specified in the Right Io Contest paragraph.
Right to Contest. Grantor may withhold payment of any tax, assessment, or claim ii] connection with a good faitll dispute over tile obligalion to
pay, so long as Lender's inierest in the Property is not jeopardized. If a lien alises or is filed as a resull of nonpayment, Grant,or shall wiUlin fifleen
(15) days after the lien arises or, if a lien is filed, within fifteen (15) days al,[er Grantor has notice of the filing, secure tile discharge of the lien, or ii,
requested by Lender, deposit will] Lender casl~ or a sufficient corporate surety bond or otller security satisfactory to Lender in an amount, sufficient
to discharge the lien plus ally costs and attorneys' fees, OF other charges that could accrue as a result of a foreclosure or sale under the lien. In
any contest, Grantor shall defend itself and Lender and shall satisfy any adverse judgmeni before enforcement against the Property. Granior shall
name Lender as an addilional obligee under any surety bond furnished in the conies[ proceedings.
Evidence of Payment. Grantor shall upon demand fumisll to Lender satisfactory evidence of payment of tl~e taxes or assessments and shall
authorize tile appropriate governmental official to deliver to Lender at any time a written statement of the taxes and assessments against lhe
Property.
Notice of Construction. Grantor shall notify Lender at least fit,teen (15) days before any work is commenced, any services are furnished, or any
materials are supplied to the Property, if any mechanic's lien, maledalmen's lien, 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 lhat Grantor can and will pay the
cost of such improvements.
PROPERTY DAMAGE INSURANCE. Tile following provisions relating to insuring the Property are a part of, this Mortgage:
Maintenance of Insurance, Grant,or shall procure and maintain policies of fire insurance with standard extended coverage endorsements on a
replacement basis for the full insurable value covedng all Improvements on the Real Property in an amount suJicient to avoid application of any
coinsurance clause, and with a standard mortgagee clause in favor of Lender. Grantor shall also procure and maintain comprehensive general
liability insurance in such coverage amounts as Lender may request with Leander being named as additional insureds in sucl~ liability insurance
policies. Additionally, Grantor shall maintain such other insurance, including but not limited to hazard, business interruption and boiler insurance
as Lender may require. Policies shall be written by such insura~lce companies and in such form as may be reasonably acceptable to Lender.
Grantor shall deliver to Lender certificates of coverage from each insurer containing a stipulation that coverage will not be cancelled or diminished
without a minimum of fifteen (15) days' prior wdtten notice to Lender and not containing any disclaimer of [he insurer's liability for failure to give
such notice. Each insurance policy also si]all include an endorsement, providing that coverage in favor of Lender will not be impaired in any way
by any act, omission or default of Grantor or any other person. Should the Real Properly be located in an area designated by the Director of the
Federal Emergency Management Agency as a special flood hazard area, Grantor agrees to obiain and maintain Federal Flood Insurance, ii'
available, within 45 days after notice is given by Lender fila[ the Property is located in a special flood hazard area, for file full unpaid principal
balance of, the loan and any prior liens on tile property securing file loan, up to the maximu~n policy limits set under the National Flood Insurance
Program, or as otherwise required by Lender, and to maintain such insurance for tile term of, the Joan.
Application of Proceeds. Grantor shall promptly notify Lender of, any loss or damage to the Property. Lender may make proof of loss if Grantor
fails to do so within fifteen (15) days of tile casualty. V',,hether or not Lender's security is impaired, Lender may, at Lender's election, receive and
retain the proceeds of any insurance and apply tile proceeds to the reduction of the Indebtedness, payment of any lien affecting the Property, or
lhe restoration and repair of Ule Property. if Lender elects to apply tile proceeds ~o restoration and repair, Granlor shall repair or replace the
damaged or destroyed Improvements in a manner satisfactory to Lender. Lender shall, upon satisfactory proof of, such expenditure, pay or
reimburse Grantor from Ihe proceeds for the reasonable cost of repair or restoration if Grantor is not in default under this Mortgage. Any proceeds
which have not been disbursed within 180 days after their receipt and which Lender has not committed to the repair or restoration of the Property
shall be used first to pay any amount owing Io Lender under this Mortgage, then to pay accrued interest, and tile remainder, if any, shall be
applied to the principal balance of tile Indebtedness. Ii' Lender holds any proceeds ai,ter payment in full of tile Indebtedness, such proceeds shall
be paid to Grantor as Grantor's interests may appear.
LENDER'S EXPENDITURES. Ir any action or proceeding is commenced [llal would materially affect Lender's interest in the Property or if Grantor fails
to comply witll any provision of this Mortgage or any Relaled Documenls, including but not limited to Grantor's failure lo discharge or pay when due
any amounts Grantor is required to discharge or pay under this Mortgage or auy Related Documents, Lender on Grantor's behalf may (but shall not be
obligated to) take any action that Lender deems appropriate, including but not limited to discharging or payi~g all taxes, liens, security interests,
encumbrances and other claims, at any time levied or placed on the Property and paying all costs i,or insuring, maintaining and preserving the Property.
Ail such expenditu~'es incurred or paid by Lender for such purposes will then bear interest at the rate cica[ged under tile Note h'om the date incurred or
paid by Lender to the date of repayment by Grantor. All such expenses will become a part o! tile indebtedness and, at Lender's option, will fA) be
payable on demand; (B) be added to the balance of the Note and be apportioned among and be payable with any installme~lt payments to become
due during either (1) the term of any applicable insurance policy; or (2) the remaining term of tile Note; or (C) be trealed as a balloon payment
whicl~ will be due and payable at the Nole's maturity. Tl~e Mortgage also will secure payment of these amounts. Such right shall be in addition to all
other rights and remedies to which Lender may be entitled upon Dei,ault.
WARRANTY; DEFENSE OF TITLE. The following provisions relating to ownersldp of the Property are a part of this Mortgage:
Title. Grantor warrants that: fa) Grantor holds good and marketable title of record lo the Properly in fee simple, free and clear of ail liens and
encumbrances other than those set forth in the Real Property description or in any lille insurance policy, title report, or final title opinion issued in
favor of, and accepted by, Lender in connection with this Modgage, and (b) Grantor has tile full dght, power, and authority to execute and deliver
this Mortgage Io Lender.
Defense of Title. Subject to the excepiion in tile paragraph above, Grantor wanants and will forever defend the title [o the Property against tile
lawful claims of all persons. In the event any action or proceeding is com~nenced that questions Grantor's title or the interest of Lender under this
Mortgage, Grantor shall defend tl)e action at Grantor's expense. Grantor may be the nominal party ill such proceeding, but Lender shall be
entitled i,o padicipate ii] the proceeding and to be represented in the proceeding by counsel of Lender's own cl]oice, and Grantor will deliver, or
cause to be delivered, to Lender such instruments as Lender may reques[ from time to time to permit such participations.
Compliance With Laws, Grantor warrants ttlat tile Property and Grantor's use of tile Property complies witil all exisi,ing applicable laws,
ordinances, and regulations of govenlmental authorities.
Survival of Representations and Warranties. All representai'ions, warranties, and agreements made by Grantor in this Mortgage shall survive
the execution and delivery of, ti)is Mortgage, shall be continuing in nature, and shall remain in full force and effect until such time as Grantor's
Indebtedness shall be paid in full.
CONDEMNATION, Tile following provisions relating to condemnation proceedings are a part of tills Mortgage:
Proceedings. If arty proceeding in condemnation is filed, Grantor shall promptly notify Lender in writing, and Grantor sl~alt promptly take such
steps as may be necessary to defend tile action and obtain the award. Grantor rnay be i,he nominal pady in such proceeding, but Lender stlall be
entitled to participate in the proceeding and to be represented in tile 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 [line to permit such participation.
Application of Net Proceeds. If all or any part of the Properly is condemned by eminent domain proceedings or by any proceeding or purchase
in lieu of conderr~nation, Lender may at its election require that all or any portion of [tie net proceeds of, the award be applied to the Indebtedness
or the repair or restoration of, the Property. The net proceeds of tile award shall mean tile award after payment of ail reasonable costs, expenses,
and attorneys' fees incurred by Lender in connection wiih the condemnation.
IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. Tile following provisions relating to gover nental taxes fees
and cllarges are a part of this Mortgage: ,
Current Taxes, Fees and Charges. Upon request by Lender, Grantor shall execute such documents in addition to fi'lis Mortgage and take
whatever other action is requesled by Lender to per{ecl 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, pelfecting or continuing this Mortgage, including without limitation all
Loan No: 59500002'/' O,~O ~5,"-,O MORTGAGE '- 0 0 6 2 1
(Continued) Page :3
taxes, fees, documenlary stamps, and other charges for recording or registering this Mortgage.
Taxes. The following slmall constitute taxes to which lifts secfion applies: (1) a specific lax upon this type of Modgage or upon all or any part of
tile Indebtedness secured by this Mortgage; (2) a speci{ic lax omi Granlor which Grantor is authorized or required lo deduc{ from payments on
tile Indebtedness secured by this type of Mortgage; (3) a tax on this lype 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 rnade by Gra])tor.
Subsequent Taxes. If any lax lo which tliis section applies is enacted subsequent to the dale of {his Mortgage, Uds event shall have tile same
effect as an Event of Default, and Lender may exercise any or all of ils available remedies for an Event of Default as provided below unless Granlor
either (1) pays the lax before it becomes delinquent, or (2) contests the lax as provided above in tile Taxes and Liens section and deposits with
Lender casll or a sufficient corporate surely bond o¢ other security satisfactory lo Lender.
SECURITY AGREEMENT; FINANCING S'rATEMENTS. The following provisions relating lo this Mortgage as a security agreement are a pad of this
Mortgage:
Security Agreement. This instrument shall constitute a Security Agreement to the extent any of file Property constitutes fixtures, and Lender shall
have ali of the rigllts of a secured party under tile Uniform Commerdal Code as amended from time to time.
Security Interest. Upon request by Lender, Grantor shall lake whatever action is mequested by Lender to perfect and continue Lender's security
interest in the Rents arid Personal Properly. In addition to recording this Mortgage in the real properly records, Lender may, al any time and
without further autl~orization from Grantor, file executed counterparfs, copies or reproductions of tl~is Mortgage as a financing statement. Grantor
shall reimburse Lender for all expenses incurred in pemfecting or continuing this secudty interest. Upoa default, Granior shall not remove, sever or
detach the Personal Properly fi'om the Properly. Upon default, Grantor shall assemble any Personal Properly not affixed lo the Properly in a
manner and al a place reasonably convenient to Grantor and Lender and make il available to Lender within tlu'ee (3) days after receipt of written
demand from Lender to the extent permitted by applicable law.
'Addresses. The mailing addresses o{ Grantor (debto0 and Lender (secured pady) from whicil informa{ion concerning time security interest
granted by this Mortgage may be obtained (each as requi{ed by the Unifom~ Commercial Code) are as stated on tile first page of this Modgage.
FURTHER ASSURANCES; ATTORNEY-IN-FACT. The following p~ovisions rela~ing to furttler assurances and attorney-in-fact are a part of this
Mortgage:
Further Assurances. At any time, and flora time to time, upon request of Lender, Gran{or will ma{re, execute and deliver, or will cause ~o be
made, executed or delivered, to Lender or lo Lender's designee, and wllen requested by Lender, cause lo be filed, recorded, refiled, o¢
rerecorded, as file case may be, at such times and in such offices and places as Lender may deem appropriate, any and all such mortgages,
deeds of trust, security deeds, security agreements, financing statements, continuation statements, iastruments of further assurance, cedificates,
and other documents as may, in the sole opinion of Lender, be necessary or desirable in order to effectuate, complete, perfect, continue, or
preserve (1) Grantor's obligations under the Note, this Modgage, and the Related Documents, and (2) the liens and secudty inte{ests created
by this Mortgage as first and pdor liens on the Prope{ty, whefiler now owned or hereafter acquired by Grantor. Unless prohibited by law or Lender
agrees to the contrary in writing, Grantor shall reirnburse Lender for all costs and expenses incurred in connection witil time metiers referred to in
this paragraph.
Attorney-in-Fact. If Grantor fails Io do any of the things referred to in the preceding paragraph, Lender may do so for and in the name of Grantor
and al Grantor's expense. For such purposes, Grantor hereby irrevocably appoints Lender as Grantor's attorney-in-fact for the purpose of
choking, executing, delivering, filing, recording, and doiug all other filings as may be necessary or desirable, in Lender's sole opinion, to
accomplish the matters referred to in the preceding paragrapll.
FULL PERFORMANCE. If Grantor pays all the Indebtedness when due, and othen~vise performs ali tl3e obligations imposed upon Grantor under this
Modgage, Lender shall execute and deliver lo Grantor a suitable satisfaction o{ this Mortgage and suilable statements of termination of any financing
statement on file evidencing Lender's security interest in the Rents and the Personal Properly. Grantor will pay, if permitted by applicable law, any
reasonable termination fee as determined by Lender fi-om time to time.
EVENTS OF DEFAULT. Each of the following, al Lendeds option, shall constitute an Event of Default under this Mortgage: Payment'Default. Grantor fails lo make any payment when due under tile Indebtedness.
Default omi Other Payments. Failure of Grantor within tile time required by this Mortgage to make any payment for taxes or insuraace, or any
other payment necessary to prevent filing of or to effect discharge of any lien.
Other Defaults. Grantor fails lo comply with or to perform any other term, obligation, covenant or conditio{l contained in this Mortgage or in any of
the Related Documents or to comply with or to perform any feral, obligation, covenant or condition contained in aay other agreemeat between
Lender and Grantor.
Default in Favor of Third Parties. Should Grantor default under any loan, extension o{ credit, security agreement, purchase or sales agreement,
or any other agreeinent, in favor of any other creditor or person that may materially affect any of Grantor's property or Grantor's ability to repay the
Indebtedness or Grantor's ability to perform Grantor's obligations under this Mortgage or any related document.
False Statements. /M~y warranty, representation or statement made or furnished to Le~ider by Gmantor or on Grantor's behalf under tl~is Mortgage
or tile Related Documents is false or misleading in any material respect, either now or at the time made or furnished or becomes false or
misleading at any time tllereafter.
Defective Collateralization, This Mortgage or any of tile Related Documents ceases to be in full force and effect (including failure of any collateral
document lo create a valid and perfected security interest or lien) at any time and for any reason.
Death or Insolvency. Tile death of Grantor, the insolvency of Grantor, the appointment of a receiver for any part of Grantor's properly, any
assignment for Ule benelit of creditors, any type of creditor workout, or the commencement of any proceeding under any bankruptcy or insolvency
laws by or against Grantor.
Creditor or Forfeiture Proceedings. Conmmencement of foreclosure or fodeiture pro'ceedings, whether by judicial proceeding, self-help,
repossession or any other method, by any creditor of Grantor or by any governmental agency against any property secudng the Indebtedness.
This includes a gan]ishment of any of Grantor's accounts, including deposit accounts, with Lender. However, this Event of Default shall not apply
if there is a good faith dispute by Grantor as to the validity or reasonableness of the claim which is the basis of the creditor or forfeiture proceeding
and if Grantor gives Lender wdtten notice of the creditor or fodeiture proceeding and deposits with Lender monies or a surety bond for the creditor
or forfeiture proceeding, in an afnount determined by Lender, in its sole discretion, as being an adequate reserve or bond for tile dispute.
Breach of Other Agreement. A~ly breach by Graotor under the terms of any other agreement between Grantor and Lender that is not remedied
within any grace period provided therein, including without limitation any agreement conceraing any indebtedness or other obligation of Grantor to
Lender, wllether existing now or later.
Events Affecting Guarantor. Any of tile preceding events occurs with respect to any guarantor, endorser, surety, or accommodation party of any
of Ule 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 of the Indebtedness: In tile event of a death, Lender, at its option, may, but shall not be required to, permit the
guarantor's estate Io assume unconditionally the obligations adsing under the guaranty in a manner satisfactory to Lender, and, in doing so, cure
any Event of Default.
Adverse Change. A matedal adverse Change occurs in Gra~tor's financial condition, or Lender believes the prospect of payment or ped'om~ance
of the Indebtedness is impaired.
Insecurity. Lender in good faith believes itself insecure.
Right to Cure. If any default, olher than a default in payment is curable and if Grantor has not been given a notice of a breach of the same
provision of this Mortgage witllin the preceding twelve (12) months, it may be cured if Gra¢itor, 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 cure 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 all Event of Default and at any time thereafter, Lender, at Lender's option, may
exerdse any one or more or lhe following rights and remedies, in addition to any other rights or remedies provided by law:
Accelerate Indebtednees. Lender shall have the right at its option without r~ofice to Grantor to declare tile entire Indebtedness immediately due
and payable, including any prepayment penalty which Grantor would be required to pay.
MORTGAGE
Loan No: 5950000~90~'~520 (Continued) 0 0 6 2 2' Page 4
ucc Remedies. With respect Io all or any pad o[ tile Personal Properly, Lender shall have all tile dghts and remedies of, a secured pady under
the Uniform Commercial Code.
Collect Rents. Lender shall have the light, without noIice lo Grantor, to lake possession o[ the Property, including during the pendency of
foreclosure, whether judicial or non-judicial, and collect tile Rents, including amounts past due and unpaid, and apply the net proceeds, over and
above LendeCs cosls, againsl tile Indebledness. In fuddherance o[ this dght, Lender may require any tendril or oilier user o[ the Properly to rnake
payments of rent or use fees directly to Lender. If tile Reels are collected by Lender, then Grantor.irrevocably designates Lender as GranloCs
aIlorney-in-fact to endorse instrumenls received in payment Ibereo[ in Ihe name o[ Grantor and to negotiate the same and collect the proceeds.
Payments by tenants or other users to Lender in response to Lender's demand shall satisfy the obligations for which lhe payments are made,
whelher or not any proper g~ounds for the demand existed. Lender may exercise ils rights under this subparagraph either in person, by agent, or
through a receiver.
Appoint Receiver. Lender shall have the right lo have a receiver appoinled to take possession o[ all or any part of the P~operty, wilh the power
protecI and presel~e the Properly, 1o operate the Propeddy preceding loreclosure or sale, and to collect the Rents from tile Properly and apply
proceeds, over and above the cost of fife receivership, againsl the Indebtedness. The receiver may serve wiIhout bond if permitted by law.
LendeCs right to tile appointment o[ a receiver shall exist whether or not tile apparent value o[ the Properly exceeds the Indebtedness by a
substanlial amounL EmpIoymen[ by Lender shall noI disqualify a person from serving as a receiver.
Judicial Foreclosure. Lender may obtain a judicial decree foreclosing Grantor's interest in all or any part o[ tile Property.
Nonjudicial Sale. Lender may foreclose Grantor's interest in all or in any padd of the Properly by non-judicial sale, and specifically by "power of
sale" or "advedisemen[ and sale" foreclosure as provided by statute.
Deficiency Judgment. I[ permitted by applicable law, Lender may obtain a judgment Ior any deficiency remaining in tile Indebtedness due
Lender alter application of alt amounts received from [he exercise of the dghts provided in Ibis section.
Tenancy at Sufferance. If Granlor remains in possession o[ the Propeddy alter Ihe Properly is sold as provided above or Lender oIherwise
becomes entitled to possession o[ the Properly upon default Gl Grantor, Grantor shall become a tenant at sul'[erance o[ Lender or the purchaser
of the Properly and shall, at Lender's oplion, either (1) pay a reasonable rental for tile use o[ lhe Property, or (2) vacate fife Properly
Immediately upon Ibe demand o[ Lender.
Other Remedies. Lender shall have all other rights and remedies provided in Ibis Moddgage or the NoIe or available at law or in equity.
Sale of tile Property, To the extent permitted by applicable law, Granior hereby waives any and all dght to have the Property marshalled. In
exercising its rights and remedies, Lender shatl.be free Io sell all or affy part o[ tile Properly together or separately, in one sale or by separate
sales. Lender shall be entitled lo bid at any punic sale on all or any poddion of the Properly.
Notice of Sale. Lender shall give Grantor reasonable notice Gl' tile time and place et any public sale of the Personal Property or of the time after
which any private sale or other inlended disposition of lhe Personal Properly is to be made. Reasonable noIice shalt mean noIice given at leasI
ten (10) days be[ore the lime of the sale or disposition. Any sale of the Personal P~operty [flay be made in conjunclion with any sale o[ the Real
Property.
Election of Remedies. Election by Lender to pursue any remedy shall not exclude pursuil of any other remedy, and an election lo make
expenditures or to take action to pertolm an obligation of Grantor under this Modgage, aIIer Grantors failure to pe,fform, shall not affect Lender's
right to declare a default and exercise its remedies. Nothing under Ihis Modgage or otherwise shall be construed so as to limit or restrict the righls
and remedies available to Lender following an EvenI of, Default, or in any way to limil or restrict the dghls and abilily of Lender lo proceed directly
against Grantor and/or againsl any other co-maker, gtlaranlor, surely or endorser and/or to proceed against any oilier collateral direcIly or
indirectly securing tile Indebtedness.
Attorneys' Fees; Expenses. If Lender insIitules any suit or action lo enIorce any of the terms or Ibis Moddgage, Lender shall be entitled to recover
such sum as tile court may adjudge reasonable as attorneys' tees at trial and upon any appeal. Whefiler or no[ any court action is involved, and
to tile extent not prohibited by law, all reasonable expenses Lender incurs tllat in Lender's opinion are necessary at any time tot tile protec[ioll or
its interest or the enforcemer~t o[ its rights shall become a padd o[ life Indebtedness payable on demand and shall bear interest at tile Note rate
from the date of the expenditure until repaid. Expenses covered by this paragraph include, wilhout limitation, however subject to any limits under
applicable law, Lende¢s aftorneys' tees and Lender's legal expenses whether or not [here is a lawsuit, including attorneys' fees and expenses for
banl~.ruptcy proceedings (including et[odds to modify or vacate affy automatic stay or iujunction), appeals, and any anticipated post-judgmenl
collection services, the cos[ o[ searching records, obtaining title mpodds (including I,oreclosure reports), surveyors' reports, and appraisal tees and
title insurance, to the extent permitted by applicable law. Grantor also will pay any courl costs, in addition to all olher sums provided by law.
NOTICES. Any nolJce required to be given under this Modgage, including without limitation any notice o[ de[aull and any no[ice of sale shall be given
in writing, and shall be effective when actually delivered, when actually received by telefacsimile (unless otherwise required by iaw), when deposited
with a nationally recognized overnight courier, or, it mailed, when deposited in the United States mail, as first class, certified or registered mail postage
prepaid, directed to the addresses shown near the beginning of [his Mortgage. Ail copies of notices of foreclosure [rom life holder of any lien which
has priority over this Mortgage shall be sen[ lo Lender's address, as shown near tile beginning o[ this Modgage. Any pady may change its address for
notices under this Moddgage by giving formal written notice to tile other parties, specifying that the purpose o[ the no[ice is to change the pady's
address. For notice purposes, Grantor agrees to keep Lender informed at ail fimes o[ Granlor's current address. Unless otherwise provided or
required by law, it there is more than one Grantor, any notice given by Lender to any Grantor is deemed to be notice given to all Granlors.
MISCELLANEOUS PROVISIONS. 'l'he following miscellaneous provisions are a padd o[ this Mortgage:
Amendments. This Modgage, together with any Related Documents, conslilutes the entire understanding and agreement o[ the parties as to tile
matters set forth in this Mortgage. No alteration of or amendment to this Moddgage shall be effective unless given in writing and signed by the
paddy or parties sought to be charged or bound by the alterafion or amendment.
Annual Reports. I[ tile Property is used for purposes other than Grantor's residence, Grantor shall furnish to Lender, upon requesI, a ceddilied
statement of net operating income received from the Properly during Gfantor's previous fiscal year in such form and deIail as Lender shall require.
"Nel operaling income" shall mean all cash receipts [rom the Propeddy less all cash expenditures made in coHnecIion with the operation of the
Property.
Caption Headings. Caplion headings in this Morlgage are for convenience purposes only and a~e not lo be used to interpret or define the
provisions of this MorIgage.
Governing Law, With respect to procedural matters related to the perfection and enforcement of Lender's rights against the Property,
this Mortgage will be goverr~ed by federal law applicable to Lender and to the extent not preempted by federal law, the laws of the State
of Wyoming. In all other respects, this Mortgage will be governed by federal law applicable to Lender and, to the extent not preempted
by federal law, the laws of the State of Idaho without regard to Its coni,Iicts of law provisions. However, if there ever Is a question about
whether any provision o[ this Mortgage is valid or enforceable, the provision thai is questioned will be governed by whichever state or
federal law would find the provision to be valid and enforceable. The loan transaction that is evidenced by tile Note and this Mortgage
has been applied for, considered, approved and made, and all necessary loan documents have been accel)ted by Lender in tile State of
Idaho.
No Waiver by Lender. Lender shall nol be deemed to have waived any dghIs under fids Modgage unless such waiver is given in wriIing and
signed by Lender. No delay or omission on the parl o[ Lender in exe~dsing any right shall operate as a waiver o[ such right or any other right. A
waiver by Lender of a provision o[ this Mortgage shall not prejudice or constitute a waiver of Lender's dghl olhefwise lo demand strict compliance
with Ihat provision or any other provision o[ this Mortgage. No prior waiver by Lender, eor any course of dealing between Lender and Grantor,
shall constitute a waiver o[ any of Lender's dghts or o[ any of Grantor's obligations as to any fulure transactions. Whenever the consent ot Lender
is required under this Mortgage, tile granting of such consent by Lender in any i~lstance shall not constitule continuing consent to subsequent
instances where such consent is required and in all cases such consent may be granled or wilhheld in the sole discretion of, Lender.
severability, I[ a coudd o[ conipetent jurisdiclion finds any provision of this Moddgage lo be iltegal, invatid, or unenforceable as fo any
circumstance, that finding shall nol make the offending provision illegal, Invalid, or unenforceable as to any oil/er ciroumstance. If feasible, the
of[ending provision shall be considered modified so that it becomes legal, valid and enforceable. II' the offending provision cannot be so modified,
it shall be considered deleted from this Modgage. Unless oiherwise required by law, the illegality, invalidity, or unenforceability of any provision of
Ihis Mortgage shall no[ al[ecl the legaliIy, validily or enforceability of any olher provision of this Modgage.
Merger. There shall be no merger of the interesf or estate created by this Moddgage with any other interest or estate in the Property at any time
held by or for tile benefit of Lender in any capacity, wiIhout the wdtten consent of Lender.
_ Successors and Assigns. Subject to any limitations staled in this MorIgage on tra~mfer o[ Graetor's inleresl, this Mortgage shall be binding upon
c-:'"_ "-,. MORTGAGE
Loan No: 595000027O~O7''~10 (Co,',tinued) . 00623
Page 5
and inure to l,he benefii of the parties, l,heJr successors and assigns. If ownership of' the Properly becomes vesl,ed in a person other l,han Granl,or,
Lender, wiU~oul, nolice l,o Grantor, may deal with Grantor's successors wil,h reference to this Mortgage and the Indebl,edness by way of
forbearance or exlension wil,boul releasing Grantor from the obligations of l,his Modgage or liability under lhe Indeb~edness.
Time is of tim Essence. Th'ne is of the essence in the performance of this Mortgage.
Waiver of Homestead Exemption. Grantor hereby releases and waives all dghts and benefits of the homestead exempl,ion laws et l,he Sl,al,e of
Wyoming as l,o all Indebl,edness secured by l,his Mortgage.
DEFINITIONS. The following capil,alized words and l,erms shall have the following meanings when used in l,his Mortgage. Unless specifically sl,ated to
l,he conl,rary, ali references to dollar amounl,s shall mean amounts in lawful money or the United Sl,ales of A~nerJca. Words and l,erms used in the
singular shall include the plural, and the plural shall include l,be singular, as l,he conlext may require. Words and terms eel, otherwise delined in this
Mortgage shall bare l,he meanings al,l,dbu[ed l,o such l,em~s in l,he Uniform Commercial Code:
Borrower, The word "Borrower" means Sidney J. Sl,evens and includes all co-signers and co-makers signing l,be Note.
Default. The word "Defaull," means the Default sel, forth in lhis Mortgage in the secl,ion til,led "Defaull,".
Environmental Laws. 'rbe words "Environmenl,al Laws" mean any and all state, federal and local statul,es, regulations and ordinances relal,ing
the protecl,ion of human heall,h or the environmenl,, including withoul, limilation l,he Comprehensive Environmenl,al Response, Compensal,ion, and
Liabilil,y Acl, of 1980, as amended, 42 U.S.C. Section 9601, el. seq. ("CERCLA"), the Superfund Amendmenl,s and Reauthorizal,ion Act of 1986, Pub.
L. No. 99-499 ("SARA"), the Hazardous Mal,erials Transportal,ion Act, 49 U.S,C. Section 1801, el. seq., l,he Resource Conserval,ion and Recovery
Acl,, 42 U.S.C. Secl,ion 6901, et seq., or Gl,her applicable sl,ate or federal laws, rules, or regulalions adopted pursuanl, therel,o.
Event of Default. Tile words "Evenl of Defaull," mean any of the events of del'ault sel, fodh in this Mortgage in the evenl,s of defauIl, secl,ion of this
Modgage.
Grantor. The word "Granl,or" means Sidney J. Sl,evens.
Guaranty. The word "Guaranl,y" means the guaranl,y from guaranl,or, endorser, surety, or accommodation party lo Lender, including wilhoul
limil,a~ion a guaranty of all or part of tile
Hazardous Substances. The words "Hazardous Substances" mean materials thal,, because of their quantity, concentration or physical, chemical
or infecl,ious characterisiics, may cause or pose a present or potential hazard l,o human health or the environmenl, when improperly used, trealed,
sl,ored, disposed of, general.ed, manufactured, transported or otherwise handled. The words "Hazardous Subslances" are used in l,heir very
broadest sense and ieclude wil,boul, limil,al,ion any and all hazardous or l,oxic substa¢~ces, mal,erials or wasl,e as defined by or lisl,ed under
Environmental Laws. The term "Hazardous Subsl,ances" also includes, witlloul, limil,ation, petroleum and pel,roleum by-producl,s or any fraction
thereof and asbesl,os.
Improvements. The word "hnprovements" means all exisl,ing and ful,ure improvemenl,s, buildings, structures, mobile homes affixed on l,he Real
Properly, facilities, additions, replacements and other construction on tile Real Properl,y.
Indebtedeess. The word "Indebtedness" means all principal, inl,erest, and other amounl,s, costs and expenses payable under l,lle Nol,e or Relal,ed
Documents, l,ogether wil,h all renewals of, exl,ensions of, modifical,ions of, cousolidal,ions of and substitul,ions [or tile Note or Related Documenl,s
and any amounl,s expended or advanced by Lender I,o discharge Granl,or's obligations or expenses incurred by Lender to enforce Granl,or's
obligal,ions under this Mortgage, togel,her with interesl, on such amounts as provided in this Mortgage.
Lender. The word "Lender" means First Bank of Idaho fsb, dba First Bank 0f l,he Telons, il,s successors and assigns.
Mortgage. The wo~d "Mortgage" means l,bis Mortgage between Granl,or and Lender.
Note. The word "Note" means the promissory nol,e dated April 1, 2005, ill the original principal antoLu~t of $132,000.00 from
Granl,or to Lender, togel,her with all renewals of, exl,ensions of, modilicalions of, re[inancings of, consolidal,ions of, and subsl,il,uliens for I. he
promissory nol,e or agreemenl,. The matudiy dal,e of l,his Morl,gage is Apdl 1, 2015. NOTICE TO GRANTOR: THE NOTE CONTAINS A VARIABLE
INTEREST RATE.
Personal Property. The words "Personal Properly" mean all equipment, lixtures, and Gl,her articles of personal property now or herea[l,er owned
by Grappler, and now or hereafter all,ached or affixed to the Real Properly; Iogether wil,h all accessions, parts, and addilions to, all replacements of,
and all subsl,itul,ions for, any of sudl properly; and together with all proceeds (including wil,bout limital,ion all insurance proceeds and refunds of
premiums) from any sale or other disposil,ion of the Properly.
Property. Tire word "Property" means colledively the Real Property and lhe Personal Propel!,y.
Real Property. The words "Real Property" mean l,he real properly, inl,erests aud rigltl,s, as further described in l,his Modgage.
Related Documents. Tim words "Relal,ed Documents" mean all promissory eel,es, credit agreemenl,s, loan agreements, environmental
agreements, guaranl,ies, security agreements, mortgages, deeds of' t~ust, securil,y deeds, collal,eral mortgages, and all other instruments,
agreemenl,s and documenl,s, whether now or herealter exisl,ing, executed in connection wilh lite Indebl,edness.
Rents. The word "Rents" means all present and ful,u~e rents, revenues, income, issues, royall,ies, profits, aud Giber benefil, s derived from the
Property.
GRANTOR ACKNOWLEDGES HAVING READ ALL ]'HE PROVISIONS OF THIS MORTGAGE, AND GRANTOR AGREES TO ITS TERMS.
COUNTY :_... )
On l,bis day before me, the undersigned Nol,ary Public, personally appeared Sidney J. Stevens, to me known l,o be the individual described in and
who execuled the Morl,gage, and acl~owledged that he or she signed the Mortgage as his or her free and voluntary ad and deed, for l.he uses and
purposes therein me~tioned. -/~
Give,, u,,der~'~y ba,,d and official ..~a, thi.~7 ~/...'""~ dayof .~~ ,. ,20 O....~7