Loading...
HomeMy WebLinkAbout913599 I !;~t--ii If.) r. ; . n n lfn 'Ì .' ',,( \:! 1 tl~ J RECEIVED 111'10/2005 at 11 :06 AM RECEIVING # 913599 BOOK: 604 PAGE: 403 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY State of Wyoming Space Above This Line For Recording Data REAL ESTATE MORTGAGE (With Future Advance Clause) 1. DATE AND PARTIES. The date of this Mortgage IS 11·01·2005 are as follows: and the parties and their addresses MORTGAGOR: SALT RIVER HOMES, LLC PO BOX 3698 ALPINE, WY 83128 o Refer to the Addendum which is attached and incorporated herein for additional Mortgagors. LENDER: BANK OF JACKSON HOLE ORGANIZED AND EXISTING UNDER THE LAWS OF THE STATE OF WYOMING 990 W. BROADWAY PO BOX 7000 JACKSON, WY 83002 2. MORTGÄGE. For good and valuable consideration, the receipt and sufficiency OJ which is acknowledged, and to secure the Secured Debt (hereafter defined), Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with the power of sale, the following described property: LOT 184 IN NORDIC RANCHES DIVISION NO. 13, IN LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLA T THEREOF ¡c! '-\ '\ The property is located in LINCOLN at 39 GALLUP CIRCLE (County) , ETNA , Wyomino 83118 (Address) ICity) (Zip Code) Together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, crops, timber, all diversion payments or third party payments made to crop producers, and all exist inn and future improvements, structures, fixtures, and replacements that may now, or at any time in the future, be part of the real estate described above (all referred to as "Property"). The term Property also includes, bu{~\ not limited to, any iJnd all water wells, water, ditches, reservoirs, reservoir sites and dams locate,d, on the real est~te [amd all riP"ä,~ ,r, ian"ä,', nd wa, ter right,S, associated with the Property, however established. (\~'~ /1 \ \ I WYOMING - AGRICULTURAL/COMMERCIAL REAL ESTATE SECURITY INSTRUMENT [NOT fOR fNMA, FHL~~I ' A . R VA USE, A~EI NqYfOR'!:ONSUMER PUR" SES' /" ¡Jpge 1 of 8) \ /) Ÿ ¡ i ) ( \\, / ' \ '~\-. \ ~ . ,r"Þ, ;( i. _:,; J .q- .i' ,.,._~"'r-' " ·.,Y<:J 'I .. ,''''''. '.(~.Q ....._-.:1 "..,s' '~' \:¡,3 J ,~~' {) (~ í1 '''1- /~ \.; ';..) \)'1..1 t. i ~1 3. MAXIMUM OBLIGATION LIMIT. The total principal amount of the Secured Debt (hereafter defined) secured by this Mortgage at anyone time shall not exceed $ 154800.00 . This limitation of úmount does not include interest, loan charges, commitment fees, brokerage cOIT\missions, attorneys' fees and other charges validly made pursuant to this Mortgage and does not apply to úeJvances (or interest accrued on such advances) made undel the terms of this Mortgage to protect Lender's security and to perform any of the covenants contained in this Mortgage. Future advances are contemplated and, along with otflel future oblioations, nle secured by this Mortgaoe even though all or pmt may not yet be advanced. Nothing in this Mortgage. however, shall constitute a commitment to make additional or future loans or advances in any amount. Any such commitment would need to be agreed to in ,i separate writing. 4. SECURED DEBT DEFINED. The term "Secured Debt" includes, but is not limited to, the following: A. The promissory note(s), contract(s), guaranty(ies) or other evidence of debt described below and all extensions, renewals, modifications or substitutions. (When referencing the debts below it is suggested that you include items such as borrowers' names and addresses, note principal amounts, commercial revolving loan agreement's maximum amount, interest rates, variable rate terrus, maturity dates, etc.) PROMISSORY NOTE DATED 11·01,2005 IN THE AMOUNT OF $154,800.00 B. All future advances from Lender to Mortgagor or other future obligations of Mortgagor to Lender under any promissory note, contract, ouaranty, or other evidence of debt existing now or executed after this MlJ1tOéJ[ e whether or not this Mortgaue is specifically referred to in the evidence of debt. C. All obligations Mortgagor owes to Lender, which now exist or may later arise, to the extent not prohibited by law, includinu, but not limited to, liabilities for overdrafts relating to any deposit account agreement between Mortgagor and Lender. D. All additional sums advanced and expenses incurred by Lender for insuring, preserving or otherwise protecting the Property and its value and any other sums advanced and expenses incurred by Lender under the terms of this Mortgage, plus interest at the highest rate in effect. from time to time, élS provided in the Evidence of Debt. E. Mortgagor's performance under the terms of any instrument evidencing ú debt by Mortgagor to Lender and any Mortgage securing, guarantying, or otherwise relating to the debt. If more than one person signs this Mortgage as Mortgaoor, each Mortgagor agrees that this MortWioe will secure all future advances and future obligations described above that ale given to or incurred by anyone or more MortgéJgor, or anyone or more Mortgaoor and others. This Mortgage will not secure any other debt if Lender fails, with respect to such other debt, to Illake any required disclosure about this Mortgage or if Lender féJils to give any required notice of the right of rescission. 5. PAYMENTS. Mortgagor agrees to make all payments on the Secured Debt when due and in éJccordance with the terms of the Evidence of Debt or this Mortgage. 6. CLAIMS AGAINST TITLE. MortGagor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other chéJrges relating to the Property when due. Lender may require Mortgagor to provide to Lender copies of all notices théJt such amounts éJre due and the receipts evidencing Mortgagor's payment. MortgélfJor will defend title to the Property against any claims that would impair the lien of this Mortgaoe. Mortgagor ¡igrees to assifJl1 to Lender, as requested by Lender, any rights, claims or defenses which Mortgagor may have éJfJainst pdrties who supply labor or materials to improve or maintain the Property. 7. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, security agreement or other lien document that created éJ prior security interest or encumbrance on the Property and théJt may have priority over this Mortgage, Mortgagor agrees: A. To make all payments when due and to perform or comply with all covenéJnts. B. To promptly deliver to Lender any notices that MortfJagor receives from the holder. C. Not to make or permit any modification or extension of, and not to request or accept éJny future advances under any note or ugreement secured by, the other mortgage, deed of trust or security agreement unless Lender consents in writing. 8. DUE ON SALE OR ENCUMBRANCE. Lender méJY, at its option, decléJre the entire balance of the ~)ecured Debt to be immediately due éJnd payable upon the creation of any lien, encumbrance, tréJnsfer, ,8f.e·SEilè¡, or contract for éJny of these on the Property. However, if the Property includes Mortgagor's residence, this sec(å1ì sh5l/l be subject to the r·estri~tions Imposed by federal law (12 C.F.R. 591), as applicable. For the purposes of ~ Jl 76tlon, the term "Property' also Includes any Interest to all or any part of the Property. This covenilllt shéJlI ru ¡wpn the Prc;per'ty and shall remain In effect until the Secured Debt is paid in full and this MortgéJge is released. .~!/ .' t t (/~-~ _ ~)/l~_ ¡J)¡ f/ (~Jge 2 of 8) Ex:¡5EirèJ;' © 1993. 2001 Bankers Systems, Inc., St. Cloud. IvIN Form AGCO·RESIWY , !1612003____///~j ......~..k::-. ---- '~\I r/ 1 \ ,.,"-l~, ~_ ~..Þ ~:~5SfS r1 {~·:1 t\ T:: \;,/ .1"~ \J J 9. TRANSFER OF AN INTEREST IN THE MORTGAGOR. If Mortgagor is <111 entity other than a natural person (such as a corporation or other organization), Lender may demand immediate payment if (1) a beneficial interest in Mortgagor is sold or transferred; (2) there is a change in either the identity or number of members of a partnership or similar entity; or (3) there is a change in ownership of more than 25 percent of the voting stock of a corporation or sirnilar entity. However, Lender may not demand payment in the above situations if it is prohibited by law as of the date of this Mortgage. 10. ENTITY WARRANTIES AND REPRESENTATIONS. If Mortgagor is an entity other than a natural person (such as a corporation or other organization), MortgaÇJor makes to Lender the following warranties and representations which shall be continuing as long as the Secured Debt remains outstanding: A. Mortgagor is an entity which is duly organized and validly existing in the Mortgagor's state of incorporation (or organization). MOIlÇJagor is in good standing in all states in which Mortgagor transacts business. Mortgagor has the power and authority to own the Property and to carryon its business as now being conducted and, as applicable, is qualified to do so in each state in which Mortgagor operates. B. The execution, delivery and performance of this Mortgage by Mortgagor and the obligation evidenced by the Evidence of Debt are within the power of Mortgagor, have been duly authorized, have received all necessary governmental approval, and will not violate any provision of law, or order of court or govemmental agency. C. Other than disclosed in writing Mortgagor has not changed its name within the last ten years and has not used any other trade or fictitious name. Without Lender's prior written consent, Mortgagor does not and will not use any other name and will preserve its existing name, trade names and franchises until the Secured Debt is satisfied. 11. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mortgagor will keep the Property in good condition and Imlke all repairs that are reasonably necessary. Mortgagor will give Lender plompt notice of any loss or damage to the Property. Mortgagor will keep the Property free of noxious weeds and grasses. MOItgaÇJor will not initiate. join in or consent to any change in any private restrictive covenant, zoning ordinance or other public or private restriction limiting or defining the uses which may be made of the Property or any part of the Property, without Lender's prior written consent. Mortgagor will notify Lender of all demands, proceedings, claims, and actions against Mortgagor or any other owner made under law or regulation regarding use, ownership and occupancy of the Property. MortgaÇJor will comply with all legal requirements and restrictions, whether public or private, with respect to the use of the Property. Mortgagor also agrees that the nature of the occupancy and use will not change without Lender's prior written consent. No portion of the Property will be removed, demolished or materially altered without Lender's prior written consent except that MortgaÇJor has the right to remove items of personal property comprisinÇJ a part of the Property that become worn or obsolete, provided that such personal property is replaced with other personal property at least equal in value to the replaced personal property, free from any title retention device, security agreement or other encumtxance. Such replacement of personal property will be deemed subject to the security interest created by this Mortgage. Mortgagor shall not partition or subdivide the Property without Lender's prior written consent. Lender or Lender's ilgellts may, at Lender's option, enter the Property at any reasonable time for the purpose of inspecting the Property. Any inspection of the Property shall be entirely for Lender's benefit and Mortgagor will in no way rely on Lender's inspection. 12. AUTHORITY TO PERFORM. If MortgaÇJor fails to perform any of Mortgagor's duties under this Mortgage, or any other mortgage, deed of trust, security agreement or other lien document that has priority over this Mortgage, Lender may, without notice, perform the duties or cause them to be performed. MortÇJagor appoints Lender as attorney in fact to sign Mortgagor's name or pay any amount necessary for performance. If any construction on the Property is discontinued or not carried on in a reasonable manner, Lender may do whatever is necessary to protect Lender's security interest in the Property. This may include completing the construction. Lender's right to perform for Mortgagor shall not create an obligation to perform, and Lender's failure to perform will not preclude Lender from exercising any of Lender's other riçJhts under the law or this Mortgage. Any amounts paid by Lender for insuring, preserving or otherwise protecting the Property and Lender's security interest will be clue on demand and will bear interest from the date of the payment until paid in full at the interest rate in effect from time to time according to the terms of the Evidence of Debt. 13. ASSIGNMENT OF LEASES AND RENTS. Mortg<l[Jor assiÇJns, [Jrants, bargains, conveys, mortgages and warrants to Lender as additional security all the right, title and interest in the following (Property). A. Existing or future leases, subleases, licenses, guaranties and any other written or verbal agreements for the use and occupancy of the Property, including but not limited to, any extensions, renewals, modifications or replacements (Leases). B. Rents, issues and profits, includinÇJ but not limited to, security deposits, minimum rents, percentage rents, additional rents, common area maintenance charges, parking Charge:>;~eal estate taxes, other applicable taxes, insurance premium contributions, liquidated damages followinÇJ do/~ult cancellation premiums, "loss of rents" insurance, guest receipts, revenues, royalties, proceeds, bonuses, [~CcOllltS, contract rights, general intanÇJibles, and all rrghts and clallìls which Mortgagor may have that III anYj]Y~'8rtalll to or are on account of the use or occupancy of the whole or any part of the Property (Rents). \ In the event any item listed as Leases or Rents is determined to be p I SO(~ I propertyçt){¡S Assignment will also be regarded as a security agreement. ~' " > 9' ( 1 &te~{ ,~~ a,!J_~ 3 0_f_8) . /" ">:""-. . ~ / l.~, Ii Ex¡Se?~: © ,"n '" >e,".", ',...m.. ,"".. '<. "00'. "" "".m ,cco,,"~ '" ""'0" ()~) i'" I .0 C' .'") r, ,:,,1 ,'\, (:' )~~ '..} \.) LJ: ~,. ¡ U Mortgagor will promptly provide Lender with copies of the Leases and will certify these Leases are trllt-) and correct copies. The existing Leases will be provided on execution of the Assignment, and all of the future Leases and any other information with respect to these Leases will be provided immediately after they are executecJ. Mortgagor may collect, receive, enjoy and use the Rents so long as Mortgagor is not in default. MortgaGor will not collect in advance any Rents due in future lease periods, unless MortgaÇJor first obtains Lender's written consent. Upon default, MortgaÇJor will receive any Rents in trust for Lender and MortÇJagor will not commingle the Rents with any other funds. When Lender- so directs, Mortgagor will endorse and deliver any payments of Rents from the Property to Lender. Amounts collected will be applied at Lender's discretion to the Secured Debts, the costs of manaÇJing, protecting and preserving the Property, and other necessary expenses. Mortgagor aÇJrees that this Security Instrument is immediately effective between Mortçjagor and Lender. This Security Instrument will remain effective during any statutory redemptior¡ period until the Secured Debts are satisfied. Unless otherwise prohibited or prescribed by state law, Mortgagor agr-ees that Lemler- may take actual possession of the Property without the necessity of commencing any legal action or proceedinÇJ. Mortgagor agrees that actual possession of the Property is deemed to occur when Lendel notifies MortgaÇJor of MortÇJagor' s default and demands that Mortgagor and Mortgagor's tenants pay all Rents due or to become due directly to l_ender. Irmnediately after Lender ÇJives Mortgagor the notice of default, Mortgagor aÇJrees that either Lender or Mortçlagor may immedii1tely notify the tenants and dernand that all future Rents be paid directly to Lemler. As long as this AssiÇJnment is in effect, Mortgagor warr¡mts and represents that no default exists under the Leases, and the parties subject to the Leases have not violated any applicable law on leases, licenses and landlords and tenants. Mortgagor, at its sole cost and expense, will keep, observe and perform, and require all other piîl ties to the Leases to comply with the Leases and any applicable law. If Mortgagor or any pmty to the Lease defaults or fails to observe any applicable law, MortoaÇJor will promptly notify Lender. If MortÇJagor neglects or refuses to enforce compliance with the terms of the Leases, then Lender may, at Lender's option, enforce compliance. MortoaÇJor will not sublet, modify, extend, cancel. or otherwise alter the Leases, 01 accept the surrender of the Property covered by the Leases (unless the Leases so require) without Lender's consent. Mortgagor will not assiÇJn, compromise, subordinate or encumber the Leases and Rents without Lender's prior written consent. Lender does not assume or become liable for the Property's maintenance, depreciation, or other losses or damages when Lender acts to manage, protect or preserve the Property, except for losses ami damages due to Lender's oross negligence or intentional tmts. Otherwise, Mortoaoor will indemnify Lender and hold Lender harmless for all liability, loss or damaoe that Lender may incur when Lender opts to exercise any of its remedies against any party obligated under the Leases. 14. CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. If the Property includes a unit in a condominium or a planned unit development, Mortgagor will perform all of MortÇJagor's duties under the covenants, by-laws, or reÇJulations of the condominium or plimned unit development. 15. DEFAULT. MortgaÇJor will be in default if any of the following occur: A. Any party obligated on the Secured Debt fails to make payment when due; B. A breach of any term or covenant in this MOl tgage, any prior rnortoage or any construction loan aoreement, security agreement or any other document evidencing, guarantying, securing or otherwise relating to the Secured Debt; C. The making or furnishino of any verbal or written representation, statement or warHHlty to Lender that is false or incollect in any material respect by Mortoagor Dr any person or entity obligated on the Secured Debt; D. The death, dissolution, or insolvency of, appointment of a receiver for, or applicCllion of any debtor relief law to, Mortgaoor or any person or entity oblioated on the Secured Debt; E. A good faith belief by Lendel at any time that Lt;mJer is insecure with respect to any person or entity obligated on the Secured Debt or that the prospect of any payment is impaired or the value of the Property is impaired; F. A material adverse cI\i1nÇJe in Mortgagor's business including ownership, management, and financial conditions, which Lender in its opinion believes impairs the value of the Property or repayment of the Secured Debt; or G. Any loan proceeds are used for a purpose that will contribute to excessive erosion of highly erodible land or to the conversion of wetlands to produce an agricultural commodity, as further explained in 7 C. F. R. Part 1940, Subpal t G, Exhibit M. 16. REMEDIES ON DEFAULT. In some instances, federal and state law will require Lender to provide Morrgauor with notice of the right to cure, mediation notices or other notices and may establish time schedules for foreclosure actions. Subject to these limitations, if any, Lender may accelerate the Secured Debt ami foreclose this Mortoage in a manner provided by law if this Mortgagor is in default. At the option of Lender, all or any part of the aoreed fees and chal-ges, accrued interest and principal shall become immediately due and payable, after oivinÇJ notice if required by law, upon the occurrence of a defillrlt or anytime thereafter. In addition, Lender shall be entitled to all the remedies provided by law, the Evidence of Debt, other evidences of debt, this Mortoage and any related documents including without limitation, the power to sell the Property. All remedies are distinct, cumulative and not exclusive, and the Lender is entitled to alll~~n1e~ies provided at law or equity, whether expressly set f.orth or not. The acceptance by Lender of any sum JrI paymenl or lJ.arnal payrllent on the Secured Debt after the balance IS due or IS accelerated or after foreclosure proceedlnos arß11le(~hall not constitute a waiver of Lender's right to requlI e full and complete cure of any eXisting default. By Ilot/fJS8r cjslnq" ¡any remedy on Mor tgagor' s default, Lender does lJOt waive Lender's fight to later consider the event a defaUlt/T/lf/it éon1n~les 01 happens agall.l. ExtE,.", ",m, "" ,,,,",, C''''m" 'c, ,,' ".." "" c."" M,,," ..;C, w, ,n","nC~ / ,J/~/ ð-4;r; nf 8) \ '. r, ..;:., :':"'J .r-' !"\ (1: ~ .'" ", r'"':1 ".J '__.' ,~t.J ~¡' 17. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except wilen prohibited by law, Mortgagor agrees to pay all of Lender's expenses if Mortgagor breaches any covenant in this Mortgaoe. Mortgagor will also pay on demand all of Lender's expenses incurred in collecting, insuring, preserving or protecting the Property or in any inventories, audits, .inspections or other examination by Lender in respect to the Property. Mortgagor agrees to pay all costs and expenses Incurred by Lender In enforcing or protecting Lender's rights and remedies under this Mortgage, including, but not limited to, attorneys' fees, court costs, and other legal expenses. Once the Secured Debt is fully ancl finally paid, Lender agrees to release this Mortgage and Mortgagor aorees to pay for any recordation costs. All such amounts are clue on demand and will bear interest from the time of the advance at the highest ró1te in effect, from time to time, as provided in the Evidence of Debt and as permitted by law. 18. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) "Environmental Law" means, without limitation, the Comprehensive Environmental I\esponse, Compensation amI l-Ìélbility Act (CEHCLA, 42 U.S. C. 9601 et seq.), all other federal, state and local laws, regulations, ordinances, court orders, attorney general opinions or interpretive letters concerning the public health, sélfety, welfare, environment or a hazardous substance; and (2) "Hazardous Substance" means any toxic, radioactive or hazardous material, waste, pollutant or contaminant which has characteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or environment. The term includes, without limitation, any substances defined as "hazardous material," "toxic substances," "hazardous waste" or "hazardous substance" under any Environmental Law. Mortgagor represents, warrants and agrees that, except as previously disclosed and acknowledged in writing: A. No Hazardous Substance has been, is, or will be located, transported, manufactured, treated, refined, or handled by any person on, under or about the Property, except in the ordinary course of business and in strict compliance with all applicable Environmentall;:¡w. B. Mortgagor has not and will not cause, contribute to, or permit the release of any Hazardous Substance on the Property. C. Mor'tgagor will immediately notify Lender if (11 a release or threatened release of Hazardous Substance occurs on, under or about the Property or migrates or threatens to migrate from nearby property; or (2) there is a violation of any Environmental Law concerning the Property. In such an event, Mortgagor will take all necessary remedial action in accordance with Environmental Law. D. Mortgagor has no knowledge of or reason to believe there is any pending or threatened investigation, claim, or proceeding of any kind relating to (1) any Hazardous Substance located on, under or about the Property; or (21 any violation by Mortgagor or any tenant of any Environmental Law. Mortgagor will immediately notify Lender in writing as soon as Mortgagor has reason to believe there is any such pending or threatened investigation, claim, or proceeding. In such an event, Lender has the right, but not the obligation, to participate in any such proceeding including the right to receive copies of any doclJlnents relating to such proceedings. E. MortÇ)agor and every tenant have been, are and shall remain in full compliance with any applicable Environmental Law. F. There are no underground storage tanks, private dumps or open wells located on or under the Property and no such tank, dump or well will be added unless Lender first consents in writing. G. Mortgagor will regularly inspect the Property, monitor the activities and operations on the Property, and confirm that all permits, licenses or approvals required by any applicable Environmental Law are obtained and complied with. H. Mortgagor will permit, or cause any tenant to permit, l.ender or Lender's agent to enter and inspect the Property and review all records at any reasonable time to determine (1) the existence, location and nature of any Hazardous Substance on, under or about the Property; (2) the existence, location, nature, and maunitude of any Hazardous Substance that has been released on, under or about the Property; or (31 whether or not Mortgagor and any tenant are in compliance with applicable Environmental Law. /. Upon Lender's request and at any time, Mortoaoor agrees, at Mortgagor's expense, to enÇJaoe a qualified environmental engineer to prepare an environrnentéJl aL!dit of the Property and to submit the results 01 such audit to Lender. The choice of the environmental engirleer who will perform such audit is subject to Lender's approval. J. Lender has the right, but not the obligation, to perform any of Mortgagor's obligations under this section at Mortgagor's expense. K. As a consequence of any breach of any representation, warranty or promise made in this section, (11 MortÇJagor will indemnify and hold Lender and Lender's successors or assigns harmless from and against all losses, claims, demands, liabilities, damages, cleanup, response and remediation costs, penalties and expenses, including without limitation all costs of litigation and éJttorneys' fees, which Lender and Lendel"s sur:cessors or assigns may sustain; and (2) at Lender's discretion, Lender may release this Mortgaoe and in return Mortgagor will provide Lender with collateral of 8t least equal value to the Property secured by this Mortgage without prejudice !CJ any of Lender's rights under this Mortgage. L. Notwithstanding any of the language contained in this Mortgage to the contrary, the terms of this section shall survive any foreclosure or satisfaction of this Mortgage regardless of any passage of title to Lender or any disposition by Lender of any or all of the Propel ty. Any claims and defenses to the contrary are hereby waived. 19. CONDEMNATION. Mortgagor will give Lender prompt notice of any action, real or threatened, by private or public entities to purchase or take any or all of the Property, ,,¡cluding any easements, through condemnation, eminent domain, or any other means. Mortgagor further agrees to notify Lender of any proceedil)OP instituted for the establishment of any sewer, water, conservation, ditch, drainage, or other district relating to or I~J ndlng upon the Property or any part of It. Mortgagor authorizes Lender to intervene in Mortoagor's name in any of th above described actions or clairns and to collect and receive 811 sums resulting from the action or claim. Mortgagor 85-S gf)~ to Lender the proceeds of any award or claim for damages connected with a condemnation or other taking of all or ¡ailr/. part of the Pr opel ty. Such pr oceeds shall be co""',,,d P'v"''',,, 0"" wdl be oppl;ed "' pwvtd," ;n 'h;, Mongo"e T¡,\~ ,,,,g"""r! pwco,," ;, ,ub,OC' 10 ,h, Ex'í5Eirt:l;'" ©1993, 2001 Bankers Systems,lnc, 5t Cloud, MN Form AGCO RESI WY 1/16/2003 \. ( . ,r'" ("'¡ ('1. /1 .~ I t) i_. ,) "....:: t.. ô 20. INSURANCE. Mortgagor agrees to maintain insurance as follows: A. Mortgagor shall keep the Property insured against loss by fire, theft and other hazards and risks reasonably associated with the Property due to its type and location. Other hazards zmd risks IllZiY iliclude, for example, coverage against loss due to floods or floodino· This insurance shall be rnaintained in the amounts and for the periods that Lender requires. What Lender requires pursuant to the pre cedi no two sentences CWl change during the term of the Secured Debt. The insurance célrrier providing the insurance shall be chosen by Mortgaoor subject to Lender's approval, which shall not be unreasonably withheld. If Mortoagor fails to maintain the coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's riohts in the Property according to the terms of this Mortgaoe. All insurzmce policies and renewals shall be acceptable to Lender and shall include a standard "Illortoa¡je clause" and, where applicable, "lender loss payee clause." Mortgaoor shall immediately notify Lender of cancellation ù! termination of the insurance. Lender shall have the right to hold the policies and renewals. If Lender requires, Mortgagor shall immediately give to Lender all receipts of paid premiums am] renewal notices. Upon loss, Mortgagor shall give immediate notice to the insurance carrier and Lender. Lender may make proof of loss if no t made immediately by Mortgagor. Unless Lender and Mortgagor otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged if the restoration or repair is economically feasible and Lender's security is not lessened. If the restoration or repair is not economically feasible or Lendl:r's security would be lessened, the insLJI'ance proceeds shall be applied to the Secured Debt, whether or not then due, with any excess paid to Mortgagor. If Mortgagor abandons the Property, or does not answer withill 30 days a notice from I_ender that the insurance carrier has offered to settle a claim. then Lender may collect the insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay the Secured Debt whether or not then due. ¡lie 30-day period will begin when the notice is given. Unless Lender and Mortgagor otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of scheduled payments or change the amount of the payments. If the Property is acquired by Lender, Mortgagor's right to any insurance policies and proceeds resulting from damage to the Property before the acquisition shall pass to Lender to the extent of the Secured Debt immediately before the acquisition. Mortgagor agrees to maintain comprehensive general liability insurance naming Lender as an additional insured in an amount acceptable to Lender, insuring against claims arising from any accident or occurrence in or on the Property. C. Mortgagor agrees to maintain rental loss or business interruption insurance, as required by Lender, equal to at least coverage of one year's debt service, and required escrow account deposits separately in writing), under a form of policy acceptable to Lender. B. in an amount (if agreed to 21. NO ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided ill a separate agreement, Mortga[]or will not be required to pay to Lender funds for taxes and insurance in escrow. 22. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Mortgagor will provide to Lender upon request, any financial statement or information Lender may deem necessary. fVìortg"gor warrants that all finarlcial s1Eitemenls and information Mortgagor provides to Lender are, or will be, accurate, correct, and complete. Mortgagor agrees to sign, deliver, and file as Lender may reasonably request any additional documents or certifications that Lender may consider necessary to perfect, continue, and preserve Mortgagor's obligations umler this Mortgage and Lender's lien status on the Property. If Mortgagor fails to do so, Lender may sign, deliver, and file such documents or certificates in Mortgagor's name and Mortgagor hereby irrevocably appoints Lender or Lender's agent as attorney in fact to do the thillgS necessary to comply with this section. 23. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Mortgage are joint and individual. If Mortgagor signs this Mortgage but does not sign the Evidence of Debt, Mortgagor does so only to rnortgage Mortgagor's interest in the Property to secure payment of the Secured Debt and Mortgagor does not agree to be personally liable on the Secured Debt. Mortgagor agrees that Lender and any party to this Mortgage may extend, modify or make any change in the terms of this Mortgage or the Evidence of Debt without Mmtgagor's consent. Such a change will not release Mortgagor from the terms of this Mortgage. The duties and benefit".,o this Mortgage shall bind and benefit the successors and assigns of Mortoagor and Lender. / / If this Mortgage secures a guaranty between Lender and Mortgagor and does not d{8ctl. secure the obligEltion which is guarantied, MOl tgagol agrees to waive any I ights that may prevent Lender fro¡.iÍ¡ Mi['0ino any action or claim ägalnst Mortgagor or any party Indebted under the obligation Including, but not limited to:¡nJi.!é!efIClency or one-action läws. trl // ï I/fll -:.../l(j_ ,)¿< KJ_~ l¡f,¿e,,,rR, E4íEi;'èJ~' l£> 1993. 2001 Bankers Syslems In". 5t Cloud, Iv1n Fa! ", AGCO F,ESI WY 1 '16 2003 Î(/., "_ 01 I If ::--_/ ' ( ¡,,: / \ 'j".i: i[~~ -.11 .JI !~\ (1 ..J r \ n \) \j f..l~ I" I J 24. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Mortgage is governed by the laws of the jLllisdiction in which Lender is located, except to the extent otherwise required by the laws of the jurisdiction where the Property is located. This Mortgage is cornplete and fully inteuratee!. This Mortgaue may not be amended or modified by 01,11 agreement. Any section or clause in this Mortgage, attachments, or ¿my agreement related to the SecUI-ed Debt that conflicts with applicable law will not be effective, unless that law expressly or impliedly permits the variiitions by written agreement. If any section or clause of this Mortgage cannot be enforced according to its terms, that section or clause will be severed and will not affect the enforceability of the remainder of this MortgaçJe. Whenevur used, the singular shall include the plur al and the plural the singular. The captions and headings of the sections of this Mortgage are for convenience only and are not to be used to interpret or define the terms of this MortgaÇJe. Time is of the essence in this Mortgage. 25. NOTICE. Unless otherwise required by law, any notice shall be given by delivering it or by mailing it by first class mail to the appropriate party's address on page 1 of this MortgaÇJe, or to any other address designated in writing. Notice to one mortgagor will be deemed to be notice to all mortgagors. 26. WAIVERS. Except to the extent prohibited by law, Mortgagor waives any right regarding the malshalling of liens ¿'IIld assets and all homestead exemption rights relating to the Property. 27. U.C.C. PROVISIONS. If checked, the following are applicable to, but do not limit, this Mortgage: o Construction Loan. This Mortgage secures an obligation incurred for the construction of an impl-ovement on the Property. o Fixture Filing. Mortgagor orants to Lender a security interest in all goods that Mortgagor owns now or in the future and that are or will become fixtures related to the Property. [X) Crops; Timber; Minerals; Rents, Issues and Profits. Mortgagor grants to Lender a security interest in all crops, timber and minerals located on the Property ¿'s well as all rents, issues, and profits of them including, but not limited to, all Conservation Reserve Program (CRP) and Payment in Kind (PIK) payments and simililr governmental programs (all of which shall also be included in the term" Property"). o Personal Property. Mortgagor grants to I_ender a security interest in all personal property located on or connected with the Property. This security interest includes all farm products, inventory, equipment, accounts, documents, instruments, chattel paper, general intangibles, and all other items of personal property Mortgagor owns now or in the future and that are used or useful in the construction, ownership, operation, management, or maintenance of the Property. The term "personal property" specifically excludes that property described as "household goods" secured in connection with a "consumer" loan as those terms are defined in applicåble fecleral regulations governing unfair ancl deceptive creclit practices. o Filing As Financing Statement. Mortgagor ågrees and acknowledges that this Mortgage also suffices as a financing statement and as such, may be filed of record as a financing statement for purposes of Article 9 of the Uniform Commercial Code. A carbon, photographic, image or other reproduction of this Mortgage is sufficient as a financing statement. 28. OTHER TERMS. If checked, the following are applicable to this Mortgage: o Line of Credit. The Secured Debt includes a revolving line of credit provision. Although the Secured Debt may be reduced to a zero balance, this Mortgage wi!! remain in effect until released. o Separate Assignment. The Mortgagor has executed or will execute a separate assignment of leases and rents. If the separate assignment of leases and rents is properly executed and recorded, then the separate assignment will supersede this Security Instrument's "Assignment of Leases and Rents" section. o Additional Terms. ~è~1i @ 1993, 2001 Bankers Systems, Inc", 51. Cloud, MN Form AGCO-RESI-WY 1/16/2003 7 /) / / (: /\ . ,j¿_--£¡ß ~r ~ff B) / \'. ..\ . /' .\. .1~ t :;,~/ :,',i.L ::_~; 5 33 1\ ('. if .¡' Of' U \J "..:.: J.. SIGNATURES: any I / (Date) I /-0-.5' C (Date) o inCUlpoïated herein for additional Mortgagors, signatures and ACKNOWLEDGMENT: STATE OF , COUNTY OF This instrument was acknowledged before me this ) ss. (Individual) day of by My commission expires: (Notary Publici fl . 1 STATE OF WYOMING , COUNTY OF (IL~j.))(;:¿llÎ-'·t _, , This instrument was acknowledged befüre nòE:: 1his :<] I cluy of (>(il(;; {c:' C by JOSEPH BELLOF; LAURENCE B. REINHART; BRANDON KLINGLER; GERRE MCCLINTICK !Business MANAGER; MANAGER; MANAGER/MEMBER; MANAGER/MEMBER Of Entity Ackr,owledgmentl of SALT RIVER HOMES, LLC a WYOMING //<, (/ l. ,<~~;._===--_ ) ss. ITitle(s)) (Name 01 Business or Entity) My commission expires: on behalf of the business 01 entity. ¡~~~~~~::::;~~:;;~~;r·::·;~;:~~%~~~;~. f;~:.I.~)~.~·~;:~~ CÜtJrì\ÿ of .StJt~ .of Lincoln WYUlllIl1g ~~:~U~5:~~::~~:~~~~;;~~~:~~I.~(~(~~~~~.:;~~;~: //) (I // 1 /1 ./,1 ..t' ::;.-. I .'-., _ 1<', / ~ _/ /.... ",~'~'~ _ -:---___ (//!¡Z//vC.. ,~I. 17/((/) J<t (Notary Public) Exj5e?-è;'" @1993, 2001 Bankers Systems, Inc., St. Cloud, MN Form ,A.GCO-RESI-WY 1/16/2003 (page 8 of 8) " , I" I