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RECORDATION REQUESTED BY:
FIHST NA TIONAl B/,NI< ' WEST
Alpine
100 Greys Rive, rid,
P.O, Box 3110
Alpine. WY 83128
WI-IEN RECORDED !VIAlL TO:
FIRST NA TIONAl BANK· WEST
Alpine
100 Greys niver Rd.
P,O, Box 3110
Alpine. WY 83128
RECEIVED 12/1/2005 at 4:11 PM
RECEIVING # 914116
BOOK: 606 PAGE: 452
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
SEND TAX NOTICES TO:
FIRST NATIONAL BANK, WEST
Alpille
100 Greys River Rd,
P.O. Box 3110
_,__.!:I-I Jl~~Y 33128
SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY
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CONSTIiUCTION IVIORTGAGE
THIS MORTGAGE dated November 28, 2005, is made and executed between MEADOWLARK CONSTRUCTION,
LLC, A WYOIVlING LIMITED LIABILITY COMPANY (referred to below as "Grantor") and FIRST NATIONAL BANI< _
WEST, whose address is 100 Greys River Rd., P.O. Box 3110, Alpine, WY 83128 (referred to below as "Lender").
GRANT OF MOfìTGAGE. For valuable consideration. Grantor mortgages and conveys to lender all of Grantor's right. title, and interest in and to
the followinq described r"al proper!\" tDq>3ther with all existing or subsequentl\, erected or ¡,!fixed buildings, improvements and fixtures, all
eilselllents, rights of WiI\" and appurtenances; all v'later, \'Vater rights, watercourses and ditcll riuhts (including stock in utilities with ditch or
irfl(jilr,il)n ri'Jlrts); ¿¡Ilel ¡ill ullrur rights, royalties, and profits reldting to the real propelty, Illcludin(J without limitation all minerals, oil, gas,
,Jf:cQir,'rlllé11 and similar IIldtllèrs, (the "Real Property") located in LINCOLN County, State of Wyoming:
LOT 13 OF LAZY B SUBDIVISION, LINCOLN COUNTY, WYOIVIING AS DESCRIBED ON THE OFFICIAL PLAT
THEHEOF.
The Heal Property or its address is commonly known as LOT 13 OF LAZY B SUBDIVISION, ALPINE, WY 83128.
Grantor presently assigns to lender all of Grantor's right, title, and interest in and to all p[(,,;ent and future leases of the Property and all Rents
from the Prop8rty. III addition, Grantor grants to lender a Uniform Commercial Code security interest in the Personal Property and Rents,
TI1IS MORTGAGE, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY, IS
C;IVEN TO SECURE (AI PAYMENT OF THE INDEBTEDNESS AND IB) PERFOHMANCE OF ANY AND All OBLIGATIONS UNDER THE NOTE,
THE R['lATED DOCUMENTS. AND THIS MORTGAGE. THIS MOHTGAGE IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS:
PA YIVIENT AND PEf1FORMANCE. Except as otherwise provided in this Mort(Jage, (;rantor shall pa\, to lemh" all amounts secured by this
Mo; luave as they becorne due ami shall strictly perform all of Grantor's obligations under this Mortgage.
COI~STRUCTION MORTGAGE. This Mortgage is a "construction mortgage" for the purposes of Sections 9,334 ami 2A'309 01 the Uniform
Comll\ercial Code. as those sections have been adcJpted by the State of Wyoming.
POSSESSION AND r!1AINTENANCE OF TilE PROPEHTY. Grantor agrees that Grantor's possession and use of the Property sheill be uoverned by
the; followilrg provisions:
Possession and Use. Until the occurrence or an Evrmt of Default, Grantor may (11 remain in possession and corltrol of the Property; 12)
lise, operate or Ilidr1d(Je the Property; è];1d (3) collect the Rents from the Property,
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Duty to Maintain. Grantor shall maint2lin the Property in tenantable condition and promptly perform all repairs, replacements, and
maintenance necessary to preserve its value.
Compliance With Environmental laws. Grantor represents and 'Narrants to lender that: (11 During the; period of Grantor's ownership of
the Property. there hilS been no use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous
Substdnce 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 writing, (a) any breach or violation of any Environmental laws,
ILl! ¡my use, ç¡eneration, Illiillufacture, storage, treatment, disposal, rell,ase or threatened release of any Hazardous Substance on. under.
alJout or from the Prop,,,t\, b\, any prior owners or occupants of the Property, or (c) any actual or threatened litigation or claims of any
kmel by any p'''50n relating to such matters; ¡Hld (31 Except as previously disclosed t(, and acknowledged by lender in writing, (a) neither
Grantor oor any tenant, contractor, agent or other authorized user of the Property shall lise, generate, manufacture, sto,e, treat. dispose of
or relea';!3 "ny Hazardous Substance on. under, about or from the Property; and (bl any such activity shall be conducted in compliance
'!lith all appllcalJle fede"ll, state, ami local laws, regulations and ordinances, including without limitation all Environl1lent,ll Laws. Grantor
authoriz!3s lunder and its agents to enter upon the Property to make such'iflspections i\nd tests, at Grantor's expense, i\S lender may deem
aplHop,ialt, to determine compliance of the Property with this section of the Mortgage. Any inspections or tests made by lender shall be
for lemler's purposes only and shall not be construed to create an\, responsibility or liability on the part of lend"r to G,antor or to any other
person, The representations and warranties contained herein ar~ based on Grantor's due diligence in investigating the Property fa,
Hazardous Substances. Grantor hereby (1) releases and waives any future clöims i\gainst Lender for indemnity or contribution in the
event Grantor becomes liable for cleanup or other costs under any such laws; and (2) agrees to indemnify and hold harmless lender
agöinst ¡my and all claims, losses, liabilities, damages, penalties, and expenses which lender may directly or indirectly sustain or suffer
resultin9 flOIll a breach of this section of the Mortgage or as a consequence of any use, generation, manufacture, storage, disposal, release
or threawnod relcase occurring prior to Grantor's ovvnership 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 obligi\tion to indemnify, shall survive the payment of the
IrHJebtedness and the satisfaction and reconveyance of the lien of this Mortgage and shall not be affected by Lender's acquisition of any
interest in the Propert\', whether by foreclosure or otherwise.
Nuisance, Waste. Grantor shall not cause. conduct or pennit any nuisance nor commit, permit, Or suffer any stripping of or waste on or to
the Propert\' 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 remo\'e, any timber, minerals lincluding oil and gas), 'coal, clay, 'scoria. soil, uravel or rock products without lender's prior
written consent,
Relnoval uf Imp,overnents. Grantor shall not demolish or remove any Improvements from the Real Property without lender's prior written
consent, As d condition to the removal of any Il'nprovements, lender may require Grantor to make arrèlngements satisfactory to Lender to
replace such Improvements with Improvements of at least equal valu~.
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 Lemler's interests and to inspect the Real Property for purposes of Grantor's compliance with the terms and conditions of this rvlortç¡age.
Compliance with Governmental Requi,ements. Grantor shall promptly comply with ¡ill laws, ordinances, and regulations, now or hereafter
in effect, of all governrnental authorities applrcable to the use or occupdncy (If the Property, including without limitation, the Americans
With DisdiJilities Act, Grantor ma\, contest in good faith any such law, ordinance, (1r regulcrtion and witlrh{Jld compliance dum1g any
proceeding, including approl" idte appeals, so long as Grantor has notified lender in writing prior to doing so Mid so long as. in lemler's
sole opinion, lender's interests in the Propert\, are not jeopardized. Lender may 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 set forth above in this section, which frorn the chalë,cter ,Hlel use of the Property iJICJ reasolwblynecessary to protect and preserve the
Loan No: 76100105~l~0jl/1JLlf}
IVIORTGAGE
(Continued)
::: (] 0 4 5 3
Page 2
Property.
CONSTRUCTION LOAN. If some or all of the proceeds of the loan creating the Indebtedness are to be us"ej to construct or complete
construction of any Improvements on the Property, the Improvements shall be completed no later than the maturity date of the Note (ur such
earlier riMe as Lender rnay reasonably establish) and Grantor shall pay in full all costs and expenses in connection I¡vith the I¡vork. Lender will
di,;burse loan proceeds under such terms and conditions as Lender may deem reason~bly necessary to insure that the interest createel by this
Mortgage shall have priority over all possible liens, including those of material suppliers and workmen. Lender may require, among uther things,
that disbursement requests be sULJported by receipted bills, expense âffidavits, waivers of liens. construction progress reports, and such oth'cl
documentation as Lencler may reasonably request.
TAXES AND LIENS. The following provisions relating to the taxes and liens on 'tl1ePrbperty are part of this Mortgage:
Payment. Grantor shall pay when due (and in all events prior to delinquency) all taxes, payroll taxes, special taxes, assessments, water
charges ¡iIld se·.'.."r service charges levied against or on account of the Property, and shall pay when due all clairns for work don" un or for
services rencJerêd or material furnished to the Property. Grantor shall maintain the Property free of any liens having priority over or equ¡¡[ to
the interest oj Lender under this Mortgage, except for those lien~ specifically agreed to in writing by [,ender, and except for the lien of taxes
~nd assessnlE"Hs not clue as further specified in the Right to Contest paragraph,
Right to Contest. Grantor may withhold payment of any tax, assessnlent, or claim in connection with a good f"ith dispute) uver the
obligation tD pay, so long as Lender's interest in the Property is not jeopardized If a lien ¡¡ri8os or is filed as a result of nonpayment,
Grantor shall within fifteen (15) days after the lien arises or, if a lien is filed, vvitl1in fifteen (15) d~ys aftêr Granlor hus notice of the filing,
secure the discharge of the lien, or if requested by Lender, deposit with Lender cash or a sufficient corporate surety bond or (¡ther security
satisfactory to Lender in an amount sufficiênt to discharge the lien plus any costs and reasonable attollleys' fêes, or 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 shi11l satisfy any
adverse judgment before enforcement against the Property, Grantor shall name Lender as an additional obligee under any surety bond
furnished in the contest proceedings. '
Evidence of Payment. Grantor shall upon demand furnish to Lender satisfactory evidence of p¡,yment of the taxes or assessments and shall
authorize the appropriate gnvernment,d official to deliver to L8nder at an'ý time a writtc1n statement of th8 taxes and ,Issessments against
tire Property.
Notice of Const,uction. Grantor shall notify Lender dt 18"5\ 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, materi31men's lien, or other liGn could be iJsserted on account of the
work, services, or materials. Grantor will upon request of Lende, furnish tu Lender advance assurances satisfactory to Lend8r that Grantor
can and will pay the cost of such improvemt:nts.
PHOPERTY DAMAGE INSURANCE, The following provisions relating to insurin,g the Property are a rart of this Mortgage:
Maintenance of Insurance. Grantor shall procure and maintJin policies of fire in;;urance with standard extended co'/~rdge emlors8111elJts on
a replacement bd;;ìs for tht: full insurable value covering all Improvements on the Real Property in an ameJunt sufficient to avoid appli(:dtion
of any coillsurance clause, and with a standard mÒrtgagee cl3use in favor of Lender. Grantor shall also procure and IlIdintdln
comprehensive general liability insurance in such coverage amounts as Lende, may request with Lender being named as additional Insureds
in such liabilit\, insurance policies. Additionally, Grantor shall maintain such other insurance, including but nut limited to hazard, business
Interruption and boiler Insurance as Lender may require. Policies shall be written by such insurance companies ami in such form as may be
¡¡,asonably acceptable to Lende" Grantor shall cleliver to Lende. certific¡;tes of coveriige from each insurer containing a stipuleltion the,t
coverage will not be cancelled or diminished without a minimum of thirty (30) days' prior 'i'ifitten notice to Lender and not containing any
disclaimer of the Insurer's liability for failure to give such 'notice'. Each insurance policy alsu shall include an endorsement provlllil)g that
coverage in favor of Lender will not be impaired in any way by any act, ornission or default 01 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 hazord area,
Gral1tor agrees to obtain and maintain Federal Flood Insurance. if available, for the jull unpaid principal b"lance of llle loan and any pnor
liens 011 llit': property securing the loan, up to the maximum policy limits set under the National Fluod Insurance Pruuram, or as otherwise
required by Lender, and to maintain such insurance for the tern) of the loan.
Application of Proceeds. Grantor shall promptly notify Lender of ;my loss or damage to the Property if the estimated cost of repair or
rl:placernent exceeds $1,00000, Lender may make proof of loss If Grantor fails to du so within fifteen (151 days of the casualty. Whether
or not Lender's security is impaired, Lender may, at Lender's election, receive ami retain the proceeds of any insurance and dPply the
proceeds to the reduction of the Indebtedness, payment of any lien affecting the Property, or the restoration and repair of the Property, If
Lemler elects to apply the proceeds to restoration dnd repair, Grantor shall repair or replace the damaged or destroyed Improvements in a
lTIilnner satisfactory to Lender. Lemler shall, upon satisfactory proof of such expenditure, payor reilnburse Gre"1\or from the proceeds for
the reasonable cost of repair or restoration if Grantor is not in default under this Mortgage. Any proceeds whicll have not been dishurs8d
vvithin 180 days "fter their receipt and which Lencler has not committed to the repair or restoration of the Propert'! shall be us~d first to pay
any amount owing to Lender under this Mortgage, then to pay accrued interest, and 1t1l) reITlaind"r, if any, shall be applied to the principal
bdlanc!, of the Indebtedness, If Lender holds any p,uceeds âfter payment in full of the Indebtedness, such procee(L; shall be paid tu Grarltor
as Grantor's inter8sts nld'( appear.
Grantor's Report on Insurance. Upon request of Lender, however not more than once a year, Grantor shall furnish to Lender a rcpurt on
each existing policy of insurance showing: (11 the name of the insure,; (2) the risks insured; (31 the amount of the policy; (4) the
property insured, the then current replacement value of such property, and the man~ler of determining that value; and (51 the expiration
date of the policy. Grantor shall, upon request of Lender, have an independent appraiser sati;;factory to Lender detern1ine the cash value
replacêment cost olthe Property.
LENDER'S EXPENDITURES. If any i1ction or proceeding is commenced that would mat¡;rially affect Lender's interest in the Property or if Grantor
lails to comply with any provision of this Mortgage or any Related Documents, including but not limited to Grantor's failure to discharge or pay
"'hel1 due any amounts Grantor is required to discharge or pay under this Mortgage or any Related Documents, Lendd un Gråntor's behalf may
(but shall not be obligated to) take any action that Lender deems appropriate, including but not limited to discharging ur paying all taxes, liens,
sl,curity interests, encumbrances and other claims, at any time levied or placed on the Propert'( and paying all costs for insuring, maintaining and
pre;;erving the Property. All such expenditures incurred or paid by Lender for such purposes will then bear interest at the rate charged under the
Note from the date incurred or paid by Lender to the date of repayment by Grantor. All such expenses will become a part of the Indebtedness
alld, ¿il Lellder's option, will (AI be payable on demand; (81 be added to the balance of the Note and be af1portioned among and be pi1"'dhle
with any installment payments to become due during either (1) the term of any applicable insurânce policy; or U) the r~lIlaining term ut ¡he
Nute: or IC) be treated as a balloon payment which will be due and payable at the Note's maturity, The Mortgage also will secure payment of
these amounts. Such righl shall be in addition to all other rights and remedies to which Lender may be entitled upon Default.
WARRANTY; DEFENSE OF TITLE. The following provisions reldting to ownership of the Property are a part of this Mortgage:
Title. Grantor warrants that: (a) Grantor holds good and marketable title of record to the Property in fee simple, free and clear of all liens
amJ encumbrances other than those set forth in the Real Property description or in àny title insurance policy, title r8port, or final title opinion
issued in favor of, and accepted by, Lender in connection with this MortgafJe, and (b) Grantor has the full right, power, and duthority to
execuit: and deliver this Mortgage to Lellder,
Defense of Title. Subject to the exception in the paragraph above, Grantor warrants ami will forever defend the title to the Prorertv "gains!
the lavvful claims of 0111 persons. In the event an\, action or proceeding is commenced that questions Grantor's title or tl1e interest of Lemler
under this Mortgage, Grantor shall defend the action at Grantor's expense. Grantor may be the nominal party in such proceeding, but
Lend"r shall be entitled to participate in the proceeding and to be repres¡;nted in ,the proceeding by counsel of Lender's own choice, ~lld
Grântor vvill deliver, or cause to be delivered, to Lender ;;uch instruments as Lemld Ilìay request from tllne to time to permit such
particiration.
Compliance With Laws. Grantor warrants that the Properly' and Grantor's use of the Property complies with all ",,¡sting dpplicable lal¡is,
ordinances, and regulations of governmental authorities.
Survival of Representdtions and Warranties. All representations, warranties, and agreements made by Grantor in this Mortgage shall
survive the execution and delivery of this Mortgage, Shirll be continuing in nature, and shall remain in full force arid effect until such time as
Grantor's ImlelJtedness shall be paid In lull.
CONDEMNA TION. The (0110 wing provisions refating to condemnation proceedillgs are a part of this Mortgage:
Proceedings. If any proceeding in condemnation is filed, Grantor shall promptl'{' notify Lender in writing, dnd Grill1tor shall promptly toKe
Loan No: 761001053
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IVIORTGAGE
(Continued)
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such steps as may be necessary to defend the action and obt,,1I the aware!. Gri1ntor may be the nomil1id party in such proceeding, but
Lender sh"II b" entitled tu p,.rticipdte in the proceedinG dnq to I", re Jr2sel\kd il1 the proceeding by counsel of its own chuice, ¡¡nd Grantor
will deli vel or Gi,USe to be delivered to Lender such instruments iind docul1,2ntation as may be requestud by Lemler from time to tim', to
permit such pdrti,;ipation.
Application of Net Proceeds. If all ur any part of the Property is condemned by emil\ent domain proceE,dings or by any proceedinG or
pUlchase in li¡,u uf condemnatlun, Lt:nder may at its election requirE: that all or any portion of the net procc:eds uf the award be applied to
the IndE:bteelness or the repair or restoration of the Property. The net proceeds of the award shall mean the award alter payment oí all
r"asonable costs. exper,ses. and attorneys' f¡,es incur,ed by Lender in connection with the condemnation.
I~¡IPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relating to Governmental taxes,
fe¡;s and charges are a part uj this Mortgage:
Cum,r\t Taxes, Fees and Charges. Upon request by Lemler, Grantor sh~ill ",xecute sUl;h ducLJrnents in addition to this Mortgage dnd take
vvl}Cjtever other iJction is requested by Lender to perfect dlld continue Lender's Ill.' on the Real F'roperty. Grdntor shall "jilrilJurse l.",nder for
all taxes, as described below, together with all expenses incurrtCi in rec,jrding, perfecting or continuing this Mortgage, including without
Illllitation all tiJxes, fees, documentary starnps, and olher charges for recording or registering this MortgaGe.
Taxes. The following shall constitute taxes to which this see lion applies: (1) d specific tax upon this type of Mortgöge or upon all or any
pdrt of the Indebtedness secured by this Mortgage; (2) a specitic tax on Grantor which Grantor is authorized or required to deduct from
paYlllents on the Indehkdness secured by this type of Mortgage; (3) a taA on this type of Mortgage chargeable against the Lender or the
holder uf the ,'Jote; ami 14) a specific tax on all or any portiün of tht; IrrcJebtedness or on payments of principal and interest made IJY
Grantor.
Subsequent Taxes. If any tax to which this section applies is en¡\cted ,:uIJsequent to the date of this MortGage, this event shall have the
same ",ffect as an Event 01 Default, and Lender may exercise any or all (,[ its aV3ilable remedies for an Event at Default as pro'!ided below
unless Grantor either (1) pays the tax before it IJecolnes delinquent, or (2) contests tile tax as provided ¡,IJuve in the Taxes and L.iens
section and deposits vvith Lender cash Dr a sufficient corporate surety !Jond or other security satisfacto'y to Lender.
SECUlilTY AGREEMENT; FINANCING STATEMENTS. Tile follo'Ning provisiuns relating to lids t,,'lortgage dS d security aç¡reement iJre éi pan 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.
SE:curity Interest. Upon request by Lender, Grantor shall take whatever action is requested by Lender to perfect ami continue Lemler's
sel:ulity lI,terest in the F,ellts and Person,,1 Property. In addition to recording this MOrlç¡age in the real property records, Lender may, at any
tirne and without further dutl,urizatiun from Grantor, file executed counterparts, cup¡,'s or reproductions of this Mortgage as a findncing
statement. Gr~intür shall reimburse Lender for all expenses incurred in perfecting or cOlitinuing Ihis security interest. Upon delaull, GrCintor
shall not remove, sever or detach the Personal PropE:rty from the Prpperty. Upon default, Grantur shall assemble any Personal Property not
affixed to the Property in a manner and at a place reasonably convenient to Grantor and Lender ami make it éivailable to Lender within three
(3) days after receipt of written demand from Lender to the eAlent permitted by applicable law.
Addresses. The mailinG addressE:s of Grantor (debtor) and Lender (secured party) from which information concerning tile security interest
granted by this I\:1IJrtGage may be obtained leach as required by the Uniform Cornlnercial Code) are as stated un the first pé"Je uf this
Mortgage.
, ,"
FlJRTHER ASSURANCES; ATTORNEY,IN,FACT. The following provisions rela\illg to furthel assuri\nces and allljlney-in-fóct die ¡¡ Jéirt uf this
1\:10r tGage:
Further Assurances. At any time, 3nd from time to time, upon request of Lender, Grantor will make, execute and deliver, or will cause to
1113 made, Gxeculed or delivered, to Lender or tu Lender's designee, and when requested by Lemler, cause to be filed, reculded, refiled, or
rere:corded, oS the case rnay be, at such tirn(;s and in such offices éind places éiS Lender ITíC1Y deem appropriéite, any ami JII such rnortgèlGes,
deeds of trust. security deeds, security agreements, financing statements, cuntinu¡,tion staternents, instruments of further assur¿Jnce,
certificales. and other documents as may, in rI,e sole opinion of Lender, be nE:cessary or desirable in order to effectuate, complete, perfect,
continue, or preserve (1) Grantor's obligations under the ~ ote, this Mortgage, and the Related Documents, and (2) the liens and
security interests created by this Mortgâ¡j8 as first and prior liens on the Property, wh<.:ther no\'v owned or here"fter 3cquired by Grantor.
Unless prohibiwd ¡JY law or Lemler agrees to the contrary ill vvrit'ing, Gr¡,ntor, shiill reimburse Lender for all costs ami e:<.penses rncurred in
connection '.-"ith the matters referred to in this par¿,graph.
Attorney,in-Fact. If Grantor fails to do any of the things referred to in the preceding paragraph, Lemler may do so for and in the narne of
Grantor and at Grantor's expense, For such purposes, Grantor hereby irrevocably appoints Lendor as Grantor's attomey-in,f3ct for the
purpuse of mal<inç¡, executing. delivering, filing, recording, and doing all other things ciS may be necessary or desirable, in l.ender's sole
opinion, to accomplish the matters referred to in the preceding paragraph:
FULL PERFORMANCE. If Grantor pays all the Indebtedness ,when due, and otherwise performs all the obligations impused upon Grantor under
this Mortç¡aç¡e, Lender shall execute and deliver to Grantor a suitable sdtisfaction of this MortGèigu ami suitable statements 01 termination of any
linancillg statement on file evidencing lemler's security interest in th~ Rents and the P"rsoni,1 Propl~lty, Grantor will pay, if pdlllitted by
iipplicable law, "ny reasonable termination fee as determined by Lender from time to time,
EVENTS OF DEFAULT. Each of the follovving, at Lender's option, sh,dl constitute an Event of De'fault under this Mortgèige:
Payment Default. Grantor fails to make any payment vvhen due uncJèr the Indebtedness.
Delault on Other Payments. Failure 01 Grantor within the time required by this Mortgage to make any payment for taxes or insurance, or
any other payrnent necessary to prevent filing of or to effect discharge 01 any lien.
Other Defaults. Grantor fails to comply vvith or to perform any other term, obligation, covenant or condition conti1inecJ in this Mortgage or
il1 any of the Related Documents or to comply with or to perform any term, oblIgation, covenant or I.;ondition contained in an\, other
aGreenlent between Lender and Grantor,
Default in Favor of Third Parties. Should Grantor defèiult under any loan, extension oj creeJit, security agreement, purch¡)se or sales
aCjreernent, or any other agreement, in favor of any other creditor or person théit m"y nwterially affect any of Gr,mtor's property or
Grantor's ability tD repay the Indebtedness or Grantor's ability to perfullll Grantor's obligations under this Mortgage or any related
docuIllE,nt.
Fólse Statements. Any vvarranty, representation or statement made or furnishee to L8nder by Grantor or on Grantor's behalf ullCJer this
Mortga\.)e or the Related Documents is false or misleadin\} in any material respect, either now or at the time mude or furnished or becornes
fillse or misleadin\.) at any time thereafter.
Defective Collateralization. This Mort¡jage or any of the Related Documents ceases tü be in full force and eff¡;ct (including failure of any
cullateral document to create a valid and perfected security interest or lien) at any tinle and for ,Iny reason.
Deatt, or Insolvency. The dissolution of Grantor's (,egardle=s of l'lhether election to conti'lue is made), any member vvilhrlravvs fro'll the
limited liability company, or any other terlllin¿dlun of Grantor's existence as a going business or the death of any member, the insolvency of
Glantor, the appointment of a receiver for arlY part of Grantor's property, any assignment fo, the benefit of creditors, any type of creditor
workout, or the commencement of any pro,:eeding under any bankruptcy or insolvency laws by or against Grantor.
C,edilor or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether b\, judicial proceeding, self 11elp,
repossession or any other method, by any creditor of Grantor or by any governmental agency against any property securing the
Indebtedness, This includes a garnishment of any of Grantor's accounts, including deposit accounts, vvith Lender. However, this Evem of
Def¡¡ult shiill not apply if there is a good faitb dispute by (;ramor as to the validity or reasonablenes" of the claim which is the basis of the
creditor or forfeiture proceeding and if Grantor gives Lemler written notict: uf the creditor or forfeiture proceedinu ami cJeposits with LellC!"r
monies or a surety bond for the creditor or forfeiture proceeding. in an amount dete,mined ÌJV Lender, in its sole discretiun, as being an
adequate reserve or boml for the dispute.
Breach of Other Agreement. Any breach by Gramor under the terms of any other agreement betvveen Grantor ami I_ender that is not
remedied within any grace period provided therein, inclu.ding without limitation any agreement concerning any indebtedness or other
obliCjatiun of Grantor to Lender, vvhether existing novv or taler.
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Loan No: 76'J001053
IVIORTGAGE
(Continued)
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Page 4
Ev~nts Aff~cting Guarantor. Any of the preceding ~vents occurs with respect to on\, GU3ral1tor uf any of the Indebtedness or any
GUilri1ntor dies or iJf:cornes incornlx:tent, or revokes or disputt:s the v"lidity 01, or liat"llty under, any Guaranty of th~ Indebtedn,~ss. fn the
event of a death. Lender, dt its option, may, but shall not be ",quired to, permit the Guarantor's estate to è1ssume uncolldilionålly the
ubjjUC:dions drisinu under the guaranty in ô Ilìónner sé.ltisfJctory to Lender, and, in doinU so, cure any Event of Defdult.
Adverse Change. A male,ial <,dverse change occurs In Grantor's financial condition, or Lend,;r belll:ves the prospect (If pilyrnent Or
perfolrnance of HIe IndelJwdness is impaired.
Ins~curity, Lender in goorJ faith believes itself insecure.
RIGHTS AND RENIEDfES Ot~ DEFAULT. Upon the occurrence: of an Evelít of DefiiUlt and at any time th",edfter, Lender, éJt Lender's option, may
e·"",;ise anyone or more 01 the followinCJ riCJhts and rem8cli"" in addition'to any oth8r rights ür rem8dieö provided by low:
Accelerate Indebtedness. L8nder shall have the right at its option "vithout notice to Grantor to iL;¡:lare the entir.) Indebtedness immediately
due and p"y"bI8, including any prepayment penalty which Grantor would be required to p"y
UCC Remedi8s. With respect to all or ány part of the Person,11 Property, Lemkr shall have all the ri!)hts and ,enledies of iì securl:,1 party
unde, the Uniform Cornrnercial Code.
Collect Rents. Lunder shall have the right, without notice to (Jrdntor, to take possession of the Pruperty, including clurlnu the pendency of
foreclosure, whl!ther judicial or non-judicial, and collect tl1<) F\ents, incluclin\j amounts past due and unpaid, and apply the I\et proceeds, OVl!r
iil1d ¡¡bove Lender's costs, against the Indebtedness. In furtherance of this right, lender may require any tenant or other us<.:r of the
Property to make payments of rent or use fees dirE:ctly to LendE:r. If the Rents arE: collec1e(J by Lemler, then Grantor irr(;\,ocal)I', d(~slunates
Lc:nder as Grantor's attorney-in-fact to endorse instruments rec8ived in payment thereof in the name of Gfill1tor iindto Ilegoti"te the same
unci coll,:I..[ lIH, proceeds. Pal'ITlents by tenänls ur other users to Lender in respons" 10 Lemler's dernaml .>11,,11 satisfy the o¡,IH]dtions for
which the payments are made. whether or not any proper grounds for the demand existed. Lemler may e:ü,rcise its riCJhts under this
subparagraph either in person, by agent, or through a receiver.
Appoint Receiver. Lender shall have the right to have a receiver appointed to take possession of all or any part of the Property, with the
power to protect and preserve the Property. to operate tbe Property precedin!) foreclosure or sale. and to collect the Rents from the
Property and apply the proceeds, OVE:r and above the cost of the receivership, against tbe IncJeLJtedness. The receiver may ser'ie without
hand if permitted by law. lender's right to the appointment of a receiver shall exist whether or not the apparent value of the Property
exceeds the Indebtedness by " substdntial amount. Employment by Lender shall not lIisqualify a person from serving as a receiver.
Judicial Foreclosure. Lender rllllY obtain a judicial decree foreclosing Grantor's interest in all or any part of the Pruperty.
Nonjudicial Sale. Lender mall foreclose Grantor's in1erestin all or in any part of the Property by non,judicial sale, drld specifically by puvver
ot sirle" or "advertisement ami sale" foreclosure as provided by statute.
Deficiency Judument. If perrnitted by applicable law. Lender may obtain a judgmer1t for any deficiency rerna"1ing in th<.: Indel)ludnc'" due
to Ll!ncler after application of all ~"'Dunts received from the exercise of thl! rights provided in this section.
Ter1ancy at Sufferance, If Grantor remains in possession of the Property after the Property is sold as provided above or Lender otherwise
becomes entitled to possession of the Property upon default or Grantor Grantor sha'l become a tenant at sufferetllce of Lender or the
purchaser of the Property and shall, at Lender's option, either (11 pal' a reasonable rental for the use of the Property, or 12) vacate the
PlOperty in.,mediatefy upon the demand of Lender.
Other Remedies. Lender shall hdve all other rights and remecli"s provided in this Mortgaue (¡r the Note or availahle dt law or in equity.
Sale of the Property. To the E:xtent permitted by applicable law, Grantor hereby waives any dlid all riuht to have the Property marshalled.
In eXèrcisinu its riuhts and remedies, lender shafl be f,ee to sell all or any pdn of the PropE:rty together or sepdrately, ili one sale or by
separate sales. lender shall be entitled to bid at any public sale on all or any portion of \he Property.
Notice of Sale. Lender shall give Grantor reasonable notice of the time and place of any public sale of the Personal Property or of the time
after which any private sale or other intended disposition of the Personal Property is to be made. Reasoni1ble notice shall mean notice
given at least ten (10) days before the time of the sale or disposition. Any sale of the Personal Property may be macle irl conjunction with
any sale of the Real Property.
Election of Remedies. Election by Lender to pursue any remedy shall not exclude pursuit of any other remedy, ,111<1 ~I" el~ction to make
expenditures or 10 take action to perform an obligation of Grantor under thie Mortgage. after Grantur's failure to perfurm, shall 110t ,,ffect
L.ender's right to declare a default and exercise its remedies Nothing ur',der this Mortgage or otherwise shall be construed so iiS tu IlIlIil or
restrict the rights and remedies available to Lender following an Event of Default, or in any WdY to limit or restrict the rights ami ability of
Lencler to proceed directly against Grantor andlor against any other co-maker, gUdrantor, surety or endorser andlor to proceed aÇJainst any
other collatE:",1 directly or indirectly securing the Indebtedness.
Attorneys' Fees; Expenses. If Lender institutes any suit or action to enforce any of the terms of this Mortgage, Lender shall be entitled to
recover such sum as the court may adjudge reasonable as attorneys' fees at trial am] upon any ¡¡ppeal. Whether or not any court action is
involved, and to the extent not prohibited by lavv, all kilsonable expenses Lender incurs that in Lemler's Dpinion are n8cessdry at any time
for the protection of its interest Dr the enforcement of its rights shal! become a part uf the Indebwdness payable on demand and Shilll beal
interest at the Note 'ate from th~ date of the expenditure until repàid. Expenses covered by this paragraph include, without limitation,
however subject to any lin'lits under applicable law, Lender's reasonable attorneys' fees and Lender's leg~1 expenses whether or not there is
a lawsuit, including re~sûnarJle attorneys' tees and expenses for lìankruptcy proceedings (including efforts to modify or Vdcate any
åutomatic stdY or illjunctionl, appeals, and any anticipated Post'lud!)fller1t collection services, 1I)e cost of searching records, obtaining title
reports lincluding foreclosure reportsl, surveyors' reports, iJnd appraisal fees ami title insurance. to the extE:nt permitted by applicable Id'IV.
Grantor also will pay any court costs, in addition to all other sums provided by law.
NOTICES. Any notice required to be given under this Mortgage, including Nithout limitation any notice of default and any notice of sale slrall be
'Jiven in writing, and shall be effective when actually delivered, when actually received by telefacsimile (unless otherwise required by law). when
dlè Josited with a nationally recognized overnight courier, or, if rnailE:d, when deposited in the United Slates mail. i1S lirst class, certified or
reiJistered mail postage prepaid, directed to the addresses shown near the beginning of this Mortgage. All copies uf notices of foreclosure from
the /wldtH of any lien which has priority over this Mortgage shall be sent to Lender's address, as shown near the beginning of this Mortgage.
Any party may change its address for notices under this Mortgage by giving forllled 'Nritten notice to the other parties, specifying that the
purpose of the notice is to change the party's adclress. For notice purposes. Grantor agrees to keep Lender informed at all times of Grantor's
current address. Unless otherwise provided or required' by law, if there is rnore than one Grantor, any notice given by Lender to any Grantor is
deemed to be notice given to all Grantors.
IVIISCELlANEOUS PROVISIONS. The following miscellaneous provisions are a pan of this Mortgage:
Amendments. This Mortgage, together with any Related Oocùmer\ts, constitutes the elltire understanding and agreement of the parties as
to the rnatters set forth in this MortÇJage. No ,ilteli,tiun "f or amemJrnept to this Mortgage shall be elfective unless (Jiven in writin'.) imd
si(Jned by the party or parties sought to be charged or lJOumJ I'y the alteration or amendment.
Annual Reports. If the Property is used for purposes other than 'Grantor',; residence, Grantor shall furnish to Lender, upon request. a
certified statement of net operating incorne rect:ived f,om' the Property dUrlnU Grantor's previous fiscal Y<':~ìr in such form M\d (Ietail as
Lender shall require. "Net operating income" shall meaõl all cash receipt" from tire Property less all cash expenditures made in connection
with the operdtion of the Property.
Caption Headings. Caption headings in this Mortgage are for convenience purposes or.ly and are not to he used to interpret or define the
provisions 01 this Mortgage.
Governinu l¡¡w. This Mortg¡¡ge will be governed by federal law applicable to Lender and. to the extent not preempted by federal law, the
laws of the State of Wyoming without regard to its conflicts of law f)fDvisions. Thi, Mo,tgdUe has been accepted by lender in the State of
WyominÇJ .
Choice of Venue. If there is a lawsuit. Grantor agrees upon Lender's request to sulJnlit to the Jurisdiction of the courts of Lincoln County,
State of Wyoming.
No Waiver by Lender.
ami sloned by Lenrier
utl,Br light A waiver
Lemler sl\all not be, deemerJ to have \'.'rlived any liuhts under tllis Mortgdge unless ~,uch waiver is (Jiven in writing
r~o delay or omission on the part oj [,emler ,n exercising any right shall operate as a waiver of such rluht or any
by Lender of a provision of this Mortgdge shall not prejudice or constitute a waiver of Lender',; right otherwise to
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Loan No: 761001053
IVIORTGAGE
(Continued)
Page 5
demand strict compliance with that provision or anI' other provision of this Mort(Jage. t-Jo prior 'Naiver by Lender, nor any course of dealing
between Lender and Grantor. shall constitute a waiver of any of Lender's rights or of any of Grantor's obligations as to any future
transactions. Wbenever the consent of Lender is required uJl(lt:r this rvlortgage, the granting of such const::nt by Lt::nder in any instance
sh¿¡l1 I\ot constitute continuing consent to subsequent instances where such consent is required and in all cases such consent miJY be
gr¿¡nted or '!Vithheld in the sole discretion of Lender,
Severability. II a court of comp8tent jurisdiction finds any provision of this Mortgage to be illegal, invalid, or unenforce¿¡ble as tu any
ci/cu/11stilnce. that finding shalll\ot make the offending provision II/egal, i/w¿ilid, or unenforceable as to any other circumstance. It feasible,
the otfending provision shall be considered moditied ::;ü that it becomes I'Wal, v,did and enforceable. If the offending pro'!ision cannot be so
modified, It shall be conside,ed deleted from this lV1ortgage. UIlless otherwise required by law. the illegality, invalidity. or unenforceability
of 3ny provision of this Mortgage shall not affect the 18g3lity, välidity or enforceability of any other provision of this Mortgage.
PJle,ger. There shall tie no merger of the interest or estate created by this 1V10rtgage with any other interest 0' estate in the Propeny at any
time held by or for the benefit of lender in any capacity. without the written consent of lend8r.
Successors and Assigns. Subject to any limitations stated in this 1V10rtgage on transfer of Grantor's interest, this 1V10'tgage shall be binding
upon and inure to the b8n8fit of the parti8s, their successors and assigns. If ownership of the Property becomes vested in a person other
tlran Grantor, Lender, without notice to Grantor. môy deal with Grantor's successors with reference to this Mortgage i1nd the Indebtedness
by way 01 forbe,lIance or extension without releasinü Grantor from the úbli\Jations of this Mortgage or liability under the Indebtedness,
Time is of the Essence. Time is of the essence in the performilnce of this lV1ortgage.
Waiver of Homestead Exemption. Grantor hereby releilses and waives all rights and benefit::; of the Ilomesteacl exemption laws of the State
of Wyoming as to all Indebtedness securpd by this Mortgage,
DEFINITIONS. The following capitalized words and terms shall lra'le the following meanings when used in this Mortgage. Unless specifically
statecl to tl"i contrary, all references to dollar amounts shall mean amounts in favvfullTloney of the United States of Amarica, Words iJnd terms
used in the singular shall include the plural, and the plural shall include the singular. as the context may require. Words dnd tc:rms not otherwise
cJefin¡,d In this 1V10rtgage shall II~ve the meanings attriblaed tÇJ such terms in the Uniform Commercial Code:
Borrower. The \'!ord "Borrower" means MEADOWLARK CONSTRUCTIOt- LLC anel includes all co-signers and co,rtlakers Sluning tire Note
and all their successors and assigns.
Default. The word "Default" illeans the Default set forth in ~his Mortgage in the sectioG titled "Default".
Environment,,1 laws. The words "Environmental Laws" 'mean any and iill state. federal and local statutes, regulations and ordinances
relating to ¡he protection of human health or the environment, Inclu(ling without linlitatioil the Comprehensive Environmental Response,
Compensation, and Liability Act of 1980, as amended, 42 U, S ,C. Section 9601, et seq, ("CERCLA "), the SuperfuncJ Amendments iind
ReaulhuriL¿ltion Act of 1986, Pub. L. No. 99,499 ("SARA"¡, the Hazardous lV1aterials Transportation Act, 49 U S.c. Section 1801. et seq.,
(1110 Resource Conservation and Recovery Act. 42 U.S.C, Section 6901, et sec¡, or other applicable state or fed8ral 13vvs. rules, or
regulation;: adopted pursuant thereto.
Event of Default. The words "Event of Default" mean any of the events of default set forth in this MortgûgE in the events ot default
sec liun 0 f this Mortgage.
Grantor. The word "GrellllOl" means MEADOWLJI,m: CONSTRUCTION LLC.
GUiHi,,¡(or. The word "Gu¿>liintor" means any guarantur, sl¡fety, or açcomrTlodation party of any or all of the Indebtedness.
GU¿Hanty. The word "Guaranty" means tile guaranty frolll Guarantor to Lender, including 'Nithout limitation a guaranty of i111 or péírt nr the
f· cJte.
l-IaL¡¡rclou~ Substances. The words "Hazardous Substances" mean materials that, because of their quuntity, concentration or I,hy~ical.
chemical or InfeCtiOus characteristics. may cause or pose a present or potential hilZiHu to hurnan health ur 1118 elwironrTI¡,nt when
improl'erly used. treated, stor8d. disposed of, generated, manufactured. transported or otherwise handled. The 'iJUlds "Hazardous
Substances" arc 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, vvithout limitation, ¡;8troleurn
and pt::troleum by-products or any fraction thereof and asbestos,
Improvements. The wore! "Improvements" means all existing and future improvements, buildings, structures. rnohile homes affixed on the
Re,d Property, facilities, acJclitions, replacements and other construction on the Real Property,
Indebtedness, The word "lndetJteclness" means all principal, interest, and other amou'rlts. costs ami expenses pilyable under the r'JOle or
Rcdilted Documents, together vvith all renewals of, extensions of. moclifici1tions of, cClnsolida¡ions of ami substitutions for the Note or
RI:lated Documents and any ilrlìounts expended or advanced IJ\, Lender tu discharge Gramor's I,[¡ 'giltions or expenses incurred by Lender to
enforce Grantor's obligations under this Mortga¡¡e, togetller wi~li interest on such drnounts as provided in tllis l\.1ort(Jage.
lender. The word" Lender" means FIRST NATIONAL BANK WEST. its successurs and assigns,
Mo'tgage. The word "l\.1urtgäge" means this lV10rtgage between Grantor and Lender.
Note. The word "Note" means the promissory note dated November 28,2005, in the original principal amount of $2G6,269.50
Irom Grantor to Lender, together with all renewals of, extensions of, modifications of, refinancings ot, consolidations of, amJ substitutions
fur the promissory note or agreement, The maturity date of this MortGage is Dece'1'lber 28, 2006.
Personal Property. The words" Personal Property" mean afl equipment, fi~«ures, and otlkr ¿;rticles of personal propcr ty now or herea Iter
owned by Grantor, and now or hereafter altilched or affixed to th8 Heal Property; together with all accessions, parts, iind additions to. all
rc;placemc'lits 01, and all substitutions for, any or SUCll property; iJnd to,lether with all proceeds (including without lim;t;¡tion all insurance
proceeds and refunds of premiulIlsl from any sale or utller dioposilio¡j (if the Property.
Property, The word "Property" means collectively the Real Property and the Personi,1 Property.
Real Property. The words "Real Property" mean the real propeJtI', interests and rights, às fUI tiler d¡,scrihed in this Mortgage.
Rel"ted Documents. The words "Related Documents" mean ail promissory notes, credit agreements, loan agreements, environmental
a¡¡reements. guaranties, security agreements, mortgages, deeds of ·trust, security deeds, collat8ral mortgages, and all other instruments,
a¡¡reements and documents. whether now or hereafter existing, executed in connectionwitll the Intlebteclness.
Rents. The word "Rents" means all present and future rents, revenues, income. issues, royalties. profits, and other benefits c erived from
the Property.
GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS MORTG¡\GE, AND GRANTOR AGREES TO ITS TERMS.
GRANTOR:
MEADOWLARK CONS!..Rt¿CTION LLC
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Authorized Signer.... for MEADOWLARKg
CONSTRUCTION LlC
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Loan No: 761001053
MORTGAGE
(Continued)
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Page 6
------
LlIVIITED LIABILITY COIVIPANY ACI<NOWLEDGIVIENT
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COUNTY OF ,\,"{i,!..,.. STAlE OF
LINCOLN ~Jt!lJ. WYOI.·1ING
MY ''''",18S>O" E.!!.~2:~"~"-~,~~J
-----------------........-....
S TA TE OF. ,~-----WYOMING-n----_
COUNTY OF _____1incol!!.,_______
On this ------28th.~___ day of --November_________, 20 -05-__, before me, the undersigned ~Jotary Public, personally
a i'pe a,ed Me a dowl-ark--Hon-s-tTuc ti:on--L-f£----Rex--A-;--Doo-rnhos--~-,-
"'ILi-k~~io;:;;;tob~-(a~1~;l1ber( s)õ--'-¡ie;;¡[jnatE:c -J'gent (5) õT1ïlei¡;:;;¡ led Ii" lJi¡itY-CO;:;1[;-d'nythut' ,;Xëc uted~the Mor'igage and ac kno wle-éJg8,Jvle
Mortgage to be the free åm voluntary act and deed 01 the limited li¿dJi1ity company, by authority of statute, its articles of organization or its
olHerating agreement, for the uses and purposes therein mentioned. ¿,nd on oath stated tllitt he or she/they is/,,,,, authorized to execute this
Murtgage"ând n fact executed the brtgage on behalf of the limited lIability company.
Residin¡¡ at
T i nco1,n__Count¥--
By
NutD'Y PUb,iC62 for t
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State of_Y¥OIDing
My commission expires,-------SepœmbeT_l~--20üL---
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