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HomeMy WebLinkAbout915943 ~i~:~:!:::~:~;~Effi I: ·:;~~b:~:!.:t:.~,) >::";;¡:~i~f~;I~f~ .""".".."",,,..,;"t 5 '''''I'''r' ~, c: .... U \} J.. ;) RECORDATION REQUESTED BY: The Jackson State Bank & Trust West Office P.O. Box 1788 50 Buffalo Way Jackson, WY 83001 \ ,', ,:,.-". WHEN RECORDED MAIL TO: The Jackson State Bank & Trust West Office P.O. Box 1788 50 Buffalo Way Jackson, WY 83001 RECEIVED 2/13/2006 at 11 :37 AM RECEIVING # 915943 BOOK: 612 PAGE: 155 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY ~":1~~'.. -1:::~; .í<~';..: 'i,; _ ."'1' A {,' ." SEND TAX NOTICES TO: The Jackson State Bank & Trust West Office P.O. Box 1788 50 Buffalo Way Jackson, WY 83001 SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY MORTGAGE MAXIMUM LIEN. The lien of this Mortgage shall not exceed at anyone time $700,000.00. THIS MORTGAGE dated January 27, 2006, is made and executed between Double L Ranch #3 LLC, a Wyoming limited liability company, whose address is clo Marianne Schmitt Hellauer, 6225 Smith Avenue, Baltimore, MD 21209 (referred to below as "Grantor") and The Jackson State Bank & Trust, whose address is P.O. Box 1788, 50 Buffalo Way, Jackson, WY 83001 (referred to below as "Lender"). GRANT OF MORTGAGE. For valuable consideration, Grantor mortgages and conveys to Lender all of Grantor's right, litle, and interest in and to the following described real property, together with all existing or subsequenlly erected or affixed buildings, improvements and fixtures; all easements, rights of way, and appurtenances; all water, water rights, watercourses and ditch rights (Including stock in utilities with ditch or irrigation rights); and all other rights, royalties, and profits relating to the real property, Includi~!l without limitation all minerals, oil, gas, geothermal and similar matters, (the "Real Property") located in Lincoln County, State of Wyoming: See Exhibit "A", which is attached to this Mortgage and made a part of this Mortgage as if fully set forth herein. The Real Property or its address is commonly known as 6800 State Line Rd., Freedom, WY 83120. REVOLVING LINE OF CREDIT. This Mortgage secures the Indebtedness Including, without limitation, a revolving line of credit, which obligates lender to make advances to Borrower so long as Borrower complies with all the terms of the Credit Agreement. Such advances may be made, repaid, and remade from time to time, subject to the limitation that the total outstanding balance owing at anyone time, not Including finance charges on such balance at a fixed or variable rate or sum as provided In the Credit Agreement, any temporary overages, other charges, and any amounts expended or advanced as provided In either the Indebtedness paragraph or this paragraph, shall not exceed / the Credit Limit as provided In the Credit Agreement. It Is the Intention of Grantor and Lender that this Mortgage secures the balance outstanding under the Credit Agreement from time to time from zero up to the Credit Limit as provided In the Credit Agreement and any Intermediate balance. Grantor presenlly assigns to Lender all of Grantor's right, tille, and interest in and to all present and future leases of the Property and all Rents from the Property, In addition, Grantor grants to Lender a Uniform Commercial Code security Interest in the Personal Property and Rents. THIS MORTGAGE, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY, IS GIVEN TO SECURE (A) PAYMENT OF THE INDEBTEDNESS AND (B) PERFORMANCE OF EACH OF GRANTOR'S AGREEMENTS AND OBLIGATIONS UNDER THE CREDIT AGREEMENT, THE RELATED DOCUMENTS, AND THIS MORTGAGE. THIS MORTGAGE IS GIVEN AND ACCEPTED ON THE FOllOWING TERMS: GRANTOR'S WAIVERS. Grantor waives all rights or defenses arising by reason of any "one actionM or "anti-deficiency" law, or any other law which may prevent Lender from bringing any action against Grantor, including a claim for deficiency to the extent Lender is otherwise entitled to a claim for dellciency, before or after Lender's commencement or completion of any foreclosure action, either Judicially or by exercise of a power of sale. GRANTOR'S REPRESENTATIONS AND WARRANTIES. Grantor warrants that: (a) this Mortgage is executed at Borrower's request and not at the request of Lender; (b) Grantor has the full power, right, and authority to enter into this Mortgage and to hypothecate the Property; (c) the provisions of this Mortgage do not conflict with, or result in a default under any agreement or other instrument binding upon Grantor and do not result in a violation of any law, regulation, court decree or order applicable to Grantor; (d) Grantor has established adequate means of obtaining from Borrower on a continuing basis information about Borrower's financial condition; and (e) Lender has made no representation to Grantor about Borrower (including wllhoutlimitation the creditworthiness of Borrower). PAYMENT AND PERFORMANCE. Except as otherwise provided In this Mortgage, Borrower and Grantor shall pay to Lender all Indebtedness secured by this Mortgage as it becomes due, and Borrower and Grantor shall striclly perform all Borrower's and Grantor's obligations under this Mortgage. POSSESSION AND MAINTENANCE OF THE PROPERTY. Borrower and Grantor agree that Borrower's and Grantor's possession and use of the Property shall be governed by the following provisions: Possession and Use. Unlilthe occurrence of an Event of Default, Grantor may (1) remain in possession and control of the Properly; (2) use, operate or manage the Property; and (3) collect the Rents from the Property. Duty to Maintain. Grantor shall maintain the Property in tenantable condition and promplly perform all repairs, replacements, and maintenance necessary to preserve its value. Compliance With Environmental Laws. Grantor represents and warrants (0 Lender that: (1) During the period of Grantor's ownership of the Property, there has been no use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous Substance by any person on, under, about or from the Property; (2) Grantor has no knowledge of, or reason to believe that there has been, except as previously disclosed to and acknowledged by Lender In writing, (a) any breach or violation of any Environmental Laws, (b) any use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous Substance on, under, about or from the Property by any prior owners or occupants of the Property, or (c) any ?ctual or threatened litigation or claims of any kind by any person relating to such mailers; and (3) Except as previously disclosed to and acknowledged by Lender In writing, (a) neither Grantor nor any tenant, contractor, agent or other authorized user of the Property shall use, generate, manufacture, store, treat, dispose of or release any Hazardous Substance on, under, about or from the Property; and (b) any such activity shall be conducted in compliance with all applicable federal, state, and local laws, regulations and ordinances, including without limitation all Environmental Laws, Grantor authorizes Lender and its agents to enler upon the Property to make such inspections and tests, at Grantor's expense, as Lender may deem appropriate to determine compliance of the Property with this section of the Mortgage. Any Inspections or tests made by Lender shall be for Lender's purposes only and shall nol be construed to create any responsibility or liability on the part of Lender to Grantor or to any other person. The representations and warranties contained herein are based on Grantor's due diligence In Investigating the Property for Hazardous Substances. Grantor hereby (1) releases and waives any future claims against Lender for indemnity or contribution in the event Grantor becomes liable for cleanup or other costs under any such laws; and (2) agrees to indemnify and hold harmless Lender against any and all claims, losses, liabilities, damages, penalties, and expenses' which Lender may dlreclly or Indireclly sustain or suffer resulting from a breach of this section of the Mortgage or as a consequence of any use, generation, manufacture, storage, disposal, release or threatened release occurring prior to Grantor's ownership or Interest in the Property, whether or not the same was or should have been known to Grantor. The provisions of this section of the Mortgage. Including the obligation to Indemnify, shall survive the payment of the Indebtedness and the satisfaction and reconveyance of the lien of this Mortgage and shall not be affected by Lender's acquisition of any Interest in the Property, whether by foreclosure or otherwise. '~" /, .. Loan No: 40000275 ,0. c" "1 IC" 'q It, :'":t UJ¿~,y'-tfl~"-/ MORTGAGE (Continued) C00156 Page 2 Nulsance,W~sie~ ~råntôr shall. notdcause, çonduct.orpermit any nuisance nor, cpmmit, perm!t, or suffer, anystripping of qr wastE! qn or to the Properly or anY,porlion of the Prqperly, Without limiting ,the generality of the for¡;¡going"Grantor'iNillnòtremove, or grant to any other party the right to remove, any timber, minerals (including oil and gas), coal, clay, scoria, soil, gravel or rock products without Lender's prior written consent. Removal òf Improvements~ Grantor shall not demolish or remove any Improvements from the Real Properly without Lender's prior written consent. As a condition to the removal of any Improvements, Lender may require Grantor to make arrangements satisfactory to Lender to replace such Improvements with Improvements of at least equal value. Lender's Right to Enter. Lender and Lender's agents and representatives may enter upon the Real Properly at all reasonable times to attend to Lender's interests and to inspect the Real Properly for purposes of Grantor's compliance with the terms and conditions of this Mortgage, Compliance with Governmental Requirements. Grantor shall promplly comply with all laws, ordinances, and regulations, now or hereafter in effect, of all governmental authorities applicable to the use or occupancy of the Properly, including without limitation, the Americans' With Disabilities Act. Grantor may contest in good faith any such law, ordinance, or regulation and withhold compliance during any proceeding, including appropriate appeals, so long as Grantor has notified Lender in writing prior to doing so and so long as, in Lender's sole opinion, Lender's Interests in the Properly are not jeopardized, Lender may require Grantor to post adequate security or a surety bond, reasonably satisfactory to Lender, to protect Lender's interest. I Duty to Protect. Grantor agrees neither to abandon or leave unattended the Properly. Grantor shall do all other acts, in addition to those acts set forlh above in this section, which from the character and use of the Property are reasonably necessary to protect and preserve the Property. DUE ON SALE - CONSENT BY LENDER. Lender may, at Lender's option, declare immediately due and payable all sums secured by this Mortgage upon the sale or transfer, without Lender's prior written consent, of all or any part of the Real Properly, or any Interest In the Real Property. A "sale or transfer" means the conveyance of Real Properly or any right, tille or interest In the Real Property; whether legal, beneficial or equitable; whether voluntary or involuntary; whether by outright sale, deed, installment sale contract, land contract, contract for deed, leasehold interest with a term greater than three (3) years, lease-option contract, or by sale, assignment, or transfer of any beneficial interest in or to any land trust holding tille to the Real Property, or by any other method of conveyance of an interest in the Real Property, If any Grantor is a corporation, partnership or limited liability company, transfer also Includes any change in ownership of more than twenty-five percent (25%) of the voting stock, partnership interests or limited liability company interests, as the case may, be, of such Grantor. However, this option shall not be exercised by Lender if such exercise is prohibited by federal law or by Wyoming law. " ' , , . TAXES AND LIENS. The following provisions relating to the taxes and liens on the Properly are pari olttíis Morlgage: Payment. Grantor shall pay when due (and in all events prior to delinquency) all taxes, payroll taxes, special taxes, assessments, water charges and sewer service charges levied against or' on account '01 the Property, and shall' pay whe'n dUe' all claims for work done on or for services rendered or material furnished to the Property. Grantor shall maintain the Properly free of any liens having priority over or equal to the interest of Lender under this Mortgage, except for the Existing Indebtedness referred to in this Morlgage or those liens specifically agreed to in writing by Lender, and except for the lien of taxes and assessments not due as further specified in the Right to Contest paragraph. Right to Contest. Grantor may withhold payment of any tax, assessment, or claim in connection with a good faith dispute over the obligation to pay, so long as Lender's interest in the Properly is not jeopardized. If a lien arises or is filed as a result of nonpayment, Grantor shall within fifteen (1,5) days after the lien arises or, if a lien is filed, within fifteen (15) days after Grantor has notice oftheming, secure the discharge of the lien, or If requested by Lender, deposit with Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender in an amount sufficient to discharge the lien plus any costs and reasonable attorneys' fees, or other charges that could accrue as a result of a foreclosure or sale under the lien. In any contest, Grantor shall defend itself and Lender and shall 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 payment of the taxes or assessments and shall authorize the appropriate governmental official to deliver to Lender at any time a written statement of the taxes and assessments against the Properly, . - Notice of Construction. Grantor shall notify Lender at least fifteen (15) days before any work is commenced, any services are furnished, or any materials are supplied to the Properly, if any mechanic's lien, materialmen's lien, or other lien could be asserled on account of the work, services, or materials. Grantor will upon request of Lender furnish to Lender advance assurances satisfactory to Lender that Grantor can and will pay the cost of such improvements. PROPERTY DAMAGE INSURANCE. The following provisions relating to insuring the Properly are a pari of this Mortgage: Maintenance of Insurance. Grantor shall procure and maintain policies of fire insurance with standard extended coverage endorsements on a replacement basis for the full insurable value covering all Improvements on the Real Properly in an amount sufficient to avoid application of any coinsurance clause, and with a standard morlgagee clause in favor of Lender, Policies shall be written by such insurance 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 ten (10) days' prior written notice to Lender and nol containing any disclaimer of the insurer's liability for failure to give such notice. Each insurance policy also shall include an endorsement providing thai 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 specialllood hazard area, Grantor agrees to obtain and maintain Federal Flood Insurance, if available, for the maximum amount of your credit line and the full unpaid principal balance of any prior liens on the properly securing the loan, up to the maximum policy limits set under the National Flood Insurance'Program, Or as otherwise required by Lender, and to ,maintain such insurance for the term of the loan, Application of Proceeds. Grantor shall promptly notify Lender of any loss or damage to the Property if the estimated cost of repair or replacement exceeds $$1,000.00. Lender may make proof of loss if Grantor fails to do so within fifteen (15) days of the casualty. Whether or not Lender's security is impaired, Lender may, at Lender's election, receive and retain the proceeds of any insurance and apply the proceeds to the reduction of the Indebtedness, payment of any lien affecting the Properly, or the restoration and repair of the Properly. If Lender elects to apply the proceeds to restoration and repair, Grantor shall repair or replace the damaged or destroyed Improvements in a manner satisfactory to Lender. Lender shall, upon satisfactory proof of such expenditure, payor reimburse Grantor from the proceeds for the reasonable cost of repair or restoration If Grantor is not in default under this Mortgage, Any proceeds which have not been disbursed within 180 days after their receipt and which Lender has not committed to the repair or restoration of the Properly shall be used first to pay any amount owing to Lender under this Mortgage, then to pay accrued interest, and the remainder, if any, shall be applied to the principal balance of the Indebtedness. II Lender holds any proceeds after payment in full of the Indebtedness, such proceeds shall be paid to Grantor as Grantor's interests may appear. Compliance with Existing Indebtedness. During the period in which any Existing Indebtedness described below is in effect, compliance with the insurance provisions contained in the in'strument evidencing such Existrnglndebteaness shá1rcons1itÛte complìancè with the insuranéé provisÎoñs under this Morlgage, to the extent compliance with the terms of this Mortgage would constitute a duplication of insurance requirement. If any proceeds from the insurance become payable on loss, the provisions in this MOrlgage for division of proceeds shall apply only to that porlion of the proceeds not payable to the holder of the Existing Indebtedness. Grantor's Report on Insurance. Upon request of Lender, however not more than once a year, Grantor shall furnish to Lender a reporl on each existing policy of Insurance showing: (1) the name of the Insurer; (2) the risks insured; (3) the amount of the policy; (4) the property insured, the then current replacement value of such property, and the manner of determining that value; and (5) the expiration date of the policy. Grantor shall, upon request of Lender, have an independent appraiser satisfactory to Lender determine the cash value replacement cost of the Property. LENDER'S EXPENDITURES. II any action or proceeding is commenced that would materially affect Lender's interest in the Property or if Grantor fails to comply with any provision of this MOrlgage or any Related Documents, including but not limited to Grantor's failure to comply with any obligation to maintain Existing Indebtedness in good standing as required below, or to discharge or pay when due any amounts Grantor is required to discharge or pay under this Morlgage or any Related Documents, Lender on Grantor's behalf may (but shall nol be obligated to) take any action that Lender deems appropriate, including but not limited to çischarging or paying all taxes, liens, security interests, encumbrances and other claims, at anytime levied or placed on the Properly8ndpayingall costs for insuring, maintaining and preserving the Property. All such expenditures incurred or paid by Lender for such purposes willthénbe~{interest at the rat,e charged under the Credit Agreement from the date incurred or paid by Lender to the d~te of repayment by Grantor. AJlsuch expenses will become a pari of the Indebtedness and, at Lender~s option, will (A) be payable on demand; (B) be added to the balance of the Credit Agreemenf and be apportioned among and be payable with any installment payments to become due during either (1) ,the term of any applicable insurance policy; or (2) the remaining term of the Credit Agreement; or (C) be treated as a balloon payment which will be due and payable at the Credit Agreement's maturity, The 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 Default. W ARRANTY¡ DEFENSE OF TITLE. The following provisions relating to ownership of the Properly are a pari of this Morlgage: ~illt;~~1;?';:;~1 m:l:;~;::::';:::;~;:::\ !,;!¡!¡'i ~. .I,'.II~-' '. :r.¡ !t......',.I . .,' ,# ·~t Loan No: 40000275 I'~ "'(" IC'" .{J¡, l't ~ \!J"':; .J. ~ J....~ ::~%iliimV MORTGAGE (Continued) rt'r" 7 '.' '...1...' J. Page 3 Tille. Grantor warrants that: (a) Grantor holds good and marketable title of record to the Property In fee simple, free and clear of all liens and encumbrances other than those set forth in the Real Property description or In the Existing Indebtedness ,section below or in any tille .insurance policy, tille report, or finaltille opinion Issued in favor of, and accepted by, Lender In connection with this Mortgage, and (b) Grantor has the full right, power, and authority to execute and deliver this Mortgage to Lender, .'.. Defense of Tille. Subject to the exception In the paragraph above, Grantor warr¡Întsand will forever 'defend the tilletothe Property against the lawful claims of all persons. In theavent any action or proceeding is commenced that questions Granlor's:'tilleor the, Interest of Lender under this Mortgage, (3rantor shall defend thea,ction afGrantor's expense. Grantor may be the nominal party In such proceeding, but Lender shall be entilled to participate ,in the proceeding anqJp be¡reprE!sented in the proceeding by c.ounselpf Lender~sown choice,and Grantor, will deliver, or cause to be delivered, to Lender such in~truments as Lender may request from time to time to permit such participation. Compliance With Laws. Grantor warrants that the Property and Grantor's use of 'the Property complies with all existing applicable raws, ordinances, and regulations of government~1 authorities. . . , . . ' Survival of Representations and Wàrrantles, All representations, warranties, and agreements made by Grantor in this Mortgage shall survive the execution and delivery of this Mortgage, shall be continuing in nature, and shall remain in full force and effect until such time as Borrower's Indebtedness shall be paid in full; EXISTING INDEBTEDNESS. The following provisions concerning Existing Indebtedness are a part of this Mortgage: ExIsting Lien, The lien of this Mortgage securing the Indebtedness may be secondary and inferior to an existing lien. Grantor expressly covenants and agrees to pay, or see to the payment of, the Existing Indebtedness and to prevent any default on such Indebtedness, any default under the instruments evidencing such indebtedness, or any default under any security documents for such indebtedness. No Modification. Grantor shall not enter into any agreement with the holder of any mortgage, deed of trLJst, or other security agreement which has priority over this Mortgage by which that agreement is modified, amended, extended, or renewed without the prior wrillen consent of Lender. Grantor shall neither request nor accept any future advances under any such security agreement without the prior written consent of Lender. CONDEMNATION. The following provisions relating to condemnation proceedings are a part of this Mortgage: Proceedings. If any proceeding in condemnation is filed, Grantor shall promplly notify Lender in writing, and Grantor shall promplly take such steps as may be necessary to defend the action and obtain the award, Grantor may be the nominal party in such proceeding, but Lender shall be entitled to participate in the proceeding and to be represented in the proceeding by counsel of its own choice, and Grantor will deliver or cause to be delivered to Lender such instruments and documentation as may be requested by Lender from time to time to permit such participation, Application of Net Proceeds. If all or any part of the Property is condemned by eminent domain proceedings or by any proceeding or purchase In lieu of condemnation, Lender may at lis election require that all or any portion of the net proceeds of the award be applied to the Indebtedness or the repair or restoration of the property, The net proceeds of the award shall mean the award after payment of all reasonable costs, expenses, and attorneys'fees incurred by Le.nd,e~ i~ c~nnection wllh the condemnation, IMPOSITION OF TAXES; FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relating to governmentaltaxes,fees and charges are a part of this Mortgage: ,. ". _ ", ".'," ,.,' . : ". ,:- '.' ~ ,:, ' , ,'" , .', "::. : ': _ : ',: , ", ':, . ' I: '. ".. " i".. _, , " ....-' " ' , '. " , ,,::1 .-' : . ,,; , ' ~. Current Taxes. Fees and, Charges. Upon request, by Lender, Grantor shall execute such documents, in addition to this Mortgage and take whatever other action Is reqùested by Lender to perfect and continue Lender's lien on the Real Property:, Grantor shall reimburse Lender for all taxes, as described below, tog ather with all expenses incurred in recording, perfecting or continuing this Mortgage, including without limitation all taxes, fees, documentary stamps, and other charges for recording or registering this Mortgage.' , Taxes. The following shall constitute taxes to which this section applies: (1) a specific tax upon this type of Mortgage or upon all or any part of the Indebtedness secured by this Mortgage; (2) a specific tax on Borrower which Borrower is authorized or required to deduct from payments on the Indebtedness secured by this type of Mortgage; (3) a tax on this type of Mortgage chargeable against the Lender or the holder of the Credit Agreement; and (4) a specific tax on all or any portion of the Indebtedness or on payments of principal and Interest made by Borrower, Subsequent Taxes. If any tax to which this section applies Is enacted subsequent to the date of this Mortgage, this event shall have the same effect as an Event of Default, and Lender may exercise any or all of lis available remedies for an Event of Default as provided below unless Grantor either (1) pays the tax before II becomes delinquent, or (2) contests the tax as provided above in th~ Taxes and Liens section and deposits with Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender. SECURITY AGREEMENT¡ FINANCING STATEMENTS. The following provisions relating to this Mortgage as a security agreement are a part of this Mortgage: Security Agreement. This instrument shall constitute a Security Agreement to the extent any of the Property constitutes fixtures, and Lender shall have all of the rights of a secured party under the Uniform Commercial Code as amended from time to time. Security Interest. Upon request by Lender, Grantor shall take whatever action is requested by Lender to perfee! and continue Lender's security interest in the Rents and Personal Property, In addition to recording this Mortgage in the real property records, Lender may, at any time and without further authorization from Grantor, file executed counterparts, copies or reproductions of this Mortgage as a financing statement. Grantor shall reimburse Lender for all expenses incurred in perfecting or continuing this security Interest. Upon default, Grantor shall not remove, sever or detach the Personal Property from the Property. Upon default, Grantor shall assemble any Personal Property not affixed to the Property in a manner and at a place reasonably convenient to Grantor and Lender and make It available to Lender within three (3) days after receipt of written demand from Lender to the extent permitted by applicable law. Addresses. The mailing addresses of, Grantor (debtor) and Lender (secured party) from which Information concerning the security interest granted by this Mortgage may be obtained (each as required by the Uniform Commercial Code) are as stated on the first page of this Mortgage. FURTHER ASSURANCES;' A TTORNÊÝ-IN;,;FACT.· The followlngþrovisions relating' to 'fùrthe'râssuràrices á'nd ,àllorney':"in-fåct 'area' part' oì 'this Mortgage: .'" ,¡. '. ""'. d'" .',', '. .' " . ',." " ,.' ",' ' , " .. " . Further Assurances. At anytime'; and frorti'ìime iotlnìê,upón request of Lende¡'~ Grantor :y.¡iI/' make, execute and deliver, or will cause to be made, executed or delivered, to Lender or to Lender's designee, and when requested by Lender, cause to be filed, recorded, refiled, or rerecorded, as the 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, instruments of further assurance, certificates, 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) Borrower's and Grantor's obligations under the Credit Agreement, this Mortgage, and the Related Documents, and (2) the liens and security interests created by this Mortgage on the Property, whether now owned or hereafter acquired by Grantor. Unless prohibited by law or Lender agrees to the contrary in writing, Grantor shall reimburse Lender for all costs and expenses incurred In connection with the matters referred to In this paragraph. Attorney-In-Fact. If Grantor falls to do any of the things referred to in the preceding paragraph, Lender may do so for and in the name of Grantor and at Grantor's expense. For such purposes, Grantor hereby irrevocably appoints Lender as Grantor's attorney-In-fact for the purpose of making, executing, delivering, filing, recording, and doing all other things as may be necessary or desirable, in Lender's sole opinion, to accomplish the ":1!"-tters referred to in the preceding paragraph. FULL PERFORMANCE. If Borrower and Grantor pay all the Indebtedness when due, terminates the credit line account, and Grantor otherwise performs all the obligations imposed upon Grantor under this Mortgage, Lender shall execute and deliver to Grantor a suitable satisfaction of this Mortgage and suitable statements of termination of any financing statement on file evidencing Lender's security interest in the Rents and the Personal Property. Grantor will pay, if permitted by applicable law, any reasonable termination fee as determined by Lender from time to time. EVENTS OF DEFAULT. Grantor will be in default under this Mortgage if any of the following happen: (A) Grantor commits fraud or makes a material misrepresentation at any time in connection with the Credit Agreement. This can include, for example, a false statement about Borrower's or Grantor's income, assets, liabilities, or any other aspects of Borrower's or Grantor's financial condition, (B) Borrower does not meet the repayment terms of the Credit Agreement. (C) Grantor's aq!ion or ina,q~Jqfl adversely affects the collateral or Lender's rigþts in the collateral. This can include, for example, failure to maintain required insurance, waste or destructive use of the dwelling, failure to pay taxes, death of all persons liable on the account, transfer of tille or sale of the dwelling, creation ofa senior lien on the dwelling without Lender's permission, foreclosure by the holder of another lien, or the use of funds orïhe dwelling for prohibited purposes; , ' .. .. " . . , ' , .' . . ,', -. "" ~" '., , : -. ;:": :. " ',' . ,.' , .,.. ". ";;" ' , - , ; ',";, ","" , RIGHTS ANPRe:MEDIES, ON DEFAU~T~ ,Upon ,theoqQurren~e. of ,an EVE!nl..o! Default and átan,ý)ime thereafter but subjecttç¡ any limitatiqn¡ ¡nthe Credit Agreèinentor any límitation inthlsMortgag~,Lender;atl,.ender's option".mayexeCQise.any, one or more of the following rights and remedies., ill addition to anY'other' rights 'or'remedies' provided by law:' ' :,' ,,' ' ,,' ' '. , , ,. " -' . ',,:",' '. ..' .,i) () ::~:'~. Loan No: 40000275 ~J' :t; ..:. 'c-' <{ . (Î or', , 0,-,-,-,<J;~-yoJ MORTGAGE (Continued) COOi58 Page 4 Accelerate' Indebtedness. Lender shall have the right at Its option without notice to Grantor to declare the entire Indebtedness Immediately due and payable, including any prepayment penalty which Grantor would be required to pay. UCC Remedies. With respect to all or any part of the Personal Property, Lender shall have all the rights and remedies of a secured party under the Uniform Commercial Code, Collect Rents. Lender shall have the right, without notice to Borrower or Grantor, to take possession of the Property, including during the pendency of foreclosure, whether judicial or non-judicial, and collect the Rents, including amounts past due and unpaid, and apply the net proceeds, over and above Lender's costs, against the Indebtedness, In furtherance of this right, Lender may require any (enant or other user of the Property to make payments of rent or use fees directiy to Lender, If the Rents are collected by Lender, then Grantor irrevocably designates Lender as Grantor's attorney-in-fact to endorse Instruments received in payment thereof in the name of Grantor and to nego(íale the same and collect the proceeds. Payments by tenants or other users to Lender in response to Lender's demand shall salisfy the obligations for which the payments are made, whether or not any proper grounds for the demand existed, Lender may exercise its rights 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 the Properly prec:eding foreclosure or sale, and to collactthe Rents from the Property and apply the proceeds, over and above the cost of the receivership, against the Indebtedness. The receiver may serve without bond if permilled 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 a substantial amount. Employment by Lender shall not 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 of the Property, NonJudlctal Sale. Lender may foreclose Grantor's Interest in all or In any part of the Property by non-judicial sale, and specifically by "power of sale" or "advertisement and sale" foreclosure as provided by statute, Deflctency Judgment. If permitted by applicable law, Lender may obtain a jUdgment for any deficiency remaining in the Indebtedness due to Lender after application of all amounts received from the exercise of the rights provided in this section, Tenancy 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 of Grantor, Grantor shall become a tenant at sufferance of Lender or the purchaser of the Property and shall, at Lender's option, either (1) pay a reasonable rental for the use of the Property, or (2) vacate the Property immediately upon the demand of Lender, . . . Other Remedlðs.' Lender'shall have all, other rights and remedies provided in this Mortgage or the 'Credit Agreement or available at law or in ~~ J Sale of the Property. To the extent pèrinitted by applicable law, Borrower and Grantor hereby waive any and all righfto have the Property marshalled, In exercising its rights and remedies, Lender shall be free to sell all or any part of the Property together or separately, in one sale or by separate sales, Lender shall be entitled to bid at any public sale on all or any portion of the Properly. Notice of Sale. Lender shall give Grantor reasonable notice of the lime and place of any public sale of the Personal Property or of the lime after which any private sale or other intended disposition of the Personal Property is to be made. Reasonable notice shall mean notice given at least ten (10) days before the time of the sale or disposition. Any sale of the Personal Property may be made in 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, and an election to make expenditures or to take action to perform an obligation of Grantor under this Mortgage, after Grantor's failure to perform, shall not affect Lender's right to declare a default and exercise its remedies. Nothing under this Mortgage or otherwise shall be construed so as to limit or restrict the rights and remedies available to Lender following an Event of Default, or in any way to limit or restrict the rights and ability of Lender to proceed direclly against Grantor and/or Borrower and/or against any other co-malŒr, guarantor, suratyor endorser and/pr to proceed against any other collateral direclly or indireclly 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 entilJed to recover such sum as the court may adjudge reasonable as attorneys' fees at trial and upon any appeal. Whether or not any court action is involved, and to the extent not prohibited by law, all reasonable expenses Lender incurs that in Lender's opinion are necessary at any time for the protection of its interest or the enforcement of its rights shall become a part of the Indebtedness payable on demand and shall bear interest at the Credit Agreement rate from the date of the expenditure until repaid. Expenses covered by this paragraph Include, without limitation, however subject to any limits under applicable law, Lender's reasonable allorneys' fees and Lender's legal expenses whether or not there is a lawsuit, including reasonable attorneys' fees after default and referral to an allorney not Lender's' salaried employee and expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), appeals, and any anticipated post-judgment collection services, the cost of searching records, obtaining tille reports (including foreclosure reports), surveyors' reports, and appraisal fees and tille insurance, 10 the extent per milled by applicable law. Grantor also will pay any court costs, in addition to all other sums provided by law, NOTICES. Any notice required to be given under this Mortgage, including wilhoutlimitation any notice of default and any notice of sale shall be given in writing, and shall be effective ,when actually delivered, when actually received by telefacsim,ile (unless othef}'olise required by law), when deposited with a nationally recognized overnight courier, or, if 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 this Mortgage. All copies of notices of foreclosure from the holder of any lien which has priority over this Mortgàge 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 formal wrillen notice to the other parties, specifying that the, purpose of the notice is to change the party's address, 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 more than one Grantor, any notice given by Lender to any Grantor is deemed to be notice given to all Grantors. MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Mortgage: Amendments. This Mortgage,together with any Related Documents, constitutes the entire understanding and agreement of the parties as to the matters set forth in this Mortgage. No alteration of or amendment to this Mortgage shall be effective unless given in writing and signed by the party or parties sought to be charged or bound by the alteration or amendment. Annual Reports. If the Property is used for purposes other than Grantor's residence, Grantor shall furnish 10 Lender, upon request, a certified statement of net operating income received from the Property during Grantor's previous fiscal year in such form and detail as Lender shall require, "Net operating incomeM shall mean all cash receipts from the Property less all cash expenditures made in connection with the operation of the Properly. _' '. _ ' ._. Caption Headings, Caption headings in this Mortgage are for convenience purposes only and are not to be used to interpret or define the provisions of this Mortgage, Governing Law. This Mortgage will be governed by federal law applicable to Lender and. to the extent not preempted by federal law, the laws of the State of Wyoming without regard to lis conflicts of law provisions. This Mortgage has been accepted by Lender In the Slate of Wyoming. Choice of Venue. If there is a lawsuit, Grantor agrees upon Lender's request to submit to the jurisdiction of the courts of Teton County, State of Wyoming, Joint and Several LIability. All obligations of Borrower and Grantor under this Mortgage shall be joint and several, and all references to Grantor shall mean each and every Grantor, and all references to Borrower shall mean each and every Borrower. This means that each Borrower and Grantor signing below is responsible .for all obtigations in this Mortgage. Where anyone or more of the parties is a corporation, partnership, limited, liability company or sirnil¡¡r" !3nlily, i! is not, necessary for Lender to inquire into the powers of any of the officers, directors, partners, members, or other agents acting or purporting to act on the entity's behalf, and any obligations made or created in reliance upon the professed exercise of such powers shall be guaranteed under this Mortgage. No Waiver by Lender. Le~der shall n~tbe'deerned tò' have walliÊ!dany righfsuÌ1dëritils'Mortgage'un(~sssuch waiver Is given inwrltirigand signed by Lender. No delay or omission on the part o/Lender in exercising any 'right shall operate as a waiver of such right or any other right. A waiver by Lender of a provision of this Mortgage shall not prejudice Or constitute a waiver of Lender's right otherwise to demand strict compliance with that provision or any other provision of this Mortgage. No prior waiver 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. Whenever the consent of Lender is required under this Mortgage, the granting of such consent by Lender in any instance shall not constitute continuing consent 10 subsequent instances where such consent is required and in all cases such consent may be granted or withheld in the sole discrelion of Lender. ~mj¡l~~¡lli¡mm~m Ifè.i(~\4" p.:"-u4~) ..Ý_' -~~ 0Î \.J ~ml. MORTGAGE (Continued) CGOi58' Loan No: 40000275 Page 5 Severability. If a court of competent jurisdiction finds any provision of (his Mortgage to be illegal, invalid, or unenforceable as to any circumstance, that finding shall not make the offending provision illegal, invalid, or unenforceable as to any other circumstance, If feasible, the offending provision shall be considered modified so that II becomes legal, valid and enforceable. If the offending provision cannot be so modified, it shall be considered deleted from this Mortgage, Unless otherwise required by law, the Illegality, invalidity, or unenforceabilityof any provision of this Mortgage ~hall not affect the legality, validity or ,enforceability of any other provision of this Mortgage" ," , " , ; ,,' "." " Merger. There shall be no merger of the Interest or estáte Created by this Mortgage with àny òiher inleresrore'state in the prö¡:;éd{al ariytirrie held by or fo(thè benefit of Lender In any ca:pacity, wilhoutthewrillen consent of Lender. , ' l' i _' . ,. ".. ¡ /. ", . ,/'-" .' \ .;- ~ " : :", _' " ,... '. ''', :,' '_:, :,',- _, .~ " ' . Successors and Assigns. Subject 10 any limitations staled In this Mortgage on transfer ofGra~tor's Interest, this Mortgåge~tíall be bíndingupon and Inure ,to the benefit of the parties, their successors and assigns. If ownership of the Properly becomes vested in a person other than Grantor; , Lender, without notice to Grantor, may deal wllh Grantor's successors with reference to this 'Mortgage and the Indebtedness by way of forbearance or extension without releasing Grantor from the obligations of this Mortgage or liability under the Indebtedness. Time Is of the Essence. Time is of the essence in the performance of this Mortgage, Waiver of Homestead Exemption. Grantor hereby releases and waives all rights and benefits of the homestead exemption laws of the State of Wyoming as to all Indebtedness secured by this Mortgage, DEFINITIONS. The following capitalized words and terms shall have the following meanings when used in this Mortgage, Unless specifically stated to the contrary, all references to dollar amounts shall mean amounts in lawful money of the United States of America, Words and terms used in the singular shall include the plural, and the plural shall include the singular, as the context may require. Words and terms not otherwise defined in this Mortgage shall have the meanings allributed to such terms in the Uniform Commercial Code: Borrower. The word "Borrower" means Lance Mortensen, Lori Mortensen and The 2000 Mortensen Family Resource Trust UtA DTD 9/15/2000 and includes all co-signers and co-makers signing the Credit Agreement and all their successors and assigns. Credit Agreement. The words "Credit Agreement" mean the credit agreement dated January 27, 2006, with credit limit of $700,000.00 from Borrower to Lender, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and substitutions for the promissory note or agreement. NOTICE TO GRANTOR: THE CREDIT AGREEMENT CONTAINS A VARIABLE INTEREST RATE. Default. The word "Default" means the Defaull set forth in this Mortgage In the section titled MDefault". Environmental Laws. The words "Environmental LawsM mean any and all state, federal and local statutes, regulations and ordinances relating to the protection of human health or the environment, including withoutlimilation the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended, 42 U,S..C, Section 9601, et seq, ("CERCLA"), the Superfund Amendments and Reauthorization Act of 1986, Pub, L. No. 99-499 ("SARA"), the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, et seq" the Resource Conservation and Recovery Act, 42 U,S.C. Section 6901, et seq.. or ()ther applicable state or federal laws, rules, or regulations adopted pursuant thereto. Event of Default. The words "Event of Default" mean any of the events of default set forth in this Mortgage in the events of default section of this Mortgage;', . .' , , Existing Indebtedne~s. Th~ words "Existing Indebtedness" mean the indebtedness described In,the ~xistlng Liens provision ofl~is Mortgage. Grantor. The word "Grantor" means Double L Ranch #3 LLC, a Wyoming limited liability company, Hazardous Substances. The words "Hazardous Substances" mean materials that, because 01 their quantity, concentration or physical, chemical or infectious characteristics, may cause or pose a present or potential hazard to human health or the environment when improperly used, treated, stored, disposed of. generated. manufactured, transported or otherwise handled. The words "Hazardous Substances" are used in their very broadest sense and Include without limitation any and all hazardous or toxic substances, materials or waste as defined by or listed under the Environmental Laws, The term "Hazardous Substances" also includes, without limitation, petroleum and petroleum by-products or any fraction thereof and asbestos. Improvements, The word "Improvements" means all existing and future improvements, buildings, structures, mobile homes affixed on the Real Property, facilities, additions, replacements and other construction on the Real Properly. Indebtedness. The word "Indebtedness" means all principal, interest, and other amounts, costs and expenses payable under the Credit Agreement or Related Documents, together with all renewals of, extensions of, modifications 01, consolidations of and substitutions for the Credit Agre~mef\t or Related D9cunwn s,~np any af!'l0u(1l~ E1xp~nded Q[aqvanced by Lend,¡¡r to discharQe G.rantor's obligations or expenses incurred by Lender to enforce Grantor's õbligaliòns uildërlhls-Mbrtgage, together with Intèrest ònsuëh amo'uiits ã¡{pròvldedï¡.dfiis ~ôrtgagè," '." - Lender. The word ''Lender'' means The Jackson State Bank & Trust, its successors and assigns. Mortgage. The word "Mortgage" means this Mortgage between Grantor and Lender. Pe~sonal Property. The words "Personal Property" mean all equipment, fixtures, and other articles of personal property now or hereafter owned by Grantor, and now or hereafter attached or affixed to the Real Property; together with all accessions. parts, and additions to, all replacements of, !\(1d all substitutions for, any of such property; and together with all proceeds (including withoutlimilation all insurance proceeds and refunds 01 premiums) from any sale or other disposition of the Properly. property. The word "Property" means collectively the Real Property and the Personal Properly, Real Property. The words "Real Property" mean the real property, interests and rights. as further described in this Mortgage. Related Documents. The words "Related Documents" mean all promissory notes, credit agreements, loan agreements, environmental agreements, guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages. and all other instruments, agreements and documents, whether now or hereafter existing, executed in connection with the Indebtedness., Rents. The word "Rents" means all present and luture rents, revenues, income, issues, royalties, pròfits, and other benefits derived from the Property,' " WLEDGES HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE, AND GRANTOR AGREES TO ITS TERMS. ,'" , " of Double L Ranch #3 IIIty company .' oj,. ,¡ .. ' ...' ~ " ...',. ":þ,~ ..". .!' j,., , , .. , '..,. '-'.,,, :',; '~."':~!N;'''T ',- "., \,,: ".' .,.. ..... '. "';'. "".::! .,",1:.:'.. ,., , . ~ ~ . ,: t -l' .' ,...:",' , "'1 : ~,.' ,\ ...,;t. " ...~ or- . :.:"¡ s':.... ".,.,; '..1 ,....~, .... ' 't ;~,. ., ...J,. . <,; ,.... ,~. '. ., i" ". ; i :·r;... 'I, ;, '; t ,-.~. .. ;;; it!·..',' ~,~, ..'. ~: '!:'< r~ ~". ./ 0s~T fì'~-', '\: 1':.- q. 1'Q3 J ,~) .~ '.::¿ ..... 'it MORTGAGE (Continued) ('I 'ì '.l:' 6 0 ..' J\.. Loan No: 40000275 Page 6 LIMITED LIABILITY COMPANY ACKNOWLEDGMENT . STATEOF~~ ) ASHLEEWlLHITE NOTARY PUBLIC I. Q - -'- u____ -I ) SS COUNTY OF I STATE OF ~ '--J-. LINCOLN WYOMING COUNTY OF .J./l.ð1 --"" ) IIY C ". ION EXPIA S PTEMBER 15. 2009 On this {:J t'J -1~ day of , 20 ðL..<. , before me, the undersigned Notary Public, personally appeared Lance Mortensen. Manager of uble L Ranch #3 C, a Wyoming limited liability company, and known to me to be a member or designated agent of the limited liability company that executed th Mortgage and acknowledged the Mortgage to be the free and voluntary act and deed of the limited liability company, by authority of statute, its articles of organization or Its operating agreement, for the uses and purposes therein mentioned, and on oath stated that he or she .is authorized to e::ecûte this Mortgage alld in fact executed the Mortgage on behalf of the limited liability company. ByLkJl -' , ¡µ~JJ ~i--> . Notary Public In and for the State of tT~ R"'dl...t.of')1-I~=7 My oomml..to. oxp,", - -u _ ~ . __ LASER PAO Lending, Vir. 5.30,00.004 Copr, Harl.1ind financl.1 SOlulions,ln" 1i17, 2006. AU Right. R.serv.d. - WY C:\CfI\LPl\GOJFC fA-10610 fR-'l1 \:" .;.'.. .;;~, ~(;'¿,' ,._:-~, (~~ '_::: ),..'- , . ,'" . . ~ ¡, .. , . ,.. , . . \.', ., . ~' .. . .. .,' ;', ..;' ". ';,' ;'\ 'i." d (. ~; .1 ~ ", ¡ .::¡,_. "".., ..', c-C' It,--,) ~J:::'j -.:...1J'"tù EXHIBIT "An r' f"If"I.' 61 >.' rv' U .1. All of GLO Lot 4 of Section 21, T36N Rl19W, Lincoln County, Wyoming EXCEPT that tract of record in the Office of the Clerk of Lincoln County in Book 18 of Deeds on page 525, AND That part ofN1I2 of Section 28, T36N Rl19W, Lincoln County, Wyoming, lying and being situate westerly of the thread of the Salt River, including part of that tract of record in the Office of the Clerk of Lincoln County in Book 399 of Photostatic Records on page 425 and all of that tract of record in Book 534 of Photostatic Records on page 421, secondarily described as follows: BEGINNING at the southeast comer of said GLO Lot 4; Thence N87°-41'-42"E, 213.4 feet, more or less, along the north line of the Wl12NEl/4 of said Section 28, to the thread of the Salt River; thence coursing said thread as follows: Sll°-41'-09"W, 116.8 feet, more or less, to a position; S03°-18'-55"E, 59.8 feet, more or less, to a position; S25°-51' -51"E, 194.2 feet, more or less, to a position; S04°-56'-26"W, 182.8 feet, more or less, to a position; S16°-22'-37"W, 37.7 feet, more or less, to a position; S13°-51' -02"E, 70.6 feet, more or less, to a position; S41 °-03' -32"E, 394.9 feet, more or less, to a position; S53°-36'-29"E, 299.7 feet, more or less, to a position; S49°-24'-46"E, 210.4 feet, more or less, to a position; S37°-56'-27"E, 128.7 feet, more or less, to a position; SOoo07 - '31- "W, 96.5 feet, more or less, to a position; S41°-26'-19"W, 123,1 feet, more orless, to a position; S84°-36'-08"W, 282,0 feet, more or less, to a position; N66°-04'-25"W, 155.4 feet, more or less, to a position; N800-36'-10"W, 179.9 feet, more or less, to a position; S67°-16'-39"W, 170.6 feet, more or less, to a position; S53°-21' -37"W, 168.8 feet, more or less, to a position; S26°-28'-36"W, 152.8 feet, more or less, to a position; S21 °_02' -57"W, 199.3 feet, more or less, to a position; Sll °-03' -S7"W, 94.3 feet, more or less, to a position; S27°-34' -20"E, 90.8 feet, more or less, to a position; S72°-35'-02"E, 82.0 feet, more or less, to a position; N85°-01'-56"E, 354.4 feet, more or less, to a position; S68°-42'-06"E, 202.8 feet, more or less, to a position; S36°-01 '-12"E, 530.4 feet, more or less, to a position ON THE SOUTH LINE OF SAID W1/2NE1I4 and leave said thread; thence S89°-21' -11"W, 121.1 feet, more or less, along said south line, to a brass cap; thence continuing, S89°-21'-11"W, 734.88 feet, along said south line, to the southwest comer of said W1I2NE1I4; thence S89°-11' -06"W, 128,18 feet along the south line of GLO Lot 2 of said Section 28, to a point on the east line of that tract of record in said Office in Book 399 of Photostatic Records on page 431; thence NOO° -30' -38"W, 50.68 feet, along said east line, to the northeast rebar of said tract; thence S89°-41 '-07"W, 578.13 feet, along the north line of said tract and the westerly extension thereofto a position on the west line of said Section 28; thence NOOo-O l' -32"E, 329.60 feet, along said west line, to the northeast comer of Section 15, T4S R46E, Bonneville County, Idaho; thence NOOO-11 '-54"W, 2201.54 feet, along said west line, to the northwest comer of said Section 28; thence NOoo-11 '-ll"W, 1083.88 feet, along the west line of said GLO Lot 4, to the southwest point of that tract of record in said Office in Book 18 of Deeds on page 525; thence N89°-1O'-05"E, 264.00 feet, along the south line of said tract, to the southeast position thereof; thence NOoo-11-11"W, 247.50 feet, along the east line of said tract, to the northeast point thereof, OIi the.:.north line of said GLO Lot4; thence N89°-1O'-OS" E, 453.33 feet, along said north line, to the northeast comer of said GLO Lot 4; thence SOoo-19'-16"E, 1338.61 feet, along the east line of said GLO Lot 4, to the CORNER OF BEGINNING. ~ INITIAL ' ...