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HomeMy WebLinkAbout916107 ;'''C¡~¡:;è;'~i·¡:\·'':'';·:':;' '.';'¡:.;:.:.:,¡:.:.'.:." . ;.::r~ r:'::"¿,L:~',:' --"~';' .',V,',"';:· . -'···;-;';·,""T·':" .. ~ (00641 RECEIVED 2/21/2006 at 4:04 PM RECEIVING:# 916107 BOOK: 612 PAGE: 641 JEANNE WAGNER 1.INCOLN COUNTY CLERK. KEMMERER. WY State of Wyoming Space Above This line for RecorDing Data REAL ESTATE MORTGAGE (With futurfl AdvBncfI Clause) 1. DATE AND PARTJES. The dBtfl Df this Mortgage is D2-09-2006 Brfl BS follows: Bnd the parties Bnd their Bddri!SSflS MORTGAGOR: STRA WBERRyt US,1lC, -A WYDMING liMITED liABILITY J:DMPANY P{) BOX-4234 BEDFDRD, WY B3112 , c{ .]! úl TI Rflfflr to thfl Addflndum which is Bnached Bnd incorporBtfld herein ior Bdditional Mortgagors. ~ ;) J UNDER: ìHEBANK {)FSTAR VALlEY {)RGAN1ZED AN{) IXISTINI> .uNDER THE lA WS DF THE STATE DF WY{)MING 384 WASHINlITDN STßID P{)Ð{)X B007 AfT{)N, WY B3110 2. MORTGAGE. for yood lInd vBluable I:onsiderlltion, the rflcflipt lInd sufficiency Df which is .acknowled9f!d,lInd to seCUffl thfl 5f1curfld Debt (herflBftflr defined), Mortgagor grllnts, bBrgains, I:OnvflYs, mortgagfls lInd WllTTBnts 10 .If!nder, with 1he pOWflr of sBle, the following described property: SHIXHlBfT"A" -ATTACH£IJ HER£T{) AND MADE APART HEREDF The property is JOI:Btfld in l1NCD1N Bt STRAWBERRY J:RHK I:NTYRDAD (County) (Address) (City) /Zip Codel Together with 1111 rights, fllISflmflnts, lIppurtflnancfls, roYllltÎf!s, mineral rights, oil and gas rights, I:rops, timber, 1111 divflrsion paymflnts Dr third party paymflnts made to crop producflrs, and 1111 i!xisting lInd iutuTf! improvflmflnts, structurfls, iixtuTf!s, lInd rflpJacements that may now, Dr at lIny time in the futurfl, bf! part of the ri!al~te described lIboVfI (all rflfflrrfld to liS "Property"). The term Property 1IIso includes, but is not limited 10, lIny lInd lIlI water wells, water, ditcMs, rflsflrvoirs, Ti!servoir sites and dams Jocatfld on the rflal i!Statfl Bnd 1111 riparian lInd wBtflr rights Bssociatfld with the Property, howflveri!stablished. , BEDFDRD , Wyoming B3112 WVOMING - AGRIC1Jl.TURAl/I:OMMERCIAl1ŒAlEIT ATE.5ECURITV INSTRUMENT INDTfDR fNMA. flUMC. fHADR VA!JS£, AND IIDTfDR CDNSUMf I~U~P~1 ,:¡ (p,age 1 Df ß) . ~ .. '':' "', "\', 2001 lIankeu Systems. Inc.. 5t, Cloud. MN form AGCD-,:.:.:,:.: .. .1/16/2003 . .. .... . ;;~, . . , ~~:~;~ :ill~~~:::m:::::::;~ ::;¡::::t:;:::~~::~:~:' '-;~I."õ:,'l:';.:,';-' ._- . ·:':';'~:O:';'~'.'. "";. :',~~ . ,',':,,' ~.;..;; ;,',',¡:"',"¡".', . ','~'. (. '.'. . , "I';#;~; ..'.., 091.6107 (.00642 2. MAXIMUM DBlIGATION l.IMIT. The total principal .amount of the Sec!Jred Debt (hBreafœr defined) secured by this Mortgage .at Bny one time shall not exceed $ 355.000.00 . "This limitation of .amount does not include interest, loan charges, commitment fees, brokerage commissions, .attorneys' fe£ls .and other charges validly m.ade pursuant to this Mortgage and does not apply to .advances (or interest .accT!Jed on such Bdvances) made !Jnder the terms of this Mortgage to protect ander's security and to perform any of the covenants contained in this Mortgage. future .advances are contemplated and, along with other future obligations, are secured by this Mortgage even though .all or part may not yet be advanced. Nothing in this Mortgage, however, shall constitute a commitment to make .additional or iuture loans or advances in .any .amount. Any such commitment would need to be agre£ld to in.a separate writing. 4. SECURED DEBT DEFINED. The term "Secured Debt" includes, but is not limited to, the iollowing: A. The promissory note(s), contract(s), guaranty lies) Dr other evidence of debt described below and all extensions, renewals, modifications or substitutions. (When referencing the debts helow it is .suggested that you include items .such as horrowers' names and addresses, note principal Bmounts, commercÍBI revolving Joan .agreement's maximum .amount, interest rates, variable rate terms, maturity dates, etc.) DNE PROMISSORY NDTI DATED JANUARY 3D, 1004 IN THE AMOUNT OF $355,DDO.D0 B. All iuture advances irom lender to Mortgagor Dr other future obligations of Mortgagor to ander under any promissory note, contract, guaranty, or other evidence of debt existing now Dr executed .aiter this Mortgage whether or not this Mortgage is specifically referred to in the evidence of debt. . C. All obligations Mortgagor owes to lender, which now exist or may later arise, to the ext£lnt not prohibited by law, including, but not limited to, liabilities ior overdraits relating to .any deposit .account agreement betwe£ln Mortgagor and lender. D. All additional sums advanced and expenses incurred by ander for insuring, preserving or otherwise protecting the Property and its value .and any other sums advanced and expenses incurred by ander under the terms of this Mortgage, plus interest lit the highest rate in effect, irom time to time, as provided in thB Evidence of Debt. E. Mortgagor's performance under the terms oi lIny instrument evidencing a debt by Mortgagor to lender and lIny Mortgage securing, guarantying, or otherwise relating to the debt. If more than one person signs this Mortgage liS Mortgagor, each Mortgagor lIgre£ls that this Mortgage will secure 1111 iuture advances and iuture obligations described above that lire given to or incurred by anyone Dr more Mortgagor, Dr lIny one Dr more Mortgagor and others. This Mortgage will not secure any other debt ifl.ender iails, with respect to such other debt, to make any required disclosure about this Mortgage or if lender fails to give lIny required notice of the right of rescission. 5. PAYMENTS. Mortgagor Bgrees to make all payments on the Secured Debt when due lInd in lIccordance with the terms of the Evidence of Debt Dr this Mortgage. S. CLAIMS AGAINST TITLE. Mortgagor will pay 1111 taxes, lIssessments, liens, enc1lTT1brances, Jease :pByments, ground rents, utilities, and other charges relating to the Property when Due. ander may require Mortgagor to :provide to lender copies of all notices that such amounts are due and the receipts evidencing Mortgagor's payment. Mortgagor will defend title to the Property .against any claims that would impair the lien of this Mortgage. Mortgagor agre£ls to assign to .lender, as requested by ander, any rights, claims or defenses which Mortgagor may have .against parties who supply Jabor or materials 10 improve Dr maintain the Property. 7. PRIOR SECURITY INTERESTS. With regard to any other mortgage, Deed of trust, security agre£lment or other lien Document that created a prior security interest or encumbrance on the Property .and that may have priority over this Mortgage, Mortgagor Bgrees: A. To make.all payments when Due and to perform Dr comply with all covenants. B. To promptly deliver to ander any notices that Mortgagor receives irom the holder. C. Not to make or permit .any modification or extension of, Bnd not to request Dr .accept .any iuture Bdvances under .any note or .agreement secured by, the other mortgage, Deed of tr!Jst or security .agre£lment unless .lender consents in writing. B. DUE DN SAlE DR ENCUMBRANCE. lender may, .at its option, Declare the entire balance of the Secured Debt to be immediately due and :payable upon the creation of any lien, encumbrance, transfer, Dr saæ, Dr contract ior .any of these on the Property. However, if the Property includes Mortgagor's residence, this section shall be subject to the restrictions imposed by iederal law (12 C.f.R. 591), BS applicable. for the purposes of this l>ectjon, the term "Property" .also includes .any interest 10 all Dr .any part of the Property. This covenant shall T!Jn with the Property .and shall remain in effect until the Secured Debt is p.aid in iull and this Mortgage is released. (page 2 of B) ~ © 1993. 2001l1ankers Systems. Ine.. St. Cloud, MN form AGCO-RESI-WY 1/16/2003 i. .~ -·~·t .. .. :.';;';1;1;';;;;, ....¡.....'-..::.:.:,'.'. ',~ '..:' ~·-L_ I"".-,_,.,:-·.'!-. >;.:':1:',',..,.;.... 091.61.07 . 0 0 64 3 5. TRANSÆR OF AN INTEREST IN THE MORTGAGOR. If Mortgagor is lIn i:!ntity other than II nlltural person (such liS II corporlltion or other organizlltion), lender may demand immediate payment if (1) II beneficial interest in Mortgagor is sold or tumsferred; (2) there is a change in either the identity or number of members of a partnership or similar entity; or (3) there is II change in ownership 01 more than 25 percent of the voting stock of II corporBtion or similllr £mtity. ~owever, .lender may not demllnd payment in the lIbove situlltions if it is prohibited by law liS of the dllte of this Mortgage. 1D.ENTITY WARRANTJES AND REPRESENTATIONS. If Mortgagor is an entity other than II natural person (such liS II corporlltion or other organization), Mortgagor makes to .Lender the following wllrrllnties lInd representations which shall be continuing liS long liS the Secured Debt remains outstanding: A. Mortgagor is Bn entity which is duly organized Bnd validly i:!xisting in the Mortgagor's state 01 incorporBtion (or organÌ2Btion). Mortgagor is in good standing in lIlI states in which Mortgagor trllnsacts business. Mortgagor hBs the power lInd authority to own the Property lInd to carryon its business liS now being conducted Bnd, liS lIpplicable, is £ ualified to do so in i:!ach state in which Mortgagor operBtes. B. The execution, delivery Bnd performance of this Mortgage by Mortgagor Bnd the obligation i:!videncedby the Evidence of Debt are within the power of Mortgagor, have been duly lIuthorized, have received all necessary governmentalllpprovlll, lInd will not violate lIny provision ofl.aw, or order 01 court or governmentalllgency. C. Other than disclosed in writing Mortgagor hlls not changed its name within the last ten years lInd has not lJSed any other trade or1ictitious name. Without .Lender's prior written consent, Mortgagor .does not lInd will not .use lIny other name lInd will preserve its existing 111Ime, trllde nBmes lInd irllnchises .until the Secured Debt is satisfied. 11. PROPERTY CONDITION, AlTERATIONS AND INSPECTION. Mortgagor will keep the Property in good condition lInd make BII repairs that lire reasonBbly necessary. Mortgagor will give .Lender prompt notice of lIny loss or damllge to the Property. Mortgagor will keep the Property 1ree of noxious weeds Bnd grasses. Mortgagor will not initiate, join in or consent to Bny change in any private restrictive covenant, zoning ordinance or other public or private restriction limiting or .defining the uses which may be made of the Property or lIny part of the Property, without .Lender's prior written consent. Mortgagor will notify .Lender of lIlI .demands, proceedings, claims, lInd lIctions Bgainst Mortgagor or lIny other owner mllde J.mder law or regul.ation regarding .use, ownership Bnd occupllncy of the Property. Mortgagor will comply with Blllegal requirements lInd restrictions, whether public or private, with respect to the use of the Property. Mortgagor .also lIgrees that the nature of the occupancy and use will not change without .Lender's prior written consent. No portion of the Property will be removed. demolished or materially Bltered without .Lender's prior written consent except that Mortgagor has the right to remove items of personal property comprising .a part 01 the Property that become worn or obsolete, provided that such personal property is repl.aced with other personal property lit least i:!qual in vlllue to the replaced personal property, free from .any title retention .device, security lIgreement or other i:!ncumbrance. Such repl.acement of personal property will be .deemed subject to the security interest crellted by this Mortgage. Mortgagor shall not partition or subdivide the Property without .lender's prior written consent. .Lender or .Lender's .agents may, lit .Len.der's option, enter the Property at .any rellson.able time for 1he purpose 01 inspecting the Property. Any inspection of the Property shall be entirely for .lender's benefit .and Mortgagor will in no way rely on .Lender·s inspection. 12. AUTHORITY TO PERFORM. If Mortgagor fails 10 perform .any of Mortgagor's duties under this Mortgage, or any other mortgage, deed of trust, security agreement or other lien .document that hlls priority over "this Mortgage, .Lender may, without notice, perform the .duties or cause them to be performed. Mortgagor .appoints .lender as .attorney in fact to sign Mortgagor's name or pay Bny lImount necessary for performance. If lIny construction on the Property is .discontinued or not .carried on in .a reason.able manner, .lender may .do whatever is necessary to protect .Lender's security interest in the Property. This may include completing the construction. .lender's right to perform for Mortgagor shall not .create lIn obligation 10 perform, .and .Lender's failure to perform will not preclude .Len.der irom i:!xercising lIny of .Lender's other rights under the Jawor this Mortgage. Any Bmounts pllid by .lender for insuring, preserving or otherwise protecting the Property Bnd .Lender's security interest will be .due on demand lInd will bear interest from the .date of the payment until paid in full Bt the interest rllte in i:!ffect from time to time .accor.ding to the terms of the Evidence of Debt. 13. ASSIGNMENT OF l.EASES AND RENTS. Mortgagor lIssigns, grllnts, bllrgains, conveys, mortgages lInd wllrrllnts to .lender liS .additional security lIlIthe right, title lInd interest in the 101l0wing (Property). A. Existing or future leases, subleases, licenses, guarllnties and lIny other written or verblll lIgreementsfor the use .and occupllncy of the Property. including but not limited to, .any i:!xtensions, renewllls, modific.ations or replacements (leases). B. Rents, issues .and profits, including but not limited to, security deposits, minimum rents, percentage rents, .additional rents, common lIrell mllintenllnce chllrges, parking charges, relll estate !axes, other .applicable taxes, insurBnce premium contributions, liquidated .damages following .defllult, cllncellation premiums, "loss of rents" insurllnce, guest receipts, revenues, rOYlllties, proceeds, bonuses, .accounts, contrllct rights, generlll intangibles, .and BII Tights Bnd cl.aims which Mortgagor may have that in .any w.ay pertain "to or Bre on .account of the .use or occupancy of the whole or lIny part of the Property (Rents). In the event Bny item listed .as .Leases or Rents is .determined to be personal property, this Assignment will lIlso be regar.ded BS II security Bgreement. . . '.. I' - . ',; ,..,2001 &lnkeis Systems, Jnc., St. Cloud. MN form AGC . 'J_ (', .".+ ,;' . . (pBfJ~ 3,0'.'11) ;;¡ilimi~f¡~~mF;: '-'","';':.;';':.;';'.;.' ;' ;"""'~:-;··;"'¡'-:-""';'~'·':""';'!>'··'-:i'·· ,·;·.'..,';·..1 091.6'-07 ~v 00644 Mortgagor will promptly provide lender with copies of the leases and will certify these leases .are true and correct copies. The .existing li~ases will be provided on execution of the Assignment, and all of the 1uture leases and any other in1ormation with respect to these leases will be provided immediately .aiter they are executed. Mortgagor may collect, receive, enjoy and use the Rents so long as Mortgagor is not in default. Mortgagor will not collect in .advance any Rents due in future lease periods, unless Mortgagor 1irst obtains lender's written consent. Upon default, Mortgagor will receive any Rents in trust 10r lender and Mortgagor will not commingle the Rents with Bny other 1unds. When lender so directs, Mortgagor will endorse and deliver .any payments of Rents 1rom the Property to lender. Amounts £ollected will be Bpplied at lender's discretion to the Secured Debts, the costs of managing, protecting and preserving the Property, Bnd other necessary expenses. Mortgagor Bgrees that this Security Instrument is immediately effective between Mortgagor Bnd lender. This Security Instrument will remain effective during Bny statutory redemption period until the Secured Debts Bre satisfied. Unless otherwise prohibited or prescribed by state Jaw, Mortgagor agrees that Lender may take Bctual possession of the Property without the necessity of commencing Bny legal Bction or proceeding. Mortgagor Bgrees that actual possession of the Property is Deemed to occur when lender notifies Mortgagor of Mortgagor's Default .and Demands that Mortgagor Bnd Mortgagor's tenants pay all Rents Due or to become 1Jue Directly to lender. Immediately a1ter Lender gives Mortgagor the notice of default, Mortgagor agrees that either lender or Mortgagor may immeDiately noti1y the tenants and Demand that BlI1uture Rents be paid Directly to lenDer. As long as this Assignment is in effect, Mortgagor warrants and represents that no de1ault exists under the leases, .and the parties subject to the leases have not violated any applicable law on leases, licenses and landlords and tenants. Mortgagor, at its sole cost and expense, will keep, observe and perform, and require all other parties to the leases to comply with the leases and any applicable law. If Mortgagor or any party to the lease De1aults or 1ails to observe any applicable law, Mortgagor will promptly notify lender. If Mortgagor neglects or refuses to en10rce compliance with the terms of the leases, then lender may, at Lender's option, enforce compliance. Mortgag()r will not sublet, modify, extend, cancel, or otherwise alter the leases, or accept 1he surrender 01 the Property covered by the Leases (unless the leases so require) withollt LenDer's £onsent. Mortgagor will not assign, compromise, subordinate or encumber the leases and Rents without lender's prior wrinen consent. .lender DoeS not assume or become liable 10r the Property's maintenance, depreciation, or other losses or Damages when lender .acts to mana.Qe, protect or preserve the Property, except 10r losses Bnd damages due to lender's .Qross negligence or intentional torts. Otherwise, Mortgagor will indemnify lender and hold lender harmless 10r all liability, loss or Damage that lender may incur when lender opts to exercise any of its remedies against any party obligated under the leases. 14. CONDOMINIUMS; PLANNED UNIT DEVElOPMENTS. If the Property incluDes a unit in B condominium or a planned unit Development, Mortgagor will perform all of Mortgagor's Duties under 1he covenants, by-laws, or regulations 01 the conDominium or planned unit Development. 15. DEfAULT. Mortgagor will be in De1ault if any 01 the 1ollowing occur: A. Any party obligated on the Secured Debt 1ails to make payment when due; B. A breach of any term or covenant in this Mortgage, any prior mortgage or .any construction loan Bgreement, security agreement or any other Document evidencing, guarantyin.Q, securing or otherwise relating to the Secured Debt; C. The making or 1urnishing of any verbal or written representation, statement or WBrranty to lender that is 1alse or incorrect in any material respect by Mortgagor or any person or entity obligated on the Secured Debt; D. The Death, Dissolution, or insolvency 01, appointment of a receiver 1or, or application of any debtor relief Jaw to, Mortgagor or any person or entity obligated on the Secured Debt; E. A .Qood 1aith belief by lender Bt any time that lender is insecure with respect to .any person or entity obligated on the Secured Debt or that the prospect of any payment is impaired or the value of the Property is impaired; f. A material adverse change in Mortgagor's business including ownership, management, and 1inancial conditions, which lender in its opinion believes impairs the value of the Property or repayment 01 the Secured Debt; or G. Any loan proceeds are -used 10r B purpose that will contribute to excessive erosion 01 highly erodible land Dr to the conversion of wetlands to produceBn agricultural commodity, as 1urther explained in 7 C.f.R. Part 1940, Subpart G, Exhibit M. 16. REMEDIES ON DEFAULT. In some instances, 1ederal and state law will require lender to provide Mortgagor with notice of the right to cure, mediation notices or other notices and may establish time schedules 10r 1oreclosure actions. Subject to these limitations, i1 any, lender may accelerBte the Secured Debt Bnd 1oreclose this Mort.Qage in B manner provided by law if this Mortgagor is in de1ault. At the option 01 lender, .all or Bny part of the :agreed 1ees and charges, accrued interest and principBI shall become immediately due Bnd payable, after giving notice i1 required by law, -upon the occurrence of B De1ault Dr .anytime therea1ter. In addition, lender shall be entitled to Blithe remedies provided by law, the Evidence 01 Debt, other evidences of Debt, this Mortgage Bnd Bny related documents including without limitation, the power to sell the Property. All remedies Bre distinct, cumulative Bnd not exclusive, Bnd the lender is entitled to BII remedies provided Bt law Dr equity, whether .expressly set 10rth or not. The acceptance by lender of Bny sum in payment or partial payment on the Secured Debt after the balance is due or is Bccelerated Dr .aiter 1oreclosure proceedings Bre 1iled shall not constitute a waiver of lender's right to require 1ull.and complete cure of Bnyexisting Default. By not exercising Bny remedy on Mortgagor's de1ault, Lender Does not waive lender's right to Jater consider the event.a Default if it £ontinues Dr happens again. (page 4 Df B) ~M © 1993.2001 Banluo,s Systems. Inc., St. Claud, MN Form AGCO-R£SI-WY 1/1612003 . I : ';~..¡~.~.:':~:¡'.' -'- -,'~, -. --.- ··...'.·.·.·.·.!.:r..'.:i,'i: , ,.:.' ,,;1:;.::: "~,,,( ."~'~1:·;, . ,"' :0:',;._ . .' ~ ' . ...~,;.- ','.' 0916107 '00645 17.EXPENSES; ADVANCES DN COVENANTS; ATTORNEYS' FEES; COLlECTION COSTS. Except when prohibited by law, Mortgagor agrees to pay all of Lender's expenses if Mortgagor breaches Bny covenant in this Mortgage. Mortgagor will Blso pay on demand all of lender's expenses incurred in L:ollecting, insuring, preserving or protecting the Property or in Bny inventories, Bud its , inspections or other examination by lender in respect to the Property. Mortgagor agrees to pay .1111 L:osts and expenses incurred by lender in enforcing or protecting Lender's rights Bnd remedies under this Mortgage, ¡nduding, but not limited to, attorneys' iees, L:ourt costs, and other legal expenses. Once the Secured Debt is fully Bnd iinally paid, lender Bgrees to release this Mortgage and Mortgagor agrees to pay ior .my recordation L:Osts. All such Bmounts Bre rlue on demand Bnd will bear interest irom the time of the Bdvance Bt the highest rate in effect, irom time to time, as provided in the Evidence of Debt and as permitted by law. 1B.ENVIRONMENTAllAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) "Environmental law" means, without limitation, the Comprehensive Environmental Response, Compensation Bnd .Liability Act (CERClA,42 U.S.C. 9601 et seq.1. .1111 other iederal, state and local laws, regulBtions, ordinances, court orrlers, Bttorney general opinions or interpretive letters concerning the public health, safety, welfare, environment or B hazardous substance; Bnd (2) "Hazardous Substance" means Bny toxic, radioactive or hazardous material, WBSte, pollutant or contaminant which hBs L:haracteristiL:s which render the substance dangerous or potentially dangerous to the pOOHc health, safety, welfare or environment. The term includes, without limitation, Bny substances !lefined BS "hazardous material," "toxic substances," "hazardous waste" or "hazardous substance" under Bny £nvironmentallaw. Mortgagor represents, warrants Bnd agrees thBt, except BS previously disclosed and Bcknowledged in writing: A. No Hazardous Substance has been, is, or will be located, transported, manufactured, treated, refined, or handled by any person on, under or Bbout the Property, except in the ordinary L:ourse of business and in strict L:ompliance with .1111 applicable Environmental law . B. Mortgagor has not Bnd will not L:ause, L:ontribute to, or permit the release of Bny Hazardous Substance on the Property. C. Mortgagor will immediBtely notify lender if (1) .11 release or threatened release of Hazardous Substance occurs on, under or .about the Property or migrates or threatens to migrate irom nearby property; or (21 there is .11 violation Df Bny Environmental law L:oncerning the Property. In such Bn event, Mortgagor will take all necessBry remedial action in BCL:ordance with Environmental law . D. Mortgagor has no knowledge of or reason to believe there is Bny pending or threatened investigation, daim, or proceeding of Bny kind relating to (1) Bny Hazardous Substance 10L:ated on, unrler or .about the Property; or (2) Bny violation by Mortgagor or any tenant of Bny Environmental law . Mortgagor will immediately notify lender in writing BS soon BS Mortgagor has reason to believe there is any such pending or threBtened investigation, daim, or proceeding. In such Bn event, lender has the right, but not the obligation, to participBte in any such proceeding including the right to receive copies of Bny rlocuments relating to such proceedings. £. Mortgagor Bnd every tenant have been, Bre and shall remain in full compliance with Bny Bpplicable Environmental law. f. There Bre no underground storage tanks, privBte dumps or open wells located on or under the Property and no such tank, £lump or well will be added unless lender first consents in writing. G. Mortgagor will regularly inspect the Property, monitor the Bctivities Bnd operations on the Property, Bnd confirm that .1111 permits, licenses or approvals required by Bny Bpplicable Environmental law .lire obtained Bnd complied with. H. Mortgagor will permit, or L:ause Bny tenant to permit, lender or Lender's Bgent to enter Bnd inspect the Property Bnd review BII recorrls Bt Bny reasonable time to rletermine (1) the existence, 10L:Btion Bnd nature of Bny Hazardous Substance on, under or Bbout the Property; (2) the existence, 10cBtion, nature, Bnd magnitude of Bny Hazardous Substance that has been released on, unrler or Bbout the Property; or (3) whether or not Mortgagor and Bny tenant Bre in L:ompliance with Bpplicable Environmental law. I. Upon lender's request Bnd at Bny time, Mortgagor Bgrees, Bt Mortgagor's expense, to engage B qualified environmental engineer to prepare Bn environmental audit of the Property and to submit the results of such Budit to lender. The L:hoice of the environmental engineer who will perform such Budit is subject to lender's Bpproval. J. lender has the right, but not the obligation, to perform Bny of Mortgagor's obligations under this section Bt Mortgagor's expense. K. As a consequence of Bny breach of Bny representation, warranty or promise marle in this seL:tion, (1) Mortgagor will inrlemnify Bnd hold lender Bnd lender's successors or Bssigns harmless irom Bnd against BII losses, claims, demands, liabilities, !lamages, deanup, response Bnd remediation costs, penalties Bnd expenses, including without limitation .1111 costs of litigation and Bttorneys' iees, which Lender Bnd Lender's successors or Bssigns may sustain; Bnd (2) .lit lender's discretion, lender may release this Mortgage and in return Mortgagor will provide lender with collateral of .lit least equal value to the Property secured by this Mortgage without prejudice to any of lender's rights under this Mortgage. L Notwithstanding any of the language L:ontained in this Mortgage to the contrary, the terms of this section shall survive Bny ioreclosure or satisfaction of this Mortgage regardless of Bny passage of title to Lender or Bny disposition by lender of any or all of the Property. Any daims and rlefenses to the L:ontrary Bre hereby waived. 19. CONDEMNATION. Mortgagor will give lender prompt notice of any action, real or threatened, by private or public entities to pUT!:hBse or take any or BII of the Property, including any easements, through L:oru:!emnation, eminent rlomain, or any other means. Mortgagor further agrees to notify Lender of Bny proceedings instituted for the establishment of Bny sewer, water, L:onservation, ditch, dTBinage, or other rlistrict relating to or binding upon the Property or Bny part of it. Mortgagor Buthorizes lender to intervene in Mortgagor's name in any of the above rlescribed actions or claims Bnd to collect Bnd receive BII sums resulting from the Bction or daim. Mortgagor BSsigns to lender the proceeds of Bny award or claim ior damages L:onnected with a L:ondemnation or other taking of all or .any part of the Property. Such proceeds shall be considered payments Bnd will be applied as provided in this Mortgage. This assignment of proceeds js subject to the terms of any prior mortgage, !leed of trust, security agreement or other lien Llocument. .. .,'. t ,;1.,. . , fPaie 5'Df B) . - . -' '", -.. .. ~OÒ1 BJonkers Systems. Jru:.. St. L:1oud. MN form AGCo-R~~!:.!~:i~.:,?:~:~,612003 . ~~J.~<:~~:~,>::;:,~:j¡ ¡t3;::tß:;¡;::~::::·; --I~~I1j~,¡i!¡i:~J1i~t¡ {~mfi~~~m~~ . . .'. ·:.!.~¡~.:I:,:~J;j~;;;:<~~'.L~!:;" '... ."-.1'.':" ·,"';.Y"":~!Ò" ',~_~~o:..'. ..........~........... .it , ·E·'7i~~·,7-:·';,'I"-~- ..... .' : ;Ii~; ~,.,;, ~. ;, ;;,' '.....,...',.;.. 091.61.07 r' f"Ir 6 :".,. 46 ..... \..þ , 20. INSURANCE. Mortgagor Bgrees to maintain insurance BS follows: A. Mortgagor shall keep the Property insured Bgainst loss by fire, theft Bnd other lumm!s Bnd risks reBsonably Bssociated with the Property due to its type and 10cBtion. Other hazards and risks mBY include, for example, coverage against loss due to floods or flooding. This insurBnce shall be maintained in the Bmounts and for the periods that Lender requires. What Lender requires pursuant to the preceding two sentences can change during the term of the Secured Debt. The insurance carrier providing the insurBnce shall be chosen by Mortgagor subject to Lender's Bpproval, which shall not be unreasonably withheld. If Mortgagor fBils to maintain the coversge described Bbove, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Property Bccording to the terms of this Mortgage. All insurance policies Bnd renewals shall be Bcceptable to Lender Bnd shall include B standarrl "mortgage clause" Bnd, where Bpplicable, "lender loss payee clause." Mortgagor shall immediately notify Lender of cancellation or termination of the insurBnce. Lender shall tulV~ the right to hold the policies Bnd renewals. If Lender requires, Mortgagor shall immediately give to Lender BII receipts of paid premiums Bnd renewal notices. Upon loss, Mortgagor shall give immediate notice to the insurance carrier Bnd l.ender.under may make proof of loss if not made immerliately by Mortgagor. Unless Lender Bnd Mortgagor otherwise Bgree in writing, insurBnce proCeeds shall be Bpplied to restoration or repair of the Property rlamaged if the restorstion or repair is economically feasible Bnd l.ender's security is not lessened. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be Bpplied to the Secured Debt, whether or not then rlue, with Bny excess paid to Mortgagor. If Mortgagor abandons the Property, or does not Bnswer within 30 days B notice from l.ender that the insurance carrier has offered to settle a claim, then Lender may collect the insurBnce proceeds. Lender may use the proceeds to repair or restore the Property or to pay the Secured Debt whether or not then rlue. The 3D-day period will begin when the notice js given. Unless l.ender and Mortgagor otherwise agree in writing, any BppliCBtion of proceerls to principal shall not extend or postpone the rlue rlate of scheduled payments or change the Bmount of the payments. If the Property is acquired by Lender, Mortgagor's right tOBny insurance policies Bnd proceeds resulting from rlamage to the Property before the Bcquisition shall pass to Lender to the extent of the Secured Debt immediately before the Bcquisition. B. Mortgagor agrees to maintain comprehensive generBI liability insurance naming Lender BS Bn Bdditional insured in an Bmount Bcceptable to l.ender, insuring Bgainst claims arising from any Bccident or occurrence in or on !he Property. C. Mortgagor agrees to maintain rental loss or business interruption insurance, as required by l.ender, in an amount equal to at least coverage of one year's rlebt service, Bnd required escrow ilccolmt rleposits (if agreed to separBtely in writing), under a form of policy Bcceptable to l.enrler. 21. NO ESCROW fOR TAXES AND INSURANCE. Unless otherwise provided in a sepBrate Bgreement, MortgBgor will not be required to pay to Lender funds for taxes and insurBnce in escrow. 22. fiNANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Mortgagor will provide to Lender lJpon request, Bny financiBI statement or information Lender may deem necessary. Mortgagor warrants that BII financial statements and information Mortgagor provides to Lender are, or will be, Bccurate, correct, and complete. Mortgagor Bgrees to sign, rleliver, Bnd file BS Lender may reasonably request any Bdditional documents or certifiCBtions that Lender may consider necessary to perfect, continue, Bnd preserve Mortgagor's obligations under this MortgBge and Lender's lien status on the Property. If Mortgagor fails to do so, Lender may sign, deliver, and file such documents or certificBtes in Mortgagor's name Bnd Mortgagor hereby irrevocably Bppoints Lender or Lender's agent BS Bttorney in fact to do the things necessary to comply with this section. 23. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Mortgage Bre joint and individual. If Mortgagor signs this Mortgage but rloes not sign the Evidence of Debt, Mortgagor .does so only to mortgage Mortgagor's interest iri the Property to secure payment of the Secured Debt lInd Mortgagor rloes not Bgree to be personally liable on the Secured Debt. Mortgagor lIgrees that Lender and Bny party to this Mortgage may extend, modify or make Bny change in the terms of this Mortgage or the Evidence of Debt without Mortgagor's consent. Such B change will not release Mortgagor from the terms of this Mortgage. The duties Bnd benefits of this Mortgage shall bind and benefit the successors and assigns of Mortgagor and Lender. If this Mortgage secures a guaranty between Lender and Mortgagor Bnd rloes not directly secure the obligation which js guarBntied, Mortgagor lIgrees to waive any rights that may prevent Lender from bringing Bny Bction or claim Bgainst Mortgagor or Bny party indebted under the obligation including, but not limited to, Bnti-deficiency or one-aciion laws. (pBge 6 Df BJ ~M ~1'9a3.,.200j ilankers Svstems.lnc., St. Cloud. MN Form AGCO-RESI-WY 1/16/2003 / .-.,....:.:.:.:........ ·'.·"'.~~,.,:.!,c-:_.~.', '." .:"";'I~'" .. 091.6107 000647 .24.APPlJCABLE .lAW; SEVERABILITY; JNTERPRETATION. This Mortgage is yoverned by 1heJaws of the jurisdiction in which .lender is located, except 10 the extent otherwise required by the laws of 1he jurisdiction where the Property is located. This Mortgage is complete and fully integrated. This Mortgage may not be amenrled or morlifierl by oral Bgreement. Any section or clause in this Mortgage, attachments, or any agreement related to the Secured Debt that .confli.cts with applicable law will not be effective, unless that law expressly or impliedly permits the variations by written llgreement. If any section or clause of this Mortgage .cannot be enforced Bccording to its 1erms, that section or .clause will be severed and will not affect the enforceability of the remainrler of this Mortgage. Whenever used,1he singular shall include the plural and 1he plural the singular. The .captions and headings of the sections of this Mortgage are for .convenience only and are not to be used to interpret or rlefine the terms of this Mortgage. Time is of the essence in this Mortgage. .25. NOTJCE. Unless otherwise required by law, any notice shall be given by delivering it rir by mailing it by first class mail to the Bppropriate party's Bddress on page 1 of this Mortgage, or to any other Bddress rlesiynaterJ in writing. Notice to one mortgagor will be rJeemed to be notice to all mortgagors. .26. WAIVERS. Except 10 the extent prohibited by Jaw, Mortgagor waives Bny right regarrJing the marshalling of liens and Bssets and all homestead exemption rights relating 10 the Property. .27. U.C.C. PROVJSIONS. If .checked, the following are Bpplicable to, but rlo not limit, this Mortyage: Ð Construction ..loan. This Mortgage secures .an obligation incurred for the .construction of an improvement on the Property. Ð Fixture Filing. Mortgagor grants to .lender a security interest in .all goods that Mort9agor owns now or in the future .and that .are or will become fixtUres related to the Property. Ð Crops; Timber; Minerals; Rents, Jssues and Profits. Mortgagor gTBnts .to .lender .a security interest in all crops, timber .and miner.als located on the Property .as well .as .all rents, issues, .and profits of them including, but not limited to, .all Conservation Reserve Program (CRP) and Payment in Kind (PIK) payments and .similar 90vernmental programs (all of which shall also be inclurJed in the term "Property"). Ð Personal Property. Mortgagor grants to lenrJer .a security interest in .all personal property located on or connected with the Property. This security interest includes .all farm products, inventory, equipment, accounts, documents, instruments,.chattel paper, general intangibles, .and all other items of personal property Mortgagor owns now or in the future .anrJ that are used or useful in the construction, ownership, operation, management, or maintenance of the Property. The term "personal property" specifically excludes that property rJescribed as "household goods" secured in .connection with .a ".consumer" loan .as those terms .are rJefined in .applicable federal regulqtions yoveming unfair Bnd rJeceptive credit practices. Ð filing As Financing Statement. Mortgagor .agrees and acknowlerJges that this Mortgage Blso sufficßs BS a financing statement .and .as such, may be filed of record as a financing statement ior purposes of Article 9 of the Uniform Commercial CorJe. A .carbon, photographic, image or other reprorJuction of this Mortgage is sufficient BS B financing statement. .28. DTHER TERMS. If checked, the following Bre applicable 10 this Mortgage: Ð ..line of Credit. The Secured Debt includes a revolving line of credit provision. Although the Secured Debt may be reduced 1o.a 2ero balance, this Mortgage will remain in effect until released. Ð Separate Assignment. The Mortgagor has executed or will execute a separ.ate BSSiynment of leases Bnd rents. If the sep.arate Bssignment of leases and rents is properly exe.cuted and recorded, then the separate Bssignment will supersede this Security Instrument's" Assignment of leases .and Rents" section. Ð AdditionaIT~nns. .' . . ¡"' ,.¡~. '..¡. 'Ypðge 7 Df 8) 001 Banke,. Systems. Inc.. St. Cloud, MN form AGCO-I1í:~!t.!.~~MYiI2003 OO;~:~H;J :~~i~fjiijlii~f~~~ . ~~;~f~~~m*~;!i¡~~ ··'·.r;...··i~·.·;·.'.' ,'., "'. :. "_·~~2.£."L_ .:: 'c:..:'~' i" . .·.!.!o.~i~.'.·.~.·.. '~·:'l"I~·~~~·_.: ,,:J.'..:>£~F:;;._'.¡ , ·<':.~':.;¡..f:'.:'.. . ~.' .:\'.~";o','. O~1.61.07 !ì(ìS48 V \.1 SIGNATURES: By signing below, Mortgagor Bgrees 10 1he 1erms lmd covenants con1ained in 1his Mortgage Bnd in Bny Bttachments. Mortgagor Blso Bcknowledges receipt of a copy of this Mortgage on !he rlate s1ated Bbove on Page 1. :0 Actual Buthority WBS granted 10 !he parties signing below by resolution signed Bnd rlBted Entity Name: STRAWBERRY tilliS, lie. A WYOMING liMITED liABIlITY COMPANY ,2 f-IJt lOatel (Signature) lOatel (Signaturel lOatel (Signaturel (Date I :0 Refer 10 1he Adrlendum which is Bttached Bnd incorporBted herein ior BdditiofUII Mortgagors, signa1ures .and Bcknowledgments. Ilndividu.U ACKNOWlEDGMENT: STATE Of . COUNTY Of This instrument was .acknowledged before me 1his by My commissionæxpires: } ss. rlay of (Notary P.ublicl STATE Of WYOMING , COUNTY Of ìhis instrument WBS Bcknowledged before me 1his 9 by NEIl ClARK (Business MEMBER/MANAGER SOLE OWNER or fntitv Acknowladgmantl of STRAWBERRY HIUS,lLC. A WYOMING liMITED liABIlITY COMPANY B WYOMING liMITED liABIlITY COMPANY My commission expires: b -/~-OP I. I '1 r: rjl¡,4 day of c2(7)lî~ } ss. (Title(sll \ SHARON WALKER . NOTARY PUBLIC \ STATE OF COUNTY OF WYOMING LINCOLN '; t.1) COMMISSION EXPIRES JUNE 14,2008 \- (Name of Business or £n1ity) on behalf Df 1he business Dr entity. ~~~.h /)Þ< / (Notary P.ublicl .J ~ .©t993:2001 BankersSystems.lnc..S.. CloJJd. MN f'Drm AGCO-RESI-WY 1/16/2003 (page B Df B) 091.6107 ('\(1649 \) '-.: Exhibit "A" A portion of the property referred to in the Warranty Deed recorded in Book 454PR, on Page 692, within Lot 2 (8W1/4NW1/4) and Lot 3 (NW1/48W1/4) of Section 31, T34N, R119W, of the 6th P.M., Lincoln County, Wyoming, the metes and bounds being more particularly described as follows: BEGINNING at a P.K. Nail at the Intersection of the West line of said NW1/4SW1/4 and the Center Line of Strawberry Creek County Road 12-126 Right-of-Way, said point being 4.86 feet S1°09'36'W from the P.K. Nail marking the Paul N. Scherbel (RLS 164) 1976 location for the Northwest Corner of said NW1/4SW1/4; Northeasterly, along said Center Line, the following: N7r50'47"E, 18.34 feet and N74°24'01"E 308.83 feet; thence Southerly, to and along the Center Line of a 60 foot Private Right-of-Way Easement (Aspen Hollow Road), the following: 8 1 °06'OO"W 99.67 feet, 820°21'01 "E 198.50 feet, S4°04'38"E 228.05 feet and 811°18'51"W 63.65 feet; thence N88°41'03"W 396.05 feet to a point in said West line of the NW1/4SW1/4; thence N1°09'36"E, along said West line 479.74 feet, to the Point of Beginning