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00293
RECEIVED 4/5/2006 at 1 0:46 AM
RECEIVING # 917255
BOOK: 616 PAGE: 293
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
MORTGAGE
DATE AND PARTIES. The date of this Mortgage (Security Instrument) is October 1,
2004. The parties and their addresses are:
MORTGAGOR:
ALPINE FUEL
A Wyoming Corporation
120 U.S. Highway 89
Alpine, WY 83128
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LENDER:
T-COVENANT INe.
A Wyoming Corporation
PO Box 1010
Thayne, WY 83127
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1. CONVEYANCE. For goods and valuable consideration, the receipt and
sufficiency of which is acknowledged, and to secure the Secured Debts and
Mortgagor's performance under this Security Instrument, Mortgagor grants,
bargains, conveys, mortgages and warrants to Lender, the power of sale, the
following described property:
SEE EXHIBIT A
The property is located in LINCOLN County at 120 U.S. Highway 89, Alpine,
WY 83128.
Together with all rights, easements, appurtenances, royalties, mineral rights, oil
and gas rights, crops, timber, all diversion payments or third party payments made
to crop producers and all existing and future improvements, structures, fixtures,
and replacements that may now, or at any time in the future, be part of the real
estate described (all referred to as Property). This Security Instrument will
remain in effect until the Secured Debts and all underlying agreements have been
terminated in writing by Lender.
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2. MAXIMUM OBLIGATION LIMIT. The total principal amount secured by
this Security Instrument at anyone time will not exceed $101,400. This
limitation of amount does not include interest and other fees and charges validly
made pursuant to this Security Instrument. Also, this limitation does not apply to
advances made under the terms of this Security Instrument to protect Lender's
security and to perform any of the covenants contained in this Security
Instrument.
3. SECURED DEBTS. This Security Instrument will secure the following secured
Debts:
a. Specific Debt. The following debts and all extensions, renewals,
refinancings, modifications and replacements. A promissory note or other
agreement, dated October 1,2004, from Mortgagor to Lender, with a loan
amount of $1 01,400 with an initial variable interest rate of 7.5 percent per
year until November 2, 2007, after which it may change as the promissory
note prescribes and maturing on February 2, 2020.
b. All Debts. All present and future debts from Mortgagor to Lender, even if
this Security Instrument is not specifically referenced, or if the future debt
is unrelated to or of a different type than this debt. If more than one
person signs this Security Instrument, each agrees that it will secure debts
incurred either individually or with others who may not sign this Security
Instrument. Nothing in this Security Instrument constitutes a commitment
to make additional or future loans or advances. Any such commitment
must be in writing.
c. Sums Advanced. All sums advanced and expenses incurred by Lender
under the terms of this Security Instrument.
4. PAYMENTS. Mortgagor agrees that all payments under the Secured Debts will
be paid when due and in accordance with the terms of the Secured Debts and this
Security Instrument.
5. PRIOR SECURITY JNTERESTS. With regard to any other mortgage, deed of
trust, security agreement or other lien document that created a prior security
interest or encumbrance on the Property, Mortgagor agrees:
a. To make all payments when due and to perform or comply with all
covenants.
b. To promptly deliver to Lender any notices that Mortgagor receives from
the holder.
c. Not to allow any modification or extension of, nor, to request any future
advances under any note or agreement secured by the lien document
. without Lender's prior written consent.
6. CLAIMS AGAJNST TITLE. Mortgagor will pay all taxes, assessments, liens,
encumbrances, lease payments, ground rents, utilities, and other charges relating
to the Property when due. Lender 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 Security Instrument. Mortgagor agrees to
assign to Lender, as requested by Lender, any rights, claims or defenses
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Mortgagor may have against parties who supply labor or materials to maintain or
improve the Property.
7. DUE ON SALE. Lender may, at its option, declare the entire balance of the
Secured Debt to be immediately due and payable upon the creation of. or contract
:trom the creation of, any transfer of sale of all or any part of the Property. This
right is subject to the restrictions imposed by federal law (12 C.F.R. 591), as
applicable.
8. TRANSFER OF AN INTEREST IN THE MORTGAGOR. If Mortgagor is an
entity other than a natural person (such as a corporation or other organization),
Lender may demand immediate payment if:
a. A beneficial interest in Mortgagor is sold or transferred.
b. There is a change in either the identity or number of members of a
partnership or similar entity.
c. There is a change in ownership of more than 25 percent of the voting stock
of a corporation of similar entity.
However, Lender may not demand payments in the above situations if it is
prohibited by law as of the date of this Security Instrument.
9. WARRANTIES AND REPRESENTATIONS. Mortgagor makes to Lender the
following warranties and representations which will continue as long as this
Security Instrument is in effect:
a. Power. Mortgagor is duly organized, and validly existing and in good
standing in all jurisdictions in which Mortgagor operates. Mortgager has
the power and authority to enter into this transaction and to carry on
Mortgagor's business or activity as it is now being conducted and, as
applicable, is qualified to do so in each jurisdiction in which Mortgagor
operates.
b. Authority. The execution, delivery and performance of this Security
Instrument and the obligation evidenced by this Security Instrument are
within the Mortgagor's powers, have been duly authorized, have received
all necessary governmental approval, will not violate any provision of law,
or order of court or governmental agency, and will not violate any
agreement to which Mortgagor is a party or to which Mortgagor is or any
of Mortgagor's property is subject.
c. Name and Place of Business. Other than previously disclosed in writing
to Lender, Mortgagor has not changed Mortgagor's name or principal
place of business within the last 10 years and has not used any other trade
or fictitious name. Without Lender's prior written consent. Mortgagor
does not and will not use any other name and will preserve Mortgagor's
existing name, trade names and rranchises.
10. PROPERTY CONDITION, ALTERATIONS AND INSPECTION.
Mortgagor will keep the Property in good condition and make all repairs tat are
reasonably necessary. Mortgagor will not commit or allow any waste,
impairment, or deterioration of the Property. Mortgagor will keep the Property
free of noxious weeds and grasses. Mortgagor agrees that the nature of the
occupancy and use will not substantially change without Lender's prior written
consent. Mortgagor will not permit any change in any license, restrictive
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covenant or easement without Lender's prior written consent. Mortgagor will
notify Lender of all demands, proceedings, claims, and actions against Mortgagor,
and of any loss or damage to the Property.
No portion of the Property will be removed, demolished or materially altered
without Lender's prior written consent except that Mortgagor has the right to
remove items of personal property comprising a part of the Property that become
worn or obsolete, provided that such personal property is replaced with other
personal property at least equal in value to the replaced personal property, ITee
from any title retention device, security agreement or other encumbrance. Such
replacement of personal propeliy will be deemed subject to the security interest
created by this Security Instmment. Mortgagor will not partition or subdivide the
Property without Lender's prior wri~en consent.
Lender or Lender's agents may, at Lender's option, enter the Property at any
reasonable time for the purpose of inspecting the Property. Lender will give
Mortgagor notice at the time of or before an inspection specifying a reasonable
purpose for the inspection. Any inspection of the Property will be entirely for
Lender's benefit and Mortgagor will in no way rely on Lender's inspection.
11. AUTHORITY TO PERFORM. If Mortgagor fails to perform any duty or any
of the covenants contained in this Security Instrument, Lender may, without
notice, perform or cause them to be performed. Mortgagor appoints Lender as
attorney in fact to sign Mortgagor's name or pay any amount necessary for
performance. Lender's right to perform for Mortgagor will not create an
obligation to perforn1, and Lender's failure to perform will not preclude Lender
ITom exercising any of Lender's other rights under the law or this Security
Instmment. If any construction on the Property is discontinued or not carried on
in a reasonable manner, Lender may take all steps necessary to protect Lender's
security interest in the Property, including completion of the construction.
12. ASSIGNMENT OF LEASES AND RENTS. Mortgagor assigns, grants,
bargains, conveys, mortgages and warrants to Lender as additional security all the
right, title and interest in the following (propelty),
a. Existing or future leases, subleases, licenses, guaranties and any other
written or verbal agreements for the use and occupancy of the Property,
including but not limited to any extensions, renewals, modifications or
replacements (Leases).
b. Rents, issues and profits, including but not limited to security deposits,
minimum rents, percentage rents, additional rents, common area
maintenance charges, parking charges, real estate taxes, other applicable
taxes, insurance premium conttibutions, liquidated damages following
default, cancellation premiums, "loss of rents" insurance, guest receipts,
revenues, royalties, proceeds, bonuses, accounts contract tights, general
intangibles, and all rights and claims which Mortgagor may have that in
any way pertain to or are on account of the use or occupancy of the whole
or any part ofthe Property (Rents).
13. DEFAULT. Mortgagor will be in default if any of the following occur:
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a. Payments. Mortgagor fails to make a payment in full when due.
b. Insolvency or Bankruptcy. The death, dissolution or insolvency of,
appointment of a receiver by or on behalf of, application of any debtor
relief law, the assignment for the benefit of creditors by or on behalf of,
the voluntary or involuntary termination of existence by, or the
commencement of any proceeding under any present or future federal or
state insolvency, bankruptcy, reorganizatio~ composition or debtor relief
law by or against Mortgagor, Borrower, or any co-signer, endorser, surety
or guarantor of this Security Instrument or any other obligations Borrower
has with Lender.
c. Business Termination. Mortgagor merges, dissolves, reorganizes, ends it
business or existence, or a partner or majority owner dies or is dedared
legaUy incompetent.
d. Failm'e to Perform. Mortgagor fails to perfOlm any condition or keep
any promise or covenant of this Security Instrument.
e. Other document~. A default occurs under the terms of any other
document relating to the Secured Debts.
f Other Agreements. Mortgagor is in default on any other debt or
agreement Mortgagor has with Lender.
g. Misrepresentation. Mortgagor makes any verbal or written statement or
provides any financial information that is untrue, inaccurate, or conceals a
material fact at the time it is made or provided.
h. Judgment. Mortgagor fails to satisfy or appeal any judgment against
Mortgagor.
1. Forfeitm·e. The Property is used in a manner or for a purpose that
threatens confiscation by a legal authority.
J. Name Change. Mortgagor changes Mortgagor's name or assumes an
additional name without notifying Lender before making such a change.
k. Property Transfer. Mortgagor transfers all or a substantial part of
Mortgagor's money or property. This condition of default, as it relates to
the transfer of the Property) is subject to the restrictions contained in the
DUE ON SALE section.
1. Property Value. The value of the Property declines or is impaired.
m. Material Change. Without first notifying Lender, there is a material
change in Mortgagor's business, including ownership, management, and
financial conditions.
n. Insecurity. Lender reasonably believes that the Lender is insecure.
14. REMEDIES. On or after default, Lender may use any and all remedies Lender
has under state or federal law or in any document relating to the Secured Debts,
including, without limitation, the power to sell the Property. Any amounts
advanced on Mortgagor's behalf will be immediately due and may be added to the
balance owing under the Secured Debts. Lender may make claim for any and aU
insurance benefits or refimds that may be available on Mortgagor's default.
Subject to any right to cure) required time schedules or any other notice rights
Mortgagor may have under federal and state law, Lender may make aU or any part
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of the amount owing by the terms of the Secured Debts immediately due and
foreclose this Security Instrument in a manner provided by law upon the
occurrence of a default or anytime thereafter.
Upon sale of the Property, Lender will make and deliver a special or limited
warranty deed that conveys the property sold to the purchaser or purchasers.
Under this special or limited wan'anty deed, Lender will covenant that Lender has
not caused or allowed a lien or an encumbrance to burden the Property and that
the Lender will specially warrant and defend the Property's title of the purchaser
or purchasers at the sale against all lawful claims and demand of all persons
claiming by, through or under the Lender. The recitals in any deed of conveyance
will be prima facie evidence of the facts set forth therein.
15. CONDEMNATION. Mortgagor will give Lender prompt notice of any pending
or threatened action by private or public entities to purchase or take any or all of
the Property through condemnation, eminent domain, or any other means.
Mortgagor authorizes Lender to inteIVene in Mortgagor's name in any of the
above described actions or claims. Mortgagor assigns to Lender the proceeds of
any award or claim for damages connected with a condemnation or other taking
of all or any part of the Property. Such proceeds will be considered payments and
will be applied as provided in this Security Instrument. This assignment of
proceeds is subject to the terms of any prior mortgage, deed of trust, security
agreement or other lien document.
16. INSURANCE. Mortgagor agrees to keep the Property insured against the risks
reasonably associated with the Property. Mortgagor will maintain this insurance
in the amount the Lender requires. This insurance will last until the Property is
released rrom this Security Instrument. When Lender requires pursuant to the
preceding two sentences can change during the term of the Secured Debts.
Mortgagor may choose the insurance company, subject to Lender's approval,
which will not be unreasonably withheld.
If Mortgagor fails to keep the Property insured the Lender may obtain insurance
to protect Lender's interest in the Property. This insurance may include coverage
not originally required of Mortgagor, may be written by a company other than one
Mortgagor would choose, and may be written at a higher rate than Mortgagor
could obtain ¡fMortgagor purchased the insurance.
17 . WAIVERS. Except to the extent prohibited by law, Mortgagor waives all
homestead exemption rights relating to the Property.
18. APPLICABLE LA'V. This Security Instrument is governed by the laws of
Wyoming, except to the extent otherwise required by the laws of the jurisdiction
where the Property is located, and the United States of America.
19. AMENDMENT, INTEGRATION AND SEVERABILITY. This Security
Instrument may not be amended or modified by oral agreement. No amendment
or modification of this Security Instrument is effective unless made in writing and
executed by Mortgagor and Lender. This Security Instrument and any other
documents relating to the Secured Debts are the complete and final expression of
the agreement. If any provision of this Security Instrument is unenforceable, then
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the unenforceable provision will be severed and the remaining provisions will still
be enforceable.
SIGNATURES. By signing, Mortgagor agrees to the terms and covenants in this
Security Instrument. M0l1gagor also acknowledges receipt of a copy of this Security
Instrument.
MORTGAGOR:
TIM R. T
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LENDER:
T-CO
BY
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Sharen T refren, President
ACKNOWLEDGMENT.
(Business or Entity)
'-~ -2 ~ .I. OF · ¿> ss.
This instrume yvas acknowledgment before me this cJ..¡. day of:¡¿f¡"fl~
c1 000 by TIM R TREFREN as OWNER of ALPINE TES~ -
-COOU1J~~
BARBARA MARTIN - NOTARY PUBLIC
~/O~~<L ~A~
County of .
Lincoln ·
State of
Wyoming
My Commission Expires April 28, 2008
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This instrument w acknowledgment before me this C;' -- day 0 '
,~aJ Ct by SHAREN TREFREN as PRESIDENT ofT-COVE TINe.
My commission expires r:f.Jíl'~b a-~L
{Notary Public}
BARBARA MARTIN· NOTARY PUBLIC
County of State of
Lincoln Wyoming
My Commission Expires April 28, 2008
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That part of the NE~SW~ Section 29, T37H¡ Rl18H, Linc~ln County,
Wyomingclescribed as follow~:
¡' BEGI~~ING at the southea~t point of Lo~ 11 of the Palisades
He1ght3 5~bdivi6ion of ~e~o~d in the Office of the Clerk of
I' Lincoln County, as Plal: ;No~ 24g, said poiht being 00 the
northerly right-of-~ay lin~ of: St~te Highway 89:
I the nee: N 26 a - 31. 5 I W, 167.1 B ~ fee t to th e nor the ã g t po in t 0 f ¡¡ a 1 d
10 t 11, ,
I thence ccnti:1uinl5l N26c-3l:.S'W, 60.69 feet. a:'ol1g the easterly
I line of Lot 10 of the sai~ P~11sades He~ght5 SUbdivision;
t. he p c ~ N b £) a - 09. S I £ 7 l,¡ 0.15 f:e e ì: to a poi n ton t beY -: S t ~ !: 1 Y
I riyht-of-....ay line of Pal~16~òe.& Drive of n~c:;rG On the said
I. Pal.i~idlf~ Heights SlJbdi')i~lonl Plat
I tr.ence S25D-.'3l.S'E, 221.31 feet along I:.h~ I,1cu;-terly right-cf-way
1 i í1 e 0 f :J aid Pal i ~ ð d e 8- D r.i vet 0 It poi n ton the s 2. i d h 0 r t be!; 1 y
right-oE-way line of Statg¡ Highway 39,
tte:nce 563 0-2B.5'W, 1-40..00~e-E!:!t along th~ sõid northerly right-
Of-Wðy linQ of Stat;! High\;.Ïay·89 tD t.he POINT or BBGINNING;
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AND all of the ei!lst .ixcy iic) £eef: oo! Lot 11 of the P.alisHidès
Uelghts subdivision of r~cord in the Office of ~he Clerk of
Li11c'01n County /!1.8 Plat Ne. f49~ óe¡¡c:::ibeà ..5 ~o11Gw5:
BEG!NN!NG at th~ 8outhe~s~ point of gaid lot 11, on the
northerly ri9ht-o£-~ay liné of state Hi9h~ay 89;
thenCE S63 "-28.S'W, 50.GO feet along the southeJ:ly line ùf saiò
lot 11, c:)mrnon to th.e szdd nort.herly right-ai-way lin!!, t.o :i
point¡ :
~h2nce N26°-31.0'W, 1.58..97 :feet to a point: on the norl:;h~rly line
said Lot 11;
th~nce N65°-11.0'E, ~O.DU f~ét to the northeast poin~ ~f $aid
Lo t 11: :
thence 526°-31.5' Er 16ï .18 ':feet to the POINT OF BEG'INNING;
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ENCOMPASSING an are~ of 0,23 ácre$t more or 1.551
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AND th~t part of tb~ ea~t ~ixty (60) feet of Lot 10 of the
PalisadQ9 Heigp~s Subdivision of record in the Office of the
Clerk cf Linceln Count~ as~Plat No. 249, described as follows:
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~EGINNING at the southeast. point of said Lot 107
th~nc. S65°11.0'W, 60.00 feet along the sou~herly line of s.aia
Lot 10 to a point: '.,
thence N26C1_2B.8IW, 61.71 fe~t tù ¡;; poi.nl:.,
thence N65°-09,5'E, 59.9.9 feet;
thence 526"-31.5'g, 60.69 feet to the POINT OF BEGINNING;
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Promissory Note
1. PROMISE TO PAY. For value received, I promise to pay you or your order, at
your address, or at such other location as you may designate, the principal sum of
$101,400 (principal) plus interest ITom the dates as follows:
$25,000 on October 1,2004
$38,000 on January 7,2005
$30,000 on December 29,2005
$ 8,400 on February 23,2006
on the unpaid Principal balance until this Note matures or this obligation is
accelerated.
2. INTEREST. Interest will accrue on the unpaid (principal) plus interest from the
period of October I, 2004 through November 2, 2007 at the initial interest of
seven and one half percent (7 Y2 %) after which time it may change as described
in the Variable Rate subsection.
a. Interest After Default. !fyou declare a default under the terms of this
Loan, including for failure to pay in full at maturity, you may increase the
Interest Rate otherwise payable as described in this section. In such event,
interest will accrue on the unpaid Principal balance of this Note at the
Interest Rate in effect from time to time under the terms ofthis Note, until
paid in full.
b. Maximum Intel'est Amount. Any amount assessed or collected as
interest under the terms ofthis Note or obligation will be limited to the
Maximum Lawful Amount of interest allowed by state or federal law.
Amounts collected in excess of the Maximum Lawful Amount will be
applied first to the unpaid Principal balance. Any remainder will be
refunded to me.
c. StatutOl)' Authority. The amount assessed or collected on this Note is
authorized by the Wyoming usury laws under Wyo. Stat. 40-14-358.
d. Accmal. During the scheduled term of this Loan interest accrues using an
Actual/360 days counting method.
e. Variable Rate. The interest Rate may change during the term of this
transaction.
i. Index. Beginning with the first Change Date, the Interest Rate
will be based on the following index: The base rate on corporate
loans posted by at least 75% ofthe nation's 30 largest banks
known as the Wall Street Journal Prime Rate. The current index is
the most recent index figure available on each Change Date. You
do not guaranty by selecting this index, or margin, that the Interest
Rate on this Note will be the same rate you charge on any other
loans or class ofloans you make to me or other borrowers. If this
index is no longer available, you will substitute a similar index.
You will give me notice of your choice.
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ii. Change Date. Each date on which the Interest Rate may change is
called a Change Date. The Interest Rate may change November 2,
2007 and every three years thereafter.
iii. Calculation of Change. On each Change Date, you will calculate
the Interest Rate, which will be two and one half percent (2 1Iz %)
above the Current Index. The result of this calculation will be
rounded to the nearest .001 percent. Subject to any limitations, this
will be the Interest Rate until the next Change Date. The new
Interest Rate will become effective on each Change Date. The
Interest Rate and other charges on this Note will never exceed the
highest Rate or charge allowed by law for this Note.
iv. Interest Rate Carryover. Any changes in the Index which are not
reflected in a rate adjustment may be carried over to subsequent
rate adjustment periods, and be implemented to the extent not
offset by opposite movement in the Index.
v. Limitations. The Interest Rate changes are subject to the
following limitations:
1. Lifetime. The Interest Rate will never be greater than
eighteen percent (18%) or less than seven and one half
percent (7 1Iz%).
vi. Effect of Variable Rate. A change in the Interest Rate will have
the following effect on the payments. The amount of scheduled
payments will change.
vii. Payment. I agree to pay this note in 180 monthly installments; A
paIment of$447.89 will be due on November 2,2004, and on the
2ß day of each month thereafter. I will make 36 scheduled
payments of this amount. The scheduled payment will then be
reamortized to include additional monies disbursed and will reflect
any changes in the interest rate. The scheduled payment amount
may then change every 36 months thereafter. Changes in the
Interest Rate will not affect the schedule payment amount during
these periods. With each scheduled payment change the payment
amount will be adjusted to reflect changes in the interest Rate
during the remaining term ofthis Note. A final payment of the
entire unpaid balance of Principal and Interest will be due February
2, 2020. Each payment I make will first be applied to the interest
and then to the ptincipal that is due.
viii. Prepayment. I may repay this Loan in full or in part at any time.
Any partial prepayment will not excuse any later scheduled
payments until I pay in full.
ix. Loan Purpose. The purpose of this loan is for OPERATING
CAPITAL TO ALPINE FUEL, INC. (AKA ALPINE JESORO).
x. Security. This Loan is secured by real estate located at 120 U.S.
Highway 89, Alpine, WY that is commonly referred to as Alpine
Tesoro: See Attachment - Mortgage
xi. Default. I will be in default if any ofthe following occur:
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xii.
1. Payments. I fail to make a payment in full when due.
2. Insolvency of Bankruptcy. The death, dissolution or
insolvency of, appointment of a receiver by or on behalf of,
application of any debtor relief law, the assignment for the
benefit of creditors by or on behalf of, the voluntary or
involuntary termination of existence by, or the
commencement of any proceeding under any present or
fuhlre federal or state insolvency, bankruptcy,
reorganization, composition or debtor relief law by or
against me or any co-signer, endorser, surety or guarantor
of this Note or any other obligations I have with you.
3. Business Termination. I merge, dissolve, reorganize, end
my business or existence, or a partner or majority owner
dies or is declared legally incompetent.
4. Failure to Perform. I fail to perform any condition or to
keep any promise or covenant ofthis Note.
5. Other Documents. A default occurs under the telms of
any other Loan Document.
6. Other Agreements. I am in default on any other debt or
agreement I have with you.
7. Misrepresentation. I make any verbal or written
statement or provide any financial information that is
untrue, inaccurate or conceals a material fact at that time it
is made or provided.
8. Judgment. I fail to satisfy or appeal any judgment against
me.
9. Forfeiture. The Property is used in a manner or for a
purpose that threatens confiscation by a legal authority.
10. Name Change. I change my name or assume an additional
name without notifying you before making such a change.
11. Property TI'ansfer. The value of the Property declines or
is impaired.
12. Material Change. Without first notifying you, there is a
material change in my business, including ownership,
management, or financial conditions.
13. Insecurity. You reasonably believe that you are insecure.
Due on Sale. You may, at your option, declare the entire balance
of this Note to b e immediately due and payable upon the creation
of, or contract for the creation of, any transfer or sale of all or any
part of the Property. This right is subject to the restrictions
imposed by federal law (12 C.F.R. 591) as applicable.
Waiver and Consent. To the extent not prohibited by law, I
waive protest, presentment for payment, demand, notice or
acceleration, notice or intent to accelerate and notice of dishonor.
xiii.
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xiv.
Remedies. After I default, and after you give any legally required
notice and oppotiunity to cure the default, you may at your option
do anyone or more of the following.
1. Acceleration. You may make all or any part of the amount
owing by the terms of this Note immediately due.
2. Sources. You may use all or any part of the amount owing
by the terms of this Note immediately due.
3. Insurance Benefits. You may make a claim for any and
all insurance benefits or refunds that may be available on
my default.
4. Payments Made on My Behalf. Amounts advanced on
my behalf will be immediately due and may be added to the
balance owing under the terms of this Note, and accrue
interest at the highest post-maturity interest rate.
5. Set-OfT. You may use the right of set-off This means you
may set-off any amount due and payable under the terms of
this Note against any right I have to receive money from
you. My right to receive money trom you includes any
deposit or share account balance I have with you; any
money owed to me on an item presented to you or in your
possession for collection or exchange; and any repurchase
agreement or other non deposit obligation. "Any amount
due and payable under the terms of this Note" means the
total amount to which you are entitled to demand payment
under the terms of this Note at the time you set-off
Subject to any other written contract, if my right to receive
money trom you is also owned by someone who has not
agreed to pay this Note, your right of set-off will apply to
my interest in the obligation and to any other amounts I
could withdraw on my sole request for endorsement. Your
right of set-off does not apply to an account or other
obligation where my rights arise only in a representative
capacity. It also does not apply to any Individual
Retirement Account or other tax-deferred retirement
account. You will not be liable for the dishonor of any
check when the dishonor occurs because you set-off against
any of my accounts. I agree to hold you harmless from any
such claims arising as a result of you exercise of your right
of set-off
6. Waiver. Except as otherwise required by law, by choosing
anyone or more of these remedies you do not give up your
right to use any other remedy. You do not waive a default
if you choose not to use a remedy. By electing not to use
any remedy, you do not waive your right to later consider
the event a default and to use any remedies if the default
continues or occurs again.
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xv. Warranties and Representations. I make to you the following
warranties and representations which will continue as long as this
Note is in effect:
1. Name and Place of Business. Other than previously
disclosed in writing to you I have not changed my name or
principal place of business within the last 10 years and have
not used any other trade or fictitious name. Without your
prior written consent, I do not and will not use any other
name and will preserve my existing name, trade names and
franchises.
xvi. InsUl'ance. I agree to retain property insurance on the secured
property in at least the amount of the loan with a licensed
insurance firm legal to do business in the State of Wyoming.
xvii. Applicable Law. This Note is governed by the laws of Wyoming,
the United States of America and to the extent required, by the
laws of the jurisdiction where the Property is located.
xviii. Signatures. By signing, I agree to the terms contained in this
Note. I also acknowledge receipt of a copy of this Note.
Borrower:
Alpin
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Lender:
T -Covenan
By
Sharen
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