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RECEIVED 4/25/2006 at 10:10 AM
RECEIVING # 917737
BOOK: 617 PAGE: 739
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
State of Wyoming
Space Above Thi$ Line Far Recording Data
REAL ESTATE MORTGAGE
(With Future Advil/'lQ8 Clause)
1. DATE AND PAR11ES_ The date of this Mortgage is ß4.21).2006
are as follows:
and the parties end thalr addresses
MORTGAGOR: PINNACΠAPPRAISAL COMPANY.lLC. AN ARKANSAS LIMITED
LIABILITY COMPANY
804 N. UNIVEBSITY AVE.
LITTLE ROCK, AR 12205
o Reter to the Addendum which is attached and incorporated herein for additional Mortgagors.
LENDER:
BANK OF JACKSON HIltE
ORGANIZf ) AND EXISTJNG UNDER THE lAWS OF THE STATE OF WYOMING
990 W. BROADWAY
P.O. BOX 7000 JACKSON. WY 83D02
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2_ MORTGAGE. For good and valuable consideration, the receipt and sufficiency of which is Bcknowledged, and to secure
the Secured Debt (hereafter defined), Mortgagor grants. bargains. conve)'s, mortgages and warrants to Lender, with the
power of sale, the following described property: LOTS 717 a 718 LAKEVIEW ESTATES NINTH ADDITION, LINCOLN COUNTY, WYOMING.
ACCORDING TO THAT PlAT ALEO SEPTEMBER 26, 2005 IN THE OFFICE OF THE LINCOLN COUNTY CWIJ( AS INSTRUMENT '912220 AND PlAT NO. 25[J.G
The property is looated In LINCoLN
at LOTS 717 & 718 LAKEVlEW ESTATES
ICollnM
, Al1'lNE
, Wyoming
IAddr_1 ¡Cityl IZlP. Cod.)
Together with all rights, easements, appurtenance, . royalties. mineral rights, 011 and gas rights, crops. timber, all
diversion payments or third party payments milde to crop producers, and all existing and future linprovements,
structures, fixtures, and replacements tl'lat may now, or at any time In the future, be part of the real estate described
above (all referred to as ·Property"). The term Property also includes, but Is not limited to, any ¡InÌj all water wells,
water, ditches, reservoirs, reservoir sites and dams JOCilted on the real estate and all riparian and water rights associated
with the Property, however established,
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3.· MAXIMUM OGLlGATION LIMIT. The total principDI amount of the Secured Debt (hereafter defined) secured by this
Mortgage at anyone time shall not eleceed $ 77.000.00 , This limitation of amount does not
include Interest, loan charges, commitment fees. brokerage commissions, attomeys' fees and other oharges validly made
pursuant to this Mortgaga and does not apply to advanc"s ror interest accrued on such advances) made under the terms
of this Mortgage to protect Lender's sec:urlty and to perform any of the cOVenants contained in this Mortgage. FutlJr.
advances are contemplated and, along with ·other future obligations. are secured by thÏ\; Mortgage even though all or part
may not yet b, advanced. Nothing in this Mortgage. however, shall constitute iI commltme.,t to make additional or
future loans or advancètl in any amount. At¡y such commitment would nead to be agreed to in a separate writing.
4. SECURED DEBT DEFINED. The term ·Secured Debt' Includes, but Is not limited to, the fonowing:
A. The promIssory: not~(s), contract/s), .guarantylies) or other. evld.nce of debt da~cr~bed below and all exte~sions.
renewals,modificabons or substitutions, (When refererrclnf/ the debts below It IS sUUQllsted that you mclvde
irerns such as borrowe/'$' names and addreS$es. note princIpal amounts. commercial revolving loan agreement's
maximum amount, interest rates, variable rere rerl'Tl$, maturity dates, /lte.)
PROMISSORY NOTE 116648 IN nlE AMOUNT OF
$71,000.00
8. All future advances from Lender to Mortgagor 01 other future obligatiQns of Mortgagor to lender under any
promissory note, contract, guaranty, or oth"r evidence of debt existing now or executed after thilS Mortgage
whether or not this Mortgage Is specifically referred to ¡., the evideoclI of debt.
C. All obligations Mortgagor owes to lender, which now exist or may later arise, to the extent not prohibited by faw,
Including, but not limited to, liabilities ror overdr¡¡fts relating to any deposit account agreement between
Mortgagor and L.nder.
D. All additlor¡al sums adv¡¡nced and expen$4l$ incurrQd by lender for insuring. preserving or otherwise protecting the
Prop arty and Its value and any other sums Eidvanced and expenses incurred by lender under the terms of this
Mortgage, plus Interest at the highest rate In effect, from time to time, as provided in the Evidence of Debt,
E. Mortgagor's performanca under tha terms of ahY instrumeot evidencing a debt by Mortgagor to Lender aod any
Mortgage securing. guar.owing, or otherwise relating to the debt,
If more than one person signs this Mortgage ." Mortgagor, each Mortgagor agrees thElt this Mortgage will secure all
future advances and future obligations described .hQve that .re given to or incurred by anyone or more Mortgagor, or
anyone or more Mortgagor and othars. This Mortgage wi:1 l'Iot secure any other debt if lender fails, with respect to such
other debt, to make any required disclosure about this Mortgage or if lender fails to give any required notice of the right
of rescission.
S. PAYMENTS, Mortgagor agrees to make all paymeotl< on the Secured Debt when due and in ",coordance with the terms
of the Evidence of Debt or this Mortgage.
6. CLAIMS AGAINST TITLE. Mortgagor will pay 1\11 tl)xes, assessments, liens, encumbrances, lease pðyments, ground
rents, utilities, and other charges relating to the Property when due. Lender may require Mortgagor to provide to lender
copies of all noti08s thet such amounts are due and the receipts evidencing Mortgagor's payment. Mortgagor will defend
title to the P/operty against any claims that would impeir the lien of this Mortgage. Mortgagor agrees to assign to
Lender. as requested by Lender, any rights, clalrns or defenses which Mortgagor may have against parties who supply
labor or materials to improve or maintain the Property.
,. ÞRIOR SECURITY INTERESTS, With regard to any other mortgage. deed of trust, security agreeme.,t or other lien
document that created a prior seourity interest or encumbranclI on the Property and that may have priority over this
Mortgage, Mortgagor agrees:
A. To make all payments when due Cilnd to perfon" Qr comply with all covenants,
B. To promptly deliver to Lender any notioes that Mortgagor reoeives from the holder.
C, Not to make or permit any modification or extension of, ar'ld not to request 0( aocept any future advances under
any note or agreement secured by, the other mortgage, deed of trust or 5ecurity agreement unless Lendar
conslllnts in writing.
8. DUE ON SALE OR ENCUMBRANCE. lender may, at its option, declare the eMire balance of the Secured Debt to be
immediately due and payable upon the creation of allY lien, encumbrancQ, transfer, or sale, or contract for any of these
on the Property. However, if the Property includes Mortgagor's residence, this 5ection shall be subJect to the restrictions
irnpolSed by federal hlw /12 C.F.R. 5911, as applicable. For the purposes of thi~ section, the term ·Property· .al~o
includes any interest to all or any part of the Property. This covenant shall run with the Property and shall remain In
effect until the Secured Debt Is paid in full and this Mortgage is released,
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9. 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 it (1) a beneficial Interest In MOf{gótgor is sold
or transferred; (21 there is a change In either the identity or number of members of a partnership or similar entity; or 131
there Is a change in ownership of more than 25 percent of the voting stock of a corporation or similllr entity. However,
Lender may not demand payment in the above situations if it is prohibited by law as of the date of this Mortgage,
10. ENTITY WARRANTIES AND REPRESENTATIONS. If Mortg&gor is an entity oth~r than a natural person (such as a
corporation or other organizlltion), Mortgagor makes to Lender the following warranties Clnd representations which shall
be continuing iI$ long as the Secured Debt remain.. outstanding: .
A. Mortgagor Is an entity which Is duly organized and validly existing in the Mortgagor's state of incorporation (or
organization). Mortgagor Is in good $tandin9 it, ¡oil states in which Mortgagor transacts busln.ss. Mortgagor has
the power and authority to own the Property and to carry on its business as now being conducted and, as
applicable, is qualified to do so In each state in which Mortgagor operates.
B. The execution, delivery and performance of this Mortgage by Mortgagor and the obligation evidenced by the
Evidence of Debt are within the power of Mor1gagor, have been duly authorized, have received all necessary
governmental approval, and will not violate any provision of I~w, or order of court or governmen18lagency.
C. Other than disclond in wri1ing Mongagor has not changed its name within 1he last ten years and has /'lot used
any other trade or fictitious name. Without Lender's prior wrine/'l consen1, Mortgagor dOlils not and will not use
any other Mme ¡md will preserve its e {isting nalne, trade names and franchises until the Secured Debt Is
satisfied.
11. PROPERTY CONDITION, ALTERAÏlONS AND INSPECTION. Mortgagor will keep the Property in good condition and make
all re:ptoirs that are reasonably neces$;!Iry. Mortgagor will give Lender prompt notice of any loss or damage to the
Property. Mortgagor will (eep the Property free of tloxiou·s weeds and grasses. Mortgagor will not initiate, join In or
consent to any change In any private restriotive covenant, zoning ordinance or other public or private restriction limiting
or defining the uses which may be made of the PrClpert\' or any part of the Property, without Lender's prior written
consent, Mortgagor will notify Lender of all demands, prooeedings. claims, and actions against Mortgagor or any other
owner made under law or regulation regarding use. ownership and occupanoy of the Property, Mortgagor will comply
with all legal requirements and restrictions, whether public or private. with respect to the use of the Property. Mortgagor
also agrees that the nature of the occupancy and use will not change without Lender's prior written consent.
No portioo of the Property will be removed, demolished or materially altered without lender's prior writteo consent
except that Mortgagor hi!lS the right to remove items of personal property comprising a pan of the Property that become
worn or obsolete, provided that such personal property is replaced with other personal property at least equal in value to
the replaced personal property, free from any title letet'ltion device, security agreement or other encumbrance. Suoh
rliplåcement of personal property will be deemed subject to the security intere$1 created by this Mortgage. Mortgagor
shall not pertition or subdivide the Property without Lendor's prior wrinen consent. Lender or Lender's agents may, at
lender's option, enter the Property at any reasonable time for the purpose of inspecting the Property. Any Inspection of
the Property shall be entirely for Lender's benefit ;¡nd Mortgagor will in no way rely on Lender's inspection.
12. AUTHORITY TO PERFORM, If Mortgagor falls to perform any of Mortgagor's duties under this Mortgage, or any othar
mortgage, deed of trust. security agreement or ,)ther lien document that has priority over this Mortgage, Lender may,
without notice, perform the dutias or cause them to be performed. Mortgagor appoints Lender as anorney in fact to sign
Mortgigor's name or pay IIny amount neoess¡¡ry for performance, If any construction on the Property is discontinued or
not carried on in a reasonable manner, Lender may do whatever is necessary to protect Lender's security interest in thè
Property. This may include completing the con$tructlon.
lender's right to perform for Mortgagor shall not create an obligation to perform, and Lender's failure to perform win not
preclude Lender from exercising any of Lender'a other rights under the law or this Mortgage. Any amounts paid by
Lender for insuring, presœrving or otherwise protectin¡¡ the Property and Lender's sec:urlty interest will be due on demand
and will betor interest from the date of tho ptoymem until paid in full ;.t the interest rate in effect from time to time
according to the terms of the Evidence of Dlilbt.
13. ASSIGNMENT OF LEASES AND RENTS. Mortgagor assions, grants, bargains, conveys, mortgages and warrants to
Lender as additional security all the right, title IInd intllresI in the following (Propertyl.
A. Existing or future leases, subleases, licen,;es, guaranties and any other wrlnen or verbal agreements for the usa
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 limit"d to, security deposits, mInimum rents. peroentage rents,
additional rents, common area maintenance ch¡¡rges, parking charges, real estate taxes, other applicable taxes,
insuranoe premium contributions, liquidated damage$ following default, canoellation premiums, ·'OSS of rents'
insurance, guest receipts, revenueS, royalties, proceeds, bonuses, accounts, contr;.ct rights, general intangibles,
..nd all rights and claim:s which Mortgagor mf'y h,lYe that In any wey pertain to or lire on a~count of the use or
occupancy of the whole or any part of the Property (Rents).
In the event any item listed as Leases or Rent.; (s determined to be·personal property, this Assignment will also be
regarded as a security agreement.
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Mortgagor wtll promptly provide Lender with cople~ of the Leases and will can:lfy these leases are true and correct
copies. The existing leases will be provided on exe<:ution of the Assignment, and all of the future Leases and any other
information with respect to these leases will be pmvided ilTlmediately after they are aXecuted. Mortgagor mey collect,
receive, enjoy and usa the Rents so long es Mortgagor is not in default. Mortgagor will not collect in edvance <lny Rents
due in future lease periods, unless Mortgagor first obtilins lender's written conSent. Upon default, Mortgagor will receiVe
any Rents in trust for Lel1der and Mortgagor will not commingle the Rants with ilny othQ ' funds. Wherl Lendar so directs.
Mortgagor will endorse and deliver any payments of Rents from the PrDperty to Lender. Amounts collected will be
applied 8t Lender's discretion to the Secured Debt:;, the costs of managing, protecting and preserving the Property, and
other necessary expensas. Mortgagor agrees that this Security Il1strument is immadiately effective bEtvveen Mortg¡¡gor
and lender. This Security Instrument will remClin effective during any statutory redemption period I,Inti! the Secured
Debts aro satisfied. Unless otherwise prohibited or prØ$cribed by state law, Mortgagor agrees that Lender may take
actual possession of the Property without the neces&ity of commencing any legal ..ction or proceeding. Mortg:¡gor /lgrees
that actual possession of the Property Is deemed to Occur when Lender notifies Mortgagor of Mortgagor's default and
demands that Mortgagor and Mortgagor'. tenant. pey all Flents dUe or to become due directly to Lender. Immediately
after Lendar gives Mortgagor the notice of defal,llt, Mortgagor agrees that either Lender or Mortgagor m¡¡y immediately
notify the tenants and demand tllat air future Rants be paid directly to Lender,
All long as this Assignment is In eFfect, Mortgagor warrants and represents that no default exists under the Leascs, /lnd
the partlell subject to the Leases have not violat&d any "pplicabla law on leases, licenses and landlords /lnd tenants.
Mortgagor, at Its sole cost and expense, will keep. obllerve and perform, and require all other parties to the leases to
comply with the Leases and any applic¡¡ble law. If Mortgagor or any party to tha Lease defaults or fails to oburve any
applicable law, Mortgagor will promptly notify Lender. If Mortgagor negleots or refuses to anforce COlTlplience with the
terms of the Leases, then Lendsr may. at Lender's option. enforce complianr;:e. .
Mortgagor will not sublet, modify, extend, cancel. or oTherwise alter the Leases, or accept the surrender of the Property
covered by tha leases funless the Leases so require} without Lender's oonsent. Mortgagor will not a$$ign, compromise,
subordinate or enoumber the leases and Rents wi~hout Lender's prior written consent. Lender does not assume or
become liable for the Property's ma;ntenar)oe, depreciation, or other losses or damages when Lender acts to manage.
protect or preserVe the Property, except for lo~es and damages due to Lender's gross negligence or intentional torts.
Otherwise, Mortgagor will indemnify lender and hold lender harmless for 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 PrDperty includes a unit in a condominium or a planned unit
developmel1t, Mortgagor will perform all of Mortgagor's duties under the covenents. by-laws. or regulations of the
condominium or planned ur)!t development.
15. DEFAULT. Mortgagor will be in def¡¡ult If any of the following occur:
A. Any party obligated an the Secured Debt fails ~o malce payment when due:
B. A breach of any term or COVenant in this Mortgage. /lny prior lTIortgage or any construction loan agreement.
seourity agreement or any other document evidencing, guarantyir)g, securing or otherwise relating to the Secured
Oilbt;
C. The malcing or furnishing of any verbal or written reþresentatlon, statemilnt or warranty to Lender that is false or
Incorrect ¡I1 any materiel respect by Mortgagor or any person or entity obligated on the Secured Debt;
D. The death, dissolution, or insolvency of, appolntmmt of a receiver for. or application of any dfibtor relief law to,
Monllagor or any person or entity obligated Of) the Secured Debt;
E. A good faith bellsf by Lender it any time that Lander is insacure with re:;pect to any person or entitv obligated On
the Secured Debt or that the prospeot of any payment Is ilTlpaired or the value of tile Property Is impaired; .
F. A material adverse change if) Mortgagor's busIness including ownership, management, and financial conditions,
which Lender In Its opinion believes impeirs the value of the Property or repayment of the Secured Debt; or
G. Any loan proceeds ere used for a purpose that will contribUte to excessive erosion of highly erodible land or to the
conversion of Wetlands to produoe an agricultural comn,odity, as further explained in 7 C.F.R. Pert T 940, Subpart
G, Exhibit M.
16. REMEDIES ON DEFAULT. In some Instances, federal and statil law will require Lender to provide Mortgagor vvith notice
of the right to cure. mediation notices or other notice" and may establish time schedules for foreclosure ;,ctions. Subjeèt
to these limitations, if any, Lender may accelerate the Secured Debt and foreclose this Mongage in a manner provided by
law if this Mortgagor is In defeult.
At tile option of Lender, ..II or any þart of the agreed fees and charges, accrued Interest and prinoipal shall become
ilTlmediatery due and payable, aher giving notice If required by law, upon the occurrence of a defautt or aoytime
there..fter. In addiTion, Lender shall be entitled to 1111 the remedies provided by I¡¡IN, the Evidence of Debt, othsr evidences
of debt, this Mortgage and any related dooulTlents including with~ut limitation. the po~er to ~eJ/ the Property. .AII
reMedies are distinct, cumulative and not exclusive, and the lender IS entitled to all remedies provided at law or equity,
whether expressly set forth or not, The aooeptance by Lender of any sum i~ Pllymen~ Dr partie I p8ymen~ Dn th. S~cured.
Debt after the balance is due or is ac;celeratad or eftflr for.olosure proceedings are flied shall not constJtute II waiver of
lender's right to require full and complete cure of any existing default, By not exarcislng any remady On Mortgagor's
default, Lender does not waive lender's right to later (Jonsider the eVilnt II default If it cOlitinues or happens agiOin,
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1'. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when prohibited by IIIW,
Mortgagor agrees to pay 1111 of Lender's expenses if Mortg&gor breaches ilny covenant in this Mortgllge. Mortg~gor will
also pay on demand aU of Lender's expenses incurred in collecting, insuring,. preserving or protecting the Property or in
any Inventories, audits, iru¡pections or other examination by Lender in respect to the Property, Mortgagor agrees to pay
aU costs ~nd expenses incurred by L.ander In enforcing or protacting Lender's rights ¡¡nd remedies under this Mortgage,
Including, but not limited to, attorneys' f""s, court costs, snd other legal expenses. Onc/l the Secured Debt is fully and
finally paid, Lender agre8$ to release this Mortgllg" ilnd Mortgagor agrees to pay for any recordation costs. All such
amounts are due on demand and will bear imerest from the time of the advance at the highest rllte in effect. from time
to tima, as provided In the Evidence of Debt and a>; permitted by law,
18. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used In this section, (1) "Environmentill Law" means,
without limitation, the Comprehensive Environmflntal Response, Compensation and Liabili:ty Act (CERCLA, 4.2 U.S.C.
9601 et seq.), all other fedaral, state and local laws, regulations, ordinances, court orders. attorney general opinions or
interpretive leners concerning the public health, s<,fety, welfare, environment or a hazardous substance; and (2)
"Ha~ardous SubstanceN means any toxic, radioactive or hazardous materia!. waste, pollutant or contaminan1 which has
characteristics which rœnder the substance d"'l'IgQrou~ or potentially dangerous to the public health, safety. welfare or
environment. The term includes, without limitation, al"'Y substances defined as "hilZardous material," "toxic substances,"
"hóitZardous waste" or "hazardous substance" undar any Environmental Law. Mortgagor represents, warrants and agrees
that, except as previously disclÐsad and acknowledged in writing;
A. No Hazardous Substance has been, is. or will be located, transported. manufactured, trøated. refined, or ha 'ldled
by any p..rson on, under or about the Ptoperty. except in the ordiniltY course of business and In strict compliance
with all applicable Environmental Law.
B. Mortgagor has not and will not cause, contribute to. or permit the release of any Hazardous Substance on thfl
Property.
C, Mortgagor will immœdiately notify Lender if (1) a release or threatened release of Hazardous Substance occurs on.
under or about the Property or migrates or threatens to migrato from nearby propel1y; Ot (2) there Is a violetion of
any.Envlronmental l.aw concerning the PIOPflrty. In such an event, Mortgagor will take all necessary remedial
action in accordance with Environmental Law.
b. Mortgagor has no knowledge of or reason to believe there is any pending or threatened Investigation, claim, or
ptoc:eeding of any kind relating to (1) any HÐ28/dous Substance located on, under or about the Ptoperty; or (2)
any violation by Mortg¡¡gor or any tenant of any Environmental Law. Mortgagor will immediately notify Lender in
writing as soon as Mortgagor has reason to beHave thera is any such pending or threatened investigation, claim,
or proceeding. In such an event, Lender has the right, but not the obligation. to partlc:ipate in any such proc:eedlng
including the right to receive copies of any documents relating to such proceedings.
E. Mortgagor and every ten¡,nt have been, are and shall remain in full compliance with any applicable Environmental
Law.
F. There are no und"rground storage tanks, priv.1te d~lmps or open wells located on or under the Property ¡ od no
$t,Jch tank, dump or well will be added unless Loender first consent5 in writing.
G. Mortgagor will regularly Inspect the Propetty, I'\\onitor the activitlas and oper¡¡tions on the Property, and confirm
that all permits, Ifcenses or approvals required by any applicable Environmental Law are obtained and complied
with. .
H. Mortgagor will permit. or cause any ten¡ nt to pcrmit. Lender or Lender's ilgent to enter and inspect the Property
and review all records ¡¡t any reasonable time to d$termine (11 the existence, location and natute of any
Hazardous Substance on. under or about ~he Property; (21 tha axistence, location. nature, and mllgnitude of any
Hazardous Substance that has baen released on, under or about the Property; or 131 whether or not Mortgagor
IInd Ðny tenant are In compli"n.;:e with applicable Environmental Law.
I. Upon lender's request and at any time. Mortgagor agrees, at Mortgagor's expense, to engage a qualified
environmental engil'\eer to prepare an envitonrllentlll audit of the Proparty and to submit the results of such audit
to Lender. The choice of the envirOl'\mental en( ineer who will perform such audit is subject to Lender's approval.
J. Lender has the right, but not the obligation, to perform any of Mortgagor's obligations under this section at
Mortgagor's expanse.
K. As II consequence of any breach of any represanta1ion, w¡¡rranty or promise made in this section, (1) Mortgagor
will indamnify and hold lender and Lender's successors or assigns hllrmless from and against all losses, claims,
demands, liabilities, damages, cleanup, response and remediation cost5, penalties and expenses. Including
without limitation all costs of litigation and attorneys' fees, which l.ender and Lender's $UC:CIIssors or assigns may
sustain; and (2) at Lender's discretion, Lendflr may release this Mortgage and in return Mortgagor will provide
Lender with collateral of lIt least equal value t', the Property secured by this Mortgage without prejudice to any of
Lender's rights under this Mortgage. .
L Notwithstllnding any of the language contain',d in this Mortgage to the contrary, the 1erms of this section shall
survive any foreclosure or satisfaction of this Mortgage regardless of any passage of title to Lender Dr any
disposition by Loander of any or all of the Property. Any cl¡¡ims and defenses to the contrary are hereby waived.
19. CONDEMNATION. Mortgagor will give Lender prompt notice of any Bction, teal or threatened, by private or public
entities to purch¡¡se or take any or all of the Property, Including any easements, throullh COl'\demnatlon, emin"nt domain,
or any other mean\!. Mortgagor further agrees to notify Lel'lder of any proceedl 'lgs instituted for the establishment of any
saWer, water, conservation, ditch, drainage, or other district relating to or binding upon the Property or any part of It.
Mortgagor authorizes lender to jl'ltervene in Mortgaøor's name in ilny of the above described actions or claims and to
collect and recaive all sums resulting from the action or claim. Mon:gagor assigns to Lender the proceeds of any award or
claim for damages connected with a condemnatinn or other taking of all or any part of the Property. Such proceed$ $hall
be considered paymeot$ and will be applioad as provided in this Mortgage. This assignment of proceeds is subject to the
terms of ¡¡ 'IY prior mortgage. deed of trust, security agreement or other lien document.
\ M L. ~ (page 5 of 8J
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C00744
20. INSURANCE. MOC1gagor agrees to malrttain insuranCE! as follows:
A. MOC1gagor shall keep the Property insured :1gain~t loss by fire. thElft and other hazards and risks reasonably
associated with the Property due to its type and location. Other hazards al'ld risks may include, for example.
c~ \oerage against loss due to floods or flooding. This Insurance shall be maintained in thll amounts and for the
periods thàt lendar requires, What lender requires pursUant to thl! preceding two sentences can change during
th" term of the Secured Debt. The Insurance carrier providing the Insuranoe shall be c:hosen by Mortgagor subject
to lender's approval. whic:h shall not be unreasonably withheld. If Mortgagor fails to mainUoil'l the coverÐglI
described above, lender may. at lender's nption. obtain coverage to protect lender's rights in the Prop arty
> according to the terms of this Mortgage.
All Insurance policies and renewals 5h811 be acceptable to lender and shall Include a standard "mortgage clause"
and, wh"re applicable, "lender loss payee cl"use." Mortgegor shall immediately notify Lcndllr of cancell"tion or
termination of the Insurance. lender shall htJve the right to hold the policies and renewals. It lender requires,
Mortgagor shall immediatlilly give to lendel all recsipt~ of paId premiums and renewel notices. Upon loss,
Mortgagor shall give immediata notice to the insurance carrier and lender. Leoder may make proof of loss if not
made Immediately by Mortgagor.
Unless Lender and Mortgagor otherwisE: agree in writing. il'\~urance proceeds shall be applied to restoration or
repair of toe Property damaged if the restoration or repair Is ec:onomically feasible and lender's security is not
lessened. If the restoration or repair Is not I~concrnically feasible or Lender's security would be lessened. the
insurance proceèds shall b. applied to the 5ecured Debt, whether or not then due. with any excess paid to
Mortgèlgor. If Mortgagor abandons the Property. or does not answ.r within 30 days a notic:e from lender that the
insuranoa carrier has offered to settle a claim. then Lender may collect the iosurance prooeeds. Lander mey use
the proceeds to rap air or restore the Property or to pay the Secured Debt whether or not then due. Tha 3(}'day
periOd will begin when the notice is given.
Unless lender and MOC1gagor .otherwise agree in writing. any application of proceeds to principal shall not extend
or postpone the due date of sc:heduled payments or change the amount of the payments. If the Property Is
acquired by lender, Mortgagor's right to any insurance polioies and prooeeds resulting from damage to the
Property before the acquisition shall pass to Lender to th$ extent of the Secured Debt immediately before the
acquisition.
B. Mortgagor agrees to maintain comprehensive general liability insurance naming Lender as an additional Insured in
an amount acceptable to Lender, in5urlng agai.,st claims arising from any accident or occurrenc:e in or on the
Property.
C. Mortgagor agrees to maintain rental Ion or blJsiness Interruption Insurance. as required by Lender. in an amount
equal to at least Coverage of one year's debt service. and required esorow account deposits (if agreed to
separately in writing), under a form ot policy acc"pulble to Lender.
21. NO ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided In a separate agreement, Mortgagor will not be
required to pay to Lender fUnd~ for takes and Insur¡ance In esorow.
22. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Mortgagor will provide to Lender upon request, any financial
s1atement or information Lender may deem necessary. Mortl1a·gor warra.,ts that all flnanoial statements and i.,formatlon
Mortgagor provides to lender are, or will be, accurate, correct. and complete. Mortgagor agrees to sign, deliver. and file
as lender may reasonably requ.st any additional documents or certifications that lender may oOl'\sider necessary to
perfect, continue, and preserve MOC1gagor's obligations under this Mortgage and lender's lien status on the Property. If
Mortgagor tails to do so, lender may sign, deliver, and file such documents or ceC1iflcates in Mortgagor's name and
Mortgagor hlilreby Irrevocably appoints lender or lender's agent es attorney In fac:t to do the things neoessary to comply
with this section.
23. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS: SUCCESSORS AND ASSIGNS BOUND. An duties under this Mortgage
are joiht and individual. If Mortgagor signs this MOC1gbge but does not sign the Evidence of Debt, Mortgagor does so only
to mortgage Mortgagor'S interest in the Property to secure payment of the Secured Debt and Mortgagor does not agrelil
to be personally liable on the Secured Debt. Mortgagor agr801s that Lender and any party to this Mortgage may extend.
modify or make any change in the terms of this Mortgage or the Evidence of Debt without Mortgagor's consent. Such a
c}¡ange will not release Mortgagor from the terms of this Mcrtgèlge, The duties rond benefits of this Mortgage shall bind
IInd benefit the successors and assigns of Mortgagor .!Ind L,,¡nder.
If this Mortgage secures a guaranty between Lender and Mortgagor and does not directly secure the obligation which Is
guarantied, Mortg8gor agrees to waive any rights that may prevent lender from bringing any action or claIm against
Mortgagor or any p8rty Indebted under the obligation IncludIng, but not limited to, anti-defic:iency or one-action laws.
~ C1S113, 2D01 BanUrsSVtt........lftii.. St. Claud. MN 1f.,1'f'i "Gcn·RfS~·WV 1/1&i/;¡OD3
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24. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Mortgage is governed by the laws of the jurisdiotlon In
which Lender is looated. except to the extent otherwise required by the laws of the jurisdiction where the PropErty is
located. This Mortgage is oomplete and fully integ/;r,ted. This Mortgage may not be amended or modified by oral
agreement. Any section or clause in this Mortgage, attachrnants, or any agreement related to the Secured Debt that
eOl"lflicts wÎth applicable law will not be effective, Ul"lless that law expre$$ly or impliedly permits the variations by written
agreement. If any section or clause of this Mortgage cannot be enforced accotding to Its terms, that section or clause
will be savared and will not affect th. enforceability 01' the rem;r,inder of this Mortgage. Whenever used, the singular $hall
include the plural and the plural the singular, The captions and heildings of the netions of this Mortgage are for
convenience only and are not to be used to Interpret e>r define the terms of this Mortgage. Time is of the essence in this
Mortgegl!.
25. NOTICE. Unless otherwise required by law, any nntice shall be given by delivering it or by mailil"lg it by first class mail to
the appropriate party's address on page 1 of this Mortgage, or to any other address designated in writing. Notice to one
mortgagor will be deemed to be notice to all mortgagors.
26. WAIVERS. Except to the extent prohibited by I..w. Mortgagor waives any right regarding ,he marshalling of liens and
assets and all homestead examptlon rights relating to the Property.
27. U.C.C. PROVISIONS. If checked, the following are applicable to, but do not limit, this Mortgage:
o COJUitruction Loal'\. This Mortgage secUres $1'1 obligation Incurred for the construction of an improvement on the
Property,
o Fixture Filing. Mortgagor grants to lender a <;ecur1w Interest In all goods that Mortgagor owns now or in the
future and that are or will become fixtures relaTed to the Property.
o Crop..: TImber; Mlner¡¡ls; Renu, Issues and Profits. Mortgagor grants to lender ð security interest in all crop.,
timber and minerals located on the Property liS wall as all rents, iS$usa. and profits of tham including, but not
limited to, all Cons8rv..tion Reserve Program ICRP) and Payment in Kind (PIK) payments and sirnilar governmentel
programs (all of which $h;r,1I also ba Included in the term "Property").
o Personal Property. Mortgagor grants to Lender iI security .interest in ell personal property located on or connected
with the Property, This security interest Includes all fflrm products. inventory, equipment, accounts, documents,
instruments, chattel peper, general intangibles, and ell other items of personal property Mortgagor owns now or in
the future and that are used or useful in the construction. owner$/'\ip, operation, management, or maintenance of
the Property. The term "personal property· sJ)$oifically .excludes that property described as "household goods"
secured in connection with a ·consumer· loan as those terms are defined In applicable federal regulations
governing unfair and deceptive credit practices.
o Filing As Financing Statement. Mortgagor agrees and aoknowledges that this Mortgaga also suffices as 8
financing statement and is such, may be filed of record as a financing statement for purposes of Article 9 of the
Uniform Commeroial Code. A carbon. photographic> image or other reproduction of this Mortgage Îs sufficient liS
a financing tltatement.
28. OTHER TEAMS. If checked, the following are applicable:: to this Mortgage:
o Line of Credit. The Secured Debt includl!s a revolving line of credit provision. Although the Secured Debt may be
reduced to a zero balance, this. Mortgage will r'~mëlin in effect until released,
LJ Separate Assignmel1t, The Mortgagor has executed or will execute a separate assignment of leases and rents. If
the separate assignment of I¡¡ases and rents is properly executed and recorded, then the separate assignment will
supersede this Seourity Instrument's· Assionment of Leases and RentsN section,
D Additional Terms.
~' I) 1 '.13, .2001 8õanu.. $y.,....... 11tD.. St. Cloud. MN p.wm AOC'o-nesl-wY , ',&no03:
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SIGNATURES; By s.igning below, Mortgagor agrees to the terms and covenants contained in this MOrtgllge and In any
anachments. Mortgagor also ac~nowledges receipt of iI copy of this MOr1gage on the date stated above on Page 1.
o Actual authority was "r..nted to the parties signing below by resolution signed and dated
ED UABlUry COMPANY
-
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ISJgna¡u
IDOtal
(SlgnatulIl
/D.fOI
ISign.fU"'
IDato)
o Refer to the Adda",dum which Is attached ar>d incorporated herel", for additional Mortgagors, signatures and
acknowledgments.,
(1lIdlvidu.al)
ACKNOWlEDGMEI'fr:
STATE; OF . COUNTY OF
This instrument was acknowledged before me this
by
My commissIon expires:
day of
} 55.
INotary Publici
STATE OF WYOMING . COUNTY OF
This. instrument was ac~nowledged before me this 20TH day of APRIL ,Doe
by JASON A. HUDSON: JACK F. COTTON II
:u::; MEMBER: MEMBER
"".nowt.......o of PINNACLE APPRAISAL COMPANY LlC. AN ARKANSAS LIMITED UABIUTY COMPANY
a ABKANSAS ~ ~atf of the
My commission expires: :::?~ ~
(Na\iOry Pubüc¡
) 55,
NOTARY PUBLIC
Pulaski County Ar1<anS88
My cornrrission expires January 1. ';!X17
/Tit'" laU
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