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HomeMy WebLinkAbout918041 .~". .~.u ./ .../,. ··,··..I:':-..·.,n:O:';f.'-':I.!" ¡~:;~~;¡¡;¡mjm;i~ 1"'1°1 I £_ RECORDATION REQUESTED BY: The Jackson State Bank & Trust West Office P.O. Box 1788 50 BUffalo Way Jackson, WY 83001 WHEN RECORDED MAIL TO: The Jackson State Bank & Trust West Office P.O. Box 1788 50 Buffalo Way Jackson, WY 83001 RECEIVED 5/4/2006 at 10:29 AM RECEIVING# 918041 BOOK: 618 PAGE: 721 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER. WY SEND TAX NOTICES TO: The Jackson State Bank & Trust West Office P.O. Box 1788 50 Buffalo Way Jackson. WY 83001 SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY rw, MORTGAGE MAXIMUM LIEN. The lien of this Mortgage shall not exceed at anyone time $207,000.00. THIS MORTGAGE dated April 26, 2006, is made and executed between Etoile Holdings, LLC, a Wyoming limited liability company,· whose address is PO Box 12865, Jackson, WY 83002-2865 (referred to below as "Grantor") and The Jackson State Bank & Trust, whose address is P.O. Box 1788, 50 Buffalo Way, Jackson, WY 83001 (referred to below as "Lender"). GRANT OF MORTGAGE. For viíluable consideration, Grantor mortgages and conveys to lender 1111 of Grllntor's right, title, and interest in and to the fo!lowing described real property, together with all existing or subsequently erected or affixed buildings, improvements and fixtures; 1111 easements, rights .01 way, and appurtenances; all water, waler rights, watercourses and ditch rights (Including stock in utilities with ditch or irrigation rights); llnd all other rights, royalties, and profits relating to the'real property, including. without limitation all.minerl!ls, oil,:.gas, geothermal and similar matters, .(the "Real Property") located in Lincoln County, State of Wyoming: . " See Exhibit "A", which Is attached to this Mortgage and made a part of this Mortgage as if fully set forth herein. The Real Pròþerty or its address is commonly known as 332 Meadow Drive, Alpine, WY 83128. Grantor presenlly assigns to lender all of Grantor's right, tille, and Interest in and to all present and future leases of the Property and all Rents from the Property. In addition, Grantor grants to Lender a Uniform Commercial Code security interest in the Personal Property and Rents. THIS MORTGAGE, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY, IS GIVEN TO SECURE (A) PAYMENT OF THE INDEBTEDNESS AND (B) PERFORMANCE OF ANY AND ALL OBLIGATIONS UNDER THE NOTE, THE RELATED DOCUMENTS, AND THIS MORTGAGE. THIS MORTGAGE IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS: GRANTOR'S WAIVERS. Grantor waives all rights or defenses arising by reason of any "one action" or "anti-deficiency" law, or any other law which may prevent Lender from bringing any ;!ction against Grantor, including a claim for deficiency to the extent Lender is otherwise entilled to a claim for deficiency, before or after Lender's commencement or completion of any foreclosure action, either judicially or by exercise of a power of sale. GRANTOR'S REPRESENTATIONS AND WARRANTIES. Grantor warrants that: (a) this Mortgage is executed at Borrower's request and not al the request of Lender; (b) Grantor has the full power. right, and authorily to enter inlo this Mortgage and to hypothecate the Property; (c) the provisions of this Mortgage do not conflict with, or result In a default under any agreement or olher instrument binding upon Grantor and do not result in 11 violation of any law, regulation, court decree or order applicable to Grantor; (d) Grantor has established adequate means of obtaining from Borrower on 11 continuing basis information about Borrower's financial condition; and (e) Lender has made no representation to Grantor about Borrower (including without limitation the creditworthiness of Borrower). PAYMENT AND PERFORMANCE. Except llsotherwlse provided in this Mortgage, Borrower and Grantor shall pay to Lender all Indebtedness secured by this Mortgage llS it becomes due, llnd Borrower and Grantor shell striclly perform all Borrower's and Grantor's obligations under this Mortgage. POSSESSION AND MAINTENANCE OF THE PROPERTY. Borrower and Grantor agree thet Borrower's and Grantor's possession and use of the ProPerty shall be governed by the following p(ovisions: , , . Possession and Use. Until the occurrence of an Event 'of Default, Grantor may'. (1) . remain .In pO$session and control oft~e Property;., (2) 'w¡e, operate or manage the Property; a:~d '(3) collect the Rents from the Property. .'. Duty·to Maintain. Grantor shall maintain lhe.Pr.operty il1. teruintáble cond"¡¡lon.·a~d 'prompíly perform all repairs, replacements, and maintenance necessary to preserve Its val~e. . . . ... '. . Compliance With Environmental Laws. Granlor represents and warrants to Lender that: (1) During the period of Grantor's ownership of the Property, there hes been no use, generation, manufacture, storage, treatment, disposal, release or threatened release of J:lny Hazardous Substance by any person on, under, about or from the Property; (2) Grantor hes no knowledge of, or reason to believe thet there hes been, except as previously disclosed to and acknowledged by Lender in writing, (a) any breach or violation of any Environmental Laws, (b) llny use, generation, manufacture, storage, treatment, disposal, release or Ihreatened release of any Hazardous Substance on, under, about or from the Property by any prior owners or occupants of the Property, or (c) any actual or threatened litigation or claims of any kind by any person relating to such matters; and (3) Except as previously disclosed to and acknowledged by Lender In writing, (a) neither Grantor nor any tenant, contractor, agent or other authorized user of the Property shall use, generate, manufacture, store, treat, dispose of or release any Hazardous Substance on, under, about or from the Property; and (b) any such activity shall be conducted in compliance with all J:lpplicable federal, state, and local laws, regulations llnd ordinances, including without limitation all Environmental Laws. Grantor authorizes Lender and its agents to enter upon the Property to make such inspections and test.., at Grantor's expense, as Lender may deem appr opriate to determine compliance of the Property with this section of the Mortgage. Any inspections or tests made by Lender shall be for Lender's purposes only and shall not be construed to create any responsibility or liability on the part of Lender 10 Grantor or to any other person. The representations and warranties contained herein are based on Grantor's due diligence in investigating the Property for Hazardous Substances. Grantor hereby (1) releases and waives any future claims against Lender tor indemnity or contribution in the event Grantor becomes liable for cleanup or other costs under any such laws; and (2) agrees to indemnify and hold harmless Lender against any and all claims, losses, liabilities, damages, penalties, and expenses which Lender may directly or Indirecliy sustain or suffer resulting from a breach of this section 01 the Mortgage or as a consequence of J:lny use, generation, manufacture, storage, disposal, release or threetened release occurring prior to Grantor's ownership or interest In the Property, whether or not the same was or should have been known to Grantor. The provisions 01 this seclion of the Mortgage, including the obligation to indemnify, shall survive the payment of Ihe Indebtedness and the 5atisfaction and reconveyance of 1he lien of this Mortgage and shall not be affected by Lender's acquisition of any interest in the Property, whether by foreclosure or olherwise. Nuisance, Waste. Grantor shell nol cause, conduct or permit any nuisance nor commit, permit, or suffer any stripping of or waste on or to the Property or J:lny portion of the Property. Without limiting the generality of the foregoing, Grantor will not remove, or grant to any other party the right to remove, any timber, minerals (including oil and gas), coal, clay, scoria, soil, gravel or rock products without Lender's prior written consent. Removal of Improvements. Grantor shell not demolish or remove any Improvements from the Real Property without Lender's prior written consent. As a condition to the removal of any Improvements, Lender may require Grantor to make llrrangements satisfactory to Lender to replace such Improvements with Improvements of llt least equal value. Lender's Right to Enter. Lender and Lender's agents and representatives may enter upon the Real Property llt J:l1I reasonable times to J:lttend to .lender's interests and to inspect the Real Property for purposes of Grantor's compiiance with the terms and conditions of this Mortgage. 'l¡ 'I'" ;'-"( ',j · ,·"".;t.':'.1tt......'i'-;:L:·~,;;,:¡;J,,-·¡¡-:;'i,;~' "..-" 09:1.8041. MORTGAGE (Continued) r.Of\'"1?2 \..J \... t: t ".., Loan No: 33109729 Page 2 Complla~'ce' with Governmental Requtrements. Grantor shall promptly comply wilh all laws, ordinances, and regulations, now or hereafter In ellect, of all governmental.authoritles applicable to. the. use or occupancy of Ihe Property, including without limitation, the Americans With Disabilities Act.. Grantor may cont~st I.n good faith 'any such law, ordinance, or regulation and withhold compliance during any proceeding, Including approprlat.e appeljls, so .Iong as . gr~nt!Jr has notified Lender in. writlnµprlor . to. d?l.óg . ~o andsoJ~ng as, in, Leridér'ss91~, opi~lon, Lender's Interesls In the Prpperty"are ngt Jeop.a.rdlzed., Lender may require GrantorJo. posl adequale security or a surety bond, reasonably sa.t!~fl!ct~ry 10 Lender:.!oprotecll,lI.rider'~ in,terest . '. .., ," .' .,~.,.. ,.:,.. ',,:/' " . Duty to Protect. Grantor agrees neither to abandon or leave unattended the Property. Granlor shalldo'all olher acts; In addition to those acts s~t forth ebove In this section, which from the character and use of the Property are reasonably necessary 10 protect and preserve the Property. DUE 'ON SALE - CONSENT BY LENDER. Lender may, at Lender's option, declare Immediately due and payable all sums secured by this Mortgage upon the sale or transfer, without Lender's prior wrilten consent, of all or any part of the Real Property, or any Interest in the Real Property. A "sale or transfer" means the conveyance of Real Property or any right, tltie or Interest in the Real Property; whether legal, beneficial or equilable; whether voluntary or Involuntary; whelher by outright sale, deed, installment sale contract, land contract, conlract for deed, leasehold interest with a term greater than three (3) years, lease-option contract, or by sale, assignment, or Iransfer of any beneficial inlerest in or 10 any land trust holding title to the Real Property, or by any other melhod of conveyance of an interest in the Real Property. If any Granlor Is a corporation; partnership or limited liability company, transfer also Includes any change In ownership of more than twenty-five percenl (25%) of the voting stock, partnership inlerests or limited liability company Interests, as the case may be, of such Grantor. However, this opllon shall not be exercised by Lender If such exercise Is prohlbiled by federal law or by Wyoming law. TAXES AND LIENS. The following provisions relating to the laxes and liens on Ihe Property are part of this Morlgage: Payment. Grantor shall pay when due (and In all events prior to delinquency) all taxes, payroll taxes, special taxes, assessments, water charges and sewer service charges levied agalnsl or on account of the Property, and shall pay when due all claims for work done on or for services rendered or meterial furnished to Ihe Property. Grantor shall maintain the Property free of any liens having priority over or equal to Ihe interest of Lender under this Mortgage, except for those liens specifically agreed to in writing by Lender, and except for the lien of taxes and assessments nol due as further specified in Ihe Right to Contest paragraph. Right to Contesl. Grantor may withhold payment of any lax, essessment, or claim In connection wilh a good faith dispute over the obligation to pay, so long as Lender's interest In the Property Is not jeopardized. If a lien arises or is filed as a result of nonpayment, Grentor shall within fifteen (15) days after the lien arises or, if a lien is filed, wilhin fifteen (15) days after Grantor has notice of the filing, secure the discharge of the lien, or if requested by Lender, deposit with Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender tn an amount sufficient to discharge the lien plus any costs and reasonable attorneys' fees, or olher charges thai could accrue as a result of a foreclosure or sale under the lien. In any contest, Grantor shall defend IIse!f and Lender and, shall ,salis(yany. adverse Judgment before enforcement against the Properly. Grantor shall name Lender as an additional obligee under' enysurety bond furnished Inlhe contest proceedings. .' . FVldèncè of P~YÌ11e~¡: Granlor 'sh~lIupon d~mandiurnish ioLende'rsatisfaci~ry :eyidence of payment of the axes orassessmen!s an~ shall aulhorize "the appropriate governmental official, to deliver to Lender at any ·time a written .stalemen 'ofthe'ta~e-s and assessments .against the ·P.roperty. ,'.' . .' ". ,,'"' . . Nollce of Construcllon. Grantor shall nolify Lenderat least filleen (15) days before any work is commenced, any services are furnished, or any materials are supplied to the Property, If any mechanic's lien, materialmen's lien,. o(,other lien could be asserted on accounl of .the work, services, or maleril\l~.,Grantor will upon request of Lender furnish to Lender advance assurances satisfactory to Lender that Grantor can and will pay the cost of such linprovements. PROPERTY DAMAGE INSURANCE. The following provisions relating to Insuring the Property are a part of this Mortgage: Maintenance of Insurance. Grantor shall procure and maintain policies of fire insurance with standard extended coverage endorsements on a replacement basis for the full insurable value covering alllmprovemenls on the Real Properly in an amount sufficient to avoid application of any coinsurance clause, and with a standard mortgagee clause in favor of Lender. Grantor shall also procure and mainlain comprehensive general liabllily Insurance In such coverage amounts as Lender may request with Lender being named as additional Insureds In such liability Insurance policies. Additionally, Granlor shall maintain such other Insurance, Including but not limited to hazard, business Interruption and boiler Insurance as Lender may require. PRllç!e~ shalf be written by such insurance companies andin such form as may be reasonably acceptable to Lender. Granfor shall deliver to Lender certificales of coverage from each Insurer containing a stlputatlon that coverage will not be cancelled or diminished without a minimum of ten (10) days' prior written notice 10 Lender and not containing any disctalmer of the Insurer's liability for failure to give such notice. Each Insurance policy also shall include an endorsement providing thai coverage in favor of Lender will not be Impaired in any way by any act, omission or defaull of Grantor or any other person. Should the Real Property be located In an area designated by the Director of Ihe Federat Emergency Management Agency as a special flood hazard area, Grantor agrees to obtain and mainlain Federal Flood Insurance, if available, within 45 da,Ys after notice Is given by Lender that the Properly is located In a special flood hazard area, for the full unpaid principal balance of Ihe loan and any prior liens on the property securing the loan, up to the maximum policy limits set under Ihe National Flood Insurance Program, or as otherwise required by Lender, and to maintain such insurance for the term of the loan. Appttcatlon' 6f Proceeds. Grantor shall promplly notify Lender of any loss or daÌ11age'to the Pròperty. Lender may make proof of loss If Granlor falls to do so within filleen (15) days of the casually. Whether or not Lender's security Is impaired, Lender may, at Lender's election, receive and retain the proceeds of any Insurance and"lipply the proceeds to the reduction of ttíe'lnöebtEidness, payment of any lien 'affecting the Property, or the restoration endreplllr of thl! propf;1rtY· .If Lenderl!ll!cts to apply tM.proceeds 10 restoiation and 'repair, Grantor"shall repair or replace the ¡j~rna~ed or de~!ro¥ecl', Inip'iqvQI]1~nts hi. f m;ii\~èr.slltisf!lq1orYJo, q;"de(. '", .Le.nd,!,( s,~all, u~on satis,factory¡ pioof ,of $Uç~; ~xi>enditùre: pay; ,0;: relmburse Grantor from the proceeds for \he reasonable cost of repair or restoration If Grantor IS not In default under this Mortgage. Any proceeds which have not been disbursed within .180 days af.ler their receipl and which Lender. has not committed tolhe repair or restorallon of the Property s.hall. be used .flrst to pay any amount owing .to ¡",ender underlh.is Mortgage, then to pay accrued .Interest, and the remainder, If any, shall be' àpplied 10 the principal balance of Ihe Indebtednes~. If Lender holds any proceeds aller payment in full of the Indebtedness, such proceeds shall be paid to Grantor as Grantor's Interests may appear. ' Gr.antor's Report on Insurance. Upon request of Lender, however not more than once a year, Grantor shall furnish to Lender a report on each existing policy of Insurance showing: (1) the name of the insurer; (2) the risks insured; (3) the amount of the policy; (4) the property insured, the then current replacement value of such property, and the manner of determining that value; and (5) the expiration date of the policy. Grantor shall, upon request of Lender, have an Independent appraiser satisfactory to Lender determine the cash value replacement cost of the Property. LENDER'S EXPENDITURES. If any action or proceeding Is commenced that would materially affect Lender's Interest In the Property or if Grantor fails to comply with any provision of this Mortgage or any Related Documents, including but not limited to Grantor's failure to discharge or pay when due any amounts Grantor Is required 10 discharge .or pay under this Mortgage or any Related Documents, Lender on Grantor's behalf. may (but shall not be. obligated to) take any action Ihat Lender deems appropriate, Including but not limlfed to discharging or paying all taxes, liens, security interests, encumbrances and other claims, at any time levied or placed on the Properly and paying all cosls for Insuring, maintaining and preserving the Property. All such expendilures Incurred or paid by Lender for such purposes will then bear interest at the rale charged under Ihe Note from the date incurred or paid by Lender to the date of repayment by Grantor. All such expenses will become a part of Ihe Indebtedness and, at Lender's option, will (A) be payable on demand; (B) be added to the balance of the Note and be apportioned among and be payable with any installment payments to become due during either (1) the term of any applicable insurance policy; or (2) the remaining term 01 the Note; or (C) be trealed as a balloon payment which will be due and payable al the Note's maturily. The Mortgage also will secure payment of these amounts. Such right shall be In addition to all other righfs and remedies to which Lender may be enlitled upon Default. WARRANTY; DEFENSE OF TITLE. The following provisions relating to ownership of the Property are a part of this Mortgage: Tille.. .Grantor warrants that: (a) Grantor holds good and marketable title of record to the Property in fee simple, free and clear of all liens and encumbrançe~ other than those set forth In the .Real Property description or In any Iitle Insurance policy, tille report, or final title opinion issued In. Îavoròf, and'atcepted by, Lender in connection with this Mortgage,and (b) Grantor has the full right, power, IInd authority to e~ecule and deliver this Mortgage tÙendèr: ", .......,.......... .'. '.' .... ." Defeò~1\ 01 Tltle,.Suþj¡'èuo,lh~:~xceptl;n irt' í~e p~r~graph ab'ove, Grantor warra~ísand will forf;1v~r' defend the 'tille,io thePropertyagalnsl the lii\Vful ~Iaims of'àl! per~ons;lri,t.he"lVenl any IICtlO,n or proceeding is commencèq.that questions ~rantor's title or the Interest of Lender,.under this' Mortgage, Grantor shall defend thelldion lit Granlor's .expense. Giantormay}>e)he nominal party· in 5uchRrocl!edlng, but Lender, shall be. entitled to participate In the proceeding and to be represented in Ihe proceeding by counsel of Lender's own choice, and Grantor will deliver, or cause to be delivered, to Lender such instruments' as Lender may request from time to time to 'permit such participation. Complla(lceU.wllh Laws. Granlor warrants that the Property and Grantor's use of the Properly complies with all existing applicable laws, ordinances, and regulations of governmental authorities. Survival of Rep'resenlatlons and Warranttes. All representations, warranties, and agreements made by Grantor in this Mortgage shall survive [D!:!~~m!!::;ß ·.',·.·,·,~~,~,·,·,:,...l:'/,' . -;:''',''^,,:.:c:''; . '!Ò.""."--.."""""'--.'~'::.:...:w:.:~.~,.}£~,; 09j~8041 ;~i~ MORTGAGE (Continued) (' '1 r ~ .". t") .. . t 1":. .) Page 3 Loan No: 33109729 the execution and delivery of this Mortgage, shall be continuing In nature, and shall remain In full force and effecl until such time as Borrower's Indebtedhess shall be paid in full. CONDEMNATION. The following provisions relalinglo condemnation proceedings are a part of this Mortgage: .... Proceedings. If~ny prOceedlng'iri co~demnallo~.'smed, Graritor shall promplly notify Lender in ~rlting,anc(ßrantors~ã.llp;ompÏi'ytakesuch ~tep~ !is l1)ay be~e.c~,s~ary to ~!!!end U)e.~.ction .an,dp'?tal~the I1werd.~rantor, may be}he nominal p.~rty in ,such, proc~edlng. but Lender shall be efJ!iIIE!dto parliclpaljl,ln!l)e,prm;eedlng,an,dlo be repr,es~nted In the proceeding, bycou"sel ,01 ilso\y(1 ch,oice, a"d ,Grantprwilj deliver or cause,to be, delive~e.d to Lende~such Instruments and documentation as may be requesled by Lender from time to time to permit such partlclpallon. AppUcatlon of Net'Proceeds. If all or any. pari pf the, Property Is condemned by eminent domain proçeedlngs or by enY'proceedlng or purchase In lieu of c<¡ndemn'atlon,. Le.nder may at ilselectlon. require that 1111 or any portion of the net. proceeds of the award be applied 10 the Indebtedness or ,the repair or restoration of the, Property.,. The nel proceeds of the award shall mean the award atler payment of all reasonable costs, expenses, and attorneys' fees Incurred by Lender In connection with the condemnation. IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relating to governmental taxes, fees and charges are a part 01 this Morlgage: Current Taxes, Fees and Charges. Upon requesl by Lender, Grantor shall execute such documents in addition to this Mortgage and take whatever olher action Is requested by Lender to perfect and continue Lender's lien on the Real Property. Granlor shall reimburse Lender for all taxes, as described below, together with all expenses Incurred In recording, perfecting or continuing this Morlgage, including without limitation all taxes, fees, documentary stamps, and other charges for recording or registering this Morlgage. Taxes. The following shall constll,ute taxes to which Ihis section applies: (1) e spéclpc tax upon this type of Mortgagå or upon all or any pari of the Indebtedness secured by this Mortgage; (2) a specific tax on Borrower which Borrower Is authorized or required to deduct from payments on the Indebtedness secured by this type of Mortgage; (3) a tax on this Iype of Mortgage chargeable agalnsl the Lender or the holder of the Note; and (4) a specific tax on all or any portion of the Indebtedness or on payments of principal and Interesl made by Borrower. Súbsequent Taxes. If any tax to which this section applies is enacted subsequent to the date of this Mortgage, this event shall have the same effecl as an Event of Default, and Lender may exercise any or all of Its available remedies for an Event of Default as provided below unless Grantor eilher (1) pays the. tax before it becomes delinquent, or (2)conlests the tax as provided above In the Taxes and Liens section and deposits with Lender cash or a sufficient corporate surety bond or other securily satlsfaclory 10 Lender. SECURITY AGREEMENT; FINANCINGSTATEMENTS. The following provisions relating to this Morlgage as a security agreement are a part of this Morlgage: SecurllyAgreement. This Instrument shall constitute a Security Agreement to the extenl eny of the Properly constitutes flxturés, and Lender shall have all of the rights of asecuredparty,under the !Jnlform Commercial Code as 'amended from time to time. .-, '" " ""," ", ' "'. , ...... ... - '. "~¡ '.". , .-' -":'~., '-'," ';. i..······ ". '''',,' .. '-" " .,." .':. ,. "..'.. ...::' ,; '---. .' . : '.' '.-'-: "',': .-.',' '.., ~','''' ,·~,--..·t: '.' ,'. .~::.,.-.:... ,. Security Interest. IJpon 'request by Lender" qrl1"torshalltake. whatever ect1o(ll,s requesledby Lef\dertp pe(fect. arid ,Çontlnue Lender's security Il¡lerest in the Rents and Personal PrPperty, [rp.ddition fp recording this Mortgage in the' re~1 propertYrecoids; ,Lendeirriay,at anytime'and without further auihoriZalÍonJron, Grantor, .me executed counterparts, copiés o(reproductionsotthis Morlgagea$ a ,¡inanClng staìerÍìent.'¡ Giantor shall reimburse Lender for allexperises Incurred Inperfecllng oi continuing thisSécwityinterest. Upon default, Grantor shall nol remqve,'severór detach the Personal Property .from the Properly. . Upon' default, Grantor sMII assemble"any PèrsonalProperty not. aHixed to the Property.in a manner aiièJ 'at a place' reaso'nably convenient to Granlor and Lender and make it available to Lender within three (3) days after receipt of wrllten demand from Lender to the extent permilted by applicable law. Addresses. The mailing addresses of Grantor (debtor) and Lender (secured parly) from which information concerning the security Interest granted by this Mortgage may be obtained (each as required by the Uniform Commercial Code) are as stated on Ihe first page of this Mortgage. FURTHER ASSURANCES; ATTORNEY-IN-FACT. The following provisions relating to further assurances and attorney-In-fact are a part of this Mortgage: Further Assurances. At any time, and from time to time, upon request of Lender, Grantor will make~ execute and deliver, or will cause to be made, executed or delivered, to tender or to Lender's designee, and when requeste,d by Lender, çause 10 be lIIed, recorded, rellled, or rerecorded, as the case may be, al. such times and In such offices and places as Lender may deem appropriate, any and all such mortgages, deeds of trust, security deeds, security agreements" financing statements, continuation statements, instruments of further assurance, cerllficates, and other documents as may, in Ihe sole opinion of Lender, be necessary or desirable in order to effectuate, complele, perfect, continue, or preserve (1) Borrower's and Granlor's obligations under the Note, this Morlgage, and the Related Documents, and (2) the liens and securily interests created by this Mortgage as firsl and prior liens on the Property, whether now owned or hereafter acquired by Grantor. Unless prohibited by taw or Lender agrees 10 the contrary In writing, Grantor shalt reimburse Lender for all costs and expenses Incurred In connection with the malters referred to in this paragraph. Allorney-ln..,.Fact. If Granlor falls to do any of the things referred to In the preceding paragraph, Lender may do so for and in Ihe name of Grantor and at Grl\nfor's expense. For such purposes, Grantor hereby Irrevocably appoints Lender as Grantor's attorney-In..,.fact for the purpose of making, executing,. delivering,. filing, recording, and. doing all olher things as may be necessary or desirable, in Lender's sole opinion, 10 accomplish the matters ,referred toJnt~e prfJcedingparagrap~., " ;.,. FULL PERFORMANCE. If Borrower and Grantor pay all the Indebtedness when due, and Grantor otherwise performs all the obtlgatlons Imposed upon Granìq( u,iider (his M9~tgage" LE!nder ~9all exec~teand¡ d~!i~er to.Grantor asuilabl,e,satisfaçtic¡n o't~lsMortgage and suilaþlestatements of,term.in,atlon of ari.y. financing statement on, file" eVldencl~g Lender S. sec~rity .inte(e~t in. the Rents andt.he . Personal ¡>roperlY,. Grantor will pay" If permitted by applicable taw, any reasonable termination fee as delermlned by Lenderfrom time to lime. ...... ..' " , EVErhS' OF DEFAULT. 'Each of the following, allender's'optlon, shall con~IiIÙte an Event of Def~ult' ~nde'¡this Mortgage: Payment Default. Borrower falls to make eny payment when due under the Indebtedness. Defaull on Other Payments. Failure of Grantor wilhln the time required by this Mortgage to make any payment for taxes or Insurance, or any other payment necessary to prevent filing of or to effect discharge of any lien. Other Defaulls. Borrower or Grantor fails to comply wilh or to perform any other term, obligation, covenant or condition contained In Ihis Mortgage or in any of the Related Documents or to comply with or to perform any term, obtlgatlon, covenant or condition contained in any other agreement between Lender and Borrower or Grantor. Default In Favor of Third Parttes. Should Borrower or any Grantor default under any loan, extension of credit, security agreement, purchase or sales agreemént, or any olher agreement, in favor of any other creditor or person that may materially effect any of Borrower's or any Grantor's property or Borrower's ability to repay the Indebtedness or Borrower's or Grantor's ability to perform their respective obligations under this Mortgage or any related document. .'¡ False Statements. Any warranty, representation or staten,ent made or furnished to Lender by Borrower or Grantor or on Borrower's or Grantor's behalf under Ihis Mortgage or the Related Documents is false or misleading In any material respect, either now or at the time made or furnished or becomes false or misleading at any time thereafter. Defective Coltateraltzatlon. This Mortgage or any of Ihe Relaled Documents ceases to be In full force and effect (Including failure of any collaterel document to creale a valid and perfected securily Interest or tien) at any time and for any reason. Death or Insolvency. The dissolution of Granlor's (regardless of whether election to continue Is made), any member wilhdraws from Ihe limited liability company, or any olher termination of Borrower's or Granlor'.s existence as a going business or the death of any member, the Insolvency of Borrower or Grantor, the appointment of a receiver for any part of Borrower's or Grantor's properly, eny assignment for the benefit of credilors, any ,y~~ of cr~dlto~ ~orko~t. or th~ ~0(1lme,ncement ,o.fan'y proceeding und~r I\~y Þankruptcy orinsotyency, la~s by or against Borr~we.r or Grantor. ëredllor or Forfeiture ,Proceedings" Commencement of foreclosure' or forfeiture proceedings, whether by judlcla ,·proceeding,. sélf-help, reposses.~lon or a(lyoth~.r l1)!!,thpd...þy a~y .creditor of Borrower or Grantor or by any governmental agency against any property securing the Indebtedn!"ss. Thl~ i(ldude~ a. garnis,tirn..nt c:¡f,any .of .Bo~to\"er'.s or. Grl\ntQr's accounts, Inctuding deposit accounls" ~ith,l.,ender. ,However" this Event of Default shall notappl~ if there Is a ¡¡Qod faith. dispute by Borrower. or Grantor as to the v!lIldlty or reaso.hablè,nes~:of thectaiin which Is the basis of the creditor or forfeiture proeeeding,andlf Borròwer or Grantor glvesLender\~Úiltennotice of the"creditororforfelture proceedlng'and deposits with ,Lender monies or a surety bond for the creditor or forfeiture proceeding, In an amount determined by Lender, In ils sole discretion, as belng~a~,a~eq,uâte res,eive or bondf,?rthe dispute. , . Breach 'òïÔllier Ag;ee~ent. Any breach by Borrower or Grantor under the terms of any other agreement between Borrower or Grantor and Lender that is not remedied within any grace period provided therein, including wilhoutlimitation any agreement concerning any indebtedness or .:' ' " ',~ ,- .."" / ...'-'. ~if··" "":"";';":1;':-:':0,:';';-:';-;';',' . ',:0:,';., ·;,·;"··';":1',..""... ;'::1';(''-~' ._': ' 0918041 MORTGAGE (Continued) {' n. r.·1"1 n.' 4 tJt,·/t:. Loan No: 33109729 Page 4 other obligation of Borrower or Grantor to Lender, whether existing now or later. Events Affecting Guarantor. Any of the preceding events occurs with respect to any guaranlor, endorser, surety, or accommodation party of any of the Indebtedness or any guarantor, endorser, surety, or accommodation party dies or becomes Incompetent, or revokes or disputes the vatidity of, or liability under, any Guaranty of the Indebtedness. In the event of a death, Lender, at Its option, may, but shall not be required to, permilthe guarantor's eslate to assume unconditionally the obtigallons arising under Ihe guaranty In a manner satisfactory to Lender, and, In doing so, cure any Event of Defautt. . Adverse Change. A material adverse change occurs In Granlor's financial condllion, or Lender believes the prospect of payment or performance of the Indebtedness Is impaired. Right to Cure. If any default, other than a default in paymenl Is curable and if Grantor has not been given a notice of a breach of the same provision of this Mortgage wilhin the preceding twelve (12) months, II may be cured If Grantor, after receiving written notice from Lender demanding cure of such defeull: (1) cures the default wilhin fllleen (15) days; or (2) if the cure requires more than fifteen (15) days, Immediately Inltiales steps which Lender deems In Lender's sole discretion to be sufficient to cure Ihe default and thereafter continues and completes all reasonable end necessary steps sufficient to produce compliance as soon as reasonably practical. RIGHTS AND REMEDIES ON DEFAULT. Upon Ihe occurrence of an Event of Default end at any time thereafter, Lender, at Lender's option, may exercise anyone or more of the foltowing rights and remedies, In addllion 10 any olher fights or remedies provided by law: Acceterate Indebtedness. Lender shall have the right at ils option without notiêe to Grantor to declare the entire Indebtedness Immediately due end payable, Including any prepaymenl penalty which Grantor wo~d be raquired to pay. UCC Remedies. With respect to all or any part of the Personal Property, Lender shall have all the rights and remedies of a secured party under the Uniform Commercial Code. Collect "ents. Lender shall have the right, wilhout notice to Borrower or Grantor, to take possession of the Property, Including during the pendency of foreclosure, whether judicial or non-judicial, and collect Ihe Rents, Including amounts past due and unpaid, and apply Ihe net proceeds, over and above Lender's costs, against the Indebtedness. In furtherance of this right, Lender may require any tenant or other user of the Property 10 make payments of rent or use fees dlreclly to Lender. If the Renls are collected by Lender, Ihen Grantor irrevocably designates Lender as Grantor's allorney-in-fact to endorse instruments received In payment thereof In the name of Grantor and to negotiate the same and collect the proceeds. Payments by tenants or other users to Lender in response to Lender's demand shall salisfy the obligations for which the payments are made, whether or not any proper grounds for the demand existed. Lender may exercise its rights under this subparagraph either in person, by agent, or through a receiver. . Appotnt Receiver. Lender shall have. the right to. have 'a receiver' appointed to take possession of all or any part of the Property, with the power to prptE¡c.t and preserve the ProPerly, 10 c¡pera,te"lhe .Propertyprecedlng fc¡reclosure or. sale, and to colleclthe Reints from the Property and apply the proçeeds, over and a,bove .the .cost pf tht¡! recelv\lrshlp, 'against the Indebtednes~:.. [he receiver may serl(e wlthoul bond if permllted by ta\\,. Lender's right to the appointment of a receiver' shall exist whether or not the apparent value of Ihe Property exceeds the Indebtedness by a substantial amount. Employment by Lender shall not disqualify a person from serving as a receiver. Judicial Foreclosure. Lender may obtain a judicial decree foreclosing Grantor's Interest in all or àny part of the Properly. Nonludlclll15ale. Lender may foreclose Grantor's Interesl In all or in any part of. the Property by non-Judicial sale, and speclftcally by "power of sate" or "advèrtisement and sale" foreclosure as provided by statute. . Deficiency Judgment. If permilled by applicable law, Lender may obtain a judgment for any deficiency remaining In Ihe Indebtedness due to Lender after application of all amounts received from the exercise of the rights provided in this section. Tenancy at Sufferance. If Grantor remains In possession of Ihe Property after the Property is sold as provided above or Lender otherwise becomes entitled to possession of the Property upon defaull of Grantor, Grantor shall become a tenanl at sufferance of Lender or the purchaser of the Property and shall, at Lender's option, eilher (1) pay a reasonable rental for the use of the Properly, or (2) vacale Ihe Property immediately upon the demand of Lender. Other Remedies. Lender shall have all other rights and remedies provided in this Mortgage or the Note or available at law or In equity. Sale of the Property. To the extent permitted by applicable law, Borrower and Granlor hereby waive any and all right 10 have the Property marshalled. In exercising ils rights and remedies, Lender shall be free to sell all or any part of the Property togelher or separately, in one sale or by separate sales. Lender shall be entilled to bid at any public sale on all or any portion of Ihe Property. Nollce of Sale. Lender shall give Grantor reasonable notice of the time and place of any public sale of the Personal Property or of the time aller which any private sale or other Intended disposition of the Personal Property is to be made. Reasonable notice shall mean notice given alleast ten (10) days before the time of the sale or disposilion. Any sale of the Personal Property may be made In conjunction with any sale of the Real Property. Election of Remedies. Election by Lender to pursue any remedy shall not exclude pursuit 01 any other remedy. and an election to make expenditures or to take action to perform an obligation of Grantor under Ihis Mortgage, aller Grantor's failure 10 perform, shall not affect Lender's right to declare a default and exercise Its remedies. Nothing under this Mortgage or otherwise shall be construed so as to limit or restrict Ihe rights and remedies availabte to L~nder follo~ing an E~ent of Defaull, orin any way 10 limit or restrictlhe rights and,. ability. of Le.nder ,to proceeq di(ect!y against Grantor and/or Borrower and/or agelnst any olher co-maker, guarant.or, surety or~n.dorse(llnd/or. toproceedagai~st any o.ther çollllteral direCllyorlndlreCtlYSecÌJringtheln~e~tedness:,c.:':'.'" "."" ·'i ..,......,. . ," Attonieys' Fees; Expenses. If Lerider Institutes any suit or action to 'enforce any of the terms of this Mortgage, Lender shall be entitled to recover such sum as the court may adjudge reasonable as attorneys' fees atlrlal and upon any appeal. Whether or not any court action Is Involved, and to the extent not prohiblled by law, all reasonable expenses Lender Incurs that In Lender's opinion are necessary at any time for the protection of lis Interest or the enforcement of ils rights shall become a part of Ihe Indebtedness payable on demand and shall bear Interest at the Nole rate from the date of the expendilure until repaid. Expenses covered by this paragraph include, without limitation, however subject to any tlmits under applicable law, Lender's reasonable attorneys' fees and Lender's legal expenses whether or not there Is a lawsuit, including reasonable attorneys' fees and expenses for bankruptcy proceedings (including efforts to modify or vacate any automalic stay or injunction), appeals, and any anticipated post-judgment collection services, the cost of searching records, obtaining tllle reports (including foreclosure reports), surveyors' reports, and appralsat fees and title Insurance, to the exlent permitted by applicable law. Grantor also will pay any court costs, In addition to all other sums provided by law. NOTtCES. Any notice required to be given under this Mortgage, including wllhoutlimitatlon any notice of default and any notice of sale shall be given In writing, and s~all be effective when actually delivered, when actually received by telefacsimlle (unless otherwise required by law), when deposited with a nationally recognized overnight courier, or, if malleq, when deposited in the United States mall, es first class, certified. or registered mall poslage prepaid, direcled to the addresses shown near the beginning of this Mortgage. All copies of notices of foreclosure from the holder of any lien which has priority over this Mortgage shall be sent to Lender's address, as shown near the beginning of Ihis Mortgage. Any party may change its address for notices under this Mortgage by giving formal written notice to the other parties, specifying that the purpose of the notice is to change the party's address. For notice purposes, Grantor agrees to keep Lender Informed at all times of Grantor's current address. Unless otherwise provided or required by law, If there is more than one Grenlor, any notice given by Lender to any Grantor Is deemed to be notice given to all Grantors. MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Mortgage: Amendments. This Mortgage, together wilh any Related Documents, constitutes the entire understanding and agreement of the parties as to the matters set forth In this Mortgage. No alteration of or amendment to this Mortgage shall be effective unless given in writing and signed by the party or parties soughl to be charged or bound by the alteration or amendment. Annual Reports.- II the Property is used for purposès other Ihan Granlor's resfdence, Grantor shall iurnish to Lender, upon request, a certified slatement of net operating income received from.the, Property during Grantor's previous fiscal year in such form and detail as Lender shall require. ':Net operating Income" shall mean'all cash receipts from ,the Properly less all'èash expendltu'res'made in'connection with !he operat,lon of the' property, .:".,.".~ v.-_~"::"~;'·":.:"":..__,__'·_.,'-~ ..'. ._. ,-', ", _:~.L.,...,~_",:",,:~:. ,",;.~,~,I~, '''"'~'''':~'''_':':'''-:''_''' "'. Caption Headings. ·taptlon:~¡jadin~s In:this 'M~rtgaÓe'are for coiwenlence"pGrposås only' a~cf s're nðttò btüs~d, tò Int~rpreí 0'- d~riiìe íh~ provisions of this tvI<;>rtgage. .. GovernllJ,9 Law. This Mortgage wilt be governed by federal taw applicable to Lender and, to the extent not preempted by federal law , the laws onhe state of Wyoming wtthout regard to Its conflicts of law provisions. This Mortgage has been accepted by Lender In the State of Wyoming: Iì'~'¡m. 1lli~~¡!ìill;;tilli§1 _J :';~''''~'''.~,',',~,~,:''''.~ " _. ·2~~'''~'':J.:.·~~',;;:C'~::diV_,<·,··-H' f>1k:'::',";","::i9" 801'11 M;~,::·;~:;i<,<:;:·:·:_..t· ~ :8ITif.m MORTGAGE (Continued) rUî C t'1 (. 5 '-' U ' I C,. Loan No: 33109729 Page 5 Cholce(of V~nue. If there Is a lawsuil, Grantor agrees upon Lender's request to submit 10 the jurisdiction of the courts of Teton County, Slate of Wyomlng~ ! JoInt and Severat Liability. All obligations of Borrower and Grantor under this Mortgage shall be joint and several, and all references to Grantor shall mean each and everY Grantor, an~ all , references to Borrower shall mean,each andevery"Borrower. This means ,that each Borrower and Grantor signing below Is 'responsible for ellobllgallons in this Mortgage. Where 'any one or more õf the 'parties Isa' corporation, partnership, limited lIabilily company or similar entity, it Is not necessary for Lender to inquire inlo the powers of any of the officers, directors, partners, ¡nembers, or otheragents'actlng or'purportlng·tciact on the entity's behalf,andany obligations made orèreatedIÌ1'teliaiic'e'úpoh the professed exer~lse of such powers shallbe guaranteed U~d~~thl~ Mortgage;'.-':" ,'.' ,', '" ' ,,' .'", " '" . , No Wal~er by Lendèi~ Lender shall not be deeméd to have waived any rights under thisMorigag~ unless such waiver Is given in wrillng and signed by Lender. No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such right or any other right. A waiver by Lender of a provision of this Mortgage shall not prejudice or constitute a waiver of Lender's right otherwise 10 demand strict compliance with thai provision or any other provision of this Mortgage. No prior waiver by Lender, nor any course of dealing between Lender and Grantor, shall constitute a waiver of any of Lender's rights or of any of Grantor's obligations as to any future transactions. Whenever the consent of Lender Is required under this Mortgage, Ihe granting of such consent by Lender In any Instance shall not constitute continuing consent to subsequent instances where such consenl is required and in all cases such consent may be granted or withheld In the sole discretion of Lender. Severability, If a court of competenl jurisdiction finds any provision of this Mortgage to be illegal, invalid, or unenforceable as to any circumstance, that finding shall not make the offending provision illegal, invalid, or unenforceable as to any other circumstance. If feasible, the offending provision shall be considered modified so Ihat it becomes legal, valid and enforceable. If the offending provision cannot be so modified, it shall be considered del,atee from this Mortgage. Unless otherwise required by taw, the Illegality, invalidity, or unenforceability of eny provision of this Mortgage shall not affect the legality, validity or enforceability of any other provision of this Mortgage; Merger. There shall be no merger of the Interest or estate created by this Mortgage with any other interest or estate In the Property at any time held by or for the benefit of Lender in any capacity, without the wrilfen consent of Lender. Successors and Assigns. Subjecl to any limitations stated In this Mortgage on transfer of Grantor's interesl, this Mortgage shall be binding upon and inure to the benefit of the parties, their successors and assigns. If ownership of the Property becomes vested In a person other than Grantor, Lender, without notice to Granlor, may deal with Grantor's successors wilh reference to this Mortgage and the Indebtedness by way 01 forbearance or extension without releasing Granlor from the obligations of this Mortgage or liabilily under Ihe Indebtedness. Time Is of the Essence. Tlm'eis of the essence in the performance of this Mortgage. Waiver of Homestead Exem·pUon. 'Grantor hereby releases and waives all righlS and benefits of the homestead exemption laws of Ihe State of Wyoming as to all Indebtedness secured by this Mortgage. ' , , , DEFIN'riIONS', The iÒllowlng capltalizèd words and terrn's shall have the folìowlng meanings when used in this Mortgage. Unle~s specifically stated to the cònliary, all references to dollar amounts 'shall mean amounts in lawful money of the Uniled States of America." Words and terms used in the singular shall include the plural: and the plural'shaUlnclude the singular, as the context, may require. Words andtetms not otherWise deiined in this Mortgage shall have themea,nln~sattribu~ed t~s~chternìs in the Uniform CommerCial COde:;, ',..,., ,. :;, '. ' ' , Borrower. The ,word "Borrower" means Denton Kanoutf and Yvette Marie Kanouff and Includes all co-signers and co-makers signing the Nole and all th¡¡j¡ ~uccessors and assigns. Default. The word "Default" means the Default set forth in this Mortgage in the section titled "Default". Environmental Laws. The words "Environmental Laws" mean any and all stale, federal and local statules, regulations and ordinances relating to the protection 01 human health or the environmenl, Including wilhoullimitatlon Ihe Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended, 42 U.S.C. Section 9601, et seq. ("CERCLA"), the Superfund Amendments and Reauthorization Act of 1986, Pub. L. No. ,99-499 ("SARA"), the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, el seq., the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901, et seq., or other applicable state or federal laws, rules, or regulations adopted pursuant thereto. Event of Default. The words ''Event of Default" mean any of Ihe evenls of default set forth In this Mortgage In the events of default section of this Mortgage. Grantor. The word "Grantor" means Etoile Holdings, LLC, a Wyoming limiled liability company. Guaranty. The word "Guaranty" means the guaranty from guarantor, endorser, surety, or accommodalion party to Lender, Including without limitation a guaranty of all or part of Ihe Note. Hazardous Substances. The words "Hazardous Substances" mean malerlals that, because of their quantity, concentration or physical, chemical or Infectious characteristics, may cause or pose a present or potential hazard to human health or the environment when improperly used, treated, stored, disposed of, generated, manufactured, transported or otherwise handled. The words "Hazardous Subslances" are used In their very broadest sen,se end Include withoul limitallon any and all hazardous or toxic substances, materials or waste as defined by or tisted under the Environmental Laws. The term "Hazardous Substances" also Includes, without limitation, petroleum and petroleum by-products or any fraction thereof and asbeslos. Improvements.' The word "Improvements' 'meàns 'all e~jstlng and future lrilplovements; biilldlng;, structures, mobile homes affixed on the Real P.roperty, fa.cilities,addltlons;repl~cemenls and other construction ontheHeal Property." " ',. ,'" , ",' ," .'.' ,'" '" ,', )iíd~Þt~dness·ThE¡' ~órd "Ind~bi~qnes~" m~~;,s aUpri,nçlp,al,ínterést;and oth!!'; amoii~ts" costs and expenSeS páyaþl,e'u~cfer the Note or Áelate(j poc\Jlt)enls, togelher ,Y',ith all renel'{als, of, ,exte,n,sion,s()f, ,modifications, of, .c,onsolldations of ¡lfldsubslitutions', for the, Note, or Related Documer¡ls and ,an,y, amounts expe.ndeø or advanced by Lender to dlschargeGrantor's obllg~tlons or expenses Incurred by Lender to enforce Grantor's obligations 'under this Mortgage; together with 'Interest 'on 'such 'amounls as provided In this Morlgage. . . , Lender. The wOld "lender" means The Jackson State Bank & Trust, its successors and assigns. Mortgage, The word "Mortgage" means this Mortgage between Grantor and Lender. Note. The word "Note" means the promissory note dated April 26, 2006, in the original principal amount of $207,000.00 from Borrower 10 Lender, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and substitutions for the promissory note or agreement. Personal Property, The words "Personal Property" mean all equipment, fixtures, and other articles of personal property now or herealler owned by Grantor, and now or herealler attached or affixed 10 the Real Property; logether wilh all accessions, parts, and additions to, all replacements 01, and all substitutions for, any of such property; and together wilh all proceeds (including without limitation all Insurance proceeds and refunds of premiums) from any sale or otherdisposilion of the Properly. , " Property. The word "Property" means 'colleclively theReal Properly and the Personal Pr()~erty. Real Property. The words "Real Properly" mean Ihereat property, inleresls and rig~ts, á$, tyriher described in Ihls Mortgage, , Related Documents. The words "Related Documents" mean all promissory ::notes/ credit agreem.ents, lo~negreemenls, environmental agreements, guaranties, security egreements, mortgages, deeds of trust, secu(!tY..cf,eeds, collateral mortgages, and all other instruments, agreements and documents, whether now or hereafter existing, executed In connecllon with Ihe Indebtedness. Rents. The word "Rents" means ell present and future rents, revenues, income, issues, royalties, profits, and other benefits derived from the Property. ,~' ~;..\f' ~ GRANTOR ACKNO\y'H=:DGES HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE, AND GRANTOR AGREES TO ITS TERMS. <;~',¡;" '.' <:') r \ j-"~ \".'; ,,~':{:. (" · ·,·,',·,'.'.·'-'.'¡!¡!i·.~,'''''..JL",'~!<llÿ,1~lL~.~~Ær".,'·;:.;·,' .-.: :;::<'":'::"~~""""'-':,~'iJ.-._"." ,'. ,;'.:~'\..,,;.:',';,¡.;!,~.¡.A.'..j',.,'¡¡, ;':ot,mrM::·~~1.:!Y~;,l,"~"''t'·..'N:i.!C.·'" ',._.''"''\.'.'''....~:.:;;.~ÿ.'~.,''~';).-:,.;- Å- ~ rn0l"1t'16 '.J \,. I ~ 09:t8041 MORTGAGE (Continued) Page 6 Loan No: 33109729 GRANTOR: Holdings, LIMITED LIABILITY COMPANY ACKNOWLEDGMENT B ~ · ANNA FERRER STATE OF . 01'1·' . ) .:1'~:\ Notary Public, State of Florida ~. ~ Q P ~ ) SS i My comm. expires Juna 2, 2007 ~ ( No. DD 218667 COUNTY OF ) ( On this ~ 8'-\^--.. day of ~ ,20 d 10, before me, the undersigned Notary Public, personally appeared Denlon Kanoufl, Co-Manager and Yvet Marie Kanoufl, Co-Manager of Etolle Holdings, llC, a Wyoming limited liability company, and known to me to be members or designated agents of the limited liability company that executed the Mortgage and acknowledged Ihe Mortgage to be the free and voluntary act and deed of the limited liability company, by authority of statute, ils articles of organization or its operating egreement, for the uses and purposes therein mentioned, and on oath slated that they are authorized to execute this Mortgage and In fact executed the Mortgage on behalf of the limited liability company. [\ r By O()j-l ,..,~ l <;, g1tJ~ ~I My commlssl~n expires -:r LA5EA PRO Landing, Var. $.10.00.004 Copr, HArlAnd l'ialn,¡.1 hlulions,ln~. 1111, 200i. All Aíghu RUlrvd. ~ WY C:\CFI\lPl\GOJ.fC TR-110U PR.6 , :, tlm!i~m ...",- .- .,.'..,-' ,"·i"·'·;~:' :';, ,',; '_ . ',. ""~'~~':': :':"':';' .':::L1!"~.;_~:l.~~~"~',~,,~;.·., ;':o"-,,_,,,,~~,,",,~;'<',"":',. ¡: ,~., ,. -'."'cc'::',',',W¡?"·' 0918041 (. '""\ Ot..., :'7 \.: \.l , ::" Ex1)ibit"~' , :1:); The land referred to in this document is situated lin the State of Wyoming, County of Lincoln, and is described as foHows: That PI\rt of the Southeast Qunrter of the SQutheast Quarter of Section 29, Township 37 North, Range 118 West, Lincoln County, Wyoming being part oftbal tract of record in the office of the Clerk of Lincoln County in Book 136 ofjPhotostutic Records on page 381 described as follows: BEGINNING at a 5/8" rebarwith aluminum Surv-Kap, South 84°31,2' West, 613.00 feet from the Northeast corner ofthe said Southeast ~uarter of the Southeast Quarter, found as described in the Certified Land Corner Redoìdation Certificate of record in the said Office; thence South 40°20.5' West, 3,80 feet to theipuint for the Northwest corner of Lot 4 of the Greys River VaHey Subdivision ofrecord in the said Office as Plat No, 227; thence continuing South 40°20,5' West, 168~41 feet along the West line of said Lot 4 to the point for the Southwest corner of said Lot 4;: thente North 49031.0' West. 131.04' to a po,nt on the West line of thnt tl'act of record in said Book 136 on page 381; thence North 43°44,8' East, 66.76 feet along the West line to ß point identical with the Northwest corner of said trnct of recoril in Buok 136 on page 381; thence South 89°17,3' East, 165,00 feet aloqg the North line of said tract of record in Book 136 on page 381, to the PLACE OF BEGIl'!NING, €>® iNiTIAL iNf'nM. .. .. ~