HomeMy WebLinkAbout918174
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RECORDATION REQUESTED BY:
BANK OF THE WEST
KEMMERER
801 PINE AVENUE
KEMMERER, WY 83101
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When recorded mail to:
FlRST AMERICAN TITLEJNSURANCE
LENDERS ADVANTAGE
ill8 EUClJD A VENUE, SUITE 4CO
CLEVEL4ND,OHJ044115
ATTN: N.4TIONALIlECORDINGS 1/20
RECEIVED 5/9/2006 at 3:54 PM
RECEIVING# 918174
BOOK: 619 PAGE: 324
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY
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16,
MORTGAGE __
MAXIMUM LIEN. The lien of 1his Mortgage shall not exceed at any one 1i~
THIS MORTGAGE dated May 1. 2006, is made and executed between THE AUDREY B. ELLIS TRUST DATED JULY
30, 2001, AUDREY B. ELLIS. TRUSTEE, whose .address is 20 CUMBERLAND STREET, DlAMONDVILLE, WY
83116 (referred to below as "Grantor") and BANK OF THE WEST, whose address is 801 PINE AVENUE,
KEMMERER, WY 83101 (referred 10 below as "l.ender").
GRANT OF MORTGAGE. For valuable consideration. Grantor mortgages and conveys to lender all of Grantor's right, title, and interest in and to
the following described real property, together with all existing or subsequently €rected or affix€d buildings, improvements and fixtures; all
€asements, rights of way, and appurtenances; all water, water rights, watercourses and ditch rights (including stock in utiliti€s with ditch or
irrigation rights); and all other rights, royalties, and profits relating to the real property, including without limitation all minerals, oil, gas,
geothermal and similar maners, (the "Real Property") located jn LINCOl.N County, State of Wyoming:
THE LOTS NO. 11 AND 12 IN BLOCK NO. 15 OF THE TOWN OF
DlAMONDVILLE,
AND,
THE PARCEL NO. 114 OF THE TOWN OF DIAMONDVILLE.
TOGETHER WITH ALL IMPROVEMENTS SITUATE THEREON AND ALL EASEMENTS AND APPRUTENANCES
THEREUNTO BELONGING.
The Real Property or its address is commonly known as 20 CUMBERLAND STREET, DlAMONDVILLE, WY 83116.
The Real Property 1axidentification number is 2116252-03 024.
REVOL VING LINE OF CREDIT. ìhis Mortgage secures the Indebtedness including, without limitation. a revolving line of credit. which obligates
Lender to make advances to Borrower so long as Borrower complies with all the terms of the Credit Agreement. Such advances may be made.
repaid, and remade from time to time, subject to the limitation that the total outstanding balance owing -at anyone time. not including finance
charges on such balance lit 11 fixed or variable rate or sum -as provided in the Credit Agreement. lIny temporary overages. other charges, lInd any
amounts expended or advanced as provided in -either the Indebtedness paragraph or this paragraph, shall not exceed the Credit .Limit as provided
in the Credit Agreement. It is 1he intention of Grantor and .lender that this Mortgage secures the balance outstanding under the Credit
Agreement from time to time from -zero lip 10 the Cr-edit .limit:as provided in 1he Credit Agreement:and any intermediate balance.
Grantor presently assigns to .lender all of Grantor's right, title, and int€rest 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 ìHE SECURITY INTEREST IN ìHE RENTS AND PERSONAL PROPERTY, IS
GIVEN TO SECURE {AI PAYMENT OF THE INDEBTEDNESS AND (B) PERFDRMANCE OF £ACH OF GRANTOR'S AGREEMENTS AND
OBLIGATIONS UNDER THE CREDIT AGREEMENT. THE RELATED DOCUMENTS, AND ìHIS MORTGAGE. THIS MORTGAGE IS GIVEN AND
ACCEPTED ON THE FOUOWING TERMS:
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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 action against Grantor, including a claim for deficiency to the -ext-ent .lender is otherwise entitled to
a claim for defici€ncy, before or after lender's commencement or completion of any foreclosure action. €ither judicially or by exercise of a
power of sale.
GRANTOR'S REPRESENTATIONS AND WARRANTIES. Grantor warrants that: (a) this Mortgage is €xecuted at Borrower's request and not at
the r€quest of lender; (b) Grantor has the full power, right, and authority to -enter into this Mortgage and to hypothecate the Property; (c) the
provisions of this Mortgage do not conflict with, or result in a default under any agreement or other instrument binding upon Grantor and do not
result in a violation of any law, r€gulation, court decr€e or order applicable to Grantor; (d) Grantor has -established adequate means of obtaining
from Borrower on a continuing basis information about Borrower's financial condition; and (e) l-ender has made no repr€sentation to Grantor
about Borrower (including without limitation the creditworthiness of Borrower).
PAYMENT AND PERFORMANCE. Exc€pt as otherwise provided in ,his Mortgage, Borrower and Grantor shall pay to l-ender all Indebtedness
secured by this Mortgage as it becomes due, and Borrower and Grantor shall strictly perform all Borrower's and Grantor's obligations lInder this
Mortgage.
POSSESSION AND MAINTENANCE OF ìHE PROPERTY. Borrow€r and Grantor agree that Borrower's and Grantor's possession and use of the
Property shall be governed by the following provisions:
Possession .and Use. Until the occurrence of an Event of Default, Grantor may (1) remain in possession and control of the Property; (2)
use, operate or manage the Property; and (3) collect the Rents from the Property.
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Loan No: 815020301
09j~81. 74
MORTGAGE
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Duty to Maintain. Grantor shall maintain the Property in good condition and promptly perform all repairs, replacements, and maintenance
necessary to pr€serve its value.
Compliance With.EnvironmentaILaws. Grantor represents and w.arrants to Lender that: (1) During the period of Grantor's ownership of
the Property, there has been no use, generation, manufacture, storage, treatment, disposal, release or threatened release of any -Hazardous
Substance by any person on, under, about or from the Property; (2) Grantor has no knowledge of, or reason to believe that there has
been, except as previously disclosed to and acknowledged by Lender in writing, (a) any breach or violation of any Environmental Laws,
(b) any use, generation, manufacture, storage, treatment, disposal, release or threatened release of any -Hazardous Substanc-e 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 conduct€d in compliance
with all applicable federal, state, and local laws, regulations and ordinances,' including without limitation all Environmental Laws. Grantor
authorizes Lender and its agents to -enter upon the Property to make such inspections and tests, at Grantor's expense, as Lender may deem
appropriate to determine compliance of the Property with this section of the Mortgage. Any inspections or tests made by Lender shall be
for Lender's purpos€s only and shall not be construed to create any responsibility or liability on the part of Lender to Grantor or to any other
person. The representations and warranties contained herein are based on Grantor's due diligence in investigating the Property for
Hazardous Substances. Grantor hereby (1) releases and waives any future claims against Lender for indemnity or contribution in the
event Grantor becomes liable for cleanup or other costs under any such laws; and (2) agrees to indemnify and hold harmless Lender
against any and all claims, losses, liabilities, damages, penalties, and expenses which Lender may directly or indirectly sustain or suffer
resulting from a breach of this section of the Mortgage or as a consequence of any use, generation, manufacture, storage, disposal, mlease
or threatened release occurring prior to Grantor's ownership or interest in the Property, whether or not the same was or should have been
known to Grantor. The provisions of this section of the Mortgage, including the obligation to indemnify, shall survive the payment of the
Indebtedness and the satisfaction and reconveyance of the lien of this Mortgage and shall not be affected by Lender's acquisition of any
interest in the Property, whether by foreclosure or otherwise.
Nuisance, Waste. Grantor shall not cause, conduct or permit any nuisance nor commit, permit, or suffer any stripping of or waste on or to
the Property or any portion of the Property. Without limiting the generality of the fomgoing, Grantor will not remove, or grant to any other
party the right to remove, any timber, minerals (including oil and !jas), coal, clay, scoria, soil, gravel or rock products without Lender's prior
written consent.
Removal of Improvements. Grantor shall 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 arrangements satisfactory to Lender to
replace such Improvements with Improvements of at least equal value.
Lender's Right 10 Enter. Lender and Lender's agents and representatives may €nter upon the -Real "Property at all reasonable times to attend
to Lender's interests and to inspect the -Real Property fòr purposes of Grantor's compliance with the terms and conditions of this Mortgage.
Compliance with Governmental Requirements. Grantor shall promptly comply with all laws, ordinances, and regulations, now Or hereafter
in effect, of all governmental authorities applicable to the use or occupancy of the Property. Grantor may contest in good faith any such
law, ordinance, or regulation and withhold compliance during any proceeding, including appropriate appeals, so long as Grantor has notified
Lender in writing prior to doing so and so long as, in Lender's sole opinion, Lender's interests in the Property are not jeopardized. Lender
may require Grantor to post adequate security or a surety bond, reasonably satisfactory to Lender, to protect Lender's interest.
Duty to Protect. Grantor agr-ees neither to abandon or leave unattended the "Property. Grantor shall do all other acts, in addition to those
acts set forth above in this section, which from the character and use of the Property are reasonably necessary to protect and preserve the
Property.
TAXES AND LIENS. The following provisions relating to the taxes and liens on the Property are part of this Mortgage:
Payment. Grantor shall pay when due (and in all -events prior to delinquency) all taxes, payroll taxes, special taxes, assessments, water
charges and sewer service charges levied against or on account of the Property, and shall pay when due all claims for work done on or for
services rendered or material furnished to the Property. Grantor shall maintain the Property free of any liens having priority over or -equal to
the interest of Lender under this Mortgage, except for those liens specifically agreed to in writing by Lender, and €xcept for the lien of taxes
and assessments not due as further specified in the Right to Contest paragraph.
Right to Contest. Grantor may withhold payment of any tax, assessment, or claim in connection with a good faith dispute over the
obligation to pay, so long as Lender's int€rest in the Property is not jeopardiz€d. If a lien arises or is filed as a result of nonpayment,
Grantor shall within fiheen (Hi) days aher the lien arises or, if a lien is filed, within fih€en (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 in an amount sufficient to discharge the lien plus any costs and reasonable attorneys' fees, or other charges that
could accrue as a result of a foreclosure or sale under the lien. In any contest, Grantor shall defend itself and Lender and shall satisfy any
adverse judgment before -enforcement against the Property. Grantor shall name Lender as an additional obligee under any surety bond
furnished in the cont€st proceedings.
Evidence of Payment. Grantor shall upon demand furnish to Lender satisfactory -evidence of payment of the taxes or assessments and shall
authorize the appropriate governmental official to deliver to Lender at any time a written statement of the taxes and assessments against
the Property.
Notice of Construction. Grantor shall notify Lender at least fiheen (1"5) 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, or other lien could be asserted on account of the
work, services, or materials. Grantor will upon request of Lender furnish to Lender advance assurances satisfactory to Lender that Grantor
can and will pay the cost of such improvements.
PROPERTY DAMAGE INSURANCE. The following provisions relating to insuring the "Property ar-e a part of this Mortgage:
Maintenance of Insurance. Grantor shall procure and maintain policies of fir€ insurance with standard extended coverage €ndorsements on
a replacement basis for the full insurable value covering all ImprQvements on the Real Property in an amount sufficient to avoid application
of any coinsurance clause, and with a standard mortgagee clause in favor of Lender. Policies shall be written by such insurance companies
and in such form as may be reasonably acceptable to Lender. Grantor shall deliver to L€nder certificates of coverage from each insurer
containing a stipulation that coverage will not be cancelled or diminished without a minimum of ten (10) days' prior written notice to Lender
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MORTGAGE
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loan No: 815020301
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and not containing any disclaimer of the insurer's liability for failure to give such notice. Each insurance policy also shall include an
endorsement providing that coverage in favor of Lender will not be impaired in any way by any act, omission or default of Grantor or any
other person. Should the Real Property be located in an area designated by the Director of the federal Emergency Management Agency as
a special flood hazard area. Grantor agr£€s to obtain and maintain federal flood Insurance, if available, for the maximum amount of your
credit line and the full unpaid principal balance of any prior liens on the property securing the loan, up to the maximum policy limits set
under the National flood Insurance Program, or as otherwise required by Lender, ,and to maintain such insurance for the term of the loan.
Application of Proceeds. Grantor shall promptly notify Lender of any loss or damage to the Property. .Lender may make proof of loss if
Grantor fails to do so within fifteen (1"5) days of the casualty. Whether or not Lender's security is impaired, Lender may, at .Lender's
election, receive and retain the proceeds of any insurance and apply the proc-eeds to the reduction of the Indebtedness, payment of any lien
affecting the Property, or the restoration and repair of the Property. If Lender elects to apply the proceeds to restoration and repair, Grantor
shall repair or replace the damaged or destroyed Improvements in a manner satisfactory to Lender. .Lender shall, upon satisfactory proof of
such expenditure, payor reimburse Grantor from the proceeds for the reasonable cost of repair or restoration if Grantor is not in default
under this Mortgage. Any proceeds which have not been disbursed within 180 days after their receipt and which Lender has not
committed to the repair or restoration of the Property shall be used first to pay any amount owing to .Lender under this Mortgage, then to
pay accrued interest, and the remainder, if any, shall be applied to the principal balance of the Indebtedness. If .Lender holds any proceeds
after payment in full of the Indebtedness, such proceeds shall be paid to Grantor as Grantor's interests may appear.
LENDER'S EXPENDITURES. If Grantor fails (A) to keep the Property free of all taxes, liens, security interests, encumbrances, and other claims,
(8) to provide any required insurance on the Property, or (C) to make repairs to the Property then Lender may do so. If any action or
proceeding is commenced that would materially affect Lender's interests in the Property, then .Lender on Grantor's behalf may, but is not
required to, take any action that .Lender believes to be appropriate to protect .Lender's interests. All expenses incurred or paid by .Lender for
such purposes will then bear interest at the rate charged under the Credit Agreement from ttie date incurred or paid by .Lender to the date of
repayment by Grantor. All such expenses will become a part of the Indebtedness and, at .Lender's option, will (A) be payable on demand; (8)
be added to the balance of the Credit Agreement and be apportioned among and be payable with any installment payments to become due
during either (1) the term of any applicable insurance policy; or (2) the remaining term of the Credit Agreement; or (C) be treated as a
balloon payment which will be due and payable at the Credit Agreement's maturity. The Mortgage also will secure payment of these amounts.
The rights provided for in this paragraph shall be in addition to any other rights or any remedies to which .L-ender may be entitled on account of
any default. Any such action by Lender shall not be construed as curing the default so as to bar .Lender from any remedy that it otherwise
would have had.
WARRANTY; DEFENSE OF TITLE. The following provisions relating to ownership of the Property are a part of1his Mortgage:
Title. Grantor warrants that: (a) Grantor holds good and marketable title of record to 1he Property in fee simple, free and clear of all liens
and encumbrances other than those set forth in the Real Property description or in any title insurance policy, title report, or final title opinion
issued in favor of, and accepted by, .Lender in connection with this Mortgage, and (b) Grantor has the full right, power, and authority to
-execute and deliver this Mortgage to .Lender.
Defense of Title. Subject to the exception in the paragraph above, Grantor warrants and will for-ever defend the 1itle to the Property against
the lawful claims of all persons. In the event any action or proceeding is commenced that questions Grantor's title or the interest of .L-ender
under this Mortgage, Grantor shall defend the action at Grantor's -expense. Grantor may be the nominal party ¡nsuch proceeding, but
Lender shall be entitled to participate in the proceeding and to be repr-esented in the 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.
Compliance With laws. Grantor warrants that the Property and Grantor's us-e of the Property complies with all existing applicable laws,
ordinances. and regulations of governmental authorities.
'Survival of Promises. All promises, agreements, and statements Grantor has made in this Mortgage shall survive the -execution and delivery
of this Mortgage, shall be continuing in nature and shall remain in full force and -effect until such time as Borrower's Indebtedness is paid in
full.
CONDEMNATION. The following provisions relating to condemnation proc-eedings are a part of this Mortgage:
Proc-eedings. If any proceeding in condemnation is filed, Grantor shall promptly notify Lender in writing, and Grantor shall promptly take
such steps as may be necessary to defend the action and obtain the award. Grantor may be the nominal party in such proc-eeding, but
Lender shall be entitled to participate in the proceeding and to be r-epresented in the proc-eeding by counsel of its own choice, and Grantor
will deliver or cause to be delivered to .Lender such instruments and documentation as may be requested by L-ender from time to time to
permit such participation.
Application of Net Proceeds. If all or any part of the Property is condemned by eminent domain proceedings or by any proceeding or
purchase in lieu of condemnation, Lender may at its election r-equire that all or any portion of the net proceeds of the award be applied to
the Indebtedness or the repair or restoration of the Property. The net proceeds of the award shall mean the award after payment of all
reasonable costs, expenses, and attorneys' f-ees incurred by .Lender in connection with the condemnation.
IMPOSITION OF TAXES. FEES AND CHARGES BY GOVERNMENTAl AUTHORITIES. The following provisions r-elating to governmental taxes,
fees and charges ar-e a part of this Mortgage:
Current Taxes, Fees and Charges, Upon request by.Lender, Grantor shall execute such documents in addition to this Mortgage and take
whatever other action is requested by Lender to perfect and continue .L-ender's lien on the Real Property. Grantor shall reimburse Lender for
all taxes, as described below, together with all expenses incurr-ed in recording, perfecting or continuing this Mortgage, including without
limitation all taxes, fees, documentary stamps, and other charges for recording or registering this Mortgage~
Taxes. The following shall constitute taxes to which 1his section applies: (l)a specific tax upon this type of Mortgage or upon all or any
part of the Indebtedness secured by this Mortgage; (2) a specific tax on Borrower which Borrower is authorized or required to deduct
from payments on the Indebtedness secured by this type of Mortgage; (3) a tax on this type of Mortgage chargeable against the .L-ender or
the holder of the Credit Agreement; and (4) a specific tax on all or any portion of the Indebtedness or on payments of principal and
interest made by Borrower.
Subsequent Taxes. If any tax to which this section applies is enacted subsequent to the date of this Mortgage. this -event shall have the
same effect as an -Event of Default, and L-ender may exercise any or all of its available remedies for an -Event of Default as provided below
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0918174
Loan No: 815020301 .' .
MORTGAGE
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unless Grantor either (1) pays the tax before it becomes delinquent, or (2) contests the tax as provided above in the Taxes and Liens
section and deposits with Lender cash or a sufficient corporate surety bond or other security satisfactory to Ümder.
SECURITY AGREEMENT; fiNANCING STATEMENTS. The following provisions relating to this Mortgage as a security agreement are a part of
this Mortgage:
Security Agreement. This instrument shall constitute a Security Agreement to the extent any of the "Property constitutes fixtures, and
Lender shall have all of the rights of a secured party under the Uniform Commercial Code as amended from time to time.
Security Inter~st. UpDn request by lender, Grantor shall take whatever actiDn is requested by Lender to perfect and continue Lender's
security interest in the Personal Property. In addition to recording this MDrtgage in the real property records, Lender may, at any time and
without further authorization from Grantor, file executed cDunterparts, copies Dr r~prDductiDns of this MDrtgage as a financing statement.
GrantDr shall reimburse Lender for all expenses incurred in perfecting Dr cDntinuing this security inter-est. UpDn default, Grantor shall not
remove, sever or detach the PersDnal Property from the "Property. Upon deta'ult, Grantor shall assemble any Personal Property not affixed
to the Property in a manner and at a place reasonably convenient to Grantor and Lender and make it available to Lender within three (3)
days after receipt of written demand from lender tD the extent permitted by applicable law.
Addresses. The mailing addresses of Grantor (debtor) and lender (secured party) from which information concerning the security interest
granted by this Mortgage may be obtained (each as required by the Uniform Commercial Code) are as stated on the first page of this
Mortgage.
FURTHER ASSURANCES; ATTORNEY-IN-FACT. The following provisions relating to further assuranc-es and attorney-incfact are a part of this
MDrtgage:
Further Assurances. At any time, and from time tD time, upon request of L-ender, Grantor will make, ex-ecute and deliver, or will cause to
be made, execut-ed or delivered, to l-ender or to lender's designee, and when requested by.L-ender, cause to be filed, r-ecorded, refiled, or
rerecorded, as the case may be, at such times and in such offices and places as Lender may deem appropriate" any and all such mortgages,
deeds of trust, security deeds, security agreements, financing statements, continuatiDn statements, instruments of further assurance,
certificates, and other documents as may, in the sole Dpinion of Lender, be necessary or desirable in order tD effectuate, complete, perfect,
continue, or preserve (1) Borrower's and GrantDr's DbligatiDns under the Credit Agreement, this Mortgage, and the Related Documents,
and (2) the liens and security interests created by this Mortgage as first and prior liens Dn the PrDperty, whether now owned or hereafter
acquired by Grantor. Unless prohibited by law Dr Lender agrees to the contrary in writing, Grantor shall reimburse Lender fDr all costs and
expenSes incurred inconriection with the matters referred to in this paragraph.
Attorney~in-Fact. If Grantor fails to do any of the things referred to in the preceding paragraph, L-ender may do so for and in the name of
Grantor and at Grantor's expense. for such purposes, Grantor hereby irrevDcably appoints lender as Grantor's attorney-in-fact for the
purpDse of making, executing, delivering, filing, recording, and dDing all other things as may be necessary Dr desirable, in Lender's sole
opiniDn, to accomplish the matters referred to in the preceding paragraph.
FULL PERFORMANCE. If Borrower and Grantor pay all the Indebtedness when due, terminates the credit line 'account, and Grantor otherwise
performs all the obligations imposed upon Grantor under this Mortgage, lender shall execute and deliver to Grantor a suitable satisfactiDn of1his
Mortgage and suitable statements of termination of any financing statement on file evidencing Lender's security interest in the Rents and the
Personal Property. Grantor will pay, if permitted by applicable law, any reasonable termination fee as determined by Lender from time to time.
EVENTS OF DEFAULT. Grantor will be in default under this Mortgage if any of the following happen: (A) Grantor commits fraud or mak-es a
material misrepresentation at any time in connection with the Credit Agreement. This can include, for example, a false statement about
Borrower's or Grantor's income, assets, liabilities, or any other aspects of Borrower's or Grantor's financial condition. (8) Borrower does not
meet the repayment terms of the Credit Agreement. (C) Grantor's ilction or inaction adversely affects the collateral or l-ender's rights in the
collateral. This can include, for example, iailure to maintain required insurance, waste or destructive use Df the dwelling, failure to pay taxes,
death of all persons liable on the account, transfer of title or sale of the dwelling, creation of a senior lien on the dwelling without .l-ender's
permission, foreclosure by the holder of another lien, or the use of funds or the dwelling for prohibited purposes.
RIGHTS AND REMEDIES ON DEfAULT. Upon the occurr-ence of an Event of Default and at any time thereafter, Lender, at Lender's option, may
exercise any Dne Dr more of the follDwing rights and remedies, in addition to any other rights or remedies provided by law:
Accelerate Indebtedness. L-ender shall have the right at its option without notice to Grantor to declare the entire Indebtedness immediately
due and payable, including any prepayment penalty which Grantor would be requir-ed to pay.
UCC Remedies. With respect to all or any part of the Personal Property, Lender shall have all the rights and r-emedies of a secured party
under the Uniform Commercial Code.
Collect Rents. Lender shall have the right, without notic-e to Borrower or Grantor, to take possession of the Property, including during the
pendency of foreclosure, whether judicial or non-judicial, and collect the Rents, including amounts past due and unpaid, and apply the net
proceeds, over and above Lender's costs, against the Indebtedness. In furtherance of this right. L-ender may require any tenant or other
user of the Property to make payments of rent or use fees directly 1:D Lender. If the Rents are collected by Lender, then Grantor irrevocably
designates Lender as Grantor's attorney-in-fact to endorse instruments r-eceived in payment thereof in the name of Grantor and to negotiate
the same and collect the proceeds. Payments by tenants or other users 10 Lender in response to L-ender's demand shall satisfy the
obligations for which the payments are made, whether or not ariyproper grDunds for the demand -existed. Lender may exercise its rights
under this subparagraph -either in person, by agent, or through a r~ceiver.
Appoint Receiver. lender shall have the right to have a receiver appointed to take possession of all or any part of the Property, with the
power to protect and preserve the Property, to operate the PrDperty preceding foreclosure or sale, and to collect the Rents from the
Property and apply the proceeds, over and above the cost of the receivership, against the Indebtedness. The receiver may serve without
bond if permitted by law. lender's right to the appointment of a rec~iver shall exist whether or not the apparent value of the Property
exc-eeds the Indebtedness by a substantial amount. Employment by L-ender shall nDt disqualify a person from serving as a receiver.
Judicial Foreclosure. Lender may obtain a judicial decree foreclDsing Grantor's interest in all or any part of the Property.
Nonjudicial Sale. Lender may foreclose Grantor's interest in all or in any part of the "Property by non-judicial sale, and specifically by "power
of sale" or "advertisement and sale" foreclosure as provided by statute.
Deficiency Judgment. If permitted by applicable law, Lender may obtain a judgment for any deficiency remaining in the Indebtedness due
to lender after applicatiDn of all amounts received irom the exercise of the rights provided in this section.
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09181.74
loan No: 815020301
MORTGAGE
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Tenancy at Sufferance. If Grantor remains in possession of the Property after the "Property is sold as provided above .or lender otherwise
becomes entitled to possession of the Property upon default of Grantor, Grantor shall become a tenant at sufferance of Lender or the
purchaser of the Property and shall, at lender's option, either (1) pay a reasonable rental for the use of the Property, or (2) vacate the
Property immediately upon the demand of lender.
Other Remedies. Lender shall have all other rights and remedies provided in this Mortgage or the Credit Agreement or available at law or in
equity.
Sale of the Property. "To the extent permined by applicable law, Borrower and Grantor hereby waive any and all right to have the "Property
marshalled. In exercising its rights and remedies, Lender shall be free to sell all or any part of the Property together or separately, in one
sale or by separate sales. lender shall be-entitled to bid at any public sale on all or any portion of the Property.
Notice of Sale. Lender will give Grantor reasonable notice of the time and place of any public sale of the Personal Property or of the time
after which any private sale or other intended disposition of the Personal Property is to be made. Reasonable notice .shall mean notice
given at least ten (10) days before the time of the sale or disposition. Any sale of the Personal Property may be made in conjunction with
any sale of the Real Property.
Election of Remedies. All of lender's rights and remedies will be cumulative and may be exercised alone or together. An -election by
lender to choose anyone remedy will not bar lender from using any other remedy. If lender decides to spend money or to perform any of
Grantor's obligations under this Mortgage, after Grantor's failure to do so, that decision by lender will not affect lender's right to declare
Grantor in default and to exercise lender's remedies.
Attorneys' Fees; Expenses. If lender institutes any suit or action to enforce any of the terms of this Mortgage, l.ender shall be entitled to
recover such sum as the court may adjudge reasonable as anorneys' fees at trial and upon any appeal. Whether or not any court action is
involved, and to the extent not prohibited by law, all reasonable expenses lender incurs that in Lender's opinion are necessary at any time
for the protection of its interest or the -enforcement of its rights shall become a part of the Indebtedness payable on demand and shall bear
interest at the Cr€dit Agreement rate from the date of the €xpenditure until repaid. Expenses covered by this paragraph include, without
limitation, however subject to any limits under applicable law, Lender's reasonable anorneys' fees and l€nder's legal expenses whether or
not there is a lawsuit, including reasonable anorneys' fees and expenses for bankruptcy proceedings (including efforts to modify or vacate
any automatic stay or injunction), appeals, and any anticipat€d post-judgment collection services, the cost of searching records, obtaining
title r€ports (including foreclosure reports), surveyors' reports, and appraisal fees and title insurance, to the €xtent permitted by applicable
law. Grantor also will pay any court costs, in addition to all other sums provided by law.
NOTICES. Any notice required to be given under this Mortgage, inCluding without limitation any notice of default and any notice of sale shall be
given in writing, and shall be effective when actually delivered, when actually received by telefacsimile (unless otherwise required by law), when
deposited with a nationally recognized overnight courier, or, if mailed, when deposited in the United States mail, as first class, certified or
registered mail postage prepaid, directed to the addresses shown near the beginning of this Mortgage. All copies of notices of foreclosure from
the holder of any lien which has priority over this Mortgage shall be sent to l€nder's address, as shown near the beginning of this Mortgage.
Any person may change his or her address for notices under this Mortgage by giving formal wrinen notice to the other person or persons,
specifying that the purpose of the notice is to change the person's addr-ess. for notice purpos€s, Grantor agr-ees to k€ep lender informed at all
times of Grantor's current address. Unless otherwise provided or required by law, if there is more than one Grantor, any notice given by L-ender
to any Grantor is deemed to be notice given to all Grantors. It will be Grantor's responsibility to tell the others of the notice from Lender.
MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Mortgage:
Amendments. What is wrinen in this Mortgage and in the Related Documents is Grantor's entire agreement with lender concerning the
matters covered by this Mortgage. "To be effective, any change or amendment to this Mortgage must be in writing and must be signed by
whoever will be bound or obligated by the change or amendment.
Caption Headings. Caption headings in this Mortgage are for convenience purposes Dnly and ar-e not 1:0 be used to interpr-et or define the
provisions of this Mortgage.
Governing Law. This Mortgage will be governed by federal law applicable to Lender :and. to the Bxtent not prBempted by federal law, the
laws of the State of Wyoming without regard to its conflicts of Jaw provisions. This Mortgage has been accepted by l.ender in the State of
Wyoming.
Joint and Several Liability. All obligations of Borrower and Grantor under this Mortgage shall be joint and several, and all references to
Grantor shall m€an €ach and -every Grantor, and all references to Borrower shall mean -each and every Borrower. "This m-eans that -each
Borrower and Grantor signing below is responsible for all obligations in this Mortgage.
No Waiver by Lender. Grantor understands lender will not give up any of L-ender's rights under this Mortgage unless l.-erider does so in
writing. The fact that lender delays or omits to exercise any right will not mean that lender has given up that right. If L€nder does agree
in writing to give up one of Lender's rights, that does not lTI€an Grantor will not have to comply with the other provisions of this Mortgage.
Grantor also understands that if L-ender does consent to a request, that does not mean that Grantor will not have to get Lender's consent
again if the situation happens again. Grantor further understands that just becaus€ l.ender consents to one or more of Grantor's requests,
that does not mean Lender will be required to consent to any of Grantor's future requests. Grantor waives pr-esentment, demand ior
payment, protest, and notice of dishonor. Grantor waiv€s all rights of exemption irom execution or similar law in the Property, and Grantor
agre€s that the rights of Lender in th€ 'Property under this Mortgage are prior to Grantor's rights while this Mortgage remains in -effect.
Severability. If a court finds that any provision of this Mortgage is not valid or should not be enforc€d, that fact by itself will not mean that
the rest of this Mortgage will not be valid or enforced. . "Therefore, a court will enforce the rest of the provisions of this Mortgage -even if a
provision of this Mortgage may be found to be invalid or unenforceable.
Merger. "Ther-e 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 l-ender in any capacity, without the written consent of Lender.
Successors and Assigns. Subject to any limitations stated in this Mortgage on transfer of Grantor's interest, this Mortgage shan be binding
upon and inure to the benefit of the parties, their successors and assigns. If own€rship of the 'Property becomes vest-ed in a person other
than Grantor, Lender, without notice to Grantor, may deal with Grantor's successors with reference to this Mortgage and the Indebtedness
by way of forbearance or extension without releasing Grantor from the obligations of this Mortgage or liability under the Indebtedness.
Time is of the Essence. "Time is of the -essenc-e in the performance of this Mortgage.
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Loan No: 815020301
MORTGAGE
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Waiver of Homestead Exemption. Grantor hereby releases and waives all rights and benefits of the homestead exemption laws of .he State
of Wyoming as to all Indebtedness secured by this Mortgage.
DEFINITIONS. The "following words shall have the "following meanings when used in "this Mortgage:
Borrower. The word "Borrower" means AUDREY B. EliIS and includes all co-signers and co-makers signing .he Credit Agreement and all
their successors and assigns.
Credit Agreement. The words "Credit Agreement" mean 1he credit agreement dated May 1,2006, with credit limit of $10,000.00
from Borrower to Lender, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and substitutions
for the promissory note or agreement. The maturity date of this Mortgage is May 5, 2031. NOTICE TO GRANTOR: THE CREDIT
AGREEMENT CONTAINS A VARIABLE INTEREST RATE.
Environmental laws. The words "Environmental Laws" mean any and all state, federal and local statutes, regulations and ordinances
relating to the protection of human health or the environment, including without limitation 1he Comprehensive Environmental Response,
Compensation, and Liability Act of 1980, as amended, 42 U.S.C. Section 9601, et seq. ("ŒRClA"). the Superfund Amendments and
Reauthorization Act of 1986, Pub. L No. 99-499 ("SARA"),1he Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, et seq.,
the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901, et seq., or other applicable state or "federal laws, rules, or
regulations adopted pursuant thereto.
Event of Default. The words "Event of Default" mean any of the events of default set forth in this Mortgage in the '6vents of default
section of this Mortgage.
Grantor. The word "Grantor" means AUDREY B. EliIS. Trustee of THE AUDREY B. ElitS TRUST under the provisions of a trust
agreement dated July 30, 2001.
Hazardous Substances. The words "Hazardous Substances" mean materials that, because of their quantity, concentration or physical,
chemical or infectious characteristics, may cause or pose a present or potential hazard 10 human health or the environment when
improperly used, treated, stored, disposed of, generated, manufactured, transported or otherwise handled. The words "Hazardous
Substances" are used in their very broadest sense and ,include without limitation any and all hazardous or toxic substances, materials or
waste as defined by or listed under the Environmental Laws. The term "Hazardous Substances" also includes, without limitation, petroleum
and petroleum by-products or any "fraction thereof and asbestos.
Improvements. The word "Improvements" means all existing and future improvements, buildings, structures, mobile homes affixed on the
Real Property, facilities, additions, replacements and other construction on the Real Property.
Indebtedness. The word "Indebtedness" means all principal, interest, and other amounts, costs and '6xpenses payable under 1he Credit
Agreement or Related Documents, together with all renewals of, extensions of, modifications of, consolidations of and substitutions "for 1he
Credit Agreement or Related Documents and any amounts expended Dr advanced by Lender to discharge Grantor's obligations Dr expenses
incurred by Lender to enforce Grantor's obligations under 1his Mortgage, together with interest on such amounts as provided in this
Mortgage.
Lender. The word ".lender" means BANK OF THE WEST, its successors and assigns. The words "successors or assigns" mean any
person or company that acquires any interest in the Credit Agreement.
Mortgage. The word "Mortgage" means this Mortgage between Grantor and.l'6nder.
Personal Property. The words ffPersonal Property" mean allequipment, fixtures, and other articles of personal property now or hereafter
owned by Grantor, and now or hereafter Bttached or affixed to the Real Property; together with all accessions, parts, and additions to, all
replac€ments of, and all substitutions "for, Bny of such property; and together with all proceeds (including without limitation all insurance
proc€eds and refunds of premiums) "from any sale or other disposition of the Property.
Property. The word "Property" means collectively the Real Property and the P'6rsonal Property.
Real Property. The words "Real Property" mean the real property, interests and rights, as further described in this Mortgage.
Related Documents. The words ffRelated Documents" mean all promissory notes, credit agreements, loan agreements, environmental
agreem€n!s, guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and BII other instruments,
agreements and documents, whether now or hereafter existing, executed in connection with 1he Indebtedness.
Rents. The word "Rents" means all present and future rents, revenues, income, issues, royalties, pro"fits, and other benefits derived "from
the Property.
GRANTOR ACKNOWLEDGES HAVING READ All THE PROVISIONS DFTHIS MORTGAGE, AND GRANTDR AGREES TO ITS TERMS.
GRANTOR:
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AUDREY B. EL ,Trustee of THE AUDREY B. ELLIS
TRUST under he provisions of a Trust Agreement
dated July 30, 2001
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MORTGAGE
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LOffi\No: 815020301
TRUST ACKNOWl.EDGMENT
STATE OF
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COUNTY OF _LÙ1. CO 1 ~
On this I S':" day of /lit It 'i.... ,20 0 h, before me, the undersigned Notary Public, personally
appeared AUDREY B. ELLIS, Trustee of THE AUDREY B. ELLIS TRUST. and known to me to be an authorized trustee or agemt of the trust that
€xecuted the Mortgage and acknowledged the Mortgage to be the free and voluntary act and deed of th€ trust, by authority set forth in the trust
documents or, by authority of statute, for the uses and purposes therein mentioned, and on oath stated that he or she is authoriz€d to execute
this Mortgage and in act €xecuted the Mortgage on behalf of the trust.
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TRUST CERTIFICATE
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References in the shaded area are for Lender's use only and do not limit the applicability of this document to any particular loan or item.
Any item above containing .. * * *.. has been omitted due to text length limitations.
Borrower:
AUDREY B. ELLIS
20 CUMBERlAND STREET
DlAMONDVILLE, WY 83116
.Lender:
BANK OFTHE WEST
KEMMERER
801 PINE AVENUE
KEMMERER. WY 83101
Trust:
THE AUDREY B. ELliS TRUST
20 CUMBERLAND STREET
DIAMONDVILLE, WY 83116
I. THE UNDERSIGNED. DO HEREBY CERTIFY THAT:
CERTIFICATION OF TRUST. This Trust Certificate is given by each of the Trustee voluntarily, pursuant to the Wyoming Uniform Trust Code and
under penalty of perjury, intending that the facts set forth in this Certificate be relied upon by Lender as true and correct.
(A) The Trust is in existence as of this date and is evidenced by a Trust instrument -executed on July 30,2001.
(B) The name and address of the Trustee is: AUDREY B. EliIS, 20 CUMBERLAND STREET, DIAMONDVIll.E, WY, 83116.
(C) The name of the Trust Settlor is: AUDREY B. EliIS.
(D) The powers of Trustee include the power to do, or perform, all Df the acts and things on behalf of the Trust set iorth in this Certificate,
(E) The Trust is r-evocable, and the name of the person holding .any power to revoke the trust is: AUDREY B. ELLIS.
(f) The trust instrument requires the signature of any 1 Trustee to -exercise any pow-ers of the Trustee.
(G) The Trust's tax or employer identification number is 50~8406671.
(H) Title to Trust assets is to be taken in the name of THE AUDREY B. ELLISìRUST DATED JULY 30,2001
(I) Trustee hereby certifies that the Trust has not been revoked, modified, or amended in any manner which would cause the
representations contained in this Certificate to be incorrect and this Certificate is being signed by all of the currently acting Trust-ees of the
Trust. Trustee acknowledges and agrees that Lender may require Trust-ee tD provide copies of excerpts from the trust instrument and
amendments which designate the Trustee and confer upon the Trustee the power to act in these transactions, and that Lender may require
such further identification or legal opinion supporting the Trustee authority and power as Lender shall deem necessary and prudent.
BORROWING CERTifiCATE. Trustee, for and on behalf of the Trust, is authorized and -empowered on behalf of the Trust:
Grant Security. To mortgage, pledge, transfer, -endorse, hypothecate, or otherwise encumber arid deliver to L-ender any property now or
hereafter belonging to the Trust Dr in which the Trust now or hereafter may have Bn interest, including without limitation all of the Trust's
real property and all of the Trust's personal property (tangible or intangible), as security for the payment of any loans, any promissory
notes, or any other or further indebtedness of AUDREY B. ELLIS to lender at any time owing, however the same may be -evidenc-ed. Such
property may be mDrtgaged, pledged, transferred, -endorsed, hypothecated or -encumbered at the time such loans are obtained or such
indebtedness is incurr-ed, or at any other time or times, and may be -either in addition to or in lieu of any property theretofore mortgaged,
pledged, transferred,endorsed, hypothecated or encumbered. The provisions of this Certificate authorizing or relating to the pledge,
mortgage, transfer, -endorsement, hypothecation, granting of a security interest in, or in any way encumbering, the assets of the Trust shall
include, without limitation, doing so in order to lend collateral security for the indebtedness, now or hereafter existing, and of any nature
whatsoever, of AUDREY B. ELLIS to Ltmder. The Trustees have cDnsidered the value to the Trust of lending collateral in support of such
indebtedness, and the Trustees represent to Lender that the Trust is benefited by doing so.
Execute Security Documents. To execute and deliver to l-ender the forms of mortgage, deed of trust, pledge agreement, hypothecation
agreement, and other security agreements and financing statements which Lender may require and which shall evidence the terms and
conditions under Bnd pursuant to which such liens and -encumbrances, or any of them, are given; and also to -execute and deliver to Lender
any other written instruments, any chattel paper, or any other collateral, of any kind or nature, which L-ender may deem necessary or proper
in connection with or pertaining to the giving of the liens .and encumbranc-es.
Negotiate Items. To draw, -endorse, and discount with Lender all drafts, trade acceptances, promissory notes, or other evidences of
indebte,dness payable tD or belonging to the Trust or in which the Trust may have an interest, and either to receive cash for the same or to
cause such proceeds to be credited to the Trust's account with L-ender, or to cause such other disposition of the proceeds derived
therefrom as he or she may deem advisable.
Further Acts. To do and perform such other acts and things and to execute and deliver such other documents and agreements as the
Trustee may in his or her discretion deem reasonably necessary or proper in order to carry into effect the provisions of this Certificate.
TERMINATION OR TRANSFER. Trustees agree that the Trustees will provide to Lender written notice prior to any termination or revocation of
the Trust or prior to the transfer from the Trust of any Trust asset upon which Lender may be relying for repayment of the Trust's indebtedness
to Lender.
NOTICES TO LENDER. The Trustees will promptly notify Lender in writing at Lender's address shown above (or such other addresses as Lender
may designate from time to time) prior tD any (A) change in the Trust's name; (B) change in the Trust's assumed business name{s); (C)
change in the Trustees of the Trust; (D) change in the authorized signer(s); (]:) change in the Trust's state of organization; (f) conversion of
the Trust to a new or different type of business -entity; or (G) change in any other aspect of the Trust that directly or indirectly relates to any
agreements between the Trust and Ümder. No change in the Trust's name or state of organization will take -effect until after Lender has
received nDtice.
FURTHER TRUST CERTIFICATIONS. The persons named above is duly appointed and acting Trustee of the Trust and is duly authorized to act
on behalf of the Trust in the manner described above; I am familiar with the purpose of the Indebtedness; the Indebtedness proceeds ar-e to be
used for a legitimate trust purpose and for the benefit of the the Trust and its beneficiaries.
CONTINUING VALIDITY. This Certificate shall be continuing, shall remain in full force and effect and Lender may rely on it until written notice
of its revocation shall have been delivered to and r-eceived by Lender at L-ender's address shDwn above (or such addresses as Lender may
designate from time to time). Any sl,!ch notice shall not affect any of the Trust's agreements or commitments in effect at the time notice is
given.
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09:t8:t 74
Loan No: 815020301
TRUST CERTIFICATE
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IN TESTIMONY WHEREOF. I have hereunto set my hand.
I have read all the provisions of ~his Certificate. and I personally imd on behalf of ~he Trust certify "that BII stBtementsBnd representBtions made
in this Certificate are true imd correct. This Trust Certificate is dated May 1.2006.
CERTIFJED TO AND ATTESTED BY:
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TRUST ACKNOWLEDGMENT
STATE OF~107Yl(YlJ
COUNTY OF-,LIYlcolv¡
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On this I ~ '. day of M tL~ . 20~. befor-e m-e, the undersigned Notary "Public, personally
appeared AUDREY B. EliIS. Trustee of THE AUD Y.8. ELLIS ìflUST. and known to me to be an authorized ~rustee or agent of the trust that
executed the,Trust Certificate and acknowledged the Certificate to be the free and voluntary act and deed of the trust, by authority set forth in
the trust documents or, by authority of statute, for the uses and purposes therein mentioned, and on oath stated that he or she is authorized to
-execute is C-ertificate nd in fact -executed the Certificate on behalf of the trust.
In and for the State Of--W y 01hi~
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