HomeMy WebLinkAbout920664
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RECORDATION REQUESTED BY:
1st Bsnk
Alpine
100 Greys River Rd,
P.O. Box 3110
Alpine, WY 83128
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SEND TAX NOTICES TO:
1st Bank
Alpine
100 Greys River Rd.
P.O, Box 3110
AIDine. WY 83128
RECEIVED 7/27/2006 at 2:34 PM
RECEIVING # 920664
BOOK: 627 PAGE: 777
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
WHEN RECORDED MAIL to:
1st Bank
Alpine
100 Greys River Rd.
P.O. Box 3110
Alpine, WY B3128
SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY
MORTGAGE
THIS MORTGAGE dated July 25. 2006, Is .made and executed between MEADOWLARK CONSTRUCTIONLLC, A
WYOMING LIMITED LIABILITY COMPANY. (referred to below as "Grantor") and 1st Bank. whose address is 100
Greys River Rd., P.O, Box 3110, Alpine, WY 831i8 (referred to bölow liS "Lender").
GRANT OF MORTGAGE. For valuable consideration, Grantor mortgagn and conveys to Lender all of .GrantDr's right. title, and interast in and tD
the following dascribed real property. together wltli all existing or sUbsequently erected or .aff xed buildings, improvements and fixtures; all
easements, rights of way, and appurtenances; all water, water rights, wate,rcourses. and ditch. rights (including stock in utilities with ditch or
irrigation rightsl; and al.1 other rights. royalties, and profits relating to the real prDperty, Inc,Iuding without limitation all minerals, oil, gas.
geothermal and similar matters, (the "Real Property") located In LINCOLN County, State of Wyoming:
See EXHIBIT A. which Is IIttached to this Mortgage and made a pllrt of this Mortgllge 115 If fully set forth herein.
The Real Property or its address is commonly known as 15 PALISADES CJR.CLE, ALPINE, WY 83128.
Grantor presently a.signs to Lender ali of Grantor's right, title. and intarest 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 Parsonal Property and Rents.
THIS MORTGAGE"INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY, IS
GIVEN TO SECURE IAI PAYMENT OF THE INDEBTEDNESS AND IB 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:
PA YMENT AND PERFORMANCE, Except as otherwise provided in this Mortgage, Grantor shall pey to lender all amounts secured by thia
Mortgage as they become due and shall strictly perform all of Grantor's obligations under this Mortgage.
POSSESSION AND MAINTENANCE OF THE PROPERTY. Grantor agrees that Grantor's possession and use .01 the Property shall be governed by
the following provisions: .
Possession and Use. Until the OCCUrrence of an Event of D~faul't, Grantor máy (1) remain In possession ~ndcontrol of the Property;. (2)
use. operate Or manage the Property; and 13) collect the Rents from the Property.
Duty to Maintain. G:rantor shall maint~in the Property In tenantabht: condition and promptly perform aU repairs, replacements,' and
maintenance necessary to preserve itsvalue~
Compnance With Environmental Laws. Grantor represents and warrants to Lender that: (1 I During the period of Grantor's ownership of
the Property, t"ere has been. no use, generatiDn. manufacture. storage. treatment. disposal. rel.ease Dr threatened release of any Hazardous
Substance by any person on, under, about or from the Property; (2) Grantor has no knowledge 0.1, or feasOn to be-.)ieve,thøt there has
been, eKcept as previously disclosed to and ecknowledged by Lender in writing,(al any breach or violation of any Environmental Laws,
(b) any use, 9.eneratioh, manufacture. storage, treatment, disposal, release or threatened release 0.1 8nyHazar~ousSubst8n,ce on,: under,
about or from the Property by any prior owners or occupants of the Property; or (cl any actual or threatened litigation ,or claims of any
kind by any person relating to such matters; and (31 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 (bl any such activity shall be conducted in compliance
with all applicable federal, state. and. local laws, regulations and ordinances. insluding without limitation an Environmental. Laws. GrentDr
authorizes lender and Its agents to enter upon the Property to mo_ke sucJ:1 fnspectic;)O$ end te5t$, at-,Grantor's expense, a5 lender may:deem
appropriate to determine compUance of the Property with this section of the, Mortgage, Any inspections or tests. made by Lender shall be
for lender's purposes only and shaU not be construed to create, any responsibility or liability on the part of lender to G.rantor or to any other
person, The rapresentations and 'warranties. corttained herein are based on Grantor's due diligence In investigating the. Pr?perty for
Hazardous Substances, Grantor hereby (1) releases and waives any future claims 8gainst lender for Indemnity Or contribution in the
event Grantor becomes liab!e for cleanup or other costs under any such laws: and (21 agrees to Indemnify, defend. and hold harmless
lender against any and all claims, lossa., liabilities. damages, penalties, and eKpenses 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, generatio~. menufacture. storage; disposal.
release or threatened release. occurring prior to Grantor's ownership or Interest in the Prpperty; whether or npt the same was or should
have been known to Grantor. The provisions of this section of the Mortgage. including the obligatiofj to indemnify and defend. shall suryive
the payment of the Indebtedness and the satisfaction and reconveyance ofthe lien of this Mortgage and shell not be affected by lender's
ecquisitibn of any interest in the Property, whether by fòreclo-sure or otherwise-.
Nuisance, Wasle. 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 foregoing, Grantor will not remove, or grant to any other
party the right to remove, any timber, minerals (including oil end gas). coal. clay, scoria. sòil, gravðl or rock products withou~ lender's prior
written consent.
Removal of Improvements. Grantor shan not demolish or remove any Improvements from the Real Property without Lender's prior wr.itten
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 to Enter. Lender and Lender's agents and representatives may enter upon the Real Property at all reasonable times to attend
tD lender's interests and to inspect the Real Property for purposes of Grantor's compliance with the terms and conditions of this Mortgage.
Oo";pliance wIth Governmantal Requirements. Grantor shan promptly comply with all laws, ordinances, and regulations, now or hereafter
In effectl of al1 government81 authorities applicable to the use or occupancy of t~e Property. includih'g without limitation,. the Americans
With Disabilities Act. Grantor msy contest in good faith any such law. ordinance, or regulation and withhold compllence during any
proceeding, Including appropriate appeals, so long as Grantor haa notified lender in writing prior to doing aQand .so long as, In Lender's
sole opinion. lender's interests in the Property are not jeopardized, lender roay require Grantor to post adequate security or a surety bond,
reasonably satisfactory to lender, toþrotect lender's interest.
Duty to Protect. Grantor agrees neither to abandon or leeve unattended the Property, Grantol shall do an other acts, in addition to those
octsset forth above, 11') this section, which from the charBcterand use Of the Property are reø,8önably necessary, to, protect and preserve the
Property,
TAXES AND LIENS. The following provisions relating to the taKes 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. payroU taKes. special taKes, assessments. water
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0920GG4t
Loan No: 761001235
MORTGAGE
(Continued)
r>L'Ρ 0 t('1 7 8
Page 2 -
charges ang sewer service cherges levied egainst or on accoont ofthe Property. and shall pay when due all claims ior work done on or for
services rendered!)r 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 tho.se liens specifically agreed to In wrÎtirIQ by Lender, and except for the lien of taxes
and assessments not du~ as further specified in the Right to Contest paregraph.
Right to Conten. Grantor may withh!)ld payment ofeny tax, assessment, or, clai(l1 In connection with a. good faith dispute. over the
obligation to pay,s,o long as L,,"Øer'. int~rest In the Property is notjeopardized. fa lien arises oris filed as a r.sult of nonpayment.
Grantor shall within fifteen (15) days afterthe lien arises or, If a lian is filad, w¡thin fifteen (5) days after Grantor has notice of the1iling.
secure the discharge of the lien. or if requested by Lender, deposit with lender cash or esuffi<lant corporate surety bond or olher security
satisfaclory to lender in an amounl sufficient to discha~ge the lien plus any costs and reasonable attorneys' fees. or other charges that
'could accrue as a result of a loreclosure 'or. sale under the liel1. In any contest, Grantor shall defendit~elf and lender and shall satisf.t al1Y
adverse udgmel1t before el1forcement against the Property, Grantor shall l1ame Lel1der as an additiol1al obligea under al1Y surety bond
furnished in the contest proceedings.
Evidence of Payment. Grantor shall upon gemand furnish to Lender satisfactory evldenc.e òf payment of ihe taxes or assessments and shall
authorize the appropriate govamment~1 official to delivertoLe~er ,at any time'a written statement of the taxes and ass-aS5ments against
the Property.
Notice of Construction. Grant\)r shall notify Lender at least fiheen (151 days before any work is commenced, el1Y services are furnished, or
any materials are supplied to the Property, if any mechanic's lien, materialmen'slian, ·or other lien could be asserted on account 01 the
work, services, or materials. Grantor will upon request of Lender furnish to lender advance assurances satisfactory to Lender that Grarotor
can and will pay the C(lst of such improvements.
PRÖPERTY DAMAGE INSURANCE. The following provlsio,," relating to insuring the Property area part of this Mortgage:
Maintanal1ca of Insurance. Grantor shall procure and'rnalntain policies 01 fire insuranpe ,with standard extended coverage endorsements'on
a replacement basjs for the full insurable value covering' all Improvemel1lJ 011 the Real Property in an amount sufficient to avoid· application
of eny coinsurance clause, and with a standard mortgagea clause in lavor of lender, Grantor shall also procure and maintain
comprehensive general liability Insurance in such coverage amoonts as lender may request with lender being named as additional insureds
in such liability insuranca policies, Additionally. Grantor. shall maintain auch other insurance, including but not limited to hazard. business
Interruption and boiler Insurance as lender may require, Policies .hall Þa written by such Insurance companies and in such form as may be
reasonably acceptable to lender. Grantor shall deliver to lender certificates of coverage from each insurer containing a stipulation thet
coverage will not be cancelled or diminished without a minimum of thirty (30) days' prior written notice to lender and not containing any
disclaimer of the insurer'. liabilit.y for failure to give such notice. Each insorance policy a.lso shall include an endoraement providing that
coverage in favor of lender will not Þa impaired in any way by any act. omission or default of Grantor or any other person. Should Ihe Real
Property be located in an ereadesignated by the Director of the Fede.ral Emergency Management Agency as a special flood hazard area.
Grantor agrees to obtain and mainteln Federal Flood Insurance, if available. lor the full unpaid principal balance of the loan and any prior
liMS on the property secoring the. loan. up to the maximum policy limits sat under the NatIonal Flood Insurance Program. or as otherwise
required by lender. and to maintain soch insurance for the term of the loan.
Application of Proce.ds. ,Grantor shall promptly notify lender of any loss or damage to the Property if the estimateg Cost of repair or
replacement exceeds $1,000,00. Lender may make prool of loss if Grentor fails to do so within fifteen (15) dayso.f the casualty. Whether
or not lender's security is impaired. Lender may, at lel1der's election. ,recaive and retain tha proceeds of any insorance and apply the
proceegs to the reduction of the Indebtedness. payment of any lien affecting the Property,or theresloration 'and repair of th~ Property. If
lender elects to apply the proceeds to restoretion and repair, Grantor shall repair or replace the damaged or destroYed Improvements il1 a
manner. satisfactory to lende~, lender shall, upon satisfactory proof of such expenditure" payor reimburse Grantor from the proceeda for
the reasonable cost of repair or restoratiol1 if Grantor is not .il1 default under this Mortgage. A(\V proceeds which haVe not beendisbursed
within 160 days after their receipt and which lender has. not COmmitted t,o the repair or iestoration a! the Prop"ity shall be used first to pay
any amountowingt.o Lel1der under thIs Mortgage, th"n to pay eccr\Jeg interest. and the ramainder. if any, shall be applied to the principal
balance 01 the Indebtedness. If Lender holds any proceeds after payment In 1ull of tha Indebtedness, such proceeds shell be paid to GrantOr
as Grantor's interests may appeer,
Grantor's Report on Insurance. Uponråquest of Lender, hoWever not more than !ince a year,Grantor shall fornlsh to Lender a report on
each existing policy of insurance showing: (1) the name of the Inswer; (2) the risks Il1sured; (3) the amo"nt of the policy; (4) the
property insured, the then currentraplacement value of such property. and the manner of determining that value; ,and(5) the expiration
date of the policy. Grantor shall, uponraquast of Lender, have an independent appraiser satisfactory to lender determine the cash valua
replacement cost olthe Property.
LENDER'S EXPENDITURES, If eny actiol1 or proceeding is commenced that would materially affect lender'. Intereat in the Proparty or if Grantor
fails to comply with any provision of this Mortgage or any Related Doçoments, including but not limited t,o Grantor's failure to discharge or pay
when due any amount. Grantor is required to discharge or pay under this Mortgage or any Related Documents, lender on Grantòr's behalf may
(but shall not be obligated to) take any action that lender deems appropriate, Including but ,not limited to discharging or paying all taxes~ liena.
security interests. encumbrances and other claims. at any time levied or placed on the Property and paying all costs for Insoring, maintaining and
preserving the Property. AIi such expenditures Incurred or paid by lender for .uch purposes will then bear interest at the rate charged under the
Note from the date incurred or paid by ~ender to the gate of repayment by Grantor. All such expenses will become a part of the Indebtedness
and, at Lender's option, will (A) be pavabla on demand; (B) be added to the balance of the Note. and be apportioned among and be payable
with al1Y installmentpaymants to become due during either (1) tha term of any applicable Insurance policy; or (2) the remaining term of the
Note; or Ie) ba treated as a balloon payment which will be due and Payable at the Note's maturity. The Mortgage also will secure payment of
these amounts. Such right shall be in addition to all other righte and remedies to which Lendermay be entitleg upon Delault.
WARRANTY; DEFENSE OF TITLE. The lollowing provisions relliting to ownership of the Pr.opertyare a pert oi this Mortgage:
Title. Grantor warrani.that:(a) Grentor holds Qooq and marketabietitia of record to the Property In fee simple, frèe,and clearoi all lien.
and encumbrences,other than thos.aset forth in the Re~1 Property description or in any title Insurance policy. 'title report. or final title !)pinion
issued in favor of.· and accepted by, Lender in connection with this Mortgage.· and (b) Grantor has the full right. power, ang authority to
execute and deliver this Mortgage to Lender.
D.fen.. of Title, Subject to the exception in the paragraph abolle, Grantor warrants and will iòrever defend the tlt,le, to tha. Property against
the law1utclaims of all persons, In the event any action or proceeding is commenced that questions Grantor's. title or the interest of lenger
under this Mortgage. Grantor shali dafand the action at Grantor's expense. Gral1tor may be the, nominal party in such proceedln~. but
Lender shall be entitled to participate ¡nthe proceeding and to ba represel1ted In th,e proceeding by counsel of Lender's own choice, and
Grantor will delí"e(~ or cause to be delivered~ to lender such instruments as Lender -may request from time to time to permit such
participation.
Compliance Wjlh law.. Grentor wairants that the Property ándGrantor's usa ofthe Property complies with all e,¡¡stlng applicable laws.
ordinanèes, and regulations 01 governmental authorities.
SurvIval of Representations and Warrantl.., . All representation., warrenties. and egraements made by Gra!1lor in this Mortgage shali
survive the, execution, and delivery of this Mortgage. shall be continuing In nature. and shall remain In full force ,and effect until soch time as
Grantor's Indebtedness shall be paidlri fuU.
CONDEMN A TlON. The following provisions relating to condemnation proèeedfngs are a pert öf thi.Mortgage:
Proceedings. 11 enyproceeging in condemnation Is tiled, GrantQ'shallpromptiy notify lender In writil1g, and GrantOr shall promptly take
such steps as may be necessary to defend the actio~ and obtain the award, . Grantor may be the nominal party in such proceeding. but
Lender shall be entitled to participate in the proceeding and to. be represented In the procaedil1g by counsal 01 Its own choice, and Grantor
will deliver or cause to be delivered to lender such instruments and documentation as may be requested by lender from tima to time to
permit such partIcipation.
Application of Net Proceeds,. If all or any part of the propérty Is condemned by eminent domain proceedings or by any proceeding or
purch.se In lieu of condemnation, lender may at its election require that ali or any portion of Ihe net proceeds of the award be applied to
the Indebtedness or the repair or resloration 01 the Property. The netproceed. of the aWard shall mean the award after 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 rélating to governmental taxes.
fees and charges are 8 part of this Mortgage:
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092066'*
Loan No: 761001235
MORTGAGE
(Continued)
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Page'3 U : (
Current T..... F... .nd Ch.rg... Upon r.qu.st by L.nd.r,' Gr.ntor sh.1I ...cut. such docum.nts in addition to this Mortgag..nd t.k.
whatever other action is requested b,X Lender to perfect a¡nd continue_ lender's I¡enon the Real Property. ,Grantor shall reimburse 'Lender for
all taxes, as_ described below, to~ether with all expen$es incurred in recording, perfecting or continuing this Mortgage, including without
limitation all taxes, fees, doc,umontary stamps, and other charges for recording or registering this tv!ortgage.
Ta.... The following sh.1I constiM. t.... to which this s.ctlon .ppll.s: (11 a sp.ciflc tax upon this type of Mo(¡g.ge or upon all or any
part of the Ind.bt.dn.ss secur.!J bythi~ Mong.g.; (2), a sp.clfic tax on Grantor which Grantor Is authorized or r.quired tod.duct from
p.ym.nts onth. Indebte!Jn.ss secured by this tYPe of Mortgag.; 131 . tax on ¡his type of Mortgage chargeable againstth. Lender or ih.
holdar of the Nota; and (4) a specifíc tax on all or any portion of the Indebtedness or on payments of principal and interest made by
Grontor.
SUbs.qu.nt Ta~.s, If .ny tax to whict1this section applies. is .nacted subs.qu.nt tö the date '·of this Mortgag., thie .v.nt shall hne tho
eam..ff.ct as an Ev.nt of D.fault, and lend.r may ex.rcise any or all of it. availabl. r.medl.s for an Evem of D.f.ult .S provided below
unless Gr.ntor .ith.r . (1' pay. the ta. b.for. it b.com.s d.linqu.nt, or (2) cont.sts tho tax as provld.d "tiove in tho Tax.. and U.n.
section and deposits with Lend'er cash or a aufficieni corporat. sur.ty bond or oth.r s.curity satisfactory 'to Lend.r.
SECURITY AGREEMENT;ANANCING STATEMENTS. The following provisions r.lating to this Mortgag.as a s.curity agr..m.nt ar. . part of
this Mortgag.:
Security Agr.em.nt. This instrument shan constitute a Security Agreement to the ext.nt any 01 the Proparty cOnstitutes fixtures,and
Lender sh.1I have all of tho rights of e s.cur.d p.rty und.r tho Uniform Comm.rcial Code .s "m.nd.d from time to time.
S.curjty Int.rost.Uponrequest by Lender, Gr.ntor shall t.kewhat.ver action i. request.d by L.nder to p.rf.ctand oontlnu. Lend.r's
security Interest In th.Rents and Personal Property. In addition t() r.cording this Mortgage in the .r.al property r.cords,. Lender may. "t any
time and without further authorization .trom Grantor, file e.ecuted counterparts, Copies.or reproductions of this Mortgage as a financing
s.tatement;, Grantor s~all,reimbl.!rsE!. l~l1der for all expfilnses incurred rn perfecting Or ,continuing. this s_~c~rity. intere~t. . Upon ~Bfault Grantor
shall not remov..s.v.r or d.i~ch the P.rsonal Prop.rty from tho Prop.rty. l)pon default, Grantor. sh.1I ass.mbl..ny Personal Property not
affixed to the Property in a manner and at 8 pl~ce reasonably convenient t~ Grantor, and Lender and make it available to lender within three
(3) days aft.r receipt of written demand from lend.r to the .xtent permitt.d by applic.bl. law,
Addr...... Th.' mailing addr.sses ofGr.ntoild.btor) and Lend.r (secur.d party) from which inföimationconcerning thesècurity intere.t
gr.nted by this Mortg.g. may b. obtaln.d (.ach .s r.quired by tho Uniform Commerci.1 Code) ar. as st.ted on tho first page of this
Mortgage.
FURTHER ASSURANCES; ATTORNEY-IN·FACT. Th. following provisions relating to furth.r assuranc.s and .ttorn.y-in-fact are a part of this
Mortg.g.:
Further Assuranc.s. At any time, and from time to time, upon request of Lender. GrantOr will m.ke, ...cute and deliv.r, or will causa to
be made, e..cut.d or d.liv.red, to Lend.r or to L.nder's design.., and wh.n requested by Lend.r. cause to be filed, recorded, r.filed, or
r.r.cord.d. as the cas. may be. at suc.h times and in such offic.s and plac.s a. Lender m.y d..m appropriate, any and .11 such mortg.ges,
deeds of irust. security de.ds, s.curity agre.ments. financing stai.m.nts, continuaiion statements, instruin.nts of further assuranca.
c.rtificates. .nd other docum.nts as may. in th. sole opinion of L.nder, be n.c.ssary ord.sirable in ord.r to ell.ctuate, complete. perfect,
continue, or preserve 01 Grantor's obligations und.r the Not., this Mortgag.. and tha R.lat.d Documents, and (21 the liens and
sacurity Inter.sts cr..ted by this Mortgag. as first and prior lI.ns on tho Prop.rty. wh.ther now owned or he'.aft.r acquired by Grantor.
Unl.ss prohlbit.d by law or L.nderagre.s to tho contrary In writing. Grantor shall r.imburse Lend.r for all costs and expens.s incurrad in
conn.ction with tho matters r.f.rred to in this paragraph,
Attorn.y-In-Fact,If Gr..ntor fails to do.ny of tho things referr.d to in tho pr.c.dlng psragr.ph. l.nd.r may do so for and in tho name of
Grantor and at Gramor's e.pense. For .uch purposes, Grantor hereby Irrevoceblyappoints Lendera~ Grantor's attorn.y-In-f.ct for tho
purpose of making. e..cuting. deliv.ring, filing, r.cording, .nd doing ell oth.r things as may b. n.c.sseeVor desirable. in Lender's sol.
opinion. to accomplish tho matters r.lerred to in tho prec.ding par.graph.
FULL PERFORMANCE. 11 Grantor pays all th.lridebtedne"s~ Including without limi¡atlonali futuro advances. when due, and oth.rwl~.performs
all th. obligaiionsll11Pos.d upon Grantor und.r this Mor~gaga. L.nd.r shall ex.cui. andd.liv.r to G~antor asuit.bl. .satisfaction of this
Mortgage .nd suitable st.tements o/i.rmlnation of .ny fi~ancing st.t.m.nt on fiI. .videncing l.nd.r's s.curity Intar.s! in the R.ntsand tho
Personal Property, Grantor will PaY, If p.rmitt.<1by applicabl. law, any r.asonable t.rmination fée .s d.t.rmln.d by L.nder from time to time.
EVENTS OF DEFAULT. Each of jhe following. at Lander'$ option. shall constitute .n Event ofDefa~lt und.r this Mortgag.:
Payment Def.ult. (¡ranior fails to make any paym.nt when duo under the Ind.bt.dness,
Default on Oth.r Påy",.nts. Failure of Gr.ntor within thetim. r.quired by this Mortg.g. to make any payment for tax.s or insuranc.. or
any other paymem nilcessary to pr.v.nt filing of or to effect discharg. of any lien.
Oth.r Default.. Gr.ntor failstocOmply with or to þ.rrorm any other t.rm. obllgaiion; covenant or condition coniainedin this Mortg.geor
in any of the Rel.t.d Docum.nts or 'to 'comply with or to p.rform any term, obligation, Covenant or condition contained in an'y other
agre.inent b.tween l.nder and Grantor.
Default in Favor of ThJrdPartie..Shol.,!tdGrantor dèfaul~ ·underaný ,loan, exts,nsion of credit',seclJritv ,ag"eement,:purcha~e_',or.s_ales
agre.ment, or .nyotheragr.ement,in fevor Of .ny other. creditor or p.rson that may materi.liy aff.ct any of Grantor'sprope';¡y or
Glantol's .bility to repay the Indebt.dn.ss or Gr.ntor·s .bility to perform Grantor's obligations under this Mortgage or any related
document.
Fals. Stat.m.nts. Any warranty, representation or stat.m.nt mad. o. furnish.d to L.nder by (¡rantor or on Grantor's behelf under thi"
Mortgag. or th.' Related Docum.nt~ isfals. or misleading in any ",aterlal resp.ct. either now or .tth. time made or furnish.d or becom.s
false or misl.ading at any ¡im. thereafter.
D.f.ctlva ColI.t.raliz.tlon. This Mortgag. or any of tho Related Docum.nts c.as.s tobo In full forc. .nd .ffect (Including f.ilure of any
coll.teraldocument to create a v.lid arid p.rf.ct.d security inter.st or lien) at .ny tim. and fOI.ny reason.
Death or Insolvency. The dissolution of Gr.ntor'. (r.gardl.ss of wh.ther election to continue Is m.d.). any m.mb.r wlthdr.ws fiom tho
limited liability company. or eny other termination of Grantor's .xistence a$ e going business or tho death of .ny member, the insolv.ncy of
Gr.ntor. the appointm.nt of . rec.iv.r for any p.rt of Grantor's prop.rty. any essignment for the benefit of cr.ditors, ahy type of crediior
workout, or the commencement or any proc.edingunderany bankruptcy or insolvency laws by or .gainst Grantor.
Cr.dltor or Forf.iture Proceedings. Comm.nc.m.nt Of foreclosur. Or forf.lture proceedings, wh.th.r by judicial proceeding, self-help,
repossession or any other m.thod" by any creditor of Grantor or by any gov.rnm.nt.1 ag.ncy ag.lnst any prop.rty s.curing tho
Indebted~ess. This includes a garnl3hment of any 91 Grantor's accoun~s, includin~ depo3it accQunts, with lender. Howev~r, this Event of
Default shall not apply if there is a good faith dispute bV Grantor as to the validity or reason!Îlbleness oftheçlaim whfch Is, the bas,is of. ~ø
creditor or forfs.lture pro'ceeding and if Grantor gives lender written notice ,of the creditor or forfeiture proceeding and deposits wÌth Lender
monies or a surety bond-for the creditor or forfeiture proceeding, in' un' amount deter.mined by.tender, in its. sole discretion, as being an
.dequat. r.s.rv. or bond for th.dlsput..
Breach of 'Other Agreement. . Any breach by Gr~ntor underthë t~rms of anV.other,agreem.~nt between Grantorand Lender that is not
remedied within .ny grec. p.rio<1 provided therein, Including without limitation any agr..ment concerning .ny ind.bt.dn.ss or oth.r
obligation of Gr.ntor to L.nd.r. wh.th.r .xlstlngnow or lat.r.
Events Aff8C1ingGuarant'or. Any ,of the prøceding events,occùrs with re~pect to. any Guarantor of an.y ,of the Indeb'ednessora~,Y
Guarantor di.sor b.comes Incomp.t.nt, or r.vok.sor disputes the validity of. or Ii.billty under. any Guar.my of th. Indebt.dn.ss. In the
.vent ola de.th. L.nd.r, at its option. may, but shall not b., requ,lred to. p.rmit tho Guera"tor's .st.t. to' assume uncondítion.lly tho
obligations arising und.r the guarenty in a manner satisfactory to Lender, and. in doing so. cure any Ev.nt of O.f.ult.
Adverse Change. A material adver~echange occurs in Grantor's -financial condìtion, or lender beHaves the prospect 01paynitilÍ''It 0;
performance of tho Indebtedness is impair.d.
Ins.curlty. L.nder In good faith bellev.s itsel/lns.cur..
RIGHTS AND REMEDIEs ON DEFAULT.. UpOn the occurr.nce of an Ev.nt of D.fault and at any time ther..ft.r, L~nder. .t Lender's option. may
exercise anyone or more of the following righis and rem.dies; in addition to .ny other rights or r.medies provided by law:
Accel.r.t. Ind.btedness. Lend.r shall have the right at its option without notic.to Grantor to decl.re the .ntir. Indebtedness immediately
/
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092066'-1
Loan No: 76'10Ö1235
MÖRTGAGE
(Continued)
Page 4
rrÎO~"'80
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due and payable, i'!¢lu~inga'!y prepayment penalty which Grantor would be required to pal';
UCC Remedies., With reapect to all or eny part of the Personal Property, Lender shall hava all the right. and remedies of a secured party
under the Uniform Commerciel Code. '
Collect Rents. Lender shall have the right, without notice to Grentor, 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 costa, against the Indebtedness, In furtherance of this right, Lender may require eny tenant or other user ¿f the
Property to make payments of rent or use fees directly to Lender. If the Rants are collected by Lender, then Grantor Irrevocably designates
Lender as Grentor's attorney-in-fact to endorse instruments received In payment thereof In the name of Grantor and to negotiate the oeme
and collect the proceeds. Payments by tenants or other users to Lender in respqnse to Lender's demand shall satisfy the obligation~ for
whIch the peyments 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.
Appoint Receiver. Lender shall have tha right to have a receiver appointed to take possession of all or any part of tha Property, with the
power to protect and preserve the Property, to operate the Property preceding foreclosure or sale. and to collect the Rents frqm the
Property end epply the proceeds. over and above the cost of the receivership. against the Indebtedness, The receiver may serve without
bond If permitted by law. Lender'. right to the appointment of a receiver .hall exist whether or not the apparent value 01 the Property
exceeds the Indebtedness by ·e substantial amount. Employment by Lender shall not dlsqualifye person from serving asa receiver.
Judicial Foreclosure. lender ma¥,obtain a judicial decree foreclosing Grentor·s interest in all or any pait of '¡he Property.
NonJudicial Sale. Lender may foreclose Gr~ntor's Interest In all or In any part of the Property by non-judiclalsa'e. and .peclfically by "power
01 sale" or 'advertisement and sale' foreclosure as provided by statute.
ee jciency'Judgment. If permitted by applicable law. Lender may obtain a judgment for any defìclencyremalnlng In the Indebtedness due
to Lender alter application 01 all amounts received from the exercise 01 the rights provided in this section.
Tenancy at SuHerance. II Grantor remains in possession of the Property alter the Property Is sold as provIded above or Lander otherwise
becomes entitle,d to possession of the Property upon delault of Grantor, Grantor shall be,come a tenant at suHerence 01 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 12) vacate the
Property immediately upon the demand of Lender.
Other Ramedies. Lender shall have all other rights and remedies provided in this Mortgage or the Note or available at law or in equity,
S.le of the Property. To the extent permitted by applicable law, Grantor hereby waives any and all right to have the Prope,ty marshalled.
In exercising its rights and remedIes. Lender shall be Iree to sell ell or any part 01 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 shall give Grantor reasoneble notice of the time end place of. any public sale Qf 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 (1 PI I;!ays belore the time of the .ale or disposition. Any sale of the Personal Property may be made in conjunction with
any sale of the Real Property.
Election of Remedl~.. Election by Lenderto pursue any ramady shall not exclude pursuit of àny other remedý.and an election to make
axpendlturesor to take action \0 perform an obll9atiqn 0IGranto, under this Mortgege, after Grantor's failure to perfqrm, shall. not affect
Lender's right to declare a default and exercise Its remedies, Nothlngunder this Mortgage or otherwise shell be construed sO as to limit qr
restrict the rights and remedies available to lender following an Event of Default, or in any wey to limit or restrict the rights and ability of
Lender to proceed I;!lrectly against Grantor andlor against any other' co-maker, guerantor, aurety or endorser and/or to proceed against any
other collateral directly or indirectly securing the Indebtedness.
Attorneys' Fees; Expenses. II Lender Ih.titutes any suit or action to, enforce any of the terms of this Mortgage, lender shall be entitled to
recovorsuch sum as the court may adjudge reasonable as attorneys' fees at trial and uPOl1anY,Bppeal. Whether or not any court action" ìs
involved. and to the extent not prqhiblted 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 enlorcement of its rights shall become a part 01 the Indebtedness payable on demand anI;! shall bear
interest at ¡he Note rate from the date of the expenditure until' repaid. Expenses covered by this paragraph include. without limitation,
however subject to any limits under applicable law. Lender's reasonable attorneys' fees and Lender's legal expense. whether or not there is
a lawsuit. including reasonable attorneys' lees and expenses for bankruptcy proceedings (including efforts to modify or vacate any
automatic stay Of injunction), app.eals, and any anticipated post~;udgmentco ectiori services, the cost of searching records. obtaÎning title
reports (including foreclosure reports!, surveyors' reports, and appraisal fees and title Insurance. to the extent permitted by applicable law.
Grantor also will pay any court costs, in addition to ~II other SUms provided by law.
NOTICES. Any notice required to be given under this Mortgage. Including without limitation eny notice 01 default and any notice. of s~le shall be
given In writing. and shall be erlectivewhenaçtually delivered. when ectually received by telefacsimile (unless otherwise required by law). when
deposited with ~ nationally recognized overnight çourier, or, If meiled. when deposited In the United States mail,. as. first class, certified or
registered mail post~ge prepaid, directed to the addresses shown near the beginning of thi.s Mortgage. All copies of notices of foreclosure from
the holder of any, lien whí.oh has ~riority f'ver ,this, ,Mortgage ~hal~ ,be, sent.tø ~en~er's 8~dress, a~ show~ n~ar the. be,~inning of this Mor~gage.
Any party may ch~nge its address .for notices under this Mortgage by giving formal written notice ,to the. other parties, speclrying that the
purpose ,of th8 notice iSla c~ange the party) address. Fornotice purposes, Grantor agrees to keep Lender informedet all times of Grantor's
currentaddrèss. Unless ptherwise provided or"required by law, If there Is more than one Grantor. any notice given by Lender to any Grantor is'
deemed to be notice given to all Grantors.
MISCELLANEOUS PROVISIONS. The following miscellaneous provisIons are e part of this Mortgaga:
Àmendments. This Mort~age, together with any Related Doc:uments¡con$tIMes the entire understanding and agreement of the þartiesas
to the matters sat forth In this Mortgage. No alter.ation of or amel)dment to this Mortgage shall beeffactive unless given in writing and
signed by the party or perties sought to be charged or bound by the elteration or amendment.
Annual Reports. If the Property is used for purposes other then Grantor's residence, Grantor shail furnish to Lender, uponreC¡uest, e
certified statement of n.et,oper~dngincome, received from the Property during Grantor's,previous nscal yeë;trinsuch, form and detaU'as
lender shall require. 'Net operating Income' shall mean all cash receipts from the Property less all cash expenditures made in connection
with the' operation 01 the Property.
Caption Headings. Caption headings ill this Mortgage 'arE! foi convenience purpose. only ândare not to be used to Interpret or define the
provisions of this Mortgage.
Governing Law.. This Mortgage will be governed by federallawappllcablé to Lend.r and, to tha extent not preempted by fede(allaw. the
laws of the State of Wyoming without regard to its conflicts 01 law provisions. This Mortgage has been .ccepted by Lender in Ihe State of
Wyoming.
Choice of Venue. If thore Is a lawsuit, Grantor agrees upon Lend"r's request to submit to the jurisdiction of the courts of Lincoln Coun.!\',
State of Wyoming.
No WaIver by Lancler. Lender shall not be deemed to haile waived any rights under this Mortgage, unless such waiver Is given In writing
and signed by Lender, Nq 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 s provision of this Mortgage shall not prejudice or constitute a waiver of Lender's right otherwise. to
demand strict compliance with that provision or any other provision of, this Mortgage. No prior waiver by Lel)der~, nor ~ny course of dealing
betwean Lender and Grantor, shall constitute a waiver of any 01 Lender's rights or of any of Grantor's obligations as to any future
tr~nsactlons, Whenever the consent of Lender is required under this, Mortgage. the granting of such consent' by Lender In any instance
shall not constitute continuing consent to .ubsequent instances where such consent is required and in ail cases such consent may be
granted or withheld in the sole discretion: of lender.
Severability. If a C'ourt of competent jurisdiction finds any provislon óf this Mrirtgage to :be Bragal., invalid. or. unenforceable 8S to any
circumstance. that finding shall no.! make the offending provision Illegal, ,Invalid. or unenforceable as to any other circumstance. If feasible,
the offending provision shall be considered mqditiel;! so that It becomes leg~I, valid and enforceable. II the offending provision cannot be. so
modified. it shall be considered.de'eted from this Mortgage. Unless otherwise required by ,~w. the illegality, invalidity,or ,unenforceability
of any provision 01 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 iote'res't or estate create,d by this Mortgage wIth any other'intere~tor estate, in the Property at any
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Loan No: 761001236
MORTGAGE
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Page 6
time held by or for the benefit ot'Lender in any capacity, without the written consent of le.nder. , ' , '
Succ..sors and Assign.. Subject to any limitations .tated in this Mortgage On tran.fer of Grantor's Interest, this Mortgage shall be binding
upon and inure to the benefit of the parties, their successors and assigns. If ownership of tI1e Property becomes vested In a pllrsonother
than Gramor. Lender, without ~otlce 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 Ind.bteØness.
TIm. ia of the Ess.nc.. Time is .DHhe e..ence In the ~rformanceóf this Môrtgage,
Walv.r of Hom..tead ex.mptlon. Grantor hereby releases and waive. all right. endbenefita of the homestead exemption laws of the State
of Wyoming as to alllndebtedne.. secured by this Mortgage.
DEFINITIONS. The following capitalized ",ords and terms shall have the following meanings whenused in this Mortgage. Unless specif!caUy
stated to the contrary, all references to dollar arpc:¡untsshall mean amounts in lawful money of the United Statesc:¡f Ameri~.. Words and terms
used in the singular shall include the plural. and th~ pluralshaU include the .ingular. as the context may require, Words and terms not otherwise
defined in this Mortgage shaU halle the meanings attributed to such terms in the Uniform Commercial Code:
Borrower. The. word "Borrower' me.n.MEADOWlARK CONSTRUCTION LlC and Includes aU co-signers and cö~makers signing the Note
and all their successors and assigns.
D.fault. The wor~ "Default' means the Deiault sel forth in this Mortgage În the section titled "Default'.
Environmental law.. The words, "environmental laws' meananV and all state, federal and local ~tatutes, regulations and ordinance.
relating to the protection of human health or the, environment, including without limitation the Comprehensive Envifonmental Response,
Compensation. and, UabilityAct of 1980, u amended, 42 U.S.C. Section 9601, et seq, 'CERCLA"), tha Superfund Amendments and
Reauthorization Act of 1986, Pub, L No. 99-499 ¡"SARA"I, the Hazardous Materials Transportation ACI, 49 V.S.C. Section 1801, et seq..
the Resource Conservation and Recovery Act, 42 U.S.C. Saction 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 events of default
section of this Mortgage.
Grantor, The word 'Grantor' means MEADOWLARK CONSTRUCTION lLC.
Guarantor. The word "Guarantor" means any guarantor, surety, or accomm'odatìon party of anv or 'aU of the-Indebtedness.
Guaranty. Tha word 'Guaranty" m.ans the guaranty from Guarantor to Lender. including without limitation a guaranty of all or part of the
Note,
Hazardous Sub.tanc... The words "Hazardous Substances" mean materials that. becausa óf thalr quantity, concantration or physical.
chemical or infec~jous cha(~cterlst¡c$ _ may - cause or. pose a present or pQtential haz,ard t() human høa,lth or the environment when
improperly used, treated. stored, disposed of, ganerated. manufactured. transported or o.therwise handled. The words "Hazardous
Substances' are used in their very broadeslsense· and Include without limitation any and all hazardous or to.ic substances. materials or
waste as defined by or listed unde.r the Environmental Laws. The term 'Hazardous Substances" also includes, without limitation. petroleum
and patroleum by'products or any fraction thereof and asbestos.
Improvements, The word 'Improvel11ents' means all existing and future improvements, buildings, structures, mobile homes affixed on the
Real Property, facilities. additions, rllplacements and other construction on the Raal Property.
indebt.dn.... The word "Indebtedness" meens .Ii principal. int.re~t, and other amounts, costs and expenses payabla under the Note or
Related Documents.' together with all renewals of. extensions of, modifications of. consolidations of .andS,Ubstitutlons fot. the Note or
Related Documents and anyamounisexpended Or advanced by lender to discharge Grantor's obligations or e"penses incurred by lander to
enforce Grantor's obligations under this Mortgage, together with interest on such amounts.s provided in 'this Mortgage.
i..nder. The word OILender" means 1 5t Bank, its succèssor(¡ and assignsi.
Mortgage. The word "Mortgage" means this Mortgage between Grantor and lender.
Noia. The word "Note" ",eans the p/omissory note dated July 25, 2006. in the original principalarnount Qf $121.676.5Ö flom
Grantor to Lender, together with all renewals 0': extensions of. modifications of, refinancings of, consolidations of, and substitutions for
the promissory note or agreemant, Tl\e maturity date of this Mortgage is April 25. 2007.
personà! Property. The words ~Personal Property" mea(\ all equipment. fixtures, and other artiCles of peisonal property nôw or hereàfter
owned by Grantór, and now or herea,fter attacha<:t ora{fl~a~ to the Re.1 Property; together with all accessions, parts.. and additions to, all
raplacements of,and aU substitutions. for, any of such property; and together with all proceeds !including without limitation all insuranGa
proceeds and refunds of prelTliums} fro.m any sala or other disposition of the Property.
Property. The wÓrd "Property' means collectively the RealProþerty and the Perllonal Próperty.
Real Property. The wordS "Real Property" mean the reafproperty, Interests and rights, as further described in this. Mortgage,
Related Documents. The words "RelatedÖôcuments" maan .allprômissÓry notes, credil agreements. loan agreements. en\llro.nmental
agreements. guaranties, security egreemenis,mortgages, deeds of trust. . security, deeds" collateral mortgages. and all other instruments.
agreements and documents. whéther now or hereafter e.isting, executed in connection with the Indebledness.
Rents. The word NRents· means all present and futÙte rents, revenues, ioe'orne, issues, 'ro.Yalties¡ profits. end other benefÎts derived .from
the Property.
GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS DF THIS MORTGAGE, AND GRANTOR AGREES TO ITS TERMS,
GRANTOR:
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0320664 ,
I.oao No; 761001235
MORTGAGE
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Page 6
LIMITED LIABILITY COMPANY ACKNOWLEDGMENT
STATE OF Wl)D~~
COUNTYOF~~
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On this as'l--"- day of , 20~, before me, the undersigned NoteryPublic, pe"I()~a"y
Þl' ;~pea'ed REX A. DOORNBO~f MEADOWLARK CONSTRU TION !-lC. and known to me to be a member or designated agent of the limited
~bllìty company that e"ecuted the Mortgage and acknowledged the Mortgage to be the free and volUntary act and deed of the limited liability
company, b~' authority of statute, Its articles of organization or its operating agreement, fer the uses andpwpose. therein mentioned. and on
oath stated t at pr.he Is authorized to I!xecute t' ortga and in fact executed thl! Mortgà¡e on behàlf of the limited liability cOmpany.
By Re.ldlng at }r-t-( -k.S()fl
Notary Public in and for the State Of, W l) () YrLL11. j My corivnl..lon.:;':. q - ( "d-- () 1
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LAURIE COE - NOTARY PUBLIC
County of ~ State 01
Teton ~ Wyoming
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Page 2 of2