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After Recording Return To:
Alvin Wiederspahn
The Equipoise Corporation
2015 Central Avenue, Suite 200
Cheyenne, WY 82001-3754
RECEIVED 2/7/2007 at 11 :10 AM
RECEIVING # 926600
BOOK: 648 PAGE: 249
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
[Space Above This Line For Recording Data]
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SELLER-CARRYBACK MORTGAGE
(No Escrows)
This SELLER-CARRYBACK MORTGAGE (this "Mortgage") is made on this 6th day of February,
2007, by the Equipoise Corporation, a Wyoming corporation, as mortgagor (the "Borrower"), to
Wanetta Clark, a single woman, as mortgagee (the "Lender"), whose address is 726 County Road
113, Etna, WY 83118.
TRANSFER OF RIGHTS IN THE PROPERlY. This Mortgage secures to Lender: (i) the
repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the
performance of Borrower's covenants and agreements under this Mortgage and the Note. For this
purpose, Borrower does hereby mortgage, grant and convey to Lender and Lender's successors and
assigns, with power of sale, the following described property located in Lincoln County, Wyoming:
Parcel 1: NW~SE~ and SW~NE~, Section 24, Township 36 North,
Range 119 West of the 6th Principal Meridian, Lincoln County,
Wyoming.
Parcel 2: The right of ingress and egress as described in
Book 147 P.R., at Page 80; Book 181 P.R., at Page 773; Book
281 P.R., at Page 167; and Book 297 P.R., at Page 68, in the
Office of the Clerk of Lincoln County, Wyoming.
Parcel 3: The right of ingress and egress as described in
Book 625 P.R., at Page 723, and corrected in Book 630 P.R., at
Page 230, in the Office of the Clerk of Lincoln County,
Wyoming.
TOGETHER WITH all the improvements now or hereafter erected on the property, and all
easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements
and additions shall also be covered by this Mortgage. All of the foregoing is referred to in this
Mortgage as the "Property."
BORROWER COVENANTS that Borrower is lawfully seized of the estate hereby conveyed
and has the right to mortgage, grant and convey the Property and that the Property is
unencumbered, except for encumbrances of record. Borrower warrants and will defend generally
the title to the Property against all claims and demands, subject to any encumbrances of record.
DEFINITIONS. Words used in multiple sections of this document are defined below and
other words are defined elsewhere in this Mortgage. Certain rules regarding the usage of words
used in this document are also provided elsewhere in this Mortgage.
a. "Note" means the promissory note signed by Borrower and dated of even date
herewith. The Note states that Borrower owes Lender eighty-seven thousand dollars ($87,000),
File No. SLO 07-0101
Seller-Carryback Mortgage, Page 1
09Z66QO 000250
plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the
debt in full not later than February 6, 2012.
b. "Property" means the property that is described in this Mortgage.
c. "Loan" means the debt evidenced by the Note, plus interest, any prepayment
charges and late charges due under the Note, and all sums due under this Mortgage, plus interest.
d. "Applicable Law" means all controlling applicable federal, state and local statutes,
regulations, ordinances and administrative rules and orders (that have the effect of law) as well as
all applicable final, nonappealable judicial opinions.
e. "Periodic Payment" means the regularly scheduled amount due for principal and
interest under the Note.
f. "Successor in Interest of Borrower" means any party that has taken title to the
Property, whether or not that party has assumed Borrower's obligations under the Note and/or this
Mortgage.
UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
1. Payment of Principal, Interest, Prepayment Charges, and Late Charges.
Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and
any prepayment charges and late charges due under the Note. Payments due under the Note and
this Mortgage shall be made in U.S. currency.
2. Application of Payments or Proceeds. Except as otherwise described in this
Section or in the Note, all payments accepted and applied by Lender shall be applied in the
following order of priority: (a) late and other charges under the Note and this Mortgage; then (b)
interest due under the Note; and then (c) principal due under the Note.
3. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and
impositions attributable to the Property which can attain priority over this Mortgage. Borrower
shall promptly discharge any lien which has priority over this Mortgage unless Borrower: (a)
agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to
Lender, but only so long as Borrower is performing such agreement; (b) contests the lien in good
faith by, or defends against enforcement of the lien in, legal proceedings which in Lender's opinion
operate to prevent the enforcement of the lien while those proceedings are pending, but only until
such proceedings are concluded; or (c) secures from the holder of the lien an agreement satisfactory
to Lender subordinating the lien to this Mortgage. If Lender determines that any part of the
Property is subject to a lien which can attain priority over this Mortgage, Lender may give Borrower
a notice identifying the lien. Within ten (10) days of the date on which that notice is given,
Borrower shall satisfy the lien or take one or more of the actions set forth above in this Section.
4. Property Insurance. Borrower shall keep the improvements now existing or
hereafter erected on the Property insured against loss by fire and hazards included within the term
"extended coverage."
5. Preservation, Maintenance and Protection of the Property; Inspections.
Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or
commit waste on the Property.
6. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension
of the time for payment or modification of amortization of the sums secured by this Mortgage
granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release
File No. SLO 07-0101
Seller-Carryback Mortgage, Page 2
09Z6t500
the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required to
commence proceedings against any Successor in Interest of Borrower or to refuse to extend time for
payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any
demand made by the original Borrower or any Successors in Interest of Borrower. Any forbearance
by Lender in exercising any right or remedy including, without limitation, Lender's acceptance of
payments from third persons, entities or Successors in Interest of Borrower or in amounts less than
the amount then due, shall not be a waiver of or preclude the exercise of any right or remedy.
000251
7· Notices. All notices given by Borrower or Lender in connection with this Mortgage
must be in writing. Any notice to Borrower in connection with this Mortgage shall be deemed to
have been given to Borrower when mailed by first class mail or when actually delivered to
Borrower's notice address if sent by other means. Notice to anyone Borrower shall constitute
notice to all Borrowers unless Applicable Law expressly requires otherwise. The notice address
shall be as set forth in the Note, unless Borrower has designated a substitute notice address by
notice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If
Lender specifies a procedure for reporting Borrower's change of address, then Borrower shall only
report a change of address through that specified procedure. There may be only one designated
notice address under this Mortgage at anyone time. Any notice to Lender shall be given by
delivering it or by mailing it by first class mail to Lender's address stated herein unless Lender has
designated another address by notice to Borrower. Any notice in connection with this Mortgage
shall not be deemed to have been given to Lender until actually received by Lender. If any notice
required by this Mortgage is also required under Applicable Law, the Applicable Law requirement
will satisfy the corresponding requirement under this Mortgage.
8. Governing Law; Severability; Rules of Construction. This Mortgage shall be
governed by the law of the jurisdiction in which the Property is located. All rights and obligations
contained in this Mortgage are subject to any requirements and limitations of Applicable Law.
Applicable Law might explicitly or implicitly allow the parties to agree by contract or it might be
silent, but such silence shall not be construed as a prohibition against agreement by contract. In
the event that any provision or clause of this Mortgage or the Note conflicts with Applicable Law,
such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect
without the conflicting provision. As used in this Mortgage: (a) words of the masculine gender
shall mean and include corresponding neuter words or words of the feminine gender; (b) words in
the singular shall mean and include the plural and vice versa; and (c) the word "may" gives sole
discretion without any obligation to take any action.
9· Transfer of the Property or a Beneficial Interest in Borrower. As used in
this Section, "Interest in the Property" means any legal or beneficial interest in the Property,
including, but not limited to, those beneficial interests transferred in a bond for deed, contract for
deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by
Borrower at a future date to a purchaser. If all or any part of the Property or any Interest in the
Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in
Borrower is sold or transferred) without Lender's prior written consent, Lender may require
immediate payment in full of all sums secured by this Mortgage. However, this option shall not be
exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this
option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not
less than thirty (30) days from the date the notice is given in accordance with Section 7 within
which Borrower must pay all sums secured by this Mortgage. If Borrower fails to pay these sums
prior to the expiration of this period, Lender may invoke any remedies permitted by this Mortgage
without further notice or demand on Borrower.
10. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain
conditions, Borrower shall have the right to have enforcement of this Mortgage discontinued at any
File No. SLO 07-0101
Seller-Carryback Mortgage, Page 3
0926600
time prior to the earliest of: (a) five (5) days before sale of the Property pursuant to any power of
sale contained in this Mortgage; (b) such other period as Applicable Law might specify for the
termination of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Mortgage.
Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this
Mortgage and the Note as if no acceleration had occurred; (b) cures any default of any other
covenants or agreements; (c) pays all expenses incurred in enforcing this Mortgage, including, but
not limited to, reasonable attorneys' fees, property inspection and valuation fees, and other fees
incurred for the purpose of protecting Lender's interest in the Property and rights under this
Mortgage; and (d) takes such action as Lender may reasonably require to assure that Lender's
interest in the Property and rights under this Mortgage, and Borrower's obligation to pay the sums
secured by this Mortgage, shall continue unchanged. Lender may require that Borrower pay such
reinstatement sums and expenses in one or more of the following forms, as selected by Lender: (a)
cash; (b) money order; or (c) certified check, bank check, treasurer's check or cashier's check,
provided any such check is drawn upon an institution whose deposits are insured by a federal
agency, instrumentality or entity. Upon reinstatement by Borrower, this Mortgage and obligations
secured hereby shall remain fully effective as if no acceleration had occurred.
000252
11. Release. Upon payment of all sums secured by this Mortgage, Lender shall release
this Mortgage. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for
releasing this Mortgage, but only if the fee is paid to a third party for services rendered and the
charging of the fee is permitted under Applicable Law.
12. Waivers. Borrower releases and waives all rights under and by virtue of the
homestead exemption laws of Wyoming.
BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained
in this Mortgage.
The Equipoise Corporation, Borrower
By:
STATE OF WYOMING )
) ss
COUNrY OF LARAMIE )
The foregoing instrument was acknowle~d before me by Alvin Wiederspahn, the
President of the Equipoise Corporation, on this '3 ~ day of February, 2007. Witness my hand
and offi .
COUNTY OF
LARAMIE
~_~~~>e(R9-
Notary ~liC
My Commission expires: J-\ \~\ 08
File No. SLO 07-0101
Seller-Carryback Mortgage, Page 4