The URL can be used to link to this page

Home My WebLink About933830 t5 : , ~ 0"'. I ~I ') ([; .,3,:) ~ 6010715855 RECEIVED 10/8/2007 at 12:39 PM RECEIVING # 933830 BOOK: 674 PAGE: 851 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY 000851 State of Wyoming Spact! Above This Line For Recording Datil ~ ' - REAL ESTATE MORTGAGE (With Future Advance Clause) 1, DATE AND PAATJ~s. The date of this Mortgage Is OB,IIJ.ZIXI7 are as follows: and the parties and their .;: ' ~e8Se8 MORTGAGOR: SVLVlA p, PEAD. TRUSTEE OF THE SYLVIA PUTNAM PE.AD ^ h REVOCA.BLEUVINGTRUST DATED JANUARY 18, 2001 ;x{p 386-4 PRAIRIE DUNES 18C WEST JORDAN, UT 84084 o Aeter to thl Addendum which Is attached and incorporated herein for eddltional Mortgagors. LENDER: Ttf~ ØANK OF3TAA VALLEY ORGANizeD AND EXISTING UNDER THE LAWS OF THE STATE OF WYOMING 384 WASHINGTON STREET PO BOX 8007 AFTON, WY 83110 2, MORTGAGE, For good and valuable oonslderlltion, the receipt end sufficiency of which Is aoknowledged, end II ';ecure the Slcur.d eBbt (herellfter defined), MOl1gagor grants, bargains, conveys, mOl1gagea and warrants to Ltlnú',:r, ,:th the power ohale, the following described property: SEE EXHBIT 'A' ATTATCHED HERETO AND MADE APART HERE OF Th. property is located in LINCOLN at ICGU~W) , FAIRVleW r Wyoming 83119 (Addr'"1 (CIW) (ZIp c;" ' : - Together with 811 rights, lIasements, IIppurtc:n~noes, royalties, minerai rlgh~$, 011 and gas rights, crop!, til' er, 1111 diversion payments or third pany payments made to crop produoers, and all IIxÌ!:ting and future ¡mpr~\ ":I'l'1t5, atruotures, fixtures, IInd replacements that m:;¡y now. or at any time In tha future. be part of the real e~tw! r ~ribed ebove (all referred to n "Property"). The term Proþerty also includu, but is not limited to, any and all \1\.'<,\".,' wells. \/Vllter, dItches. reservoirs, reservoir sites :and dams located on tha rllal estate and ell riparian end W8ter right$ M " ~hated with the Property, however .$tablished. WYOMING - AGRICU~ TU""L'èOMMIRCIA~ RlõAL ESTATE SecuRITY INSTRUMENT NOT FOR PNM,. PHI,I.fÇ, fH^ OR VA USE. AND NOT FOR CIliBIJM&II PURPœ!8) ~ œ 1893,2001 &onk"" SveI""'_ lno.. St_ i:'Qua, MN fOf'lll AGCO·Rg:I,WV 1/1./2003 I[..';,;" 1 0'8) ,~ ,/., 000852 3. MAXIMUM OBLIGATION liMIT. The total principal amcunt of 1he Secured Deb~ (hereafter defined) $ecur.;:' by this Mortgage at anyone time shall no~ exoeed +16.000 00 . This limitation of amot:~~t : ¡es not include Interest, loan charges, commitment fees, brokerage 'commIssions, lI't'torneY$' fecs Ind otl'lllr Qt]argeG villi' '0( made pursuent tD this Mortgage end does not .~ply to advanc.8 (or Interest IIccrl.led on suoh advsnoesJ mede uncer ~ ' .4 terms of thl$ MOr1gage to protect Lender's SGcurity IInd to perform any of the covenent. contained In this MortÇ!'!I¡ Future IIdVIjIIMeS ara Contemplated end, along with other future obligations, are .$8oured by this Mortgege eVlln thou';h ,,¡ or pan may 1'10t yet be adv:anoed. Nothing In this Mortgage, hOWever, $hail conltitl.lte a Domm/tment to make 31.(, i 'Jnal or future 10llns or advances in any amount. Any ~uch commitmlllnt would need to b., agreed to in a separate wri~ing 4. SECURED DEBT DEFINED. The term "Secured OebtW InClUdes, but is not limited to, the following: A, The promissory note(a), contraot(a), (Juarsnty(lesl or other evidence of debt described below and all -,,., . 1$;OnS, renewels, modlfloations or substitl.ltions. (When fQ(.renclnQ the debts below It 18 $l.lfJll8sted thet yo: .lnc/lJd. Irttm6 :luch tI$ borrowers' nllme:l IJnd IIddrtJss.s, nor/J princIPs/8movnt:l, commqrclel ,.volYlng lø~n cgl ,,,,enr's max/mulT/emounr, Interest tlltes, v.,/eble r~t( term" fflllturlty df1tl18, IJre.) ONE PROMISSORY NOTEp DUED ar.fOl "TIN TIiE AMOUNT OF $1&,000.00 B. All future adllOlMes from Lender to Mortgagor or other future obligõ1tions of MOr1gagor to Lendol' ',I ,)r any promissory note, contract, guaranty, or other eVIdence of debt existIng now or .xecu~8d after thi" r ',rtgl!lge whether or n<;¡t this Mongage is specifically referred to In the evidence of debt. C. All obligations Mortgagor OWe$ to Lender, which now exist or may later erise, to thll extent not prohibitcl "y Jaw, including, but not limited to, liabilities for overdrafts relating to any deposl't account Zlgr8emen7 tween Mor'tgagor and Lender. . D. All additional sums advanced and expenses Incurred by Lender for insuring, preserving or atherwl&9 pr('il~ '1'1g the Property and its v:alue and Iny other sums advanoed and expenses incl.lrrod by Lender under the 1~~:TI: Jf thl8 MortgBg., plus Interest at the highest rate in effeot, from time to time, ae provldl3d ìh thll Evldenoe of [lci: , e. MOr'tgagor's performanoe under the terms of õlny Instrument evidencing a dQbt by Mortgagor to Lcm:f~r ' Id any MOr'tgege seoorlng, gUl:lrllntying, or otherwise relating to thg debt. If more th«n onlll person ~ígns this Mortgage a$ Mortgagor, Clch Mortgagor agraes thet this Mortgage wlll:< 'Jre all future advanoes and future obligation. described IJbove that are gIven to or incurred by any (me or more Mortr:" lor, or anyone or more Mongegor and othlllrs. This Mortgagt will not secure eny other debt If Lender fails, with rQ$p!!!c: ~ . touch other debt, to make any required dl.soloaure IIbout this Mortgage or If Lender fails to gIve any required notice ~f ¡ "\ right of rescission. 8, PAYMENTS. Mongagor agrees to make 0111 payments on the Secured O;bt when due aod in accordance witb ,I ' terms ot the EVldenoe of Debt or this Mortgage. 8, CLAIMS AGAINST TITLE. Mongagor will pay all t!!lXÐ.\I, ó19SeSSlT1l1nts, liens, Incumbrahces, le!!lse peymr¡r,t~, "ound renu, utilities, and other charges relllting to thœ Propeny when due. Lender may require Mortgllgor ~o provldt¡ \(~ $nder. copies of all no~loes that such :amounts 're due ðhd the recolpts evidencing MOr1gegor's payment. Mortgapor wil . l1fend tl~Ie to the Property Igalnst ehy claims thôillt would impelr the lien of this Mortgage, Mortgagor agreee ,C> II : 1n to Lander, 018 requested by Lender, any rights, claims Or dœf~nses which Mortgagor may have Igainst pertic$ wht ,upply labor or materillls to improve or maintain the Property. 7. PRIOR SECURITY INTERESTS, With reg;;rd to any other mortgage, deed of trust, security agreement or:::t . lien docum.nt that oreated a prior seourity ¡ntltrest or encumbranoe On the ProPllrty and that mey have þriClr¡t~.. 0, ,,' thi~ Mort91ge, Mortgagor IISlrel!e: , A. To make all pllyments when due end to perform or comply with all c:cvenanu. B. To promptly dlliver to Lender any no~ioe8 that MOr1gllgor receives from the holder. C_ Not to make or permit any modlfloation or extension of, and not to request or aocept any future edv.mr.:~ tneler any note or agreement secured by, the other mongege. deed 01 trU~t or security !!IgrDement unll!::;~ ,mder contents In writing. 8. DU& ON SALE OR ENCUIIIIBRANCE, Lender may, at Its optIon, deolere the emlrm balance of the Secured Dct, Immediately due :and peYlble UpOI'l the cr..'don of IIny lien, encumbrance, transfer, Dr .!laIc, or contr~ot for any c on the Property, However, if the Propeny Includea MOr1¡¡agor'¡ resldenoe, this $eotion shall be subject to the ros1 Impo...d by fedllr.! law (12 C.F.R. 5911, ac applloable. For thlll purpo&:es of this 600tlon, the tl!lrm "Proþ",rt includes any Interest to all or .ny part of the Property. Thi$ C;:OV\!:nant shall run with the Property and shall ~'" effeot Until the Secured Debt Is peid In full and this Mongage is reJeZlscd, 'f) bo 'hese ,"tlon$ , also "in In ~- 1;'l1li3,2001 hnlo....YfIOml.lnc,,!It, C:loul/, MN Fqlrn II.OCQ·I'\!SI.y,y 1',GI:/003 (po'J};'! of 81 000853 9. TRANSFER OF AN INTeREST IN THE MORTOAGoR. If Mortgagor Is en entity other then II rÍlÏtural per$on (:;, 1 M i!I corporation or other orgenizlttion', lender may dem.nd immediate payment if ¡1 I a benefiel;al ;nt,r$$t in Mortg¡¡g" ·8 sold or transferred; (2) thare 1$ ~ ohange in either the Identity or number of members of II pertnershlp or slmllsr ~!1(: ' òr (3) there Is II oheng" in ownership of more thlln 25 percent of the voting STock of ;a oorporatlon or sìml1ar entity. ~ .. "Ievor, L'nder may not demand payment in the above situations if It Is prohibited by lew "', of the date of this MortglJ'ci~:' 10, ENTITY WARRANTIEs AND REPRESENTATIONS, If Mortgagor is an entity other thlln II naMa I p.rson i~l " liS !I corper.tien or othar organization" Mortg;gor makes to Lender the following warranties end representations ',I.{I· ,I ghall be continuing a$ long as the Secured Debt remains outstandinfj: A. Mcrtqafjor Is an GntlW whioh is duly organized and velidly existing in the Mortgagor's state of ¡noemor, 'on (or organizatIon). MortgagDr ì, in gODd standing in all states In which MorTgagor tra"'$¡cts business. Mortg·:.:Ir has thl! power and authority to own the Property and to oarry an Its business liS now being concfu(;';~d ',d, as applloable, Is qualified to dD so in each 5tlltll. in whil:h Mortgagor operates. B_ The exeoutiDn, delivery and performanoe Df this Mortg!lgð by Mortgagor and ~he cbligation eviden,;!" )y the Evidence of Debt are within the power of Mortgagor, have been duly authorized, have reoeived all 1"1, )seery governmental approval, and will n01 violate any provision of law, or ordet of court or governmental agl:lm:y C. Other than disclosed In writing Mortg:;¡gor "ôIS not ohanged Its name within th8 Ian t.n years and h(,fI any ather trade or figtitious name. WithQut Lender's prior written consent, Mortg~gor does not and will any other namO ôInd will preserve Its existing nams, trade ntll'nes and franchises until the StOl.lr'rd satisfied. ": usod ,)t use 'ebt is 11. PROPERTY CONCmON, ALTERATIONS AND tNSPE:CTlON, Mortgagor will keep the Properw in good conditlo~' f.I:' mQko all repalr& that ere reasonably necessary. Mortgagor w give lender prompt notloe of any loss or darr.nr¡ 0 the PtDperty. Mortgagor will keep the Property free of no)(IOU$ weeds and grasses. Mortgagor wrn not inl1illtf!l, i In' or consent to any change In any prlvete restriotive ClJvenant, zoning ordinance or other public or privata r.stric:~'iw lliting Dr defining the USIIS whic:h may be made of thl!! Prop~rw or any part of the Property, wIthout Lendar's prlOI ·,rltten consent. Mortgagor will notify Lender of all demands, proceedings, claims, and actions again£'!: Mortgagor Qr:,1: 'other owner made under law or regulatIon regarding use, ownership and ocoupanoy of the Property. Mortgagor wil 'omply with all legal requlremenu and re!trictions, whether public: or private, with respect to the usQ) of the Property, M· . ':gagor ::Ilso agrees that the nature of theoooupanoy and use w not change without Lender's prior written consant. No portion of the PropertY will be removed, demolished or materially altered wl'thout Landar's prior wrhtm. 'l1s,nt except thllt Mortgagor "'.III the right to ramove Itlllma of personal propertY comprising a part of the Property thot ' Icome worn or obsolete, provided that suoh personal property is replaced with other p.rsonal property at .Ieast cqu;:¡1 ill lu~ to the replaced perscnel proparty, fr.e from any title retention devloe, seourlty agreemen1 or other encumbr'i1"1c,! Such replacement of personal property will be deemed subject to thea slIcurity interest created by this Mortgagf/J. M, gagor shall not partition or ~bdivide the Property wllhoUl I..nder's prior written consent. lender or lender's agclt~ ,ay, 81 Lender's optIon, enter the Property at any reasonable tima for the purpose of inspecting the Property. Any inspI' , ion of the Property shall bca entirely for lender's benefit IiInd Mortgegor will In no way røly on lender's inspection. 12, AUTHORITY TO PERFORM, If Mortgagor fells to perform any of Mortgagor's duties under this MortgagQ, or ;¡ , other I'nOrtgage, deed of trust, security øgreement or other lien document that has prIority over 1Mis Mortgage. L"!l';: mAY, without notloe, perform the duties or oause them to be performed. Mortgagor appoints lender :;¡s ólttorney in :::IC' ~ sign Mortg.gor's name or pay any '¡¡rnOvnt necessary for performance. If any construction on the Propertyi:J disr.::;>n1 . Icd or not carried on In a reasonable mrmner, lender may do whatever is neCCa$õlry to proteÇ't lender's security In1'r.;n: " in the Property. This may Include completing the construction. Lender'; right to perform for Mortgagor shall not create an obligation to perform, and lender's failure to perfcl'm , ill not preclude lender from exercising IIny of lender's other rights under the law or this Mortgage. Any amOlln1,~ :.'lld by LlllndQr for insuring, preserving or othetwise protecting the Property and lender's sliIcurity interest will be due un I 1'1'I<lnd and will bear IntereS1 from the d~te of the payment until paid In full at the Interest rllts In effeòt ftom tllm.: . -rima according to the terms of the Evldenoe of Debt. . 13, ASSIGNMENT OF LeASES AND RENTS. Mortgagor assigns, gr;nt6, bargains, conveys, mortgage! IInd w~r 'Its to lendar as additional security :;¡II the right, title and Interest In the following (Property). A. I:xistlng or future 188$8$, ,ubleases, licenses, gu.rent/ell and IIny other wrltton or verbal agreementQ ;I)r It lAse and occup:;¡ncy of the Propeny, Including but not limited to, tiny extensions, r.newals, modiflc:!l'·' ,,. or replaoements (Leases,. B. Rents, WUI:I; end profits, Including but not limited to, seourlty depolits, minimum ren1., percen~:'IÇJ :;nts, additional rents, common area m3inten.nce oharges, parking oh.,;.8, real estate t8)(8S, other applicr.Jbl ,;Dxes, In$ur~noQ premium oontrlbutlone, liquidated damages follawing default, cancellation premiums, ~Iosr, c' ents" insurance, guest reoeipts. ravenues, royaltle., proceeds, bOI'lU"s, aocounts, conu.ot rights, general ':'tl' . ,!ible:!, and ..II rights and olaim,tl which Mongagor may have that in any w.y per1aJn to or arQ on Qoòount of tl\ Ise or oocupltncy of the whole or I!Iny plllrt of the Property (Rentsl. In the event any item listed lIS I...see or Rents Is determined to be p.rson.1 property, thla AulBnment will ~o bll regarded as a !ecurity agreement. f./>,t{. ., of 81 ~M e1883,2oo1 S.""",.5vll1.m., 1M" St. Cloud. MN Porm ...t1C;O,/\~'-WY lI'~12DD3 .......- 000854 Mortgagor wIll' promptly provide Lender with copies of 1:he 1.98se8 and will oenlfy these Lea8l!ls .re 'true ;:In" ':orrect copies. Th. existing L8ue5 will b, provIded on execution of the Assignment, end 811 of the future I."ses and e" other Information wIth r18pect to these Luses will be provided immedhnely after they are executed. Mortgegor mp.\'y I :>lIect., receive, enjoy and use the Ront$ 80 long as Mortgagor Is not in default. Mortgagor will not colleot in advllnc!!! 3', Aen~$ due In fl.nur. lellse perIods, unle" Mortgagor first obtains Lender's wri"tten consem. Upon default, Mot1gllgOf wll I .oelve any Rents in trust for lender and Mortg~gor will not commingle the Rents with any other fuhds. When Lend,r !;C: ,ree1l, Mortgagor will endorse and deliver eny paymenh of Rants from the Property to lender. Amounts oollecHl'Ic ",III be applied lit lender's di~oret;on to the Seoured Oebttl, the costs of managing, protecting and preserving the Pr(,:p( "', and Otl1-r neoessaty expen¡e.. Mortgagor egrees that thl~ Security Instrument Is Imml!ldlately effective betwGen M, ';g¡sgor end lender. This Security In&¡rument will remain affeotive during any sta'tutory redemption period untH 1ha ,'oured Debts are sat/$fled, Unless otherwise prohibited or prucribed by state ~w, Mortgagor agr..., that lende' rr,'.' t~ke actuel pOS$ession of the Prop.,.ty without the ncoQ'òI:IW of commencing .fW legel action or proceeding. MorttP:!J~ ,.grees that actual possession of the Properw Is deemed to ocour when lender notifies Mortgagor of Mortgagor'a dr.:f, , 1\ <'nd demands thst Mortgagor and Mortg8gor's tlln8nt& p::ay ~II Rents due or to becoma due dlreotly to Lender. hllll ',:Istaly after lender gives Mortgagor the notloe of default, Mortgagor agrees that either Lender Dr Mortgagor may ilwl 'lately notify thll tenants and demand that all future Renta be paId directly to lender. At; long as this Assignment is In effect, Mortgagòr warrants and represents that no default exlS'!! under the I.l~A' :{. and the parties subject to the Leases havII not violated any applloable lew on leases. licenses Ind landlordc anr! . lants. Mortgagor, lit It$ 80le cost and expense, will kt:llP, observe IInd perform, and require III other parties to thp.! L,.: ,Ies to comply wIth the Leas.. and any applicable I;:¡w. If Mortgagor or any party to the LeUe defaults or falls to ob$!' 9 any applloable law, Mortgagor will þromptly nOtify Lender. If Mortgagor neglects Dr refuses to enforoe oompllane:'j 'h thl!i terms of the Leases, thIn Lender may, :lit L.""der's option, .nforoe compllanoe. Mortgagor will not sublet, modify, extend, cancel, or otherwise 81ter the Leases, or accept the surrenda:r of 11'11' ,perty covered by the leasllt; (unle88 the Lease. 80 require, without Lender's CDn.ent. Mortgagor will not 8sslgn. cum¡" ,miee, $ubordlnate or encumber the Lsases and Rents without Lender's prior writ1en consent. Lender does not ':':;,: ..ne or become lieble for the Property's melntenanoe, depreciation, Dr other losses Dr damages whon Lender acts:o "l'Iage, protect or preaerve lhe Proþerty, except for 10lses and damages dU8 to Lender's gross negligence or in10n1im 'torts. Otherwise, Mortg.gor will Indemnify Lender and hold Lender harmless for all liability, loss or damagl that lr;:f1' , " may incur when LInder opts to exercIse tiny of its remedies against :any party obllgllted under the LeaS$$. 14. CONpOMINIUMS; PLANNED UNIT DEVELOPMENTS. If the Property Inoludes a unit In 8 condominium or a pl!!n ' :d unit development, Mortgagor will perform ell of MOl"Igagor's dutlea under the covenants, by.law$, or regulatl',)!)! It the condominium or planned unit development. 15. DEfAULT, Mortgagor wUl be In default If any of the following occur: A. Any parw obligated on the Secured DQbt fails to make payment when due; 8, A breach of any term or covenant In this Mortgage, any prior mortg;age or any ccn.uuotion loan <1~¡r:': :n~"t, securl1y agreement or IIny otner document evldenoing, guarantying, seouring or otherwise relating to !hi!! : ' cured Debt; C. The making or furnishing of any verbal or wri"en representóltlon, statement or warranty to I..nder thl.ll: iç ,,15:12 Qr Incorreot in IIny material respe01: by Mortgagor or any person or entity obliglltltd an the Seour.d Debt; D. The death, dltsolution, or Insolvency of, appointment of óI reoelver for, or aþpllcatlon of any debtor rcld ,'W to, Mortgagor or ahy person or entity obligated on the Secured Debt; E. A good faith belief by Lend.r at any time that lender is ¡n..cure with rCl'pect to any person or entity oblir" ed on the Secured Debt or that the prospect 0' any peyment 1$ Impaired or the value Df the Property Is Imp"lrR(i¡ F. A material .dverse change in Mortgager's business including own.rs"'ip, management, and 11nanolal r;or' tion3. which Lender In Its opinion believcs impairs the value of the Property or rep8yment of the Secured Dabt; :)r G, Any loan proclleds are used for iii purpoM that will oontribute to Ixoesslve oroalon of highly ,rOdlble lar,d II '0 the oonversion of wetlands to produce 8n agricultural commoditY, as further explained in 7 C.F.R. Part '9110. : ' bpart 0, Exhibit M. 18, REMEDIES ON DEFAULT, In some instancQs, federal and $late raw will r.quite lœndllr to provide Mortgagor \\Iii lotlCle of the right 10 oure, medIation notices or other notices and may eSt~bll8h time sohedules for foreclosure IIction~. 'Ibi~ct to these limitations, if any, Lender may acoelerate the SeolJred Debt and foreclo,e this Mortgage in a mannør pro' " .,d by IIlw if this Mortgagor Is in default. At the option of lender, ~II or any part of the agreed fees and charges, accru9d Intere·st IInd prlnclpel shl-JII: ~ome Immediately due and payable, after giving notico if required by law, upon the occurrence of 8 defaul1 Qr ,{tIme thereafter. In addition, Lender shan be entitled to all the remedies provid.d by few, the Evidence of Oeb't, other 0\ I mces of debt, this Mortgage and any, related documents Inoluding without limltetlon, the power to sell the PrU¡H' '. Aft remodiu IIrill distinct, gumulative IInd not exclusive, and the Lender Is entitled to aft remedie. provided It law c' >~ul1y. whether Ixprescly $8t forth or not. The acceptanoe by Lender of any sum In payment or partlel payment on 1hc : .~~red Debt after the balance i$ due or is accalerated or :lifter foreoloaur. proceeding, ere filed shall not oQnstltute c w i '.r of lender's right to require full and complete cure of any existing default. ðy not exerolslng any remedy en Mt'Jr' ,gor's d.fault, lCll'lðer doe. not Waive lender's right to later consldør the event.. d.fault If It continues or happens eQùir), {fN!f1 of 61 ~ .1113. ~018QnIt""IY"~m., Im;., St. C:lay~, MN Farm AGI;O-RESI·W'!' ""12003 ~,- 000855 17. EXPENSES: ADVANCES ON COVENANTS; ATTORNEYS' fEES; COLLECTION COSTS. Exoep~ wt1.n prohibr!'!I( 'y law, Mortgllgor agr... 10 pay ell of lender's eXPQ!'I$Q$ If Mortgagor breaches any cov.n~lnt In this Mortgllge. Mcrtç 'or will also pay on demand 811 of L.nder's expenses Incurred In oolleotlng, insuring, preserving or protecting thlf Prop' f or In any Inventories, audits, il'1speotions or other examination by lender In respect to~hlll Property, Mortgagor Bç;rÐ( , to PDY all costs and expenses incLlrr~d by Lender in enforcing or proteotlng lender's rights and remedle$ under thi:,>; 1\.: " tgege, including, but not limited 'to, attorneys' feBs, oourt oost$, .nd other legal expenses. Onoe the Seoured Debt is . " 'Iy and finally paid, Lender agrees ~o release thi:s MortljlBge and Mortgagor agrees to pay for :my recordOltion OO!;;!,<;, 'I such amounts are due on demlSnd and will bear Interl$t from the time of 'the adv;¡nolil a~ the highest rate In etfec'. t .., tlmo 'to time, lIS provIded In thil evldenoe of Debt and as permitted by I.w. 18, ENVIRONMENTAL lAWS AND HAZARDOUS SUBSTANCES, As used in this section, (1) "Envlronmen'tal l~w' "1eans, wi'thout limitetiDn, the Compr.hen~lve Environmental Response, Compen!ll11on and liability Ac't (CERCLA. II: .I.S.C. 9601 .t seq,¡, all other fodoral, state and local laws, regulstlons, ordlnal'1oes, court orders, Ittorney genersl u¡: ana or Interpretive latters ooncernlng 'the publIc health, safety, welfare, environment or e hazardDus subc:t;anm~; ''',d (21 "Hazardous SubstlSnce" melln¡ any toxic, radioactive or hU3rdou$ mOlterlar, waste, pollutant or contemlMn', VI "';h has ohlSrac'teristics whioh render the substance dangQrou$ or potentIally dangerous to the pUbllo health, safety. '^ 'are or envlronmo!'lt. The term includes, without IImltatiotl, sny substences defined as "huardous material," "toxic :;rJh~ '11cel," -hazardous wl!Iste" or "hazardous :substance" under any Environmental Law. Mortgagor represel'1ts, warrant" or .1gr...!\ that, except as previously disclosed 1:Ind aCknowledged in writing: A. No Hazardous SubstancliI has been, Is, or will be locl!lted, transported, mtlnuflSctlJred, treated, refinerL or ' !lndled by any person on, Utlder or ISbout the Property, except in the ordlnllry coursCl of bU$iness and In s'tric't co "lIonca with all applicable Environment. I law. B. Mon;g~gor hes 1'10t and will not CBUIUiI, oO/'ltrlblltè to, or permIt thl!) felease of any Hazardous SubstfJ'1I:, ,:,n the Property. C. Mortgagor will immediately no'tify lender if (') a releue cr threatened release of H~~~rdous Substance 0' ' Irs on. under or about the Property or mlgrate$ or ~hreatens to mlgra'te from l"1tarby property; or (2) there Is ( vlt- : '.iot) or any Envlronmen~al I.aw ooncernlng 'the Property. 1/'1 suoh an event, Mortgagor will 'take all necesSo!Iry ~ ,,,edial aC'tlon In aocord.noe with EnvIronmental law. D. MortglS~or has no knowl.dge of or reason to believe thtilrø is any pending or 'thrsetened Investig8tiCl", ·Im, or proceeding of any kind relating to (1} any HaZlilrdous Substance located on, under or about the Proper! ,or (,-) any violation by Mortgagor or any tenl!lnt of any Environmental Law. Mortgaljlor will immediately notify' .. Ider in writing 8$ -'001'1 t'ls Mortgagor has reason to believe there is any such pending or threatened ìnve8tlg~t() ~19Irn, or procllediog, In such 111'1 event, Lendœr has the right, but not the obligation, to partlolpate in any such pr' ':adlng Inoluding the right to reoelve oople$ of any documents relating to suoh proo~edings. E. Mortgagor and ~v.ry tenant have been, arc and shall remain in full compliance with ~ny applioable Envirt ' nemBI Law. F. There lire no underground s~orage 'tanks, private dumps or open wella locl!lted on or under the PI'op~rl- ,nd no suoh tank, dump or well will be added un/es:s lender first consents in writing. G. Mortgagor will rlt9ularly Inspect the Property, monitor the activities and operations 01'1 the Property,;Joe ')nflrm that ell permits, licenses or approvals requited by any applicable I;rwlronmentalll!lw en! obtaIned alld , 'nplied with, H. Mortgagor will permit, or cause any tenent to þerrnit. lender or lendGlr's Ig8nt to enter IInd Inspect tilll ",perty and review all records at any rellSonable time to dqt9rmine (11 the existence, location and natLJr~ ',f any Hel:ardou.s Substance on, undar or abou~ the Property: (2) the exlstenoe, 10Clltion, nature, aod meghilurl' 'Jf any Hazardous Subateno. that has been released on, under ot about the Property; or (3} whether or nOT W',', 'g;lgor and any tenant .are In compliance with applic8ble Environmental law, I. Upon lender'. request end at any tlmll, Mortg;agor agrees, at Mortgagor'" expense, to engago Q lllifltd environmental o!'!gineer to prepare an environment., audit of the Property and to submit the results Or:-ll ': audit to I.ender, The choice of the envIronmental engineer who will perform such audit Î$ $ubjlot to lender's (¡PI' val. J, Lender has the right, but not tne obligation, to perform any of Mortgagor's obllgatlone under t,hi¡:: ¡\! ' ion a't Mortgagor's expense. ' K, As 8 consequence of any braach of any rspresentation, warranty or promise mede in this section, (1; ~/,. ',gagor will Indemtlify I!Ind hold Lender and Lender's BUCCUlors or 8IIs[gns harmle" from and against allloG(¡\!:~ :la/mJ!, demands, liabilities, damages, clellnup, rl$pOnSe and remediation oosts, peneltles I!Ind expenSes, 1~lding without limlta'tlon all OO$ts of litigation and attorneys' fees, which Lender and I.ender's successors or MI!:i ' ~ may sustain; and (2} at lender's discretion, Lender may releast!: this Mortgl!lge IInd In return Mortgagor ',Nil : 'rovlde Lender with collatlllral of at least equal valuq to 1he Property secured by 1hl$ MortglJglJ without preJudir:~, I, my of Lender's rights under this Mortg3gGl. L. Notwithstanding any of the IlInguage contained In this Mortgage to the contrary, the terms 01 thl$ JI;';~çl: '., shall survive any 1oreolasureòr s!I'tlsfactlon of this Mortgage regardlo£$ of any passage of tItle to Lel"!de "r any disposl'tlon by Lender of ISny or all of thct Property, Any claims ;and dèfønses to 'the con'trary are hereby W.:!I ,d. 19. CONDEMNAll0N, Mortgagor will give lender prompt notioe of any action, reel or threatenœd, by priva\t¡I " public entities to purchllSe or ~ake I!Iny or all of the Property, including I!Iny easement!:, through condemnation, eminl1l"1t r main. or any other means. Mortgagor further agrees to notify Lender of any prooe.dlngs Instituted for the 8stablishmer ,f any .éwer, wllter. corlserv.tlon, dhçh, dralnsge, or athlilr distrIct relotlng ~o or bInding upon the PrOpllrty or any p" of ii. Mortgagor lIuthorlze& LlÕlnder to intervene In Mortgagor's name In any of the ISbovs d8$cribed actions or olrl:rn" '~nd to collect and reoeive all sums re$ultlng ftom theaC'tion or claim. Mortgagor Qssigns to lender ~he prooeed! of ony ,. , ard or claim for d.mage! conoeoted with IS conda:mnltion or other taking of all or any pin of the Property. Such ptcce'i..,: shall be considered payml!lnts :and will be epplled as provided In this MongaCle. This lI3IsÎgnment of proceeds 1$ r;~lhi!l" :.0 the terms of al"lY prior mortgaga, dlÕllild of true't, security agteement or other fien document. (p:J{ , 'j of BJ ~ iC IOP3, 2001 hnk.r. $y".rn., ,...., St. Cloud. MN Po'", AGCO-I'\ESI·W'Y' 1/11/Z003 - - 20, INSURANCE, MOl1gagor agrees to maintain tnsurano& e:l follows: A. MOl1g.gor stulll keep the Property Insured against loss by fire, theft and other hazards and ri~k::; rp',: ',"ablv 8ssoole1ed with the Property due to ita type and 100.I''lon. Other hszsrd$ and risks may includ., ror ".Jm"le, ooverage 80lln81 10$s dua to flood~ or flooding. This Insursnce sh;all be maintained In the amOunts .,1"1' 'or the periods that L,qnderraqulres. What Lender requires pUtsu~ntto the preceding two sentenoes can ch;m{ : eluring the term of the Secured Dabt, The Insuranoe oerrler providing the insurance s~sll be chosen by Mortg:l!jU '~ll;IjF,lct to Lender's approval. which shall not be unrellsonsbly withheld, If MOrigagor fails to meint.ln thl' "erage descrlbod above, Lender millY, lit L~Jndar'3 option, obtain coverage to proteQt L.ender's right. in 111<1 . )perty Dccording to the terms of this Mong.gt. All Insurance polloies end renewals shell be acceptable to L,ençl~r and shall Include a standard "mortgi'1!]~ ,,'eu5e" end, where applloAble, "lender 101. payee cleuse_" Mortgagor shall immediately notify Lender of cal....;~:.. :ion or termination of th. Insurance. Lœndar shall have thl right to hold the þolioie5 and renewals. If Lend(lr ",Iulres, MOl1gaQor shall Immediately give to Lender .11 receipts of paid premiums and renewal noticl:s. ll,. loss. Mortgagor sh:all give Immediate notice to the In,urance carrier and Lender. Linder may make proof (II" Ie ' If not made immediately by Mortgagor. Unless Lender and Mortglgor otherwise agree in writing, in.urance prooeeds shall be eþplled to r~~fo : Ion or tepair of the Proparty damaged if thl restorlltion 01' repair iseconomicelly feaslblll õll'ld Lender's seC',Jr:' , it! not lessened. If the re.storatlon or r;pair Is not eoonomiclIlly feasible or Lender's 18curity would ba I'-!¡:;·;I~ ,.j, the Insurll')ce proceeda $hall be applied to the Sl!Icurad Debt. wheth.r or not then due. with eny e:X:':¡;~ : aid to Mortgegor. It Mongagor abandons the Property. or does not anawer within 30 d:ays a notice from l..endRr 8t the Inaural'\oe oarrier has offered to $~ttle e claim, 'then lender may oollect the insurance proceeds. I"QndHr ,.y use 'the proceeds to repeir or restore the Property or to pay the Secured Debt whe~her or not than due. T;"( "o.day period will begin when the notice Is given. ·000856 Unless lender end Mortgagor otherwl$1iI agree In writing, any IIppllcatlon of procecdlil to principal shall .11: .:'xtend or postpone the due date of scheduled p:ilyments or ch¡ng. the amount of the payments. If the !"'n ' Irty i$ acCuirad by Lander, Mortgagor's right, to any insurance policies and prooeeds resulting from dellT'l_1ç" ·'0 the Property before tl'!. acquisition shall pess to Lender to the Ixtent of the Seoured Debt Immedletely !J! r 'e the aoqulsltlon, 8. Mortgagor agrees tc melntaln comprehensive general liability Insurance naming Lender 88 an additiom,: ir :red in ah "mount acceptable to lender, in.uring against olalm, arising from any accldœnt or occurrenco in () 'In the Property. C. Mortgagor agree.s to maintain rental loss or busine$$ interruption Insurance, II. rsqulred by Lender. in 1.111 !, nount equal to It least ooverage of on. yaer's debt ,ervice. and required escrow account deposits (if /.It" ,ed to separately in writing), under ~ form of policy acoeptable to Lender. 21. NO ESCROW FOR TAXES AND INsURANCE. Unless otherwisll provided In a separete agreement. Mortgagor wi lot be required to pay to lendœr funds for t~)(e$ and Insuranoe in escrow, 22. FINANCIAL REPORTS AND ADDI'I10NAL DOCUMENTS. Mortg:agor will provide to Lender upon r_quest. any , , .ncial ~tatement or information Lender m:lY deam neoS$sary. Mortgagor Warrants that all fInancIal statementa ena' ¡"fe, IlItlon Mortgagor provide! to lender ~re, or will be, acourate, correct, and oomplete. Mortgegor agrees to sign, dellvl.·r. 1<1 file IS Lender may reasonõlbly request ehy additional documel'\ts or certlfloatlons that Lender mey consider nt':~F!I . ¡ry to perfeot. contlnUé, IInd preserve Mortg8\1or's obligations under this Mortgage and lender's lien status on the i~rc: ~ty. If MortgBgor falle to do So. Lender may sign, deliver, 8nd file such document, or certificates In Mortgagor's '11 : '! and Mortgagor hereby irrevocebly appoints Lendlr or Lender's agent as ettorney In faot to do the things necessary ~c Imply with this 51!ctÎOI'\. 23, JOINT AND INDIVIDUAL LIABILITY; CO-SIQNEAS; SUCCESSORS AND ASSIGNS' BOUND, All duties !.Inder thi,~ f\¡ , tgage are joint and indivIdual. If Mortgagor Sigh5 this Mortgage but does not sign the Evidence of Debt, Morigagor doa~ ' ) only to mortga". Mortgagor's Intere~ in the Property to secure payment of tha Secured Debt and Mortgagor doc:. II ; !lgrae to be peraonally liable on the Secured Debt. Mortgagor agr..~ thllt Lender and any parw to this Mortgage may : '~end. modify or malee any ohehge In the terms of this Mortgage or the Evldlnce of Debt without Mortglgor's conSC:'\1, ' utlh a change will not telea" Mortgagor from the term, of this Mortgage, The duties and benefits of this Mortgage: RI '1 bind and benaflt the suooessors IInd assigns of Mortgagor and Lender. If this Mortgage I,c;ures a 91,1aranty betwtsn lendar ehd Mortglgor snd dOG(I not directly secure thG obligò!ltk", 1 'ich is gu:¡r''''~¡ed. Mortgagor agrees 'to waive any rights that may prevent LInder from bringing any aotion or clDlm '!ainst Mortgllgor or eny parw Indebt4ld under thlt obliglltÎon includIng, but l'Iot limited to. antl.deficlehcy or on...aotlon lav, ' ~ .,1113. :t001 Ion_..Uyot.ms,lno" Sl. Cloud. MN por", AGCO.A~I.WY "10/201)" (p.1[ : cot' 81 -....- 000857 24. APPLICABLE LAW; SEVERABILITY; INTERPRETATION, This MOl1glgt is governed by the lawe of 'the jl.l,¡~r ., ',ion in which Lender Is looa1ed, excI:!pt 10 the extent otherwise required by tnll law~ of tho jurisdiotion where the fJr '<1rty is loclted. This Mortgage Is oomplete and fully Integrated. This Mortgage may not be emended or modil¡~JG 'V Dral agreement. Any section or clause in this MortS.g_, attachments, or any ::.greqrnent related to the Secure.j [~': 't thlllt clmflicts with appno~bJt law will not be effective, unless that law e)c;pressly or impliedly ptrmi1S the varietron:; b' 'vrlttDn agreernen1. If any section or çlau$t of this Mortgage cannot b, enforced aooording to Its terms, 'thEl't seotÍl1'1 ' ' clause will be severed anå will not affect the enforceability of the remainder of this Mal1gage. Wl'lenever used, the $'119 1 r ¡h:.lll incrude the plural and tl10 plural the singular. The ceptions end headings of the aectlons of this Mottg,:'"" 're for convenience only end lire not to be u!led ~o interpret or define ~h" torms of thIs Mortgage. Time 1$ of the e$~'Anr: ' In this Mortgage. 215. NOTICE, Unless otherwise required by law, any no~ice. shell be given by delivering it or by mailing It by fir~t c:I'I!'; 'leil to tl'le aþpropriate party's addr8!18 on palle 1 of this Mortg;agø, or to any other address designated in writing, NQ~I( to ono mortgagor will be deemed to be notloe to ðllrnòrtgogonl. 26. WAIVERS, Except to the extent prohibited by IlIw, Mortgagor wOIives any right regarding the m¡rst\alfl/'1g of I. .'IS and assets and ;1111 homestead exemption rlgh~s relatIng to the Property, 27, U.C.C. PROVISIONS. If ohecked, the following are applicable ~O, but do not limh, thir; Mortgage: o COnStl'Uotlon Loan. Thl$ Mortgage secures en obligatIon Incurred far the construction of an improvernor ,n the Property, o Fil¡ture Filing, Mortgagor grents to LendC!)r ¡ I;Qourlw interest in all goods that Mortgtlgor owns no'^" In the luture Ind that are Dr will beoornEl fIxtures related to the Propllrty. I:J Crops: Timbor: Minerals; Rents, lesues and Profits, Mortgagor grants to Lender tI security inter..!;t ili < ' QrDp~, timber and minerals 10cilI'tød on the Property as wall ~& all tents, fssues, Bnd profits of them inoludil1iJ, I 'Jt not limited to, all Conservation Reserve Program (CRP) and Payment in Kind (PIK) peyments and similar gOVI! 'Mntal programs (all of whlch$hõlll also be included In the tGlrm "Property"), o P.rtOn.1 Property, Mortgagor grent$ to Lender a security intarast in all personal propeny located on ()f \:1' , lected with thl!l Prop8l1Y. This seourlty Interest Includes all farm products, Inventory, equipment, aOoounts, doc : '1cnts. Instrumen1.$, chllltiel paper, general Intangibles. and 1111 other items of per.onal property Mortgagor own;,; "V or in the future and that :ar~ \.s~d or useful in the construction, ownership, operation, management, or maint~' lce of the Property. The hmt1 ·personal property' specifically excludes that propllrty !jesorlbad as "householc ',ooda" secured in connection with a "oonsurnar" loan 8S those terms are defined In applloable federal '0' :8tlo/1$ governing unfair and deceptive oredlt preotioes, 1:1 FilIng As Financing S.a..mant, Mottgagor agrees and aoknowledges that this Mortgage elso 5U~r;C finanCing statement and as such, may b8 filed of record 3S a flnanolng statement for purposes of Ani,:I,,: Uniform Comrnqrolal Code. A carbon, photographio, imege or other reproduction of this Martgall!I is GoJft' a flnaMlng ~atement. , liS II of the 'lOt .a$ 29, OTHER TEAMS, If cheokQd. the following are applicable to this Mortgage: r:J Line 01 Credit. The Secured Debt Includes II revolving line of credit provision. Although the Securod I;);;bl "!lY be raduc:.d to /I zero b3lanoo, this Mortgage will remain In effeotuntil released. I:J Septr'te A..i,nment. The Mortgagor ha$ executed or will &lxeoute I seþ8tete assignment ot leases ~nd '.,t$, If the separate 8sslgnment of leeses end rents is properly executed and fÐcQrded, then the separate asslnnr. ,It will supersede this. Security Instrument's "Assignment 01 Leases and Rents" section. o Additional Terms, ~LI II; 1 SIn. 2001 ""nice,. S,oIa...., Inc,.lt, Cloud, MN ~arm AGCO-IIISI_Wy "1812003 (1"',( ., of 8J ..- 000858 SIGNATURES: By signing below, Mortgagor agrees to the term& :and oovon:an1;A COl'l1ail'l4lld in 1;l1i$ Mor1Q¡¡¡R :,., ! In ~ny attachments. Mortg:agQr 81$0 egknowledges recelp1 of 8 copy of this Mortgage 01'1 th' d.1. s1at.d above on PI!!;';f1 I:J Actual authorIty wu gr;ntQd to 11'11;1 p;rtl.s signing belo.w by resolutlò.n signed and datød Ii~~t\' l'I~m.; . ~urp t?~,f!:,P} ISlg"~tu,,, ID(t~) {$lgn.tu...1 (bitt) .,- (SllInlltur,1 10..tl;l) o Refer to the Add.ndum which is 8u2Ich.d .."d inoorporated herein for addltlDnal Mortgagors, Slgfli:t'! :IS Bnö IIcknowledgm.nts. ACKNOWLEDGMENT~ I + ~ STATE 0""""",,, U-r 4t . COU~TY .OF :Sa I ~ This ¡ns.trument was acknowledged b.tor. m. this 1l-tt7 day of ,fr¡ b·e,r J ¡-f.b flft(PyfllM"O . by SVI VIA P P~AD TRUSll!f OF THE SVLVIA PUTNAM PEAD REVOCABLE UVI"Aß TRUST ì " .. ,2Ml -' My oommlssion sxpires: (i) LESUE,WlLKEY . _ Notary Public _~ State of Utah , 'My Commission Expires Oct. 20. 2008 260 N Charles Undbergh Drive, SLC. UT 84116 tft . YJ)' . . k .....~..1bó ,.- STATE OF ~ , COUN~ Thl& 1"~Ul.ltnen1 WBS IIcknowl.dged before me this - by ~ '. IDllo",." orl_ I\..,,_OIIU of II My commission expires: .._ , 'TItI,I,,) INllm" of 1i"'GI""'" , Entity) on bllholllf of the bu.¡ne!;.~ /: '-mtlty. ~ hart. ' ~. "'- ~ 41'''3. 200,a.nk"..y_mo,'no"St, CIOU., MN F.,m "'CCO·RIIII-WY 1/"'1200.3 :'"n· , 8 of 8) Hr 1 'III/II ~:2,rM ALL lANCE TITLE&ESCr"1 NO. 0978 p, -', LEGAl Dl!:SCRIPnON EX.IImII' 'A' 000859 ~~o:~1071~85' BEGINNING at the Southeut eÐt'lIet' of tile South1tUt Quu1w 01 the Northwest QuarterofSectiOJil0, TOWIIIJdp 31 NortbRuge119 WMtofthe~ r.M.~LiIlWIn COWl~, W.,.omlng~ and, ranuing theDœ North 00°00'55" E. alOng tile EDt Una or the Southwest Quarter of1:he Northwest Quarter of said Seatton ~o, a distaJœl of2f4.00 reet; , thence Sod 89°40')4" Welt, a dJltUte of 441.971eat; thence 80atb 01·051'36" lISt, a dl.taDce oU66.46 f. #leDce Nortk SJ)04Q'Z4" Eut, tIoDg the South IiDt of'tha SOQth"..t Quarter of the NortbweIt Quarter ðf.1td S~OD 10, I.diIt&aœofZ9Z.10 fMtto the POINT Of BEGmNI.NG. l,ESS AND GaPT any IaIId contalnêd. bI Wan-am, Deed recorded D~ember 19, 1985 In Book Z34PR. On P.*105 of1he neords otthe LmeolD Counft OerJr.