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HomeMy WebLinkAbout934834 'W'l, l5051 RECORDATION REQUESTED BY: 1st Benk Alpine 79 Highway 89 P.O. Box 3110 Alpine. WY 83128 RECEIVED 11/13/2007 at 4:13 PM RECEIVING # 934834, BOOK: 678 PAGE: 553 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY WHEN RECORDED MAIL TO: 1 st Benk Alpina 79 Highwey 89 P.O. Box 3110 Alpine. WYB312B SEND TAX NOTICES TO: 1st Bank Alpine 79 Hlghwey 89 P.O. Box 3110 AIDlno. WY 83128 000553 SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY u CONSTRUCTION MORTGAGE THIS MORTGAGE dated November 2, 2007, Is made and executed between RIVER BEND MEADOWS, LLC, A WYOMING LIMITED LIABILITY COMPANY (referrad to below as "Grantor") and 1st Bank, whose address is 79 Highway 89. P.O. Box 3110, Alpine. WY 83128 (referred to below as "Lender"). GRANT OF MORTGAGE. For velueblo consideration, Grantor mortgagea and oonveys to Lender ell of Grantor's right, title, end int.r.st In ond to the following described rosl property, togother with ell oxlsting or sub..quently .r.ct.d or afflx.d buildings, Improvements and fixturea; 011 easement., rights of way, end appurtenances; all water, water rights, watarcourses ond ditch rlghta (including slock in utililies with dllch or Irrigotlon rightst; end ell olher rights, royalli.s, .nd proflls r.I.ling to the r.al property, including without limllatlon all minerals, 011, ges, geolh.rmal and similar maltors, (the "Real Property") located In LINCOLN County, State of Wyoming: See .EXHIBIT "A·, which is attached to this Mortgage and made a part of this Mortgage as If fully set forth herein . The Real Property or its addre8s Is commonly known as THAYNE. WY 83127, Grantor pres.nlly euign. 10 L.nd.r all of Granlor's right, 1111e¡ and inl.re.t In and 10 all pras.nl and future I..... of the Prop.rty and all R.nts from the Property. In addition. Grentor grants to Lender e UnIform Commercial Code securilY Interaal in the Pereonal Property end Rents. THIS MORTGAGE. INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY. IS GIVEN TO SECURE (A) PAYMENT OF THE INDEBTEDNESS AND (B) PERFORMANCE OF ANY AND ALL OBLIGATION ¡ UNDER THE NOTE. THE RELATED DOCUMENTS. AND THIS MORTGAGE. THIS MORTGAGE IS GIVEN AND ACC.EPTED DN THE FOLLOWING TERMS: PAYMENT AND PERFORMANCE. Except aa otherwlae provided In this Mortgege, Grantor shall pay to Lendar all amounts secured by this Mortgage ..they become due and shallstr/ctly perform ell of Grantor's obligations under this Mortgage. CONSTRUCTION MORTGAGE. This Mortgaga is a ·constructlon mortgag.- for tha purposes of S.ctlons 9·334 and 2A-309 of tha Uniform Commercial Code, as those sections heve been adopted by the State of Wyoming. POSSESSION AND MAINTENANCE OF THE PROPERTY. Granlor agrees that Grant.or's posnssion and use of the Property shell be governed by tho following provisions: Possession and Use. Until the occurrence of en Event of Defaull, Grantor may (1) remein in pOlleaslon and control of the Property: (2) uaa, op.r.ta or menege the Property; end (3) collect the R.nt. from Ih. Property. Duty to Maintain, Granlor sholl melnteln tho Property In lonantabl. condition and promptly perform oil r.peirs, replacements, and meintenence necessery to pres.rve Its velu.. Compliance With Environmental Laws. Grantor rapresents snd werrant. 10 Lend.r thet: It) During the period of Granlor's ownership of the Property. there hes been no use, generation, monureclur., storago. troetment, dispose I, releasa or threetenad r.l.ase of any Hazsrdous Substance by any porson on, under, about or fromtha Proparty; (2) Granlor has no knowledge of, or reason to b.lieve thet Ihar. has been, .xcept as previously disclosed to .nd eoknowladg.d by Lendor in writing, (a) any breach or violation of any Environmental Laws. (b any use, generation, menufactura, slorage, treatment, disposal, release or threatenad relsese of eny Hezardous Substance on, under, ebout or from the Property by eny prior owners or occupants of tha Prop.rty, or (c) any actual or threetened lillgatlon or cleims of any kind by eny person reiating to such matters; and (31 Excapt es previously disclosed to end ac~nowlodged by Landar in writing, (a) neither Grentor nor any tenanl, contractor, agant or Olh.r .uthorized user of the Proporty sholl use, ganerete, manuf.cwre, store, tre.t, dispos. of or rei.... any Hazardous Subsl.nc. on, under, ebout or from Iha Property; snd (b eny .uch ectivity shan be conducted in complience with all applicable federal, slate. and local lows, reguletlons and ordinances, Including without limitation all Environmentel L.ws. Grantor euthorlzes Lendar and its agents to enter upon the Proparty to make .uch inspections .nd tests, at Grentor's axpens., ss Lend.r may deem opproprleto to determine compllonce of the Property wilh this soctlon of the Mortgege. Any insp.ctlons or lests made by Lender sholl be for Lender's purposes only and shell nOI be construed to creata any rasponsibilíty or Ii.bility on the p.rt of Lender to Grantor or 10 eny other person. The r.present.tiona and warranties contained herein ar. based on Grantor's due diligence in investigating the Property for Hazardous Substances, Grantor hereby (1) roloa.es and waives any future cleims agelnst Lender for indamnity or contribution in the event Granlor becomes lIeble for cleanup or other co.ts under eny such lews; end 12t agree. to indemnify, dafend, and hold harmless L.nder against eny end all clelms, lo,ses, lIabilìti... d.megas, ponallies, and expenses which Lend.r mey directly or indlreclly sustain or suffar resulting from a breach of this section of the Mortgege or a. a consaquonce of any use, generation. menufacture, storege, di.poaal. r.leese or Ihraatened ralaase occurring prior ·to Grantor's ownership or intareat In tha Property. wheth.r or not the same was or should have been known to Grantor. Tha provisions of this section of the Morlgege. including the obligetlon to Indemnity and defend. shall survlv. Ihe payment of the Indebtadna8S end tho sotlsfacllon and raconveyance of the lien of this Mortgege end sholl not be affected by Lender's ecqui.ltlon of any inleresllnthe Property, wh.lher by·foreclosura or otherwise, Nulsanea, Waste. Grantor shell not ceus., conduct or permileny nulsanco nor commit. permit, or suffer any stripping of or waate on or to the Proparty or any portion of Ihe Properly. Without limiting the ganerallty of the tor.goine. Grantor will not r.move. Dr granl to any oth.r party the right to remove, any limber, minerals (including oil and gas), coal. cley, scoria, soli, greval or rock products without Lender's .prlor written consOJ'lt. Ramoval of fmprov.ments. Granlor sholl not domolish or remove any Improvements from the Reel Property without Lend.r's prior wrltt.n consant. As a condition to the removal of eny Improvement., Lender may require Grantor to meke arrangamenls satisfactory 10 Lendar to rsplace such Improvaments with Improvomants of at lee.t .qual valua. Lend.r·s Right to Enter, Lender and Lendar'. egonls and repr.sentativo. may enl.r upon Ihe R.el Property et all re.sonabl. times to eu.nd to Lender's inleresl. and 10 insp.CI the Real Property for purpose. of Grantor's compliance wllh the terms and conditions of this Mortgage. Compa.nao with Governm.ntel R.qulrementa. Grentor sholl promptly comply with all I.ws, ordinances, and regulelions, now or hereafter in affect. of all governmental authorities applicabla to Ihe use or occupency of the Property, including wilhoul limitation, Ihe Americans With Disabilities Act. Granlor may conl.st In good faith any auch low, ordinance, or ragulation end withhold compliance during eny procaeding, including appropriale appaals, so long .s Granlor hes notified Lender In writing prior to doing so and so long as, in Lender's sole opinion, Lend.r's Inlere.ls In the Property ere not jeoperdlzed. L.nder may r.qulre Grantor to post adequote s.curity or a sur.ty bond. r.asonably satisfectory 10 Lender, 10 prot.ct Lender's interesl. Duty to Protect, Grentor ogre.s neither to abendon or leev. unatt.nded Ihe Property. Grantor shall do all olher acts, In addition to those ects set forth above in this eectlon, which from tha characler and use of tha Property are reasonably necessery to protect and pr.serva the oW l '''l Loan No: 761001746 (Continued) 000554 Page 2 Property. CONSTRUCTION LOAN. It some or all of the proceeds of the loen creating the Indebtedness ere to be used to construct or complete oonstruction at any Improvements on the Property, the Improvements shall be completed no later then the maturity dete of the Note (or such earlier dete as Lender may ree.onably estebllsh) ønd Grentor shall pay in full all costs ønd expenses In connøctlon with the work, Lender will disburse loan proceeds under suCh terms end conditione as Lender may deem reasonebly neoessery to Insure thet the Interest created by this Mortg~ge shell heve priority over ell possible liens, including those of meterlal suppliers end workmen. Lender may require, emong other things, that dIsbursement requests be Sl/pported by receipted bills, expense effidevlts, weivers of liens, construction progress reports, and such other dooumentetion as Lender may reasonably request. TAXES AND LIENS. The following provisions relating to the taxes end liens on the Property are part of this Mortgage: Payment. Grantor sholl poy when due (ond In sll events prior to delinquency) ell taxes, payroll taxes, special taxes, assessments, weter cherges end sewer service charges levied ogalnst or on account of the Property, and shall pay when duo all claims tor work done on or for services rendered or materlallurnlahed to the Property. Grentor shall maintain the Property free of eny liens having priority over or equal to the Interest of Lander under this Mortgage, exoept ·for thosa liens apacificolly egraed to in writing by Lender, and except tor the lien of taxes and aseeasmants not dl/a as further specitied in tha Right to Contest paragraph. Right to Contest, Grantor may withhold payment of any tax, assassment, or claim In connection with 0 good faith di.puta over the obligation to pey, so long as Lender'a Interest In the Property is not jeopardized. If a lien erlses or Is filed as a result of nonpayment, Granlor shall within fifteen (15) doys efter tha lien arlsea or, It a lion I. ruad, within fifteen (IG) day. atter Grantor hea notice of tha filing, secure the discharge of the lien, or if requeatad by Lender, depoalt with Landar cash or a sufficient corporate surety bond or other seourity satisfactory to Lender In an amount suffioient to discharge the lien plus any costs and reasonable attorneys' fees, or other chargas that could accrue aa a result 01 a foreclosure or sale under tha lIan, In any contest, Grantor shall defend Itsalf and Lander and shell satisfy any adverse judgment before enlorcement against the Property, Grantor shall name Lender as an additional obllgea under eny surety bond furnished In the contest proceedings. Evldenoe of Payment, Grentor shall upon demand lurniah to Lender setlsfactory evidence of payment of the taxes or assessments and shall suthorize the eppropriate governmental official to deliver to Lender at any time e wrilten statement of the toxes snd assessments against the Property, Notice of Construction. Grantor ahall notify Lendar at leeat lilteen 11 G) days before any work Is commenced, any sarvlces are furnished, or any materials ore sl/ppliad to ·the Property, if any mechanic's lien, meterialmen's IIan, or other lien could be aS8erted on account of tha work, services, or materials. Grantor will upon reql/eat at Lender fl/rnlsh to Landeredvance assurancas satl.factory to Lendarthet Grantor cen and will pay the coat of .uch improvement., PROPERTY DAMAGE INSURANCE. The lollowlng provisions relating to In'l/ring the Property ere e pert of this Mortgege: Maintenanoa ot insuranoe, Grantor shall procure and maintain pollcia. of fire insurance with standerd extended coverege endorsement. on a replacemont basis for the full insurable valua covering all Improvements on the Reel Property In an emount sulflclent to avoid application of any colnsl/rance clal/se, end with a standard mortgagee clause in lavor of Lender. Grantor shsll also procure and malnteln comprehensiva general liability insurance In such coverage amounts a. Lendar mey requeat with Lender being namad aa sdditlonal inaureds In suoh liability Insurance pollcios, Additionally, Grantor shall mslnteln suoh other Insurance, Including but not limited to hazard. buslnsse interruption and boiler insurence as Lander may require. Policies shall be written by such inaurance oompanies and In such torm as mey be reesonably accoptabla to Lender. Grentor shall daliver to Lender certlficatas of coverage from each in.urer containing e stipulation that coverege will not be oancelled or diminished withol/t 0 minimum of thirty (301 daya' prior written notice to Lender end not containing Rny disclaimer of the insurer's liability for failure to glvo such notica. Each Insl/rance policy also aholl Incll/de an andorsement providing thet coverage in fevor of Lender will not be impaired in any wey by any act, omission or default of Grantor or any othar person. Should tha Real Property be located in an area deslgneted. by the Director 01 the Federal Emergency Managemant Agency as e special flood hazard area, Grentor agrees to obtain and maintain Federal Flood Insuranco, if evallable, for the full unpaid principal balance of the loen and any prior liens on the property securing tha loan, up to the maximum policy limits set under the National Flood Insurance Program, or as otherwise required by Lender, and to mainteln such insurance for the term of the loan. Application of Proceeds. Grantor shell promptly notify Lender of any loss or demage to the Property il the aatlmated cost of repeir or replacement exceeds $1,000,00, Lender moy meka proof of loss If Grantor feils to do so within fifteen (15) days of the casualty, Whether or not Lender's secl/rity Is Impaired, Lender may, at Lender's election, receiva end retein tho prooeeds of any inauranca and opply the proceeds to the reduction of the Indebtedness, payment of any lien affecting the Property, or the reatoration and repelr of the Property. if Lender elects to apply the prooeeds to rntoretlon end repair, Grantor shell repair or replace the demaged or deatroyed Improvements in e menner satisfactory to Lender. Lander shall, upon satl.fectory proof of suCh expenditure, payor relmburao Grantor from the proceeds for the reasonable cost of repair or restoration If' Grsntor is not in default under this Mortgage, Any proceeda which have not been disbureed within 180 days after their receipt end which Lender has not committed to tho rapair or rÌlatoratlon of the Property ahall be used flret to pay any amount owing to Lender under this Mortgage, then to pay accrued Interest. and the remeinder, If any. shall be spplled to the principel balance of the Indebtedness, if Lendar holda any prooeeds atter payment 11'1 full· Qf the Indebtedness, auch proceeds shall be paid to. Grantor as Grantor's Interesta mey appear, Grantor's Report 01'1 Insurance. Upon request of Lender. however not mors than once a year. Grantor shall furnish to Lender a report on eech existing policy of Insurance showing: (1) the neme of the InSl/rer; (2) the rlaks Insured: (3) the amount of the policy; (41 the property Insured, the then current replacement value of such property, and the manner of determining that value; and (5) the expiration date of the polley. Grentor shall, upon request of Lendar, have an independent appraiser satisfactory to Lender determine tho cash value replecement cast of the Property. LENDER'S EXPENDITURES. if eny action or proceeding Is commenced thet would materially affect Lender's Interest in the Property or il Grentor falls to comply with any provision of this Mortgage or any Related Docl/mants, Including but not limited to Grantor's feilure to dlacharge or pey when due any amounta Grantor i. requlrad to discherge or pey under this Mortgage or any Releted Doouments, Lender on Grentor's behalf may (but shell not be obligated to) teke eny action thet Lender deems spproprlate, incil/dlng but not limited to discharging or paying all taxes, liens, security Intereats, encumbrances and other claims, at any time leviad or placed on the Property and paying all costa for insuring, maintelnlng and preserving the Proparty, All such expenditures incurred or paid by Lender for auch purposes will then bear Interest at the rate charged under the Note from the date incl/rred or peid by Lender to the date of repayment by Grantor. All sl/ch expenses will become a part of the Indebtedne.. and, at Lender' a option, will (A) be payable on demand; (81 be addsd to the balence of the Note and be apportioned among and be paysble with any Instellment payments to becomo due during either 11) the term of eny applicable Insurance policy; or 121 ths ramainlng tarm of the Note; or (C) DO treated es e belloon payment which will bo due end payebla at the Note's metl/rlty, The Mortgage elso will secure payment of thase amounts, Such right shall be in addition to all other rights and remedies to which Londer mey be entitled upon Default. WARRANTY; DEFENSE OF TITLE. The following provisions relating to ownerahlp of the Property are a part of this Mortgage: Tltla. Grentor warrants that: (al Grantor holda good end marketable title of record to the Property in fee simple, free and clear of all liens and encumbrances other than those 8Ðt forth In the Real Property description or in anv title insurance policv, title report, or flnsltltle opinion Isaued In fevor 01, and accepted by, Lender In connection with thla Mortgage, and (bl Grantor has the full right, power, and al/thorlty to execl/te and deliver this Mortgage to Lander. Detense of Title. Subject to the axcoption In the p.ragreph above, Grantor warranta end will forever delend the title 10 the Property agelnst the lawfl/I claims 01 all persons, In the event eny aotlon or prooeedlng Is commenoed that questions Grantor's title or the interest of Lender under this Mortgage, Grantor ahall datend the ection at Grantor'a expense, Grantor may be tha nominel party in such þroceedlng, but Lender shell be entitled to participate in tha proceeding and to be represented In the proceeding by counsel of Lender's own ohoice, and Grantor will deliver, or cal/ae to be delivered, to Lender such Instruments es Lender may request from time to time to permit such participetlon. Compllanoe With Laws. Grantor warrants thet the ProperlY and Grentor's use of the Property compllea with ell existing sppllcable lews, ordinances, and regulations of governmental.euthoritles, Survival. of Repr8Santatlons and Warranties. All representetions, warranties, and egreements made by Grantor In this Mortgage shall aurvlve the execl/tion and delivery of this Mortgage, shall bo continuing in nature, and shell remain in full force and eflect I/ntll such time as Grantor'a Indebtedness shall be paid In lull, CONDEMNATION. The tollowing provisions relating to condemnation proceedings ere a part of this Mortgage: Prooeedlngs. If any proceeding 11'1 condemnetlon Is filed, Grantor shall promptly notlly Londer in writing, and Grantor shall promptly take Loan No: 761001746 3AGE (Continued) 000555 Page 3 .uch step. es mey be nece.sary to defend tha action and obteln the awerd, Grentor may be the nomlnel party In such proceeding, but Lender shall be entitled to partlclpeta In the proceeding end to be represented in the proceeding by counsel 01 its own choice, and Grentor will deliver or cause to be delivered to Lender such instruments and documentetion es may be requested by Lender from time to time to permit such perticlpetion, Applicetlon of Not Proceeds. If all or any part 01 the Property Is condamnad by emlnant domain procaedlngs or by any proceading or purchase In lieu of condemnetìon, Lender may at Its election require that all Or any portion of tha net proceed. of the eward be eppliad to the Indebtedness or the repair or restoretìon of the Property, The net proceeds 01 the eward shall meen the eward alter payment of all reasonabla costs, expensee, and ettorneys' feas Incurred by Lender In connection with thecondemnetion. IMPOSITION OF TAXES. FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The followl.ng provisions relating to govemmenteltsxes, fees and charges sre s part of this Mortgage: Current Tn.., Fees and Charge.. Upon reque.t'by Lender, Grentor .hall execute .uch documents In addition 10 this Mortgage and take whatever other action!s requested by Lender to perfect and continue Lender's lien on the Reel Property, Grentor shall reimburse Lender for all texes, as described below, togathar with ell expanses Incurred In recording, perfèèting or continuing this Mortgage, Including without IImitetJon en texes, faes, documantery stamps, end other charges for recording or registering this Mortgsge. Texes. The following shall constitute taxes to which this section applies: 11 a specific tax upon this type of Mortgage or upon ell or any part of the Indebtednesa secured by this Mortgage; 12) e specific tax on Grantor which Grantor la euthOrized or required to deduct from payments on the Indebtedness secured by this type of Mortgage; (3) a tax on this type of Mortgage chergeable against the lander or the holder of the Note; end (4) a specific tax on oil or any portion of the indebtedness or on payments of principal and interest msde by Grentor. Subuquent Taxes, If eny tax to which this section appUss is enacled subsequent to the dete of this Mortgage, this evont shsll have the seme effect as an Event of Dafault, end Lender mey exercise any or ell of Its availeble remedies tor an Event of Default es provided below unless Grentor either (1) peye the tex before it becomes delinquent, or 121 conte.ts the. tex as provided ebove in the Taxes and liens section and deposits with Lender cosh or a sufficient corporota surety bond or other security aatisfactory to Lender. SECURITY AGREEMENT; FINANCING STATEMENTS. Ths following provisions 'eleting to this Mortgego as e securilY egreement are a pert of this Morlgage: Security Agreement, This instrument shell constitute a Security Agreement to the extent any of the Property constltutee fixtures, and Lendflr shall heve ell of the rights of e secured porty under the Uniform Commercial Code as amended from time to time, Security Interest, Upon rsquest by Lendar, Grantor shell take whstever ectlon Is requested by Lander to Perfect end continue Lender's security interesl in the Rents end Personal Property, In addition to recording this Mortgage in the resl property records, Lender mey, at any time end without further authorization from Orantor, Iile executed counterparts, copies or reproductions of this Mortgage as s financing statemsnt, Grentor ahall reimburse Lendar for all expanses Incurred In perfecting or continuing this security interest, Upon default, Grantor shall not remove, sever or detech the Personal Property from the Property, Upon default, Grentor shall assemble any Personel Property not efflxed to the Property In e menner snd et e piece reesonebly convenient to Grentor end Lender and meke it evailable to Lender within three 13/ days aftar recaipt of wrltlen demand from Lendar to tha extent parmltted by applicable lew. Addresses, The mslllng addresses of Grantor Idebtorl and Lander Isecured perty) from which Informetlon concerning the sacurity Interest granted by this Mortgage may be obtained leach es required by the Uniform Commercial Code) ere as steted on the tlrst page of this Mortgege. FURTHER ASSURANCES; ATTORNEY·IN-FACT, The following provisions reletlng to lurthar asaurances and attorney-In-fact ere s part 01 this Mortgage: Further Auurances. At any time. and from time to time, upon request of lender, Grantor will make, execute snd deliver, or will cause to be made, executed or delivered, to Lender or to Lender's designee, end when requasted by Lender, ceuse to be filed, recorded, refiled, or rerecorded, as the case maybe, at such times end In ouch officn and places es Lander may deem IIpproprlste. any and all auch mortgages, deeds of trust, security deeds, securllY sgraements, flnanc/ng statemants, contlnustion statements, Instrumente of further ssourence, certlflcetes, and other documents es mey, In lhe sole opinion of Lander, be necessary or desirable In order to effectuate, complete, perfect, contlnus, or preservo (1) Grentor's obligations under the Note, this Mortgoge, and the Related Documonts, end (2) the IIsns and security Inlerests oreated by this Mortgege es first and prior liens on the Property, whether now owned or hereafter acquired by Grantor, Unless prohibited by lew or Lender agrees to tha contrery In writing, Grentor shall reimburse Lender for all costa and expenses Incurred in connection wIth the matters referred to in this paragraph, Attorney-In-Fact. If Grantorfslls to do sny of the Ihinge refarred to In the prscedlng peragraph, Lender may do so for end /n tha name of Grentor and at Grontor's expensa. For such purposes, Grentor hereby Irrevocably appoints Lender as Grantor's atlorney-in-fact for the purpose of mSklng, executing, deliverIng, filing, recording, and doing all other things aa mey be nece.sery or dasireble, in Lender', sole opinion, to occomplish the matters referred to In the preceding paragraph, FULL PERFORMANCE. If Grentor pays sll the Indebtedness when due, and otherwise performs ell the obligations imposed upon Grentor undar this Mortgage, Lender shsll execute end deliver to Grentor a suitable setlsfllctlon of this Mortgaga ond suitable statements of termlnetlon of eny financing slstement on file evidencing Lender's security Interest In the Rents and the Personal Propeny, Orantor will psy, If permitted by applicable lew, any reasonable termination fee es determined by Lander from time to time, EVENTS OF DEFAULT, Each of the following, et Lender's option, shsll constitute en Evenl of Default under this Mortgage: Paymant Default, Granlor fsils to make any payment when due under the Indebtedness. Default on Other Payments. Failure of Grantor within tha time required by this Mortgage to make any payment for taxes or insursnce, or any other payment necessary to prevent filing of or to effect discherge of any lien. Other Defeults. Grantor falls to comply with or to perform any other tsrm, obligation, covenant or condition contslned In this Mongege or in sny of the Related Documents or to èomply with or to perform IIny tarm. obllgetlon. covenent or condition contained In any other agreement between Lender and Grantor, Defllult In Favor of Third ·Psrtleo. Should Grentor deleult under any 10 en, e~tenslon of credit, security agreement, purchase or selea ogreement, or sny other egreement, in favor 01 any other creditor or person that may materially affect any of Grantor's property or Grantor's ability to repay the Indebtedness or Grantor', ability to perform Grsntor's obligations under Ihis Mortoega or ·any related document, False Ststements. Any W8"anty, representetion or stetement made or furnished to Lender by Grsntor or on Grentor's behalf under thle Mortgage or the Ralated Documents is relse or misleading in any material rsspact, either now or et the time meda or furnished or becomes false or misleading at any time thereefter. Defectlva CollaterallzBtlon. This Mortgege or any of the Related Documents ceases to be In lull force and effect (Including failure of any collateral document to craate e valid end perfectad security Interest or lien) al any time and for any raeaon, Dseth Dr Insolvency. The dissolution of Grantor's (r,egerdless of whather alaction to continue Is made), sny member withdraws lrom the IIm/ted liability company, or any other termination of Grantor's existence as a going business or the desth of eny member, the Inaolvency of Grantor, the appointment of a receiver for eny part of Grentor's property, eny essignment for the bene IiI of creditors, eny type of creditor workout, or the commencement of eny proceeding under eny benkruptcy or Insolvancy laws by or against Grsntor, Creditor Dr Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by ludlclal proceeding, self-help, repossassion or any other method, by any creditor of Grantor or by any governmantel agency agBinst any propsrty securing the Indebtedness, This Includes 0 gernlshment of eny of Granto,'s occounts, including deposit occounts, with Lender, However, this Event of Deleult shell not applv If there is·e good felth dl,pute by Grantor sa to the validity or reesonablensss of the claim which Is tha basi, of the creditor or forfeiture proceeding end If Grantor gives Lender written notice of the creditor or forfeiture proceeding and deposits with Lender monies 0' e surety bond lor tha creditor or forfeiture proceoding, In an emount determined by Lender, In its sole discretion, as being an adequate reserve Or bond for the dispute. Breech of Other Agreemant. Any breech by Grantor under the terms of eny other agreement between Grantor and Lender that is not ramedled within any grece period provided tharel", Including without limitation any agreement concerning eny indabtedness or other obligation of Grantor to. Lender, whether existing now or leter, Loan No: 761001746 (Continued) 000556 Page 4 Event. Affeotlng Guerenter, Any of the preceding e"enÅ“ occur. with re.pect to any Guerantor of eny of the Indebtedness or eny Guarentor dle..or beoome. Incompetent, or revokee or disputes the validity of, or lIebillty under, eny Guaranty of the Indebtednesa, In the event ?f a death, Lender, at its option, may, but shall not be required to, permit the Guarantor's estete to assume unoonditionally the obllget'ons arising under the guarenty In II mllnner sllusfaotory to· Lender, and, In doing ao, cura any Event 01 Default. Adverse Chenge. A metenal adverae change occurs In Grantor's financial condition, or Londer believes the prospect of payment or performanoe of the Indebtedness is impaired. Inseourlty. Lender in good faith believes itself insecure. RIGH!S AND REMEDIES ON DEFAULT. Upon the occurrence of an Event of Default and at any time thereafter, Lender, at lender's option, may exerCIse anyone or more of the following right. and remedie., In addition to sny other rights or remedies provided by law: Acce'..ata Indebt.dn.... Lender .hall heve tho right ot it. option without notice to Grantor to declere the entiro Indebtednes. immedl.tely due and peyable, Including any prepeyment penalty that Grantor would be required to psy. UCC R.medl... With r..pecl to all or any part of the Personel Property, lender sholl have all the rights and rem.dles of a s.cured party under the Uniform Commerclel Code. Collact Rents. Lender shall have the right, without notice to Grantor, to lake possession of the Property, Including during the pendency 01 foreclosure, whether judiciel or non-Judicial, and collect the Rents, including amounts past due and unpaId, and apply the net proceeds, ovar and above Lender's costs, ageinst the Indebledness. In furtherance of this right, Lender mey require eny tenant or other user 01 lhe Property to meke payments of rent or use fees directly 10 Lender. If the Rents ere collected by Lender, then Granlor irrevocably designetes Lender ss Grantor's attorney-in-fsot to endorse instruments received In payment theraof in the name of Grentor and to negotiate the seme and collect lhe proceeds. Payments by tenants or other users to lander In response to Lender's de mend shall satisfy the obligations for which the peyments ara mede, whether or not any proper grounds for the demend exleted. lender may exercise its rights under this subperagraph either in person, by agent, Or through a receiver, Appoint Rocelver. Lender sho'.l heve the right to have a recoiver appointed to take possession of all or any part of the Property, wIth the power to protect end presarve the Property, to operate the Property preceding foraclosure or sele,and to collect the Rents from the Property end apply the proceeds, over and above the cost of the receivership, against the Indebtedness. The receiver may serve without bond If permitted by law, Lender's right to lhe eppointment of a recelv" shell exiat whelher or not the apparent value of the Property exceads the Indebtedness by a sUbstantial emount. Employment by Lender shell not disqualify a person from serving as e racelver, JudicIal Foreclosure, lender mey obtain e judiclol decree foreclosing Grantor's Interest in all Or any part of the Property, NonJudlclel Sele. Lender may foraclose Grantor's interest In ell or In eny pert of the Property by non:Judlcial sale. and epeclflceUy by "power of sale' or "advertisement and sole' foreclosure as provided by stetute. Deficiency Judgmont. If permitted by appllcoble low, Lender may obtain a judgment for eny deficiency remaining in the Indebtednesa due to Lender ofter application of 011 emounts received from the exercise of the rights provided in this section. Tenancy et Sufferance. If Grantor remains In possession of the Property after the Property is sold os provided above or lender otherwise becomes entitled to possession of the Property upon default of Grsnlor, Grentor shsll become a tenent at eufference 01 lender cr the purcheser 01 the Property and shall, at Lender's option. aither (1) pey a reasonable rental for the use of the Property, or (21 vacate the Property Immediately upon tho demand of lender. Other Remedies, Lendar shall heve all other rights and remedies provided In this Mortgage or the Note or availeble at law or in equity. Sele of the Proparty. To tha extent permlttad by appliceble law, Grantor hereby waives any and ell right to have the Property msrshalled. In exercising Its rights end remedios, Lender shall be free to sell all Or any part 01 the Property together or separately, in one sele or by separate sales. Lender shall be entitled 10 bid at any pUblic sale on all or any portion of the Property, Notice of Sale, lender sholl give Grantor reasonable notlca of the time and plaoe of any public sele of the Personal Property or of the time efter which eny private sale or other intended disposition of the Personel Property is to be mode. Reasonable notica shall mear> notice given at le.st ten 110J dDYs before the time of the ..Ie Or disposition. Any sDle of lhe Personal Property may be made In conjunction with any sale of the Real Property. Election of Remedies, Election by lender 10 pursue any remedy shall not exclude pursuit of Dny olhsr remedy. and an election to n,ake axpenditures or to take ection to perform Dn obligation of Grantor undar this Mortgage, after Grentor's failure to perform, shell not alfect Lender's right to declare e defsult ar>d exercise its remedial. Nothing under this Mortgage or otherwleo shell be construed so es to limil or resttlct tho rights end remedies availabla to Lender following an Event of Defeult, or In eny wey to limit or restrict the rights end ebilìty of Lender to proceed directly ageinat Grentor andlor against any other co-maker, guerantor, surety or endorser endlor to prooeed against any other collaterel directly or indirectly seourlng the Indebtedneas, Attorneys' Fau; Expenses. If Lender Institutes any suit or action to enforce eny of lhe lerms of this Mortgage, lander shall be entlUed to recover such sum es the court may adjudge reaaonable aa attorneys' fees et triel and upon eny eppeel. Whether or not any ·court ection is Involved, and to the extent not prohibited by law, ellreesonable expenses lender incura thet In lender'a opinion ere necessery at eny time for the protection of its Interest or the enforcement of it.. rights shall beoome a part of the Indebtedness peyable on demand and shall bear Interest at the Note rate from the date of lhe expenditure until repaid. Expenses covered by thle paragraph Include, without limitation, however subject to any limits under appllceble law, Lender's reaaonable attorneys' fees and Lender'a legal expense. whether or not thera is a lewsult, Including reesonable attorneys' fees and expenses lor bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunctionl. appeais, and eny anticipated poat-judgment collection services, the coet of searohing records, obtelning Utle reports (including foraclosure reports), suryeyors' report., and eppralsal feas and title insurence, to the extent permitted by applicable law, Grantor elso will pay any court costs. in addition to all other sums provided by law. NOTICES. Any notice required to be given under this Mortgage, Including. without IImitstion eny notice of default end eny notice of sele sholl be given in writing, and shall be effeotive when ecluelly delivered, when actually received by telefacslmlle (unless otherwise required by lewI, when deposited with a naUonally recognized overnight courier, or, if mailed, when deposited in tha United States mail, as first clas., cenified or ragistered mall postege prepeid, directed to the addressea shown near the beginning of this Mongage. All copies of notlcea of foreclosure from the holder of any lien which hes priority over this Mortgage shall be sent to lender's address, as shown near the beginning of this Mortgage. Any perty may change its address for notices under this Mortgage by giving formal written notice to the other pertles, epecifying that the purpose of the notice la to change the party's address, For notice purposes, Grantor agrees to keep lender informed et 011 times of Grentor's current address. Unless olherwise provided or required by law, if thero is more thon one Grentor, sny notice given by lender to any Grsntor la deemad to be notice given to all Grentors. MISCelLANEOUS PROVISIONS. The following miscellaneous provisions are a pen of this Mortgage: Amendments. This Mortgege, together with any Related Documents, constitutes the entire understanding end agreement of lhe penies as to the matters set forth in this Mortgege, No olleration of or amendmant to this Mortgage shall be effective unless given in writing end signed by the party or pertles sought to be charged or bound by the elleration or emend me nt, Annual Reporu. If the Property is used for purpOSÐS olher then Grentor's residence. Grantor shall furnish to lender, upon request, a certified stetement of net operating income received Irom the Property during Granlor's previous fiscal year in such form and deteil os Lender shall require. "Net operating income" shall mean all cash recalpts from the Property less all cesh expenditures made in connection with the operation of lhe Property. Caption Headings. Caption headings In this Mortgege are for convenience purposes only and are not to be ueed to Interpret or define the provisions of this Mortgage. Governing Law. This Mortgage will be geverned by federal law eppllcable to Lender and, lathe extent not preempted by fader.allaw, the laws of the State of Wyoming without regard to its çonßicts of law provisions. This Mortgage has baen accepted by Lender In theSteta of Wyoming. Cholca ot Venue. If lhere Is a lawsuit, Grantor agrees upon lender's request to submit to the Jurisdiction of the oourts of Lincoln County, State of Wyoming. No Waiver by Lander. Lender shell not be daemed to have waived any rights under this Mortgage unles. such waiver is given in writing and signed by Lender. No dalay or omlsaion on the part of Lendor In exerçising any right shall operate as a weiver of such right or any other right. A waiver by lender of e provision of this Mongege shall not prejudice or constitute. waiver of Lender's right otherwise to Loan No: 761001746 3AGE (Continued) 000557 Page 5 demand strict compliance with that provision or any other provision of this Mortgage. No prior waiver by Lender, nor any course of dealing between Lenc!er and Grantor, shall conatitute a waiver of any of Lender's rights or of any of Grantor's obligations as to any future transactions. Whenever the consent of Lender Is requlrad under this Mortgage, tha granting of suoh consent by Lender in any instance shall not constitute continuing consent to aUbsequant Instances where such consent Is required and In all cases such consent may be granted or withheld in the sole discretion of Lender. SeverabilitY. If a court of competent juriscllctlon finds any provision of this Mortgage to be Illegal. Invalid, or unenforceable as to any circumstance. that finding shall not make the offending provision illegal. invalid. or unenforceable as to any other circumstance. If feasible. the off.ndlng provision sh.1I be considered modified so that It becomaslegal, v.lld and enforce.bfe. If the offending provision cannot be ao modified, It shall ba considered del.tod from this Mortgage. Unless otherwl.. required by low, tho lIIegellty, inv.lldlty, or unenforceabillty of any provision of this Mortgage ahall not affect the legality, validity or enforceeblllty of any othar provision of this· Mortgage. Merger. There shall be no merg.r of the Interest or estate created by· this Mortgage with any other Inter.st or estate in tho PropertY at any tim. held by or for the benefit of Lender In any capacity, without the written consent of Lender. Successors and Assigns. Subject to any limitations st.ated In this Mortgage on transfer of Grantor's Interest, this Mortgage shall be binding upon and inure to tha benefit of the parties. their succes.ors and asslgne. If ownership 01 tha Prop.rty becomes vested· In e p.rson other than Gr.ntor, Lender, without notice to Grantor, may deal with Grsntor's succ.ssors with ref.rena. to this Mortgag. and the Indebt.dness by way of forbeerance or extension without rale..ing.Grantor from the obligations of this Mortgage or lI.blllty under the Indebtednass. Time Is of the Essence. Time is of the us.nce In the p.rformance of this Mortgag.. Walvar at Hom.stead Examptlon. Grantor hereby releaaes and w.iv.s ell rights ancl benefits of tho homestead exemption laws of tho State of Wyoming as to alllndebtednees .ecured by this Mortgage. DEFINITIONS. Th. following capitalized words and terms shell have the rollowIng meanings whon used In this Mortg.g.. Unl.ss specifically stated to tho contrary. .11 referances to dollsr emounts shall mean amounts in lawful mon.y 01 the United States of Amerlc.. Words and tarms used in tha singul.r sh.1I include the plural, and tho plural shslllnclude the singular, ss the context may require. Words .nd terms not oth.rwise d.fin.d In this Mortgege shsll have the meanings ettributed to such terms in tho Uniform Commercial Code: Borrower, The word "Borrower" means RIVER BEND MEADOWS and includ.. sll co·slgnsrs snd co-mak.rs signing the Note and all tholr successors and assigns. Del.uft. The word "Derault' me.ns the Default set forth In this Mortgage in the section tJtled 'Delault". Environmental Laws. The word. "Environmental Laws' mean any .nd all state, federal snd local statutes, regulations and ordinances relating to the protection of human health or· the environment, including withcut limitation the Comprehensive Envlronment.1 Responee, Compensation, and liability Act of 1980, os amendacl, 42 U.S.C. Section 9601, at seq, ("CERCLA'I, the Superfund Amendments and Reauthorization Act of 1986, Pub. L. No. 99·499 ("SARA'I. the Hazardous Materials Transportation Act. 49 U.S.C, Section 1801, .t seq.. the Resourc. Conssrvation snd Recovery Act, 42 U.S.C. Section 6901, et seq_, or other applicable stste or federal laws, rules, or regulations .doptad pursuant thereto. Event of D.t.ult. The words "Event of Dafault" mesn any of tha events of default set forth in this Morrgag. in the evants of del.ult section of this Mortgage. Grantor. The word "Grentor" meanS RIVER BEND MEADOWS. Guarantor. Th. word "Gu.rsntor" meens any guarantor, surety. or accommodation party of any or all of tho Indebtadn.ss. Guaranty. The word "GuarantY" m.ansthe guaranty from Guarantor to Lend.r.lncluding without IImlt.tion . guaranty of all or part of the Note. Hazardous Sub.t.nc.... Tha words "Hezsrdous Substance." mean materials that, because of their quantity, concentrstion or phyalcal, chemical or Infectious ch.rscteristics, may cause or pose a present or potential hazard to humen health or the environment when improp.rly used, tr.ated, .torad, dispcsed of, generated, manufactured, transported or oth.rwise hanclled. Th. worda "Hazardous Substences" are u.ed In their v.ry broadest .ense and Include without limitation any and all hazardoua or toxic .ubstances, materials or weste as dellned by or listed und.r the Environmental Laws. The t.rm "Hazardous Substances" also Includes, without limitation, petrol.um and petrol.um by-products or any fraction ther.of end asbestos. Improv.menta. The worcl "Improvements" means all exlatlng and future Improvement., buildings, structures, mobile homos affixed on the R.al Prop.rty, facilities; .dditlona, replacements end other construction on the Real Property. Indebtedn.ss. The word "Indebtedness" means all prlnclp.I, Inter.st, and other amounts. costs and .xpenses payeble under tho Note or Related Documents, together with all renewals of. e-xlensions of, modifications of, consolidations of end substitutions for the Note or Rel.ted Documents and any amounts expended or adv.nced by Lender to discharge Grantor's obligations or exp.nses Incurred by Lendar to .nforce Grantor'. obligations unclar this Mortgage, together with Interest on such amounts as prcIVided in this Mortgag.. Lender. Tha word "L.ncler· means 1st Bank. its successors end a.slgns, Mortgage, The word "Mortgage" m.ana thl. Mortgage betwean Gr.ntor and Lender. Note. The word "Nota" means the promisscry note dat.d November 2, 2007, in the original principal amount of $600,000.00 from Gr.ntor to Lender, together with a/l renewals of, extensions 01, modlficetlons of, refinancIngs of, consolidations of, end substitutions for the promi.sory note or agr.ement. Per.onal Property. Th. words "Parsonal Property" mean an equipment, fixture.. and other artlclea or personal propertY now or hereafter owned by Grantor, .nd now or h.realter .ttach.cI or affixed to the Real Property; together with all accessions. parts, .nd .ddltlons to, all repl.cements of, and all substitution. for, any of such prop.rty; and together with all proceeda linclucllng without limitation .11 insurance proceeds and r.funds of premiumsl from.ny aale or other dispo.itlon 01 the Property. Property. The word "Property" means collectively the Real Proporty and the P.reonal Prop.rty. Real Property. Th. words "Real Property" mean the real prop.rty, interests and rlghta, a. lurther dascrlbed In this Mortgeg.. Releted Documents. The words "Related Documents" mean a/l promissory notes, credit agraements, loan agreements, .nvironmental Bgreements, guar.nties, security agreements, mortgogeo, deeds ot trust, security deeds, collat.lal mortgag.s, .nd all other Instrumenta, agr.ements and documents, whether now or hereafter existing, executed in connection with tho Indebtednesa. Rants. The word "Rents" means all present and future rents, revenues, Income, Issues, royalties, profits. and other b.nefit. deriv.d Irom the Property. GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE. AND GRANTOR AGREES TO ITS TERMS. loan No: 761001746 (Continued) Page 6 --_..~._..._~......¥._~- ) ) SS I 000558 ITED LIABILITY COMPANY ACKNOWLEDGMENT STATE OF COUNTY OF On this __ day ot . 20 . before me. the undersigned Notary Public. personally appeared DAN G OLSEN. Manager of RIVER BEND MEADO and known to iTíëïõbë a member or dealgnatod agent of the limited liebility compeny tha! executed the Mortgege and acknowledged the Me 9a to be tho freo and voluntary act and deed ot the IImltad lIeblllty company. by authority ot statute. Ita erticles of organization or Ita operating a ement. for the uses ·end purposes therein mentioned. and on oath staled that he or she Is authorized to execute this Mortgage end in tact execu the Mortgage on behalf of the IImltad lieblllty company. u.SPJI ,",,0 ltM.øt, VII. ....ltI.GO\ c.". t1wI.,... r.......,............... 1111. IDQ1. M IWpw "--'-I. . â\1aCW By Notary Public In and for the Stete of CALIFORNIA ALL..PURPOSE ACKNOWLEDGMENT -- '. ., - . - - . . ~- ,-'.. . ~":" ' ;.' '. ,": >".:::.:.:.:. .~,~."::.:....:..:;....::.o_,-,~::"'.,_~:':..__.:;.' 'i:. . . - - - "' , .. _........._..... _'_ 0- .- . .-- ~ State of California } SS. 000559 " I,) County of OrðnC\e (.~ " {I :K! I(j :1;i ,·1 i-J II~.( <J ~1 '&' Ilfj <;1 ~~~..i ~~ I, ~ li'< ,,"\;! ~i I, {. I' ~ I, ~ I, { I' <. I I'. I: On .1l0Y. Co \ 2cO"1 ,before me, Date personally appeared Dë3" 6"'. Ol£en ~\.) 'ot 1 v I)' Public") Name(s) of Signer(s) )s personally known to me o proved to me on the basis of satisfactory evidence ---.............------J DAWN MAHKORN }. CommlNlon (11647187 ~. N01ary Public· California ~ t Orange County ~ i -"r -" _ ~~~~~2~2~O to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/st:le{they executed the same in his/hor/their authorized capacity(ies), and that by his/I'tel/ttmir signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. WITNESS my hand and official seal. J:ij OlJJ1A Place Notal)' Seal Above !!1~![~ 'I .> 'I ,I ,I 'I ,I 'I :1 ,I I Document Date: Number of Pages: ~ 1'1 'I ~ ,I ~1 Signer(s) Other Than Named Above: ,I I~j -I ~<1 Capacity(ies) Claimed by Signer 'I '~i Signer's Name: ~ I~ 0 Individual ,I I~ Top of thumb here ~ ~1 0 Corporate Officer - Title(s): 'i ~ 0 Partner - 0 Limited 0 General ~I '~j 0 Attorney in Fact Ii ~I 0 Trustee 'J iQ 0 Guardian or Conservator ,} $ 0 Other: I> 1 @ ~ ~ Signer Is Representing: '~ ~ ~ ~ y g;.g""''';',i<'i!k{/''''''''';'~~'';-;;;"';'''<':'''';'':¡;;<;'''':;¡;;;.;¡;;(';';;;~'''''v",</,.;<:;ç,,..~;-;;;{,:,,,,,·;,;·',;~<;g,·..,v~;.'§.<,1;(V~'§.<,'§.<,'i0,',i<,,'\1Ò'V"~'§.<''§.y~~~§<;~)~~ OPTIONAL Though the information below is not required by law, it may prove valuable to persons relying on the document and could prevent fraudulent removal and reattachment of this form to another document. Description of Attached DocU'dnt Title or Type of Document: c.or¡ ,y-lx:kbY"\ Mc)Y·+(~t¡~-e 10 1997 National Notal)' Association. 9350 De Solo Ave., P,O. Box 2402. Chatsworth, CA 91313-2402 Prod. No. 5907 Reorder. Call Toll-Free 1-800-876-6827 -..-.- . ,-, F',· "): , , :) ~)I /.í¡ ;'\ i) 000560 Parcell A portion ofthe Kelly Jasperson property, as referred to in the Deed recorded in Book 618, on Page 740, Receiving number 918048, with the Office of the Clerk of Lincoln County, Wyoming, within the West Half ofthe Southeast Quarter of Section 10, Township 34 North, Range 119 West, of the 6th P.M., Lincoln County, Wyoming, the Boundary being more particularly described as follows: BEGINNING at the Paul N. Scherbel RLS 164, 1983 location for the Northwest Corner of the East Half of the Southeast Quarter of said Section 10; thence South 0°1 0'05" West, along the West line of said East Half of the Southeast Quarter, 500.00 feet to a Point; said Point being 2,155.97 feet North 0°10'05" East from the Paul N. Scherbel RLS 164, 1983 location for the Southwest Corner of said East Half of the Southeast Quarter; thence North 89°13'27" West, parallel with the South line of said West Half of the Northeast Quarter, 871.46 feet; thence North 0°10'05" East, parallel with said West line, 500.00 feet to a Point in the South line of said West Half of the Northeast Quarter; said .Point being 467.53 feet South 89°13 '27" East, along said South line, from the Paul N. Scherbel RLS 164, 1983 location for the Southwest Corner of the West Half of the Northeast Quarter; thence South 89°13'27" East, along said South line, 871.46 feet, to the Point of Beginning. iL