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HomeMy WebLinkAbout937408 Reoording Requested by: \V,HEN REC01IDED MAIL TO: Western AgCredit, FLCA 10980 South Jordan Gateway P.O. Box 95850 South Jordan, Utah 84095-0850 RECEIVED 3/6/2008 at 10:35 AM RECEIVING # 937408 BOOK: 688 PAGE: 788 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY ù00788 Space Above ·This Lin" For Recorder's Use L\~d) Loan NUtJ:1ber: 4200082~SOl REAL ESTATE MORTGAGE, FIXTURE FILING AND SECURITY AGREEMENT TIDS MORTGAGE is made this 29th day of February, 2008, between NORTHCOM 28, LLC, II Utah Limited Liability Company hereinafter oalled "Mortgagor", and Western AgCredit, FLCA hereinafter oalled "Mortgagee", a corporation, existing and operating under the Farm Credit Act of 1971~ as amended, having its principal place of business in South Jordan, Utah. . WITNESSETH: That Mortgagor IRREVOCABLY GRANTS, BARGAINS, SELLS, CONVEYS AND ASSIGNS Wlto Mortgagee together with right of entry and possession the fonowing described real property situated in the County of Lincoln, State of Wyoming, described in Exhibit "A". TOGETHER WITH: all buildings,' structures, equipm~nt, fixtures (including trees, vines and shrubs) and improvements of every kind and description now or hereafter constrUoted or placed thereon; all standing timber and timber to be cut located thereon; all existing and future water rights, however evidenced, including irrigation and watering equipment and systems, ditches,laterals, conduits, and rights-of-way used to convey su,qh, water or to chin the above-described property, all of which rights are hereby made appurtenant to the propëtíy; and all pumping plants. electrical generators, wind machines, and fenoing and storage tanks, now or hereafter used in connection with the property, aU ofwbioh are hereby declared to be fvrtures; all existing and future gruing rights, leases, permits and licenses; all oil, gas, and mineral leases, pennits and rights used with the property; all tenements, .hereditaments, easements, rights-of-way and appurtenances to the property; and all right, title, and interest at any time of Mortgagor (or any of its bailees, agents, or instrumentaJities), whether now existing or, hereafter arising or acquired, whether direct or indirect, whether owned legally, of record, equitably or beneficially, whether constituting real or personal property (or subject to any other cha.racterizations), whether created or authorized under existing or future laws or regu1atio~, and however arising in, including without limitation, the water, water rights and other assets and items described below in subparagraphs (a) through (h) which shall collectively be ca1ted "Water Assets" (hereafter collectively referred to as the "Property"). References to "Water" and "Water Rights" are used herein in the broadest and most comprehensive sense of the term(s). The term "Water" includes water rights and right to water or whatever rights to money, proceeds, property or other benefits are exchanged or received for or on account of any Water AssetS or any conservation or other nonuse of watet', including whatever rights are achieved'by depQsiting one's shares of any Water Assets in any water bank or wIth any water authority, or any other water reallocation rights: Form 1355 Page 1 of9 Mar J ZUUIJ (;~I:i I'UZIj/U~Z ù00789 a. All water (including any water inventm)' in storage), water rights and entitlements, other rights to water and other rights to receive water or water rights of every kind or nature whatsoever im::luding (i) the groWldw~r on, W1der, pumped ftom Of otherwise available to the Property, whether as the result of groundwater rights, contractual rights or otherwise, (ii) Mortgagor's right to remove and extract any such groundwater including any permits. rights or licenses granted by any governmental authority or agency or any rights granted or created by any usø, easements, covenant, agreement or contraCt with any person or entity, (iii) any rights to which the Property is entitled with respect to surface water, whether such right is appropriative, riparian, P1'~scrlptive, decreed or otherwise and whether or not pursuant to permit or other governmental authorization, or the right to store any such water, (iv) any water, water right, water allocation, distribution right, deIivery right, water stor~ge right, or other water-related entitlement appurtenant or otherwise applicable to the Property by virtue of the Property being situated within the bOW1daries of any district, agency, or other governmental entity or within the boundaries of any private water company. mutual water company, or other non-governmental entity; b. All stock, interest or rights (including any water allocations, voting or decision rights) in any entity, together with any and all rights from any entity or other person to acquire. receive, exchange, sell, lease, or otherwise transfer any water or otber Water Assets, to store, deposit or otherwise! create water credits in a water bank or similar or other arrangement for allocating water, to transport or deliver water, or otherwise to deal with any Water Asset; c. All licenses, permits, approvals, contracts decrees., rights and int~reBt to acquire or appropriate any water or other Water Assets, water bank or other credits evidencing any right to. water or other Water Assets, to store, carry, transport or deliver water or other Water Assets, to sell, lease, exchange, or otherwise transfer any water or other Water Asset, or to change the point for diversion of water, the location of any water or Water Asset, the place of use of any water or Water Asset, or the purpose of the use of any water or Wat.er Asset; d. All rights, claims, causes of action, judgments, awards, and other judicial, arbiter or administrative relief in any way relating to any water or Water Asset; e. All storage and treatment rigbts for any water or any other Water Asset, whether on or off the Property or other property of Mortgagor, together with all storage tanks, and other equipment used or usable in oonnection with such storage and any water bank deposit credits, deposit accounts or other rights lU'ising on account of the storage or nonuse of any water or any water or any other Water Asset; . . :t: All rights to transport, carry, al10cate or otherwise deliver water or other Water Assets by any means wherever located; g. All guaranties. warranties, marketing, management or service contracts, indemnity agreements, and water right agreements, other watßr related contracts and water reallocation rights, all insurance policies regarding or relating to any Water Asset; h. ~ll rents, issues, profits, proceeds and other accounts, instruments, chattel paper~ contract rights, general intangibles, deposit accounts, and other rights to payment arising trom or on account of ~y use, nonuse, sale, lease, transfer or other disposition of any Water Asset. Absolute Assignment of All Revenue From Water Assets - Mortgagor hereby absolutely and unconditionally assigns to Mortgagee all proceeds. rents, issues and profits trom any use (apart ftom watering plants on the Property or other ordinary use on the Property), nonuse, sale, lease, transfer or disposition of any kind of any water or any other Water Asset subject to a ]jen in favor of Mortgagee. That assignment shan be perfected automatically without appointment of a receiver or Mortgagee becoming a mortgagee in possession and Mortgagee shall have the right, before or after the occurrence of any default or event of default, to notify any account debtor to pay aU amounts owing with respect to those proceeds, rents, ÎIIsues and profits directly to Mortgagee. Except as otherwise agreed in writing by Mortgagee, Mortgagee may apply any' such coUection (and any rents, issues, profits and proceeds) to any indebtedness owed to Mortgagee in any order, priority or maJUler desired by Mortgagee. MORTGAGOR. ABSOLUTELY AND UNCONDITIONALLY ASSIGNS, transfers, conveys and sets ovmr to Mortgagee all the rents, royaltIes, issues, profits, revenue, income and other benefits of the property arising fi'om the Fonn 1355 Pa;e2of9 û00790, uso or enjoyment of all or my portion thereof or ftom any lease, mineral lease, or agreement pertaining thereto (collectively the ''Rents''); SUBJECT, HOWEVER, to the right, power md authority given to and conferred upon Mortgagor by Paragraph B.3 hereof. PERSONAL PROPERTY SECURITY AGREEMENT: All of the Pr,operty will be considered to the tùl1est extent of the law to be real property for purposes of this Mortgage. To the extent that any of the Property, (including without limitation any Water Assets or fIxtures), is deemed to constitute, is adjudicated to be, or declared to be personal property, this Mongage shall also be deemed to be a security agreement. Mortgagor does hereby create and grant to Mortgagee a securh:y interest in all such personal property described herein; md further, grants to Mortgagee all of the rights and remedies of a secured party under the Uniform Commercial Code and other appUC8bie state law, which rights arc cumulative. FIXTURE FILING: This Mortgage 'shall also be deemed to be a fixture filing under the Uniform COmmercial Code and is to be recorded in the county real estate records. FOR THE PURPOSE OF SEC(JI{ING: (1) payment of the indebtedness or obligations evidenced by the following promissory note(s) and/or guaranties executed by Mortgagor md/or others to the Mortgagee at the times, in tho manner and with interest as therein set forth (notes may contain variable or adjustable rate pr-ovisions): [X] a Promissory Note or B Supplement to Master Loan Agreement dated as of February 29, 2008, in the stated principal amount ofS430,OOO.OO. (2) Tbe payment of such additional loll11S or advances, including Bdvmces under a rev-oIving line of credit, with interest thereon, as hereafter may be made to Mortgagor, or Mortgagor's . successors or assigns, and/or to parties whose obligation Mortgagor is guarmteeing, evidenced by a promissory note or otherwise and any obligations evidenced by any guaranties executed by Mortgagor in favor of Mortgagee; PROVIDED HOWEVER, THAT, such additional loans· advances guaranty obligations shaH be secured by this Mo1'tgage only if the promissory note, guaranty, or other document evidencing such loans Or advances shall recite that it is to be secured by this Mortgage; (3) the payment of any substitute notes, renewals, reamortizations, and extensions of aU indebtedness secured by this Mortgage; (4) the performance of every obligation and agreement of Mortgagor whether contained or incorporated by JV(erence in ·this Mortgage, or contained in any toan document or guaranty executed by Mortgagor in favor of Mortgagee, with respect to any loan, advance, or guaranty secured by this Mortgage; and (5) the payment of all sums expended or advanced by Mortgagee under or pursuant to the terms of this Mortgage, together with interest thereon as herein provided. The continuing validity and priority of this Mortgage as security for future loans, advances, or guaranties shan not be impaired by the fact that at certain' times hereafter there may exist no outstanding indebtedness :lTom Mortgagor to Mortgagee or no commitment to make loans or advances. A. TO PROTECT THE SECURITY OF TWS MORTGAGE, MORTGAGOR AGREES: 1. To use loan proceeds solely for the purposes set forth in the loan application(s) or agreements to comply with the Farm Credit Act of 1971, as amended, and/or the regulations of the Fann Credit Administration, now existing or as hereafter amended. ' 2, To keep the Property in good condition, working order and repair; care for the Property in accordance with standards of good husbandry and to keep all trees, vines and crops on said land properly cultivated, irrigated, fertilized, sprayed, and fumigated; not to remove, destroy or suffer the removal or destruction of any building, fence, canal, weU or other improvements or fixtures thereon; not to remove, replace or alter any horticultw-al or viticultural tree, vine or s~b p]anted thereon without the prior written consent of Mortgagee, except in the ordinary course ofbusinesSj to complete or restore promptly and in good and workmanlike manner my building which may be constructed, damaged or destroyed thereon; to comply with aU laws, covenants and restrictions affecting the Property; not to commit or permit waste thereof; not to commit, suffer or permit any act upon the Property in violation of law; to do aU other acts which ftom the character or use of the Property may be reasonably necessary, the specific enumerations herein not excluding the general¡ to observe and perfonn all obligations of Mortgagor under any lease of the Property. 1"000 1355 Pll80 3 of 9 8. Mar 3 2008(:~!j 1J1li'IJ/U!J, úOò79j. 3. To provide,. maintain and deliver to Mortgagee fire and all other types of insurance of the type and in amounts as Mortgagee may require, with loss payable clauses solely in favor of Mortgagee. In the event of loss, the insurance proceeds. or any part thereot: may be applied by Mortgagee. at its op.tion, to the reduction of the indebtedness hereby seoured or to the restoration or repair of the property damaged, In the event tha.t the Mortgagor shall fail to provide satisfacto¡y hazard insurance, Mortgagee may procure. on Mortgagor's behalf, insurance in favor of Mortgagee alone. If insurance cannot be secured by Mortgagor to provide the required coverage. such inability shaU constitute an event of detàult hereunder. . 4. To appear in and litigate any action or proceeding purporting to affeot the security hereof; the title to the Property. or the rights or powers of Mortgagee; Mortgagee may appear in and litigate any such action or proceedings, including any bankt'Q,ptoy. partition or condemnation proceeding, affeoting the Property. or Mortgagee's interest therein, in which event Mortgagor agrees to pay all costs and expenses thereof, including attorney's fees a.nd costs of securing evidence of title. ,. To pay on or before the due date all taxes and assessments affecting the Property, including aU assessments uPQn water company stock and all rents, assessments and charges for water, appurtenant to or' used in connection with the Property; to pay, when due. all encumbrances, charges, and liens, on the Property or any part thereot; which at any time appear to be prior or superior hereto. 6. In case of any suit to foreolose this Mortgage or to collect any charge lU'ising out of the debt hereby secured, Qr of any suit which the Mortgagee may deem necessary to prosecute or defend to effect or protect the lien herein. including any proceeding in bankruptcy, or if Mortgagee retains an attorney to advise Mortgagee in connection with this Mortgage or any other agreement related to the indebtedness secured by this Mortgage, Mortgagor agrees to pay a reasonable sum 8S attorney's fees and all costs IInd legal exPenses in oonnection with said suit, and further agrees to pay the reasonable cosu of searching the records and abstracting or insuring the title. and such sums. costs and expenses shall. be secured herf,'Jby and shall be included in any decree of foreolosure. The fees ánd costs described herein and elsewhere in this Mortgage shan be in addition to those set forth in the loan agreement or any other written agreement between Mortgagor and Mortgagee. 7, Should Mortgagor fail to make any payment or to do any act as provided for in this Mortgage. then Mortgagee. but w:ithout obligation to do so and without notice to or demand upon Mortgagor and without releasing Mortgagor ftom any obligation hereof', may: make or do the same in such manner and to such extent as either may deem necessary to protect the Property, Mortgagoe bemg authorized to enter upon the Property for such purposes; commence. appear in and litigate any action or proceeding purporting to affe~t the security hereof or the rights or powers of Mortgagee. including any bankruptcy prooeeding affecting the Propertyj pay, purchase. contest, or compromise any encwnbrance. charge or Hen which in the judgment of either appears to be prior or superior hereto; and in exercising any such powers, incur any liability, expend whatever wnounts· in its absolute discretion it may deem necessary thereforG, including attorney's, accountant's, and appraisal fees. environmental fees, and costs of securing evidence of title. and all amounu so expended shall be obligations of Mortgagor secured by this Mortgage. Nothing contained herein shall prohibit Mortgagee ftom entering the Property. at a reasonable time and upon reasonable notice to Mortgagor, without incurring or assuming any obligations or liabilities whatsoever, for the sole purpose of inspecting the Property. To pay immediately. and without demand al1 sums expended by Mortgagee pursuant to the provisions hereof, with interest tram date of expenditure at the same rate as is provided for in the note or notes sccured by this Mortgage. In the event that such sums are not immediately paid, they shan be added to the principal balance of the indebtedness secured hereby and shall accrue interest as herein set forth. An such sums shan be secured hereby. POßß 1355 Pap 4 of9 Form 13SS 9. Environmental Representations, Wart'anties and Co'Venana. 000792 (a) Except as disclosed in Writing to Mortgagee, or except as otherwise provided in any loan agreement between Mortgagee and Mortgagor which specifically refers to the Property, to the best knowledge of Mortgagor after due inquiry, Mortgagor hereby further represents, warrants and covenants as follows: I (i) Nor pollutants, contaminants (including oil or other petroleum products), toxic or hazardo~ substanoes, or soUd or hazardous wastes, as such terms are defined under any federal, ¡ state or local EnvIronmental Law, regulation or ordinance (hereinafter "Contaminants") have been, are being or will be generated, manufåctured, produced, st~red, disposed of, discharged, released threatened to be released, or otherwise allowed to migrate or escape on, under or from the Property in such quantities or concentrations as would violate any federal, state or local Environmental Law, regulation or ordinance or as would require Mortgagor to report such condition to any governmental authority or to undertake removal or remedial action to clean up such contaminants; (ii) No Contaminants are loca.ted on, in or under any property located adjacent to the Property in such quantities or concentrations as would constitute a violation of any Environmental Law or as would require the owner of the adjacent property to report such condition to any governmental authority' or to undertake removal or remedial action to clean up such Conramioantsj . (iii) Neither the Property, nor any portion thereo~ nor any adjacont property or portion thereof, has been or is proposed to be listed under the Comprehensive Environmental Response, Compensation and Liability Act (42 U.S.C. Seçtion 9601, et seq.), or any analogous state law. Mortgagor shall inunediately notify Mortgagee if Mortpgor acquires' any information oonoeming the listing or proposed Ustin; of the Property or any adjacent property and shall pro'Vide Mortgagee with any documents in Mortgagor's possession reIative thereto; (iv) No hazardous wastes, a5 defined under the Federal Resource Conservation and Recovery Act (42 U.S.C. Section 6901, et seq.), or my analogous state law ("Hazardous Wastes"), have been, tlI'e being or will be stored or treated in surface impoundments or other structw'es Of faoilities looated on the Property tQat are partially or entirely below the ground surfàce; . (v) No litigation, investigation, administrative uAdion") bas previously been brought, is now pending, or to the best knowIed.ge of Mortgagor threatened against or anticipated by Mortgagor, with respect to Mortgagor's use or management of Hazardous Materials or HamrdOUB Wastes or the environmental condition of the Property, ,including any underlying groundwater. Upon learning thereof, Mortgagor shall immediately notity Mortgagee of any such Action or threatened Action and provide Mortgagee with copies of all documentation relative thereto; IIJId (vi) Except as disclosed in writing to Mortgagee, no underground tanks, wells (except domestic water wells), septic tanks, ponds, pjts or any other storage tanks (" Tanks") (whether currently in use or abandoned) are or were located on or under the Property and no Tanks are or were serving the Property described herein. With respect to any Tanks discIosed in writing to Mortgagee, Mortgagor shall comply with all federal, s~e and local laws, regulations and ordinancN and any requirements of city or county firo dopartmolUS, appücable to the maintenance and use of such Tanks, including, without limitation, Title 40 of the COde of Federal Regulations Part 112. Page S of9 IL Fonn 1355 Mar] ZUUM (:~ti I'IŒJ/U3L 000793 (b) Nothing herein shall be deemed to prohibit Mortgagor from (i) using, handling or storing hazardous materials or substances, as defined under. any federal, state or local law, regulation or ordinance ("Hazardous Materials") or (ii) storing or treating nonHhazardQUS wastes, so long as such activities are carried out (a) in a good and husbandlike manner in the ordinary oourse of business, and (b) in compliance with all applicable environmenta11aws, regulations, permits, orders or other reqQ.ire11lents. (c) In the event that Mortgagor is in broach of any of its representations, warranties Dr covenants as set forth above, Mortgagor, at its sole expense, shall take all action required, including environmental cleanup of the Property, to comply with the representations, warranties and covenants herein or applicable legal requirements and, in a.ny event, shall take all action deemed necessary by appropriate governmental authorities. Mortgagee shall have the right, but not the obligation, to advise appropriate governmentaI authorities of any enviro1111'lentaJ oonditlon on or affecting the Property that constitutes or may constitute a breach of Mortgagor's obligations hereunder. (d) Mortgagor and its suocessors and assigns shaU indemnifY, defend, protect, and hold harmless Mortgagee, its directors, offioers, employees, agents, shareholders, successors and assigns and their officers, employees or ag~nts, ß'om and against any and all claims, suits, damages, liens, losses, liabilities, interest, judgments, response and cleanup costs, demands, actions, . causes of action, injuries, administrative prooeedings and orders, consent agreements and orders, penalties, costs and expenses (including any fees and expenses incWTed in enforcing this indemnity, any out- of~pocket litigation costs and the reasonable fees and expenses of cOUIl5el) of any kind whatsoever ("Clalms") paid, incutTed or suffered by, or asserted against Mortgagee, including but not limitod to Claims arising out of loss of life, injury to persons, trespass or damages to or còntamination of property or natural resources, or injury to business, in connection with or arising out of the activities of Mortg1!gor on the Property, Mortgagor's predecessors in interest, third parties who have been invited, permitted or trespassed on the Property, or parties in a contractual relationship with Mortgagor, or any of them, or which directly or indireotly arise out of or result ÍÌ'om or in my way connected with the Property, whether or not caused by Mortgagor or within the control of Mortgagor, including without limitation: (i) the presence, use, generation, treatment, storage, disposal, release, threatened release, or discharge of any Hazardous ~terial or Contantinant at or from the Property andlor the cleanup of Hazardous Materials or Contaminants within, on OE' under the Property; (if) Mortgagor's breach of any of the representations, warranties and covenants contained herein; and (iü) Mortgagor's violation or alleged violation of any applicable Environmental Law, regulation or ordinance. (e) . Mortgagor's representations, warranties, covenants and indemnities contained herein shall survive the oocummce of any event whatsoever, including without limitation the payoff of any promissory note(s) secured hereby, the reIease or foreclosure of this Mortgage, the acceptance by Mortgagee ofa deed in lieu offoreclosure, or any transfer or ~bandoninent of the Property. (t) The term "Environmental Law" shall mean any·federal_ state or local law, statute, ordinance, or regulation, now in effect or hereinafter enaoted, pertaining to health, industrial hygiene~ or the environmentaI conditions on, under or about the Property, including but not limited to enactments requiring the removal or containment of asbestos-containing materials in private buildings. (g) Mortgagor shall permit, or cause any tenant of'Mòrtgagor to pennit, Mortgagee or its agents, or independent cont1'actors to enter and inspect the Property at any reasonabIe time for purposes of detennining, as Mortgagee deems necessary or .desirable: (i) the existence, location and nature of any Hazardous Materials 01' Hazardous Wastes on, under or about the Property, (ii) the existence, location, nature, ma.gnitude and spread of any Hazardous Materials or Hazardous Waste that has been spilled, disposed of, discharged or released on, under or about the Property, or (iii) whether or not Mortgagor and any tenant of Mortgagor is in compliance with applicable Environmental Page6ot9 000794 Law. If Mortgagor or its tenants fail to comply fully with .the terms of this subdivision' (g), Mortgagee may obtain affirmative injunctive relief to compel such compliance, 10. Grazing Rights. If any portion of the PrQperty described in this Mortgage Is used by Mortgagor as the basis for obtaining grazing permits or other grazing rights issued by any governmental agency, inclu.ding without limitations the Forest Service, U.S. Department of Agriculture or the Bureau of Land Management, U.S. Department of Interior, Mortgagor covenants and agrees as follows: (a) Said grazing pennits or other rights are in good standing and have not been modified, reduced or limited in any other respect, except as fully disclosed in writing to Mortgagee; (b) Mortgagor will perform all obligations imposed as a requirement of exercise of said grazing pennlts or other rights f1IId will comply with all laws, rules and regulations applicable thereto; (c) Mortgagor will take such timely action as may be required to cause the renewal or reissuance of said grazing permits or other rights from time to time as they expire during the term. thereof. Mortgagor agrees and acknowledges that the failure to renew or cause the reissuance of any said permit$ for any reason, whether the result 'of an act or omission of Mortgagor' or for reas01l$ beyond Mortgagor's control, is an event of default hereunder and Mortgagee shall have the right to exercise the rights hereinafter set forth in th~s Mortgage; and . Cd) Mortgagor agrees to pay all fees, charges, rents or other payments accruing under said pennits or any renewals thereof prior to delinquency. In the event Mortgagor fBils to pay any such payment, the amount unpaid shatl become a part of the indebtedness secured by this Mortgage and shall be inunediately due f1IId payable. :S. IT IS MUTUALLY AGREED THAT; I. Any award of damages in connection with any taking or condemnation or i:qjury to the Property by reason of public use, or for damages resulting trom private trespass or injury to the Property, is absolutely and unconditionally assigned and sball be paid to Mortgagee, under the terms and conditions of this Mortgage pertaining to Rents. Upon receipt of such money Mortgagee may apply the same on the indebtedness secured hereby. Mortgagor agrees to execute sucb further documents as may be required to effect the assignments herein made as Mortgagee may require. 2. At .any time, without affecting the liability of any person for the payment of the indebtedness secured hereby, and without otherwise affecting the security hereof, Mortgagee may (a) consent to or join in the making of any map or plat of the Property; (b) grant any easement or create any restriction thereof; (c) subordinate this Mortgage; (d) extend or modify the cenn of the loan or loans secured hereby; acd (0) release without warranty, all or any part oftbe Property. 3. Prior to any default by Mortg8gor in the payment, observance, performance and discharge of any condition, obligation, covenant, or agreement of Mortgagor contoined herein, Mortgagor may, for oollectlon and distribution purposes only, collect and receive tbe Rents as they come due and payablej the Rents are to be applied by Mortgagor to the payment of the principal and interest and all other sums due or payable on any promissory note or guaranty secured by this Mortgage and to the payment of all other sums payable under this Mortgage and, thereafter, so long as the aforesaid has oCCUITed, the balance shall be distributed to the account of Mortgagor, Upon any such default, Mortgagee may at any time without notice, either in person, by agent, or by a receiver to be appointed by a cour,t, and without regam to the adequacy of any security for the indebtedness hereby secured, enter upon and take possession of tho Property or any part thereo( in his own name. sue for or otherwise collect such rents, issues and profits, including those past due and unpaid, and apply the sarne, less costs and expenses of operation and collection, including reasonable attorney's fees, upon any indebtedne$s secured hereby, and in such order as Mortgagee may deconnlne; also perform such acts of repair, cultivation, irrigation or protection, as may be necessary or proper to conserve the value of the Property; also lease the same or any part thereof for such rental, tenn, and upon such conditions as its Fonn 1355 Pille 7 ot9 Mar 3 ZUUM (; b ( .J l'n IUbZ 000795 judgment may dictate; also prepare for harvest, remove, and sell any crops that may be growing upon the Property, and apply the proceeds thereof upon the indebtedness secured hmby. 4. The entering upon and taking possession oftha Property, the collection of such rents, issues, and profits, or the proceeds of fire and other insurance policies, or compensation or awards for any taking of or damage to the Property, and ~he application or release thereof as aforesaid, shaH not cure or waive any defàult or notice of default hereunder or Invalidate any act done pursuant to such notice. s. Upon defàult by Mortgagor in payment of any indebtedness secured hereby or in performanoe of any agreement hereunder, all sums secured hereby shall immediately become due and payable at the option of the Mortgagee and in accordance with applicable state law. In the event of default, Mortgagee may employ counsel to enforce payment of the obllgatiorui secured hereby, may foreclose and, if applicable, sell the Property by advertisement and sale, and in accordance with other applicable state law, and may exercise such other rights and remedies granted by law and equity, which rights and remedies shall be cumuJatlve and not exolusive. Mortgagee may resort to and realize upon the security hereunder and any other real or personal property secUrity now or hereafter held by Mortgagee for the obligations secured hereby in such order and manner as Mortgagee may, in its sole discretion, detennine. Resort to any Of an such security may be taken concurrently or successively and in one or ~everal consolidated or independent judicial actioDS ·or lawful nonjudiçia.1 proceedings, or both. If the obligation secured. by this Mortgage is also secured by personal propertyþ fooures or crops, Mortgagee may enforce its security. inteX'est in the personal property, fixtures and crops and its lien under this Mortgage in any manner and in any order or sequence permitted by applicable Jaw. All remedies are cumulative and none are exclusive; no election by Mortgagee to pursue one remedy or item of collateral shall be deemed to be a release or waiver of any other item of collateral or a release or modification of the liabjlity of'MQrtgagor or any guarantor to pay and perform in full all obligations to Mortgagee. The procedures governirig the enforcement by Mortgagøe of its foreclosure and provisional remedies against Mortgagor shaH be gOverned by the laws of the state in which the Property is located. Nothing contained herein shall be construed to provide that the substantive law of the state in which the Property is located shall apply' to Mortgagee's' rights and Mortgagor's obligations hereunder or under the promissory note(s) or gu~ties described herein, which are and shall continue to be governed by the substantive law of the state in which the promissory note(s) or guaranties were executed. 6. The failure on the part of the Mortgagee to promptly enforce any right hereunder shall not operate as a waiver of such right and the waiver by Mortgagee of any defuult shltll not constitute a waiver of any other subsequent defàults. Subsequent acceptance of any payment by the holder hereof shall not be deemed a waiver of any default by'Mortgagor, or of Mortgagee's rights hereunder as the result of any sale, 'agreement to sell, cOIiveyance, or alienation, regardless of holder's knowledge of such default, sale, agreement to seUþ conveyance, or alienation at the time of acceptance of such payment. 7. This Mortgage applies to, inures to the benefit of, and binds aU parties hereto, their heirs, legatees, devisees, administrators, executors, sucoessoTli and assigns. The tenn Mortgagee shall mean the holder and owner of any note secured hereby; or, if the note has been pledged, the pledgee thereot In this ¥ortgage, whonever the context so requiresþ the masculine gender includes the feminine and/or neuter, and the singwar number includes the plural, AU obligations of Mortgagor hereunder are joint and several. 8. In the event the herein-described Property, or any part thereo~ or any interest therein, is sold. agreed to be sold, conveyed, alienated or transfmedþ including any water transfer as defined in subsection (a) below~ by Mortgagor, or by operation of law or otherwise, except by inheritance, without Mortgagee's prior written consent, all obligations secured hereby, irrespective ofthe maturity dates, at the option of the holder hereof, and without demand or notice, shall immediately become due and payable. Failure to exercise such option shall not constitute a waiver of the right to exercise this option in the event of subsequent sale, agreement to sell, conveyance or alienation. a. A water transfer is any transfer, assignment, sale, exchange, gift, encumbrance, pledge, hypothecation, a1ienation, grant of option to purchase, Of other disposition of, directly, indirectly or in trust, voluntarily or involuntarily, by operation oflaw or otherwise, or the entry into a binding Form 13SS Pøsç 80f9 000796 agreement to do any of the foregoing with respect to all or. any part of (i) the groundwater on, under, pumped trom or otherwise available to the Property, (ii) Mortgagor's right to remove and extmct any such groundwater including any permits, rights or licenses granted by any governmental authority or agency and any rights granted or created by any easement, covenant, agreement or contract with any person or entity, (iü) any rights to which the Property is entitled with respect to surface water, whether such right is appropriative, riparian, prescriptive or otherwise and whether or not pursuant to permit or other governmental authorization, or the right to store any such water, (iv) any water, water right, water al1ocation, distribution right, delivery right, water storage right, water allocation, or other water-related entitlement appurtenant or otherwise applicable to the Property by virtue of tho Property's being situated within the boundaries of any district, agency. or other governmental entity or within the boundaries of any private water company, mutual water company, or other non-governmental eutity, or (v) any shares (or any rights under such shares) of any private water company, mutual water company, or other non-governmental entity pursuant to which Mortgagor or the Property may receive any rights. 9. In the event anyone or more of the provisions contained in this Mortgage or in any promissory note(s) hereby secured shalt for any reason be held to be Invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision of this Mortgage or said pronrlssory note(s), but this Mortgage and said promissory note(s) sha.ll be construed as if such invalid, illegal or unenforceable provision ha.d never boen contained herein or therein. 10. BOlTower releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. BORROWER WAIVES ALL RIGHTS OF HOMESTEAD EXEMPTION IN THE PROPERTY AND RELINQUISHES ALL RIGHTS OF CURTESY AND DOWER IN THE PROPERTY. Signature(s): NORTHCOM 28, LLC, a Utah Limited Liability Company By: NORTIICO By: Notary Atknowledgmeot(s): STATE Of u..r- ) "_AD 1 58. COUNTY OF ~ ) On this ...1- day of (Vt.f}A/ tß..- , 20~ before me, the undcrsignBd Notary Public in and for said County IUJd State, personally appeared BREIT BR.OADHEAD [ personally known to me] [( ) proved to me on thCl: basis of satisfactory cvidønce] to be the person(s) who executed thB withi i stroment as PRESIDENr of NORTH COM, INC., a Utah Corporation, which is a MEMBER of th" Limited Liability Company therein namCl:d, and acknowledged to me that the Limited LIability Company Bxecuted the within instrument pursuant to its articles of organization and operating agreement. FOITn 1355 Page 9 of9 Mar J lUUIJ {;!J { 1'1J:~4/U!Jl EXHIBIT ItA'1 (WEST PARŒL). A TMCT OF LAND LOCATED IN TRACTS 57, GG. f7,6'. 69. 70.11, AND 72. TOWNSHIP 24 NOR.1'H, RANOE 1 t9.WB8T. 6TH P.M.. LINCOLN COUNTY. WYOMINCl. SAW TRAct BBlNG MOO PARTlCULARJ.. Y DBSCRIB50 AS f'OI.LOWS: 000797 . .. OBOlNNINO AT CORNER NO.4 01 SAID 'BACT 70, TH! ORIQINAL STaNS MONUMENT. AND JWNNJNQ THBNCB S01JTH 8,.",0G" BAST. 45G.71 PBBT ALONG THe ~01\m!iN TH!lŒOp TOTHB CBNTBRLJNB01 THS tn'Mf LJNS - . COK2V1LL.8 COtINTY ROAD NO. 13-201, AS SAID ItOAI) JS DSSClUDBD IN THAT GRANT OF S~BNT Þ'ILBD IN BOOK 120PR ON PAQB.!O~ OF THE LIHCOLN COUNTY JŒCORDS¡ THENCB NORTH 2~$I'04N BAST. ~8.IS2:fBBf ALONG SAm CBNTElU.INS TO THB POlNI' OF CUllY ATURIi OF A CURVE TO nœ 1U0HT HA VINO A RADIUS OF 13.7~,'S PBBr; . . . TImNCB m.~3 niT ALONO TH! A.R.C OF SAID Cl1RVB AND SAID CBNTERL.rNH 'THKOUOJi A aN"tR.AL ANOlrB OF 03DU'OO·, THE LONGamRD OF WHICH BEARS NOI.TH,290$4'04U BAST, rn.7.75 ~ TO A POOO TANOBNT; . TIŒNCB NOR.TH 3Ia50'04- EAST. 123.82 PDT ALONG SAm CBN'I'BRLINB TO THB Pcmn' OF CUlV ATURB OP A CURVE To mE LHFT HA V1NO A R.ADJUS OP 954.94 FeET: 'i'HBNœ 27ti.S8 FBBT ALONG THB ARC 01 SAID CUR.VJ! AND SAlD CBNTBRLlNE THllOtTGH A CBNTRAL ANGLE OF . . 16'35'401. 'l'HBLONGcHOKDOF WHICH B!ÁRSNOITHU'32'14Q !A8T,275.&1 PBST. TO APOINTLYlNOONTHB NORm I,.JNB 0' SAID TRACf 71¡ . . . . . . . TfŒNCB S01ml89D47'40it BAST. 71.tS7 PBBT ALONO sAm NOaTH LINB OF 'rRAcr 7J TO COltNBR. NO. 3 OP TRAcr 83, A :z.iju AL1JMIN1JM flPB WITH.A J~Ji" ALUMINUM cAp JNSClUBJm -J.,S 25~1 AND APPROPRIATB DBTAILS THBNCS CONTINUING ALONG SAID NORTH UNB OP TIACT' 72,IOt.rrH 89D50153" BAST, 1323.01 FBBT TO CORNER NO. 1 1'HB1ŒOP (ALSO COKNmt NO.4 OF SAID mer f8) A 2.~" ALUMINUM PIPE WITH A 3.~u ALUMINUM CAP INSCRIBED t'LS 2500· AND APPROPJUAT!DBTAILS; . . THBNCB NORTH 89"29'02" EAST,10H.19 FBST ALONG 1HB NOR'IH IJNI OF SAID. TRACf 58 'J"OTHB WBSTBRL Y RlOHT-OP-WA Y LINB OF THBOlŒGON SHORT LIME RAILROAD AS SAID RIOHT-OP..WA Y WAS !STABIJSHBD PROM RAIIAOAD AUONMBNT~S AT 100' WBITBRLYo OP THB CBNT'BlWNB.OP THB MAIN TRACK; . THBNCB SOUTH 18'36'49" EASTI 2197J4 FBBT~ MORS OR. LESS, ALaNa SADJ lUOHT..oP-WA Y LINE TO 11m NORTH UN! OP TRACT 57~ . . THENœ NORTH'ISD2O'03" BAST, 44.11S 'EET ALONG SAID RlGHI'wOF.WAY LINB ANDTH8 NOJlTK LINK or SAID TRACT 57 TO AN EXISTING FBNŒ LINB: . . :1, THBNCB SOUTH 18'37'42" BAST, 2076.9'.FBrn' ALONO 8ADJ 1U000..or..WA Y LINB AS IVIDINCID BY TIm EXISTlNO PENCB LINEl' . THENCE SOunt 72°43'16/1 WUT. 31.81 FEBT ALONG SAm EXISTING P'BJt1CB ANt) KIGHT ..oF.. WAY LINS; THENœ SOUTH 18'33149i11!AST, 33B4.7~ PEBT ALoNG SAJD BXISTJNG FBNCB LINB AND lUGHT-OF.WA Y IJNE TO A POINT ON '1'HB lOU'11ILINB OF TRACT 15&. SAID POlNTL YINO SOUTH 18°51'361 WEST, 192.18 P.BBT PROM COKNER NO.6 OF SAJD TRACT 156~ THBNCB SOtn'H 88D51'35· WEST, 1102.9 FEST "LLONO THB SOUTH L1NB Of SAID TRACT 66 TO THI SOUTHWEST COR.NJ:;R. TJiER,ØOF (CORNER. NO.7 Ol TRAcr 66). A 3/4" lTEEL BAR wmI A 3-~" ·ALUMINUM CAP INSCRIBJm vSTANTON O. TAOOAAT PLI "1"1 AND APPROPRIATE DBTAJX..I¡ SAID COKNBK L VlNO ON nœ BAST LINB OF SAID iNACT $1¡ . . FDnn 135.5 Pal II I of4 000798 THENCB NOR.TH OOao5'11u BAST, 13J2.n FEET ALONG THE EASTLINB OF SAID TRACI' 57 TO A 5/8- STBBt. BAR ~TH A. 1.~ I ALUMINUM CAP JNSCRIBED -STAN TAOOoUT PL. 6386n~ THBNŒ. LEA VINO 8ARJ BAST LJNa OP TRACT 57, 80UI'H 89-32'$1" WHST, 1311.11 PEBT TO COJ.ND. NO, 4 OF SAID TRACT 57, A 3/4- smL BAA WITH A 3·~- ALUMIN1JM CAP lNSC1Üaim ·STANTON o. TAOOART PLS 63U· AND APPIOIIUATB DBTAlLS; . THaNCa CONTINUINO SOUTH 19'32151 ~ WEST. 1319.65 FBBT ALONG THB S011I'H LINE 01 SAJD TRACT 57 TO COaNBR NO.5 OF ~rD TRAcr 51 ( ALSO CORNBR.NO. 4 OF TRACI' 69). THB ORIGINAL ITONBMONUMBNT: . THBNCB.NORTH Ir54'4OU WEST, 949.59 PEBT At..ONO THB SOUTH LIN! OF SAID nAC'I' ø ,TO THB POINT OP INTERSBCTtON WITH THB EAST LJNB OP SECTION lB. SAID POINT MAlUŒtI WITH THB ORIGINAL STONI MONUMBNT; mENCB, CONTINUING ALONG '1'HA SOUTH LINE Op·SAID TRAcr 69. NORTH 851°49'17" WBST,316,S6 PDT TO CORNER NO.5 THEREOF, 'mE ORIGINAL STONE MON1JM!NT: . '. . 'J'HBNCB NOKTH 0011104'44" BAST J '1,1' FBBT ALONO THE WBST LrNE OF SAID TRACT Sf TO TM! S01.lTH8AST . CORNBR. 0' THB TA YLOlt StJBDJVISJONt AS SAID SUBDIVISION IS PLATTBD AND 0' RBCORD IN '1'HB OPPICB 01' 'niB LINCOLN COUNTY CL!RX: THENCE NORm 00"05121- BAST. 110'.45 PEBT ALONa 1MB mSTLrN! OF SAlD TRACT &S9 AN!) TfŒ BASTLINB OF' SAID SUBDMSJON TO CORNBR NO.6 OF SAID 'I1\ACT 59 AND TH8 NOR'I'HBAST CO~ OF lAm SUBDIVISION. A BTBBL PIPS WITH A ÞkASS CAP INSCRJBBD IIPAUL N.SCHBUIL LS 164- AND APPR.OPRJAmDET^JLS~ TRBNCB NORTH 89"52'10· WEST. 254.46 FDT ALONG THE NORTH LINB or 8Aß) StJBDMSION TO THE CSNT5RLINB 0. SAID COUNrV ROADNa. 12-207 AND THE SOUTHBAST CORNER. 0"1 THE LAVOY TA nOR TRACT AS DESCRIBED IN BOOK 201Plt ON PAOE 419011 SAJD UCORDS1 . TRlNCB NORm 00""''''' EAST, 450J~ PlmT ALONG BAlD CBNImU.JNE ANÐ THB BAST LJ1'tm o~ lAID LAVOY TAYLOR. TRACT TO THE NOR.nŒAST CORNER THEREOF:· ' . THENœ NORTH 89'52'34" ~ST, 100,01 PBBT ALONO'ffiß NORTH LJNI Of SAm LAVOY TAYLOR 'IRACTTO TJœ SOUTJiSAST CORNER OP'THB m:r StJBJ)MSJON. AS 8Aß) SUDDMSION IS PLAmD AND OF REC01\D IN nœ' OPllCl OF THE LINCOLN COUN'J'Y CLEM, SAID CORNER BBINO MARIœD BY A STBBL BAR wmJ A 2: ALuMlNtJM CAP 1NScamso ·SUR.VBYOR SCHERBEL BIG PINEY WY PLS 164 2002Q; . . THSNCB NORTH OOD55'S4" 1AST,285.2J FDT ALONG nœ BAST LINE OF SAID JR.T StJBDJVISION 1'0 'niB . , NORTHBAST COlOOUl nœaæop, A STBBL BAll WITH A 2" AL1JMIN~ CAP lNSCIUBBD IISURVEYOR SCHBRSEL alO PINBY WY PLSI64 200211~ . ..' TIœNCB NORTf! 151'52'30" WBST,29S,19 PŒr ALONG THE NQR.TH LINE OF SAID JRT stmDlVISION TO THB NOR.THWBST CORNBR THBRBOF,A STBBL BAR WITH A 3", ALUMfNUM CAP INSCJU8BD "stJRVBVOR SctœRBEL.810 PINBY WV PLS 164 2002"; . . . THENCE SOUTH 000S3'51" WEST, 295.21 PBBT ALONG THB WBST LINE OP SAID JItT SUBDMSION 1'0 THE .' SO\1J'HWBST coæÆR THSREOP AND THB NORTH LJN2 OF SAID LAVOY TAYLOR TKACT, A STBBL BAIl WITH A, 2" 'ALUMINUM CAP JNSCRIBED IISURveyOR SCHBDBL SIC PINEY WY PLS 164 2OOZ"; . THBNC! NORTH Sf03Z'U" WEsT. '75.73 flSr ALONG THE NORTH LXNB OF SAW LAVOY TAYLOR. TRACT TO THB WEST LINB OP ~D TRACT ,g~ . THBNCB NOJlTH ~03'.5'r' BAIT. 1080.54 FSST ALONG 'IHB waST LINB OF lAID TkACT 61 TO THE POIN'I' OF rNTBUBCTION W1THTHB NOR11ILINE OF SAID.SBCTION 18, SAm POINT BElNO MARXBD By'A S'I'BBl..PIPB WJTH A BRASS CAP INSCRIBED "PAt1J" N.ICHBRBBL L! 164" AND APPROPRIAT! D!TA1LS~ . 'l'HBNCB, CONTlNUlNO ALONO THB WBSTLINB OF SAID TRACT ~9. NORTH 00°03'29" BAST. J043.93 PDT TO THE NORTHWEST CORNER THBUOP (CORNER NO, 8 TMCT 61'1 AND CORNBR. NO. J OF TRACT 70)¡ . At!¥NCêlMQf&nMI~\ WBST, 135J1.94 PDT ALONO THB WBSTLINB 0' SAID 'I'RAcr 'TO TO THB P.OINJ' OP Form 1355 'Pasc20f4 Mar J zuutJ I; ~ I I'Ujb/U~L BEOD'>lN1NG, ALSO lNQ,T,1DINO THE FOLLOWING DBSCRIBBD PROP1!1\1Y: (pART OFTAX·NO, 12·Z419..0S..t..oo.031.00) (PAR.T OF TAX NO. 12..2419--~a-l-Q0-048.0Q) (pART OF TAX NO. 12.2419.oIoo3.()O.048.00) (SUVBR PARCEL) THAT PART OF 1'RIt.C1S 54.!8. '9, AND", TOWNSHIP 24 NOR.TH, åANos 119 WEST.6'm P.~. WfCOLN COUNTY. WYOMINO, L VINO BAST OF res BASTBRLY RIOHT·OF·WA Y LINB OP THB ORBaOH SHORT LINB RAILROAD. . 000799 ALSO INCLUDING THE FOLLOWING DBSCRISBD PROPERTY! . (PA1tT OPTAXNo.IW4J9·01-3·QO·048.00) (BÂST PAltCBL) A 'rAACT OF LAND LOCA"rBn IN TRACTS 61, 68,.72, AND 73, TOWNSHIP 24 NORTH. RANGE 119 WEST, 6TH PoM.. . LINCOLN COUNTY, WYOMING, SAID TRACT BEING MORB PAKTJCULARJ.,Y DBSCRJBED AS fOLLOWS: . . BEGINNING AT CORNBR NO.4 OF SAID TRACT 72, MONUMBNTBD BY A STEEL PIPH WITH It. 3·14" ALUMINUM CAP JNSCRIB~Þ "U 2500· AND APPROPlUA T! DBTAILS, AND RUNNING THBNCB NOaTH 8~'19111· BAST, 1~4D.21 FEST ALONG TijB NOITH Ll)IB THE1ŒOP TO CORNS1t NO. J OF SAID TRACT 72 (JDBNTICAL WITH CORNBlt NO, 401' SA[D TRACT 13). A STiBL PIPS WITH A 2-~1I BUSS CAP INScmm ~c. WALL LS 482 1917/1 "AND APPJWPRIATE DBTAILø; . . . . THENCE SOtJ'IH 891'44'4$- BAST, 1310.86 PBBT ALONG THB NORTH LJNB OP SAID TRACT 13 TO CO~ NO, J THEREOF. A ITfŒL BAR WrrHAl..K" ALUMINUM CAP INSCRIBBD "1113"; . THENCE SOtlIH 00"26'231 BAST. 2700.98 PEBT ALONO TH8 BAST LINB Of SAID TRACT 73 TO CORNB1t NO.3 THEIŒOF; THaNcB SOUTfl OO~ 03q WEST. 1335.86 Jr1!KT TO CQRNBR NO. 1 OF TRACT 66. A STmiL PIPE WITH A BRASS CAP lNSCRJBBD npAtJL N. SCHBRBBL LS 164" AND APPR.OPlUA TB DBTAJLS¡ . THENCE SOUTH .1'29124- WOT, 1328.64 Fur ALONa THB NORTH LINn OF SAle TRACT ~6 TO CORNER NO.3 OF SAID TRACT 61; . . THSNCS CONTINUINO SOtJ'I'H BID2'U" WEST, 40.23 PEBT TO 11IB BASTBJtLY RJGHT.oP.WA Y LINE OF THB ORBGON SHOIT LINB RAILROAD AS BVIDENCBD BY AN rooSTING lENe! LINE: . ' . .' THENCB NOR.m 18°31'39" WEST. 1391.01 PBST, MORE OR LESS, ALONG SAID BXI8TINQ PBNCB AND lUOHT..QF·WA Y LJN!:TO TH2 SOtml LINB OP SAID TRACT 12; . . . THINCS NORTH 881120'0311 BAST, 39.61 PBET.ALONO SAID SOOTH ÍJNB OF SAID JUOHT..QP·WA Y IJNB TO It. POrNT ON SAID WTBRLY 1WLROAÞ IUOHT-oP.WA Y LIN! A8ISTMU$H!D PROM RAILl\OAD AL'GHMSNT PLANS Nt 100' BASTBKL Y OF 11Œ CBNT8RLINB OJ THB MAIN TRACK; , THENCB NORTH 18'36'49" WBST. 281J3.57 PEET ALONG SAID RICiHT.QF-WAYLJNE TO THB NORTH LINB oir SAID TRAct d8; . . THENCE NORTH 89°J9'10" BAST, 33,59 FEET ALONG SAm NORTH LINB TO THE POINT Of' BBC1INNtNO.· (pART 01 TAX NO. 12-2419-01.3.00-048.00) (pART OF TAX NO. 12-2419-08-1.00.031.00) ¡;"orm 1355 Paac3 uf4 '! 000800 ~ .,' . . . TOGETHER WITH the. following water rights registereø with the State of Wyoming Department of Water Resources: Territorial Water Right for 2·:85.-cf5 from the Smith's Fo* River, with a Priority Date. of June 1, 1885; Tenitorial Water Right for 0.92 cfs from the, Smith's Fork River, wi~ a Priority Date of June .1, 1885; TelTitoriar Water Right for 1.5 cfs fråin the. Smith's Fork' River, With a Priority Da,te of 1877; and a' TelTitorlal Water Right for 1.64 efs frorrÙhe Smithts . , " F.ork River, with a Priority· Date of June 1, 1887. . '" .... .' , . . . '" . ','" ""\' .. " .. .' . . , Form 1355 Pace 4 of4 ·lL