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RECORDATION REQUESTED BY:
First Bank of Idaho, fsb, dba First Bank of the Tetons
Jackson - Main Office
1 <¡.5 Powderhorn Lane
PO Box 12860
Jackson, WY 83002
WHEN RECORDED MAIL TO:
First Bank of Idaho, fsb, dba First Bank of the Tetons
Jackson . Main Office
185 POwderhorn Lane
PO Box 12860
Jackson, WY 83002
RECEIVED 4/28/2008 at 3:51 PM
RECEIVING # 938536
BOOK: 693 PAGE: 45
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
SEND TAX NOTICES TO:
First Bank of Idaho, fsb, dba First Bank of the Tetons
Jackson . Main Office
1 85 POwderhorn lane
PO Box 12860
Jackson. WY 83002
SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY
MORTGAGE
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THIS MORTGAGE dated April 18, 2008, is made and executed between Royal Coachmen, LLC (referred to below
as "Grantor") and First Bank of Idaho, fsb, dba First Bank of the Tetons, whose address is 185 Powderhorn Lane,
PO Box 12860, Jackson, WY 83002 (referred to below as "Lender").
GRANT OF MORTGAGE. For valuable consideration, Grantor mortgages and conveys to lender all of Grantor's right, titie, and Interest In and to
the following described real property, together wllh all existing or subsequently erected or affixed buildings, Improvements and fixlures; all
easements. rights of way, and appurtenances; ell water, water rights, watercourses and ditch rights (including stock in utilities wllh ditch or
Irrigation rights); and all other rights, royaities, and profits relatinQ to the real property, including without limitation all minerals, oil, gas,
geothermal and similar matters; (the "Real Property") located In Lincoln County, State of Wyoming: '
LOT 16 OF SNAKE RIVER JUNCTION SECOND FILING RECORDED AUGUST 29, 2007 AS DOCUMENT
NUMBER 932576 IN THE OFFICE OF THE CLERK OF LINCOLN COUNTY, WYOMING
The Real Property or its address Is commonly known as Lot 16 of Snake River Junction, AI )ine, WY 83128. The
Real Property tax identification number is 12-3718-20-4-00-206.00; 12-3718-20-4-00-205.00;
12-3718-20-4-00-204.00.
Grantor presentiy assigns to lender all of Grantor's right, titie, and Interest In and to all present and future leases of the Property and all Rents
from the Property. In addition, Grantor grants to lender a Uniform Commercial Code sacurlty Interest in the Personal Property and Rents.
THIS MORTGAGE, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY, tS
GIVEN TO SECURE (A) PAYMENT OF THE INDEBTEDNESS AND (B) PERFORMANCE OF ANY AND ALL OBLIGATIONS UNDER THE NOTE,
THE RELATED DOCUMENTS, AND THIS MORTGAGE. THIS MORTGAGE IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS:
PAYMENT AND PERFORMANCE. Except as otherwise provided In this Mortgage, Grantor shall pay to lender all amounts secured by this
Mortgage as they become due and shall strictiy perform all of Grantor's obligations under this Mortgage.
POSSESSION AND MAINTENANCE OF THE PROPERTY. Grantor agrees that Grantor's possession and use of the Proparty shall be govemed by
the following provisions:
Possession and Use. Until the occurrence of an Event of Defaull, Grantor may (1) remain in possession and control of the Property; (2)
use, operate or manage the Property; and (3) collect the Rents from the Property.
Duty to Maintain. Grantor shall maintain the Property in tenantable condlllon and promptiy perform all rapairs, replacements, and
malntenanca necessary to preserve lis value.
Compliance With Environmental Laws. Granlor represents and warrants 10 lender that: (1) During the period of Grantor's ownership of
the Property, there has been no use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous
Subs lance by any parson on, under. about or from the Property; (2) Grantor has no knowledge of, or reason to believe that there has
been, except as previously disclosed to and acknowledged by lender in writing. (a) any breach or violation of any Environmental laws,
(b) any use, generation. manufactura, storege. treatmenl, disposal, release or threalened release of any Hazardous Substance on, under,
about or from the Property by any prior owners or occupants of the Property, or (c) any actual or threatened litigation or claims of any
kind by any person relating to such matiers; and (3) Except as previously disclosed to and acknowledged by lender in writing, (a) neither
Grantor nor any lenant, contractor, agent or other authorized user of the Property shall use, generale, manufacture, store, treal, dispose of
or release any Hazardous Substance on, under, about or from the Property; and (b) any such activity shall be conducted in compliance
with all applicable federal, state, and local laws, regulations and ordinances, including without limitation all Environmental laws. Grantor
authorizes lender and its agents to enter upon the Property to make such inspections and tests, at Grantor's expense, as lender may deem
appropriate to determine compliance of Ihe Property with this see Ii on of the Mortgage. Any inspections or tests made by lender shall be
for lende~s purposes only and shall not be construed to create any responsibilily or liability on the part of lender to Grantor or to any other
person. The representations and warranties contained herein are based on Granto~s due diligence in Investigating the Property for
Hazardous Substances. Grantor hereby (1) releases and waives any future claims against lender for Indemnity or contribution In the
event Grantor becomes liable for cleanup or other costs under any such laws; and (2) agrees to Indemnify, defend, and hold harmless
lender against any and all claims, losses, liabilities, damages, penalties, and expenses which lender may directly or indirectiy sustain or
suffer resulting from a breach of this section of the Mortgage or as a consequence of any use, generalion, manufacture, storage, disposal,
release or threalened release occurring prior to Grantor's ownership or inleresl in the Property, whether or not the same was or should
have been known to Grantor. The provisions of this section of the Mortgage, including the obligation to Indemnify and defend, shall surviva
the payment of the Indebledness and the satisfaction and reconveyance of the lien of this Mortgage and shall not be affected by lender's
acquisition of any interest in the Property, whelher by foreclosure or otherwise.
Nuisance, Waste. Grantor shall not cause, conduct or permit any nuisance nor commit, permit, or suffer any stripping of or waste on or to
the Property or any portion of Ihe Property, Without limiting Ihe generality of the foregoing, Grantor will not remove, or grant to any other
party the right to remove, any limber, minerals (including 011 and gas), coal, clay, scoria, soil, gravel or rock products wllhout lender's prior
wrillen consent.
Removal of Improvements, Grantor shall not demolish or remove any Improvements from the Real Property withoul lender's prior wrltlen
consent. As a condition to the removal of any Improvements, Lender may require Grantor to make arrangements satisfactory to Lender to
replace such Improvements with Improvements of at least equal value.
Lender's Right to Enter. Lender and lender's agents and representatives may enter upon the Reai Property at all reasonable times 10 allend
to Lender's interests and to inspect the Real Property for purposes of Granlor's compliance with the terms and conditions of this Mortgege.
Compliance with Governmental, Requirements. Grantor shall promplly comply with all laws, ordinances, and regulations, now or hereafter
In effect, of all governmental authorities applicable to the use or occupancy of the Property, including without limitation, the Americans
With Disabilities Act. Grantor may contest in good faith any such law, ordinance, or regulation and withhold compliance during any
proceeding, Including appropriate appeals, so long as Grantor has notified lender In writing prior to doing so and so long as, In lende~s
sole opinion, Lender's interests in the Property are not jeopardized. Lender may require Grantor to post adequate security or a surety bond,
reasonably satisfactory to Lender, to protect lender's interest.
Duty to Protect. Grantor agrees neither to abandon or leave unaltended the Property. Grantor shall do all other acls, in eddition to those
acts set forth above in this section, which from the characler and use of the Property are reasonably necessary to protect and preserve the
Property.
Loan No: 494028996
MUK I üAül:
(Continued)
Page 2
DUE ON SALE . CONSENT BY LENDER. lender may, at lender's option, declare immediately due and payable all sums secured by this
Mortga.e upon the sale or Iransfer. withoul lender's prior wrillen consent, of all or any part of the Real Property, or any interest in the Real
Property. A "sale or transfer" means the conveyance of Real Property or any right. title or interest in the Real Property; whether legal, beneficial
or equitable; whether voluntary or Involuntary; whether by outright sale. deed, installment sale contract, land contract, contract for deed,
laasehold Interest with a term greeter than thrae (3) years, lease-option contract. or by sale, assignment, or transfer of any beneficiatlntarest In
or to any land trust holding title to the Real Property, or by any other method of conveyance of an interast in tha Raal Property. If any Grantor is
a corporation, partnership or limited liability company, transfar also includes any change In ownership of more than twenty-five percent (25%) of
the voting stock, pertnership interests or limited liability company interests, as the case may be, of such Grantor. However, this option shall not
be exercised by lender if such exarcise is prohibited by federal law or by Wyoming law.
TAXES AND LIENS. The following provisions relating to the taxes and liens on the Property are part of this Mortgage:
Paymant. Grantor shall pay when due (and in all events prior to delinquency) all taxes, payroll taxes, special taxes, assessments, water
charges and sewer service charges levied against or on account of the Property, and shall pay when dua all claims for work done on or for
services rendered or material furnished to the Property, Grantor shall maintain the Property free of any liens having priority over or equal to
the interest of lender under this Mortgage, axcept for those liens specifically agreed to in writing by lender, and except for the lien of taxes
and assassments not due as furthar specified In the Right to Contesl paragraph.
Right to Contest. Granlor may withhold payment of any tax, assessment, or claim in connection with a good faith dispute over the
obligation to pay, so long as lender's interest in the Property is not jeopardized. If a lien arises or is filed as a rasull of nonpayment,
Grantor shall wllhin fifteen (15) days after the lien arises or, if a lien is filed, within fifteen (15) days after Grantor has notice of the filing,
secure the discharge of the lien, or if requasled by lender, deposit with lender cash or a sufficient corporate surety bond or other security
satisfactory to lender in an amount sufficient to discharge the lien plus any costs and reasonable allorneys' fees, or other charges that
could accrue as a resull of a foreclosure or sale under the lien. In any contest, Grantor shall defend itself and lender and shall satisfy any
adverse judgment before enforcement against the Property. Grantor shall name lender as an addllional obligee under any surety bond
furnished in the contest proceedings.
Evidence of Payment. Grantor shall upon demand furnish to lender satisfactory evidence of payment of the taxes or assessments and shall
authorize the appropriate governmental official to deliver to landar at any time a written statement of the taxes and assessments against
the Property.
Notice of Construction. Grantor shall notify lender at least fifteen (15) days before any work is commenced, any services are furnished, or
any materials are supplied to the Property, if any mechanic's lien, materialmen's lien, or other lien could be asserted on account of the
work, services, or matarials. Grantor will upon request of lender furnish to lender advance assurances satisfactory to lender that Grantor
can and will pay the cost of such improvements.
PROPERTY DAMAGE INSURANCE. The following provisions relating to Insuring the Property are a part of this Mortgage:
Maintenance of Insurance. Grantor shall procure and maintain policies of fire Insurance with standard extended coverage endorsements on
a replacement basis for the full insurable value covering all Improvaments on the Real Property In an amount sufficient to avoid application
of any coinsurance clause, and with a standard mortgagae clause in favor of lender, Grantor shall also procure and maintain
comprehensive general liability ,insurance In such coverage amounts as lender may request with lender being named as additional insureds
in such liability insurance policies. Additionally, Granlor shall maintain such other insurance, including but not limited to hazard, business
interruption and boiler insurance as lender may require. Policies shall be wrlllen by such insurance companies and In such form as may be
reasonably acceptable to lender. Grantor shall deliver to lender certificates of coverage from each insurer conlaining a stipulation that
coverage will not be cancelled or diminished without a minimum of fifteen (15) days' prior written notice to lender and not containing any
disclaimer of the Insurer's liability for failure to give such notice. Each Insurance policy also shall include an endorsement providing that
coverage in favor of lender will not be impaired in any way by any act, omission or dafault of Grantor or any other person. Should the Real
Property be locatad in an area designated by Ihe Director of tha Federal Emergency Management Agency as a special fiood hazard area,
Grantor agrees to obtain and maintain Federal Flood Insurance, if avallabla, within 45 days after notice is given by lender that the Property
is located in a special fiood hazard area, for tha full unpaid principal balance of the loan and any prior liens on the property securing the
loan, up to the maximum policy limits set under the National Flood Insurance Program, or as otherwise required by lender, and to maintain
such insurance for the term of the loan.
000046
Application 01 Proceeds. Grantor shall promptly notify lender of any loss or damage to the Property. lender may make proof of loss if
Grantor falls to do so within fifteen (15) days of the casualty. Whether or not lender's security is impaired, lender may, at lender's
election, receive and retain the procaeds of any insurance and apply the proceeds to the reduction of the Indebtednass, payment of any lien
affecting the Property, or the rastoration and repair of the Proparty. If lender elects to apply the proceeds to restoration and repair. Grantor
shall repair or replace the damaged or destroyed Improvements In a manner satisfactory to lender. lender shall, upon 'Satisfactory proof of
such expenditure, payor reimburse Grantor from the proceeds for the reasonable cost of repair or restoration if Grantor is not in default
under this Mortgage. Any proceeds which have not been disbursed within 180 days after their receipt and which lender has not
committed to tha rapair or restoration of the Property shall be used first to pay any amounl owing to lender under this Mortgage, then to
pay accrued interest, and the remainder, If any, shall be applied to the principal balance of the Indebtedness. If Lender holds any proceeds
after payment in full of the Indebtedness, such proceeds shall be paid to Grantor as Grantor's interests may appear.
Grantor's Report on Insurance, Upon request of lender, however not more than once a year, Grantor shall furnish to lender a report on
each existing policy of Insuranca showing: (1) the name of the insurer: (2) the risks insured; (3) the amount 01 the policy: (4) the
properly insured, the then current replacement value of such property, and the manner of detarmining that value; and (5) the expiration
date of the policy. Grantor shall, upon request of lender, have an independenl appraiser satisfactory to lender determine the cash value
raplacement cost of the Property.
LENDER'S EXPENDITURES, If any action or proceeding is commenced that would materially affect lender's Interest in the Property or if Grantor
fails to comply with any provision of this Mortgage or any Related Documents, including but not limited to Grantor's failure to discharge or pay
when due any amounts Grantor is required to discharge or pay under this Mortgage or any Related Documents, lender on Grantor's behalf may
(but shall not be obligated to) take any action that lender deems appropriate. Including but not limited to discharging or paying all taxes. liens,
security interests, encumbrances and other claims, at any time levied or placed on the Property and paying all costs for insuring, maintaining end
preserving the Property. All such expenditures incurred or paid by Lender for such purposes will then bear interest at the rate charged under the
Note from the date Incurred or paid by lender to the date of repayment by Grantor. All such expenses will become a part of the Indebtedness
and, at lender's option, will (A) be payable on demand: (B) be added to the balance of the Note and be appOrtioned among and be payable
with any installment payments to become due during either (1) the term of any applicable Insurance policy; or (2) the remaining term of the
Note: or (e) be treated as a balloon payment which will be due and payable at the Note's maturity. The Mortgage also will secure payment of
these amounts. Such right shall be in addition to all other rights and remedies to which lender may be entitled upon Default.
WARRANTY; DEFENSE OF TITLE. The following provisions relating to ownership of the Property are a parI of this Mortgage:
Title. Grantor warrants that: (a) Grantor holds good and marketable title of record to the Property in fee simple. free and clear of all liens
and encumbrances other than those set forth In the Real Property description or in any title insurance policy, titie report, or final title opinion
issuad in favor of, and accepted by. Lender in connection with this Mortgage, and (b) Grantor has Ihe full right, power, and authority to
axecute and deliver this Mortgage 10 Lender.
Defen.e 01 Title. Subject to the excaption In the paragraph above, Grantor warrants and will forever defend the titie to the Property against
the lawful claims of all parsons. In tha evant any action or proceeding is commenced that questions Grantor's title or the interest of lender
under this Mortgage, Grantor shall defend the action at Grantor's expense. Grantor may be the nominal party in such proceeding, but
lender shall be entitled 10 participate in the proceeding and to be reprasented in the proceeding by counsel of lender's own choice, and
Grantor will deliver, or causa to ba delivered, to lender such Instruments as lender may request from time to time to permit such
participation.
Compliance With Laws. Grantor warrants that the Property and Grantor's use of the Property complies with all 'existing applicable laws,
ordinances, and regulations of governmental authorities.
Survlvel of Repreaentatlons and Werrantles. All representations, warranties, and agreements made by Grantor in this Mortgage shall
survive the execution and delivery of this Mortgage, shall be continuing in nature, and shall remain in full force and effect until such time as
Grantor's Indebtedness shall be paid In full.
CONDEMNATION. The following provisions relating to condemnation procaedings are a parI of this Mortgage:
Proceedings, If any proceeding in condemnation is fiied, Grantor shall promptly notify Lender in writing, and Grantor shall promptly take
Loan No: 494028996
MOkll:iAl:iE
(Continued)
Page 3
such steps as may be necessary to defend the action and obtain the award. Grantor may be the nominal party In such proceeding, but
Lender shall be entitled to participate In the proceeding and to be represented in the proceeding by counsel of its own choice, and Grantor
Will deliver or cause to be delivered to lender such instruments and documentation as may be requastad by lender from time to time to
permit such participation.
Application of N.t Proc..d.. If all or any part of the Property is condemned by eminent domain proceedings or by any proceeding or
purchase in lieu of condemnation, lender may at Its election require that all or any portion of the net proceeds of the award be applied to
the Indebtedness or the repair or restoration of the Property. The net proceeds of the award shall mean the award after payment of all
reasonable costs, expenses, and attorneys' fees Incurred by lender in connection with the condemnation.. 000
IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relating to governmental taxes, 04·';r
fees and charges ara a part of this Mortgage:
Curr.nt Tax.s, F... and Charg.s. Upon request by lender, Grantor shall execute such documents in addition to this Mortgage and take
whalever other action Is requested by Lender to perfect and continue lender's lien on the Real Property. Grantor shall reimburse lender for
all taxes, as describad below, together with all expenses incurred in recording, perfecting or continuing this Mortgage, including without
limitation all taxes, fees, documentary stamps, and other charges for recording or registering this Mortgage.
Tax... The following shall constitute taxes to which this section applies: (1) a specific tax upon this type of Mortgage or upon all or any
part of the Indebtedness secured by this Mortgage; (2) a specific tax on Grantor which Grantor Is authorized or required to deduct from
payments on the Indebtedness secured by this type of Mortgage; (3) a tax on this Iype of Mortgage chargeable against the lender or the
holder of the Note; and (4) a specific tax on all or any portion of the Indebtedness or on payments of principal and interest made by
Gra~o~ .
Sub..qu.nt Taxe.. If any tax to which this section applies Is enacted subsequent to the date of this Mortgage, this event shall have the
same effect as an Event of Default. and lender may exercise any or all of Its available remedies for an Event of Default as provided below
unless Grantor either (1) pays the tax before It becomes delinquent, or (2) contests the tax as provided above In the Taxes and Uens
section and deposits with lender cash or a sufficient corporate surety bond or other security satisfactory to lender.
SECURITY AGREEMENT: FINANCING STATEMENTS. The following provisions relating to this Mortgage as a security agreement are a part of
this Mortgage:
S.curlty Agr..m.nt. This instrument shall constitute a Security Agreement to the extent any of the Property constltules fixtures. and
lender shall have all of the rlghls of a secured party under the Uniform Commercial Code as amended from time to tlma.
S.curlty Int.r.st. Upon request by Lender, Grantor shall take whatever action is requested by Lender to perfect and continue Lender's
security Inlerestln the Rents and Personal Property. In addition to recording this Mortgage In Ihe real property records, lender may, at any
time end without further authorization from Grantor, file executed counterparts, copies or reproductions of this Mortgage as a financing
statement. Grantor shall reimburse lender for all expenses Incurred In perfecting or continuing this security Interest. Upon default. Granlor
shall not remove, sever or detach the Personal Property from the Property. Upon default, Grantor shall assemble any Personal Property not
affixed to the Property In a manner and at a place reasonably convenient to Grantor and lender and make It available to lender within three
(3) days after receipt of written demand from lender 10 Ihe extent permitted by applicable law.
Addr....s. The mailing addresses of Grantor (debtor) and lender (secured party) from which Information concerning the security Interest
granted by this Mortgage may be obtained (each as required by the Uniform Commercial Code) are as stated on the IIrst page of Ihls
Mortgage.
FURTHER ASSURANCES; ATTORNEY-IN-FACT. The following provisions relating to further assurances and attorney-in-fact are a part of this
Mortgage:
Furth.r A..uranc... At any time, and from time to time, upon request of lender, Grantor will make, execute and deliver, or will cause to
be rrade, executed or delivered, to lender or to lender's designee. and when requested by Lender, cause to be filed, recorded, refiled. or
rerecorded, as the case may be, et such times and In such offices and places as lender may deem appropriate, any and all such mortgages,
deeds of trust, security deeds, security agreements, financing statements, continuation statements, Instruments of further assurance,
certificates, and other documents as may, In the sole opinion of lander, be necessary or desirable in order to effectuate, complete, perfect,
continue, or preserve (1) Grantor's obligations under the Note, this Mortgage, and the Related Documents, end (2) the liens and
security Interests created by this Mortgage as IIrst and prior liens on the Property, whether now owned or hereafter acquired by Grantor.
Unless prohibited by law or lander agrees to the contrary in writing, Grantor shell reimburse lender for all costs and expenses Incurred In
connection with the matters referred to in this paragraph.
Attorn.y-In-Fact, If Grantor falls to do any of the things referred to in the preceding paragraph, lender may do so for and In the name of
Grantor and at Grantor's expense. For such purposes, Grantor hereby Irrevocably appoints lender as Grantor's attomey-In-fact for the
purpose of making, executing, delivering, filing, recording, and doing all other things as may be necessary or desirable, In lender's sole
opinion, to accomplish the malters referred to in the preceding paragraph.
FUll PERFORMANCE. If Grantor pays all the Indebtedness when due, and othelWise performs all the obligations imþosed upon Grantor under
this Mortgage, Lender shall execute and deliver to Grantor a suitable satisfaction of this Mortgage and suitable statements of termination of any
financing statement on file evidencing lender's security Interest in the Rents and the Personal Property. Grantor will pay, if permitted by
applicable law, any reasonable termination fee as determined by lender from time to time.
EVENTS OF DEFAULT. Each of th. following, at lander's option, shall conslilute an Event of Oefault under this Mortgage:
Payment D.lault. Grantor fails to make any payment when due under the Indebtedness.
D.fault on Other Paym.nts. Failure 01 Grantor within the time required by this Mortgage to make any payment for taxes or insurance, or
any other payment necessary to prevent filing of or to effect discharge of any lien.
Oth.r D.laults. Grantor falls to comply with or to perform any other term, obligation, covenant or condition contained In this Mortgage or
in any of the Related Documents or to comply with or to perform any term, obligation, covenant or condition contained In any other
agreement between lender and Grantor.
D.fault tn Favor of Third Parties. Should Grantor defeult under any loan, extension of credit, security agreement, purchase or sales
agreement, or any other agreement, In favor of any othar creditor or person that may materially affect any of Grantor's property or
Grantor's ability to repay the Indebtedness or Grantor's ability to perform Grantor's obligations under this Mortgage or any related
document.
Fal.e Stat.m.nts. Any warranty, represantation or statement made or furnished to lender by Grantor or on Grantor's behalf under this
Mortgage or the Related Documents is false or misleading in any material respect, either now or at the time made or furnished or becomes
false or misleading at any time thereafter.
D.fectlv. Collat.rallzatlon. This Mortgage or any of the Relatad Documents ceases to be in full force and effect (including failure of eny
collateral document to create a valid and perfected security Inlerest or lien) at any time and for any reason.
D.ath or Insolv.ncy. The dissolution of Granlor's (regardiess of whelher election to continue Is made), any member withdraws from the
limited liability company. or any other tarminatlon of Grantor's existence as a going businass or the death 01 any member, the Insolvency of
Grantor, the appointment-of a receiver for any part of Grantor's property, any assignment for the benefit of creditors, any type of creditor
workout, or the commencement of any proceeding under any bankruptcy or Insolvency laws by or against Grantor.
Cr.ditor or Forf.ltur. Proce.dlngs. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding. self-help,
repossession or any other method, by eny creditor of Grantor or by any governmental agency against any property securing tha
Indebtedness. This includes a gamishment of any of Grantor's accounts, including deposit accounts, with lender. However, this Event of
Default shall not apply if there Is a good faith dispute by Grantor as to the validity or reasonableness of the claim which is the basis of the
creditor or forfeiture procaedlng and If Grantor gives lender written notice of the credllor or forfeiture proceeding and deposits with lander
monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined by lender, In its sole discretion, as being an
adequate reserve or bond for the dispute.
Br.ach of Oth.r Agre.ment. Any breach by Grantor under the terms of any other agreement between Grantor and lender that Is not
remedied within any. grace period provided therein, Including without limitation any agreement conceming any Indebtedness or other
obligation of Grantor to lender, whether existing now or later.
Loan No: 494028996
MORTGAGE
(Continued)
Page 4
Events Affecting Guarentor. Any of the preceding events occurs with respect to any Guarantor of any of the Indebtedness or any
Guarantor dies or becomes Incompetent, or revokes or disputes the validity of, or liability under, any Guaranty of the Indebtedness.
Adverse Change. A material adverse change occurs in Granto~s financial condition, or lender believes the prospect of payment or
pertormance of the Indebtedness is impaired. 0000
Insecurity. Lender in good failh believes itself Insecure. 48
Right to Cure. If any default, other than a default in payment Is curable and if Grantor has not been given a notice of a breach of the same
provision of this Mortgage within the preceding twelve (12) months, It may be cured if Grantor, after receiving wrlllen notice from Lender
demanding cure of such default: (1) cures the default within fifteen (15) days; or (2) If the cure requires more than fifteen (15) deys,
Immediately initiates steps which lender deems In lende~s sole discretion to be sufficient to cure the default and thereafter continues and
completes ell reasonable and necessary steps sufficient to produce compliance as soon as reasonably practical.
RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence of an Event of Default and at any time thereafter, Lender, at Lender's opllon, may
eKarclse anyone or more of tha following rights and remedlas, in addition to any other rights or remedies provldad by law:
Accelerate Indebtednees. lender shall have the right at ils option wilhout no lice to Grantor to declare the enllre Indebtadness immediately
due and payable, Including any prepayment penalty Ihat Grantor would be required to pay.
UCC Remedies. With respect to all or any part of the Personal Property, lender shall have all the rlghls and remedies of a secured party
under the Uniform Commercial Code.
Collect Rents. lender shall have the right, without notice to Grantor, to take possession of the Property, including during the pendency of
foreclosure, whether Judicial or non-judicial, and collect the Rents, including amounts past due and unpaid, and apply the net proceeds, over
and above lander's costs, against the Indebtedness. In furtherance of this right, lender may require any lenant or other user of Ihe
Property to make payments of rent or use fees direclly to lender. If the Rents are collected by lender, then Grantor irrevocably designetes
lender as Grantor's allorney-In-fact to endorse Instruments received In payment thereof in the name of Grantor and to negotiate the same
and collect the proceeds. Payments by tenants or other users to Lender in response to lender's demand shall satisfy the obligations for
which the payments are made, whether or not any proper grounds for the demand eKisted. Lender may eKercise ils rights under this
subparagraph either In person, by agent, or through a receiver.
Appoint Receiver. Lender shall have the right to have a receiver appointed to take possession of all or any part of the Property, with the
power to protect and preserve the Property, to operate the Property preceding foreclosura or sale, and 10 collect the Rents from Ihe
Property and apply the proceeds, over and above the cost of the receivership, against Ihe Indebtedness. The receiver may serva without
bond if permitted by law. Lender's right to the appointment of a receiver shall eKlst whether or not the apparent value of the Property
eKceeds the Indebtedness by a substantial amount. Employment by Lender shall not disqualify a person from serving as a receiver.
Judicial Foreclosure. Lender may obtain a Judicial decrea foreclosing Grantor's interest In all or any part of the Property.
Nonjudicial Sale. Lender may foreclose Grantor's interest in all or in any part of the Property by non-Judicial sale, and specifically by 'power
of sale' or "advertisement and sale" foreclosure as provided by statute.
Deftclency Judgment. If permitted by applicable law, lender may obtain a judgment for any deficiency remaining in the Indebtedness due
to lender after application of all amounts received from the eKercise of the rights provided in this section.
Tenancy at Sufferance. If Grantor remains in possession of the Property after the Property Is sold as provided above or lender otherwise
becomes entitled to possession of the Property upon default of Grantor, Grantor shall become a tenant at sufferance of Lender or the
purchaser of the Property and shall, at Lender's option, either (1) pay a reasonable rental for the use of the Property, or (2) vacete the
Property Immediately upon the demand of lender.
Other Remedies. lender shall have all other rights and remedies provided In this Mortgage or Ihe Note or available at law or In equity.
Sale of the Property. To the eKtent permilted by applicable law, Grantor hereby waives any and all right 10 have Ihe Property marshalled.
In eKerclslng Its rights and remedies, lender shall be free to sell all or any part of the Property together or separately, In one sale or by
separale sales. lender shall be entitled to bid at any public sale on all or any portion of the Property.
Notice of Sale. lender shall give Grantor reasonable notice of the time and place of any public sale of the Personal Property or of the time
after which any private sale or other intended disposition of the Personal Property Is to be made. Reasonable notice shall mean nollce
given at leaslten (10) days before the time of the sale or disposition. Any sale of the Personal Property may be made In conjunction with
any sale of the Real Property.
Election of Remedies. Election by lender to pursue any remedy shall not eKclude pursuit of any other remedy, and an election to make
eKpendltures or 10 take action to perform an obligallon of Grantor under this Mortgage, after Granto~s failure to pertorm, shall not affect
lender's right to declare a default and eKerclse its remedies. Nothing under this Mortgage or otherwise shall be construed so as to limit or
reslrlct the rights and remedies available to Lender following an Event of Default, or in any way to limit or restrict the rights and ability of
lender to proceed directly against Grantor andlor against any other co-maker, guarantor, surety or endorser andlor to proceed against any
other collateral directly or indirectly securing the Indebtedness.
Attorneys' Fees; Expenses. If Lender institutes any suit or action to enforce any of the terms of this Mortgage, lender shall be entitled to
recover such sum as the court may adjudge reasonable as attorneys' fees at trial and upon any appeal. Whether or not any court action is
Involved, and to the eKtent not prohibited by law, all reasonable eKpenses lender incurs that in lende~s opinion are necessary at any time
for the protection of Its interest or the enforcement of its rights shall become a part of the Indebtedness payable on demand and shall bear
Inlerest at the Note rate from the date of the eKpendlture until repaid. EKpenses covered by this paragraph Include, without limitation,
however subjactto any limits under applicable law, lende~s reasonabla attorneys' fees and lende~s legal eKpenses whether or not there is
a lawsuit, including reasonable attorneys' fees and aKpenses for bankruptcy proceedings (including efforts to modify or vacata any
automatic stay or InJunction), appeals, and any anticipated post-judgment collection services, the cost of searching records, obtaining title
reports (including foreclosure reports), surveyors' reports, and appraisal fees and title Insuranca, to the eKtent permitted by applicable law.
Grantor also 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 limitation any notice of default and any notice of sale shall be
given in writing, and shall be effective when actually delivered, when actually received by telefacslmile (unless otherwise required by law), when
deposited with a nationally recognized overnight courier, or, if mailed, when deposlled in the United Slates mall, as first class, certified or
registered mall postage prepaid, directed 10 the addresses shown near the beginning of this Mortgage. All copies of notices of foreclosure from
the holder of any lien which has priority over this Mortgage shall be sent to lender's address, as shown naar the beginning of this Mortgage.
Any party may change Its address for notices under this Mortgage by giving formal written notice to the other parties, specifying that the
purpose of the notice is to change tha party's address. For notice purposes, Grantor agrees to keep Lender informed at all times of Grantor's
current address. Unless otherwise provided or required by law, If there is more than one Granlor, any notice given by lençler to any Grantor is
deemed to be notice given to all Grantors.
MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Mortgage:
Amendments. This Mortgage, together with any Relaled Documents, conslitutes the entire understanding and agreement of the parties as
to the mailers set forth in this Mortgaga. No alteration of or amendment 10 this Mortgage shall be effective unless given In writing and
signed by the party or parties sought to be charged or bound by the alterallon or amendment.
Annual Reports. If the Property Is used for purposes other than Granto~s residence, Grantor shall furnish to lendar, upon requast, a
certified statement of net operating income received from the Property during Granto~s previous fiscal year In such form and detail as
lender shall require. "Net operating income" shall mean all cash receipts from the Property less all cash eKpendltures made In connection
with the operation of the Property.
Caption Headings. Caption headings in this Mortgage are for convenience purposes only and are not 10 be used to interprel or define the
provisions of this Mortgage.
Governing Law. This Mortgage will be governed by federal law applicable to Lender and, to the utent not preempted by federal law, the
laws of the State of Wyoming without regard to Its conflicts of law provisions. This Mortgage has been accepted by Lender in the State of
Wyoming.
No Waiver by Lender. lender shall not be deemed to have waived any rights under this Mortgage unless such waiver is given In writing
and signed by lender. No delay or omission on the part of Lender in eKercising any right shall operate as a waiver of such right or any
Loan No: 494028996
MORI GAüE
(Continued)
Page 5
olher right A waiver by Lender of a provision of this Mortgage shall not prejudice or cons mute a waiver of lende~s right olherwlse to
c.emand stricl compliance wilh that provision or any other provision of this Mortgage. No prior waiver by lender, nor any course of dealing
between lender and Grantor, shall cons mute a waiver of any of lende~s rights or of any of Grantor's obligalions as to any fulure
transacUons. Whenever the consenl of lender Is required under this Mortgage, the granting of such consent by lender In any inslance
shall not consUtuta conUnulng consent to subsequent instances where such consent Is required and In all cases such consent may be
granted or withheld in Ihe sole discrelion of lender. 00 . .
Severability. If a court of competent jurisdiction finds any provision of this Mortgage to be Illegal. Invalid, or unenforceable as to an 0049
circumstance, that finding shall not make the offending provision Illegal, invalid, or unenforceable as to any other circumstance. If feasible,
the offending provision shall be considered modified so that It becomes legal. valid and enforceable. If the offending provision cannot be so
modified, it shall be considered deleted from this Mortgage. Unless otherwise required by law, the illegality, invalidity, or unenforceabillty
of any provision of this Mortgage shall not affect the legality, validity or enforceability of any other provision of this Mortgage,
Merger. There shall be no merger of the intarest or estate created by this Mortgage wilh any olher interest or estate In the Property al any
lime held by or for the benelil of Lender in any capacity, wllhoulthe written consent of lender.
Successors and Assigns. Subject to any limitations stated in this Mortgage on transfer of Grantor's Interest, this Mortgage shall be binding
upon and inure to the benefil of the parties, their successors and assigns. If ownership of the Property becomes vested In a person olher
Ihan Grantor, lender, without noUce to Grantor, may deal with Grantor's successors with reference 10 this Mortgage and the Indebtedness
by way of forbearance or exlenslon without releasing Grantor from the obligalions of this Mortgage or liability under the Indebtedness.
Time Is of the Essence. Time is of the essence In the performance of Ihis Mortgage.
Waiver of Homestead Exemption. Grantor hereby releases and waives all rights and benefils of the homestead exemption laws of the State
of Wyoming as to all Indebtedness secured by this Mortgage.
DEFINITIONS. The following capitalized words and terms shall have the following meanings when used in this Mortgage. Unless specifically
staled to the contrary, all references to dollar amounts shall mean amounts in lawful money of the United Stales of America. Words and terms
used in the singular shall Include the plural, and the plural shall Include Ihe singular, as the context may require. Words and terms not olherwise
defined in this Mortgage shall have the meanings attributed to such terms in the Uniform Commercial Code:
Borrower. The word 'Borrower" means Royal Coachmen, LlC and includes all co-signers end co-makers signing the Note and all Iheir
successors and assigns.
Default. The word "Defautt" means the Default set forth in this Mortgage in the secUon Ulied "Defautt".
Environmental Laws. The words "Environmental laws" mean any and all state, federal and local statutes, regulations and ordinances
relaling to Ihe proteclion of human health or the environment, including wilhout limitation the Comprehensive Environmental Response,
Compensation, and Liability Act of 1980, as amended, 42 U.S.C. Section 9601, el seq. ("CERCLA"), the Superfund Amendments and
ReauthorizaUon Act of 1986, Pub. l. No. 99-499 ("SARA"), the Hazardous Materials TransportaUon Act, 49 U.S.C. Seclion 1801, et seq.,
the Resource ConseNation and Recovery Act, 42 U.S.C. SecUon 6901, et seq., or other applicable stale or federal laws, rules, or
regulaUons adopted pursuanl thereto.
Event of Default. The words "Event of Default" mean any of Ihe even Is of default set forth in this Mortgage in the events of default
section of Ihls Mortgage.
Grantor. The word "Grantor" means Royal Coachmen, LtC.
Guarantor. The word 'Guarantor" means any guarantor, surety, or accommodalion party of any or all of Ihe Indebtedness.
Guaranty. The word "Guaranly" means the guaranty from Guarantor to Lender, including wilhout limitation a guaranty of all or part of the
Note.
Hazardous Substances. The words "Hazardous Subs lances" mean materials that, because of their quantity, concentraUon or physical,
chemical or infectious characterlslics, may cause or pose a present or potential hazard to human health or the environment when
improperly used, trealed, stored, disposed of, generated, manufactured, Iransported or otherwise handled. The words "Hazardous
Substances" are used in their very broadest sense and include without limitaUon any and all hazardous or toxic subslances, materials or
waste as defined by or listed under the Environmental Laws. The term "Hazardous Substances" also includes, without limitation, petroleum
and petroleum by-products or any fracUon thereof and asbestos.
Improvements. The word "Improvements" means all existing and future Improvements, buildings, structures, mobile homes affixed on the
Real Property, facilities, additions, replacements and other construction on the Real Property.
Indebtedness. The word 'Indebtedness' means all principal, Interest, and other amounts, costs and expenses payable under the Note or
Related Documenls, together wilh all renewals of, ex lens ions of, modifications of, consolldalions of and substilutions for the Note or
Related Documents and any amounts expended or advanced by Lender to discharge Grantor's obligations or expenses Incurred by lender to
enforce Grantor's obligalions under this Mortgage, together with interest on such amounts as provided In this Mortgage.
lender. The word "lender" means First Bank of Idaho, fSb, dba First Bank of the Tetons, its successors and assigns.
Mortgage. The word 'Mortgage" means this Mortgage between Grantor and lender.
Note. The word "Note" means the promissory nole dated April 18, 2008, in the original principal amount of $283,125.00 from
Grantor to lender, log ether wilh all renewals of, exlensions of, modifications of, refinancings of, consolidations of, and substltulions for
the promissory note or agreement. The maturity date of Ihis Mortgage is April 22, 2011. NOTICE TO GRANTOR: THE NOTE CONTAINS A
VARIABLE INTEREST RATE.
Personal Property. The words "Personal Property' mean all equlpmenl, fixtures, and other articlas of personal property now or hereafter
owned by Grantor, and now or hereafter aUached or affixed to the Real Property; together with all accessions, parts, and additions to, all
replacements of, and all substltulions for, any of such properly; and togelher with all proceeds (including without limitation all Insurance
proceeds and refunds of premiums) from any sale or other disposition of the Property.
Property. The word "Property' means collectively the Real Property and the Personal Property.
Real Property. The words "Real Properly" mean the real property, interesls and rlghls, as further described in this Mortgage.
Related Documents. The words "Relaled Documents" mean all promissory notes, credit agreemenls, loan agreements, environmental
agreements, guaranUes, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other inslruments,
agreements and documents, whether now or hereafter existing, execuled In connection with the Indebtedness.
Rents. The word "Rents· means all present and future rents, revenues, Income, issues, royalties, profits, and olher benefits derived from
the Property.
GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE, AND GRANTOR AGREES TO ITS TERMS.
GRANTOR:
Loan No: 494028996
MORTGAGE
(Continued)
Page 6
LIMITED LIABILITY COMPANY ACKNOWLEDGMENT
STATE OF -W \(O,-\I/IJ í..
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)
000050
COUNTY OF
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On this 2-'-1 - day of Pf--Il- .20 t.\o!ö , before me, the undersigned Notary Public, personally
appeared Séott M. Shepherd, Managing Mem er of Royal Coachmen, LLC, and known to me to be a membar or designated agent of the limited
liability company that executed the Mortgage and acknowledged the Mortgage 10 be the frae and voluntary act and deed of the limited liability
company, by authority of stalule, Its articles of organization or Its operaling agreement. for the usas and purposes therein mentioned, and on
oath stated that o! he? "tho ';oed 10 execute Ihls Mortgage and In fact executed the Mortgage on behalf of the limited liability company.
By . W ~ Røsldlngat 'Æ70AJ (..o·<~"Y
Notary Public In and for the Stata of (Iv''(1;1/I Iv(. My comml.alon expire. L.J/{J...O II
LASER PRO lending, Ver. 5.40.00.003 Cop'- Hariand Financial Solutions, Inc. 1997, 2008.
N:\CONVERTICFlllPl\G03.FC TR-6280 PR·RETl
All Rights Reserved.
- Wy
NOEL W. SKOOG NOTARY Púrf.i¡:/i
COUNTY OF Æ\ STATE OF ¡i
TETON ~ ~M~G H
MYCOMMISSIONEXPIRES ~ ~~-::::~:.).~