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Home My WebLink About939211 ~QY IU LUUO I~·L~ rUL;'¡fU.JU RECEIVED 5/22/2008 at 2:25 PM RECEIVING # 939211 BOOK: 695 PAGE: 258 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY C00258 State of Wyoming Space Above Thl8 Una Fa, Recording Data REAL ESTATE MORTGAGE IWlth Future AdvancIIJ Clause) 1. DATE AND PARTIES. The dat" of this Mortgage Is IJ6.1p.2D08 are a8 follows: Bnd the þarties ~md their addreS$8S MORTGAGOR: SAMUEL F. COUTTES. AS SOLE OWNER 1018 COTTAGE WAY ENCINITAS, CA $2024 o Refer to the Addendum which I. attached and incorporated herein far additional Mortgagora. LENDER: THE BANK OF STAR VALLEy ORGANIZED AND EXISTING UNDER THE LAWS OF THE STATE OF WYOMING 384 WASHINGTON STREET PO BOX eoD7 AFTON. WY 83110 2. MORTGAGE. For goad IInd v2i!uabl, oonslderatlon, the receipt and suffiDienoy of which is aoknowledged, and to secure the Seoured Debt Ihereefter defined), Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with the power of sale, the following described property: SEE EXHIBIT 'A' ATTACHED HERE TO AND !\'lADE A PART HERE OF . 7 b3 / _l I ,j ,.......- , The property is IODated in LINCOLN' ICDU"M , ETNA at LO.I 1, LOT 2. LOT 3. LOT 4. AND LOT 5 Of CIRCLE J SUBDIVISION . Wyoming 9mB IAddrB1III1 (CIM ¡%Ip COd. Together with all rights, easements, appurtenances, royelties, mlllefal rights, oil and gas rights, crops. timber, all diversion pollyments or third party payments made to crop producer., and all existing oIInd future Improvements, structures.. fixtures, and rep/acemønta that may now, or at any time in the future, be part of the re"lliIstate deacrlbed Bbovf) 1.11 referred to 'as "Property"), The term Property al80 includes, but is not limited 10, any and all water wells, water. ditches, reservoirs, reservoir sites and dams locllted on the real estate and all riper.lan aJ1d wllter rights associated with the Property, however IiIstabliahed. . WYOMING - AGRICUL TUMUCOMMfRCIAL ReAL ElTATUECURITV IN.TRUII....... I'4DT fOR INMA, fHLMa, FHA DRYA U8~, AND NQ'f FOIl ÇIMUMiR PURPOBEB (plfI'" of 8) ~ 018113, a001 aõmlwn fiyt1.1111, Inc" at CIIIIHI, MN """" A(;(:Oo/IESI.WY 1"Bl2g0iil .sQ. '. c.:7 May 16 2008 15:29 t'uZö/036 è00259 3. MAXIMUM OISLlaATION LIMIT. The total prlnclplIl IImount of the Secured Debt (hereafter defined) secured by this Mortgage lit rmy one time shall not exceed $ 283 381118 . This limitation of amOUl11 does not include Interest, loan oharges, oommitment fees, brokerage commissions, attorneys' fees and other charges validly made puraLIant to this Mortgage and doee not apply to advances (or interest accrued on such advances) made under the terms of this Mortgage to protect Lender's security and to perform any of the covenants contaIned in this Mortgage. Future advances lire contemplated and, along with other future obligations, are secured by this Mortgage evsn though all or part may not ye{ be advanced. Nothing In this Mortgage, however, shall constitute a commitment to make additional or future loans or advances in any amount. Any such commltmeot would n!lled to be agreed to In a separll1e writing. 4. SECURED DEBT DEFINED, The term 'Secured Debt" includes, but is not limited to, the ·following: A. The promissory nota(s), contract(9), guaranty(ies or other evidence of debt described below and all extenelons, renewals. modifications or substitutions. (When referencing the debts below it is suggested that you inc:llJdlif Items such 8' bOITDWrlrs' nsmrlll snd sddrsS$N, nota prlnclpslsmounts, c:ommero;ltl rlilvolvlng loan agreement's maximum .amount, Int.rwt rlltes, varlÐble rate term" ffll1turlty dl1tes, et(J,) ONE PROMISSORY NDTE DATED MAY 18, 2DD81N THE AMOUNT OF $293,391.08 B. All future advllnces from Lender to Mortgagor or other future obligations of Mortgagor to Lender under any promissory note, contract, guaranty, Dr other evidence of debt existing now or executed after this Mortgage whether or not thIs Mortgage Is specifically referred to in the evidenoe of debt, C. All obligations Mortgagor owes to Lender, which now exist Dr may later IIris., to the extent not prohibited by law, including, but not limIted to, lIebillties for overdrafts relating 'to any deposit accDunt agreement between Mortgegor and Lender, . . D. All additionalli1Ums advanced and expenses Incurrad by Lender for insuring, preserving or otherwlsB protecting the Property and Its value and any other sums advanced and expense8 incurred by Lender under the terme of this Mortgage, plus intereet at the highest rate In affeot, from time to time, as provided in the Evidence of Debt, E. Mortgagor's parformance under the terms of any Instrument evidencing a debt by Mortgllgor to Lender and any Mortgage securing, gUlIrllntying, or otherwise relating to tha dabt. If more than one person signs this Mortgage as Martgllgor, eaoh Mortgagor agrees that this Mortgage will secure all future advances and future obliglltions desoribed above that are given to or incurred by anyone or more Mortgagor, Dr any On8 or more Mortgagor and others. This Mortgage will not secure any other debt if Lender fails, with raspect to suoh other debt, to meke any required disclosure about this Mortgage or if Lender falls to give any req~ired notioe of the right of rescission. 6. PAYMENTS. Mortgagor agrees to make all payments on the Secured Debt when due and in aooordam:e with the terms of the Evidence of Debt or this Mortgl'lge. 6. CLAIMS AGAINST TITLE. Mortgagor will pay all tl'lXQ, assessments, liene, encumbrances, lease pllyments, ground rants, utilities, Bnd other chllrges relating to the Propsrty when due. Lender may require Mortgagor to provide to Lender copies of all notio.s that such amounts are due and the receipts evidencing Mortgagor's payment. Mortgagor will defmnd title to the Property ~galnst any claims that wou.ld impair the lien of this Mortgage. Mortgagor agrees to assign to Lender, 8S requested by Lander, any rights, clllims Dr defamiles which Mortgagor may have against pllrtilils who supply labor or tl1aterlals to improve or ml'lintllin the Property. 7. PRIOR SECUArrV INTE"ESTS. With regard to any other mortgage, deed of trust, security agreelTlent or other lien document that created II prior security intereet or encumbrance on the Property IInd that may have priority over this Mortgage, Mortgagor agrees: A. To make all payments when due and to perform or oomply with all covenants. 8, To promptly deliver to Lender any notlce9 that Mortgagor receives from the holder. C. Not to make or permit IInY modificlltion or extension of, and not to request or accept any future advances under any note or agreement secured by, the other mortgage, deed of trust or security agreement unless Lender consents in writing. 8. DUE ON SALE OR ENCUMBRANCE, Lender mev, et Its option, declare the entire balanoe of the Secured Debt to be immediataly due and payable upon the creation of any lien, encumbrano., transfer, or aale, or contract for any of these on the Proporty. However, if the Property includes Mortgagor's residence, this sèction shall be subjlilct to the restrictions ImÞosed by fedaral law (12 C.F.R. 6911, as applicable. For the purpOC8C of this e80tlon, the t.rm "Property" also Includes any Interest tD all or any part of the Property, This covenant shall run with the Proparty and shall remain in effec11.1ntil the Secured Debt is paid in full Bnd thla Mortgage is released. ~ l1li1993,2001 s.nbrl IfIII'",".lna..!:t. C~d, MN "orm AGCOoAE&I.WY 111&12003 ~ {pave 2 gf BJ 1"'-'.1 IU &.uuu '~I'~ I U' I' u~u è00260 9. TRANSFER OF AN INliRE8T IN THE MORTOAØOR. If Mortgagor is en entity other than a natural person (such tt$ a corporltlon or other organization), Lender mllV demand immediate payment if 111 II beneficial interest in Mortgagor is sold or transferred; (21 there is a ohange in either the idllntlty or number of members of a partnership, or similar entity; or (3) there's B change in ownership of more than 25 percent of the voting' stock of a corporlltion or similar entity. However, Lender mllY not demand payment in the above situation. If It Is prohibited by law as of the date of this Mortgage, 10. ENTITY WARRANTIEs AND REPRESENTATIONS. If Mortgllgar is an entity other than a natural penson (such as II gorþoration or other organization), Mortgagor makes to Lender the following warranties and representations whloh shall be continuing as long as the SlIcured Debt remllins outstllnding: A, Mortgagor is an entity which is duly organized and vlllidly existing in the Mortgagor's state of Incorþoration (or organization). Mortgllgor is In good standing in all states in which Mortgagor translcte business. Mortgagor has the power and authority to own the Property and ·to carryon its business a8 now being conducted and, 11$ applicable, is qualified to do so in l!Iach state in which Mortgagor operates. B. The execution, delivery and performance of this Mortgage by Mortgagor and the obligation evidenoed by the Evidence of Debt are within the power of Mortgagor, have been duly authorized, have received aU necessary g~vsrnmsntel aþproval, end will not viola~eany provision of law, or order of court or governmental agency. C, Other thlln disclosed in writing Mortgagor has not changed its name within the last ten years and has not used any other trade or fictitious name, Without Lender's prior written consent, Mortgagor does not and will not use any other name and will preserve its e;ldsting name, trade names and franchises until the Secured Debt is satisfied. 11, PROPERTY CONDITION, AL TERA'I'ION8 AND. INSPECTION, Mortgagor will keep the Property in good condition and make all repairs that are reasonably neceSSlary. Mortgagor will give Lender prompt notice of any loss or dllmlilge to the Property. Mortgagor will keep the Property free of noxious wesds and grasses, Mortgagor will not Initiate, join in or consent to IIny chflnge in any priv8te rlstrictive covenant, zoning ordinance or other public 'Dr private restriction limiting or defining the uses which may be made of the Proþarty Dr any part of the Property, without Lender's prior written comllmt. Mortgagor will notify Lender of all demands, proceedings, claims, and actions IIgllinst Mortgagor or any othar owner made under law or regulation regarding U$II, ownership and occupancy of tha Property, Mortgagor will comply with aU legal requirements and restrictions, whether pUblic or prIvate, with respect to the use of the Property. Mortgagor also agrees that the nature of the oocupanoy' .and use will not change without Lender's prior writtan oonsent. No portion of the Property will be rømoved, demoliShed or meterially altered without Lender's prior written consent except that Mortgager has the right to remove Items of perl5Qnlll property comprising a .part of the Property th¡¡t become worn or ob.olene, provided that such personal property Is replaced with other personal property at least equal In value to the replaced personal property, free from any titls ratention davice, security agreement or other encumbrance. . Suoh replacement of perl5Qnal property will bø deemed subject to the security Interest created by this Mortgage. Mortgagor shall not partition or subdivide the Property without I.ender's prior written consent, Lender or Lender's agents may, at Lender's option, enter the Property at any rlasonable time for the purpose of Inspecting the Property, Anv inspection of tha Prop arty shall ba entirely for Lender's benefit and Mortgigor will in no way rely on Lendar's inspection. 12. AUTHORITY TO PERFORM. If Mortgagor fails to perform any of Mortgagor's dutIes under this Mortgage, or any other mongage, deed of trust, security agreement or other lien document that has priority over this Mortgage, lender may, without notics, pørform th8 duties or cause them to be performed. Mortgagor appoints Lender as attorney in fact to sign Mortgagor's name or pay any amount necessary for perform!lnce, If eny oonstruction on the Property Is discontinued or not oarrled on in II reasonabl. manner, Lender may do whatever Is 'neoassary to protect Lender's security interest In tha Property, This may Incrude cOlTlplating the constrllction. Lender's right to perform for Mortgagor shall not create !In obligation to' perform, and Lender's failure to. perform wi.1I not preclude Lender from exercising any of Lender's other rights under the law or this Mortgage. Any amounts paid by Lender for Insuring, preserving or otherwise proteoting the Property and Lender's security Interest will be due on demand and will bear interest from the date of the payment until paid in full at the interest rIte In effect from time to time according to the terms of the Evidence of Debt. 13, ASSIGNMENT. OF LI:ASES AND RENTS. Mortgagor assigns, grants, bargains, conveys, mortgagss and wam~nts to Lender as additional security IIII.the right, title and ínterest in the following (Property). A. Existing or future leaseli\, subleasee, licenses, guaranties and any other written or verbal agreements for the use and occupancy of the Property, including but not limited to, any extensions, renewals, modifications or replacements (Leases). B. Rents, Issue& and profits, including but not limited to, security deposits, minimum rents, percentage rents, IIdditional rents, common erea malntElt1anQII charges, parking charges, real estate taxes, other applioable taxes. Insuranoe premium contributions, liquidated damages following default, cancellá.tion premiums, "loss of rents" insuranoe, gusst rec,ipts, revenues, royalties, proceeds, bonuses, accounts, contrllct rights, gener!ll intangibles. and all rights end claims which Mortgagor may hllve that In· any wav pertain to or ar8. on account of the use or ocoupanoy of the whole or any Pllrt of the Property (Rents), In the event any item listed as Leases ot Rents is determined to be personal property, this Assignment will a!80 be regarded as a secllrity IIgreement. _ .,.... "" '""..._.........."M _ "''''''',...., 1n._ ~ (psg. :5 of 8) May 16 2008 15:29 l"u;¿IJ/036 è00261 Mortgagor will promptly provide lender with copies of the Leues and will certify the8IJ Lenes are true and correct copies. The existing Leases will be provided on execution of 'the Assignment, and all of the future Leases and any other information with respect to these Leases will be provided immediately after they are axecuted. Mortgagor IT1IilY colleot, receive, enjoy and \.Ise the Rents so long as Mortgagor is not in default. Mortgagor will not col/ect in advance any Rents due In future leese periods, unless Mortgagor first obtains Lender's written consent. Upon default, Mortgagor will receive any Rents In trust for lender and Mortgagor will not commingle the Rents with any other funds. When Lender so directs, Mortgagor will endorse and deliver any payments of Rents from the Property to Lender. Amounts collected will be applied at Lender's discretion to the Secured Debts, thlil costs of managing, protecting and pres"rving the Property, and other neoeSSQry expensf.ls. Mortgagor agrees that this Security Instrumant is immediately effective between Mortgagor and Lender. This Security Instrument will remain effective durIng any statutory redemption period until the Secured Debts are satisfied. Unless otherwise prohibited or prescribed by state law, Mortgagor agrees that Lender may teke actual possession of the Property without the necessity of commencing any legal action or proceeding. Mortgagor agrees that uctual possession of the Property is deemed to occur when Lender notifies Mortgagor of Mortgagor's default and demands that Mortgagor and Mortgagor's tenants pay all Rents due or to become due directly to Lender. Immediately after Lender gives Mortgagor the notice of default, Mortgagor agrees thet either Lender or MortgQgor may immediately notIfy the tenants and demend that all future Rents be puid directly to Lender. As long QS this Assignment is in effect, Mortgagor WQrrants and represents that no default exists under the Leases, find the parties subjact to the Leases have not violated any applicable law on leases. ,Jlcenses and landlords and tenliln1s. Mortgagor, at ita aole coat and expense, will keep, observe and perform, and require all other parties to the LI!I8ses to comply with the Leases and any applIcable law. If Mortgagor or any party to the Lellse defaults or fails to observe eny aþpllcable law. Mortgagor will promptly notify Lender. If Mortgagor· neglects Dr refuses to enforce compliance with the terms of the Leases, then lender may, fit Lender's option, enforce compliance. Mortgagor will not sublet, modify, elC'tend, cancel, or crtherwis" alt"r the Leases, or accept the surrender of the Property cover8d by thf.l Leu811 (unless the Leases so require) without Lender'e conlent, Mortgagor will not assign, compromise, subordlnete or encumber the Leases Bnd Rents without Lender's prior written consent. Lender does not assume or become liable for the Property's maintenance, depreciation, or other fOll$es or damages when Lender acts to manage, protect or preserve the Property, except for losses and damagea dUEl tò Lender's gross negligence or intention!!1 torts. Otherwise, Mortgagor will indemnify Lender and hold Lender harmleGS for all liability, loss or damage that Lender may incur when Lender opts to exercil!e any of Its remedies against any party obligated under the Leases. 14. CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. If the Property includes a unit in a condominium or a planned unit development. Mortgagor will perform all of Mortgagor's duties under the covenants, by-laws, or regulations of the condominium or planned unit development. 1&. DEFAULT. Mortgagor Will be In default If any of the following ocaUr~ A, Any party obligated on the Secured Debt fails to make payment when dUEl; ßo A breach of any term or covenant in this Mortgage, any prior mortgage or any.construction loen agreement, security agre.ment or any other document evidencIng, guarantying, securing or otherwise relQting to the Secured D. . .. '. ~ . C. The me king or furnishing. of any verbal or written representation, statement or warranty to Lender that Is false or Incorrect In any material respect by Mortgagor or any person or entity obligated on the Secured Debt; D. The death, qissolution, or insolvency of, QPpointment of a receiver for. or appllcetlon of any debtor relief law to, Mortgagor or any person or entity obligated on the Secured Debt; E. A good faith belief by Lender at any time that Lender is insecure with respect to IIny person or entity obligated on the Secured Debt or thqt the prQspect of any pøyment is impøired or the value of the Property Is Impaired: F, A material adverse change in Mortgagor's business including ownership, management, and finencial conditions, which Lender in its opinion believes impairs the value of the Property or repayment of the Secured Debt; or G, Any loan proceed5 are u5ed for a purpose that will contribute to excessive erosion of highly erodible land or to the conversion of wetlends to produce an agricultural commodhy, IiIS furth,r explained in' 7 e.F.H. Part 1940, Subpart G, Exhibit M. US. REMEDIES ON DEFAULT. In some ;nstanoes, federal and state law will require Lender to provide Mortgagor with notioe of the right to cure, mediation notices or other notices and may establish tIme schedules for foreclosure l.Iotions. Subject to these limitations, if any, lender may acceleratll thlil SliIcured Debt end forecl08e thIs Mortgage in a manner. provided by law if thl5 Mortgagor is in default. . At the oþtiòn of Lendar, all or any part of the egreed faes end charges, accrued interest I.Ind principal shall become immediately due and pi!lyable, after giving notice if required by law, \.Ipon the occurrence of a default or anytime thereafter. In addition. Lender shall be entitled to all.the remedies provided by law, the Evidence of Debt, other evidenoes of debt, this Mortgage and IIny related documents' including without limitation, the power to sell the Property. All remedies are distinct, cumulative and not exclulive. and the Lender is entitled to all remedies provIded at Jew or equity, whether expressly set fDrthor not. The acceptance by Lender of any sum in plilyment or partiQI payment on the Seoured D"bt after the bahmce ia due tlr ie acoelrmited or after foreololll.lra prooeedinge are filed Mall not oonstitute a waiver of Lender's right to require full and complete cure of any existing default. By not exercising .any remedy on Mortgagor's default, Lender does not waIve Lender's right to latar consider the event a default If it continues or happens I.Igi!lin. ~ @'8I3. 200' BenkertllVlteml, 1M.. lit. Cloud, MN Form ACìCO-¡'SliI·WY "'1112003 ;g (pflge 4 of S) ·.-., .- ---- .- -- . ---, --- . ':00262 17. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when prohibited by law. Mortgagor agrees to pay. all of lender's expenses if Mortgagor breeches any cov.n.nt In this Mortgage. Mortgagor will also pay on demand all of lender', expenses incurred În collecting, insuring; preserving or protecting 'the Property or in any inventories, audits. ¡napections or other e,1uJmination by Lender In respect to the Property. Mortgagor agrees to þBY all oosts an¡ "/Cpen.e. incurred by I.ender In enforcing or protecting Lender's rights and remedies under this Mortgage, inclLlding, but not limited to, attorneys' fees, oourt coata, and other legal elCpenaee. Onoe the Secured Debt Is fully IJnd finally paid, Len¡er .srees to release this Mortgllge and Mortgagor agrees to pay for any reoordation cost8. All such amounts are due on demlJnd and will bear interest from the time of the advance at thø higheat rite In effeot, from tima to time, QS provided in the Evidence of Debt and fIB permitted by law. 18. ENVIRONIIIIENTAL LAWS AND HAZARDOUS SUBSTANCE8. As ueed In this section, (1) "Environmental UlW" means. without limitation, the Comprehensive Environmentel Response, Compensltlon and Liability Aot ICcRCLA. 42 U.S.C. 9601 et seq.), all other 'federal, state and local laws, regulations. ordinances, oourt order., attorney ganeral opinions or interpretive lenere ooncerning the public health. safety, .welflJre, environment or a h8~ardoLl' substance: snd (2) "Halardous Sub8'tQnoe" means Iny toxic, rsdlo8otive or huardouG m8terlal, waste, pollutant or contaminant which has characteristics whioh rsnd.r the Substance dangerous or potentially dangerous to the publio health, safety. waltare or environment. The 1erm includes, without limihltion, any substances defined as "ha¡ardou6 materIal," "toxic substances, b "hQlardous waste" or ~hlzardous substanoe" under any Environmental Law. Mortgagor repre"nt8. warronts and agree. thet, 8xeept as previously disclose¡ end acknowledged in writing: A. No Hazardou8 Substance has bean, is, or will be located, tr8nsported, manufactùred. trtlsted, refined, or handled by any person on, under or about the Property, exoept In the ordinary course of business Imd in strict compliance with all applicable Environmental Lllw. 8. Mortgallor has not and will not cause. contribute to, or permit the releose ot 8ny HUllrdou6 Subatance on the Property. C. Mortgagor will immediately notify Lender If (1 I B release or threatened release ot HazQrdous Substonce ocours on, under or Ibout the Property or .migrQtes or threatena to mlgrata from nearby property: or (21 there is a viol.tion of Qny Environmental Law concerning the Property. In $\Jch an event. Mortgagor will take all nace8sary remediQI 8ction In.accordanoe with Environmental Law. D. Mortgagor has no knowledge of or reason to believe there is Iny pending or thflunened investigation, claim, or proceeding of any kind relQting to (1) any Hazardous Substance located on, under or about the Property¡ or (2) any violation by Mortgagor or any.tenant of any Environmental Law. Mortgagor will immediately notify Len¡er in writing 8S soon as Mortgager has reason to believe there is Qny ~ch pending or thrletenad investigation, claim, or proceedIng. In illUch an event, lender has the right. but not the obligation, to participate in any such prooeeding Including the right to receive copies of any documents rel~ting to such proceedings. E. Mortgagor and every tenant h!iVe been, are and shall remain in full compliance with any' IIpplicable Envlronrnan~al Law. F. There are no underground storage tanks, private dLlmps or open wells located on or under the Property and no such tank, dump or well will be added unle89 Lender first consents in writing. G. Mortgagor will regularly Inapect the Proparty, monitor the activities Ind oper8tions on tho Property. and confirm thflt IJII permits, licenses or approvals required by any applicable Environmental Law are obtElined and complied w~. . H. MortgQgor will permit, or cause any tenant to permit, len¡c.o.r or Lender's agent to enter and inspect the Property and review III records at any reasonable time to determine (1 the existence, location and nature of any Hazardous Subsumee on, under or Ibout the Property; (21 the 8ICistence, location. nature, and megni1ude of any Hazardous Substance that has been releQsed on, under or about the Proþerty¡ or (31 whether or not Mortgagor and any tenant are in compliance with applicable Environmental Law. . . I. Upon Lender's request end at any time. Mortgagor agrees, at Mortgagor's expense, to engage Q qualified environmental engineer to prepare an environmentQI audit of the Property and to sUbmit the results of such audit to Lender. The choice of the environmental.englneer who will perform such audit is sUbJetrt to lender's approval. J. Lender hIS the right, but not the obligation, to perform Iny of Mortgagor's obligll1ions under this seotion at Mortgagor's expense. . 1<. A~ a oonsequence of any breach of any representation. warranty or promise m.d. in this sectlo", (1 I MortgQgor will indemnify and hold Lender and Lender's SUCOeS80rs or assigns harmless from and against alllos&es. claims, demands. liabilities, damages, cle.nup, response snd remediation costs, penalties and expenses, including withoLlt limitation all costs of litigation and attorneys' fees, which Lender and L.endar's successors or a&eigns mllY sustain: and (2) at Lender's discretion, Lender may release this Mortgage and in rat\Jrn Mortgagor will provide Lender with collaterQI of at least equal value to the Property secured by this Mortgage without prejUdioe to any of lender's rights under this Mortgege. . . . L Notwlthstflhding any of the language contained In thIs Mortgage to the contrary, the terms of this seotion shall survive any foreclosure or satisfaction of this Mortgage regardless of any pflSSQge of title to Lender Dr Qny disposition by Lender of any or all of the Property. Any claim. and defenses to the contrary are hereby waived. 19. CONDEMNATION. Mortgagor will give Lender prompt notice of any action, real or threatenlJd, by private or public entities to purchssa or take eny or all of the Property, including any easements, through condemn.tion, eminent domain, or any other means, Mcrtgagor further agr88' to notify Lender of ony prooeedings innit\Jt.d for the establishment of any sewer, water, conservation, ditch, drQinllge, or other district relsting to or bindIng upon the Property or any part of it. Mortgagor fluthori¡es Lender to intervene in Mortgagor's name in any of the above described actions or olaims and to collect and receive ell sums resulting from the Qotion or claim. Mortgagor Isalgns to Lender the proceeds of any eWlrd or claim for damages connected with a oondemnQtion or other taking of all. or eny pert of the Property. Suoh proceeds shall be considere¡ PQyments and will be applied as provided in this MortgQ!!". This assignment of proceeds is subjeot to the terms of any prior mortgage, deed of ~ust, saourity agreement or other hen document. (p,gtJ 6 or 8J ~ @1S93, 2001 Sink.", Systo",".lnD., $\. CllNcI. MN Form AGCO-RE6I-WY 1/18~003 . ~ May 16 2008 15:29 t'UJu/036 e002G3 20, INSURANCE. Mortgagor agrees to maintaIn Insurance 8S follows: A. Mortgagor shllll keep the Property insured øgainst loss by fire, théft and other hazards and risks reasonably associated with the Pr~perty due to. its type and location. Other hazards .and risks may include. for exemple. coverage agai"6t 10&& due to floods or flooding, This insurance mall be maintained in the amounts and for the periods that Lender requires. What Lender requlree pursuant to the preceding two sentences can change during the term of the Secured Cebt. The insurance carrier providing the insurance shall be chosan by Mortgagor. subject to Lender's apþroval, which shall not be unreasollllbly withheld. If Mortgagor fails to maintain the coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Property according to the terms of this Mortgage. AJ/ insurance policies and renewals shall be acceptable to 'Lender and shall Include a standard "mortgage clause" and, where applicable, "lander loss payee clauss. n Mortgagor shall immediately notify Lender of cancelh"tion or terminlltion of the insurance, Lender shall have the right to hold the policies and renewals. If Lender requires, Mortgagor shall immediately give to Lender all receipts of paid premiums. and renewal notices. Upon loss, Mortgagor shall give immediate notice to the' insurance carrier and Lender. Lender may make proof of 1088 if not made Immediately by Mortgagor. Unlass lender and Mortgagor otherwise agree in writing, insurance proceeds shall be applied to restoration or rlllpa'r of the Property damqged If the testorqtion Dr repair is ecotlDrnlcQlly feasible and Lender', security is not lessened. If the restoration or rip air is not economically felsible or Llllndar's 8IIcurity would bll IlIssenød. the insurance proceeds shall be applilild to the Secured Debt, whlilther or not then due, with any exce&& paid to Mortgagor. If Mortgagor abandon!! the Property, or does not answer within 30 deys II notice from lender that the Insurance carrier has offsred to 8ettle a claim. then Lender may collect· the inllurance proceede. lender may Use the proceeds to reþair or restore -the Property or to pay the Secured Debt whether or not then due. The 30-day period will begin when the notice Is given. Unllilss Lander and Mortgagor otherwise agree in writing, any applioation of proceeds to principal shllll not extlilnd or postpons the due d~te of scheduled PQyments or chang., the amoLlnt of the payment', If thlll Property is acquired by Lender, MQrtgagor's right to any iri8llrance policies Elnd procead. resulting from damage to the Property before the acquisition shall pass to Lenåsr to the extent of thll Secured Debt immedllltsly before the acquisition. B. Mortgagor .Igren to maintain comprehensive general liability insurance naming Lender as an additional insured In an amount acceptable to Lender, inlilYring against claims arising from any accident or occurrence in or on the Property. C. Mortgagor agrees to maIntain rental/os!! or business Interruption Insuranoe. as requIred by Lender, in an amoLlnt aqual to' at least coverllge of one year's debt service, and required escrow aecoullt deposits (if agreed to sepllrately in writing), under a form of policy acceptllble to Lender. . 21. NO ESCROW FOR TAXES AND INSURANCE. Unless otherwisa provided in a sepllrate agreement, Mortgagor will not be required to pay to Lender funds for tllxes Elnd insLlrllnce in e,crow, . 22, PINANCIAL REPORTS AND ADDITIONAL DOCUMENTS, Mortgagor will provide to Lender upon request, any flnanolal statament or Information ,Lender may deem necessary,' Mortgagor warrants that all financial statements and information Mortgagor pr¡wldes to Lender ere. or will be, aecurete, correct. and complete. Mortgegor agrees to sign, deliver, IInd file as Lender may reasonably request any additional documents or certifications thQt Lender may consider necessary to perfect, continue, and preserve Mortgagor's obligations under this Mortgage and Lender's lien status on the Property. If Mortgagor fllil$ to do so, Lender may sign, deliver, and file S\.Ich documents or certificates in Mortgagor's name and Mortgagor hereby irrevocably appoints Lender or Lender's oIIg8nt liS attornfilY In fact to do the things neceesary to comply with this section. 23. JOINT AND INDIVIDUAL LIABILITY: CO..sIGNERS: SUCCESSORS AND ASSIGNS BOUND. All duties LInder this Mortgage are JOint and Individual. If Mortgagor signs this Mortgaga but does not sign the Evidence of Debt, Mortgagor does so only to mortgage Mortgagor's interest in the Property to secure payment of the Secured Cebt IInd Mortgegor does not agree to be personally liable on the Secured Debt. Mortgagor egreea that Lender and any party to this Mortgage may extend, modify or make any change In the terms of this Mortgage or the Evidence of Debt without Mortgagor's consent. Such a change will not releese Mcrtgagor from the tertns of this Mortgage, The duties and benefits of this Mortgage shall bind Qnd benefit the 8lI~cessors Elnd assigns of Mortgagol' ",nd Lender. . If thIs Mortgage secures a guaranty between Lender and Mortgegor and does not directly secure the obligation which is guarantied, Mortgager agrees to weive any rights that may prevent Lender from bringing any action or claim against Mortgagor Dr any party indebted under the obliga~lon includIng, but not limited to, anti-deficiency ot one-action IlIws. ~ 11:1 len, a001l1.ank"", Svsta_.I.,.,,, lit, Cloud, MN Form ~GCO·RBI.wy 1/18(2003 fi- (page 6 of 81 ~Ql IU LUUO I~IL~ rU.JI/u.JU è00264 24. APPLICABLE LAW: SEVERABILITY: INTERPRETATION: This Mortga'ge is governed by the laws of the j~risdiction in which Lender is located, except to the extent otherwise required by; the lews of the jurisdiction where 'the Property is located, This Mortgage is complete and fully integrated. This Mo~tgage may not be amended or modified by oral agreement. Any s!lotion or alause in 1his Mortgage, enachments, or any agreement related to the Seoured Debt that conflicts with applicable law will not be effective, '~nl'N that law expressly or Impliedly permits the varlatlons by written agreement. If any section or olause of ,his Mortgage cannot be enf~roed accQrding to its terms, thQt sBction or clause will be severed and will not affect tha enforceability of the remainder of this Mortgllge, Whenever usad, the 8ingular shall include the plural and the plural the singular. The oaptions and headings of the sections Qf this Mortgage are for convenience only !mrl are not to be used to interpret or define the terms of this Mortgage, Tim" is of the essence in this Mortgage. 2&. NOTICE. Unless otherwise required by law, any notice shall be given by delivering it or by mailing it by first class mail to the appropria1e pa~y's addre.ss on page 1 of this Mortgage, or to any. other eddress designeted in writing. Notice to one mortgagor will be deemed to be notice to all mortgagor". ' 28. WAIVERS. Except to 1he extent prohibited by law. Mortgagor wllivé, any right regarding the marshalling of liens and assets and all homestead exemption rights relating to the Property. . 27. U.C.C. PROVISIONS. If cheoked, the following are applicable to, but do not limit. this Mortgage: o Con.tructlon Loan. Thla Mortgage secures an Qbligation incurred for the oonstructiQn of an improvement on the Property, . CI Fixt&.lre Filing. Mortgagor grants .to Lender II seourity interest: in all goode that Mortgagor owns now or in the future and that are or will become fixtures related to the Prop er,ty , o CroP8: Timber;. MinBrals: Rønts, 'S$u" and I'roflte. Mortgagor grants to Lender a security Intetest in all orops, timber and minerals looated an the Propli1r1Y as well as ell rents, issues, and profits of them Including, b~t not limited to, all Conservation RGServe Program (CRPI and Pllyment in Kind (PIK) payments and similar governmental programs (all of which shell also be included in the term ~Propefty". o Peraonal Property. Mortgagor grants tQ Lender a aacurlty Inter~st ill all personal property loceted on or connected with the Propel'1y. This security interest Includes all farm products, inventory. equipment, aCCQunts, documents, instruments, chattel paþer, general intangibles, and all other Items of personlll property Mortgagor awns now tlr in the fut~re and that are used or useful in the constr~ction, ownership. operatìon, mallllgement, or meintenanoe of the Property. The term upersonal property" specifically exclu~es that property de.scribed as "household goods. secured in conneotion with a ·consumer" loan as those terms are defined In applicable federal regulations governing unf81r and deceptive credit practices, : o Filing Aa Flhilhcing Statemønt. MQrtgagor agrees end acknowledges that this Mortgage also suffices as ill financing statement and as such, may be filed of record as a financing stlltement for purposes of ArtIcle 9 of the Unìform Commeroial Code. A carbon, photographlo, imllge Dr other reproduction of this Mortgage is sufficient 8S II financing statement.. ; . 28. OTHER TERMs. If checkad, the fallowing Bre IIpplicable to this Mortgage: [XI Line of Credit. The Secured Debt includes a revolving line of credit provision. Although the Secured Debt may be reduced to III zero balance, this Mortgage will remain in effect until released. o Separate Aaalgnment. The Mortgagor hils executed or will ex~cute a llepllrate assienmllnt of leases end rems. If the separatø assignment of lea8es and rents is properly executed and recorded, then 1he separate assignment will supersede this Securi'ty Instrument's "A8aignment of Leases and Rents" .section. I:J Additional Terma. __ .,,,., ...'......_'M.. .......,.. """ -.....,., on"""" ~ f~gf1 7 r;Jf IJJ May 16 2008 15;29 P032/036 Ú00265 SigNATURES: By sIgning below, Mortgagor agrees to the terms and covenants contained In this MQrtgage and in any 2Ittac/1msnts. Mortgagor also acknowledges receipt of II copy of this Mortgage on the date stated above on Page 1. o Actual authority was granted to the par1ies signing below by resolution signed and dated EntJty Namel (Slgnature¡ IDete¡ ISigneture¡ (De181 1lIllIneture) IDate, CJ Refer to the Addendum which Is atteched and Incorporated herein for additional Mortgagors, 8ignøwres and acknowledgments, UnlllYltluaU ACKNOWLEDGMENT: STATE OF WYDMINa , COUNT This instrument was acknowledoed before me this by My commission expires: Z"Y-c::<:\ CHERYL A. JONES - NOTARY PUBLIC Stato of County of Wyoming LincOln My Commission Expires Feb. 4, 2009 STATE OF , COUNTY OF This instrument was acknowledged before me this by } 8S, day of 100.111... or ~nUIY " AcknoWl'.ØIMI1I1 of a My QommleeJon. $Xplr811: (Title (en (Name of BuBlnesB or EntIty) on behalf of the bUllineS$ or entity. INotery PubJl1}1 ~ @1$$3', 2001 Ðtnkl", SYI11ml, In;" 51. CIDIl., MN fDrm AaC0-ftE9I-WY 1/1012003 IpafltJ 8 of BJ "'...,...... - - "T ORDER NUMBER: NTL-1854 EXHIBIT "A" AS TO PARCEL I: LOT ONE (I) OF CIRCLE J SUBDIVISION AS DESCRIBED ON THE OFFICIAL PLAT THEREOF RECORDED OCTOBER 23, 2007 AS DOCUMENT 934288 IN THE OFFICE OF THE CLERK, LINCOLN COUNTY, WYOMING. AS TO PARCEL 2: LOT TWO (2) OF CIRCLE J SUBDIVISION AS DESCRIBED ON THE OFFICIAL PLAT THEREOF RECORDED OCTOBER 23, 2007 AS DOCUMENT 934288 IN THE OFFICE OF THE CLERK, LINCOLN COUNTY, WYOMING. AS TO PARCEL 3: LOT THREE (3) OF CIRCLE J SUBDIVISION AS DESCRIBED ON THE OFFICIAL PLAT THEREOF RECORDED OCTOBER 23,2007 AS DOCUMENT 934288 IN THE OFFICE OF THE CLERK, LINCOLN COUNTY, WYOMING. AS TO PARCEL 4: LOT FOUR (4) OF CIRCLE J SUBDIVISION AS DESCRIBED ON THE OFFICIAL PLAT THEREOF RECORDED OCTOBER 23,2007 AS DOCUMENT 934288 IN THE OFFICE OF THE CLERK, LINCOLN COUNTY, WYOMING. AS TO PARCEL 5: LOT FIVE (5) OF CIRCLE J SUBDIVISION AS DESCRIBED ON THE OFFICIAL PLAT THEREOF RECORDED OCTOBER 23, 2007 AS DOCUMENT 934288 IN THE OFHCE OF THE CLERK, LINCOLN COUNTY, WYOMING. ;\ I :rA CUll1l11itl11cl1t (6: I 1."06)