HomeMy WebLinkAbout940308
6010816834
RECEIVED 7/3/2008 at 3:24 PM
RECEIVING # 940308
BOOK: 699 PAGE: 231
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER. WY
000231
State of Wyoming
Space Abgye This Line For Recording Data
REAL ESTATE MORTGAGE
rWlth Future Advance Clause)
1. DATE AND PARTIES. The date of this Mortgllge is Oß.[]4.'OO8
EIre "'¡¡; follow¡¡;:
and the parties and their addresses
MORTGAGOR: RDBERT BRUCE RDBINSON AND SARA H. ROBINSON,
HUSBAND AND WIFE
120E. m s.
NORTH SALT LAKE CITY, VT 84054
o Refer to the Addendum which is attached and incorporated herein for additional Mortgøgors,
LENDER:
THE BANK OF STAR VALLEY
ORGANIZED AND EXISTING UNDER THE LAWS OF THE STATE OF WYOMING
384 W~SHINGTON STREET
PO BOX 8007 AFTON, WY 83110
2. MORTGAGE. For good and valuable consideration, the receipt and sUfficienoy of which is acknowledged, and to secure
the Seoured Debt (hereafter defined), Mortgagor grants, bargains, ccnveys, mortgages and warrants to Letlder, with the
power of sale, the following described property: SEE EXHIBIT A ATTACHED HERETO AND MADE A PART HEREOF
>.
,/'
(.)
¡
"
, .).
The property is located in UNCOlN
at 270 ROBINSDN LANE
ICounty)
IAddressl (Cltyl ¡Zip CDdeI
Toge1her with all rights, easements, appurtenances. royalties, mineral rights, oil and gas rights. crops, timber, all
diversion payments or ~hird party paymsnT,$ mads to orop produoer$, end all IIxlstlng and fUT,ure Improvements,
structurras, fixtures. and replacements that may now, or at any time in the future, be part of the reel estate described
above (ell referred to 85 "Property"). The term Property 81so includes. but is not limited to, any and ell water wells,
water, ditchss, reservoirs. reservoir sites and dams located on the real estate end all riperian and weter rights essociated
with the Property, however estsbllshed.
, BEDFORD
. Wyoming Ø:J112
WYOMING. AOIUCUL TURALlCOMMI!lCIAL !I&AL &STAT& IICURttv INSTIIUMEIIT INOT fllllltlMA. FHLMC. FIlA OAVA USl,aNDNDT FDR CONSUIÆA PURPOSIS) (ptlgfl' 7 flf BJ
~ fJ'lIlJ. 2001 øO"__ .~o",.,I""., $.. C:I...,., \/IN FOf1'!I .....c:O.flall,·'/IIY ""'200~
000232
3. MAXIMUM OBLIGATION LIMIT. The total principel amount of the Secured Debt (herellher definedl secured by this
Mortgage at anyone time $hall not exceed $ 75.00000 . This limitation of amount does not
include ¡n'terest, loan charges, commit"'ent fees, brokerage commissions. attorneys' fees and other charges validly mads
pursuant to this Mortgage IInd does not apply to advances (or intlrest accruad on such advancesl m~de under the terms
of this Mortgage to protect lender's security and to pørform :lny of the covenants contained In thiS Mortgage. Futur"
advances are contemplated and, along with othÐr fut\lre obligðlions, <Ire .!Iecured by this Mortgage even though all or part
may not yet be advanced. Nothing in this Mortgagll, hOW/IV!tr, shall oonstitute a commitment to make additional or
future loans or advances; in IiIny ¡;¡mount. Any such commitment would need to be agreed to in Q scparatÐ writing.
4. S~CURED DEBT DEfiNED. The term "Secured Debt" includes, but is not limited to. the following:
A. The promi$.I'ory note(8), contractlsl, guaranty lies) or othar Clvidanee of debC de$cribed beloV'( and all &I<tensions,
renewals, modifications or $ubs~l~utlons. (When referencing the debts be/ow it Is suggested (hac 'Iou include
items ~l,Ic;h as borrowers' names and addr~:;:;f!S, /'lOtI! prinr;;pi 1 flmQUnr::1, comme,clal revolving loan agreement's
maximum amounr, ¡'merest r<ltes. variable (ate terms, maturiry dates, etc.) ONE PROMISSORY NOTE DATED JUNE 04, 2008 IN
THE AMOUNT OF $711,000.00
B. All future advances from Lander to Mortgagor or other fu~ure obligations of Mortgagor to lender under any
promi$$ory note. contract. guaranty, or othG!r evidence of debt existing now or executQd after this Mortgage
whether or not this Mortgage is specifically referred to in the evidence of debt.
C. All obligations Mortgagor owes to Lende·r. which now e)(ist or may later arise. to the extent not prohibited by law.
including, but not limited to, liabilities for overdrôlfts relating to any deposit account agrøeMflnt I)e~ween
Mortgagor and Lender. .
D, All additional sums advanced and eICpenses incurred by Lender for inslJring. preserving or otherwise protecting Chit
ProPQrW ôlnd its value and any other sum$ advanced ðnd expenses incurred by Lender under the terms of this
Mortgege. plus interest at the highest rllte in effect. from time to time. af; provided in the Evidence of Debt.
E. MortgagOt"s perform:mcG under the terms of any instrument evidencing 8 debt by Mortgagor to Lender and ..ny
Mortgage securing, guarentying, or otherwise relating ~o ~he debt.
If more than one person signs this Mortgage as Mortgagor. each MOr1gagor ðgrees that this Mortgage will secure 811
future advancllS and future obligations described Above that are given to or incurred by anyone or more Mortgagor, or
anyone or more Mortgagor and others. Thi$ Mortgðge will not secure any other debt if lender fails. with respect to such
other debt, to make any required disclosure about this Mortgage or if lender fails to give any required notioe of the right
of rescission.
5. PAYMENTS, Mortgagor agrees to make all payments on the Secured DG1bt when due and in accordance wilh the Hmn,5
of the Evidence of Debt or ~hia Mortgage.
G. CLAIMS AGAINST TITLE. Mortgegor will pay all ta1C.~, !lasessments, liens. encumbrançes, lease payments. ground
rents. utilities, and other charges relating to the Property when due. lender m¡¡y require Mortgagor to provide to Lender
copies of all notices that such amounts are dve and the receipts evidencing Mortgegor's payment. Mortgllgor will defend
title to the Property against any olaims that would ímpair the lien of this Mortgage. Mortgagor agrees to assign to
Lender, n requested by lender, tiny rights. claims or defel'\ses which Mortgagor may h"IIe tlgainst parties who supply
labor or materials to Improve Or mainlain the Property.
7. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust. $ecurity egreement or other lien
document that created II prior security interest or encumbrance on the Property and that may h$ve priority over this
Mortgttge, Mortgagor agrees:
A. To make all payments when due and to perform or complv with all covenants.
B. To promptly deliver to lender any notices that Mortgagor receive$ from the holder.
C. Not to make or permit any modificðtion or extension of, I.Ind not to request or accept any fut~lre advances undcr
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 mllY. at its option. declare the entire bal:mca of the Secured Debt to be
immedi"tely due ðnd peyøble upon the creation of any lien, encumbrance, Ir"nsfllr. or 5t1le. or contract for IIny of these
on the Property. However. if the Property includes Mortgagor's residence. this section shall be subject to the restrictions
imposed by federal law ('2 C.F .R. 5911. as applicable. For the purposes of this secfion, the term 'Property" al$o
includes any interest. to all or any part of the Property. This covenant shall run with the Property and shall remain in
effect until the Secured Debt is paid in full end this Mortgage i~ releued.
(psg. 2 of 8J
~.. C 1118J. 2001 I!;onko", 5y.",,,.., I~.. 51. Claud. MN FOn1\ AaCO·Anl·WY 1/10/2003
000233
9. TRANSFER OF AN INTEREST IN THE MORTGAGOR. If Mortgagor is an entity other than a natural person (such 8S B
corporation or other organiutlonl, Lendar may demand immediate payment if (1) a beneficial intereS1 in Mortgagor is sold
or transferred; (2) there is a change in either the identity or number of members of 8 pannership or similar entity; or (3)
there Is a chenge In ownership of more than 25 percent of the voting stock of oil oorponnlol') or similar entity. However,
lender mey not demand payment in the IIbove situations if it is prohibited by law 8S of the dete of this Mortgage.
10. ENTITY WARRANTlIiS AND REPRESENTATIONS. If Mortgagor Is an entity other than a natural person [such a9 a
corporation or other organization), Mortgagor makes to Lendar the following warrønties and representations which shall
be continuing as long lIS the Secured Debt remains outstanding:
A. Mortgagor is '1'1 entity which is d~lly orgenized and validly e)(isting in the Mortg.gor', ,tat. of inoorporation (or
organization). Mortgegor is in good st_nding in all states in whioh Mortgagor tr8n98ots business, Mongagor has
the power and authority to own the Property and to carryon its business as now being conducted and, as
applicable, is qualified to do 80 in each stete In whioh Mortgegor operat.s.
B. The execution, delivery and performance of this Mortgage by Mortgagor and the obligation evidenced by the
Evidence of Debt lire within the power of Mortgagor, heve been duly authorized. have received ell necesS41ry
govlllrnmentel approval, end will not violate any provision of law, or order of court or govarnmental agency.
C. Other than disclosed in writing Mortgagor has not changed its name within the last ten years and has not used
any other trade or fictitious nema. Without Lender', prior written consent, Mortgagor does not end will not USI
any other name and will preserve its existing name, trade names and franchises until the Secured Debt is
satisfied.
11, PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mortgagor will kelp the Property in good condition and make
all repairs that are reasonably nscDssary. Mortgagor will give Lender prompt notic. of any los8 or damage to the
Property. Mortgagor will keep the Property free of noxious weeds and grasses. MortlJaQor will not initiate, join in or
consent to any change in any private restrictive covenant, zoning ordinance or other public or private restriction limiting
or defining the uses which may be made of the Property or any part of th8 ProPQrty, without Lgnder'e prior written
consent, Mortgegor will notify lender of all demands, proceedings. claims, and actions againS1 Mortgagor or any other
owner made under law or regulation regarding use. ownetship end occupancy of the Property. Mortgegor will comply
with all legal requirements and restrictions. whether public or private, with respect to the use of the Property. MortlJagor
I!Ilso agrgea that the nature of the occupancy end use will not change without Lender's prior written consant
No portion of the Property will be removed, demolished or materially eltared without Lendar·1I prior written consent
8)Coept that Mortgagor has the righ1 to remove items of personal property comprising a part of the Property that become
worn or obsolete, provided that such personal property is replaced with ather pgrsonal propgrty at le:l$1 ;qual in value to
the replaced personal property, free from any title retention device, seourity sgreement or other encumbrence. Such
replacement of personal property will ba deemed subject to the security Interest oreated by this Mortg.ge. Mortgegor
shall not partition or subdivide the Property without lender's prior written consent. lender or Lender's agents may, at
Lender's option, enter the Property at any reasonable time for thll purpose of inspecting tho Property. Any intpection of
the Property shall be entirely for lender's benefit and Mortgagor will in no way rely on lender's inspection.
12., AUTHORITY TO PERFORM. If Mortgagor fails to perform any of Mortgagor's duties under this Mortgage, or any other
mortgage, deed of trust, seourìty agreement or other lien document that has priority over this Mortgege, lender mey,
without notice. perform the duties or cause them to be performed. Mortgagor appoints lendgr as attorney in fact to sign
Mortgagor's name or pay any amount necessary for performance. If ~my oon!õtruction on the Property is discontinued or
not carried on in a reasonable manner, Lender mlY do whatever is necessary to protect lender's security interest in the
PrDperty. This may include completing the construction.
Lllnder'$ right to perform fat Mortgagor shall not create an obligl!ltion to perform, .nd Lender's failure to perform will not
preclude Lender from 8)(grol8ing any of Lender's other rights under the law or this Mortgage. Any amounts paid by
lendllr for insuring, preserving or otherwise protecting thll Property al'\d Lender'$ security interest will be due on demand
and will bear interest trom ~he da~. of ~h. paymen1 until paid In full at the interest rata in effect from time to time
according to the terms of the Evidence ot Debt.
13. ASSIGNMENT Of LEASES AND RENTS. Mortgagor assigns, grants, b.rgains, conveys, mortgages and warrents to
Lender as additional SÐc~rity all the right, title end interest in the following (Property I.
A. Existing or future lea~e!, subleases, licenses, guaranties and any other written or verbal agreements for ~he use
and occupancy:of the Property. including but not limited to, Bny eIC1en_ìons, renewals, modifications or
replacements (Lila",).
B. Rents, Issues ar!ld profits, including but not limited to, security deposits, minimum rent5, percentage rents,
additional rg"t$,lcommon area maintenance charge., parleing cherges, real est.te 1a)(es, other applicable tax liS,
insurance prorniÙm contributions, liquidated dammges following dlilfault, çançelletlon premiums, ~Ioss of rents~
insuranoe, guest receipts, revenues, royalties, proceeds, bonuse.\\, eCC:OUt1ts, ccntraot rights, general intangibles,
and all rights and claims which Mortgaoar may have that in any way pertain to or are on account of the use or
oocupancy of the whol. or any part of the Property (Rents).
In the event any item listed es Leases or Rents is determinld to be personal property, this Assignment will alllo be
regerdèd as a security agr.ement.
(pBf1f1 3 of 8/
~- l1li1993,2001 SOnlo....$VIl.",.,lnc.. 51. Cloud, MN Form AGCO·/\III.WY 111&11,00.1
û00234
Mortgagor will promptly provldœ LInder with copies of the leues and will certify thne Lenes ere true and correct
copies. The .JCisting leases will be provided on execution of the Assignment, and all ot the future leases and any other
information with respect to these L811~es will be providød immediately after thr.:y are executed. Mortgagor may oollect.
receive, enjoy and use the Aents 50 long as Mortgagor is not in default, Mortgagor will not collect in advance ~ny Ae~ts
due in future luse periods. unless Mortg..gor firstobtain$ Lender's written consE/nt, Upon default, Mortgagof will re~elve
any Rents in trust for lender and Mortgagor will not commingle tho Rents with eny other funds. When lender 50 dir.èctl1,
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, the costs of managIng. protecting end pruerving the Properly, and
othar nece!l~ry e;1llpenses. Mortgagor agrees Ihat this Security Instrument is immediately effective between Mortgagor
IiInd lender. This Security Instrument will ramðin effective during sny statutory redemption period until the Secured
Debts are setisfied. Unless otherwise prohibited or prescribed by state i.aw, Mortgagor agr/uls that lender mav take
aotual possession of th8 Proþerty without the necetltlity of commencing any legal action or proceeding. Mortgagor agrees
that actual possession of the Property is deem ad to occur when Lender notifies Mortgagor Dr Mortgegor's default and
demands thet Mortgagor ðnd Mortgagor's teMnts pay all Rents due or to becomo due directly to lender. Immediately
after Lender gives Mortgagor the netice of default, Mortgagor agrces that either Lender or Mortgøgor may immediately
notify the tenants and demend that all future Rents be paid directly to Lender.
As long as this As!,\ignment is in affact, Mortgagor warrants and represents tl'lat no default cxists under the Leases. and
the parties subject to the leases havø not violated any applicable law on laues, licenses and landlords and tenants.
Mortgagor, ;at its sole cost and expense. will kaep. observe and par form, and require all other parties to the Lsases to
comply witl'l thl ! leases and any applicable law. If Mortgager or ¡my party tl;l the Lease default1l er fails to observe any
applicable lew, Mortgagor will promptly notífy Lr;mder. If Mortgagor noglects or refuses to enforce compliance with the
terms of the Leases, then Lender mtly, !I.t lender'$ option, enforcQ compliance.
Mortgagor will not sublet, modify, extend, cancel, or olherwise ..Iter the leass.I1, or aocept the surrel'lder of Ihe Propcrty
covered by the Leases (unless the Leases so require) without Lender's con¡:ent. Mortgagor will not essign. compromiAe,
subordil'late or encumber the leases and Rents without Lender's prior written consent. Lander does not assume or
become liable for the Property's maintenance, depreciation, or other Il)sses or damage$ when Lender acts to manage.
pretect Dr preserve the Property, except for losses and demagos dve to Lender's gross negligence Dr il'ltention81 torts.
Otherwise. Mortgagor will indemnify Lender and hold LendQr harmless for all Ii:ibilit'{. Joss or damage that lender may
incur when Lender opts to cxercise any of its reltll !dles against any party obligated under the Leases.
14. CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. If thE! Prgperty includcs a unit in a condgminium or a planned unit
development, Mortgagor will perform all of Mort.gl,lgor's duties under the covenant$, by-laws. or rllgulations ef the
condomini~rm or plannad unit development.
15. DEFAULT. Mortgagor will bll in default if any of the following OCCUr;
A. Any party obllg;lted on the Secured Debt fails to meke payment when due;
B. A breach of any term or coven<lnt in this Mortgage, any prior mortgage or any construction loan <lgreement.
security agreement or any other document: evidencing. guarantying. securing or otherwise ralating to the Secured
Debt;
C. The making or furnishing of any verbal or written rcpresentetion, stalement or warranty 10 Lender that is false or
incorrect in any material rospect by Mongagor or eny person or entity obligated on the Secured Debt;
D. The deatl'l, dissolution. or insolvency of, appointment of a receiver for. or IIPplicetion of any debtor relief law 10.
Mortgagor or tiny person or entity obligated gn the Secured Debt;
E. A good faith belief by Lender et any timc that lender is insecure with respect to any person or entity obligated on
the Secured Debt Dr that the prospect of any peyment is impðired or the valus of the Property it. imptlired;
F. A material adverse change in Mortgagor's business including ownership, management, and finencial conditions,
which Lender in its opinion believes impeirtl the value of the Property or repayment of the Sec:ured Debt; Dr
G. Any loan proceeds are used for a purpose thBt will contribute to excessive erosion of highly erodibllll land or to the
conversion of wetlands to produce an agricultural commodity. as fur1her explained in 7 C.F.R. Par1 1940, Subpart
G, Exhibit M. .
16, REMEDIES ON DEFAULT. In some instances, federal and state law will require Lender to provide Mortgagor with notice
of the right to cur.. mediation notices or other notices end may 8t1tllblish time scl'ledules for foreclosure actions, 5ubject
to thsse limitations, if any. lender may accelera1e the Secured Debt and foreclose this Mortgage in a manner provided by
law if this Mortgagor i1l in default.
~t the. option of Lender, all or any pllrt of the "greed fees end charges, accrued intarest .;Ind principal shall become
Immediately due end payable, after giving notice if required by faw, upon the occurrence of a default or anytime
thereafter. In addition, Lender 1Ihall be entitled to all the remedies provid"d by law, ths Evidence of DE/bt, other evidances
of debt, this Mortgage and any related documents including without limitation, the power to !leU the Property. All
remedlcs are distinct, cumulative and not exclusive, end thlil Lender is entitled To all remedie3 provided at IIiIW or equity.
whether eICpressly set forth or not. The acceptance by lender of any sum in payment or Pélrtiel payment on the Sacured
Debt aftIII' the balance i$ d~le or is accelerated or after foreclosure proceedings are filed shall ngt constitutG! a waiver of
Lender's right to require full and complete curo of any existing default. By 1'Ot exercising any remedy on Mortgagor's
defeult, Lender does not waivs I.ender's right to I~ter eon3ider the evcnt a defeult if it cantinl)es or hapþenS! again.
(page tI or (I)
~ 1Q"93. 200 1 1I.n~.rs By.."",.. I..... S,. Claud. MN FO,," ^GCO-AEsl.WV "IO/200~
000235
17, EXPENSES; ADVANCES ON COVENANTS; ATTORNEVS' FEES; COLLECTION COSTS. Except when prohibited by haw,
Mortgagor Bgrees to pey all of Lender's Ixplnaes if Mortgagor breaches any covenant in this Mortgage. Mortgagor will
also pay on demand all of Lender's Bltpenses incurred in collecting, insuring, preserving or protecting the Property or in
any inventorIes, audits, inspections or other examination by Lender in respect to the Property. Mortgagor agrees to pay
all costs and expenses incurred by Lander in enforcing or pra1ecting Lender's rights and remedies under this Mortgage,
in~luding, but not limited to, attorneys' fees, court costs, and ot"", legal expenses. Once the Secured Debt is fully Bnd
finally paid, Lender agrees to release this Mortgage and Mortgagor agrees to pay for any recordation costs. All such
amounts are due on demand and will bear interest from t!'le time of thl advance at the highest rate in effect, from time
to time, as provided in the Evidence of Debt and as permitted by law:
18, ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES, As used in thIs section, (1) "Environmental Law" means,
without limitation, the Comprehensive Environmental RGlspon.e, Compensation and Liability Aot (CERCLA, 42 U.S.C.
9601 et s8q.l. all other federal, state and locallawl. regulations, ordlnanoes, oourt orders, attorney general opinions or
Interpretive letters concerning the publio health, safety, welfare, environment or a hazardous substance; and (2)
"Hazardou.a Substance" means any toxic, radioactive or ha~ardous material, waste, pollutant or oontaminant whioh has
characteristics which render the substance dangerous or potentially dangerous to the public health. safety, welfare or
environment. The term includes, without limitation, any substances defined as "hazardous material," "toxic substances,"
"hazardous waste" or "hazardous substance" under any Environmental Law. Mortgagor represents, warrant$ and agr.es
that, except as :Ireviously disalosed and acknowledged in writing:
A. No Hazardous Substance has been, is, or will be located, transported, manufactured, treated, refined. or handled
by any person on, under or about the Property. except in the ordinary course of business and in strict compliance
with all applicable Environmental Lew.
B. Mortgagor has not and will not cause, contributs tOt or permit th. relees. of .ny Haurdous Substance on the
Property.
C. Mortg.agor will immediately notify lender if (1) 8 relealle or threatllnœd release of HazardoulI Sub.Unce oocurs on.
under or about the Property or migrates or threatsns to migrate from nearby property; or 121 there is e vloletion of
any Environmentel Lew concerning the Property, In such an event, Mortgagor will take all necessary remedial
action in accordance with Environmental Law.
D. Mortgagor has 1'10 knowledge of or reason to believe there is any pending or thr,atened investigation, claim, or
proceeding of any kind relating to (' I any Hazardous Substance looated an. under or about the Property; or (2.)
any violation by Mortgagor or any tenant of any Environmental law. Mortgagor will immediately notify Lender in
writing as soon as Mortgagor has reason to believe thare is any such pending or thrutened investigation, claim.
or proceeding. In such en event, Lender hu the right. but not the obligation. to participate in any such proceeding
Including the right to receive copies of any documents relating to such proceedings.
E, Mortgagor and every tenant have been, are and $hall remain in full compliance with any applicable Environmental
Law.
F. There are no underground storage tanks, private dumps or Op8f'l well! located on or under the Property and no
such tarlk, dump or well will be added unless Lender first consents in writing.
G. Mortgagor will regularly inspect the Property. monitor the aotivities and operations on the Property. and confirm
that all :Iermits, licenses or approvals required by any applicable Environmental Law are obtlllned and complied
with.
H. Mortgagor will permit, or cause any tenant to permit, Lender or Lender's agent to enter and inspect the Property
and review ell records at any reasonable time to determine (1) the existence, location Bnd naTUre of al,\y
Hazardous Substance on, under or ebout the Property; (2) the existence, location. nature, and magnitude of any
Ha~ardous Substanoe that has been released on, und8f' or abOut the Property; or 131 whether Dr not Mortgagor
and any tenant are in compliance with applicable Environmental law.
I. Upon Lendor's request end at any time, Moft II agor agroes, at Mortgagor's expense. to engage a qualified
environmental engineer to prepare an environmental audit of the Property and to submit the results of such audit
to Lender. The choice of thllllnvironmental engineer who will perform such audit is subject to Lender's ep :Irovel.
J. Lender has the right, but not the obligation, to perform any of Mortgegor's obligetions under this section at
Mortgagor's 8Xp8n$e.
K. As a consequenoe of any breach of any representation, warranty or promise made in this section, (1) Mortgagor
will indemnify and hold lender and Lender's succellllora or a$$igns hermless from end against all losses, claims,
demands, liabilities, damages, cleanup, response and remediation COstll, penalties and e)(þensls, including
without limitation all costs of litigation and anomeys' flln, which Lender end Lender's successors or assigns may
sustain; and 121 at Lender's discretion, Lander may rele8le this Mortgage and in return Mortgagor will provide
Lender with collateral of at least equel value to the Property secured by this Mortgage without prejudice to any of
lender's rights under this Mortgage.
L. Notwithstanding any of the language contained in this Mortgage to the oontrary. the terms of this section shall
survive any foreolosure or tlatisfaçtion of this Mortgage regllrdlu8 of any passage of title to lender or any
disposition by lender of any or ell of the Property. Any claim. and defenses to the contrary are hereby wlived.
19. CONDEMNATION. Mortgagor will give Lender prompt notice of any aotion, real or threatened, by private or public
entities to purchase or take any or all of the Property. including any eU8ments, through condemnation, IIminent domain,
or any other means. Mortgagor further egrees to notify Lender of any proceedings instituted for the e$tablishment of any
~ewti!r, water, conscrrvatiol1, ditch, drainage, or other dirrtrlct r.leting to or binding upon the Proplrty or any pert of it.
Mortgagor authorizes Lender to intervene in Mortgagor's name in any of the above described actions or claims and to
collect and receive all sums resulting from the action or claim. Mortgagor usigns to Lender the proceeds of any award or
claim for damages connected with e condemnstion or other taking of ell or any part of the Property. Such proceeds shall
be considered payments and will be applied as provided in this Mortgage. This a~signment of proceeds is subject to the
terms of any prior mortgage, deed of trust. security agrsement or other lien document.
(peg. 5 of 8)
~ OHÞ93,2001I1o""o,oly_.I",..S1.CIOu<I.MN l'o'mAGCO·AEGI*.... 111&/~OO~
000236
20. INSURANCE. Mortgagor agrees to maintain insurance as follows:
A. Mortgagor shall keep the Property insured ag.inst loss by fire, theft and other hazards and risks reasonably
associated with the Property dUÐ to its type and location. Other haZBrds and risks may include, for eKample,
coverage against loss due to floods or flooding. This insurance shall be maintained in the amounts and for the
periods that Lender requires. What Lender requires pursuant to the preceding two sentences can cnange d~ring
the term of the Secured Dabt. The insurance carrillr providing' the insurance shell be chosen by Mortgagor sub'ject
to L~ncler's approval, which shell not be unreasonably withheld. If Mortgagor fails to maintain the covørage
described above, Lender may, at lender's option, obtain coverage to protect Lender's rights in the Property
according to the terms of tnis Mortgage.
All iluvrance policies and renewals shall bll acceptable to lender and shall include /) sUlndard "mortgage cllllus."
and, where øpplicabJe. "lender loss p3yee clause." Mortgagor snQII imml ldlately notify Lender of cancellation or
termination of the insurance. Lander shall heve the right to hold the policies and renewals. If lender requires,
Mortgagor shall Immediately give 10 Lender all r~ceipts of paid premiums and renewal notices. Upon 105S,
Mortgagor shall give immediate notice to thll insurance carrier and lender. Lender m~y make proof of lotls if not
made immediately by Mortgagor.
Unless lendllr and Mortgagor otherwise agree in writing, insurance proceeds shall be applied to restoration or
repair of the Property damaged if the restoration or repair Is economically feasible and lender's security is not
lessened. If tn. restoration or repair is not economioally fel!lSible or Lender's security would be lessened, the
insurance proceeds shall be applied to the SecurQd Debt, whether or not then due, with My excess paid to
Mortgagor. If Mortgegor abandons the Property, or does not answer within 30 days a notice from Lender that the
insurance carrier has offered to seUle a claim, then LQnder may collect the insurance proceed$. lender may use
the proceeds to rspair or restore the Property or to pay the Secured Drabt whether or not then due, The 30-day
period will begin when the noticll is given.
Unless Lender ~ncl Mortgagor otherwise agrøQ in writing. any application of proceeds to principal shall not eXlen~
or postpone the due date of scheduled payments or ch;nge the amount of the payments.. If the PropertV is
acquired by Lendar, Mortgagor's right to any insurance policies and proceeds resulting from damage to the
Property before the acquisition shall pass to Lender to the extent of the Secured Debt immediately before the
I'çq~,isition .
B. Mortgagor agrees to maintain comprehensivl1 general liability insurance naming Lender lIS an additional insured in
an amount acceptable to Lender, in~uring against cl"ims arising from any accidenl or occurrence in or on the
PropÐrty.
c. Mortgagor agrees to maint;¡in rental loss or bU$ine$~ interruption insurance, as røqu;red by lender, in an amount
equal to at least coverage of one year's debt service. and required escrow /lCCOunt deposits (if agreed to
separately in writing), under a form of policy acceptable to Lender.
21. NO ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separate 81lreCml;lnt, Mortgagor will not be
required to pay to lender funds for taxes and insurence in escrow.
22. FINANCIAL REPORTS ANO ADDITIONAL DOCUMENTS. Mortgllgor will provide to lender upon request, any finanoial
statement or information Lender may deem necessary. MortglJgor warrants that ell financial stllltemenls and information
Mortgagor provides to Lender are, or will be, accurate. correct. and çomptete. Mor1gegor agrees 10 sign, deliver, and tile
es lender may reuonably request any additional documenls or certifications that lender may consider necessary to
perfect. continue. and preSQrve Mortgagor's obligations under this Mortgage and Lender's lieh Btlltl,.lS on thc Property, If
Mortgagor fails to do so, Lender may sign, deliver, and file such documents or- certificates in Mortgagor's name and
Mortgagor herBbv irrevocably apPQint" LendGr or L.ender's agent 8.s attQmcy in f"çt to do the!! things necessary to comply
with this section.
23. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Mortgage
are ¡oint and individufJl, If Mortgøgor signs this Mortgage but does not sign the Evidence of Debt. Mortgagor doe, so only
to mortg8ge Mortgagor's interest in the Property tD secure paymGrn of the Securlld Debt and Mortgagor does not agree
to be personrally liable on the Secured Debt Mortgagor agrees that Lender end 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. Suçh 8
change will not release Mortgagor from the terms of this MortGage. The duties and benefits of this Mortgage shall bind
and benefit the succe$Sors and a5signs of Mortgagor and Lender.
If thIs Mortgage SÐr;ures a guaranty between Lender and Mortgagor and does not directly !\IIICure Ihe obligóltion which is
guarantied. Mortgagor 8gr1l8$ to weive any rights that may prevent lender from bringing sny action or claim against
Mortgagor or any party indfl!bted under the obligation including, but not limited to, anti-deficiency or one-action lawt'.
~ 0111113. 2001 "'nII~r, !IV,,,,,,,, 'ne:.. S.. Cloud, MN F..... AGtO.PlESI·WY 1/1S/~OOJ
(pege G af 8J
000237
24. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Mortgage 1$ governed by 1he laws of the jurisdiction In
which lender /s located, except to the eXt8nt o1herwise required by the law8 of the juri8dlction where the Property is
looated. This Mortgage is complete and fully integrated. This Mortgage may not be emende<J or modified by oral
agreement. Any section or clause in this Mort¡ age, attachments, or any agreement related to the Secured Debt that
conflict!; with applicable law will not be effective, unlell$ that law expressly or impliedly permrts the variations by written
agreement. If any stctlon or olause of this Mortgage cannot be enforced according to its terms, tha1 section or clause
will be severed and will not affect the enforceability of tI'I. rllm8inder of this Mortgage. Whenever lIsed, the singular shall
include the plural and the plural the singular. The captions and headingt1 of the sections of this Mortgage ere for
oOlwenlenoe only and are not to be used to Interpret or define the terms of this Mortgllge. Time is of the assenog in thi$
Mortgage.
28. NOTICE. Unless otherwise required by law, any notice shall be given by delivering it or by mailing it by first class mail to
the appropriate party's address on page 1 of this Mortgage, or to any' other IIddress designated in writing. Notioe to one
mortgagor will be deemed to be notice to all mortgagors.
26. WAIVERS. Exoept to the extent prohibited by law, Mortgagor waives any right regarding the marsh811ing of IiCiln$ and
usets and all homestead exemption rights relating to the Property.
27. U.C.C. PROVISIONS. If checked, th. followi"g ere applicable to, but do not limit, this Mortgag~:
o Con&truction Loan. This Mortgage secures an obligation incur~ed for the construc'tionof IIn improvement on the
Property.
o Fixture Filing. Mortgtlgor grants to lender a security intere~ in all goods that Mongagor owns now or in the
future and thøt are or will becomø fixturell related to the Property.
o Crap.s; Timber; Minerals; Rents, Issu.s and Pro fila. Mortgagor grants to lender a security interest in all crop a,
timber and minerals located on the Property as well a$ alf renta, issues, and profits of them including, but not
limited to, all Conservation Reserve Program ICAP) and Payment in Kind IPIK) payments Elnd simllør governmental
programs (all of which shalf also be included in ths term ~Property").
o Personal Property. Mortgagor grants to Lender 8 security interest in all personal property located on or connected
with thl Property. This security interest includes all farm products, inventory, equipment. accounts, documents,
instruments, chattel paper, general intangibles, and ell other items of personal property Mortgagor owns now or in
'the future and that are lJ$ed or useful in the construction, ownership, operation, management, or maintenance of
the Property. The term "personal propeny" specifically 8xcllJdes that property described u ~houllehold good$"
secured in connection with a ·consumer" loan as tho(l' terms ate defined in applicable fedllral regulations
governing unflllir and deceptive credit practices.
o FIling As Financing Statement. Mortgllgor ngrees and acknowledges that thil1 Mortgage IIlso suffices as a
financing statement and as such, may be filed of record IS a financing statement for purposes of Article 9 of the
Uniform Commercial Code. A carbon. photographic. image or other reproduction of this Mortgage is sufficient all
8 financing statement.
28. OTHER TERMS. If checked, the following ars applicable to this Mortgage:
] Line of Credit. The Secured Debt includes a revolving line of cradlt provision. Although the Secured Debt may be
reduced to a zerc balanoe, this Mortgage will remain in effect until released,
[J Separ.te AssignmC!nt. The Mortgagor has executed or will .xecute a separate assignment of leases and rents. If
the separate assignment of leases and rents Is properly executed and recorded, then the separate 8Ssignment will
supersede this SlIcurity Instrument's "Assignmønt of Leases and Aents· section,
CJ Additionll Term..
(peg" 7 of 81
~.. Q1183. ~OOll!1nktl. Sy"oma,.lnc.. 81. CIG~d.I\IIN ForM ACCO·Rm/·W" 1/1Cr.10D3
000238
SIGNATURES: By signing below, Mortgagor agrllO$ to 'he terms and covenants contained in this Mortgage and in any
auschman,s. Mortgagor all;o acknowledges race;p' of a copy of this Mortgage on the date stated above on Page 1.
o Actual authorltV wa$ granted to the parties signing bêlow by resolution signed and datêd
e n!i!y N..m.;
ISig""\II'IOI
ID~1~1
Sig""!urtl
IDol.)
o Aefer to the Addendum which is IIttsched and incorporated herein for additional Mortgagor9, signatures and
acknDwledgments,
",,__...0
ACKNOWLEDGMENT:
STATE OF (At-A , . COUNTY OF
This instrument W:,lS acknowledged 'before me this
by ¿ r "'~ r(O{,;.,SDn· . ,;.
My commission expires: !Vte>trc A 1:21:µ I~
f---------------,
r RACHELLE J CRUM ~
Notary Public
I . State of Utah 1
! My Commission Expires March 12,20121
1_.__¿5~~S~~~~~~I~
} 55.
~~~9~~
(NOlo,y Public,
STATE OF , ÇOUNTY OF
This instrument W; I$ acknowledgø:d before me this
by
} 55.
day of
(eu"",.....
or Inllry
^''''lowr''tlQl'nnn'l of
a
My ti0mmission.expires:
lTitl,lsl)
INII.... .f BUSln"... 0' ~"'IWI
on behalf of ~"'e businel1S or entity.
(Notary Pulllio:l
~ !il1.sa, 2001 Bank... SYIIIt"'.. Inc.. 31. I:lolld, Mill Farm Þ,OI:O·AESI·WV 1/1612003
(Pø9ff 8 of 111
LEGAL DESCRIPTION
EXlITBIT 'A'
000239
Order No: 6010816834
Lot 4 ofthe Bruce Robinson Family Exempt Subdivision, Lincoln County, Wyoming,
as described on the official plat filed June 18, 2003 as Instrument No. 890920 of the
records of the Lincoln County Clerk.
TOGETHER with the right of ingress and egress as contained in Corrective Right-of-
Way Easement recorded May 30, 2003 in Book 522PR on page 187 of the records of the
Lincoln County Clerk.