HomeMy WebLinkAbout941108
RECORDATION REQUESTED BY:
Firat Interstate Blnk
Jlcklon Main Brlnch
842 Weet BroldwlY
P. O. Box 11095
Jackson, WY 83002-1095
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RECEIVED 8/8/2008 at 10:26 AM
RECEIVING # 941108
BOOK: 701 PAGE: 806
JEANNE WAGNER
II LINCOLN COUNTY CL~RK. KEMM~R~R, WY
GO F'1ISf IIdeIstale Bark
WHEN RECORDED MAIL TO:
Firat Interstate Bank
Jackson Main Brsnch
842 West Broadway
P. O. Box 11095
Jack.on, WY 83002-1095
iR,J.18'/
CONSTRUCTION MORTGAGE
MAXIMUM LIEN. The lien of this Mortgage shall not exceed at anyone time $1.200,000.00.
THIS MORTGAGE dated July 29, 2008, Is made and executed between LDL Properties, LLC, a Wyoming limited
liability company, whose address Is 507 W. Elkhom Dr., Thayne, WY 83127 (referred to below as "Grantor") and
First Interstate Bank, whose address Is 842 West Broadway, P. O. Box 11095, Jackson, WY 83002-1095
(referred to below as "Lender").
GRANT OF MORTGAGE. For vsluable consldlrstlon, Grantor mortgages and conveys to Lender all of Granto~s right, title, and Interest in and to
the following described real property, together with all existing or subsequenUy erected or affixed buildings, improvements and fixtures; all
easements, rights of way, and appurtenances; all water, water rights, watercourses and ditch rights (Including stock in utilllles with dilch or
Irrigation rights); and all other rlghts¡ royalties. and profits relating to the real property, includln!!. without limitation all minerals, oil, gas,
geothermal and similar matters, (the 'Real Property") located In Lincoln County, State of Wyoming:
See ,Exhibit "A". which Is attached to this Mortgage and made a part of this Mortgage as if fully set forth
herem.
The Real Prope[ty or its address Is commonly known as Cedar Springs Meadows SubdlvlsJon,l. Thayne, WY
83127. The Real Property tax Identification number Is Parcel 1: 1..0t 1 (3419-01-4-00-2~3.00); Lot 2
(3419-01-4-00-096.00)
Parcel 3: Unit 1 (3419-01-4-11-223.01); Unit 2 (3419-01-4-11-223.02); Unit 3 (3419-01-4-11-223.03)
Unit 4 (3419-01-4-11223.04).
Granlor presently assigns 10 Lender all of Grenlo~s right, title, and Inleresl In and to ell presenl end future leeses of the Property end ell Rents
from the Property. in addition, Grantor grants to Lender a Uniform Commercial Code security Interesl In the Personal Property and Renls.
THIS MORTGAGE, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY, IS
GIVEN TO SECURE (AI PAYMENT OF THE INDEBTEDNESS AND (B) PERFORMANCE OF ANY AND ALL OBUGATlONS UNDER THE NOTE,
THE RELATED DOCUMENTS, AND THIS MORTGAGE. THIS MORTGAGE, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY
INTEREST IN THE RENTS AND PERSONAL PROPERTY, IS ALSO GIVEN TO SECURE ANY AND ALL OF BORROWER'S OBLIGATIONS UNDER
THAT CERTAIN CONSTRUCTION LOAN AGREEMENT IiIE1WEEN BORROWER AND LENDER OF EVEN DATE HEREWITH. ANY EVENT OF
DEFAULT UNDER THE CONSTRUCTION LOAN AGREEMENT, OR ANY OF THE RELATED DOCUMENTS REFERRED TO THEREIN, SHALL ALSO
BE AN EVENT OF DEFAULT UNDER THIS MORTGAGE. THIS MORTGAGE IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS:
GRANTOR'S WAIVERS. Grentor waives all rights or defenses arising by reason of any "one action" or "anll-deficlency" law, or eny olher law
which may prevent Lender from bringing any action agalnsl Grantor, Including a claim for deficiency to the extent Lender is olherwise entitied to
a claim for deficiency, before or after Lende~s commencement or completion of any foreclosure action, either Judicially or by exercise of a
power of sale.
GRANTOR'S REPRESENTATIONS AND WARRANTIES. Grantor warrants that: (a) this Mortgage ia executed al Borrowe~s request and not at
the request of Lendar; (b) Grantor has the full power, right, and authority to enter into this Mortgage and to hypolhecate the Property; (c) the
provisions of this Mortgage do not conflict with, or result In a defaun under any agreement or other Instrument binding upon Grantor and do not
result In a violation of any law, regulation, court decree or order applicable to Grantor; (d) Grantor has established adaquale means of obtaining
from BO/TOwer on a continuing basis information aboul Borrowe~s financial condition; and. (e) Lender has made no representallon to Grantor
about Borrower (Including without limitation the creditworthiness of Borrower).
PAYMENT AND PERFORMANCE. Excepl as otherwise provided in this Mortgege, Borrower shall pay to Lender alllndebtedneas secured by this
Mortgage as It becomes due, and Borrower and Grantor shall s\rleUy perform all Borrowe~s and Grantor's obligations under this Mortgage.
CONSTRUCTION MORTGAGE. This Mortgage Is a "construction mortgage" for the purposes of SeeUons 9-334 and 2A-309 of the Uniform
Commercial Code, as those sections have been adoptad by the State of Wyoming.
POSSESSION AND MAINTENANCE OF THE PROPERTY. Borrower end Grentor agree thai Borrowe~s and Grento~s possession and use of the
Property shall be govemed by the following provisions:
Possession and Use. Until the occurrence of an Event of Default, Grantor may (1) remain In possession and control of Ihe Property; (2)
use, operate or manage the Property; and (3) collect Ihe Rents from the Property.
Duty to Maintain. Grantor shall malnlain the Property In lenanteble condllion and promptly perform all repairs, replacements, and
maintenance necessary to preserve Its value.
Compliance With Environmental Laws. Granlor represents and warrants to Lender Ihat: (1) During Ihe parlod of Granlo~s ownership of
Ihe Property, there has been no use, generation, manufacture, alorage, trealmenl, disposal, release or threatened release of any Hazardous
Substance by any person on, under, aboul or from the Property; (2) Grantor has no knowledge of, or reason to believe that there has
been, excapt as previously disclosed to and acknowledged by Lender in writing, (a) any breach or violation of any Environmental Laws,
(b) any use, generation, manufacture, slorage, treatment, disposal, release or threatened release of any Hazardous Substance on, under,
aboul or from the Property by any prior owners or occupants of the Property, or (c) any actual or Ihreatened IIlIgallon or claims of any
kind by any person relating to such matters; and (3) Excepl as previously disclosed to and acknowledged by Lender In writing, (a) neither
Grantor nor any tenant, conlractor, agent or other authorized user of the Property shall use, ganerale, manufacture, store, treat, dispose of
or release any Hazardous Substance on, under, ebout or from the Property; and (b) any such activity shall be conducted In compliance
with all applicable federal, stale, 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 auch Inspecllons and lests, at Granto~s expense, as Lender mey deem
appropriale 10 determine compliance of the Property with this section of the Mortgage. Any Inspections or teats made by Lender shall be
for Lender's purposes only and shall not be conslrued 10 creale any responsibility or liability on the part of Lander to Granlor or 10 any other
person. The representations and warranties contained herein are based on Grantor's due diligence In investigellng the Property for
Hazardous Substances. Grantor hereby (1) releases and waives any fulure claims against Lender for Indemnity or contrlbulion In the
evenl Granlor becomes liable for cleanup or olher costs under any such laws; and (2) agrees to indemnify, defend, and hold harmless
Lender agelnsl any and all claims, losses, liabilities, damages. penalties, and expanses which Lender may dlrectiy or Indireclly suslaln or
MOk I bAbE
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000807
Page 2
suffer resulting from a breach of this section of the Mortgege or as a consequence of any use, generation, manufacture. storage, dlspqsal,
release or threatened reiease occurring prior to Grantor's ownership or Interest 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 survive
the payment of tha Indebtedness and the satisfaction and reconveyanca of the lien of this Mortgage and shall not ba affected by lender's
acquisition of any Interest In the Property, whether by foreclosure or otherwise.
Nuisance, Waste. Grantor shall not cause, conduct or permit any nuisanca nor commit, permit, or suffer any stripping of or wastè on or to
the Property or any portion of the Property. Without limiting the generality of the foregoing, Grantor will not remove, or grant to any other
party the right to remove,. any timber, minerals (Including 011 and gas), coal, clay, scoria, soli, gravel or rock products without lender's prior
written consent.
Removal of Improvements. Grantor shall not demolish or remove any Improvements from the Real Property without lender's prior written
consent. As a condition to the removal of any Improvements, lander may requlrll Grantor to make arrangements satisfactory to lender to
replace such Improvements with Improvements of at least equal value.
lender'. Right to Enter. lender and lender's agents and representatives may enter upon the Real Property at all reasonable times to attend
to lender's Interests and to Inspect tha Real Property for purposes of Grantor's compliance with the terms and conditions of this Mortgage.
Compliance with Governmental Requirements. Grantor shall promptly 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 lender'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 unattended the Property. Grantor shall do all other acts, In addlUon to thosa
acts set forth above in this section, which from the character and use of the Property are reasonably necessary to protect and preserve the
Property.
CONSTRUCTION LOAN. If some or all of the proceeds of the loan creating the Indebtedness are to be used to construct or complete
consiructlon of any Improvements on the Property, the Improvements shell be completed no later than the maturity date of the Note (or such
earlier date as Lendar may reasonably establish) and Grantor shall pay In full all costs and expenses In connection with the work. lender will
disburse loan proceeds under such terms and conditions as Lender may deem reasonably necessary to Insure that the Interest created by this
Mortgage shall have priority ovar all possible lIans, Including those of material suppliers and workmen. Lender may require, among other things,
that disbursement requests be supported by receipted bills, expense affidavits, waivers of liens, construction progress reports, and such other
documentation as lender may reasonably request.
DUE ON SALE· CONSENT BY lENDER. Lender may, at lender's option, declare immadlately due and payable all sums secured by this
Mortgage upon the sale or transfar, without lender's prior written consent, of all or any part of the Real Property, or any Interest In the Real
Property. A "sale or transfer" meens 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 dead,
leasehold Interest With a term greater than three (3) years, lease-optlon contract, or by sale, assignment, or transfer of any beneficial Interest In
or to any land trust holding title to the Resl Property, or by any other method of conveyance of an Interest In the Rsal Property. If any Grantor Is
a corporation, partnership or limited liability company, transfer also includes any change In ownership of more than twenty-five percent (25%) of
the voting stock, partnership Interests or limited liability company Interasts, as the case may be, of such Grantor. However, this option shall not
be exarclsed by lender If such exercise 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:
Payment. Grantor shall pay when due (and In all events prior to delinquency) all taxes, payroll taxes, speclel taxes, essessments, water
charges and sewer service charges levied against or on account of the Property, and shall pay whan due all claims for wor!< 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, except for those liens specifically agreed to In writing by lender, and except for the lien of taxes
and assessments not due as fl rther specified In the Right to Contest paragraph.
Right to Contss!. Grantor may withhold payment of any tax, assessment, or claim in connection with a· good faith dispute over the
obllgetlon to pey, so long as lender's Interest In the Property Is not Jeopardized. If a lien arises or Is filed as a result of nonpayment,
Grantor shall within 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 requested by Lender, deposit with lender cash or a sufficient corporate slJrety bond or other security
satisfactory to lender In an amount sufficient to discharge the lien plus any costs and reasonable attorneys' fees, or other charges that
could accrue as a result 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 additional obligee under any surely bond
furnished In the contest proceedings.
Evidence of Payment. Grantor shell upon demand furnish to Lender satisfactory evidence of peyment of the taxes or assessments and shall
authorize the appropriate governmental official to deliver to Lander at any time a written statement of the taxes and assessments against
the Property.
Notice of Construction. Grantor shall notify Lander 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, matarialmen's lien, or other lien could be asserted on account of the
work, services, or materials and the cost exceeds $10,000.00. Grantor will upon request of lender fumlsh to Lender advance assurances
setlsfactory 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 Mortgege:
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 Improvements on the Real Property In an amount sufficient to avoid application
of any coinsurance clause, and with a standard mortgagee 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 addltlonallnsurads
In such liability insurance policies, Additionally, Grantor shall maintain such other Insurance, Including but not limited to hazard, business
Interruption and boiler insurance as lender may require. Policies shall be written by such Insurance companies and In such form as may be
reasonably acceptable to lender. Grantor shall deliver to lender certlflcates of coverage from each Insurer containing a stipulation that
coverage will not be cancalled or diminished without a minimum of ten (10) days' prior written notice to lender and not containing any
disclaimer of tha 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 default of Grantor or any other person. Should the Real
Property be located In an area designated by the Director of the Federal Emergency Manegement Agency as a special flood hazard area,
Grantor agrees to obtain and maintain Federal Flood Insurance, If available, for the full unpaid principal belance of the loan and eny prior
Hens 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.
Application of Proceeds. Grantor shall promptly notify Lender of any loss or damage to the Property If the estimated cost of repelr or
replacement exceeds $10,000.00. 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 proceeds of any insurance and apply
the proceeds to the reduction of the Indebtedness, peyment of any lien effecting the Property, or the restoration and repair of the Property.
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 proceads for
the reesonable cost of repair or restoration If Grantor is not In default under this Mortgage. Any proceeds which have not bean dIsbursed
within 180 days after their receipt and which Lender has not committed to the repair or restoretlon of the Property shall be used first to pay
eny amount 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 shell be paid to Grantor
as Grantor's Interests may appear.
Grsntor's Report on Insurance. Upon request of Lender, however not mora than once s year, Grantor shall furnish to Lender s report on
each existing policy of Insurance showing: (1) the name of the Insurer; (2) the risks Insured; (3) the amount of the policy; (4) the
property Insured, the then current replacement value of such property, and the manner of determining that value; and (5) the expiration
date of the policy. Grantor shall, upon request of Lender, have an Independent appraiser satisfactory to lender determine the cash value
MUKI ~I-\\:n:
(Continued)
000808
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replacement cost of the Property.
TAX AND INSURANCE RESERVES. Subject to any limitations set by applicable law, lender may require Grantor to maintain with lender
reserves for payment of annual taxes, assessments, and Insurance premiums, which reserves shell be created by advance payment or monthly
payments of a sum estimated by lender to be sufficient to produce, amounts at least equal to the taxes, assessments, and Insurance premiums
to be paid. The reserve funds shall be held by lender as a general deposit from Grantor, which lender may satisfy by payment of the taxes,
assessments, and Insurance premiums required to be paid by Grantor as they becom9 dU9. lender shall have the right to draw upon the reserve
funds to pay such Items, and lender shall not be required to detennlne the validity or accuracy of any Item before paying It. Nothing In the
Mortgage shall be construed as requiring Lender to advance other monies for such purposes, and Lender shall not Incur any liability for anything
It may do or omit to do with respect to the reserve account. Subject to any limitations set by applicable law, If th9 reeerve funds disclose a
shortage or deficiency, Grantor shall pay such shortage or deficiency as raqulred by Lender. All amounts In the reserve account are hereby
pledged to further secure the Indebtedness, and Lender Is hereby euthorlzed to withdraw and apply such emounts on the Indebtedness upon the
occurrence of an Event of Default. Lender shall not be required to pay any Interest or eamlngs on the reserve funds unless required by law or
agreed to by Lender In writing. Lender does not hold the reserve funds In trust for Grantor, and Lender is not Grantor's agent for payment of tha
taXas and assessments required to ba paid by Grantor.
LENDER'S EXPENDITURES. If any action or proceeding Is commenced that would materially affect Lender's Interest in the Property or If Grantor
falls to comply with any provision of this Mortgage or any Ralated Documants. Including but not limited to Grantor's failure to discharge or pay
when due eny amounts Grantor Is required to dlscharga or pay undar thle Mortgage or any Related Documents, Lendar on Grantor's behalf may
(but shall not be obligated to) take any action that Lender deems appropriate, Including but not IImltad to discharging or paying all taxas, liens,
security Interests, ancumbrances and othar claims. at any time levied or placed on the Property and paying all costs for Insuring, maintaining and
preserving the Property. All such expenditures Incurred or paid by Lender for such purposes will then bear Interast 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 damand; (B) be added to the balance of the Note and be apportioned among and ba payable
with any Installment payments to becoma due during either (1) the term of any applicable Insurance policy; or (2) the ramalnlng tarm of tha
Note: or (C) 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 Defau~.
WARRANTY; DEFENSE OF TITLE. The following provisions relating to ownership of the Property are a part of this Mortgage:
Tltl9. 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 encumbrancas other than those set forth In the Real Property description or in any title Insurance policy, title report, or final title opinion
Issued In favor of, and accepted by, Lender In connection with this Mortgage, and (b) Grantor has the full right, power, and authority to
execute and deliver this Mortgage to Lender.
Defense of Title. Subject to th9 9xc9ptlon In the paragraph above, Grantor warrants and will forever defend the title to the Property against
the lawful claims of all persons. In the event any action or proceeding Is commenced that questions Grantor's title or the Interest of Lender
under this Mortgage, Grantor shall defend the action et Grantor's expense. Grantor may be the nominal party In such proceeding. but
Lender shall be entitled to participate in the proceeding and to be representad In the proceeding by counsel of Lender's own choice, and
Grantor will deliver, or cause to be 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.
Survival of Representations and Warranties. All representations, warranties, end 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
Borrower's Indebtedness shall be paid In full.
CONDEMNATION. The following provisions relating to condemnation proceedings are a part of this Mortgage:
Procsedlng.. If any proceeding In condemnation Is flied, Grantor shall promptly notify Lender In writing, and Grentor shall promptly take
such .teps as may be necessary to defend the action and obtein 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 requested by lender from time to time to
permit such partlclpation.
Application 01 Net Proceeds. If all or any part of the Property Is condemned by emln9nt domain proce9dlngs 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.
IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relating to governmental taxes,
fees and charges are a part of this Mortgage:
Current Taxes, Fees snd Charge.. Upon request by Lender, Grantor shall execute such documents In addition to this Mortgage and take
whatever 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 described below, together with all expenses Incurred In recording, perfecting or continuing this Mortgage, Including without
limitation all taxes, fees, documentary stamps, and othar charges for recording or registering this Mortgage.
Taxes. 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 Borrower which Borrower Is authorized or required to deduct
from payments on the Indebtedness secured by this type of Mortgage; (3) a tax on this type 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
Borrower.
Sub.equent Taxes. If any tax to which this section appllas 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 Liens
section and deposits with Lender cash or a sufficlent 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:
Security Agreement. this Instrument shall constitute a Security Agreement to the extent any of the Property constitutes fixtures, and
Lender shall have all of the rights of a aecured party under the Unlfonn Commercial Code as amended from time to time.
Security Interest. Upon request by Lender, Grantor shall take whatever action Is requested by Lender to perfect and continue lender's
security Interest In the Rents and Personal Property. In addition to recording this Mortgage In the real property records, Lender may, at any
time and without further authorization from Grantor, file executed counterparts. copies or reproductions of this Mortgage as a financing
statement. Grentor shall reimburse Lender for all expenses Incurred In perfecting or continuing this security Interest. Upon default, Grantor
shall not remove, sever or detach the Personal Property from the Property. Upon default, Grantor shell assemble any Personal Property not
affixed to the Proparty 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 to the extent pennltted by applicable law.
Addre..... The mailing addresses of Grantor (debtor) and Lender (secured party) from which Information concemlng the security Interest
granted by this Mortgage may be obtained (each as required by the Uniform Commercial Code) are as stated on the flrat page of this
Mortgage.
FURTHER ASSURANCES; ATTORNEY-IN.f'ACT. The following provisions relating to further assurances and attorney-In-fact are a part of this
Mortgage:
Further A..uranc.s. At any time, and from time to time, upon request of Lender, Grantor will make, execute end deliver, or will cause to
be made, executed or delivered, to Lender or to Lender's designee. and when requested by Lender, cause to be flied, recorded, reflled, or
rerecorded, as the case may be, at 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 lender, be necessary or desirable In order to effectuate, complete, perfect,
continue, or preserve (1) Borrower's and Grantor's obligations under the Note, this Mortgage, and the Related D?cuments, and (2) the
MOt( I bAÛE
(Continued)
000809
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liens and security Interests created by this Mortgage as first and prior liens on the Property, whether now owned or hereafter acquired by
Grantor. Unless prohibited by law or Lender agrees to the contrary In writing, Grantor shall relmbul6e Lender for all costs and expenses
Incurred in connection with the matters referred to in this paragraph.
Attorney-4n.f'acL 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, flling, recording, and doing all other things as may be necessary or desirable, in Lender's sole
opinion, to accomplish the mattel6 referred to in the preceding paragraph.
FULL PERFORMANCE. If Borrower and Grantor pay all the Indebtedness when due, and Grantor otherwise performs all the obligations Imposed
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 end the Pel60nal 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 the fqllowlng, et Lender's option, shall constitute an Event of Default under this Mortgage:
Peyment Default. Borrower falls ;\0 make any payment when due under the Indebtedness.
Default on Other Payments. Failure of Grantor within the time required by this Mortgage to make any payment for taxes or Insurance, or
any other payment necessary to ~revent filing of or to effect discharge of any lien.
Other Defaults. Borrower or Gr¡;\ntor 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, obllgetlon, covenant or condition contained In any
other agreement between Lende~ and Borrower or Grantor. .
Default In Favor of Third Parties. I Should Borrower or any Grantor default under any loan, extension of credit, security agreement, purchese
or sales agreement, or any othe~ agreement, In favor of any other creditor or person that may materially affect any of Borrower's or any
Grantor's property or Borrower's I ability to repay the Indebtedness or Borrower's or Grantor's ability to perform their respective obligations
under this Mortgage or any relate1d document.
Fal.e Statements. Any warranty, representation or statement made or furnished to Lender by Borrower or Grantor or on Borrower's or
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 fumlshed or becomes false or misleading at any time thereafter.
Defective Colleterallzatlon. This IMortgage or any of the Related Documents ceases to be in full force and effect (Including failure of any
colleteral document to create a Vflld and perfected security Interest or lien) at any time and for any reason.
Death or Inaolvency, The dISSO~' tlon of Grantor's (regardless of whether election to continue Is made), any member withdraws from the
limited liability company, or any ther termlnetlon of Borrower's or Grantor's exlstance es a going business or the death of any member, tha
Insolvancy of Borrower or Grant r, the appointment of a receiver for any part of Borrower's or Grantor's property, any assignment for the
benefit of credllol6, any type of ¡editor workout, or the commancement of any proceeding under any bankruptcy or Insolvency laws by or
against Borrower or Grantor. :
Creditor or Forfeiture Proceedln~s. Commencement of foreclosure or forfalture proceedings, whether by judicial proceeding, self-help,
rapossession or any other method, by any creditor of Borrower or Grantor or by any govemmental agency against any property secUring the
Indebtedness. This Includas a g~mlshment of any of Borrower's or Grantor's accounts, Including deposit accounts, with Lendar. However,
this Event of Default shall not apþly if there Is a good faith dispute by Borrower or Grantor as to the validity or reasonableness of the claim
which la the basis of the creditor! or forfeiture proceeding and If Borrower or Grantor gives Lender written notice of the creditor or forfeiture
proceeding and deposits with La~der monies or a surety bond for the creditor or forfalture proceeding, In an amount determined by Lender,
In Its sole discretion, as baing an adequate raserve or bond for the dispute.
Breach of Other Agreement. Any breach by Borrower or Grantor under the terms of any other agreement between Borrower or Grantor and
Lendar that Is not remedied within any grace period provided therein, Including without limitation any agreement concerning any
Indabtedness or other obligation of Borrower or Grantor to Lender, whether existing now or later.
Events Affecting Guarantor. Any of the preceding events occurs with respect to any guarantor, endol6er, surety, or accommodation party
of any of the Indebtedness or any guarantor, endorser, surety, or accommodation party dies or becomes Incompetent, or revokes or
disputes the validity of, or liability under, any Guaranty of the Indebtedness.
Adverae Change. A material adverse change occurs In Grantor's financial condition, or Lender believes the prospect of payment or
performence of the Indebtedness Is Impaired.
Insecurity. Lender In good faith believas Itself Insecure.
RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence of an Event of Default and at any time thereafter, Lender, at Lender's option, may
exercise anyone or more of the following rights and remedies, In addition to any other rights or remedies provided by law:
Accelerate Indebtedness. Lender shall have the right at Its option without notice to Borrower or Grantor to declare the entire Indabtedness
Immediately due and payable, including any prepayment penalty that Borrower would be required to pay.
UCC Remedies. With respect to all or any part of the Personal Property, Lender shall have all the rights and remedies of a securad party
under the Uniform Commercial Code.
Collect Rente. Lander shall have the right, without notice to Borrower or Grantor, to take possession of the Property, Including during the
pendency of foreclosure, whethar Judicial or non-Judicial, and collect the Rents, Including amounts past due and unpaid, end apply the net
proceeds, over and above Lender's costs, against the Indebtedness. In furtherance of this right, Lender may require any tenant or othar
user of the Property to make payments of rent or use fees directly to Lendar. If the Rents are collected by Lender, then Grantor Irrevocably
designates Lender as Grantor's attorney-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 existed. Lender may exercise Its 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
powar to protect and preserve the Property, to operate the Proparty preceding foreclosure or sale, and to collect the Rents from the
Property and apply the proceeds, over and above the cost of the recelvel6hlp, against the Indebtedness, The receiver may serve without
bond If permitted by law. Lender's right to the appointment of a racelver shall exist whether or not the apparent value of the Property
exceeds the Indebtedness by a substantial amount. Employment by Lender shall not disqualify a person from serving as a receiver.
Judicial Foreclosura. Lendar may obtain a judicial decree foreclosing Grantor's Interest In all or any part of the Property.
Non udlclsl Sale. Lander may foreclose Grantor's interest In all or In any part of the Property by non-judlclal sale, and spaclfically by "power
of sale" or "advertisement and sale" foreclosure as provided by statute.
Dellclency JudgmenL If permitted by applicable lew, Lender may obtain a Judgment for any deficiency remaining in the Indebtedness due
to Lender after application of all amounts received from the exercise of the rights provided In this aectlon.
Tensncy 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 Borrower or 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) vacate
the Property Immediately upon the damand of Lender.
Othar Remedies. Lander shall have all other rights and remedies provided In this Mortgage or the Note or available at law or In equity.
Sale of the Property. To the extent permitted by applicabla law, Borrower and Grentor hereby walva any and all right to have the Property
marshalled. In exercising Its rights and remedies, Lender shall be free to sell all or any pert of the Property together or separately, In one
sale or by separate sales. Lender shall be entitled to bid at any public sale on all or any portion of the Property.
Notice of Sale, Lander shall give Grantor reasonable notice of the time and place of any public sale of the Personel 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 notice
given at least ten (10) days before the time of the sale or disposition. Any sale of the Personal Property may be made In conjunction with
any sala of the Real Property.
I.IV~ I ,",",,~a;;
(Continued)
OOGsj.O
Page 5
EI.ctlon of R.m.dl... Election by Lender to pursue any remedy shall not exclude pursuit of any other remedy, and an election to make
expenditures or to take action to perform an obligation of Grantor under this Mortgage, alter Grantor's failure to perform, shall not affect
Lender's right to declare a default and exercise its remedies. Nothing under this Mortgage or otherwise shall be construed so as to limit or
restrfct the rights and remedies available to Lender following an Event of Default, or In any way to limit or restrict the rfghts and ability of
Lender to proceed directly against Grantor and/or Borrower and/or against any other co-maker, guarantor, eurety or endoreer and/or to
proceed agalnel eny other collateral directly or indirectly securing the Indebtedness.
Attorney.' Fe..; Expen.... If Lender Institutes any suit or action to enforce any of the terms of this Mortgage, Lender shall be entitled to
recover euch sum as the court may adjudge reasonable as attorneys' fees at trial and upon any appeal. Whether or not any court action Ie
involved, and to the extent not prohibited by law, all reasonable expenses Lender Incurs that In Lender's opinion are neceesary 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
Interest et the Note rate from the date of the expenditure until repaid. Expenses covered by this paregraph Include, without limitation,
however subject to any limits under applicable law, Lender's reasonable attorneys' fees and Lender's legal expenses whether or not there Ie
a lawsuit, Including reasonable attorneys' fees and expenees for bankruptcy proceedlnge (including efforts to modify or vacate any
automatic stay or InJuncllon), appeals, and any anticipated posl-judgment collection services, the cost of searching records, obtaining title
reports (Including foreclosure reports), surveyors' reports, and appreleal fees and title Insurance, to the extent 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
glvan In writing, and shall be effective when actually delivered, when actually received by telefacslmlle (unless otherwise required by law), when
deposited with a nationally recognized ovemlght courfer, or, if mailed, when deposited In the United States mall, as flrat class, certified or
registered mall postage prepaid, directed to the addresses shown near the beginning of this Mortgage. All copies of notices of foreclosure from
the holder of any lien which has priorfty over this Mortgage shall be sent to Lender's address, as shown near the beginning of this Mortgage.
Any party mey change Its address for notices under this Mortgage by giving formal wrftten notice to the other pertles, specifying that the
purpose of the notice Is to change the 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 Grantor, any notice given by Lender to any Grantor Is
deemed to be notice given to all Grantors.
MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Mortgage:
Amendmenta. This Mortgage, together with any Related Documenta, constitutes the entire understanding and agreement of the parties as
to the metters set forth In this Mortgage. No alteration of or amendment to this Mort¡¡age shall be effective unless given In writing and
signed by the party or parties sought to be chsrged or bound by the alteration or amendment.
Annual Reports. If the Property is used for purposes other than Grantor's residence, Grantor shall fumlsh to Lender, upon request, a
certified statement of net operating Income received from the Property during Grantor'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 expenditures made In connection
with the operation of the Property.
Caption Headings. Caption headings In this Mortgage are for convenience purposes only and are not to be used to interpret or define the
provisions of this Mortgage.
Govemlng Law. This Mortgage will be govemed by f.deral law sppllcable to Lend.r snd, to the extent not preempt.d by federal law, the
laws of the State of Wyoming without regard to Its confllcta of lew provisions. This Mortgage hs. b.en accepted by Lender In the State of
Wyoming,
Joint and Sav.ral Liability. All obligations of Borrower and Grantor under this Mortgage shall be joint and several, and all references to
Grantor shall mean each and every Grantor, and all references to Borrower shall mean each and every Borrower. This means that each
Grantor signing below Is reeponslble for all obligations In this Mortgage. Where anyone or more of the parties is a corporation, partnership,
limited liability company or similar entity, It Is not necessary for Lender to Inquire Into the powers of any of the officers, directors, partners,
members, or other agents acting or purporting to act on the entity's behalf, and any obligations made or craated In reliance upon the
professed exercise of such powers shall be guaranteed under this Mortgage.
No Waiver by Lender. Lender shall not be deemed to have waived any rights under this Mortgage unlass such waiver Is given In wrftlng
and signed by Lender. No delay or omission on the part of Lender In exercising any right shall operate as a waiver of such rfght or any
other rfght. A welver by Lender of s provision of this Mortgege shell not prejudice or constitute e waiver of Lender's right otherwise to
demand strict compliance with that provision or any other provision of this Mortgage. No prfor waiver by Lender, nor any course of dealing
between Lender and Grantor, shall constituta a waiver of any of Lender's rights or of any of Grantor's obligations as to any future
transactions. Whenever the consent of Lender is required under this Mortgage, the granting of such consent by Lender In any Instance
shall not constitute continuing consent to subsequent Instances where such consent Is required and In all cases such consent may be
granted or wlthhald In the sole discretion of Lender.
Severability. If a court of competent Jurfsdlctlon finds any provision of this Mortgage to be Illegal, Invalid, or unenforceeble as to any
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 cennot be so
modified, It shall be considered deleted from this Mortgage. Unlass otherwise required by law, the illegality, Invalidity, or unenforceablllty
of any provision of this Mortgage shall not affeclthe legality, validity or enforceability of any other provision of this. Mortgage.
Merger. There shall be no merger of the Interest or estate created by this Mortgage with any other Interest or estate In the Property at any
time held by or for the benefit of Lender In any capacity, without the wrftten consent of Lender.
Succes.ora and As.lgn.. SubJect to sny limitations stated In this Mortgage on transfer of Grantor's Intarest, this Mortgage shall be binding
upon and Inure to the benefit of the parties, their successors and assigns. If ownership of the Property becomes vested In a person other
then Grantor, Lender, without notice to Grentor, may deal with Grantor's successors with reference to this Mortgage and the Indebtedness
by way of forbearance or extension without releasing Grantor from the obligations of this Mortgage or liability under the Indebtadness.
Time la of the Es.encs. Time Is of the essence In the performance of this Mortgage.
Walvar of Hom.st.ad Exsmptlon. Grantor hereby releases and waives all rights and benefits of the homestead exemption lawe 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
stated to the contrary, all references to dollar amounts shall mean amounts In lawful money of the United States of Amerfca. Words and terms
used In the singular shall Include the plural, and the plural shall Include the singular, as the context may require. Words and terms not otherwise
defined In this Mortgage shall have the meanings attrfbuted to such terms In the Uniform Commercial Code:
Borrower. The word "Borrower" means LDL Properties, LLC; Thomss Lewis; and Sue Lewis and Includes all co-slgners and co-makers
signing the Note and all their successors and assigns.
Default. The word "Default" means the Default set forth In this Mortgage In the section titled "Default".
Environmental Laws, The words "Environmental Laws" mean any and all state, federal and local statutes, regulations and ordinances
relating to the protection of human health or the environment, including without limitation the Comprehensive Environmental Response,
Compensation, and Liability Act of 1980, as amended, 42 U.S.C. Section 9601, et seq. ("CERCLA"), the Superfund Amendments and
Reauthorfzatlon Act of 1986, Pub. L. No. 99-499 ("SARA"), the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, et seq.,
the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901, et seq., or other appliceble state or federal laws. rules, or
regulations adopted pursuant thereto.
Event of Defsult. The words "Event of Default" mean any of the events of default set forth In this Mortgage in the events of default
section of this Mortgage.
Grentor. The word "Grantor" means LDL Properties, LLC.
Guaranty. The word "Guaranty" means the guaranty from guarantor, endorser, surety, or accommodation perty to Lender, Including
without limitation a guaranty of all or part of the Note.
Hazardous Substances, The words "Hazardous Substances" mean materfals that, because of their quantity, concentration or physical,
chemical or Infectious characterfstics, may cause or pose a present or potential hazard to human health or the environment when
Improperfy used, treated, stored, disposed of. generated, manufactured, transported or otherwise handled. The words "Hazardous
MúKI\,jAGE
(Continued)
000811.·
Page 6
Substances" are used In their very broadest sense and Include without limitation any and all hazardous or toxic substances. 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 fraction thareof end asbestos.
Improv.m.nW. The word "Improvements" means all existing and fUlure Improvements, buildings, structures, mobile homes affixed on the
Real Property, facilities, additions, replacem.nts and other construction on Ihe Real Property.
Ind.btedn.... The word "Indebtedness" means all principel, Inleresl, and olher amounts, costs and expenses payable under the Note or
Related Documents, together with all renewals of, extensions of, modifications of, consolidations of and subslltutlons 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 obligations under this Mortgage, together with Interest on such emounts as provided In this Mortgage.
L.nder. The word "Lender" means First Inlerstate Bank, Its successors and esslgns.
Mortgag.. The word "Mortgage" means this Mortgage between Grantor and l.nd.r.
Note. The word "Note" means the promissory note dated July 29, 2008, In the original principal amount of $1,200,000.00
from Borrower to lander, together with all renewals of, extensions of, modlficetions of, refinancings of, consolidations of, and substitutions
for the promissory note· or agreement. The maturity date of this Mortgage Is July 29, 2011. NOTICE TO GRANTOR: THE NOTE
CONTAINS A VARIABLE INTEREST RATE,
Per.onal Property. The words "Personal Property" mean all equipment, fixtures, and other articles of personal property now or hereafter
owned by Grentor, and now or hereafter attached or affixed to the Real Property; together with all accessions, parts, and additions to, all
replacaments of, and all substitutions for, any of such property; and together 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 Property" mean the real property, Interests and rights, as further descrlbed.ln this Mortgage.
Related Documents. The words "Related Documents" mean all promissory notes, credit agreements, loan agreements, environmental
agreements, guaranties, security agraements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other Instruments,
agreements and documents, whether now or hereafter existing, executed In connectJon with the Indebtedness.
Rents. The word "Rents" means all present and future rents, revenues, income, Issues, royalties, profits, and other benefits derived from
the Property.
GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE, AND GRANTOR AGREES TO ITS TERMS.
GRANTOR:
LDL PROPERTIES, LLC
By:
Th
LIMITED LIABILITY COMPANY AC
State of \I\I'I~'1IIm \'1:)
County of \ë:.,\"Qt)
TARA PETERSON - NOTARY PUBLIC
COUNTY OF STATE OF
TETON WYOMING
MY COMMISSION EXPIRES 12/7/2011
This Instrument was acknowledged before me on ,J\,\ \ ~ 2'1, ZCDS' (date) by Thomas Lewis, Member of LDL. Properties, LLC.
~aÚij] åAkM)Y,
(Notarial Signature) I
My comml.slon expires: I Z·' '" 20\ \
LASER PRO Lending, Ver. 5.41.00.004 Copr. Harland Financial Solutions, Inc. 1997, 2008. All Rights Reserved. - WY K:\CFlllPLIG03.FC
TR-39414 PR-52
EXHIBIT "A"
PARCEL 1: Lots 1 & 2 of CEDAR SPRINGS MEADOWS SUBDIVISION, as shown on the
official plat thereof filed in the Office of the Clerk, Lincoln County, Wyoming, as Receiving No.
925283, as Plat 126-:8.
LESS AND EXCEPTING the following 5 parcels:
00081.2
Building # 23 of CEDAR SPRINGS MEADOWS, PHASE III CONDOMINIUM,
SECOND FILING, as shown by the official plat thereof filed on October 31,2006, as
Document # 923937, as Plat 1I3-B.
As shown in that certain Warranty Deed, recorded December 29, 2006, in
Book 645 P.R., on Page 45, as Receiving # 925690.
Building # 22 of CEDAR SPRINGS MEADOWS, PHASE III CONDOMINIUM,
SECOND FILING, as shown by the official plat thereof filed on October 31, 2006, as
Document # 923937, as Plat 113-B.
As shown in that certain Warranty Deed, recorded March 15,2007, in
Book 651 P.R., on Page 342, as Receiving # 927617.
The Individual Air Space Unit, as defined in W.S. § 34-20-102(a)(i) (2005), together with
the General Common Elements and Limited Common Elements, as defined in
W.S. § 34-20-102 (a)(ii) (A) and (B) 2005, of Building 5, CEDAR SPRINGS
MEADOWS CONDOMINIUMS, Thayne, Lincoln County, Wyoming.
As shown in that certain Warranty Deed, recorded March 22, 2007, in
Book 652 P.R., on Page 80, as Receiving # 927776.
4 Building # 9 of CEDAR SPRINGS MEADOWS, PHASE I AMENDED
CONDOMINIUM, SECOND FILING, as shown by the official plat thereof filed on
August 8,2006, in the Office ofthe Clerk, Lincoln County, Wyoming, as Receiving No.
921027, as Plat 171-C.
As shown in that certain Wàrranty Deed, recorded March 15,2007, in
Book 653 P.R., on Page 66, as Receiving # 928039.
5 PHASE 3, Lot 24, CEDAR SPRINGS MEADOWS CONDOMINIUMS,
Thayne, Lincoln County, Wyoming.
As shown in that certain Warranty Deed, recorded October 1,2007, in
Book 673 P.R., on Page 879, as Receiving # 933587.
PARCEL 2: A 60-foot wide Easement for Ingress and egress and all utilities through the South
One-Half of the Northeast Quarter of the Southeast Quarter (S 'l'2 NE 1/4 SE 1/4) and into the
Northwest Quarter of the Southeast Quarter (NW 1/4 SE 1/4) of Section 1, Township 34 North,
Range 119 West, 6th P.M., Lincoln County, the North line of said easement being described as
follows:
Beginning at a point 660 feet, South from the East Quarter corner of said Section 1; thence West
1,336.50 feet, to the West terminis 0 said North line of said 60 foot wide Easement.
As shown in that certain Easement recorded October 2, 1995, in Book 374 P.R., on Page 163, as
Receiving No. 809171, in the Office of the Clerk, Lincoln County, Wyoming.
PARCEL 3: Units 1,2,3 and 4 of Building # 11 of CEDAR SPRINGS MEADOWS, PHASE
I AMENDED CONDOMINIUM, as shown by the official plat thereof filed on August 8, 2006,
in the Office of the Clerk, Lincoln County, Wyoming, as Receiving No. 921027, as Plat 171-C.
0008j.3