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State of Wyoming
Space Above This Line For Recording Data
REAL ESTATE MORTGAGE
(With Future Advance Clause)
MORTGAGOR: MARKS; LARSEN, SR; TRUST, DATED JANUARY 10, 2001,
- ARKS., LARSEN...............SR., TRUSTEE
.1....007... CO......UNTY.R.....OAD.1...25
.
HAYNE WY 83127 .
❑ Refer to the Addendum which is attached and incorporated herein for additional Mortgagors.
LENDER: THE BANK OF STAR VAL4FY,
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83.0315143
2. MORTGAGE. For good and valuable consideration, the receipt and sufficiency of which is acknowledged, and to secure
the Secured Debt (hereafter defined), Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with the
power of sale, the following described property: SEE EXHIBIT "A" ATTACHED HERETO AND MADE A PART HEREOF
The property is located in 4.4NC-QLN.............................. at 963 COUNTY ROAD 125
(County)
y
(City) v in
(Address)
(ZIP ode)
1. DATE AND PARTIES. The date of this Mortgage is 05.10.2001 . . . . . . . . . . . . . . . . . and the parties and their addresses
are as follows:
Together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, crops, timber, all
diversion payments or third party payments made to crop producers, and all existing and future improvements, structures,
fixtures, and replacements that may now, or at any time in the future, be part of the real estate described above (all
referred to as "Property"). The term Property also includes, but is not limited to, any and all water wells, water, ditches,
reservoirs, reservoir sites and dams located on the real estate and all riparian and water rights associated with the Property,
however established.
3. MAXIMUM OBLIGATION LIMIT. The total principal amount of the Secured Debt (hereafter defined) secured by this
Mortgage at any one time shall not exceed $ PU? AQ This limitation of amount does not include
interest, loan charges, commitment fees, brokerage commissions, attorneys' fees and other charges validly made pursuant
to thic Mnrtoaoe and rinPc not anniv rn arivanrrvc !nr intPrvct o~rro-A nn al-6 ~rl., ,mil --l- ot- to,- „r ,L;,.
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B. All future advances from Lender to Mortgagor or other future obligations of Mortgagor to Lender under any
promissory note, contract, guaranty, or other evidence of debt existing now or executed after this Mortgage
whether or not this Mortgage is specifically referred to in the evidence of debt.
C. All obligations Mortgagor owes to Lender, which now exist or may later arise, to the extent not prohibited by law,
including, but not limited to, liabilities for overdrafts relating to any deposit account agreement between Mortgagor
and Lender.
D. All additional sums advanced and expenses incurred by Lender for insuring, preserving or otherwise protecting the
Property and its value and any other sums advanced and expenses incurred by Lender under the terms of this
Mortgage, plus interest at the highest rate in effect, from time to time, as provided in the Evidence of Debt.
E. Mortgagor's performance under the terms of any instrument evidencing a debt by Mortgagor to Lender and any
Mortgage securing, guarantying, or otherwise relating to the debt.
If more than one person signs this Mortgage as Mortgagor, each Mortgagor agrees that this Mortgage will secure all future
advances and future obligations described above that are given to or incurred by any one or more Mortgagor, or any one or
more Mortgagor and others. This Mortgage 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 notice of the right of
rescission.
5. PAYMENTS. Mortgagor agrees to make all payments on the Secured Debt when due and in accordance with the terms of
the Evidence of Debt or this Mortgage.
6. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, assessments, liens, encumbrances, lease payments; ground
rents, utilities, and other charges relating to the Property when due. Lender may require Mortgagor to provide to Lender
copies of all notices that such amounts are due and the receipts evidencing Mortgagor's payment. Mortgagor will defend
title to the Property against any claims that would impair the lien of this Mortgage. Mortgagor agrees to assign to Lender,
as requested by Lender, any rights, claims or defenses which Mortgagor may have against parties who supply, labor or
materials to improve or maintain the Property.
7. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, security agreement or other lien
document that created a prior security interest or encumbrance on the Property and that may have priority over this
Mortgage, Mortgagor agrees:
A. To make all payments when due and to perform or comply with all covenants.
B. To promptly deliver to Lender any notices that Mortgagor receives from the holder.
C. Not to make or permit any modification or extension of, and not to request or accept any future advances under any
note or agreement secured by, the other mortgage, deed of trust or security agreement unless Lender consents in
writing.
8. DUE ON SALE OR ENCUMBRANCE. Lender may, at its option, declare the entire balance of the Secured Debt to be
immediately due and payable upon the creation of any lien, encumbrance, transfer, or sale, or contract for any 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 (12 C.F.R. 591), as applicable. For the purposes of this section, the term "Property" also 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 and this Mortgage is released.
9. TRANSFER OF AN INTEREST IN THE MORTGAGOR. If Mortgagor is an entity other than a natural person (such
as a corporation or other organization), Lender may demand immediate payment if (1) a beneficial interest in Mortgagor is
sold or transferred; (2) there is a change in either the identity or number of members of a partnership or similar entity; or
(3) there is a change in ownership of more than 25 percent of the voting stock of a corporation or similar entity. However,
Lender may not demand payment in the above situations if it is prohibited by law as of the date of this Mortgage.
10. ENTITY WARRANTIES AND REPRESENTATIONS. If Mortgagor is an entity other than a natural person (such as a
corporation or other organization), Mortgagor makes to Lender the following warranties and representations which shall be
continuing as long as the Secured Debt remains outstanding:
A. Mortgagor is an entity which is duly organized and validly existing in the Mortgagor's state of incorporation (or
organization). Mortgagor is in good standing in all states in which Mortgagor transacts business. Mortgagor has the
power and authority to own the Property and to carry on its business as now being conducted and, as applicable, is
qualified to do so in each state in which Mortgagor operates.
B. The execution, delivery and performance of this Mortgage by Mortgagor and the obligation evidenced by the
Evidence of Debt are within the power of Mortgagor, have been duly authorized, have received all necessary
governmental approval, and will not violate any provision of law, or order of court or governmental 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 name. Without Lender's prior written consent, Mortgagor does not and will not use 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 keep the Property in good condition
and make all repairs that are reasonably necessary. Mortgagor will give Lender prompt notice of any loss or damage to the
Property. Mortgagor will keep the Property free of noxious weeds and grasses. Mortgagor 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 the Property, without Lender's prior written consent.
Mortgagor will notify Lender of all demands, proceedings, claims, and actions against Mortgagor or any other owner
made under law or regulation regarding use, ownership and occupancy of the Property. Mortgagor will comply with all
legal requirements and restrictions, whether public or priyate, with respect to the use of the Property. Mortgagor also
agrees that the nature of the occupancy and use will not change without Lender's prior written consent.
No portion of the Property will be removed, demolished or materially altered without Lender's prior written consent
except that Mortgagor has the right 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 other personal property at least equal in value to
the replaced personal property, free from any title retention device, security agreement or other encumbrance. Such
replacement of personal property will be deemed subject to the security interest created by this Mortgage. Mortgagor shall
(page 2 of 6)
01993 Bankers Systems, Inc., St. Cloud, MN (1.800-397-23411 Form AGICO-MTG-WY 10126193
0881034 601
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 the purpose of inspecting the Property. Any inspection 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, security agreement or other lien document that has priority over this Mortgage, Lender may,
without notice, perform the duties or cause them to be performed. Mortgagor appoints Lender as attorney in fact to sign
Mortgagor's name or pay any amount necessary for performance. If any construction on the Property is discontinued or
not carried on in a reasonable manner, Lender may do whatever is necessary to protect Lender's security interest in the
Property. This may include completing the construction.
Lender's right to perform for Mortgagor shall not create an obligation to perform, and Lender's failure to perform will not
preclude Lender from exercising any of Lender's other rights under the law or this Mortgage. Any amounts paid by
Lender for insuring, preserving or otherwise protecting the Property and Lender's security interest will be due on demand
and will bear interest from the date of the payment until paid in full at the interest rate in effect from time to time
according to the terns of the Evidence of Debt.
13. ASSIGNMENT OF LEASES AND RENTS. Mortgagor grants, bargains, conveys, and warrants to Lender as additional
security all the right, title and interest in and to any and all:
A. Existing or future leases, subleases, licenses, guaranties and any other written or verbal agreements for the use and
occupancy of any portion of the Property, including any extensions, renewals, modifications or substitutions of
such agreements (all referred to as "Leases").
B. Rents, issues and profits (all referred to as "Rents"), including but not limited to security deposits, minimum rent,
percentage rent, additional rent, common area maintenance charges, parking charges, real estate taxes, other
applicable taxes, insurance premium contributions, liquidated damages following default, cancellation premiums,
"loss of rents" insurance, guest receipts, revenues, royalties, proceeds, bonuses, accounts, contract rights, general
intangibles, and all rights and claims which Mortgagor may have that in any way pertain to or are on account of the
use or occupancy of the whole or any part of the Property.
Mortgagor will promptly provide Lender with true and correct copies of all existing and future Leases. Mortgagor may
collect, receive, enjoy and use the Rents so long as Mortgagor is not in default. Except for one month's rent, Mortgagor
will not collect in advance any Rents due in future lease periods, unless Mortgagor first obtains Lender's written consent.
Upon default, Mortgagor will receive any Rents in trust for Lender and Mortgagor will not commingle the Rents with any
other funds. Any amounts collected shall be applied at Lender's discretion to payments on the Secured Debt as therein
provided, to costs of managing the Property, including, but not limited to, all taxes, assessments, insurance premiums,
repairs, and commissions to rental agents, and to any other necessary related expenses including Lender's attorneys' fees
and court costs.
Mortgagor agrees that this assignment is immediately effective between the parties to this assignment and effective as to
third parties on Mortgagor's default when Lender takes an affirmative action as prescribed by the law in the State of
Wyoming, and this assignment will remain effective during any redemption period until the Secured Debt is satisfied.
Unless otherwise prohibited or prescribed by state law, Mortgagor agrees that Lender may take actual possession of the
Property without the necessity of commencing any legal action or proceeding and Mortgagor agrees that actual possession
of the Property is deemed to occur when Lender notifies Mortgagor of the default and demands that Mortgagor and
Mortgagor's tenants pay all Rents due and to become due directly to Lender. Immediately after Lender gives Mortgagor
the notice of default, Mortgagor agrees that either Lender or Mortgagor may immediately notify the tenants and demand
that all future Rents be paid directly to Lender. On receiving the notice of default, Mortgagor will endorse and deliver to
Lender any payments of Rents. If Mortgagor becomes subject to a voluntary or involuntary bankruptcy, then Mortgagor
agrees that Lender is entitled to receive relief from the automatic stay in bankruptcy for the purpose of making this
assignment effective and enforceable under state and federal law and within Mortgagor's bankruptcy proceedings. '
Mortgagor warrants that no default exists under the Leases or any applicable landlord law. Mortgagor also warrants and
agrees to maintain, and to require the tenants to comply with, the Leases and any applicable law. Mortgagor will promptly
notify Lender of any noncompliance. If Mortgagor neglects or refuses to enforce compliance with the terms of the Leases,
then Lender may, at Lender's option, enforce compliance. Mortgagor will obtain Lender's written authorization before
Mortgagor consents to sublet, modify, cancel, or otherwise alter the Leases, to accept the surrender of the Property
covered by such Leases (unless the Leases so require), or to assign, compromise or encumber the Leases or any future
Rents. Mortgagor will hold Lender harmless and indemnify Lender for any and all liability, loss or damage that Lender
may incur as a consequence of the assignment under this section.
14. CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. If the Property includes a unit in a condominium or a
planned unit development, Mortgagor will perform all of Mortgagor's duties under the covenants, by-laws nT regulations
of e iinium or planned unit development.
lrc!_ c1 ,(6a34
6n2
G. Any loan proceeds are used for a purpose that will contribute to excessive erosion of highly erodible land or to the
conversion of wetlands to produce an agricultural commodity, as further explained in 7 C.F.R. Part 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 cure, mediation notices or other notices and may establish time schedules for foreclosure actions.
Subject to these limitations, if any, Lender may accelerate the Secured Debt and foreclose this Mortgage in a manner
provided by law if this Mortgagor is in default.
At the option of Lender, all or any part of the agreed fees and charges, accrued interest and principal shall become
immediately due and payable, after giving notice if required by law, upon the occurrence of a default or anytime
thereafter. Iii addition, Lender shall be entitled to all the remedies provided by law, the Evidence of Debt, other evidences
of debt, this Mortgage and any related documents including without limitation, the power to sell the Property. All
remedies are distinct, cumulative and not exclusive, and the Lender is entitled to all remedies provided at law or equity,
whether expressly set forth or not. The acceptance by Lender of any sum in payment or partial payment on the Secured
Debt after the balance is due or is accelerated or after foreclosure proceedings are filed shall not constitute a waiver of
Lender's right to require full and complete cure of any existing default. By not exercising any remedy on Mortgagor's
default, Lender does not waive Lender's right to later consider the event a default if it continues or happens again.
17. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when
prohibited by law, Mortgagor agrees to pay all of Lender's expenses if Mortgagor breaches any covenant in this Mortgage.
Mortgagor will also pay on demand all of Lender's expenses 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 Lender in enforcing or protecting Lender's rights and remedies under this
Mortgage, including, but not limited to, attorneys' fees, court costs, and other legal expenses. Once the Secured Debt is
fully and 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 the time of the 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 Response, Compensation and Liability Act (CERCLA, 42
U.S.C. 9601 et seq.), all other federal, state and local laws, regulations, ordinances, court orders, attorney general
opinions or interpretive letters concerning the public health, safety, welfare, environment or a hazardous substance; and
(2) "Hazardous Substance" means any toxic, radioactive or hazardous material, waste, pollutant or contaminant which 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, warrants and agrees
that, except as previously disclosed 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 Law.
B. Mortgagor has not and will not cause, contribute to, or permit the release of any Hazardous Substance on the
Property.
C. Mortgagor will immediately notify Lender if (1) a release or threatened release of Hazardous Substance occurs on,
under or about the Property or migrates or threatens to migrate from nearby property; or (2) there is a violation of
any Environmental Law concerning the Property. In such an event, Mortgagor will take all necessary remedial
action in accordance with Environmental Law.
D. Mortgagor has no knowledge of or reason to believe there is any pending or threatened investigation, claim, or
proceeding of any kind relating to (1) any Hazardous Substance located on, under or about the Property; or (2) any
violation by Mortgagor or any tenant of any Environmental Law. Mortgagor will immediately notify Lender in
writing as soon as Mortgagor has reason to believe there is any such pending or threatened investigation, claim, or
proceeding. In such an event, Lender has 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 shall remain in full compliance with any applicable Environmental
Law.
F. There are no underground storage tanks, private dumps or open wells located on or under the Property and no such
tank, dump or well will be added unless Lender first consents in writing.
G. Mortgagor will regularly inspect the Property, monitor the activities and operations on the Property, and confirm
that all permits, licenses or approvals required by any applicable Environmental Law are obtained 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 all records at any reasonable time to determine (1) the existence, location and nature of any Hazardous
Substance on, under or about the Property; (2) the existence, location, nature, and magnitude of any Hazardous
Substance that has been released on, under or about the Property; or (3) whether or not Mortgagor and any tenant
are in compliance with applicable Environmental Law.
I. Upon Lender's request and at any time, Mortgagor agrees, 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 the environmental engineer who will perform such audit is subject to Lender's approval.
J. Lender has the right, but not the obligation, to perform any of Mortgagor's obligations under this section at
Mortgagor's expense.
K. As a consequence of any breach of any representation, warranty or promise made in this section, (1) Mortgagor
will indemnify and hold Lender and Lender's successors or assigns harmless from and against all losses, claims,
demands, liabilities, damages, cleanup, response and remediation costs, penalties and expenses, including without
limitation all costs of litigation and attorneys' fees, which Lender and Lender's successors or assigns may sustain;
and (2) at Lender's discretion, Lender may release this Mortgage and in return Mortgagor will provide Lender with
collateral of at least equal value to the Property secured by this Mortgage without prejudice to any of Lender's
rights under this Mortgage.
(page 4 of 6)
0 1993 Bankers Systems, Inc., St. Cloud, MN (1.800-397-23411 Form AG/CO.MTG-WY 10/25/93
OSSI 34
60.3
L. Notwithstanding any of the language contained in this Mortgage to the contrary, the terms of this section shall
survive any foreclosure or satisfaction of this Mortgage regardless of any passage of title to Lender or any
disposition by Lender of any or all of the Property. Any claims and defenses to the contrary are hereby waived.
19. CONDEMNATION. Mortgagor will give Lender prompt notice of any action, real or threatened, by private or public
entities to purchase or take any or all of the Property, including any easements, through condemnation, eminent domain,
or any other means. Mortgagor further agrees to notify Lender of any proceedings instituted for the establishment of any
sewer, water, conservation, ditch, drainage, or other district relating to or binding upon the Property or any part 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 assigns to Lender the proceeds of any award or
claim for damages connected with a condemnation or other taking of all or any part of the Property. Such proceeds shall be
considered payments and will be applied as provided in this Mortgage. This assignment of proceeds is subject to the terms
of any prior mortgage, deed of trust, security agreement or other lien document.
20. INSURANCE. Mortgagor agrees to maintain insurance as follows:
A. Mortgagor shall keep the Property insured against loss by fire, theft and other hazards and risks reasonably
associated with the Property due to its type and location. Other hazards and risks may include, for example,
coverage against loss due to floods or flooding. This insurance shall be maintained in the amounts and for the
periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Mortgagor subject to
Lender's approval, which shall not be unreasonably withheld. If Mortgagor fails to maintain the coverage described
above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Property according to the
terms of this Mortgage.
All insurance policies and renewals shall be acceptable to Lender and shall include a standard "mortgage clause"
and, where applicable, "lender loss payee clause." Mortgagor shall immediately notify Lender of cancellation or
termination of the insurance. Lender shall have the right to hold the policies and renewals. If Lender requires,
Mortgagor shall immediately give to Lender all receipts of paid premiums and renewal notices. Upon loss,
Mortgagor shall give immediate notice to the insurance carrier and Lender. Lender may make proof of loss if not
made immediately by Mortgagor.
Unless Lender 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 the restoration or repair is not economically feasible or Lender's security would be lessened, the
insurance proceeds shall be applied to the Secured Debt, whether or not then due, with any excess paid to
Mortgagor. If Mortgagor abandons the Property, or does not answer within 30 days a notice from Lender that the
insurance carrier has offered to settle a claim, then Lender may collect the insurance proceeds. Lender may use the
proceeds to repair or restore the Property or to pay the Secured Debt whether or not then due. The 30-day period
will begin when the notice is given.
Unless Lender and Mortgagor otherwise agree in writing, any application of proceeds to principal shall not extend
or postpone the due date of scheduled payments or change the amount of the payments. If the Property is acquired
by Lender, 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 acquisition.
B. Mortgagor agrees to maintain comprehensive general liability insurance naming Lender as an additional insured in
an ' amount acceptable to Lender, insuring against claims arising from any accident or occurrence in or on the
Property.
C. Mortgagor agrees to maintain. rental loss or business interruption insurance, as required by Lender, in an amount
equal to at least coverage of one year's debt service, and required escrow account 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 agreement, Mortgagor will
not be required to pay to Lender funds for taxes and insurance in escrow.
22. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Mortgagor will provide to Lender upon request, any
financial statement or information Lender may deem necessary. Mortgagor warrants that all financial statements and
information Mortgagor provides to Lender are, or will be, accurate, correct, and complete. Mortgagor agrees to sign,
deliver, and file as Lender may reasonably request any additional documents or certifications that Lender may consider
necessary to perfect, continue, and preserve Mortgagor's obligations under this Mortgage and Lender's lien status on the
Property. If Mortgagor fails to do so, Lender may sign, deliver, and file such documents or certificates in Mortgagor's
name and Mortgagor hereby irrevocably appoints Lender or Lender's agent as attorney in fact 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 joint and individual. If Mortgagor signs this Mortgage but does not sign the Evi'-rice of Debt,
Mor oes so only to mortgage Mortgagor's in the Property to secure payment of i ed Debt and
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ONSIO34
604
include the plural and the plural the singular. The captions and headings of the sections of this Mortgage are for
convenience only and are not to be used to interpret or define the terms of this Mortgage. Time is of the essence in this
Mortgage.
25. 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 address designated in writing. Notice to one
mortgagor will be deemed to be notice to all mortgagors.
26. WAIVERS. Except to the extent prohibited by law, Mortgagor waives any right regarding the marshalling of liens and
assets and all homestead exemption rights relating to the Property.
27. U.C.C. PROVISIONS. If checked, the following are applicable to, but do net li.*ait, this Mortgage:
❑ Construction Loan. This Mortgage secures an obligation incurred for the construction of an improvement on the
Property.
❑ Fixture Filing. Mortgagor grants to Lender a security interest in all goods that Mortgagor owns now or in the
future and that are or will become fixtures related to the Property.
❑ Crops; Timber; Minerals; Rents, Issues, and Profits. Mortgagor grants to Lender a security interest in all crops,
timber and minerals located on the Property as well as all rents, issues, and profits of them including, but not
limited to, all Conservation Reserve Program (CRP) and Payment in Kind (PIK) payments and- similar
governmental programs (all of which shall also be included in the term "Property").
❑ Personal Property. Mortgagor grants to Lender a security interest in all personal property located on or connected
with the Property. This security interest includes all farm products, inventory, equipment, accounts, documents,
instruments, chattel paper, general intangibles, and all other items of personal property Mortgagor owns now or in
the future and that are used or useful in the construction, ownership, operation, management, or maintenance of the
Property. The term "personal property" specifically excludes that property described as "household goods" secured
in connection with a "consumer" loan as those terms are defined in applicable federal regulations governing unfair
and deceptive credit practices.
❑ Filing As Financing Statement. Mortgagor agrees and acknowledges that this Mortgage also suffices as a
financing statement and as such, may be filed of record as 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 as
a financing statement.
28. OTHER TERMS. If checked, the following are applicable to this Mortgage:
❑ Line of Credit. The Secured Debt includes a revolving line of credit provision. Although the Secured Debt may be
reduced to a zero balance, this Mortgage will remain in effect until released.
❑ Additional Terms
SIGNATURES: By signing below, Mortgagor agrees to the terms and covenants contained in this Mortgage and in any
attachments. Mortgagor also acknowledges receipt of a copy of this Mortgage on the date stated above on Page 1.
❑ Actual authority was granted to the parties signing below by resolution signed and dated .
Entity Name: Entity Name:.........................................................
(Signature) (Date) (Signature) (Date)
MARK S. LARSEN, SR. TRUST, DATED JANUARY 10, 2001, MARK S. LARSEN, SR., TRUSTEE
(Signature) (Date) (Signature) (Date)
❑ Refer to the Addendum which is attached and incorporated herein for additional Mortgagors, signatures and acknowledgments.
ACKNOWLEDGMENT:
STATE OF WYOMING , COUNTY OF } ss.
.
This instrument was acknowledged before me this 10TH, , • , , , , . , , , , , , of .
by MARK S.,4ARSEN, SR, TR~1S?,.4A?~4.JAN~P.RY.1Q, ~QQ1~ MAfjK S..~PRS~N t,. R~$ . .
My commission ex ires: a4- -1/, '7049
(Seal) ROB R JENSEN Notary Public
County o1 State of (Notary Public)
Lincoln Wyoming
STATE OF .commissioofx ms,.octoberAI.2t1A4 COUNTY OF } ss.
This instrument was ac ow edg ore me is day of
(Business by
orEmity (Title(s))
Acknowledgment) of
(Name o mess or Emity)
a on behalf of the business or entity.
My commission expires:
(Seal)
(Notary Public)
0 1993 Bankers Systems, Inc., St. Cloud, MN (1.800.397.2341) Form AG/CO-MTG-WY 10/25/93 (page 6 of 6)
' EIOiIBIT "A" 605
The South fifteen (15) asses of the South ana-half NortAwmt Quarter
(5112NW 1/4): and the North one-half of the Southwest Querlr (NIMW I/4);
and Southeast Quarter of the Southwest.Quarter. (SE 1 /4SW 1/4); end that part of
tfte Northwest Quarter of the Soutrcwt Quarter (NW 114SEIM ale wltimi
follows. asonning at tre Southeast corner thereof and running thtt= North 48
rods, thence in a Nortnwmterty direction to the Northwest Corner thereof, tftence
South 80 rom to the 50uthwest earner thereof, thtme East 80 rods to the point of
beginning. At1 41 Bruton Fittftn (15) Township thirty-{out' (34)North, Range
119 West of the 6In Principal Meridian, Wyoming. AND ALSO.,
Lots One (1) and Two (2) and the Southeast Quarter of the Northwest t)uartor
(SE 1 /4NW t/4) and • the Northeast Quarter of the Southwest auarter
(NE 1 /45W I /4 ) all in Suction Twenty-two (22), Township Thirty-four (34)
North, Range one hundred nineteen ( 119) West of the Sixth (61h) Principal
Marvtien, wyaMing• AND ALSO:
.Beginning 50,0 'cot East of the Southeast CLIrriar- SE I /4NW I (q Section 15,
Towrsnlp 34 North, Range 119 West anc running thence North 244.0 feet, thence
North 26'15' West, 105.0 feet, thence North 777 West, 105.0 feet, thence
South 64'0' West. 159.0 feet, thence South 70'4,7 West. 231.0 feet. the=
Nortn 88' 15' west. 264 0 feet, thence North 45'50' West 198.0 feet, thence
South 84.20 Nest, 462.0 feet more or IAss in the East R.O.W. County Road,
thence SOUP, 8ICno Me East R.t) W. 172.0 feet. thence East 1345.0 feet more or
Ie5.s 'o the Emi tmunaary .SE I/ 4NE I /4 Section 15, thenco South 247.5 feet to
point of beginning and containing 5.2 acres. AND ALSO:
8:eginning 247.5 feet North of the West Quarter Corner Section 15, 'awnship 34
North. Range i 19 west :.io running iheow East 1280 test more or less .to the
west R 0 w County Row, thence North along -gaid R O.W.. 132.0 feet to an
exi3ting fence line, thencx South t;4• : 7' West 1 mx teat node or Ion to point
of beginning ena =taming 23 acres. AND ALSO:
51x th ;r mc:0al Mar 10lan, Wym. ing, T. 34 M, R. 119 W.. sec. 15.
SW 1/45W! i4, .ntair.:r,5 40.00 acrd:.
EYCEMNG ' EOUn'O d the following:
(1) The following d=rlbod roe, property haying been
Larsen and C. Patricia Larsen, husband and wife, prod to Keven C.
27, 1977, In Do* j am, Pupa 60, Rurd~ Nu. .196~~ Deed reootroed July
A tract of land in the West heir of Section IS.. Township 34 K R. 119 W. of the
6th P.M., Lincoln County, Wyoming, more
BEGINNING at the southeest corner of soldtractwah~ Id qr y 39f 57-W►
1352.31 feet and m 49' 14'58" W, 1795 60 feet from the
Section 15. said 1 /4 corner being established from a south I o r bra of prgvttis record found in 8oou 91, pap 335, in the Office of the Lincoln county Clerk, ~
also from a fence U-70 common to the Frank Roberts and f"att ROt)erts Properties,
which through Ccun litigation deterrnanod the North-$" witer 22. The 1/4 corner being monumented with two 8LM tine of Section
W Nalsun Engineering of Jackson, type brass caps set as W.C. Wyomi THQT(E South 89'00'49" W. 200 fo~, t>urnt; ingttne course of thia.survey.
225 feet to a point; thence North 89.00'49" E 200 f~ N int 0 59 11 W.
0.59' 1.1 " E, 225 feet to the point of beginni ' thenoa South
more or less and being subject to Said tract containing 1.033 acres
manfnoor mineral reservations l`-Ili public rlghts~ Sway, easements, and
py acquIreQ AND ALSO:
(2) The following disc,-ibad reel property hevi
Larsen and C. Patricia Larsen ng been conveyed to Keven a
March 26, 1 976, in Bock 12gpRh~ band ono wife, by Warranty .Dew re~aortled
Pop 449, Recording No. 176768:
A tract of ldrid in the yyatst ►itilf of Section I5, Township 34 N, Range 119 was(
Sixth P.M., Lincoln County, Wyoming, more particularly described as follows
Beginning at the Southeast corner of said tract which lies N 0.39'57' W.
1352.31 feet and N 49.14'58" W, 1795.60 feet from the South 1/4 corner of
Section 15, said 1 /4 corner 5elnp established from. a previous survey of a tract
of record found in Book 91, Prr)a 335 in the Office of the Lincoln County,
from a fence line rommon to the Franx Roberts end Matt Roberts properties,
wnicn tnrougn Q%tr; latigetion Cate, mined the Nortn-South center tine of Section
22. The 1/4 corner bearg monumented with two 8LM type brass caps set as W.C
by Nalxn Engineering of 4ack3on, Wyoming. during the course of this survey.
Thence S 89.00.49• W, 125.00 feet to a point;. thence N 0159'1 I" W, 130 feel
to a point, thenw N 89.00'49" E, 125.00 f®t to a point; thence S 0.59' t 1- E.
Im. AND 130-00 fe tAtoto point of beginning. Sat: tract containing 0.313 acres mere or
(3) The following dmcrited real property haying been conveyed to Vernal J.
Larsen and Cherie Larsen, husband and wife, by Warranty Deed recorded October
12, 1976, in Book 130PR, per, 650, Recording No. 484531:
Beginning at a point. wnicn is 491 feet West of the Northwest Corner of :he
SOW t /4.,Z I /4, Suction 15, T,34 N, R 1 19 w, 6th P.M., Wyoming, running thence
209 feet due west, :hence 208 fee; dJe So:,tn: thence ZC9 feet cue East, thence
2GO 1t"1uua Nurth to the Paint of beginning. AND ALSO:
(4) The fo:iowing aescrr0ea rsel aro>erty nevlng 0een canv
.!r~e!i grj •`19^:- Ann hust,enrl gn0 wi!e, , eyeo to M Lovell
3eoiem; er ' c; n i~x 9 i pA plgi z3cy Werrdrty Jaet?,ret)ordpa
eMrc;nq no 425084.
606'..
088,1034.
• 607
Beginning at .a point N 390' W, 477 feet from the S 1 /4 Cornea-
34 N. R. 119 W, and running thence N 0.0' E, 100 feet, thence N of 9 Section 15. T.
W. 100
feel, thence S 0'0' W. 100 feet, thence S 90'0' E. 100 feat to point of beginning,
being a part Of the SE 1 /4SW 174 of Section 15, T. 34 N. R• 119 W, beloriq* to
Max Larsen. AND ALSO:
(1) The following described reel property having beieit
Larsen and May Arm Larsen, husoand and wife, by Warranty to -d t duly
7. 1976, In Book 128PR, Pegs 348, Recording No. 480964: Dead recordaduty
A tract of land in the SW 1 /4 of Section 1 b, 1. .54N., R. l 19W., 6tn P.M., Llamin
County, Wyoming more particularly described as follows BEGINNING at the
Northeast corner of a tract of record found in Book 91, Page 335, in the Office of
the Lincoln County Clert, the Point of Beginning being a found turner
monumented by a 3/8 inch diameter steel reinforcing bar, 12 tnt:nes above
ground; TMNCE N 0.00' W 13.00 feet to a point. TMDrCE N 90100' W. 100
feet to a point; TWa S 0000' E, 125.00 feet to a point; TRICE S 90'00'E.
100.00 feet to a point; fi CF N 0700' W. 112.00 feet to the point of
beginning. Said tract of land containing 0.287 acres more or lass and being
subject to any rigbm-of-way, easements and mining or mineral reservations that
have been legal ly acquired Corners of said tract being monumentad by a 518 Inch
diameter steel reinforcing bar and aluminum survey top. AND ALSO:
(6) The following described reel property having been conveyed to M. Lavell
I Arun end Mary Ann t ersan, husband and wife, ny Warranty peed rtroor•ded July
17, 1978, In Book 147PR, Page 564, Recording No. 51 1176:
A tract of land in the SW 114 of Section 15, T 34N., R 119W., 6(h P.M., Lincoln
County, Wyoming, more particularly described as foilowe: BEGINNING at the
Northeast Corner of a tract of record found in Book 91, Page 335, in the Office of
the Lincoln County C1erK, the Point of Beginning Deing a found corner
monumented by a 318 inct: diameter steel reinforce bar,
ground; TENCE N 0'00' W. 13.00 feet to a point, TWCE NI 90 001 We
100.00 feet to a coint; THENCE S 0'00' E. 225.00 feet to a point; TBENCE S
90400' E. 100.00 feet to a point; THENCE N 0.00' W, 21200 feel to the point of
haginning. Said tract of land containing 0.516 acres more or less and being
subject to any rights-of-way, easements, and ditch rights for irrigation waters
coming from Smith Creek or Birch Crook, and mining or minorai romir•vations
that have been previously legally acquired. AND ALSO:
(7) The following described real property haying been conveyed to Kevan C.
Larsen and C. Patricia Urser, nuscan0 and wire. Dy 21, 1983, in Book 202?R, Page 281, Recording No. 599 133 .Ueeo r'eo `rune
A tract cf )and in the West Palf of Section 15, Townshie 34 N, Renee ! 19 West
Sixth P.M., Lincoln County, Wyoming, more particularly described as follows:
Beginning at MR WP~t nna-Cumrter Corner of section 15. Townsmic 34 Norm,
Range 1 19 West, Lincoln County, Wyoming, and runring: Thence North, along
section lino, 271.3 foot to the intereaction with an aooepted property boundery
fencel'-ne; Thence North 86'10* East, along the sold fancellne. 1277.4 feet to the
intersection with o fencelme on the Westerly
r:Od; Thence .youth 5'09' War 275 edge of the Thence-~reeaom aunty
feet
uar•rel prev►oj3iy grinteo to KdYt-9 C Larsentano C. Patatricc-a Lr3en;prrherN
ace
3
South 89.01' Wat 200.o reel to the no,. 608 nor
Parcel, Thence South 1.01' East, along the t tsr or the acid property
property parcel, 96.0 feet; Thence Went !051.5 f~ pt boundry itne of the sold
Section I5; Thence North, along section true, 16.2 feet to boundary linear ftwilifft
Enclosing an aree of 9.09 acs the point of kilming,
NW 1/43W 1 /4 and more or less, and Lomd entirely within the
the SW 1/4NW I /4 of Section IS AMAIW
(8) The following descri* reel pro
Larsen and Mwme Larsen, husband and pwlfers 'tY hayin9 been WWWW to Bernard
Beginning at the South Corner SE 1 /4NW 1 /4 Section t5, T 34N R 119W and
running tunco South 99.0 feet, thence S
i 388.0 foot, t23oru~p N 68-12'
W, 1421.0 feet more or less to 72,10' the point of E.
AND ALSO: beginning 4W cantalntlq 1.52 a0 es.
(9) The following d"cribad real property
Larsen and Cherie Larsen, husband and ifhaving boon CMYWW to Yw't>nt 0.
Located within the E 1 /2SW 1 /4 of Section 15, Township 34 North, Range 119
West. L lncoln County, Wyoming, as follows:
boundary of the Perna! HFGINNING at a point on the west
an pam Cherie Larsen property tract deacrlbeo in that aced
recorded i Book 1rnal
of th Cleric,
0 in the said Dotnt being approximately 12S7 fat North amend 685 a1n Wogs County
Quarter-section Corner of Section IS; South
T MNa N. 31030' E. 114.2 feet: 'TMa
and N. 23`156 W. 33993.99 rest. ITMNalq
21"59'W. 194.6 feet; mma S. 68005' W. 298.6 feet
d6.0 fell, Tf~Nt~ N. 87.59' E. 83. t feat; ' T~TCE S• 12 •2I' E.
THENCE S, 38.52' E. 258.0 feet: 771ENCE S. 25~30'~E.10293.4 feel to the pointaof
beginning, Enclosing an areal of 3.2 Acres, more or less, and being bounft on the
easterly sides oy the above said property tract and the Thayne-Freedom County
Rood and on the westerly sloes by existing fence Imes. AND ALSO:
(10) The following described real property having been cony
and See Gull Trucking and Equipment Corn " to Pon McKim
pony, a Utah corporation!
Lot 2 (SW 1 /4NW 1 /4), SE! /4NW 114, NE i /4SW 1 /4, Section 2z, Township 34
North,. Range 119 West. 6th P.M., Lincoln County, W i
THIMEFROM trot pcrtlon of the said Lot Two (2) lying withhin the following lane
dascripJan: Beginning et the Nortnwest Corner of sold Lot Two (2) and running
THOCE South along the sec:ion line, 58U feet;
feet; TEENCE West 554 feet to the place of beginning AND tAISO: t East, 802
(11) The following oescribed reel crooerty having been conveyed to Mark Las •
sen.
That part of the SE 1 /4SW 1 /4 of Section 1 S, T34N, R 119W, Lincoln County,
wyom ing oescrtpecies ronows. COMMENCING at the southeast corner of Section
15 °3 de3crioad in, the Certified Land Corner Pecoraotion Cortificate filed In the
Office of the Clerk of Lincoln County; thence West, 2640 feet !d a 3/8",t 12- steel
:iu:ke; theriLu N 18•-14• W, 167 co feat to the POINTOFBEOlNNIY0; thence N
99'39.5' 'N, 21,d,;7 reet too co:nt, thence N 00020 S' E, 203.22 fee(; thence S
991-34.5 E, 114 q7 fee: to me souinwes: corner of that tract of recora In to
said Off Ce !r, 5ooi; ! 47 of Pnotostallc Records on Gee 564; thence cmtinuinp S
89'19.5' E. I GO-00 feet aiong the south line of said tract to the southeast point of
4
• 60 .9
said tract of rerord on the west right-a(
Road No. 12-1 14; thence S 00'-20 S W,Z0.32Z ft>seiois
line to the POINT QF BFGINHING; ENCOMPASS
OHM: the base Deering for this survey is the souN lin c(ft 00 " Ac"
14, 734N, R 1 19w Cetng West: that the 1 SW 1/elon tract IssuMad ON
said County Rod NM 12-114 lying and beingsitu* wMIA Its to * Of a of
exist, ono that the inIM of this description Is to m" tip • H ~
foregoing tract cotncident with the west right-of-grey Jim M MW ions of tote
eacn coint markal by a btdel T-ehoped stake 21' 1 * ~"SURVEY POINT DO >"i(h'~te! MP inxribed
"
NOT DISTURB RiSM% all In aaardeice with ttr map
pr apared ano fileo in me said Uifics for MARK I.ARMFj1►OM26 February 1940.
AND ALSO:
(12) The f0110wtng described real property which Is thefamflyresidance:
A parcel encompassing all of the prooerty Oatween t11i!
following described lot end the South boun Smitfi boundary or the
East by the Witt right of w Iine of the F Section 15 and bounded on the
and extencing to the West ZO feet beyandr" the West h ~ty ~ N& 12-114
low
dexribac lot: The: Cart of the ; C 119SW i M of 6 r3q~ R ~
Lincoln County, Wye„ing
W
cornea- d=--bed as follows. COMMMONG at the Southeast
of 5wt;on 15 as GescriOW in the Certified Land Caner. Reoor=Ion
certificate filed in the office of the Clerk of Lincoln
feet to a 3/8"x I c" steel spike ; County; tllertce West 2640
POINT' OF 8£GI.Yt4ING: thence North 18,14' West 167.00 foot to the
Wince N 89-39.5. West 2A.47 (set to a point; Iherrce N
00"20.5'E, 203.22 feet; thence S a9'39.5' East, 114.47 feat to the Southwest
corner of the tract of r9mrd in the said Office In Ilmk 147 of Photostatic Records
on Page 504, thence continuing S 89.39.5' Eest, 100.00 feet along the Soul h ~o~d tract Southeast
h line
o t id tract to the punt of said tract of reoo~-d an the.
4h ey line of the Freedom North County Rod No. 12-114; tt West
00.20.5' West, 203.22 feet alonq Said right-of-way '1ne to the P'0IM OF
passmq an area of 1.00 acre, more or less; the base bearing
for Inis survey Is the ~outn !ins of the SW 114 of section 14, r34fY, R 119W being
west; that the foregoing, tract is sublact to the part of said County
Road No.
12-1 14 lying trio being sitt.ate within Its sounds, if any exist, anc that the intent
of this oeTr10t1cr ►s to make the East line of the fore0oinq tract coincident with
the West rig,,?t•of-way line of said County Rood; each point marked
Dy a steel
T-shaped stake 24" long with motel cap fnscribod "SURVEY POINT Do NOT
DISTURB RLSI64-.
OVER
ONS1034
w.
(13) AI~~ e3ecepting that
Cherie Larsen,' husband and
Page 48, more particularly
parcel of land conveyed to
wife, recorded November 16,
described as follows:
Ven ai J. Larsen and
1994, Book 262 P.R., '
Located within the E'12W-4 of Section 15, Tbwnshi
West, Lincoln County, WY~ing p 34 North, Range 119
west boundary of the V , as follows: BEGIl~ at a point on the
in that deed recopied ernal and Cherie Larsen property tract described
Lincoln County Cleric' in said Book 130 P..R. on page 650 in the Office of the
685 feet West of Point being approxi,m,ately 1257 feet North and
THENCE North 100 thee South ~ oer31- 30 Esection Corner of Section 15; and running
feet; THENCE N.210591W 194.8E N , 114.2 feet; 7URM N'23-2nd unni
056'W 393.9
21'E 86.0 feet, THENCE N.87° feet; THENCE 5:68005'W 298.6 feet; T~'E 5.12°
THENCE S.38 °52'E. 258.0 feet- E' 83.1 feet; rgg~E 5,29030'E. 288.7 feet;
and being bounded on thUe~essterly3s~des 1b3.4 feet to the
tract and the Tha point of
begining yne-Freedom County Road and on above said property
fence lines. the 'westerly sides
by existing