HomeMy WebLinkAbout943711
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#6010817220
RECORDATION REQUESTED BY:
1.t Bank
Alton
314 South Washington St.
P,O.Box 1620
Atton, WY 83110
RECEIVED 11/18/2008 at 4:48 PM
RECEIVING # 943711
BOOK: 709 PAGE: 339
JEANNE WAGNER
LINCOLN COUNTY CLERK. KEMMERER. WY
WHEN RECORDED MAIL TO:
1.·1 Bank
Atton
314 South Washington St.
P.O. Box 1620
Alton. WY 83110
(:Oû339
SEND TAX NOTICES TO:
1.t Bank
A tton
314 South Washington St.
P.O. Box 1620
Ahan, WY 83110
SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONl Y
MORTGAGE
THIS MORTGAGE dated November 6. 2008, is made and executed between MILL SQUARE, LLC A UTAH LIMITED
LIABILITY COMPANY (referred to below as "Grantor") and 1st Bank. whose address is 314 South Washington St.,
P.O. Box 1620. Afton. WY 83110 (referred to below 8S "Lender").
GRANT OF MORTGAGE. For vBluablø con.ldoratlon. Grantor mortgng.. and·conv.ys 10 Løndor .11 of Grantor'. right, titie, and interost In .nd to
the following described rool proporty, together with all oxlsting or subs.quently erectod or affixed buildings. improvements and fixture.; all
eagemen\S, rigtns or way, and appurtenont:o:;; all wotDr, water ríghtsl watercourses and ditch righlS (including stock In utilities with ditch or
irrigation rights); .nd all other rights, royoltios, .nd profits rj¡l.tlr\~ ro the real property, Including without IImit.tion all miner.ls, oil, g.s,
geothermal and similar moners. (the "Real Property") located In LINCOLN County, Slate of Wyoming:
LOTS 1. 7.9,10. 12. 13.34. AND 38 OF AFTON AIRPARK ADDITION TO THE TOWN OF AFTON. LINCOLN
COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT NO. 167-C FILED ON AUGUST 1. 2005 AS
INSTRUMENT NO. 910442 OF THE RECORDS OF THE LINCOLN COUNTY CLERK.
The Real Property or its address Is commonly known as LOTS 1, 7, 9, 10, 12, 13, 34, 38 AFTON AIRPARK.
AFTON. WY 83110.
Grantor pre.ontly .sslgns to Londer all of Gr.ntor'. right, rilla, and ¡nIBr.st In and to .11 prosent and future I..SM of the Property end all Rant.
from the Proporty. In addition, Grantor grants to Lender a Uni-r-orm Commercial Code socurity int.arest In tho Personal Property and Ranttc.
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 fBI PERFORMANCE OF ANY AND ALL OBLIGATIONS UNDER THE NOTE.
THE RELATED DOCUMENTS. AND THIS MORTGAGE. THIS MORTGAGE IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS:
PAYMENT AND PERFORMANCE. Except as otherwise provided n this Mortgage, Grantor shan payro LonrlfJl all amounts securad by Ihis
Mortgogo 8S they become due and shell strictly perform all of Grontor's obllga1ions undElt this Mortgage.
POSSESSION AND MAINTENANCE OF THE PROPERTY. Granlor ogre.. th.t Gr.mor'. possessio" and use of the Property sholl be govorned by
tho following provisions'
Possession Bnd Use, Ul1IìI the occurrence of 8n Evel\! of Daf.ult. Grantor may {1) ramain in possession and conllol of the Property; (2)
use, opertJft1 or manage the Property; and (3) colloct the nents from the Property.
DutY to Maintain. Grantor shall maintain the Property In tenantable condhlon and promptly per10rm all repairs, replacements, and
majnt~ft8t'C() neces$arv to pt-eserve its vulue I
Compliance With Env/tonmontBI Law.. GrMtor rapros."ts and warrants to I.end,;, thot: (1) During the p/lriod of Gremlo"s own.rship of
Iha Proporty. thera has beét\ M u.e, gene'ntion, n,anufacture, storage. treatmol1t. disposal, releoso or throowned relesse of any Hazardous
SubstencÐ by Dny pDrson on, under, about or from the Property; 12) Grantor has no knowledge of, or reason to beliave that there has
b8on, 8xcept as previously dlsclosod to and ecknowledged by Lender in writing, (a) any breech or vlolution ot any Environmental Law.,
(b) any u.e, gaMration. manufacture, storage, trøatmo"t. disposol, toloas. or threutened rol/lose of any Hazardous Substance on, undor,
about Or from the Property by any prior ownar. or occupants of the Property, or (c) ony actual or threatened Iltigullon or claims of any
kind by any person relating to such mano"s; And (:)) Except.s previously disclosed to and acknowledged by Londor in writing, (0) neithor
Grantor nor any tenant, contractm. agent or other authorized usar of tha Property shaU us., goneruta, manufacture, store, tr..t, dl,posB of
or releas8 any HM.ardous Substance on, under, .bout or from tho Property; and {b) any such aClivity shall be conducted In cOmpll.nce
wllh all sppl1cable feder.l, .tOte, and ioeal lows, rogulation. and ordinancas, including wìthout limitation all Environmentol Laws. Grantor
authorize. Lender and its ag8nt. [0 onlor upon the Property 10 mako .uch inspections and lasls, at Grantor's exponse, es Lendar may deem
appropriate \C) determine compliance of the Properly with this soction of the Mortgage. Any Inspections or tests made by Lender sh.1I ba
for Lander's purposes only and shan not be construed 10 cu:ala t10V rftsponslbilìty or liability on the part of Lendor to Grantor or to any Other
person. Thti r<H')toso"U.i\iol'.s and warranti8ti contained hefoin lltU based on Grantor's duo diligence in inVO$tJgBting the Property for
HDlardous Substances. Grunlor hllfoby (1) releases and waives or'ly future claims against Lender tor indemnity or comrlbutlon in the
evenl Grantor buootnes !labia tor clðanup -or other cOStS under lIny such laws; øod (2) 8g,ðas to indemnity. def'endl and hold hDtmless
I.endor agalnsl any and all cluims, IOSSAS, liabilitios, d.m.gaa, penalt;.a, and expenses which Lender may directly or indirectly sustain or
suffer resultlnç froll" a breach of this soction of the: MOftgOg6 or DJ 0 consoquence of tiny uso, generalfon. manufacture. storage. disposal,
rele-ase Of" threatened release occurring prior to Grðntor'a ownership or inrarust in the Proporty¡ whether or not the !tamo WOß or should
h.ve boen known 10 Grantor. Tt16 provisions of rhi. section of the Mortgage, includinglha obligotla" to Indemnify and dafand, sh.1I survivø
the pnymont of the )nda:btedness end the setisf'tu:alon and roconveyance ot the lien of this Mortgago and shall no~ bô ntfcctod by Lendet's
acquisition of any interest In tho Proporty, whothar by 1oreclosure or Olht,rwÎsc.
Nuisance, W...te, Grol1tor 811ull nol c.use, conduct or permit uny nuisance nor commit, permit, or suHor any stripping of or wasle on or to
the Property or ony portion of Ihe ProperlY. Without limiting the gen.r.llty 01 tho forogoing. Grantor will not remove, or gront t.o any other
partY the right to remove¡ any limber. mìnerDls (Including 011 IInd gas). emil, clay, scoria, soil, grovel or rock products wjthoU't Lendor's prior
written conaent.
Removal of Improvement.. Grantor shsll not demolish or remava sny Improvements from the Roal Property without Lendar's prior written
consem. As a condition to the removal of any Improvements, Lcnd.r may 'equ;ro Gr¡mtor to mako arran! éments .allsfactory to Lender to
replace such Irnprovaments with Improvements of st least aqu.1 value.
Lender'. Right to Enter. Lender and Lender's agentS and repres.ntatlves may ."Ier upon tho Real Proporty at 011 res.onuble times to altend
to Lender'. Int.r..ts and to I".pect tha Raol Proporty tor purposas of Grantor's eampli.nea with the term. and conditions of thl. Mortgag..
Compliance with Governmental Requlroments. Grantor shall pt'omptly comply with 011 Jews. ordinances, and r6guliltions ,'ow Dr hereøftfJr
in effect, of all governmental authorities opplicablo to the U80 or occupancy of -tho Propt1t1y, including without I1rnhstion, tho. Améflcan8
With Disabilities Act. Grantor may contes I in good faith .ny such law, ordinancE>, or rogulation and withhold compli.ncE> during any
proceeding, including appropriate appeal., so lono as Grantor has Mlifled Lendor in wrillng prior to doing so and .0 long .S, in Lendar'.
sole oplnlon~ lendor's Intarests in the Properly ure not joúpardi2'Ðd. Lender may require Gruntor to post odequste 60CUrity or B suroty bond,
rea80nably s8th;foctory to Lendor. to protoct Lander's ìntorcst.
Duty to Protect. Grantor egrees neither to abandon or lèava unaHended tho Property. Grnowr sholl do all other acts, in odditíon to those
nçt8 set torth above in this section, which from 1ho character unci use of the PropOrfY are reasonably necessary to protoct and preserve the
Property.
Loan No: 64003636
MORTGAGE
(Continued)
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DUE ON SALE _ CONSENT BY LENDER. Landor m.y, 81 Lender's option, declare Immediately due and pay.blo all sums securad by this
Martg.ge upon the .ale or trllnsler, without Lendar'. prior written consant, of .11 or any pan 01 the Reall'roperw, or eny inlere.t in the Real r"'O"'ø340
Property. A "solo or transf.,rM means the Conv6yanco of Real PfoPérty or pny right, title or interest Itl the Real Property: whother legsl, benef'ìcìøl \.,; "
01' ðquìtuble; whether voluntary or involuntary; whether hy outright Hale, deed. installment $ale contrhCt. land contract, contract for deed,
leasehold interest wìtn a torm groater than throo 13) YO-IUI. lease-option conlt8ct, or by sale. uElsignment, or tronsfer 01 tJny boneflclal ¡merest in
or to any land Irust holding titla to tha Ra.1 Property, or by any oth.r mothod at cOlweysnc. at an interast in the Reol Property, If any Grantor is
. corporstion. portnershlp or IImitad liability compa"y, transter al80 includas any cha"ge in ownership of more than twenty-fivo percent (25%1 of
the voting stock, partnership interests ot limited liabilìty company IntÐrasts. as the case may be. of such drantor. HowBvar. thiS option shaJl not
ba a.eroised by Lender if such exercise Is prohibited by f.derollaw or by Wyoming I.w.
TAXES AND LIENS, Th. following provisions relating to tha taxes and lieM or. Ihe Proporty are pert of Ihls Mortgage:
Payment. GrMlor .holl pay when due land in ell events prior to d.linquencyl ell taxas, payroll texo.. spacial taxe.. as.assmants, water
charges and s.wer service charge. levied agai"st or on account 01 tho Property, and shell pay when dua all claims for work dono on or tor
s.rvlcas rendered or material turnished to the Property. Gruntorshell maintain the Property Iree of an'y liens having prlorllY over or equal to
the Inlorest at Lendar under thia Mortgage, excopt tor Ihose liena spociflcally .greed 10 In writing by Lender, ond oxcept for tho lien ot toxa.
and 81SI:UI8$munt$ not duo Ba further specified In thø Right lO Contest paragraph.
Right to Contest. G,antor m.y withhold peyment of any tax, assessment, or claim in connection with a good lalth dispute over tha
obligation 10 pay, so long .8 Lender's Interost In the f'roporty i. not jeopa,dlzed. If 8 lien arises or is liled as a resull 01 nonpayment,
Grantor shall within Wtaen 1151 d.y. otter the lien .r¡sos or, if a lien i8 flied, within litteen (15) days after Granlor has notlca at tha tiling,
secure the dlschorge 01 'he lien, or II requested by Lendor, deposit with Lender cash or a sufficienl corporate surety bond or other security
satisfactory to Lender in· an amount S"ufficittnt to digchfuge tho lien pius any costS end reasonable at.torneys· tees. or other charges thot
could uc:cnJfJ U~ tJ result of ß foreclosure or sale undor the lien. In any contest, Grantor sh811 deftmd itsall Dnd Lender and shail satisfy Ðny
adverso judgment ba10re é(}forcement against the Property. Gruntor ahall name lendar U8 on ødditior\aJ obligee under 8f\V surety bond
furnished in the conleSI proceedings.
Evidence of Payment. Granlor shall upon demand lurnlsh to Lender selisfactory evidence of paymont of the taxes or as.assments and sholl
authorizß the appropriate governmontal oflicial to deliver to Lendor at any time ð wrl-uen aUHðment o-f thO' taxes and assessments against
tha Property.
Notice 01 Construction. Grantor shall notify I.onder .t lea.t fiftoen (15) days betore any work ¡s commenced, any ao,vioes are turnlshad, or
el'y materials are suppliad to tha Property, il ony ",echanic's Ii.n, mutorlalman·. lien, or othor lien could be auerted on account of the
wo,k, services, or ",elariela. Grontor will upon raquest oll.andor furnish to Lender advance as.ur.Mes sa1ls1øotory to Lender that Granwr
can and will pey tho cost at such i",prove",ant..
PROPERTY DAMAGE INSURANCE. The following provisions relallng to insuring tho ProperlY are a port 01 this Mortgaga:
Maintenpnce of Insuranco. Grantor shall prO(;Urð ond mnh'\toin policies 01 fire insuranco with stondørd extended coverage endorsements on
a replace",ent basis for the full Insurabl. value covering alllmprovemants on tho Real Property in en emOUI\1 sufficient to avoid application
of any coinsurance clause, and with a standard lTIortgagee c)ause in tsvor at Lender. Grantor shall also procure end maintain
comprehensive gonarÐt liability insurance in such coverago amounts 8S Lender mtJy reqU$fH with Lender beingnámed Uti additional Insureds
in sur.-h liabì1ítY insurance poHciea. Additionally. Grantor shall maintain such othor in$urancc. including but not IImltod 10 hazard, business
interruption and boiler insuranco fiG Lend'ð( may fCquire. Polkítis sholl be wrilten by such insurance compunìús and in such form 8$ moy be
reasonablv 8ccupttÜ,le to Lender. Grantor ahnll dolivòr to Lender certificates of covorogo !'rom 60ch insuror comBining Û stipulation that
coverege will not bo cancelled or diminiahad wllhout s minimum of thirty 1301 deye' prior writtan notice to Lender and nOI contelning any
disclaimer ot the ¡nsuror's IIftbilhy for failure to give such notic<I. Each In!¡¡uranco policy also shtlll Include an endorsement providing thoc
covarag. In fovor of Lender will not b. impaired in any way by any sct, omission or defaull of Grantor or any othar parson. Should Ih. Real
Proporty ba located in on area daeignated by the Director 01 the Federal Em.rgency Management Agency as . special Ilood hazard aras,
Granlor agree. to obtain and mainlaln Faderal Flood Inau,""ce, if available, for the tull unpaid J>rincipal balance of the loan and any prior
lien. on Ihe property .ecuring the loan. up 10 tho meximum policy lìmits set under Ihe National Flood Insurance Program, or as otharwlse
required by Lender, and to malntol" such il1$uranco for the term of tho Joan,
Applicetion of Procaad.. Grantor shall promptly notify Lender of OilY los. or damage 10 the Property it tho estimated cost at repair or
rephleemont oXèeeds $1,000.00. Lender m.y mak. proal olios. if Grantor tail. to do so within fifteen (15) days of the c..ualty, Whe,her
or not Lender's s.curity is impairod, Lander mey, or L.ndar's election, receivo end retain the proc.ads of any insuranèo and apply tha
pro coeds to ,he raduction of the Indebtedness, paymanr el any lien affacllng tho Property, or the restoration and repair of tho Property. It
Lender elects to apply thft procoeds to reSloralian and 'opair. Grantor shall r.palr Dr replace the damaged or destroyed Improvemonts In a
manner SlUlstactory to Lender. Lender shall, upon tiutisiactory proof OfSUGh ex:penditura, pavor relmburso Grantor frorn tho proceeds tor
the roasanable cest ot ropair Or restoration it Gl3ntor is not In d.tault unde, Ihis Mortgago. Any procoeds which hove not been dlsbur.ad
within 180 days after their recalpt and whioh Lender h.. nol commlned to the ropair or restoralion ot the Property shall ba us.d tirat to pay
M'y .moun! owing to Lendor under thla Mortgage, than to pay accrued intorest, and the rameindor, il any, shall ba applied to the principal
balence of ,he Indebtedness. If Land", hold. .ny proceeds .fter payment infldl of Ihe Indcbtodness, such procaed. shall be r,ald !O Grentor
as Grantörl$: Ît1tøruSts may appear.
Grentor'. Roport on Insurance, Upon 'equest of Lender, however not more than onco . year. Gr.ntor shell lurnlsh to Lender. 'epart on
each existing policy of Insurance .howing: 111 tha name at tha Inaurer; (2) the risks insured; (3) the amount of the policy; (4) tha
property insured, tho then current raplacement valuo of such proporty. and the m.nner ól determining that value; and (51 the expiration
date of tho policy. Grantor shall, upon request of Lender, have an Independent eppr.i.or satisfactory to Lendor determlno the cash ~alua
replecement cost of the Proporry,
LENDER'S EXPENDITURES. It any ectian or proceeding is commenced that would materially affecl Lender'. Interest in the Property or If Grantor
feils to comply with any provision of this Mortgage or any Relatad Documents, Including bOt no1 IImltad to Grantor'. f.llur. 10 discharga or pay
when due any amounts Gra"lor i. required to discharge Of pay uml.r this Mortgage or any Related Documents, Lender on Gr.ntor's behalf may
Ibut shall not be obllgatod tal take any action [hilt Londer doems appropriale, including but nol limitod 10 dlsch.rging 0' paying all taxa., liens,
socurity ìntert!sts, encombrencos find other claims, at any "time laviad or ~')Iacud on the Property and paying till COslS for insuring, maintaining and
preserving tho Propony. All such ß){pondltures incurred or puld by Lender for such purposes will thon bear inte-rest" 8t the raté charged under the
NOle ·fron\ tho dæne Incurred Or paid by l.ef1der to tha rJðtQ of repayment by Graf'nor. All such Elxpensl)s will become Ð purt of the Indebtodness
on,j, at Lender's option, will IAI be pllyablo on demand; IB) be oddodlO Ihe balance ollhe Note and be apportioned among 8ndbe peyabla
with "ny In.I.llment paymenls to become due during eilher 11 I tha term at .ny epplicable Insuronc. pOIiCYi Of (21 tho romalnlng term 01 the
NOle; or (CI be tteated as 8 balloon paymant which will be due .nd payable et the NOle's malurity. The Mortgsge also will aacure payment of
these emcunt.. Such right shall ba In addition to all other rights and remeWea to which Lender mey be antltled upon Dlllaul!.
WARRANTY; DEFENSE OF TITLE. Tho following pra~i.!ons rt!lnting to ownership of the Property are a part 01 thl. Mortgage:
Titla. Grentor werrants thol: (01 Grantor hold. good and ma,ket.bie title Qf record to the Property in fee simple, frae and cl..r of .11 li.ns
¿tnd úl'lcumbr'ßr1ces othor thon those set torth In tho Real Property description or in uny tItle insuranciQ policy, title report. or linol t¡tle opìníon
issued in (avor o-t, tll'\d occepro-d b'y, Lender in connection with this Mortgnga, nnd (bl Grantor has the full right. power. and authority to
O>C8oute and deliver this Mortgage tö Lender'.
Defenso of Titlo. Subjecl to the exception in tho p.ragraph .bove, Grantor werrams and will torevor defend th. tiUe to the Property .gainsl
the lawful claim. 01 all porsons. I" the evont any action or proceeding is commenced th.t questions Gremor's titie or ihe Interesl of Londer
under this Mongage, Grantor shull defend the üctìon DT Grantor's expense. Grantor muy be the nominal porty in such proceeding. but
Lender $holl be entitled to participate in tho proceeding and to be roprcsenwd ín the proceeding by tounsel of U.H'tder's own choice, and
Grantor will (Iolivor. or c.use to be dellverad, to Lendar such Instruments a. l.ender nl.Y request from time to ¡'ome to permit such
participation.
Complianca With Laws. Grantor warrants that tha Property and Grantor's uso oi Iha Property complies with all exosting applloable laws,
ordinance.. und regul8IIons at governmental authorities, ,
Survival of Reprosentstlons and Warrantla.. All ..eprasentelions, werrenlies, IInd IIgro...n.nta made by Grantor in Ihi. Mortgaga shall
survÎva the e>Ctlcutíon and dolivery of this Mortgage, shall be continuing in nuturs¡ 8()d shall remain In tull force and effect until such timo as
Grnnwr's Indobmdness shall be pHid in lull.
CONDEMNATION. The 'followlng provisions relating to condomnatlon proceeding. are. p.n 01 this Mongag,,:
Procoedings, It any proceeding in condemnalion i. filed. Granlor shall promptly notlly Lendar in writing. and Grantor sh.1I promptly teke
Loan No: 64003636
MORTGAGE
(Continued)
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such staps as may bð necessary to dMend Iha ectlon and oblaln tho awsrd. Grantor ",ay be the nominal party In 9uch proceeding. bul
Lender shall be entitled to partlclpale In the proceeding and to be repr.Senled In tho proceeding by counsel 01 Its own choice, and Grantor
will dolivar 0' cau.e to bo delivered 10 Landar such [/\Strume"ts ."d documenlotion as moy be reQuesled by lender from time to time to
permil such participation.
Applloation 01 Nel Proceeds. II ail or any part of the Property is condemned by emlnem domain proceedings or by any proceeding or
purcho.a I" lieu of co"dem"otlon. Lender may al il. election require Ihal en or sny portio" Of the nel proceeds of the award be appllad 10
Ih. I"dobted".ss or Ihe repair 0' rasloralion of the Property. rhe Mt proceeds of Iho owerd shall mean tho aword after payment of all
roasonable co.ts. oxpensos, and euorneys' fees Incurred by lendar I" co"nection with tho co"demnation,
IMPOSiTION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORiTIES, The following provisIons r.l.ti"g to governmental t."e..
foes and chargos ore B part of this Mortgago:
Curront Texas. Fees and Chargus. Upon request by LOI'\dar. Grantor shall 6'xecutc such documents In addition ·to this Mong8ge end tské
whatevar othe' action is requested by Lander to perfect ami cOf\tinue Le"dQr's lie" on (he Reol Property. GrB"tor shall reimburse L."der fer
all tÐxes, os do scribed below, t09U1'h6t with all exponses incurred In recording. pt:lrfocting or continuh'1g this Mortgsgè. including without
limltelien oil taxes, fees, documentary slamp., end other charge. for recording or registerl"9 this Mortgogo.
T.x... Tho following sholl CO¡,stltulo t.xes to which this saction epplio.: 11 a specific tox upon this typo of Mortgage or upon all or s"y
pert of the Indabtadness secured by Ihl. Mortgage; (2) 0 specific tax on Grentor which Grantor Is aUlhorllad or roquired 10 deduct frem
poyments on the Indebtedne.. ..cured by this type of Mortgago; (3) 0 tox on this tyPQ Qf Morlgogo chargeable again.t tha lender or the
holda, of the Nato: and (41 a specific to" CJn ell 0' a"y portion of the IndebtadMsB or on paymo"ts of principal and ¡"Iarest made bv
Grantor,
Subs6quant Tox... If any tax to which this section applle. Is Q,,"cted subsequo"l to the date of this Mortgago, this evont .hall have the
same effect as an Ëvent of Oøfnult, and Lender mDY exercise any 01' 011 of Its avaìlablo remedies fOf on Event of Default as t}rovided below
unless Gran\or eithor t 1) pays the tax btrfotc it becomes delinquent. Qr (2) contests the lax as providod above In thÐ Taxes and liens.
section and dupo:sifS with Lender cosh or lJ sut'flcient CQfpórtJtu surety bond or othet ,security satisfactory to LiJlido-r.
SECURITY AGREEMENT: FINANCING ST A TEMENrS. Tho followin9 provisions rQlaling 10 lhi. Mortooge .B a.acurity agreement are 0 pert of
11,;. Mortgage;
Soourlty Agroemont. Thi. instrument .hall constitut. a Security Agroomeot te Ihe eXtent a"y of tho Property co".tiIUIO. fixlures, e"d
lender shall h/ova all of the rights of 0 secured party under Iha U"iform Commercial Coda as amended from time to time.
Security Intora.t. Upon requost by le"dsr, Grantor sh.iI take whatovor actìo" Is raQueoled by Landor to perfect e"d continuo Le"d.r's
secutity Intorcst In the Rents. ltnd PorsoJ1nl Property. In addition \0 recording this Mortgage in the rOBI property recordsl Lander may; 8t anV
time and wlthoul furth.r outhoril8'!lon from Grantor. fll. ."aculed counlerportS, copias or rcproductlOf\s of this Monooga o. 0 fl"ol\Oing
statement. Grantor shall reimbur.e lender for 011 expe".e. incurred in par/acting or continuing Ihl. sacuflty interast. Upon defaull, Granlor
shall not remove. sever or detach the Personal Property from tho Property. Upon default. Grantor shall assemble any Personal Property nót
affixed to the Property in D mannor and 8t n ploct) ftHtt10nably convenient to Gfttntorond londor and make il t.IV$Hablo to Lo,nder within three
t31 day. aft"r r"cclpt of writte" dem.nd Irom lMdcr to the extent pormitted by .pplicoble lew.
Addr.ue.. The mailing eddresoo. of Gramor IdoblO,1 and Le"do, Isocured party) fron' which Information oo"cernlng Ihe security ¡"toraot
g,anted by this Mortgag. may be obt.ioed ¡a.ch as raqui'od by the U"iform Cornmarcl.1 Code! .re øs Slated 0" rh. first pego of thl.
Mortgngo.
FURTHER ASSURANCES, ATTORNEY·IN,FACT. The following provisions r.latlng to fUrTher assuronce. and ettornoy·i,,·fsct e'o 0 part of this
Mongage;
Furth.r Assurance.. AI any time, ."d from lime 10 time, upon roquest of londer, Grantor will mako, axacUla a"d d.Uver, or will cou.e to
be made, executed or delivered, to Ce-nder or \0 Lunder's designee, and when requcstod by Lender, cause to be tHad, recorded, r6f11edl or
,.,.corded, as Ih. ca.e may be, 01 such tlma. and i" such ollie.. .nd placos a. Lender may deam eppropriate, eny and ell .uch mongage.,
deeds of trust; securIty deeds, socurity agreemonts, financing statements, continuation -statements, ìnstrurru.mls ot further Ðssurance,
certiflct.ttéS. vnd other documonts liS may, in tho $ole opínion of lender, be necessary or desìrable In ordor to oHoctuate, c,örnpleto. pcrfect.
con(l"ue, or pre.erva (1) Grantor'. obligations under Ihe Note, this Mong.go, and tha Relaled Documaf\1o, a"d (2) (he liens end
sacurlty Interests crestad by this Mortgago as firsl and prior lie". 0" tho Propeny, whethe, now owned or heraaftar ocqul'ed by Grantor,
Unle.s prohibited by law 0' le"da, agr.e. 10 tho cm,"ary in writi"g. Grantor .heli relmbursa lo"der for oil COSlS and expenso. i"curred i"
cOMootlo" with tho matto,. r.f.rrod 10 in this paragraph. .
Attorney.in.Fact, If Grantor f"it. 10 do any of the thi"gs reterrod 10 I" the p,ecodl"9 paragraph, lender may do .0 for and in Ihe name of
Grantor end at Gran\or's exponso. For such purposes, Gruntor hereby irravocubJy appoints Lendor as Grantor's tiUOrney"in~f8ct tor the
purpose o't mukln~; ûxecutíng, daliverÎr'\U, ·f'iJing. recording, and doïno all othor Ü\i11gS 8$ rnay be necesaarv or desirablo. in Lender's sole
opinÎon. to accomplísh the mattors referred to in the (JrÐcedln9 pÞrtJgraph.
FULL PERFORMANCE, If Grantor pays ali the Indebtodnes. whon due, a"d Otherwl9o par forms .nlho obligatio". imposad upon Granlor u"der
this Mortooge, Lender .hali exacute ond deliva, to Grenlor 0 .uitable sallsfa!:ti"n of this Mortgage af\d suitable nalome"'s of terrni"alion 01 a"y
financing slllte",ent 01> file evidencing Le"der'. security Imore.t il> the I\ento a"d Ihe Personel Property. Gr.ntor will peV, If permitted by
applicable law, o"y ..osonable tern,i"ation foe es det.rmi"od by Lender from time 10 time.
EVENTS OF DEFAULT, Each of the following, ollandor'. option. sholl constituto an Event of Default under this Mortgage:
Payment D.fault. Grontor foils to make eny paymenl when due undor the I"debt.d"ess.
Default on OIl1.r Payment.. Faliure of Grantor w1thin tha time raquirod by Ihis Mortgage to meke .ny plly",ent for taxos or insur."ce, or
any other peyment necossory 10 prevent fili"g of or to aflact discharge oJ any iien.
Other De1aults. Grantor faUs to comply with Or to perform any othor term. obligÐtion. COVOOÐnt- or condit.ion contained in this Mortgage or
In any of Ih. Related Documents or to comply wllh or to perform Of\V term, obligetion, cove"."t Of <:ondltlon conlel"ed in any othor
agreement bet wee" landor end Grantor.
Default in Favor of Third Partl<l$. Should Gro"tor doloull unde, any loan, cxtensio" of crUdlt, security agree men!, pur{)hose or ..10.
ugraomont, or øny othor agreement, 111 favor o tiny othÐr creditor or person thtH rrury materially affect any of Gruntor's property or
G,antor's ability to repay Iho indebtedness Or GrAntor's oblllty to perform G,.ntor's obligalio". under this Mortgage or enV rolated
docume"t.
Fa'.e Statom.nt.. A"y warra"IV, rapra..nW!ion or stt"e",e'" mode or furnished to L."d.r by Grantor or on Grantor'. 'behoU underthl.
Mortgage or thð Related Documonts Is false or mlslusding in nnv matoríal respect, eithor now or at Ihe time mode or furnishod or bðcomes
ftlrso or misleading at any time thereafter.
Defoctlve Collaterallzation. This Morlgogc or any of the Rolaled Documents cea.es to bo in full lorco .nd effect (including feilure of a"y
collðteral document to eruote: Ð valid and perfected security ¡nwrost or lien! at any tíl'na find for any reason.
Doath or fnsotvency. The dissolution O"t Grantor's (regardless of whother election to continue is made), eny membar withdraws from the
limited liability company, or any other I.rminotlon of Grantor's exlstonce e. e going busi"es. or the deeth of a"y member, the insolvoncy of
Grllnw,. the appointment of a receivef for o"y part of Granlo"s property, o"y assignmenl for the be"eflt of creditor., eny tYpo of craditor
workout, or the commcncemttn1 of any proceeding under any bankruptcy or ¡nsO V(H\(~Y lows by or 8galmÞl GratHor.
Creditor or ForféltUt8 Procoadlngs. CommElntarnant of foroclosure or forfaiture procoodings. what.hor by judicial proceeding, self-help,
repossession or any other n10tho<t by any creditor ot Gl'ont-or or by any govarnrrl6òtt.t1 agenoy against any pm )ony securing thø
Indebl.dn.... Thl. includes 0 garnishmaf\t of any of Grantor's .ccountS, including doposll accounts, wilh l.ender. Hawever. this EVanl of
Defeull .ha" not apply if there Is a good faith dispute by Grantor .s to Ih. vollditv or reasonableness or the claim which Is Ihe besio of the
creditor or fodohuro pral~aed¡n9 and if Gramor gIVС: Landar wrinen notice of t'/ld creditor or forfeiture proceading ònd deposits with Lender
monies or 8 surelY bond for the credltol or 10rfehure proceeding, in tln amount determlnod by lenderl In íl' sole discretion. os baing an
adaquate reserve or bo"d for lhe dispute.
Br_lIch of Other Agre.mont. Any breach by Grnowr umior tho torms of any other Dgreement betwEt(:ln Grantor and Lender that Is not
mmodied within any' graca period pro....lded therein, Including without limituflon anv fJgroement concerning any indebtedness or other
obligation of Grantor 10 L.e"der, whother .xistlng now or letor.
êOô341
Loan No: 64003636
MORTGAGE
(Continued) Page 4
...K ~m:#tlll:ltr.:'.t~...~.~_
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Events Affeotlng Guerantor, Any of tha pracadlng event. occur. with respect to .ny Guurantor 01 any 01 the Indebtedness Or any
Guarantor die. or become. Incompetent, or r.voke. or dl.put.s tho validity of, or lIubillty und.r, any Guar8nty 01 tho Ind.btedn....
Adverse Change. A metariol advorse chang a occurs In Grantor's finonch,l condition, or Lender believe. the prospaCt ot payment or ('-.0; 'u342
parlorrnanco of tho Indebtedness i. Impaired. ...... "
Insecurity, l.nder in good fallh b.llev.s it.elt insocure.
RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence of an Event ot Dotault and at any time theraMtar, Lendor, .t Lender'. option, m.y
exercise anyone or more of tha following rights and remedies, In addiT,onto eny other rights or remedies provided by law;
Accelerate Indebt.dness. Lender .holl hava The right at Its oplion without notice to Gr.ntor to declare the antlre Indebtednoss Immediately
duo end payeble, Including eny prepayment (>e/\OIIY that Gr.ntor would be required to pay.
UCC Rom.dlas. With roapect to .11 or any pan of thO Personal Proporty, Londer shall have oil the right. end romodl.. of a .ocured p.rty
Lmdo( the Uniform Commercial Codo.
ColI.ct Rent.. landar .h.1I hava the right, without notlco to Grantor, to t.ke po.....lon 01 the Property. including during the pendency of
foreclosure. whether judicial Of nonAjudicial, and collet':"t tho Rðnts, Including amounts post due and unpoid. Nod app)y the net proceeds. ovar
nnd obovo Lender's costa. l'gslnsl the Indebtednoss. In furtherance of this right, Lendor may require any tanant or oth.:n user of the
Property to moko paym.nts of ront or u.o foe. directly 10 Lender. It the Ronts .ro collected by Londor, then Gr.ntor Irrevoc8bly deslgn.te.
Lendet ns Or8,\to,'s 8ttornev~¡n-fáct (Q endorse instruments fecoived in payment theraof in tho name of Grantor and to negotiute the same
and collect Iho proceed.. P"yment. by tenants Or olher us.,s to Lend.r in r/Jsponse to Lender's demend shaH satisfy the obligations tor
which Ihe payment. are mado, whether or not any proper grounds for the demand exist;¡d. Lender mey exercise its righTS und.r this
subparagraph oither jn person, by agont, or through 0 racoiver. .
Appoint Receiver. Lender shall hltVè tho right to hav~ 0 rticoiver l'Ippointed to take possession of all or anv part of the: Property. with tho
powor to protetôt nnd prcsarvû tho Property, to oparøt<l the ProP$rlv precading foreclosure or saJe, and to collect" the Rents' from 'the
Property end apply tho proc.od.. ovor and above the co.t of tho receivership, ag.inst tho h,dobtedness, The rocolver mey serve without
bond It pûrrnittod by luw. Lan(h;u"s right to the appoir'Hmont ofa receiver shull exist whether or not the apparent vølue of the Property
e<cood. the Indebtodnes. by a .ub.tantlel amount. Employment by Londar sh.1I not disqualify a porson from aorvlng os a receiver.
Judiola1 Foreolo.....r.. Lander may obtaill .ojudìciul decrOD foreclosing Grantor's interest In aU ()f üny part of the PropartV,
Nonjudicial S.le. Lendor may foreclo.e Grantor's Interest In 011 or in any pan 01 the Property by non·judicial sale, and specifiC oily by "power
ot salo" or "advertisement nod Rule" foreclosure at provided by statute.
Deficiency Judgment. If parmilted by eppllcable low, Londer may obtain 0 judgment for any deficiency remaining In the Indohtedness due
to Lender aher 8ppllc&tion of all amounts received Irom the exercise of the rights provided In thl. .ecllon.
Tenancy at Sufferance. If Grentor remains In po..esslon 01 the Proporty otter tho Property I. sold as provided above or Lender otherwise
becomes entiUed to possossion of the Properly upon dofouh 01 GranTor, Grantor sh.II beoome a tenont ot .uffurance 01 Lander or the
purchaser of the Property .nd oholl, ot Londor'. option, .Ithor (1) pey e raa.onoble ,ental fOt the uoe of the Property, or (2) vacaTe the
Property "nm.diately upon tho demand o'f Lender.
Other Remodlol, Lender shell hove all OTher rights and remadles provided In this Mortgage or the Nota or av.llablo at low or In equity.
5.1. of tho Property. To Ihe extent permitted by applicable lew, Grantor hereby woive. any and all right to have tho Property marshall.d,
In exercising Its rlgh19 and r.madl.s, Lender shall be free to s.1I all or any parI of Ihe Proporty together or .epar.tely. in one salo or by
..parafe sol... Londer sholl bo entitled to bid at ol1Y public salo on ell or any portion of tha Prop/my.
Norlce of Salo. Lender sholl give Grantor reasonllble notice of the time ond ploco ot any public sale of the Perlonol Propørty or of thO time
altor which any private sole or other intended disposition o'f tho Personnl Property Is to be med.. Reasonable notice shall mean notice
given at lo.st ten (to) d.ys betoro Iho time of the s.la or disposition, Any sala of the Person.1 Property may be mlde in conjunction with
any .81e oi the Roal Property.
Eloctlon at Remedies, Eloctlon by Lender to pursue any romedy .holl not oxclude pursuit of any other remedy, and on electJon to make
oxpenditure. or to toko action to pertorn, en obligation ot Gronwr under this Mortgage, after Grantor's foilure to perform, shall not attocl
Lander's right to declare 0 de".u" 8nd exercise itl romedi.s. Nothing undar thl. Mortgage or othorwisÐ .hal1 bo conetrued 90 as to limit Or
",strict the right. ond remedle. avoil.ble 10 lender 'following an Event of Dafault, or In tIny way to limit or rostrict tho rights and ability of
Lender to proceod di"Jctly ag.ins\. Grantor ondlor a9alnst any other co-makor. guer"nlor, sureTy or endorser and/or to proceed ag.inst any
Olher c"lhlleral diroctly or i"directly securing the IndebtedMs..
At1orney.' Fees; Exponsas. If Lendur iflt1:\Ìtutes any suit or actiun 10 enforce tiny of tho torn\s of this Mortgage, Lender shell be entitled to
recover such sum us tho court may adjudge reuso(\oblè tJ; ßt"lOrnevs' fees et lrlul find upon any uppeal. Whu\hor or not any court action is
involyed. tH1d to ¡h,} fJ>Clant not prohibil.ed by law, all ruasonüble oxpensßs Lendor incurs thot !r" Liu'der'9 opInion Ílre necessary at eny time
tor tha protection of its interest or tha enforcoment of its rights shall bocon'ð II pun of the Indobtednüss pttVfJblc on domand and shall boar
interest ot tho Noto ra\o from the dnta- of' the (ixponditure untit repaid. Expensos covered by this par8graph include, wìthou\ IimítaUon.
however subJoct to any limit'S under t\pplicable law, Lender's rousonoblo attUfnÐys' teðs ond Lander' i legol Q..x'~'ns(ts: whethér Or nöt thero it
'ð 18wsuit, including reasonablo attorneys' toes and expenses for bunkruptay prQceödings (including efforts to n"lodify or vacate tlt1V
aUlorn"tic slay or injunction!. appoal., and any anticipated post·judgment colleClion sOlvico., tho co.t of seerchlng records, Obtaining title
reports (including foretlosuro roports). surveyors! repofts, nnd appraiGol t-aes and title Însur.once, to the extent pørmi'tted by opplicoble law.
Grantor also will pay any court costs, in addition to all other sums þt()vlded bV law,
NOTICES. Any nOlice required to be givon undGY this Mortgnge, Including wllhout limitntion any notic.o of default and any notice Of sale shell bo
givan in writing, end .h811 be effectlv. whan oClually delivorod, when actually received by telelacslmile (uniess otherwise roqulred by law), when
depositéd with 0 r'lfltio"aHy recognlz.ed overnight courier, or. It meilad, when daposíted In "the United States tnail. as first class. certified or
roglS{alðd mail postage prepaid, directed to the addté$ge5 shown nosr the béginf\ll1g of this Mortgug8. AU copies of notì(¡es of foreclosure trom
tho holder ot any lion which ho" priority ovor this Mortgeg. shen be sent to Lo"de,-s addross, (JS shown ne.r the beginning of this Mortgage.
Any pany may change its ad dr... lor notlcos under this Morlgngo by 9ivl"g 10rm.1 written notlc. to the other partie., spoclfying thaT the
purpose 01 the notice is to oh8ngo the party's addross. For nolice purposes, Gnmlor agrees to keep Londer informed at all li",(>s of Gr.ntor'.
curr.nt .ddr.... Un loss otherwIse provÎ(1ed 01 required by law, Hlh.r. i. more than one Grantor, any notice given by Lendor to .ny Grantor Is
de.med to be notice given to oil Grantors.
MISCEllANEOUS PROVISIONS. The tollowlng milcolleneou. provisions "ro a part at this Mortgogo:
Arnúndntðl\tS. This Mortgoge, together wlth any Helntod Documents, constitutos tho entire und~HsUH1djng and agreement 01 the panies us
to tho mHtteri' 8e1 forth in this Mortgage. No n t~ration of or amendrnunt to this Mortgage shall bo a:ffactiv6 unlòss givon in writing and
s¡gnod by the party or pertla. sought to be charged or bound by Ihe .lteration or omendmen1.
Annual Reportl. If tI'\Ð" Property te used for purposes ötl"ler thlln Grentor's resldencu.. GUU"Itor sholl f'urnish to Lendcrl upon rûQuost, a
cÐrtif"íod statement 0"' n01 operating income rocðivad from the Property during Grantor's previous fiscal year ìn such 'orm and detoîl 08
I.endor .hall r.quire. "Nel opar.ting income" shall mean .11 c8eh recolpts from tha Property loss all cash exp.ndlture. m.de in connection
with tho operation of tho Propnrty.
Caption Headings. Caption haodings In this Mortgage are for convenience purpo.e. only end are not to be u.od to Inlorpret or dali"a the
provisions of this Mortgago,
Governing t.w, Thi. Mortgage wìU be governed by federellaw applicable to tandor and, to the extent not proempted by fedorellaw. the
lews of the StbtO of Wyoming without regerd to Its conflict. of ¡ew provision.. This Mortgage h.. boen eccepted by lender In tha State of
Wyoming.
ChoIce of Venue. If th.re is a lawsuit, Grantor .grees upon Lender's roquest to submit to the jurisdiction of tho courts of Uncoln County,
State 01 Wyoming.
No W.iver by la"der. Lendor shalf not be deemad ·to have waived any right. undor tl,is Mortgage unloss such waiver is given In writing
and signed by lender. No d"l~y or omission on the part 01 Le,,(Jer in exorci.ing any rlghl shalf "perato as 0 waiver of such right or ony
other right, A wöìver by Lender of a pro-vrslon 01 this Mortg8ge shall not prejudice or constituto 8 waiver 01 Lunder's right otherwise to
demend sulct compliance with thut provisIon or any other provision of this Mortgage. No prior woivor by londor, nor any course of dC811ng
be(WfJ(Hl Lendor Ðnd Grontor, shall t;onstttu\é a WalV\lf of any of lender's rights or of tiny of Grantor's obllgorions as (Q any fu(Ura
Loan No: 64003636
MORTGAGE
(Continued)
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transoctlons. Whenever the consent 01 Lendor is requirod under this Mortgago. the g,antln9 01 such consent by Lender in any In.tanco
shall not oonstltute continuing oonsent to subsequent insto-nces wharo suoh consent is roquirod und 11'1 eU cases such tonsonl may bÐ
granted or withhold In tho sola discretion of Lendor,
Severability, If. court of competent jurlsdíctionfinds any provision of this Mortgage to be illegal. Invalid, or un.nforceable as to any
circumstance, that finding shall not meko the offending provision illegal. Irwalid. or unenlorcoabla .. to any other circumstance. It laeslblo,
the attending provision ah.1I bo considered modllied so that it bocoma. iogal, vaUd and enlorceable, If the offending provision cannot be so
modltled, it sholl bo considerod deleted from this Mortgage. Unless otherwise required by law, the lIIegaUty, InvaUdilY. or unenforceebility
of any provision 01 this Mortgogo aholl not affect tho legality, validity or onlorceability at any ather þrovisior, of this Mortgage.
Morgor. There shall be no morger ot the interest 01 ostate created by tl1is Mortgage with any other Interee! or estate in the Property at any (;.O.i'~343
time held bV Of for tho bonotil of Lunder ín a.ny capacity, without the wriuon consent' of Lender. '"
Successors and Assigns. Subject to any Iimit8tlons stored in this Mortgago on t(8ns1e', of Gruntor'ø ¡morOS1, this Mortgage shall be binding
upon 81'1d ÍJuJrø to the benefit o"f the partios, their SlJcúcssors and as~igns. If ownðrship of the Property becomes vested in a person other
than Grantor. Letldar, withOUt notice to Grantor, mav deal with Grantor's $ucoessors with reference to· this Mortgage and the Indebtednes8
bV wlIy of forbearance or extensìon without releasing Grontor from the obliaatjons of' this Mortgt.lgß or Habílíty under 'the Indebtódn6ss.
Time i. of the essonce. Time is of the essance in tha pertormence of this Mortgage.
Walv..r of Ho,nostead Exomptlon. Grentor heroby reloases and wolves .11 rights and bonofits of tho homestead exomptlon lews 01 the Stet.
of Wyoming as to ell Indabtodness secured by this Mortgage.
DEFINITIONS. The following capitalized words ond terms .hall h8vo rhe following moanlnos when uaed In this Mortg80e. Unless speciflcelly
stated to the contrßfY, all raferences to dollar amount. shall1118"n amounts in lawful money of tha United Statas 01 America. Words end terms
usod In Iho sino(,lar shall Include the plural, and tl1e plural shall include the singular, 8. tho èOl11ext may require. Words and torms not otherwlso
doflned in tl1i. Mortgage ahall have the meanings anrlbutad to such terms in the Uniform Commercial Coda:
Borrower. The word "Borrowor" means Mill SQUARE, LLC A UTAH LIMiTED LIABILITY COMPANY and Includes all co·signors and
CO~mlJk6(S signing tho Notel:lnd all thair successors and assigns.
Default. The word "Dotault" meun5 thu Default $8t tonh in thili MortgDge in the ecr-lion ,-hIed "De 8ult~.
Envlronmontøl laws. The words "Environmontal laws" mean any ond oJ! SHHô-. foderal and local státutÜ$, ragulalion$ and ordinances
relating to the prOtection of humen health or the environment, including without limitation tho Comprehensive Envlronmol11al R.sponse.
Compensation, and Liability Act of t980, es emended. 42 U.S.C. Section 9601. et ,sOQ. ("CERCLA"I, tho Superlund Amendments end
Raauthorlzetlon Act of 1986, Pub, L. No. 99·409 I"SARA"), ¡ha Helardous Materials Tren.ponation Act, 49 U,S,C. Section 1801, et saq.,
tl1e Reaource Conaorvatlon And Recovery Act. 42 U.S.C. Section 6901, .t seq., òr other appllcabla stata or federal laws. rulea. or
rugulatlon. adopted pursuant thereto,
Event of Dofault. The words "Event of De'fault" moan any or tho events of detault set forth In this Mortgege in tho evonts 01 detault
section of this Mortgage.
Grantor. The word "Grentor" means MILL SQUARE. lLC A UTAH I.iMITED LIABILITY COMPANY.
Guarantor. The word "Gut,rðntö'" mCá"S t~ny guarantor, surety. or accommodation par.ty ot any or aU of the Indobtedn{ fìs.
Guarantv. The word "Guoumt:y" means tho guaranty from Guurtl:ntor 10 Lender, Including without limihuìon a guaranty of ell or part 01 the
Note.
Haurdou. Substanca.. The words "1·IAlardou. Sub.tances" menn moterials that, bac;ause of their quantity, concentration or physical,
chemical or In1octìous characteristics, may caUSQ or pose fI prasent or pote-ntìal hU7.ftn1 to humun health or the environment when
improperly used. lrootod, .stored. disposed oft generated, manufactured. transported or othorwise handled. The words "Hezerdous
Sub$tfl,(\ces" ßre used in their vary broadest sense And includo without lìl1litotJon any and all h81.srdous ()'( toxic substancos, møturÎahs or
waste as defined by or listed vndol tho Envlronrnðnul Laws, Tho term NHøzørdous SubstDt\COS" Etlso includes. without limitÐtÎon, pOtrOleUM
and petroleum by·producl. or any fraction thereat and asbestos.
"Improvements. The word "Improvemonts" means vii existing and future improvements, buildings, struC'lurQSf rnobilQ homÐ$ affixed an the
Real Property. facllltlos, addítlons. replacemants and other construction on the Reai Properly.
Indebtedness. The word "Indebtadness" meens all principal, interest. and othar omount., costs and expenses payable under the N01e or
Related Documants, togethar with ell renowals of, extension. of, modifications ot, consolidations ot and substitutions for the Note or
Related Documents end any amount. expended or edvenced by Londor to discharge Grantor'. obllgetions Or expens.s Incurrod by lender to
enforce Grantor's obligations under this Mongege, together with interest on such emount. as provided In thia Mongal/a,
lender. The word "Lender" moans 1 st Bank. its succossors and Ðssigns.
Mortgago. The word" Mortgage" n1aens this Mortgage betweon Grantor .nd Lendar, (.
Nota. Tha word "Note" rne,,,,. the promissory note dated Novembor 6, 2008, in th'e original principal amount of $824,280.00
from Grantor to Lender. together with all renèwtlls of, extensions of', modlfic,nions of. re1inÐncingø of. canøuJîdotlons 01-, end substítutíon$
for the f)romlssory nolo or agmðmont.
P.r.onal Property. The words "Porsonel Property" mean .11 equlpmant, fixtures, .lld other articles at parson.1 property now Or haroan.r
owned by Grantor, end now or heroefter euached or affixed to the Real Property; together with all aacesslons. ports, .nd additions to. .11
to-placements at and all substìtutÎons for, I.my of 1I:uch property; and togothDr with .ail proceeds including without Jl'nit8tion aU fnsurnnce
procaed. ont! refund. 01 promìums) tram any sale Or other disposition of the Property.
Property. Thê word "Property" moans collectively the Reftl Properly uneJ the Personal Proporty.
R.DI Property. The words "Roal Property" me on fhe raal property, Interosts and rights, a. further doscribed In thl. Mortgago.
Rolatad Documents. The words "Halated Documanu" meen all promissory notes, cr"dil a\ reemù,'ta, loan agreoments. environmental
agreements. guaranties. socurîly agreutnðnts¡ moftgogos, deeds of trust, security deeds. coJluterol mortgi!lgesf ünd all other Instruments.
8groernonUl und documents. whether now or hereafter exí$tlng. t:f)(&cuted In connection with the Indebtedness.
Rents. Thu word "Rents" me8ns 011 present end future renlS. rcvonuc,s, Income. issuos, royaJtìs!:I, profits, end othör bðnðtits dorlved from
the PtOpony.
GRANTOR ACKNOWlEOGES HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE, AND GRANTOR AGREES TO ITS TERMS.
GRANTOR:
Mill SQUARE, LLC A UTAH liMITED LIABILITY COMPANY
By: . -, ::¿-:2~ktZ~/7r
DAVI F HAL ING. ember of ovrlll SQUARE. ~
A UTAH LIMITED liABILITY COMPANY
Managing Member
Loan No: 64003636
MORTGAGE
(Continued)
Page 6
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LIMITED LIABILITY COMPANY ACKNOWLEDGMENT
State ofm I &11-
County of :(Ja1t/¿~
This Instrument was acknowledged before me on ...mJl.)J2..J.oEL_ Idat.' by DA ID F HALLlNG.~~~ba of ~PfuUARE. LLC pOô344
UTAH LIMITED LIABILITY COMPANY. ~
My commission expire.:.. 2/ ZI) Jv _.
. KATHYPALMEA
-'[J! . Notary Public, State of Utah
~ 'b ~ My Commtaalon Explree
'. February 20, 2012
t042t 8. JordIn Gtwv, SJ, ur 84095
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D;ILASERPRO\FNBICFIILPL\G03,FC TR·8739