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MORTGAGE C,00 48
KNOW ALL MEN BY THESE PRESENTS, that Peavlers' Mountain Star, Inc. aka
Peavler's Mountain Star, Inc., a Wyoming corporation, herein referred to as Mortgagor, of PO Box
395, Afton, WY 83110, to secure the payment of the principal sum of $21,625.00 together with
interest pursuant to that certain Covenant not to Compete dated of even date herewith and
executed by Mortgagor, and the principal sum of $98,000.00 pursuant to that certain Agreement to
Sell Stock dated of even date herewith and executed by Mortgagor's shareholders Rick Peavler,
Tom Peavler, and Wade Peavler, to the order of Clay Peavler, a single man, herein referred to as
Mortgagee, of PO Box 395, Afton, WY 83110, payable as follows:
Covenant Not to Compete
$21,625.00 shall be paid together with interest on the unpaid principal balance
from January 1, 2009, until paid, at the New York prime lending rate published in
the Wall Street Journal on the due date of the payment or the next business day if
no Wall Street Journal is published on that date. However, the rate of interest
shall not be less than 4% or more than 7%. Payment shall be made in equal,
semi-annual installments of principal in the amount of $6,000.00 together with
interest on the unpaid balance as set forth above, beginning July 1, 2009, and
January 1, 2010, and continuing on July 1 and January 1 of all subsequent years
until the balance as been paid in full.
Agreement to Sell Stock
$98,000.00 shall be paid together with interest on the unpaid principal balance
from January 1, 2009, until paid, at the New York prime lending rate published in
the Wall Street Journal on the due date of the payment or the next business day if
no Wall Street Journal is published on that date. However, the rate of interest
shall not be less than 4% or more than 7%. Payment shall be made in equal,
semi-annual installments of principal in the amount of $6,000.00 together with
interest on the unpaid balance as set forth above, beginning July 1, 2009, and
January 1, 2010, and continuing on July 1 and January 1 of all subsequent years
until the balance as been paid in full.
hereby mortgages to Mortgagee, the following described real estate, situated in the County of
Lincoln, State of Wyoming:
RECEIVED 5/21/2009 at 11:29 AM
RECEIVING # 947287
BOOK: 723 PAGE: 448
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
C-:00449
That part of the SE1/4NE1/4 of Section 24, T32N, R119W of the 6th P.M., Lincoln
County, Wyoming, being part of that tract of record in the Office of the Lincoln
County Clerk in Book 392 PR, page 119, described as follows:
BEGINNING at a spike on the East line of said SE1/4NE1/4 within the bounds of
U.S. Highway 89, N00017'00"W, 183.56 feet from the Southeast corner thereof,
found as described in the Corner Record filed in said Office;
thence continuing N0011 7'00"W, 311.13 feet along said East line to a spike;
thence S89°07'57"W, 314.83 feet to a point;
thence S00017'00"E, 307.34 feet parallel with said East line to a point under an
existing fence line;
thence N89049'21"E, 314.81 feet along said existing fence line, in part to the SPIKE
OF BEGINNING.
Together with and including all improvements thereon and all appurtenances and
hereditaments thereunto belonging. Subject to all covenants, conditions,
restrictions, easements, reservations, and rights-of-way of sight or record.
Including any and all improvements thereon, together with the tenements, hereditaments,
and appurtenances thereto belonging, and the rents, issues and profits thereof.
Mortgagor shall keep any improvements located on the property fully insured against fire
and other perils with an insurance company approved by mortgagee, shall deliver a copy of the
policy to mortgagee, shall name mortgagee as a loss payee on said policy, shall pay the premium
therefor and provide annual proof in writing to mortgagee that the premium has been duly paid.
Mortgagor must give Mortgagee thirty (30) days written notice prior to any conveyance or
encumbrance of any interest in said property. If all or any part of said property or an interest
therein is conveyed or encumbered by Mortgagor without Mortgagee's prior written consent, the
Mortgagee may, at Mortgagee's option, declare all the sums secured by this mortgage to be
immediately due and payable.
Mortgagor also agrees to pay all taxes and assessments on said premises, including any
assessments that may be levied on water rights or shares of stock used in connection therewith, or
held as collateral with the above note; also any tax that may be assessed by reason of this
mortgage or the debt secured thereby, and reasonable attorney's fees in case of foreclosure, or the
commencement of any legal proceedings for foreclosure of the same, and said attorney's fees shall
be added to the amount due on this mortgage, and made a lien on the premises described herein.
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C-00450
In case of default in the payment of any sum covenanted to be paid when the same shall
become due and payable, or in case of default in the performance of any covenant herein
contained, the whole amount of this indebtedness secured herein may be declared due and
payable in accordance with the terms of the Covenant Not to Compete and the Agreement to Sell
Stock and this mortgage foreclosed at the option of the legal holder. In the event of default,
Mortgagor grants to Mortgagee a Power of Sale to foreclose on and sell said property at public
auction pursuant to W. S. §34-4-101 et seq., or its successor.
IN WITNESS WHEREOF, Mortgagor has executed this Mortgage as of the 1st day of
January, 2009.
Atte
Tom Peavler, Secretary
STATE OF WYOMING
COUNTY OF LINCOLN
ss.
Peavlers' Mountain Star, Inc.
By G
Rick Peavler, President
On this i?7/-A day of May, 2009, before me personally appeared Rick Peavler, to me
personally known, who, being by me duly sworn, did say that he is the President of Peavlers'
Mountain Star, Inc., aka Peavler's Mountain Star, Inc., a Wyoming corporation, described in and
which executed the foregoing instrument; that said instrument was signed in behalf of said
corporation by authority of its Board of Directors; and said Rick Peavler acknowledged said
instrument to be the free act and deed of said corporation.
Given under my hand and notarial seal the day and year first above written in this certificate.
GERALD L. GOULDING NOTARY PUBLIC
County of State of
Lincoln +`t M e Wyoming
My commission Fxnlras May 2, 2011 NOTARY PUBLIC
My commission expires: May 2, 2011.
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