HomeMy WebLinkAbout948388RECORDATION REQUESTED BY:
Wells Fargo Bank, National Association
Jackson West BBG
50 Buffalo Way
MAC C7832-020
Jackson, WY 83001
WHEN RECORDED MAIL TO:
Wells Fargo Bank, National Association
BBG- Boise Loan Operations Center, MAC #U1851-015
3033 Elder Street
Boise, ID 83705
RECEIVED 7/2012009 at 11:30 AM
RECEIVING # 948388
BOOK: 727 PAGE: 720
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
720
SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY
MODIFICATION OF MORTGAGE
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200114997014900485
THIS MODIFICATION OF MORTGAGE dated June 12, 2009, is made and executed between The Narrows
Development Corp, also shown of record as The Narrows Development Corp., a Wyoming corporation, whose
address is 11411 S. Hiland Pkwy Suite 300, Las Vegas, NV 89141 (referred to below as "Grantor") and Wells
Fargo Bank, National Association, whose address is 50 Buffalo Way, MAC C7832-020, Jackson, WY 83001
(referred to below as "Lender").
MORTGAGE. Lender and Grantor have entered into a Mortgage dated November. 30, 2007 (the "Mortgage") which has been recorded in Lincoln
County, State of Wyoming, as follows:
Recorded on December 6, 2007, Receiving number 935414, Book 680 Page 572.
REAL PROPERTY DESCRIPTION. The Mortgage covers the following described real property located in Lincoln County, State of Wyoming:
Lots 1, 2, 4, 6, 7, 8, 9, 12, 13 and 18 of Salt River Ranch, Lincoln County, Wyoming as described on the official plat filed on September
8, 2006 as instrument No. 922287 of the records of the Lincoln County Clerk.
The Real Property or its address is commonly known as Lots 1, 2, 4, 6-9, 12, 13, and 18 Salt River Ranch, Thayne, WY 83127. The Real
Property tax identification number is 12-3419-35-1-00-168.00, 12-3419-35-1-00-169.00, 12-3419-35-1-00-171.00,
12-3419-35-1-00-182.00, 12-3419-35-1-00-186.00, 12-3419-35-4-00-187.00, 12-3419-35-4-00-188.00, 12-3419-35-4-00-194.00,
12-3419-35-4-00-196.00, 12-3419-35-4-00-222.00.
MODIFICATION. Lender and Grantor hereby modify the Mortgage as follows:
The definition of "Note" as referenced in the Mortgage is hereby amended to read: "Note. The word "Note" means the promissory note or
credit agreement dated June 12, 2009, in the original principal amount of $1,229,327.93, together with all renewals of, extensions of,
modifications of, refinancings of, consolidations of, and substitutions for the promissory note or credit agreement.
The definition of "Lender" as referenced in the Mortgage is hereby amended to read: Lender. The word "Lender" means Wells Fargo Bank,
National Association, successor by merger to The Jackson State Bank & Trust, its successors and assigns.
The Real Property address, Legal Description, and tax idenditification numbers are hereby amended as stated above.
The Vesting is hereby modified as stated above.
Grantor hereby acknowledges that the following Additional Provisions by this reference are made a part of the Mortgage:
FURTHER ASSURANCES. The parties hereto agree to do all things deemed necessary by Lender in order to fully document the loan
evidenced by this Note and any related agreements, and will fully cooperate concerning the execution and delivery of security agreements,
stock powers, instructions and/or other documents pertaining to any collateral intended to secure the Indebtedness. The undersigned agree
to assist in the cure of any defects in the execution, delivery or substance of the Note and related agreements, and in the creation and
perfection of any liens, security interests or other collateral rights securing the Note.
CONSENT TO SELL LOAN. The parties hereto agree: (a) Lender may sell or transfer all or part of this loan to one or more purchasers,
whether related or unrelated to Lender; (b) Lender may provide to any purchaser, or potential purchaser, any information or knowledge
Lender may have about the parties or about any other matter relating to this loan obligation, and the parties waive any rights to privacy it
may have with respect to such matters; (c) the purchaser of a loan will be considered its absolute owner and will have all the rights granted
under the loan documents or agreements governing the sale of the loan; and (d) the purchaser of a loan may enforce its interests
irrespective of any claims or defenses that the parties may have against Lender.
DEFINITION OF INDEBTEDNESS. The definition of "Indebtedness" herein includes, without limitation, all liability of Borrower or other party
having it's obligations to Lender secured by this Mortgage, whether liquidated or unliquidated, defined, contingent, conditional or of any
other nature whatsoever, and performance of all other obligations, arising under any swap, derivative, foreign exchange or hedge
transaction or arrangement (or other similar transaction or arrangement howsoever described or defined) at any time entered into with
MODIFICATION Ur vviORTGAGE
Loan No: 5559731979 (Continued) 721. Page 2
Lender in connection with the Note.
ENCUMBRANCES. Grantor/Mortgagor/Trustor shall not, without Lender's consent, mortgage, assign, grant a lien upon or security interest
in, or otherwise encumber the Property or any interest in the Property, or allow such a lien or security interest to exist or arise, whether
voluntarily, involuntarily or by operation of law, except for liens and security interests in favor of Lender, or property taxes attributable to
the Property which are not past due.
LEASES AND RENTS. Grantor/Trustor/Mortgagor's present assignment to Lender hereunder of all present and future leases includes all
leases, licenses, rental agreements and other agreements of any kind relating to the use or occupancy of any of the Property, together with
all guarantees of and security for any tenant's performance, and all extensions, renewals and modifications thereto (as used in this
paragraph, each, a "Lease" and collectively, the "Leases"), together with any and all Rents from the Property. This assignment shall not
impose upon Lender any duty to produce Rents, nor cause Lender to be a "mortgagee in possession," or responsible for performing any of
the obligations of the lessor under any Lease. Lender confers upon Grantor/Trustor/Mortgagor a license to collect and retain the Rents as
they come due, until the occurrence of any Event of Default, at which time the license shall be automatically revoked, and Lender, or its
designated agent may, at its option and without notice, make, cancel, enforce or modify any Lease or Rents, collect Rents and do any acts
which Lender deems proper to protect the security hereof or exercise any other right or remedy hereunder. Grantor/Trustor/Mortgagor
represents and warrants that there exists no material default under present Leases and that those Leases are in full force and effect.
Lender, at its option and without notice, may notify any tenant of this assignment of the Leases and Rents. Grantor/Trustor/Mortgagor
agrees, at its expense, (i) to comply with and enforce all the terms and conditions under each Lease, and defend in any action in connection
with any Lease; (ii) not to modify any Lease in any material respect, nor accept surrender under or terminate the term of any Lease, nor
waive or release any tenant under any Lease; (iii) not to anticipate the Rents under any Lease; and (iv) to give prompt notice to Lender of
any default by any tenant under any Lease, and of any notice of default on the part of Grantor/Trustor/Mortgagor under any Lease received
from a tenant. Should Grantor/Trustor/Mortgagor fail to do any act required to be done by Grantor/Trustor/Mortgagor hereunder, then
Lender, at its option and without notice, may make or do the same in such manner and to such extent as Lender deems necessary to
protect the security hereof. Grantor/Trustor/Mortgagor agrees to pay to Lender immediately upon demand all sums expended under the
authority hereof, including reasonable attorneys' fees, together with interest thereon at the highest rate per annum payable under any
Indebtedness, and the same, at Lender's option, may be added to the Indebtedness and secured hereby.
The parties hereto agree to do all things deemed necessary by Lender in order to fully document the loan evidenced by this Note and any
related agreements, and will fully cooperate concerning the execution and delivery of security agreements, stock powers, instructions
and/or other documents pertaining to any collateral intended to secure the Indebtedness. The undersigned agree to assist in the cure of any
defects in the execution, delivery or substance of the Note and related agreements, and in the creation and perfection of any liens, security
interests or other collateral rights securing the Note.
The parties hereto agree: (a) Lender may sell or transfer all or part of this loan to one or more purchasers, whether related or unrelated to
Lender; (b) Lender may provide to any purchaser, or potential purchaser, any information or knowledge Lender may have about the parties
or about any other matter relating to this loan obligation, and the parties waive any rights to privacy it may have with respect to such
matters; (c) the purchaser of a loan will be considered its absolute owner and will have all the rights granted under the loan documents or
agreements governing the sale of the loan; and (d) the purchaser of a loan may enforce its interests irrespective of any claims or defenses
that the parties may have against Lender.
The definition of "Indebtedness" herein includes, without limitation, all liability of Borrower or other party having it's obligations to Lender
secured by this Mortgage, whether liquidated or unliquidated, defined, contingent, conditional or of any other nature whatsoever, and
performance of all other obligations, arising under any swap, derivative, foreign exchange or hedge transaction or arrangement (or other
similar transaction or arrangement howsoever described or defined) at any time entered into with Lender in connection with the Note.
Grantor/Mortgagor/Trustor shall not, without Lender's consent, mortgage, assign, grant a lien upon or security interest in, or otherwise
encumber the Property or any interest in the Property, or allow such a lien or security interest to exist or arise, whether voluntarily,
involuntarily or by operation of law, except for liens and security interests in favor of Lender, or property taxes attributable to the Property
which are not past due.
Grantor/Trustor/Mortgagor's present assignment to Lender hereunder of all present and future leases includes all leases, licenses, rental
agreements and other agreements of any kind relating to the use or occupancy of any of the Property, together with all guarantees of and
security for any tenant's performance, and all extensions, renewals and modifications thereto (as used in this paragraph, each, a "Lease"
and collectively, the "Leases"), together with any and all Rents from the Property. This assignment shall not impose upon Lender any duty
to produce Rents, nor cause Lender to be a "mortgagee in possession," or responsible for performing any of the obligations of the lessor
under any Lease. Lender confers upon Grantor/Trustor/Mortgagor a license to collect and retain the Rents as they come due, until the
occurrence of any Event of Default, at which time the license shall be automatically revoked, and Lender, or its designated agent may, at its
option and without notice, make, cancel, enforce or modify any Lease or Rents, collect Rents and do any acts which Lender deems proper
to protect the security hereof or exercise any other right or remedy hereunder. Grantor/Trustor/Mortgagor represents and warrants that
there exists no material default under present Leases and that those Leases are in full force and effect. Lender, at its option and without
notice, may notify any tenant of this assignment of the Leases and Rents. Grantor/Trustor/Mortgagor agrees, at its expense, (i) to comply
with and enforce all the terms and conditions under each Lease, and defend in any action in connection with any Lease; (ii) not to modify
any Lease in any material respect, nor accept surrender under or terminate the term of any Lease, nor waive or release any tenant under
any Lease; (iii) not to anticipate the Rents under any Lease; and (iv) to give prompt notice to Lender of any default by any tenant under any
Lease, and of any notice of default on the part of Grantor/Trustor/Mortgagor under any Lease received from a tenant. Should
Grantor/Trustor/Mortgagor fail to do any act required to be done by Grantor/Trustor/Mortgagor hereunder, then. Lender, at its option and
without notice, may make or do the same in such manner and to such extent as Lender deems necessary to protect the security hereof.
Grantor/Trustor/Mortgagor agrees to pay to Lender immediately upon demand all sums expended under the authority hereof, including
reasonable attorneys' fees, together with interest thereon at the highest rate per annum payable under any Indebtedness, and the same, at
Lender's option, may be added to the Indebtedness and secured hereby.
The following provisions apply if the Real Property has been submitted to unit ownership law or similar law for the establishment of
condominiums or cooperative ownership of the Real Property:
A. Power of Attorney. Grantor grants an irrevocable power of attorney to Lender to vote in Lender's discretion on any matter that may
come before the association of unit owners. Lender shall have the right to exercise this power of attorney only after Grantor's default;
however, Lender may decline to exercise this power as Lender sees fit.
MODIFICATION OF IVIUK I uivtit d4orw
Loan No: 5559731979 (Continued) Page 3
B. Insurance. The insurance as required herein, may be carried by the association of unit owners on Grantor's behalf, and the proceeds of
such insurance may be paid to the association of unit owners for the purpose of repairing or reconstructing the Property. If not so used by
the association, such proceeds shall be paid to Lender.
C. Default. Grantor's failure to perform any of the obligations imposed on Grantor by the declaration submitting the Real Property to unit
ownership, by the bylaws of the association of unit owners, or by any rules or regulations thereunder, shall be an event of default under
this Mortgage. If Grantor's interest in the Real Property is a leasehold interest and such property has been submitted to unit ownership, any
failure by Grantor to perform any of the.obligations imposed on Grantor by the lease of the Real Property from its owner, any default under
such lease which might result in termination of the lease as it pertains to the Real Property, or any failure of Grantor as a member of an
association of unit owners to take any reasonable action within Grantor's power to prevent a default under such lease by the association of
unit owners or by any member of the association shall be an Event of Default under this Mortgage.
ASSOCIATION OF UNIT OWNERS. The following provisions apply if the Real Property has been submitted to unit ownership law or similar
law for the establishment of condominiums or cooperative ownership of the Real Property:
A. Power of Attorney. Grantor grants an irrevocable power of attorney to Lender to vote in Lender's discretion on any matter that may
come before the association of unit owners. Lender shall have the right to exercise this power of attorney only after Grantor's default;
however, Lender may decline to exercise this power as Lender sees fit.
CONTINUING VALIDITY. Except as expressly modified above, the terms of the original Mortgage shall remain unchanged and in full force and
effect and are legally valid, binding, and enforceable in accordance with their respective terms. Consent by Lender to this Modification does not
waive Lender's right to require strict performance of the Mortgage as changed above nor obligate Lender to make any future modifications.
Nothing in this Modification shall constitute a satisfaction of the promissory note or other credit agreement secured by the Mortgage (the
"Note"). It is the intention of Lender to retain as liable all parties to the Mortgage and all parties, makers and endorsers to the Note, including
accommodation parties, unless a party is expressly released by Lender in writing. Any maker or endorser, including accommodation makers,
shall not be released by virtue of this Modification. If any person who signed the original Mortgage does not sign this Modification, then all
persons signing below acknowledge that this Modification is given conditionally, based on the representation to Lender that the non-signing
person consents to the changes and provisions of this Modification or otherwise will not be released by it. This waiver applies not only to any
initial extension or modification, but also to all such subsequent actions.
FACSIMILE AND COUNTERPART. This document may be signed in any number of separate copies, each of which shall be effective as an
original, but all of which taken together shall constitute a single document. An electronic transmission or other facsimile of this document or
any related document shall be deemed an original and shall be admissible as evidence of the document and the signer's execution.
ARBITRATION AGREEMENT. Arbitration - Binding Arbitration. Lender and each party to this agreement, hereby agree, upon demand by any
party, to submit any Dispute to binding arbitration in accordance with the terms of this Arbitration Program. A "Dispute" shall include any
dispute, claim or controversy of any kind, whether in contract or in tort, legal or equitable, now existing or hereafter arising, relating in any way
to any aspect of this agreement, or any related agreement incorporating this Arbitration Program (the "Documents"), or any renewal, extension,
modification or refinancing of any indebtedness or obligation relating thereto, including without limitation, their negotiation, execution,
collateralization, administration, repayment, modification, extension, substitution, formation, inducement, enforcement, default or termination.
DISPUTES SUBMITTED TO ARBITRATION ARE NOT RESOLVED IN COURT BY A JUDGE OR JURY.
A. Governing Rules. Any arbitration proceeding will (i) be governed by the Federal Arbitration Act (Title 9 of the United States Code),
notwithstanding any conflicting choice of law provision in any of the documents between the parties; and (ii) be conducted by the American
Arbitration Association ("AAA"), or such other administrator as the parties shall mutually agree upon, in accordance with the AAA's commercial
dispute resolution procedures, unless the claim or counterclaim is at least $1,000,000.00 exclusive of claimed interest, arbitration fees and
costs in which case the arbitration shall be conducted in accordance with the AAA's optional procedures for large, complex commercial disputes
(the commercial dispute resolution procedures or the optional procedures for large, complex commercial disputes to be referred to herein, as
applicable, as the "Rules"). If there is any inconsistency between the terms hereof and the Rules, the terms and procedures set forth herein
shall control. Arbitration proceedings hereunder shall be conducted at a location mutually agreeable to the parties, or if they cannot agree, then
at a location selected by the AAA in the state of the applicable substantive law primarily governing the Note. Any party who fails or refuses to
submit to arbitration following a demand by any other party shall bear all costs and expenses incurred by such other party in compelling
arbitration of any Dispute. Arbitration may be demanded at any time, and may be compelled by summary proceedings in Court. The institution
and maintenance of an action for judicial relief or pursuit of a provisional or ancillary remedy shall not constitute a waiver of the right of any
party, including the plaintiff, to submit the controversy or claim to arbitration if any other party contests such action for judicial relief. The
arbitrator shall award all costs and expenses of the arbitration proceeding. Nothing contained herein shall be deemed to be a waiver by any
party that is a bank of the protections afforded to it under 12 U.S.C. Section 91 or any similar applicable state law.
B. No Waiver of Provisional Remedies, Self-Help and Foreclosure. The arbitration requirement does not limit the right of any party to (i)
foreclose against real or personal property collateral; (ii) exercise self-help remedies relating to collateral or proceeds of collateral such as setoff
or repossession; or (iii) obtain provisional or ancillary remedies such as replevin, injunctive relief, attachment or the appointment of a receiver,
before during or after the pendency of any arbitration proceeding. This exclusion does not constitute a waiver of the right or obligation of any
party to submit any Dispute to arbitration or reference hereunder, including those arising from the exercise of the actions detailed in sections (i),
(ii) and (iii) of this paragraph.
C. Arbitrator Qualifications and Powers. Any arbitration proceeding in which the amount in controversy is $5,000,000.00 or less will be
decided by a single arbitrator selected according to the Rules, and who shall not render an award of greater than $5,000,000.00. Any Dispute
in which the amount in controversy exceeds $5,000,000.00 shall be decided by majority vote of a panel of three arbitrators; provided however,
that all three arbitrators must actively participate in all hearings and deliberations. Every arbitrator must be a neutral practicing attorney or a
retired member of the state or federal judiciary, in either case with a minimum of ten years experience in the substantive law applicable to the
subject matter of the Dispute. The arbitrator will determine whether or not an issue is arbitratable and will give effect to the statutes of
limitation in determining any claim. In any arbitration proceeding the arbitrator will decide (by documents only or with a hearing at the
arbitrator's discretion) any pre-hearing motions which are similar to motions to dismiss for failure to state a claim or motions for summary
adjudication. The arbitrator shall resolve all Disputes in accordance with the applicable substantive law and may grant any remedy or relief that
a court of such state could order or grant within the scope hereof and such ancillary relief as is necessary to make effective any award. The
arbitrator shall also have the power to award recovery of all costs and fees, to impose sanctions and to take such other action as the arbitrator
deems necessary to the same extent a judge could pursuant to the Federal Rules of Civil Procedure, the applicable state rules of civil procedure,
or other applicable law. Judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction. The institution
MODIFICATION vr- iwORTGAGE E r,- 1-174"-N Loan No: 5559731979 (Continued) 011
Page 4
and maintenance of an action for judicial relief or pursuit of a provisional or ancillary remedy shall not constitute a waiver of the right of any
party, including the plaintiff, to submit the controversy or claim to arbitration if any other party contests such action for judicial relief.
D. Discovery. In any arbitration proceeding discovery will be permitted in accordance with the Rules. All discovery shall be expressly limited to
matters directly relevant to the Dispute being arbitrated and must be completed no later than 20 days before the hearing date. Any requests for
an extension of the discovery periods, or any discovery disputes, will be subject to final determination by the arbitrator upon a showing that the
request for discovery is essential for the party's presentation and that no alternative means for obtaining information is available.
E. Class Proceedings and Consolidations. No party shall be entitled to join or consolidate disputes by or against others who are not parties to
this agreement in any arbitration, or to include in any arbitration any dispute as a representative or member of a class, or to act in any arbitration
in the interest of the general public or in a private attorney general capacity.
F. Miscellaneous. To the maximum extent practicable, the AAA, the arbitrators and the parties shall take all action required to conclude any
arbitration proceeding within 180 days of the filing of the Dispute with the AAA. No arbitrator or other party to an arbitration proceeding may
disclose the existence, content or results thereof, except for disclosures of information by a party required in the ordinary course of its business
or by applicable law or regulation. If more than one agreement for arbitration by or between the parties potentially applies to a Dispute, the
arbitration provision most directly related to the documents between the parties or the subject matter of the Dispute shall control. This
arbitration provision shall survive the repayment of the Note and the termination, amendment or expiration of any of the documents or any
relationship between the parties.
G. State-Specific Provisions.
If California law governs the Dispute, the following provision is included:
Real Property Collateral; Judicial Reference. Notwithstanding anything herein to the contrary, no Dispute shall be submitted to arbitration if
the Dispute concerns indebtedness secured directly or indirectly, in whole or in part, by any real property unless (i) the holder of the mortgage,
lien or security interest specifically elects in writing to proceed with the arbitration, or (ii) all parties to the arbitration waive any rights or
benefits that might accrue to them by virtue of the single action rule statute of California, thereby agreeing that all indebtedness and obligations
of the parties, and all mortgages, liens and security interests securing such indebtedness and obligations, shall remain fully valid and
enforceable. If any such Dispute is not submitted to arbitration, the Dispute shall be referred to a referee in accordance with California Code of
Civil Procedure Section 638 et seq., and this general reference agreement is intended to be specifically enforceable in accordance with said
Section 638. A referee with the qualifications required herein for arbitrators shall be selected pursuant to the AAA's selection procedures.
Judgment upon the decision rendered by a referee shall be entered in the court in which such proceeding was commenced in accordance with
California Code of Civil Procedure Sections 644 and 645.
Small Claims Court. Any party may require that a Dispute be resolved in Small Claims Court if the Dispute and related claims are fully
within that court's jurisdiction.
If Idaho law governs the Dispute, the following provision is included:
Real Property Collateral. Notwithstanding anything herein to the contrary, no Dispute shall be submitted to arbitration if the Dispute
concerns indebtedness secured directly or indirectly, in whole or in part, by any real property unless (i) the holder of the mortgage, lien or
security interest specifically elects in writing to proceed with the arbitration, or (ii) all parties to the arbitration waive any rights or benefits that
might accrue to them by virtue of the single action rule statute of Idaho, thereby agreeing that all indebtedness and obligations of the parties,
and all mortgages, liens and security interests securing such indebtedness and obligations, shall remain fully valid. and enforceable.
If Montana law governs the Dispute, the following provision is included:
Real Property Collateral. Notwithstanding anything herein to the contrary, no Dispute shall be submitted to arbitration if the Dispute
concerns indebtedness secured directly or indirectly, in whole or in part, by any real property unless (i) the holder of the mortgage, lien or
security interest specifically elects in writing to proceed with the arbitration, or (ii) all parties to the arbitration waive any rights or benefits that
might accrue to them by virtue of the single action rule statute of Montana, thereby agreeing that all indebtedness and obligations of the parties,
and all mortgages, liens and security interests securing such indebtedness and obligations, shall remain fully valid and enforceable.
If Nevada law governs the Dispute, the following provision is included:
Real Property Collateral. Notwithstanding anything herein to the contrary, no Dispute shall be submitted to arbitration if the Dispute
concerns indebtedness secured directly or indirectly, in whole or in part, by any real property unless (i) the holder of the mortgage, lien or
security interest specifically elects in writing to proceed with the arbitration, or (ii) all parties to the arbitration waive any rights or benefits that
might accrue to them by virtue of the single action rule statute of Nevada, thereby agreeing that all indebtedness and obligations of the parties,
and all mortgages, liens and security interests securing such indebtedness and obligations, shall remain fully valid and enforceable.
If South Dakota law governs the Dispute, the following provision is included:
Real Property Collateral. Notwithstanding anything herein to the contrary, no Dispute shall be submitted to arbitration if the Dispute
concerns indebtedness secured directly or indirectly, in whole or in part, by any real property unless (i) the holder of the mortgage, lien or
security interest specifically elects in writing to proceed with the arbitration, or (ii) all parties to the arbitration waive any rights or benefits that
might accrue to them by virtue of the single action rule statute of South Dakota, thereby agreeing that all indebtedness and obligations of the
parties, and all mortgages, liens and security interests securing such indebtedness and obligations, shall remain fully valid and enforceable.
If Utah law governs the Dispute, the following provision is included:
Real Property Collateral; Judicial Reference. Notwithstanding anything herein to the contrary, no Dispute shall be submitted to arbitration if
the Dispute concerns indebtedness secured directly or indirectly, in whole or in part, by any real property unless (i) the holder of the mortgage,
lien or security interest specifically elects in writing to proceed with the arbitration, or (ii) all parties to the arbitration waive any rights or
benefits that might accrue to them by virtue of the single action rule statute of Utah, thereby agreeing that all indebtedness and obligations of
the parties, and all mortgages, liens and security interests securing such indebtedness and obligations, shall remain fully valid and enforceable. If
any such Dispute is not submitted to arbitration, the Dispute shall be referred to a master in accordance with Utah Rule of Civil Procedure 53,
and this general reference agreement is intended to be specifically enforceable. A master with the qualifications required herein for arbitrators
shall be selected pursuant to the AAA's selection procedures. Judgment upon the decision rendered by a master shall be entered in the court in
which such proceeding was commenced in accordance with Utah Rule of Civil Procedure 53(e).
MODIFICATION OF IVIUK I IJAUt ./eKr"3
Loan No: 5559731979 (Continued) Page 5
GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS MODIFICATION OF MORTGAGE AND GRANTOR AGREES TO ITS
TERMS. THIS MODIFICATION OF MORTGAGE IS DATED JUNE 12, 2009.
GRANTOR:
X
Author ed Signer
CORPORATE ACKNOWLEDGMENT
State of ! )cV14Piq
County of e L►g nK
This instrument was acknowledged before me on LPI a3 /c;009 (date) by Craig H. Eddins, President of The Narrows Development
Corp.
(Notarial Signature)
My commission expires:
PUBLIC STATE OF NEVADA
County of Clark
RHUINNA L. NOFFMAN
Appt. No. 05.99356.1
M A . Expires Feb. 11, 2012 Q.'I I - co1CQ-.
WELLS FARGO BANK, NATIONAL ASSOCIATION
Loan No: 5559731979
MODIFICATION u-- iv(ORTGAGE
(Continued) C X25 Page 6
LENDER ACKNOWLEDGMENT
State of
County of
This instrument was acknowledged before me o UO (date) by
-90 1~
1ERNNINEF.1101813" N NOTARY rIPP(,R.
CO UN TY OF { 3 T6 Or !i,
LINCOLN ~/'r4t(3flE
m•r ComralsslON rxP16!'mil1 rti l a
IL
AM A00),.fA4
(N aria) Signature) I
My commission expires: z -W
LASER PRO Lending, Ver. 5.44,00.002 Copr. Harland Financial Solutions, Inc. 1997, 2009. All Rights Reserved. - WY
X:\LPROD\CFI\LPL\G201.FC TR-97560 PR-689