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HomeMy WebLinkAbout9485161202008 "NOTE: THIS SERVES TO CORRECT THE LEGAL DESCRIPTION ON THAT :jam CERTAIN MORTGAGE DATED 11/20/2008, BOOR #709, PAGE# 774" RECEIVED 11/25/200 3:37 PM . '45 KE LY MILLER (DATE) RECEIVING 43835 O BOOK: T PAGE: 774 00CY77 JEANNE WAGNER LI LN COUNTY CLERK, KEMMERER, WY 6010817250 Space Above This Line For Recording Data - State of Wyoming REAL ESTATE MORTGAGE rn (With Future Advance Clause) y 008 and the parties and their addresses 0 1. DATE AND PARTIES. The date of this Mortgage is 1120.2 are as follows: p " - 0 MORTGAGOR: REED RICK MILLER AND KELLY MILLER, HUSBAND AND WIFE S ' PO BOX 699 g ro f ~ ? I. w AFTON, WY 83110 N d J G N C-P ❑ Refer to the Addendum which is attached and incorporated herein for additional Mortgagors. LENDER: THE BANK OF STAR VALLEY ORGANIZED AND EXISTING UNDER THE LAWS OF THE STATE OF WYOMING y 384 WASHINGTON STREET PO BOX 8007 AFTON, WY 83110 O M d C 44 to secure 1 2. MORTGAGE. For good and valuable consideration, the receipt and sufficiency of which is acknowledged, an es and warrants to Lender, with the ort a g g the Secured Debt (hereafter defined), Mortgagor grants, bargains, conveys, m power of sale, the following described property: SEE EXHIBIT A ATTACHED HERETO AND MADE APART HEREOF n . Z Fm i RECEIVED 7124/2009 at 11:16 AM a RECEIVING # 948516 m BOOK: 728 PAGE: 245 Z n JEANNE WAGNER ° 0 LINCOLN COUNTY CLERK, KEMMERER, WY p °a The property is located in LINCOLN at 4354 CORD 123 (County) BEDFORD Wyoming 83112 (Addressl (City) Rip Code) Together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, crops, timber, a ll existing and future improvement d a diversion payments or third party payments made to crop producers, an structures, fixtures, and replacements that may now, or at any time in the future, be part of the real estate describe and all water wellsl,'d an d t i li y o, te m above fall referred to as "Property"), The term Property also includes, but is not ted on the real estate and all riparian and water rights associate l oca water, ditches, reservoirs, reservoir sites and dams r with the Property, however established, r I WYOMING - AGRICULTURAL/COMMERCIAL REAL ESTATE SECURITY INSTRUMENT INOT FOR FNMA, FHLMC, FHA OR YA USE, ANO NOT FOR CONSUMER FVRPOSESI ¢ fPk90,, 1 Of 8) 15<15E~W ®1993, 2001 Bankers Systems, Ina., St. Cloud, MN Form AGCO-RESI•WY 1115/2003 04M V; 000775 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 5984.018.59 . This limitation of amount does not include interest, loan charges, commitment fees, brokerage commissions, attorneys' fees and other charges validly made pursuant to this Mortgage and does not apply to advances (or interest accrued on such advances) made under the terms of this Mortgage to protect Lender's security and to perform any of the covenants contained in this Mortgage. Future advances are contemplated and, along with other future obligations, are secured by this Mortgage even though all or part may not yet be advanced. Nothing in this Mortgage, however, shall constitute a commitment to make additional or future loans or advances In any amount. Any such commitment would need to be agreed to in a separate writing. 4. SECURED DEBT DEFINED. The term "Secured Debt" includes, but is not limited to, the following: A. The promissory note(s), contract(s), guaranty(ies) or other evidence of debt described below and all extensions, renewals, modifications or substitutions. (When referencing the debts below It is suggested that you include items such as borrowers' names and addresses, note principal amounts, commercial revolving loan agreement's maximum amount, interest rates, variable rate terms, maturity dates, etc./ ONE PROMISSORY NOTE DATED NOVEMBER 10, 2008 IN THE AMOUNT OF $484,018.59 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. /page 2 of 8) " ®1993, 2001 asnksrs Systams, Inc., St. Cloud, MN Form AGCO-REST-Y" 1/16/2003 sooa/Z/Z L 12/2/2008 OW247 C-00776 9. 10 1 TRANSFER OF AN INTEREST IN THE MORTGAGOR. If Mortgagor is an entity other than a natural person (such or is sold if (1) of members of anpaltnership or m lartentiity; or (3) interest or tanion or o athereei nization), Lender may demand immdiate change in either the identity o payment thtransferred, (2) there is a change in ownership of more than 215 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, natural ENTITY WARRANTIES AND R makesfto LMortgar enderthesfollowing warrantesaand repre en ations which shall corporation or other organization), Mortgagor be continuing as long as the Secured Debt remains outstanding: in the Mortgagor's state of incorporation (or A. orMortgagor an ty gans atio) Mortgago wlslcn good) standing in all stateisl newhch gMortgagorr transacts business. Mortgagor has the power and authority to own the Property and to carry on its business as now being conducted and, as by the applicable, is qualified to do so In each state in which Mortgagor operates. authorized, halveerece ved all necessary B. The execution, of Debi delivery and performance of within the power of Mortg gor, Mortdgagor and governmental c rovision of law, or order of court or governmental agency. not has rs and approval, and will not violate any p tha name has esanot and will not use sed use C. any othernt aide) or fict tious Iname. Without Lender'shpr oe wIr tten consent, Mthe last Y any other name and will preserve its existing name, trade names and franchises until the Secured Debt is satisfied. ondi p ompt notice ofyanyglo scor damage ando the make 1. PROPERTY CONDITION, AERATIONS AN Mo SgPagorl will givegLagor ender will ate initi not r will all repairs that are e rea Y Mortga n in Property, Mortgagor will keep the Property restrictive covenant, zoningdordinance or other publigccor private re tr cttion0llim ting consent to any change in any p art of the Property, without Lender's prior written or defining the uses which may be made of the Property or any p or any other consent. Mortgagor will notify Lender of all demands, proceedings, claims, and actions against Mortgagor comply owner made underlaw or ts and restrictions, public ror privy erwith respect to theruserof theaPropertty. Mo tgagor with all legal requirements also agrees that at the nature of the occupancy and use will not change without Lender's prior written consent, the ritten prior ut. mater emo oved l be ert consent ex P t that Ma tgagorph sythellright torrem vedit msllof pe sonal pr plenty comprisingoa p rt of the Pr perty th at become personal agreementproperty other least encumbran ee Such retention replaced device, security other worn g e or l obsolete, lrsonal provided property, free from any property the p personal subject eemed this Mo shall not par itionaorasubdiv derth Pr perty without Lender''stpriorewritt nnconsentterest Lender or Lender'sgagents mortga ay,gat repla ment sea P Proper option, enter the Lender's benefit and Mortgagor will in no way rely onlLender'srinspectionny Inspection o the the y any , or ortgage this oth 12. AUTHORIT deed o EtruORMecurityaragrreementl or other lien d cumentrthatt has prtorrityuover this Mo tgage, Lender may mortgage, without notice, perform the duties or cause them to be performed. Mortgagor appoints Lender as attorney in fact to sign without Mortgagor's nme or pay any amount necessry for on in a reasonable manner, L ndermay doewha everaislnecessary to pr tact L nderr s s cur ty inters stind the not carried Property. This may include completing the construction. rform, will to p and or thisLendMortgageer's amounts paid by not Lender's nder from perform exercis Mingany of Lender's create obligation fulfil aLender's t the interesttratetineeff cltl f omutime dtontme preclude L Le be d Lender ointerestpreserving he payment until paid in Property herdate otherwise and will bear according to the terms of the Evidence of Debt. 13. ASSIGNMENT OF LEASES AND RENTS. Mortgagor assigns, grants, bargains, conveys, mortgages and warrants to Lender as additional security all the right, title and interest in the following (Property). not 1e limited a to, other any extensions, renewals, m dificaions u A Exior future sting of lasses, the Property, subleases, including but guaranties and occupancy or replacements (Leases). B, Rents, issues and profits, including but not limited to, security deposits, minimum rents, percentage tarents xes, additional rents, common area maintenance charges, parking charges, real estate taxes, other applicable insurance premium contributions, liquidated damages following default, cancellation premiums, "loss of rents" neral intangibl insurance, guest receipts, revenues, royalties, proceeds, bonuses, accounts, tcontr o ora t rights, e nt of the usees, and all rights and claims which Mortgagor may have that in any way pertain are on occupancy of the whole or any part of the Property (Rents). In the event any item listed as Leases or Rents is determined to be personal property, this Assignment will also be regarded as a security agreement. (!fge 3 of 8) y' Q 1993, 2001 aenkere Systems, Inc., St. Cloud, MN Form AGCO•RESIMY 1/1612003 - 0403248 1 10000777 Mortgagor will promptly provide Lander with copies of the Leases and will certify these Leases are true and correct copies. The existing Leases will be provided on execution of the Assignment, and all of the future Leases and any other information with respect to these Leases will be provided immediately after they are executed. Mortgagor may collect, receive, enjoy and use the Rents so long as Mortgagor is not in default. 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. When Lender so directs, Mortgagor will endorse and deliver any payments of Rents from the Property to Lender. Amounts collected will be applied at Lender's discretion to the Secured Debts, the costs of managing, protecting and preserving the Property, and other necessary expenses. Mortgagor agrees that this Security Instrument Is immediately effective between Mortgagor and Lender. This Security Instrument will remain effective during any statutory redemption period until the Secured Debts are 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. Mortgagor agrees that actual possession of the Property is deemed to occur when Lender notifies Mortgagor of Mortgagor's default and demands that Mortgagor and Mortgagor's tenants pay all Rents due or 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. As long as this Assignment is in effect, Mortgagor warrants and represents that no default exists under the Leases, and the parties subject to the Leases have not violated any applicable law on leases, licenses and landlords and tenants. Mortgagor, at its sole cost and expense, will keep, observe and perform, and require all other parties to the Leases to comply with the Leases and any applicable law. If Mortgagor or any party to the Lease defaults or fails to observe any applicable law, Mortgagor will promptly notify Lender. If Mortgagor neglects or refuses to enforce compliance with the terms of the Leases, then Lander may, at Lender's option, enforce compliance. Mortgagor will not sublet, modify, extend, cancel, or otherwise alter the Leases, or accept the surrender of the Property covered by the Leases (unless the Leases so require) without Lender's consent. Mortgagor will not assign, compromise, subordinate or encumber the Leases and Rents without Lender's prior written consent. Lender does not assume or become liable for the Property's maintenance, depreciation, or other losses or damages when Lender acts to manage, protect or preserve the Property, except for losses and damages due to Lender's gross negligence or intentional torts. Otherwise, Mortgagor will indemnify Lender and hold Lender harmless for all liability, loss or damage that Lender may incur when Lender opts to exercise any of its remedies against any party obligated under the Leases. 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, or regulations of the condominium or planned unit development, 15. DEFAULT. Mortgagor will be in default if any of the following occur A. Any party obligated on the Secured Debt fails to make payment when due; 8. A breach of any term or covenant in this Mortgage, any prior mortgage or any construction loan agreement, security agreement or any other document evidencing, guarentying, securing or otherwise relating to the Secured Debt; C. The making or furnishing of any verbal or written representation, statement or warranty to Lender that is false or incorrect in any material respect by Mortgagor or any person or entity obligated on the Secured Debt; D. The deathr dissolution, or insolvency of, appointment of a receiver for, or application of any debtor relief law to, Mortgagor or any person or entity obligated on the Secured Debt; E. A good faith belief by Lender at any time that Lender is insecure with respect to any person or entity obligated on the Secured Debt or that the prospect of any payment is impaired or the value of the Property is impaired; F. A material adverse change in Mortgagor's business including ownership, management, and financial conditions, which Lender in its opinion believes impairs the value of the Property or repayment of the Secured Debt; or 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. 18. 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. In 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. cc~C•~V (Page 4 of 81 f5(759 ®1993, 2001 6aMera systems, fie., st. Cloud, MN Form AOCO-RESIMY 1/1812003 1 5, 800Z/Z1Z G 1 2/212 00 8 r-04249 0-100778 17. EXPENSES; aADVANoCP S ON ocfLender's ENCOVENANTS pBTTORNMortgagoS breaches any covenant in thlstMowhen rtgage.hMortgagorl will Mortgagor g e ovn t or this Movthe Property or in also pay on demand all of Lender's expenses incurred in collecting, insuring, preserving protecting any inventories, audits, inspections or other examination by Lender in respect to the Property. Mortgagor agrees to pay all costs nd including, but not limited to, attorneys Lender ees, count co ts, and otheSlegalexpenses. Once he SecuredeDebtsis fullyaand 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 at 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 11) a release or threatened release of Hazardous Substance occurs o a remedial under Property e concerning the PropetyH in t such aa n event, nearby property; take there is a any y Environmental 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 an 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, Lander 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. 1. 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 12) at Lender's discretion, Lender may release this Mortgage and in return Mortgagor will provide Lander 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. L. Notwithstanding any of the language contained in this Mortgage to the contrary, the terms of this section shat 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 eroCeeds any award or proceeds hall claim for damages connected with a condemnation or other taking of all or any part of the Prop y 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, X y (page 6 of 81 ~ "01993, 2001 Bankers systems, Inc., St. Cloud, MN Form AGCO.RESI.WY 1i1612003 '7'79 20. INSURANCE. Mortgagor agrees to maintain Insurance as follows: C, 00 2 SO 000 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. What Lender requires pursuant to the preceding two sentences can change during the term of the Secured Debt, 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 writings, 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 falls 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 Evidence of Debt, Mortgagor does so only to mortgage Mortgagor's interest in the Property to secure payment of the Secured Debt and Mortgagor does not agree to be personally liable on the Secured Debt. Mortgagor agrees that Lender and any party to this Mortgage may extend, modify or make any change in the terms of this Mortgage or the Evidence of Debt without Mortgagor's consent. Such a change will not release Mortgagor from the terms of this Mortgage. The duties and benefits of this Mortgage shall bind and benefit the successors and assigns of Mortgagor and Lender. If this Mortgage secures a guaranty between Lender and Mortgagor and does not directly secure the obligation which is guarantied, Mortgagor agrees to waive any rights that may prevent Lender from bringing any action or claim against Mortgagor or any party indebted under the obligation including, but not limited to, anti-deficiency or one-action laws. /page s of 81 Ems" 1993, 2001 aanktn Systems, Inc„ Si. Cloud, MN Form AGCO-RESI-Wy 111E12003 900Z/Z/Z 1. 12/212008 C-10 2 5: 1 0`78C 24. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Mortgage is governed by the laws of the jurisdiction in which Lender is located, except to the extent otherwise required by the laws of the jurisdiction where the Property is located. This Mortgage is complete and fully integrated. This Mortgage may not be amended or modified by oral agreement. Any section or clause in this Mortgage, attachments, or any agreement related to the Secured Debt that conflicts with applicable law will not be effective, unless that law expressly or impliedly permits the variations by written agreement. If any section or clause of this Mortgage cannot be enforced according to its terms, that section or clause will be severed and will not affect the enforceability of the remainder of this Mortgage, Whenever used, the singular shall 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. 26. 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 not limit, this Mortgage; O 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 (PI K) 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. ❑ Separate Assignment. The Mortgagor has executed or will execute a separate assignment of leases and rents. If the separate assignment of leases and rents is properly executed and recorded, then the separate assignment will supersede this Security Instrument's "Assignment of Leases and Rents" section. Additional Terms. 0 (page 7 of a) r 1~ 01993, 2001 asnkers Sys7sms, Inc„ S1. Cloud, MN Form AGCO-REsl-wy 1!10/2003 V~ 4 UCV* 252 000781 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: IS ns RI ILLER (Date) c.. (Signaturek LY MI LER IData1 ISignatural (Date) (Signature) (Data) ❑ Refer to the Addendum which is attached and incorporated herein for additional Mortgagors, signatures and acknowledgments. ACKNOWLEDGMENT: / STATE OF I f COUNTY OF This instrument was ack pwledged before me this day of Ov-~M a flndrvidunll I !no by t w: My commission expires: Gf ' ` lNotery Public) STEVEN A. VMTWELL NOTARY PUBLIC 40 STATE OF COUNTY OF WYOMING LINCOLN MY cOMMISSION tXPIRES JULY s. 2010 STATE OF , COUNTY OF } ss. This instrument was acknowledged before me this _ day of by IT109(sli taUyn- or Entl1y (Name of Bueinesa or Entity) A°knoNAeepnanr) of on behalf of the business or entity. My commission expires: (Notary Publicl (page 8 of 8) E " ®1993, 2001 Bunkers Systems, Inc., St. Cloud, MN Form AGCO•HESI•WY 111612003 8002/Z/Z 1. 1 2/212 0 0 8 LEGAL DESCRIPTION EXHIBIT °A' COCY 782 Order No: 6010817250 The Northeast Quarter of the Northeast Quarter of Section 15, Township 33 North Range 118 West of the 06 P.M., Lincoln County, Wyoming. LESS AND EXCEPT the land described in Warranty Deed recorded December 27, 1971 in Book 96PR on page 562 of the records of the Lincoln County Clerk LESS AND EXCEPT the land described in Warranty Deed recorded December 27, 1971 In Book 96PR on page 564 of the records of the Lincoln County Clerk LESS AND EXCEET the land described In Warranty Deed recorded October 18, 1976 In Book 130PR on page 81 of the records of the Lincoln County Clerk LESS AND EXCEPT the land described in Warranty Deed recorded March 27, 1980 in Book 164PR on page 301 of the records of the Lincoln County Clerk LESS AND EXCEPT the land described In Warranty Deed recorded March 27, 1980 in Book 164PR on page 302 of the records of the Lincoln County Clerk LESS AND EXCEPT the land described in Warranty Deed recorded June 9, 2003 in Book 523PR on page 163 of the records of the Lincoln County Clerk. Exhibit A C 0 V254 File 6010817250 Description The land referred to in this document is situated in the State of Wyoming, County of Lincoln, and is described as follows: A portion of the property, as referred to in the Deed recorded in Book 507PR, on Page 585, all with the Office of the Clerk of Lincoln County, Wyoming, all within the Northeast Quarter of the Northeast Quarter of Section 15, Township 33 North, Range 118 West, of the 6", P.M., Lincoln County, Wyoming the metes and bounds being more particularly described as follows: BEGINNING at a Point in the South line of the Southeast Quarter of Section 10, of said Township 33 North, Range 118 West, said Point of Beginning, being 582.10 feet South 89°54'03" West, along said South line from the U.S. Department of the Interior Bureau of Land Management, 1966 location for the Southeast Corner of said Southeast Quarter; thence South 0°05'57" East, 301.33 feet; thence South 89054103" West, parallel with said South line, 293.70 feet; thence North 1028'41" East, parallel with the East line of the Baker property, as referred to in the Deed recorded in Book 437PR, on Page 267, with said Office, 301.45 feet to a Point in said South line; thence North 89°54'03" East 285.40 feet, to the Point of Beginning. ALSO The property, as referred to in the Deed recorded in Book 562PR, on Page 259, and a portion of the property, as referred to in the Deed recorded in Book 507PR, on Page 585, all with the Office of the Clerk of Lincoln County, Wyoming, all within the Northeast Quarter of the Northeast Quarter of Section 15, Township 33 North, Range 118 West, of the 6'n P.M., Lincoln County, Wyoming the metes and bounds being more particularly described as follows: BEGINNING at a Point in the South line of the Southeast Quarter of Section 10, of said Township 33 North, Range 118 West, said Point of Beginning, being 291.05 feet South 89°54'03" West, along said South line from the U.S. Department of the Interior Bureau of Land Management, 1966 location for the Southeast Corner of said Southeast Quarter; thence South 0°29'52" West 301.35 feet; thence South 89154103" West, parallel with said South line, 287.91 feet; thence North 0°05'57" West, parallel with the East line of said Northeast Quarter of the Northeast Quarter, 301.33 feet to a Point in said South line; thence North 89054103" East, along said South line, 291.05 feet, to the Point of Beginning. THIS LEGAL REPLACES PREVIOUS LEGAL RECORDED