HomeMy WebLinkAbout957561RECEIVED 1/11/2011 at 10:08 AM
RECEIVING 957561
BOOK: 760 PAGE: 406
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
CERTIFICATE OF SALE ON MORTGAGE FORECLOSURE
e rtir 0/6
his /her oath according to law, deposes and says:
1. That he /she is now and was at all times herein mentioned, a duly appointed,
qualified and acting Deputy Sheriff of Lincoln County, Wyoming.
2. That the Mortgagee caused a notice of the following- described mortgage
foreclosure sale to be published once a week for four consecutive weeks in the Star Valley
Independence, a newspaper printed, published, and of general circulation in the. County of
Lincoln, State of Wyoming, the said publication having been made on December 9, 16, 23, and
30, 2010, that said Notice of Mortgage Foreclosure Sale was given in the manner and for the
time required by law; that all acts had and done hereunder were in accordance with and
conformity to the requirements of law in such case made and provided; and that Proof of
Publication of said Notice of Mortgage Foreclosure Sale, together with a true copy of said
Notice, is attached hereto, marked "Exhibit A and by this reference made a part hereof.
3. That on the 11th day of January 2011, at the hour of 10:00 o'clock A.M., at the
front door of the Courthouse of the County of Lincoln, State of Wyoming, in Kemmerer,
Wyoming, the same being also the place of holding the District Court in said County, and at
public venue, to the highest bidder for cash, he /she offered for sale the following- described land
and premises as separate parcels, then offered said lands and pre is s for ssa�ll as a whole, and
then 1. s. Ian s and premises as a whole for the sum of 3� 7 S
to having bid fairly and in good faith therefore, and being the highest
and best bidder, for all of said lands and premises, being particularly described as follows, to -wit:
000406
of lawful age, being first duly sworn upon
Lots Twenty Three (23) and Twenty Four (24), Suter's Canyon Subdivision Phase
Two, Second Filing, recorded December 22, 2008 at Document No. 944254, in
the Office of the County Clerk, Lincoln County, Wyoming, formerly Lots
Eighteen (18) and Nineteen (19), Suter's Canyon Subdivision Phase Two,
recorded May 7, 2008, at Document Number 938819, in the Office of the county
Clerk, Lincoln County, Wyoming;
Together with all improvements thereon, and easements, appurtenances and
incidents belonging or appertaining thereto, or used in connection therewith,
subject, however, to all mining, mineral and other exceptions, reservations,
covenants, conditions, and rights of way record.
4. That said lands and premises were sold pursuant to the above provisions of the
Notice of Mortgage Foreclosure Sale herein above described, and under and by virtue of the
power of sale and authority contained in that certain Mortgage, dated June 25, 2008, made,
executed, and delivered by Aspen Hills Development, a Wyoming corporation, as Mortgagor, to
1 Bank, Alpine, Wyoming, as Mortgagee, which Mortgage was filed for record in the Office of
the County Clerk and Ex- Officio Register of Deeds within and for Lincoln County, Wyoming on
June 26, 2008, in Book 698, at Pages 495 et. seq., Receiving #940122.
5. That the debt secured by said Mortgage at the time of the sale, including principal,
interest, advances fees, costs and expenses of foreclosure was the actual sum of $443,892.68 as
follows:
Amount due on principal
Interest to Date of Sale
Secondary Interest
Late Charges
Publication of Notice of Sale
Sheriff's Fee
Foreclosure Guaranty Title Policy
Certified Mailing Costs
Recording Fees
$419,833.37
$11,160.57
$6,594.89
$456.57
$390.00
$10.00
$1,393.00
$53.28
$51.00
Attorney Foreclosure Fee
Miscellaneous Expenses
$3,950.00
$0.00
Total 443,892.68
Amount Bid '`7 8 A b
Deficiency /Surplus 1
00040'7
6. That before the allowance and addition of the sum of $3,950.00 to the aforesaid
debt as attorney fees, there was duly filed with the aforesaid Sheriff /Deputy Sheriff of Lincoln
County, Wyoming, affiant herein, by John P. LaBuda, of LaBuda Law Office, P.C., an attorney
admitted generally to practice in the State of Wyoming and representing the Mortgagee, an
affidavit duly made and executed pursuant to the provisions of Wyoming Statutes 34 -4 -112, an
executed true copy of which affidavit is attached hereto, marked as "Exhibit B and by this
reference made a part hereof.
7. That prior to the aforesaid sale of the within described lands and premises, there
was also duly filed with said Sheriff /Deputy Sheriff, affiant herein, by said John P. LaBuda, of
LaBuda Law Office, P.C., one of the attorneys representing Mortgagee, an Affidavit of Mailing
of Notice of Intent to Foreclose Mortgage by Advertisement and Sale, said affidavit being duly
made and executed pursuant to the provisions of Wyoming Statutes 34- 4- 103(a)(iv), an
executed true copy of which affidavit is attached hereto, marked "Exhibit C and by reference
made a part hereof.
8. That prior to the aforesaid sale of the within- described lands and premises, there
was also duly filed with said Sheriff/Deputy Sheriff, affiant herein, by said John P. LaBuda, of
LaBuda Law Office, P.C., one of the attorneys representing Mortgagee, an Affidavit of Mailing
of Notice of Mortgage Foreclosure Sale, said affidavit being duly made and executed pursuant to
the provisions of Wyoming Statutes 34- 4- 104(a), an executed true copy of which is attached
hereto, marked "Exhibit D and by reference made a part hereof.
9. That said
being the purchaser of all the above-
described land and premises as aforesaid, said its successors
and assigns, will be entitled to a deed for said lands and premises on and after the 12 day of
May, 2011, said date being after the expiration of three (3) months plus thirty (30) days from the
date of sale, unless the same shall be redeemed prior to that date as provided by law.
000408
IN WITNESS WHEREOF, he /she has hereunto signed his /her name this 11 day of
January, 2011.
STATE OF WYOMING
COUNTY OF LINCOLN
My Commission Expires:
L t/Z71
ss:
COUNTY OF
LINCOLN
Shane Johnson, Sheriff of
Lincoln County, Wyoming
By:
Deputy herif
f
The foregoin Certificate of Sale on Mortgage Foreclosure w s acknowledged
before me this day of Chnoar 2011, by` r t* \OVVAD/
NOTARY PUBLIC
SAVANNA L. HAWKES NOTARY PUBLIC
i sion E`PJ�W<
STATE OF
WYO
I SARAH HALE, Managing Editor of the Star Valley Independent,
published weekly at Afton, Lincoln County, Wyoming, do solemnly swear
that the notice, a copy of which is hereto attached, was published weekly in
the regular and entire issue of said newspaper, and not in any supplement
thereof, forvta_Y- consecutive issues,
commencing with the issue date ',,,Dec.._,., 9 2010, and
ending with issue datew2).eG .34c 2010.
Sub scr bed and sworn in before me thi day of
,,.�/2,,•L 2010.
My commission expires
LiSf 31, 2013
otar
NOTICE'OF
FORECLOSURE SALE
WHEREAS, the power of sale in
the following- described
Mortgage, duly recorded as here
inafter specified, having become
operative by the default in a con-
dition of such Mortgage by the
Mortgagor, and no suit or •pro-
ceeding having been instituted to
recover the debt thereby, secured,
or any part thereof, 1st Bank,
Alpine, Alpine, 'Wyoming; the
Mortgagee therein, ,hereby states
and gives notice. that:
1. The aforesaid Mortgage,
dated June 25, 2008, was filed of
record on June 26, 2008,
Receiving 940122, in Book 698,
Page 495 et. seq., in the Office of
the County Clerk and Ex- Officio
Register of Deeds in Lincoln
County, Wyoming.
2. That written notice of
intent to foreclose the aforesaid
Mortgage by advertisement and
sale has been served upon Aspen
Hills Development, a Wyoming
corporation, as record owner and
person in possession, and upon
William T. Sharpe and Lynette
Sharpe, as guarantors and possi-
ble persons in possession, by cer-
tified mail with 'return receipt,
mailed to the last known address
of said record owner and persons
in possession on the 19th day of
November, 2010.
3. The amount claimed to
be due on. said Mortgage as of
November 8, 2010, for principal,
ublic
interest, and late fees, is the sum
of $432,634.22, together with all
accruing interest at the rate of
$84.55 per day, advances, attor-
ney fees, costs, fees, and expenses
of foreclosure.
4. The mortgaged premis-
es are described as:
Lots Twenty Three (23) and
Twenty Four (24), Suter's Canyon
Subdivision Phase Two, Second
Filing, recorded December 22,
2008 at Document No. 944254, in
the Office of the County Clerk,
Lincoln County, Wyoming, for-
merly Lots Eighteen (18) and
Nineteen (19), Suter's Canyon
Subdivision Phase Two, recorded
May 7, 2008, at Document
Number 938819, in the Office of
the county Clerk, Lincoln
County, Wyoming;
Together with all improvements
thereon, and easements, appurte-
nances and incidents belonging
or appertaining thereto, or used
in connection therewith, subject,
however, to all mining, mineral
and other .exceptions, reserva-
tions, covenants, conditions, and
rights of way record.
5. That by virtue of the
000409
JANA BRYANT NOTARY PUBLIC
County of p s i .y State of
at" Y
Lincoln ,�,,r,•�g "h� Wyoming
My Cornmisior i' x fires August 31, 2013
power of sale contained therein,
said Mortgage will be foreclosed
by sale of the above described
mortgaged premises, or so much
thereof as may be necessary, at
public venue by the Sheriff or
Deputy Sheriff of Lincoln County,
Wyoming, at 10:00 A.M. on
Tuesday, January 11, 2011, to sat-
isfy the aforesaid amount, and
accruing interest, advances, costs,
fees and expenses of foreclosure.
6. Pursuant to Wyoming
Statute 1- 18- 101(b), "The prop-
erty being foreclosed upon may
be subject to other liens and
encumbrances that will not be
extinguished at the sale and any
'prospective purchaser should
research the status of title before
submitting a bid."
DATED this lst day of
December, 2010.
/s/ John P. LaBuda
LaBuda Law Office, P.C.
P.O. Box 1240
Pinedale, Wyoming 82941
(307) 367 -3927
Wyoming State Bar No. 5 -2966
Publish December 9, 16, 23, and
30, 2010.
AFFIDAVIT OF ATTORNEY REGARDING FEES
John P. LaBuda, of lawful age, being first duly sworn upon his oath according to law,
deposes and says:
1. That he is an attorney generally admitted to practice law within the State of
Wyoming; that he is one of the attorneys for and is representing 1 Bank of
Afton, Wyoming, in its foreclosure of that certain mortgage dated June 25, 2008,
made, executed, and delivered by Aspen Hills Development, Inc., a Wyoming
corporation, as Mortgagor, to 1 Bank, Afton, Wyoming, as Mortgagee, which
Mortgage was filed for record in the Office of the County Clerk and Ex- Officio
Register of Deeds within and for Lincoln County, Wyoming on June 26, 2008, in
Book 698, at Page 495 et. seq., Rec. #940122.
That there is not, not has there been, any agreement, expressed or implied,
between him and his client, nor between him and any other person except
practicing attorneys in the State of Wyoming engaged with him as attorneys in
said foreclosure proceedings, for any sharing or division of his attorney's fee of
$3,950.00 to be allowed and added to the debt involved, and any fee, when so
allowed and added to the debt, is only compensation for services actually
rendered in said foreclosure proceedings.
DATED this J day of January, 2011.
State of Wyoming
County of Sublette
:ss
Subscribed and sworn to before me this L day of January, 2011, by John P. LaBuda.
Witness my hand and official seal.
My commission expires:
tary Public
000410
I H
EX'
Z.
m
000411
AFFIDAVIT OF MAILING OF NOTICE OF DEFAULT AND NOTICE OF INTENTION TO
FORECLOSE MORTGAGE
John P. LaBuda, of lawful age, being first duly sworn upon his oath according to law,
deposes and says:
1. That he is an attorney generally admitted to practice law within the State of
Wyoming; that he is one of the attorneys for and is representing 1 Bank of
Alpine, Wyoming, in its foreclosure of that certain mortgage dated June 25,
2008, wherein Aspen Hills Development, a Wyoming corporation, is the
Mortgagor and 1st Bank of Alpine, Wyoming, is the Mortgagee, said Mortgage
having being filed for record in the Office of the County Clerk and Ex- Officio
Register of Deeds within and for Lincoln County, Wyoming, on June 26, 2008, in
Book 698, at Page 495 et seq. at Rec.# 940122.
2. That on November 19, 2010, he deposited in the United State Post Office at
Pinedale, Wyoming, Notice of Default and Notice of Intention to Foreclose
Mortgage, hereinafter set forth, postage prepaid and address and sent by
certified mail, to the following persons, at their last known address, they being
the owners of record and persons in possession of the mortgaged premises:
Aspen Hills Development, Inc.
Registered Agent
Lynette Sharpe
2056 CR 123
Bedford, WY 83112
Aspen Hills Development, Inc.
Registered Agent
Lynette Sharpe
2056 County Road 123
Bedford, WY 83112
William T. Sharpe
2056 County Road 123
Bedford, WY 83112
Lynette Sharpe
2056 County Road 123
Bedford, WY 83112
3. That a true copy of said Notice of Default and Notice of Intention to Foreclose
Mortgage is attached hereto, marked "Exhibit A and by this reference made a
part hereof.
EXHIBIT
DATED this
John P. LaBuda
State of Wyoming
County of Sublette
day of January, 2011.
Subscribed and sworn to before me this
Witness my hand and official seal.
My commission expires:
:ss
*1
Fary Public
000412
day of January, 2011, by John P. LaBuda.
Jeannie Whinnery Notary Public
County of jj State of
Sublette (rr`1 J Wyornin;/
My,Commission Expires 5/24/2014 r
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$2.80
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U.S Postal ServiceTi
CERTIFIED MAIL,,, RECEIPT
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COMPLETE THIS SECTION ON DELIVERY
C. Date of Deliv
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Restribted Delivery Fee
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Total Pr
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Certified Fee
46.66-
Lynette Sharpe
Street, A, 2056 County Road 123
or PO Bc
City, Stal Bedford, Wyoming 83112
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CERTIFIED MAIL,, RECEIPT
(Domestic Mail, Only; No Insurance Coverage Provided)
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City, St 2056 County Road 123
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U.S. Postal Service,i.,
CERTIFIED MAIL,f:, RECEIPT
(Dorrlestic Mail; Only; No Insurance Coverage Provided)
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Sent To William T. Sharpe
wig; 2056 County Road 123
or POBc Bedford, Wyoming 83112
City, Stai
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Postmark's
11/19/2010
m Hills Development, Inc.
stered Agent
.tte Sharpe
6 CR 123
Ford, Wyoming 83112
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PS.Fbrrn T3800, August 2006
tte items 1, 2, and 3. Also complete
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we can return the card to you.
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00043-
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County Road 123
ord, Wyoming 83112
piete items 1, 2, and 3. Also complete
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D. Is delivery different from item 1? Yes
If YES, eryte •dress below: LU4Io
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Addressed to:
a Hills Development, Inc.
tered Agent
tte Sharpe
County Road 123
Ord, Wyoming 83112
I Number
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1 3811. February -2004
iam T. Sharpe
5 County Road 123
'ord, Wyoming 83112
2. Article Number
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Domestic' Return-Recelp"t
COMPLETE THIS SECTION
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if ,Restricted Delivery Is (iesired:
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JOAN P. LABUDA
November 19, 2010
By Certified Mail, Return Receipt Requested
Aspen Hills Development, Inc.
Registered Agent
Lynette Sharpe
2056 CR 123
Bedford, WY 83112
Aspen Hills Development, Inc.
Registered Agent
Lynette Sharpe
2056 County Road 123
Bedford, WY 83112
William T. Sharpe
2056 County Road 123
Bedford, WY 83112
Lynette Sharpe
2056 County Road 123
Bedford, WY 83112
Dear above listed individuals /corporation:
LABUDA LAW OFFICE, P.C.
ATTORNEYS AT LAW
P.O. Box 1240
PINEDALE, WYOMING 8 2 941
000414
307 3 67-39 27
FAX 307 3 67-3 92 8
JLABUDA0000CENTURYTEL.NET
Re: NOTICE OF DEFAULT AND NOTICE OF INTENTION TO FORECLOSE
MORTGAGE BY ADVERTISEMENT AND SALE
1 ST BANK, ALPINE, WYOMING NOTE NO. 761002013
LaBuda Law Office, P.C. represents 1 Bank of Alpine, Wyoming.
You are hereby notified that you are in default of Promissory Note 761002013 (the "Note for
failure to pay the October, 2010 payment. As of November 8, 2010, the principal balance of the
Note is $419,833.37, together with accrued interest, secondary interest, and late charges of
$12,800.85 for a total payoff effective November 8, 2010 of $432,634.22. Interest accrues at the
000415
rate of $84.55 per day from and including November 9, 2010. Demand is hereby made for
payment of these amounts immediately.
Pursuant to W.S.§ 34- 4- 103(a)(iv), you are also hereby notified that 1 Bank of Alpine,
Wyoming intends to foreclose the certain mortgage dated June 25, 2008, and recorded in the
Office of the County Clerk, Lincoln, County, Wyoming, on June 26, 2008, at Receiving No.
940122, Book No. 698, Page No. 495, in Lincoln County, Wyoming, by advertisement and sale
as provided for in such mortgage following ten (10) days after the date of this letter.
The Mortgage covers the following described real property located in the Suter Canyon
Subdivision, Bedford, Wyoming 83112:
Originally the mortgage covered:
Lot One (1) of Suter's Canyon Subdivision Recorded September 27, 2007, at
Document Number 933480, in the Office of the Clerk, Lincoln County,
Wyoming.
Lot Eighteen (18) and Lot Nineteen (19) of Suter's Canyon Subdivision Phase
Two Recorded May 7, 2008, at Document Number 938819, in the Office of the
Clerk, Lincoln County, Wyoming.
On January 6, 2010, 1 Bank of Alpine, Wyoming signed a Partial Release of said mortgage
thereby releasing an easement described as follows:
A strip of land twenty (20) feet wide located in Lincoln County, Wyoming
Sixth Principal meridian
T.33 N. R. 118 W.
Sec. 3, Wt /2SW' /4NEt /4, GLO Lot 2, whose western boundary is more
particularly described as follows:
Beginning at a point on the east /west centerline of said Sec. 3, which bears
N89 °50'40" E, 133.21 feet from the center quarter corner of said Section;
thence N00 °21'31" W, 327.68 feet; thence S89 °26'20" W, 133.06 feet to the
north/south centerline of said Section; thence N00 °22'01" W, 2,740.39 feet
along said centerline to the north quarter corner of said Section.
As shown by the official Suter's Canyon Subdivision Plat, Phase Two Second
Filing, dated July 22, 2008, filed December 22, 2008, as Receiving No.
944254, Lincoln County, Records.
The premises contain 1.469 acres, more or less.
The Partial Release was recorded on February 5, 2010, in the Office of the County Clerk,
Lincoln County, Wyoming, at Receiving No. 952019, Book No. 742, Page No. 13.
000416
On January 27, 2010, 1 Bank of Alpine, Wyoming signed a Partial Release of said mortgage
thereby releasing:
Lot One (1) of Suter's Canyon Subdivision Recorded September 27, 2007, at
Document Number 933480, in the Office of the Clerk, Lincoln County,
Wyoming.
The Partial Release was recorded on February 5, 2010, in the Office of the County Clerk,
Lincoln County, Wyoming, at Receiving No. 952025, Book No. 742, Page No. 27.
Furthermore, Suter's Canyon Subdivision was re- platted, wherein the remaining mortgaged lots,
being Lots Eighteen (18) and Nineteen (19), have been renumbered as Lots Twenty -Three (23)
and Twenty -Four (24).
Said remaining mortgaged lots have been renumbered pursuant to the platting of Suter's Canyon
Subdivision, Phase Two, Second Filing, at Document No. 944254, recorded December 22, 2008,
in the Office of the County Clerk of Lincoln County, Wyoming.
The mortgage currently covers the following described real property located at Suter's Canyon
Subdivision, Bedford, Wyoming 83112:
Lots. 23 and 24, Suter's Canyon Phase Two, Second Filing, recorded December
22, 2008 at Document No. 944254, in the Office of the Clerk, Lincoln County,
Wyoming.
The Note and Mortgage are personally guaranteed by Lynette Sharpe and William T. Sharpe.
According to the terms of the Note, Aspen Hills Development, Inc., agreed to pay the Bank the
sum of monthly accrued interest each month commencing August 1, 2008, with the loan to be
paid in full, including unpaid interest and fees, by July 1, 2020. A Change in Terms Agreement
was signed by the Parties on September 1, 2010, extending the pay in full term until October 29,
2010.
According to the Bank's records, the last payment received was September 2, 2010.
Pursuant to the terms of the Note and Change in Terms, the Bank has elected to declare the Note
immediately due and payable, and demand is hereby made upon Aspen Hills Development, Inc.,
Lynette Sharpe and William T. Sharpe for the payment of the entire principal balance due of
$419,833.37, plus accrued interest in the sum of $12,800.85 through November 8, 2010 plus
accruing interest from and including November 9, 2010, at the rate of 7.25% per annum of
$84.55 per day from November 9, 2010, and together with attorney fees to date. I have enclosed
a copy of the Promissory Note, Commercial Guarantys, Change in Terms Agreement and
Mortgage for your reference.
®00417
In the event Aspen Hills Development, Inc., Lynette Sharpe, or William T. Sharpe, have not
contacted the undersigned and made satisfactory arrangements for the payment, in full, of this
debt within ten (10) days of the date of this letter, formal legal proceedings, to include
foreclosure of the Mortgage by advertisement and sale, pursuant to the power of sale contained
in the Mortgage, will be instituted to recover this indebtedness, together with attorney fees and
court costs incurred in the process.
This debt will be assumed valid unless, within thirty (30) days after receipt of this notice, you
dispute the validity of this debt in writing to the undersigned attorney. The copy of the
Promissory Note, Commercial Guarantys, Change in Terms Agreement and Mortgage enclosed
with this letter serve as verification of the debt. If you dispute the validity of this debt in writing
within thirty (30) days after receipt of this notice, additional verification of the debt will be
obtained and a copy of the verification will be mailed to you. The Bank's address will be
provided to you if, within thirty (30) days, you make written request for such address. You
should be aware, however, that even though you may dispute the validity or amount of this debt
my collection efforts may continue.
This communication is an attempt to collect a debt, and any information obtained will be used
for this purpose.
You should consider this as formal notice of the mortgage holder's intent to foreclose by
advertisement and sale as provided in Chapter 4 of Title 34 of the Wyoming Statutes. A Notice
of Mortgage Foreclosure Sale, including your name, will appear in the local newspaper
following ten (10) days after the date of this letter. A copy of that Notice of Mortgage
Foreclosure Sale will be mailed to you by certified mail prior to the first date of publication of
that Notice.
This Notice is given to Aspen Hills Development, Inc., as record owner and person in possession
of the mortgage premises, and to Lynette Sharpe and William T. Sharpe as payment guarantors
of the Note and Mortgage.
Sincerely,
John P. LaBuda
For LaBuda Law Office, P.C.
pc: 1s Bank, Alpine, w/o encl.
J. Robinson
G. West
pt. tnerpaF Loan Date, Mturity Loan Itt ea1i A fffcetr
Intttals
?k7 69$ ,.w 6 2,5 200$ 07 .1- 2Q,10;.... 751002 7 x_ 1A27,A AAA0
References in the boxes above are for Lender's use only and do net limit the applicability of this document to any particular loan o
Any item above containing has been omitted due to text length limitations.
item.
Borrower: ASPEN HILLS DEVELOPMENT
2056 COUNTY ROAD 123
BEDFORD, WY 83112
PROMISSORY NOTE
Lender:
1st Bank
Alpine
79 Highway 89
P.O. Box 3110
Alpine. WY 83128
t307) 654-3629
Principal Amount: $476,987.87 Date of Note: June 25, 2008
PROMISE TO PAY. ASPEN HILLS DEVELOPMENT "Borrower') promises to pay to 1st Bank ("Lender"). or order, in lawful money of the United
States of America, the principal amount of Four Hundred Seventy-six Thousand Nine Hundred Eghty -seven 87/100 Dollars ($476,987.87).
together with interest on the unpaid principal balance from June 25, 2008, calculated as deserted in the INTEREST CALCULATION METHOD"
paragraph using an interest rate of 7.250% per annum based on a year of 360 days. until paid in full. The interest rate may change under the
terms and conditions of the "INTEREST AFTER DEFAULT" section.
PAYMENT. Borrower will pay this loan in full immediately upon Lender's demand. If no demand is made, Borrower will pay this loan in one
principal payment of 8476.987.87 plus interest on July 1, 2010. This payment due on July 1. 2010. will be for all principal and all accrued
interest not yet paid. In addition. Borrower will pay regular monthly payments of all accrued unpaid Interest due as of each payment date,
beginning August 1, 2008, with all subsequent interest payments to be due on the same day of each month after that. Unless otherwise agreed
or required by applicable law. payments will be applied first to any accrued unpaid interest then to principal; then to any late charges; and than
to any unpaid collection costs. Borrower will pay Lander at Lender's address shown above or at such other place as Lender may designate in
writing.
INTEREST CALCULATION METHOD. Interest on this Note is computed on a 365/360 basis: that is, by applying the ratio of the interest rate
over a year of 360 days, multiplied by the outstanding principal balance, multiplied by the actual number of days the principal balance is
outstanding. All interest payable under this Note is computed using this method.
PREPAYMENT. Borrower agrees that all loan fees and other prepaid finance charges are earned fully as of the data of the loan and will not be
subject to refund upon early payment (whether voluntary or as a result of default), except as otherwise required by law. Except for the
foregoing, Borrower may pay without penalty all or a portion of the amount owed earlier than it is due. Early payments will not. unless agreed
to by Lender in writing, relieve Borrower of Borrower's obligation to continue to make payments under the payment schedule. Rather, early
payments wit reduce the principal balance due. Borrower agrees not to send Lender payments marked 'paid in full', 'without recourse or
similar language. If Borrower sends such a payment, Lender may accept it without losing any of Lender's rights under this Note, and Borrower
will remain obligated to pay any further amount owed to Lender. All written communications concerning disputed amounts, Including any check
or other payment instrument that indicates that the payment constitutes 'payment in full" of the amount owed or that is tendered with other
conditions or limitations or as full satisfaction of a disputed amount must be mailed or delivered to: 1st Bank, Alpine, 79 Highway 89, P.O. Box
3110, Alpine, WY 83128.
LATE CHARGE. If a payment is 10 days or more late, Borrower will be charged 5.000% of the unpaid portion of the regularly scheduled
payment or 910.00. whichever is greater.
INTEREST AFTER DEFAULT. Upon default, including failure to pay upon final maturity, the total sum due under this Note will continue to accrue
interest at the interest rate under this Note.
DEFAULT. Each of the following shall constitute an event of default ('Event of Default under this Note:
Payment Default. Borrower fails to make any payment when due under this Note.
Other Defaults. Borrower faits to comply with or to perform any other term, obligation, covenant or condition contained in this Note or Ln
any of the related documents or to comply with or to perform any term, obligation, covenant or condition contained in any other agreement
between Lender and Borrower.
Default in Favor of Third Parties. Borrower or any Grantor defaults under any loan, extension of credit, security agreement, purchase or
sales agreement, cr any other agreement, in favor of any other creditor or person that may materially affect any of Borrower's property or
Borrower's ability to repay this Note or perform Borrower's obligations under this Note or any of the related documents.
False Statements. Any warranty, representation or statement made or furnished to Lender by Borrower or on Borrower's behalf under this
Note or the related documents is false or misleading in any material respect, either now or at the time made or furnished or becomes false
or misleading at any time thereafter.
a
Insolvency. The dissolution or termination of Borrower's existence as a going business, the insolvency of Borrower, the appointment of the
receiver for any part of Borrower's property, any assignment for the benefit of creditors, any type r
commencement of any proceeding under any bankruptcy or insolvency laws by or against Borrower.
Creditor or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding. self -help,
repossession or any other method, by any creditor of Borrower by any accounts, mental a a against any collateral securing
ngf so
This includes a garnishment of any of Borrower's accounts, 9
not apply if there is a good faith dispute by Borrower as to the validity or reasonableness of the claim which is the basis of the creditor or
monies or
forfeiture proceeding and if Borrower gives Lender written notice of the creditor or forfeiture proceeding and deposits with lea n 9 d en adequate
a surety bond for the creditor or forfeiture proceeding, in an amount determined by Lender, in its sole discretion,
reserve or bond for the dispute.
Events Affecting Guarantor. Any of the preceding events occurs with respect to any Guarantor of any of the indebtedness or any
Guarantor dies or becomes incompetent, or revokes or disputes the validity of, or I(abil'ny under, any guaranty of the indebtedness
evidenced by this Note.
Change In Ownership. Any change in ownership of twenty-five percent (25 %1 or more of the common stock of Borrower.
Adverse Change. A material adverse change occurs In Borrower's financial condition, or Lender believes the prospect of payment or
performance of this Note is impaired.
Insecurity. Lender in good faith believes itself insecure.
LENDER'S RIGHTS. Upon default, Lender may declare the entire unpaid principal balance under this Note and all accrued unpaid interest
immediately due, and then Borrower will pay that amount. Boer will pay
ATTORNEYS' FEES; EXPENSES. Lender may hire or pay someone e ese le collet t Note it ettom w e r fees and rpga. eBo rrowrrow e, whether
Lender that amount. This includes, subject to any limits under app
or not there is a lawsuit, including without limitation all reasonable attorneys' fees and legal expenses for bankruptcy proceedings (including
efforts to modify or vacate any automatic stay or injunction), and appeals. If not prohibited by applicable law, Borrower also will pay any court
costs. in addition to all other sums provided by law.
GOVERNING LAW. This Note will be governed by federal law applicable to Lender and, to the extent not preempted by federal law, the laws of
the State of Wyoming without regard to its conflicts of law provisions. This Note has been eccepted by Lender in the State of Wyoming.
CHOICE OF VENUE. If there is a lawsuit, Borrower agrees upon Lender's request to submit to the jurisdiction of the courts of Lincoln County,
State of Wyoming.
DISHONORED ITEM FEE. Borrower will pay a fee to Lender of 925.00 if Borrower makes a payment on Borrower's loan and the check or
preauthorized charge •vith which Borrower pays is later dishonored.
RIGHT OF SETOFF. To the extent permitted by applicable law, Lender reserves a right of setoff in all Borrower's accounts with Lender (whether
checking, savings. or some other account). This includes all accounts Borrower holds jointly with someone else and all accounts Borrower may
open (n the future. However, this does not include any IRA or Keogh accounts, or any trust accounts for which setoff would be prohibited by
law. Borrower authorizes Lender. to the extent permitted by applicable law, to charge or setoff all sums owing on the indebtedness against any
and alt such accounts, and, at Lender's option, to administratively freeze all such accounts to allow Lender to protect Lender's charge and setoff
rights provided in this paragraph.
COLLATERAL. Borrower acknowledges this Note is secured by the following collateral described in the security instrument listed herein: a
000418
PROMISSORY NOTE
Loan No: 761002013 (Continued) Page 2
Mortgage dated June 25, 20013. to Lender on real property located in LINCOLN County, State of Wyoming.
PAYMENTS. LOAN REDUCTION OF 580,000.00 ON OR BEFORE JULY 1, 2009.
SUCCESSOR INTERESTS. The terms of this Note shall be binding upon Borrower, and upon Borrower's heirs, personal representatives,
successors and assigns, and shall inure to the benefit of Lender and its successors and assigns.
GENERAL PROVISIONS. This Note is payable on demand. The inclusion of specific default provisions or rights of Lender shall not preclude
Lender's right to declare payment of this Note on its demand. If any part of this Note cannot be enforced, this fact will not affect the rest of the
Note. Lender may delay or forgo enforcing any of its rights or remedies under this Note without losing them. Borrower and any other person
who signs, guarantees or endorses this Note, to the extent allowed by law, waive presentment, demand for payment, and notice of dishonor.
Upon any change in the terms of this Note. and unless otherwise expressly stated in writing, no party who signs this Note, whether as maker,
guarantor, accommodation maker or endorser, shall be released from liability. All such parties agree that Lender may renew or extend
(repeatedly and for any length of time) this loan or release any party or guarantor or collateral; or impair, fail to realize upon or perfect Lender's
security interest in the collateral; and take any other action deemed necessary by Lender without the consent of or notice to anyone. All such
parties also agree that Lender may modily this loan without the consent of or notice to anyone other than the party with whom the modification
is made. The obligations under this Note are joint and several.
PRIOR TO SIGNING THIS NOTE. BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS NOTE. BORROWER AGREES TO THE
TERMS OF THE NOTE.
BORROWER ACKNOWLEDGES RECEIPT OF A COMPLETED COPY OF THIS PROMISSORY NOTE.
BORROWER:
ASPEN HILLS DEVELOPMENT
By:
:f2 V .0
L E71E S AR •E, Presi.ent of ASPEN HILLS
DEVELOPMENT
LENDER:
1ST BANK
James Robinson, Loan Officbr
LAW %v.v... v.. s...mmv c... vale.. r.,.,......... I,g. o-.,, mu.....,.,. 11...e.. -w. so-uss..+ v<emx 1114M
000419
References in the boxes above are for Lender's use only and do not limit the applicability of this document to any particular loan or item.
Any item above containing has been omitted due to text length limitations.
Borrower: ASPEN HILLS DEVELOPMENT
2056 COUNTY ROAD 123
BEDFORD. WY 83112
Guarantor: LYNETTE SHARPE
2056 COUNTY ROAD 123
BEDFORD, WY 83112
COMMERCIAL GUARANTY
Lender: 1st Bank
Alpine
79 Highway 89
P.O. Box 3110
Alpine. WY 83128
(307) 654-3629
CONTINUING GUARANTEE OF PAYMENT AND PERFORMANCE. For good and valuable consideration, Guarantor absolutely and unconditionally
guarantees full and punctual payment and satisfaction of the Indebtedness of Borrower to Lender, and the performance and discharge of all
Borrower's obligations under the Note and the Related Documents. This is a guaranty of payment and performance and not of collection, so
Lender can enforce this Guaranty against Guarantor even when Lender has not exhausted Lender's remedies against anyone else obligated to
pay the Indebtedness or against any collateral securing the Indebtedness, this Guaranty or any other guaranty of the Indebtedness. Guarantor
will make any payments to Lender or its order, on demand, in legal tender of the United States of America, in same•day funds, without set -off or
deduction or counterclaim, and will otherwise perform Borrower's obligations under the Note and Related Documents. Under this Guaranty,
Guarantor's liability is unlimited and Guarantor's obligations are continuing.
INDEBTEDNESS. The word "Indebtedness" as used in this Guaranty means all of the principal amount outstanding from time to time and at any
one or more times, accrued unpaid interest thereon and all collection costs and legal expenses related thereto permitted by law, reasonable
attorneys' fees, arising from any and all debts, liabilities and obligations of every nature or form, now existing or hereafter arising or acquired,
that Borrower individually or collectively or interchangeably with others, owes or will owe Lender. "Indebtedness" includes, without limitation,
loans, advances, debts, overdraft indebtedness, credit card indebtedness, lease obligations, liabilities and obligations under any interest rate
protection agreements or foreign currency exchange agreements or commodity price protection agreements, other obligations, and liabilities of
Borrower, and any present or future judgments against Borrower, future advances, loans or transactions that renew, extend, modify, refinance,
consolidate or substitute these debts, liabilities and obligations whether; voluntarily or involuntarily incurred; due or to become due by their
terms or acceleration; absolute or contingent; liquidated or unliquidated; determined or undetermined; direct or indirect; primary or secondary in
nature or arising from a guaranty or surety; secured or unsecured; joint or several or joint and several; evidenced by a negotiable or
non-negotiable instrument or writing; originated by Lender or another or others; barred or unenforceable against Borrower for any reason
whatsoever; for any transactions that may be voidable for any reason (such as infancy, insanity, ultra vires or otherwise); and originated then
reduced or extinguished and then afterwards increased or reinstated.
If Lender presently holds one or more guaranties, or hereafter receives additional guaranties from Guarantor, Lender's rights under all guaranties
shall be cumulative. This Guaranty shall not (unless specifically provided below to the contrary) affect or invalidate any such other guaranties.
Guarantor's liability will be Guarantor's aggregate liability under the terms of this Guaranty and any such other unterminated guaranties.
CONTINUING GUARANTY. THIS IS A "CONTINUING GUARANTY' UNDER WHICH GUARANTOR AGREES TO GUARANTEE THE FULL AND
PUNCTUAL PAYMENT, PERFORMANCE AND SATISFACTION OF THE INDEBTEDNESS OF BORROWER TO LENDER, NOW EXISTING OR
HEREAFTER ARISING OR ACQUIRED, ON AN OPEN AND CONTINUING BASIS. ACCORDINGLY, ANY PAYMENTS MADE ON THE ANY
WILL NOT REMA NING SUCCEEDING DIMINISH
NG IND BT DN SS EVEN WHEN ALL R OR PART OF THE OUTSTANDING INDEBTEDNESS MAY BE A ZERO
BALANCE FROM TIME TO TIME.
DURATION OF GUARANTY. This Guaranty will take effect when received by Lender without the necessity of any acceptance by Lender, or any
notice' to Guarantor or to Borrower, and will continue in full force until all the Indebtedness incurred or contracted before receipt by Lender of
any notice of revocation shall have been fully and finally paid and satisfied and all of Guarantor's other obligations under this Guaranty shall have
been performed in full. If Guarantor elects to revoke this Guaranty, Guarantor may only do so in writing. Guarantor's written notice of
revocation must be mailed to Lender, by certified mail, at Lender's address listed above or such other place as Lender may designate in writing.
Written revocation of this Guaranty will apply only to new Indebtedness created after actual receipt by Lender of Guarantor's written revocation.
For this purpose and without limitation, the term new Indebtedness" does not include the Indebtedness which at the time of notice of
revocation is contingent, unliquidated, undetermined or not due and which later becomes absolute, liquidated, determined or due. For this
purpose and without limitation, new Indebtedness" does not include all or part of the Indebtedness that is incurred by d Borrower prio to
revocation; incurred under a commitment that became binding before revocation; any renewals, extensions, substitutions, o
the Indebtedness. This Guaranty shall bind Guarantor's estate as to the Indebtedness created both before and after Guarantor's death or
incapacity, regardless of Lender's actual notice of Guarantor's death. Subject to the foregoing, Guarantor's executor or administrator or other
legal representative may terminate this Guaranty in tho same manner in which Guarantor might have terminated it and with the same effect.
Release of any other guarantor or termination of any other guaranty of the Indebtedness shall not affect the liability of Guarantor under this
Guaranty. A revocation Lender receives from any one or more Guarantors shall not affect the liability of any remaining Guarantors under this
Guaranty. It is anticipated that fluctuations may occur in the aggregate amount of the Indebtedness covered by this Guarant not d G ua ra ntor
specifically acknowledges and agrees that reductions in the amount of the Indebtedness, even to zero dollars (50.00), shall
termination of this Guaranty. This Guaranty is binding upon Guarantor and Guarantor's heirs, successors and assigns so long as any of the
Indebtedness remains unpaid and even though the Indebtedness may from time to time be zero dollars 150.00).
GUARANTOR'S AUTHORIZATION TO LENDER. Guarantor authorizes Lender, either before or after any
revocation as set eof, w n o tice or
demand and without lessening Guarantor's lability under this Guaranty, from time to time: (A) prior
one or more additional secured or unsecured loans to Borrower. to lease equipment or other goods to Borrower, or otherwise to extend
additional credit to Borrower; (8) to alter, compromise, renew, extend. accelerate, or otherwise change one or more times the time for payment
or other terms of the Indebtedness or any part of the Indebtedness, including increases and decreases of the rate of interest on the
Indebtedness; extensions may be repeated and may be for longer than the original loan term; ICI is take and hold security for the payment of
this Guaranty or the Indebtedness, and exchange, enforce, waive, subordinate, tail or decide not to perfect, and release any such security, with
or without the substitution of new collateral; ID) to release, substitute, agree not to sue, or deal with any one or more of Borrower's sureties,
endorsers, or other guarantors on any terms or in any manner Lender may choose; and di ocdet termine
o derhor ow, w he n of d a a there p i of
p and credits shall be made on the Indebtedness; (P1 to apply such security
without limitation, any nonjudiciat sale permitted by the terms of the controlling security agreement or deed of trust, as Lender in its discretion
may determine; (GI to sell, transfer, assign or grant participations in all or any part of the Indebtedness; and WI) to assign or transfer this
Guaranty in whole or in part.
GUARANTOR'S agreements of any E k and ha been made o Guarantor ntT represents Lender
which would limitor qualify in any way the termsof this Guaranty; (8) t s is
executed at Borrower's request and not at the request of Lender; ICI Guarantor has full power, right and authority to enter into this Guaranty;
or
(0) the provisions of this Guaranty do not conflict with or result in a default under ny agreement or he i nst ru ent and wp1 no w rant or
and do not result in a violation of any law, regulation, court decree or order applicable all of
Guns an upon
r assets, Or any intee st therein; lease, IFl iL Lender's request, Guarantor will provide to Lender financial and credit information l in form
the prir acceptable to Lender, and all such financial information which currently has been, and all future financial information which will be provided to
Lender is and will be true and correct in all material respects and fairly present Guarantor's financial condition as of the dates the financial
information is provided; ID) no material adverse change has occurred in Guarantor's financial condition since the date of the most recent
financial statements provided to Lender and no event has occurred which may materially adversely affect Guarantor's financial condition; (H)
no litigation, claim, investigation, administrative proceeding or similar action (including those for unpaid taxes) against Guarantor is pending or
threatened; (I) Lender has made no representation to Guarantor as to the creditworthiness of Borrower; and (.11 Guarantor has established
adequate means of obtaining from Borrower on a continuing basis information regarding Borrower's financial condition. Guarantor agrees to
keep adequately informed from such means of any facts, events, or circumstances which might in any way affect Guarantor's risks under this
Guaranty, and Guarantor further agrees that, absent a request for information, Lender shell have no obligation to disclose to Guarantor any
information or documents acquired by Lender in the course of its relationship with Borrower.
GUARANTOR'S WAIVERS. Except as prohibited by applicable law. Guarantor waives any right to require Lender (A) to continue lending
money or to extend other credit to Borrower; 18) to make any presentment, protest, demand, or notice of any kind, Including notice of any
nonpayment of the Indebtedness or of any nonpayment related to any collateral, or notice of any action or nonaction on the part of Borrower,
Lender, any surety, endorser, or other guarantor in connection with the Indebtedness or in connection with the creation of new or additional
000420
COMMERCIAL GUARANTY
Loan No: 761002013 (Continued) Page 2
I
000421
loans or obligations; (C) to resort for payment or to proceed directly or at once against any person, including Borrower or any other guarantor;
(Dl to proceed directly against or exhaust any collateral held by Lender from Borrower; any other guarantor, or any other person; (E) to give
notice of the terms, time, and place of any public or private sale of personal property security held by Lender from Borrower or to comply with
any other applicable provisions of the Uniform Commercial Code; IF) to pursue any other remedy within Lender's power; or (G) to commit any
act or omission of any kind. or at any time, with respect to any matter whatsoever.
Guarantor also waives any and all rights or defenses based on suretyship or impairment of collateral including, but not limited to, any rights or
defenses arising by reason of (A) any "one action" or "anti-deficiency' law or any other law which may prevent Lender from bringing any
action. including a claim for deficiency, against Guarantor, before or after Lender's commencement or completion of any foreclosure action,
either judicially or by exercise of a power of sale; iR) any election of remedies by Lander which destroys or otherwise adversely affects
Guarantor's subrogation rights or Guarantor's rights to proceed against Borrower for reimbursement, including without limitation, any loss of
rights Guarantor may suffer by reason of any law limiting, qualifying, or discharging the Indebtedness; IC) any disability or other defense of
Borrower, of any other guarantor, or of any other person, or by reason of the cessation of Borrower's liability from any cause whatsoever, other
than payment in full in legal tender, of the Indebtedness; (D) any right to claim discharge of the Indebtedness on the basis of unjustified
impairment of any collateral for the Indebtedness; (E) any statute of limitations, if at any time any action or suit brought by Lender against
Guarantor is commenced, there is outstanding Indebtedness which is not barred by any applicable statute of limitations; or (F) any defenses
given to guarantors at law or in equity other than actual payment and performance of the Indebtedness. If payment is made by Borrower,
whether voluntarily or otherwise, or by any third party, on the Indebtedness and thereafter Lender is forced to remit the amount of that payment
to Borrower's trustee in bankruptcy or to any similar person under any federal or state bankruptcy law or law for the relief of debtors, the
Indebtedness shall be considered unpaid for the purpose of the enforcement of this Guaranty.
Guarantor further waives and agrees not to assert or claim at any time any deductions to the amount guaranteed under this Guaranty for any
claim of setoff, counterclaim, counter demand, recoupment or similar right, whether such claim, demand or right may be asserted by the
Borrower, the Guarantor, or both.
GUARANTOR'S UNDERSTANDING WITH RESPECT TO WAIVERS. Guarantor warrants and agrees that each of the waivers set forth above is
made with Guarantor's full knowledge of its significance and consequences and that, under the circumstances, the waivers are reasonable and
not contrary to public policy or law. If any such waiver is determined to be contrary to any applicable law or public policy, such waiver shall be
effective only to the extent permitted by law or public policy.
SUBORDINATION OF BORROWER'S DEBTS TO GUARANTOR. Guarantor agrees that the Indebtedness, whether now existing or hereafter
created, shall be superior to any claim that Guarantor may now have or hereafter acquire against Borrower, whether or not Borrower becomes
insolvent. Guarantor hereby expressly subordinates any claim Guarantor may have against Borrower, upon any account whatsoever, to any
claim that Lender may now or hereafter have against Borrower. In the event of insolvency and consequent liquidation of the assets of Borrower,
applicable to
through bankruptcy, by an assignment for the benefit of creditors, by voluntary liquidation, or otherwise, the assets of Borrower l nde icabl e to
the payment of the claims of both Lender and Guarantor shall be paid to Lender and shall be first applied by
Guarantor does hereby assign to Lender all claims which it may have or acquire against Borrower or against any assignee or trustee in
bankruptcy of Borrower; provided however, that such assignment shall be effective only for the purpose of assuring to Lender full payment in
legal tender of the Indebtedness. If Lender so requests, any notes or credit agreements now or hereafter evidencing any debts or obligations of
Borrower to Guarantor shall be marked with a legend that the same are subject to this Guaranty and shall be delivered to Lender. Guarantor
agrees, and Lender is hereby authorized, in the name of Guarantor, from time to time to file financing statements and continuation statements
and to execute documents and to take such other actions as Lender deems necessary or appropriate to perfect, preserve and enforce its rights
under this Guaranty.
MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Guaranty;
Amendments. This Guaranty, together with any Related Documents, constitutes the entire understanding and agreement of the parties as
to the matters set forth in this Guaranty. No alteration of or amendment to this Guaranty shall be effective unless given in writing and
signed by the party or parries sought to be charged or bound by the alteration or amendment.
Attorneys' Foes; Expenses. Guarantor agrees to pay upon demand all of Lender's costs and expenses, including Lender's reasonable
attomeys' fees and Lender's legal expenses, incurred in connection with the enforcement of this Guaranty. Lender may hire or pay
someone else to help enforce this Guaranty, and Guarantor shall pay the costs and expenses of such enforcement. Costs and expenses
include Lender's reasonable attorneys' fees and legal expenses whether or not there is a lawsuit, including reasonable attorneys' fees and
legal expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), appeals, and any
anticipated post judgment collection services. Guarantor also shall pay all court costs and such additional fees as may be directed by the
court.
Caption Headings. Caption headings in this Guaranty are for convenience purposes only and are not to be used to interpret or define the
provisions of this Guaranty.
Governing Law. This Guaranty will be governed by federal law applicable to Lender and, to the extent not preempted by federal law, the
laws of the State of Wyoming without regard to its conflicts of law provisions.
Choice of Venue. If there is a lawsuit, Guarantor agrees upon Lender's request to submit to the jurisdiction of the courts of Lincoln County,
State of Wyoming.
Integration. Guarantor further agrees that Guarantor has read and fully understands the terms of this Guaranty; Guarantor has had the
opportunity to be advised by Guarantor's attorney with respect to this Guaranty; the Guaranty fully reflects Guarantor's intentions and parol
evidence is not required to interpret the terms of this Guaranty. Guarantor hereby indemnifies and holds Lender harmless from all losses,
claims, damages, and costs (including Lender's attorneys' fees) suffered or incurred by Lender as a result of any breach by Guarantor of the
warranties, representations and agreements of this paragraph.
Interpretation. In all cases where there is more than one Borrower or Guarantor, then all words used in this Guaranty in the singular shall
be deemed to have been used in the plural where the context and construction so require; and where there is more than one Borrower
named in this Guaranty or when this Guaranty is executed by more than one Guarantor, the words "Borrower" and "Guarantor"
respectively shall mean all and any one or more of them. The words "Guarantor," "Borrower;' and "Lender include the heirs, successors,
assigns, and transferees of each of them. It a court finds that any provision of this Guaranty is not valid or should not be enforced, that
fact by itself will not mean that the rest of this Guaranty will not be valid or enforced. Therefore, a court will enforce the rest of the
provisions of this Guaranty even if a provision of this Guaranty may be found to be invalid or unenforceable. If any one or more of
Borrower or Guarantor are corporations, partnerships, limited liability companies, or similar entities, it is not necessary for Lender to inquire
into the powers of Borrower or Guarantor or of the officers, directors, partners, managers, or other agents acting or purporting to act on
their behalf, and any indebtedness made or created in reliance upon the professed exercise of such powers shall be guaranteed under this
Guaranty.
Notices. Any notice required to be given under this Guaranty shall be given in writing, and except for revocation notices by Guarantor, led with
be effective when actually delivered, when actually received by telefacsimile (unless otherwise required by law),
a nationally recognized overnight courier, or, if mailed, when deposited m the United States mail, as first class, certified or registered mail
postage prepaid, directed to the addresses shown near the beginning of this Guaranty. All revocation notices by Guarantor shall be kn
writing and shall be effective upon delivery to Lender as provided in the section of th itten r tentheedt"DrURATIIONsOF GtU g the parties,
Any party may change its address for notices under this Guaranty by giving
purpose of the notice is to change the party's address. For notice purposes, Guarantor agrees to keep Lender informed at all times of
Guarantor's current address. Unless otherwise provided or required by law, if there is more than one Guarantor, any notice given by Lender
to any Guarantor is deemed to be notice given to all Guarantors.
No Waiver by Lender. Lender shall not be deemed to have waived any rights under this Guaranty unless such waiver is given in writing and
signed by Lender. No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such right or any other
right. A waiver by Lender of a provision of this Guaranty shall not prejudice or constitute a waiver of Lender's right otherwise to demand
strict compliance with that provision or any other provision of this Guaranty. No prior waiver by Lender, nor any course of dealing between
Lender and Guarantor, shall constitute a waiver of any of Lender's rights or of any of Guarantor's obligations as to any future transactions.
Whenever the consent of Lender is required under this Guaranty, the granting of such consent by Lender in any instance shall not constitute
continuing consent to subsequent instances where such consent is required and in all cases such consent may be granted or withheld in
the sole discretion of Lender.
Successors and Assigns. Subject to any limitations stated in this Guaranty on transfer of Guarantor's interest, this Guaranty shall be
binding upon and inure to the benefit of the parties, their successors and assigns.
DEFINITIONS. The following capitalized words and terms shall have the following meanings when used in this Guaranty. Unless specifically
stated to the contrary, all references to dollar amounts shall mean amounts in lawful money of the United States of America. Words and terms
used in the singular shall include the plural, and the plural shall include the singular, as the context may require. Words and terms not otherwise
COMMERCIAL GUARANTY
Loan No: 761002013 (Continued) Page 3
defined in this Guaranty shall have the meanings attributed to such terms in the Uniform Commercial Code:
Borrower. The word "Borrower' means ASPEN HILLS DEVELOPMENT and includes all co- signers and co- makers signing the Note and all
their successors and assigns.
Guarantor. The word "Guarantor' means everyone signing this Guaranty, including without limitation LYNETTE SHARPE, and in each case,
any signer's successors and assigns.
Guaranty, The word "Guaranty" means this guaranty from Guarantor to Lender.
Indebtedness. The word "Indebtedness" means Borrower's indebtedness to Lender as more particularly described in this Guaranty.
Lender. The word "Lender" means 1st Bank, its successors and assigns.
Note. The word "Note" means and includes without limitation all of Borrower's promissory notes and/or credit agreements evidencing
Borrower's loan obligations in favor of Lender, together with all renewals of, extensions of, modifications of, refinancings of, consolidations
of and substitutions for promissory notes or credit agreements.
Related Documents. The words "Related Documents" mean all promissory notes, credit agreements, loan agreements, environmental
agreements, guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other instruments,
agreements and documents, whether now or hereafter existing, executed in connection with the Indebtedness.
EACH UNDERSIGNED GUARANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS GUARANTY AND AGREES TO ITS
TERMS. IN ADDITION, EACH GUARANTOR UNDERSTANDS THAT THIS GUARANTY IS EFFECTIVE UPON GUARANTOR'S EXECUTION AND
DELIVERY OF THIS GUARANTY TO LENDER AND THAT THE GUARANTY WILL CONTINUE UNTIL TERMINATED IN THE MANNER SET FORTH
IN THE SECTION TITLED "'DURATION OF GUARANTY NO FORMAL ACCEPTANCE BY LENDER IS NECESSARY TO MAKE THIS GUARANTY
EFFECTIVE. THIS GUARANTY IS DATED JUNE 25, 2008.
GUARANTOR:
X
LYN E
u.IPnC I.+ro. W. S. 41010W Caw. mania S.nna..,.. 100. 00 'Win n,r sd WV D.LLLSUn0. Gn1MENEt 054735
000422
COMMERCIAL GUARANTY
P11041
t1Ge1 i:,
iEti615:-�
References in the boxes above are tor Lender's use only and do not limit the applicability of this document to any particular loan o item.
Any item above containing has been omitted due to text length limitations.
Borrower: ASPEN HILLS DEVELOPMENT
2058 COUNTY ROAD 123
BEDFORD, WY 83112
Guarantor: WILLIAM T SHARPE
2056 COUNTY ROAD 123
BEDFORD. WY 83112
Lender:
1st Bank
Alpine
79 Highway 89
P.O. Box 3110
Alpine, WY 83128
(3071 654-3629
CONTINUING GUARANTEE OF PAYMENT AND PERFORMANCE. For good and valuable consideration, Guarantor absolutely and unconditionally
guarantees full and punctual payment and satisfaction of the Indebtedness of Borrower to Lender, and the performance and discharge of all
Borrower's obligations under the Note and the Related Documents. This is a guaranty of payment and performance and not of collection, so
Lender can enforce this Guaranty against Guarantor even when Lender has not exhausted Lender's remedies against anyone else obligated to
pay the Indebtedness or against any collateral securing the Indebtedness, this Guaranty or any other guaranty of the Indebtedness. Guarantor
will make any payments to Lender or its order, on demand, in legal tender of the United States of America, in same -day funds, without set -off or
deduction or counterclaim, and will otherwise perform Borrower's obligations under the Note and Related Documents. Under this Guaranty,
Guarantor's liability is unlimited and Guarantor's obligations are continuing.
INDEBTEDNESS. The word "Indebtedness" as used in this Guaranty means all of the principal amount outstanding from time to time and at any
one or more times, accrued unpaid interest thereon and all collection costs and legal expenses related thereto permitted by law, reasonable
attorneys' fees, arising from any and all debts, liabilities and obligations of every nature or form, now existing or hereafter arising or acquired,
that Borrower individually or collectively or interchangeably with others. owes or will owe Lender, "Indebtedness" includes, without limitation,
loans, advances, debts, overdraft indebtedness, credit card indebtedness, lease obligations, liabilities and obligations under any interest rate
protection agreements or foreign currency exchange agreements or commodity price protection agreements, other obligations, and liabilities of
Borrower, and any present or future judgments against Borrower, future advances, loans or transactions that renew, extend, modify, refinance,
consolidate or substitute these debts, liabilities and obligations whether: voluntarily or involuntarily incurred; due or to become due by their
terms or acceleration; absolute or contingent; liquidated or unliquidated; determined or undetermined; direct or indirect; primary or secondary in
nature or arising from a guaranty or surety; secured or unsecured; joint or several or joint and several; evidenced by a negotiable or
non negotiable instrument or writing; originated by lender or another or others; barred or unenforceable against Borrower for any reason
whatsoever; for any transactions that may be voidable for any reason (such as infancy. insanity, ultra vires or otherwise); end originated then
reduced or extinguished and then afterwards increased or reinstated.
If Lender presently holds one or more guaranties, or hereafter receives additional guaranties from Guarantor, Lender's rights under all guaranties
shall be cumulative. This Guaranty shall not (unless specifically provided below to the contrary) affect or invalidate any such other guaranties.
Guarantor's liability will be Guarantor's aggregate liability under the terms of this Guaranty and any such other unterminated guaranties.
CONTINUING GUARANTY. THIS IS A "CONTINUING GUARANTY" UNDER WHICH GUARANTOR AGREES TO GUARANTEE THE FULL AND
PUNCTUAL PAYMENT, PERFORMANCE AND SATISFACTION OF THE INDEBTEDNESS OF BORROWER TO LENDER, NOW EXISTING OR
HEREAFTER ARISING OR ACQUIRED, ON AN OPEN AND CONTINUING BASIS. ACCORDINGLY, ANY PAYMENTS MADE ON THE
INDEBTEDNESS WILL NOT DISCHARGE OR DIMINISH GUARANTOR'S OBLIGATIONS AND LIABILITY UNDER THIS GUARANTY FOR ANY
REMAINING AND SUCCEEDING INDEBTEDNESS EVEN WHEN ALL OR PART OF THE OUTSTANDING INDEBTEDNESS MAY BE A ZERO
BALANCE FROM TIME TO TIME.
DURATION OF GUARANTY. This Guaranty will take effect when received by Lender without the necessity of any acceptance by Lender, or any
notice to Guarantor or to Borrower, and will continue in full force until all the Indebtedness Incurred or contracted before receipt by Lender of
any notice of revocation shall have been fully and finally paid and satisfied and all of Guarantor's other obligations under this Guaranty shall have
been performed in full. If Guarantor elects to revoke this Guaranty, Guarantor may only do so in writing. Guarantor's written notice of
revocation must be mailed to Lender, by certified mail, at Lender's address listed above or such other place as Lender may designate in writing.
Written revocation of this Guaranty will apply only to new Indebtedness created after actual receipt by Lender of Guarantor's written revocation.
For this purpose and without limitation, the term new Indebtedness" does not Include the Indebtedness which at the time of notice of
revocation is contingent, unliquidated, undetermined or not due and which later becomes absolute, liquidated, determined or due. For this
purpose and without limitation, new Indebtedness" does not include all or part of the Indebtedness that is: incurred by Borrower prior to
revocation; incurred under a commitment that became binding before revocation; any renewals, extensions, substitutions, and modifications of
the Indebtedness. This Guaranty shall bind Guarantor's estate as to the Indebtedness created both before and after Guarantor's death or
incapacity, regardless of Lender's actual notice of Guarantor's death. Subject to the foregoing, Guarantor's executor or administrator or other
legal representative may terminate this Guaranty in the same manner in which Guarantor might have terminated it and with the same effect.
Release of any other guarantor or termination of any other guaranty of the Indebtedness shall not affect the liability of Guarantor under this
Guaranty. A revocation Lender receives from any one or more Guarantors shall not affect the liability of any remaining Guarantors under this
Guaranty. It is anticipated that fluctuations may occur in the aggregate amount of the Indebtedness covered by this Guaranty, and Guarantor
specifically acknowledges and agrees that reductions in the amount of the Indebtedness, even to zero dollars ($0.00), shall not constitute a
termination of this Guaranty. This Guaranty is binding upon Guarantor and Guarantor's hairs. successors and assigns so long as any of the
Indebtedness remains unpaid and even though the Indebtedness may from time to time be zero dollars (50.00).
GUARANTOR'S AUTHORIZATION TO LENDER. Guarantor authorizes Lender, either before or after any revocation hereof, without notice or
demand and without lessening Guarantor's liability under this Guaranty, from time to time: (Al prior to revocation as set forth above, to make
one or more additional secured or unsecured loans to Borrower, to lease equipment or other goods to Borrower. or otherwise to extend
additional credit to Borrower; JBl to alter, compromise, renew, extend, accelerate, or otherwise change one or more times the time for payment
or other terms of the Indebtedness or any part of the Indebtedness, including increases and decreases of the rate of interest on the
Indebtedness; extensions may be repeated and may be for longer than the original loan term; (C) to take and hold security for the payment of
this Guaranty or the Indebtedness, and exchange, enforce, waive, subordinate, fail or decide not to perfect, and release any such security, with
or without the substitution of new collateral; 101 to release, substitute, agree not to sue, or deal with any one or more of Borrower's sureties,
endorsers, or other guarantors on any terms or in any manner Lender may choose; 1E) to determine how, when and what application of
payments and credits shall be made on the Indebtedness; (F) to apply such security and direct the order or manner of sale thereof, including
without limitation, any nonjudicial sale permitted by the terms of the controlling security agreement or deed of trust, as Lender in its discretion
may determine; (0) to sell, transfer. assign or grant participations in all or any part of the Indebtedness; and (H) to assign or transfer this
Guaranty in whole or in part.
GUARANTOR'S REPRESENTATIONS AND WARRANTIES. Guarantor represents and warrants to Lender that (AI no representations or
agreements of any kind have been made to Guarantor which would limit or qualify in any way the terms of this Guaranty; IBI this Guaranty is
executed at Borrower's request and not at the request of Lender; (C) Guarantor has full power, right and authority to enter into this Guaranty;
101 the provisions of this Guaranty do not conflict with or result in a default under any agreement or other instrument binding upon Guarantor
and do not result in a violation of any law, regulation, court decree or order applicable to Guarantor; 1E) Guarantor has not and will not, without
the prior written consent of Lender, sell, lease. assign, encumber, hypothecate, transfer, or otherwise dispose of all or substantially all of
Guarantor's assets, or any interest therein; (FI upon Lender's request, Guarantor will provide to Lender financial and credit information in form
acceptable to Lender. and all such financial information which currently has been and all future financial information which will be provided to
Lender is and will be true and correct in all material respects and fairly present Guarantor's financial condition as of the dates the financial
information is provided; (0) no material adverse change has occurred in Guarantor's financial condition since the date of the most recent
financial statements provided to Lender and no event has occurred which may materially adversely affect Guarantor's financial condition; (H)
no litigation, claim, investigation, administrative proceeding or similar action (including those for unpaid taxes) against Guarantor is pending or
threatened; (I) Lender has made no representation to Guarantor as to the creditworthiness of Borrower; and (J) Guarantor has established
adequate means of obtaining from Borrower on a continuing basis information regarding Borrower's financial condition. Guarantor agrees to
keep adequately informed from such means of any facts, events, or circumstances which might in any way affect Guarantor's risks under this
Guaranty, and Guarantor further agrees that, absent a request for information, Lender shall have no obligation to disclose to Guarantor any
information or documents acquired by Lender in the course of its relationship with Borrower.
GUARANTOR'S WAIVERS. Except as prohibited by applicable law, Guarantor waives any right to require Lender (A) to continue lending
money or to extend other credit to Borrower; 181 to make any presentment, protest, demand, or notice of any kind, including notice of any
nonpayment of the Indebtedness or of any nonpayment related to any collateral, or notice of any action or nonaction on the part of Borrower,
Lender, any surety, endorser, or other guarantor in connection with the Indebtedness or in connection with the creation of new or additional
000423
Loan No: 761002013
COMMERCIAL GUARANTY
(Continued)
loans or obligations; (C) to resort for payment or to proceed directly or at once against any person. including Borrower or any other guarantor;
(D) to proceed directly against or exhaust any collateral held by Lender from Borrower, any other guarantor, or any other person; (E) to give
notice of the terms, time, and place of any public or private sale of personal property security held by Lender from Borrower or to comply with
any other applicable provisions of the Uniform Commercial Code; (F) to pursue any other remedy within Lender's power; or IGI to commit any
act or omission of any kind, or at any time, with respect to any matter whatsoever.
Guarantor also waives any and all rights or defenses based on suretyship or impairment of collateral including, but not limited to, any rights or
defenses arising by reason of (A) any one action" or "anti- deficiency" Iaw or any other law which may prevent Lender from bringing any
action, including a claim for deficiency, against Guarantor, before or after Lender's commencement or completion of any foreclosure action,
either judicially or by exercise of a power of sale; tat any election of remedies by Lender which destroys or otherwise adversely affects
Guarantors subrogation rights or Guarantor's rights to proceed against Borrower for reimbursement, including without limitation, any loss of
rights Guarantor may suffer by reason of any Iaw limiting, qualifying, or discharging the Indebtedness; (C) any disability or other defense of
Borrower, of any other guarantor, or of any other person, or by reason of the cessation of Borrower's liability from any cause whatsoever, other
than payment in full in legal tender, of the Indebtedness; (0) any right to claim discharge of the Indebtedness on the basis of unjustified
impairment of any collateral for the Indebtedness; (E) any statute of limitations, if at any time any action or suit brought by Lender against
Guarantor is commenced, there Is outstanding Indebtedness which is not barred by any applicable statute of limitations; or (F) any defenses
given to guarantors at law or in equity other than actual payment and performance of the Indebtedness. If payment is made by Borrower,
whether voluntarily or otherwise, or by any third party, on the Indebtedness and thereafter Lender is forced
to remit the amount of that payment
to Borrower's trustee in bankruptcy or to any similar person under any federal or state bankruptcy Iaw or Iaw for the relief of debtors, the
Indebtedness shall be considered unpaid tor the purpose of the enforcement of this Guaranty.
Guarantor further waives and agrees not to assert or claim at any time any deductions to the amount guaranteed under this Guaranty for any
claim of setoff, counterclaim, counter demand, recoupmant or similar right, whether such claim, demand or right may be asserted by the
Borrower, the Guarantor, or both.
GUARANTOR'S UNDERSTANDING WITH RESPECT TO WAIVERS. Guarantor warrants and agrees that each of the waivers set forth above is
made with Guarantor's full knowledge of its significance and consequences and that, under the circumstances, the waivers are reasonable and
not contrary to public policy or law. If any such waiver is determined to be contrary to any applicable Iaw or public policy, such waiver shall be
effective only to the extent permitted by law or public policy.
SUBORDINATION OF BORROWER'S DEBTS TO GUARANTOR. Guarantor agrees that the Indebtedness, whether now existing or hereafter
created, shall be superior to any claim that Guarantor may now have or hereafter acquire against Borrower, whether or not Borrower becomes
insolvent. Guarantor hereby expressly subordinates any claim Guarantor may have against Borrower, upon any account whatsoever, to any
claim that Lender may now or hereafter have against Borrower. In the event of insolvency and consequent liquidation of the assets of Borrower,
through bankruptcy, by an assignment for the benefit of creditors, by voluntary liquidation, or otherwise, the assets of Borrower applicable to
the payment of the claims of both Lender and Guarantor shall be paid to Lender and shall be first applied by Lender to the Indebtedness.
Guarantor does hereby assign to Lender all claims which it may have or acquire against Borrower or against any assignee or trustee in
bankruptcy of Borrower; provided however. that such assignment shall be effective only for the purpose of assuring to Lender full payment fn
legal tender of the Indebtedness. 0 Lender so requests, any notes or credit agreements now or hereafter evidencing any debts or obligations of
Borrower to Guarantor shall be marked with a legend that the same are subject to this Guaranty and shall be delivered to Lender. Guarantor
agrees, and Lender is hereby authorized, in the name of Guarantor, from time to time to file financing statements and continuation statements
and to execute documents and to take such other actions as Lender deems necessary or appropriate to perfect, preserve and enforce its rights
under this Guaranty.
MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Guaranty:
Amendments. This Guaranty, together with any Related Documents, constitutes the entire understanding and agreement of the parties as
to the matters set forth in this Guaranty. No alteration of or amendment to this Guaranty shall be effective unless given in writing and
signed by the party or parties sought to be charged or bound by the alteration or amendment.
Attorneys' Fees; Expenses. Guarantor agrees to pay upon demand all of Lender's costs and expenses, including Lender's reasonable
attorneys' fees and Lender's legal expenses, incurred in connection with the enforcement of this Guaranty. Lender may hire or pay
someone else to help enforce this Guaranty, and Guarantor shall pay the costs and expenses of such enforcement. Costs and expenses
include Lender's reasonable attorneys' fees and legal expenses whether or not there is a lawsuit, including reasonable attorneys' fees and
legal expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), appeals, and any
anticipated post judgment collection services. Guarantor also shall pay all court costs and such additional fees as may be directed by the
court.
Caption Headings. Caption headings in this Guaranty are for convenience purposes only and are not to be used to interpret or define the
provisions of this Guaranty.
Governing Law. This Guaranty will be governed by federal law applicable to Lender and. to the extent not preempted by federal law, the
laws of the State of Wyoming without regard to its conflicts of Iaw provisions.
Choice of Venue. If there is a lawsuit, Guarantor agrees upon Lender's request to submit to the jurisdiction of the courts of Lincoln County,
State of Wyoming.
Integration. Guarantor further agrees that Guarantor has read and fully understands the terms of this Guaranty; Guarantor has had the
opportunity to be advised by Guarantor's attorney with respect to this Guaranty; the Guaranty fully reflects Guarantor's intentions and parol
evidence is not required to interpret the terms of this Guaranty. Guarantor hereby indemnifies and holds Lender harmless from all losses,
claims, damages, and costs (including Lender's attorneys' fees) suffered or incurred by Lender as a result of any breach by Guarantor of the
warranties, representations and agreements of this paragraph.
Interpretation. In all cases where there is more than one Borrower or Guarantor, then all words used in this Guaranty in the singular shall
namedrindthishGuaranty the Guaranty is executed by more than one Guarantor, words there "Borrower" than one
and "Guarantor"
respectively shall mean all and any one or more of them. The words "Guarantor," "Borrower, and "Lender" include the heirs, successors,
assigns, and transferees of each of them. If a court finds that any provision of this Guaranty is not valid or should not be enforced, that
fact by provisions elf of his Guaranty even f p ov s o this n Guaranty may be found to r be d invalid or unenforceable. If enforce s any one or more of Guaraty will not be re
Borrower or Guarantor are corporations, partnerships, limited liability companies, s, managers, entitohet is agents necessary or purporting to ing T ire
into the powers of Borrower or Guarantor or of the officers, directors, partners,
their behalf, and any indebtedness made or created in reliance upon the professed exercise of such powers shall be guaranteed under this
Guaranty.
sha b Any v a rti e wh he n actually c
to be er ect, N n hen actually received shall writing, and,
otherwise required by notices by Guarantor, depos with
shall nationally lly recognized wn avernig overnight courier, ed, Y mail
postage prepaid, directed to the addresses shown mailed, near the the beg nning of t his U Gua Guaranty. Al revocation notices by certified Guarantor shall in
writing and shall be effective upon delivery to Lender as provided in the section of this Guaranty entitled "DURATION OF GUARANTY."
purpose of not ce to d change he party's address. G For r notice y purpos s. Guarantor n agrees e to keep Lender itnformedcat' t giving formal alt times of
Guarantor's current address. Unless otherwise provided or required by law, if there is more than one Guarantor, any notice given by Lender
to any Guarantor is deemed to be notice given to all Guarantors.
No Waiver by Lender. Lender shall not be deemed to have waived any rights under this Guaranty unless such waiver is given In writing and
ight A
signed by waiver by Lender of a provision of this Guaranty n shall in not prejudice or a of Lender's of ght oh erw se to demand
strict compiance with Lender and shall r
onsi tute wa ver any of Lenders Guaranty.
ights or of any of Guarantor's obligati dealing
ons as to any future consent by Lender in any instance Whenever consent of Lend is reuired under
continuing the
consent to subsequent instances where such such consent is required and in cases such consent may be g ant d or withheld in
the sole discretion of Lender.
Successors and Assigns. Subject to any limitations stated in this Guaranty on transfer of Guarantor's interest, this Guaranty shall be
binding upon and inure to the benefit of the parties, their successors and assigns.
DEFINITIONS. The following capitalized words and terms shall have the following meanings when used in this Guaranty. Unless specitically
stated to the contrary, all references to dollar amounts shall mean amounts in lawful money of the United States of America. Words and terms
used in the singular shall include the plural, and the plural shall include the singular, as the context may require. Words and terms not otherwise
000424
Page 2
Loan No: 761002013
COMMERCIAL GUARANTY
(Continued) Page 3
defined in this Guaranty shall have the meanings attributed to such terms in the Uniform Commercial Code:
Borrower. The word "Borrower" means ASPEN HILLS DEVELOPMENT and includes all co-signers and co- makers signing the Note and all
their successors and assigns.
Guarantor. The word "Guarantor" means everyone signing this Guaranty, including without limitation WILLIAM T SHARPE, and in each
case, any signer's successors and assigns.
Guaranty. The word "Guaranty" means this guaranty from Guarantor to Lender.
Indebtedness. The word "Indebtedness" means Borrower's indebtedness to Lender as more particularly described in this Guaranty.
Lender. The word "Lender" means 1st Bank, its successors and assigns.
Note. The word "Note" moans and includes without limitation all of Borrower's promissory notes and /or credit agreements evidencing
Borrower's loan obligations in favor of Lender, together with all renewals of, extensions of, modifications of, refinancings of, consolidations
of and substitutions for promissory notes or credit agreements.
Related Documents. The words "Related Documents" mean all promissory notes, credit agreements, loan agreements, environmental
agreements, guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other instruments,
agreements and documents, whether now or hereafter existing, executed in connection with the Indebtedness.
EACH UNDERSIGNED GUARANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS GUARANTY AND AGREES TO ITS
TERMS. IN ADDITION, EACH GUARANTOR UNDERSTANDS THAT THIS GUARANTY IS EFFECTIVE UPON GUARANTOR'S EXECUTION AND
DELIVERY OF THIS GUARANTY TO LENDER AND THAT THE GUARANTY WILL CONTINUE UNTIL TERMINATED IN THE MANNER SET FORTH
IN THE SECTION TITLED "DURATION OF GUARANTY NO FORMAL ACCEPTANCE BY LENDER IS NECESSARY TO MAKE THIS GUARANTY
EFFECTIVE. TH S GUARANTY IS DATED JUNE 25, 2008.
GUrAN Tt -R: f
WILLIAM T SHARPE
000425
Borrower: ASPEN HILLS DEVELOPMENT
2056 COUNTY ROAD 123
BEDFORD, WY 83112
CHANGE IN TERMS AGREE( NT
Pri cipa[;.
419,833:3
�25-2O ?E
References in the boxes above are or Lender's use only and do not limit the applicability of this document to any particular loan or item.
Any item above containing has been omitted due to text length limitations.
Lender:
1st Bank
Alpine
79 Highway 89
P.O. Box 3110
Alpine, WY 83128
1307) 654-3629
Principal Amount: $419,833.37 Date of Agreement: r'
DESCRIPTION OF EXISTING INDEBTEDNESS. ORIGINAL PROMISSORY NOTE 7 61 00201 3, DATED JUNE 25, 2008, WITH AN ORIGINAL
AMOUNT OF $476,987.87 AND A CURRENT BALANCE OF 5419,833.37.
DESCRIPTION OF COLLATERAL. MORTGAGE RECORDED JUNE 26, 2008, RECEIVING #940122 IN BOOK 698, ON PAGE 495, IN THE OFFICE
OF THE LINCOLN COUNTY CLERK.
DESCRIPTION OF CHANGE IN TERMS. AS OF TODAY'S DATE WE ARE EXTENDING THE MATURITY DATE FROM JULY 1, 2010 TO
OCTOBER 29, 2010. ALL OTHER TERMS WILL REMAIN THE SAME.
PAYMENT. Borrower will pay this loan in full immediately upon Lender's demand. If no demand is made, Borrower will pay this loan in one
principal payment of 5419,833.37 plus interest on October 29. 2010. This payment due on October 29, 2010, will be for all principal and all
accrued interest not yet paid. In addition. Borrower will pay regular monthly payments of all accrued unpaid interest due as of each payment
date, beginning July 1, 2010, with all subsequent interest payments to be due on the same day of each month after that. Unless otherwise
agreed or required by applicable law, payments will be applied first to any accrued unpaid interest; than to principal; than to any late charges;
and then to any unpaid collection costs. Borrower will pay Lender at Lender's address shown above or at such other place as Lender may
designate in writing.
INTEREST CALCULATION METHOD. Interest on this loan is computed on a 3651360 basis; that is, by applying the ratio of the interest rate over
a year of 360 days, multiplied by the outstanding principal balance, multiplied by the actual number of days the principal balance is outstanding.
All interest payable under this loan is computed using this method.
PREPAYMENT. Borrower may pay without penalty all or a portion of the amount owed earlier than it is due. Early payments will not, unless
agreed to by Lender in writing, relieve Borrower of Borrower's obligation to continue to make payments under the payment schedule. Rather,
early payments will reduce the principal balance due. Borrower agrees not to send Lender payments marked "paid in full "without recourse
or similar language. If Borrower sends such a payment, Lender may accept it without losing any of Lender's rights under this Agreement, and
Borrower will remain obligated to pay any further amount owed to Lender. All written communications concerning disputed amounts, including
any check or other payment instrument that indicates that the payment constitutes "payment in full" of the amount owed or that is tendered
with other conditions or limitations or as full satisfaction of a disputed amount must be mailed or delivered to: 1st Bank, Alpine, 79 Highway
89, P.O. Box 3110, Alpine, WY 83128.
LATE CHARGE. It a payment is 10 days or more late, Borrower will be charged 5.000% of the unpaid portion of the regularly scheduled
payment or 910.00, whichever is greater.
INTEREST AFTER DEFAULT. Upon default, including failure to pay upon final maturity, the total sum due under this Agreement will continue to
accrue interest at the interest rate under this Agreement.
DEFAULT. Each of the following shall constitute an Event of Deteuit under this Agreement:
Payment Default. Borrower fails to make any payment when due under the Indebtedness.
Other Defaults. Borrower fails to comply with or to perform any other term, obligation, covenant or condition contained in this Agreement
or in any of the Related Documents or to comply with or to perform any term, obligation, covenant or condition contained in any other
agreement between Lender and Borrower.
Default in Favor of Third Parties: Any guarantor or Borrower defaults under any loan, extension of credit, security agreement, purchase or
sales agreement, or any other agreement. in favor of any other creditor or person that may materially affect any of any guarantor's or
Borrower's property or ability to perform their respective obligations under this Agreement or any of the Related Documents.
False Statements. Any warranty, representation or statement made or furnished to Lender by Borrower or on Borrower's behalf under this
Agreement or the Related Documents is false or misleading in any material respect, either now or at the time made or furnished or becomes
false or misleading at any time thereafter.
Insolvency. The dissolution or termination of Borrower's existence as a going business, the insolvency of Borrower, the appointment of a
receiver for any part of Borrower's property, any assignment for the benefit of creditors, any type of creditor workout, or the
commencement of any proceeding under any bankruptcy or insolvency laws by or against Borrower.
Creditor or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self -help,
repossession or any other method, by any creditor of Borrower or by any governmental agency against any collateral securing the
Indebtedness. This includes a garnishment of any of Borrower's accounts, including deposit accounts, with Lender. However, this Event
of Default shall not apply if there is a good faith dispute by Borrower as to the validity or reasonableness of the claim which is the basis of
the creditor or forfeiture proceeding and if Borrower gives Lender written notice of the creditor or forfeiture proceeding and deposits with
Lender monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined by Lender, in its sole discretion, as being
an adequate reserve or bond for the dispute.
Events Affecting Guarantor. Any of the preceding events occurs with respect to any Guarantor of any of the Indebtedness or any
Guarantor dies or becomes incompetent, or revokes or disputes the validity of, or liability under, any Guaranty of the Indebtedness
evidenced by this Note.
Change In Ownership. Any change in ownership of twenty -live percent (25%) or more of the common stock of Borrower.
Adverse Change. A material adverse change occurs in Borrower's financial condition, or Lender believes the prospect of payment or
performance of the Indebtedness is impaired.
Insecurity. Lender in good faith believes itself insecure.
LENDER'S RIGHTS. Upon default, Lender may declare the entire unpaid principal balance under this Agreement and all accrued unpaid interest
immediately due, and then Borrower will pay that amount.
ATTORNEYS' FEES; EXPENSES. Lender may hire or pay someone else to help collect this Agreement if Borrower does not pay. Borrower will
pay Lender that amount. This includes, subject to any limits under applicable law, Lender's reasonable attorneys' fees and legal rexpens s,
whether or not there is a lawsuit, including without limitation all reasonable attorneys' fees and legal expenses for bankruptcy p 9
(including efforts to modify or vacate any automatic stay or injunction), and appeals. If not prohibited by applicable law, Borrower also will pay
any court costs, in addition to all other sums provided by law.
GOVERNING LAW. This Agreement will be governed by federal law applicable to Lender and, to the extent not preempted by federal law, the
laws of the State of Wyoming without regard to its conflicts of law provisions. This Agreement has been accepted by Lender in the State of
Wyoming.
CHOICE OF VENUE. If there is a lawsuit, Borrower agrees upon Lender's request to submit to the jurisdiction of the courts of Lincoln County,
State of Wyoming.
DISHONORED ITEM FEE. Borrower will pay a fee to Lender of 525.00 if Borrower makes a payment on Borrower's loan and the check or
preauthorized charge with which Borrower pays is later dishonored.
RIGHT OF SETOFF. To. the extent permitted by applicable law, Lender reserves a right of setoff in all Borrower's accounts with Lender (whether
checking, savings, or some other account). This includes all accounts Borrower holds jointly with someone else and all accounts Borrower may
open in the future. However, this does not include any IRA or Keogh accounts, or any trust accounts for which setoff would be prohibited by
law. Borrower authorizes Lender, to the extent permitted by applicable law, to charge or setoff all sums owing on the indebtedness against any
and all such accounts, and, at Lender's option, to administratively freeze all such accounts to allow Lender to protect Lender's charge and setoff
rights provided in this paragraph.
1.
000426
CHANGE IN TERMS AGREEM T
Loan No: 761002013 (Continued) Page 2
COLLATERAL. Borrower acknowledges this Agreement is secured by the following collateral described in the security instrument listed herein: a
Mortgage dated to Lender on real property located in LINCOLN County, State of Wyoming.
CONTINUING VALIDITY. Except as expressly changed by this Agreement, the terms of the original obligation or obligations, including all
agreements evidenced or securing the obligation's), remain unchanged and in full force and effect. Consent by Lender to this Agreement does
not waive Lender's right to strict performance of the obligation's) as changed, nor obligate Lender to make any future change in terms. Nothing
in this Agreement will constitute a satisfaction of the obligation's). It is the intention of Lender to retain as liable parties all makers and
endorsers of the original obligation's), including accommodation parties, unless a party is expressly released by Lender in writing. Any maker or
endorser, including accommodation makers, will not be released by virtue of this Agreement. If any person who signed the original obligation
does not sign this Agreement below, then all persons signing below acknowledge that this Agreement is given conditionally, based on the
representation to Lender that the non- signing party consents to the changes and provisions of this Agreement or otherwise will not be released
by it. This waiver applies not only to any initial extension, modification or release, but also to all such subsequent actions.
SUCCESSORS AND ASSIGNS. Subject to any limitations stated in this Agreement on transfer of Borrower's interest, this Agreement shall be
binding upon and inure to the benefit of the parties. their successors and assigns. If ownership of the Collateral becomes vested in a person
other than Borrower. Lender, without notice to Borrower, may deal with Borrower's successors with reference to this Agreement and the
Indebtedness by way of forbearance or extension without releasing Borrower from the obligations of this Agreement or liability under the
Indebtedness.
MISCELLANEOUS PROVISIONS. This Agreement is payable on demand. The inclusion of specific default provisions or rights of Lender shall not
preclude Lender's right to declare payment of this Agreement on its demand. If any part of this Agreement cannot be enforced, this fact will not
affect the rest of the Agreement. Lender may delay or forgo enforcing any of its rights or remedies under this Agreement without losing them.
Borrower and any other person who signs, guarantees or endorses this Agreement, to the extent allowed by law, waive presentment, demand
for payment, and notice of dishonor. Upon any change in the terms of this Agreement, and unless otherwise expressly stated in writing, no
party who signs this Agreement, whether as maker, guarantor, accommodation maker or endorser, shall be released from liability. All such
parties agree that Lender may renew or extend (repeatedly and for any length of time) this loan or release any party or guarantor or collateral; or
impair, fail to realize upon or perfect Lender's security interest in the collateral; and take any other action deemed necessary by Lender without
the consent of or notice to anyone. All such parties also agree that Lender may modify this loan without the consent of or notice to anyone
other than the party with whom the modification is made. The obligations under this Agreement are joint and several.
PRIOR TO SIGNING THIS AGREEMENT. BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS AGREEMENT. BORROWER
AGREES TO THE TERMS OF THE AGREEMENT.
CHANGE IN TERMS SIGNERS:
/r f
X L SHARPE A X WI0LLI M T SHARPE
t
ASPEN HILLS DEVELOPMENT
By: i I
E'YN TIE SHARPE. President Of ASPEN HILLS
DEVELOPMENT
LENDER:
1ST BANK
James Robinson, Loan Omer
•zrx.m:mr.V..sm.mi: MO. .0 WPM ,........w �.crruxwac.rc 1114m
000427
RECORDATION REQUESTED BY:
1 st Bank
Alpine
79 Highway 89
P.O. Box 3110
Alpine, WY 83128
WHEN RECORDED MAIL TO:
1st Bank
Alpine
79 Highway 89
P.O. Box 3110
Alpine, WY 83128
SEND TAX NOTICES TO:
1st Bank
Alpine
79 Highway 89
P.O. Box 3110
Alpine WY 83128
RECEIVED 6/26/2008 at 3:58 PM
RECEIVING 9401
BOOK: 698 PAGE: 495
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER. WY
O )495
SPACE ABOVE THIS LINE 1S FOR RECORDER'S USE ONLY
000429
MORTGAGE
THIS MORTGAGE dated June 25, 2008, is made and executed between ASPEN HILLS DEVELOPMENT, A
WYOMING CORPORATION (referred to below as "Grantor and 1st Bank, whose address is 79 Highway 89, P.O.
Box 3110, Alpine, WY 83128 (referred to below as "Lender
GRANT OF MORTGAGE. For valuable consideration. Grantor mortgages and conveys to Lender all of Grantor's right, title, and interest in and to
the following described real property, together with all existing or subsequently erected or affixed buildings, improvements and fixtures; all
easements, rights of way, and appurtenances; all water, water rights, watercourses and ditch rights (including stock in utilities with ditch or
irrigation rights); and all other rights, royalties, and profits relating to the real property, including without limitation all minerals, oil, gas,
geothermal and similar matters, (the "Real Property") located in LINCOLN County, State of Wyoming:
See EXHIBIT A. which is attached to this Mortgage and made a part of this Mortgage as if fully set forth
herein.
The Real Property or its address is commonly known as LOTS 1, 18 AND 19 SUTER CANYON SUBDIVISION,
BEDFORD, WY 83112.
Grantor presently assigns to Lender all of Grantor's right, title, and interest in and to all present and future leases of the Property and all Rents
from the Property. In addition, Grantor grants to Lender a Uniform Commercial Code security interest in the Personal Property and Rents,
THIS MORTGAGE, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY, IS
GIVEN TO SECURE
DOCUMENTS, AND THIS MORTGAGE. HIS MORTGAGE IS GIVEN AND ACCEPTED THE NOTE, OF ANY AND ALL OBLIGATIONS UNDER
ACCEP ED ON HE FOL OWING T RMS:
THE RELATED
PAYMENT AND PERFORMANCE. Except as otherwise provided in this Mortgage, Grantor shall pay to Lender all amounts secured by this
Mortgage as they become due and shall strictly perform all of Grantor's obligations under this Mortgage. shall be governed by
POSSESSION AND MAINTENANCE OF THE PROPERTY. Grantor agrees that Grantor's possession and use of the Property 9
the following provisions:
Possession and Use. Until the occurrence of an Event of Default, Grantor may (11 remain in possession and control of the Property; (2)
use, operate or manage the Property; and (3) collect the Rents from the Property. perform all repairs, replacements, and
Duty to Maintain. Grantor shall maintain the Property in tenantable condition and promptly p
maintenance necessary to preserve its value.
the P op ,thh a Environmal
be en no use ge erraai on, r manufacture, torage, disposal, rel ase the period of
release of any Hazardous
the sta there has b no use. g
been except as previously on, under, about disclosed and o eckn acknowledged by Lender in wr t ng, la) any breach on of any Environmental a Laws,
Ib1 any use, generation, manufacture, storage. treatment, disposal, release or threatened release of any Hazardous Substance on, under,
about or from the Property by any prior owners or occupants of the Property, or (c) any actual or threatened litigation or claims of any neither
kind Grantor nor any tenant, contr ctor1 gent other authorized user of previously
he Property shall use acknowledged
ate, ma of cture, entreat, i
Gr dispose of
with la or rase a plic b cable f Suate rance on,
end local laws, gulati n and ordinanc s, includ ng without lim tti n all I Environ entel Laws• Grantor
with ail s Lend er afnd d its agsente,
authorizes Leer and is ents to enter upon the Property to make such inspections and tests, at Grantor's expense, as Lender may deem
appropriate to determine compliance of the Property with this section of the Mortgage. Any inspections or tests made by Lender shall be
for persona The representations ns construed to Grantor's sdue cefinainvestigating her other
Hazardous Substances. Grantor hereby (1) releases and waives any future claims against Lender for
indemnify, defend, and hold harmless
or indemnity or contribution in the
event Grantor becomes liable for losses, o other costs under any such laws; and (2) ogees to entrr may manufacture or i re ctly disposal
o r
Lender a
der againinst any y and a
nd all claims, losses, tf aliabilities, damages, penalties, and expenses which Lender may directly or ndirectly sustain or
suffer resulting from a breach of this section of the Mortgage or as a consequence of any use, g
have been known to Grantor release The provisions of this section ownership he the
Mortgage, including obligation to whether ndemnify and defend, shall survive
release or threatened the payment of the indebtedness and the satisfaction and reconveyance of the lien of this Mortgage and shall not be affected by Lender's
acquisition of any interest in the Property, whether by foreclosure or otherwise. i of or waste on or (0
Neisa .ce. Waste. Grantor shall nut cause, conduct or permit any nuisance nor commit, permit, or suffer any stripping
the Property or any portion of the Property. Without limiting the generality of the foregoing, Grantor will not remove, or grant to any other
party the right to remove, any timber. minerals (including oil and gas), coal, clay, scoria, soil, gravel or rock products without Lender's prior
written consent.
consent. of
As a to he removal r of any Improvements, Lender m y require Grantor to make arrangements ment without satisfactory prior
o Lender to
replace such Improvements with Improvements of at least equal value.
Lender's Right to Enter. Lender and Lender's agents and representatives may enter upon the Real Property at all reasonable times to atten for purposes of Grantor's compliance with the terms and conditions of this Mortgage. d
to m lien i with G o er n to inspect Re the Real s. Gra P P with all laws, ordinances, and regulations, now or hereafter
in Compliance with Governmental authorities Grantor the promptly comply u
With Disabilities Act. tt Grantor i ru ay t contest in ood faith u any such law, ordnance, egulation w w thholdmcoampliance during any
s ole opi n i on including Lender's into interests in the Pr are not jeopardized. notified
ender may require Gra a prior to doing so and so long
Grantor to post adequate security or a surety bond,
role opinion,
reasonably satisfactory to Lender, to protect Lender's interest. Grantor shall do all other acts, in addition to [hose
Duty t Protect. Grantor agrees neither to abandon or leave unattended the Property.
acts set forth above in this section, which from the character and use of the Property are reasonably necessary to protect and preserve the
Property.
Loan No: 761002013
MORTGAGE
(Continued)
000429
4:O 496 Page 2
DUE ON SALE CONSENT BY LENDER. Lender may, at Lender's option, declare immediately due and payable all sums secured by this
Mortgage upon the sale or transfer, without Lender's prior written consent, of all or any part of the Real Property, or any interest in the Real
Property., A "sale or transfer" means the conveyance of Real Property or any right, title or interest in the Real Property; whether legal, beneficial
or equitable; whether voluntary or involuntary; whether by outright sale, deed, installment sale contract, land contract, contract for deed,
leasehold interest with a term greater than three (3) years. lease option contract, or by sale, assignment, or transfer of any beneficial interest in
or to any land trust holding title to the Real Property, or by any other method of conveyance of an interest in the Real Property. If any Grantor is
a corporation, partnership or limited liability company, transfer also includes any change in ownership of more than twenty-five percent (25 of
the voting stock, partnership interests or limited liability company interests, as the case may be, of such Grantor. However, this option shall not
be exercised by Lender if such exercise is prohibited by federal law or by Wyoming law.
TAXES AND LIENS. The following provisions relating to the taxes and liens on the Property are part of this Mortgage:
Payment. Grantor shoe pay when due land in all events prior to delinquency) all taxes, payroll taxes, special taxes, assessments, water
charges and sewer service charges levied against or on account of the Property, and shall pay when due all claims for work done on or for
services rendered or material fumished to the Property. Grantor shall maintain the Property free of any liens having priority over or equal to
the interest of Lender under this Mortgage, except for those liens specifically agreed to in writing by Lender. and except for the lien of taxes
and assessments not due as further specified in the Right to Contest paragraph.
Right to Contest. Grantor may withhold payment of any tax, assessment, or claim in connection with a good faith dispute over the
obligation to pay, so long as Lender's interest in the Property is not jeopardized. If a lien arises or is filed as a result of nonpayment,
Grantor shall within fifteen (15) days after the lien arises or if a lien is filed, within fifteen (15) days after Grantor has notice of the filing,
secure the discharge of the lien, or if requested by Lender, deposit with Lender cash or a sufficient corporate surety bond or other security
satisfactory to Lender in an amount sufficient to discharge the lien plus any costs and reasonable attorneys' fees, or other charges that
could accrue as a result of a foreclosure or sale under the lien. In any contest, Grantor shall defend Itself and Lender and shall satisfy any
adverse judgment before enforcement against the Property. Grantor shall name Lender as an additional obligee under any surety bond
furnished in the contest proceedings.
Evidence of Payment. Grantor shall upon demand furnish to Lender satisfactory evidence of payment of the taxes or assessments and shall
authorize the appropriate governmental official to deliver to Lender at any time a written statement of the taxes and assessments against
the Property.
Notice of Construction. Grantor shall notify Lender at least fifteen (15) days before any work is commenced, any services are furnished, or
any materials are supplied to the Property, if any mechanic's lien, materlalmen's lien, or other lien could be asserted on account of the
work, services, or materials. Grantor will upon request of Lender furnish to Lender advance assurances satisfactory to Lender that Grantor
can and will pay the cost of such improvements.
PROPERTY DAMAGE INSURANCE. The following provisions relating to insuring the Property are a part of this Mortgage:
Maintenance of insurance. Grantor shall procure and maintain policies of fire insurance with standard extended coverage endorsements on
a replacement basis for the full insurable value covering all Improvements on the Real Property in an amount sufficient to avoid application
of any coinsurance clause, and with a standard mortgagee clause in favor of Lender. Grantor shall also procure and maintain
comprehensive general liability insurance in such coverage amounts as Lender may request with Lender being named as additional insureds
in such liability insurance policies. Additionally, Grantor shall maintain such other Insurance, including but not limited to hazard, business
interruption and boiler insurance as Lender may require. Policies shall be written by such insurance companies and in such form as may be
reasonably acceptable to Lender. Grantor shall deliver to Lender certificates of coverage from each insurer containing a stipulation that
coverage will not be cancelled or diminished without a minimum of thirty (30) days' prior written notice to Lender and not containing any
disclaimer of the insurer's liability for failure to give such notice. Each insurance policy also shall include an endorsement providing that
coverage in favor of Lender wit not be impaired in any way by any act, omission or default of Grantor or any other person. Should the Real
Property be located in an area designated by the Director of the Federal Emergency Management Agency as a special flood hazard area,
Grantor agrees to obtain and maintain Federal Flood Insurance, if available, for the full unpaid principal balance of the loan and any prior
liens on the property securing the loan; up to the maximum policy limits set under the National Rood Insurance Program, or as otherwise
required by Lender. and to maintain such insurance for the term of the loan.
Application of Proceeds. Grantor shall promptly notify Lender of any loss or damage to the Property if the estimated cost of repair or
replacement exceeds $1,000.00. Lender may make proof of loss if Grantor fails to do so within fifteen (15) days of the casualty. Whether
or not Lender's security is impaired, Lender may, at Lender's election, receive and retain the proceeds of any insurance and apply the
proceeds to the reduction of the Indebtedness, payment of any lien affecting the Property, or the restoration and repair of the Property. If
Lender elects to apply the proceeds to restoration and repair, Grantor shall repair or replace the damaged or destroyed Improvements In a
manner satisfactory to Lender. Lender shall, upon satisfactory proof of such expenditure, pay or reimburse Grantor from the proceeds for
the reasonable cost of repair or restoration if Grantor is not in default under this Mortgage. Any proceeds which have not been disbursed
within 180 days after their receipt and which Lender has not committed to the repair or restoration of the Property shall be used first to pay
any amount owing to Lender under this Mortgage. then to pay accrued interest, and the remainder, if any, shall be applied to the principal
balance of the Indebtedness. If Lender holds any proceeds after payment in full of the Indebtedness, such proceeds shall be paid to Grantor
as Grantor's interests may appear.
Grantor's Report on Insurance. Upon request of Lender, however not more than once a year, Grantor shall furnish to Lender a report on
each existing policy of insurance showing: (11 the name of the insurer, (2) the risks insured; (3) the amount of the policy; (4) the
property insured, the then current replacement value of such property, and the manner of determining that value; and (51 the expiration
date of the policy. Grantor shall, upon request of Lender, have an independent appraiser satisfactory to Lender determine the cash value
replacement cost of the Property.
LENDER'S EXPENDITURES. If any action or proceeding is commenced that would materially affect Lender's interest in the Property or if Grantor
fails to comply with any provision of this Mortgage or any Related Documents, including but not limited to Grantor's failure to discharge or pay
when due any amounts Grantor is required to discharge or pay under this Mortgage or any Related Documents, Lender on Grantor's behalf may
(but shall not be obligated to) take any action that Lender deems appropriate, including but not limited to discharging or paying all taxes, liens,
security interests, encumbrances and other claims, at any time levied or placed on the Property and paying all costs for insuring, maintaining and
preserving the Property. All such expenditures incurred or paid by Lender for such purposes will then bear interest at the rate charged under the
Note from the date incurred or paid by Lender to the date of repayment by Grantor. All such expenses will become a part of the Indebtedness
and, at Lender's option, will (Al be payable on demand; (51 be added to the balance of the Note and be apportioned among and be payable
with any installment payments to become due during either (1) the term of any applicable insurance policy; or (2) the remaining term of the
Note; or (C) be treated as a balloon payment which will be due and payable at the Note's maturity. The Mortgage also will secure payment of
these amounts. Such right shall be in addition to ell other rights and remedies to which Lender may be entitled upon Default.
WARRANTY: DEFENSE OF TITLE. The following provisions relating to ownership of the Property are a part of this Mortgage:
Title. Grantor warrants that: (al Grantor holds good and marketable title of record to the Property in tee simple, free and clear of all liens
and encumbrances other than those set forth in the Real Property description or in any title insurance policy, title report, or final title opinion
issued in favor of, and accepted by, Lender in connection with this Mortgage, and lb) Grantor has the full right, power, and authority to
execute and deliver this Mortgage to Lender.
Defense of Title. Subject to the exception in the paragraph above, Grantor warrants and will forever defend the title to the Property against
the lawful claims of all persons. In the event any action or proceeding is commenced that questions Grantor's title or the interest of Lender
under this Mortgage, Grantor shall defend the action at Grantor's expense. Grantor may be the nominal party in such proceeding, but
Lender shall be entitled to participate in the proceeding and to be represented in the proceeding by counsel of Lender's own choice. and
Grantor will deliver, or cause to be delivered, to Lender such instruments as Lender may request from time to time to permit such
participation.
Compliance With Laws. Grantor warrants that the Property and Grantor's use of the Property complies with all existing applicable laws,
ordinances. and regulations of governmental authorities.
Survival of Representations and Warranties. All representations, warranties, and agreements made by Grantor in this Mortgage shall
survive the execution and delivery of this Mortgage, shall be continuing in nature, and shall remain in full force and effect until such time as
Grantor's Indebtedness shall be paid in full.
CONDEMNATION. The following provisions relating to condemnation proceedings are a part of this Mortgage:
Proceedings. If any proceeding in condemnation is filed, Grantor shall promptly notify Lender in writing, and Grantor shell promptly take
Loan No: 761002013
MORTGAGE
(Continued)
000430
t,; OO43 Page 5
shall not constitute continuing consent to subsequent instances where such consent is required and in all cases such consent may be
granted or withheld in the sole discretion of Lender.
Severabil'ity. If a court of competent jurisdiction finds any provision of this Mortgage to be illegal, invalid, or unenforceable as to any
circumstance, that finding shall not make the offending provision illegal, invalid, or unenforceable as to any other circumstance. If feasible,
the offending provision shall be considered modified so that it becomes legal, valid and enforceable. If the offending provision cannot be so
modified, it shall be considered deleted from this Mortgage. Unless otherwise required by law, the illegality, invalidity, or unenforceability
of any provision of this Mortgage shall not affect the legality, validity or enforceability of any other provision of this Mortgage.
Merger. There shall be no merger of the interest ar estate created by this Mortgage with any other interest or estate In the Property at any
time held by or for the benefit of Lender in any capacity, without the written consent of Lender.
Successors and Assigns. Subject to any limitations stated in this Mortgage on transfer of Grantor's interest, this Mortgage shall be binding
upon and inure to the benefit of the parties, their successors and assigns. If ownership of the Property becomes vested in a person other
than Grantor, Lender, without notice to Grantor, may deal with Grantor's successors with reference to this Mortgage and the Indebtedness
by way of forbearance or extension without releasing Grantor from the obligations of this Mortgage or liability under the Indebtedness.
Time is of the Essence. Time is of the essence in the performance of this Mortgage.
Waiver of Homestead Exemption. Grantor hereby releases and waives all rights and benefits of the homestead exemption laws of the State
of Wyoming as to all Indebtedness secured by this Mortgage.
DEFINITIONS. The following capitalized words and terms shall have the following meanings when used in this Mortgage. Unless specifically
stated to the contrary, all references to dollar amounts shall mean amounts in lawful money of the United States of America. Words and terms
used in the singular shall include the plural, and the plural shall include the singular, as the context may require. Words and terms not otherwise
defined in this Mortgage shall have the meanings attributed to such terms in the Uniform Commercial Code:
Borrower. The word "Borrower" means ASPEN HILLS DEVELOPMENT and includes all co- signers and co- makers signing the Note and all
their successors and assigns.
Default. The word "Default" means the Default set forth in this Mortgage in the section titled "Default
Environmental Laws. The words "Environmental Laws" mean any and all state, federal and local statutes, regulations and ordinances
relating to the protection of human health or the environment, including without limitation the Comprehensive Environmental Response,
Compensation, and Liability Act of 1980, as amended, 42 U.S.C. Section 9601, et seq. 1 "CERCLA "1, the Superfund Amendments and
Reauthorization Act of 1986, Pub. L. No. 99 -499 ("SARA"), the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, et seq.,
the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901, et seq., or other applicable state or federal laws. rules, or
regulations adopted pursuant thereto.
Event of Default. The words 'Event of Default" mean any of the events of default set forth in this Mortgage in the events of default
section of this Mortgage.
Grantor. The word "Grantor" means ASPEN HILLS DEVELOPMENT.
Guarantor. The word "Guarantor" means any guarantor, surety, or accommodation party of any or all of the Indebtedness.
Guaranty. The word "Guaranty" means the guaranty from Guarantor to Lender, including without limitation a guaranty of all or part of the
Note.
Hazardous Substances. The words "Hazardous Substances" mean materials that, because of their quantity, concentration or physical,
chemical or infectious characteristics, may cause or pose a present or potential hazard to human health or the environment when
improperly used, treated, stored, disposed of, generated, manufactured, transported or otherwise handled. The words "Hazardous
Substances" are used in their very broadest sense and include without limitation any and all hazardous or toxic substances, materials or
waste as defined by or listed under the Environmental Laws. The term "Hazardous Substances" also includes, without limitation, petroleum
and petroleum by- products or any fraction thereof and asbestos.
Improvements. The word 'Improvements" means all existing and future improvements, buildings, structures, mobile homes affixed on the
Real Property, facilities, additions, replacements and other construction on the Real Property.
Indebtedness. The word "Indebtedness" means all principal, interest, and other amounts, costs and expenses payable under the Note or
Related Documents, together with all renewals of, extensions of, modifications of, consolidations of and substitutions for the Note or
Related Documents and any amounts expended or advanced by Lender to discharge Grantor's obligations or expenses incurred by Lender to
enforce Grantor's obligations under this Mortgage, together with interest on such amounts as provided in this Mortgage.
Lander. The word "Lender" means 1st Bank, its successors and assigns.
Mortgage. The word "Mortgage" means this Mortgage between Grantor and Lender.
Note. The word "Note" means the promissory note dated June 25, 2008, in the original principal amount of $476.987.87 from
Grantor to Lender, together with all renewals of, extensions of, modifications of,.refinancings of, consolidations of, and substitutions for
the promissory note or agreement.
Personal Property. The words "Personal Property" mean all equipment, fixtures, and other articles of personal property now or hereafter
owned by Grantor, and now or hereafter attached or affixed to the Real Property; together with all accessions, parts, and additions to, all
replacements of, and all substitutions for, any of such property; and together with all proceeds (including without limitation all Insurance
proceeds and refunds of premiums) from any sale or other disposition of the Property.
Property. The word "Property' means collectively the Real Property and the Personal Property.
Real Property. The words "Real Property" mean the real property. interests and rights, as further described in this Mortgage.
Related Documents. The words "Related Documents" mean all promissory notes, credit agreements, loan agreements, environmental
agreements, guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other instruments,
agreements and documents, whether now or hereafter existing, executed in connection with the Indebtedness.
Rents. The word "Rents" means all present and future rents, revenues, income, issues, royalties, profits, and other benefits derived from
the Property.
GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE, AND GRANTOR AGREES TO ITS TERMS.
GRANTOR:
ASPEN HILLS DEVELOPMENT
By_,. k1 yy .f�,� .P,.a
LY PE, President of ASPEN HILLS
DEVELOPMENT
Loan No: 761002013
State off Q
County of ,L l( ;i l
This instrument was acknowledged before me an
DEVELOPMENT.
CHERYL A. JONES NOTARY PUBLIC
County oi Sweat
Urcoin Wyoming
My Commission Expires Feb. 4, 2009
CORPORATE ACKNOWLEDGMENT
MORTGAGE
(Continued)
(date) by LYNETTE SHARPE, President of ASPEN HILLS
''1N. arial Signature
My commission expires:
000431
Page 6
LASER PRO Lending, Ver. 5.41.00.004 Copr. Harland Financial Solutions, Inc. 1997, 2008. All Rights Reserved. WY
DALASERFRO \FNB \CFI \LPL \G03.FC TR -7730
000432
EXHIBIT "A" L-00501
AS TO PARCEL 1
LOT ONE (1) OF SUTER'S CANYON SUBDIVISION RECORDED SEPTEMBER 27, 2007 AT DOCUMENT NUMBER 933480,
IN THE OFFICE OF THE CLERIC, LINCOLN COUNTY, WYOMING.
AS TO PARCEL 2
LOT 18 AND LOT 19 OF STIR'S CANYON SUBDIVISION PHASE TWO RECORDED MAY 7, 2008 AT DOCUMENT
NUMBER 938819, IN THE OFFICE OF THE CLERK, LINCOLN COUNTY, WYOMING.
Yttigtat�
�saiti�lr��,
AFFIDAVIT OF MAILING OF NOTICE OF FORECLOSURE SALE
John P. LaBuda, of lawful age, being first duly sworn upon his oath according to law,
deposes and says:
1. That he is an attorney generally admitted to practice law within the State of
Wyoming; that he is one of the attorneys for and is representing 1 Bank of
Afton, Wyoming, in its foreclosure of that certain mortgages dated June 25,
2008, wherein Aspen Hills Deveopment, Inc., a Wyoming corporation is the
Mortgagor and 1st Bank of Afton, Wyoming, is the Mortgagee, said Mortgage
having being filed for record in the Office of the County Clerk and Ex- Officio
Register of Deeds within and for Lincoln County, Wyoming, on June 26, 2008, in
Book 698, at Page 495 et. seq. at Rec.# 940122.
2. That on December 1, 2010, he deposited in the United State Post Office at
Pinedale, Wyoming, Notice of Foreclosure Sale, hereinafter set forth, postage
prepaid and address and sent by certified mail, to the following persons, at their
last known address, they being the owners of record and persons in possession
of the mortgaged premises:
Aspen Hills Development, Inc.
Registered Agent
Lynette Sharpe
2056 CR 123
Bedford, WY 83112
Aspen Hills Development, Inc.
Registered Agent
Lynette Sharpe
2056 County Road 123
Bedford, WY 83112
William T. Sharpe
2056 County Road 123
Bedford, WY 83112
Lynette Sharpe
2056 County Road 123
Bedford, WY 83112
None existed.
604/433
3. That on December 1, 2010, he deposited in the United State Post Office at
Pinedale, Wyoming, Notice of Foreclosure Sale, hereinafter set forth, postage
prepaid and address and sent by certified mail, to the following holders of
recorded mortgages and liens subordinate to the mortgage being foreclosed:
4. That a true copy of said Notice of Foreclosure Sale is attached hereto, marked
"Exhibit B and by this reference made a part hereof.
DATED this
John P. LaBuda
State of Wyoming
County of Sublette
day of January, 2011.
ss
Subscribed and sworn to before me this
Witness my hand and official seal.
My commission expires:
000434
sannie Whinne Notary Public
County of State of
Sublattte l'p_ Wyoming
My Commission 5xplres 5124/2014
NOTICE OF FORECLOSURE SALE
WHEREAS, the power of sale in the following- described Mortgage, duly recorded as
hereinafter specified, having become operative by the default in a condition of such Mortgage by
the Mortgagor, and no suit or proceeding having been instituted to recover the debt thereby
secured, or any part thereof, 1st Bank, Alpine, Alpine, Wyoming, the Mortgagee therein, hereby
states and gives notice that:
1. The aforesaid Mortgage, dated June 25, 2008, was filed of record on June 26,
2008, Receiving 940122, in Book 698, Page 495 et. seq., in the Office of the
County Clerk and Ex- Officio Register of Deeds in Lincoln County, Wyoming.
2. That written notice of intent to foreclose the aforesaid Mortgage by
advertisement and sale has been served upon Aspen Hills Development, a
Wyoming corporation, as record owner and person in possession, and upon
William T Sharpe and Lynette Sharpe, as guarantors and possible persons in
possession, by certified mail with return receipt, mailed to the last known
address of said record owner and persons in possession on the 19th day of
November, 2010.
3. The amount claimed to be due on said Mortgage as of November 8, 2010, for
principal, interest, and late fees, is the sum of $432,634.22, together with all
accruing interest at the rate of $84.55 per day, advances, attorney fees, costs,
fees, and expenses of foreclosure.
4. The mortgaged premises are described as:
Lots Twenty Three (23) and Twenty Four (24), Suter's Canyon
Subdivision Phase Two, Second Filing, recorded December 22, 2008
at Document No. 944254, in the Office of the County Clerk, Lincoln
County, Wyoming, formerly Lots Eighteen (18) and Nineteen (19),
Suter's Canyon Subdivision Phase Two, recorded May 7, 2008, at
Document Number 938819, in the Office of the county Clerk, Lincoln
County, Wyoming;
Together with all improvements thereon, and easements,
appurtenances and incidents belonging or appertaining thereto, or used
in connection therewith, subject, however, to all mining, mineral and
other exceptions, reservations, covenants, conditions, and rights of
way record.
5. That by virtue of the power of sale contained therein, said Mortgage will be
foreclosed by sale of the above described mortgaged premises, or so much
thereof as may be necessary, at public venue by the Sheriff or Deputy Sheriff
of Lincoln County, Wyoming, at 10:00 A.M. on Tuesday, January 11, 2011,
to satisfy the aforesaid amount, and accruing interest, advances, costs, fees
and expenses of foreclosure.
6. Pursuant to Wyoming Statute 1- 18- 101(b), "The property being foreclosed
upon may be subject to other liens and encumbrances that will not be
extinguished at the sale and any prospective purchaser should research the
status of title before submitting a bid."
000435
DATED this day of December, 2010.
PUBLISH: December 9, 16, 23, and 30, 2010
000436
/s/
John P. L da
LaBu h aw Office, P.C.
P.O. Box 1240
Pinedale, Wyoming 82941
(307) 367 -3927
Wyoming State Bar No. 5 -2966
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3811, February 2004
COMPLETE THIS SECTION ON DELIVERY
B. Received by (.Printed Name)
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D. Is delivery address tiff
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C. Date of De
Sent To William T. Sharpe
tlief, i 2056 County Road 123
or Wyoming CiyO6 Bedford, omin 83112
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Retum Receipt Fee
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Lynette Sharpe
Street Apt 2056 County Road 123
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Aspen Hills Development Inc.
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Aspen Hills Deve
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Addressed to:
liam T. Sharpe 010043'7
;6 County Road 123
Iford, Wyoming 83112
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56 County Road 123
Iford, Wyoming 83112
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en Hills Development, Inc.
;istered Agent
,ette Sharpe
;6 County Road 123
Iford, Wyoming 83112
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7010 0290 0002 2701 171
7010 0290 0002 2701 1749
Domestic Return Receipt
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;'en Hills Development, Inc.
;istered Agent
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u56 CR 123
Bedford, Wyoming 83112
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