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SECURED PARTY: THE BANK OF STAR VALLEY 384 Washington P.O. Box 8007 Afton, WY 83110 DEBTOR: REED S. CLARK P.O. BOX 143 SMOOT, WY 83126 ASSIGNMENT OF NOTE DATE AND PARTIES. The date of this Assignment Of Note (Agreement) is DECEMBER 23, 2010. The parties and their addresses are: OOq}593 RECEIVED 1/14/2011 at 10:42 AM RECEIVING 957617 BOOK: 760 PAGE: 593 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY The pronouns "you" and "your" refer to the Secured Party. The pronouns "I," "me" and "my" refer to each person or entity signing this Agreement as Debtor and agreeing to give the Property described in this Agreement as security for the Secured Debts. 1. SECURED DEBTS. The term "Secured Debts" includes and this Agreement will secure each of the following: A. Specific Debts. The following debts and all extensions, renewals, refinancings, modifications and replacements. A promissory note or other agreement, No. 01702353, dated December 23, 2010, from me to you, in the amount of S213,278.00. B. Sums Advanced. All sums advanced and expenses incurred by you under the terms of this Agreement. Loan Documents refer to all the documents executed in connection with the Secured Debts. 2. ASSIGNMENT. To secure the payment and performance of the Secured Debts, I assign and grant a security interest to you in all of the Property described in this Agreement that I own or have sufficient rights in which to transfer an interest, now or in the future, wherever the Property is or will be located, and all additions, proceeds, and products of the Property (including, but not limited to, all renewals, replacements, modifications and substitutions to the Property). Property is all the collateral given as security for the Secured Debts and described in this Agreement, and includes all obligations that support the payment or performance of the Property. "Proceeds" includes anything acquired upon the sale, lease, license, exchange, or other disposition of the Property; any rights and claims arising from the Property; and any collections and distributions on account of the Property. Property also includes any original evidence of title or ownership. I will deliver any certificates, documents or instruments evidencing the Property and properly execute all items as necessary to reflect your security interest. This Agreement remains in effect until terminated in writing, even if the Secured Debts are paid and you are no longer obligated to advance funds to me under any loan or credit agreement. Upon termination of this Agreement, you will return to me all the Property in your possession which has not been used or applied toward payment of the Secured Debts. I agree that you may surrender the Property to any Debtor upon termination of this Agreement without further responsibility or liability. 3. PROPERTY DESCRIPTION. The Property is described as follows: A. Specific Instrument: A Note issued to REED S. CLARK TRUSTEE OF THE REED S. CLARK LIVING REVOCABLE TRUST DATED 11/5/08 by MATTHEW TATUM CLARK on November 30, 2010 in the amount of $150,000.00 with an unpaid principal balance due of $150,000.00, plus unpaid accrued interest as of December 1, 2010. The Note is secured by a Mortgage dated November 30, 2010 upon property located in Lincoln County, Wyoming and filed for record on December 1, 2010 as BOOK# 758 PAGE 19 AS DOCUMENT# 956993. B. Additional Description of Instruments: ASSIGNMENT OF MORTGAGE DEED WITH RELEASE OF HOMESTEAD DATED AND SIGNED NOVEMBER 30, 2010 RECORDED IN LINCOLN COUNTY BOOK# 758 PAGE# 19 AS DOCUMENT# 956993 BETWEEN MATTHEW STEVE CLARK AND TATUM CLARK, HUSBAND AND WIFE (MORTGAGORS) OF SMOOT, WYOMING, LINCOLN COUNTY, STATE OF WYOMING, TO SECURE THE PAYMENT OF THE PRINCIPAL SUM OF ONE HUNDRED FIFTY THOUSAND DOLLARS $(150,000.00), WITH INTEREST COMMENCING DECEMBER 1ST, 2010 AT 5% PER ANNUM, AS EVIDENCED BY A PROMISSORY NOTE OF EVEN DATE HEREWITH TO THE ORDER OF REED S. CLARK, TRUSTEE OF THE REED S. CLARK LIVING REVOCABLE TRUST DATED NOVEMBER 5, 2008 OF P.O. BOX 143, SMOOT, LINCOLN COUNTY, WYOMING, (MORTGAGEE) PRINCIPAL AND INTEREST PAYABLE AS SET FORTH IN SAID PROMISSORY NOTE. ASSIGNMENT OF PROMISSORY NOTE DATED NOVEMBER 30, 2010 BETWEEN REED S. CLARK TRUSTEE OF THE REED S. CLARK LIVING REVOCABLE TRUST DATED NOVEMBER 5, 2008 AND MATTHEW STEVE CLARK AND TATUM CLARK FOR ONE HUNDRED FIFTY THOUSAND $(150,000.00) PLUS INTEREST COMMENCING DECEMBER 1, 2010 AT THE RATE OF FIVE PERCENT (5 PER ANNUM, PAYABLE AS FOLLOWS. A MONTHY PAYMENT OF $872.11 COMMENCING DECEMBER 1, 2010 AND ON THE 1ST DAY OF EACH MONTH THEREAFTER THROUGH NOVEMBER 1, 2015 WITH A BALLOON PAYMENT THEN DUE IN THE AMOUNT OF $132,947.90 ON DECEMBER 1, 2010. LOT 6 COTTONWOOD SUBDIVISION, SMOOT WY. 83110 4. WARRANTIES AND REPRESENTATIONS. 1 have the right and authority to enter into this Agreement. The execution and delivery of this Agreement will not violate any agreement governing me or to which 1 am a party. My principal residence is located in Wyoming. I will provide you with at least 30 days notice prior to any change in my name or principal residence location. A. Ownership of Property. I represent that I own all of the Property. Your claim to the Property is ahead of the claims of any other creditor, except as disclosed in writing to you prior to any advance on the Secured Debts. The collateral that secures the Note is perfected and preserved, I represent that no default exists under the Note; no defense or discharge to the Note maker's obligations under the Note exists; and the items evidencing the Note are original and genuine. 5. DUTIES TOWARD PROPERTY. A. Protection of Secured Party's Interest. I will defend the Property against any other claim. I agree to do whatever you require to protect your security interest and to keep your claim in the Property ahead of the claims of other creditors, I will not do anything to harm your position. I will keep books, records and accounts about the Property and my business in general. I will let you examine these and make copies at any reasonable time. I will prepare any report or accounting you request which deals with the Property. REED S. CLARK Wyoming Assignment WY/ 4XJNEWELL00000000000621054122310N 1 IIIIII IIIII IIIH IIIHI 11111Hill 1HH1 10111110111111111111111 1Hill 1 1111111111 X010011 1111 Wolters Kluwer Financial Services ©1996, 2010 Bankers Syst Page 1 16005 will furnish you, promptly upon receipt, copies of all material notices, requests and other documents I receive relating to the Property. B. Protection of the Property. I will notify you in writing prior to any change in my name or address. Until the Secured Debts are fully paid and this Agreement is terminated, I will not grant a security interest in any of the Property without your prior written consent. I will pay all taxes and assessments levied or assessed against me or the Property and provide timely proof of payment of these taxes and assessments upon request. C. Risk of Loss. The risk of any loss or damage to the Property is on me. D. Selling or Encumbering the Property. I will not sell, offer to sell, or otherwise transfer or encumber the Property without your prior written permission. Any disposition of the Property contrary to this Agreement shall violate your rights. Your permission to sell the Property may be reasonably withheld without regard to the creditworthiness of any buyer or transferee. I will not permit the Property to be the subject of any court order affecting my rights to the Property in any action by anyone other than you. If the Property includes chattel paper or instruments, either as original collateral or as proceeds of the Property, I will note your security interest on the face of the chattel paper or instruments. 6. COLLECTION RIGHTS OF THE SECURED PARTY. Account Debtor means the person who is obligated on an account, chattel paper, or general intangible. Obligor means the person obligated under a contract or bond. I authorize you to notify my Account Debtors or Obligors of your security interest and to deal with the Account Debtors' or Obligors' obligations at your discretion. You may enforce the obligations of an Account Debtor, exercising any of my rights with respect to the Account Debtors' obligations to make payment or otherwise render performance to me, including the enforcement of any security interest that secures such obligations. You may apply proceeds received from the Account Debtors or Obligors to the Secured Debts or you may release such proceeds to me. I specifically and irrevocably authorize you to exercise any of the following powers at my expense, without limitation, until the Secured Debts are paid in full: A. demand payment and enforce collection from any Account Debtor or Obligor by suit or otherwise. B. enforce any security interest, lien or encumbrance given to secure the payment or performance of any Account Debtor or Obligor or any obligation constituting Property. C. file proofs of claim or similar documents in the event of bankruptcy, insolvency or death of any person obligated as an Account Debtor or Obligor. D. compromise, release, extend, or exchange any indebtedness of an Account Debtor or Obligor. E. take control of any proceeds of the Account Debtors' or Obligors' obligations and any returned or repossessed goods. F. endorse all payments by any Account Debtor or Obligor which may come into your possession as payable to me. G. deal in all respects as the holder and owner of the Account Debtors' or Obligors' obligations. 7. AUTHORITY TO PERFORM. I authorize you to do anything you deem reasonably necessary to protect the Property, and perfect and continue your security interest in the Property. If I fail to perform any of my duties under this Agreement or any other Loan Document, you are authorized, without notice to me, to perform the duties or cause them to be performed. These authorizations include, but are not limited to, permission to: A. pay and discharge taxes, liens, security interests or other encumbrances at any time levied or placed on the Property. B. request transfer of the Property to your name, or register and place a note on any chattel paper or on the books of the Property issuer or securities intermediary indicating your interest in the Property. C. take any action you feel necessary to realize on the Property, including performing any part of a contract or endorsing it in my name. D. handle any suits or other proceedings involving the Property in my name. E. prepare, file, and sign my name to any necessary reports or accountings. F. make an entry on my books and records showing the existence of this Agreement. G. notify any Account Debtor or Obligor of your interest in the Property and tell the Account Debtor or Obligor to make payments to you or someone else you name. If you perform for me, you will use reasonable care. If you exercise the care and follow the procedures that you generally apply to the collection of obligations owed to you, you will be deemed to be using reasonable care. Reasonable care will not include: any steps necessary to preserve rights against prior parties; the duty to send notices, perform services or take any other action in connection with the management of the Property; or the duty to protect, preserve or maintain any security interest given to others by me or other parties. Your authorization to perform for me will not create an obligation to perform and your failure to perform will not preclude you from exercising any other rights under the law or this Agreement. All cash and non -cash proceeds of the Property may be applied by you only upon your actual receipt of cash proceeds against such of the Secured Debts, matured or unmatured, as you determine in your sole discretion. 8. DEFAULT. I will be in default if any of the following events (known separately and collectively as an Event of Default) occur: A. Payments. I fail to make a payment in full when due. B. Insolvency or Bankruptcy. The death, dissolution or insolvency of, appointment of a receiver by or on behalf of, application of any debtor relief law, the assignment for the benefit of creditors by or on behalf of, the voluntary or involuntary termination of existence by, or the commencement of any proceeding under any present or future federal or state insolvency, bankruptcy, reorganization, composition or debtor relief law by or against me, Borrower, or any co- signer, endorser, surety or guarantor of this Agreement or any other obligations Borrower has with you. C. Death or Incompetency. I die or am declared legally incompetent. D. Failure to Perform. I fail to perform any condition or to keep any promise or covenant of this Agreement. E. Other Documents. A default occurs under the terms of any other Loan Document. F. Other Agreements. I am in default on any other debt or agreement I have with you. G. Misrepresentation. I make any verbal or written statement or provide any financial information that is untrue, inaccurate, or conceals a material fact at the time it is made or provided. H. Judgment. I fail to satisfy or appeal any judgment against me. I. Forfeiture. The Property is used in a manner or for a purpose that threatens confiscation by a legal authority. J. Name Change. I change my name or assume an additional name without notifying you before making such a change. K. Property Transfer. 1 transfer all or a substantial part of my money or property. L. Property Value. You determine in good faith that the value of the Property has declined or is impaired. REED S. CLARK Wyoming Assignment WY/ 4XJNEWELL0000000O000621O5412231ON IIIIIIIIIII IIIIIII IIIIVIII III 0 1 7 0 2 3 5 3/ 1 0 3 4 1 2 2 3 2 0 1 0 Wolters Kluwer Financial Services ©1996, 2010 Bankers SystemsTM Page 2 M. Insecurity. You determine in good faith that a material adverse change has occurred in my financial condition from the conditions set forth in my must recent financial statement before the date of this Agreement or that the prospect for payment or performance of the Secured Debts is impaired for any reason. 9. REMEDIES. After I default, you may at your option do any one or more of the following. A. Acceleration. You may make all or any part of the amount owing by the terms of the Secured Debts immediately due. B. Sources. You may use any and all remedies you have under state or federal law or in any Loan Document. C. Payments Made On My Behalf. Amounts advanced on my behalf will be immediately due and may be added to the Secured Debts. D. Attachment. You may attach or garnish my wages or earnings. E. Sale of Property. You may sell the Property as provided by law. You may apply what you receive from the sale of the Property to your expenses, your attorneys' fees and legal expenses (where not prohibited by law), and any debt I owe you. If what you receive from the sale of the Property does not satisfy the debt, I will be liable for the deficiency (where permitted by law). In some cases, you may keep the Property to satisfy the debt, Where a notice is required, I agree that ten days prior written notice sent by first class mail to my address listed in this Agreement will be reasonable notice to me under the Wyoming Uniform Commercial Code. If the Property is perishable or threatens to decline speedily in value, you may, without notice to me, dispose of any or all of the Property in a commercially reasonable manner at my expense following any commercially reasonable preparation or processing. F. Waiver. By choosing any one or more of these remedies you do not give up your right to use any other remedy. You do not waive a default if you choose not to use a remedy. By electing not to use any remedy, you do not waive your right to later consider the event a default and to use any remedies if the default continues or occurs again. 10. WAIVER OF CLAIMS. I waive all claims for loss or damage caused by your acts or omissions where you acted reasonably and in good faith. 11. APPLICABLE LAW. This Agreement is governed by the laws of Wyoming, the United States of America, and to the extent required, by the laws of the jurisdiction where the Property is located, except to the extent such state laws are preempted by federal law. In the event of a dispute, the exclusive forum, venue and place of jurisdiction will be in Wyoming, unless otherwise required by law. 12. JOINT AND INDIVIDUAL LIABILITY AND SUCCESSORS. Each Debtor's obligations under this Agreement are independent of the obligations of any other Debtor. You may sue each Debtor individually or together with any other Debtor. You may release any part of the Property and I will still be obligated under this Agreement for the remaining Property. Debtor agrees that you and any party to this Agreement may extend, modify or make any change in the terms of this Agreement or any evidence of debt without Debtor's consent, Such a change will not release Debtor from the terms of this Agreement. If you assign any of the Secured Debts, you may assign all or any part of this Agreement without notice to me or my consent, and this Agreement will inure to the benefit of your assignee to the extent of such assignment. You will continue to have the unimpaired right to enforce this Agreement as to any of the Secured Debts that are not assigned. This Agreement shall inure to the benefit of and be enforceable by you and your successors and assigns and any other person to whom you may grant an interest in the Secured Debts and shall be binding upon and enforceable against me and my personal representatives, successors, heirs and assigns. 13. AMENDMENT, INTEGRATION AND SEVERABILITY. This Agreement may not be amended or modified by oral agreement. No amendment or modification of this Agreement is effective unless made in writing and executed by you and me. This Agreement and the other Loan Documents are the complete and final expression of the understanding between you and me. If any provision of this Agreement is unenforceable, then the unenforceable provision will be severed and the remaining provisions will still be enforceable. 14. INTERPRETATION. Whenever used, the singular includes the plural and the plural includes the singular. The section headings are for convenience only and are not to be used to interpret or define the terms of this Agreement. 15. NOTICE, FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Unless otherwise required by law, any notice will be given by delivering it or mailing it by first class mail to the appropriate party's address listed in the DATE AND PARTIES section, or to any other address designated in writing. Notice to one Debtor will be deemed to be notice to all Debtors. I will inform you in writing of any change in my name, address or other application information. I will provide you any financial statement or information you request. All financial statements and information I give you will be correct and complete. I agree to sign, deliver, and file any additional documents or certifications that you may consider necessary to perfect, continue, and preserve my obligations under this Agreement and to confirm your lien status on any Property. Time is of the essence. SIGNATURES. By signing, I agree to the terms contained in this Agreement. I also acknowledge receipt of a copy of this Agreement. REED S. CLARK Individually SECURED PARTY: The Bank Of Star Valley By Steve A. Hartwell, VP /SCO REED S. CLARK Wyoming Assignment WY/ 4XJNEWELL00000000000621054122310N I VIII 1II1 VIII IIII)2 VIII5 VIII I (III1 VIII VIII VIII I I IIIVII VIIIVIII 0 I III IIII IIII 000595 JASMINE NEWELL COUNTY OF LINCOLN MY COMMISSION EON NOTARY PUBLIC STATE OF WYOMING ES NOVEMBER 20, 2013 Wolters Kluwer Financial Services ®1996, 2010 Bankers Systems Page 3 OOO59b ACKNOWLEDGMENT AND CONSENT BY NOTE Party's written request, Maker agrees to make all Note in the Agreement are correct. The current against Secured Party which Maker has against Party's enforcement of the Note. Date: MAKER. Maker acknowledges receipt of a copy of this Agreement and consents to its terms. Upon Secured payments required under the Note directly to Secured Party. The descriptions and representations concerning the unpaid principal balance on the Note is $150,000.00, as of December 1, 2010. Maker will assert no defenses Debtor. Maker waives protest, presentment for payment, notice of dishonor, and other defenses to Secured By: Name: MATTHEW TATUM CLARK Address: SMOOT, Wyoming 83126 Please return the original signed copy to The Bank Of Star Valley, 384 Washington P.O. Box 8007, Afton, Wyoming 83110. REED S. CLARK Wyoming Assignment WY/ 4 XJNEWELL00000000000621054122310N 1 0110 01111 0111 1011 0111 11111 11111 1011 111111 111 11111 11111 11111 11111 111 11111 11111 11111 11111 11111 11111 11111 1111 1111 Wolters Kluwer Financial Services 0 1996, 2010 Bankers SystemsrM Page 4 State of Wyoming ss County of 1 M(1 The foregoing instrument was acknowledged before me by Notary Acknowledgment this day of t2ea 20 Witness my hand and official seal. Notary Public My commission expires: 1 at) goo 0 00597 JASMINE NEWELL NOTARY PUBLIC COUNTY OF s STATE OF LINCOLN �1 WYOMING MYt WA SSION EXPIRES NOVEML ER 20, 2013 State of Wyoming t ss County of 1 Y Notary Acknowledgment The foregoing instrument was acknowledged before me by 51 ev¢. A Na trkwttl this 2`5 day of DeA. 20 0 Witness my hand and official seal. Notary Publi My commission expires: �O ...6 1 ©00595 JASMINE NEWELL COUNTY OF LINCOLN MY COMMISSION EXPIRES NOTARY PUBLIC STATE OF WYOMING NOVEMBER 20, 2019 1 'LV4_I V 11 VV N [3OOK: 758 uz.muui PAGE: 19 ©06599 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY 0001 MORTGAGE DEED WITH :RELEASE LEASE OF HOMESTEAD KNOW ALL MEN BY THESE PRESENTS, that Matthew Steve Clark and 'fa Lunt Clark, Ilusballcl and wife, (hereinafter designated as LIJ1Coli1 County, State of Wyoming, to secure thepayment of 1principa susof Iiu tired Fifty Thousand .Dollars $(150,000.00) with interest commencing .December Percent (5 per annum, as evidenced by a promissory Mote of even to herewith to the order of Reed S. Clark, 'Trustee of the Reed S. Clark Living Revocable Trust elated November 5, 2008, of P.O. Box 143, Smoot, Lincoln County, Wyoming, (hereinafter designated as "Mortgagee, principal and interest payable as set forth in said Promissory Note. Said Mortgagors do hereby mortgage with the power of sale to said Mortgagees, the following described real estate, situated in the County of Lincoln, State of Wyoming, to -wit: Lot 6 of Cottonwood Subdivision Amended, Lincoln County, Wyoming as described on the official plat filed on April 4, 1978 as instrument No. 506316 of the records of the Lincoln County Clerk TOGETHER WITH all improvements, appurtenances, hercditanlents and all other things thereunto belonging or in anywise appertaining. SUBJECT, HOWEVER, to all easements, rights -of -way, reservations and restrictions now of record or otherwise affecting said lands. Including all buildings aril improvements thereon (or that may hereafter be erected thereon); together with hereditaiients and appurtenances and all other rights thereunto belonging, or in anywise now or hereafter appertaining, and the reversion and reversions, remainder and remainders, rents, issues, and profits thereof, and all plumbing, heating and lighting fixtures and equipment now or hereafter attached to or used in connection with said premises. The Mortgagors hereby covenant and agree that they are lawfully seized of said premises, that they are free from all encumbrances, and hereby covenants to warrant and defend the title of said premises against the lawful claims of all persons whomsoever. And the Mortgagors covenant and agree with the Mortgagee as follows: 1. That they will pay the indebtedness, as hereinbefore provided. Privilege is reserved to pay the debt in whole, or in an amount equal to one or more monthly payments on the principal that are next clue on the note, on any interest paying date prior to maturity. 2. That the Mortgagors will pay all ground rents, taxes, assessments, Water rents and other governmental or municipal charges, or other lawful charges, and will promptly deliver the official receipts therefor to the said Mortgagee. In default thereof the Mortgagee may pay the same, and all Su111S so paid shall be added to and considered a part of the above indebtedness hereby secured, and shall draw interest at the SaJ.ne rate. 3. That nothing shall be clone 011 or in connection with said property which may impair the Mortgagee's security hereunder; the Nf ortgagors will commit, permit or suffer no waste, impai Crum t or deterioration of said property nor any part thereof, and said property shall be continuously maintained in good and sightly order, repair and condition by the .Mortgagors at their expense. 4. That they will keep the improvements now existing ot hereinafter erected on the said premises, insured as may be required from time to time by the Mortgagee against loss by fire and other hazards, casualties, and contingencies m such amounts and for such periods as may be req a ired by the Mortgagee and will pay promptly, when due, any premiums On such insurance. All insurance shall be carried in corilpanies approved by the Mortgagee and the policies and renewals thereof shall be held by the Mortgagees and have attached thereto loss payable clauses in favor of and in form acceptable to the Mortgagee. In event of loss it will give immediate notice by mail to the Mortgagee., who may ina.ke proof of toss if not made promptly by the Mortgagors, and each insurance company concerned is hereby authorized and directed to make payment for such Loss directly to the Mortgagee instead ofto the Mortgagors and the Mortgagee, jointly, and the insurance proceeds, or any part thereof, may be applied by the Mortgagee at its option either to the reduction oldie indebtedness hereby secured o.r to the restoration or repair of the property damages. In event of foreclosure of this mortgagee or other transfer of title to the said premises in extinguishment of the indebtedness secured hereby, all right, title, and interest of the Mortgagors in and to any insurance policies then in force shall pass to the purchaser or grantee. 5. That in ease the Mortgagors default in the payment of ground rents, if any, taxes, assess.11icnts, water, or other governmental or municipal charges, or other lawful charges, as herein. provided, the Mortgagee may without notice or demand pay the same and in case of failure on the part of the .M.ortgagors to comply with the covenants of paragraph 3 hereof, the Mortgagee may effect such repairs as it may reasonably deem necessary to protect the property, at the expense of 2 00019E the Mortgagors. The Mortgagors covenant and agree to repay such sums so paid and all expenses so incurred by the Mortgagees, with interest thereon from the date of payment, at the same rate as provided in the note herein described, and the sane shall be a lieu on the said premises and be secured by the said note and by these presents and in default of making such repayments, the whole amount hereby secured, if not then due, shall, if the said Mortgagee so elects, become due and payable forthwith, anything herein contained to the contrary notwithstanding. 6. That in the event the property covered hereby is sold udder foreclosure and the proceeds are insufficient to pay the total indebtedness secured hereby, the Mortgagors bind themselves to pay the unpaid balance, and the Mortgagee will be entitled to a deficiency judgment. 7. Upon occurrence, with respect to any Mortgagors, Assignee, rna.ker, endorser or guarantor I.)e.reo.l; of any of the following: Calling of a meeting of creditors; application for, or appointment of:; a receiver of any of them or their property; filing of a voluntary or involuntary petition under any of the provisions of the Bankruptcy Act or amendments thereto; issuance of a warrant or attachment; entry of a judgment; failure to pay, collect or remit any tax or tax deficiency, Federal, State or local, when assessed or due; death dissolution; making, or sending notice of an intended bulk sale; mortgage or pledge of any property; suspension or liquidation of their usual business; failure, after demand, to furnish financial information or to permit inspection of any books or records; default in payment or performance of this mortgage or any other obligation to, or acquired in any manner by pa.yce, or i f the condition or affairs of any of tllenl shall change as in the opinion of the Mortgagee or other legat holder thereof, shall increase its credit risk- -this mortgage and all other obligations, direct or contingent, of any .maker or endorser hereof to payee shall become due and payable immediately without notice or demand. That in case default shall be made in the payment, when due, of the indebtedness hereby secured, or of any installment thereof, or any part thereof, or in case of breach of any covenant or agreement herein contained, the whole of the then indebtedness secured hereby, inclusive of principal, interest, arrearages ground rents, if ally, taxes, assessment, water charges, expenditures for repairs or maintenance, together with all other sums payable pursuant to the provisions hereof, shall become immediately due and payable, at the option of the Mortgagee, although the period above limited for the payment thereof may not have expired, anything hereinbefore or in said Note contained to the contrary notwithstanding, and any failure to exercise said option shall not constitute a waiver of the right to exercise the same at any other time, and it shall be lawful for the Mortgagee to proceed to enforce the provisions of this mortgage either by suit at law or in equity, as it may elect, or to foreclose this mortgage: by advertisement and sale of the above described premises, at public venue, for cash, according to Wyoming statutes governing mortgage foreclosures, and cause to be executed and delivered to the purchaser or purchasers at any such sale a good and sufficient deed or deeds of conveyance of the property so sold and to apply the net proceeds arising from. such sale first to the payment of the costs and expenses.of such foreclosure and sale and in payment of all moneys expended or advanced. by the Mortgagee pursuant to the provisions of paragraph 5 hereof, and then to the payment of the balance clue on account of the principal indebtedness secured. hereby, together with interest thereon and the surplus, if any, shall be paid by the Mortgagee on demand, to the Mortgagors. There shall be included in any or all such proceedings, a reasonable attorney's fee. In case the Mortgagee shall fail promptly to foreclose upon the happening of any default, it shall not thereby be prejudiced in its right of foreclosure at any time thereafter during which such default shall CO111:.1ilue and shall 1101 be prejudiced in its foreclosure rights in case of further default or defaults. 8. That in case of any default whereby the right of foreclosure occurs hereunder, the Mortgagee shall at once become entitled to exclusive possession, use, and enjoyment of all property aforesaid, and to all rents, issues and profits thereof, from the accruing of such right and during the pendency of foreclosure proceedings and the period of redemption, if any there by, and such. possession, rents, issues and profits shall at once be delivered to the .Mortgagee on request, and 011 refusal, the delivery of such possession, reins, issues, and profits may be enforced by the Mortgagee by any appropriate civil suit or proceeding, including action or actions in ejectment, or forcible entry Or unlawful detainer, and the Mortgagee shall be entitled to a Receiver for said property and all rents, issues, and profits thereof, after any such default, including the time covered by foreclosure proceedings and the period of redemption, if any there be, and shall be entitled thereto as a matter of right without regard to the solvency or insolvency of the Mortgagors, or the then owner of said property, and without regard to the value of said property, or the sufficiency thereo f to discharge the mortgage debt and :foreclosure costs, fees, and expense, and such Receiver may be appointed by any court of competent jurisdiction upon ex parte application, and without notice (notice being hereby expressly waived and the appointment of any such Receiver on any such application without notice being hereby consented to by the Mortgagors on the Mortgagors' own behalf), and all rents, issues, and profits, income and revenue of said property shall be applied by such Receiver, according to law and the orders and directions of the court. 9. No failure by the Mortgagee or any legal holder hereof to enforce any right set tore) 3 000601 00019 herein nor the granting of any extension of time nor taking of additional security, nor partial release of security or the illa.king of future advances,.shall act to constitute a waiver of the right to enforce any and all remedies provided herein noi: shall it act to discharge or release the collateral. 10. That the covenants herein contained shall bind, and the benefits and advantages shell. inure to, the respective heirs, executors, administrators, successors, and assigns of the parties hereto. Whenever used, the singular number shall include the plural, the plural the singular, and the use of any gender shall include all genders. 11. Mortgagors are not aware of any Hazardous Substance installed, stored, disposed ot'or otherwise located on or in the property. 12. Mortgagors shall not allow any Hazardous Substance to be brought onto, installed, used, stored, treated, disposed of, or transported over the property without prior written. consent fi oln M.ortga.gee. 13. All activities and conditions on the property are currently in compliance with any applicable law. Mortgagors covenant and agree that all activities on the property shall at all times comply with any applicable law. 14. Five days alter receipt or completion of any report, citation, or, other written or oral communication concerning the property from any government agency empowered to en force, investigate, or oversee compliance with any applicable law, Mortgagors shall notify Mortgagee in writing of the contents of such communication, and shall provide Mortgagees with a copy of all relevant documents. 15. Notwithstanding any other provision of this Mortgage, upon. discovery of any hazardous Substance on or in the property, Mortgagors shall immediately notify Mortgagee thereof. Mortgagors shall immediately take all actions necessary (i) to comply with laws requiring notification of government agencies concerning such Hazardous Substance, (ii) to remedy or correct th.e condition, and (iii) to re1110Ve from the property all such Hazardous Substances. Mortgagors shall handle and dispose of such substances in accordance with any applicable law. Mortgagors shall take any and all actions necessary to obtain reimbursement or compensation from persons responsible for the presence of any Substance on the site. Mortgagee shall be subrogatcd to Mortgagors' rights in all such claims. 16. Mortgagors agree to indemnify Mortgagee, defend with counsel acceptable to Mortgagee, and hold Mortgagee harmless from. and against any claims, legal and administrative proceedings, judgments, damages, punitive damages, penalties, [fines, costs, liabilities, interest or losses, attorneys' fees, consultant fees, and expert fees that arise directly or indirectly from. or in connection with the presence, suspected presence, release or suspected release of any :Hazardous Substance whether into the air, soil, surface water or ground water at the property, or any other violation of any applicable law whether by negligent or intentional activities of Mortga.gors or any third party; or any breach of the foregoing representations and covenants. The indemni ties described above specifically include but are not limited to the direct obligation of Mortgagors to promptly perform any remedial or other activities required, ordered or recommended by any administrative agency, government official, or third party, or otherwise necessary to avoid injury or liability to any person or property, to prevent the spread of any pollution or Hazardous Substance. 17. Mortgagee shall have the right to enter and inspect the condition of the property at any time and to conduct, or to designate a representative to conduct such inspection, testing, environmental audit or other procedures• which mortgagee believes are necessary to determine current compliance with the Covenants and representations contained herein. 18. Nothing contained in this Mortgage shall obligate Mortgagee to take any action with respect to the property or to take any action against any person with respect to such substances, condition or activity. 19. The tern. "Ha.za.rdous Substance" as used herein shall clean any substance which at any time shall be listed as "hazardous "toxic" or "carcinogenic" in any applicable law or regulation implementing such applicable law including but not limited to the Comprehensive Environmental 1Zcsponse, Compensation and Liability Act ("CERCLA"), 42 U.S.C. Sections 9601 et seq.; the Resource Conservation and Recovery Act "RCRA 42 U.S.C. Section 6901 et seq.; and the Atomic :Energy Act of 1954 as amended, 42 U.S.C. Sections 3011, et seq. 20. Due on Sale. Mortgagee may, at: its option, declare the entire balance of the Secured Debt to be immediately due and payable upon the creation of, or contract for the creation of, any transfer or sale of all or any part of the Property. This right is subject to the restrictions imposed by federal law (12 C.F.R. 591), as applicable. 21. Authority to Perform. If Mortgagors fail to perform any duty or any of the covenants 0066 ©2 00098?, contained in this Security Instrument, Mortgagee Islay, without notice, perform or cause them to be performed. Mortgagors appoint Mortgagee as attorney in fact to sign Mortgagors' name or pay any amount necessary for performance. Mortgagee's right to perform for Mortgagors will not create an obligation to perform, and Mortgagee's failure to perform will not preclude Mortgagee from e.xerclsing any of Mortgagee's other rights under the law or this Security Instrument. if any construction on the Property is discontinued or not carried on in a reasonable manner, Mortgagee may take all steps necessary to protect Mortgagee's security interest in the Property, including completion of the construction. 22. Collection Expenses and Attorneys' Fees. On or after Default, to the extent permitted by law, Mortgagors agrees to pay all expenses of collection, enforcement or protection of M.orlgagee's rights and remedies under this Security instrument or any other document relating to the Secured Debts. Mortgagors agrees to ro pay expenses for Mortgagee >ee to inspect and preserve the Property g b f y and for any recordation costs of releasing the Property from this Security .Instrument. Expenses include, but are not limited to, reasonable attorneys' fees after default and referral to an attorney not a salaried employee of the Mortgagee. These expenses are due and payable immediately. If not paid immediately, these expenses will bear interest from. the date of payment until paid in full at the highest interest rate in effect as provided for in the terms of the Secured Debts. In addition, to the extent permitted by the United States Bankruptcy Code, Mortgagors agree to pay the reasonable attorneys' fees incurred by Mortgagee to protect Mortgagee's rights and interests in connection with any bankruptcy proceedings initiated by or against Mortgagors. 23. Insurance. .Mortgagors agree to keep the Property insured against the risks reasonably associated with the Property. Mortgagors will maintain this insurance in the amounts oral least the unpaid balance due and owing to Mortgagee. This insurance will last until the Property is released from. this Security Instrument. What Mortgagee requires pursuant to the preceding two sentences can change during the terns of the Secured Debts. Mortgagors may choose the insurance company, subject to Mortgagee's approval, which will not be unreasonably withheld. All insurance policies and renewals will include a standard "mortgage clause" and, where applicable, "loss payee clause. M0rtgag0r's will give Mortgagee and the insurance company immediate notice of any loss. All insurance proceeds will be applied to restoration or repair of the Property or to the Secured. Debts, at Mortgagee's option. If Nfortga.gee acquires the Property in damaged condition, Mortgagors' rights to any insurance policies and proceeds will pass to Mortgagee to ilae extent of the Secured Debts. Mortgagors will immediately notify Mortgagee of cancellation or termination of insurance. if Mortgagors fail to keep the Property insured, Mortgagees may obtain insurance to protect Mortgagee's interest in the Property and Mortgagors will pay for the insurance on Mort ��agce's demand. Mortgagee may demand that Mortgagors pay for the insurance all at once, or Mortgagee niay add the insurance premiums to the balance of the Secured Debts and charge interest on it at tlae rate that applies t0 the Secured Debts. This insurance may include Coverages not originally required of Mortgagors, may be written by a company other than one Mortgagors would choose, and may be written at a higher rate than Mortgagors Mortgagors acknowledge and agree that Mortgagee Tee obtain or one of.Morigl affiliates the may receive commissions on the purchase of this insurance-. b b g 24. Escrow for Taxes and Insurance• Mortgagors will not be required to pay to Mortgagee funds for taxes and insurance in escrow. 25. Waivers. Except to the extent prohibited by law, Mortgagors waive all homestead exemption rights relating to the Property.. 26. Applicable Law. This Security Instrument is governed by the laws of Wyoming, the United States of Americas, and to the extent required, by the laws of the jurisdiction where the Property is located, except to the extent such state laws are preempted by federal law. 27. Joint and Individual .Liability and Successors. Each Mortgagors' obligation under this Security Instrument are independent of the obligations ofany other Mortgagor. Mortgagee may sue each .Mortgagor individually or together with any other Mortgagor. Mortgagee may release any part of the Property and Mortgagors will still be obligated under this Security Instrument for the remaining Property. If this Security Instrument secures a guaranty between Mortgagees and Mortgagors, Mortgagors agree to waive any rights that my prevent Mortgagee from bringing any action or claim against Mortgagors or any party indebted under: the obligation.. These rights may include, but are not limited to, any anti deficiency or one- action laws. Mortgagors agree that 1Vlo.rtgagee and any party to this Security Instrument may extend, modify or make any change in the terms of this Security Instrument or any evidence of debt without Mortgagors' consent. Such a change will not release Mortgagors from the terms of this Security Instrument. The duties and benefits of this Security Instrument will bind and benefit the successors and assigns of Mortgagee and Mortgagors. 28. Amendment, Integration and Severability. This Security Instrument may not be amended or modified by oral agreement. No amendment ormodification of this Security Instrument is effective unless made in writing and executed by Mortgagors and Mortgagee. This Security 4 1 000199 Instrument and any other documents relating to the Secured Debts are the complete and final expression of the agreement. If any provision of this Security Instrument is unenforceable, then the unenforceable provision will be severed and. the remaining provisions will still be enforceable. IN WITNESS WHEREOF, the Mortgagors have caused these presents to be signed this clay of November, 2010. W A Matthew Steve Clark S'T'ATE OF WYOMING COUNTY OF LINCOLN The foregoing instrument was acknowledged before me by 11'Iatthew Steve Clark and Tatum Clark, this day of November, 2010. 11'11'NESS my hand and official seal. ,y, 0 N h ;tJEN;;iCt"I\ NAN Dl r lO PI 1,31„.IC? 1 Cool itl/ o tiro o f Lit 4sl is Yr�!p Vkiy!.?li :.l •gym/ Corti II' 7 l` ICt! I i f 201 64 V. `i nr "'t "!`:rwr'tr•. w .n r .i 4 d: py'l.: )ss. 5 e00603 Notary P iblic Afton, Wyoming, November 30, 2010. PROMISSORY NOTE 000604 150,000.00 Pius Interest. .FOR VALUE RECEIVED, the undersigned promises to pay to th.e order: ol'Reed S. Clark, Trustee of the Reed S. Clark Living Revocable Trust dated November 5, 2008, whose address is P.O. Box 143 Smoot:, Wyoming 83126, the sure of One l:Iuudred Fifty Thousand Dollars and no /100 150,000.00) plus interest commencing December 1, 2010, at the rate of 1.+'ive. Percent (5.0 per annum, payable as follows: A monthly payment of $872.11 commencing on December .1, 201.0, and oil the 1' day each month thereafter through November 1, 2015 with a balloon payment then d.tie in the a.11lou 0: of 132,947.90 on December l 2015. The makers of this note play, at any time, and without the payment of any premium, tee or penalty, nra.ke larger payments than those described herein above or nay pay the balance in full. It Is expressly understood and agreed that default or failure to make any payment \witI thirty (30) days after the same shall become due as provided [or herein, shall at the option of the holder hereof, and without notice, operate t0 make the full unpaid balance of this note 1nl.l:nediateiy due and payable. We, whether makers, endorsers or guarantors of this note or the obligations represented hereby, are to be regarded as principals insofar as our Liability to payee is concerned, and each of us hereby severally waive presentment, demand, notice, protest or notice of protest, and all other demands and notices in connection with the delivery, acceptance, performance, default, or enforcement of this note, and assent to any extension or postponement of the time of payment or any other: indulgence, to any substitution, exchange or release of collateral and to the addition or release 01 either of them, of any other party or person primarily or secondarily Liable. Thhe undersigned will pay on demand all costs of collection. and attorney's fees incurred or paid by the holder in enforcing this note on default, whether with or without suit. All. rights and powers of the holder hereunder shall inure to his successors, assigns and heirs and all agreements herein shall bind the successors, assigns, heirs and personal representatives of the undersigned. No delay or omission the part of the holder in exercising any right; hereunder shall opera.le as a Waiver ofsuch right Of any other rights under this note. A. waiver on any one occasion shall not: 000605 be construed as a bar lo, or waiver of, any such right and remedy or either of them, on any future occasion. As used h.e.reia, the word. "holder" shall mean the payee or other endorsee of this note who is in possession of it, or the bearer hereof if this note is at the time payable to bearer. Matthew Steve Clark atuni Clarl Compound Period Monthly Nominal Annual Rate 5.000 Effective Annual Rate 5.116 Periodic Rate 0.4167 Daily Rate 0.01370 CASH FLOW DATA 11/30/2010 Page 1 000606 Event Start Date Amount Number Period End Date 1 Loan 12/01/2010 150,000.00 1 2 Payment 12/01/2010 872.11 60 Monthly 11/01/2015 3 Payment 12/01/2015 132,947.90 1 AMORTIZATION SCHEDULE Normal Amortization Date Payment Interest Principal Balance Loan 12/01/2010 150,000.00 1 12/01/2010 872.11 0.00 872.11 149,127.89 2010 Totals 872.11 0.00 872.11 2 01/01/2011 872.11 621.37 250.74 148,877.15 3 02/01/2011 872.11 620.32 251.79 148,625.36 4 03/01/2011 872.11 619.27 252.84 148,372.52 5 04/01/2011 872.11 618.22 253.89 148,118.63 6 05/01/2011 872.11 617.16 254.95 147,863.68 7 06/01/2011 872.11 616.10 256.01 147,607.67 8 07/01/2011 872.11 615.03 257.08 147,350.59 9 08/01/2011 872.11 613.96 258.15 147,092.44 10 09/01/2011 872.11 612.89 259.22 146,833.22 11 10/01/2011 872.11 611.81 260.30 146,572.92 12 11/01/2011 872.11 610.72 261.39 146,311.53 13 12/01/2011 872.11 609.63 262.48 146,049.05 2011 Totals 10,465.32 7,386.48 3,078.84 14 01/01/2012 872.11 608.54 263.57 145,785.48 15 02/01/2012 872.11 607.44 264.67 145,520.81 16 03/01/2012 872.11 606.34 265.77 145,255.04 17 04/01/2012 872.11 605.23 266.88 144,988.16 18 05/01/2012 872.11 604.12 267.99 144,720.17 19 06/01/2012 872.11 603.00 269.11 144,451.06 20 07/01/2012 872.11 601.88 270.23 144,180.83 21 08/01/2012 872.11 600.75 271.36 143,909.47 22 09/01/2012 872.11 599.62 272.49 143,636.98 23 10/01/2012 872.11 598.49 273.62 143,363.36 24 11/01/2012 872.11 597.35 274.76 143,088.60 25 12/01/2012 872.11 596.20 275.91 142,812.69 2012 Totals 10,465.32 7,228.96 3,236.36 001,607 11/30/2010 Nage 2 Date Payment Interest Principal Balance 26 01/01/2013 872.11 595.05 277.06 142, 535.63 27 02/01/2013 872.11 593.90 278.21 142,257.42 28 03/01/2013 872.11 592.74 279.37 141,978.05 29 04/01/2013 872.11 591.58 280.53 141,697.52 30 05/01/2013 872.11 590.41 281.70 141,415.82 31 06/01/2013 872.11 589.23 282.88 141,132.94 32 07/01/2013 872.11 588.05 284.06 140,848.88 33 08/01/2013 872.11 586.87 285.24 140,563.64 34 09/01/2013 872.11 585.68 286.43 140,277.21 35 10/01/2013 872.11 584.49 287.62 139,989.59 36 11/01/2013 872.11 583.29 288.82 139,700.77 37 12/01/2013 872.11 582.09 290.02 139,410.75 2013 Totals 10,465.32 7,063.38 3,401.94 38 01/01/2014 872.11 580.88 291.23 139,119.52 39 02/01/2014 872.11 579.66 292.45 138,827.07 40 03/01/2014 872.11 578.45 293.66 138,533.41 41 04/01/2014 872.11 577.22 294.89 138,238.52 42 05/01/2014 872.11 575.99 296.12 137,942.40 43 06/01/2014 872.11 574.76 297.35 137,645.05 44 07/01/2014 872.11 573.52 298.59 137,346.46 45 08/01/2014 872.11 572.28 299.83 137,046.63 46 09/01/2014 872.11 571.03 301.08 136,745.55 47 10/01/2014 872.11 569.77 302.34 136,443.21 48 11/01/2014 872.11 568.51 303.60 136,139.61 49 12/01/2014 872.11 567.25 304.86 135,834.75 2014 Totals 10,465.32 6,889.32 3,576.00 50 01/01/2015 872.11 565.98 306.13 135,528.62 51 02/01/2015 872.11 564.70 307.41 135,221.21 52 03/01/2015 872.11 563.42 308.69 134,912.52 53 04/01/2015 872.11 562.14 309.97 134,602.55 54 05/01/2015 872.11 560.84 311.27 134,291.28 55 06/01/2015 872.11 559.55 312.56 133,978.72 56 07/01/2015 872.11 558.24 313.87 133,664.85 57 08/01/2015 872.11 556.94 315.17 133,349.68 58 09/01/2015 872.11 555.62 316.49 133,033.19 59 10/01/2015 872.11 554.30 317.81 132,715.38 60 11/01/2015 872.11 552.98 319.13 132, 396.25 61 12/01/2015 132,947.90 551.65 132,396.25 0.00 2015 Totals 142,541.11 6,706.36 135,834.75 Grand Totals 185,274.50 35,274.50 150,000.00