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HomeMy WebLinkAbout882249i~Ulb / r ~ eft r, 1VE-U 0 L E R K 8822409 1300K_ 4 MPR PAGE 594 State of Wyoming - _ ; _ 02 Space Above Th is Line For Recording Data REAL ESTATE MORTG A G E (With Future Advance Clause) 1. DATE AND PARTIES. The date of this Mortgage is 06.21.2002 and the parties and their addresses are as follows: _ MORTGAGOR: WY.B MOTEL, ILC, A WYOMING LIMITED LIABILITY COMPANY P.O; BOX 430 AFTON,,WY,83110 . ❑ Refer to the Addendum which is attached and incorporated herein for additional Mortgagors. LENDER: TH8 PM OF ATM VALLEY ORQANI~EQ,AND EXISTIWG, UNDER TF ,4{I~IIIS OF THE.ST}IT8 OF WYOMING . . . . 384 WASHINGTQIV, STREET, PO BOX 8007,AFTON, WY ,83110 83.0315143 2. MORTGAGE. For good and valuable consideration, the receipt and sufficiency, o[ which is acknowledged, and to secure the Secured Debt (hereafter defined), Mortgagor grants, bargains, conveys, nlor,Lages and warrants to Lender, with the power of sale, the following described property: BEGINNING AT THE NORTHWEST CORNER OE LOT 2, BLOCK 8 OF THE AFTON TOWNSITE, LINCOLN COUNTY, WYOMING AND RUNNING THENCE SOUTH 10 RODS; THENCE EAST 167 FEET; THENCE SOUTH 10 RODS; THENCE EAST 163 FEET; THENCE NORTH 20 RODS; THENCE WEST 20 RODS TO THE PLACE OF BEGINNING. The property is located in LINCOLN... , t 21.8 WASHINGTON STREET (County) AFTON . . . Wyoming 83110 . ) (Address) (City) (ZIP Code Together with all rights, easements, appurtenances, royalties, mineral oil and gas rights, crops, timber, all diversion payments or third party payments made to crop producers, and all c.risnrlu and future improvements, structures, fixtures, and replacements that may now, or at any time in the future, be hart of the real estate described above (all referred to as "Property"). The term Property also includes, but is not limited to, ;1ny and all water wells, water, ditches, reservoirs, reservoir sites and dams located on the real estate and all riparian and water rights associated with the Property, however established. 3. MAXIMUM OBLIGATION LIMIT. The total principal amount of the Secured Uebt (hereafter defined) secured by this Mortgage at any one time shall not exceed $ 18V4M5 I'his limitation of amount does not include interest, loan charges, commitment fees, brokerage commissions, attorneys' ! other clh,!:-ges validly made pursuant to tf?is ~4ortiyave and doe.i 11of ant1!, to :ulv;,11c , (Or in'tel a .4(-crnt-.d , r. . 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Any loan proceeds are used for a purpose that will contribute to excessive erosion of highly erodible land or to the conversion of wetlands to produce an agricultural commodity, as further explained in 7 C.F.R. Part 1940, Subpart G, Exhibit M. 16. REMEDIES ON DEFAULT. In some instances, federal and state law will require Lender to provide Mortgagor with notice of the right to cure, mediation notices or other notices and may establish time schedules for foreclosure actions. Subject to these limitations, if any, Lender may accelerate the Secured Debt and foreclose this Mortgage in a manner provided by law if this Mortgagor is in default. At the option of Lender, all or any part of the agreed fees and charges, accrued interest and principal shall become immediately due and payable, after giving notice if required by law, upon the occurrence of a default or anytime thereafter. In addition, Lender shall be entitled to all the remedies provided by law, the Evidence of Debt, other evidences of debt, this Mortgage and any related documents including without lirnitatioii, th;; power to sell the Property. All remedies are distinct, cumulative and not exclusive, and the Lender is entitled to all remedies provided at law or equity, whether expressly set forth or not. The acceptance by Lender of any sum in payment or partial payment on the Secured Debt after the balance is due or is accelerated or after foreclosure proceedings are tiled shall not constitute a waiver of Lender's right to require full and complete cure of any existing default. By not exercising any remedy on Mortgagor's default, Lender does not waive Lender's right to later consider the event a default if it continues or happens again. 17. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when prohibited by law, Mortgagor agrees to pay all of Lender's expenses if Mortgagor breaches any covenant in this Mortgage. Mortgagor will also pay on demand all of Lender's expenses incurred in collecting, insuring, preserving or protecting the Property or in any inventories, audits, inspections or other examination by Lender in respect to the Property. Mortgagor agrees to pay all costs and expenses incurred by Lender in enforcing or protecting Lender's rights and remedies under this Mortgage, including, but not limited to, attorneys' fees, court costs, and other legal expenses. Once the Secured Debt is fully and finally paid, Lender agrees to release this Mortgage and Mortgagor agrees to pay for any recordation costs. All such amounts are due on demand and will bear interest from the time of the advance at the highest rate in effect, from time to time, as provided in the Evidence of Debt and as permitted by law. 18. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) "Environmental Law" means, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), all other federal, state and local laws, regulations, ordinances, court orders, attorney general opinions or interpretive letters concerning the public health, safety, welfare, environment or a hazardous substance; and (2) "Hazardous Substance" means any toxic, radioactive or hazardous material, waste, pollutant or contaminant which has characteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or environment. The term includes, without limitation, any substances defined as "hazardous material," "toxic substances," "hazardous waste" or "hazardous substance" under any Environmental Law. Mortgagor represents, warrants and agrees that, except as previously disclosed and acknowledged in writing: A. No Hazardous. Substance has been, is, or will be located, transported, manufactured, treated, refined, or handled by any person on, under or about the Property, except in the ordinary course of business and in strict compliance with all applicable Environmental Law. B. Mortgagor has not and will not cause, contribute to, or permit the release of any Hazardous Substance on the Property. C. Mortgagor will immediately notify Lender if (1) a release or threatened release of Hazardous Substance occurs on, under or about the Property or migrates or threatens to migrate from nearby property; or (2) there is a violation of any Environmental Law concerning the Property. In such an event, Mortgagor will take all necessary remedial action in accordance with Environmental Law. D. Mortgagor has no knowledge of or reason to believe there is any pending or threatened investigation, claim, or proceeding of any kind relating to (1) any Hazardous Substance located on, under or about the Property; or (2) any violation by Mortgagor or any tenant of any Environmental Law. Mortgagor will immediately notify Lender in writing as soon as Mortgagor has reason to believe there is any such pending or threatened investigation, claim, or proceeding. In such an event, Lender has the right, but not the obligation, to participate in any such proceeding including the right to receive copies of any documents relating to such proceedings. E. Mortgagor and every tenant have been, are and shall remain in full compliance with any applicable Environmental Law. F. There are no underground storage tanks, private dumps or open wells located on or under the Property and no such tank, dump or well will be added unless Lender first consents in writing. G. Mortgagor will regularly inspect the Property, monitor the activities and operations on the Property, and confirm that all permits, licenses or approvals required by any applicable Environmental Law are obtained and complied with. H. Mortgagor will permit, or cause any tenant to permit, Lender or Lender's agent to enter and inspect the Property and review all records at any reasonable time to determine (1) the existence, location and nature of any Hazardous Substance on, under or about the Property; (2) the existence, location. P,ilure, and magnitude of any Hazardous Substance that has been relc: ,-J on, under or about thc Property; (rr ; :her or,iu,t Mortgagor and any tenant 5918 L. Notwithstanding any of the language contained in this Mortgage to the contrary, the terms of this section shall survive any foreclosure or satisfaction of this Mortgage regardless of any passage of title to Lender or any disposition by Lender of any or all of the Property. Any claims and defenses to the contrary are hereby waived. 19. CONDEMNATION. Mortgagor will give Lender prompt notice of any action, real or threatened, by private or public entities to purchase or take any or all of the Property, including any easements, through condemnation, eminent domain, or any other means. Mortgagor further agrees to notify Lender of any proceedings instituted for the establishment of any sewer, water, conservation, ditch, drainage, or other district relating to or binding upon the Property or any part of it. Mortgagor authorizes Lender to intervene in Mortgagor's name in any of the above described actions or claims and to collect and receive all sums resulting from the action or claim. Mortgagor assigns to Lender the proceeds of any award or claim for damages connected with a condemnation or other taking of all or any part of the Property. Such proceeds shall be considered payments and will be applied as provided in this Mortgage. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or other lien document. 20. INSURANCE. Mortgagor agrees to maintain insurance as follows: A. Mortgagor shall keep the Property insured against loss by fire, theft and other hazards and risks reasonably associated with the Property due to its type and location. Other hazards and risks may include, for example, coverage against loss due to floods or flooding. This insurance shall be maintained in the amounts and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Mortgagor subject to Lender's approval, which shall not be unreasonably withheld. If Mortgagor fails to maintain the coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Property according to the terms of this Mortgage. All insurance policies and renewals shall be acceptable to Lender and shall include a standard "mortgage clause" and, where applicable, "lender loss payee clause." Mortgagor shall immediately notify Lender of cancellation or termination of the insurance. Lender shall have the right to hold the policies and renewals. If Lender requires, Mortgagor shall immediately give to Lender all receipts of paid premiums and renewal notices. Upon loss, Mortgagor shall give immediate notice to the insurance carrier and Lender. Lender may make proof of loss if not made immediately by Mortgagor. Unless Lender and Mortgagor otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged if the restoration or repair is economically feasible and Lender's security is not lessened. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the Secured Debt, whether or not then due, with any excess paid to Mortgagor. If Mortgagor abandons the Property, or does not answer within 30 days a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may collect the insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay the Secured Debt whether or not then due. The 30-day period will begin when the notice is given. Unless Lender and Mortgagor otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of scheduled payments or change the amount of the payments. If the Property is acquired by Lender, Mortgagor's right to any insurance policies and proceeds resulting from damage to the Property before the acquisition shall pass to Lender to the extent of the Secured Debt immediately before the acquisition. B. Mortgagor agrees to maintain comprehensive general liability insurance naming Lender as an additional insured in an amount acceptable to Lender, insuring against claims arising from any accident or occurrence in or on the Property. C. Mortgagor agrees to maintain rental loss or business interruption iiLtiurance, as required by Lender, in an amount equal to at least coverage of one year's debt service, and required escrow account deposits (if agreed to separately in writing), under a form of policy acceptable to Lender. 21. NO ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separate agreement, Mortgagor will not be required to pay to Lender funds for taxes and insurance in escrow. 22. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Mortgagor will provide to Lender upon request, any financial statement or information Lender may deem necessary. Mortgagor warrants that all financial statements and information Mortgagor provides to Lender are, or will be, accurate, correct, and complete. Mortgagor agrees to sign, deliver, and file as Lender may reasonably request any additional documents or certifications that Lender may consider necessary to perfect, continue, and preserve Mortgagor's obligations under this Mortgage and Lender's lien status on the Property. If Mortgagor fails to do so, Lender may sign, deliver, and file such documents or certificates in Mortgagor's name and Mortgagor hereby irrevocably appoints Lender or Lender's agent as attorney in fact to do the things necessary to comply with this section. 23. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under thiF ge are joint and individual. If Mortg, -,ns this Mortgage but does not sign t' -nce of Debt, "tr Joes so only to more-,,fie MnrlrtaQOr's it the Propirri: pa -.n,:-nt of r.: Dr'? . t73ei Sfnc, ~ ..C ail(' , Q Lj'Vawo.~,• + AI .I iv-~-..s,l 59:7' include the plural and the plural the singular. The captions and headings of the sections of this Mortgage are for convenience only and are not to be used to interpret or define the terms of this Mortgage. Time is of the essence in this Mortgage. 25. NOTICE. Unless otherwise required by law, any notice shall be given by delivering it or by mailing it by first class mail to the appropriate party's address on page 1 of this Mortgage, or to any other address designated in writing. Notice to one mortgagor will be deemed to be notice to all mortgagors. 26. WAIVERS. Except to the extent prohibited by law, Mortgagor waives any right regarding the marshalling of liens and assets and all homestead exemption rights relating to the Property. 27. U.C.C. PROVISIONS. If checked, the following arr applicable to, but do not limit, this Mortgag ❑ Construction Loan. This Mortgage secures an obligation incurred for the construction of an improvement on the Property. ❑ Fixture Filing. Mortgagor grants to Lender a security interest in all goods that Mortgagor owns now or in the future and that are or will become fixtures related to the Property. ❑ Crops; Timber; Minerals; Rents, Issues, and Profits. Mortgagor grants to Lender a security interest in all crops, timber and minerals located on the Property as well as all rents, issues, and profits of them including, but not limited to, all Conservation Reserve Program (CRP) and Payment in Kind (PIK) payments and similar governmental programs (all of which shall also be included in the term "Property"). ❑ Personal Property. Mortgagor grants to Lender a security interest in all personal property located on or connected with the Property. This security interest includes all farm products, inventory, equipment, accounts, documents, instruments, chattel paper, general intangibles, and all other items of personal property Mortgagor owns now or in the future and that are used or useful in the construction, ownership, operation, management, or maintenance of the Property. The term "personal property" specifically excludes that property described as "household goods" secured in connection with a "consumer" loan as those terms are defined in applicable federal regulations governing unfair and deceptive credit practices. ❑ Filing As Financing Statement. Mortgagor agrees and acknowledges that this Mortgage also suffices as a financing statement and as such, may be filed of record as a financing statement for purposes of Article 9 of the Uniform Commercial Code. A carbon, photographic, image or other reproduction of this Mortgage is sufficient as a financing statement. 28. OTHER TERMS. If checked, the following are applicable to this Mortgage: ❑ Line of Credit. The Secured Debt includes a revolving line of credit provision. Although the Secured Debt may be reduced to a zero balance, this Mortgage will remain in effect until released. ❑ Additional Terms.......... SIGNATURES: By signing below, Mortgagor agrees to the terms and covenants contained in this Mortgage and in any attachments. Mortgagor also acknowledges receipt of a copy of this Mortgage on the elate stated above on Page 1. ❑ Actual authority was granted to the parties signing below by resolution signed and dated . Entity Name: LAZY,B MOTES, LLC (Signature) Date DIANE R. RILEY, EXECUTIVE OFFICERIPRESIDING MEMBER( ) Entity Name (Signature) (Date) (Signature) (Date) (Signature) (Date) ❑ Refer to the Addendum which is attached and incorporated herein for additional Mortgagors, signatures and acknowledgments. ACKNOWLEDGMENT: STATE OF COUNTY OF } ss. (Individual) This instrument was acknowledged before me this day of by . My commission expires: (Seal) (Notary Public) STATE OF WYOMING COUNTY OF UNPO.......................................... This instrument was acknowledged before me this 21ST.... day of JUNE, 2002 by P ME R.,RILEY.......... (Btuincss EXECUTIVE OFFICER~PRESIDING MEMBER or Entity (Title(s)) Acknowledgment) of , AZY B MOTEL,, LLC (Name of Business or Entity) a►NYRMIN5.I,IMlTQ.LtA611!TY CQM?A.NY on behalf o e business or entity. MItrDYtYhU1N-NOTARYPUBtIG C2 jl 4 ~ly 7 pal C . . 4t oun inf otary Public) Wyoming yomyomin ( Uncoln g 'ny Commission Upires Feb. 1, 2003 ©1993 Bankers Systems, Inc., St. Cloud, MN (1.800-397-2341) Form AG/CO-MTG•WY 10/25/93 _ (page 6 of 6)