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HomeMy WebLinkAbout870451870451 fa. RELEASE O� 7/7 Zi 'Ibis Mort gag SEE 91, #0111 EES MORTGAGOR: ARSENAULT -NORTH NEVADA, LLC a Colorado Limited Liability Company 2400 INDUSTRIAL LANE, SUITE 1520 BROOMFIELD, Colorado 80020 CHELTON CENTRE LIMITED LIABILITY COMPANY a Colorado Limited Liability Company 2400 INDUSTRIAL LANE SUITE 1520 BROOMFIELD, Colorado 80020 C. C. INVESTMENTS, INC. a Colorado Corporation 2400 INDUSTRIAL LANE SUITE 1520 BROOMFIELD, Colorado 80020 ARSENAULT -NORTH NEVADA, LLC Wyoming Mortgage C0/3L0P070710000005400000055nE R E C E{VL s LINCOLN COUNTY CLERK 00 DEC 26 Hi 3: 19 JEA INI W AGNE R KEMMERER, V YOMING Space Above This Line For Recording Data MORTGAGE (With Future Advance Clause) LENDER: FIRST NATIONAL BANK OF COLORADO Organized and existing under the laws of the United States of America 3033 Iris Avenue Boulder, Colorado 80301 BOOK 1 PR PAGE DATE AND PARTIES. The date of this Mortgage (Security Instrument) is December 22, 2000. The parties and their addresses are: 1. CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debts and Mortgagor's performance under this Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with the power of sale, the following described property: THAT PART OF THE NE1 /4 OF SECTION 23, T34N R119W, IT BEING THE INTENT TO MORE CORRECTLY DESCRIBE THAT TRACT OF RECORD IN THE OFFICE OF THE CLERK OF LINCOLN COUNTY IN BOOK 426PR ON PAGE 90, AS FOLLOWS: BEGINNING AT A SPIKE ON THE WEST LINE OF SAID NE1 /4, S 00 DEGREES 03'18" W, 1069.77 FEET FROM THE NORTHWEST CORNER OF SAID NE1 /4; THENCE S 00 DEGREES 03'18" W, 167.36 FEET, ALONG SAID WEST LINE, TO A SPIKE; THENCE S 89 DEGREES 47'38" E, 183.22 FEET, ALONG AN EXISTING FENCE LINE, IN PART, TO A PIPE AT A FENCE CORNER; THENCE S 00 DEGREES 21'22" W, 64.53 FEET, ALONG AN EXISTING FENCE LINE, TO A POINT AT AN EXISTING FENCE CORNER; THENCE S 89 DEGREES 26'47" E, 101.82 FEET, ALONG AN EXISTING FENCE LINE, TO A POINT AT A FENCE CORNER; THENCE N 00 DEGREES 12'51" E, 231.58 FEET, ALONG AN EXISTING FENCE LINE, TO A POINT; THENCE N 89 DEGREES 36'28" W, 285.34 FEET TO THE SPIKE OF BEGINNING. The property is located in LINCOLN County at 261 NORTH MAIN, THAYNE, Wyoming 83127. Together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, crops, timber, all diversion payments or third party payments made to crop producers and all existing and future improvements, structures, fixtures, and replacements that may now, or at any time in the future, be part of the real estate described (all referred to as Property). This Security Instrument will remain in effect until the Secured Debts and all underlying agreements have been terminated in writing by Lender. 2. MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at any one time will not exceed 5321 ,750.00. This limitation of amount does not include interest and other fees and charges validly made pursuant to this Security Instrument. 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Ie!1!u! u2 k-11-!AA 00'O9L' LZC$ 10 1!w!I 1!palo wnw!xew 2 41!nn 'aapua 04 1o6e611oIN wort '000Z 'ZZ lagwaoea pale© '00 L 0862998 'oN 'alou Alossiwold y •sluawao2Ida1 pue suogeoll!pow 's6u!oueu!1a1 'slennaual 'suo!suelxa 112 pue slgap 6u!nnollot 041 •slgaa o!1!oads •v :slgaa paanoas 6u!nnollol 0Li1 alnoas II!nn luawnl1sul A1!1noag s!41 'S183a a3l1f1O3S •luawnalsul Al!moas s!y1 ui pau!21uoo slu2uanoo a (41 t0 Aue w1o11ad o1 pue Alunoas s,lapual 4304.01d 01 luawnllsul Alunoag sm. t0 sw104 5 J 11. AUTHORITY TO PERFORM. If Mortgagor fails to perform any duty or any of the covenants contained in this Security Instrument, Lender may, without notice, perform or cause them to be performed. Mortgagor appoints Lender as attorney in fact to sign Mortgagor's name or pay any amount necessary for performance. Lender's right to perform for Mortgagor will not create an obligation to perform, and Lender's failure to perform will not preclude Lender from exercising any of Lender'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, Lender may take all steps necessary to protect Lender's security interest in the Property, including completion of the construction. 12. DEFAULT. Mortgagor will be in default if any of the following occur: A. Payments. rtrtg fails to make a payment in full when dueQmd �Da�S k cat, W►�hlr1 ke. LWl B. Insolvency o k r u p ccr ny e gal entity obligated on the Secured Debts makes an assignment for t benefit of creditors or become insolvent, either because its liabilities exceed its assets or it is unable to pay its debts as they become due; or it petitions for protection under federal, state or local bankruptcy, insolvency or debtor relief laws, or is the subject of a petition or action under such laws and fails to have the petition or action dismissed within a reasonable period of time not to exceed 60 days. C. Business Termination. Mortgagor merges, dissolves, 1. o ganizes, ends its business or existence, D. Failure to Perform. Mortgagor fails to perform any c Security Instrument. Mortgagor represents, warrants and agrees that: ARSENAULT -NORTH NEVADA, LLC Wyoming Mortgage C0/ 3L0P0707 ieves that Lender is insecure. ndition or to keep any promise or covenant of this E. Other Documents. �A default occurs under the termssof other transaction document0 -rub �O:►�S c core. 1,5� F. Other Ag �fc is in default o n Q a�i y' other debt or agreement Mortgagor has with Lender. G. Misrepresentation. Mortg.• r makes any verbal or written statement or provides any financial information that is untrue inaccurate, ooL �'n ears a material fact at the time it is mad: or provided. H. Judgment. t,!>r atisfy appeal any judgment againsr�gagor. S i I. Forfeiture. The Property is us-. in a manner or toT a rpo rea s confiscation by a legal authority. J. Name Change. Mortgagor changes Mortgagor's name or assumes an additional name without notifying Lender before making such a change. K. Property Transfer. Mortgagor transfers all or a substantial part of Mortgagor's money or property. This condition of default, as it relates to the transfer of the Property, is subject to the restrictions contained in the DUE ON SALE section. L. Property Value. The value of ro ert d-cli is impairedbu4 c�ft tr afitz■ 1.610 o +h e.. app M. Material Change. ithout lrst notify) -nde there is a material,change in Mort JR 's business, f\ including ownership, managemen and financial conditions. AbIT irnt, N. Insecurity. Lender reasonab Witos 13. REMEDIES.NLender m. .se a evidencing or pertaining to the Secured Debts, including, without limitation, the power to sell the Property, Any amounts advanced on Mortgagor's behalf will be immediately due and may be added to the balance owing under the Secured Debts. Lender may make a claim for any and all insurance benefits or refunds that may be available on Mortgagor's default. Subject to any right to cure, required time schedules or other notice rights Mortgagor may have under federal and state law, Lender may make all or any part of the amount owing by the terms of the Secured Debts immediately due and foreclose this Security Instrument in a manner provided by law upon the occurrence of a default or anytime thereafter. All remedies are distinct, cumulative and not exclusive, and the Lender is entitled to all remedies provided at law or equity, whether or not expressly set forth. The acceptance by Lender of any sum in payment or partial payment on the Secured Debts after the balance is due or is accelerated or after foreclosure proceedings are filed will not constitute a waiver of Lender's right to require complete cure of any existing default. By choosing any one or more of these remedies Lender does not give up Lender's right to use any other remedy. Lender does not waive a default if Lender chooses not to use a remedy. By electing not to use any remedy, Lender does not waive Lender's right to later consider the event a default and to use any remedies if the default continues or happens again. 14. COLLECTION EXPENSES AND ATTORNEYS' FEES. On or after Default, to the extent permitted by law, Mortgagor agrees to pay all expenses of collection, enforcement or protection of Lender's rights and remedies under this Security Instrument. Mortgagor agrees to pay expenses for Lender to inspect and preserve the Property and for any recordation costs of releasing the Property from this Security Instrument. Expenses include, but are not limited to, attorneys' fees, court costs and other legal expenses. 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. To the extent permitted by the United States Bankruptcy Code, Mortgagor agrees to pay the reasonable attorneys' fees Lender incurs to collect the Secured Debts as awarded by any court exercising jurisdiction under the Bankruptcy Code. 15. 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), 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. 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Lnoge AO Japun 'uo uosJad Aue Aq pa)puey Jo 'paul4aJ 'p912911 'paJnlOe4nuew 'pan.1odsueJl 'p04e301 aq II1M Jo 's1 'uaaq sey a3ue45gns SnoplezeH ou 'aapuaq of 6u141JM u1 pa6paIMOU)I3e pue pasoi3slp Alsnolnaad se 4da3x3 •d would choose, and may be written at a higher rate than Mortgagor could obtain if Mortgagor p ch sed the insurance. ARSENAULT -NORTH NEVADA, LLC Wyoming Mortgage C0/ 3L0P0707 ,7 nnnnnnn00000005400000055nE 18. ESCROW FOR TAXES AND INSURANCE. Mortgagor will not be required to pay to Lender funds for taxes and insurance in escrow. 19. CO- SIGNERS. If Mortgagor signs this Security Instrument but does not sign the Secured Debts, Mortgagor does so only to mortgage Mortgagor's interest in the Property to secure payment of the Secured Debts and Mortgagor does not agree to be personally liable on the Secured Debts. If this Security Instrument secures a guaranty between Lender and Mortgagor, Mortgagor agrees to waive any rights that may prevent Lender from bringing any action or claim against Mortgagor or any party indebted under the obligation. These rights may include, but are not limited to, any anti deficiency or one action laws. 20. WAIVERS. Except to the extent prohibited by law, Mortgagor waives all homestead exemption rights relating to the Property. 21. OTHER TERMS. The following are applicable to this Security Instrument: A. Line of Credit. The Secured Debts include a revolving line of credit provision. Although the Secured Debts may be reduced to a zero balance, this Security Instrument will remain in effect until th.e Secured Debts and all underlying agreements have been terminated in writing by Lender. 22. APPLICABLE LAW. This Security Instrument is governed by the laws of Colorado, except to the extent otherwise required by the laws of the jurisdiction where the Property is located, and the United States of America. 23. JOINT AND INDIVIDUAL LIABILITY AND SUCCESSORS. Each Mortgagor's obligations under this Security Instrument are independent of the obligations of any other Mortgagor. Lender may sue each Mortgagor individually or together with any other Mortgagor. Lender may release any part of the Property and Mortgagor will still be obligated under this Security Instrument for the remaining Property. The duties and benefits of this Security Instrument will bind and benefit the successors and assigns of Lender and Mortgagor. 24. AMENDMENT, INTEGRATION AND SEVERABILITY. This Security Instrument may not be amended or modified by oral agreement. No amendment or modification of this Security Instrument is effective unless made in writing and executed by Mortgagor and Lender. This Security Instrument is 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. 25. 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 Security Instrument. 26. 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 party will be deemed to be notice to all parties. Mortgagor will inform Lender in writing of any change in Mortgagor's name, address or other application information. Mortgagor will provide Lender any financial statements or information Lender requests. All financial statements and information Mortgagor gives Lender will be correct and complete. Mortgagor agrees to sign, deliver, and file any additional documents or certifications that Lender may consider necessary to perfect, continue, and preserve Mortgagor's obligations under this Security Instrument and to confirm Lender's lien status on any Property. Time is of the essence. 27. AGREEMENT TO ARBITRATE. Lender or Mortgagor may submit to arbitration any dispute, claim or other matter in question between or among Lender and Mortgagor that arises out of or relates to this Transaction (Dispute), except as otherwise indicated in this section or as Lender and Mortgagor agree to in writing. For purposes of this section, this Transaction includes this Security Instrument and any other documents, instruments and proposed loans or extensions of credit that relate to this Security Instrument. Lender or Mortgagor will not arbitrate any Dispute within any "core proceedings" under the United States bankruptcy laws. Lender and Mortgagor must consent to arbitrate any Dispute concerning a debt secured by real estate at the time of the proposed arbitration. Lender may foreclose or exercise any powers of sale against real property securing a debt underlying any Dispute before, during or after any arbitration. Lender may also enforce the debt secured by this real property and underlying the Dispute before, during or after any arbitration. Lender or Mortgagor may seek provisional remedies at any time from a court having jurisdiction to preserve the rights of or to prevent irreparable injury to Lender or Mortgagor. Foreclosing or exercising a power of sale, beginning and continuing a judicial action or pursuing self -help remedies will not constitute a waiver of the right to compel arbitration. The arbitrator will determine whether a Dispute is arbitrable. A single arbitrator will resolve any Dispute, whether individual or joint in nature, or whether based on contract, tort, or any other matter at law or in equity. The arbitrator may consolidate any Dispute with any related disputes, claims or other matters in question not arising out of this Transaction. Any court having jurisdiction may enter a judgment or decree on the arbitrator's award. The judgment or decree will be enforced as any other judgment or decree. Lender and Mortgagor acknowledge that the agreements, transactions or the relationships which result from the agreements or transactions between and among Lender and Mortgagor involve interstate commerce. The United States Arbitration Act will govern the interpretation and enforcement of this section. The American Arbitration Association's Commercial Arbitration Rules, in effect on the date of this Security Instrument, will govern the selection of the arbitrator and the arbitration process, unless otherwise agreed to in this Security Instrument or another writing. 28. WAIVER OF TRIAL FOR ARBITRATION. Lender and Mortgagor understand that the parties have the right or opportunity to litigate any Dispute through a trial by judge or jury, but that the parties prefer to resolve Disputes through arbitration instead of litigation. If any Dispute is arbitrated, Lender and Mortgagor volu y. y and knowingly waive the right to have a trial by jury or judge during the arbitration. °1996 Bad 'ems, Inc., St. Cloud, MN age 5 9 abed NW 'Pn '1S ''auk 'swalsAs siaNuee 96610 Aq E' L 1 0 1/51v J, 10 Aep "0N1 'S±N3011S3ANI '0 '0 10 1N301S3ad se 11f1VN3S2:1`d '0•r 130aVw slyl, aw aaopq pa6palnnou)loe seen ).uawnal.su! slyl i10 ='1,:. a yij itK1X Us11.SSIu wo3 Aj ;100410 taaldxa uolsslwwoo AN x40'100 ado 1 o oa9 3rb1� '011 \O HiEION fO A q azae ^1.�0 Aep aw 01010% N et SS 3u99000000ti900000000000000L1LOLOdO1E /00 e6e63iow 6uiwoAM 011 'V0b'n3N H1aON•11f1VN3S8V JO slwwoo AN 'AN`dd01O3 A11118 1 43110111 3a1N30 NO113H0 a c a ►,v4'se 11f1VN3S JV or 130ab'w Aq ,t G- }o Aep r sm. aw aaoi.aq'pe6palnnouJ3e seen luawnilsu! s!yl inv Sad '0'r 1301:1b'1/1 (Ap u3 ao ssau n8) Jo ssaul n81 woo AN 11f1VN3SaV or 1308`dw alnnou )Ioe seen l.uawrulsul s!yl (A ).9u3 Jo SSauISr1r '1N3lr G3lMONNOV .N3GIS3ad '11fVN3SaV or 1 avw NI 'S1N3w1S3ANI '0 '0 ANV• r 0 All 19V11 a3 11 31:11N30 N0113H0 J3DVNVVJ "11 O VN3 EIV '0'r 13 01 011 VCIV /AN HllON 09VJlaOW quawnaisul AlpnoaS slyl. ;o Adoo e ldlaaaa sa6palnnou)loe osle Jo6e6laolN luawnal,sul AllanoaS sly ul pauleluoo slueuanoo pue swJal aye of saalBe J0 ft1_aolN '6ulu6Is A9 'S31if11`VNDIS DATE AND PARTIES. The date of this Assignment of Leases a: Rents (Assignment) is December 22, 2000. The parties and their addresses are: ASSIGNOR: ARSENAULT -NORTH NEVADA, LLC a Colorado Limited Liability Company 2400 INDUSTRIAL LANE, SUITE 1520 BROOMFIELD, Colorado 80020 CHELTON CENTRE LIMITED LIABILITY COMPANY a Colorado Limited Liability Company 2400 INDUSTRIAL LANE SUITE 1520 BROOMFIELD, Colorado 80020 C. C. INVESTMENTS, INC. a Colorado Corporation 2400 INDUSTRIAL LANE SUITE 1520 BROOMFIELD, Colorado 80020 LENDER: FIRST NATIONAL BANK OF COLORADO Organized and existing under the laws of the United States of America 3033 Iris Avenue Boulder, Colorado 80301 TIN: 1. MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Assignment at any one time will not exceed $321 ,750.00. This limitation of amount does not include interest and other fees and charges validly made pursuant to this Assignment. Also, this limitation does not apply to advances made under the terms of this Assignment to protect Lender's security and to perform any of the covenants contained in this Assignment. 2. SECURED DEBTS. This Assignment will secure the following Secured Debts: A. Specific Debts. The following debts and all extensions, renewals, refinancings, modifications and replacements. A promissory note, No. 8562980 -100, dated December 22, 2000, from Assignor to Lender, with a maximum credit limit of $321,750.00 with an initial interest rate of 8.75 percent per year maturing on January 4, 2004. One or more of the debts secured by this Assignment contains a future advance provision. B. Sums Advanced. All sums advanced and expenses incurred by Lender under the terms of this Assignment. 3. ASSIGNMENT OF LEASES AND RENTS. For good and valuable consideration, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debts and Assignor's performance under this Assignment, Assignor assigns, grants, bargains, conveys, mortgages and warrants to Lender as additional security all the right, title and interest in the following (all referred to as Property). A. Existing or future leases, subleases, licenses, guaranties and any other written or verbal agreements for the use and occupancy of the Property, including any extensions, renewals, modifications or replacements (all referred to as Leases). B. Rents, issues and profits (all referred to as Rents), including but not limited to security deposits, minimum rent, percentage rent, additional rent, common area maintenance charges, parking charges, real estate taxes, other applicable taxes, insurance premium contributions, liquidated damages following default, cancellation premiums, "loss of rents" insurance, guest receipts, revenues, royalties, proceeds, bonuses, accounts, contract rights, general intangibles, and all rights and claims which Assignor may have regarding the Property. C. The term Property as used in this Assignment shall include the following described real property: ARSENAULT -NORTH NEVADA, LLC Wyoming Assignment of Leases and Rents C0/ 3L0P0707 1 70 OOO nn000000006400000065n6 Space Above This Line For Recording Data ASSIGNMENT OF LEASES AND RENTS 119 fi 7 OOK_ _d <_._I► PR PAC7$_ (1 ©1996 B' ems, Inc., St. Cloud, MN Page 1 Mel leluawuotlnu3 algea!idde Aue qi.!M aoue!ldwo° Ilnl u! u!ewat II!M pue ate 'uaaq aney lueual Atana pue tou6!ssy 'aapual 01 6up.!JM u! pa6palMOU)1°e pue pasolos!p Aisno!natd se ldaoxa •3 •s6u!paaootd Lions of 6une at sluewnoop Aue to sa!doo an!aoaa of 14u ayl 6u!pn!ou! 6u!paaaotd Lions Aue ui awd!a!lted of 'uo!w6!lgo ag1 lou lnq 'ND!' eI sey aapual luana ue Lions ul 6u!paaootd JO 'w!elo 'uo!1e6Rsanw paualeeJLil to 6u!puad Lions Aue s! atagl ana!laq of uoseat sey tou6!ssy se UOOS se 6uw1!JM u! tapual Anllou Ala1e!paww! 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Altadotd ayl 'DNINNID38 dO 3NIIdS 3H1 01 133d 17£'98Z 'M „8Z,98 S331lD30 68 N 30N3H1 '1NIOd V 01 '3N11 30N3d DNIISIX3 NV DNO1V '133d 89'1.6Z '3 15,Z l S33E1D30 00 N 30N3H1 'li3NEJ00 30N3d V IV 1NIOd V 01 '3N11 30N3d JNI1SIX3 NV DNO1V '133d Z8'1.0 '3 „L11,9Z S331:1D30 68 S 30N3H1 '133N1:100 30N3d DNIISIX3 NV IV INIOd V 01 '3N11 30N3d DNIISIX3 NV DNO1V '133d 83 'M „ZZ, 1Z S33UO30 00 30N3H1 '1d3N I00 30N3d V 1V 3dId V 01 '1E1Vd NI '3NIl 30N3d DNIISIX3 NV DNO1V '133d ZZ'681 '3 „8£,L1 S331JD30 68 S 30N3H1 '3NIIdS `d 01 '3Nll 1S3M 0IVS DNO1V '133d 9£'L91 'M „81-80 S33EID30 00 S 30N3H1'ti /13N 0IvS dO 1J3Nd00 1S3MHIEION 3H1 Wald 1334 LL'6901. 'M „81,80 S3311D30 00 S 'b /13N 0IvS dO 3NI1 1S3M 3H1 NO 3)IIdS V IV DNINNID38 :SM0110d SV '06 3DVd NO 1Jd9Zl7 )1008 NI AINl00 N100N11 dO N11310 3H1 dO 30IddO 3H1 NI 01:10031:1 dO 10V1J1 IVHI 3811JDS30 A1103d1d00 380W 01 IN3INI 3H1 0N138 11 'M61. L l Nr£I '£Z NO1103S d0 i7 /1.3N 3H1 dO 1l:lVd IVHI 0 NW Pf 10 10 '1S "out 'swalsAS sJa >ue8 9661® 9u99000000V900000000000000LLLOLOdO1E /00 slueu pug sasuel Jo luewu6■ssV 6uiwoAM 011 'VOVn3N H11JON V 'S3ONVIS9f1S S110a1IVZvH aNV SMV1 1VIN3WNOIiIAN3 'L II!M tou6!ssy '1!nenap uodn 1 6' 0,0 r F. Except as previously disclosed and acknowledged in writing to Lender, there are no underground s torage 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. Assignor 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. Assignor 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, nature, and magnitude of any Hazardous Substance that has been released on, under or about the Property; or (3) whether or not Assignor and any tenant are in compliance with applicable Environmental Law. I. Upon Lender's request and at any time, Assignor agrees, at Assignor's expense, to engage a qualified environmental engineer to prepare an environmental audit of the Property and to submit the results of such audit to Lender. The choice of the environmental engineer who will perform such audit is subject to Lender's approval. J. Lender has the right, but not the obligation, to perform any of Assignor's obligations under this section at Assignor's expense. K. As a consequence of any breach of any representation, warranty or promise made in this section, (1) Assignor will indemnify and hold Lender and Lender's successors or assigns harmless from and against all losses, claims, demands, liabilities, damages, cleanup, response and remediation costs, penalties and expenses, including without limitation all costs of litigation and attorneys' fees, which Lender and Lender's successors or assigns may sustain; and (2) at Lender's discretion, Lender may release this Assignment and in return Assignor will provide Lender with collateral of at least equal value to the Property secured by this Assignment without prejudice to any of Lender's rights under this Assignment. L. Notwithstanding any of the language contained in this Assignment to the contrary, the terms of this section will survive any foreclosure or satisfaction of this Assignment 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. 8. CONDEMNATION. Assignor will give Lender prompt notice of any pending or threatened action by private or public entities to purchase or take any or all of the Property through condemnation, eminent domain, or any other means. Assignor authorizes Lender to intervene in Assignor's name in any of the above described actions or claims. Assignor 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 will be considered payments and will be applied as provided in this Assignment. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or other lien document. 9. APPOINTMENT OF A RECEIVER. On or after an Assignor's default, Assignor agrees to Lender making an application to the court for an appointment of a receiver for the benefit of Lender to take possession of the Property and the Leases, with the power to receive, collect and apply the Rents. Any Rents collected will be applied as the court authorizes to pay taxes, to provide insurance, to make repairs and to pay costs or any other expenses relating to the Property, the Leases and Rents, and any remaining sums shall be applied to the Secured Debts. Assignor agrees that this appointment of a receiver may be without giving bond, without reference to the then existing value of the Property, and without regard to the insolvency of any person liable for any of the Secured Debts. 10. DUE ON SALE. Lender may, at its option, declare the entire bala e of the Secured Debts to be immediately due and payable ansfer or sale of the Property. This right is subject to the restrictions imposed by federal law gov: I g t,. preemption of state due -on -sale laws, as applicable. 11. TRANSFER OF AN INTEREST IN THE ASSIGNOR. If Assignor is an entity other than a natural person (such as a corporation or other organization), Lender may demand immediate payment if: A. A beneficial interest in Assignor is sold or transferred. B. There is a change in either the identity or number of members of a partnership or similar entity. C. There is a change in ownership of more than 25 percent of the voting stock of a corporation or similar entity. However, Lender may not demand payment in the above situations if it is prohibited by law as of the date of this Assignment.br 5 or }p �Si`..nGA►AA},1'115 C'o�mil fb\ s 4 ru. of °J.1 wh►ch 1 0tAM\t a� tn W�. hht. rnantta�,e.S a N 12. WARRANTIES AND REPRESENTA IO Assignor makea� to Lender the following warrant '-s an representations which will continue as long as this Assignment is in effect: A. Power. Assignor is duly organized, and validly existing and in good standing in all jurisdictions in which Assignor operates. Assignor has the power and authority to enter into this transaction and to carry on Assignor's business or activity as it is now being conducted and, as applicable, is qualified to do so in each jurisdiction in which Assignor operates. B. Authority. The execution, delivery and performance of this Assignment and the obligation evidenced by this Assignment are within Assignor's powers, have been duly authorized, have received all necessary governmental approval, will not violate any provision of law, or order of court or governmental agency, and will not violate any agreement to which Assignor is a party or to which Assignor is or any of Assignor's property is subject. C. Name and Place of Business. Other than previously disclosed in writing to Lender, Assignor has not changed Assignor's name or principal place of business within the last 10 years and has not used any other trade or fictitious name. Without Lender's prior written consent, Assignor does not and will not use any other name and will preserve Assignor's existing name, trade names and franchises. 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'saseal uo Me! alge3!Idd2 Aue paleloln lou anal saseal 0y1 01 13afgns sawed 0141 pue 'saseal 941 Japun sls!xa llne4ap oN •llnejea •d •AlladOId 041 40 asn pue adA1 0141 104 luapnld as!Maagfo se 10 Mel Aq pa1!nbal se saseal ag1 pap1o3a1 sey 1ou6!ssy •uolleplo3au •3 •sluau pue saseal 041 u! 14611 Aue s214 uosaad 101410 ou pue 'sluau pue saseal 041 A111n3as leuo!l!ppe se Japual of 1ue112M pue 96e611ow 'Aa /UO3 'u!e612q 'luel6 'u6!sse of 1146!1 041 sey pue A1.19d01d pue 's]U0 'saseal 941 01 awl poo6 set] 1ou6!ssy •aI4!1 a 7 A H. Judgment. Assignor fails to satisfy or a appeal any �judgment aagg` inst A ►..r' 5 1 4 I. Forfeiture. The Property is used in a m' �fcr'd`rpo s e e tha ens conf ation by a legal authority) J. N �es n dditional name without notifying Lender before making such a change. K. Property Transfer. Assignor transfers all or a substantial part' o' Assignor's money or property. This condition of default, as it relates to the transfer of the Property, is subject to the restrictions contained in the DUE ON SALE section. L. Property Value. The value of the Prope ty declines o is impairedy That1 'f 10 a� O.pprz.i M. Material Change. *grit first notifying Len there is a material ch •e in Assignor's business, incl ding ownership, management, and financial conditions. 15. REMEDIES. After Assignor defaults, and after Lender gives any le ally req d notice and opportunity to cure the default, Lender may at Lender's option do any one or more of the following. A. Acceleration. Lender may make all or any part of the amount owing by the terms of the Secured Debts immediately due. B. Additional Security. Lender may demand additional security or additional parties to be obligated to pay the Secured Debts. C. Sources. Lender may use any and all remedies Lender has under Wyoming or federal law or in any instrument evidencing or pertaining to the Secured Debts. D. Insurance Benefits. Lender may make a claim for any and all insurance benefits or refunds that may be available on Assignor's default. E. Payments Made On Assignor's Behalf. Amounts advanced on Assignor's behalf will be immediately due and may be added to the Secured Debts. F. Rents. Lender may terminate Assignor's right to collect Rents and directly collect and retain Rents in Lender's name without taking possession of the Property and to demand, collect, receive, and sue for the Rents, giving proper receipts and releases. In addition, after deducting all reasonable expenses of collection from any collected and retained Rents, Lender may apply the balance as provided for by the Secured Debts. G. Entry. Lender may enter, take possession, manage and operate all or any part of the Property; make, modify, enforce or cancel or accept the surrender of any Leases; obtain or evict any tenants or licensees; increase or reduce Rents; decorate, clean and make repairs or do any other act or incur any other cost Lender deems proper to protect the Property as fully as Assignor could do. Any funds collected from the operation of the Property may be applied in such order as Lender may deem proper, including, but not limited to, payment of the following: operating expenses, management, brokerage, attorneys' and accountants' fees, the Secured Debts, and toward the maintenance of reserves for repair or replacement. Lender may take such action without regard to the adequacy of the security, with or without any action or proceeding, through any person or agent, or receiver to be appointed by a court, and irrespective of Assignor's possession. The collection and application of the Rents or the entry upon and taking possession of the Property as set out in this section shall not cure or waive any notice of default under the Secured Debts, this Assignment, or invalidate any act pursuant to such notice. The enforcement of such remedy by Lender, once exercised, shall continue for so long as Lender shall elect, notwithstanding that such collection and application of Rents may have cured the original default. H. Waiver. Except as otherwise required by law, by choosing any one or more of these remedies you do not give up 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. 16. TERM. This Assignment will remain in full force and effect until the Secured Debts are paid or otherwise discharged and Lender is no longer obligated to advance funds under any loan or credit agreement which is a part of the Secured Debts. If any or all payments of the Secured Debts are subsequently invalidated, declared void or voidable, or set aside and are required to be repaid to a trustee, custodian, receiver or any other party under any bankruptcy act or other state or federal law, then the Secured Debts will be revived and will continue in full force and effect as if this payment had not been made. 17. CO- SIGNERS. If Assignor signs this Assignment but does not sign the Secured Debts, Assignor does so only to assign Assignor's interest in the Property to secure payment of the Secured Debts and Assignor does not agree to be personally liable on the Secured Debts. If this Assignment secures a guaranty between Lender and Assignor, Assignor agrees to waive any rights that may prevent Lender from bringing any action or claim against Assignor or any party indebted under the obligation. These rights may include, but are not limited to, any anti deficiency or one action laws. 18. WAIVERS. Except to the extent prohibited by law, Assignor waives all homestead exemption rights relating to the Property. 19. OTHER TERMS. The following are applicable to this Assignment: A. Line of Credit. The Secured Debts include a revolving line of credit provision. Although the Secured Debts may be reduced to a zero balance, this Assignment will remain in effect until the Secured Debts and all underlying agreements have been terminated in writing by Lender, 20. APPLICABLE LAW. This Assignment is governed by the laws of Colorado, except to the extent otherwise required by the laws of the jurisdiction where the Property is located, and the United States of America. 21. JOINT AND INDIVIDUAL LIABILITY AND SUCCESSORS. Each Assignor's obligations under this Assignment are independent of the obligations of any other Assignor. Lender may sue each Assignor individually or together with any other Assignor. Lender may release any part of the Property and Assignor will still be obligated under this ARSENAULT -NORTH NEVADA, LLC Wyoming Assignment of Leases and Rents C0/3L0P0707 OO0000006400000065n6 ©1996 6 'ems, Inc., St. Cloud, MN 9 abed NW 'pool) s "out 'sweisAs saaiue8 966 L 9u99000000V900000000000000LLLOLOdO1E /00 swam puu sesua o luawu6!ssV fiuiwoAM 011 'VOVn3N HlaON 11fVN3SHV 1N3GIS3 Inv 3SEIV •r 13 VV\! 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