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HomeMy WebLinkAbout870452570452 DATE AND PARTIES. The date of this Mortgage (Security Instrument) is December 22, 2000, The parties and their addresses are: 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 RECEIVED LINCOLN COUNT' CLERK 0U DEC 26 F 3 :20 JEANNE WAGNER KEMMERER, WYOMING 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 r BOOK PR PAGE 51 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 AND 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 $900,000.00. This limitation of amount does not include interest and other fees and charges validly made pursuant to this Security Instrument. 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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. Mortgagor fails to make a payment in full when due, wrtid t' 'to '�e" U hrn CI "'LP Z B. Insolvency or Bankruptcy. Any legal entity obligated on the Sec Debt m 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, reorga ends its business or existence, er-e-rferrtrrer t, D. Failure to Perform. Mortgagor fails to perform any condition 'o to keep any promise or covenant of this Security Instrument. E. Other Documents. A default occurs under the terms of anv other ransaction document, And a� -t o Wnt�c Vri F. Other Agreements. Mortgagor is in default on any o other debt or agreemen Il/lortga or wi nde G. Misrepresentation. Mortgagor kes any verbal or written statement or pro des any financial information that is untrue inaccurate, or Is a material fact at the time it is made or p d. H. o� Judgment. I�I�r j 'to "is o a g g g t1� 7 peal any j ud against 4 I. Forfeiture. The Property is used i a maliner f uu ghat t <tens co iscation 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 the Property declines or is impaired. 0 ge,u,, y►p,n 'a bf l'hs app"U5 M. Material Change. Without first notifying Lender, there is a r►�iac hange MOr •a•,;�1 business, including ownership, management, and financial conditions. M,rnfa..1 13. REMEDIES.A t ender may ube any and all remedies Lender has unde� ate or federal law or in any instrument evidencing or pertaining to the Secured Debts, including, without limitati on, 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. The term includes, without limitation, any substances defined as "hazardous material," "toxic substance," "hazardous waste," "hazardous substance," or "regulated substance" under any Environmental Law. 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'paleat1 'paanloelnuew 'pafaodsuea1 'pafeooi aq II!M JO 's! aec,sey aoueisgns snoptezeH ou 'aapual 01 6u!1!tM u! pa6palMOU)loe pue pasolos!p Aisno!naad se 1.daox3 •br 521. would choose, and may be written at a higher rate than Mortgagor could obtain if Mortgagor purchased the insurance. 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 the 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 voluntaq{1jy, and knowingly waive the right to have a trial by jury or judge during the arbitration. 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