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870510
MORTGAGE
This mortgage is made as of the '7 day of December, 2000, between Doug Naef
a married man
(the "Mortgagor and Western Production and Pumping, Inc. Retirement Trust, Jeiif G.
Atwood and Susan Atwood, Trustees (the "Mortgagee
WITNESSETH, that to secure the payment of an indebtedness in the sum of One
Million One Hundred Fifty Thousand Dollars ($1,150,000.00), and with all payments to be
credited first towards interest to the date paid and the balance, if any, to be credited towards
principal, all as evidenced by a Promissory Note of even date herewith (the ultimate maturity
date of which is the 1st day of July, 2006) and all renewals, modifications and extensions
thereof, the Mortgagor hereby mortgages to the Mortgagee the following described real estate,
ated in the County of Lincoln, State of Wyoming, to -wit:
See Exhibit "A" which is attached hereto and incorporated herein
y this reference
Together with and including all buildings and improvements thereon and all
appurtenances and hereditaments thereunto belonging. Subject to all covenants,
conditions, restrictions, easements, reservations, rights and rights -of -way of sight
and /or record (the "Property
1
LINCOLN COUNTY CLE{ 1
00 NC 29 1:1110: 35
JEANNE `1 AGNER
KEMMERER. WYOMING
And the Mortgagor covenants with the Mortgagee as follows:
1. PAYMENT. The Mortgagor shall pay the indebtedness hereby secured.
2. PREPAYMENT. The Mortgagor shall have the privilege of paying principal
sums plus accrued interest, at any time, in whole or in part, without premium or penalty of any
kind, and it is understood and agreed that any such prepayment shall be credited first to accrued
interest and the balance to principal in the inverse order of when due.
3. PRESERVATION OF PROPERTY. The Mortgagor shall not do anything on
or in connection with the Property which may impair Mortgagee's security hereunder.
Mortgagor will not commit, permit or suffer any waste, impairment, or deterioration of the
Property and the Property shall be continuously maintained, in good and sightly order, repair
and condition by Mortgagor at his expense. Mortgagee acknowledges that the Property will, in
part, but utilized for gravel extraction and acknowledges that such gravel extraction and
removal does not and will not constitute waste, impairment or deterioration.
4. TAXES AND OTHER CHARGES. The Mortgagor shall pay all ground rents,
taxes, assessments, sewer rents, water rates, all governmental, quasi governmental charges
(e.g., homeowner association assessments) and other lawful charges on or against the Property.
5. INSURANCE. The Mortgagor shall obtain and maintain in full force and effect
during the term of this mortgage, fire and extended benefits insurance on the Property and all
improvements thereon, in an amount equal to their full insurable value and in any event not less
than $30,000.00 payable to Mortgagor and Mortgagee as their interests may appear. Copies of
said insurance policy shall be delivered to Mortgagee upon request. In the event of loss,
insurance proceeds shall be paid to Mortgagee and may be applied by the Mortgagor, at its
option, to the reduction of the indebtedness hereby secured or towards the repair or
reconstruction of the improvements to a like quality and condition as they existed prior to such
damage or destruction.
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Mortgagee shall not be obligated to provide any further notice of default and the
mortgage will, at the option of Mortgagee, be in default (and all amounts
secured hereby and payable hereunder shall be fully due and payable) and the
Mortgagee shall have all remedies available to it as set forth herein.
11. FORECLOSURE UPON DEFAULT. In the event of default and acceleration
as herein provided, the Mortgagee may proceed, pursuant to the laws of the State of Wyoming
by judicial foreclosure or advertisement and sale, to foreclose on and sell the Property, and out
of the proceeds of such sale shall pay all sums secured hereby, including all costs and expenses
of the foreclosure proceeding.
12. REMEDIES. All remedies provided in this mortgage are distinct and
cumulative to any other right or remedy under this mortgage or afforded by law or equity which
may be exercised concurrently, independently or successively. Any forbearance by Mortgagee
in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not
be deemed a waiver or preclude the exercise of any such right or remedy at any time.
13. RECEIVER. The holder of this mortgage, in any action or procedure to
foreclose it (judicial, by power of sale or otherwise), shall be entitled to the appointment of a
receiver. The Mortgagor hereby consents that, in the event a receiver is appointed, Mortgagee
may be the receiver.
14. POSSESSION. In the event of default by Mortgagor, the Mortgagee is entitled
to possession of the Property during the pendency of any foreclosure proceedings and during
any period of redemption, if applicable, under the statutes of the State of Wyoming.
15. ATTORNEY AND FORECLOSURE EXPENSES. If any action or
proceeding be commenced, to which action or proceeding the Mortgagee is made a party due to
its interest in the Property, or in which it becomes necessary to initiate collection of the
indebtedness hereby secured or foreclosure proceedings (whether or not suit is necessary), all
sums paid by the Mortgagee for the expense of any litigation or proceeding to prosecute or to
defend the rights and lien created by this mortgage or to foreclose this mortgage or to collect
the indebtedness hereby secured (including reasonable attorneys' fees), shall be paid by the
Mortgagor, together with interest thereon at the rate of eighteen percent (18 per annum, and
any such sums and the interest thereon shall be a lien on the Property, prior to any right, or title
to, interest in or claim upon the Property attaching or accruing subsequent to the lien of this
mortgage, and shall be deemed to be secured by this mortgage.
16. ASSIGNMENT OF RENTS. The Mortgagor hereby assigns to the Mortgagee
the rents, issues and profits, if any, of the Property as further security for the payment of the
indebtedness secured hereby, and the Mortgagor grants to the Mortgagee the right to enter upon
the Property or any part thereof, and to apply the rents, issues and profits, after payment of all
necessary charges and expenses, on account of the indebtedness hereby secured. This
assignment and grant shall continue in effect until all sums secured by this mortgage are paid.
The Mortgagee hereby waives the right to enter upon the Property for the purpose of collecting
said rents, issues and profits, and the Mortgagor shall be entitled to collect and to receive said
rents, issues and profits; provided that such right of the Mortgagor may be revoked by the
Mortgagee upon any default (not cured within the applicable cure period) hereunder, without
notice.
17. DEFICIENCY. in the event the Property is sold at foreclosure (judicial, power
of sale, or otherwise according to law) and the proceeds are insufficient to pay the indebtedness
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Parcel 1
Parcel 2
Exhibit A
Portions of the S W 1 /4 of the S W 1 /4 of Section 20 and the N W l /4
of the NW1 /4 of Section 29 in T37N, R1 18W, 6` Principal
Meridian, located in or near Alpine, Lincoln County, Wyoming,
being more particularly described as follows:
BEGINNING at a brass cap monument set at the Northeast corner
of said SW1 /4 of the SW 1/4 of Section 20 and running
S0 °04'25 "E, 1321.20 feet to a brass cap monument set; thence East
2.71 feet to a brass cap monument found; thence S0 °00'16 "W
1094.38 feet to a brass cap monument found marking the North
line of the Bureau of Reclamation Property, taken for the Palisades
Reservoir; thence N88 17'46 "W, along last said North line, 592.61
feet to an iron pipe set; thence North 2397.46 feet to an iron pipe
set in the North line of said SW1 /4; thence N89 °57'07 "E along last
said North line, 588.03 feet to the Point of Beginning.
Portions of the S W 1 /4 of the S W I /4 of Section 20 and the NW 1 /4
of the NW 1/4 of Section 29 in T37N, R118W, 6 Principal
Meridian, located in or near Alpine, Lincoln County, Wyoming,
being more particularly described as follows:
BEGINNING at an iron pipe set in the North Line of said SW1 /4
of the SW1 /4 of Section 20, said iron pipe being S89 °57'07 "W
588.03 feet from the Northeast corner thereof; thence running
South 2397.46 feet to an iron pipe set in the North line of the
Bureau of Reclamation Property, taken for the Palisades Reservoir;
thence N88 17'46 "W, along last said North line, 58.67 feet to an
iron bar found; thence N82 °21'22 "W, along said North line 547.64
feet to an iron pipe set; thence North 2322.37 feet to an iron pipe
set in first said North line; thence S89 57'07 "E, along last said
North line, 601.42 feet to the Point of Beginning.
645