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Recorded �,,Q(j,,,, at �„��.1� M
MORTGAGE In Book Pa e 1 c Kemmerer, WY
No. „i,jl 1, 1 Jeanne Wagner, Clerl+
4\W arT \b}r
THIS MORTGAGE is executed and delivered effective the day of
2000, by Rocky Mountain Rogues, Inc., a Wyoming
corporation, (hereinafter referred to as "Mortgagor to the HOKE FAMILY LIMITED
PARTNERSHIP, a Wyoming limited partnership, whose mailing address is P.O. Box
130, Wilson, Wyoming 83014, (hereinafter referred to as "Mortgagee
Mortgagor, to secure payment of a promissory note in the amount of Three
Hundred Thirty Five Thousand Dollars ($335,000.00), together with interest thereon
as set forth in a Promissory Note of even date herewith, DOES HEREBY MORTGAGE
to the Mortgagee the following described real property situated in
Wyoming (the Mortgaged Property
The real property described in Exhibit A attached hereto
a part hereof,
Including and together with all improvements and appurtena
thereon and thereunto belonging, but subject to taxes,
reservations, covenants, conditions, encroachments, restrictions,
rights -of -way and easements of sight and record, if any.
Mortgagor further covenants and agrees as follows:
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D.+1c +rd
This Mortgage is subject to the express condition that if the Mortgagor pays or
causes to be paid to the Mortgagee the sum of Three Hundred Thirty Five Thousand
Dollars ($335,000.00), and any additional amounts payable hereunder, in accordance
with the promissory note of even date herewith which is secured by this Mortgage,
the ultimate maturity date of said note being December 1 2003,. then this Mortgage
and said promissory note shall cease and be null and void.
1. Payment of Indebtedness. Mortgagor shall pay the indebtedness as herein
provided and the lien of this instrument shall remain in full force and effect during any
postponement or extension of the time of payment of any part of the indebtedness
secured hereby.
2. Copies of Tax Notices. Mortgagor shall provide Mortgagee copies of all
tax notices within 30 days of Mortgagor's receipt thereof.
3. Liens Impairment of Security. Mortgagor shall not commit or permit waste
and will do nothing on or in connection with the Mortgaged Property which may impair
the security of the Mortgagee hereunder. Mortgagor shall not permit the Mortgaged
Property or any part thereof to be levied upon or attached in any legal or equitable
proceeding, except to the extent that such levy or attachment is being contested in
good faith by appropriate proceedings. Mortgagor agrees to pay in full the amount of
any such levy or attachment within ten (10) days after any final judgment including
appeals thereon has been entered.
4. Taxes and Assessments. If Mortgagor fails to pay taxes, assessments,
or other lawful charges within 30 days after notice thereof, the Mortgagee may,
without notice or demand pay the same, and all sums so paid shall be added to the
principal sum of the mortgage debt. Any sums so paid shall draw interest at the rate
of eighteen percent (18 per annum.
5. Maintenance of Property. Mortgagor shall maintain the Mortgaged
Property in good condition and repair at all times when any amount remaining due to
Mortgagee remains unpaid.
6. Default. If the Mortgagor defaults in the payment of the indebtedness
hereby secured or of any part of any installment of principal or interest or in case of
breach of any covenant or agreement herein contained, or contained in the Promissory
Note secured by this Mortgage, which default is not remedied within thirty (30) days
after written notice thereof is mailed to mortgagor by or on behalf of the Mortgagee
as provided hereafter, the whole of the then indebtedness secured hereby, both
principal and interest, together with all sums payable pursuant to the provisions hereof
shall, at the option of the Mortgagee become immediately due and payable, anything
herein or in said note to the contrary notwithstanding and failure to exercise said
option shall not constitute a waiver of the right to exercise the same in the event of
any subsequent defaults. No notice shall be required to accelerate due date of
amounts secured by this Mortgage in the event that the Mortgagee elects to accelerate
after four notices of default given during a twelve (12) month period as provided in the
promissory note securing payment of this Mortgage. The Mortgagee may enforce the
provisions of or foreclose this Mortgage by any appropriate suit, action or proceeding
at law or in equity, or by advertisement and sale as authorized by Wyoming statute,
and cause to be executed and delivered to the purchaser or purchasers at any
foreclosure salea proper deed of conveyance of the property so sold. The Mortgagor
agrees to pay all costs of enforcement or foreclosure including a reasonable attorney's
fee.,-,Theo failure of the Mortgagee to promptly foreclose upon a default shall not
prejudice any right of said Mortgagee to foreclose thereafter during the continuance
of such default or any right to foreclose in case of further default or defaults. The net
proceeds from such sale shall be applied to the payment of first, all unpaid taxes,
assessments, claims and liens on said property which are superior to the lien hereof;
second, all monies expended or advanced by the Mortgagee pursuant to the provisions
of this Mortgage; third, the attorney's fees and costs incurred by Mortgagee in
connection with the default of Mortgagor; fourth, the balance due Mortgagee on
account of principal and interest on the indebtedness hereby secured; and the surplus,
if any, shall be paid to the Mortgagor.
7. Foreclosure /Possession. If the right of foreclosure accrues as a result of
any default hereunder, the Mortgagee shall at once become entitled to exclusive
possession, use and enjoyment of the Mortgaged Property and to all rents, issues and
profits thereof from the occurring of such right and during the pendency of foreclosure
proceedings and the period of redemption and such possession, rents, issues and
profits shall be delivered immediately to the Mortgagee on request. On refusal the
delivery of such possession, rents, issues and profits may be enforced by the
Mortgagee by any appropriate suit, action or proceeding. Mortgagee shall be entitled
to a receiver for the Mortgaged Property and all rents, issues, and profits thereof after
any such default including the time covered by foreclosure proceedings and the period
of redemption and without regard to the solvency or insolvency of the Mortgagor or
the then -owner of the Mortgaged Property and without regard to the value of the
Mortgaged Property or the sufficiency thereof to discharge the mortgage debt and
foreclosure costs, fees and expenses. Such receiver may be appointed by any court
of competent jurisdiction upon application and hearing. 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.
8. Deficiency Judgment. If the property described herein is sold under
foreclosure in a commercially reasonable manner, and the proceeds are insufficient to
pay the total indebtedness hereby secured, the Mortgagor shall be personally bound
to pay the unpaid balance and the Mortgagee shall be entitled to a deficiency
judgment.
9. Due on Sale or Transfer. Mortgagor shall not sell or transfer the
property as long as any amount remains unpaid hereunder without the written consent
of Mortgagee first had and obtained, which Mortgagor may withhold in Mortgagor's
sole discretion.
10. Insurance. As collateral and further security for the payment of the
indebtedness hereby secured, Mortgagor shall keep any improvements now existing
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STATE OF
ss.
COUNTY OF
a On this d of 2000, before me personally appeared
15 i tAk me person, ally known, who, being by me duly
sworn, did say that she /he is the '061d oth of Rocky Mountain Rogues,
Inc., a Wyoming corporation and that the foregoing instrument was signed on behalf
of said corporation by authority of its Board of Directors.
My Commission expires:
Witness my hand and official seal.
215
Page 4
Notary Public
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