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HomeMy WebLinkAbout97207917 /UL4 ti RECORDATION REQUESTED BY: Bank of Jackson Hole Main Branch 990 West Broadway; P.O. Box 7000 Jackson, WY 83002 WHEN RECORDED MAIL TO: Bank of Jackson Hole Main Branch 990 West Broadway; P.O. Box 7000 Jackson, WY 83002 SEND TAX NOTICES TO: Bank of Jackson Hole Main Branch 990 West Broadway; P.O. Box 7000 Jackson, WY 83002 MORT MAXIMUM LIEN. The lien of this Mortgage shall not excee THIS MORTGAGE dated June 25, 2013, is made and Halverson, not personally but as Trustees on behalf of Hal any amendments thereto, whose address is 46 East Kit "Grantor and Bank of Jackson Hole, whose address i 83002 (referred to below as "Lender GRANT OF MORTGAGE. For valuable consideration, Grantor mortgages the following described real property, together with all existing or sub easements, rights of way, and appurtenances; all water, water rights, irrigation rights); and all other rights, royalties, and profits relating to geothermal and similar matters, (the "Real Property located in L LOT 1, TETON CROSSING SUBDIVISION, according t Document No. 957891, in the office of the Clerk of Lin The Real Property or its address is commonly known as L Grantor presently assigns to Lender all of Grantor's right, title, and intere from the Property. In addition, Grantor grants to Lender a Uniform Comm THIS MORTGAGE, INCLUDING THE ASSIGNMENT OF RENTS AND THE GIVEN TO SECURE (A) PAYMENT OF THE INDEBTEDNESS AND (B) THE RELATED DOCUMENTS, AND THIS MORTGAGE. THIS MORTGA INTEREST IN THE RENTS AND PERSONAL PROPERTY, IS ALSO GIVEN THAT CERTAIN CONSTRUCTION LOAN AGREEMENT BETWEEN BORR DEFAULT UNDER THE CONSTRUCTION LOAN AGREEMENT, OR ANY 0 BE AN EVENT OF DEFAULT UNDER THIS MORTGAGE. THIS MORTGAG GRANTOR'S WAIVERS. Grantor waives all rights or defenses arising by which may prevent Lender from bringing any action against Grantor, inclu a claim for deficiency, before or after Lender's commencement or com power of sale. GRANTOR'S REPRESENTATIONS AND WARRANTIES. Grantor warrants the request of Lender; (b) Grantor has the full power, right, and authorit provisions of this Mortgage do not conflict with, or result in a default and result in a violation of any law, regulation, court decree or order applicabl from Borrower on a continuing basis information about Borrower's finan about Borrower (including without limitation the creditworthiness of Borro PAYMENT AND PERFORMANCE. Except as otherwise provided in this M Mortgage as it becomes due, and Borrower and Grantor shall strictly perf POSSESSION AND MAINTENANCE OF THE PROPERTY. Borrower and Property shall be governed by the following provisions: Possession and Use. Until the occurrence of an Event of Default, G use, operate or manage the Property; and (3) collect the Rents from Duty to Maintain. Grantor shall maintain the Property in good cond necessary to preserve its value. Compliance With Environmental Laws. Grantor represents and war the Property, there has been no use, generation, manufacture, stora Substance by any person on, under, about or from the Property; been, except as previously disclosed to and acknowledged by Lend (b) any use, generation, manufacture, storage, treatment, disposal, about or from the Property by any prior owners or occupants of th kind by any person relating to such matters; and (3) Except as prey Grantor nor any tenant, contractor, agent or other authorized user of or release any Hazardous Substance on, under, about or from the with all applicable federal, state, and local laws, regulations and or authorizes Lender and its agents to enter upon the Property to make appropriate to determine compliance of the Property with this section for Lender's purposes only and shall not be construed to create any person. The representations and warranties contained herein ar Hazardous Substances. Grantor hereby (1) releases and waives event Grantor becomes liable for cleanup or other costs under any Lender against any and all claims, losses, liabilities, damages, pena suffer resulting from a breach of this section of the Mortgage or as release or threatened release occurring prior to Grantor's ownershi have been known to Grantor. The provisions of this section of the the payment of the Indebtedness and the satisfaction and reconvey acquisition of any interest in the Property, whether by foreclosure or Nuisance, Waste. Grantor shall not cause, conduct or permit any n the Property or any portion of the Property. Without limiting the ge party the right to remove, any timber, minerals (including oil and gas written consent. Removal of Improvements. Grantor shall not demolish or remove a ECEIVED 7/18/2013 at 4:40 PM RECEIVING 972079 BOOK: 816 PAGE: 6 JEANNE WAGNER COLN COUNTY CLERK, KEMMERER, WY 0006 SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY at any one time $800,000.00. ecuted between Gary M. Halverson and Pamela J. rson Management Trust, dated August 21, 2012, and Hawk, Richmond, TX 77406 (referred to below as 990 West Broadway; P.O. Box 7000, Jackson, WY conveys to Lender all of Grantor's right, title, and interest in and to uently erected or affixed buildings, improvements and fixtures; all ercourses and ditch rights (including stock in utilities with ditch or e real property, including without limitation all minerals, oil, gas, oln County, State of Wyoming: he official plat thereof recorded February 2, 2011, as n County, Wyoming. 1 Teton Crossing Subdivision, Alpine, WY 83128. in and to all present and future leases of the Property and all Rents al Code security interest in the Personal Property and Rents. CURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY, IS RFORMANCE OF ANY AND ALL OBLIGATIONS UNDER THE NOTE, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY SECURE ANY AND ALL OF BORROWER'S OBLIGATIONS UNDER ER AND LENDER OF EVEN DATE HEREWITH. ANY EVENT OF HE RELATED DOCUMENTS REFERRED TO THEREIN, SHALL ALSO GIVEN AND ACCEPTED ON THE FOLLOWING TERMS: ason of any "one action" or "anti- deficiency" law, or any other law g a claim for deficiency to the extent Lender is otherwise entitled to tion of any foreclosure action, either judicially or by exercise of a at: (a) this Mortgage is executed at Borrower's request and not at o enter into this Mortgage and to hypothecate the Property; (c) the any agreement or other instrument binding upon Grantor and do not o Grantor; (d) Grantor has established adequate means of obtaining I condition; and (e) Lender has made no representation to Grantor r) gage, Borrower shall pay to Lender all Indebtedness secured by this all Borrower's and Grantor's obligations under this Mortgage. ntor agree that Borrower's and Grantor's possession and use of the tor may (1) remain in possession and control of the Property; (21 e Property. e and promptly perform all repairs, replacements, and maintenance is to Lender that: (1) During the period of Grantor's ownership of treatment, disposal, release or threatened release of any Hazardous Grantor has no knowledge of, or reason to believe that there has in writing, (a) any breach or violation of any Environmental Laws, lease or threatened release of any Hazardous Substance on, under, roperty, or (c) any actual or threatened litigation or claims of any sly disclosed to and acknowledged by Lender in writing, (a) neither e Property shall use, generate, manufacture, store, treat, dispose of perty; and (b) any such activity shall be conducted in compliance ances, including without limitation all Environmental Laws. Grantor ch inspections and tests, at Grantor's expense, as Lender may deem of the Mortgage. Any inspections or tests made by Lender shall be ponsibility or liability on the part of Lender to Grantor or to any other ased on Grantor's due diligence in investigating the Property for y future claims against Lender for indemnity or contribution in the ch laws; and (2) agrees to indemnify, defend, and hold harmless s, and expenses which Lender may directly or indirectly sustain or onsequence of any use, generation, manufacture, storage, disposal, r interest in the Property, whether or not the same was or should tgage, including the obligation to indemnify and defend, shall survive e of the lien of this Mortgage and shall not be affected by Lender's erwise. nce nor commit, permit, or suffer any stripping of or waste on or to ality of the foregoing, Grantor will not remove, or grant to any other oal, clay, scoria, soil, gravel or rock products without Lender's prior Improvements from the Real Property without Lender's prior written Loan No: 131390 MORTG (Continu consent. As a condition to the removal of any Improvements, Lender replace such Improvements with Improvements of at least equal value. Lender's Right to Enter. Lender and Lender's agents and representative to Lender's interests and to inspect the Real Property for purposes of Gr Compliance with Governmental Requirements. Grantor shall promptly in effect, of all governmental authorities applicable to the use or occu law, ordinance, or regulation and withhold compliance during any proce Lender in writing prior to doing so and so long as, in Lender's sole opi may require Grantor to post adequate security or a surety bond, reasona Duty to Protect. Grantor agrees neither to abandon or leave unattende acts set forth above in this section, which from the character and use o Property. CONSTRUCTION LOAN. If some or all of the proceeds of the loan cre construction of any Improvements on the Property, the Improvements shall earlier date as Lender may reasonably establish) and Grantor shall pay in fu disburse loan proceeds under such terms and conditions as Lender may de Mortgage shall have priority over all possible liens, including those of materi that disbursement requests be supported by receipted bills, expense affidav documentation as Lender may reasonably request. DUE ON SALE CONSENT BY LENDER. Lender may, at Lender's optio Mortgage upon the sale or transfer, without Lender's prior written consent, Property. A "sale or transfer" means the conveyance of Real Property or an or equitable; whether voluntary or involuntary; whether by outright sale, leasehold interest with a term greater than three (3) years, lease- option cont or to any land trust holding title to the Real Property, or by any other metho option shall not be exercised by Lender if such exercise is prohibited by fede TAXES AND LIENS. The following provisions relating to the taxes and liens Payment. Grantor shall pay when due (and in all events prior to delin charges and sewer service charges levied against or on account of the services rendered or material furnished to the Property. Grantor shall m the interest of Lender under this Mortgage, except for those liens specif and assessments not due as further specified in the Right to Contest pa Right to Contest. Grantor may withhold payment of any tax, asses obligation to pay, so long as Lender's interest in the Property is not Grantor shall within fifteen (15) days after the lien arises or, if a lien is secure the discharge of the lien, or if requested by Lender, deposit wit satisfactory to Lender in an amount sufficient to discharge the lien pl could accrue as a result of a foreclosure or sale under the lien. In any adverse judgment before enforcement against the Property. Grantor furnished in the contest proceedings. Evidence of Payment. Grantor shall upon demand furnish to Lender sati authorize the appropriate governmental official to deliver to Lender at the Property. Maintenance of Insurance. Grantor shall procure and maintain policies a replacement basis for the full insurable value covering all Improveme of any coinsurance clause, and with a standard mortgagee clause in fa and in such form as may be reasonably acceptable to Lender. Grant containing a stipulation that coverage will not be cancelled or diminishe and not containing any disclaimer of the insurer's liability for failure endorsement providing that coverage in favor of Lender will not be im other person. Should the Real Property be located in an area designate a special flood hazard area, Grantor agrees to obtain and maintain Fede by Lender that the Property is located in a special flood hazard area, f the property securing the loan, up to the maximum policy limits set und Lender, and to maintain such insurance for the term of the loan. Application of Proceeds. Grantor shall promptly notify Lender of any Grantor fails to do so within fifteen (15) days of the casualty. Whe election, receive and retain the proceeds of any insurance and apply th affecting the Property, or the restoration and repair of the Property. If shall repair or replace the damaged or destroyed Improvements in a ma such expenditure, pay or reimburse Grantor from the proceeds for the under this Mortgage. Any proceeds which have not been disburse committed to the repair or restoration of the Property shall be used fir pay accrued interest, and the remainder, if any, shall be applied to the after payment in full of the Indebtedness, such proceeds shall be paid t LENDER'S EXPENDITURES. If Grantor fails (A) to keep the Property free o (B) to provide any required insurance on the Property, or (C) to make proceeding is commenced that would materially affect Lender's interests required to, take any action that Lender believes to be appropriate to prot such purposes will then bear interest at the rate charged under the Note fr Grantor. All such expenses will become a part of the Indebtedness and, at the balance of the Note and be apportioned among and be payable with an any applicable insurance policy; or (2) the remaining term of the Note; or at the Note's maturity. The Mortgage also will secure payment of these a to any other rights or any remedies to which Lender may be entitled on construed as curing the default so as to bar Lender from any remedy that it WARRANTY; DEFENSE OF TITLE. The following provisions relating to owne Title. Grantor warrants that: (a) Grantor holds good and marketable t' and encumbrances other than those set forth in the Real Property descr issued in favor of, and accepted by, Lender in connection with this M execute and deliver this Mortgage to Lender. Defense of Title. Subject to the exception in the paragraph above, Gra the lawful claims of all persons. In the event any action or proceeding under this Mortgage, Grantor shall defend the action at Grantor's ex Lender shall be entitled to participate in the proceeding and to be rep GE d) 0 0 0 Page 2 ay require Grantor to make arrangements satisfactory to Lender to may enter upon the Real Property at all reasonable times to attend ntor's compliance with the terms and conditions of this Mortgage. omply with all laws, ordinances, and regulations, now or hereafter ncy of the Property. Grantor may contest in good faith any such ding, including appropriate appeals, so long as Grantor has notified ion, Lender's interests in the Property are not jeopardized. Lender .ly satisfactory to Lender, to protect Lender's interest. the Property. Grantor shall do all other acts, in addition to those the Property are reasonably necessary to protect and preserve the sting the Indebtedness are to be used to construct or complete be completed no later than the maturity date of the Note (or such I all costs and expenses in connection with the work. Lender will m reasonably necessary to insure that the interest created by this I suppliers and workmen. Lender may require, among other things, ts, waivers of liens, construction progress reports, and such other declare immediately due and payable all sums secured by this of all or any part of the Real Property, or any interest in the Real right, title or interest in the Real Property; whether legal, beneficial .eed, installment sale contract, land contract, contract for deed, act, or by sale, assignment, or transfer of any beneficial interest in of conveyance of an interest in the Real Property. However, this al law or by Wyoming law. n the Property are part of this Mortgage: uency) all taxes, payroll taxes, special taxes, assessments, water roperty, and shall pay when due all claims for work done on or for aintain the Property free of any liens having priority over or equal to cally agreed to in writing by Lender, and except for the lien of taxes agraph. ment, or claim in connection with a good faith dispute over the eopardized. If a lien arises or is filed as a result of nonpayment, filed, within fifteen (15) days after Grantor has notice of the filing, Lender cash or a sufficient corporate surety bond or other security s any costs and reasonable attorneys' fees, or other charges that ontest, Grantor shall defend itself and Lender and shall satisfy any hall name Lender as an additional obligee under any surety bond factory evidence of payment of the taxes or assessments and shall ny time a written statement of the taxes and assessments against Notice of Construction. Grantor shall notify Lender at least fifteen 1151 days before any work is commenced, any services are furnished, or any materials are supplied to the Property, if any mechanic's lien, ma erialmen's lien, or other lien could be asserted on account of the work, services, or materials. Grantor will upon request of Lender furni -h to Lender advance assurances satisfactory to Lender that Grantor can and will pay the cost of such improvements. PROPERTY DAMAGE INSURANCE. The following provisions relating to insu ing the Property are a part of this Mortgage: if fire insurance with standard extended coverage endorsements on ts on the Real Property in an amount sufficient to avoid application .r of Lender. Policies shall be written by such insurance companies r shall deliver to Lender certificates of coverage from each insurer without a minimum of ten 110) days' prior written notice to Lender to give such notice. Each insurance policy also shall include an aired in any way by any act, omission or default of Grantor or any by the Director of the Federal Emergency Management Agency as al Flood Insurance, if available, within 45 days after notice is given r the full unpaid principal balance of the loan and any prior liens on r the National Flood Insurance Program, or as otherwise required by oss or damage to the Property. Lender may make proof of loss if her or not Lender's security is impaired, Lender may, at Lender's proceeds to the reduction of the Indebtedness, payment of any lien ender elects to apply the proceeds to restoration and repair, Grantor ner satisfactory to Lender. Lender shall, upon satisfactory proof of reasonable cost of repair or restoration if Grantor is not in default within 180 days after their receipt and which Lender has not t to pay any amount owing to Lender under this Mortgage, then to .rincipal balance of the Indebtedness. If Lender holds any proceeds Grantor as Grantor's interests may appear. all taxes, liens, security interests, encumbrances, and other claims, repairs to the Property then Lender may do so. If any action or in the Property, then Lender on Grantor's behalf may, but is not ct Lender's interests. All expenses incurred or paid by Lender for m the date incurred or paid by Lender to the date of repayment by Lender's option, will (A1 be payable on demand; (B) be added to installment payments to become due during either (1) the term of (C) be treated as a balloon payment which will be due and payable ounts. The rights provided for in this paragraph shall be in addition account of any default. Any such action by Lender shall not be therwise would have had. ship of the Property are a part of this Mortgage: le of record to the Property in fee simple, free and clear of all liens ption or in any title insurance policy, title report, or final title opinion rtgage, and (b) Grantor has the full right, power, and authority to tor warrants and will forever defend the title to the Property against s commenced that questions Grantor's title or the interest of Lender ense. Grantor may be the nominal party in such proceeding, but esented in the proceeding by counsel of Lender's own choice, and Loan No: 131390 Grantor will deliver, participation. MORTGAGE (Continued) 0008 Page3 or cause to be delivered, to Lender such instruments as Lender may request from time to time to permit such Compliance With Laws. Grantor warrants that the Property and Grar, ordinances, and regulations of governmental authorities. Survival of Promises. All promises, agreements, and statements Grant of this Mortgage, shall be continuing in nature and shall remain in full f full. CONDEMNATION. The following provisions relating to condemnation proce Proceedings. If any proceeding in condemnation is filed, Grantor sha such steps as may be necessary to defend the action and obtain the Lender shall be entitled to participate in the proceeding and to be repr will deliver or cause to be delivered to Lender such instruments and permit such participation. Application of Net Proceeds. If all or any part of the Property is c. purchase in lieu of condemnation, Lender may at its election require t the Indebtedness or the repair or restoration of the Property. The n= reasonable costs, expenses, and attorneys' fees incurred by Lender in IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUT fees and charges are a part of this Mortgage: Current Taxes, Fees and Charges. Upon request by Lender, Grantor whatever other action is requested by Lender to perfect and continue all taxes, as described below, together with all expenses incurred in limitation all taxes, fees, documentary stamps, and other charges for r- Taxes. The following shall constitute taxes to which this section apple part of the Indebtedness secured by this Mortgage; (2) a specific from payments on the Indebtedness secured by this type of Mortgage; the holder of the Note; and (4) a specific tax on all or any portion o Borrower. Subsequent Taxes. If any tax to which this section applies is enacte same effect as an Event of Default, and Lender may exercise any or a unless Grantor either (1) pays the tax before it becomes delinquent, section and deposits with Lender cash or a sufficient corporate surety SECURITY AGREEMENT; FINANCING STATEMENTS. The following provis this Mortgage: Security Agreement. This instrument shall constitute a Security Ag Lender shall have all of the rights of a secured party under the Uniform Security Interest. Upon request by Lender, Grantor shall take whate security interest in the Personal Property. In addition to recording this without further authorization from Grantor, file executed counterparts, Grantor shall reimburse Lender for all expenses incurred in perfecting remove, sever or detach the Personal Property from the Property. Up to the Property in a manner and at a place reasonably convenient to days after receipt of written demand from Lender to the extent permitt Addresses. The mailing addresses of Grantor (debtor) and Lender (se granted by this Mortgage may be obtained (each as required by the Mortgage. FURTHER ASSURANCES; ATTORNEY -IN -FACT. The following provisions Mortgage: Further Assurances. At any time, and from time to time, upon reques be made, executed or delivered, to Lender or to Lender's designee, an rerecorded, as the case may be, at such times and in such offices and deeds of trust, security deeds, security agreements, financing state certificates, and other documents as may, in the sole opinion of Lende continue, or preserve (1) Borrower's and Grantor's obligations under liens and security interests created by this Mortgage as first and prior Grantor. Unless prohibited by law or Lender agrees to the contrary i incurred in connection with the matters referred to in this paragraph. Attorney -in -Fact. If Grantor fails to do any of the things referred to in Grantor and at Grantor's expense. For such purposes, Grantor here purpose of making, executing, delivering, filing, recording, and doing opinion, to accomplish the matters referred to in the preceding paragra. FULL PERFORMANCE. If Borrower and Grantor pay all the Indebtedness w upon Grantor under this Mortgage, Lender shall execute and deliver to Gra of termination of any financing statement on file evidencing Lender's securi if permitted by applicable law, any reasonable termination fee as determined EVENTS OF DEFAULT. At Lender's option, Grantor will be in default under Payment Default. Borrower fails to make any payment when due unde Default on Other Payments. Failure of Grantor within the time require any other payment necessary to prevent filing of or to effect discharge Break Other Promises. Borrower or Grantor breaks any promise made manner provided in this Mortgage or in any agreement related to this M Default in Favor of Third Parties. Should Borrower or any Grantor defa or sales agreement, or any other agreement, in favor of any other cre Grantor's property or Borrower's ability to repay the Indebtedness or under this Mortgage or any of the Related Documents. False Statements. Any representation or statement made or furnishe behalf under this Mortgage or the Related Documents is false or mis furnished. Defective Collateralization. This Mortgage or any of the Related Docu collateral document to create a valid and perfected security interest or I Insolvency. The dissolution or termination of the Trust, the insolvency Borrower's or Grantor's property, any assignment for the benefit of cr proceeding under any bankruptcy or insolvency laws by or against Borr. Taking of the Property. Any creditor or governmental agency tries t. property in which Lender has a lien. This includes taking of, garnishi or's use of the Property complies with all existing applicable laws, r has made in this Mortgage shall survive the execution and delivery rce and effect until such time as Borrower's Indebtedness is paid in dings are a part of this Mortgage: promptly notify Lender in writing, and Grantor shall promptly take :ward. Grantor may be the nominal party in such proceeding, but ented in the proceeding by counsel of its own choice, and Grantor .cumentation as may be requested by Lender from time to time to demned by eminent domain proceedings or by any proceeding or t all or any portion of the net proceeds of the award be applied to proceeds of the award shall mean the award after payment of all nnection with the condemnation. ORITIES. The following provisions relating to governmental taxes, hall execute such documents in addition to this Mortgage and take nder's lien on the Real Property. Grantor shall reimburse Lender for cording, perfecting or continuing this Mortgage, including without ording or registering this Mortgage. s: (1) a specific tax upon this type of Mortgage or upon all or any x on Borrower which Borrower is authorized or required to deduct (3) a tax on this type of Mortgage chargeable against the Lender or the Indebtedness or on payments of principal and interest made by subsequent to the date of this Mortgage, this event shall have the of its available remedies for an Event of Default as provided below or (2) contests the tax as provided above in the Taxes and Liens nd or other security satisfactory to Lender. .ns relating to this Mortgage as a security agreement are a part of ement to the extent any of the Property constitutes fixtures, and ommercial Code as amended from time to time. er action is requested by Lender to perfect and continue Lender's ortgage in the real property records, Lender may, at any time and copies or reproductions of this Mortgage as a financing statement. r continuing this security interest. Upon default, Grantor shall not n default, Grantor shall assemble any Personal Property not affixed rantor and Lender and make it available to Lender within three (3) by applicable law. red party) from which information concerning the security interest niform Commercial Code) are as stated on the first page of this lating to further assurances and attorney -in -fact are a part of this of Lender, Grantor will make, execute and deliver, or will cause to when requested by Lender, cause to be filed, recorded, refiled, or laces as Lender may deem appropriate, any and all such mortgages, ents, continuation statements, instruments of further assurance, be necessary or desirable in order to effectuate, complete, perfect, he Note, this Mortgage, and the Related Documents, and (2) the lens on the Property, whether now owned or hereafter acquired by writing, Grantor shall reimburse Lender for all costs and expenses he preceding paragraph, Lender may do so for and in the name of irrevocably appoints Lender as Grantor's attorney -in -fact for the II other things as may be necessary or desirable, in Lender's sole n due, and Grantor otherwise performs all the obligations imposed or a suitable satisfaction of this Mortgage and suitable statements interest in the Rents and the Personal Property. Grantor will pay, .y Lender from time to time. is Mortgage if any of the following happen: the lndebtedness, by this Mortgage to make any payment for taxes or insurance, or f any lien. o Lender or fails to perform promptly at the time and strictly in the rtgage. It under any loan, extension of credit, security agreement, purchase itor or person that may materially affect any of Borrower's or any grower's or Grantor's ability to perform their respective obligations to Lender by Borrower or Grantor or on Borrower's or Grantor's ading in any material respect, either now or at the time made or ents ceases to be in full force and effect (including failure of any n) at any time and for any reason. f Borrower or Grantor, the appointment of a receiver for any part of ditors, any type of creditor workout, or the commencement of any er or Grantor. take any of the Property or any other of Borrower's or Grantor's g of or levying on Borrower's or Grantor's accounts with Lender. Loan No:4 3'1$90 MORTG (Continu However, if Borrower or Grantor disputes in good faith whether the reasonable, and if Borrower or Grantor gives Lender written notice satisfactory to Lender to satisfy the claim, then this default provision wi Breach of Other Agreement. Any breach by Borrower or Grantor under Lender that is not remedied within any grace period provided the indebtedness or other obligation of Borrower or Grantor to Lender, when Events Affecting Guarantor. Any of the preceding events occurs with of any of the Indebtedness or any guarantor, endorser, surety, or a disputes the validity of, or liability under, any Guaranty of the Indebtedn Right to Cure. If any default, other than a default in payment is curabl: provision of this Mortgage within the preceding twelve (12) months, Borrower demanding cure of such default: (1) cures the default within days, immediately initiates steps which Lender deems in Lender's s continues and completes all reasonable and necessary steps sufficient t RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence of an Event o exercise any one or more of the following rights and remedies, in addition to Accelerate Indebtedness. Lender shall have the right at its option with immediately due and payable, including any prepayment penalty that Bo UCC Remedies. With respect to all or any part of the Personal Proper under the Uniform Commercial Code. Collect Rents. Lender shall have the right, without notice to Borrower pendency of foreclosure, whether judicial or non judicial, and collect th proceeds, over and above Lender's costs, against the Indebtedness. 1 user of the Property to make payments of rent or use fees directly to L: designates Lender as Grantor's attorney -in -fact to endorse instruments the same and collect the proceeds. Payments by tenants or other obligations for which the payments are made, whether or not any pro under this subparagraph either in person, by agent, or through a receive Appoint Receiver. Lender shall have the right to have a receiver appoi power to protect and preserve the Property, to operate the Property Property and apply the proceeds, over and above the cost of the recei bond if permitted by law. Lender's right to the appointment of a rec exceeds the Indebtedness by a substantial amount. Employment by Le Judicial Foreclosure. Lender may obtain a judicial decree foreclosing Gr Nonjudicial Sale. Lender may foreclose Grantor's interest in all or in an of sale" or "advertisement and sale" foreclosure as provided by statute. Deficiency Judgment. If permitted by applicable law, Lender may obta to Lender after application of all amounts received from the exercise of Tenancy at Sufferance. If Grantor remains in possession of the Prope becomes entitled to possession of the Property upon default of Borrow or the purchaser of the Property and shall, at Lender's option, either (1 the Property immediately upon the demand of Lender. Other Remedies. Lender shall have all other rights and remedies provid Sale of the Property. To the extent permitted by applicable law, Borro marshalled. In exercising its rights and remedies, Lender shall be free sale or by separate sales. Lender shall be entitled to bid at any public s Notice of Sale. Lender will give Grantor reasonable notice of the time after which any private sale or other intended disposition of the Pers' given at least ten (10) days before the time of the sale or disposition. any sale of the Real Property. Election of Remedies. All of Lender's rights and remedies will be cu Lender to choose any one remedy will not bar Lender from using any of Grantor's obligations under this Mortgage, after Grantor's failure to do Grantor in default and to exercise Lender's remedies. Attorneys' Fees; Expenses. If Lender institutes any suit or action to e recover such sum as the court may adjudge reasonable as attorneys' f: involved, and to the extent not prohibited by law, all reasonable expen for the protection of its interest or the enforcement of its rights shall b interest at the Note rate from the date of the expenditure until repal however subject to any limits under applicable law, Lender's reasonabl: a lawsuit, including reasonable attorneys' fees and expenses for b automatic stay or injunction), appeals, and any anticipated post -judgm reports (including foreclosure reports), surveyors' reports, and appraisa Grantor also will pay any court costs, in addition to all other sums provi NOTICES. Any notice required to be given under this Mortgage, including given in writing, and shall be effective when actually delivered, when actuall deposited with a nationally recognized overnight courier, or, if mailed, w registered mail postage prepaid, directed to the addresses shown near the b the holder of any lien which has priority over this Mortgage shall be sent t Any person may change his or her address for notices under this Mortga specifying that the purpose of the notice is to change the person's address. times of Grantor's current address. Unless otherwise provided or required to any Grantor is deemed to be notice given to all Grantors. It will be Grant. MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are Amendments. What is written in this Mortgage and in the Related D. matters covered by this Mortgage. To be effective, any change or am: whoever will be bound or obligated by the change or amendment. Caption Headings. Caption headings in this Mortgage are for conveni: provisions of this Mortgage. Governing Law. This Mortgage will be governed by federal law applic laws of the State of Wyoming without regard to its conflicts of law pro Wyoming. Choice of Venue. If there is a lawsuit, Grantor agrees upon Lender's State of Wyoming. Joint and Several Liability. All obligations of Borrower and Grantor u Grantor shall mean each and every Grantor, and all references to Bor GE d) ss. Page 4 claim on which the taking of the Property is based is valid or f the claim and furnishes Lender with monies or a surety bond I not apply. he terms of any other agreement between Borrower or Grantor and ein, including without limitation any agreement concerning any er existing now or later. espect to any guarantor, endorser, surety, or accommodation party commodation party dies or becomes incompetent, or revokes or and if Grantor has not been given a notice of a breach of the same it may be cured if Grantor, after Lender sends written notice to fifteen (15) days; or (2) if the cure requires more than fifteen (15) .le discretion to be sufficient to cure the default and thereafter produce compliance as soon as reasonably practical. Default and at any time thereafter, Lender, at Lender's option, may any other rights or remedies provided by law: ut notice to Borrower or Grantor to declare the entire Indebtedness rower would be required to pay. y, Lender shall have all the rights and remedies of a secured party or Grantor, to take possession of the Property, including during the Rents, including amounts past due and unpaid, and apply the net furtherance of this right, Lender may require any tenant or other nder. If the Rents are collected by Lender, then Grantor irrevocably eceived in payment thereof in the name of Grantor and to negotiate sers to Lender in response to Lender's demand shall satisfy the er grounds for the demand existed. Lender may exercise its rights ted to take possession of all or any part of the Property, with the preceding foreclosure or sale, and to collect the Rents from the ership, against the Indebtedness. The receiver may serve without iver shall exist whether or not the apparent value of the Property der shall not disqualify a person from serving as a receiver. :ntor's interest in all or any part of the Property. part of the Property by non judicial sale, and specifically by "power n a judgment for any deficiency remaining in the Indebtedness due he rights provided in this section. y after the Property is sold as provided above or Lender otherwise r or Grantor, Grantor shall become a tenant at sufferance of Lender pay a reasonable rental for the use of the Property, or (2) vacate d in this Mortgage or the Note or available at law or in equity. er and Grantor hereby waive any and all right to have the Property to sell all or any part of the Property together or separately, in one le on all or any portion of the Property. nd place of any public sale of the Personal Property or of the time nal Property is to be made. Reasonable notice shall mean notice ny sale of the Personal Property may be made in conjunction with ulative and may be exercised alone or together. An election by er remedy. If Lender decides to spend money or to perform any of so, that decision by Lender will not affect Lender's right to declare force any of the terms of this Mortgage, Lender shall be entitled to es at trial and upon any appeal. Whether or not any court action is es Lender incurs that in Lender's opinion are necessary at any time come a part of the Indebtedness payable on demand and shall bear Expenses covered by this paragraph include, without limitation, attorneys' fees and Lender's legal expenses whether or not there is nkruptcy proceedings (including efforts to modify or vacate any nt collection services, the cost of searching records, obtaining title fees and title insurance, to the extent permitted by applicable law. .ed by law. ithout limitation any notice of default and any notice of sale shall be received by telefacsimile (unless otherwise required by law), when en deposited in the United States mail, as first class, certified or ginning of this Mortgage. All copies of notices of foreclosure from Lender's address, as shown near the beginning of this Mortgage. .e by giving formal written notice to the other person or persons, For notice purposes, Grantor agrees to keep Lender informed at all y law, if there is more than one Grantor, any notice given by Lender is responsibility to tell the others of the notice from Lender. a part of this Mortgage: cuments is Grantor's entire agreement with Lender concerning the ndment to this Mortgage must be in writing and must be signed by nce purposes only and are not to be used to interpret or define the ble to Lender and, to the extent not preempted by federal law, the isions. This Mortgage has been accepted by Lender in the State of equest to submit to the jurisdiction of the courts of Teton County, der this Mortgage shall be joint and several, and all references to ower shall mean each and every Borrower. This means that each Loan No: 131390 MORT (Conti Grantor signing below is responsible for all obligations in this Mortga No Waiver by Lender. Grantor understands Lender will not give u writing. The fact that Lender delays or omits to exercise any right in writing to give up one of Lender's rights, that does not mean Gra Grantor also understands that if Lender does consent to a request, again if the situation happens again. Grantor further understands t that does not mean Lender will be required to consent to any of payment, protest, and notice of dishonor. Grantor waives all rights agrees that the rights of Lender in the Property under this Mortgage Severability. If a court finds that any provision of this Mortgage is the rest of this Mortgage will not be valid or enforced. Therefore, provision of this Mortgage may be found to be Invalid or unenforcea Merger. There shall be no merger of the interest or estate created time held by or for the benefit of Lender In any capacity, without the Successors and Assigns. Subject to any limitations stated in this M upon and inure to the benefit of the parties, their successors and a than Grantor, Lender, without notice to Grantor, may deal with Gra by way of forbearance or extension without releasing Grantor from Time Is of the Essence. Time is of the essence in the performance Waiver of Homestead Exemption. Grantor hereby releases and waiv of Wyoming as to all Indebtedness secured by this Mortgage. DEFINITIONS. The following words shall have the following meanings w Borrower. The word "Borrower" means Gary M. Halverson; Pam 2012, and any amendments thereto and includes all co- signers and Environmental Laws. The words "Environmental Laws" mean an relating to the protection of human health or the environment, inc Compensation, and Liability Act of 1980, as amended, 42 U.S.C. Reauthorization Act of 1986, Pub. L. No. 99 -499 ("SARA"), the Ha the Resource Conservation and Recovery Act, 42 U.S.C. Sectio regulations adopted pursuant thereto. Event of Default. The words "Event of Default' mean any of the section of this Mortgage. Grantor. The word "Grantor" means Halverson Management Trust, Guaranty. The word "Guaranty" means the guaranty from guar without limitation a guaranty of all or part of the Note. Hazardous Substances. The words "Hazardous Substances" mea chemical or infectious characteristics, may cause or pose a pre improperly used, treated, stored, disposed of, generated, manuf Substances" are used in their very broadest sense and include wit waste as defined by or listed under the Environmental Laws. The to and petroleum by- products or any fraction thereof and asbestos. Improvements. The word "Improvements" means all existing and f Real Property, facilities, additions, replacements and other constructs Indebtedness. The word "Indebtedness" means all principal, intere Related Documents, together with all renewals of, extensions of, Related Documents and any amounts expended or advanced by Len enforce Grantor's obligations under this Mortgage, together with inte Lender. The word "Lender" means Bank of Jackson Hole, its su person or company that acquires any interest in the Note. Mortgage. The word "Mortgage" means this Mortgage between Gra Note. The word "Note" means the promissory note dated June 25, Borrower to Lender, together with all renewals of, extensions of, m the promissory note or agreement. Personal Property. The words "Personal Property' mean all equip owned by Grantor, and now or hereafter attached or affixed to the replacements of, and all substitutions for, any of such property; an proceeds and refunds of premiums) from any sale or other dispositio Property. The word "Property" means collectively the Real Property Real Property. The words "Real Property" mean the real property, in Related Documents. The words "Related Documents" mean all agreements, guaranties, security agreements, mortgages, deeds of agreements and documents, whether now or hereafter existing, exec Rents. The word "Rents" means all present and future rents, raven the Property. GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF T GRANTOR: HALVER N ANAGEMEN TRUST, DATED AUGUST 21, 2012, AND By Geri) M. -1 so rustee of Halverson Management Trust, •at =d ugust 21, 2012, and any amendments thereto GE ed) Page 5 ny of Lender's rights under this Mortgage unless Lender does so in not mean that Lender has given up that right. If Lender does agree r will not have to comply with the other provisions of this Mortgage. t does not mean that Grantor will not have to get Lender's consent just because Lender consents to one or more of Grantor's requests, antor's future requests. Grantor waives presentment, demand for exemption from execution or similar law In the Property, and Grantor prior to Grantor's rights while this Mortgage remains in effect. valid or should not be enforced, that fact by itself will not mean that urt will enforce the rest of the provisions of this Mortgage even if a his Mortgage with any other Interest or estate in the Property at any ritten consent of Lender. gage on transfer of Grantor's interest, thls Mortgage shall be binding ns. If ownership of the Property becomes vested in a person other is successors with reference to this Mortgage and the Indebtedness obligations of this Mortgage or liability under the Indebtedness. his Mortgage. all rights and benefits of the homestead exemption laws of the State e used in this Mortgage: a J. Halverson; and Halverson Management Trust, dated August 21, o makers signing the Note and all their successors and assigns. nd all state, federal and local statutes, regulations and ordinances ing without limitation the Comprehensive Environmental Response, ction 9601, et seq. "CERCLA the Superfund Amendments and dous Materials Transportation Act, 49 U.S.C. Section 1801, at seq., 901, at seq., or other applicable state or federal laws, rules, or ents of default set forth in this Mortgage in the events of default ed August 21, 2012, and any amendments thereto. r, endorser, surety, or accommodation party to Lender, including aterials that, because of their quantity, concentration or physical, or potential hazard to human health or the environment when ured, transported or otherwise handled. The words "Hazardous limitation any and all hazardous or toxic substances, materiels or "Hazardous Substances" also includes, without limitation, petroleum re improvements, buildings, structures, mobile homes affixed on the on the Real Property. and other amounts, costs and expenses payable under the Note or diflcatlons of, consolidations of and substitutions for the Note or to discharge Grantor's obligations or expenses incurred by Lender to t on such amounts as provided in this Mortgage. ssors and assigns. The words "successors or assigns" mean any r and Lender. 13, in the original principal amount of $800,000.00 from fications of, refinancings of, consolidations of, and substitutions for t, fixtures, and other articles of personal property now or hereafter al Property; together with all accessions, parts, and additions to, all ogether with all proceeds (including without limitation all insurance the Property. the Personal Property. ests and rights, as further described in this Mortgage. issory notes, credit agreements, loan agreements, environmental st, security deeds, collateral mortgages, and all other instruments, d in connection with the Indebtedness. s, income, issues, royalties, profits, and other benefits derived from MORTGAGE, AND GRANTOR AGREES TO ITS TERMS. AMENDMENT J ETO ela J. Halve on, rustee of Halverson M agement Trust, dated August 21, 2012. and any amendments thereto 0010 Loan No: 131390 Grantor signing below is responsible for all obligations in this Mortgage. No Waiver by Lender. Grantor understands Lender will not give up .ny of Lender's rights under this Mortgage unless Lender does so in writing. The fact that Lender delays or omits to exercise any right wi in writing to give up one of Lender's rights, that does not mean Grant Grantor also understands that if Lender does consent to a request, th again if the situation happens again. Grantor further understands tha that does not mean Lender will be required to consent to any of G payment, protest, and notice of dishonor. Grantor waives all rights of agrees that the rights of Lender in the Property under this Mortgage ar Severability. If a court finds that any provision of this Mortgage is not the rest of this Mortgage will not be valid or enforced. Therefore, a c provision of this Mortgage may be found to be invalid or unenforceable Merger. There shall be no merger of the interest or estate created by time held by or for the benefit of Lender in any capacity, without the Successors and Assigns. Subject to any limitations stated in this Mor upon and inure to the benefit of the parties, their successors and asst than Grantor, Lender, without notice to Grantor, may deal with Grant by way of forbearance or extension without releasing Grantor from the Time is of the Essence. Time is of the essence in the performance of Waiver of Homestead Exemption. Grantor hereby releases and waives of Wyoming as to all Indebtedness secured by this Mortgage. DEFINITIONS. The following words shall have the following meanings whe Borrower. The word "Borrower" means Gary M. Halverson; Pamela 2012, and any amendments thereto and includes all co- signers and co Environmental Laws. The words "Environmental Laws" mean any relating to the protection of human health or the environment, inclu Compensation, and Liability Act of 1980, as amended, 42 U.S.C. S Reauthorization Act of 1986, Pub. L. No. 99 -499 "SARA the Haza the Resource Conservation and Recovery Act, 42 U.S.C. Section regulations adopted pursuant thereto. Event of Default. The words "Event of Default" mean any of the e section of this Mortgage. Grantor. The word "Grantor" means Halverson Management Trust, da Guaranty. The word "Guaranty" means the guaranty from guarant without limitation a guaranty of all or part of the Note. Hazardous Substances. The words "Hazardous Substances" mean chemical or infectious characteristics, may cause or pose a prese improperly used, treated, stored, disposed of, generated, manufac Substances" are used in their very broadest sense and include witho waste as defined by or listed under the Environmental Laws. The term and petroleum by- products or any fraction thereof and asbestos. Improvements. The word "Improvements" means all existing and fut Real Property, facilities, additions, replacements and other constructio Indebtedness. The word "Indebtedness" means all principal, interest, Related Documents, together with all renewals of, extensions of, m Related Documents and any amounts expended or advanced by Lender enforce Grantor's obligations under this Mortgage, together with intere Lender. The word "Lender" means Bank of Jackson Hole, its succ person or company that acquires any interest in the Note. Mortgage. The word "Mortgage" means this Mortgage between Grant Note. The word "Note" means the promissory note dated June 25, 20 Borrower to Lender, together with all renewals of, extensions of, mod the promissory note or agreement. Personal Property. The words "Personal Property" mean all equipme owned by Grantor, and now or hereafter attached or affixed to the R replacements of, and all substitutions for, any of such property; and proceeds and refunds of premiums) from any sale or other disposition Property. The word "Property" means collectively the Real Property an Real Property. The words "Real Property" mean the real property, inte Related Documents. The words "Related Documents" mean all pro agreements, guaranties, security agreements, mortgages, deeds of tr agreements and documents, whether now or hereafter existing, execut Rents. The word "Rents" means all present and future rents, revenu: the Property. GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THI GRANTOR: HALVERSON MANAGEMENT TRUST, DATED AUGUST 21, 2012, AND AN By: Gary M. Halverson, Trustee of Halverson Management Trust, dated August 21, 2012, and any amendments thereto MORTGAGE (Continued) 0 011 Page 5 I not mean that Lender has given up that right. If Lender does agree will not have to comply with the other provisions of this Mortgage. t does not mean that Grantor will not have to get Lender's consent ust because Lender consents to one or more of Grantor's requests, ntor's future requests. Grantor waives presentment, demand for xemption from execution or similar law in the Property, and Grantor prior to Grantor's rights while this Mortgage remains in effect. alid or should not be enforced, that fact by itself will not mean that urt will enforce the rest of the provisions of this Mortgage even if a s Mortgage with any other interest or estate in the Property at any itten consent of Lender. age on transfer of Grantor's interest, this Mortgage shall be binding ns. If ownership of the Property becomes vested in a person other s successors with reference to this Mortgage and the Indebtedness bligations of this Mortgage or liability under the Indebtedness. is Mortgage. II rights and benefits of the homestead exemption laws of the State used in this Mortgage: Halverson; and Halverson Management Trust, dated August 21, akers signing the Note and all their successors and assigns. d all state, federal and local statutes, regulations and ordinances ng without limitation the Comprehensive Environmental Response, tion 9601, et seq. "CERCLA the Superfund Amendments and ous Materials Transportation Act, 49 U.S.C. Section 1801, et seq., 01, et seq., or other applicable state or federal laws, rules, or ents of default set forth in this Mortgage in the events of default d August 21, 2012, and any amendments thereto. r, endorser, surety, or accommodation party to Lender, including aterials that, because of their quantity, concentration or physical, or potential hazard to human health or the environment when ed, transported or otherwise handled. The words "Hazardous limitation any and all hazardous or toxic substances, materials or 'Hazardous Substances" also includes, without limitation, petroleum e improvements, buildings, structures, mobile homes affixed on the on the Real Property. and other amounts, costs and expenses payable under the Note or difications of, consolidations of and substitutions for the Note or o discharge Grantor's obligations or expenses incurred by Lender to t on such amounts as provided in this Mortgage. sors and assigns. The words "successors or assigns" mean any and Lender. 3, in the original principal amount of $800,000.00 from ications of, refinancings of, consolidations of, and substitutions for fixtures, and other articles of personal property now or hereafter I Property; together with all accessions, parts, and additions to, all gether with all proceeds (including without limitation all insurance the Property. the Personal Property. sts and rights, as further described in this Mortgage. issory notes, credit agreements, loan agreements, environmental st, security deeds, collateral mortgages, and all other instruments, d in connection with the Indebtedness. income, issues, royalties, profits, and other benefits derived from MORTGAGE, AND GRANTOR AGREES TO ITS TERMS. AMENDMENT H_'ETO J. Halve son, rustee of Halverson agement Trust, dated August 21, 2012, and ny amendments thereto Loan No: 11311 State of XIio V}nt v i County of lG 'ot/L This instrument was acknowledged before me on Lint. 2,5 Trust, dated August 21, 2012, and any amendments thereto and 21, 2012, and any amendments thereto. TRUST ACKNOWLEDGMENT M WALTON NOTARY PUBLIC COUNTY OF STATE OF TETON WYOMING MY-COMMISSION EXPIRES APRIL 8, 2017 MORTGAGE (Continued) (Notarial Signature) 0012 My commission expires: 64 0c 2 011 Page 6 av►ne1a S 44 a`J�r'sov� 2ot3 (date) by Trustee of Halverson Management Pamela J. Halverson, Trustee of Halverson Management Trust, dated August LASER PRO Lending, Ver. 13.2.0.016 Copr. Harland Financial Solutions, Inc. 1997, 2013. All Rights Reserved. WY I: \CFI \LPL \G03.FC TR -3569 PR-9 State of County of Subscribed and sworn to (or affirmed} before me 2013, by r the basis of satisfactory evidence to b the perso '',/2124-1(9._ Notary Public My Commission Expires: 77.e/ro Acknowledge ent 3 7 -020/ this day of who proved to me on ho appeared before me. Date 2 /3 0013