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THIS MORTGAGE, SECURITY AGREEMENT, ASSIGNMENT OF RENTS
AND FIXTURE FILING "Mortgage is made as of the 3rd day of November, 2000 by
COCA -COLA BOTTLING COMPANY OF THE BLACK HILLS, a South Dakota corporation,
with an address at 2150 Coca -Cola Lane, Rapid City, South Dakota 57702 "Mortgagor to
SUNTRUST BANK, with an address at 303 Peachtree Street, NE, 2nd Floor, Atlanta, GA 30308
(Attention: Mr. Sam Jannetta) "Mortgagee individually and in its capacity as Administrative
Agent for the financial institutions which are or may become parties to the Credit Agreement (as
hereinafter defined) (collectively, the "Lenders").
RECITALS
WHEREAS, pursuant to that certain Amended and Restated Revolving Credit
Agreement, dated as of November 3, 2000, by and among Mortgagor, the Mortgagee, and the
Lenders (as amended, restated, supplemented or otherwise modified, the "Credit Agreement
capitalized terms used herein and not otherwise defined shall have the meanings assigned to such
terms in the Credit Agreement), Lenders have made a revolving credit facility available to the
Mortgagor in the aggregate principal amount of $17,500,000;
WHEREAS, Mortgagee has requested that Mortgagor secure the payment and
performance of its obligations under the Credit Agreement and other Loan Documents by
executing and delivering this Mortgage to the Mortgagee, for its benefit and the benefit of the
Lenders, and in consideration of the financial accommodations from Lenders to Mortgagor,
Mortgagor is willing to do so;
NOW THEREFORE, in consideration of ten dollars ($10.00) and other valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, for the purpose of
securing payment and performance of the Secured Obligations defined in Section 1.2 hereof,
Mortgagor and Mortgagee agree as follows:
ARTICLE I.
GRANT AND SECURED OBLIGATIONS.
1.1 Grant. Mortgagor hereby irrevocably and unconditionally grants, bargains, sells,
conveys, transfers, assigns and mortgages to Mortgagee, WITH POWER OF SALE and right of
entry and possession, all estate, right, title and interest which Mortgagor now has or may later
acquire in and to the following property (all or any part of such property, or any interest in all or
any part of it, as the context may require, the "Property
(a) The real property located in the County of Lincoln, State of Wyoming (the
"State as described in Exhibit A, attached hereto and incorporated herein by this reference,
together with all existing and future easements and other rights of access, utility easements, or
other beneficial rights in favor of Mortgagor (the "Land together with
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specifications and drawings, as -built drawings, chattel paper, instruments, documents, notes,
drafts and letters of credit (other than letters of credit in favor of Mortgagee), which arise from or
relate to construction on the Land or to any business now or later to be conducted on it, or to the
Land and Improvements generally; together with
(i) All proceeds, including all claims to and demands for them, of the
voluntary or involuntary conversion of any of the Land, Improvements or the other property
described above into cash or liquidated claims, including all proceeds of any insurance policies,
present and future, payable because of loss sustained to all or part of any Property, whether or
not such insurance policies are required by Mortgagee, and all condemnation awards or
payments now or later to be made by any public body or decree by any court of competent
jurisdiction for any taking or in connection with any condemnation or eminent domain
proceeding, and all causes of action and their proceeds for any damage or injury to the Land,
Improvements or the other property described above or any part of them, or breach of warranty
in connection with the construction of the Improvements, including causes of action arising in
tort, contract, fraud or concealment of a material fact; together with
(j) All books and records pertaining to any and all of the property described
above, including computer- readable memory and any computer hardware or software necessary
to access and process such memory "Books and Records together with
(k) All proceeds of, additions and accretions to, substitutions and
replacements for, and changes in any of the property described above.
1.2 Secured Obligations. Mortgagor makes the grant, bargain, sale, conveyance,
transfer and assignment set forth in Section 1.1, makes the irrevocable and absolute assignment
set forth in Article 2, and grants the security interest set forth in Article 3 for the purpose of
securing the following obligations (collectively, the "Secured Obligations') in any order of
priority that Mortgagee may choose:
(a) Payment of all "Obligations" as that term is defined under that certain
Amended and Restated Revolving Credit Agreement, dated as of November 3, 2000, by and
among Mortgagor, the Mortgagee, and the Lenders, as amended, restated, supplemented or
otherwise modified. The Aggregate Commitments consist of Loans by the Lenders in the
aggregate amount of $17,500,000, bearing a final scheduled maturity of September 30, 2005.
The interest rate on the Aggregate Commitments from time to time outstanding fluctuates
according to the terms and conditions of the Credit Agreement.
Mortgage;
(c) Payment and performance of all obligations of Mortgagor under any of the
other "Loan Documents" as defined in the Credit Agreement; provided that this Mortgage does
not secure any Loan Document or any provision in any Loan Document that is expressly stated
to be unsecured;
(d) Payment and performance of all future advances (where the total principal
amount of the indebtedness will not exceed SEVENTEEN MILLION FIVE HUNDRED
(b) Payment and performance of all obligations of Mortgagor under this
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rents and security deposits and all rents due or to become due during any period of redemption
allowed by law following any judicial or nonjudicial foreclosure or other sale (some or all
collectively, as the context may require, "Rents").
THIS IS AN ABSOLUTE ASSIGNMENT, NOT AN ASSIGNMENT FOR SECURITY ONLY.
2.2 Grant of License. Mortgagee hereby confers upon Mortgagor a license
"License to collect and retain the Rents as they become due and payable, so long as no Event
of Default, as defined in Section 6.1, shall exist. If an Event of Default has occurred, Mortgagee
shall have the right, which it may choose to exercise in its sole discretion, to terminate this
License without notice to or demand upon Mortgagor, and without regard to the adequacy of
Mortgagee's security under this Mortgage.
2.3 Collection and Application of Rents. Subject to the License granted to Mortgagor
under Section 2.2, Mortgagee has the right, power and authority to collect any and all Rents.
Mortgagor hereby appoints Mortgagee its attorney -in -fact to perform any and all of the following
acts, if and at the times when Mortgagee in its sole discretion may so choose:
and all Rents.
(a) Demand, receive and enforce payment of any and all Rents; or
(b) Give receipts, releases and satisfactions for any and all Rents; or
(c) Sue either in the name of Mortgagor or in the name of Mortgagee for any
Mortgagee's right to the Rents does not depend on whether or not Mortgagee takes possession of
the Property as permitted under subsection 6.2(c). In Mortgagee's sole discretion, Mortgagee
may choose to collect Rents either with or without taking possession of the Property. If an Event
of Default occurs while Mortgagee is in possession of all or part of the Property and is collecting
and applying Rents as permitted under this Mortgage, Mortgagee and any receiver shall
nevertheless be entitled to exercise and invoke every right and remedy afforded any of them
under this Mortgage and at law or in equity, including the right to exercise the power of sale
granted under Section 1.1 and subsection 6.2(g).
2.4 Mortgagee Not Responsible. Under no circumstances shall Mortgagee have any
duty to produce Rents from the Property. Regardless of whether or not Mortgagee, in person or
by agent, takes actual possession of the Land and Improvements, Mortgagee is not and shall not
be deemed to be:
lease; or
(c) Responsible for any waste committed by lessees or any other parties, any
dangerous or defective condition of the Property, or any negligence in the management, upkeep,
repair or control of the Property; or
(a) A "mortgagee in possession" for any purpose; or
(b) Responsible for performing any of the obligations of the lessor under any
5
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and costs that Mortgagee may incur in filing such documents in public offices and in obtaining
such record searches as Mortgagee may reasonably require. In case Mortgagor fails to execute
any financing statements or other documents for the perfection or continuation of any security
interest, Mortgagor hereby appoints Mortgagee as its true and lawful attorney -in -fact to execute
any such documents on its behalf. If any financing statement or other document is filed in the
records normally pertaining to personal property, that filing shall never be construed as in any
way derogating from or impairing this Mortgage or the rights or obligations of the parties under
it.
ARTICLE IV.
FIXTURE FILING.
This Mortgage constitutes a financing statement filed as a fixture filing under the State's
Uniform Commercial Code, as amended or recodified from time to time, covering any Property
which now is or later may become fixtures attached to the Land or Improvements. For this
purpose, the following information is set forth:
Name, Address and Fed. I.D. Nos. of Mortgagor "Debtor
COCA -COLA BOTTLING COMPANY OF THE BLACK HILLS
2150 Coca -Cola Lane
Rapid City, South Dakota 57702
46- 0259684
Name, Address and Fed. I.D. No. of Mortgagee "Secured Parry
SUNTRUST BANK
303 Peachtree Street, NE, 2 Floor
Atlanta, Georgia 30308
Attention: Mr. Sam Jannetta
#58- 0466330
Description of Real Estate: That certain real estate described on Exhibit "A" attached
hereto and incorporated herein by this reference.
Owner of Record of Real Estate: COCA -COLA BOTTLING COMPANY OF THE
BLACK HILLS
This document covers goods which are or are to become fixtures.
This financing statement covers proceeds and products of the Property.
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1990, as amended from time to time (42 U.S.C. Section 12101 et. seq.) and all such rules,
regulations and requirements of the State. All certificates of occupancy and other licenses,
permits and other authorizations required by applicable law for the existing use and operations of
the Property are valid and in full force and effect;
(h) The Property is served by all required utilities; all public roads and streets
necessary to serve the Land and Improvements have been completed, are serviceable in all
weather, and, where required by the appropriate governmental entities, have been dedicated to
and formally accepted by such governmental entities and all public and /or private easements
necessary for the existing use and operations of the property are in place and serve the property;
(i) The Property is in good repair and is free and clear from damage caused
by fire or other casualty;
(j) There are no mechanics' or similar liens or claims which have been filed,
or to the best of Mortgagor's knowledge have arisen, for work, labor or material (and no rights
are outstanding that under law could give rise to any such liens) affecting the Property which are
or may be prior to or equal in priority to the lien of this Mortgage;
(k) All taxes and governmental assessments, insurance premiums, water,
sewer and municipal charges, and ground rents, if any, that are due and owing as of the date
hereof have been paid;
(1) There is no homestead or other exemption available to the Mortgagor
which would materially interfere with the right to sell the Property pursuant to the power of sale
granted herein or the right to foreclose this Mortgage; and
(m) The information, financial statements and other financial data furnished to
the Lenders or to the Mortgagee with respect to the Property by Mortgagor or any other obligor
or guarantor of all or any portion of the Secured Obligations, are accurate, correct and complete
in all material respects; and
(n) The Property is not "agricultural real estate" as defined in Wyo. Stat.
Section 1- 18- 103(c) as in existence as of the date of this Mortgage.
5.2 Taxes and Assessments. Except as permitted pursuant to the Credit Agreement,
Mortgagor shall pay prior to delinquency all taxes, levies, charges and assessments, including
assessments on appurtenant water stock, imposed by any public or quasi public authority or
utility company which are (or if not paid, may become) a lien on all or part of the Property or
any interest in it, or which may cause any decrease in the value of the Property or any part of it.
If any such taxes, levies, charges or assessments become delinquent, Mortgagor shall within ten
(10) days after receipt of written request therefore from Mortgagee, present evidence to
Mortgagee that the taxes, levies, charges or assessments have been paid in full.
5.3 Performance of Secured Obligations. Mortgagor shall promptly pay and perform
each Secured Obligation in accordance with its terms.
9
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any construction on the Land, Mortgagor's general contractor for such construction shall also
provide the insurance required under this subparagraph (b). All commercial general liability
insurance policies must name Mortgagee as an additional insured.
(c) If the Land or any part thereof is identified by the Secretary of Housing
and Urban Development as being situated in an area now or subsequently designed as a "special
flood hazard area," flood insurance in an amount equal to one hundred percent (100 of the
replacement cost of the Improvements or the maximum amount of flood insurance available,
whichever is the lesser.
(d) Such other insurance on the Property or on any replacements or
substitutions thereof or additions thereto as may from time to time be reasonably required by
Mortgagee against other insurable hazards or casualties and in such amounts which at the time
are commonly insured against in the case of property similarly situated.
(e) Mortgagee may require such other insurance as it deems reasonably
necessary. All policies of insurance must be issued by insurance companies approved by
Mortgagee. All insurance companies must have BESTS financial and performance ratings of A-
or better with any size designator or B +VII or better.
(f) Mortgagor shall deliver to Mortgagee evidence that all insurance policies
have been paid current. Mortgagor shall provide Mortgagee with certified copies of the
insurance policies and original certificates of insurance satisfactory to Mortgagee. Mortgagor
shall renew all such insurance and deliver to Mortgagee certificates evidencing such renewals at
least thirty (30) days before any such insurance shall expire. Mortgagor agrees that all insurance
policies, whether or not required or requested by Mortgagee, shall provide that all proceeds shall
be payable to Mortgagee, its successors and assigns, pursuant to a mortgagee clause. Mortgagor
further agrees that all Property insurance policies (i) shall (except for worker's compensation)
provide for at least thirty (30) days' prior written notice to Mortgagee prior to any cancellation or
termination thereof and prior to any modification thereof which affects the interest of Mortgagee;
and (ii) shall contain an endorsement or agreement by the insurer that any loss shall be payable
to Mortgagee in accordance with the terms of such policy notwithstanding any act or negligence
of Mortgagor which might otherwise result in forfeiture of such insurance. Approval of any
insurance by Mortgagee shall not be a representation of the solvency of any insurer or the
sufficiency of any amount of insurance. In the event Mortgagor fails to provide and maintain the
policies of insurance required by this Mortgage, Mortgagee may, but shall not be obligated to,
procure such insurance and Mortgagor shall pay all amounts advanced by Mortgagee, together
with interest thereon from and after the date advanced by Mortgagee until repaid by Mortgagor.
Repayment of any amounts so advanced by Mortgagee, together with interest thereon, shall be
secured by this Mortgage. Mortgagee shall not be responsible for the insolvency of the insurer
or other failure of the insurer to perform, even though Mortgagee has caused the insurance to be
placed with the insurer after failure of Mortgagor to furnish such insurance.
5.6 Damages and Insurance and Condemnation Proceeds.
(a) Rights of Mortgagee to Proceeds. In the event of loss with respect to the
Property during the continuance of an Event of Default, Mortgagee shall have the exclusive right
11
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required, to apply the proceeds to Restoration. If the proceeds are applied to Restoration, the
Mortgagor shall promptly perform Restoration pursuant to the terms of this Section 5.6(c) in
accordance with the following conditions:
(i) Prior to commencement of Restoration and from time to time
during Restoration, Mortgagee may require Mortgagor to deposit additional monies into
the Restoration Fund in amounts which, in Mortgagee's reasonable judgment, are
sufficient to defray all costs to be incurred to complete the Restoration and all costs
associated therewith, including labor, materials, architectural and design fees and
expenses and contractor's fees and expenses, and Mortgagee shall have approved a
budget and cost breakdown for the Restoration, together with a disbursement schedule, in
detail satisfactory to Mortgagee;
(ii) Prior to commencement of Restoration exceeding $10,000 in the
aggregate, the contracts, contractors, plans and specifications for the restoration shall
have been approved by Mortgagee and all governmental authorities having jurisdiction,
and Mortgagee shall be provided with satisfactory title insurance and acceptable surety
bonds insuring satisfactory completion of the restoration and the payment of all
subcontractors and materialmen;
(iii) At the time of any disbursement, no Event of Default or Default
shall exist, no mechanics' or materialmens' liens shall have been filed and remain
undischarged (except as permitted under the Credit Agreement) and an endorsement
satisfactory to Mortgagee to its title insurance policy shall have been delivered to
Mortgagee;
(iv) Disbursements from the Restoration Fund shall be made in the
manner, at such times and in accordance with such reasonable requirements as shall be
specified by Mortgagee;
(v) Mortgagor will pay the cost of Mortgagee's inspecting architect or
engineer and the cost of any reasonable attorneys' fees and disbursements incurred by
Mortgagee in connection with such Restoration;
(vi) Mortgagee shall have the option to retain up to ten percent (10
of the cost of all work until the Restoration is completed, as determined by Mortgagee,
and all occupancy permits therefor have been issued;
(vii) Mortgagee may impose such other reasonable conditions,
including a Restoration schedule, to assure complete and lien -free restoration;
(viii) Mortgagor will completely repair, restore and rebuild the Property
in a good and workmanlike manner in accordance with sound building practices;
(ix) If no Event of Default exists, any sum remaining in the Restoration
Fund upon completion of Restoration shall be returned to Mortgagor, unless otherwise
provided pursuant to the Credit Agreement. If an Event of Default then exists, at
Mortgagee's option, any sum remaining in the Restoration Fund upon completion of
13
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Sutpnjout 5jaom Bons Jo aoutuuoJaad alp gllm uotloauuoo ut 1i iiq pannout a0 papuodxa slunoutn
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aouuansut Xuu Aijddt `uotlaaosip s1t ui `Attu oargiaoyq put uotloas sup op putnsand until Jo Awe
JO Wall Aq mop utgpiiuu Jo lno 5utsiat (war 10 aanta00a Bons Aut ao a3201aoJ, Jo lonpuoostut
jtuotlualut JO 001.10S1Bau ssoa.5 pa3ajju ag1 uodn pastq utltjo t utgl 10410) sluat angoadsaa
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put Suipjingaa JO uotltaolsaa `attdaa Bons pno Aim 03 nap Attu agRapoys.j sr sdals 101410 Ions
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pjntJaQ Jo puang ut alnl1suo0 HET Suto2aaoJ amt Jo Iona `atuzup a0 sSOJ Ions Am Jo aouanno0o
0 nut auttp Jo pouad ajquuostaa u utglim pagsuts lou sl uotl0as sup Jo uotlipuoo 10410
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aalju0aall J! ao uotpuaols0Zj Lions iijdtUoad OOuaututo0 op jit3 pugs aoSuSiJoyN `saIuollnt
jt2uautuxano5 Ions jjt Xq put aaSalaoyAI ,iq panoaddu aat suotpuogtoods put sutjd 140ns 00111 `Ji
10 paalnbaa st junoaddu asogm s09iaollnu juluautuaano2 Ijn tuoau suo!togloads put suujd Bons Jo
jtnoaddu paululgo anti 1011 Bugs 10 aStutup JO SSOI Bons Jo uollua03S0'J 3141 10J suotpuogtoads put
suujd Jo Itnoaddu s panta0aa puu aoSai.low 01 palllutgns anu1 1011 pulls 10 1 3aoyAI
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put anp aslmaallo aq 11agp 3011 Arm suotl1Eijgp pawn °as alp Jo /cut 11412uipuupsgpimlou)
aapao Aut ui put suouaggp pampas alp Jo laud /iur op poijddt aq Xuut uotltaopsa21
8 9 V
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5.8 [This section reserved.]
Obligations
part of it;
the Property:
(i)
(i)
15
4 69
(c) Mortgagor shall not commit or allow any act upon or use of the Property
which would violate: (i) any applicable law or order of any governmental authority, whether now
existing or later to be enacted and whether foreseen or unforeseen; or (ii) any public or private
covenant, condition, restriction or equitable servitude affecting the Property. Mortgagor shall
not bring or keep any article on the Property or cause or allow any condition to exist on it, if that
could invalidate or would be prohibited by any insurance coverage required to be maintained by
Mortgagor on the Property or any part of it under the Credit Agreement.
(d) Mortgagor shall not commit or allow waste of the Property, including
those acts or omissions characterized under the Credit Agreement as waste which arises out of
Hazardous Substances (as defined in the Indemnity Agreement).
(e) Mortgagor shall operate and manage the Property at all times in a
professional manner and perform all other acts which from the character or use of the Property
may be reasonably necessary to maintain and preserve its value.
5.9 Releases, Extensions, Modifications and Additional Security.
(a) From time to time, Mortgagee may perform any of the following acts
without incurring any liability or giving notice to any Person:
Release any Person liable for payment of any Secured Obligation;
(ii) Extend the time for payment, or otherwise alter the terms of
payment, of any Secured Obligation;
(iii) Accept additional real or personal property of any kind as security
for any Secured Obligation, whether evidenced by deeds of trust, mortgages, security
agreements or any other instruments of security; or
(iv) Alter, substitute or release any property securing the Secured
(b) Mortgagee may perform any of the following acts without incurring any
liability or giving notice to any Person so long as it is authorized by applicable law to do so:
Consent to the making of any plat or map of the Property or any
(ii) Join in granting any easement or creating any restriction affecting
(iii) Join in any subordination or other agreement affecting this
Mortgage or the lien of it; or
9I
•ooSeSpow uodn posoduzi Jo lsuieRe pop sse aq iw': Aug!' eons ou Te111 saazae
pue `anoge paquosap sodSi Oql jo AIi1ge1i iie saseaiai pue SATM Aissaidxa i(gazati 1o5e2poj,
•ooSeSpow3o TIT peg Jo Ionpuoosttu inniiim
alp X11 pasneo st ssoi 0111 ssaiun `iineja[ Jo lu0ng ue aaiue `Xl_tadotd 0111 Sut2euew ut
oo e5pow jo uoissttuo .to Ioe aaglo Niue tuog .io `Xuado1d aqi aseai of aanji j s,aa5e2izoJ,4
tuoz3 Suilins0i Aped pug1 Niue io 1oSe24xow Aq potuelsns ssoi Xuy (iii)
Jo togeFlioN sup
iapun JO iil odotd aIi of paleio1 ivatuaa.zfe Niue iapun 1oSeS4toJAI jo'ITiigell ao uotiatigo
iiue oS egostp JO tuzojtad oI Jesup.' Jo amitej s,aa5e21zow (ii)
`oSeS1J01AI sup ut oo e$ .10JAI oI paluez0 slomod Jo
somotual 'sup.' Attu astotaxa oI a.miiej .to o asio1axa spo eSliow 0)
:Sutmoiioj aril jo jo aouanbosuoo
e se 1o5e51 0JAJ o1 aigei Ximoupui Jo Xiloa.ttp aq mu Timis aagapow (q)
•aatnbai Amu Ixaiuoo alp se `aansoioa rod Jo nail ut poop Jo
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e Sutpniout `Altadoid jo iesodstp /cue ueauz jugs „albs„ 'airs lions Jo tiara ui oo5e5IzoJ,
Aq apetu 10 paunout oq Arm Ieii saouenpe Jaglo JO sasuadxa `sisoo Tie Aed Bells 1oSaitoyAI
cotes auo uegi 010W 112not Altadotd Jo asodstp of sasoogo oo eSpoJA Jj •ailp 3o aouapin0
Jo Isoo Niue put (moiaq pouljap se) gips Niue Jo sisoo `sisoo ie2ai iaglo pue sooj i s/Cauaoiie
Fut `o eSizoJAI sup 01 2uieial Jo aapun Eutsue Futpoaoozd 10 uotioe Cu /e Futpuojap
ut JO `10U JO ppitd st Itnsmei Niue iaglagm `Z•9 uoTloaS 1apun ooSeSiaoyAI 01 paptojje saTpatuat
Jo s1g2u Niue Sutpnioui `oSeSizoj, sup Jo suuai /Cue aoiojua o1 s iojjo Niue uT as r5uojAi Aq apeuz
10 pa.unom oq iieut goTgm saouenpe aa11lo put sasuadxa `sisoo fir a0j ooSeg1J0':Ai as.mgtuTa1 .zo
/ied of saa.ae aaglm3 Jo2e2i.zow •saopuos lions Alum Suuapua.t ut pa.unoui oq Amu goigm sasuadxa
pue sisoo aigeuoseat spoSaIzoyAI do ire as1ngtu of Jo pied osie tugs 1offeSpo J •aoueiianuooa1
iitm uoiioauuoo ut Jo suotlegiig0 pomoaS aj1 o luomoieis e Suipino1d s,00SeSpow
gutpniouL `o2e5ltow sup tium uoilo0uuoo ut .zapuaa iietu a05e0110N p qi saopuos iiue aoj
`lturq umuzixeuz ou sapTnotd mei ail uagm oo2eSlaoj, iiq po .trio oq Amu se sooj ojgeuoseoi Jo
`pailitutad iiiiaai slunotue umtutxetu aqi uT sooj /ied 02 saa1e 1o5e5itow (e)
•aoueXanuooaa /Cue Jo sa0iue10 oq
01 5uttuiej0 suosJad Jo slg2u aqi autuuaiap 02 Amp Niue aneq Iou iieus aaalaoy\i •ssauinj11In4
.itagl Jo joozd anIsniouoo oq hells s1oeJ Jo s1alieuz /Cue JO sie1100.1 0111 pue `01010111 poppua
Aiiaai suosiod JO uosaad 0 se paquosap ag Diem `ooluez se `ioReOpoi^i aqi `ooueXanuooa.1
0141 ui 002rSizow 0111 Xq pa.rego ooj aoueXanuooa.z Aue pue `uotlep1ooat Jo sisoo Niue
iced iiegs suoszad zo uosaad gonS •1T oI p0iltiva JiiieFoi suosIad .co uosaad aq1 01 Iiluettem lnogitm
`oFaicoy\i sup JOpun piai u0111 Si se 1! Jo gontu os Jo `k.iodo1d Pip X0AU00a1 Hells oo 1.zoj,
`iin3 tii pied uooq aneq suoiatigp pamoOS 0111 o iie uagj •aouenanuooa21 0I'S
•A1ueuem Niue ino11linn 1T Jo Ind AIM .I0 riiiado.zd 0111 Aanuooag (AI)
0 J P
•uotltogIuutapui `uoiiedinoxg `uogesuadtuoj i I'S
(c) Mortgagor agrees to indemnify Mortgagee against and hold them harmless
from all losses, damages, liabilities, claims, causes of action, judgments, court costs, attorneys'
fees and other legal expenses, cost of evidence of title, cost of evidence of value, and other costs
and expenses which either may suffer or incur:
(i) In performing any act required or expressly permitted by this
Mortgage or any of the other Loan Documents or by law;
obligations; or
471
(ii) Because of any failure of Mortgagor to perform any of Mortgagor's
(iii) Because of any alleged obligation of or undertaking by Mortgagee
to perform or discharge any of the representations, warranties, conditions, covenants or
other obligations in any document relating to the Property other than the Loan
Documents.
This agreement by Mortgagor to indemnify Mortgagee shall survive the release and cancellation
of any or all of the Secured Obligations and the full or partial release and/or reconveyance of this
Mortgage.
5.12 Defense and Notice of Claims and Actions. At Mortgagor's sole expense,
Mortgagor shall protect, preserve and defend the Property and title to and right of possession of
the Property, and the security of this Mortgage and the rights and powers of Mortgagee created
under it, against all adverse claims. Mortgagor shall give Mortgagee prompt notice in writing if
any claim is asserted which does or could affect any of such matters, or if any action or
proceeding is commenced which alleges or relates to any such claim.
5.13 [this section reserved]
5.14 Subrogation. Mortgagee shall be subrogated to the liens of all encumbrances,
whether released of record or not, which are discharged in whole or in part by Mortgagee in
accordance with this Mortgage or with the proceeds of any loan secured by this Mortgage.
5.15 Site Visits, Observation and Testing. Mortgagee and its agents and
representatives shall have the right at any reasonable time to enter and visit the Property for the
purpose of performing appraisals, to audit and examine the books and records of Mortgagor
relating to the Property, and to make copies of the same. In addition, the parties indemnified
under the terms of the Indemnity Agreement (hereinafter individually and collectively referred to
as the "Indemnified Parties and their agents and representatives shall have the right at any
reasonable time to enter and visit the Property for the purposes of observing the Property, taking
and removing soil or groundwater samples, and conducting tests on any part of the Property.
The Indemnified Parties have no duty, however, to visit or observe the Property or to conduct
tests, and no site visit, observation or testing by any Indemnified Party shall impose any liability
on any Indemnified Party. In no event shall any site visit, observation or testing by any
Indemnified Party be a representation that Hazardous Substances are or are not present in, on or
under the Property, or that there has been or shall be compliance with any law, regulation or
ordinance pertaining to Hazardous Substances or any other applicable governmental law.
17
8T
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gTtm uopoauuoo uT louocisip Jo saotlou ao slso1o1d Jo s0otlou `slsaloid `aouguuojladuou Jo saotTou
`aougtulojlad .ioj spuiuup `sTuauiTuasaid Aug anti 10 O}Igut 10 `aomod s,aa5u84loys4j alp uT Apauua
Aug anslnd `suotlailgO palnoog aq4 3o Aug .zoj A4unoas .io IPIOW11o3 logo ifuu IsnggxO `uoslad
Aug 4suream p0000id of a0S13$4ioj ail onnbai o1 I115uu Aug (p) `.aRmSlaoj STg4 ui 1oj pap1nold
CIssaadxa luaixo Oqi oT Idooxa `mul 0lggoiiddg Aug lapun paptnold uotiduzapal Jo spotuod pun
S 4 L1 I[ SOa1Oj aana1OJ pun sagsinbuilat `SOS OIal `SOntmm (o) `.alnsol3O1Oj JO Juana 0 j4 ui Nos
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alp Jo 2utllegs113ui saoSioj aanaioj pun sailstnbunlai `sasgala1 'SATM (q) `.(utalaq 1oj
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S 13q Ii jt aogjo anTinoaxa Jatgo sit ao ssautsng Jo amid s,aoSEEpow Jo uo!l13ool alp (13) an amp
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Aq pal13nlgna oq o1 OM pug optoads -airs aag s4uoulonnbal 5ul41oda1 lions Imtp pug sllns0!
0144 JO satouaR13 Ig4UOtuuoatnua 01031! 1O auo ijt4ou of uo14atlgo Tao" u oxen ii13u1 1020'110TWT
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Aug Jo silnsaa aril uo gutpuadap `413!44 spu134s1apun osJ1310813341oy\I •pasolosip oq Amu 413144 s uTpug
ao Ilodaa !Ions Aug Jo ssaua4 FIU10o 10 Xoglnoo13 'man 0144 Suip13Sa1 A4a13d pip Jfum 1010 alION
04 iC4u13aa13m 10 uo1413Tuasa1dal ou oval sat4113d pagtttcuOpui 0144 113144 saaa213 pug spu13Tsaapun
1a13S41oTA" •satilmd pagtuuiopui a144 Aq Sui4so4 10 uotl13naasgo `41stn alts Aug `141tm uopoauuoo uT
10 `JO 4!xSOl 13 sm ap13u1 sSuTpug 10 iiodai Aug Ai1md 101440 ALB JO 1a13S4J0JIS of asolostp uoponstp
nag' in Amu setllRd pOgtuuJOpui at41 •1C41adoId at44 Sui1oajj13 uot4tpuoO aslanp13 aaglo Aug 10
Saouu1sg1S snopauzIH Aug lo X4a13d aat4lo Aug JO 10 13 410JA tu1OJUT 0410 `4SU113Sg A41md 101410 Aug
10 10 13 410J, 4oa4o1d 01 01130 Jo Amp ou amo sawed pagtutuapui 0141 •X4' d pagtutuopui thug giq
BUilSa4 uoi413nlasgo `41S!n ails Aug uo X10104 paliilua st X4113d 101440 Aug JOU 105E21101NI 1at44taM
demands against. the Mortgagee arising out of the repossession, retention, Sale or application of
the proceeds of any Sale of the Property. To the fullest extent permitted by law, Mortgagor shall
not have or assert any right under any statute or rule of law pertaining to the exemption of
homestead or other exemption under any federal, state or local law now or hereafter in effect, to
defeat, reduce or affect the right of Mortgagee under the terms of this Mortgage to a Sale of the
Property. Further, Mortgagor hereby knowingly, intentionally and voluntarily, to the fullest
extent permitted by law, waives, releases, relinquishes and forever forgoes all present and future
statutes of limitations as a defense to any action to enforce the provisions of this Mortgage or to
collect any of the Secured Obligations, to the fullest extent permitted by law.
ARTICLE VI.
DEFAULT AND REMEDIES.
6.1 Events of Default. Mortgagor will be in default under this Mortgage upon the
occurrence of any one or more of the following events (some or all collectively, "Events of
Default;" any one singly, an "Event of Default
(a) Mortgagor fails to pay any Secured Obligation when due in accordance
with the terms thereof including any grace or cure periods; or
(b) Mortgagor shall fail to perform or observe any of the obligations in
Section 5.4 or 5.5 hereof; or
(c) Mortgagor shall fail to perform or observe any other provision in this
Mortgage, other than those Events of Default referenced in Sections 6.1 (a) and (b) above, and
such failure shall continue for a period of thirty (30) days after the earlier of (i) the date on which
a responsible officer of Mortgagor obtained actual knowledge of such failure or (ii) the date of
written notice from Mortgagee;
(d) A default or Event of Default occurs under the Credit Agreement or any of
the Secured Obligations;
(e) Any representation, warranty, certificate or other statement (financial or
otherwise) made br furnished by or on behalf of Mortgagor, or a guarantor or indemnitor, if any,
to Mortgagee in connection with this Mortgage or any of the Loan Documents, shall be false,
incorrect, incomplete or misleading in any material respect when made or furnished;
(f) Sale proceedings shall be instituted against the Property upon any other
lien or claim whether alleged to be superior or junior to the lien of this Mortgage;
(g) The Improvements shall be substantially damaged or destroyed by an
uninsured or inadequately insured casualty and Mortgagor shall not have deposited an amount
satisfactory to Mortgagee with Mortgagee within thirty (30) days following such casualty;
19
4 7 3
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pun wog s,zaumo ua13i a132 JO s,102t2}zoyj jo jit 2utssassod pug gut}Hti :apnjout Amu aunj za13io
lions °age51zow sun jo Alunoas a p ioalozd of altudozddu pun Azrssaoau zapisuoo uofazostp
ajos sit lit Auto aa2g21.1oN itli suopot asom gitm uotioauuoo ui s5upit zaglo up pun Aug op
osp Arun put `Aizadozd am Jo Lind Aug to jje aiezado put a5runui `3o uotssassod a3jr} `zaiva Attu
`zantaoaz palutodde -iznoo Aq io lua& iiq `uoszad ut `aaReSizoJ z}ug (o)
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�L
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R�ff�
475
requests, Mortgagor shall assemble all of the Property that has been removed from the Land and
make all of it available to Mortgagee at the site of the Land. Mortgagor hereby irrevocably
constitutes and appoints Mortgagee as Mortgagor's attorney -in -fact to perform such acts and
execute such documents as Mortgagee in its sole discretion may consider to be appropriate in
connection with taking these measures, including endorsement of Mortgagor's name on any
instruments. Regardless of any provision of this Mortgage, or any other Loan Document,
Mortgagee shall not be considered to have accepted any property other than cash or immediately
available funds in satisfaction of any obligation of Mortgagor to Mortgagee, unless Mortgagee
has given express written notice of Mortgagee's election of that remedy in accordance with the
State's Uniform Commercial Code, as it may be amended or recodified from time to time.
(d) Cure; Protection of Security. Mortgagee may cure any breach or default
of Mortgagor, and if it chooses to do so in connection with any such cure, Mortgagee may also
enter the Property and /or do any and all other things which it may in its sole discretion consider
necessary and appropriate to protect the security of this Mortgage. Such other things may
include: appearing in and/or defending any action or proceeding which purports to affect the
security of, or the rights or powers of Mortgagee under, this Mortgage; paying, purchasing,
contesting or compromising any encumbrance, charge, lien or claim of lien which in Mortgagee's
sole judgment is or may be senior in priority to this Mortgage, such judgment of Mortgagee to be
conclusive as among the parties to this Mortgage; obtaining insurance and/or paying any
premiums or charges for insurance required to be carried under the Credit Agreement; otherwise
caring for and protecting any and all of the Property; and/or employing counsel, accountants,
contractors and other appropriate Persons to assist Mortgagee. Mortgagee may take any of the
actions permitted under this subsection 6.2(d) either with or without giving notice to any Person.
(e) Uniform Commercial Code Remedies. Mortgagee may exercise any or all
of the remedies granted to a secured party under the State's Uniform Commercial Code, or
otherwise by law.
(f) Judicial Action. Mortgagee may bring an action in any court of competent
jurisdiction to foreclose this instrument as a mortgage or to obtain specific enforcement of any of
the covenants or agreements of this Mortgage. Mortgagee may sue and recover a judgement on
any and all monetary obligations included in the Secured Obligations as the same become due
and payable or on account of any default or defaults by Mortgagee under the Secured
Obligations, the Credit Agreement, hereunder, or under any of the other Loan Documents.
(g) Power of Sale. Under the POWER OF SALE hereby granted as provided
by law, Mortgagee shall have the discretionary right to cause all or, to the extent permitted by
applicable law, some of the Property, including any Property which constitutes personal
property, to be foreclosed upon in any combination by statutory foreclosure by advertisement
and sale pursuant to Wyoming Foreclosures of Mortgages and Power of Sale (Wyo. Stat.
Sections 34 -4 -101 through 113), as the same may be amended from time to time. Pursuant to
Section 1 -18 -103 of Wyoming Statutes (1977 annotated), the redemption period after a
foreclosure sale of any Property situate in or otherwise subject to the jurisdiction of the State
shall be limited to three (3) months.
(i) Sale of Personal Property.
21
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uT amp auity maid airs s,PaSayzoN Xuu azoJaq zaeSyzow uo pueuiap
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Ira" tpoq Jo Suysisuoo uoTytuigmoo /Cue ui `Xpadozd airy Jo ire z0 OUIOS JO asodsip
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477
Sale by public announcement at the time and place noticed for that Mortgagee's
Sale.
(C) At any Mortgagee's Sale, Mortgagee shall sell to the
highest bidder at public auction for cash in lawful money of the United States.
Mortgagee shall cause the sheriff having jurisdiction to execute and deliver to the
purchaser(s) a certificate of purchase to the highest bidder at such public auction.
(h) Single or Multiple Sales. If the Property consists of more than one lot,
parcel or item of property, Mortgagee may:
(i) Designate the order in which the lots, parcels and/or items shall be
sold or disposed of or offered for Sale; and
(ii) To the extent permitted by applicable law, elect to dispose of the
lots, parcels and/or items through a single consolidated Sale to be held or made under the
power of sale granted in subsection 6.2(g), or in connection with judicial proceedings, or
by virtue of a judgment and decree of foreclosure and sale "Judicial Sale or through
two or more such Sales; or in any other manner Mortgagee may deem to be in its best
interests.
If Mortgagee chooses to have more than one Sale, Mortgagee at its option may cause the Sales to
be held simultaneously or successively, on the same day, or on such different days and at such
different times and in such order as Mortgagee may deem to be in its best interests. To the extent
permitted by applicable law, if the Property to be sold consists of two or more parcels of real
property which are located in different counties or judicial districts, Mortgagee may elect to
cause foreclosure proceedings with respect to such parcels to be consolidated into a single action.
To the extent permitted by applicable law, Mortgagee shall be entitled to possession of the
Property during any applicable period of redemption. No Sale shall terminate or affect the lien
of this Mortgage on any part of the Property which has not been sold until all of the Secured
Obligations have been paid and performed in full.
6.3 Credit Bids. At any Mortgagee's Sale or Judicial Sale, any Person, including
Mortgagee, may bid for and acquire the Property or any part of it to the extent permitted by then
applicable law. To the extent not otherwise required by applicable law, instead of paying cash
for such Property, Mortgagee may settle for the purchase price by crediting the sales price of the
Property against the following obligations:
(a) First, the portion of the Secured Obligations attributable to the expenses of
Sale, costs of any action and any other sums for which Mortgagor is obligated to pay or
reimburse Mortgagee under Section 5.11; and
(b) Second, all other Secured Obligations in any order and proportions as
Mortgagee in its sole discretion may choose.
6.4 Application of Mortgagee's Sale or Judicial Sale Proceeds. To the extent not
otherwise required by law, Mortgagee shall apply the proceeds of any Mortgagee's Sale or
Judicial Sale in the following manner:
23
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0 f; 3t 1
The rights and remedies under this Mortgage are cumulative and not exclusive of any rights,
remedies, power and privileges that may otherwise be available to the Mortgagee.
(b) If any of the events described below occurs, that event alone shall not:
cure or waive any breach, Event of Default or notice of default under this Mortgage or invalidate
any act performed pursuant to any such Default or notice; or nullify the effect of any notice of
default or Sale (unless all Secured Obligations then due have been paid and performed and all
other defaults under the Loan Documents have been cured); or impair the security of this
Mortgage; or prejudice Mortgagee or any receiver in the exercise of any right or remedy afforded
any of them under this Mortgage; or be construed as an affirmation by Mortgagee of any
tenancy, lease or option, or a subordination of the lien of this Mortgage:
(i) Mortgagee, its agent or a receiver takes possession of all or any
part of the Property;
(ii) Mortgagee collects and applies Rents either with or without taking
possession of all or any part of the Property;
(iii) Mortgagee receives and applies to any Secured Obligation any
proceeds of any Property, including any proceeds of insurance policies, condemnation
awards, or other claims, property or rights assigned to Mortgagee herein;
(iv) Mortgagee makes a site visit, observes the Property and/or
conducts tests as permitted hereunder or under the Indemnity Agreement;
(v) Mortgagee receives any sums under this Mortgage or any proceeds
of any collateral held for any of the Secured Obligations, and applies them to one or more
Secured Obligations; or
(vi) Mortgagee or any receiver invokes any right or remedy provided
under this Mortgage.
7.3 Powers of Mortgagee.
(a) [this section reserved]
25
4 9
(b) If Mortgagee performs any act which it is empowered or authorized to
perform under this Mortgage, that act alone shall not release or change the personal liability of
any Person for the payment and performance of the Secured Obligations then outstanding, or the
lien of this Mortgage on all or the remainder of the Property for full payment and performance of
all outstanding Secured Obligations. The liability of the original Mortgagor shall not be released
or changed if Mortgagee grants any successor in interest to Mortgagor any extension of time for
payment, or modification of the terms of payment, of any Secured Obligation. Mortgagee shall
not be required to comply with any demand by the original Mortgagor that Mortgagee refuse to
grant such an extension or modification to, or commence proceedings against, any such
successor in interest.
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OT
4 81
custody of the Property; (ii) all reasonable title, appraisal (including the allocated costs of
internal appraisal services), survey, audit, consulting, search, recording, filing and similar fees,
costs and expenses incurred or sustained by the Mortgagee in connection with this Mortgage or
Property; and (iii) all costs and expenses of the Mortgagee, including all Attorney Costs, in
connection with the enforcement or attempted enforcement of, and preservation of any rights or
interests under this Mortgage, any out of court workout or other refinancing or restructuring or in
any bankruptcy case, and the protection, Sale or collection of, or other realization upon any of
the Property, including all expenses of taking, collecting, holding, sorting, handling, preparing
for Sale, selling, or the like, and other such expenses of Sales and collections of Property, and
any and all losses, costs and expenses sustained by the Mortgagee as a result of any failure by
Mortgagor to perform or observe its obligations contained herein.
7.9 Other Expenses. The Mortgagor agrees to indemnify the Mortgagee against and
hold it harmless from any and all present and future stamp, transfer, documentary and other such
taxes, levies, fees, assessments and other charges made by any jurisdiction by reason of the
execution, delivery, performance and enforcement of this Mortgage.
7.10 Interest. Any amounts payable to the Mortgagee under this Mortgage if not paid
upon demand shall bear interest from the date of such demand until paid in full, at the rate of
interest set forth in subsection 2.10(b) of the Credit Agreement.
7.11 Indemnification. The Mortgagor agrees to indemnify the Mortgagee, and its
respective directors, officers, employees, agents, counsel and other advisors against, and hold
each of them harmless from, any and all liabilities, obligations, losses, claims, damages,
penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature
whatsoever, including the reasonable fees and disbursements of counsel (including allocated
costs of internal counsel), which may be imposed on, incurred by, or asserted against, or, in any
way relating to or arising out of this Mortgage, or the transactions contemplated hereby, or any
action taken or omitted to be taken by Mortgagor hereunder, except in the case of Mortgagee's
gross negligence or willful misconduct. If and to the extent that the foregoing indemnification is
for any reason held unenforceable, Mortgagor agrees to make the maximum contribution of
payment and satisfaction to Mortgagee which is permissible under applicable law.
7.12 Certain Waivers. Mortgagor waives to the fullest extent permitted by law; (i) any
right of redemption with respect to any collateral, whether before or after sale hereunder, and all
rights, if any, of marshalling of any collateral or security for the Secured Obligations; (ii) any
right to require the Mortgagee or the Lenders (A) to proceed against any Person, (B) to exhaust
any other collateral or security for any of the Secured Obligations, (C) to pursue any remedy in
the Mortgagee's or any of the Lenders power, or (D) to make or give any presentments, demand
for performance, notices of nonperformance, protests, notices of protests or notices of dishonor
in connection with any of the collateral; and (iii) all claims, damages, and demands against the
Mortgagee or the Lenders arising out of the repossession, retention, sale or application of the
proceeds of any sale of the collateral.
7.13 Binding Effect. This Mortgage shall be binding upon, inure to the benefit of and
be enforceable by Mortgagor and Mortgagee and their respective successors and assigns.
27
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29
483
CONSENT TO ANY DEPARTURE SHALL BE EFFECTIVE UNLESS THE SAME SHALL
BE IN WRITING AND SIGNED BY THE MORTGAGEE AND MORTGAGOR.
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EXHIBIT "A"
DESCRIPTION OF LAND
Lot 18 in the Kemmerer Industrial Park #1, City of Kemmerer, County of Lincoln, State
of Wyoming.