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10 -26 -2000
Loan No 64002393 (J1
MORTGAGE
(Continued)
752
Page 2
conducted in compliance with all applicable federal, state, and local laws, regulations and ordinances, including without limitation those laws,
regulations, and ordinances described above. Grantor authorizes Lender and its agents to enter upon the Property to make such inspections and
tests, at Grantor's expense, as Lender may deem appropriate to determine compliance of the Property with this section of the Mortgage. Any
inspections or tests made by Lender shall be for Lender's purposes only and shall not be construed to create any responsibility or liability on the
part of Lender to Grantor or to any other person. The representations and warranties contained herein are based on Grantor's due diligence in
investigating the Property for hazardous waste and hazardous substances. Grantor hereby (a) releases and waives any future claims against
Lender for indemnity or contribution In the event Grantor becomes liable for cleanup or other costs under any such laws, and (b) agrees to
indemnify and hold harmless Lender against any and all claims, losses, liabilities, damages, penalties, and expenses which Lender may directly or
indirectly sustain or suffer resulting from a breach of this section of the Mortgage or as a consequence of any use, generation, manufacture,
storage, disposal, release or threatened release of a hazardous waste or substance on the properties. The provisions of this section of the
Mortgage, including the obligation to indemnify, shall survive the payment of the Indebtedness and the satisfaction and reconveyance of the lien of
this Mortgage and shall not be affected by Lender's acquisition of any interest in the Property, whether by foreclosure or otherwise.
Nuisance, Waste. Grantor shall not cause, conduct or permit any nuisance nor commit, permit, or suffer any stripping of or waste on or to the
Property or any portion of the Property. Without limiting the generality of the foregoing, Grantor will not remove, or grant to any other party the
right to remove, any timber, minerals (including oil and gas), soil, gravel or rock products without the prior written consent of Lender.
Removal of Improvements. Grantor shall not demolish or remove any Improvements from the Real Property without the prior written consent of
Lender. As a condition to the removal of any Improvements, Lender may require Grantor to make arrangements satisfactory to Lender to replace
such Improvements with Improvements of at least equal value.
Lender's Right to Enter. Lender and Its agents and representatives may enter upon the Real Property at all reasonable times to attend to
Lender's interests and to inspect the Property for purposes of Grantor's compliance with the terms and conditions of this Mortgage.
Compliance with Governmental Requirements. Grantor shall promptly comply with all laws, ordinances, and regulations, now or hereafter in
effect, of all governmental authorities applicable to the use or occupancy of the Property. Grantor may contest In good faith any such law,
ordinance, or regulation and withhold compliance during any proceeding, including appropriate appeals, so long as Grantor has notified Lender in
writing prior to doing so and so long as, in Lender's sole opinion, Lender's interests in the Property are not jeopardized. Lender may require
Grantor to post adequate security or a surety bond, reasonably satisfactory to Lender, to protect Lender's interest.
Duty to Protect. Grantor agrees neither to abandon nor leave unattended the Property. Grantor shall do all other acts, in addition to those acts
set forth above in this section, which from the character and use of the Property are reasonably necessary to protect and preserve the Property.
CONSTRUCTION LOAN. If some or all of the proceeds of the loan creating the Indebtedness are to be used to construct or complete construction of
any Improvements on the Property, the Improvements shall be completed no later than the maturity date of the Note (or such earlier date as Lender
may reasonably establish) and Grantor shall pay in full all costs and expenses in connection with the work. Lender, at its option, may disburse loan
proceeds under such terms and conditions as Lender may deem necessary to insure that the interest created by this Mortgage shall have priority over
all possible liens, including those of material suppliers and workmen. Lender may require, among other things, that disbursement requests be
supported by receipted bills, expense affidavits, waivers of liens, construction progress reports, and such other documentation as Lender may
reasonably request.
DUE ON SALE CONSENT BY LENDER. Lender may, at its option, declare immediately due and payable all sums secured by this Mortgage upon the
sale or transfer, without the Lender's prior written consent, of all or any part of the Real Property, or any interest in the Real Property. A "sale or
transfer" means the conveyance of Real Property or any right, title or interest therein; whether legal, beneficial or equitable; whether voluntary or
involuntary; whether by outright sale, deed, installment sale contract, land contract, contract for deed, leasehold interest with a term greater than three
(3) years, lease- option contract, or by sale, assignment, or transfer of any beneficial interest in or to any land trust holding title to the Real Property, or
by any other method of conveyance of Real Property interest. If any Grantor is a corporation, partnership or limited liability company, transfer also
includes any change in ownership of more than twenty -five percent (25 of the voting stock, partnership interests or limited liability company interests,
as the case may be, of Grantor. However, this option shall not be exercised by Lender if such exercise is prohibited by federal law or by Wyoming law.
TAXES AND LIENS. The following provisions relating to the taxes and liens on the Property are a part of this Mortgage.
Payment. Grantor shall pay when due (and in all events prior to delinquency) all taxes, payroll taxes, special taxes, assessments, water charges
and sewer service charges levied against or on account of the Property, and shall pay when due all claims for work done on or for services
rendered or material furnished to the Property. Grantor shall maintain the Property free of all liens having priority over or equal to the interest of
Lender under this Mortgage, except for the lien of taxes and assessments not due, and except as otherwise provided in the following paragraph.
Right To Contest. Grantor may withhold payment of any tax, assessment, or claim in connection with a good faith dispute over the obligation to
pay, so long as Lender's interest in the Property is not jeopardized. If a lien arises or is filed as a result of nonpayment, Grantor shall within fifteen
(15) days after the lien arises or, if a lien is filed, within fifteen (15) days after Grantor has notice of the filing, secure the discharge of the lien, or if
requested by Lender, deposit with Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender in an amount sufficient
to discharge the lien plus any costs and reasonable attorneys' fees or other charges that could accrue as a result of a foreclosure or sale under the
lien. In any contest, Grantor shall defend itself and Lender and shall satisfy any adverse judgment before enforcement against the Property.
Grantor shall name Lender as an additional obligee under any surety bond furnished in the contest proceedings.
Evidence of Payment. Grantor shall upon demand furnish to Lender satisfactory evidence of payment of the taxes or assessments and shall
authorize the appropriate governmental official to deliver to Lender at any time a written statement of the taxes and assessments against the
Property.
Notice of Construction. Grantor shall notify Lender at least fifteen (15) days before any work is commenced, any services are furnished, or any
materials are supplied to the Property, if any mechanic's lien, materialmen's lien, or other lien could be asserted on account of the work, services,
or materials. Grantor will upon request of Lender furnish 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 insuring the Property are a part of this Mortgage.
Maintenance of Insurance. Grantor shall procure and maintain policies of fire insurance with standard extended coverage endorsements on a
replacement basis for the full insurable value covering all Improvements on the Real Property in an amount sufficient to avoid application of any
coinsurance clause, and with a standard mortgagee clause in favor of Lender. Policies shall be written by such insurance companies and in such
form as may be reasonably acceptable to Lender. Grantor shall deliver to Lender certificates of coverage from each insurer containing a
stipulation that coverage will not be cancelled or diminished without a minimum of ten (10) days' prior written notice to Lender and not containing
any disclaimer of the insurer's liability for failure to give such notice. Each insurance policy also shall include an endorsement providing that
coverage in favor of Lender will not be impaired in any way by any act, omission or default of Grantor or any other person. Should the Real
Property at any time become located in an area designated by the Director of the Federal Emergency Management Agency as a special flood
hazard area, Grantor agrees to obtain and maintain Federal Flood Insurance for the full unpaid principal balance of the loan, up to the maximum
policy limits set under the Flood Insurance Program, or as otherwise required by Lender, and to maintain such insurance for the term of
the loan.
Application of Proceeds. Grantor shall promptly notify Lender of any loss or damage to the Property. Lender may make proof of loss if Grantor
fails to do so within fifteen (15) days of the casualty. Whether or not Lender's security is impaired, Lender may, at its election, apply the proceeds
to the reduction of the Indebtedness, payment of any lien affecting the Property, or the restoration and repair of the Property. If Lender elects to
apply the proceeds to restoration and repair, Grantor shall repair or replace the damaged or destroyed Improvements in a manner satisfactory to
Lender. Lender shall, upon satisfactory proof of such expenditure, pay or reimburse Grantor from the proceeds for the reasonable cost of repair
or restoration if Grantor Is not in default under this Mortgage. Any proceeds which have not been disbursed within 180 days after their receipt and
which Lender has not committed to the repair or restoration of the Property shall be used first to pay any amount owing to Lender under this
Mortgage, then to pay accrued interest, and the remainder, if any, shall be applied to the principal balance of the Indebtedness. If Lender holds
any proceeds after payment in full of the Indebtedness, such proceeds shall be paid to Grantor.
Unexpired Insurance at Sale. Any unexpired insurance shall inure to the benefit of, and pass to, the purchaser of the Property covered by this
Mortgage at any trustee's sale or other sale held under the provisions of this Mortgage, or at any foreclosure sale of such Property.
EXPENDITURES BY LENDER. If Grantor fails to comply with any provision of this Mortgage, or if any action or proceeding is commenced that would
materially affect Lender's interests in the Property, Lender on Grantor's behalf may, but shall not be required to, take any action that Lender deems
appropriate. Any amount that Lender expends in so doing will bear interest at the rate provided for in the Note from the date incurred or paid by
Lender to the date of repayment by Grantor. All such expenses, at Lender's option, will (a) be payable on demand, (b) be added to the balance of the
Note and be apportioned among and be payable with any Installment payments to become due during either (i) the term of any applicable insurance
policy or (ii) the remaining term of the Note, or (c) be treated as a balloon payment which will be due and payable at the Note's maturity. This
Mortgage also will secure payment of these amounts. The rights provided for in this paragraph shall be in addition to any other rights or any remedies
to which Lender may be entitled on account of the default. Any such action by Lender shall not be construed as curing the default so as to bar Lender
from any remedy that it otherwise would have had.
WARRANTY; DEFENSE OF TITLE. The following provisions relating to ownership of the Property are a part of this Mortgage.
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10 -26 -2000 0 Ai MORTGAGE
Loan No 64002393 (Continued)
Judicial Foreclosure. Lender may obtain a judicial decree foreclosing Grantor's interest in all or any part of the Property.
Nonjudlclai Sale. Lender may foreclose Grantor's interest in all or in any part of the Property by nonjudicial sale, and specifically by "power of
sale' or "advertisement and sale" foreclosure as provided by statute.
Deficiency Judgment. If permitted by applicable law, Lender may obtain a judgment for any deficiency remaining in the Indebtedness due to
Lender after application of all amounts received from the exercise of the rights provided in this section.
Tenancy at Sufferance. If Grantor remains in possession of the Property after the Property is sold as provided above or Lender otherwise
becomes entitled to possession of the Property upon default of Grantor, Grantor shall become a tenant at sufferance of Lender or the purchaser of
the Property and shall, at Lender's option, either (a) pay a reasonable rental for the use of the Property, or (b) vacate the Property immediately
upon the demand of Lender.
Other Remedies. Lender shall have all other rights and remedies provided in this Mortgage or the Note or available at law or in equity.
Sale of the Property. To the extent permitted by applicable law, Grantor hereby waives any and all right to have the property marshalled. In
exercising its rights and remedies, Lender shall be free to sell all or any part of the Property together or separately, in one sale or by separate
sales. Lender shall be entitled to bid at any public sale on all or any portion of the Property.
Notice of Sale. Lender shall give Grantor reasonable notice of the time and place of any public sale of the Personal Property or of the time after
which any private sale or other intended disposition of the Personal Property is to be made. Reasonable notice shall mean notice given at least
ten (10) days before the time of the sale or disposition.
Waiver; Election of Remedies. A waiver by any party of a breach of a provision of this Mortgage shall not constitute a waiver of or prejudice the
party's rights otherwise to demand strict compliance with that provision or any other provision. Election by Lender to pursue any remedy shall not
exclude pursuit of any other remedy, and an election to make expenditures or take action to perform an obligation of Grantor under this Mortgage
after failure of Grantor to perform shall not affect Lender's right to declare a default and exercise its remedies under this Mortgage.
Attorneys' Fees; Expenses. If Lender institutes any suit or action to enforce any of the terms of this Mortgage, Lender shall be entitled to recover
such sum as the court may adjudge reasonable as reasonable attorneys' fees at trial and on any appeal. Whether or not any court action is
involved, all reasonable expenses incurred by Lender that in Lender's opinion are necessary at any time for the protection of its interest or the
enforcement of its rights shall become a part of the Indebtedness payable on demand and shall bear interest from the date of expenditure until
repaid at the rate provided for in the Note. Expenses covered by this paragraph include, without limitation, however subject to any limits under
applicable law, Lender's reasonable attorneys' fees and Lender's legal expenses whether or not there Is a lawsuit, including reasonable attorneys'
fees for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), appeals and any anticipated
post judgment collection services, the cost of searching records, obtaining title reports (including foreclosure reports), surveyors' reports, and
appraisal fees, and title insurance, to the extent permitted by applicable law. Grantor also will pay any court costs, in addition to all other sums
provided by law.
NOTICES TO GRANTOR AND OTHER PARTIES. Any notice under this Mortgage, including without limitation any notice of default and any notice of
sale to Grantor, shall be in writing, may be sent by telefacsimile (unless otherwise required by law), and shall be effective when actually delivered, or
when deposited with a nationally recognized overnight courier, or, if mailed, shall be deemed effective when deposited in the United States mail first
class, certified or registered mail, postage prepaid, directed to the addresses shown near the beginning of this Mortgage. Any party may change its
address for notices under this Mortgage by giving formal written notice to the other parties, specifying that the purpose of the notice is to change the
party's address. All copies of notices of foreclosure from the holder of any lien which has priority over this Mortgage shall be sent to Lender's address,
as shown near the beginning of this Mortgage. For notice purposes, Grantor agrees to keep Lender informed at all times of Grantor's current address.
MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Mortgage:
Amendments. This Mortgage, together with any Related Documents, constitutes the entire understanding and agreement of the parties as to the
matters set forth in this Mortgage. No alteration of or amendment to this Mortgage shall be effective unless given in writing and signed by the
party or parties sought to be charged or bound by the alteration or amendment.
Applicable Law. This Mortgage has been delivered to Lender and accepted by Lender in the State of Wyoming. This Mortgage shall be
governed by and construed In accordance with the laws of the State of Wyoming.
Caption Headings. Caption headings in this Mortgage are for convenience purposes only and are not to be used to interpret or define the
provisions of this Mortgage.
Merger. There shall be no merger of the interest or estate created by this Mortgage with any other interest or estate in the Property at any time
held by or for the benefit of Lender in any capacity, without the written consent of Lender.
Multiple Parties. All obligations of Grantor under this Mortgage shall be joint and several, and all references to Grantor shall mean each and
every Grantor. This means that each of the persons signing below is responsible for all obligations in this Mortgage.
Severability. If a court of competent jurisdiction finds any provision of this Mortgage to be invalid or unenforceable as to any person or
circumstance, such finding shall not render that provision invalid or unenforceable as to any other persons or circumstances. If feasible, any such
offending provision shall be deemed to be modified to be within the limits of enforceability or validity; however, if the offending provision cannot be
so modified, it shall be stricken and all other provisions of this Mortgage in all other respects shall remain valid and enforceable.
Successors and Assigns. Subject to the limitations stated in this Mortgage on transfer of Grantor's interest, this Mortgage shall be binding upon
and inure to the benefit of the parties, their successors and assigns. If ownership of the Property becomes vested in a person other than Grantor,
Lender, without notice to Grantor, may deal with Grantor's successors with reference to this Mortgage and the Indebtedness by way of
forbearance or extension without releasing Grantor from the obligations of this Mortgage or liability under the Indebtedness.
Time Is of the Essence. Time is of the essence in the performance of this Mortgage.
Waiver of Homestead Exemption. Grantor hereby releases and waives all rights and benefits of the homestead exemption laws of the State of
Wyoming as to all Indebtedness secured by this Mortgage.
to Lender, and, in doing so, cure the Event of Default.
Insecurity. Lender in good faith deems itself insecure.
Right to Cure. If such a failure is curable and if Grantor has not been given a notice of a breach of the same provision of this Mortgage within the
preceding twelve (12) months, It may be cured (and no Event of Default will have occurred) if Grantor, after Lender sends written notice
demanding cure of such failure: (a) cures the failure within fifteen (15) days; or (b) if the cure requires more than fifteen (15) days, immediately
initiates steps sufficient to cure the failure and thereafter continues and completes all reasonable and necessary steps sufficient to produce
compliance as soon as reasonably practical.
RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence of any Event of Default and at any time thereafter but subject to any limitation in the
Note or any limitation in this Mortgage, Lender, at its option, may exercise any one or more of the following rights and remedies, in addition to any other
rights or remedies provided by law:
Accelerate Indebtedness. Lender shall have the right at its option without notice to Grantor to declare the entire Indebtedness immediately due
and payable, including any prepayment penalty which Grantor would be required to pay.
UCC Remedies. With respect to all or any part of the Personal Property, Lender shall have all the rights and remedies of a secured party under
the Uniform Commercial Code.
Collect Rents. Lender shall have the right, without notice to Grantor, to take possession of the Property, including during the pendency of
foreclosure, whether judicial or non judicial, and collect the Rents, including amounts past due and unpaid, and apply the net proceeds, over and
above Lender's costs, against the Indebtedness. In furtherance of this right, Lender may require any tenant or other user of the Property to make
payments of rent or use fees directly to Lender. If the Rents are collected by Lender, then Grantor irrevocably designates Lender as Grantor's
attorney -in -fact to endorse instruments received in payment thereof in the name of Grantor and to negotiate the same and collect the proceeds.
Payments by tenants or other users to Lender in response to Lender's demand shall satisfy the obligations for which the payments are made,
whether or not any proper grounds for the demand existed. Lender may exercise its rights under this subparagraph either in person, by agent, or
through a receiver.
Appoint Receiver. Lender shall have the right to have a receiver appointed to take possession of all or any part of the Property, with the power to
protect and preserve the Property, to operate the Property preceding foreclosure or sale, and to collect the Rents from the Property and apply the
proceeds, over and above the cost of the receivership, against the Indebtedness. The receiver may serve without bond if permitted by law.
Lender's right to the appointment of a receiver shall exist whether or not the apparent value of the Property exceeds the Indebtedness by a
substantial amount. Employment by Lender shall not disqualify a person from serving as a receiver.
Page 4 -1
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BEGINNING at a Cotton Gin Spike set at a point in the U.S. Highway 89 right -of-
way, said point being 846.13 feet N 0 °36'51" E, along the West line of said
Section 6, from the Referenced Spike found marking the U.S. Department of the
Interior Bureau of Land Management 1981 location for the Southwest corner of
said Section 6 (S1- 56/S12 -S7);
thence running along said road to points marked by 8" Spikes set at each
PC, PT and bend, S 88 °14'28" E, 250.78 feet to the PC of a 60.00 foot
radius curve to the left;
thence along said curve through a central angle of 53 °02'35" (chord bears
N 65 °14'15" E, 53.84 feet) an are distance of 55.55 feet to the PT;
thence N 38 °42'57" E, 406.64 feet to a bend;
thence N 44 °55'50" E, 154.23 feet to a bend;
thence N 68 °27'11" E, 100.84 feet to a bend;
thence N 89 0 36 1 48" E, 808.85 feet to a bend;
thence S 89 °30'18" E, 676.85 feet to the PC of a 375.00 foot curve to the
right;
thence running along said curve through a central angle of 22 °36'01"
(chord bears S 79 °11'41" E,.146.96 feet) an are distance of 147.92
feet to the PT;
thence S 67 °53'40" E, 241.12 feet to a bend;
thence S 64 °33'11 E, 208.17 feet to a bend, end of description.
"EXHIBIT A"
Parcel 1
Portions of the SE4SW3¢ and the SW4SEXof Section 6, T32N R118W of the 6th P.M.,
Lincoln County, Wyoming and being more particularly described as follows:
BEGINNING at an Iron Pipe set at a point in an East West fence line, said
point being 705.62 feet N 12 °16'14" E from a BLM type monument found marking
the U.S. Department of the Interior Bureau of Land Management 1981 location
for the South of said Section 6 (4 56/57);
thence N 88 °58'13" W, along said fence, 182.57 feet to the center of the
Upper Canal (no points set in canal bends);
thence Northwesterly, along said canal the following courses:
N 13 °15'52" W, 154.88 feet; N 7 °45'09" W, 115.64 feet;
N 4 °46'39" W, 109.93 feet; N 1 °00'15" E, 141.97 feet;
N 4 °07'20" W, 49.68 feet; and N 17 °30'55" E, 4.70 feet to an 8" Spike
set in the center of a bridge in Outfitters Road;
thence S 67 °53'40" E, along said road, 79.61 feet to an Iron Pipe set;
thence continuing along said road, S 64 °33'11" E, 44.60 feet to an Iron
Pipe set;
thence S 13 °44'59" E, 540.51 feet to the POINT OF BEGINNING.
Parcel 2
A 50 foot right -of -way for Ingress, and Egress being part of Section 6, T32N
11118W of the 6th P.M., Lincoln County, Wyoming, being a Private Road
(Outfitters Road) the center line thereof being 30 feet on the South and 20
feet on the North of the following centerline, more particularly described as
follows:
Parcel A 2.000 Acres
Portions of the SE1 /4 of the SW 1/4 and the SW1 /4 of the SE1/4 of Section 6, T32N,
R118W lying South from Grover, Lincoln County, Wyoming and being more particularly
described as follows:
Beginning at an Iron Pipe set at a point in an East -West fence line, said Point being
705.62 feet N12 °16' 14 "E from a BLM type monument found marking the U.S.
Department of the Interior Bureau of Land Management 1981 location for the 1/4
Corner between said Section 6 and Section 7 (1/4 S6 /S7); thence N88 °58'13 "W, along
said fence, 182.57 feet to the center of the Upper Canal (no points set in canal bends);
thence Northwesterly, along said canal the following courses: N13 15'52"W 154.88 feet,
N7 °45'09 "W 115.64 feet, N4 °46'39 "W 109.93 feet, N1 °00'15 "E 141.97 feet, N4 °0720 "W
49.68 feet and N17 °30'55 "E 4,70 feet to an 8" Spike set in the center of a bridge in
Outfitters Road; thence S67°53'40 "E, along said Road, 79.61 feet to an Iron Pipe set;
thence, continuing along said road, S64 °33' 11 "E 44,60 feet to an Iron Pipe set; thence
S13 44'59 "E 540.51 feet to the Point of Beginning, containing 2.000 Acres of land.
TOGETHER WITH: A 50 -foot Right -of -Way for Ingress and Egress and Utilities, being a
Private Road (Outfitters Road) the center line thereof being 30 feet on the South and 20
feet on the North of the following Center Line, being more particularly described as
follows:
Beginning at a Cotton Gin Spike set at a point in the U.S. Highway 89 Right -of -Way, said
point being 846.13 feet N0 °36'51 "E, along the West line of said Section 6, from the
Referenced Spike found marking the U.S. Department of the Interior Bureau of Land
Management 1981 location for the Southwest Comer of said Section 6 (S1 -S6 S12 -S7);
thence running along said road to points marked by 8 "Spikes set at each PC. PT and
Bend, S88 °14'26 "E 250,78 feet to the PC of a 60.00 -foot Radius Curve to the Left; thence
along said Curve through a central angle of 53 °02'35" (chord bears N65 °14'15 "E 53.84
feet) an arc distance of 55.55 feet to the PT; thence N38 °42'57`E 406.64 feet to a bend;
thence N44 °55'50 "E 154.23 feet to a bend; thence N68°2'71 1"E 100.84 feet to a bend;
thence N89 °36'48 "E 808.85 feet to a bend; thence S89 °30'18 "E 676.85 feet to the PC of a
375.00 -foot Radius Curve to the Right; thence running along said Curve through a central
angle of 22 °36'01" (chord bears S79 °11'41 "E 146.96 feet) an are distance of 147.92 feet
to the PT; thence S67 °53'40 "E 241,12 feet to a bend; thence S64 °33'11 "E 208.17 feet to
a bend, end of description, also
TOGETHER WITH and SUBJECT TO: All Easements, Exceptions, Restrictions,
Reservations, Rights -of -Way and Improvements of sight and or record,