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O8G8373
116
(iv) All costs and expenses paid or incurred by
Mortgagee in enforcing or attempting to enforce, foreclose, or realize
upon or with respect to the lien of this Mortgage and the security interest
created or intended to be created hereby, including, without limitation,
attorneys' fees in a reasonable amount, court costs, and expenses of
preserving and selling the Mortgaged Property; and
(v) All renewals, extensions, modifications,
amendments, substitutions, refinancings, or replacements of all such
indebtedness described in (i) -(iv) above, whether or not Mortgagor
execute any extension, modification, or refinancing agreement or renewal
instrument (the items set forth in clauses (i) -(v) hereof being hereinafter
and hereinabove collectively called the "Indebtedness and
(b) The performance and observance of all of the terms,
covenants, conditions, agreements, obligations, and liabilities of
Mortgagor (hereinafter and hereinbefore collectively called the
"Obligations under the Note and this Mortgage.
2. Payment and Performance of Indebtedness and Obligations.
Mortgagor shall duly and punctually pay, or cause the due and punctual
payment of, the Indebtedness, including each and every obligation owing on
account of the Note in accordance with the terms thereof, and shall
faithfully and punctually perform and observe each and every covenant,
agreement, and undertaking by it made in this Mortgage.
3. Warranty of Title. Mortgagor warrant that it has good and
marketable fee simple absolute title to the Real Estate, and that it has
the right to grant a mortgage lien on and security interest in the
Mortgaged Property in accordance with the provisions set forth in this
Mortgage; that this Mortgage is a valid and enforceable lien upon and
security interest in such Real Estate, subject only to the exceptions to
title more particularly described in the Owners Title Insurance Policy
issued by "r ft c. to Mortgagor, effective
as of even date herewith (hereina ter ollectively called the "Permitted
Encumbrances that except for the Permitted Encumbrances, the
Mortgaged Property is free and clear of all liens and encumbrances; and,
that there are no unpaid contractors, laborers, or materialmen who have,
or may have, a right to assert a lien against the Mortgaged Property.
Mortgagor shall preserve and maintain its title to the Mortgaged Property
and the validity and priority of the lien of the Mortgage and shall forever
warrant and defend the same unto Mortgagee against the claims of all
and every person or persons, corporation or corporations, and parties
whomsoever.
4. Taxes and Assessments: Insurance. So long as the
Indebtedness or any part thereof remains unpaid, Mortgagor (a) shall
pay, or cause to be paid, promptly and in all events prior to delinquency
(or as to any thereof which are being contesi.ed in good faith promptly
after the final determination of such contest), all taxes, assessments,
levies, and other governmental charges that may be lawfully levied or
assessed or imposed upon Mortgagor or upon the Mortgaged Property,
and (b) shall keep, at its own cost and expense, the buildings or other
improvements now or hereafter situate on the Real Estate insured
against loss or damage by fire and such other and additional hazards of
whatever kind or nature as are now or hereafter may be covered by
standard "all risk" endorsements, as Mortgagee may reasonably require,
with insurance companies which are financially sound, reputable, and
authorized to do business in the State of Wyoming and in such amounts
as shall be reasonably satisfactory to Mortgagee, with loss payable
endorsements in favor of Mortgagee as his interest may appear. If
Mortgagor fail to pay such taxes, assessments, levies, or other
3
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8. Indemnification Covenants of Mortgagors.
11b
(c) For purposes of this Mortgage, the term
"Environmental Laws" shall mean all federal, state, and local statutes,
regulations, and ordinances in effect at any time during the term of this
Mortgage relating to the protection of the environment or the health of
any organism; and the term "Toxic Substance" shall mean anything
defined as a hazardous substance by any Environmental Laws and any
other hazardous waste, hazardous substance, toxic waste, toxic
substance, pollutant, polychlorinated biphenyls, asbestos, oil and
petroleum product, contaminant, carcinogen, and any substance, solid
waste, or chemical that presents a risk of injury to the environment or
the health of any organism. All of the environmental terms used in this
Mortgage not otherwise specifically defined herein, including, without
limitation, "release "threatened and "disposal will have the meaning
given to such terms in or as construed in connection with the
Environmental Laws.
(a) Mortgagor hereby agree to indemnify, defend, and hold
harmless Mortgagee from and against, and to reimburse Mortgagee from
and against, any and all claims, demands, liabilities, obligations, causes
of action, losses, damages, costs, and expenses (including attorneys' fees
and court costs) of any and every kind or character, known or unknown,
fixed or contingent, asserted against or incurred by Mortgagee at any
time and from time to time by reason of or arising out of:
(i) Any investigatory or remedial action involving
the Mortgaged Property, operations conducted on the Mortgaged
Property, or any other operations of Mortgagor and required by any
Environmental Laws or by order of any governmental authority having
jurisdiction under any Environmental Laws; or
(ii) Injury to any person or damage to any property
arising out of, in connection with, or in any way relating to (A) the breach
of any covenant contained in this Mortgage, (B) the violation of any
Environmental Laws, (C) the use, treatment, storage, generation,
manufacture, transport, release, spill, disposal, or other handling of any
Toxic Substance on the Mortgaged Property or in connection with any of
the businesses or activities of Mortgagor, (D) the contamination of the
Mortgaged Property by any Toxic Substance by any means whatsoever,
or (E) any costs incurred by Mortgagee pursuant to this Mortgage
whether or not related to environmental issues.
(b) The foregoing indemnity shall not apply with respect to
matters caused by or arising out of the gross negligence or willful
misconduct of Mortgagee.
(c) The provisions of this Section 10 shall be a recourse
obligation of Mortgagor and shall survive any termination or satisfaction
of this Mortgage.
9. Liens. Mortgagor shall not in any manner further encumber
or permit a lien to attach to all or any part of the Mortgaged Property
(excluding Permitted Encumbrances) without the prior, written consent
of Mortgagee.
10. Sale of Mortgaged Property. If all or any part of the
Mortgaged Property or an interest therein is sold or transferred by
Mortgagor without the prior, written consent of Mortgagee, excluding a
transfer by devise or descent or by operation of law upon the death of a
joint tenant, Mortgagee may, at Mortgagee's option, declare all sums
secured by this Mortgage to be immediately due and payable.
5
9
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IT
12. Remedies.
(a) Upon the occurrence of an Event of Default, and at
any time thereafter, the whole Indebtedness shall, at Mortgagee's option,
become due and payable forthwith, and Mortgagee may foreclose this
Mortgage either by advertisement and sale of the Mortgaged Property as
provided by statute (the power of sale provided for by statute being
hereby expressly granted to Mortgagee by Mortgagors) or by an action in
equity. Subject to Section 15 of this Mortgage, out of the proceeds of any
foreclosure sale, Mortgagee shall retain or receive all sums due to him
under this Mortgage, and the costs of foreclosure and sale, including
attorneys' fees in a reasonable amount, the same to be taxed as costs
also in any equitable action brought to foreclose this Mortgage.
(b) Upon the occurrence of an Event of Default, Mortgagee
may, at any time without notice, either in person, by an agent, or by a
receiver appointed by a court, and without regard to the adequacy of any
security for the Indebtedness, enter upon and take possession of the
Mortgaged Property, or any portion thereof, and, with or without taking
possession of the Mortgaged Property, or any portion thereof. in his own
name sue for or otherwise collect the Rents, including those past flue
and unpaid, and apply the same, less costs and expenses of collection
(including, without limitation, attorneys' fees in a reasonable amount)
upon any of the Indebtedness, with default interest as provided in the
Note, and to the performance of the other Obligations, in such manner
and order of priority or preference as Mortgagee may, in his sole dis-
cretion, determine (notwithstanding that such Indebtedness or
Obligations may not be due according to the terms thereof). If
Mortgagors should fail to surrender such possession to Mortgagee
promptly upon his request therefor, Mortgagee may compel delivery
thereof by an ejectment action or by summary or other available
proceedings or action appropriate to that purpose. The collection of the
Rents, or the entering upon and taking possession of the Mortgaged
Property, or the application thereof as aforesaid, shall not cure or waive
any Event of Default or notice of default under this Mortgage or
invalidate any act done in response to such Event of Default or pursuant
to such notice of default.
(c) Mortgagor agree that, upon the occurrence of an Event
of Default and in addition to all other remedies provided for in this
Mortgage and by law, and as a matter of right, without regard to the
solvency or insolvency of Mortgagor, the value of the Mortgaged Property,
or the sufficiency thereof to discharge the Indebtedness and costs of
foreclosure and sale, Mortgagee shall be entitled to the appointment of a
receiver of Mortgagee's choice for all or any part of the Mortgaged
Property and the Rents from the time of the occurrence of such Event of
Default to the expiration of any redemption period as provided by law.
Notwithstanding any of the foregoing, the right of Mortgagee to the
appointment of a receiver under this Section 14(c) shall not be
conditioned upon such receivership being incident to a proposed
foreclosure sale of the Mortgaged Property. Mortgagor hereby consent to
the ex parte appointment of such receiver by any court of competent
jurisdiction, without notice (notice being hereby expressly waived by
Mortgagors), and hereby agrees that it shall not oppose any application
made therefor by Mortgagee in the event of default.
13. Application of Proceeds. The proceeds of any sale of the
Mortgaged Property, or any part thereof, whether under the power of
advertisement and sale herein granted to Mortgagee or by virtue of
judicial proceedings, together with any other sums that then may be held
by Mortgagee or any receiver appointed in any judicial proceeding for the
enforcement of this Mortgage, or otherwise, shall be applied as follows:
7
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all present or subsequent encumbrances, lessees, and sublessees of any
of the Mortgaged Property and shall inure to the benefit of Mortgagee and
his respective heirs, personal representatives, administrators, legal
representatives, successors, and assigns.
20. Rights Cumulative. The rights, powers, privileges, and
discretions to which Mortgagee may be entitled herein shall inure to the
benefit of his successors and assigns, are cumulative and not alternative,
may be enforced successively or concurrently, and failure to exercise any
of them shall not be deemed a waiver thereof, and no waiver of any one
shall be deemed to apply to any other nor shall it be effective unless in
writing and signed by Mortgagee.
21. Unenforceable Provisions. Whenever possible, each
provision of this Mortgage shall be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this
Mortgage shall be prohibited by or invalid under applicable law, such
provision shall be ineffective to the extent of such prohibition or
invalidity, without invalidating the remainder of such provision or the
remaining provisions of this Mortgage.
22. Release of Homestead. To the extent applicable to
Mortgagor, Mortgagor hereby relinquish and waive all rights under and
by virtue of the homestead exemption laws of the State of Wyoming.
23. Section Headings. The section headings in this Mortgage
are inserted for convenience of reference only and shall not be considered
as a part of this Mortgage or used in its interpretation.
24. Survival of Representations and Warranties. All rep-
resentations and warranties of Mortgagor contained in this Mortgage
shall survive the execution and delivery of this Mortgage.
IN WITNESS WHEREOF, Mortgagor have caused this Mortgage to
be duly executed and acknowledged as of the day and year first above
written.
L.I.F.E. CHRISTIAN CENTER BY:
,Afz,:/;
PASTOR LARRY JE PRESIDENT
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