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HomeMy WebLinkAbout979555RECORDATION REQUESTED..BY: 1st Sank, Division ofOleeler Bank Alpine 79 Highway 139 P,0, Box 3110 .Alpine, WY 83128 WHEN .:RECORDED MAIL TO.: '1st WA/islet of Glacier Batik 79 Highway.89 P.O. Box -Alpine, WY 83128 SEND TAX NOTICES TO: lit. Banii DiVision ofdlacier Sank Alpine 79 Highway 89 P.O. Box 3110 Alpine, WY 83128 979555 12/3/2014 2:04 PM LINCOLN COUNTY FEES: $30.00 PAGE 10F 7 BOOK: 844 PAGE: 217 MORTGAGE JEANNE WAGNER, LINCOLN COUNTY CLERK 11111111111111111111111111111111111111111111111111111111111111111111111111111 SPACE ABOVE THIS LINE IS FOR RECORDER'S .USE ONLY MORTGAGE THIS MORTGAGE dated 1 1 4 1 is made and executed between PROFILE PROPERTIES, LLC, A WYOMING LIMITED LIABILITY COMPANY.(referred to below as "Granter") and 1st Bank, Division of GlaCier Bank, 153 whose 'address is:79 Highway 89, FO BoXi.3110, Alpine; WY 0128- (referred toshelow as "tender"). 43 GRANT OF-MORTGAGE. For .valuable consideration. Grantor mortgages- and 'conveys Ito Lander. allot Grantors 001.14w-rind interest in and to 1 the following. described real property, together with a:: existing or subsequently erected or affixed buildings, iinprevemente and fixtyres; all 1 easements, •rights of way;and app all water, water rights, ivatOrcoteses..end.ditel) rightslincluding steer in mtiiiiies.:Wiln.ditch or 1 irrigation righpd; .and all other rights, royalties...and profits relating te the. real. property, including without iletitseibn all minerals ell, g-as, geothermal and smiler (1h8 "A08.1 Property"): located' in' LINCOLN gotinty; Stale of Wypiningt. See EXHIBIT "AI, which is attached Ye this Mort and 'Made W...pait of this Mortgage as if 'hilly set forth herein. Thai Real Property omits address is Commonly known as 646 OLD ALPINE ROAD,.ALP.INE,- WY 010. Grantor:presently:assigns to Lender- all.Of Grantees right,Ittle,:and frnetestAh and to. ail present and Allure:leases oNtropertrend Rents 'horn the:.Prepertl... In addition, Grantor grants to Lender a Uniform Commercial Code Security intertiti in the Personal Propertyand Rents. THIS MORTGAGE. INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY, IS GIVEN TO S (Al .PAYMENT OF THE.INKB:reD1110 AND fl3f PERFORMANCE OF ANY AND ALL OBO( ATIONS UNDER TH.g NOTE,. THE RELATED DOC(JMENTS. 'AND THIGiVIORTGAGE, THIS MORTGAGE IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS: PAYMENT AND PERFORMANCE. •Exorsot as othervilse provided M this Mortgrige, Grantor :Shall pay to Lender eft amounts. secured by:this ..Mortgage they become due and shall Strictly perform aliOf Grantor's mbligations under dils Mortgage. POSSESSIONAND MAINTENANCEOF THE PROPERTY. Grantor agrees that Grantor'8 possession-and use of the Property shall be governed by the provislo'ns: 1 4 poss.essfon and t/ss. Vora the.occurrance of anEvent of Default; Grantor may 11) remain fripossession and ciintrel niche Property; i2) 3 di! use', oPdtate or manage the Property; and (3) collect the Rents from the Property, 1 .Duty to Maintain. Grantor shall maintain the Property in tenantable condition and promptly perform all repairs, replacements, and 'maintenance necessary toproacfve..its Va compliance WithEnvirenreentet Laws. Greeter represents and warrants to Lender that: II) During the periort.of Grantoes...ovvnership of the.Proporty, them has been no use, generation, manufacture, atorage, disposal, release or threatened release any Hazardous Subatance.by any pqrsors:on, und8., shout. or tram the Property; /,2l Grantor has .no. knowledge of, or reasoputo believe that there has been, exCept as teavibuily disclosed to end'ackhowledged W Loader in iivating, (al any breach or Vioiatinh of any Environniental Laws, thi' any use, generatien, manufacture, storage. ..treatment..disposal,. release threateneo any HezarPous Substance oh, under, .abour iatifran the Property by any priecowners...pr oopupents of the•Property, 'or le) any actual or threatened litigation or ofeima cf:any kind by tiny Person relating:to such matters:. ere 13) tlEitcepl b preVieuely dt iQstld to a0cl..aoknov0e.dged b' LeiVOrin writing. fa) neither 'Grantor nor any tenant contractor, -agent or other authorized user ef the Property hii uSe, generate, ritanittectine, store, tree, dispose. or or release any Hazardous Substance on, under, about or irons the .Proparty; and lb) any such activity shall be. conducted M compliance with elk appliceble fedr ral. state, and local lewa, regulations and ordinances. inciuding without limitetion an Environmental Laws. Grantor authorizes Lender.and irs 10 enter upon t)ie Properi y. to.:inake- such inspootiona andtos•s; atGrantor'a..expensat.es Lander may deem 'appropriate 10 determine compliance of.the.Property with this sectM0 of the Nlortgage. Any inspec.tioos or tests made by Lender sha(l he lo r tender's purposes coly.end sho h not be censtrued to create any responsibility or it ibihti an the art Of Lender :to Grantor or to any other .person, The representations and warranties contained herein are b.asect. on Oraraor s due diligence in:',Investigz)ting the Property .for 'Haterdous Substances. .Grantor hereby 11) releases and waiver any:future claims ageinat..Lender for indemnity or contribution •i0 the event :31111110 bekiornes liable for cleanup or other costs ender any such Wks; and (2) agrees to indemnify, delend, and Fluid Mantises 'Lenderagainst any anti all etralms;. losses, liabilities, damages, penalties; and expenses Which'ledder MeV (fired* or itidirectiy sustain or .suffer resulting item a btoponef thi the Mortgage or es a eqnsequente of any. use,..generallun,manufacture, storage, disposal, release or ehreatened release dcouiring prier toGrerithea owribrs or :Interest in the Property. 'Whether or Mit the sane was or should have been lenown."toO:teriter. The%proVielons of this section &the Mortgage...including the :obligation to. indemnify and defend;.sheitsurvive the pey.ment of the Indebtedness and the satisfaction .and reconvoyance of the Ilan of this Mortgage and shall not be effected by bender's :acquisition of. intirrestintfie:PrawfV, whether bliforeCiosUre qrsotherwise. .Nufsene% Wa Grantor. shall not cause, conduct or permit any nuisance.nor commit, permit, or &Ater any.stripping' waste en 0110 the Property or any partionol the Property. Without limiting the genera* of the foregoing, Grantor:will not remove, or .grent to any other party Ole right to-mmove, any timber, minerals (including .oil and gas), coal, sitiy;:sootie, soil, gravel.or rock products without tender's Prior written. consent. 'Reinovebof IMproveMentst. Grantor- shall novdernoliSh or remove. any imptovenlents froin the Real PrOperty withouttanders priorwritteri consent. Ass condition to the removal of any in Lender they require Grantor to make ariartgerne.nts stitisfebtorito Lender to replace' such Improvertienta'with improvements oi'm least.eePal.vaibe. Lendar'sRight to Enter. Lender andtander's agents and representatives may' enter upormlie Real Properly at all.reasonable times to attend to Lender's interests and to inspect the :teal Property for purposes of Grantor's compliance with the terms and conditions of this Mortgage. Con-reliance with GovernMental Requirements. Graeae shall promptly :Comply with iti ies otclinenc.eS, and repositions. now or .hereafter effect, of all governmentat butheritles applicable to the of 'the PropettY„Including withouf the Americans With Disabilities Act. Grantor may contest_ M good faith any such law, ordinance, or regulatio.n and withhold compilance during oroceeding...Mcluding.eptirooriete aPberifs. Scis.iong as Grsrtor has'auilied Lender in writing prior to aiing so slid '.1 long as:, 0 Lender's sae opinion? Lencieris:interestsin the PlkipertV are not Jeo.pardiztid. Lender may require Grantor to post adequate.securir,l.er a surety bend,. reaSOnably'selisfattory totem to pr.olect..pnder!s.intitest Doti' to 'nutria. :Ortintor:agreeS neither' to Oa/Won or leave unattended the Property. Granter shall dO. 88(.00 acts, these acts set forth above in this sethion, which from the character and use of the Property are reasonably necessary 10 prateot and preserve the Property. TAXES .ANDLIENS. The following 'provisions relatinoto the taxes and liens on the. Property: are pan-of this Mortgage: Loan No 761003167 MORTGAGE (Continued) I Page 2 Payment. Grantor shall pay when due.land'fn all •events :prior to delinquency) :all tares, payroll taxes; special taxes, assesstsanis, water. charge: •end sewer service charged- levied against or on account of the Propetty..and. shall pay when due all claims for work done on or for services rendered or material furnished-to the Property. Grantor shell meinteln.the. Property frets ofany having priority ova, or equal to the interest of Lender unites this Mor'tgoge, except for•those liens specifically agreed to inwrhting by Lender; lino except for thii lien of taxes randrasseSsriient3;not due as fudherspooified In the Right to Conte a: paragraph, Right to Contest.. Grantor may withheld payment of any 'tax, assessment. or: claim in pretactibn with .a good faith dispute over the o,ligaflCe 'N pay, sdiiong. as C :ender's Interest in the Property is not jeopardized. if a lien arises or' hi filed as a result ot•nonpayrrient, Grantor. shalt within fitteen (15) days after the lien arises or, We lien is within fifteen (16) days after Grantor hes notice of the tiling, amaze the discharge of the lien, or'if requested by Lender, deposit. with Lender'cash'or a sufficient cortiorete surety bond Or tithe•:security satisfactory to Lender-in an amount sufficient to discharge the lien pins any its and reasonable attorneys' fens, or other;charrjes that could accrue as a result of a foreclosure or sale underthe lion. in any contest, Grantor•shall defend itself and Lander and shall satisfy any adverse judgment before. enforcement against the Property. Grantor shall Berne Lender as en additidnel. Obligee under any surety bond furnished fn the centrist proceedings. Evidence of Payment: 3ra:u 6 Shall upon demand furnish to Le nder'satittfactory evidence of payment of the tares', r assessments and shall authorize. the appropriate gaverfinenrat official fee deliver to 1..¢nder•at any time a. w.ritden.$taten)ent of the•taxes end risieesinents ;egeinst the Property. Nodes, otConstruction. Grantor shall notify.Lender at least fifteen (15) days before any work Is commenced, any services are furnished, or srl.j materials we..s.Fplied to (lie Property, if any me'chanic's tier); meterialmen's lien., or;oth lien could. be asserted on account of the wont, services, or materials. Grerstgr.will upon request of Lender furnish to lender advance issurancessatisfactory to tender Mai Grantor can will pay the cost of Mieh inhproVernents. .PROPERTY DAMAGE INSURANCE. The following provisions relating to. insuring the Properly Mee part al this. Mortgage: Maintenance of Insurance. Grantor shall procure, and maintain policies of firer insurance with standard extended coverage. endorsements on a replacement bests for the full Insurable value cevering_ailamproverr:ents on,. the Rea) Property in an amount' sufficient to pavOid appllcatton of any coinsurance clause, and with a standard mortgagee clause iri lever of 'Leader. Grantor• shall also procure and maintain comprehensive general liability insurance'in euch•coverageisnrounts as Lender may request with Lender being named as atiditional•nsureds in such liability insurance policies. Additionally, Grainer shell inaintain such other iriSUrance, including but not limited to hazard, business interruption and boiler insurance as Lender may require. Policies shall ba written by such insurance companies and in such farm eta nlay•be reesonal;I' acceptabtb to Lender. .Grantor shall dfeliter to Lander certificates of coverage from .each insurer containing a stipulation that coviiraye will nrl be. canoeiled or diminished without a minimum of thirty f'30 days' prior written notice to• Lender and not containing any disclaimer of. the Insurer' s for failure to .give such notice. E. n surnee policy also shall include en entforsement.providsng 'that coverage in tavor.of Lender will nof•be irhi:eired in airy way by.eny at omission or default of Grantor or.any -other person. Should: the Real Praperry be located ht an area designated by. the Administrator •of the. Federal Emergency Management Agency as ..e: special flood hazard area, Grantor agrees .to obtain and Maintain Federal Flood Insurance, It available, within 45 days after: notice is given by Lender that the P o lerty Is located fn a Special flood hazard area, for the full Unbeid' principal balance of the loan and any prior liens on the property securing rho loan, up tc the maxiniurin policy limit's set .under the National Flood insurance. Program, or as otherwise ryquirdd by'Landerrend to maintain such-insurance Aftelerm"ot the loan. Application of Proceeds. Grantor: shall promptly notify Lender of any loss or damage to the Property it :the. e3'tirritted,.00sc..of :repair or replacement exceeds $1,000.00. Lender may make proof of loss if Grantorfails to de so within fifteen 1151' day's of the casualty. Whether or slot. Lenders security ts. iritritired, sander may; at ,Lenders elt:r ?Lion, c celvu ancirutsiit the proceeds of any insurance and apply the :proceeds to the ieduction•of the Indebtedness, payment of any lien effebttng rho PropertY; resioratlnnend.repair of the Property. If l.eitler :e eat$. tc apply the praceecte to restoration and repair, :.6rafifcr shall repair or.r place the. damaged or destroyed prov m. ts' in a 'manner satisfactory to Lender. Lender shall, upon setisfactoryy. prbef of such expenditure ,,pay :or reimburse Grantor from the proceeds for .he reasonable Deist of repair or restoratian'i.f Grantar'is not fn datriidt under.tiiOP Mortgage. Any proceeds :Which have clot been disbursed within 180 days after their receipt and which Lender has not committed to the repair Or restoration of the Properly shall bc.tused first to pay any arnaurtowing to Lender Under this Mort'g'age, then to a ccrued•interest, :a.nd.the remainder; it any,'shall'be applied to• the .principal L•elance the Indebtedness. l.1. Lender holds any proebedi :fitter payment iri itai of the Indebtedness,. such proceeds shell be paid to Grantor esct renter's intere.sts may eppear. Grantor's Report on insurance. Upon request of Lander, however not more than ante a. year, Grantor shall furnish to Lender a report on each existing policy of insurance showing: (1) the neme of the insurer; (2) the risks insured; '(3) the amount of the policy; (4) the property insured,. the then current replacement value of such property, and the manner of determining that value: and (5) the expiration bete :of the policy. Granter sh'a11, upon request Of Lender,. have an Independent >atieractory to Lender'.deterreite the cash value replacementcostof the property. tENDE$ S EXPENDITURES. If any action' or' proceeding is•comnienead.rhnt yvould materially affect Lerder'sinterest in the..Property or it Grantor fails to comply with any provision of this Mortgage or any Related Oooumenrs, including but tool limited to G'rantor's failure to discharge of (toy when due any amounts Grantor is.raquired to discharge or under this Mortgage oi.eny Related Documents, Lender on.Grantor's: behalf May (but shall notbrr°.0bitgated.tol take; any 'action that Lender:cearns appropriate, including hut not limited to discharging:. o ying all taxes, liens, security interests,'enctimbrancas and other claims, at "any uml;'leviiit)'0r'plar,etf an the Property and paying ell costs; fur insuring, maiintainhng end preserving theProperly. All such expenditures incurred or paid by Lender forsuch purposes will then bear taller -st atthe ata charged under the Note from the date incurred or paid by Lender to the date of repayment by Grantor. Ali such expenses will become a part of 'the Indebtedness and at Lender's option, will (Al be payable on demand; (RI' be: added to the 'balance of.tfle.Noto and be apportioned among, and by payable with any ehstalhrient payments'(o become due during•either (y) the term of envy applicable insurance policy; or (23 :elle.ramriining term of'the No:to.; or (CI be treated as a galloon ptontant which will be due and payablo the Notess maturity. The Mortgage also wilt secure payment of these amounts. Such'right shall be in addition to all other rights and remedies. to winch Lender may be'e'ntitled upon 00141. WARRANTY: DEFENSE OF TITLE. The'tollowfng previsions relating to'ownership of the Property are a part of this Mortgage: Litre. Granter warrents'that: fat Grantor holds .goodand, marketable tide of..ecord to the.Property in fee. simple, in and clear of all 110113. 'and encumbrances other than .those set forth.,in the Real Property description or in any dtio insurance policy, title, report, or t nal.title opielon. issued favor of; and aer3spted by Lender in connection .with this• M?rtgege, end .(b) Grantor has the full right, pt3.wer, and authority to. execute and deliver this Mortgage to Lender. Defenseot Title. Subject to the exception in the paragraph above, Grantor warrants and 'wlli forever defend the title to tti3 Property' against 1 e•',ewfui oleims :of all. par ?;Des. In the cvant. :any action or: prOcoefing't 'cottapen::ed that. questions Grantor•'s'title 01 111' 3n1t at of Lender under this Mortgage, Grantor. shalt •defend the .action at Grantor's expense, Grantor May he lhe:noriitnat party in sue3, n proceeding, but Lender shall be 'entitled to participate TO the. proceeding and 'to be reprosented'ln the. proceeding 3v odunse o l or Lender's w chu "ace, buy, Grantor. will :deliver, or cause to-be delivered, to Lender such instruments as Lender may' request from time to time to ,permit such participation. :Compliance With LaWs. Grantor warrants that. the .Property and Grantor's use ..of the Property complies with all oxlsting applicable laws, .ordinerices,•and iagullitioris of govcr.'nnienml authentics. Survival of Repreeentaffons and Worrantiaa.. Ail repre3entations, 'b'arr0ntie5, and agreemo01 s made by Grantor in this Mortgage shall survive: the execution and dc; very of this Mcrtgaga, shall be continuing In nature, and shall remain ih ftlll forme and eftect.unt8'3.13 3 time as Grantor'a indebtedness shall be'paid'iri full. CONDEMNATION. The following provIsions.relattng to ow de:m.10bn proceedings are a pert of this Mortgage: Proceedings: If any proceeding in i3ondenvlatior, is Cited, Grarntor shall pronipfl'y, notify Lenderin and Grantor shall promptly. take. 'such steps as may be necessary to defend the action arid obtain the award. Grantor msy he the nominal paray in sudfh pr 000111ng, but 1Oriderahall be matted te'pertfcipate in"the proceedtfrj and to•be In the;praceeding by counsel of itg own choice, and.Grantor will deliver or cause to ne delivered to lender such instruments and documentation as may be requested by Lender from time to: time to. permit such partirepetiion. .Application of Net Proceeds. If all:p•;any part .01 the Property is: conderiin0d'by eminent domafg propeedings or by any proceeding or purchase in lieu'oi condemnation, Lender may at its election require that allies any portion of the net proesed3, cif the award be applied to the Indebtedness' or the repair or restoration of the Property: Tile• net proceeds of the •award shall mean die award atter payment of ell reasonable costs, expenses, tied attorneys' tees incurred by Lender In connection with the condemnation. IMPOSITION OF TAXES, FEES':AND CHARGES Lay GOVERNMENTAL AUTHORITIES. The.'folldwlhg provisions relating tc gdiarn'rrenCal taxes, •Loan No 701.0031117 MORTGAGE {Continued) Page 3 fees and charges are a part of this Mortgage: Current Taxes, Fees and Charges,. Upon request by Lender, Grantor sheii execute such docutner,ts in addition to this Mortgage nisi take whatever other action.is requested. by Lender 10 perfect and continue Lender's lien cn:the Read Property. Grantorshall refdiburse Lender: for ell taxes; as describe..d below, together with ell expanses incurred-in tecording, perfecting or continuing this 1:1urtgirge,..tneludIng ivftttout. lirnitstion all 'iaxos,•feiis,:iiecuiitnntaiy =rime, 'and other Charges fdr recording artegietedhg this.Mortgage. Taxes. Tho.:iollowing.shalf constitute taxes to Whicn'this- section eppiree: (1) a•specific. tttx upon this..type:of Mcrtgage•or upon ell or any part of the tndebtednesssecurotl by MIS Mortgage; (2) a specific: tax on:Grantbr Which Greta* is authorized* required to deduct from ;payrnertts on: the'.Indetbtediiess Secured by this typo 03. Mortgage; (3) a taX Ott this type of Mortgage ehargeable:•againet:the Lender oaths tits N holder el ote; and .(4.) n specif o tax on ail or any portion of the Indebtedness or'or1,payfnen;s of principal and interest made. by Grantor, Subsequent Taxes, If •any tax ro which thissection applies is enacted 'subsequent to rho date of this fvlortgage, tills event: shell have the same effecras an Event of Default, and Lender may ak'reise any or elf' of its available remedies for an Event of.Dafault es provided below unless Grantor either (1) pays the tax before i becomes Or 141 contests the tax as provided above in the Toms and Liens section and tinoosits with. Lender cash or a sufficient .corporate 9orety bond or other security satisfactory to Lender. "SECURITY AGREEMENT; FINANCING STATEMENTS, The following pro.vis)bre relating to this Mortgage ass steurity agreement are a part of this Mortgage: Security Agreement. This instrument shall constitute a Security. Agreement to the extent. eny Of. the Property constittrres fixtures, and Lender.5hait have all of the rights of a secured party under: the Uniform'Gemrnerdist Code .as amended from file to tiros. Security Interest. Upon request by Lender, :Grantor Shell take whatever action is rec)uested •by Lender (door and 'Continuo Lender's seCorI1 interest in the Rents and Personal Property. In addition to recording this.te1ortgege" fn the heel property records. Lender me y, at any time -and without further authorizelion frets: Grantor, file executed counterparts, -copies' or reproductions of. this Mortgage rife financing statement. Grantor shall reimburse. Lender for all onpe.nses: inetared in perfecting or cdntfnuing .thissecurftyinterest.. Upgn default, Grantor :Shall not rerriover -eever or'detpeh the Personal .Property from the-Property. Upon default .Grantor shell assemble any'Peracna)'Property not e)fiked to the Property-in a mennerend at.a-place.reasonebly conveniently fitantor and Lendar and evadable, to Lender.•within three (3 aftaf'racelpf of veletas demand from Lender Id the extant perritftted'hy 001101)10 m', Addresses. The mailing addressee of Grantor (debtori and Lender (secured party) from tvhich'informmtton ronoarrting ;the-secirrity%Interest granted by this Mortgage may be. obtained (each as..required..by the Uniform (ommerciel Code) are: as .stated on the first page. 01 this Mort:gege. 'FURTHER ASSURANCES; ATTORNEY -IN -FACT. 'The' following. provisions relating to•firther assurances and attorneydn:taet are a part:- of.-t11s Mortgage: Further Assurances, At any rinse, and from time to time,. upon request of Lender, Grantor will make, execute and deliver, or win cause. to be -made, executed or delivered,. to Lender Or to Lender's designee and when requested by Lender,. rouse to be filep. recorded, Weed, or rerecorded, as the ca:t0 may be et :such times and in such.effices and p)eces as•Lender may deem abprbpriate, any ar ell Suer mortgages, deeds of trust, security deeds', security agreements,. financing statements,. continuation-statements, instruments of turner assurance, certificates, end pther.documenis. as may, it the;SOle opinion of Lender, be necessary or desirable itt. order to effectuate, ccmpleta, perfect, continua, or preserve (1i Grantor's obrigotions under the Note, this and the Related Documents, and (2) the hens'. :and sec.urity interests created by this .Mortgage as first and prior liens on the Property, whether now owned or hereafter °entered. by Grantor, Unless prdttibited`by law or Letider'agfees to' the contrary in writing; Granter -shirt: reifnburse Lender for alt 005110: and expenses incurred in ebnnec ;inn tvitli the natters reterred psrngrarh. Attorney-fn -Fact. If Granter fails to do any of the things referred io In- the preceding paragraph Lender may do so for and in the. Warne of Grantor and at Granter's -expense. For -such *pesos, Grantor hereby Irreyedebiyappdinte Lender e'S' Grantees attorney- fh•fact'.`tor the purpose of making, axecuting, deliVering., filing, recording, and. doing all other "things as' may be lfecessary'or desirable, in Lender's sole opfniony 10 accomplish the matters referred to in the precedfng:,parapraph. 'FULL. PERFORMANCE. II .Grantor pays all the Indebtedness When dud, end.oxherwise all the•obtt(etions bnppaed open Granter tinder this Mortgage. Londerehall.execute•and deliver fo Grantor suitable satisfaction of this Mortgage and suitable eiatemente of:terminatiori deny financing statement on file evidencing Lender's security interest in the Rents and the Personal Property. Grantor wa) pay, if permitted by applicable law, any reasonable termination foss as determined by Lender from time to time. EVENTS Each of the. following, atL.ender's egtiom. shall constitute an Event of Default under this Mcrtgage: Payment Default. Grantor faffs't° Make tiny payment when:durrunder the Indebtedness. Default on Other.Payments; failure. of Grantor within the time•ruquired'.py this Mortgage to stake any payment for taxes or insurance. or amt other payment necessary to prevent filing of er to effect discharge of any'iien, .0ther'Defauf'ts. 'Grantor fails to comply with or to perform any other term,-obligetior.. covenant or condition contained in this Mortgage or in sty :df the: Rotated` Dd'r umenta: -or t9. ccmpl .with or to perform any tern, obligation, tovanant or•.condfiion contained in arty other agreement between Lender'and Grantor, Default in Favor of Third 'Prudes. Should Grantor 'default under any loan.. extension ,0I credit, security agreement: purchase or sales agreement, or any other agreement. itr favor Of any other emitter OF pereon;.,that .:may materially affect arty..of Grantor's• property or iranter'S e6'ifity to repay the t'ndehtedness or Grantor's abilityto perfc?m Grantee's ttbliyet;ons under thls'Morajage of any lbf" the Rotated Documents. False Statements,. Any Warranty, representation or statement made or furnished to Lender by Granter ur on "Grantor e behalf under this Mortgage orthe Rotated fiocurnunts• is false or rnfsieading-in any material reaper either now or atthe•time:made or furrzishazhor `Eecornes terse or misleading at anyth1111O thereafter. Defective Coffataratization. INS Mortgage 04' any of :the lielated Documents. ceases to be in full force and. effect (including failure of any coilater'al.documen't 10 rr valid attd'perfeoted security interest or tfenj stony time anddOr.any reason, Death or Insolvency. The' dissolution of Grantor's (regardless' of whether election to continua is made), any member withdraws front the Iinti1ad liability company, or any other termination of Grantor's extstance• as a going business dr. the.<leath of any member, the insoitiency of Grantor., the appointment al a;terufver fur any part of Grantor's property, any a5\iglwiont.for�the .bonefit of txaditors any type of creditor workout 'or the.cmnniencement of any _an any proceeding udder y bankruptcy insotvontiy taw& by er against Grant Creditorr or Forfeiture Proceedings. Commencement. of foreclosure or forfeiture proceedings,. whether by judicial. proceeding. saihhelp; repossession or any ether method, by any, creditor or Grantor ..or by any governmental :agency against any property seeming the tndebtodriess. This includes a•gartishrtient of eny ofGraiitbr's adcount1, including deposit:ect;ounis, With Candor. taowever,'t)tia Event of Default shall not gpply.(1 there is a, good'faith. dispute by Grantor as to the validity or reasonableness of :the elatrn which fs the.besfs of the. Creditor or forfeiture proceeding and It Granter gives Lender written notice. of the creditor or forfeiture proceedfng:;and•deposits with'l.ender. monies or a surety bond :for the drerditof et. "'harfeiture prereeterig, fn ah• anioont determined by Lender ((fits able UiadratiOn,. 41111 being".ati adequate reserve sir bond for the dispute; Broach of Other Agreement. .Any breach by Grantor under the terms of any other agreement betwnan Grantor and Lender that is not remedied within any green period provided. therein, including without limitation any agreement .Concerning any indebtedness or other obligation **Grantor to Lender, whether exidtfrtg now or hater. Events: Affecting: Guarantor. -Any :of the preceding 'events occurs with respect to any' Guarantor of any cf the indebtedness:or any Guarantor dies or beeomas lnccmpetent, or revokes or disputes.the validity of- or liabliIy under, env Guaranty of the Indebtedness. Adverse Change. A matarlai adverse change occurs in Grantor's fintinciel condition, or Lender believes, the prospect of :payment or performance -of the indtbtednas's is impaired; insecurity. t.(nder in bepevea'itsalf insecure, RIGHTS Apr) REMEDIES (1N DEFAULT. Upon the occurrence 'a an.Event of Oefaitlt and at err time thereafter, Lender., at Lender's Option. may exercise any one. Or mere oaf 'he'foitowing tights end remedies, in addition to any other rights or remedies provided by law: Accelerate Indebtedness. LendershnI) have'tho >rfght:at its option witheUt nnticti to-Grantor :tledliire The entire (ndehtetinesitrfmrrttdia :ety Loan No: 761.003167 MORTGAGE •Continued) Page 4 due endapayeble, including any :prepayment penalty that Grantor would be required to pay. UCC.Remedieo. With respect to ad or any pert of the. Personal Property, Lender shall have all the rights and remedies of a secured party under the Uniforo Conmerpiaf Code, Collect Rents'. Lender shall have the right, without notice :to Grantor, to::take possessiory.0 {the Property, inFluding.during the pendency of foreclosure, whether judicial or ron•judisial, 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 tees directly to tender. If the Rents ate collected by.Lgndar. then Grantor irrevocably designates Lender as Grantof•'s attorney- iMfaotto endorse•bnstronents received in'payeient :thereof f0 the pants of Grantorand,to negotiate the same and 'collect the proceeds. 'Payments by tenants or other users to Lender ie :response to Landers demand shall satisfy the obligations tor which the payments are made, whether or not any proper grounds for the demand oxiyted. 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•port cif the Property, with the power to protect and preserve the Property, to operate the Property preceding foreclosure or sale, •and to collect the. Rents (rent the Property and'epply the proceeds, o'vrr ar'd above. the cast pf the receivership, against, ih'e :ind.ebtednea i, The receiver 'may spivs. without bond it perfitted by :law. Lender's right to ahe.itppdintmem of a receiver Shall exiSt.whether or not the: epperenrvalue of'the Property exceeds the Indebtedness by a substantial amount. Employment by tender shali:not disqualify a person-from :serving as a rc:elver. Judicial Foreclosure. Loader relay obtain a judicial decree fofeclosing Grantor's interestin all or .any .part.of the Property. Nonjudictal Sale. Lentier may foreolose.Grynior's interest' in ail or.in eny'part.cf Property bynon:judiciai sale, endspecificafy by '.pew.er Of sale" or dvertisement and: sele`'rfcrec osurt .cis provided by statute. Deficiency Judgment, 11 permitted by applicable law, Lender May ohtein e lodgment for any deficiency remaining in' he. Indebtedness .due to Lender after appiication 01 'afl .001000(5 received from the exercise :of the rights provided le this suction. Tenancy at Sufferance. If Grantor remains in p005050lon.pf the Priper'ty after the Property is sold as provided above or Lender otherwise beeenlas• ontf(led -to possession of the Property upon default-of Grantor, Grantor shall become a tenant at sufferance of Lender .or the :purchaser of the Property end 'Shall,.at Lentier's'optdon, either (1) pey'a reaSeriable•rentel gar (he,0 &e. of the Property,, or (4) vacate. the Property immediately upoo the demand of Lender, Other Remedies. Lender shall hava,tdl other rights and remedies provided in this Mortgage or the Note or .available at law or in equity. Sahrof tho'Propetty• To the extent permitted by.appiicabie lew, Grantor hereby waives env and all right to:hava the Property marshalled, in exer ising Its riphts:end ramndies, Lertler.nh1111 be free to sell al! or.• any. pare of the. Prdperty together or separately, in one sale or' by separate soles. L-erlder,shell be :entitled to bid at any public sale on allot any portftin of the Property. Notice ofSele. Lender shall give Grantor reasonable notice of the time and place of any public.salo of thu'Pirremtat Property or of the time after which any private sale or other intended disposition of the Personal Property is to .he made. Reasonable notice shall mean: notice g)Veit at least tonY.10) days before `the time of the sale or disposition. Any sale •ot the Personal Property ntay bs inade irl eonjuilctidrl with :any sale•of the Reai Property. Election, of Remedies, Election by Lender to pursue eny :rarnedy shell net ropdsde pursuli of any other remedy,. s ena an election to make oxpendlturos or to take action to perform an obligatfdn of Grantorunder. this Mortgage, after Grantor'$ failfirre to' perform, shall not affect Lender's. tight tc doclera adefault and exercise its remedies, Nothing under. this.Mortgage:or otherwlso.shall be construed so as to iimit.ur restrict ;the rights and iemedieri'availebl; `ro Lender following tri Event of Defnu14:.or In'ahy wa\ (0.limit°or ristript the rights and ability of •Lender to proceed directlyagainat Grantor and /ar. against any atherico- maker: gueranror,.surety or endorser.andfor to proceed against any other collateral directly the Indebtedness. Attorneys' .Fees; Expenses: If Lender institutes any suit erection to erttores-sny of the terms.of this Mortgage, Lender shalt be entitled.to recover such sum•a5 the court, may adjudge reasonable as attorneys' fees at.trlal and upon ao appeal. Whether or not any court action Is involved, and to the 1Xtent not prohiu)tad by taw; all reasonable expenses Lender incurs that in 1.imder's' opinion era necessary: alt any flare for the preteetion :et :cs intr,res.t.er the enforcement at: its.tightsshag beeome:a part trrrhe tndehtedhess.payabl3,on demand and sh<11 bear interest at the Note rite 1rom'the•dato of.the expenditure un1fil repaid; Expenses covered by this 'paragraph include, without limitation, however:subject to any'iintirs under pppllgable :laiv,, Lender's reasonable attrrleys'.lees.and Le :nd1 r'e.legal expenses whether or not.fiero is a lawsuit, including reasohahle attorneys' fees and expenses tof bankruptcy proceedings 'flncluding efforts to rriodity or vacate any sufoma(ir, stay or injpmuuon), appeats, and any anticipated poa't,judpinent collection serVieee, the cost ;1f, seerchitig records, otttab ling titre reports iittcludiny foraclosure..rrjportsi, surveypre'•reptirts, apI seise) fees and Side insurance, t0'the'extani .rrlmbttrid by appliceble law. .Grantor also will pay any court o.osts, in'edditfon:tu all othtir:sulns provided byaaw. NOTICES_ Any nntiro:required to be under :this Nlortgege „incldding;withouttimitatigp. anymet ce 01 dofauit and nny:notiee ofasate^shall ba given in eirifing, and shot) bit affect ie wiren actually delivered,'(vhenactualiy received ti lefitcsmdile inn o hrfrvitse rr+fluired by levy) when depbsited with a nationally recognized overnight courier, or if malted, :.when deposited ')11 the United States Mail, es hest olass or registered mail pootepe prepaid/directed. to the addresses.shown near'the beginning of this Mortgage. All. copies .01 ponces of foreclosure: from the holder et'eny Ile,' which hag priority'oval'this'Mortgecjd shall be selr.t to Lender's address; as shown near the beginning ill tfifs. Any party may change. its address or 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. For notics`purp0ses, Grantor agrees 00 keep Lender informed at .all times of Grantor's current address. Unless otherwise .provided-or required by law, it there 1s more than one Grantor, any notice given by Lender to any Grantor is deemed to be notico given f0 alt Grantors. MISCELLANEOUS PROVISIONS. The following miscellaneous provisions, are a part. or this Mvtortyegn; Amendments This Mortgage, together with any. Related Documents. constitutes the entire understanding and agreement of the parties, as to the matters sat forth in thls Mortgage. No alteration of or.anlerldment to this Mortgage shall be effective unless in writing and .signed by the party or parties sought.to be. charged or bound by'the alteration or amendment. Annual Reports. If the Property is ..used for purposes outer than rarantoes residence, Grantor shall tvrnish to Lender, upon request:, a certitied.ata10inent of not operating inemine' received from, rho'Property during :Giantdr's•piravious• fiscst Y in :such form nand detail as .Lender shall rtiquite. "Net. operating incolme” shall mean all cash receipts #nom the. Properly less all cash expenditures. made .fn.connactien ith"fha•dpsrationrot iha Property. Capfion Headings. CSption.he(idfngs in This Mortgage: see ::jor 'tlanveniaracc;.purpo'ses only end'a(d net t0:`be used to interpret 01 define.the provisions 01:th)s Mortgage, •O,overning Law. This Mortgage.wijj'be :governed by federal law appllcabte to Lender and, foible extant not preempted by faderal'law, the .laws;of the State. at Wyoming without regard to its conflicts eft'aw provisions. 'This Mortgage-hue :beetteccepted:!by lender in the'State of Wyoming. Choice Di Venue., 11 there is a lawsuit, Grantor agrees•upon Lender's' ramiest'to submit to the jurirrtiction of.the•courts of Lincoln County, State of 'Wyoming. No Waiver by Lender. 'Ladder shell not be deemed to have waived. any rights under. this Mortgage unless such waiter is, gdv.en in writing end signed by Lender, No delay or orri)ssion on the part of Lender in exercising .any right shall operate as a waiver: of su01t right or any other right. A waiver by Lender of, a provision of this Mortgage shall not prejudice) or constitute a.waiver of Lender's right otherwise to demand atriti,Compliarlce with that provision or e11y otler'provi'lol of this N'ortgega. No prlor waiver by Lander, nor;any course ofdeallnp, between Lender and Grantor, Shall oonstitt a a. walyer et arty of rights or of any of Grantor's obligations at; to any future transactions: 'Whenever the consent of Lender is. tequired•under 11115 Mortgage, the graritfn1 of such eonsdnt by Lender in any'notenco •shall net constitute rontinuing;.00nsenr.tg subsagtIDnt instances where, :Such consent is repaired and in till cases such. consent may. he granted Or withheld in the. solo disoretion'of Linder. Severabitity. It a court of competent jurfsdictiun: finds any prov)si011 (1;f thin Mortgage to be innvaliil; or unenforceable. as to any bircumstence, that' finding :shall.not mal:e;trlr offending provision fllaga1 1rivalid, or.unenferceable ea 10 any ether circumstance.. If feasible, the Offending prov;''sion :shall'b© :oonstdored modified so that tt aacoMes Iegal.valid and: :enterceeble. If the offending :provision cannot 06 modified, it shell be considered deleted from this •Mirigago.. Unless otherwise required bylaw the illagality;•inva!ldity, or unenforceahility of nny provision df'th s. Mortgage shall not affect the legality. validity or''infarerability of an•other p100(5 011 of this Mortgage. Ttlargot, Them shall ba'no merger di the interdst•or estate. created by chi0 Mortgage Yaith any other. interest or estate in the Property at 'any' Guam No: 761003167 GRANTOR; Rfi,QFILE By P}�oPE IlS, L1.0 g :r l scoe C OK. Member of gilYRI F. p OPERTIES, LLC MORTGAGE (Continued) time held by or for chOEIjneft .of Lender in any capacity, without.tho written cunsentof Lender. Successors and Assigns. Subiect to et limitations stated in this Mortgage on transfer of.Grentor's interest,.tlaia Mortgage shell be.binding upon and inure to the'benf fit of the parties, theirsuccessorsend assigns. if ownership of the Property becomes: vo'sted in a POW other. than Grehtor; Lender; vithout. notlee.to Grantor, maydeal.witi Grantor's suoeessors'ivIth refercene; to this Mortgage•. and thelndebtodness by way of fobeatence Or extension without releasing.Grantar.hom`the Obligations. of {his Mortgage-or liability under. the Indebtedness. Time is of the Essence. Time is of, -the essence in the performanco•ot this Miitlgage. Waiver -of Homastead Exerttptfon. Grantor hecebyrefeases-and ail tights and benefits of their.mestetrd exemption tawsof the State of Wyorning :as to ell `•ndebtedness'secured by this Mortgage. DEFINITIONS. The i0 owing capitalized words and terms.shat. have the following meanings when used in this `Mortgage. Unless specifically slated to.the- contrary, all references:to dolleramounts ;shall mean amounts :in.lawf lJanney Mille ..LJnited Stowe of America. Words end teens tisedin the singular shall Maude tare plural, and the plural shalrinc;ude the singular, Bathe context may require. tAtorifs and•t nut otherwise defined in this Mortgage shall hive the meanings.attributed to such. terms in the Uniform Commercial Code: Borrower. The word "Borrower" means'PRCIFILE. PRO.PERTIES.. LLC. and insiudas all cosigners and co makers sign:ngthe Note. and at their sucCesaora end assigns. Default, The. word "Default" means the Default sot forth in this Mortgage in the section titled "Default Environmental Laws. The words "Environmental Laws•' mean any and: as state, federal' and local statutes, regulations end online relating to the prdteotihn of httrnen health or the environment, including w'itheuf iiinitation the Comprehensive Fnviranmentel Response, Compensation, and Liability Act of 1980, as emendee, 42 U.S,C, Suction 960:1, et seq. 1 °CERCLA the 8130c. tneaidntei'.15 and Reouthorizatidn ACt 01 :1986, Pub. L. No. 99.498 t" SAR.a 't• the Hazardous Materials`Transporiatioi Act, 49' U.S.C. Section 1801;.et seq., the Resource Conservation and Racovery Act, 42 tf.S.C. Section 6901, at seq.. or other. a ptfcable state or federal laws; rules,,.or regulations adopted pursuant thereto; Event of Default. The words. ".Event of. Default' mean any of the: events of default set forth in'rhis Mortgage in. the events of default section of this Mortgage. Grantor. The word "Granter" means PROFII.E. PROPERTIES, 11.C. Guarantor, The word "Guarantor" means any guarantor, surety, or accommodation party of any or all of the Indebtedness. Guaranty. The ward "Guaranty" means the guaranty; from Guarantor to Lender, including wittinut limitation a guaranty of all or part of the Note, Hazardous Substances. The Words "Hazardous Substances" mean materials that, because vt their. quantity, consentratton.or physical. cherntcai or Infectious characteristics, may cause Or pose a present or potential haierd to human health or the environment when improperly wed, treated, stored, disposed of, generated. manufactured, transported or otherwise. handled. The words "Hazardous Substances" are used, in their very r broadestsenso and include siithout•limitetidn any'end alt hazardous cr• roxisaufi8tances, utateriais" waste 05 defined by or listed under the Eitvironrnental Laws The terns "Hazardous Substances:' also includes, without.linaftation, petroleum and petroleum byproducts or any fraction thereof and asbestos: tmprovereeme; The word "Improvements" means -all existing and future improvements, bail dings, mobile homes efflxed:'on the Real Property, facilities, additions, replacements and other Construction on the. Reel Property. Indebtedness. The :ydrd "indebtedness" mains' eil p incipal, honest, end ether'-amounts,.00sts acid expenses payebla Under the Note or Railed Dectrrrtents• together ivith all renewals 6t, extensions of, modificatimis..ot .consolidations of and -eubstittitiors :for the Note. or Related Documents and'eny amounts expended w.-advanced'by Lenrter' discharge Grantor's obligations or by Lender TO enf:Orce O'rantor's'ohligatiohe underthis- Mortgage, together with :interest on :yuch:amotintri-as trrovided 11 this Mortgage Lender. The word "Lender" means 1st tlonk; Division of GItlrier Rank. its successors end assigns, Mortgage. The word 'Mortgage" riteans..this Mortgage between Grantor' and Lender. Note. The word 'Note" means the promissory pole dated In the Original principal 'amount of $2.893,524.00 from Grantor to Lender, together with all renewals of, extensions of, modifications of; refinancings of, consolidations of, and substitutions for the promissory note or agreement. Personal Property. The Howls "Personal Property" mean all equipment, fixtures, and other articles of personal .property new or hereafter owned by Grantor, and not, 01 hereafter attached or.ttffixed to the Rest Property; tngetht;r with at accessions, parts, and additions td, ail replacements of, and all Substitutions for, any of such property; and together with all proceeds (including without limitation all insurance proceeds and -rrlsnds of premiums) from .any sale or othardisposition of the Property. Property. The word "Property" means collectively the Real Property end the Personal Property: Real .Property.. That words "Real Property" meamthe real property. interests and rights;.es further described in this .Mortgage. Related Documents. The words "Related Docuinonts" mean all promissory notes; credit agreements, loan agreements, environmental agreements, guara'nres, security agreements, mortgages, deeds of trust, security deeds, collateral n ortgeites,•and.alt other. instruments. agreements and rlocurnents. whether now or hereafter existing, executed in connection with the Indebtedness. Rants. The word "Rents` means alt prosenrand future refits, .revenues, indame, issues, rayelfiss; profits, and other benefiis :derived from ilie:P'roperty. GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE, AND GRANTOR AGREES To ITS TERMS, Page 5 State of County cif Loan No 76T003'167 This instrument w n acknowledged' before me on LIMITED LIABILITY COMPANY ACKNOWLEDGMENT f:- SL =IFF i1 ?Y UFi iC t COUNT °Y! %6• f Lt£3COEii WY0iiniNG )t MORTGAGE .(Continued) (date) by SCOT COOK, Member of PROFILE PROPERTIES, LLC. (Notarial Signature) i' My ucminission expires; Page: 6 laserPro, Ver. 14.4.10.012 COpr. 04 i USA Corporation 1.997, 2014. At Rights Reserved. WY G di! kF6 \CF•.5LPL \G03.FC. TR:4O. 48 PR- 577 EXHIBIT "A" LVIAL DESCRIPTION Lot Ma. Alphw.Viltugo Subdivision N. 1 Plat 2 Atnended Liticeiln.COunty„ Wyorning.aS. described on•the official •plat Instrument-No: 979263 -of teCord in tit Office of the Clerk of Lincoln County. Lot 154 of Alpine Village Subdivision:No.. I Plat 2 Anlended-3d Filing, Lincoln County, Wyoming as .described on the-official plat filed. With Instillment No. 979263 .of record in the Office of the .Clerk of Lincoln County.. of I55• of Alpine Village Subdivision No; 1 Plata Amended Lincoln Wyoming.as.described on.theofficIallplatilled 4thinstritiment-No. 979263: thee:di the, Office-of the -Clerk Lincoln County..