HomeMy WebLinkAbout878122 State of Wyoming : Space Above ThLs Line For Recording Data ~ ~
REAI ESTATE MORTGAGE
(With Future Advance Clause)
1. DATE AND PARTIES. The date of this Mortgage'is J.2:J.l:.2.qo.! .............................. and the parties and their addresses
are as lbllows:
~ MORTGAGOR: .S.'[ E. ,P .H.[.N..G.: .O.W..E.N.S. ~ .A..8..N.fi. L. E..P.E..R.S.q N. ......................
490 COUNTY fiD. 123 · ' .................................................... ~*::"'"
BEDFORD WY 83112
~ Refer to the Addendum which is attached ~d incorporated herein for additional Mortgagors.
LENDER: .I.H.[..~A. ~.K..0.(.S.T../~..V3L. L.~.Y .................................................................................. i ................
384 WASH NGTON STREEt
PO [lOX 8OO7
Al:TON, WY 83110
83-0315143
2. 'IORIGAGE. For good aml valuable consideration, tire receipt and sufficiency of which is ackno;vledged, and to secure
the Secured Debt (hereafter defined), Mortgagor grants, bargains, conveys, m6rtgages and warrants to Lender, with the
power of sale, the following described property: SEE SCHEDULE C ATTACHED ItERETO AND MADE A PART HEREOF.
'fhe property is located in ............. .L[NCqLN . . at .N...[II6.HWAY. 8.9..AF.I.0..N,.A..N~ .4.9.0..q,0.t[N..Ty. !t.D...
123, BEDFORD Wyoming ......... 83110
(Address) (Cily) (ZIP Code)
Together with all righis, easements, appurtenances, royalties, mineral rights, oil and gas rights, crops, timber, all
diversion payments or third party payments made to crop producers and all existing and future improvements, structures,
fixtures, aud replacements that may now, or at any time in the future, be part of the real estate described above (all
referred to as "Property"). The term Property also includes, but is not li~nited to, any and all water wells, water, ditches,
z-eservoirs, reservoir sites and darns located on the real estate and all riparian and water rights associated with the Property,
however established.
3. MAXIMUM OBLIGATION LIMIT. The total principal amount of the Secured Debt (hereafter d~fined) secured by this
Mortgage at any one time shall not exceed $ .8.1..0.q0...q0. ........................ This limitation of amount does not include
interest, loan charges, com~nitment fees, brokerage commissions, attorneys' fees and other charges validly made pursuant
to this Mortgage and does not apply to advances (or interest accrued on such advances) made under the terms of this
Mortgage to protect Lender's security and to perform an)' of the coveuants contained in this Mortgage. Future advances
are contemplated and, along with other future obligations, are secured by tiffs Mortgage even though all or part may not
yet be advanced. Nothing in this Mortgage, however, shall constitute a com~nitment to make additional or fl~tm'e loans or
advances i,. any amount. Any such commitment would need to be agreed to in a separate writing.
4. SECURED DEBT DEFINED. The ter~n "Secured Debt" includes, but is not limited to, the following:
A. The promissory note(s), contract(s), guaranty(s) or other evidence of debt describ~ below and all extensions,
renewals, modifications or substitutions (Evidence of Debt): PR0~.~g.&y.~g5[ ~gJ~ Jgl.l.l./~gl.IN 5~.b~P.N!.gF.~J,gP~ 90
(e.g., borrower'x t~atne, note amout~t, interest rate, maturity date)
WYO~I~G - AGRICULTURAL/COMMErCIAL MORIOAGE l~0T F0R FNMA, [HLMfi, fHl0R VA u8~ ~fl N~T FOR CONSUMER PURP0S[Sl (po~o ~ of G}
4~19~ ,~t~m~, bm., St. Cloud, MN {~BOO-397-2341) Fo m AG 'C:2;;~~ ' 10/2~/93 . :
B. All future advances from Lender to Mortgagor or other l~ture obligations of Mortgagor to Lender under any
promissory note, contract, guaranty, or other evidence of debt existing now or executed alter this Mortgage
whether or uot this Mortgage is specifically referred to in the evidence of debt.
C. All obligations Mortgagor owes to Lender, which now exist or may later arise, to the extent not prohibited by law,
including, but not limited to, liabilities for overdrafts relating to any deposit account agreement between Mortgagor
~ and Lender.
D. All additional sums advanced and expenses incurred by Lender for insuring, preserving or otherwise protecting the
Property and its value and any other sums advanced and expenses incurred by Lender under the terms of this
Mortgage, plus interest at the highest rate in effect, from time to time, as provided in the Evidence of,, Debt.
E. Mortgagor's perfortnance under the terms of any instrument evidencing a debt by Mortgagor to Leander and any
Mortgage securing, guarantying, or otherwise relating to the debt.
If more than one person signs this Mortgage as Mortgagor, each Mortgagor agrees that this Mortgage will secure all future
advances and futm'e obligations described above that are given to or in~.urred by any one or more Mortgagor, or any one or
more Mortgagor and others. This Mortgage will not secure any other debt if Lender fails, with respect to such other debt,.
to make any required disclosure about this Mortgage or if Lender fails to give any required notice of tile right of
rescission.
5. PAYMENTS. Mortgagor agrees to make all payments on the Secured Debt when due and in accordance with the ter~ns of
the Evidence of Debt or this Mortgage.
6. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, assessments, liens, encumbrances, lease payments, ground
rents, utilities, and other charges relating to the Property when due. Lender may require Mortgagor to provide to Lender
copies of all notices that snch amounts are due and the receipts evidencing Mortgagor's payment. Mortgagor will defend
title to the Property against any claims that would impair the lien of this Mortgage. Mortgagor agrees to assign to Lender,
as requested by Lender, any rights, claims or defenses which Mortgagor may .gave against parties who supply labor or
materials to improve or maintain the Property.
7. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, security agreement or other lien
document that created a prior security interest or encumbrance on the Property and that may have priority over this
Mortgage, Mortgagor agrees:
A. To make all payments when due and to perform or comply witll all coveuants.
B. To promptly deliver to Lender any notices that Mortgagor receives from the holder.
.... C. Not to make or permit any modification or extension of, and not to request or accept any future advances under any
note or agreement secured by, the other mortgage, deed of trust or security agreement mfiesq Lender consents in
writing.
8. DUE ON SALE OR ENCUMBRANCE. Lender may, at its option, declare the entire balance of the Secured Debt to be
immediately due and payable upon the creation of any lien, encumbrance, transfer, or sale, or contract for any of these on
the Property. However, if the Property includes Mortgagor's residence, this section shall be subject to the restrictions
imposed by federal law (1.2 C.F.R. 591), as.applicable. For the purposes of this section, the term "Property" also includes
any interest to all or any part of the Property. This covenant shall run with the Property and shall remain in effect until the
Secured Debt is paid in fu!l and this Mortgage is released.
9. TRANSFER OF AN INTEREST IN THE MORTGAGOR. If Mortgagor is an entity other than a natural person (such
as a corporation or other organization), Lender may demand immediate paylnent if (1) a beneficial interest ill Mortgagor is
sold or transferred; (2) there is a change in either the identity or number of members of a partnership or similar entity; or
(3) there is a change in ownership of more than 25 percent of the voting stock of a corporation or similar entity. However,
Lender may not demand payment in the above situations i fit is prohibited by law as of the date of this Mortgage.
10. ENTITY WARRANTIES AND REPRESENTATIONS. If Mortgagor is an entity other than a natural person (such as a
corporation or other organization), Mortgagor makes to Lender the following warranties and representations which shall be
continuing as long as tile Secured Debt remains outstanding:
A. Mortgagor is an entity which is duly organized and validly existing in theMortgagor's state of incorporation (or
organization). Mortgagor is in good standing ill all states in which Mortgagor transacts business, iMortgagor has the
power and authority to own tile Property and to carry on its business as now being conducted and, as applicable, is
qualified to do so in each state in which Mortgagor operates.
B. The execution, delivery and performance of this Mortgage by Mortgagor and the obligation evidenced by the
Evidence of Debt are within the power of Mortgagor, have been duly authorized, have received all necessary
governmental approval, and will not violate any provision of law, or order of court or governmental agency.
C. Other than disclosed ill writing Mortgagor has not changed its name within the last ten years and has not used any
other trade or fictitious name. Without Lender's prior written~consent, Mortgagor does not and will not use any
other name and will preserve its existing name, trade names and franchises until the Secured Debt is satisfied.
11. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mortgagor will keep the Property in good condition
and make all repairs that are reasonably necessary. Mortgagor will give Lender prompt notice of any loss or damage to the
Property, Mortgagor will keep the Property free of noxious weeds and grasses. Mortgagor will not initiate, .join in or
consent to any change in any private restrictive covenant, zoning ordinance or other public or private restriction limiting or
defiuing the uses which may be made of the Property or any part of the Property, without Lender's prior written consent.
Mortgagor will notify Lender of all demands, proceedings, claitns, and actions against Mortgagor or any other owner
made under law or regulation regarding use, ownership and occupancy of the Property. Mortgagor will comply with all
legal requirements and restrictions, whether public or private, with respect to the use of the Property. Mortgagor also
agrees that the uature of tile occupancy and use will not change without Lender's prior written consent.
No portion of. the Property will be removed, demolished or materially altered without Lender's prior written consent
except that Mortgagor has the right to remove items of personal property comprising a part of the Property that become
worn or obsolete, provided that suclx loersonal property is replaced with other personal property at least equal in value to
the replaced personal property, free from any title retention device, security agreement or other encmnbrance. Such
replacement of persoual property will be deemed subject to the security interest created by this Mortgage. Mortgagor shall
(page 2 of 6)
not partition or subdivide the Property without Lender's prior written consent. Lender or Lender's agents may, at Lender's
option, enter the Property at any reasonable time for the purpose of inspecting the Property. Any inspection of tile
Property shall be entirely for Lender's benefit and Mortgagor will in no way rely on Lender's inspection.
'12. AUTHORITY TO PERFORM. If Mortgagor fails to perform any of Mortgagor's duties under this Mortgage, or any
other mortgage, deed of trust, security agreement or other lien document that has priority over this Mortgage, Lender may,
without notice, perform the duties or cause them to be performed. Mortgagor appoints Lender as attorney in fact to sign
Mortgagor's name or pay any amount necessary for performance. If any construction on the Property is discontinued or
not carried on itl a reasonable manner, Lender may do whatever is necessary to protect Lender's security interest
Property. This may include completing the construction.
Lender's right to pertbrm for Mortgagor shall not create an obligation to pertbrm, and Lender's failure to perform will not
preclude Lender from exercising any of Lender's other rights under the law or this Mortgage. Any atnounts paid by
Lender for insuring, preserving or otherwise protecting the Property and Lender's security interest will be due on demand
and will bear interest frmn the date of the payment until paid in lull at the interest rate in effect from time to time
according to the terms of the Evidence of Debt.
13. ASSIGNMENT OF LEASES AND RENTS. Mortgagor grants, bargains, conveys, and warfares to Lender as additional
security all the right, title and interest in and to any and all:
A. Existing or future leases, subleases, licenses, guaranties and any other written or verbal agreenients for th'~* use and
.occnpancy of any portion of the Property, including any extensions, renewals, modifications or substitutions of
snch agreements (all referred to as "Leases").
B. Rents, issues and profits (all referred to as "Rents"), includiug but not limited to security deposits; minimum rent,
percentage rent, additional rent, common area maintenance charges, parking charges, real estate taxes, other
applicable taxes, insurance premium contributions, Iiquidated damages following default, cancellation premkuns,
"loss of rents" insurance, guest receipts, revenues, royalties, proceeds, bonuses, accounts, contract rights, general
intangibles, and all rights and claims which Mortgagor may have that in any way pertain to or are on account of the
use or occupancy of the whole or any part of the Property.
Mortgagor will promptly provide Lender with true and correct copies of all existing aml future Leases. Mortgagor may
collect, receive, enjoy and use the Rents so long as Mortgagor is not in default. Except fo~ one month's rent, Mortgagor
will not collect in advance any Rents due in future lease periods, unless Mortgagor first obtains Lender's written consent.
Upon default, Mortgagor will receive any Rents in trust for Lender and Mortgagor will not comnfingle the Rents With any
other funds. Any amounts collected shall be applied at Lender's discretion to payments on the Secured Debt as therein
provided, to costs of managing the Property, including, but not limited to, all taxes, assessments, insurance premiums,
repairs, and c. ommissions to rental agents, and to any other necessary related expenses including Lender's attorneys' fees
and court costs.
Mortgagor agrees that this assignment is immediately effective between the parties to this assignment and effective as to
third parties on Mortgagor's default when Lender takes an affirmative action as prescribed by the law in the State of
Wyoming, and lhis assigmnent will remain effective during any redemption period until the Secured Debt is satisfied.
Unless otherwise prohibited or prescribed by state law, Mortgagor agrees that Lender may take actual possession of the
Property without the necessity of commencing any legal action or proceeding and Mortgagor agrees that actual possession
of the Property is dee'm~d to occur when Lender notifies Mortgagor of the default and demands that Mortgagor 'and
Mortgagor's tenants pay all Reuts due and to become due directly to Lender. hnmediately after Lender gives Mortgagor
the notice of default, Mortgagor agrees that either Lender or Mortgagor may iinmedlately notify the tenants and~..demand
that all futnre P, ents be paid directly to Lender. On receiving the notice of default, Mortgagor will endorse and deliver to
Lender any payments of Rents. If Mortgagor becomes su[2iect to a voluntary or involuntary bankruptcy, then Mortgagor
agrees that Lender is entitled to receive relief ~'rom the automatic stay in bankruptcy for the purpose of makiug this
assignment effective and enforceable under state and federal law and within Mortga.gor's bankruptcy proceedings.
Mortgagor warrants that no default exists under the Leases or any applicable landlord law. Mortgagor also warrants and
agrees to maintain, and to require the tenants to comply with, tile Leases and any applicable law. Mortgagor will promptly
notify Lender of any noncompliance. If Mortgagor neglects or refuses to enforce compliance with tile terms of the Leases,
then Lender may, at Lender's option, enforce compliance. Mortgagor will obtain Lender's written authorization before
Mortgagor consents to sublet, modify, cancel, or otherwise alter the Leases, to accept the surrender of the Property
covered by such Leases (unless the Leases so require), or to assign, compromise or encumber the Leases or any future
Rents. Mortgagor will hold Lender harmless aud indemnil~y Lender for any and all liability, loss or datnage that Lender
:~. nlay incur as a consequence of the assignment under this section.
14. CONDOMINIUMS; P15ANNED uNrr DEVELOPMENTS. If the Property includes a unit in a condominium or a
plmmed unit development, Mortgagor will perlbrm all of Mortgagor's duties under the covenants, by4aws, or regnlations
of the condominium or planned unit development.
15. DEFAULT. Mortgagor will be in default if auy of the following occur:
A. Ally party obligated on the Secured Debt fails to make payment when due;
B. A breach of any term or covenant iii this Mortgage, any prior mortgage or any construction loan agreement,
security agreement or any other docmnent evidencing, guarantying, securing or otherwise relatit~g to the Seem'ed
Debt;
C. The makiug or furnishhlg of any verbal or written representation, statement or warranty to Lender that is hlse or
incorrect in any material respect by Mortgagor or auy person or entity obligated on the Secured Debt;
D. The death, dissolution, or insolveucy of, appointment of a receiver for, or application of any debtor relief law to,
Mortgagor or any person or entity obligated on the Secured Debt; ·
E. A good faith belief by Lender at.any time that Lender is insecure with respect to any person or enlity obligated
the Secured Debt or that the prospect of any payment is impaired or the value of the Property is impaired;
F. A material adverse change in Mortgagor's business including ownership, management, and financial conditions,
which Lender in its opinion believes impairs the value of the Property or repaytnent of the Secured Debt; or
(page 3 of 6)
@1993 '- tern~,lrm,,St, CIoud, MN(l.800_397.234D FormAG/CO-7~,:'.;7 10/2§/93
77,3
G. Any loan proceeds are used for a purpose that will contribute to excessive erosion of highly erodible land or to tile
conversion of wetlands to produce an agricultural commodity, as further explained in 7 C.F.R. Part 1940, Subpart
G, Exhibit M.
16. REMEDIES ON DEFAULT. In some instances, federal and state law will require Lender to provide Mortgagor with
notice of the right to cure, mediation notices or other notices and may establish time schedules for foreclosure actions.
SuIliect to these limitations, if any, Lender may accelerate the Secured Debt and foreclose this Mortgage iii a manner
provided by law if this Mortgagor is in default.
At the option of Lender, ali or any part of the agreed fees and charges, accrued interest and principal shall becmne
immediately due and payable, after giving notice if required by law, upon the occurrence of a default or anytime
thereafter. In addition, Lender shall be entitled to all the remedies provided by law, the Evidence of Debt, other evidences
of debt, this Mortgage and any related documents including without limitation, the power to sell the Property. All
remedies are distinct, cunmlative and not exclusive, and the Lender is entitled to all remedies provided at law or equity,
whether expressly set forth or not. The acceptance by Lender of any sum in payment or partial paYment on the Secured.
Debt after 'the balance is due or is accelerated or after foreclosure proceedings are filed shall not constitute a waiver of
Lender's right to require full and complete cure of any existing default. By not exercising any remedy on Mortgagor's
default, Lender does not waive Lender's right to later consider the event a default if it continues or happens again.
17. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when
prohibited by law, Mortgagor agrees to pay all of Lender's expenses if Mortgagor breaches any covenant in this Mortgage.
Mortgagor will also pay on demand all of Lender's expenses incurred_in collecting, insuring, preserving or protecting the
Property or in any inventories, audits, inspections or other examination by Lender in respect to the Property. Mortgagor
agrees to pay all costs and expenses incurred by Lender in enforcing or protecting Lender's rights and remedies under this
Mortgage, including, but not limited to, attorneys' fees, court costs, and other legal expenses. Once the Secured Debt is
fully and finally pakl, Lender agrees to release this Mortgage and Mortgagor agrees to pay for any recordation costs. All
such amouuts are due on demand and will bear interest from the time of the advance at the highest rate in effect, from time
to lhne, as provided in the Evidence of Debt and as permitted by law.
18. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) "Environmental Law"
means, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 42
U.S.C. 9601 et seq.), all other federal, state and local laws, regulations, ordinances, court orders, attorney general
opinions or interpretive letters concerning the public health, safety, welfare, enviromnent or a hazardous substance; and
(2) "Hazardous Substance" means any toxic, radioactive or hazardous material, waste, pollutant or contaminant which has
characteristics which render the substance dangerous or potentially dangerous to the public health, 'safety, welfare or
environment. The term includes, without limitation, any substances defined as "hazardous material," "toxic substances,"
"hazardous waste" or "hazardous substance" under any Enviromnental Law. Mortgagor represents, warrants and agrees
that, except as previously disclosed and acknowledged in writing:
A. No Hazardous Substance has been, is, or will be located, transported, manufactured, treated, refitted, or handled by
any person on., under or about the Property, except in the ordinary course of business and in strict compliance with
all applicable Environmental Law.
B. Mortgagor has not and will no~ cause, contribut~ to, or permit the release of any Hazardous Substance on the
Property.
C. Mortgagor will immediately notify Lender if (1) a release or threatened release of Hazardous Substance occurs on,
under or about the Property or migrates or threatens to migrate from nearby.property; or (2) there is a violation of
any Environmental Law concerning the Property. In such an event, Mortgagor will take all necessary remedial
actkm in accordance with Environmental Law.
D. Mortgagor has no knowledge of or reason to believe there is any pending or threatened investigation, claim, or
proceeding of any kind relating to (1) any ftazard.ous Substance located on, uader or about the Property; or (2) any
violation by Mortgagor or any tenant of any Environmental Law. Mortgagor will immediately notify Lender in
writing as soon as Mortgagor has reason to believe there is any such pending or threatened investigation, claitn, or
proceediug. In such an event, Lender has the riglzt, but not the obligation, to participate in auy such proceeding
ittcluding the right to receive copies of any documents relating to such proceedings.
E. Mortgagor and every tenant have been, are and shall remaiu in lull compliance with any applicable Environmental
Law.
F. There are no underground storage tanks, private dumps or open wells located on or under the Property and no such
tank, dmnp or well will be added unless Lender first consents in writing.
G. Mortgagor will regularly inspect the Property, monitor the activities and operations on the Property, and confirm
that all permits, licenses or approvals required by any applicable Environmental Law are obtained and complied
with.
lt. Mortgagor will permit, or cause any tenant to permit, Lender or Lender's agent to enter and inspect the Property
and review all re'cords at any reasonable time to determine (1) the existence, location and nature of any Hazardous
Substance on, under or about the Property; (2) the existence, location,' nature, and maguitude of any Hazardous
Substance that has been released on, under or about the Property; or (3)whether or not Mortgagor and any tenant
are in compliance with applicable Environmental Law.
I. Upon Lender's request and at any time, Mortgagor agrees, at Mortgagor's expense, to engage a qualified
enviro~unental engineer to prepare an environmental audit of the Property and to submit the results of such audit to
Lender. The choice of the environmental engineer who will perform such audit is subject to Lender's approval.
J. Lender has the right, but not the obligation,' to perlbrm any of Mortgagor's obligations under t/tis section at
Mortgagor's expense.
K. As a consequence of any breach of any representation, warranty or promise made in t/tis section, (1) Mortgagor
will indemnify attd hold Lender and Lender's successors or assigns harmless from and against all losses, claims,
demands, liabilities, damages, cleanup, response'and remediation costs, penalties and expenses, including without
limitation all costs of litigation and attorneys' fees, which Lender and Lender's successors or assigns may sustain;
and (2) at Lender's discretion, Lender may release t/lis Mortgage and in return Mortgagor will provide Lender with
collateral of at least equal value to the Property secured by t/tis Mortgage without prejudice to any of Lender's
rights under this Mortgage.
(page 4 of 6)
@1993 Banker~ Sy~lem~, Inc,, St, Cloud, M[',I (~-800~397-234D Form AG/CO-MTG-W¥ 10/25/93
L. Notwithstanding. any of the language contained iu this Mortgage to the contrary, the terms of this section shall
survive any foreclosure or satisfaction of this Mortgage regardless of any passage of title to Lender or any
dispo~!don by Lender of any or all of the Property. Any claims and defenses to the contrary are hereby waived.
19. CONDLMNAIION.~ ~' Mortgagor will give Lender prompt notice of any action, real or threatened, by private or public
entities to purchase or take any or all of the Property, including any easements, through condemnation, eminent domain,
or any other means. Mortgagor fitrther agrees to noti~ Lender of any'proceedings instituted for the establishment of any
sewer, water, conservation, ditch, drainage, or other district relating to or binding upon the Property or any part of it.
Mortgagor authorizes Lender to intervene in Mortgagor's name in any of the above described actions or claims and to
collect and receive all sums resulting frown the action or claim. Mortgagor assigns to Lender the proceeds of any award or
clahn for damages connected with a condemnation or other taking of all or any part of the Property. Such Iko'ceeds shall be
considered payments and will be applied as provided in this Mortgage. This assignment of proceeds is subject to the terms
of any prior mortgage, deed of trust, security agreement or other lien docuinettt.
2t}. INSURANCE. IVlortgagor agrees to maintain insurance as follows:
· ' A. Mortgagor shall keep the Property insured against loss by fire, theft and other hazards and risks reasonably'
associated with the Property due to its type and location. Other hazards and risks may include, for example,
coverage against loss due to floods or flooding. This insurance shall be maintained in the an~ounts and for the
periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Mortgagor subject to
Lender's approval, which shall not be unreasonably withheld. ' If Mortgagor fails to maintaiu the coverage described
above, Lender tnay, at Lender's option, obtain coverage to protect Lender's rights ill the Proberty according to the
terms of this Mortgage.
All insurance policies and renewals shall be acceptable to Lender and shall include a standard "mortgage clause"
and, where applicable, "lender loss payee clause." Mortgagor shall immediately noti[v Lender of cancellation or
termination of the insurance. Lender shall have the right to hokl the policies and renewals. If Lender requires,
Mortgagor shall immediately give to Lender all receipts of paid pretniums and renewal notices. Upon loss,
Mortgagor shall give immediate notice to the insurance carrier attd Lender. Lender may make proof of loss if not
made immediately by Mortgagor..
Unless' Lender and Mortgagor otherwise agree ill writing, insurance proceeds shall be applied to restoration or
repair of the Property damaged if the restoration or repair is econotnically feasible and Lender's security is not
lessened. If the restoration or repair is not economically feasible or Lender's security would be lessened, the
iusurance proceeds shall be applied to the Secured Debt, whether or not then due, with an), excess paid to
Mortgagor. If Mortgagor abandons the Property, or does not answer within 30 days a notice frotn Lender that the
insurance carrier has offered to settle a claim, then Lender may collect the insurance proceeds. Lender may use the
proceeds to repair or restore the Property or to pay tile Secured Debt whether or not then due. The 30-day period
will begin when the notice is given.
Unless Lender and Mortgagor otherwise agree ill writing, any application of proceeds to principal shall not exteml
or postpone the due date of scheduled payments or change the amount of the payments. If the Property is acquired
by Lender, Mortgagor's right to any insurance policies and proceeds resulting frown damage to the Property before
.... the acquisition shall pass to Lender to the extent of tile Secured Debt immediately before the acquisition.
B. Mortgagor agrees` to maintain comprehensive general .liabilitY insurance naming Lender as an additional i~sured itl
an anibunt acceptable to Lender, insuring against claims arising from any accident or occurrence in or on tile
}'roperty.
C. Mortgagor agrees to maintain rental loss or business interruption insurance, as required by Lender, in an amount
equal to at least coverage of one year's debt service, and required escrow account deposits (if agreed to separately
in writing), under a form of policy acceptable to Lender.
21. NO ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separate agreement, Mortgagor 'will
not be required to pay to Lender funds for taxes and insurance in escrow.
22. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Mortgagor will provide to Lender upon request, any
financial statement or information Lender may deem necessary. Mortgagor Warrants that all financial statements and
information Mortgagor provides to Lender are, or will be, accurate, correct, and complete. Mortgagor agrees to sign,
deliver, and file as Lender may reasonably request auy additional documents or certifications that Lender may consider
necessary to perfect, Continue, and preserve Mortgagor's obligations under this Mortgage and Lender's lien status on the
Property. If Mortgagor fails to do so, Lender may sign, deliver, and file such documents or certificates in Mortgagods
name and Mortgagor hereby irrevocably appoints Lender or Lender's agent as attorney in fact to do the firings necessary to
comply with this section. '
23. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under
this Mortgage are joint and individual. If Mortgagor signs this Mortgage but does not sign the Evidence of Debt,
Mortgagor does so only to mortgage Mortgagor's interest in the Property to secure payment of the Secured Debt and
Mortgagor does not agree to be personally liable on the Secured Debt. Mortgagor agrees that Lender and any party to this
Mortgage may extend, modify or make any change in the terms of this Mortgage or the Evideuce of Debt without
Mortgagor's consent. Such a change will not release Mortgagor from the terms of this Mortgage. The duties and benefits
of this Mortgage shall bind and benefit the successors and assigns of Mortgagor and Lender.
If this Mortgage secures a guaranty between Leuder and/Vlortgagor and does not directly sex:ute the obligation which is
guarantied, Mortgagoi: agrees to waive any rights that may prevent Lender from bringing any action or claim against
Mortgagor or any party indebted under the obligation including, but not limited to, anti4eficiency or one-action laws.
24. APPLICABLE LAW; SEVEI{ABILITY; INTERPRETATION. This Mortgage is governed by the laws of the
jurisdiction in which Lender is located, except to the extent otherwise required by the laws of the jurisdiction where the
Property is located. This Mortgage is complete at~ fully integrated. This Mortgage may not be amended or modified by
oral agreement. Ally section or clause in this Mortgage, attachments, or any agreement related to rile Secured Debt that
conllicts with applicable law will not be effective, unless that law expressly or impliedly permits rile variations by written
agreement. If any section or clause of tiffs Mortgage cannot be enforced according to its terms, that section or clause will
be severed and will not affect the enforceability of the remainder of this Mortgage. Whenever used, the singular shall
fpage 5 of 6)
~tenm. Inc., SI, CIoud, MN (1-~00-397-23411 Form AG/CC~:i i-' '[0/25/93 .
include the plural aud the plural the singular? The captions and headings of the sections of this Mortgage are for
convenience only and are not to be used to interpret or define the terms of this Mortgage. Time is of the essence iu this
Mortgage.
25. NOTICE. Unless otherwise required by law, any notice shall be given by delivering it or by mailing it by first class mail
to the appropriate party's address on p~tge 1 of this Mortgage, or to any other address designated in writing. Notice to one
mortgagor will be deemed to be notice to all mortgagors. _
26. WAIVERS. Except to the extent prohibited by law, Mortgagor waives any right regarding the marshaI1ing of liens and
assets and all homestead exemption rights relating to the Property.
27. U.C.C. PROVISIONS. If checked, the following are applicable to, but do not limit, this Mortgage:
Construction Loan. This Mortgage secures an obligation incurred for the construction of an improvement on the
Property.
Fixture Filing. Mortgagor grants to Lender a security interest in all goods that Mortgagor owns now or in the'
future and that are or will become fixtures related to the Property.
Crops; Timber; Minerals; Rents, Issues, and Profits. Mortgagor grants to Lender a security interest in all crops,
timber and minerals located on the Property as well as all rents, issues, aud profits of them including, but not
limited to, all Conservation Reserve Program (CRP) and Payment in Kind (PIK) payments and si~nilar
governmental programs (all of which shall also be included in the term "Property").
[] Personal Property. Mortgagor grants to Lender a security interest in all personal property located on or comlected
with the Property. This security interest includes all farm products, inventory, equiNnent, accounts, documents,
instruments, chattel paper, general intangibles, and all other items of personM property Mortgagor owns now or iu
the fltture and that are used or useful iii the construction, ownership, operation, management, or maintenauce of the
Property. The term "personal property" specifically excludes that property described as "household goods" secured
in connection with a "consumer" loan as those terms are defined in applicable federal regulations governing unfair
and deceptive credit practices.
I~ Filing As Hnanch~g Statement. Mortgagor agrees and acknowledges that this Mortgage also suffices as a
financing statement and as such, may be filed of record as a financing statement for purposes of Article 9 of the
Uniftmn Commercial Code. A carbon, photographic, image or other reproductiou of this Mortgage is sufficient as
a financing statement.
28. OTIIER TERMS. If checked, the following are applicable to this Mortgage: [72 Line of Credit. The Secured Debt includes a revolving line of credit provision. Although the Secured Debt may be
reduced to a zero balance, this Mortgage will remain in effect until released.
7D Additional Terms.
SIGNATURES: By signing below, Mortgagor agrees to the terms and covenants contained in this Mortgage and in any
attachments, Mortgag6r also acknowledges receipt of a copy of this Mortgage on the date stated above on Page 1.
[] Actual authority was granted to the parties signing below by resolution signed and dated .....................................
Entity Name: Entity Name: .........................................................
( g ~re~sl[PH[{q ~. 0W[~S (Date) (Signalure)
(Date)
(Signature) (Date) (Signature) (Date)
[] Refer to the Addendmn which is attached and incorporated hereiu for additional Mortgagors, signatures and acknowledgments.
ACKNOWLEI)GMENT:
STATE OF WYOMINa COUNTY OF
This instrm~ent was acknowledged before nle this J.l.!~ ............... day of p.[[~[~,.g~p.1 ..................................
b STEPHE~ a OWE~ AS ~fikEPERSO~
My ommis iou /'/ ....................... ............ ...........
~} Comltyor ~ State or
ires instrument was acM~owledged 'b}~I~~ ........... day of ..........................
by ......................................................... : ...............................................................................
(B,~siness
or Iintlb ...................................................................................................................................... (Title(s))
Acknowledgment) Of
' ' ................................................................................................................. (Name of Business or Entity)
a ............................................................................................... on behalf of ~e business or entity.
My commission expires:
(Seal) ...................................................................
(NolaD' ~blic)
@ 1993 Bankers Systelns, lnc,, St. Cloud, MN (1-800-397-2341) Form AG/CO-MrG-wY 10/25/93 ([18ooe ~ of 6J
Commitment No.' FA 7957 OM
SCItEDULE C
The land referred to in this conuuitment is situated''in the State of Wyoming, County of Lincoln, and is described as
follows: .
Parcel 1
N~S~N~SW~/~ of Section 19, T32N RI!SW of the 6th P.M., Lincoln County,
Wyoming.
Parcel 2
Part of Section 32, T34N RllSW of the 6th P.M., Lincoln County, Wyoming
being more particularly described as follows:
Beginning at the Southeast corner of the NE~ of said Section 32 and
running thence West 20 rods;
thence NOrth 40 rods;
thence East 197 feet;
thence South 150 feet;
thence East 133 feet;
thence South 510 feet to the point of beginning.
11/91