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Home My WebLink About896479~OOK ~4~pR PAGE 896 79 MORTGAGE RECEIVED LINCOLI, I COUNTY CLERK KNOW ALL PERSONS BY THESE PRESENTS, that TIMOTHy R. TREFREN, a married man as his sole and separate property, of P.O. Box 214, Thayne, Wyoming 83127 (hereinaiter "Mortgagor"), to secure the payment of Five Hundred Three Thousand Five Hundred Eighty-Seven Dollars and Seventy-Seven Cents ($503,587.77) together with interest thereon as provided in and evidenced by a Promissory Note of even date herewith (with a maturity date of June 1, 2024), and all renewals, modifications, and extensions thereof, does hereby mortgage unto BUFFALO WEST HOLDING, LLC, a Wyoming Limited Liability Company, of P.O. Box 3428, Alpine, Wyoming 83128, (hereinafter "Mortgagee")the following described real property, situate in the County of Lincoln, State of Wyoming, hereby releasing and waiving all rights under and by virtue of the homestead exemption laws of the State of Wyoming, to wit: See Exhibit A, attached hereto and incorporated herein by reference. TOgether with all and singular the improvements thereon appertaining (hereinat~er the "Property"). or thereunto Subject to taxes, assessments, covenants, conditiOns, restrictions, reservations, encroachments, rights-of-way, and easements of sight and/or of record. Subject also to all mortgages of record on said property. Mortgagor agrees to pay the indebtedness hereby secured; to pay all taxes, assessments, and charges levied against the Property, as the same become due and payable; to secure, maintain, and furnish Mortgagee evidence thereof, insurance with an insurance carrier or carriers acceptable to Mortgagee, covering the insurable improvements on the Property against loss by fire, with extended coverage, in an amount not less than the unpaid balance of the debt hereby secured, or the insurable value of such improvements, whichever is greater, which insurance shall contain an appropriate loss payable provision protecting Mortgagor and Mortgagee as their respective interests may appear from time to time. The insurance proceeds or any part thereof, shall be applied to the reconstruction of improvements on the Property unless Mortgagor and Mortgagee jointly agree apply such proceeds to the payment of indebtedness hereby secured. In the event Mortgagor fails to pay such taxes and assessments, or fails to keep and maintain suCh insurance as herein provided, Mortgagor may pay such taxes and assessments and may secure and pay for such insurance and all sums so paid shall be added to and considered a part of the indebtedness hereby secured and shall draw interest at the same rate. Until all of the amounts secured hereby are paid in full, and until the amounts owed by Mortgagor to the Bank of Star Valley and the U.S. Small Business Administration through Loan No. 101067 and the Bank of Star Valley through Loan No. 106827, the Mortgagor agrees that Mortgagor shall: MORTGAGE TIMOTHY R. TREFREN / BUFFALO WEST HOLDING, LLC PAGE I OF 3 · 705 a. not create nor allow the creation of any liens against the Property superior to the debt owed to Mortgagee other than through refinancing of the above-identified debts, and shall not otherwise create any encumbrances without the written approval of the Mortgagee; b. quarterly provide the Mortgagee with a balance sheet that has been prepared by a third-party for the business that is operated on the Property, and annually with an audited balance sheet and financial statement; c. maintain the Property in good repair, taking such care of the Property as a prudent owner w6uld do, and committing no waste thereon; and d. maintain good standing with the Wyoming Underground Storage Tank Program. Incase default shall be made in the payment of the above sums hereby secured, or in the payment of interest thereon, or any part of such principal or interest, when the .same shall become due;or in the case default shall be made in any of the covenants and agreements thereof, which default is not cured within thirty (30) days after notice thereof is given by Mortgagor, or in the event that Mortgagor sells or conveys the Property, or any part thereof, or any interest therein, without the prior written consent of the Mortgagee first had and obtained, then the whole indebtedness hereby s'ecured, with interest thereon, shall become due and payable, at the option of Mortgagee, and Mortgagee's legal representatives and assigns, may proceed by advertisement and sale and/or as otherwise authorized by governing law, to foreclose on and sell the Property, and out of the proceeds of such sale, Mortgagee shall pay all sums due hereunder, together with all costs of sale, including reasonable attorney's fees. If the proceeds of the foreclosure sale are insufficient to pay the indebtedness hereby secured and foreclosure costs, Mortgagee shall be entitled to a deficiency judgment. In the event of any default whereby the right of foreclosure occurs hereunder, Mortgagee shall at once be entitled to exclusive possession, use, and enjoyment of the Property, and to all rents, issues, and profits from the accruing of any such rights and during the pendency of the foreclosure proceedings, and the period of redemption, if'there be on. Mortgagor warrants title to the Property as to parties claiming by or through or under Mortgagor only. The Property is not agricultural property as defined in Wyoming Statutes § 1-18-103. WITNESS my hand this 31st day of December, 2003. MORTGAGE TIMOTHY R. TREFREN / BUFFALO WEST HOLDING~ LLC PAGE 2 OF 3 706 STATE OF WYOMING ) ) ss. COUNTY OF LINCOLN ) ACKNOWLEDGED before me by Timothy R. Trefren, on this, the 31st December, 2003. WITNESS my hand and official seal. County of ~ State of Lincoln ~ Wyoming ?_y_C_o~misslon E~pires July 16, 2007 My Commission expires: o'l/i day of MORTGAGE TIMOTHY R. TREFREN / BUFFALO WEST HOLDING, LLC PAGE 3 DESCRIPTIOII FROM JORGZNSgN ~RO~Z]{S, INC. FOR ~ RIC~ D. JORGENSEN ~ ~ER~ ~EO~ JORG~NS~N T~'CT That pact of the NE~SW~ Sec~tioh 29, T37N, RllSw, Lincoln County, Wyomingdescribed as follow,s: BEGINNING at %he ,oukh~am~t ~olmk of Lo~ 11 of the ~eights Subd~vision o~ r.~o~d ~n ~he Off,ce of the Clerk blmcoln CoUnty, as Plak~No~ 249, ~.td point being on the northerly right-of-way l~ne~ of~ St,t. ~ighway 89; ~h'e~ce N26"-31.5'W, l~7.18~fe~ ~o ~he no[kbeask poin~ of said Lot ]1; thence con~tnuing N26"-31',r. 5':l~, ~0.69 fee~ ,long the easterly lt~e of Lot 10 of the sa~ Pa~isades Helght~ Subdivimiom; bhe.c~ N~6"-09.5'M, 140.15 fleet to a point on the westerly right-cC-way lin~ of Pa~is6d~ Drive of l~cord on the said ~hence 826"-31.5'Z, 221.31 fee~ along the westerly right-of-way lime of said P~lisades D~v~ ko m point on ~he said northerly · right-of-way' li~. of Skat~ Highway 89; thence S63'-28.5'w, 140.00 ~.~feet along ~be said northerly of-Way liBe of State High .~a~.;B9 to the POINT OF BEGINNING, ENCOMPASSING afl area of ~,7~ ' more or AND all of %he east ~ixky ~(60) fe~ of Lot 11 of the II~tghks Subdlvl~io~ of r~co~d In ~he Office of ~he Clerk Lincoln County as Plat No.'~249, described as Zoliowm: BEGINNING ak the' 8ou%b~as~ potn~ of ~a]d lot 11, on the northerly right-of-way lin4 o~ State ~ighway theno~ S~3e-28.5'1~, 60.00 ~eek along the southerly line of said lot 11, common to the sa~d ~ortbe~ly rfgha-of-way line, to a voint; ~ I thence N26~-31.O'W, 1~8.97 ~e5 to a point on the northerly lin, ENCOMPASSING an area of 0.~3 ~cres, more or AND that part of the. ~a~t. sixty [60) feat of Lot 10 of the Pali~ad.~ H.lgh~ Subdivfs~On of ~ecord tn the Office of the Cle~k of Lincoln Count~ a~Plat No. 249, d.sc~b.d as follow~: BEGINNING at th~ moutheast,~point of said Lot 10; thence S65"11.0'W, ~0.00 f~e~ along the southerly line of ~atd Lot 10 to a point: '" thence N26"-28.B'W, 61.71 ~ee~ to a point; thenc~ N6~"-09.5'E, ~.99 feet; thence S26~-31.5'E, ~.~9 feet to tb~ POII]T Op 'BEGINNING; - ~ ./~'. ,;,'; . ,,.~,~ '-:, '~ . ' ..: ,- - -,.:,.'~..;..r..," '~ ' ] ...~:..' F:~.,' t. :4~'_,".' .. - ~'.....~ -. .'- " · "'"J · '~].'- ']' ""1~'. ~. ~.~ ,,I.~ ~.- ....~ .~. ., "- - ,'.' ':'~ :'t :',' ,: '-. :".~ ·: ,?{::~:j,,} :j~... :f:.. F.'.' ": ''~ } "; .'F:'z; -'.. ' ' -~"",'b ':" ~ ,'"-~;~'/:', ' '-'- 3 · ;"' :~: -.'~ ': ...... ~.~:~.,.~Z~.:'~--~'Z~C'' k;,'- '" ~',"' ~::;G"..,-:". . .'..,~..'.~ ~!,~ ~- .' ' '~,'-;~ ~.S';~- e -.."F? ,-2-?.:.: ~,.~.,. ~..,~'.,..'., ,'; ..~, .,..,. -~ ,, '. .. . :~:~,,:~j: f,....~ ~-..,....~:~...,: ' ' '" ':.:;": "'"~' "': -:':::;:::'"'~'~:~::c:'~;~e' :' "'""':~ '. ,".: ,:?.' '.c. · , J~...'~;4 ?'~;....: - ..,, ,.:~g:. j-,., .. - , .'?~..~-.'~,.;~, . ... ~NCDt4PASSIN~ a~ area Of 0'~08 ~cre~ mare or less; ~nd a ~o~nl . . each "po~n~" marked by a ~-~tl T-shaped ~t.ke 24" lan~ uith metal cap iDscrtbed "Paw1 N~; S,:berbel RLS164 Survey all in aacordance wlth th~ October 1985, ~: ~ 11 OcEober 1985 Jo[gb.dea-85 708