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THIS MORTGAGE is granted by CHARLES V. SHINKLE and MELISSA SHINKLE, husbat wife, as MORTGAGOR, to
THE BANK OF COMMERCE, as Trustee for the benefit of the LAURENCE B. REINHART IRA, as MORTGAGEE.
H"ITNESSETtI:
Mortgagor; for good and valuable considerations, the receipt of which is hereby acknowledged, does hereby GRANT, BARGAIN,, SELL, CONVEY
AND WARRANT, and fitrlher releases and waives all rights under arrd by virtue of.the homestead exemption laws of Igyoming, unto the Mortgagee,
his successors and assigns, all of the following described real property, to wit:
Lot 123 itt Nordic Ranches Division No. 9, Lincoln County, lVyoming as described on the official plat thereof.
· TOGETHER }VITtI any and all tmprovements, water and ditch rights, rights of ways, easements, privileges, ventilating, tenements,
hereditaments arrd appurtenances thereunto belonging or in anywise appertaining, now or hereafter used orr said land or belonging to
said Mortgagor, and any reversion, remainder, rents, issues and profits thereof hereinafter refer/ed to as the "Property".
This grant is intended as a Mortgage, a Fixtare Filing attd SecuriO, Interest for the Parpose of Securiug:
1. Performance of each agreement of Mortgagor herein corrtained, each agreement and covenant contained irt the loan documents associatedwith
this mortgage, arid arty extension, renewal, modification and/or amendment thereof "Loan documents"shall include the above described note, this
mortgage, and any other documents or instruments signed in connection with this loan.
2. Payment of the indebtedness evidenced by a promissory note of even date berewith, and any extension or renewal thereof in the principal sum
ofTEN TtIOUSAND TtlREE HUNDRED DOLLARS ($10,300.00), the final payment of principal and interes't thereof if not soonerpaid, to be
finally due and payable AUGUST 12, 2004.
3. Payment of all such further sums ax may hereafter be loaned or advanced by the Mortgagee for any purpose; and any notes, drafts attd/or other
irrstruments representingsuch further loans, advances or expenditures shall be optional with the Mortgagee, and shall become due and payable no
later than the final maturity date of said note secured hereby; arrd provided fitrther, that it is the express intention of the parties to this Mortgage that
it shall stand as continuing security until all such loans, advances or expenditures together with irrterest thereon, are paid in fidl.
A. To protect the securiO, of this Mortgage, Mortgagor warrant& covenants attd agrees:
1. The property is free from all eucumbranCes, except as may be described herein, arrd that Mortgagor shall warrant and defend the same forever
against the !awful claims and demands of all persons whomsoever, and this covenant shall not be extinguished by foreclosure or other transfers.
2. To keep all buildings and other improvements now or hereafter existing irt good condition and repair; to not remove or demolish any building
or other intprovetnent thereon; to contplete or restore promptly and in a good workmanshiplike manner arty intprovement which may be constructed,
damaged or destroyed thereon; to pay when due all clatnts for labor performed arm 'matertals fitrnished thereto or therefor; to comply, with all laws
affecting said property or requiring any alterations or improvements to be made thereon; to not contndt or permit waste thereof or thereon; to
maintain, cultivate, irrigate, fertilize, fionigate, prune, all in a good and husbandrylike manner, the land arrd intprovements thereto; to not change or
permit change in the use of tire property; to trot do anything which would reduce the vahte of the property; and do all other acts which from the
character or use of said property may be reasonably necessary, the specific emnnerations herein not excluding the general.
3. To provide, maintain and deliver fire insurance satisfactory and with loss payable to Mortgagee; to maintain liability insurance; to pay all
premiums and charges on all such insurance when due; and to provide Mortgagee satisfactoryevidence of such insurance upon request. The amount
collectedunder any fire or other insurancepolicy may, at Mortgagee's option attd determination, be applied upon any indebtednesssecured hereby its
such order as Mortgagee determines, be released to Mortgagor in whole or part, or any combination thereof Such application or release shall not
cure or waive any default or notice of default h~reunder or.invalidate any act done pursuant to such notice.
4. To pay before delinquency all ta~es, assessments, or rents affecting said property; to pay when due all encumbrances, charges and liens, with
interest, affecting said property which are or may appear to be prior or superior hereto; and to pay all costs, fees and expenses of this Mortgage arid
associated loan documents.
5. To pay innnediately and without demand all sums expended by Mortgagee pursuant to the provL¥ions hereof with interest from date of
expenditure, at a rate equal to the interest rate payable under the prondssory uote described above or twelve percent (12%) per annum, whichever is
greater.
6. To appear in arrd defend any action or proceedingpurporting to affect the securityhereof or the rights or powers of Mortgagee; to pay, on
demand, all costs and expenses, inchtding without lbnitation, cost of title evidence, reasonable attorney's fees, advances, and/or costs, paid or
incurred by Mortgagee to protect or enforce its rights under bankruptcy, appellateproceedings or otherwise, and all sach costs and expenses shall
become a part of the indebtedness secured by this mortgage.
7. Should 3Iortgagor fail to make arty payntent or to do arty act as berein provided, Mortgagee, but without obligation so to do and without notice
or demand upon Mortgagor and without releasing Mortgagor from arty obligation hereof may: make or do lite same irt such manner and to such
: extent as Mortgagee may deem necessary to protect the secarity hereof Mortgagee being attthorized to enter upon said property for such purposes;
appear in arm defend any action or pPoceeding purporting tO affect the security hereof or the rights or powers of Mortgagee; pay, purchase, contest
or comprondse any encuntbrance, charge or lien which in the judgment of Mortgagee appears to be prior or superior hereto; atrd in exercising arty
such powers or irt enforcing this Mortgage by judicial foreclosure or otherwise, pay the necessary expenses, cosls and reasonable attorney's fees.
8. To contply with all laws, ordbtances, regulations, covenants, conditions and restrictions affecting the Property and its use, including without
lbnitation all environmental laws; not to use or permit the use of tire Property for any unlawfid or objectionable purpose; to remedy any
enviromuental contamination or violation of enviromnental laws that may occur or be discovered in the fitture; to allow Mortgagee access to the
Property to inspect its condition and to test and monitor fo/compliance with applicable laws (any inspections or tests made by Mortgagee shall be
for Mortgagee 'spurposes only arrd shall not be corrstrued to create arty responsibililybp liability:gn the part of Mortgagee to Mortgagor or to arty
other perso~O; to forward copies of any notices received from arty environmental agencies to 3/[ortgagee; and to Indemnify and hold Mortgagee, Iris
· employees, agents and his successors and assigns, harmless from and against any environmental claims of any kind, 'and all costs arm expenses
incurred irt connection therewith, i. nchtding, without limitation, attorney's fees
9. Arty award of rlamages in cormection with any condemnation for public ase of or injury lo said property or arW part thereof is hereby assigned .
and shall be paid to Mortgagee who may apply or releasesuch monies receivedby him in the same manner and with the same effect as above
provided for disposition of proceeds of fire or other insurance.
10. The failure of Mortgagee to exercise atw right or option provided herein at arty tbne, shall not prechtde Mortgagee from exercising any of such
rights at arW Other time; by accepting payment of any sum secured hereby after its due date, Mortgagee does not waive ]sis right either to require
prompt payment wheir dae of all other sums so secured or to declare default for failure so to pay; ~ll rights conferred on Mortgagee are cumulative
and additional to arty rights conferred by law,. and if any provision is found to be invalid or unenforceable, such invalidity or unenforceabilityshall
not affect any other provision hereof and the mortgage shall be corrstrued as though such provision had been omitted
11. As additional securiO; Mortgagor hereby gives to and confers upon Mortgagee the right, power attd attthority, during the continuance of this
mortgage, to collect the rents, issue* and profits of said property ct, they become due attd payable; Reserving however unto Mortgagor; prior to arty
default by Mortgagor itt payment of at9, indebtedness secured hereby or in performance of any agreement hereunder, the right to collect and retain
such reuts, issues and profits. Upon arty such'default, Mortgagee may at att), time without notice, either in person, by agent or court appointed
receiver; attd without regard to the adequacy of any security for the indebtedn~s hereby secured, enter upon attd take passe, sion of said property or
arty part thereof itt his own name sue for or otherwise collectsuch rents, issues and profits, including those pmt due attd unpaid, attd apply the
same, less costs attd expenses of operation and collection, including reasonable attorney's fees, upon any indebtedness secured hereby, attd itt such
order as Mortgagee may determine. The entering upon attd 'taking possession of said property, the collection of such rent& issues attd profits attd the
application thereof as aforesaid, shall not cure or waive arty default hereunder or invalidate any act done pursuant to say such default notice.
12. DUE ON,YALE: The indebtedness attd obligations secured by this ntortgage is persoual to the 3!ortgagor attd is trot assignable b.p
3fortgagor. 3fortgagee has relied ttpott the credit of 3fortgago6 the interest of 3lortgagor itt the ProperO, attd the financlal ntarket conditions
then exlsthtg when making this loss. If Mortgagor traasfers or contracts to transfer~ title to or possessloa of all or part of the ProperO~, or att j,
equitable interest thereia, whether by deed~ contract for deed, assigntuettt~ lease for a term itt excess of otte ),eat; lease with att option to purchase,
option, to purchase, or sbnilar agreemeat; or if the ownership of arty corporation or partnership~ owning all or arty portion of the ProperO, shall
be changed either by voluntary or htvohtntary sale or transfer at' by operation of law~ 3lortgagee may declare aH sums due ttttder arty note~
secttriO, agreentent~ arid/or [oatt docttntettts associated herewltlb itnntedlately dae attd payable, l'Voncouti~liattce with this covettant shah constltute
attd be a default of this obligation ,,hlch shall entitle Mortgagee to effectuate arty attd aH remedlesprovided.
13. Time is of the essence and a material part of this agreement, bt the event of default, at Mortgagee's option, the entire indebtedness secured
hereby shall forthwith become due and payable attd bear iuterest at the }'ate of TWELVE PERCENT (12%) per attnum; Mortgagee shall have the
right to foreclose the lien of this mortgage, to have a receiver appointed itt any court proceeding, to collect arty rents, issue~ attd profits fi'om the
Property attd apply them against the indebtedness hereby secured; to sell the Property at foreclosure en ntasse, or as one lot or ~parcel at the option
of Mffrtgagee, attd to exercise any rights and remedies available under the Uniform Commercial Code for the State itt which the property is located;
and reasonable notice if required by such Code shall be five (5) days.
14. The Mortgagee ntay at any time, without notice, releaxeportions of said ntortgaged premisesfrom the lien of this mortgage, without affecting
the persoual liability of any person for the payment of the said indebtedness or the lien of this mortgage upon the remainder of the mortgaged
premises for the ftdl antount of said indebtedness then remaining unpaid.
15. 3fortgagor attd each of them join itt this instrument for the purpose of subjecting each of their right, title and interest, if any, itt the Property,
whether of record or otherwise attd including arty right to possession, to the lien of this mortgage.
16. This mortgage, all loan documents and the note(.O secured hereby shall be governed and construed according to the laws of the State of
Wyoming. Itt the eveu t of default, Mortgagor grants to Mortgagee a Power of Sale to foreclase oa attd sell said properO, at public attction pursuant
to Wyoming ~tatute Section 34-4-101 et:seq.
17. This mortgage applie~ to, inures to the benefit of and binds all parties hereto, their heirs, devisee& personal repr~eutative&successors attd
asMgns. The term Mortgagee shall mean the holder attd owner of the note secured hereby; or if the note has been pledged, the pledgee thereof. In
this 3~ortgage, wherever the context so require, the' masculine gender includes the feminine arid/or neuter, attd the singular number includes the
plural.
Oared:
Charles V. S/tinkle
Melissa Shinkle~ '
STATE OF /)
/)ss
COUNrr OF ///)
On . b~e, the undersigned, personally appeared
/..
known or identified t/me to be the of the Co~poration that
executed the/withi~nstt~n~t mtd acknowledged to me that said corporation
/
Notao, Pu~i~or th~ Stot, of
oS )/ % "" ......
,
The fqregoing inslt~ment ~ acknowledged before me by UlIIII"HIB~
,,,./
WITNESS my official s
/
/Notary Public for ~
/ /
/ ./
Real Estate 3tort : ]..': - Page 2
wn/3ZordicMTq i~,!;:
Idaho
)
Bonneville )' ss.
)
On February 11, 2004, before me, the
undersigned, personally appeared
Charles ¥. Shinkle and Melissa Shinkl
known or identified to me to be the
persons whose names are subscribed
to the within instrument, and
acknowledged to m.eethatthey executed
the same'Z .~..~.~~
Commissiofi Expires: ~t