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HomeMy WebLinkAbout875285 Genoa National Bank 502 WIIlard Avenue P,O. Box 607 Ge o~607 FOR RECORDER'S USE ONLY DEED OF TRUST THIS DEED OF TRUST is dated August 15, 2001, among GREGORY p BARTLETT, whose address Is BOX 475, COKEVILLE, WY 83114 and HEATHER L BARTLETT, whose address is BOX 475, COKEVlLLE, WY 83114; A married person each in his or her own right and as spouse of the other ("Trustor"); Genoa National Bank, whose address is 502 Willard Avenue, P.O. Box 807, Genoa, NE 68640-0607 (referred to below sometimes as "Lender" and sometimes as "Beneficiary"); and Genoa National Bank, whose address is 502 WIIlard Avenue, Genoa, NE 68640 (referred to below as "Trustee"). CONVEYANCE AND GRANT. For valuable consideration, Trustor conveys to Trustee In trust, WITH POWER OF SALE, for the benefit of Lender as Beneficiary, all of Trustor's right, title, and Interest In and to the following described real property, together with all existing or subsequently erected or affixed buildings, improvements and fixtures; all easements, rights of way, and appurtenances; all water, Water dghts and ditch rights (Including stock n ut litles W th ditch or rdgaflon rights); and all ot,h, er rights, royalties, and profits relating to the real rope , including without mltat on al minerals, o I., gas, geothermal and similar matters, (the Real Property") located in Lincoln ~, Wyoming: i~ou , State of See Exhibit "A", which is attached to this Deed of Trust and made a part of this Deed of Trust as jf fully set forth herein. The Real Property or its address is commonly known as Rural Lincoln County, Cokeville, WY 83114. CROSS-COLLATERALIZATiON. In addition to the Note, this Deed of Trust secures all obligations, debts and liabilities, plus Interest thereon, ' Trustor to Lender, or any one Or more of them, as well as all claims by Lender against Trustor or any one or more of them, whether now existing of or hereafter arising, whether related or unrelated to the purpose of the Note, whether voluntary or otherwise, whether due or not due, direct or Indirect, determined or undetermined, absolute or contingent, liquidated or unliquldated whether Trustor may be liable individually or jointly with others, whether obligated as guarantor, surety, accommodation party or otherwise, and whether recovery upon such amounts may be or hereafter may become barred by any statute of limitations, and whether the obligation to repay such amounts may be or hereafter may become otherwise unenforceable. Trustor presently assigns to Lender (also known as Beneficiary in this Deed of Trust) all of Trustor's right, title, arid Interest in and to alt present and future leases of the Property and all Rents from the Property. In addition, Trustor grants to Lender a Uniform Comrnerclal Code security interest In the Personal Properly and Rents. THIS DEED OF TRUST, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY, IS GIVEN TO SECURE (A) PAYMENT OF THE.INDEBTEDNESS AND (B) PERFORMANCE OF ANY AND ALL OBLIGATIONS UNDER THE NOTE, THE RELATED DOCUMENTS, AND THIS DEED OF TRUST. THIS DEED OF TRUST IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS: PAYMENT AND PERFORMANCE, Except as otherwise provided In this Deed of Trust, Trustor shall pay to Lender all amounts secured by this Deed of Trust as they become due, and shall stdctly and In a timely manner perform all of TruStor's obligations under the Note, this Deed of Trust, and the Related Documents. POSSESSION AND MAINTENANCE OF THE PROPERTY. Trustor agrees that Trustor's possession and use of the Property shall be governed by the following provisions: Possession and Use. Until the occurrence of an Event of Default, Trustor may (1) remain in possession and control of the Property; (2) use, operate or manage the Property; and (3) collect the Rents from the Property. Duty to Maintain. Trustor shall maintain the Property In good condition and promptly Perform all repairs, replacements, and maintenance necessary to preserve its value. Compliance With Environmental Laws, Trustor represents and warrants to Lender that: (1) During the period of Trustor's ownership of the Property, there has been no use, generatio_n, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous Substance by any person on, under, about or from' the Property; (2) Trustor has no knowledge of, or reason to believe that there has been, except as previously disclosed to and acknowledged by Lender In writing, (a) any breach or violation of any Environmental Laws, (b) any use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous Substance on, under, about or from the Propedy by any prior owners or occupants of the Property, or (c) any actual or threatened litigation or claims of any kind by any person relating to such matters; and (3) Except as previously disclosed to and acknowledged by Lender tn writing, (a) neither Trustor nor any tenant, contractor, agent or other authorized user of the Property shall use, generate, manufacture, store, treat, dispose of or release any Hazardous Substance on, under, about or from the Property; and (b) any such activity shall be conducted In compliance with all applicable federal, state, and local laws, regulations and ordinances, Including without limitation all Environmental Laws. Trustor authorizes Lender and Its agents to enter upon the Property to make .such inspections and tests, at Trustor's expense, as Lender may deem appropriate to determine compliance of the Property with this section of the Deed of Trust. Any inspections or tests made by Lender shall be for Lender's purposes only and shall not be construed to create'any responsibility or liability on the part of Lender to Trustor or to any other person. The representations and warranties contained herein ars based on Trustor's due diligence in investigating the Property for Hazardous Substances. Trustor hereby (1) releases and waives any future claims against Lender for ' becomes liable for cleanup or other costs under n . . ~ndemnity or contribution In t a y such laws, and (2) agrees to Indemr, ifv and hol,~ '-~; ...... h.e event Trustor claims, losses, liabilities, damages, penalties, and expenses which Lender may directly or indirectly sustain 'or suffer resulting from a breach · , u ,,a,~,ess Len(]er against any.and all of this section of the Deed of Trust or as a consequence of any use, generation, manufacture, storage, disposal, release or threatened release occurring pdor to Trustor's ownership or interest in the Property, whether or not the same was Or should have been known to Trustor. The provlslons of this section of the Deed of Trust, lncludln t ' the satisfaction g he obligation to Indemn~ shall and reconve ance of fY surv ye the a men Y ' the lien of this Deed of Tr,,o* --.~ -,- ....... ' .,.._ :i P Y t of the Indebtedness and Property, whether by foreclosure or otherwise, ..o..,,u ~.... nu[ [~e arfecm(l by Lender s acqu sitlon of any Interest Jn the Nuisance, Waste. Trustor shall not cause, conduct or permit any nuisance nor commit, permit, or suffer any stripping of or Waste on or to the Property or any portion of the Property. Without limiting the generality of the foregoing, Trustor will not remove, or grant to any other DEED OF TRUST ~;;{~-"-'"' ~'~ (Continued) Page 2 Loan No: 86 "~ -' ~'~,-~ ? 3 ~ party the right to remove, any timber, minerals (including oil and gas), coal, clay, scoria, soil, gravel or rock products without Lender's prior written consent. Removal of Improvements. Trustor shall not demolish or remove any Improvements from the Real Property without Lender's prior written consent. As a condition to the removal of any Improvements, Lender may require Trustor to make arrangements satisfactory to Lender to replace such Improvements with Improvements of at least equal value. Lender's Rlght to Enter, Lender and Lender's 'agents and representatives may enter upon the Real Property at all reasonable times to attend to Lender's interests and to inspect the Real Property for purposes of Trustor's compliance with the terms and conditions of this Deed of Trust. Compliance with Governmental Requirements. Trustor shall promptly comply with all laws, ordinances, and regulations, now or hereafter in effect, of all governmental authorities applicable to the use or occupancy of the Property. Trustor may contest in good faith ady such law, ordinance, or regulation and withhold compliance during any proceeding, including appropriate appeals, so long as Trustor has notified Lender in writing prior to doing so a'nd so long as; in Lender's sole opinion, Lender's interests in the Property are not jeopardized. Lender may require Trustor to post adequate security or a surety bond, reasonably satisfactory to Lender, to protect Lender's interest. Duty to Protect. Trustor agrees neither to abandon nor leave unattended [he Property. Trustor shall do all other acts, in addttlon to those acts set forth above in this section, which from the character and use of the Property are reasonably necessary to protect and preserve the Property. TAXES AND LIENS. The following provisions relating to the taxes and liens on the Property are part of thls Deed of Trust: Payment, Trustor shall pay when due (and in all events prior to delinquency) all taxes, special taxes, assessments, charges (including Water and sewer), fines and impositions levied against or on account of the Property, and shall pay when due all claims for work done on or for services rendered or material furnished to the Property. Trustor shall maintain the Property free of all liens having priority over or equal to the interest of Lender under this Deed of Trust, except for the llen of taxes and assessments not due and except as otherwise provided in this Deed of Trust. RI0ht to Contest. Trustor may withhold payment of any tax, assessment, or claim in connection with a good faith dispute over the obligation to pay, so long as Lender's Interest in the Property is not jeopardized, if a lien arises or is filed as a result of nonpayment, Trustor shall within fifteen (15) days after the lien arises or, if a lien is filed, within fifteen (15) days after Trustor has notice of the filing, secure the discharge of the lien, or If requested by Lender, deposit with Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender in an amount sufficient to discharge the lien plus any costs and attorneys' fees, or other charges that could accrue as a result of a loreclosure or sale under the lien. In any contest, Trustor shall defend Itself and Lender and shall satisfy any adverse Judgment before enforcement against the Property, Trustor shall name Lender as an additional obligee under any surety bond furnished In the contest proceedings. Evidence of Payment. Trustor shall upon demand furnish to Lender satisfactory evidence of payment of the taxes or assessments and shall authorize the appropriate governmental official to al?var to Lender at any time a written statement of the taxes and assessments against the Property. Notice of Construction, Trustor shall notify Lender at least fifteen (15) days before any work Is commenced, any services are furnished, or any materials are supplied to the Property, if any mechanic's lien, materialmen's lien, or other llen could be asserted on account of the work, services, or materials. Trustor will upon request Of Lender furnish to Lender advance assurances satisfactory to Lender that Trustor can and will pay the cost of such improvements.. PROPERTY DAMAGE INSURANCE. The following provisions relating to insuring the Property are'a part of this Deed of Trust. Maintenance of Insurance. Trustor shall procure and maintain policies of fire insurance with standard extended coverage endorsements on a fair value basis for the full insurable value covering all improvements on the Real Property In an amount sufficient to avoid application of any coinsurance clause, and with a standard mortgagee clause in favor of Lender, together with such other hazard and liability Insurance as Lender may reasonably require. Pol[cles shall be written In form, amounts, coverages and basis reasonably acceptable to Lender and issued by a company or companies reasonably acceptable to Lender. Trustor, upon request of Lender, will deliver to Lender from time to time the pollcles or certificates of Insurance In form satisfactory to Lender, Including stipulations that coverages Will not be cancelled or diminished without at least ten (10) days prior written notice to Lender. Each insurance policy also shall include an endorsement providing that coverage in favor of Lender will not be impaired In any way by any act, omission or default of Trustor or any other person. Should the Real Property be located in an area designated by the Director of the Federal Emergency Management Agency as a special flood, hazard area, Trustor agrees to obtain and maintain Federal Flood Insurance, if available, within 45 days after notice is given by Lender that the Property Is located In a special flood hazard area, for the full unpaid principal balance of the loan ah'd any prior' iiens on the property securing the loan, up to the maximum policy limits set under the National Flood Insurance Program, or as otherwise required by Lender, and to maintain such insurance for the term of the loan. Application of Proceeds. Trustor shall promptly notify Lender of any loss or damage to the Property. Lender may make proof of loss If Trustor falls to do so within fifteen (15) days of the casualty. Whether or not Lender's security Is Impaired, Lender may, at Lender's election, receive and retain the proceeds of any insurance and apply the proceeds to the reduction of the Indebtedness, payment of any lien affecting the Property, or the restoration and repair of the Property. If Lender elects to apply the proceeds to restoration and repair, Trustor shall repair or replace the damaged or destroyed Improvements In a manner satisfactory to Lender. Lender shall, upon satisfactory proof of such expenditure, pay or reimburse Trustor from the proceeds for the reasonable cost of repair or restoration if Trustor is not in default under this Deed of Trust. Any proceeds which have not been disbursed within 180 days after their receipt and which Lender has not committed to the repair or restoration of the Property shall be used first.to pay any amount owing to Lender under this Deed of Trust, then to pay accrued Interest, and the remainder, If any, shall be applied to the principal balance of the Indebtedness. if Lender holds any proceeds after payment In full of the Indebtedness, such proceeds shall be paid to Trustor as Trustor's interests may appear. Unexpired Inaurance at Sale. Any unexpired insurance shall Inure tothe benefit of, and pass to, the purchaser of the Property covered by this Deed of Trust at any trustee's sale or other sale held under the provisions of this Deed of Trust, or at any foreclosure sale of such Property. LENDER'S EXPENDITURES. If Trustor falls lA) to keep the Property free of all taxes, liens, security Interests, encumbrances, and other claims, lB) to provide any required Insurance on the Property, or lC) to make repairs to the Property then Lender may do so. If any action or proceeding is commenced that would materially affec[ Lender's interests in the Property, then Lender on Trustor's behalf may, but is not required to, take any action that Lender believes to be appropriate to protect Lender's Interests. All expenses Incurred or paid by Lender for such purposes will then beer interest at the rate charged under the Note from the date incurred or paid by Lender to the date of repayment by Trustor. All such expenses will become a part of the indebtedness and, at Lender's option, will lA) be payable on demand; lB) be added to the balance of the Note and be apportioned among and be payable with any Installment payments to become due during either (1) the term of any applicable insurance policy; or (2) the remaining term of the Note; or (C) be treated as a balloon payment which will be due end payable at the Nora's maturity. The Deed o! Trust also will secure payment cf these amounts. The rights provided for in this paragraph shall be in addition to any other rights or any remedies to which Lender may be entitled on account of any default. Any such action by Lender shall not be construed as curing the default so as to bar Lender from any remedy that it otherwise wouid have had. WARRANTY; DI~FENSE OF TITLE. The following provisions relatlng to ownership of the Property are a part o! this Deed of Trust: Title. Trustor warrants that: la) Trustor holds good and marketable title of record to the Property In fee simple, free and clear of all liens and encumbrances other than those set forth in the Real Property description or in any title Insurance policy, title report, or final title opinion Issued in favor of, and accepted by, Lender In connection with this Deed of Trust, and lb) Trustor has the full right, power, and authority to execute and deliver this Deed of Trust to Lender. Defense of Title. Subject to the exception in the paragraph above, Trustor warrants and will forever defend the title to the Property against the lawful claims of all persons. In the event any action or proceeding Is commenced that questions Trustor's title or the interest of Trustee or Lender under this Deed of Trust, Trustor shall defend the action at Trustor's expense. Trustor may be the nominal party In such proceeding, but Lender shall be entitled to participate in the proceeding and to be represented In the proceeding by counsel of Lender's own choice, and Trustor 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. Trustor warrants that the Property and Trustor's use of the Property compiles with all existing applicable laws, DEED OF TRUST Loan .No: 86 ~;~ ~'~'~ (Continued) '? 3 [ Page 3 ordinances, and regulations of governmental authorities. SurVival of Promises. All promises, agreements, and statements Trustor has made in this Deed of Trust shall survive the execution end delivery of this Deed of Trust, shall be continuing In nature and shall remain in full force and effect until such time aa Trustor's Indebtedness is paid In full. CONDEMNATION. The following provlslons relating to condemnation proceedings are e part of thls Deed of T~'ust: Proceedings. If any proceeding in condemnation is flied, Trustor shall promptly notify Lender in wrlttng, and Trustar shall promptly taka such steps as may be necessary to defend the action and Obtain the award. Trustor may be the nominal party in such proceeding, bl}t Lender shall be entitled to participate In the proceeding and to be represented in the proceeding by counsel of its own choice, and Trustor will deliver or cause to be delivered to Lender such instruments and documentation as may be requested by Lender from time to time to permtt such participation, Application of Net Proceeds. If all or any part of the Property Is condemned by eminent domain proceedings or by any ~roceeding or purchase In lieu of condemnation, Lender may at its election require that all or any portion of the net proceeds of the award be applied to the Indebtedness or the repa!~' or restoration of the Property. The net proceeds of the award shall mean the award after payment of all reasonable costs, expenses, and attorneys' fees Ir]curred by Trustee or Lender in connection with the condemnation. IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relating to governmental taxes, fees and charges are a part of this Deed of Trust: Current Taxes, Fees and Charges. Upon request by Lender, Trustor shall execute such documents In addition to this Deed of Trust and take whatever other action is requested by Lender to perfect and continue Lender's lien on the Real Property. Trustor shall reimburse Lender for all taxes, as described below, together with all expenses incurred In recording, perfecting or continuing this Deed of Trust, including without limitation all taxes, fees, documentary stamps, and other charges for recording or registering this Deed of Trust. Taxes. The following Shall constitute taxes to which this section applies: (1) a specific tax upon this type of Deed of Trust or upon all or any part of the Indebtedness secured by this Deed of Trust; (2) a specific tax on Trustor which Trustor is authorized or required to deduct from payments on the Indebtedness secured by this type of Deed of Trust; (3) a tax on this type of Deed of Trust chargeable against the Lender or the holder of the Note; and (4) a specific tax on all or any portion of the Indebtedness or on payments of principal and Interest made by Trustor. Subsequent Taxes. If any tax to which this section applies is enacted subsequent to the date of this Deed of Trust, this event shall have the same effect as an Event of Default, and Lender may exercise any or all of [ts available remedies for an Event of Default as provided below unless Trustor either (1) pays the tax before it becomes delinquent, or (2) contests the tax as provided above in the Taxes and Liens section and deposits with Lender cash or a sufficient corporate surety bond or other securi{y satisfactory to Lender. SECURITY AGREEMENT; FINANCING STATEMENTS. The following provisions relating to this Deed of Trust as a security agreement are a part of this Deed of Trust: Security Agreement. This Instrument shall constitute a Security Agreement to the extent any of the Property constitutes fixtures, and Lender Shall have all of the rights of a secured party under the Uniform Commercial Code as amended from time to time. Security Interest. Upon request by Lender, Trustor shall execute financing statements and take whatever other action Is requested by Lender to perfect and continue Lender's security Interest in the Personal Property. In addition to recording this Deed of Trust in the real property records, Lender may, at any time and without further authorization from Trustor, file executed counterparts, copies or reproductions of this Deed of Trust as ar financing s{atement. Trustor shall reimburse Lender for all 'expenses incurred In perfecting or continuing this security interest. Upon default, Trustor shall not remove, sever or detach the Personai Property from the Property. Upon default, Trustor shall assemble any Personal Property not affixed to the Property In a manner and at a place reasonably convenient to Trustor and Lender and make it available to Lender within three (3) days after receipt of written demand from Lender to the extent permitted by applicable law. Addresses. The mailing addresses of Trustor (debtor) and Lender (secured party) from which information concerning the security Interest granted by thls Deed of Trust may be obtained (each as required by the Uniform Commercial Code) ara as stated on the first page of this Deed of Trust. FURTHER ASSURANCES; ATTORNEY-IN-FACT. The following provisions relating to further assurances and attorney-in-fact are a part of this Deed of Trust: Further Assurances. At any time, and from time to time, upon request of Lender, Trustor'wlll make, execute and deliver, or will cause to be made, executed or delivered, to Lender or to Lender's designee, and when requested .by Lender,.cause to be flied, recorded, rallied, or rerecorded, as the case may be, at such times and Jn such offices and places as Lender may deem appropriate, any and all such mortgages, deeds of trust, security deeds, security agreements, financing statements, continuation statements, instruments of further assurance, , certificates, and other documents as may, In the sole oplnlon of Lender, be necessary or desirable in order to effectuate, complete, perfect, continue, or preserve (1) Trustor's obligations under the Note, this Deed of Trust, and the Related Documents, and (2} the liens and security interests created by this Deed of Trust as first and prior liens on the Property, whether now owned or hereafter acquired by Trustor. Unless prohibited by law or Lender agrees to the contrary in writing, Trustor shall reimburse Lender for all costs and expenses incurred In connection with the matters referred to In this paragraph. Attorney-In-Fact. If Trustor fails to do any of the things referred to In the preceding paragraph, Lender may do so for and In the name of Trustor and at Trustor's expense. For such purposes, Trustor hereby Irrevocably appoints Lender as Trustor's attorney-in-fact for the purpose of making, executing, delivering, filing, recording, and doing ali other things as may be necessary or desirable, in Lender's sole opinion, to accomplish the matters referred to in the preceding paragraph. FULL PERFORMANCE. If Trustor pays all the Indebtedness when due, and otherwise performs all the obligations imposed upon Trustor under this Deed of Trust, Lender shall execute and deliver to Trustee a request for full raconveyance and shall execute and deliver to Trustor suitable statements.of termination of any financing statement on file evidencing Lender's security interest in the Rents and the Personal Property. Any reconveyance fee required by law shall be paid by Trustor, If permitted by applicable law. EVENTS OF DEFAULT. At Lender's option, Trustor will be In default under this Deed of Trust if any of the following happen: Payment Default, Trustor fails to make any pa~,ment when due under the Indebtedness. Break Other Promises. Trustor breaks any pi'0mise made to Lender or falls to perform promptly at the time and strictly in the manner p!?vlded In this Deed of Trust or In any agreement related to this Deed of Trust. ' Compliance Default. Failure to comply with any other term, obligation, covenant-or condition contained In this Deed of Trust, the Note er In any of the Related Documents. If such a failure is curable and if Trustor has not been given a notice of a breach of the same provision of this Deed of Trust within the preceding twelve (12) months, it may be cured (and no Event of Default will have occurred) if Trustor, after Lender sends written'notice demanding cure of such failure: (a) cures the failure within fifteen (15) days; or (b) If the cure requires more than fifteen (15) daYS, Immediately initiates steps sufficient to cure the failure and thereafter continues and completes all reasonable and necessary steps sufficient to' produce compliance as soon as reasonably practical. Default on ether Payments. Failure of Trustor within the time required by this Deed of Trust to make any payment for taxes or insurance, or any other· payment necessary to prevent filing of or to effect discharge of any lien. Environmental Default. Failure of any party to comply with or perform when due any term, obligation, convenant or condition contained In any environmental agreement executed in connection with the Property. False Statements. Any representation or statement made or furnished to Lender by Trustor or on Trustor's behalf under this Deed of Trust or the Related. Documents Is false or misleading in any material respect, either now or at the time made or·furnished Defective Collaterallzatlon. This Deed of Trust or any of the Related Documents ceases to be In full force and effect (including failure of any collateral document to create a valid and perfected security interest or lien) at any time and'for any reason. Death or InsOlvency. 'The death of' Trustor, the insolvency of Trustor, the appointment of a ·receiver for any part of Trustor's property, any assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any bankruptcy or DEED OF TRUST I-t~";~-';, ~'~ Page 4 Loan No: 86 ,,~:~ ~ ,~,~ (Continued) ? 3" Insolvency laws by or against Trustor. Taking of the Property. Any creditor 0t governmental agency tries to take any of the Property or any other of Trustor's property in which Lender has a lien. This includes taking of, garnishing of or levying on Trustor's accounts with Lender. However, If Trustor disputes In good faith whether the claim on which the taking of the Property is based is valid or reasonable, and if Trustor gives Lender written notice of the claim and furnishes Lender with monies or a surety bond satisfactory to Lender to satisfy the claim, then this default provision will not apply. Breach of Other Agreement. Any breach by Trustor under the terms of any other agreement between Trustor and Lender that is not remedied within any grace period provided therein, including without limitation any agreement concerning any Indebtedness or other obligation of Trustor to Lender, whether existing now or later. Events Affecting Guarantor. Any of the preceding events occurs with respect to any guarantor, endorser, surety, or accommodation party of any of the Indebtedness or any guarantor, endorser, surety, or accommodation party dies or becomes incompetent, or revokes'or disputes the validity of, or liability under, any Guaranty of the Indebtedness. In the event of a death, Lender, at its option, may, but shall not be required to, permit the guarantor's estate to assume unconditionally the obligations arising under the guaranty in e manner satisfactory to Lender, and, in doing so, cure any Event of Default. Insecurity. Lender in good faith believes itself insecure. Right to Cure. If such a failure Is curable and if Trustor has not been given a notice of a breach of the same provision of this Deed of Trust within the preceding twelve (12) months, it may be cured (and no Event of Default will have occurred) If Trustor, after Lender sends written notice demanding cure of such failure: (al cures the failure within fifteen (15) days; or (bi if the cure requires more than fifteen (15) days, immediately initiates steps sufficient to cure the failure and thereafter continues and completes all reasonable' and necessary steps sufficlent to produce compliance as soon as reasonably practical. RIGHTS AND REMEDIES ON DEFAULT. If an Event of Default occurs under this Deed of Trust, at any time thereafter, Trustee or Lender may exercise any one or more of.the following rights and remedies: Acceleration Upon Default; Additional Remedies. If any Event of Default occurs as per the terms of the Note secured hereby, Lender may declare all Indebtedness secured by this Deed of Trust to be due and payable and the same shall thereupon become due and payable without any presentment, demand or protest of any kind. Thereafter, Lender may: ia) Either in person or by agent, with or withou! bringing any action or proceeding, or by a receiver appointed by a court and without regard to the adequacy of its security, enter upon and take possession of the Property, or any part thereof, in its own name or in the name of Trustee, and do any acts which it deems necessary or desirable to preserve the value, marketability or rentability of the Property, or part of the Property or interest in the Property; Increase the income from the Propedy or protect the security of the Property; and, with or without taking, possession of the Property, sue for or otherwise collect the rents, issues and profits of the Property, including those past due and unpaid, and apply the same, less costs and expenses of operation and collection attorneys' fees, to any Indebtedness secured by this Deed of Trust, aJJ In such order as Lender may determine. The entering upon and taking possession of the Property, the collecti°n of s[Jch rents, issues and profits, and the application thereof shall not cure or waive any default or notice of default under this Deed of Trust or Invalidate any act done in response to such default or pursuant to such notice of default; and, notwithstanding the continuance In possession of the Property or the collection, receipt and application of rents, issues or profits, Trustee or Lender shall be entitled to exercise every right provided for in the Note or the Related Documents or by law upon the occurrence of any event Of default, Including the right to exercise the power of sale; (bi Commence an action to foreclose this Deed of Trust as a mortgage, appoint a receiver or~ specifically enforce any of the covenants hereof; and (c) Deliver to Trustee a written declaration of default and demand for sale and a written notice of default and election to cause Trustor's Interest in the Property to be Sold, which notice Trustee shall cause to be duly flied for record in the appropriate offices of the County in which the Property Is located; and id) With respect to all or any part of the Personal Property, Lender shall have all the rights and remedies of a secured party under the Nebraska Uniform Commercial Code. Foreclosure by Power of Sale. If Lender elects to foreclose by exercise of the Power of Sale herein contained, Lender shall notify Trustee and shall deposit with Trustee this Deed of Trust and the Note and such receipts and evidence of expenditures made and secured by this Deed of Trust as Trustee may require.. ,, (al Upon receipt of such notice from Lender, Trustee shall cause to be reco~ed, published and delivered to Trustor such Notice of Default and Notice of Sale as then required by law and by this Deed of Trust. Trustee shall, without demand on Trustor, after such time as may then be required by law and after recordation of such Notice of Default and after Notice of Sale having been given as required by law, sell the property at the time and place of sale fixed by it in such Notice of Sale, either as a whole, or in separate lots or parcels or items as Trustee shall deem expedient, and in such order as it may determine, at public auction to the highest bidder for cash in lawful money of the United States payable at the time of sale. Trustee shall deliver to such purchaser or purchasers thereof Its good and sufficient deed or deeds conveying the property so sold, but without any covenant or warranty, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including without limitation Trustor, Trustee, or Lender, may purchase at such sale. (b) As may be permitted by law, after deducting all costs, fees and expenses of Trustee and of this Trust, including costs of evidence of title In connection with sale, Trustee shall apply the proceeds of sale to payment of (1) ail sums expended under the terms of this Deed of Trust or under the terms of the Note not then repaid, including but not limited to accrued interest and late charges, (ii) all other sums then secured hereby, and (Iii) the remainder, if any, to the person or per~ons legally entitled thereto. (c) Trustee may In the manner provided by law postpone sale of all or any portion of the Property. .Remedies Not Exclusive. Trustee and Lender, and each of them, shall be entitled to enforce payment and performance of any indebtedness or obligations secured by this Deed of Trust and to exercise all rights and powers under this Deed of Trust, under the Note, under any of the Related Documents, or under any other agreement or any laws now or hereafter In force; notwithstanding, some or all of such Indebtedness and obligations secured by tl~is Deed of Trust may now or hereafter be otherwise secured, whether by mortgage, deed of trust, pledge, lien, assignment or otherwise. Neither the acceptance cf this Deed of Trust nor Its enforcement, whether by court action or pursuant to the power of sale or other powers contained in this Deed of Trust, shall prejudice or in any manner affect Trustee's or Lender's right to realize upon or enforce any other security now or hereafter held by Trustee or Lender, it being agreed that Trustee and Lender, and each of them, shall be entitled to enforce this Deed of Trust and any other security now or hereafter held by Lender or Trustee in such order and manner as they or either of them may in their absotute discretion determine. No remedy conferred upon or reserved to Trustee or Lender, Is intended to be exclusive of any other remedy in this Deed of Trust or by law provided or permitted, but each shall be cumulative and shall be In addition to every other remedy given in this Deed of Trust or now or hereafter existing at taw or in equity or by statute. Every power or remedy given by the Note or any of the Related Documents to Trustee or Lender or to which either of them may be otherwise entitled, may be exercised, concurrently or Independently, from time to time and as often as may be deemed expedient by Trustee or Lender, and either ef them may pursue inconsistent remedies. Nothing in this Deed of Trust shall be construed as prohibiting Lender from seeking a deficiency Judgment against the Trustor to the extent such action is permitted by law. Election of Remedies. All of Lender's rights and remedies will be cumulative and may be exercised alone or together. If Lender decides to spend money or to perform any of Trustor's obligations under this Deed of Trust, after Trustor's failure to do so, that decision by Lender will not affect Lender's right to declare Trustor In default and to exercise Lender's remedies. Request for Notice. Trustor, on behalf of Trustor and Lender, hereby requests that a copy of any Notice of Default and a copy of any Notice of Sale under this Deed of Trust be mailed to them at the addresses set forth in the first paragraph of this Deed of Trust. Attorneys' Fees; Expenses, If Lender institutes any suit or action to enforce any of the terms of this Deed of Trust, Lender shall be entitled to recover such sum as the court may adjudge reasonable as attorneys' fees at trial and upon any appeal. Whether or not any court action is involved, and to the extent not prohibited by law, all reasonable expenses Lender incurs that in Lender's opinion are necessary at any time for the protection of its Interest or the enforcement of its rights shall become a part of the Indebtedness payable on demand and shall bear Interest at the Note rate from the date of the expenditure until repaid. Expenses covered by this paragraph include, without limitation, , DEED OF TRUST Loan No: 86 O~?,~,~j (Continued) '? 3 ~½ Page 5 however subject to any limits under applicable law, Lender's attorneys' fees and Lender's legal expenses, whether or not there Is a lawsuit, including attorneys' fees and expenses for bankruptcy proceedings (including effods to modify or vacate any automatic stay or injunction), appeals, and any anticipated post-Judgment collection services, the cost of searching records, obtalnlng title reports (including foreclosure reports), surveyors' reports, and appraisal fees, title insurancel and fees for the Trustee, to the extent permitted by applicable law. Trustor also will pay any court costs, In addition to all other sums provided by law. Rights of Trustee. Trustee shall have all of the rights and duties of Lender as set forth in this section. POWERS AND OBLIGATIONS OF TRUSTEE. The following provisions relating to the powers and obligations of Trustee ere part of this Deed of Trust: Powers of Trustee. In sddltlon to all powers of Trustee arising as a matter of law, Trustee shall have the power to take the following actions with respect to the Property upon the written request of Lender and Trustor: (a) join in preparing and filing a map or plat of the Real Property, including the dedication of streets or other rights to the public; (b) Joln in grant~ng any easement or creating any restriction on the Real Property; and (c) join in any subordination or other agreement affecting this Deed of Trust or the Interest of Lender under this Deed of Trust. ' Trustee. Trustee shall meet all qualifications required for Trustee under applicable law. in addition to the rights and remedies set forth above, with respect to ell or a.ny part of the Property, the Trustee shall have the right to foreclose by notice and sale, and Lender will have the right to foreclose by judicial forec osure, In either case in accordance with and to the full extent provided by applicable law. Successor Trustee. Lender, at Lender's option, may from time to time appoint a successor Trustee to any Trustee appointed under this Deed of Trust by an instrument executed and acknowledged by Lender and recorded ~n the office of the recorder of Lincoln County, State of Nebraska. The Instrument shall contain, in addition to all other matters required by state law, the names of the original Lender, Trustee, and Trustor, the book and page (or computer system reference) where this Deed of Trust Is recorded, and the name and address of the successor trustee, and the instrument shall be executed and acknowledged by all the beneficiaries under this Deed of Trust or their successors in Interest. The successor trustee, without'conveyance of the Property, shal) succeed to all the title, power, and duties conferred upon the Trustee In this Deed of Trust and by applicable law. This procedure for substitution of Trustee shall govern to the exclusion of all other provisions for substitution. NOTICES. Any notice required to be given under this Deed of Trust, including without limltatlon any notice of default and any notice of sale shall be given in writing, and shall be effec[Ive when actually delivered, when actually received by telefecslmile (unless otherwise required by law), when deposited with a nationally recognized overnight courier, or, if mailed, when deposlted in the United States mail, as first class, certified or registered mail postage prepaid, directed to the addresses shown near the begfnning of this Deed of Trust. All copies of notices of foreclosure from the holder of any lien which has priority over this 'Deed of Trust shall be sent to Lender's address, as shown near the beginning of this Deed of Trust. Any person may change his or her address for' notices under this Deed of Trust by giving formal written notice to the other person or persons, specifying that the purpose of the notice Is to change the person's address. For notice purposes, Trustor agrees to keep Lender Informed at all times of Trustor's current address. Unless otherwise provided or required by law, if there is more than one Trustor, any notice given by Lender to any Trustor is deemed to be notice given to all Trustors. It will be Trustor's responsibility to tell the others of the notlce from Lender. MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Deed of Trust: Amendments. What Is written in this Deed of Trust and In the Related Documents is Trustor's entire agreement with Lender concerning the matters covered by this Deed of Trust. To be effective, any change or amendment to this Deed of Trust must be in writing and must be signed by whoever will be bound Or obligated by the change or amendment. Caption Headings. Caption headings in thls Deed of Trust are for convenience purposes only and are not to be used to interpret or define the provisions of this Deed of Trust. Merger. There shall be no merger of the Interest or estate created by this Deed cf Trust with any other interest or estate In the Property at any time held by or for the benefit of Lender in any. capacity, without the written consent of Lender. Governing Law. This Deed of T~;ust will be governed by and Interpreted In accordance with federal law and the Jaws of the State of Nebraska, This Deed of Trust has been accepted by Lender In the State of Nebraska. Choice of Venue, If there is a lawsuit, Trustor agrees upon Lender's request to submit to the Jurisdiction of the courts of Nance County, State of Nebraska. ,Joint and Several Liability. All obligations of Trustor under this Deed of Trust shall I~e J'o{nt and several, and all references to Trustor mean each and every Trustor. This means that each Trustor signing below is responsible for all obligations In this Deed of Trust. No Waiver by Lender. Trustor u~derstands Lender will not give up any of Lender's rights under this Deed of Trust unle~s Lender does so in writing. The fact that Lender delays or omits to exercise any right will not mean that Lender has given up that right. If Lender does agree in writing to give up one of Lender's rights, that does not mean Trustor will not have to comply with the other provisions of this Deed of Trust. Trustor also understands that If Lender does consent to a request, that does not mean that Trustor will not have to get Lender's consent again if the situation happens again. Trustor further understands that Just because Lender consents to one or more of Trustor's requests, that does not mean Lender will be tequlred to consent tO any of Trustor's future requests. Trustor waives presentment, demand for payment, protest, and notice of dishonor. ' Severablllty. If a court finds that any provision of this Deed of Trust is not valid or should not be enforced, .that fact by Itself will not mean that the rest of this Deed of Trust will not be valid or enforced. Therefore, a court wlll enforce the rest of the provisions of this Deed of Trust even if a provision of this Deed of Trust may be found to be Invalid or unenforceable. Successors and Assigns. Subject to any limitations stated in this Deed of Trust on transfer of Trustar's interest, this Deed of Trust shall be binding upon and Inure to the benefit of the parties, their successors and assigns. If ownership of the Property becomes vested In a person . other than Trustor, Lender, wlthout notice to Trustor may deal with Trustor's successors with reference to this Deed of Trust and the Indebtedness by way of forbearance or extension without releasing Trustor from the obligations of this Deed of Trust or liability under the Indebtedness A Time Is of the Essence, Time is of the essence in the performance of this Deed of Trust. i~'~{~wt Waiver of Homestead Exemption. Trustor hereby releases and waives all rights and benefits' of the homestead exemption laws of the State ~.,~ of ,~eb~as.~a- as to all Indebtedness secured by this Deed of Trust . ~'DEFINI'~O~I~.3'~e following words shall have the following meanings when used tn thls Deed of Trust: Beneficiary. 'The Word "Beneficiary" means Genoa National Bank, and its successors and assigns. Borrower, The word "Borrower" means GREGORY P BARTLETT end HEATHER L BARTLETT, end alt other persons and entities signing the Note. DEed of Trust. The words "Deed of Trust" mean this Deed of Trust among Trustor, Lender, and Trustee, and includes without limltatlon all assignment ~.nd security interest provisions relating to the Personal Property end Rents. · Environmental Laws. The words "Environmental Laws" mean any and all state, federal and local statutes, regulations and ordlnances relating to the protection of human health or the envI~onment, Incl'udlng without Ilmltatlon the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended, 42 U.S.C. Section 9601, et seq. ("CERCLA"), the Superfund Amendments and Reauthorlzatlon Act of 1986, Pub. L. No. 99-499 ("SARA"), the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, et seq., the Resource Conservation and Recoveryr Act, 42 U.S.C. Section 6901, et seq., or other applicable 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 this Deed of Trust in the events of default section of this Deed of Trust. .Guaranty. The word "Guaranty" means the guaranty from guarantor, endorser, surety, or accommodation party to Lender, Including without limitation a guaranty of all or part of the Nolo. DEED OF TRUST Loan NO: as ,~_~ ,~ ,~.~ (Continued) 7 3 ~'I Page 6 Hazardous Substances, The words "Hazardous Substances" mean materials that, because of their quantity, concentration or physical, chemical or infectious characteristics, may cause or pose a present or potential hazard to human health or the environment when Improperly used, treated, stored, disposed of, generated, manufactured, transported or otherwise handled. The words "Hazardous.Substances" are used in their very broadest sense and include without limitation any and all hazardous or toxic substances, materials or waste as defined by or listed under the Environmental Laws. The term "Hazardous Substances" aisc includes, without limitation, petroleum and petroleum by-products or any fraction thereof end asbestos. Improvements. The word "Improvements" means all existing and future improvements, buildings, structures, mobile homes affixed on the Real Property, facilities, additions, replacements and other construction on the Real Property. Indebtedness. The word "Indebtedness" means all principal, Interest, and other amounts, costs snd expenses payable under the Note or Related Documents, together with all renewals of, extensions of, modifications of, consolidations of and substitutions for the Note or Related Documents and any amounts expended or advanced by Lender to discharge Trustor's obligations or expenses Incurred by Trustee or Lender to enforce Trustor's obligations under, this Deed of Trust, together with Interest on such amounts as provided In this Deed of Trust. Lender. The word "Lender" means Genoa National Bank, Its successors and assigns. The words "successors or assigns" mean any person or company that acquires any interest in the Note. Note. The word "Note" means the promissory note dated August 15, 2001, in the original principal amount of $277;086.25. from Trustor to Lender, together with all renewals of, extensions of, modifications of, refinanclngs of, consolidations of, and substitutions for the promissory note or agreement. : Personal Property. The words "Personal Property" mean all equipment, fixtures, and other articles of personal property now or hereafter owned by Trustor, and now or hereafter attached or affixed to the Real Property; together with all accessions, parts, and additions to, ail replacements of, and all Substitutions for, any of such property; and together with all proceeds (Including without limitation all insurance proceeds and refunds of premiums)from any sale Or other disposition of the Property. Property. The word "Property" means collectively the Real Property and the Personal Property. Real Property. The words "Real Property" mean the real property, Interests and rights, as further described in this Deed of Trust. Related Documents. The Words "Related Documents" mean all promissory notes, credit agreements, loan agreements, environmental agreements, guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other Instruments, agreements and documents, whether now or hereafter existing, executed In connection with the Indebtedness. Rents. The word "Rents" means all present and future rents, revenues, Income, issues, royalties, profits, and other benefits derived from the Property, Trustee. The word "Trustee" means Genoa National Bank, whose address is 502 Willard Avenue, Genoa, NE 68640 and any substitute or successor trustees. Trustor. The word "Trustor" means GREGORY P BARTLETT and HEATHER L BARTLETT. EACH TRUSTOR ACKNOWLEDGES HAVING READ'ALL THE PROVISIONS OF THIS DEED OF TRUST, AND EACH TRUSTOR AGREES TO ITS TERMS. GREG~IIRY/J~ B'ARTLE'I'r, Individually HEATHER L BARTLET[', Individually INDIVIDUAL ACKNOWLEDGMENT STATE OF Wyoming ) ) SS COUNT~ OF Linco in ) On this day before me, the undersigned Notary Public, personally appeared GREGORY P BARTLETT and HEATHER L BARTLETr, A married person each In his or her own right and as spouse of the other, to me known to be the individuals described In and who executed the Deed of Trust, and acknowledged that they signed the Deed of Trust as their free and voluntary act and/deed, for the uses and purposes therein mentioned. ~'/ "'0~ Given under my hand and official seal this l ~. th day of Au~u st; ' ,2 . Notary Public In and for the State of · ~al~s.~eat.. N0]'Am'PU~U¢ .. Residing at Kemmerer, WY 83101 wy=.w My commission expires February 2, 2002 EXHIBIT A Legal Description for GregorY,. P. Bartlett and Heather L. Bartlett T23N RllgW of the 6th P.M., Lincoln County, Wyoming Resurvey Tract No. 49: That portion lying Eastward of the centerline of Oregon Short Line Railroad Company (Union Pacific Railroad Company) right-of-way, more particularly described as follows: Beginning at Comer No. 1 of said Tract No. 49; thence S 0032, W, 100.50 chains to Corner No. 2 thereof; thence West 20.00 chains to Corner No. 1 of Tract No. 45 of said Township and Range; thence West 18.82 chains along the South boundary of said Tract No. 49 to its intersection with the center line of the right-of-way of said railroad company; thence N 10042, E, 6i.36 chains along said center line to a North boundary line of said Tract No. 49; thence East 8.12 chains to Corner No. 5 of said Tract No. 49, Identical with Comer No. 4 of Tract 57 of said Township and Range; thence N 0027' W, 40.10 chains to Comer No. 6 of said Tract 49 identical.with Comer No. 3 of Tract 57;~ thence N 89"43' E, 20.56 chains to Comer No. 1 of said Tract 49 identical with Comer No. 2 of said Tract 57, to the point of beginning. ALSO Resurvey Tract No. 45: That portion lying Eastward of the centerline of the Oregon Short Line Railroad Company (Union Pacific Railroad Company) right-of-way, more particularly described as follows: Beginning at Comer No. 1 of said'Tract 45; thence South 40.00 chains to Comer No. 2 thereof; thence West 20.00 chains to Corner No. 3 of said Tract 45; thence West 6.38 chains on a linc'to the Intersection of said line with the centerline of the right- of-way of said railroad Company; thence N 10042' E, 40.71 chains to the North boundary of said Tract 45; thence East 18.82 chains to Comer No. 1 of said Tract 45 to the point of beginning. T23N RllgW of the 6th P.M., Lincoln County, Wyoming, continued Section 17: Lots 15 and 32; Section 20: Lots 1, 17, 18 and 29; Section 21: S IAS~A; Section 14: Lot 23; Section 23: Lots 3 and 4, E~ANW~A; Section 29: SE~ANE~A and NEtASE~A; Lots 1, 4 and 16; E~A of Lots 18 and 27 and more particularly described as follows: Commencing at the Northeast Comer of Lot 18, running thence West 756.36 feet; thence South 2029..5 feet to the North boundary of Tract 42; thence East 756.36 feet to the Southeast Comer of Lot 27, Section 29; thence North 2029.5 feet to the place of beginning. Section 31: Lots 32 and 34; LESS AND EXCEPT any land contained in Warranty Deeds recorded January 4, !929 in Book 16 of Deeds on pages 68, 164 and 165 of the records of Lincoln County Clerk. T22N RllgW of the 6th P.M., Lincoln County, Wyoming Sectioh 6: Lots 9, 10, 17, 20, 21 and 35' that portion of' E~AE~A lying Westerly from the centerline of the Oregon Short Line Railroad Company (Union Pacific Railroad Company) right-of-way. LESS AND EXCEPT any land contained Warranty Deed recorded September 3, 1915 in Book 2 of Deeds on page 347 of the records of Lincoln County Clerk.