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HomeMy WebLinkAbout90169490169l , State of Wyoming Space Above This Line For Recording Data REAL ESTATE MORTGAGE (Wid~ Future Advance Clause) DATE AND PARTIES. The date of this Mortgage is 07-27-2004 are as follows: and the parties and their addresses MORTGAGOR: ROGER SALVI, A SINGLE MAN P.O. BOX 2218 JACKSON, WY 83001 [] Refer to the Addendum which is attached and incorporated herein for additional Mortgagors. LENDER: ': 'BANK OF JACKSON HOLE ORGANIZED AND EXISTING UNDER THE LAWS OF THE STATE OF WYOMING ,: 990W. BROADWAY , . . ' , '. P.0. BOX7000 JACKSON WY 83002., ~ MORTGAGE. For good and valuable consideration, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debt (hereafter defined), Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with the power of sale, the following described property: SEE ATTACHED EXHIBIT The property is located in LINCOLN at 10T 56 (CounW) , ALPINE , Wyoming 83128 lAdd[ess) (Cily) (Zip Cede) Together with all rights, easements, appurtenances, royalties, minelal rights, oil and gas rights, crops, timber, all diversion payments or third party payments made to crop producers, and all existing and future improvemen[s, structures, fixtures, and 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 limited to, any and all water wells, water, ditches, reservoirs, reservoir sites and dams located on the real estate and all riparian and water righ[s associa[ed with the Property, however established. WYOMING - AGRICULTURAL/COMMERCIAL REAL ESTATE SECURITY INSTRUMENT (NOt FOR FNMA, FHLMC, FHA OR VA US[, AND NOF FOR CONSUMER PURPOSI:S) ~::'~ © 1993, 2001 Bankers Systems, Inc., S~. Cloud, MN Form AGCO-RESI-WY 1/16/2OO3 MAXIMUM OBLIGATION LIMIT. The total principal amount of. the Secured Debt (hereafter defined) secured by this Mortgage at any one time shall not exceed $.215,000.00 This limitation of amount does Ilot include interest, loan charges, commitment fees, brokerage commissions, attorneys' fees and edger charges validly made pursuant to this Mortgage and does not apply to advances (or interest accrued on such advances) made under tt~e terms of this Mortgage to protect Lender's security and to perform any of d-~e covenants contai~ed in this Moltgage. Future advances are contemplated and, along with other future obligations, are secured by this Mortgage even though all or pa~t may not yet be advanced. Nothing in this Mortgage, however, shall constitute a commitment to make additiollal o~ future loans or advances in any amount. Any such commitment would need 'to be agreed to in a separate writing. SECURED DEBT DEFINED. The terrrf "Secured Debt" includes, but is not limited to, the following: A. The promissory note(s), contract(s), guaranty(les) or other evidence of debt described below and all extensions, renewals, modifications or substitutions. (When referencfi~g the debts below it is suggested that you h~chzde items such as borrowers' names and addresses, note pr/nc/pa/amounts, commercial revolving loan agreement's' maxfi~um amount, interest rates, variable rate terms, maturity dates, etc.) PROMISSORY NOTE BATED 7-27-2004 IN TIE AMOUNT OF $215,000.00 B. All future advances from Lender to Mortgagor or other future obligations of Mo~tgagor to Lender unt.le~ any promissory note, con,tract, guaranty, or other evidence of debt existing now or executed after this Mortgage whether or not 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 ~elati~g to any dep'osit 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. Mortgager's performance under the terms of any instrument evidencing a debt by MortgagoJ to Le~de~ and any Mortgage securing, guarantying, or otherwise relating to the debt. If more than one person signs this Mortgage a's Mortgagor, each Mortgagor agrees that this Mortgage will secure all future advances and future obligations described above that are given to or incurred by any one or mo~e 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 the right of rescission. PAYMENTS. Mortgagor agrees to make all payments on the Secured Debt when due and in accordance with the terms 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 1o Lender copies of all notices that such amounts are due and the receipts evidencing Mortgager's payment. Mortgagor will defend title to the Property against any claims that would impair the lien of this Mortgage. Mortgagor agrees ~o assign to Lender, as requested by Lender, any rights, claims or defenses which Mortgagor may have against parties who supply labor or materials to improve or maintain the Property. PRIOR SECURITY INTERESTS. With regard to any other mortgaoe, deed of trust, security agreement or other lien document that created a prior security interest or encumbrance on the Property and that may have prio~ity, over tl~is Mortgage, Mortgagor agrees: ' A. To make all payments'when due and to perform or comply witl~ all covenants. B. To promptly deliver to Lender any notices that Mortgagor receives from the hold'er. 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 t~ust or security agreement unless Lender consents in writing. 8o DUE ON SALE OR ENCUMBRANCE. Lender may, at its option, declare the entire balance of the Secured Debt to be immediately due and payable up. on the creation of any lien, encumbrance, transfer, or sale, or contract for any of ttlese on the Property. However, if the Property includes Mortgager's residence, this section shall be subject to rite restrictions imposed by federal law (12 C.F.R. 591), as applicable. For the purposes of this section, the term "P~ope~ty" also includes any interest to all or any part of the Property. This covenant shall run with the Property and shall ~emai~ effect until theSecu~edDebl is paidin full and this Mortgage sreleased. ~_X"~-~'~u © 1993, 2OO1 Bankers Systems, Inc., St Cloud. MAI Folm AGCO RESI-WY 1/16/2003 9. TRANSFER OF AN INTEREST IN THE MORTGAGOR. If Mortgagor is an entity other dmn a natural person (such as a corporation or other organization), Lender may demand immediate payment if (1) a beneficial interest in Mortgagor is sold or transferred; (2) there is a change in either the identity or number of members of a partnership or similar e~htity; 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 rnay not demand paymen! in the above situations if it is prohibited by law as of the date of tl~is 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 the Secured Debt remains outstanding: A. Mortgagor is an entity which is duly organized and validly existing in the Mortgagor's state of incorporation (or organization). Mortgagor is in good standing in all states in which Mortgagor transacts business. Mortgagor has the power and authority to own the 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 lhe Evidence of Debt are within the power of Mortgagor, have been duly authorized, Imve received alt necessary governmental approval, and will not violate any provision of law, or order of court or governmental agency. C. Other than disclosed in 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 writte~ 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. Mortgagol will keep the Propertyin good condition and make all repairs that are reasonably necessary. Mortgagor will give Lender prompt notice of any loss or damage to tim Property. Mortgagor will keep the Property free of noxious weeds and grasses. Mortgagor will not i~itia[e, join m or consent to any change in any private restrictive covenant, zoning ordina~me or other public or private restriction limiting or defining the uses which may be made of the Property or any part of the Property, witl~out Lender's prior written consent. Mortgagor will notify Lender of all demands, proceedings, claims, 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 ct the P~ope~ty. Mortgagor also agrees that the nature of the occupancy and use will not change wi[hour Lender's prior written consent. No portion of the Property will be removed, demolished or materially altered without Lender's prior w~itten consent except that Mortgagor has the right to remove items of personal property ~omprising a part of the Property that become worn or obsolete, provided that such p~r~onal property is replaced with other personal property at least equal in wdue to the replaced personal p~0perty, free from any title retention device, security agreement or other encumbrance. S~mh replacement of personal prop'erty will be deemed' s~l~'ject't0' the security interest created by this Mortgage. Mortgago~ shall not partition or subdivide the Property without Lender's prior w~itten 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 i~spection of the 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 Mo[tgagor's duties under tt~is Mortgage, or a~y other mortgage, deed of trust, security agreement or other lien document tt~at has priority over this Mortgage, Lender may, without notice, perform the duties or cause them to be performed. Mortgagor appoints Lender as attorney i~t fact to sign Mortgagor's name or pay any amount necessary for performance. If any construction on the Property is dJscor~timled or not carried on in a reasonable manner, Lender may do whatever is necessary to protect Lender's security interest i~ Property. This may include completing the construction. Lender's right to perform for Mortgagor shall not create an obligatior~ to perform, and Lender's failure to perform will not preclude Lender from exercising any of Lender's other rights unde~ the law or this Mortgage. Any mnounrs paid by Lender for nsuring, preserving or otherwise protecting the Property end Lender's security nterest will be due on demand and will bear interest from the date of the payment until paid in foil at the interest rate Jn effect from time [o time according to the terms of the Egidence of Debt. 13. ASSIGNMENT OF LEASES AND RENTS. Mortgagor assigns, grants, bargmns, conveys, rnortgages and wan'ams to Lender as additional security all tl~e right, title and interest 'n the following (Property). A Existing or future leases, subleases, licenses, guaranties anti a~y other written or verbal agreements for the use and occupancy of the Property, including but not limited to, any extensions, renewals, modilications or re placements (Leases). B. Rents, issues and profits, including but not limited to, security deposits, rain,hum rents percentage rents, additional rents, common area maintenance charges, parking charges, real estate taxes, other applicable taxes. nsurance premium contributions, liquidated damages following default, cancellation premiums, "loss of ren~s" ~nsurance, guest receipts, revenues, royalties, proceeds, bonuses, accounts, contract rights, general intangibles, and all rights and claims which Mortgagor may have that ir~ any way pertain to o/ are on account of the use or occupancy of the whole or any part of the Property (Rents). In the event any item listed as Leases or Rents is determined to be personal property, this Assignment will also be regarded as a security agreement. ( ~u © 1993, 2001 Bankers Systems, Inc., St Cloud, MN Form AGCO-RESI-WY 1/16/2003 Mortgagor will promptly provide Lender with copies of the Leases and will certify these Leases are true and correct copies. The existing Leases will be provided on execution of the Assignment and all of the future Leases and any other information with respect to these Leases will be provided immediately after they are executed. Mortgagor may collect, receive, enjoy and use the Rents so long as Mortgagor is not in default. Mortgagor will not collect in advance a~y I~ents due in future lease periods, unless Mortgagor first obtains Lender's written consent. Upon defauh, Mortgagor will receive any Rents in trust for Lender and Mortgagor will not commingle tile Rents with any other funds. When Lender so directs, Mortgagor will endorse and deliver any payments of Rents from the Property to Lender. Amounts collucted will be applied at Lender's discretion to the Secured Debts, the costs of managing, protecting and p~ese~ving the Property, and other necessary expenses. Mortgagor agrees that this Security InsUument is immediately effective between Mortgagor and Lender. This Security Instrument will remain effective during any statutory redemption period until the Secnfed Debts are 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. Mortgagor agrees that actual possession of the Property is deemed to occur when Lender notifies Mortgagor of Mortgager's default and demands that Mortgagor and Mortgager's tenants pay all Rents due or to become due directly to Leander. Immediately after Lender gives Mortgagor the notice of default, Mortgagor agrees that either Lender or Mortgagor n~ay in,mediately notify the tenants and demand that all future Rents be paid directly to Ler~der. As long as this Assignment is in effect, Mortgagor warrants and represe~ts that no default exists unde~ the Leases, and the parties subject to the Leases have not violated any applicable law on leases, licenses and landlords aud tenants. Mortgagor, at its sole cost and expense, will keep, observe and perform, and require all other palties to the [_eases to comply with the Leases and any applicable law. If Mortgagor or any pa~ty to the Lease defaults or fails ~o observe ar~y applicable law, Mortgagor will promptly notify Lender. If Mortgagor neglects or refuses to enforce corrtpliance with the terms of the Leases, then Lender may, at Lender's option, enforce compliance. Mortgagor will not sublet, modify, extend, cancel, or otherwise alter the Leases, or accept the surrender of the Property covered by the Leases (unless the Leases so require) without Lender's consent. Mortgagor will not assign, compromise, subordinate or encumber the Leases and Rents without Lender's prior written consent. Lender does not asst~me or · bec°me liable for the Property's mantenance depreciation, or other losses or damages when Lender acts to manage, protect or preserve the Property, except for losses and damages due to Lender's gross negligence or intentional torts. Otherwise, Mortgagor will 'indemnify Lender and hold Lender harmless for all liability, loss or damage that tender may incur when Lender opts to exercise any of its remedies against any pa~ty obligated under the Leases. 14. CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. If the Property includes a unit in a condominium or a planned unit development, Mortgagor will perform all of Mortgager's duties u~der the covenants, by-laws, or regulations o1: the condominium or planned unit development. 15. DEFAULT. Mortgagor will be in default if any of the following occur: A. Any party obligated on the Secured Debt fails to make payment when due; B. A breach of any term or covenant in this Mortgage, any prior mortgage or any construction loan agreement, security agreement or any other document evidencing, guarantying, securing or otherwise relatin0 to the Secured Debt; C. The making or furnishing of any verbal or written representation, statement or warranty to Lende~ float is false or incorrect in any material respect by Mortgagor or any person o~ e~tity obligated on the Secured Debt; D. The death, d ssolution or insolvency of, appointment of a receiver for, or application of a~ly de, bret 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 Lende~ is insecule with respect to any person or entity obligated on 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 Mortgager's business including ownership, management, and financial condilions, which Lender in its opinion believes impairs the value of the P~operty or repayment of the Secured [)ebt; or G. Any loan proceeds are used for a purpose that will contribute to excessive erosion of highly credible la~d or to the conversion of wetlands to produce an agricultural commodity, as further explained in 7 C.F.R. Pa~t 1940, Snbpa~t G, Exhibit M. 16. REI~IEDIE$ ON DEFAULT. In some ihstances:, federal and state law will require Lender to provide Mortgagor wid~ notice of the right to cure, mediation'notices or '5the~'notices and may establish time'schedules for foreclosure actions, tJubject to these limitations, if any, Lender h~ay accelerate the Secured Debt and foreclose this Mortgage in a manner provided by law if this Mortgagor is in default. At the option of Lender, all or any part of the agreed fees and charges, accrued inter~st and principal shall become 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, cumulative and not exclusive, and the Lender is e~ditled 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 waive~ of Lender's right to require full and complete cure of any existing default. By not exercising any remedy on Mortgager's default, Lender does not waive Lender's right to later consider the event a default if it continues or happens agai~k ~'~'~ © 1993, 2001 Banker~ Systems, Inc., St. Cloud, MN Form AGCO-R£SI-Wy 1/16/2003 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 o1' in any inventories, audits, inspections or other examination by Lender i~ 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 tt~is Morlgage, including, but not limited to, attorneys' fees, court costs, and either legal expenses. Once the Secured Debt is fully and finally paid, Lender agrees to release this Mortgage and Mortgagor agrees to pay for any recordation costs. All such amounts are due on demand and will bear interest from the time of the advance at the highest rate in effect, hem time to time, 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 [_aw" 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, o~dinances, court orders, attorney ge~lesal opinions or interpretive letters concerning the public health, safety, welfare, environment or a hazaidous subs~a~ce; and (2) "Hazardous Substance" means any toxic, radioactive or hazardous material, waste, pollutant o~ contami~lant which characteristics which render the substance dangerous or potentially dangerous to ihe public health, safety, welfare or environment. The term includes, without limitation, any substances defined as "hazardous material," "toxic substarlces," "hazardous waste" or "hazardous substance" under any Environmental [_aw. Mortgagor represents, warrants arid agrees that, except as previously disclosed and acknowledged in writing: A. No Hazardous Substance has been, is, or will be located, trasispo~ted, manufactured, treated, refined, or handled by any person on, under or about the Property, except in the ordinary course of business and in suict compliance with all applicable Environmental Law. B. Mortgagor has not and Will not cause, contribute to, or permit the release of any Hazardous Substance on the Property. C. Mortgagor will immediately notify Lender if (1) a release or tll~eatened release of Hazardous Substance occurs on, under or about the Property or migrates or threatens to rnigsate from nearby propelty; or (2) there is a violation any Environmental Law concerning the Property. In such an event, Mortgagor will take all necessary semCdial action in accordance with Environmental Law. D. Mortgagor has no knowledge of or reason to believe there is any pending or threatened investi(jatiorl, claim, or proceeding of any kind relating to (1) any Hazardous Substal~ce located on, under or about the Property; or (2) any violation by Mortgagor or any tenant of any Environmental Law. Mortgagor will immediately notify l.ende~ in writing as soon as Mortgagor has reason to believe there is any such pending or threatened investigatiol~, clairn, or proceeding. In such an event, Lender has the right, but riot the obligation, to participate is-~ a~ly such p~oceeding including the right to receive copies of any documents relatillg to such proceedings. E. Mortgagor a!~d. every tenant have been, are and shall remaill in full compliance with any applicable Environmental Law. · F. There are no 'undergr0~Jnd storage t~nks, pfivate dumps or open wells located on or under the Pioperty and rio such tank, dump' or well will be added unleBs Lender first consents in writing.' G. Mortgagor will regularly inspect the Property, monitor the activities and operations on the Property, and confirm that ail permits, licenses or approvals required by any applicable Environmental Law are obtained and complied with. H. Mortgagor will permit, or cause any tenant to permit, Lendel or Lender's agent to enter and inspect the Property and review all records at any reasonable time to detesmi~e (1) the existence, location a~ld nature of any Hazardous Substance on, under or about the Property; (2) the existence, location, nature, and magnitude of any Hazardous Substance that has been released on, under or about the Property; or (3) whether o~ ~ot Mortgagor and any tenant are in compliance with applicable Environmental Law. I. Upon Lender's request and at any time, Mortgagor agrees, at Mortgager's expense, to engage a qualified environmental engineer to prepare an environmental audit of lhe 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 Lellde~'s approval. J. Lender has the right, but not the obligation, to perform any of Mortgager's obligations under this section1 at Mortgager's expense. K. As a consequence of any breach of any representation, w~rranty or promise made in this section, (1) Mortgagor will indemnify and hold Lender and Lender's successors el 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 Lesrder's successors or asslg~s may sustain; and (2) at Lender's discretion, Lender may release tn~s Mortgage arid in ~erum Mortgago~ wdl plovide Lender with collateral of at least equal value to the Property secused by this Mortgage witl~out p~ejudlce to any of Lender's rights under this Mortgage. b Notwithstanding any of the language contained in this Mortgage to the contrary, the terms of this section shall " .... survive any foreclosure or satisfaction of this Mortgage regasdless of any passage of title [o leander or any disposition by Lender of any or all of the Property. Any claims a~ld defenses to the contrary are hereby waived 19. CONDEMNATION. Mortgagor will give Lender prompt notice of any action, real or threatened, by prwate os public entities to purchase or take any or all of the Property, including any easemer~ts, through col/demnadus~, emi~,nr domain. or any other means. Mortgagor further agrees to notify Lender of any proceedings instituted for tile esrablislu~em Of sewer, water, conservation, ditch., drainage, or other district relating re or binding upon the Psoperty or any pa~r et it. Mortgagor authorizes Lender to intervene in Mortgager's name in any of the above described actions or claims arid re collect and receive all sums resulting from the action or claim. Mortgagor assigns to Lender the proceeds of any award or claim for damages connected with a condemnation or other taking et all or any part of the Property. Such p/oceeds shall be considered payments and will be applied as provided in this Mortgage. 'lhis assignment of proceeds s subject tO the terms of any prior mortgage, deed of trust, security agreement or ou~e~ lien document. F~,~'~'~ ©1993. 2001 Rankers Systems. IRC.. St. Cloud. MN Form AGCO RESI-WY 1/18/2003 20. INSURANCE. Mortgagor 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. ©[her hazards and risks may include, for exa~nple, coverage against loss due to floods or flooding. This insura~/ce shall be maintained in the amour~ts arid tot tl~e periods that Lender requires. What Lender requires pursuar~t to ~lle preceding two sentences cdn change during the term of the Secured Debt. The insurance carrier providing the insurance shall be cilosen by Mortg~gor subject to Lender's approval, which shall not be unreasonably withl/eld. If Mortgagor fails to mair~zain the coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's ~ights in the Property according to tile terms of this Mortgage. All insurance policies and renewals shall be acceptable to Lender and shall include a standard "n~o~[gage clause" and, where applicable, "lender loss payee clause." Mortgagor shall immediately notify Leander of ca~lcelladon or termination of the insurance. Lender shall have the right to hold the policies and renewals. If I_ender requires, Mortgagor shall immediately give ~o Lender all receipts o[ paid premiums arid renewal notices. Upon less, Mortgagor shall give immediate notice to the insurance car~ie~ ~lld Lender. Lender may make proof of loss if not made immediately by Mortgagor. Unless Lender and Mortgagor otherwise agree in writing, insurance proceeds shall he applied to restoration or repair of the Property damaged if tile restoration or repair is economically feasible and Lender's secu~iW is not lessened. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the Seculed Debt, whether or not then due, with any excess paid to Mortgagor. If Mortgagor abandons the Property, or does not ~nswe~ within 30 days a notice from I_ende~ insurance carrier has offered to settle a claim, then Lender may collect the insurance proceeds. Ler~der may use the proceeds to repair or restore the Property or to pay the Secured Debt whether or not then due. The 30-day period will begin when the notice is given. Unless Lender and Mortgagor otherwise agree in writing, any application of.proceeds to principal shall J~o~ extend or postpone the due date of scheduled payments or cha~ge the amount of the payments. If the Property is acquired by Lender, Mortgagor's right to any insurance policies and proceeds resulting from damage to the Property before the acquisition shall pass to Lender to tile ex[un[ of the Secured Debt immediately before the acquisition. [3. Mortgagor agrees to maintain cornprehensive general liability i~surance naming Lender as an additional insured in an amount acceptable to Lender, insuring against claims a~ising from any accident or occurrence in or un Property. 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 accoun~ deposits (it agreed ~.o separately in writing), under a form of policy acceptable to Lender. 21. NO ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separ~ate agreeme~t, Mortgagor will not required to pay to Lender fends for taxes and insurance in escrow. 22. FINANCIAL REPORTS AND ADDITIONAL DOCUlVIENTS. Mortgagor will provide to Lender upon request, any financial statement or information Lender may deem necessary. Mortgagor warla~ts that all financial stateroom/ts and i~fo~mation Mortgagor provides to Lender are, or' will be, accurate, correct, and complete. Mortgagor agrees to sigl~, deliver, a~d file as Lender may reasonably request any 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 o~l the Prope~W. If Mortgagor fails to do so, Lender [nay sign, deliver, and file such documents or certificates in Mortgagor's name and Mortgagor hereby irrevocably appoints Lender or Lender's agent as attorney in fact to do tile things necessary to co~,-~l~l~, w~th this section. 23. JOINT AND INDIVIDUAL LIABILITY; CO-SI~ZNERS; SUCCESSORS AND ASSIGNS BOUND. All duties nnde~ this Mortgage are joint and individual. If Mortgagor signs th~s Mortgage but does no~ s~gn d~e Evidence of Debt, Mortgago~ does so o~dy to mortgage Mortgagor's interest in the Proper~y to secure payment ~t tile Secured Debt and Mortgagor does not agree to be personally liable on the Secured Debt. Mortgagor agrees that Leander and a~y party ~o this Mortgarje may modify or make any change in the terms of this Mortgage or the Evide~ce of Debt withou~ Mo~tgago['s consent Such a change will not release Mortgagor from the terms of this Mortgage The duties and benefits of ti/is Mot'[gage shaJ bi~d and benefit the successors and assigns of Mortgagor arid Lender. If this Mortgage secures a guaranty between Lender and Mortgagor and does not direct y secure the obligation which is guarantied, Mortgagor 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, anti-deficiency or one-action laws. ~,~'~-~ ©1993, 2001 Bark~'~ S¥~t~m~, Inc St. Cloud, MN Form AGCO-RESI WY 1/16/2003 24. APPLICABLE LAW; SEVERABILITY; 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 Properw is located. This Mortgage is complete and fully integrated. This Mortgage may not be amended or modified by oral agreement. Any section or clause in this Mortgage, attachments, or any agreement related to tl~e ~;ecL~red Debt that conflicts with applicable law will not be effective, unless that law expressly or impliedly permits the variations by written agreement. If any section or clause of this 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 sir~gular shall include the plural and the plural the singular. The captions and headiness of the sections of this Mortgage are for convenience only and are not to be used to interpret or define the tern)s of this Mortgage. Time is of the essence in this Mortgage. 25. NOTICE. Unless otherwise required by law, any notice shall be given by delivering it or by mailing it by [irst class mail to the appropriate party's address on page 1 of this Mortgage, or to a~y edger 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 marshalling 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 cio not limit, this Mortgage: Construction Loan. Th'is Mortgage secures an obligation inct~rred for the construction of an improvement on tile Property. Fixture Filing. Mortgagor grants to Lender a security interest in all goods that Mortgagor owns now or i~ the future and that are or will become fixtures related to the Property. Crops; Timber; Minerals; Rents, Issues and Profits. Mortgago~ grants to Lender a security interest in all crops, timber and minerals located on the Property as well as all rents, issues, and profits of tt~em includi~g, but not limited to, all Conservation Reserve Program (CRP) and Payment in Kind (PIK) payments and similar governmental programs (all of which shall also be included in the (erm "Property"). Personal Property. Mortgagor grants to Lender a security interest in all personal property located on or connected with the Property. This security interest includes all farm prodt~cts, inventory, equipment, accounts, docun~ents, instruments, chattel paper, general intangibles, and all other i~e~ns of personal property Mortgagor owns now o~ in the future and that are used or useful in the construL:tion, ownership, operation, management, or maintenance of the Property, The term "personal property" specifically excludes that property described as "household goods" secured in connection with a "consumer" loan as those te~ms are defined in applicable federal regulations governing unfair and deceptive credit practices. Filing As Financing Statement. Mortgagor agrees and acknowledges that this Mortgage also sui~fices as a financing statement and as such, may be filed of record as a fi~ancing statement for purposes of Article 9 of tl~e Uniform Commercial Code. A ca~bon, photographic, image or other reproduction of this Mortgage is sul:ficient as a financing statement. 28. OTHER TERMS. If checked, the following are applicable to this Mortgage: [] Line of Credil. The Secured Debt includes a revolving line of credit prowsion. Although the Secured Debt may be reduced tea zero balance, this Mortgage will remain in effect unt~ released. [] Separate Assignment. The Mortgagor has executed or will execute a separate assJgnmen~ of leases and Jents. If the separate'assignment of leases and rents is properly executed and recorded, then the sepalare assigrlment will supersede this Security Instrument's "Assignment of Leases and [-lents" section [] Additional Terms. ~p--~-~'~ © 1993, 2001 Oank~r~ Sys~arn~, Inc., St Cloud, MN Form AGCO RE$1-WY ~/1612003 SIGNATURES: By signing below, Mortgagor agrees to the terms and covenants contained in lifts Mortgage and in any attachments. Mortgagor also acknowledges receipt of a copy of This Mortgage on the date staled above on Page 1. [] Actual authority was granted to the parties Signing below by resolL~tiorl signed and dated (Dale) (Signa[ure) iDa~e) (Signature) [] Refer to the Addendum which is attached and incorporated herein for additional Mortgagors, signatures and acknowledgments. (individual) ACKNOWLEDGMENT: STATE OF WYOMING , COUNTY OF This instrument was acknowledged before me this ~ ~ by ROGER SAL¥1, A SINGLe MAN My commission expires: ~'-/,2- 0 ~ STATE OF , COUNTY OF This instrument was acknowledged before me this by. day of 5S. (Title(s)) Ackllo wled~lmen[) Of a My commission expires: (Name of on behalf of the business or endw. INota¢y Pablic) 3993. 2001 Bankers Systems,, nc , S~ Cloud. MN Form AGCO-BESi-WY 111612003 ~ 09:28 FROM-Land Ti[le Co~lpany EXHIBIT 30T-F33-8186 T-668 P.005/008 F-12F The West Half of Lot 56 Alpine Village Subdivision Number 3 and being a portion of the SW1/4SW1/4 of Section 17 and the SE1/4SE1/4 of Section 18, T37N, R118W, 6th P.M., Alpine, Lincoln County, Wyoming and being more particularly described as follows: Th~ncc Thence Thence Thence feet; BEGINNING at a point in the South line of Lot 56 Said point being 52.88 feet N89°24'57"Wfrom the Section Comer common to Sections 17, 18, 19 and 20; Thence N89°24'57"W along said Lot line, 132.75 feet; N0°23'18"E, 29.36 feet; N35058'22"W 182.68 feet; N22°20'56"E 529.03 feet; S67°42'32"E 40.00 feet to the beginning ora curve to the left, having a radiu~ of 331.51 Thence Southeasterly along said curve through a central angle of22°10'2,l" an arc distance of 128.29 feet, to a tangent; Thence S11 °07'0Y'E 639.91 feet to the POINT OF BEGINNING. Commonwealth Land TiIlc Insurance Company Commitment- Schcdul* A Page 2 of 2