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HomeMy WebLinkAbout9049870857 State of Wyoming Space Above This Line For Recording Dam REAL ESTATE MORTGAGE (With Future Advance; Ciauset 1. DAT~ AND PARTIES.The date of this Mortgage is 12-01-2004 are as follows: and the parties and their addresses MORTGAGOR: BRIAN H. AND SHERRY KAY SUTER FAMII Y TRUST DATED S_-CPT. 16, 2.0Q2 P O BOX 209 THAYNE, WY 83127 Refer zo the Addendum which is attached and incorporated r~tcreln for additional Mortgagors. L:ENDEFI: T~ BANK OF STAR VALLEY THAYN£ BRANCH ORGANIZED AND:EXISTING UNDER T~ LAWS OFTHE STATE O[ Wt OMING P.O. BOX 928 113 PETERSEN PARKWAY THAYN£, WY 83127 83-0315143 ,MORTGAGE. ~=or good and valuable consideration, the receipt ant] ~ufficiency of which is acknowledged, and zo secure the Secured Debt (hereafter defined), Mortgagor grants, bargains (:~mveys, mortgages and warrants to Lender, with the power of sale, the following described property: SEE SCHEDULE C ATTACHE0 HERETO AND MADE A PART HEHEOF. PJ~CEJVF__D 12/2J2004 at 4:29 PM RECEIVING # 904987 BOOK: 5-73 PAGE: 85'7 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMEREN WY The property is located in LINCOLN at 622 N. MAIN {County) , THAYNE , Wyoming 83127 {Address) ~, (Zip Code) Together with all rights, easements, appurtenances, royalties, [~,H~era rights, oil and gas righm, crops, timber, all diversion payments or third party payments made to crop p~()m~cers, and all existing and future ~mprovements, structures, fixtures, and replacements that may now, or az any tH~ n the future, be part of the real esmm described above (all referred ~o as "Property"). The term Property also inc'lud~5 L)ul is not limited to, any and all water wells, water, ditches, reservoirs, reservoir sites and dams located on the ,;~ estate and all riparian and wamr rigluts associated with the Property, however established. tNYO MING - ~GRICLLLTLIRAL/COMMERCIALREAL .~F. STATE SECURITY INSTRUMENT INOT FO~ 3 ~_001 :Bankers Systems, Inc.. St. £1aud, MN F=rm AGCO-RESI-WY I 1 b ~, JL~, FHLMC. FHAORVAU$£,ANgNOTFORCONSUMERPUR?O~$1 (page 1 ~of S) 0858 MAXIMUM OBLIGATION LIMIT. The 1oral principal amount of tr~ Secured Debt (hereafter defined) secured by 1his Mortgage at any one lime shall not exceed $145,BD6.57 This limitation of amount does not include interest, loan charges, commitment fees, brokerage comm~s~or~s, attorneys' fees and other charges validly made pursuant to 1his Mortgage and d~es not apply to advances (or inter,sl accrued on such advances) made under the terms of 1his Mortgage to protect Lender's security and to perform any u~ tile covenants contained in 1his Mortgage. Future advances are contemplated and, along with other future obligations a~e secured by this Mortgage even though all or part may not yet be advanced. Nothing in this Mortgage, however, M~all constitute a commitment lo make additional or -future loans or advances in any amount. Any such commitment wotn~] ~eee to be agreed to in a separate writing. SECURED ~E]~' ]3EFINED. The term ."Secured Debt" includes, but ,:, ~o~ bruited to, the following: A. The promissory note(s), contract(s), guaranty(les) or other ewdence of debt described below and all extensions, renewals, modifications or substitutions. (When referencm,j ~he debts below it is suggested that you include items such as ~borrowers' names and addresses, note princ/z~ul amounts, commercial revolving loan agreement ~ maximum amount, interest rates, variable rate terms, matu,zy dates, etc.) ON£ PROMISSORY NOTE DATED 12-01-04 IN'THE AMOUNT OF .t 145,806~5-7-'1'D STAR VALLEY SKI DO0. B. All future advances from Lender to Mortgagor or other luture obligations of Mortgagor Io Lender under any promissory note, contract, guaranty, or other evidence o~ c~e[)l exisnng now or executed after -[his Mortgage whether or not this Mortgage is specifically referred to in me ev~c~ence of debt. C. All obligations Mortgagor owes lo Lender, which now exisl o~ may later arise, to the .extent not prohibited by law, including, but not limited to, liabilities for overdrafts re~anr~g to any deposit account agreement between Mortgagor and Lender. D. All additional sums advanced and expenses incurred by Lendur for insuring, preserving or otherwise protecting 1he Property and its value and any other sums advanced ane ,,l~enses incurred by Lender under 1he terms of this Mortgage, plus interest atlhe highest rate in effect, from tn~t; tu ume, as provided in 1he Evidence of Debt. E Mortgager's performance under the terms of any instrumer~ ,~,weencmg a debt by Mortgagor Io Lender and any Mortgage securing, guarantying, or otherwise relating to the debt If more 1hen one person s~gns 1his Mortgage as Mortgagor, eacl Murtgagor agrees that 1his Mortgage will secure all ~uture advances and future obligations described above 1hat are ~j, ve~ Io or incurred by any one or more Mortgagor, or any one or more Mortgagor and others. This Mortgage will not secure airy other debt if Lender fails, with respect to such other debt, to make any required disclosure about 1his Mortgage o~ ~ Lender fails to give any required notice of the right of rescission. :5. PAYNENTS. Mortgagor agrees to make all payments on the Secur~;d Debt when due and in accordance with 1he lerms of the Evide nco of Debt or this Mortgage. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, assess~u~t,~ liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Property when duc Lender may require Mortgagor ~o provide to Lender copies of ali notices that such amounts are due and the receipts ev~{]encmg Mortgager's payment. Mortgagor will defend ~itle to the Property against any claims that would impair the ~:, of this Mortgage. Mortgagor agrees to assign to lender, as requested by Lender, any rights, claims or defenses w~n~:n Mortgagor may have against parties who supply labor or materials to improve or maintain the Property. 7. PRIOR SECURITY INTERESTS. With regard to any other morzgauc deed of trust, security agreement or other lien document that created a prior security interest or encumbrance ur, tl~e Property and that may have priority over this Mortgage, Mortgagor agrees: A. To make all payments when due and to perform or comply wm a covenants. ~. To promptly deliver to Lender any notices that Mortgagor rec,~vcs from the holder. C. Not -~o make or permit any modification or extension of, an(~ r-~()z to request or accept any future advances under any note or agreement secured by, the other mortgage m~.~:u of trust or security agreement unless Lender consents in writing. DUE ON SALE OR FNCUN[BRANCE. Lender may, at its option, m:c:~are the entire balance of 1he Secured Debt to be immediately due and payable upon the creation of any lien, encum~a~ce, transfer, or sale, or contract for any of these on the Property. However, if the Property includes Mortgager's res~ce this section shall be subject to the restrictions imposed by federal law (12 C.F.R. 591), as applicable. For the purposes of this section, the term "Property" also includes any interest ~o all or any part of the Property. This cove~an[ she run with the Property and shall remain in effect until the Secured Debt is paid in ful and this Mortgage is re~ea,~,ecl ~M © 1993, 2001 ~anker$ Systems, Inc.. St. Cloud, MN Form AGCO-R~SI-WY 1116/2 [page 2 of B) TRANSFER OF AN IN-rk-REST IN THE MORTGAGOR. If Mortgagr,~ s an entity otl~er~¢ ral person {such as a corporation or other organization), Lender may demand immediate i~,vn~en~ f (1) a beneficial interest in Mortgagor is sold or transferred; (2) there is a change in either the identity or numb~ el members of a partnership or similar entity; or (3) there is a change in ownership of more than 25 percent of the vo~c.i s~ock of a corporation or similar entity. However, Lender may not demand payment in the above situations if it is proI~l)lteo by aw as of the date of this Mortgage. 1D.t!NTITY WARRANTIF_~ AND REPRESENTATIONS. If Mortgagor ., a~ entity other than a natural person (such as a corporation or other organization), Mortgagor makes to Lender the.. tollow ng 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 valid ~ e×~sz~ng in the Mortgager's state of incorporation (or organization). Mortgagor is ~n good standing in all states . ~eh~cn Mortgagor transacts business. Mortgagor has the power and authority to own the Property and to ca~. on ts business as now being conducted and, as applicable, is qualified to do so in each state in which Morttl,,gor operates t~. The execution, delivery and performance of this Mortgag~ t>v Mortgagor and the obligation evidenced by the Evidence of Debt are within the power of Mortgagor, h~,vc ~een duly authorized, have received all necessary governmental approval, and will not violate any provision of ~,~w or order of court or governmental agency. C. Other lhan disclosed in writing Mortgagor has not changec~ ~,., name within the last ten years and has not used any other trade or fictitious name. Without Lender's prior w~uen consent, Mortgagor does 'not and will not use any other name and will preserve its existing name, zr~c~e names and franchises until the Secured Debt is satisfied. Il. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mortga!Nr will Keep the Property in good condition and make all repairs that are reasonably necessary. Mortgagor will give L,~.r~der prompt notice of any loss or damage to the Property. Mortgagor will keep the Property free of noxious weec~ ~ne grasses. Mortgagor will not mit{ate, join in or consent to any change in any private restrictive covenant, zoning t,rd~ance or other public or private restriction limiting or defining -~he uses which may be made of the Property or any i~ar[ of the Property, without Lender's prior written consent. Mortgagor will notify Lender of all demands, proceedino~., c~a~ms and actions against Mortgagor or any other owner made under law or regulation regarding use, ownership a~m occupancy of the Properly. Mortgagor will comply with all legal requirements and restrictions, whether public or priw~, w~th respect to the use of the Property. Mortgagor also agrees that the nature of the occupancy and use will not chan~]-- vv~thout Lender's prior written consent. No portion of the Property will be removed, demolished or malen~dIV altered without Lender's prior written consent except ghat Mortgagor has lhe right to remove items of personal {)r t,perty comprising a part of the Property that become worn or obsolete, provided ghat such personal property is replaced ,.,,~m other personal property al least equal in value to ~he replaced personal property, free -[rom any lille retention dewc~; security agreement or other encumbrance. Such replacement of personal property will be deemed subject to the ,~.,:~:urlzy interest created by this Mortgage. Mortgagor shall not partition or subdivide the Property without Lender's pnor ~:r~uen consent. Lender or Lender's agents may, at lender's option, enter the Property at any reasonable time for the pt,pose of inspecting the Property. Any inspection of the Property shall be entirely for Lender's benefit and Mortgagor v.~ ,~ r~o way rely on Lender's inspection. 12. AUTHORITY TO PERFORM. If Mortgagor fails to perform any el r'.'lt~rtgagor's duties under this Mortgage, or any other mortgage, deed of trust, security agreement or other lien documer~ mat has priority over this Mortgage, Lender may, without no, ce, perform the duties or cause them to be performed. Mortgagor appoints Lender as attorney In fact to sign Mortgager's name or pay any amount necessary -[or performance I~ any construction on the Property m discontinued or not carried on in a reasonable manner, Lender may do whatever ,~ r~cessary to protect Lender's security interest in the Property. This may include completing the construction. Lender's right to perform for Mortgagor shall not create an obligatlu~ ~o perform, and Lender's failure to perform will not preclude lender from exercising any of Lender's other rights u~o,~.~ u,e law or this Mortgage. Any amounts paid by Lender for insuring, preserving or otherwise protecting the Property ,~nd Lender's security interest will be due on demand and will tmar interest from the date of the payment until paid .~ fed az the interest rate in effect from time to time according to the terms of the £vidence of Debt. ASSIGNMENT OF I.EASF_~ AND RENTS. Mortgagor assigns, g~i~P.z,., bargains, conveys, mortgages and warrants to Lender as additional security all the right, title and interest in the lollowing (Property). A. Existing or future leases, subleases, licenses, guaranties a~{~ any other written or verbal agreements for the use and occupancy of the Property, including but not limited to, any extensions, renewals, modifications or replacements {Leases). t~. Rents, issues and profits, including but not limited to, s,,cur~tv deposits, minimum rents, percentage rents, additional rents, common area maintenance charges, park~r,~j charges, real estate taxes, other applicable taxes, insurance premium contributions, liquidated damages follo~g default, cancellation premiums, "loss of rents" insurance, guest receipts, revenues, royalties, proceeds, hot,uses, accounts, contract rights, general intangibles, and all rights and claims which Mortgagor may have ghat .. ~*~v way pertain to or are on account of the use or occupancy of the whole or any part of the Property (Rents) In lhe event any item listed as Leases or Rents is determined ~o L~e personal property, this Assignment will also be regarded as a security agreement. (page .3 of 8) 2-001 Bankers Syslerrm, Inc., Sl, Cloud, MN Form AGCO-RESI-WY 1fl 6'i Mortgagor will promptly provide Lender with copies of the Lease's, and will certify these Leases are true and correct copies. The existing Leases will be provided on execution of the A.%~:~,jnment, and all of the future Leases and any other information with respect to these Leases will be provided immediate: ¢ after they are executed. Mortgagor may collect, receive, enjoy and use the Rents so long as Mortgagor is not in deh,L~lt Mortgagor will not collect in advance any Rents due in future lease periods, unless Mortgagor first obtains Lender's ~.¢~[ten consent. Upon default, Mortgagor will receive any Rents in trust for Lender and Mortgagor will not commingle thc F~,~.~rts with any other funds. When Lender so directs, Mortgagor will endorse and deliver any payments of Rents fron-~ tl~e Property tO Lender. Amounts collected will be applied at Lender's discretion to the Secured Debts, the costs of n,~,~aging, protecting and preserving the Property, and other necessary ~xpenses. Mortgagor agrees that this Security Insl~L~ment is immediately effective between Mortgagor and Lender. This Security Instrument will remain effective duri~j ~,r~y statutory redemption period until the Secured Debts are satisfied. Unless otherwise prohibited or prescribed by sl~te law, Mortgagor agrees that Lender may take actual possession of the Property without the necessity of comme~:lr~.j any legal action or proceeding. Mortgagor agrees -that actual possession of the Property is deemed to occur when L,:~d~r notifies Mortgagor of Mortgager's default and demands that Mortgagor and Mortgager's tenants pay all Rents du,: or to become due directly to Lender. Immediately after Lender gives Mortgagor ~he notice of default, Mortgagor agr~,,s that either Lender or Mortgagor may immediately notify the tenants and demand that all future Rents be paid directly t~ Lender. As long as this Assignment is in effect, Mortgagor warrants and rul~ esents that no default exists under the Leases, and the parties subject to the ~Leases have not violated any applicabl, law on leases, licenses and landlords and tenants. Mortgagor, at its sole cost and expense, will keep, observe and F,:~lorm, and require all other parties to the Leases to comply with the Leases and any applicable law. tf Mortgagor or a~,~, f~arly to the Lease defaults or fails to observe any applicable law, Mortgagor will promptly notify Lender. If Mortgago~ ~eglects or refuses to enforce compliance with the terms of the Leases, then Lender may, at Lender's option, enforce cot ~-q~hance. Mortgagor will not sublet, modify, extend, cancel, or otherwise alt,;~ the Leases, or accept ~[he surrender of the Property covered by the Leases (unless the Leases so require) without Lend~.~ 's consent. Mortgagor will not assign, compromise, subordinate or encumber the .Leases and Rents without Lender's t,rior written consent. Lender does not assume or become liable for the Property's maintenance, depreciation, or ott~:r losses or damages when Lender acts to manage, protect or preserve the Property, except for losses and damages cl~u to Lender's gross negligence or intentional torts. Otherwise, Mortgagor will indemnify Lender and hold Lender haru~tcss for all liability, loss or damage that Lender may incur when Lender opts to exercise any of its remedies against any t~l tV obligated under the Leases. 14. CONDOMINIUMS; PLANNED UNIT DEVELOPIVtENTS. If the Proper~y ir~cludes a unit in a condominium or a planned unit development, Mortgagor will perform all of Mortgager's duties ~der the covenants, by-laws, or regulations of the condominium or planned unit development. 15.DEFAUL-r. Mortgagor will be in default if any of-the following occur: A. Any party obligated on the Secured Debt fails to make payn,~I ~hen due; A breach of any term or covenant in this Mortgage, any i,~ior mortgage or any construction loan agreement, security agreement or any other document evidencing, guar~l'~Win§, securing or otherwise relating to the Secured Debt; -l-he making or furnishing of any verbal or written represent~t~or~, statement or warranty to Lender that is ~alse or incorrect in any material respect by Mortgagor or any persor~ o~ entity obligated on the Secured Debt; D. The death, dissolution, or insolvency of, appointment of a r~.ceiver for, or application of any debtor relief law to, Mortgagor or any person or entity obligated on the Secured E. A good faith belief by Lender at any time that Lender is inse~:ure with respect zo any person or entity obligated on the secured Debt or that the prospect of any payment is in-~p~m ed or the value of the Property is impaired; ]=. A material adverse change in Mortgager's business includi~t~ ownership, management, and financial conditions, which Lender in its opinion believes impairs the value of the Pr~,perty or repayment of the Secured Debt; or G. Any loan proceeds are used ~or a purpose that will contribu~ ~o excessive erosion of highly erodible land or to the conversion of wetlands to produce an agricultural commodity, as further explained in 7 C.F.R. Part 1940, Subpart G, Exhibit M. 16.RF_JVIEDIES DN DEFAUL-r. In some instances, federal and state law will require Lender to provide Mortgager with notice of the right to cure, mediation notices or other notices and may es~htish time schedules for foreclosure actions. Subject zo these limitations, if any, Lender may accelerate the Secured Deb[ ~d foreclose this Mortgage in a manner provided by law if this Mortgagor is in default. At the ~ption of Lender, alt or any part of the agreed fees and ct~ges, accrued interest and principal shall become immediately due and payable, after giving notice if required by h~w, upon the occurrence of a default er anytime ~thereafter. In addition, Lender shall be entitled to all the remedies p~,~,ided by law, the Evidence of Debt, other evidences of debt, this Mortgage and any related documents including wi[l~,ut limitation, the power to sell the Property. All remedies are distinct, cumulative and not exclusive, and the Lend~;~ ~; entitled to all remedies provided at law or equity, whether expressly set forth or not. -t'he acceptance by Lender of ~, ~, ~um in payment or partial payment on the Secured Debt after the balance is due or is accelerated or after foreclosure proceedings are filed shall not constitute a waiver of Lender's right to require full and complete cure of any existing d~dt. ~y not exercising any remedy on Mortgager's default, Lender does not waive Lender's right to later consider the cw:~[ a default if it continues or happens again. (page ~4 of B) ~____~---~ © 1993, 2001 Bankers Systems, Inc., St. Cl~ud, MN Form AGCO-RESI-WY 1/16/21~1i i 17.~r_XPENSF_S; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when prohibited by law, Mortgagor agrees to pay all of lender's expenses if Mortgagor br,.'a,~:l~es any covenant in this Mortgage. Mortgagor will also pay on demand all of lender's expenses incurred in collectin~j, ~suring, preserving or protecting the Property or in any inventories, audits, inspections or other examination by Lend~r H~ respect to the Property. Mortgagor agrees to pay all costs and expenses incurred by Lender in enforcing or protectl~j Lcnder's rights and remedies under this Mortgage, including, but not limited to, attorneys' fees, court costs, .and ott~e~ legal expenses. Once the Secured Debt is fully and finally paid, Lender agrees to release this Mortgage and Mortgago~ agrees to pay for any recordation costs. All such amounts are due on demand and will bear interest from the time uf the advance at the highest rate in effect, from time zo time, as provided in the Evidence of Debt and as permitted by law. 1B.ENVlRi3NIV~ENTAL lAWS AND HAZARDOUS SUBSTANCES. As u.~.ed in this section, (1) "Environmental Law" means, without limitation, the Comprehensive Environmental Response, Cu~pensation and liability Act (CERCLA, 42 U.S.C. 9601 et seq.), all ether federal, state and local laws, regulations, ~r d~r~ances, court orders, attorney general opinions or interpretive letters concerning the public health, safety, welfa~u, environment er a hazardous substance; and (2) "Hazardous Substance" means any toxic, radioactive or hazardous ~aterial, waste, pollutant or contaminant which has characteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare environment. The term includes, without limitation, any substance.', d~fined as "hazardous material," "toxic substances," "hazardous waste" or "hazardous substance" under any Environme. rnal Law. Mortgagor represents, warrants and agrees that, except as previously disclosed and acknowledged in writing: A. No Hazardous Substance has been, is, er will be located, ~rm~sported, manufactured, treated, refined, or handled by any person Dh, under or about the Property, except in tl~e u~ dinary course of business and in strict compliance with all applicable Environmental Law. J~. Mortgagor has not and will not cause, contribute to, or p,;r~[t the release of any Hazardous Substance on the Property. C. Mortgagor will immediately notify Lender if (1) a release or threatened release of Hazardous Substance occurs on, under or about the Property Dr migrates or~hreatans to mkj~ any Environmental Law concerning the Property. In such a~ cvem, Mortgagor will take all necessary remedial action in accordance with Environmental Jaw. D. Mortgagor has no knowledge of or reason to believe ~herc ~'.~ any pending or ~hreatened investigation, claim, or proceeding of any kind relating to (1) any Hazardous Substa~tce located on, under or about the Property; or {2) any violation by Mortgagor or any tenant of any Environmc~d Law. Mortgagor will immediately notify Lender in writing as soon as Mortgagor has reason to believe there i~ a~y such pending or threatened investigation, claim, or proceeding. In such an event, Lender has the right, but r~o~ the obligation, to Participate in any such proceeding including the right to receive copies of any documents relatlr~j to such proceedings. E. Mortgagor and every tenant have been, are and shall rema~l~ H) full compliance with any applicable Environmental Low. F. -There are no underground storage tanks, private dumps or open wells located on or under-~he Property and ne such tank, dump or well will J~e added unless Lender first co~)~cr~ts in writing. G. Mortgagor will regularly inspect the Property, monitor the activities and operations on the Property, and confirm that all permits, licenses or approvals required by any apt)h~:able Environmental Law are obtained and complied with. H. Mortgagor will permit, or cause any tenant to permit, lend,~.~ or Lender's agent to enter and inspect the Property and review all recDrds at any reasonable time to deter~nr~e (1) the existence, location and nature of any Hazardous Substance on, under or about the Property; (2) ~t~,~ existence, location, nature, and magnitude Df any Hazardous Substance that has been released on, under or ~bout the Property; or (3) whether or not Mortgagor and any tenant are in compliance with applicable Environme[~[al Law. 1. Upon Lender's request and at any time, Mortgagor agrc. e~, at Mortgager's expense, to engage a qualified environmental engineer to prepare an environmental audit ol tl~e Property and to submit the results of such audit lo Lender. The choice of the environmental engineer who wdl i~erform such audit is subject to Lender's approval. J. Lender has ~he right, but not the obligation, to perform a~y of Mortgager's obligations under this section at Mortgager's expense. K. As a consequence of any breach of any representation, wa~lanW or promise made in this section, (1) Mortgager will indemnify and hold Lender and Lender's successors or a~;s~gns harmless from and against all losses, claims, demands, liabilities, damages, cleanup, response and rer~,,;diafion costs, penalties and expenses, including without limitation all costs of litigation and attorneys' fees, winch Lender and lender's successors or assigns may sustain; and (2) at Lender's discretion, Lender may release ~t~is Mortgage and in return Mortgagor will provide Lender with collateral of at least equal value to the Property ~.cured by this Mortgage without prejudice lo any of Lender's rights ~Jnder ~his Mortgage. J-. Notwithstanding any of -the language contained in ~his MortOa~jc to the contrary, -[he terms of this section shall survive any f~reclesure er satisfaction of this Mortgage ~jardless of any passage of title to lender er any disposition by lender of any or all of the Property. Any clain~.~, a~)d defenses to the contrary are hereby waived. 39. CONDFMNATION. Mortgagor will give Lender prompt notice o~ a~t¥ action, real or threatened, by private er public entities to purchase or-rake any or all of the Property, including a~¥ casements, through condemnation, eminent domain, or any other means. Mortgagor further agrees zo notify Lender of a~W l)roceedings instituted for the establishment of any sewer, water, conservation, ditch, drainage, or other district rela~r~j to or binding upon the Property or any part of it. Mortgagor authorizes Lender to intervene in Mortgager's name collect and receive all sums resulting from the action or claim. Mor~!ja[lor assigns to lender the proceeds of any award or claim for damages connected with a condemnation or ether [akin9 (~t all or any part of the Property. Such proceeds shall be considered payments and will be applied as provided in this M~t~3age. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or o~t~e~ lien document. (page 5 of 8) ~~~2001 ~,nk~r, Sy, t~rr~, I .... $,. Cloud, MN F~rrn AGCO-RE$I-WY 1/16/2 INSURANCE. Mortgagor agrees to maintain insurance as follows: A. Mortgagor shall keep the Property insured against loss b. ~re theft and other hazards and risi(s reasonably associated with the Property due to its type and location ©ther hazards and risks may include, for example, coverage against loss due to floods or flooding. This insura~,~e sl~all be maintained in the amounts and for the periods that Lender requires. What Lender requires pursuan~ lo the preceding two sentences can change during the term of the Secured Debt. The insurance carrier providin0 me ~nsurance shall be chosen by Mortgagor subject to Lender's approval, which shall not be unreasonably vv~l~,ula If Mortgagor ~ails to maintain the coverage described above, Lender may, at Lender's option, obtain c~verage to protect Lender's rights in the Property according to the terms or,his Mortgage. All insurance policies and renewals shall be acceptable to Lc~der ant shall include a standard "mortgage clause" and, where applicable, "lender loss payee clause." Mortgacj~,~ shall immediately notify Lender of cancellation or termination of the insurance. Lender shall have the right ~ i~old the policies and renewals. If Lender requires, Mortgagor shall immediately g~ve to Lender all receipts ol [~ald premiums and renewal notices. Upon loss, Mortgagor shall give immediate notice to the insurance carrier ~nd Lender. Lender may make proof of loss if not made immediately by Mortgagor, Unless Lender and Mortgagor otherwise agree in writing, ~urance proceeds shall be applied to restoration or repair of the Property damaged if the restoration or repair .:~ ~;conomical y feasible and Lender's security is not lessened. If the restoration or repair is not economically l~,:,d)le or Lender's security would be lessened, the insurance proceeds shall be applied to the Secured Debt. ~','l~uu~er or no~ then due, with any excess paid to Mortgagor. If Mortgagor abandons the Property, or does not ~[,swer within 30 days a nctme from Lender that the insurance carrier has offered to settle a claim, then Lender ~,~¥ collecl the insurance proceeds. Lender may use ~he proceeds to repair or restore the Property or to pay the Sccure~ 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, a~ ~pphcation of proceeds to principal shall not extend or postpone the due date of scheduled payments or cha~!l,~ the amount of the payments. If the Property is acquired by Lender, Mortgagor's right to any insurance pullc~es and proceeds resulting from damage to the ~roperty before the acquisition shall pass zo Lender to the c',x~enz of the Secured Debt immediately before the acquisition. Mortgagor agrees zo maintain comprehensive general liabilw. ~.~surance naming Lender as an additional insured in an amount acceptable to Lender, insuring against claims a~,~r~cj from any accident or occurrence in or on the Property. Mortgagor agrees to maintain rental loss or business interru,~[~o~ ~nsurance, as required by Lender, in an amount equal to at least coverage of one year's debt service, ~ required escrow account deposits (if agreed to separately in writing), under a form of policy acceptable to L,:;~der. ~.1. NO,F_SCROW 7:OR TAXES AND IhlSURAhlCE. Unless otherwise pro¥~ded ~n a separate agreement, Mortgagor will not be required to pay zo Lender funds for taxes and insurance in escrow. ~_2.~:INANCIAL REPDRTS AND ADDITIONAL DOCUIVIENTS. Mortgagor ~rdl]l provide to Lender upon request, any financial statement or information Lender may deem necessary. Mortgagor ~rranzs that all financial statements and information Mortgagor provides to Lender are, or will be, accurate, correct, ant t:on~plete. Mortgagor agrees zo sign, deliver, and file as Lender may reasonably request any additional documents or certifications that Lender may consider necessary zo perfect, continue, and preserve Mortgagor'.s obligations under this Mortgage and Lender's lien status on the Property. If Mortgagor fails to do so, Lender may sign, deliver, and file suc~ c~ocumenrs or certificates in Mortgagor's name and Mortgagor hereby irrevocably appoints Lender or Lender's agent as ~dtorney in fact to do the things necessary to comply with this section. ~.3. JOINT AND INDIVIDUAL JJABILITY; £D-$1GNER$; SUC-CF_SSORS AND ASSIGNS BOUND. All duties under this Mortgage are joint and individual. If Mortgagor signs this Mortgage but does n~ s~gn the Evidence of Debt, Mortgagor does so only to mortgage Mortgagor's interest in the Property to secure paymer~t c~t the Secured Debt and Mortgagor does not agree to be personally liable on the Secured Debt. Mortgagor agrees that L e~oer and any party to this Mortgage may extend, modify er make any change in -~he terms of this Mortgage or the Evkh;r~ce of Debt without Mortgager's consent. Such a change will not release Mortgagor from the terms of this Mortgage The duties and benefits of this Mortgage shall bind and benefit the successors and assigns of Mortgagor and Lender. If this Mortgage secures a guaranty between Lender and Mortgagor ~c~ odes not directly secure the obligation which is guarantied, Mortgagor agrees -to waive any rights that may prevt~] Len0er from bringing any action or claim against Mortgagor or any party indebted under the obligation including, but ~,~ lite,ired to, anti-deficiency or one-action laws ~_.~---~ © 1993, 2001 ~ankers Systems, Inc., St. Cloud, MN Form AGCO-RESI-WY 1/1 (page 6 of B) 0863 24. APPLICABL~ LAW; SEVERABIIITY; INTERPRETATION. This Mor~[l~t~je ~s governed by the laws of the jurisdiction in which Lender is located, except to the extent otherwise required :)v tr)e aws of the jurisdiction where the Property is located. This Mortgage is complete and fully ,ntegrated. This r'.l~,~lgage may not be amended er modified by oral agreement. Any section or clause in this Mortgage, az-tachmenzs (~ a~y agreement related to the Secured Debt that conflicts with applicable law will not be effective, unless that law ~.~[)ress=y or impliedly permits the variations by written agreement. If any section or clause of this Mortgage cannot be e~(~fcee according to its terms, that section or clause will be severed and will not affect the enforceability of the remaind~,~r o~ th~s Mortgage. Whenever used, the singular shal include the plural and the plural the singular The captions ant -~,~a ngs of the sect,ohs of ~his Mortgage are for convenience only and are not to be used to Interpret or define the ~[~ s of this Mortgage. Time is of the essence m this Mortgage. 25. NOTICE. Unless otherwise required by law, any notice shall be giw:~ ~v delivering it or by mailing it by first class mail to the appropriate party's address on page 1 of this Mortgage, or to ,,~. other address designated in writing. Notice to one mortgagor will be deemed to be notice to all mortgagors. 26. WAIVERS. Except to the extent prohibited by law, Mortgagor w~w~,s 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, bu~ ~]~ not limit, this Mortgage: Construction Loan. This Mortgage secures an obligation in(:u~ec~ for the construction of an improvement on ~he Properw. Fixture Filing. Mortgagor grants to Lender a security inter~,t m all goods that Mortgagor owns now or in the future and that are or will become fixtures related to the Crops; Timber; Minerals; Rents, Issues and Profits. Mortg~,j~,r grants to Lender a security interest in all crops, timber and minerals located on the Property as well as all r,~s. issues, and profits of them including, but not limited to, all Conservation Reserve Program (CRP) and Pa¥~,n~ n Kind (PIK) payments and similar governmental programs (all of which shall also be included in the term "Pr~ ~,~r]y") ]-~ Personal Property, Mortgagor grants to Lender a security in~us~ ~n all personal property located on or connected with the Property. This security interest includes all farm p~ f~luczs, inventory, equipment, accounts, documents, instruments, chattel paper, general intangibles, and al other ~r~.n~s of personal property Mortgagor owns now or in the future and that are used or useful in the construction, ov.,~ership, operation, management, or maintenance of -~he Property. The term "personal property" specifically exc~es zl~at property described as "household goods" secured m connection with a "consumer" loan as those t,~,ln~s are defined in applicable federal regulations governing unfair and deceptive credit practices. T-I ]:iling As Financing Statement. Mortgagor agrees and ac~.:~ow~e~ges that this Mortgage also suffices as a financing statement and as such, may be filed of record as ~ ~anc~ng statement for purposes of Article 9 of the Uniform Commercial Code A carbon, photographic, image u~ uu~er reproduction of this Mortgage is sufficient as a financing statement. 2.8. OTHER T~-RMS. If checked, the following are applicable to this Mor~j~,~je: J_ina of Credit. The Secured Debt includes a revolving line oi ~:red~ prowsion. Although ~he Secured Debt may be reduced-~o a zero balance, this Mortgage will remain in effect ~nt~l released. T-] ,Separate Assignment. The Mortgagor has executed or will ex~cu~e a separate assignment of leases and rents. If ~he separate assignment of leases and rents is properly execL~I~ an~ recorded, then the separate assignment will supersede this Security Instrument's "Assignment of Leases ~,~ ~ Rents" section. J~ Additional Terms. 001 ~ankers Systems, Inc., St, Clou~ MN Form AGCO-RESI-WY~I/16/;_ (~age 7 Df ~) 0 9043 , ,. 086, SIGNATURES: ]~y signing below, Mortgagor agrees lo the terms anc~ covenants contained in this Mortgage and in any altachments. Mortgagor also acknowledges receipt of a copy of this L.lor~gage on the date stated above on Page 1. I2 Actual authority was granted to the parties signing below by resu~uuon signed and dated EnlJty Name: BRIAN H. AND SHERRY KAY SUTER :FAMILYTRUST DATED SEPT, 1G, 2002 (Signa~re)l]RIAN H.$LITER,TRUSTI~ ~Data) (s,,., ......... SHERRY I~AY SUT~R/fR~S~'~FF (Date) {Signalure) (Date) S~ :jr,L, ~ .~r e 12 Refer -to the Addendum which is attached and incorporazecl r~erem acknowledgments. (Date) for additional Mortgagors, signatures and ACKNOWLEDGMENT: STATE OF , COUNTY OF This instrument was acknowledged before me this by. day of } SS, My commission expires: (Notary Public) STATE OF WYOMING , COUNTY OF This instrument was acknowledged before me Ihis 1ST :by t]RIAN H. SUTER; SHERRY KAY SUT£R ./ day of BECEMBER, 2004 } SS, ~,i.~, -rRUSTEE;TRUSTH (Title(s)) ~k .... o .... ~ of J~RIAN H. AND SHERRY KAY SUTER FAMILY TRUST DATr~ SEPT. 16, 2002 a WYOMING 7~.,~7L My commission expires: ~ -//-/- z~ ~-' IName of t~usiness or Entity) on behalf of the business or entity. (Notary Public} 993, 2001 Bankers Systems. Inc., St. Cloud, MN Form AGCO-RE$1-WY 1/1 §, 2[h ~:t (pa,OB 8 Of ~) ALTA COMMITMENT - 1982 - WY 0865 Commitment No.: FA 12627 M SCHEDULE C The land referred to in this commitment is situated in the State of Wyoming, County of Lincoln, and is described as follows: Part of the E~SWM of Section 14, T34N RllgW of the 6th P.M., Lincoln County, Wyoming being more particularly described as follows: Beginning at a point in the East line of U.S. Highway 89 said point being 333.383 feet, along a 1859.860 feet radius curve to the Right (chord bears N 31°17'51'' W, 332.934 fee¢) from the Highway MonUment found marking Station SC 1454+56.3; thence continuing along said 1859.860 feet radius curve to the Right (chord bears N 21°51'15'' W, 279.428 feet) 279.691 feet; thence N 80°40'10'' E, 155.440 feet; thence S 89032'24'' E, 120.590 feet; thence S 5°11'38'' E, 267.030 feet; thence S 84048'22'' W, 194.927 feeE, to the Point of Beginning. 11/91