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HomeMy WebLinkAbout90530731365 State of Wyoming RECEIVED 12/16/2004 at 12:07 PM RECEIVING # 905307 BOOK: 575 PAGE: 113 JEANNE WAGNER LINCOLN COUNTY CLERK. KEMMERER. WY Space Above This Line For Recording Data REAL ESTATE MORTGAGE (With Future Advar.:. (;lause) DATE AND PARTIES. The date of this Mortgage is 12-10-2004 are as follows: and the parties and their addresses MORTGAGOR: T&S LEWIS L.C., A NEVADA lIMITED LIABILITY COMPANY P.O. BOX 842 THAYNE, WY 83127 [] Refer to the Addendum which is attached and incorporazud ' .~u.) for additional Mortgagors. LENDER: BANK OF JACKSON HOLE ORGANIZED AND EXISTING UNDER THE LAWS OF THE STAT[ OF WYOMING 990 W. BROADWAY P.O. BOX 7000 JACKSON, WY 83002 MORTGAGE. For good and valuable consideration, the receipt .r, ,~dficiency of which is acknowledged, and to secure the Secured Debt (hereafter defined), Mortgagor grants, bargain.~, (,weys, mortgages and warrants to Lender, with the power of sale, the following described property: LOT 79, PRATER CANY[JN ESTATES. UNIT 4, AS SHOWN BY THE OFFICIAL PLAT OF SAID SUBDIVISION FILED $ JULY 1970 AS FILING NO. 423838 IN THE OFFICE OF THE COUNTY ~:1ERK OF LINCOLN COUNTY, WYOMING The property is located in LINCOLN at 507 ELKHORN DR. (County) , THAYNE , Wyoming 83127 (Address) I(ht ~,) (Zip Code) Together with all rights, easements, appurtenances, royalties..dna, al rights, oil and gas rights, crops, timber, all diversion payments or third party payments made to crop I,(-f..'ers, and all existing and future improvements, structures, fixtures, and replacements that may now, or at any ~,[.~. i~ the future, be part of the real estate described above (all referred to as "Properly"). The term Property also i~ .,..les, but is not limited to, any and all water wells, water, ditches, reservoirs, reservoir sites and dams located on th,; ~.*.~ estate and all riparian and water rights associated with the Property, however established. WYOMING - AGRICULTURAL/COMMERCIAL REAL ESTATE SECURITY INSTRUMENT {Nhl t I'.~/~. FHLMC, FHA OR VA USE, AND N0~ FOR CONSUMER PURPOSES) [page 1 of $) MAXIMUM OBLIGATION LIMIT. The total principal amount ot II.~ ,~ec~red Debt (hereafter defined) secured by this Mortgage at any one time shall not exceed $350.000.00 This limitation of amount does not include interest, loan charges, commitment fees, brokerage com..~,~.ions, attorneys' fees and other charges validly made pursuant to this Mortgage and does not apply to advances (or i~t.r~:~t accrued on such advances) made under the terms of this Mortgage to protect Lender's security and to perform .~,,z ~1 the covenants contained in this Mortgage. Future advances are contemplated and, along with other future obligado~.~ .'.e secured by this Mortgage even though all or part may not yet be advanced. Nothing in this Mortgage, howeve~ '..l~dl constitute a commitment to make additional or future loans or advances in any amount. Any such commitment w,,~.,~ .~ed to be agreed to ~n a separate writing. SECURED DEBT DEFINED. The term "Secured Debt" includes, t)~,t ,-, ~ limited to. the following: A. The promissory note(s), contract[s), guaranty(les) or otl~. ,~¥iHence of debt described below and all extensions. renewals, modifications or substitutions. (When refere/.'h._/ ,'he debts be/ow it /s suggested that you include items such as borrowers' names and addresses, note pr~.'/p./ ~mounts. commercial revolving loan agreement's maximum amount, interest rates, variable rate terms, ma~.~/:~. ~h~es. etc.) PROMISSORY NOTE DATED 12-10-2004 IN THE AMOUNT OF ~350.000.00 B. All future advances from Lender to Mortgagor or othe~ ]~t,e obligations of Mortgagor to Lender under any, promissory note, contract, guaranty, or other evidence ,. ,I.ht existing now or executed after this Mortgage whether or not this Mortgage is specifically referred to i~ .,,~ .vklence of debt. C. All obligations Mortgagor owes to Lender, which now ex~ (...~y later arise, to the extent not prohibited by law, including, but not limited to, liabilities for overdrafts . d;~l..j to any deposit account agreement between Mortgagor and Lender. D. All additional sums advanced and expenses incurred by L~tl,h;i tor I~suring, preserving or otherwise protecting the Property and its value and any other sums advanced an~ <~xpenses incurred by Lender under the terms of this Mortgage, plus interest at the highest rate in effect, from [.~.~ t() dine, as provided in the Evidence of Debt. E. Mortgagor's performance under the terms of any inszru~,.~l ~;w~encing a debt by Mortgagor to Lender and any Mortgage securing, guarantying, or otherwise relating to t~... ~h;bt. If more than one person signs this Mortgage as Mortgagor, e.,:l. M(,~gagor agrees that this Mortgage wil secure all future advances and future obligations described above that a~(.~ t~ w.) ~o or ~ncurred by any one or more Mortgagor, or any one or more Mortgagor and others. This Mortgage will not .~,,:~.~; .~y other debt if Lender fails, with respect to such other debt, to make any required disclosure about this Mortgage ,~, ' I e~der fails to give any required notice of the right of resc ission. PAYMENTS. Mortgagor agrees to make all payments on the Se~:{,.d F~ebt when due and in accordance with the terms of the Evidence of Debt or this Mortgage. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, asses~,lJ..ds, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Property when ~l~,: lul~der may require Mortgagor to provide to Lender copies of all notices that such amounts are due and the receipts ,;v~d(,~c~ng Mortgagor's payment. Mortgagor will defend title to the Property against any claims that would impair the ()f this Mortgage. Mortgagor agrees to assign to Lender, as requested by Lender, any rights, claims or defenses w~ (:~ Mortgagor may have against parties who supply labor or materials to 'reprove or maintain the Property. PRIOR SECURITY INTERESTS. With regard to any other mor/!j~.tl-, deed of trust, security agreement or other lien document that created a prmr security interest or encumbrance; .[~ the P~operty and that may have priority over this Mortgage, Mortgagor agrees: A. To make all payments when due and to perform or comply w~d ~11 covenants. B. To promptly deliver to Lender any notices that Mortgagor ~,.:~w.s from the holder. C. Not to make or permit any modification or extension of, ;,r.l ~,oz ~o request or accept any future advances under any note or agreement secured by, the other mortgag,,~ d~e( of trust or security agreement unless Lender consents in writing. DUE ON SALE OR ENCUMBRANCE. Lender may, at its optiol/, I~:~:h,e the entire balance of the Secured Debt to be immediately due and payable upon the creation of any lien, enc. ,',~ce, transfer, or sale, or contract for any of these on the Property. However, if the Property includes Mortgagor's ..~,~,~ce, this section shall be subject to the restrictions imposed by federal law (12 C.F.R, 591), as applicable. For ~1~,~ [~.lmses of this section, the term "Property" also includes any nterest to all or any part of the Property. This c()w:~.,)~ shall run with the Property and shall remmn in effect until the Secured Debt is paid in full and this Mortgage is ~----'~----'~a © lgg3, 2001 Bankers Systems, Inc., St, Cloud, MN Form AGCO-RESI-WY 1,'16 ...... : (page 2 of 8) 0905807 9. TRANSFER OF AN INTEREST IN THE MORTGAGOR. If Mortga!l,,~ ix an entity other than a natural person (such as a corporation or other organization), Lender may demand immediate I~;~y~nent if (1) a beneficial interest in Mortgagor is sold or transferred; (2) there is a change in either the identity or nund~l ()f mecnbers of a partnership or similar entity; or (3) there is a change in ownership of more than 25 percent of the w~t,qj stock of a corporation or similar entity. However, Lender may not demand payment in the above situations if it is pr¢,l~ihitcd by law as of the date of this Mortgage. 10. ENTITY WARRANTIES AND REPRESENTATIONS. If Mortgagor i~ ;~ entity other than a natural person (such as a corporation or other organization), Mortgagor makes to Lender I1~: ~;)llowing 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 validl,/ ~'xi.~ti~g in the Mortgagor's state of incorporation (or organization). Mortgagor is in good standing in all states width Mortgagor transacts business. Mortgagor has the power and authority to own the Property and to c~,~, ()~t its business as now being conducted and, as applicable, is qualified to do so in each state in which Morr, l:qj~) operates B. The execution, delivery and performance of this Mortg;-~!lt,~ [~y Mortgagor and the obligation evidenced by the Evidence of Debt are within the power of Mortgagor, h;,w~ h~-.'en duly authorized, have received all necessary governmental approval, and will not violate any provision ~)~ h~w. ()~ order of court or governmental agency. C. Other than disclosed in writing Mortgagor has not chan.q~:,~ ~ts ~al/le within the last ten years and has not used any other trade or fictitious name Without Lender's prio~ ,~v ittc~ consent, Mortgagor does not and wil not use any other name and will preserve ~ts existing name, Ii;~(h~ ~l;~llqes and franchises until the Secured Debt is satisfied. 11. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mol'~!j:qj<~[ will keep the Property in good condition and make all repairs that are reasonably necessary. Mortgagor will give ,~l(ler prompt notice of any loss or damage to the Property. Mortgagor will keep the Property free of noxious wt;~.~ :~d grasses. Mortgagor will not initiate, join in or consent to any change in any private restrictive covenant, zonin~j (~di~nce or other public or private restriction limiting or defining the uses which may be made of the Property or a~y t)~,t of the Property, without Lender's prior written consent. Mortgagor will notify Lender of all demands, proceedi~(j~,, ,:h~ims, and actions against Mortgagor or any other owner made under law or regulation regarding use, ownersh p ~,,,I ()ccupancy of the Property. Mortgagor will comply with all legal requirements and restrictions, whether public or priv,'~h~ with respect to the use of the Property. Mortgagor also agrees that the nature of the occupancy and use will not chb~qj,- wltl~out Lender's prior written consent. No portion of the Property will be removed, demolished or m~,: ~ y ~dtered without Lender's prior written consent except that Mortgagor has the right to remove items of personal I,r(q)~.q[~' comprising a part of the Property that become worn or obsolete, provided that such personal property is replaced ,^,~1. uther personal property at least equal in value to the replaced personal property, free from any title retention du~. ;,, .~ecuriry agreement or other encumbrance. Such replacement of personal property will be deemed subject to the .... il~[y interest created by this Mortgage. Mortgagor shall not partition or subdivide the Property without Lender's pr~,,~ w~itten consent Lender or Lender's agents may, az Lender's option, enter the Property at any reasonable time for th,~ i~ipose of inspecting the Property. Any inspection of the Property shall be entirely for Lender's benefit and Mortgagor w,~ .~ ~o way rely on Lender's inspection. 12. AUTHORITY TO PERFORM. If Mortgagor fails to perform any ot M~)~ ~(jagor's duties under this Mortgage, or any other mortgage, deed of trust, security agreement or other lien docul~:~ II,at has priority over this Mortgage, Lender may, without notice, perform the duties or cause them to be performed M~tg~gor appoints Lender as attorney in fact to sign Mortgagor's name or pay any amount necessary for performanc~.~ I ~¥ construction on the Property is discontinued or not carried on in a reasonable manner, Lender may do whateve~ , ' ;,;,~'ssary to protect Lender's security interest in the Property. This may include completing the construction. Lender's right to perform for Mortgagor shal not create an obligCdlt,~ t~ perform, and Lender's failure to perform will not preclude Lender from exercising any of Lender's other rights t,~h.q the law or this Mortgage. Any amounts paid by Lender for insuring, preserving or otherwise protecting the Prop(;t~, :,~c Lender's security interest will be due on demand and will bear interest from the date of the payment until paid i~. hdl ~t the interest rate in effect from time to time according to the terms of the Evidence of Debt. 13. ASSIGNMENT OF LEASES AND RENTS. Mortgagor assigns, (j~:,,~, h~rgains, conveys, mortgages and warrants to Lender as additional security all the right, title and interest in the t~,lh~w ~g (Property). A. Existing or future leases, subleases, licenses, guaranties ~,~ ;~y other written or verbal agreements for the use and occupancy of the Property, including but not in~r,~ zo any extensions, renewals, modifications or replacements (Leases). B. Rents, issues and profits, including but not limited to, ~,'~:u~W deposits, minimum rents, percentage rents, additional rents, common area maintenance charges, pa~kirJ!j (:l~rges, real estate taxes, other applicable taxes, insurance premium contributions, liquidated damages folh~wi~U default, cancellation premiums, "loss of rents" insurance, guesl receipts, revenues, royalties, proceeds, I,)~ ~:~us. accounts, contract rights, general intangibles, and all rights and claims which Mortgagor may have that . ~,~¥ way pertain to or 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 T() l~e personal praperty, this Assignment will also be regarded as a security agreement. ~M © 1993, 2001 Bankers Systems, Inc., St, Cloud. MN Form AGCO-RESI-WY 1/16,. ,,,~ - _ Mortgagor will promptly provide Lender with copies of the Lea>.,~:~ ~ll~l will certify these Leases are true and correct copies. The existing Leases will be provided on execution of the /~'.'..i~.jlll~ent, and all of the future Leases and any other information with respect to these Leases will be provided immed~z~l~dy after they are executed. Mortgagor may collect, receive, enjoy and use the Rents so long as Mortgagor is not in d,d:~dt. Mortgagor will not collect in advance any Rents due in future lease periods, unless Mortgagor first obtains Lende~ ':~ w~ itten consent. Upon default, Mortgagor will receive any Rents in trust for Lender and Mortgagor will not commingle tlJ,; H,'~ds with any other funds. When Lender so directs, Mortgagor will endorse and deliver any payments of Rents frol~ II~e Property to Lender. Amounts collected will be applied at Lender's discretion to the Secured Debts, the costs of ~;~ging, protecting and preserving the Property, and other necessary expenses. Mortgagor agrees that this Security h~:~r~H~ent is immediately effective between Mortgagor and Lender. This Security Instrument will remain effective d[~rh~tj ;~lW statutory redemption period until the Secured Debts are satisfied. Unless otherwise prohibited or prescribed h,~ ~,l~de law, Mortgagor agrees that Lender may take actual possession of the Property without the necessity of com~,..~:i~U ~ny legal action or proceeding. Mortgagor agrees that actual possession of the Property is deemed to occur whe~ I ~t¢;l' notifies Mortgagor of Mortgagor's default and demands that Mortgagor and Mortgagor's tenants pay all Rent_~ d~,,; or to become due directly to Lender, Immediately after Lender gives Mortgagor the notice of default, Mortgagor ~9~,~,~ Ih~d either Lender or Mortgagor may immediately not fy the tenants and demandtha~ all future Rents be paid direcll¥ ' lel~der. As long as this Assignment is in effect, Mortgagor warrants and ~,~l~'se~ts that no default exists under the Leases, and the parties subject to the Leases have not violated any applic~d~h h~w on leases, licenses and landlords and tenants. Mortgagor, at its sole cost and expense, wil keep, observe arid i ,~h~n~, and require all other parties to the Leases to comply with the Leases and any applicable law. If Mortgagor or ' y l~;~y zo the Lease defaults or fails to observe any applicable law, Mortgagor will promptly notify Lender. If Mortga~.H~ ~,~glects or refuses to enforce compliance with the terms of the Leases, then Lender may, at Lender's option, enforce Mortgagor will not sublet, modify, exfend, cancel, or otherwise all(~ Ihe Leases, or accept the surrender of the Property covered by the Leases (unless the Leases so require) without Le~,h.'~'~ consent. Mortgagor will not assign, compromise, subordinate or encumber the Leases and Rents without Lender' ~,,io~ written consent. Lender does not assume or become liable for the Property's maintenance, depreciation, or ~)~ ,;, losses or damages when Lender acts to manage, protect or preserve the Property, except for losses and'damage.,~ ,h~ ~o Lender's gross negligence or intentional torts. Otherwise, Mortgagor will indemnify Lender and hold Lender h~,,~l,~ for all liability, loss or damage that Lender may ~ncur when Lender opts to exercise any of its remedies against a~,, ~, ~y obligated under the Leases. 14. CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. If the Prol}~;~ ~y ,, eludes a unit in a condominium or a planned unit development, Mortgagor will perform all of Mortgagor's duties ,,, ~l~;~ d~e covenants, by-laws, or regulations of the condominium or planned unit development. 15. DEFAULT. Mortgagor wil be in default if any of the following occu~ A. Any party obligated on the Secured Debt fails to make pay ~,~ when due; B. A breach of any term or covenant in this Mortgage, ally ~ nortgage or any construction loan agreement, security agreement or any other document evidencing, gu;~,;,r~WH~9, securing or otherwise relating to the Secured Debt; C. The making or furnishing of any verbal or written represe~,~ ,,r~. s~azement or warranty [o Lender that is false or incorrect n any material respect by Mortgagor or any per.~, ,, ~;l~izy obligated on the Secured Debt; D. The death, dissolution, or insolvency of, appointment of ~ ,.~:~;~ver 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 in.~ ,,,~r e with respect to any person or entity obligated on the Secured Debt or that the prospect of any payment is iml~,',~.d o~ the value of the Property is impaired; F. A material adverse change in Mortgagor's business includi~!~ ~w~ership, management, and financial conditions, which Lender in its opinion believes impairs the value of tl~,: '~l)~;Ity or repayment of the Secured Debt; or G. Any loan proceeds are used for a purpose that will contr Hul~~, ~u excessive erosion of highly erodible land or to 1he conversion of wetlands to produce an agricultural commod~t,, ~,s furtl~er explained in 7 C.F.R Part 1940, Subpart G, Exhibit M. 16. REMEDIES ON DEFAULT. In some instances, federal and state h~w wdl require Lender to provide Mortgagor with notice of the right to cure, mediation notices or other notices and may ~}~;I;,l~h.~h dine schedules for foreclosure actions. Subject to these limitations, if any, Lender may accelerate the Secured DeH~ a~d foreclose this Mortgage n a manner provided by law if this Mortgagor is in default. At the option of Lender, all or any part of the agreed fees a~ :l~**~.(jes, accrued interest and principal shall become immediately due and payable, after giving notice if required Hy h~w, ~,pon .the occurrence of a default or anytime thereafter. In addition, Lender shall be entitled to all the remedies Hl~vided by law, the Evidence of Debt, other evidences of debt, this Mortgage and any related documents including w~l~ut limitation, the power to sell the Property. All remedies are distinct, cumulative and not exclusive, and the Le~d,;~ ,~ ~ditled to all remedies provided at law or equity, whether expressly set forth or not. The acceptance by Lender of ;,~, ~n~ in payment or partial payment on the Secured Debt after the balance is due or is accelerated or after forec[osul~ H~,~ceedings are filed shall not constitute a waiver of Lender's right to require full and complete cure of any existing d~l,,ult By not exercising any remedy on Mortgagor's default, Lender does not waive Lender's right to later consider th[; ,:v.~d a defaul! if it continues or happens again. 1993, 2001 Bankers Systems, Inc., St. Cloua, MN Form AGCO-RESI-WY 1/16 _ ~,5~ (page 4 of 8) 090:5307 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 h~;~<;l~,~,s any covenant in:this Mortgage. Mortgagor will also pay on demand all of Lender's expenses ncurred in collecti~!~ ~t~=~g, preserving or protecting the Property or in any inventories, audits, inspections or other examination by Len(J<~ ,, espect to the Property. Mortgagor agrees to pay all costs and expenses incurred by Lender in enforcing or protecl~!j I ~;~der's r~ghts and remedies under this Mortgage, including, but not limited to, attorneys' fees, court costs, and oti~,- ,:(j,ql expenses. Once the Secured Debt is fully and finally paid, Lender agrees to release this Mortgage and Mortga!.j~,~ ;,~.j~ees to pay for any recordation costs. All such amounts are due on demand and will bear interest from the time (,~ t]~(.~ a¢lvance al the highest rate in effect, from time to time, as provided in the Evidence of Deb1 and as permitted by I,vv. 18. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As I ~ this section, (1) "Environmental Law" means, without limitation, the Comprehensive Environmental Response, I:~,~ ~mnsation and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), all other federal, state and local laws, regulations, , ~;,nces, court orders, attorney general opinions or interpretive letters concerning the public health, safety, welf~,,~ ,;~)vuonment or a hazardous substance; and (2) "Hazardous Substance" means any toxic, radioactive or hazardous: ~.rial, waste, pollutant or contaminant which has characteristics which render the substance dangerous or potent~;,ll~ d;~(je~ous to the public health, safety, welfare or environment The term includes, without limitation, any substance~ ~,~ed as "hazardous material," "toxic substances," "hazardous waste" or "hazardous substance" under any Environ~n,,~l; ~ I.hw. Mortgagor represents, warrants and agrees that, except as previously disclosed and acknowledged in writing: A. No Hazardous Substance has been, is, or will be ocated ~;,,,~-~orted manufactured, treated, refined, or handled by any person on, under or about the Property, except in tl~,~ ,ll~)a~y course of business and in strict compliance with all applicable Environmenta Law. B. Mortgagor has not and will nol cause, contribute to, or I)'.'~,,,~ the release of any Hazardous Substance on the Property. C. Mortgagor will immediately notify Lender if (1) a release o~ H,,~'~t(;~ed release of Hazardous Substance occurs on, under or about the Property or migrates or threatens to mi(j. ,~,~ fio~ nearby property; or (2) there is a violation of any Environmental Law concerning the Property. In suct ,, ~;vent, Mortgagor will take all necessary remedial actmn in accordance with Environmental Law. D. Mortgagor has no knowledge of or reason to believe there; - ~"W pending or threatened investigation, claim, or proceeding of any kind relating to (1) any Hazardous Sub,~.'~ ~;e located on, under or about the Property; or (2) any violation by Mortgagor or any tenant of any Environm~;~l ,, h~w. Mortgagor will immediately notify Lender in writing as soon as Mortgagor has reason to believe there - ,,)y such pending or threatened investigation, claim. or proceeding. In such an event, Lender has the right, but ~() II,~; obligation, to participate in any such proceeding including the right to receive copies of any documents rela~i~,~ ~) ~ch proceedings. E. Mortgagor and every tenant have been, are and shall rem;,~ t~ compliance with any applicable Environmental Law. F. There are no underground storage tanks, private dumps o~ "1)~;~ wells located on or under the Property and no such tank, dump or wel will be added unless Lender first c~:-;~:~)~s in writing. G. Mortgagor will regularly inspect the Property, monitor the ,,:I wries and operations on the Property, and confirm that all permits, licenses or approvals required by any apl~h,:;~hh.~ Environmenta Law are obtained and complied with. H. Mortgagor will permit, or cause any tenant to permit, Lend~: (~ Ler~der's agent to enter and inspect the Property and review all records at any reasonable time to detect=m,; ~) the existence, location and nature of any Hazardous Substance on, under or about the Property; (2) ~,,, ,;xistence. location, nature, and magnitude of any Hazardous Substance that has been released on, under o~ ,,t,,.~r the Property; or (3) whether or not Mortgagor and any tenant are in compliance with applicable Environme~,l aw I. Upon Lender's request and at any time, Mortgagor ag~,~,~,, ;,r Mortgagor's expense, to engage a qualified environmental engineer to prepare an environmental audit (~1 ~ ~; P~operty and to submit the resulls of such audit to Lender. The choice of the environmental engineer who w~ll ,,~to~m such audit is subject to Lender's approval. J. Lender has the right, but not the obligation, to perform ;, , ()~ Mortgagor's obligations under this section at Mortgagor's expense. K. As a consequence of any breach of any representation, w;~ ,¢,~[y or promise made in this section, (1) Mortgagor will indemnify and hold Lender and Lender's successors o, ,',~-~j~)s harmless from and against all losses, claims, demands, liabilities, damages, cleanup, response and ~,alh~fio~ costs, penalties and expenses, including without limitation all costs of litigation and attorneys' fees, v~,~ch Lender and Lender's successors or assigns may sustain; and (2) at Lender's discretion. Lender may rele~s~,, [~ Mortgage and in return Mortgagor will provide Lender with collateral of at least equal value to the Property ~(~cu~d by this Mortgage without prejudice to any of Lender's rights under this Mortgage. L. Notwithstanding any of the language contained in this Mo,~,.i;~.l~; ~o the contrary, the terms of this section shall survive any foreclosure or satisfaction of this Mortgage ','[F,dless of any passage of title to Lender or any disposition by Lender of any or all of the Property. Any cluing:.; ;,l~( defenses to the contrary are hereby waived. 19. CONDEMNATION. Mortgagor will give Lender prompt notice of ~,,y ~c[~on, real or threatened, by private or public entities to purchase or take any or all of the Property, including ar)¥ ,,;~emenzs, through condemnation, eminent domain, or any other means. Mortgagor further agrees to notify Lender of ~,~,y I)~ oceedings nstituted for the establishment of any sewer, water, conservation, ditch, drainage, or other district relari~ Mortgagor authorizes Lender to ntervene in Mortgagor's name ir~ ~, y o~ the above described actions or claims and to collect and recmve all sums resulting from the action or claim. Mor~q~l() ~ssigns to Lender the proceeds of any award or claim for damages connected with a condemnation or other taking ~,~ ,, or any part of the Property. Such proceeds shal be considered payments and will be applied as provided in this Mo~ l!l,,(je This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or oil,,, ie~ document. [page 5 of 8) ~a © 1993, 2001 Bankers Systems, Inc., St. Cloud. MN Form AGCO-RESI-WY 20. INSURANCE. Mortgagor agrees to maintain insurance as follows: A. Mortgagor shall keep the Property insured against loss h¥ li~e, theft and other hazards and risks reasonably associated with the Property due to its type and Iocatio~ ()tl~;r hazards and risks may include, for example, coverage against loss due to floods or flooding. This insu~;~(:,: sh~dl be maintained in the amounts and for the periods that Lender requires. What Lender requires pursua~t It)Ibc preceding two sentences can change during the term of the Secured Debt. The insurance carrier pro¥idh~,l tim insurance shall be chosen by Mortgagor subject to Lender's approval, which shall not be unreasonably will,l~,..ht. If Mortgagor fails to maintain the coverage described above, Lender may, at Lender's option, obtain ,:,)velz,(je to protect Lender's rights in the Property according to the terms of this Mortgage. All insurance policies and renewals shall be acceptable to t ,;~th~ ~nd shall include a standard "mortgage clause" and, where applicable, "lender loss payee clause." Mortg;ql~, sh;dl immediately notify Lender of cancellation or termination of the insurance. Lender shall have the right r~ hr~ld the policies and renewals. If Lender requires, Mortgagor shall immediately give to Lender all receipts ~ paid premiums and renewal notices. Upon loss, Mortgagor shall give immediate notice to the insurance ca~i,:~ ¢~r~rl Lender. Lender may make proof of loss if not made immediately by Mortgagor. Unless Lender and Mortgagor otherwise agree in writing, i~:4tH~mce proceeds shall be applied to restoration or repair of the Property damaged if the restoration or repai~ is t~c. onomically feasible and Lender's security is not lessened. If the restoration or repair is not economically t~:;,sible or Lender's' security would be lessened, the insurance proceeds shall be applied to the Secured Debt, wl~ether or not then due, with any excess paid to Mortgagor. If Mortgagor abandons the Property, or does noi ;t~t.~we~ within 30 days a notice from Lender that the insurance carrier has offered to settle a claim, then Lende~ ~,t~y collect the insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay ti,t: b;t;t:ured Debt whether or not then due. The 30-day period will begin when the notice is given. Unless Lender and Mortgagor otherwise agree in wri[ing, ~,-~¥ :-q~plication of proceeds to principal shall not extend or postpone the due date of scheduled payments or ch;,~,,.jt; tile amount of the payments. If the Property is acquired by Lender, Mortgagor's right to any insurance i~tdit:ies and proceeds resulting from damage to the Prop.erty before the acquisition shall pass to Lender to tl~' t:xlt~t of the Secured Debt immediately before the acquisition. Mortgagor agrees to maintain comprehensive general liabilit,/ i~st,'ance naming Lender as an'additional insured in an amount acceptable to Lender, insuring against claims ;,~i~&~tl from any accident or occurrence in or on the Property. Mortgagor agrees to maintain rental loss or business intent~l¢lh,~ insurance, as required by Lender, in an amount equal to at least coverage of one year's debt service, ;~,d r~-.~quired escrow account deposits (if agreed to separately in writing), under a form of policy acceptable to 21. NO ESCROW FOR TAXES AND INSURANCE. Unless otherwise p~/i[It:tl ~ a separate agreement, Mortgagor will not be required to pay to Lender funds for taxes and insurance in escrow. 22. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Mortga.q~ will provide to Lender upon request, any financial statement or information Lender may deem necessary. Mortgagor w,~;~nts that all financial statements and information Mortgagor provides to Lender are, or will be, accurate, correct, an,I ,:,~r~plete. Mortgagor agrees to sign, deliver, and file as Lender may reasonably request any additional documents or ,:,,tific~tions that Lender may consider necessary to perfect, continue, and preserve Mortgagor's obligations under this Mt~r tU~ge and Lender's lien status on the Property. If Mortgagor fails to do so, Lender may sign, deliver, and file sucl~ th~{:uments or certificates in Mortgagor's name and Mortgagor hereby irrevocably appoints Lender or Lender's agent ,~.~ ;~t I~my in fact to do the things necessary to comply with this section. 23. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this' Mortgage are joint and individual. If Mortgagor signs this Mortgage but does ~{~1 :,l[jn the Evidence of Debt, Mortgagor does so only to mortgage Mortgagor's interest in the Property to secure payme~ r,f tt~e Secured Debt and Mortgagor does not agree to be personally liable on the Secured Debt. Mortgagor agrees tl~;~l I ~;~Mer and any party to this Mortgage may extend, modify or make any change in the terms of this Mortgage or the [~vitl~;~ ~:e of Debt without Mortgagor's consent. Such a change will not release Mortgagor from the terms of this Mortga~j~ ~t; duties and benefits of this Mortgage shall bind and benefit the successors and assigns of Mortgagor and Lender. f this Mortgage secures a guaranty between Lender and Mortgag,,, ,,,~d does not directly secure the obligation which is guarantied, Mortgagor agrees to waive any rights that may prev,:~ I_~:~der from bringing any action or claim against Mortgagor or any party indebted under the obligation including, but ~,.~ hn~iled to, anti-deficiency or one-action laws. ~M © 1993, 2001 Bankers Systems, Inc., St. Cloud, MN Form AGCO-RESI-WY 1/16 (page 6 of 8) 24. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Mol~H,gjr,~ is governed by the laws of the jurisdiction in which Lender is located, except to the extent otherwise required I~, Im~ laws of the jurisdiction where the Property is located. This Mortgage is complete and fully integrated. This M~,~jage may not be amended or modified by oral agreement. Any section or clause in this Mortgage, attachment.q ~ any agreement related to the Secured Debt that conflicts with applicable law will not be effective, unless that law ~,'xI, ~;.~sly or impliedly permits the variations by written agreement. If any section or clause of this Mortgage cannot be c~ ~ced according to its terms, that section or clause will be severed and will not affect the enforceability of the remaimh:~ ~f tl~is Mortgage. Whenever used, the singular shall include the plural and the plural the singular. The captions and ~ ,,,:, ~ngs of the sections of this Mortgage are for convenience only and are not to be used to interpret or define the ~,;~ ~,~ of this Mortgage. Time is of the essence in this Mortgage. 25. NOTICE. Unless otherwise required by law, any notice shal be giw~ ~y delivering it or by mailing it by first class mail to the appropriate party's address on page 1 of this Mortgage, or m ~, , ~ther address designated in writing. Notice to one mortgagor will be deemed to be not,ce to al mortgagors, 26. WAIVERS. Except to the extent prohibited by law, Mortgagor w~v,~,.~ 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, hu~ ~h~ ~¢~ limit, this Mortgage: [] Construction Loan. This Mortgage secures an obligation i~:~t~,d for the construction of an improvement on the Property. [] Fixture Filing. Mortgagor grants to Lender a security inte~?,l .~ 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, Mort.qa!/¢~ ¢.jlanIs to Lender a security interest in al crops, timber and minerals located on the Property as well as all '~ls. msues, and profits of them including, but not limited to, all Conservation Reserve Program (CRP) and Pa,~r~,;~ I ~ Kind (PIK) payments and similar governmental programs (all of which shall also be included in the 'term "P~q~l w"). [] Personal Property. Mortgagor grants to Lender a security i~/~c~sr ,~ all personal property located on or connected with the Property. This security Interest includes all farm p~d~cts, inventory, equipment, accounts, documents, instruments, chattel paper, general intangibles, and all othe~ ~,~s ~f personal property Mortgagor owns now or in the future and that are used or useful in the construction, ,~w~qship, operation, management, or maintenance of the Property, The term "personal property" specifically ex~:h~d~,s that property described as "household goods" secured in connection with a "consumer" loan as tho.~. /~,,~s are defined in applicable [ederal regulations governing unfair and deceptive credit practices. [] Filing As Financing Statement. Mortgagor agrees and a, ~.~wludges that this Mortgage also suffices as a financing statement and as such, may be filed of record as . ¢it~a~cing statement for purposes of Article 9 of the Uniform Commercial Code. A carbon, photographic, image ~. ~,tl~e~ reproduction of this Mortgage Is sufficient as a financing statement. 28. OTHER TERMS. If checked, the following are applicable to this Mo~ [] Line of Credit. The Secured Deb1 includes a revolving line ~r ,~.qlit provision. Although the Secured Debt may be reduced to a zero balance, this Mortgage will remain in effe~:l ~llml released [] Separate Assignment. The Mortgagor has executed or will ,~×~:cute a separate assignment of leases and rents. If the separate assignment of leases and rents is properly exe~:~.d and recorded, then the separate assignment will supersede this Security Instrument's "Assignment of Leases :,,~ Rents" section. [] Additional Terms. ©1993, 2001 Bankers Systems, Inc., St. Cloud, MN Form AGCO-RESI-WY 1/16/2~.~ ~ (page 7 of 8) SIGNATURES: By signing below, Mortgagor agrees to the terms ~,~ :~:~enaqzs contained in this Mortgage and in any attachments. Mortgagor also acknowledges receipt of a copy of th(: F,,1~'ltj~:ge on the date stated above on Page 1. [] Actual authority was granted to the parties signing below by r~,':.~lL~t~o~ signed and dated Entity Name: T&S LEWIS LC. (S~g~'n'atureffHOMAS LEWI~MBERIMANAGER /~- 7-0 ~-/ IDate) IS'q"'[u'u/SI-JE 7~r~JN LEWIS, MEMBER/MANAGER (Date) (Signature) (Date) (f';~!H.~t~re) (Date) [] Refer to the Addendum which is attached and incorporatt:,l I~(:~e[~ for additional Mortgagors, signatures and acknowledgments. ACKNOWLEDGMENT: STATE OF , COUNTY This instrument was acknowledged before me this {Individual) by My commission expires: SS. day of (Notary Public) STATE OF WYOMING , COUNTY ©1 This instrument was acknowledged before me this ~-~.~ by THOMAS LEWIS; SUE ZANN LEWIS ----'-~;~..~ '/,~ MEMBERIMANAGER; MEMBER/MANAGER of T&S LEWIS L.C. My commission expires: day of DECEMBER. 2004 SS. (Title(s)) (Name of Business or Entity) on behalf of the business or entity. (Notary Public) 1993. 2001 Bankers Systems, Inc., St Cloud, MN Form AGCO-RESI-WY 1/16~2o~)3 (page 8 of 8)