HomeMy WebLinkAbout905512RECORDATION REQUESTED BY:
ZIONS FIRST NATIONAL BANK
C/O ZIONS AGRICULTURAL FINANCE
500 FIFTH STREET
AMES, IA 50010-6063
WHEN RECORDED MAIL TO:
ZIONS FIRST NATIONAL BANK
C/O ZIONS AGRICULTURAL FINANCE
500 FIFTH STREET
AMES, IA 50010-6063
SEND TAX NOTICES TO:
PUTNAM RANCH, LLP, a Utah Limited Liability Partnership;
KEITH L. PUTNAM INTER VIVOS TRUST DATED THE 7TH DAY
OF JUNE 1994; and ERMA N. PUTNAM INTER VIVOS TRUST
DATED THE 7TH DAY OF JUNE 1994
BOX 389
RANDOLPH~UT 84064
u,': Or';4 8
RECEIVED 12/27/2004 at 3:32 PM
RECEIVING # 905512
f:~OOK: 576 PAGE: 48
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY
MORTGAGE AND FIXTURE FILING
THIS MORTGAGE dated December 17, 2004, is made and executed between PUTNAM RANCH, LLP, a Utah
Limited Liability Partnership; KEITH L. PUTNAM, not personally but as Trustee on behalf of KEITH L. PUTNAM
INTER VIVOS TRUST DATED THE 7TH DAY OF JUNE 1994; and ERMA N. PUTNAM, not personally but as Trustee
on behalf of ERMA N. PUTNAM INTER VIVOS TRUST DATED Tile 7TH DAY OF JUNE 1994, whose address is
BOX 389, RANDOLPH, UT 84064 (referred to below as "Grantor") and ZIONS FIRST NATIONAL BANK, whose
address is CIO ZlONS AGRICULTURAL FINANCE, 500 FIFTH STREET, AMES, IA 50010-6063 (referred to below
as "Lend er").
GRANT OF MORTGAGE. For valuable consideration, Grantor mortgages and conw;ys to Lender ali of Grantor's right, title, and interest in and to
the following described real property, together with all existing or subsequenth, ,,~(x:ted or affixed buildings, improvements and fixtures; all
easements, rights of way, and appurtenances; all water, water rights, watercotu~, x ;nM ditch rights (including stock in utilities with ditch or
irrigation rights); and all other rights, royalties, and profits relating to the reul lu,q)urw, including without limitation alt minerals, oil, gas,
geothermal and similar matters, (the "Real Property") located in Lincoln County, State of Wyoming:
Real estate located in the COUNTY OF RICH, STATE OF UTAH and in the COUNTY OF LINCOLN, STATE OF
WYOMING, described in Exhibit "A" at~ached hereto and incorporated herein by reference just as if it had been
fully set forth in this Mortgage or Deed of Trust.
In addition to the above described real estate, it is agreed tha~ this Mortgage or Deed of Trust shall specifically
create a first lien in favor of Lender on the Irrigation Equipmunt listed in Exhibit "B" and on the Water Rights
listed in Exhibit "C" attached hereto and incorporated herein by reference just as if they had been fully set forth
in this Mortgage or Deed of Trust.
The Real Property or its address is commonly known as Real Property located in Rich County, UT, and Real
Property located m Lincoln County, WY. The Real Property tax identification number is as follows for the Real
Property located in Rich County, Utah: Tax Roll No. 18-22-00-002; Tax Roll No. 18-22-00-008; Tax Roll No.
18-23-00-003 Tax Roll No. 18-27-00-005; Tax Roll No. 19-09-00-002; Tax Roll No. 19-09-00-004; Tax Roll No.
19-09-00-018 Tax Roll No. 19-16-11-003; Tax Roll No. 19-16-11-004; Tax Roll No. 19-23-00-002; Tax Roll No.
19-24-00-001 Tax Roll No. 38-01-00-001; Tax Roll No. 39-01-00-001; Tax Roll No. 39-06-00-001; Tax Roll No.
39-07-00-001 Tax Roll No. 39-08-00-001; Tax Roll No. 39-09-00-001; Tax Roll No. 39-17-00-002; Tax Roll No.
39-18-00-002 Tax Roll No. 44-28-00-001; Tax Roll No. 44-29-00-001; Tax Roll No. 44-30-00-001; Tax Roll No.
44-30-00-002 Tax Roll No. 44-31-00-001; Tax Roll No. 44-31-00-002; Tax Roll No. 44-32-00-001; Tax Roll No.
44-33-00-001 and as follows for the Real Property located in Lincoln County, Wyoming: Tax No.
22200220002100 and Tax No. 22202210002200
Grantor presently assigns to Lender all of Grantor's right, title, and interest in and h) ull present and future leases of the Property and all Rents
from the Property. In addition, Grantor grants to Lender a Uniform Commercial Co,h: ~;,~curiWinterest in the Personal Property and Rents.
THIS MORTGAGE, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURllY INTEREST IN THE RENTS AND PERSONAL PROPERTY, IS
GIVEN TO SECURE {A) PAYMENT OF THE INDEBTEDNESS AND (B) PERFORMANCE OF ANY AND ALL OBLIGATIONS UNDER THE NOTE,
THE RELATED DOCUMENTS, AND THiS MORTGAGE. THIS MORTGAGE IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS:
PAYMENT AND PERFORMANCE. Except as otherwise provided in this Mortga!!,, qrantor shall pay to Lender all amounts secured by this
Mortgage as they become due and shall strictly perform all of Grantor's obligations; ~uuter this Mortgage.
POSSESSION AND MAINTENANCE OF THE PROPERTY. Grantor agrees that Gra~u,,~'~; p~ssession and use of the Property shatl be governed by
the following provisions:
Possession and Use. Until the occurrence of an Event of Default, Grantor mu,/ <]) remain in possession and control of the Property; (2)
use, operate or manage the Property; and (3) collect the Rents from the Prop,ul,,,.
Duty to Maintain. Grantor shall maintain the Property in tenantable co~,~h~.u~ m)d promptly perform all repairs, replacements, and
maintenance necessary to preserve its value.
Compliance With Environmental Laws. Grantor represents and warrants to L, ruJur tl~at: (1) During the period of Grantor's ownership of
MORTGAGE
(Continued) i,' 0;'" .;. z.~. ~ Page 2
the Property, there has been no use, generation, manufacture, storage, tr{;,,~[,,. ~[, disposal, release or threatened release of any Hazardous
Substance by any person on, under, about or from the Property; (2) G~ ,~ ~ )~ I~s ~o knowledge of, or reason to believe that there has
been, except as previously disclosed to and acknowledged by Lender in ,, r~lrl~!j. (~) any breach or violation of any Environmental Laws,
(b) any use, generation, manufacture, storage, treatment, disposal, relea~.,...~ ~t~e~[ened release of any Hazardous Substance on, under,
about or from the Property by any prior owners or occupants of the Prot;,~,. ,~ (c) any actual or threatened litigation or claims of any
kind by any person relating to such matters; and (3) Except as previously ~!, I.,~;~d to and acknowledged by Lender in writing, (a) neither
Grantor nor any teF~ant, contractor, agent or other authorized user of the P~:,!.,~ ~.~, shall use, generate, manufacture, store, treat, dispose of
or release any Hazardous Substance on, under, about or from the Prope~, ,r~l (b) any such activity shall be conducted in compliance
with all applicable federal, state, and local laws, regulations and ordinanc,...~ch,(li~g without limitation alt Environmental Laws. Grantor
authorizes Lender and its agents to enter upon the Property to make such .~ .~,,:,:~ns and tests, at Srantor's expense, as Lender may deem
appropriate to determine compliance of the Property with this section of t~, r.]~r[0age. Any inspections or tests made by Lender shall be
for Lender's purposes only and shall not be construed to create any respo~; .~:,~v or liabiliW on the part of Lender to Grantor or to any other
person. The representations and warranties contained herein are bas~l ~,r~ (~Jran~or's due diligence in investigating the Proper~y for
Hazardous Substances. Grantor hereby (1) releases and waives any ~, ~r,: cl;~ir]~s against Lender for indemnity or contribution in the
event Grantor becomes liable for cleanup or other costs under any sucl. ~.,..:,: ~,~,d (2) agrees to indemnify and hold harmless Lender
against any and all claims, losses, liabilities, damages, penalties, and exl.~ ~ ',~:~; v~hich Lender may directly or indirectly sustain or suffer
resulting from a breach of this section of the Mortgage or as a consequent: .... r ,~V use, generation, manufacture, storage, disposal, release
or threatened release occurring prior to Grantor's ownership or in~eresz in ',i:, ~,,p{~rty, whether or not the same was or should have been
known to Grantor. The provisions of this section of the Mortgage, includ:r,; II~., ~bligation to indemnify, shall survive the payment of the
Indebtedness and the satisfaction and reconveyance of the lien of this M, ~.,~,{? ~nd shall not be affected by Lender's acquisition of any
interest in the Property, whether by foreclosure or otherwise.
Nuisance, Waste. Grantor shall not cause, conduct or permit any nuisance: ~,~ c(,ltlloit, permit, or suffer any stripping of or waste on or to
the Property or any portion of the Property. Without limiting the generalit,,. ~,l ~l,~ h~regoing, Grantor will not remove, or grant to any other
party the rightto remove, any timber, minerals (including oil and gas), coal .~:,,. ~c~,~ia, soil, gravel or rock products without Lender's prior
written consent.
Removal of Improvements. Grantor shall not demolish or remove any Imp~.,.',~,~ts from the Real Property without Lender's prior written
consent. As a condition to the removal of any Improvements, Lender ma~ ~,,l~e Grantor to make arrangements satisfactory to Lender to
replace such Improvements with Improvements of at least equal value.
Lender's Rightto Enter. Lender and Lender's agents and representatives m.~,.~.~t~ upon the Real Property at all reasonable timesto atzend
to Lender's interests and to inspect the Real Property for purposes of Grao~,~ ~:~ptiance with the ~erms and conditions of this Mortgage.
Compliance with Governmental Requirements. Grantor shall promptly co~[ ~, v.,i~l~ all laws, ordinances, and regulations, now or hereafter
in effect, of all governmental authorities applicable to the use or occupa~,, , ~ lhe Property, including without limitation, the Americans
With Disabilities Act. Grantor may contest in good faith any such levy : r.l~;,l~ce, or regulation and withhold compliance during any
proceeding, including appropriate appeals, so long as Grantor has notified [~.~t~ ~n writing prior to doing so and so long as, in Lender's
sole opinion, Lender's interests inthe Property are not jeopardized. Lender r~,,,,~eq~ire Grantor to post adequate securityor a surety bond,
reasonably satisfactory to Lender, to protect Lender's interest.
Duty to Protect. Grantor agrees neither to abandon or leave unattended ]1,,. ~)perty. Grantor shall do all other acts, in addition to those
acts set forth above in this section, which from the character and use of ~h,. ~'~l~ty are reasonably necessary to protect and preserve the
Property.
DUE ON SALE - CONSENT BY LENDER. Lender may, at Lender's pption, ,l,::~.~r~ immediately due and payable all sums secured by this
Mortgage upon the sale or transfer, without Lender's prior written consent, Gl ,,ii ,,~ m~v part of the Real Property, or any interest in the Real
Property. A"saleor transfer" means the conveyance of Real Propertyor anyr~<j~. ~l(~or ~nterest in the ReaIProper~y; whether legal, beneficial
or equitable; whether voluntary or involuntary; whether by outright sale, de~.:J ,~,st~ltment sale contract, land contract, contract for deed,
leasehold interest with a term greater than three (3) years, lease-option contrac~ ~,~ h,,, s~le, assignment, or transfer of any beneficial interest in
or to any land trust holding titletothe Real Property, or by any other method Gl ,::~:',,~'~ce of an interest in the Real Property. If any Grantor is
a corporation, partnership or limited liability company, transfer also includes any, [~ ~,tu i~ ownership of more than twenty-five percent (25%) of
the voting stock, partnership interests or limited liability company interests, as t~. , ~ may be, of such Grantor. However, this option shall not
be exercised by Lender if such exercise is prohibited by federal law or by Wyoming9 i,~..~.
TAXES AND LIENS. The following provisions relatingzo~hetaxes and liens on ~,. ~'~,~FerW are part of this Mortgage:
Payment. Grantor shall pay when due (and in all events prior to delinqu~,~, ,., ~11 [~xes, payroll taxes, special taxes, assessments, water
charges and sewer service charges levied against or on account of the Prot,~ ~,' ~d shall pay when due all claims for work done on or for
services rendered or material furnished to the Property. Grantor shall mair~,~r ~he Property free of any liens having priority over or equalto
the interest of Lender under this Mortgage, except for those liens specifica[~, .,,i~ed to in writing by Lender, and except for the lien of taxes
and assessments no~ due as further specified in the Righ~ to Contest parag~
Right to Contest. Grantor may withhold payment of any tax, assessm~z[,~ ,~ claim in connection with a good faith dispute over the
obligation to pay, so long as Lender's interest in the Property is not jeol,~hz~ d. If a lien arises or is filed as a result of nonpayment,
Grantor shall within fifteen (15) days after the lien arises or, if a lien is fih~,i ..,~tlm~ fifteen (15) days after Grantor has notice of the filing,
secure the discharge of the lien, or if requested by Lender, deposi~ with L{~ ~, ~ ,:,~sh or a sufficient corporate surety bond or other security
satisfactory to Lender in an amount sufficient to discharge the lien plus ;~,,~ ,:~,~;ts and reasonable attorneys' fees, or other charges that
could accrue as a result of a foreclosure or sale under the lien. tn any co~, . ~ ~;,a~tor shall defend itself and Lender and shall satisfy any
adverse judgment before enforcement against the Property. Grantor sh~i; ~,.~,~ Lender as an additional obligee under any surety bond
furnished in the contest proceedings.
Evidence of Payment. Grantor shall upon demand furnishto Lender satisf~,~.,r..~vidence of payment ofthetaxes or assessments and shall
authorize the appropriate governmental official to deliver to Lender a~ any i~r~. ,I v~,~tten statement of the taxes and assessments against
the Property.
Noiice of Construction. Grantor shall notify Lender at least fifteen (15) day: l,:~,)r{~ ~]ny workis commenced, any services are furnished, or
any materials are supplied to the Property, if any mechanic's lien, materJ~h~,~ ~',.~ ~e~, or other lien could be asserted on account of the
work, services, or materials. Grantor will upon request of Lender furnish ~,, I , ~,J~zt advance assurances satisfactory to Lender that Grantor
can and will pay the cost of such improvements.
MORTGAGE (" ~""~0
(Continued) ..... Page 3
PROPERTY DAMAGE INSURANCE. The following pro,.,~-,~,,r 'dating to insuring the Property are a part of this Mortgage:
Maintenance of Insurance. Grantor shall procure ;~)~ ,~ ,,ntain policies of fire insurance with standard extended coverage endorsements on
a replacement basis for the full insurable value co,,~:r;~ ~ ;]11 Improvements on the Real Property in an amount sufficient to avoid application
of any coinsurance clause, and with a standmJ ~:, tgagee clause in favor of Lender. Grantor shall also procure and maintain
comprehensive general liability insurance in such ,,:~,,,,, ,;; amounts as Lender may request with Lender being named as additional insureds
in such liability insurance policies. Additionally, (}r;~: ;; :~hall maintain such other insurance, including but not limited to hazard, business
interruption and boiler insurance as Lender may r~;q~,,, ~'olicies shall be written by such insurance companies and in such form as may be
reasonably acceptable to Lender. Grantor shall (t,,h ,, 'o Lender certificates of coverage from each insurer containing a stipulation that
coverage will not be cancelled or diminished wit!~r,)t:{ : :~inimum of ten (t0) days' prior written notice to Lender and not containing any
disclaimer of the insurer's liability for failure to ?.,~ ~:,1~ notice. Each insurance policy also shall include an endorsement providing that
coverage in favor of Lender will not be impaired i,~ ,~[,, ~,,,byany act, omission or default of Grantor or any other person. Should the Real
Property be located in an area designated by th,~ !~ r of the Federal Emergency Management Agency as a special flood hazard area,
Grantor agrees to obtain and maintain Federal FI~¢,! , ,'anco, if available, within 45 days after notice is given by Lender that the Property
is located in a special flood hazard area, for the h~l~ , :~id principal balance of the loan and any prior liens on the property securing the
loan, up to the maximum policy limits set under tl~,~ ~i:' hal Flood Insurance Program, or as otherwise required by Lender, and to maintain
such insurance for the term of the loan.
Application of Proceeds. Grantor shall promptly r,~t,! iender of any loss or damage to the Property. Lender may make proof of loss if
Grantor fails to do so within fifteen (15) days ~t Ir ;~sualty. Whether or not Lender's security is impaired, Lender may, at Lender's
election, receive and retain the proceeds of any i.:~t,, ~, ,: and apply the proceeds to the reduction of the Indebtedness, payment of any lien
affecting the Property, or the restoration and rel:ai, ~: r,,. Property. If Lender elects to apply the proceeds to restoration and repair, Grantor
shall repair or replace the damaged or destroyed Iraqi* ,;;~ents in a manner satisfactory to Lender. Lender shall, upon satisfactory proof of
such expenditure, pay or reimburse Grantor fron~ ,f~,. ,,, coeds for the reaso~able cost of repair or restoration if Grantor is not in default
under this Mortgage. Any proceeds which h¢~,,,, , '!een disbursed within 180 days after their receipt and which Lender has not
committed to the repair or restoration of the ProF*r~, !;~ll be used first to pay any amount owing to Lender under this Mortgage, then to
pay accrued interest, and the remainder, if any, .~i~;)ll ~, ,qCplied to the principal balance of the Indebtedness. If Lender holds any proceeds
after payment in full of the Indebtedness, such I)r,~,,, ! rhallbe paid to Grantor as Orantor's interests may appear.
Grantor's Report on Insurance. Upon request of ~, ,, however not more than once a year, Grantor shall furnish to Lender a report on
each existing policy of insurance showing: (t) ~l~e r ¢',e of the insurer: (2) the risks insured; (3) the amount of the policy; (4) the
property insured, the then current replacement v;~,: ' ?,~ch property, and the manner of determining that value; and (5) the expiration
date of the policy. Grantor shall, upon request ~.,t t: i,:r, have an independent appraiser satisfactory to Lender determine the cash value
replacement cost of the Property.
LENDER'S EXPENDITURES. If any action or proceed,~!l ~: ,'~menced that would materially affect Lender's interest in the Property or if Grantor
fails to comply with any provision of this Mortgage or .t~, · h~[ed Documents, including but not limited to Grantor's failure to discharge or pay
when due any amounts Grantor is required to dischar? ( I~,/ under this Mortgage or any Related Documents, Lender on Grantor's behalf may
(but shall not be obligated to) take any action that Le,,~h:r ~ '~s appropriate, incklding but not limited to discharging or paying all taxes, liens,
security interests, encumbrances and other claims, at ~r~,,, ::,, ; levied or placed on the Property and paying all costs for insuring, maintaining and
preserving the Property. All such expenditures incurr~l ,' : ~i I by Lender for such purposes will then bear interest at the rate charged under the
Note from the date incurred or paid by Lender to the <J~,: : r *payment by Grantor. All such expenses will become a part of the Indebtedness
and, at Lender's option, will (A) be payable on dem;,~, i : be added to the balance of the Note and be apportioned among and be payable
with any installment payments to become due duri~fj ~.,tl , 1) the term of any applicable insurance policy; or (2) the remaining term of the
Note; or (C) be treated as a balloon payment which ,.. !! : ;~e and payable at the Note's maturity. The Mortgage also will secure payment of
these amounts. Such right shall be in addition to all ot!,~:~ , :!,ts and remedies to which Lender may be entitled upon Default.
WARRANTY; DEFENSE OF TITLE. The following provi,_,~,~ , !~)tingto ownership of the Property are a part of this Mortgage:
Title. Grantor warrants that: (a) Grantor holds 9~,,)d ~r~l marketable title of record to the Property in fee simple, free and clear of all liens
and encumbrances other than those set forth in tl~:~ ~ ! ¢operty descript~o~ or in any title insurance policy, title report, or final title opinion
issued in favor of, and accepted by, Lender ir~ {;~)r,~, ~,,~ with this Mortgage, and (b) Grantor has the full right, power, and authority to
execute and deliver this Mortgage to Lender.
Defense of Title. Subject to the exception in th(; I~;,r,[:¢,~;h above, Grantor warrants and will forever defend the title to the Property against
the lawful claims of all persons. In the event a~w ~:' ~ )¢ proceeding is co..nenced that questions Grantor's title or the interest of Lender
under this Mortgage, Grantor shall defend the a~:l~,,, :~ Grantor's expense. Grantor may be the nominal party in such proceeding, but
Lender shall be entitled to participate in the I)ror:t~.~r ~ ~ ~d to be represented in the proceeding by counsel of Lender's own choice, and
Grantor will deliver, or cause to be delivered, tr, :~:er such instruments as Lender may request from time to time to permit such
participation.
Compliance With Laws. Grantor warrants that tl',~ r ~ ~rty and Grantor's use of the Property complies with all existing applicable laws,
ordinances, and regulations of governmental auth()r,t,
Survival of Representations and Warranties. All ~, r,;, {:ntations, warranties, and agreem, ents made by Grantor in this Mortgage shall
survive the execution and delivery of this Mortga~l,: be continuing in nature, and shall remain in full force and effect until such time as
Grantor's Indebtedness shall be paid in full.
CONDEMNATION. The following provisions relating t~,', ~ ',~r~ation proceedings are a part of this Mortgage:
Proceedings. If any proceeding in condemnatior~ ,~ !! i, Grantor shall promptly notify Lender in writing, and Grantor shall promptly take
such steps as may be necessary to defend th(; ;~,:t~ r, ,r,d obtain the award. Grantor may be the nominal party in such proceeding, but
Lender shall be entitled to participate in the pro(;**.~h', = ,r~d to be represented in the proceeding by counsel of its own choice, and Grantor
will deliver or cause to be delivered to Lender st¢, i~ , ~,t~ments and documentation as may be requested by Lender from time to time to
permit such participation,
Application of Net Proceeds. If alt or any f)mt ,:! !'hoperty is condemned by eminent domain proceedings or by any proceeding or
purchase in lieu of condemnation, Lender may al ~:' t~on require that all or any portion of the net proceeds of the award be applied to
.the Inr~r.'-t;T"--;s or the repair or restoration of t~ ¢ ' ; ,:rt'.'...;..T;~.~ net pro(;eeds of the award shall mean the ~ ..... '~ =e'er payment of all
reasor .. .,.s, expenses, and attorneys' fees ~: : t],/,::,:?',;,'i.i, n connection with the condemnation.
MORTGAGE
.(Continued)
Page 4
IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relating to governmental taxes,
fees and charges are a part of this Mortgage:
Current Taxes, Fees and Charges. Upon request by Lender, Grantor shall ,-, ~:~m; such documents in addition to this Mortgage and take
whatever other action is requested by Lender to perfect and continue Lend,..~ . h,~m the Real Property. Grantor shall reimburse Lender for
all taxes, as described below, together with all expenses incurred in reco~,t~,,! perfecting or continuing this Mortgage, including without
limitation all taxes, fees, documentary stamps, and other charges for recorm,,.! ~ ,etj~stering this Mortgage.
Taxes. The following shall constitute taxes to which this section applies: ~li ~ rq~ecific tax upon this type of Mortgage or upon all or any
part of the Indebtedness secured by this Mortgage; (2) a specific tax o~ ~;~.~t~r which Grantor is authorized or required to deduct from
payments on the Indebtedness secured by this type of Mortgage; (3) a t~ .~r~ Ihi.s type of Mortgage chargeable against the Lender or the
holder of the Note; and (4) a specific tax on all or any portion of the h,~i,i~t~(Jl~ess or on payments of principal and interest made by
Grantor.
Subsequent Taxes. If any tax to which this section applies is enacted sub.., ,l~t to the date of this Mortgage, this event shall have the
same effect as an Event of Default, and Lender may exercise any or all o~ ~l..,vmlable remedies for an Event of Default as provided below
unless Grantor either (1) pays the tax before it becomes delinquent, or ~'. ~:~mte. sts the tax as provided above in the Taxes and Liens
section and deposits with Lender cash or a sufficient corporate surety bond , ,, , ,limr security satisfactory to Lender.
SECURITY AGREEMENT; FINANCING STATEMENTS. The following provisions ~, ~.,l~!l to this Mortgage as a security agreement are a part of
this Mortgage:
Security Agreement. This instrument shall constitute a Security Agreem~..:t t~, the extent any of the Property constitutes fixtures, and
Lender shall have all of the rights of a secured party under the Uniform Com~,,, ~ ~1 Code as amended from time to time.
Security Interest. Upon request by Lender, Grantor shall take whatever a, ~:,~ ~s requested by Lender to perfect and continue Lender's
security interest in the Rents a,nd Personal Property. In addition to recordin~ ~,.,~.; Mortgage in the real property records, Lender may, at any
time and without further authorization from Grantor, file executed counterl, ,~t:~. copies or reproductions of this Mortgage as a financing
statement. Grantor shall reimburse Lender for all expenses incurred in pert~;,~,~ or continuing this security interest. Upon default, Grantor
shall not remove, sever or detach the Personal Property from the Property. t,~ ~ d~tault, Grantor shatl assemble any Personal Property not
affixed to the Property in a manner and at a place reasonably convenient to ~,~.,~m, m~d Lender and make it available to Lender within three
(3) days after receipt of written demand from Lender to the extent permitted i,..,l~pticable law.
Addresses. The mailing addresses of Grantor (debtor) and Lender (secured i,~rl¥1 horn which information concerning the security interest
granted by this Mortgage may be obtained (each as required by the Unih,~ C~m~mercial Code) are as stated on the first page of this
Mortgage.
FURTHER ASSURANCES; ATTORNEY-IN-FACT. The following provisions relat~,,i t,~ lurfl~er assurances and attorney-in-fact are a part of this
Mortgage:
Further Assurances. At any time, and from time to time, upon request of ~ ,, ,~ Grantor will make, execute and deliver, or will cause to
be made, executed or delivered, to Lender or to Lender's designee, and wt,, ~ ~,..qm.~sted by Lender, cause to be filed, recorded, refiled, or
rerecorded, as the case may be, at such times and in such offices and place ~.. I ~Hder may deem appropriate, any and ail such mortgages,
deeds of trust, security deeds, security agreements, financing statemem:. .,~t:~uat~on statements, instruments of further assurance,
certificates, and other documents as may, in the sole opinion of Lender, be ~,,.,:,'~;sary or desirable in order to effectuate, complete, perfect,
continue, or preserve (1) Grantor's obligations under the Note, this M~,~,~!te, and the Related Documents, and (2) the liens and
security interests created by this Mortgage as first and prior liens on the P~,,!,,~t,,~, whether now owned or hereafter acquired by Grantor.
Unless prohibited by law or Lender agrees to the contrary in writing, Oram,,~ '.l,,dl reimburse Lender for all costs and expenses incurred in
connection with the matters referred to in this paragraph.
Attorney-in-Fact. If Grantor fails to do any of the things referred to in the pr, ,~(Jill0 paragraph, Lender may do so for and in the name of
Grantor and at Grantor's expense. For such purposes, Grantor hereby i~r,:..',,,:,~bly appoints Lender as Orantor's attorney-in-fact for the
purpose of making, executing, delivering, filing, recording, and doing all oll~,.: [tlul~.js as may be necessary or desirable, in Lender's sole
opinion, to accomplish the matters referred to in the preceding paragraph.
FULL PERFORMANCE. If Grantor pays all the Indebtedness when due, and oth~..~;,~ performs all the obligations imposed upon Grantor under
this Mortgage, Lender shall execute and deliver to Grantor a suitable satisfactio~ ,,I ~l~i~; Mortgage and suitable statements of termination of any
financing statement on file evidencing Lender's security interest in the Rents ;~r,,I ~1~ Personal Property. Grantor will pay, if permitted by
applicable law, any reasonable termination fee as determined by Lender from time ~,~
EVENTS OF DEFAULT. Each of the following, at Lender's option, shallconstitu~ ..... [v,mt of Default under this Mortgage:
Payment Default. Grantor fails to make any payment when due under the
Default on Other Payments. Failure of Grantor within the time required by ~1~,; Mortgage to make any payment for taxes or insurance, or
any other payment necessary to prevent filing of or to effect discharge of an.
Other Defaults. Grantor fails to comply with or to perform any other term, ,~l,h,t.mm~, covenant or condition contained in this Mortgage or
in any of the Related Documents or to comply with or to perform any t,~r, ,,l~ligation, covenant or condition contained in any other
agreement between Lender and Grantor.
Default in Favor of Third Parties. Should Grantor default under any Ioar~ ~.:.:~ension of credit, security agreement, purchase or sales
agreement, or any other agreement, in favor of any other creditor or p~:~.,~ II,at may materially affect any of Grantor's property or
Grantor's ability to repay the Indebtedness or Grantor's ability to perfnr~, ,;ramor's obligations under this Mortgage or any related
document.
False Statements. Any warranty, representation or statement made or fl,~r~:.~,,z,t ~o Lender by Grantor or on Grantor's behalf under this
Mortgage or the Related Documents is false or misleading in any material re:.l,.,:t ~ither now or at the time made or furnished or becomes
false or misleading at any time thereafter.
Defective Collateralization. This Mortgage or any of the Related Docume~m. ,:~ ~ses to be in full force and effect (including failure of any
collateral document to create a valid and perfected security interest or lien) a~ ~,,, tm~e. and for any reason.
Insolvency. The dissolution or termination of Grantor's existence as a !t~,,~,1 busir~ess or the death of any partner, the insolvency of
MORTGAGE
(Continued) Page 5
Grantor, the appointment of a receiver for any part of Grantor's property. ;,,,., ,~signruent for the benefit of creditors, any type of creditor
workout, or the commencement of any proceeding under any bankruptcyo~ ~,.;,flv,mcylaws by or against Grantor.
Creditor or Forfeiture Proceedings. Commencement of foreclosure or fo~i,q,,~; proceedings, whether by judicial proceeding, self-help,
repossession or any other method, by any creditor of Grantor or by .,,, tt~vernmenta agency against any property securing the
Indebtedness. This includes a garnishment of any of Grantor's accounts..,, hJ;h~!j deposit accounts, with Lender. However, this Event of
Default shall not apply if there is a good faith dispute by Grantor as to the ,h,li~,/ t~r reasonableness of the claim which is the basis of the
creditor or forfeiture proceeding and if Grantor gives Lender written notice ,i ~1~, creditor or forfeiture proceeding and deposits with Lender
monies or a surety bond for the creditor or forfeiture proceeding, in an a~,,~r~t determined by Lender, in its sole discretion, as being an
adequate reserve or bond for the dispute.
Breach of Other Agreement. Any breach by Grantor under the terms ul ,,,, ~tl~or agreement between Grantor and Lender that is not
remedied within any grace period provided therein, including without li~::m,.~ m~y agreement concerning any indebtedness or other
obligation of Grantor to Lender, whether existing now or later.
Events Affecting Guarantor. Any of the preceding events occurs with rest,:. ~ m a~y guarantor, endorser, surety, or accommodation party
of any of the Indebtedness or any guarantor, endorser, surety, or accu~.~.,,I,ti~m party dies or becomes incompetent, or revokes or
disputes the validity of, or liability under, any Guaranty of the Indebtednes:. I~ lh~ event of a death, Lender, at its option, may, but shall
not be required to, permit the guarantor's estate to assume uncondit~o~.,¢l the obligations arising under the guaranty in a manner
satisfactory to Lender, and, in doing so, cure any Event of Default.
Adverse Change. A material adverse change occurs in Grantor's finao~.,! ,,~dition, or Lender believes the prospect of payment or
performance of the Indebtedness is impaired.
Right to Cure. If any default, other than a default in payment is curable a~u ,i i~m~or has not been given a notice of a breach of the same
provision of this Mortgage within the preceding twelve (1 2) months, it may I, ~.ured if Grantor, after receiving written notice from Lender
demanding cure of such default: (1) cures the default v~ithin fifteen (15i ~.,,,.; or (2) if the cure requires more than fifteen (15) days,
immediately initiates steps which Lender deems in Lender"s sole discretio~ t I~,, .~ufficient to cure the default and thereafter continues and
completes all reasonable and necessary steps sufficient to produce complim-, .,., s~mn as reasonably practical.
RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence of an Fvent of D~zl,,,~ll m~d ~t any time thereafter, Lender, at Lender's option, may
exercise any one or more of the following rights and remedies, in addition to an,,, ~.t~,,, r~!lhts or remedies provided by taw:
Accelerate Indebtedness. Lender shall have the right at its option without ~,:~r.~: m Grantor to declare the entire Indebtedness immediately
due and payable, including any prepayment penalty which Grantor would bu ~.,t,.~i~;d to pay.
UCC Remedies. With respect to all or any part of the Personal Property, L..~,,I..~ shall have ali the rights and remedies of a secured party
under the Uniform Commercial Code.
Collect Rents. Lender shall have the right, without notice to Grantor, to ed,, i~,.~scssion of the Property, including during the pendency of
foreclosure, whether judicial or non-judicial, and collect the Rents, includin[! ,r~,.~t,~ past due and unpaid, and apply the net proceeds, over
and above Lender's costs, against the Indebtedness. In furtherance o~ u,, r~!iI~t, Lender may require any tenant or other user of the
Property to make payments of rent or use fees directly to Lender. If the R~:~,~, ,~; collected by Lender, then Grantor irrevocably designates
Lender as Grantor's attorney-in-fact to endorse instruments received in pa,,,~,,~t thereof in the name of Grantor and to negotiate the same
and collect the proceeds. Payments by tenants or other users to Lender ,, ~-.l~n~se to Lender's demand shall satisfy the obligations for
which the payments are made, whether or not any proper grounds for ti,: ;tumm~d existed. Lender may exercise its rights under this
subparagraph either in person, by agent, or through a receiver.
Appoint Receiver. Lender shall have the right to have a receiver appoint~i h. ~:~t~e possession of all or any part of the Property, with the
power to protect and preserve the Property, to operate the Property pr,,. ,m~t foreclosure or sale, and to collect the Rents from the
Property and apply the proceeds, over and above the cost of the receive~,,,~, ,~!]mnst the Indebtedness. The receiver may serve without
bond if permitted by law. Lender's right to the appointment of a receive~ ..1~ dl exist whether or not the apparent value of the Property
exceeds the Indebtedness by a substantial amount. Employment by Lender .~h~ll ~ot disqualify a person from serving as a receiver.
Judicial Foreclosure. Lender may obtain a judicial decree foreclosing Grann, ~. ,uer~st in all or any part of the Property.
Nonjudicial Sale. Lender may foreclose Grantor's interest in all or in any pa~ ,,i ~h~:~ Property by non-judicial sale, and specifically by "power
of sale" or "advertisement and sale" foreclosure as provided by statute.
Deficiency Judgment. If permitted by applicable taw, Lender may obtain a i~,l.!~u~t for any deficiency remaining in the Indebtedness due
to Lender after application of all amounts received from the exercise of the ~.li,~, t,ovided in this section.
Tenancy at Sufferance. If Grantor remains in possession of the Property ~ll,~ ilu~ Property is sold as provided above or Lender otherwise
becomes entitled to possession of the Property upon default of Grantor. ,~r,.uor shall become a tenant at sufferance of Lender or the
purchaser of the Property and shall, at Lender's option, either (1) pay a re.~ .o~;~bl~. rental for the use of the Property, or (2) vacate the
Property immediately upon the demand of Lender.
Other Remedies. Lender shall have all other rights and remedies provided ~ ti,. Mortgage or the Note or available at law or in equity.
Sale of the Property. To the extent permitted by applicable law, Grantor hu~. waives any and all right to have the Property marshalled.
In exercising its rights and remedies, Lender shall be free to sell all or an.,. i,:;rl of the Property together or separately, in one sale or by
separate sales. Lender shall be entitled to bid at any public sale on all or a~,,. I.,, I~ of the Property.
Notice of Sale. Lender shall give Grantor reasonable notice of tbetime a~l I,,,' ol ~my public sale of the Personal Property or of the time
after which any private sale or other intended disposition of the Personal ~,'~l~urW is to be made. Reasonable notice shall mean notice
given at least ten (10) days before the time of the sale or disposition. An,,. ,,h of the Personal Property may be made in conjunction with
any sale of the Real Property.
Election of Remedies. Election by Lender to pursue any remedy shall iqol ,~ h~do pursuit of any other remedy, and an election to make
expenditures or to take action to perform an obligation of Grantor under ~t,. i,]~t!l~:l~.]e, after Grantor's failure to perform, shall not affect
Lender's right to declare a default and exercise its remedies. Nothing undc, t II.~t. Mort0age or otherwise shall be construed so as to limit or
restrict the rights and remedies available to Lender following an Event of D~ I**,,It. or in any way to limit or restrict the rights and ability of
Lender to proceed directly against Grantor and/or against any other co-mak,,~ !~m~antor, surety or endorser and/or to proceed against any
MORTGAGE
(Continued
Page 6
other collateral directly or indirectly securing the Indebtedness.
Attorneys' Fees; Expenses, If Lender institutes any suit or action to enfor, ~r~,,, ~f the terms of this Mortgage, Lender shall be entitled to
recover such sum as the court may adjudge reasonable as attorneys' fees ,,; ~.~1 ~d upon any appeal. Whether or not any court action is
involved, and to the extent not prohibited by law, all reasonable expenses L. ~ I~:l incurs that in Lender's opinion are necessary at any time
for the protection of its interest or the enforcement of its rights shall becor~, , !~:~[ of the Indebtedness payable on demand and shall bear
interest at the Note rate from the date of the expenditure until repaid. ! 'i,r~s covered by this paragraph include, without limitation,
however subject to any limits under applicable law, Lender's reasonable att,,,~,,¥s fees and Lender's legal expenses whether or not there is
a lawsuit, including reasonable attorneys' fees and expenses for bank~l,~.:;,. I~roceedings (including efforts to modify or vacate any
automatic stay or injunction), appeals, and any anticipated post-judgment ~:,,ll,.,:hon services, the cost of searching records, obtaining title
reports (including foreclosure reports), surveyors' reports, and appraisal fe~:: .,~,1 t~tl~ ~nsurance, to the extent permitted by applicable law.
Grantor also will pay any court costs, in addition to all other sums providecJ I,. I:~.,v.
NOTICES. Any notice required to be given under this Mortgage, including with~,,~ I.~l~mon any notice of default and any notice of sale shall be
given in writing, and shall be effective when actually delivered, when actually r~,.., ,~1 ~,~ telefacsimile (unless otherwise required by taw), when
deposited with a nationally recognized overnight courier, or, if mailed, when ,l,i ,~l~d in the United States mail, as first class, certified or
registered mail postage prepaid, directed to the addresses shown near the beg~,r,~ i ~1 Ibis Mortgage. All copies of notices of foreclosure from
the holder of any lien which has priority over this Mortgage shall be sent to L~ ~,,l.:r '~ ~ddress, as shown near the beginning of this Mortgage.
Any party may change its address for notices under this Mortgage by giving ~. ~,~1 whiten notice to the other parties, specifying that the
purpose of the notice is to change the party's address. For notice purposes, (:r..~ ~0rees to keep Lender informed at all times of Grantor's
current address. Unless otherwise provided or required by law, if there is mor~ ;r~,~ ~; Grantor, any notice given by Lender to any Grantor is
deemed to be notice given to all Grantors.
PARTIAL RELEASES. Lender shall execute partial releases of the lien of this M,,r~,~.~.l~ ~r Deed of Trust upon the following conditions: Lender
will receive written requests for consideration of partial collateral releases .,iq~oval will be subject to Lender's credit and collateral
underwriting standards. A prepayment penalty may exist.
MULTIPLE-STATE LOAN. The land encumbered in this loan is located in two ~,-', ~;t~tes; therefore, a mortgage and/or deed of trust will be
recorded in each state as follows: (a) DEED OF TRUST recorded in the COUNI , ~ ~ICH, STATE OF UTAH; and (b) MORTGAGE recorded in
the COUNTY OF LINCOLN, STATE OF WYOMING. However, this loan secures I~;., ,~gle indebtedness in the amount of $1,300,000.00.
MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a p;,r~ .~l this Mortgage:
Amendments. This Mortgage, together with any Related Documents, con.~,~,,~; Ihe entire understanding and agreement of the parties as
to the matters set forth in this Mortgage. No alteration of or amendmen~ ~. t~s Mortgage shall be effective unless given in writing and
signed by the party or parties sought to be charged or bound by the alterat,,~, ,,~ ~endment.
Annual Reports. If the Property is used for purposes other than Grant~;r r, .~de~ce, Grantor shall furnish to Lender, upon request, a
certified statement of net operating income received from the Property d~.l G~antor's previous fiscal year in such form and detail as
Lender shall require. "Net operating income" shall mean alt cash receipts l~,r,, ll~, Property less all cash expenditures made in connection
with the operation of the Property.
Caption Headings. Caption headings in this Mortgage are for convenience l,~rl~;es only and are not to be used to interpret or define the
provisions of this Mortgage.
Governing Law. This Mortgage will be governed by, construed and enforc~ i~ accordance with federal law and the laws of the State of
Wyoming. This Mortgage has been accepted by Lender in the State of
Joint and Several Liability. All obligations of Grantor under this Mortgage sl~,l i~:j~nt and several, and all references to Grantor shall mean
each and every Grantor. This means that each Grantor signing below is r~-:.t,, ~.~hle for all obligations in this Mortgage. Where any one or
more of the parties is a corporation, partnership, limited liability company ~,~ : ,r~l~r ~.~tity, it is not necessary for Lender to inquire into the
powers of any of the officers, directors, partners, members, or other ag~.~t. ~:~n~j or purporting to act on the entity's behalf, and any
obligations made or created in reliance upon the professed exercise of suchl~., ',~.'; shall be guaranteed under this Mortgage.
No Waiver by Lender. Lender shall not be deemed to have waived any r~,.l~ . ~:ler this Mortgage unless such waiver is given in writing
and signed by Lender. No delay or omission on the part of Lender in ex.,~:~!l ~n¥ right shall operate as a waiver of such right or any
other right. A waiver by Lender of a provision of this Mortgage shall not ~, it~,JJ(:e or constitute a waiver of Lender's right otherwise to
demand strict compliance with that provision or any other provision of this i.l:; I!l~!le. No prior waiver by Lender, nor any course of dealing
between Lender and Grantor, shall constitute a waiver of any of Lend~,r'. r~!ll~ls or of any of Grantor's obligations as to any future
transactions. Whenever the consent of Lender is required under this Mo~;~,~,:. the granting of such consent by Lender in any instance
shall not constitute continuing consent to subsequent instances where s~r~ ,~.~ent is required and in all cases such consent may be
granted or withheld in the sole discretion of Lender.
Severability. If a court of competent jurisdiction finds any provision of this [.1 ,~!l~[le to be illegal, invalid, or unenforceable as to any person
or circumstance, that finding shall not make the offending provision ~[I, i:~1, i~valid, or unenforceable as to any other person or
circumstance. If feasible, the offending provision shall be considered m~J~!l ,J .~o t~at it becomes legal, valid and enforceable. If the
offending provision cannot be so modified, it shall be considered delete~i I~,,~ this Mortgage. Unless otherwise required by law, the
illegality, invalidity, or unenforceability of any provision of this Mortgage sl,.~i ~,~t affect the legality, validity or enforceability of any other
provision of this Mortgage.
Merger. There shall be no merger of the interest or estate created by this I.i,r [~l;~.je. with any other interest or estate in the Property at any
time held by or for the benefit of Lender in any capacity, without the written,, .,~s,~nt of Lender.
Successors and Assigns, Subject to any limitations stated in this Mortgag~ ,,~, I~,~.~fer of Grantor's interest, this Mortgage shall be binding
upon and inure to the benefit of the parties, their successors and assigns. I~ .,,,,~;rship of the Property becomes vested in a person other
than Grantor, Lender, without notice to Grantor, may deal with Grantor's s~, ~, ~;~rs with reference to this Mortgage and the Indebtedness
by way of forbearance or extension without releasing Grantor from the obli!~,~, ~r~ Gl this Mortgage or liability under the Indebtedness.
Time is of the Essence. Time is of the essence in the performance of this
Waiver of Homestead Exemption. Grantor hereby releases and waives allri~,~. ,~d benefits of the homestead exemption laws of the State
of Wyoming as to all Indebtedness secured by this Mortgage.
,~t]..,~ z.~., MORTGAGE '- 0" 5 ~:~
(Continued)
Page 7
DEFINITIONS. The following capitalized words and terms shall have ~:he follov~,,~,.~ Irl~'ilfllf~gs when used -
stated to the contrary, all references to dollar amounts shall mean amounts in la, .l~,~ r,~(~)ey of the United in this Mortgage. Unless specifically
States of America. Words and terms
used in,he singular shall include the plural, and the plural shall include the singuta~ ;~ ~ht~ context may require. Words and terms not o~herwise
defined in this Mortgage shall have the meanings a~tributed to such ~erms in ~he Ur~;~,,~ Co[nmerciaf Code:
Borrower. The word "Borrower" means PUTNAM RANCH, LLP, a U~ah L~,~t,,~J Liability Partnership; KEITH L. PUTNAM INTER VIVOS
TRUST DATED THE 7TH DAY OF JUNE 1994; and ERMA N. PUTNAM IN-FE~: '.'JVOS TRUST DATED THE 7TH DAY OF JUNE 1994 and
includes all co-signers and co-makers signing the Noze.
Default. The word "Default" means the Defaultse~ for~hin~his Mor~gagein ~J,., :.~(:~[on~i~led "Default".
Environmental Laws. The words "Environmental Laws" mean any and alt .4;~t~ f(~deral and local statutes, regulations and ordinances
relating to the protection of human health or the environment, including wdt~,.t~ ht~)ita~ion the Comprehensive Environmental Response,
Compensation, and Liability Ac~ of 1980, as amended, 42 U.S.C. Section :)~,:,1, et seq. ("CERCLA"), the Superfund Amendments and
Reau~horization Act of 1986, Pub. L. No. 99-499 ("SARA"), the Hazardous ~..],~,,,4~]~s Transportation Act, 49 U.S.C. Section 1801, et seq.,
the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901, ,,t ..,.q.. or o~her applicable state or federal laws, rules, or
regulations adopted pursuant thereto.
Event of Default. The words "Even~ of Default" mean any of the events u~ ~J,,~;~t~h set forth in this Mortgage in the events of default
section of this Mortgage.
Grantor. The word "Grantor" means PUTNAM RANCH, LLP, a U~ah Limited t~.J~,tht,/ Parmership; KEITH L. PUTNAM INTER VIVOS TRUST
DATED THE 7TH DAYOFJUNE 1994; and ERMA N. PUTNAM INTER VIVOS ~..~S~ DATED THE 7TH DAY OF JUNE 1994.
Guaranty. The word "Ouaran[y" means the guaranty from guarantor, en(J~-,:~, 5~re~y, or accommodation party to Lender, including
without limitation a guaranty of all or part of the No~e.
Hazardous Substances. The words "Hazardous Substances" mean materia~t ~['~{r because of their quantJ~y, concentration or physical,
chemical or infectious characteristics, may cause or pose a presen~ or I~,~. rttd~i hazard to human health or the environment when
improperly used, trea~ed, stored, disposed of, generated, manufactured, [~.,~,.~t,ft~d or o~herwise handled.
Substances" are used in'~heir very broadest sense and JnCude wthout limit;~t ~ ;~*Y a~d all hazardous or toxic The words "Hazardous
substances, materials or
waste as defined byor listed under the Environmental Laws. The term "Hazar~j;t. 5;uhstances" also includes, withou~limi~ation, pe[roleum
and petroleum by-products or any fraction thereof and asbestos.
Improvements. The word "Improvements" means all existing and future imp~,,, r~zs, buildings, structures, mobile homes affixed on the
Real Property, facilities, additions, replacements and other construction onthe t, ~ P~
Indebtedness. The word "Indebtedness" means all principal, interest, and o~t~,:~ .,~*)()~Jnts, costs and expenses payable under the Note or
Related Documents, together with all renewals of, extensions of, modificaz~,,,.. ,,f. consolidations of and substitutions for ~he Note or
Related Documents and any amounts expended or advanced by Lender to disct,,J~,~,, (~ran~or's obligations or expenses incurred by Lender to
enforce Grantor's obligations under ~his Mortgage, together wi~h in~eres~ on su, i~ ,~)~t~.~ts as provided in ~his Morzgage.
Lender. The word "Lender" means ZIONS FIRST NATIONAL BANK, its success: ,:. ,,~d assigns.
Mortgage. The word "Mortgage" means ~his Mortgage between Grantor and Lt,=,
Note. The word "Note" means the promissory note da~ed December ~.,'. 2004, in the original principal amount of
~ 1,300,000.00 from Grantor ~o Lender, together wi~h all renewals of, ex[~ ~, .~,,t,s of, modifications of, refinancings of, consolidations
of, and substitutions for the promissory note or agreement. The maturity date ~ T~,[~; Morzgageis July 1, 2020.
Personal Property. The words "Personal Property" mean all equipment, fixtur,, ,~p,tj other articles of personal property now or hereafter
Owned by Grantor, and now or hereafter a~tached or affixed to' the Real Prop~ft.~: ~)~)~th~r with all accessions, parts, and additions to, all
replacements of, and all substitutions for, any of such property; and together ,'..et~, ,dl proceeds (including wi~hou~ limitation all insurance
proceeds and refunds of premiums) from any sale or o~her disposition of the Pr~)~, ~ [.,,
Property, The word "Property" means collectively ~he Real Property and the Pe~,,,r ~,JJ Frol:)er~y.
Real Property. The words "Real Property" mean the real property, interests and r~ J t~t~;. ;~5 further described in this Mortgage.
Related Documents. The words "Related Documents" mean all promissory ~,,,~,~. (:redi~ agreements, loan agreements, environmental
agreements, guaranties, security agreements, mortgages, deeds of trust, seot,t~., ,jt~ ds collateral mortgages, and all other instruments,
agreements and documents, whether now or hereafter existing, executed in cof]]~,, ~j~)~ vvi~h the Indebtedness.
Rents. The word "Renzs" means all present and future rents, revenues, incom~, ~..t.t~,~s, royalties profits, and other benefits derived from
the Property. ,
MORTGAGE
(Continued)
EACH GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF TI ilS MORTGAGE, AND EACH GRANTOR AGREES TO ITS
TERMS.
GRANTOR:
PUTNAM RANCH, LLP, A UTAH LIM, J.TED LIABILITY PARTNERSHIP
LANN~' kAy,NAM, ~:~erel Partner of PUTNAM
RANCH, LLP, a ~Jtah Limitc~d Liability Partnership
KEITH L. PUTNAM INTER VIVOS TRUST DATED THE 7TH DAY OF JUNE 1994, Partner of PUTNAM RANCH, LLP, a Utah Limited Liability
Partnership
KEITRTL.'T'P'rJ'rNAI~I, Trustee o~-I~EJ-TH L. PUT~IA"r~I
INTER VIVOS TRUST DATED THE 7TH DAY OF
JUNE 1994
ERMA N. PUTNAM INTER VIVOS TRUST DATED THE 7TH DAY OF JUNE 1994 Partner of PUTNAM RANCH, LLP, a Utah Limited Liability
Partnership
ERMA N. PUTNAM. Trustee of ERMA N. PUTNAM
INTER VIVOS TRUST DATED THE 7TH DAY OF
JUNE 1994
KEITH L. PUTNAM INTER VIVOS TRUST DATED THE 7TH DAY OF JUNE 1994
KEITH'L. PUTNAM, Trustee of KEITH L. PUTNA)Vl
INTER VIVOS TRUST DATED THE 7TH DAY OF
JUNE 1994
ERMA N. PUTNAM INTER VIVOS TRUST DATED THE 7TH DAY OF JUNE 1994
INTER VIVOS TRUST DATED THE 7TH DAY OF
JUNE 1994
PARTNERSHIP ACKNOWLEDGMENT
STATE OF I_ )~,':~D-~ )
)
SS
COUNW O~ (~ rJ/~.~
OnthJs (~ dayof [[~._~ ,20, , heforeme, theundersignedNotaryPublic, personal,y
appeared LANNY KAY PUTNAM of PUTNAM RANCH; LLP, a Utah Limited Liability P,~mership, and known to me to be a partner or designated
agent of the partnership that executed the Mortgage and acknowledged the L/~,,~.~tl~ to be the free and voluntary act and deed of the
partnership, by authority of statute or its Partnership Agreement, for the uses al~d [,~p()ses therein mentioned, and on oath stated ~hat he or
she is ~thorized to execute this Mortgage and in fact executed the Mortgage on b~.f~.di ~[ the parmership.
Notary Public in and for the State of l~~ Mycomm,~;s,on expires O ~_.~
ANDREA
112 North Mai~
MORTGAGE
(Continued)
Page 9
PARTNERSHIP ACKNOWLEDGMENT
COUNTY OF '~}/')t4-~- )SS
v-
Onthis ~-,~ dayof D~J~~ ,20 beforeme, theundersigned NotaryPublic, personally
appeared KEITH L. PUTNAM, Trustee of KEITH L. PUTNAM INTER VIVOS TRUST DATED THE 7TH DAY OF JUNE 1994, and known to me to
be a partner or designated agent of the partnership [hat executed the Mortgage ,,,i ,.:kuowledged the Mortgage to be the free and voluntary act
and deed of the partnership, by authority of statute or its Partnership Agreem,,~,~ u,t the uses and purposes therein mentioned, and on oath
stated ~at he or she is authorized to execute this Mortgage and in fact executed ~l~,, hqurtgage on behalf of the partnership.
By ~ Residiug at . ~ .:., c~ ~
Notary Public in and for the State of [J~ My commission expires ~ -~ ~
PARTNERSHIP ACKNOWLEDGMENIT
I l~ :~;~ }~1 L~n. ~ah 84321
STATE OF L~~ )
On this ~g ~ day of ~~ , 20 , before me, the undersigned Notary Public, personally
appeared ERMA N. PUTNAM, Trustee of ERda N. PUTNAM INTER VIVOS TRUS~ DATED THE 7TH DAY OF JUNE 1994, and known to meto
be a partner or designated agent of the partnership that executed the Mortgage a~,~ .,:k~owledged ~he Mortgage to be ~he free and voluntary ac~
and deed of the partnership, by authority of s~a~ute or Ks Parmership Agreem,.~,~ ~,, the uses and purposes therein mentioned, and on oath
stated t~tI he or she is authorized to execute this Mortgage and in fact execu~eu ~.. [,~(~rtoage on behalf of the partnership.
Notary Public in and 'O' the State of ~'~
My co,,u. Ussion expires
COUNTY OF
TRUST ACKNOWLEDGMENT
)
)SS
)
I ANDREA K. BECK
",." 112 North Main Streel
Logan. Ulah 84321
My Commi~ion Expires e
State'of Utah
Onthis ~g~ dayo, ~ , 20 , before me, the undersigned Notary Public, personally
appeared KEITH L. PUTNAM, Trustee of KEITH L. PUTNAM INTER VIVOS TRUS] I)ATED THE 7TH DAY OF JUNE 1994, and known to me to
be an authorized trustee or agent of the trust that executed the Mortgage and aci.~ r.'.k~dged the Mortgage to be the free and voluntary act and
deed of the trust, by authority set forth in the trust documents or, by authority ~I t.~mte, for the uses and purposes therein mentioned, and on
oath sta~d that he or she is authorized to execute this Mortgage and in fact execul, ,I ll~e Mortgage on behalf of ~he trust.
Notary Public in and 'O, the State of ~ My commission expires ~-~ ~
112 North Main Street
I Logan. Utah 84321
I ~'~2 My Commission Expires
June 26, 2008
L~..,. =.,,, ._ .=. State of Utah
MORTGAGE
(Continued)
Page 1 0
STATE OF [~
COUNTY OF ~__..~
TRUST ACKNOWLEDGMENT
)
)ss
)
On this
appeared ERMA N. PUTNAM, Trustee of E AM INTER VIVOS TRUS~, I)ATED THE 7TH DAY OF JUNE 1994, and known to me to
be an authorized trustee or agent of the trust that executed the Mortgage and a,~r, ',Jh~d~jed the Mortgage to be the free and voluntary act and
deed of the trust, by authority set forth in the trust documents or, by authoriw ,~ . ~,m~[e, for the uses and purposes therein mentioned, and on
oath state(~.~hat he or she is authorized to execute this Mortgage and in fact exe~ ,~, ,I [t~e Mortgage on behalf of the trust.
Notary Public in and for the State of ~_ My c ........ issioo expires~_
, ~~ ANDREA Z. B.Ec~
I L~n, Utah 84321
............................................................................... .................... ipL,~~ ..... "' June 26, 2008
State
EXHIBIT
Real estate located in the County of Rich
State of Wyoming, to-wit:
RICH COUNTY, UTAH:
and State of Utah,
and in the County of Lincoln and
PA_P. CEL 1: Commencing at a point located Noru~, %9°48'00' East along the Section line 215.36 feet from the Southwest
Comer of the Southeast Quarter of Section 22, Tovn~ship 9 North, Range 6 East of the Salt Lake Base and Mejdima;
thence North 0° 11'44" West parallel to the Quarter~ Section line 545.70 feet; thence North 30°23'38" West 63.96 feet;
thence North 60046'05" East 72.86 feet4 thence Nomh 27°48'05" West 134il 1 feet; thence North 72022, 10" East 61.85
feet; thence North 12025'00" West 213.55 feet; ~.c~ce South 45°00'00'' West along the South Right of Way line °f State
Route 39, 77.07 feet; thence North 0° 11'4-4" 'Wez~ ?~-glel t° the Quarter Section line 391.49 feet to the SLxteenth Section
line; thence North 89030'06" East along the Sixteenth Section 1293.91 feet:, thence due South 2640.15 feet to the South
line of the Northeast Quarter of the Northeast Qua~c~ of Section 27, said Tovmship and Rmage; thence South 89°52'067
West along the SL~eenth Section line 1155.38 feet~ tJ~ence North 1°38'43" East pm-~llel to the Quarter Section line
· thee to the point of beginning. Said parcel is subject to the Right of
1312.93 feet; theiace South 89°48'00" West t00.0o .
Way for St2ze Route 39.
ALSO, commencing 20 rods West of the Nortle,~ Comer of the Nor~daeast Quarter of the Southeast Quarter of Section
22, Township 9 North, Range 6 East of the Sa!r LaL: Base and Meridia& and r~,nning thence We~ 60 rods; thence South
80 rods; thence Ea_vc 60 rods; thence North gO re,t; ~,o the place ofbe~nning.
ALSO, the Nocdawest Quarter of the Southe~: (]!,~..,~er of Section 22, Tovmship 9 North, Range 6 E~ of the Salt Lake
'Base and Meridimn. LESS: that por*,ion of ~c above described land deeded to State Road Commission of Ut~ mhd
Recorded in Book Z at Page 155 on Au_zu~ 24, [959.
~ PARCEL 2: Commencing at a point 68.2 rods ti:?;[ of the Nocdawest Comer of the Southwest Queer of the Northwest
Quarter of Section 23, Township 9 North, ~R.~nT,,: 6 East of the Salt Lake Base and Meridian, and framing thence South
240 rods; thence East 120.8 rods; thence Nor*dx 67~3 rods; thence We~ 59 rods; thence North 15.7 rod~; thence West 12
rods; thence North 77 rods; thence East 5 rods; Cu::~ce North 25 reds; thence East 7 rods; thence Not'dx 55 rods; thence
.West 61.8 ro~ to the place °fbeginning.
EXCEPTEN'G THEREFROM THE STATE ROAD deeded in Book Z at Page 154.
PARCEL 3: Part of the Northwest Queer of S~:~.:~loa 9, Township 9 North, Range 7 East of the Salt Lake Base and
Meridian, described as follows: Beginning ~ thc 2outheast Comer of the Northwest Quarter of said Section 9, and
nmning thence West 792 feet to the East side o[' tlc Stye Road right-of-way; thence running Northe-asterty along the East
fight-Of-way line of said road (said fight-of-way making a curve to the fight) 2900 feet, more or less to the North line of
Section 9, T0xmaship 9 North, Range 7 East o[rlz,: ~alt Lake Base and Meridian; thence East 150 feet to the Northeast
Comer of the Northwest Quarter of said Section c.i; &once South 2640 feet to the place of begirming.'
Page 1 of 6
PARCEL 4: Part of the NorthweSt Quarter of Section 9, Township 9 North, Range ? East of the Salt Lake Base and
Meridian, described as follows: Beginn~ng at a point 900 feet East of thc Northwest Comer of said Section 9 and running
thence South 768 feet; thence West 495 feet; thence North 66o04'02" West 442.14 feet; thence South 0°21' West (South
by record) 1644.16 feet; thence South 89°48'27" East 468.0 feet; thcnc~ South 0°21'00" West 468.0 feetl thence East
521 fee.t; thence North 150 feet; thence East 759 feet to the West right-of-way line of a State Highway; thence
Northeasterly along the West fight-of-way line of said road (said d~ht~of-way making a curve to the right) 2750 feek
more or less, to the North line of Section 9, Township 9 North, R~%e ? Eat of the Salt Lake Base and Meridian; thence
West in said North line of said Section 9, 1550 feet, mom or less, to thc place 0f beginning.
PARCEL 5: /he South half of the South half of thc Northeast Quan~r and thc North half of the North half of the
Southeast Quarter of Section 9, Township 9 North, Range ? East ofuhc SaR[ Lake Base and Meridian.
PARCEL 6: That part and Portion of Section 23 in Townskip 9 North of P,_ange 7 East of the Salt Lake Base and
Meridian bounded as follows: Commencing at the Northeast Comer of said Section 23 and Intoning thence Soutk 5295
feet to the South_east Comer of said Section; thence North 49020, '9/c~t 194~ feet; thenc= North 62°31' West 2642 feet~
thenc~ North 26035' West 3132 feet~ thence. East 5226 fe=t to the point of begi.uning.
PARCEL 7: Commencing at the Northwest Comer of Section 2,4, %}wnship 9 North, Range 7 East, Salt Lake Meridian,
Utah, and running thence East 1530 feet to a point on the Coun .ty I:!.oad on the East end ora cattle guard; thence South
15033' West 5709 feet, more or less to the Southwest Comer o£ saSd 5ccdon 24; thence North to the point of beginning.
PA. RCEL It: Section l, Townskip 13 North, Range 7 East of the S:~!~ La.kc Base and Meridian: All except the West half
of the Southwest Quarter.
Pz-~CEL 9: Section 4, Township 13 North, Range 8 East of the S:~.I~ Lake Base and Meridian: Lots 1, 2, 3 and 4.
PARCEL I0: -Section 6, Tovmship 13 North, Range g East of the 5,~it Lake Base and Meridian: Lots 1, 2 and 3; the
South half of the Northeast QUarter;, the Southeast Quarter of the No ?d~west Quarter and the Northeast Quarter of the
Southwest Quarter.
PARCEL 11: Section 7, Township 13 North, Range 8 East of the S~,~[t Lake Base and Meridian: The Southeast Quarter
of the Southeast Quarter.
PARCEL 12: Section 8, Township 13 North, Range 8 East of the gait Lmke Base and Meridian: The Southxvest Quarter
of the Southwest Quarter.
PARCEL 13:
. PARCEL 14:
North half.
.... It Lake Base and N[eridian: Lots 1, 2, 3 and 4.
Section 9, Tow-aship 13 Nomh, Range 8 East of the c ,,
Section 17, Township 13 Nor'&, Range 8 East of thc 5:dt Lake Base and Meridian: The North half of the
PARCEL 15: Section 18, Township 13 North, Range. 8 East of thc SMt Lake Base and Meridian: The Northeast Quarter
of the Northeast Quarter.
PARCEL 16: Section 28, Tox~mship 14 North, Range 8 East of thc Salt L~e Base and IVleddian: Lot 4.
PARCEL 17:' Section 29, Township 14 North, Range 8 East of thc S:~lc Lake Base and Meridian: The South half of the
Southeast Quarter, the Southeast Quarter of the Southwest Quarter and Lot 2.
Page 2 of 6
,. 35 '
PARCEL lg: Section 30, Township 134 North, Range g East of thc Salt Lake Base and Meridian: The East half of the
Northeast Quarter;, Lots 1, 7 and 8.
PARCEL 19: Section 31, Township 14 North, Range 8 East oft. he Salt La&e Base and Meridian: The North half of the
Nosh. west Quarter, the South half of the Northeast Quarter, the South half of the Northwest Quarter, the South half; Lots
1, 2and 3.
PARCEL 20: Section 32, Township 14 North, Range g East of the Salt Lake Base and Meridian: All.
PARCEL 21: Section 33, Township 14 Norttk Range 8 East of thc SMt La.k: Base and Meridian: Lots 1, 2, 3 and 4.
LESS SaND EXCEPTD4G FROM all of the above pm'eels, all, oil, g?~ zed mineral rights as previously reserved in the
following:
Book E, Page 859
Book G, Page 288
Book R, Page 53
Book T, Page 483
Book V, Page 505
Book X.2, Page 53
Book U3, Page 519
Book X3, Page 37
Boot: X3, Page 218
Book H4, Page 489
Bt~,ol: H4, Page 491.
Book H4, Page 492
Bock kLS, Page 94
Book t45, Page 95
Book Wt, Page 485
B,;,>k I7, Page 223
.' LINCOLN COUNTY, WYOMING:
Parts of Section~ 2, 3, 9, 10,' 11, 15, 21 and 22, all in Towoshlp
22 Northt Range 1Z0 West of the 6th Principal Meridiant being
more particularly described as follows:
Beginning on the North line of said S~c'ti~n 2 at a point located
South 89°57'07'' East, 376U.40 feet from Eta Northeast corner
of said Section 2, ~aid point being' alee located on tho East
right of ~ay line of Lincbln County Road ~o. 207; running thence
West along the North lines of ~aid Sections 2 and 3 to the
Northwest corner of said Section 3; thence South along the
West line of said Section 3 to the N0rth~est corner of th~ SW}SW~
thereof; thence East along the North line said SW¼$W{ to the
Not,heath corner thereof; th~nc~ 'South along the East iins
of said SW{SW{ to the Southeast corner thereof and the [;orthaast
corner 'of the NW¼NW~ of said Section ~0; thonce Sou~h along
the East line of said NW{NW} to the Southeast corner thereof;
thence wemt along the south lin~ of said tl¥/~NW~.to the Southwest
corner thereof; theme& South ulong thc West line of the sW}NW{
to the Southwest corner thereof and thc Hortheast corner of
the SE{ of said Section 9; thence West along the North line
Page 3 of 6
of said SE¼ to the utah-Wyoming st~ta Linc;
' 0C,
thence South along
~aid Stake line to the south line of said Section 9; thence
East &long ~aid South lin~ to the Southeast corder of maid
Section 9 and the Northwest corner of said Section 15; thence
South along the West line of said 5ectiQs 15 to the Southwest
corner thereof and the Northeast' corner of said section 23;
thence We~t along the North line of said Section 21 to the
Utah-Wyoming State Line; thence South along said .State line
to the south line of 'the Northeast Quar[:er of ~aid Section 21;
thence East along said South li~e to the southeast corner of
said NE,i and the Southwest corner of ~he ~W~ of said Section
22; thence East along th~ South line cf said NW~ to the East
right of way line of Lincoln County Road N0.. 207; themes
Northeasterly along ~aid 5asr line to the West .line of Track
43 in said Township; thence North.siond said West line to th~
NorthweSt corner of said Tract 43; thence East along the North
.line of said Tract 43. to corner Humber 5 oF Tract 48 in said
Township; thence along Tract ~B North to Corner Number
thence East to corner 7; thencm No£tb to corner 8; thence
~.ast to corner 9; thenc~ North to Corr~.~r 10 and the South lime
of Tract 49; thence West al. sag the South line of.T~act ~9 amd
maid .south lids e~tend-ad Westerly to its intersection with the
East right of way li~a of Lincoln County Road No. 207; thence
Northeasterly . along s~id right of way line to the point of
· beginning.
All of Lot 9, Section 21, Township 22 ~orth, Range 120 West
of the Sixth Principal Meridian, State of ~yoming.
That Part of Lot 24 of Section 22, Towoship 22 North, Range
~20 West, Lincoln county, Wyoming and [~rt of those tracts-of
record in the office of the Clerk of Lincoln County in Book
43 of Photostatic Records on pag~ ~ 22 and in Book 1 6~ of
Photostatic Records on page 428, described as follows: Beginning
at the Northeast corner of Tract 54 of said Township 22 North,
Range ]~0 West, found as described in tho certified land corner
recordatio~ certificat~ filed in ~he said Office; thence East
3J4.8 feet to a point identical with the [;orthwest corner of
Parcel ~] of record in said office in bock 178 of Photostatic
l~ecords on page 81§; thence South ]1~53' Rest, 420.53 feet
along the West line of that tract of record in Book ~78 and
the East line of that tract of record in 'Book ~3 to an
intersection with a fence line; thence Uorth 79'09.3' west,
· ~32.35 feet along said fence line to an intersection with the
West line of said Lot 24 identical with the East line of said
Tract 54; . thence North, the ba~a hear£n.j for this description,
367.8 feat along the said East and %fc~t lines to the corner
of beginning, all in accordance with the plat t] tled, "PLAT
'OF TRACTS IN I3DT 24 SECTION 22 TRkC~f 54 SECTION 21 TOWNSHrP
22 NORTH ]LkNGE 120 WEST LINCOLN COUNTY, WYOMING" ko bo fJ led
in said office.
Page 4 of 6
!',, t,.~: ',',,5~i~ ' ' _ ~
That part of Tract 54A of-Township 22 North, Range 120 West,
Lincoln County, Wyoming, and part of 'that tract of record in
the office of the Clerk of Lincoln County in Book 188 of.
Photo~tatic Records on page 317 described as fol.]ows: Beginning
at corner No. I oK .said Tra~ot 54A found ~ 'described in the
Certified Land Corner Recoraation Certific~te filed in the said'
office, thence west, 46.00 fact along the North ]]nc of said
Tract 54A to an intersection with the Southeasterly right-of-way
line of Cokevllle-Utah line county Road 2{0. 12-207; thence
South 29'35' West, 372,31 f~t along said right-of-~y to an
intersection with the protra~_~tion of a fence ·line located in
Lot 24 of Section 22 of the said Township 22 North, Range 120
West; thence South 79~0~.]' East, 233.98 feet along a
protraction of maid fencs linc to an intersection with the East
lin~ of said Tract 5~A; thenoe North, the base 'bearing for
this description, 367.~0 feet along the said East ].ina to the
corner of beginning; all in accordance with the plat titled
"PLAT OF TRACTS IN I~DT 2{ SEC?ION 22 TRACT 54 SECTION 21 TOWNSHIp
22 NORTH RANGE 120 WEST LI~ICOLN COUNTY, wYOMING" to be filed
in said office.
John~;on R~nch
Beginning at a point situated upon the wast boundary of Tract
42 from whence the Northwest cotter of saia Section ~7 bears
North 0'12' for 2,501.4 feet; thsnce North for 1,269.6 feet;
thonce South ~3'57' Ea~, '~, 453.5 feat; thence south 2°57'
west, 1 92.0 feet along the wott0rn boundaries of the holdings
of John Sedey and Beckwith-Quinn and Company o~ ( Lawrence
Johnson) ~ thence North 71 '44 ' We~t, 7,05~.7 fcct tO thc point
of begtnning.
Beginning at a polnt from whence the Northwest corset of Lot
24 of said Section 22 bears We~t 3~4.§ feet; thence 1,005.2
feat to Corner No. 7 of Tr~c~. 43; thence North '3,999.6 feat
to Corne~ No. 8 of T~act 43; thence East 1,320 feet to Corner
No. 5 of Tract 48, a point situate upon the North boundary of
Tract 43; thence South 23'59' East, 5,295.3 f~et; theses North
U1'38' We~t 636 feet; thence South 74'20' West, 1,164 feet;
thence North B4.~25' Wast, ~,906.9 feet; thence }~orth 11°53'
East 794 feet to the ~int of t~cglnnlng.
Also a parcel of land in section 15 ~nd Sectios 22, TOun~hip
22 North, Range 120 W~st 6th ~.M., 5incoln Courtly, Wyoming,
commencing at Corner No. 5 of Tract 49 of Resurvey of ToWnship
22 North, Range ]20 West; the~ce South 25~09'49'' West, 6,~99.24
feet to the point of beginnin~ of this description; thence
South 19'35'37" Wast, 3,982.04 feet; thence North S9°14'04''
East 1,33B.0~ f~et; thence l~orth 0°03'%0" West, 3,722.57 feet
to the point of beginning. LE$~ THE FOLLOWING: Beginning at
a point situate upon the %~e~t boundary of T~act 42 from whence
the Northwest corner of sai~] Section 27 bears South I, 343. ~
feet, more or less; thence 762.3 feet more or less, along the
West ~oun&ary of Trao~ 42 to the Northwest cornel of Lot 14
of said Section 22; thence East 314.8 feet; thence South 11'53'
West, 794 leek; thence North 84'25' ~ast, 155.1 'feet to the
point of b~ginning.
~eaaov Pines
Beginning at the Northwest Corner of Lot 24, which is situated
at the West boundary of Tract 42, Town~h£p 22 North, Range 120
West of th~ ~h P.M-, Wyoming (which Foint of beginning
2,105.'3 feet North of the Southwest Corner of said Section
proc=ading thence North 89'20' we~t 4& feet to the East
right-of-~ay lind of the County Road; thencc South 29'35' West
.592.25 f~et along said County Road r~ght~of-way; thence South
68'47' East 363.5 fe:t to the west boundary of Track 42; thenc~
.North 645.8 fe~t along the said West boundary to the point of
Page 6 of 6
EXHIBIT "13"
IRRIGATION EQUIPMENT
All fixtures (including trade fixtures), supplies, equipment and inventory used for the
production of water on the Real Property or for the imflation or drainage thereof located on
the real estate described in Exhibit "A", whether now owned or hereafter acquired, and
whether now existing or hereafter arising, and all accessions, parts, additions, replacements
and substitutions for any of such Property, and all proceeds (including insurance proceeds)
from the sale or other disposition of any of such Property. Said fixtures, supplies, equipment
and inventory include, but are not limited to, the following:
2 - Deutz Diesel Motors and Pumps
1 - 25 HP Electric Pump and Motor
9 - ¼ Mile Wheel Lines
3 ¼ - ¼ Mile Hand Lines
EXHIBIT "C"
WATER RIGHTS
All water, water rights, ditches and ditch rights, d~)v I~ermits, licenses, certificates or
shares of stock evidencing any such water or ditch ~igl~ts, and any such rights acquired
in the future, which entitle Debtor to use water for ,,~, t)urpose upon the Real P~operty
described in Exhibit "A". The above includes, but i~, ~¢~t limited to, the following:
WYOMING CERTIFIC.',. I[ ()F
APPROPRIATION OF GROt '4I) WATER
Permit No(s).: 39709
7058