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HomeMy WebLinkAbout908945MORTGAGE DEED 40RTGAGOR MORTGAGEE "I" includes each mortgagor below Fields of Gold, LLC 300 County Road 127 3edford, WY 83112 "You" means the mortgagee, its successors or assigns. Security Financial Fund, LLC 4950 S. Debonair Ln. Meridian, ID 83642 kEAL ESTATE MORTGAGE: For value received, I, Fields of Gold, LLC mortgagor, mortgage, grant and ~onvey to you, Security Financial Fund, LLC, mortgagee, with power of sale on 50 Acres and 150 %cres off County Road 127, Bedford, WY 83112, the real estate described below and all rights, ~asements, appurtenances, rents, leases and improvements and fixtures that may now or at any time in the future be part of the property (all called the ~property"). ?ROPERTY ADDRESS: 50 Acres and 150 Acres off County Road 127, Bedford, WY 83112 LEGAL DESCRIPTION: "See Attached Schedule C" Located in Lincoln County, State of WYOMING. tITLE: I covenant and warrant title to the property, except for encumbrances of record, nunicipal and zoning ordinances, current taxes and assessments not yet due and ~ECURED DEBT: This mortgage secures repayment of the secured debt and the performance of the ~ovenants and agreements contained in this mortgage and in any other documents incorporated lerein. Secured debt, as used in this mortgage, includes any amounts I may at any time owe you ]nder this mortgage, the instrument or agreement described below, any renewal, refinancing, ~xtension or modification of such instrument or agreement, and if applicable, the future advances ~escribed below. Fhe secured debt is evidenced by (described the instrument or agreement secured by this mortgage ~nd the date thereof) Fhe above obligation is dues and payable on June 2, 2010 if not paid earlier. ~he total unpaid balance secured by this mortgage at any one time shall not exceed a maximum )rincipal amount of Four Hundred Fifty Thousand**********Dollars $450,000.00 plus interest, and all other amounts, plus interest, advanced under the terms of this mortgage to )rotect the security of this mortgage or to perform any of the covenants and agreements contained in this mortgage. ~IGNATURES: By signing below, I agree to the terms and covenants contained on pages 1, 2 and 3 of ;his mortgage. In any instruments evidencing the secured debts and in any riders described above ~nd signed by me. I acknowledge receipt of a copy of this mortgage. By: Lynette Sharpe, Managing Partner William Thomas Sharpe, Member %CKNOWLEDGEMENTS: STATE OF WYOMING, County of Lincoln ss: I, , a notary public, do h~r~y certify that on this day of __ , 2005, personally appear~fore me ....... who, being by me first duly sworn, declared that~e is the _ of Fields of Gold, LLC, that he/she signed the f~lng document as . of the corporation, and that theyements therein contained are true. ~ITNESS my hand and of~%~ seal.  Notary Public {esiding AT~w 4y Commi ion expires: RECEIVED 6/3/2005 at 2:13 PM RECEIVING # 908945 BOOK: 587 PAGE:~ 208 JEANNE WAGNER LIN(; OLN COUNTY CLER<, KEMMERER, VVY 00209 ATTACHED TO MORTGAGE TO SECURITY FINANCIAL FUND, INC. State of Wyoming County of Lincoln The foregoing instrument was acknowledged before me by Lynette Sharp, this of June, 2005. Witness my hand and official seal. ~qE'I.J.~'Y ~A~OALL - NOTARY PUbLiC My Commission Expires: Notary Public State of Wyoming ) )ss County of Lincoln ) The foregoing instrument was acknowledged before me by William Thomas Sharpe, this __ day of June, 2005. Witness my hand and official seal. ,.~ELLEY SANO'-,~Lt. - NOTAI'tY PLiSUC My Commission Expires: COVENANTS 00210 L. Payments. I agree to make all payments on the secured debt when due. Unless we agree otherwise, any payments you receive from me or for my benefit will be applied first to any amounts I owe you on the secured debt, exclusive of interest or principal, second, to interest and then to principal. If partial payment of the secured debt occurs for any reason, it will not reduce or excuse any subsequently scheduled payment until the secured debt is paid in full. ~. Claims against Title. I will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, and other charges relating to the property when due. You may require me to provide to you copies of all notices that such amounts are due and the receipts evidencing my payments. I will defend title to the property against any claims that would impair the lien of this mortgage. You may require me to assign any rights, claims or defenses which I may have against parties who supply labor or materials to improve the property. 3. Insurance. I will keep the property insured under terms acceptable to you at any expense and for your benefit. This insurance will include a standard mortgage clause in your favor. You will be named as loss payee or as the insured on any such insurance policy. Any insurance proceeds may be applied, within your discretion, to either the restoration or repair of the damaged property or to the secured debt if you require mortgage insurance. t. Property. I will keep the property in good condition and make all repairs reasonably necessary. I will give you prompt notice of any loss or damage to the property. 5. Expenses. I agree to pay the expenses you incur, including reasonable attorneys fees, if I breach any covenants in this mortgage or in any obligation secured by this mortgage. I will pay these amounts to you as provided I Covenant 10 of this mort§age. 5. Default and Acceleration. If I fail to make any payments when due or breach any covenants under this mortgage, any prior mortgage, or any obligation secured by this mortgage, you may, at your option, accelerate the maturity of the secured debt and demand immediate payment, and exercise any other remedy available to you. You may enforce this mortgage by exercising any remedy provided by law, including, but not limited to, the power of sale. You will be entitled to a judgment for any deficiency as provided by law. If you elect to exercise your power of sale, you will give notice of your intent to foreclose by advertisement and sale as provided by law. You will publish notice of the sale and sell the property accordin9 to applicable law. The proceeds of the sale will be applied first to the costs and expenses of the sale including, but not limited to, reasonable attorney's fees, then to payment of the secured debt, and finally, if there is any surplus, to the persons legally entitled to it. 7. Assigriment of Rents and Profits and Lender in Possession. I assign to you the rents and profits of the property. Unless we have agreed otherwise in writing, I may collect and retain the rents as long as I am not in default. If you accelerate this mortgage as provided in paragraph 6 or if I abandon the property, you are entitled to enter upon, take possession and manage the property, and collect the rents and profits of the property, either in person, by agent or by court appointed receiver, until the expiration of any period of redemption following judicial sale. Except When otherwise directed by the court, any rents and profits you collect will be applied first to the costs of managing the property and collecting the rents and profits, including, but not limited to, receivers fees, court costs, and reasonably attorneys' fees and then to payment of the secured debt as provided in Covenant 1. 3. Prior Security Interest. I will make payments when due and perform all other covenants under any mortgage, deed of trust, or other security agreement that has priority over this mortgage. I will not make or permit any modification or extension of any mortgage, deed of trust or other security interest that has priority over this mortgage or any note or agreement secured thereby without your written consent. I will promptly deliver to you any notices from any · person whose rights in the property have priority over your rights. ). Leaseholds; Condominiums; Planned Unit Developments. I agree to comply with the provisions of any lease if this mortgage is on leasehold. If this mortgage is on a unit in a condominium or a planned unit development, I will perform all of my duties under the covenants, by-laws, or regulations of the condominium or planned unit development. LO. Authority of Mortgagee to Perform for Mortgagor. If I fail to perform any of my duties under this mortgage, or any other mortgage, deed of trust, lien or other security interest that has priority over this mortgage, you may perform the duties or cause them to be performed. You may sign my name or pay any amount if necessary for performance. If any construction on the property is discontinued or not carried on in a reasonable manner, you may do whatever is necessary to protect your security interest in the property. This may include completin9 the construction. Your failure to will not preclude you from exercising any of your other rights under the law of this mortgage. Any amounts paid by you to protect your security interest will be secured by this mortgage. Such amounts will be due on demand and will bear interest from the date of the payment until paid in full at the interest rate in effect from time to time on the secured debt. [1. Inspection. You may enter the property to inspect it if you give me notice beforehand. The notice must state the reasonable cause for your inspection. L2. Condemnation. I assign to you the proceeds of any award or claim for damages connected with the condemnation or other taking of all or any part of the property. Such proceeds will be applied as provided in Covenant 1. This assignment is subject to the terms of any prior security agreement. [3. Waiver. By exercising any remedy available to you, you do not give up your rights to later use any other remedy. By not exercising any remedy, if I default, you do not waive your right to later consider the event a default if it occurs again. 00' L4. Joint and Several Liability; Co-S±gners; Successors and Assigns Bound. All duties under this mortgage are joint and several. If I sign this mortgage but do not sign the secured debt I do so only to mortgage my interest in the property to secure payment of the secured debt and by doing so, I do not agree to be personally liable on the secured debt. I also agree that you and any party to this mortgage may extend, modify or make any other changes in the terms of this mortgage or the secured debt without my consent. Such a change will not release me form the terms of this mortgage. The duties and benefits of this mortgage shall bind and benefi~ the successors and assigns of either or both of us. [5. Notices. Unless otherwise required by law, any notice to me shall be given by delivering it or by mailing it by certified mail addressed to me at the Property Address or any other address that I tell you. I will give any notice to you by certified mail to your address on page 1 of this mortgage, or to any other address which you have designated. [6. Transfer of the Property or a Beneficial Interest in the Mortgagor. If any or part of the property or any interest in it is sold or transferred without your prior written consent, you may demand immediate payment of the secured debt. You may also demand immediate payment if the mortgagor is not a natural person and the beneficial interest in the mortgagor is sold or transferred. However, you may not demand immediate payment in the above situations if it is prohibited by federal law as of the date of this mortgage. [7. Release. Pursuant to law, when I have paid the secured debt in full, all underlying agreements have been terminated, and I have mailed to you a written requite for the release, you will release this mortgage without charge to me within 30 days of your receipt of my request for the release. I agree to pay all costs of the release. L8.Severability. Any provisions or clauses of this mortgage or nay agreement evidencinq the secured debt which conflicts with applicable law will not be effective unless that ~aw expressly or impliedly permits variations by agreement. If any provision or clause of this mortgage or any agreement evidencing the secured debt cannot be enforced according to its terms, this fact will not affect the enforceability of the balance of the mortgage and the agreement evidencing the secured debt. [9.Waiver of Homestead Exemption. I hereby release and waive all rights under and by virtue of the homestead exemption laws of WYOMING. Parcel 1 A portion of the Surer property, as referred to in the Deed recorded in Book 186PR on Page 430, with the Office of the Clerk of Lincoln County, Wyoming, within the NE ¼ o£ Section 3, T33N Rl l8W of the 6th P.M., Lincoln County, Wyoming, the metes and bounds being more particularly described as follows: BEGINNING at the U.S. General Land Office 1908, location for the Southwest Corner of the SE¼ of Section 34, T34N R118W; thence S 89036'36.. E, along the South line of said SE¼, 2660.61 feet to the U.S. General Land Office 1923, location for the Northwest Corner of the NW¼ of Section 2 of said T33N Rll8W; thence S 0°20'05'' W, along the West line of said NW¼,818.75 feet; thence N 89036'36.. W, parallel with said South line, 2660.28 feet to a Point in the East line of the NW¼ of said Section 3; thence N 0°18'40'' E, along said East line, 818.75 feet, to the POINT OF BEGINNING. TOGETHER with a 60 feet wide Right-of-Way Easement to Heiner Suter County Road No. 12- 127, the center line being more particularly described as follows: BEGINNING at a Point in the East line of the Jerry Sutter property, as referred to in the Deed recorded in Book 146PR, on Page 670, with said Office lying within the bounds of the Right of Way for said County Road recorded in Book 181PR on Page 407, with said Office; said POINT OF BEGINNING being 133.00 feet S 89o28'43'' E, along the North line of the SE¼ of said Section 3, from the Marlowe A. Scherbel PLS 5368, 1999 location for the Northwest Corner of said SE¼, to the Southeast corner of said Jerry Suter property and 30.00 feet N 0°18'40" E, along said East line to the POINT OF BEGINNING; thence S 89028'43'' E, parallel with said North line, 343.06 feet; thence N 0°18'40" E, parallel with said East line, 628.33 feet; thence N 89028'43'' W, parallel with said North line, 446.06 feet; thence N 0°18'40'' E, parallel with said East line, 1263.48 feet to a Point in the South line of the above described property. Parcel 2 S~ANE¼, NE¼SE¼, Lots 1 and 2 of Section 3, T33N Rll8W of the 6th P.M., Lincoln County, Wyoming. LESS AND EXCEPT any land contained in Quit Claim Deed recorded November 13, 1985 in Book 233PR on page 105 of the records of the Lincoln County Clerk. LESS AND EXCEPT the following described land: A portion of the Surer property, as referred to in the Deed recorded in Book 186PR on Page 430, with the Office of the Clerk of Lincoln County, Wyoming, within the SW¼NE¼ of Section 3, T33N Rll8W of the 6th P.M., Lincoln County, Wyoming, the metes and bounds being more particularly described as follows: BEGINNING at the Northwest corner of the Jerry Suter property, as referred to in the Deed recorded in Book 146PR on Page 670, with said Office,said Point of Beginning being 327.50 feet N 0° 18'40" E, along the East line of the NW¼ of said Section 3, from the Marlowe A Scherbel PLS 5368, 1999 location for the Southeast Corner of said NW¼; thence N 0°18'40'' E, continuing along said East line, 300.83 feet; thence S 89o28'43'' E, parallel with the South line of said SW¼NE¼, 446.06 feet; thence S 0°18'40'' W, parallel with said East line, 568.33 feet; thence N 89°28'43" W, parallel with said South line, 313.06 feet to Point in the East line of said Jerry Suter property; thence N 0°18'40'' E, along said East line, parallel with said East line of said NW¼, 267.50 feet to the Northeast corner thereof; thence N 89°28'43" W, along the North line of said Jerry Surer property parallel with said South line, 133.00 feet, to the POINT OF BEGINNING. LESS AND EXCEPT the following described land: A portion of the Suter property, as referred to in the Deed recorded in Book 186PR on Page 430, with the Office of the .Clerk of Lincoln County, Wyoming, within the NE ~,4 of Section 3, T33N Rll8W of the 6th P.M., Lincoln County, Wyoming, the metes and bounds being more particularly described as follows: BEGINNING at the U.S. General Land Office 1908, location for the Southwest Corner of the SE¼ of Section 34, T34N RllSW; thence S 89036'36.. E, along the South line of said SE~,~, 2660.61 feet to the U.S. General Land Office 1923, location for the Northwest Corner of the NW~A of Section 2 of said T33N Rll8W; thence S 0o20'05'' W, along the West line of said NW¼, 818.75 feet; thence N 89o36'36.. W, parallel with said South line, 2660.28 feet to a Point in the East line of the NW~A of said Section 3; thence N 0°18'40'' E, along said East line, 818.75 feet, to the POINT OF BEGINNING. TOGETHER with a 60 feet wide Right-of-Way Easement to Heiner Suter County Road No. 12- 127, the center line being more particularly described as follows: BEGINNING at a Point in the East line of the Jerry Sutter property, as referred to in the Deed recorded in Book 146PR, on Page 670, with said Office lying within the bounds of the Right of Way for said County Road recorded in Book 181PR on Page 407, with said Office; said POINT OF BEGINNING being 133.00 feet S 89o28'43'' E, along the North line of the SE~A of said Section 3, from the Marlowe A. Scherbel PLS 5368, 1999 location for the Northwest Corner of said SE¼, to the Southeast corner of said Jerry Suter property and 30.00 feet N 0°18'40'' E, along said East line to the POINT OF BEGINNING; thence S 89028'43" E, parallel with said North line, 343.06 feet; thence N 0°18'40" E, parallel with said East line, 628.33 feet; thence N 89028'43'' W, parallel with said North line, 446.06 feet; thence N 0°18'40'. E, parallel with said East line, 1263.48 feet to a Point in the South line of the above described property.