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HomeMy WebLinkAbout909977When recorded return to: Veins N. Thomley 132 Dawson Street Layton, Utah 84041 ,..00!72 : RECEIVED 7/14/2005 at 4:30 PM RECEIVING # 909.977 BOOK: 591 PAGE: 172 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, VVY MORTGAGOR William Dicks0n Thomley Sheltered Trust 132 Dawson Layton, Utah 84041 MORTGAGEE High Desert, LLC P. O. Box 23 Kemmerer, Wyoming 83101 REAL ESTATE MORTGAGE: For value received, High Desert, LLC mortgages, grants, and conveys to the William Dickson Thomley Shelter Trust, with power of sale on July 12, 2005, the real estate described below and all rights, easements, appurtenances, rents, leases, improvements, and fixtures that may now or at any time in the future be part of the property (all called the "property"). LEGAL DESCRIPTION: A portion of Block 11 of Lincoln Heights 4th Subdivision of the Town of Kemmerer, Lincoln County, Wyoming as described on the official plat No. 216 filed October 3, 1997 as Instrument No. 499086 of the records of the Lincoln county Clerk being more particularly described as follows: BEGINNING at the north radius point oat the Southwest comer of said Block 11, thence N 00° 00'00" W, along the West boundary of said Block 11, a distance of 593.58 feet; thence N 90°00'00'' E, a distance of 300.00 feet to a point on the east boundary of said Block 11; thence S 00°00'00'' W, along the east boundary of said Block 11, a distance of618.44 feet to the point of curvature ora curve to the right; thence along the arc of said curve to the right through a central angle pf 110°00'00'', a distance of 34.91 feet, to the point oftangency, the radius of said curve being 20.00 feet; thence N 80000'00" W, along the south boundary of said Blockl 1, a distance of24.18 feet to the point of curvature ora a curve to the left; thence along the arc of said curve to the left through a central angle of 10°00'00'', a distance of 233.87 feet to the point oftangency the radius of said curve being 1340.00 feet, said point oftangency also being the point of curvature ora curve to the right having a radius of 20.00 feet; thence along the arc of said curve to the right through a central angle of 90°00'00'', a distance of 31.42 feet to the POINT of BEGINNING. TITLE: High Desert, LLC covenants and warrants title to the property, except for encumbrances of record, municipal and zoning ordinances, current taxes and assessments not yet recorded. SECURED DEBT: This mortgage secures repayment of the secured debt and the performance of the covenants and agreements contained in this mortgage and in any other ,.00..I. 73 document incorporated herein. Secured debt, as used in this mortgage, inCludes any amounts High Desert, LLC may owe under this mortgage, the instrument or agreement described below, any renewal, refinancing, extensions or modifications of such instrument or agreement, and if applicable, the future advances described below. MORTGAGE AMOUNT AND REPAYMENT TERMS: The principal sum of this mortgage is nine hundred thousand and no/100 dollars ($900,000.00). Interest shall accrue on the unpaid balance at the rate of prime plus one percent per annum as published by Zions First National Bank, NA. Rate adjustments shall take place on the first day of the month following any increase or decrease in the published rote. The mortgagor agrees to pay the sum of thirty thousand dollars ($30,000.00) plus accrued interest on the unpaid mortgage balance upon and at the time of closing of the sale of each unit in the Regency Apartments or Regency Condomim'ums, until the mortgage and related interest is paid in full. In no event shall interest be paid less often than quarterly. Any quarterly payments shall be due and payable not later than the 15~ day of the month following the calendar months of March, June, September and December of each year. Should the mortgage not be fully retired by July 15, 2008, any remaining amount due along with accrued interest shall become due and payable in full. There will not be any penalty for prepayments in excess of the amounts stated above. Upon payment of funds in multiples of thirty thousand dollars ($30,000.00), Mortgagee will grant a partial reconveyance or partial release of mortgage to one (1) unit of the secured collateral. SIGNATURES: By signing below, we agree to the terms, conditions and covenants contained on pages 1, 2, 3 and 4 of this mortgage and any instruments evidencing the secured debt and any riders described above and signed byus. We acknowledge receipt ora copy of this mortgage. High Desert, LLC by: Del I<2 Bartel- Partner Dale Thurgood - Partner ACKNOWLEDGEMENTS: STATE OF WYOMING, County of Lincoln: The forgoing instrument was acknowledged before me by Del K. Barrel and Dale Thurgood as the partnem of High Desert, LLC, this /c~ ~ daY of ,J~j, Wimess my hand and official seal. My Commission Expires: /~ ~'~'-~,~ ~-TY~, ~-~=~u ~m.m ~ NOTAR'f ?UBLIC 5 SWEETWATER ~ WYOMING ~ MY COMMISSION EXPIRES: __ ,,.-0O174 COVENANTS Payments: We agree to make all payments on the secured debt when due. Unless we agree otherwise any payments will be applied first to interest and then to principak Claims Against Tire: We will pay all taxes, assessrmnts, encumbrances and other charges retting to the property when due. Copies of such assessments, encumbrances and other charges along with evidence of payment will be provided upon written request We will defend title to the property against any claims that would effect the lien of this rmrtgage. Insurance: We will keep the property insured under teams acceptable to you at our expense. Said inmmme policy will include a mortgage clause in favor of and naming the moxtgagee as an additional named insured. Property: We will keep the property in good cond/tion and make all repairs reasonably necessary. We will provide notice of any loss or damage to the property. Default: Should default occur under the tem3s of this mortgage, upon thirty days written notice after default, demand may be made to accelerate the mortgage demanding payment in full. At your option, you rmy exercise any other remedy available to you under the law including the right of sale. Should you elect to exercise the power of sale, the proceeds will first be apphed to the costs and expenses of the sale. The balance of the proceeds of sale will then be applied to the payrmnt of this mortgage with any retraining ~ds being paid to the mortgagor. Assignment of Rents: Upon default all rents received or due and payable fi'om the property are hereby assigned to the mortgagee. The mortgagor may collect and retain all such rents so long as default has not occun~ Should default occur, upon thirty days written notice you may enter upon the property, take possession, manage the property and con,ct said rents. You may do so eiflker in person or by agent or by court appointed receiver. Any such rents collected shall first be applied to the operating expemes of the property. Next any rents will be apphed to costs incurred by you in collecting such rents. Any rermining rents will be applied to this mortgage. Prior Security Interest: without prior written coment, there will not be allowed any security interest or encumbrance that will take priority over this mortgage. Condominiums: Upon the completion of conversion ofthe subject property to condominiums, we agree to perform any duties required under the covenants, by-laws or regulatiom. Inspection: Upon reasonable notice, you may enter the property during nonml business hours to inspect the property. Condemnation: Assignment is hereby made of the proceeds of any condenmation or other tak/ng of the property to the extent required to satisfy any unpaid balance of this mortgage. Waiver: By exercising a remedy available to you, you do not waive your rights to use any other remedy. Notice: Any required notices under the terms of this mortgage shall be mailed, certified United States mail to the following addresses or such other addresses as may be designated in writing: Mortgagor 132 DaWSon Laytork Utah 84041 Mortgagee P. O. Box 23 Kemmerer, Wyoming 83101 3 '-.00175 Release: It is agreed and understood that a partial release will be given for the sale of each individual unit upon lhe payment of thirty thousand dollars ($30,000.00) plus any accrued interest. Once this debt has been paid in full, you agree to release this mortgage. Any costs of recording such releases will be paid bythe mortgagee. Severability: Should any provision of this mt conflict with current or fi~ture law, such conflict will not act to invalidate those portions of the document which still remain enforceable. This agreement will be comtmed under the hws of the state of Wyoming.