HomeMy WebLinkAbout910132 RECEIVED 7/20/2005 at 2:33 PM
RECEIVING # 910132
BOOK: 591 PAGE: 610
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
dSTA TE MORTGA GE
('5,o,,ti,tg)
THIS MORTGAGE is granted by ROBERT C. CARSON attd RACHEL A. CARSON, husband attd wife, as MORTGAGOR, to
SALT RIVER HOMES, LLC, a Wyonting Limited Liability Company, as MORTGAGEE.
IVITNESSETH:
· Mortgagor, for good attd valuable considerations, the receipt of which is hereby acknowledged, does hereby GRANT, BARGAIN, SELL, CONVEY
AND WARRANT, attd fitrther releases attd waives all rights under attd by virtue of the homestead exemptiou laws of IVyomiug, unto the 31ortgagee,
his successors attd assigns, all of tlte follotvittg described real property, to wit:
Lot 214 of Nordic Ranches Division No. 13, Lincoln County, Wyoming as described on the official plat thereof.
TOGETHER }VITH any attd all i.tprovements, water attd ditch rights, rights of ways, easements, privileges, veatilating, tenements,
hereditaments attd appurtenaaces thereunto beloagiug or itt attywise appertaining, now or hereafter used on said laad or belonging to
said hfortgagor, attd aay reversion, remainder, rents, issues attd proftts thereof, hereiaafter referred to as the "Property ". '
This grattt is intended as a Mortgage, a Fixture Filing attd Security Interest for the Parpose of Securing:
1. Perforntattce of each agreemeut of Mortgagor herein contaiaed, each agreement attd covena.t contained itt the loan documents associated with
this mortgage, attd arty extension, renewal, ntodificatiou attd/or ataendmeut thereof, "Loan documents" shall ittclude the above described note, this
mortgage, attd arty other documents or i. strunteuts signed itt connectiou with this loan.
2. Payntent of the indebtedness evidenced by a prontissory note of even date herewith, attd att), extension or renewal thereof, itt the prbtcipal sam of
ONE HUNDRED NINETY-SIX THOUSAND DOLLARS ($196,000.00), the finalpayment of principal attd iaterest thereof, if trot sooner
paid, to be fittally due attd payable August 1, 2006.
3. Paymettt of all such further sutas as Inay hereafter be loaned or advanced by the Mortgagee for arty purpose; attd arty notes, dr~fts attd/or other
instruments representing such further loans, advances or expenditures shall be optional with the Mortgagee, attd shall beconte dae attd payable IlO
later than the final maturity date of said note secured hereby; attd provided further, that it is the express intentiou of the parties to this 31ortgage that
it shall stattd as contiutting security until all such loans, advances or expenditures together with iaterest thereon, are paid itt full.
A. To protect the security of this Mortgage, Mortgagor warrants, coveaants attd agrees:
1. The property is free from all encumbrances, except as may be described herebt, attd that Mortgagor shall warrant attd defend the game forever
against the [awftt[ claints attd demands, of all persous wboutsoever, attd this covenant shall not be extinguished by foreclosure or other transfers.
2. To keep all buildittgs attd other i, tproveutents now or hereafter existittg itt good condition attd repair; to not remove or demolish arty buildiag or
other i, tproventent thereon; to complete or restore promptly attd itt a good workmanshiplike tnanaer arty i, tprovetnettt which may be constrttcted,
damaged or destroyed thereon; to pay when due all claiuts for laborperformed attd ntaterials furnished thereto or therefor; to comply with all laws
affecting said property or requiriug arty alterations or improvements to be made thereoa; to trot couttnit or perutit waste thereof or thereott; to
maintaitt, cultivate, irrigate, fertilize, fumigate, prune, all itt a good attd husbandrylike taanner, the land attd itnprovem eats thereto; to not change or
permit change itt the use of the property; to uot do attything which would reduce the value of the property; attd do all other acts which frout the
character or use of said property may be reasottably necessary, the specific ettunteratiotts herein not excluding the getteral.
3. To provide, maintain attd deliver ftre insurance satisfactory attd with loss payable to Mortgagee; to maintaia liabiliO, insurance; to pa), all
premiunts attd charges on all such insurance wheu due; attd to provide 3[ortgagee satisfactory evidence of such insurance upon request. The
amount collected under arty fire or other insurance polic), may, at Mortgagee's option attd deterntination, be applied upou arty indebtedness secured
hereby itt sach order as Mortgagee determiues, be released to Mortgagor itt whole or part, or arty combination thereof. Such application or release
shall not cure or waive arty default or notice of default hereuader or invalidate arty act done pursuant to such notice.
4. To pay before delinquency all taxes, assessments, or rents affecting said property; to pay }vhea dae all encuntbrances, charges attd lie,s, with
interest, affecting said properO, which are or ntay appear to be prior or superior hereto; attd to pa), all costs, fees attd expenses of this Mortgage attd
associated loan documents.
5. To pay immediately attd without demand all sula$ expeaded by Mortgagee pursuaat to the provisions hereof, with interest fro,t date of
e_rpenditure, at a rate equal to the interest rate payable ttttder the promissory note described above or t~,elve percent (12 %} per attttttta, whichever is
greater.
6. To appear itt attd defend arty actioa or proceeding purporting to affect the security hereof or the rights or powers of 3Iortgagee; to pay, on
demand, all costs attd expenses, i, cluding without limitatiou, cost of title evidence, reasonable attoruey's fees, advances, attd/or costs, paid or
iacurred by Mortgagee to protect or eaforce its rights under bankruptcy, appellate proceedings or otherwise, attd all such costs attd expenses shall
become a part of the indebtedness secured by this mortgage.
7. Should Mortgagor fail to make arty payment or to do arty act as herein provided, Mortgagee, but without obligation so to do attd without uotice
or demand upon 3[ortgagor attd without releasing Mortgagor from alt), obligatiott hereof, may: make or do the sante itt such maaner attd to such
extent as Mortgagee may deem necessary to protect the security hereof, 3fortgagee being attthorized to enter ttpott said property for sttch pttrposes;
appear itt attd defend arty action or proceeding purporting to affect the security hereof or the rights or powers of Mortgagee; pay, purchase, co,test or
compromise arty encumbrance, charge or lien which itt the judgment of 31ortgagee appears to be prior or saperior hereto; attd itt exercisi, g arty sach
powers or itt enforcing this Mortgage by judicial foreclosure or otherwise, pay the necessary e. rpenses, costs attd reaso,able attorney's fees.
8. To comply with all laws, ordiuances, regulations, covenants, conditions attd restrictions affecting the Property attd its use, inchtdiug without
limitation all environmental laws; not to use orperutit the use of the Property for arty unlawful or objectionable purpose; to remedy any
environatental contamination or violation of environtnental laws that may occur or be discovered itt the future; to allow Mortgagee access to the
Property to inspect its condition attd to test attd monitor for compliance with applicable laws (aay iaspections or tests made by l~(ortgagee shall be for
Mortgagee's purposes only attd shall not be construed to create arty responsibility or liability on the part of Mortgagee to Mortgagor or to arty other
persotO; to forward copies o fairy uotices received from arty enviroameatal agencies to Mortgagee; attd to [adelnttify and hold Mortgagee, his
employees, agents attd his successors and assigns, harmless from attd against arty environmental claints of any kind, attd all costs and expeases
incurred itt connection therewith, including, without limitation, attorney's fees.
9. Any award of damages ia connectiou with att), condemttation for public ase o for bt jury to said property or atty part thereof, is hereby assigned
aud shall be paid to Mortgagee who may apply or release such monies received by him itt the same manner attd with the same effect as above
provided for disposition of proceeds of fire or other iusurauce.
10. The failure of Mortgagee to exercise arty right or option provided hereia at arty tinte, shall not preclude Mortgagee from exercisittg att), of sach
rights at arty other time; by accepting payment of any sum secured hereby after its due date, 3~[ortgagee does not waive/sis right either to require
prontpt payment when due o fall other sums so secured or to declare default for faihtre so to pay; all rights conferred on Mortgagee are cumulative
attd additional to arty rights conferred by law; attd if any provision is found to be iavalid or uneuforceable, such ittvalidity or unenforceability shall
trot affect arty other provision hereof and the mortgage shall be construed as though such provision had been omitted.
11. As additional security, Mortgagor hereby gives to attd coufers upou 31ortgagee the right, power attd attthority, during the continuance of this
ntortgage, to collect the rents, issues attd profits of said property as they become due attd payable; Reserving however unto Mortgagor, prior to atty
default by Mortgagor itt payment of auy indebtedness secured hereby or itt performance of auy agreement hereunder, the right to collect attd retain
such rents, issues attd profits. Upou arty such defaul6 Mortgagee may at arty time without uotice, either itt person, by agent or court appointed
receiver, attd withoat regard to the adequacy of auy security for the indebtedness hereby secured, enter upon attd take possession of said property or
Real Estate 3~or~!~!'!i',',il ;: :i Page 1 ~
'any part thereof, itt Isis owu uame sue for or other}vise collect such rents, issues attd profits, including those past due and u,paid, and apply the same,
less costs attd expenses of operation attd collection, iucluding reasonable attoruey's fees, upon arty btdebteduess secured hereby, attd itt such order as
3tortgagee may determi}te. The euteriug upou attd taking possession of said property, the collection of such rents, issues attd profits atsd the
applicatiou thereof as aforesaid, shall not cure or waive arty default herettnder or invalidate alt), act dotte pursttant to arty such default notice.
12. DUE ON SALE: The indebtedness attd obligations secured by this mortgage is personal to the Mortgagor attd is not assignable by Mortgagor.
31ortgagee has relied ttpott the credit of Mortgagor, the bsterest of Mortgagor itt the Property attd the financial ntarket conditions then existing whets
ntaking this Ioau. If Mortgagor transfers or contracts to tratssfer, title to or possession of, all or part of the Property, or arty equitable interest therein,
whether by deed, contract for deed, assignntent, lease for a terns itt excess of one year, lease with att optiou to purchase, option to purchase, or sin, liar
agreentent; or if the os,tsership of any corpora,Sou or partuership, owning all or attyportion of the Property shall be changed either by voluntary or
involutttary sale or transfer or by operation o flaw, Mortgagee may declare all sums due under any note, security agreement, at,d/or loan docu,tents
associated herewith, immediately due attd payabl~ Noncompliance with this covenaut shall cotsstitute attd be a default of this obligation n,hich shall
entitle 31ortgagee to effectuate arty attd all rent edies provided.
13. Time is of the essettce attd a material part of this agreement. Itt the event of default, at Mortgagee's option, the eutire indebtedue~s secured
hereby shall forthwdh become due attd payable attd bear interest at the rate of TIVEL VE (12%)per attnuru; Mortgagee shall have the right to
foreclose the lien of this mortgage, to have a receiver appointed itt arty coart proceeding, to collect any rents, issues atsd profits from the ProperO~ and
apply then, against the i, debteduess hereby secured; to sell the Property at foreclosure els ntasse, or as hue lot or parcel at the option of ~fortgagee,
attd to exercise arty rights attd remedies available uuder the Uniform Commercial Code for the State bt which the properO, is located; attd reasonable
notice if required by such Code shall be five (5) days.
14. The Mortgagee ntay at arty time, without notice, release portious of said mortgaged premises front the lien of this ntortgage, without affectittg
the personal liability of auy person for the paymeut of the said iudebtedness or the lien of this ntortgage upon the remaitsder of the mortgaged
pre,rises for the full att, hunt of said iadebtedness theu rentaiuiug uupaid.
15. Mortgagor attd each of them join itt this iustrument for the purpose of subjecting each of their right, title attd interest, if at,y, itt the ProperO,,
whether of record or otherwise aud btcluding any right to possession, to the lieu of this mortgage~
16. This ntortgage, all loan docuntents attd the note(s) secured hereby shall be governed attd constraed accorditsg to the la}os of the State of
}Vyoming. Itt the event of default, Mortgagor grants to Mortgagee a Power of Sale to foreclose on attd sell said properO, at public attction pursuant
to H/yon, lng Statute Section 34-4-101 et:seq.
17. This mortgage applies to, iuures to the benefit of and bbtds all parties hereto, their heirs, devisees, persoual representatives, successors and
assigns. The term Mortgagee shall mean the holder attd owuer of the note secured hereby; or if the note has been pledged, the pledgee thereof. Itt
ti, is Mortgage, wherever th e cotstext so requires, the masculine gen der itt cludes tit e femittitt e att d/or tt euter, att d th e singular it tint ber itt cludes th e
plural.
Rachbt~A. Carsou
STATE OF
) ss
COUNTY OF )
Ot~ / , before me, the undersigned, personally appeared
knob,'n/identified to me to be the of the Corporatioa that execs, ted
the ~qtbt itsstrtttnent attd acknowledged to me that said corporatioa executed the
7
Notary Public for the State of
Commission Expiration Date: ~ /!
STATE OF WYOMING )
) SS.
County of Z 161LOC. At'
The foregoing btstrttment
;V1TNESSmyhaadaadofficialsea~/
XTA TE OF IDAHO ~
/ ) ss
COUNTY OF B~I~LE )
/
On / , before me, the undersigned, personally appeared
Robert C ~n ~ R~hel A. Carson /
knowtt or ~ent~ed to tae to be the person(s) whose name(s) are sttbscrlbed to
the n.i~ instrument, and ackaon,ledged to me that,bey ~ectlted the same.
/
No~ti~ the State of ldaho
tttttt~i~ Expi~tbn Date:
Real Estate ~fortgage (1~99~ - Page 2
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