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HomeMy WebLinkAbout913780 MORTGAGE (Participation) r n (1 <I ,"'J /"'., . ",,- i.,.. ..t ,t'". .' llJÍs mortgage made and entered into this Eighth by and between Top Flight Properties, Inc, day of November, 2005, 672 South Washington Ave Afton, WY 83110- (hereinafter referred to as mortgagor) and Frontier Certified Development Company, Inc. (hereinafter referred to as mortgagee), who maintains an office and place of business at 232 E. 2nd St., Suite 300 Casper, WY 82601- WITNESSETH, that for the consideration hereinafter stated, receipt of which is hereby acknowledged, the mortgagor does hereby mortgage, sell, grant, assign, and convey unto the mortgagee, his successors and assigns, a]1 of the following described property situated and being in the County of Lincoln, State of Wyoming Lots 1 and 2 of the Airport Addition to the Town of Afton, Lincoln County, Wyoming as described on the official plat thereof RECEIVED 11/17/2005 at 12:03 PM RECEIVING # 913780 BOOK: 605 PAGE: 127 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY /~ Together with and including all buildings, all fixtures including but not limited to all plumbing, heating, lighting, ventilating, refrigerating, incinerating, air conditioning apparatus, and elevators (the mortgagor hereby declaring that it is inlènded that the items herein enumerated shall be deemed to have been permanently installed as part of the realty), and all improvements now or hereafter existing thereon; the hereditaments and appurtenances and all other rights thereunto belonging, or in anywise appertaining, and the reversion and reversions, remainder and remainders, all rights of redemption, and the rents, issues, and profits of the above described property (provided, however, that the mortgagor shall be entitled to the possession of said property and to collect and relain the renls, issues, and profits until default hereunder). To have and to hold the same unto the mortgagee and the successors in interest of the mortgagee forever in fee simpi<: or such other estate, if any, as is stated herein. The mortgagor convenants that he is lawfully seized and possessed of and has the right to sell and convey said property; that the same is free from all encumbrances except as hereinabove recited; and that he hereby binds himself and his successors in interest to warrant and defend the title aforesaid thereto and every part thereof against the claims of all persons whomsoever. This instrument is given to secure the payment ofa promissory note dated November 8,2005 principal sum of$ 270,000.00 signed by Stuart H. Horn, President in behalf of in the Top Flight Properties, Inc. SBA FORM 928 (11-85) USE 2-78 EDITION UNTIL EXHAUSTED Said pfDmissory note was given to secure a loan in which the Small Business Administration, an agency of the United States of America, has participated. In compliance with section 10 1.1 (d) of ¡he Rules and Regulations of the Smal! Business Administration [13 C.F.R. ] 01.] (d)], this instrument is lo be constmed and enforced in accordance with applicable Federal law. C' n t 1. The mongagor convenants and agrees as follows: '!"·0 .L,a í:J CO a. He wil! promptly pay the indebtedness evidenced by said promissory note at the times and in the manner therein provided. b, He wil! pay all taxes, assessments, water rates, and other governmental or municipal charges, tines, or impositions, for which provision has nol been made hèll:inbefore, and will promptly deliver the official receipts therefor to the said mortgagee. ~, "i.J c. He wil! pay such expèl1ses and fees as may be incurred in the protection and maintenance of said property, including the fees of any attorney employed by the mortgagee for the col1ection of any or all of the indebtedness herehy secured, or foreclosure by mortgagee's sale, or court proceedings, or in any other liligation or proceeding affecting said property. Attorney's fees reasonably incurred in any other way shall be paid by the mortgagor. d. For better securily of the indebtedness hereby secured, upon the request of the mortgagee, its successors or assigns, he shall execute and deliver a supplemental mortgage or mortgages coveling any additions, improvements, or betterments made to the property hereinabove described and all property acquired by it after the date hereof (all in form satisfactory to mortgagee). Furthermore, should mortgagor fail to cure any default in the payment of a prior or inferior encumbrance on the property described by this instrument, mortgagor hereby agrees to permit mortgagee to cure such default, but mortgagee is not obligated to do so; and such advances shall become part of the indebtedness secured by this instrument, subject to the same telms ~!I1d conditions. e. The rights created by this conveyance shall remain in full force and effect during any postponement or extension of the time of the payment of the indebtedness evidenced by said promissory note or any part thereof secured hereby. f. He will continuously maintain hazard insurance, of such type or types and in such amounts as the mortgagee may from time to time require on the improvements now or hereafter on said property. and will pay promptly when due any premiums thereof. All insurance shall be carried in companies acceptable to mortgagee and the policies and renewals thereof shall be held by mortgagee and have atlached therelO loss payable clauses in favor of and in form acceptable to the mortgagee, in event of loss, mortgagor will give immediate notice in writing to mortgagee, and mortgagee may make proof of loss if not made promptly by mortgagor, and each insurance company concerned is hereby authorized and directed to make payment for such loss directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance proceeds, or any part thereof, may be applied by mortgagee at its option either to the reduction of the indebtedness hereby secured or to the resloration or repair of the property damaged or destroyed. In event of foreclosure of this mortgage, or other transfer of title to said property in extinguishment of the indebtedness secured hereby, all right, title, and interest of the mOllgagor in and to any insurance policies then in force shall pass to the purchaser or mortgagee or, at the option of the mortgagee, may be surrendered for a refund. g. He will keep all buildings and other improvements on said property in good repair and condition; will permit, commit, or suffer no waste, impairment. deterioration of said property or any part thereof; in the event of failure of the mortgagor to keep the buildings on said premises and those erected on said premises, or improvements therein, in good repair, the mortgagee may make such repairs as in its discretion it may deem necessary for the proper preservation thereof; and the full amount of each and every such payment shall be immediately due and payable; and shall be secured by the lien of this mortgage. h. He will not voluntarily create or permit to be created against the property subject to this mortgage any lien or liens inferior or superior to the lien of this mortgage withoulthe written consent of the I11drtgagee; and further, that he will keep and maintain the same free from the claim of all persons supplying labor or materials for construction of any and all buildings or improvements now being erected or to be erecled on said premises. Mortgagor will not transfer the property secured herein without the written consent of mortgagee. i. He will not rent or assign any part of the rent of said mortgaged property or demolish, or remove, or substantially alter any building without the written consent of the mortgagee. j. All awards of damages in connection with any condemnation for public use of or injury to any of the property subject to this mortgage are hereby assigned and shall be paid to mortgagee, who may apply the same to payment of the installments last due under said nOle, and mortgagee is hereby authorized, in the name of the mortgagor, to execute and deliver valid acquittances thereof and to appeal from any such award. k. The mortgagee shall have the right to inspect the mortgaged premises at any reasonable time. " Default in any of the convenants or conditions of this instrument or of the note or loan agreement secured hereby shall terminate the mortgagor's right to possession, use, and enjoyment of the pro pe rt)' , at the option of the mortgagee or his assigns (it being agreed that the mortgagor shall have such right until defaull.) Upon any such default. the mortgagee shall become the owner of all of the rents and profits accruing after default as security for the indebtedness secured hereby, with the right to enter upon said property for the purpose of collecting sllch rents and profits. This instrument shall operate as an assignment of any rentals on said propel1y to that extent. SBA FORM 928 (11-85) . . Cd eX) 3. The mortgagor covenants and agrees that ifhe shall fail to pay said indebtedness or any part thereof when due, or shall fail to perform any covenant or agreement of this instrument or the promissory note secured hereby, the entire indebtedness herehy secured shall immediately become due, payable, and collectible without notice, at the option of the mortgagee or assigns, regardless of maturity, and the mortgagee or his assigns may before or after entry sell said property without appraisement (the mortgagor having waived and assigned to the mortgagee all rights of appraisement): r· ..., ,:' ;; /"'1, ., "- " ~) :L':';; 'J ') " , (I) at judicial sale pursuant to the provisions of28 LJ.S.c. 2001 (a): or (II) at the option of the mortgagee, either by auction or by solicitation of sealed bids, for the highest and best bid complying with the terms of sale and manner of payment speci fied in the pub I ished notice of sale, first gi ving four weeks' notice of the time, terms, and place of such sale, by advertisement not less than once during each of said four weeks in a newspaper published or distributed in the county in which said property is situated, all other notice being hereby waived by the mortgagor (and said mortgagee, or any person on behalf of said mortgagee, may bid with the unpaid indebtedness evidenced by said note). Said sale shall be held at or on the property to be sold or at the Federal, county, or city courthouse for the county in which the property is located. The mortgagee is hereby authorized to execute for and on the behalf of the mortgagor and to deliver to purchaser at such sale a sufficient conveyance of said property, which conveyance shall contain recitals as to the happening of the default upon which the execution of the power of sale herein granted depends; and the said mortgagor hereby constitutes and appoints the mortgagee or any agent or attorney of the mortgagee, the agent and attorney in fact of said mortgagor to make such recitals and to execute said conveyance and hereby covenants and agrees that the recitals so made shall be eff'tctual to bar all equity or right of redemption, homestead, dower, and all other exemptions of the mortgagor. all of which are hereby expressly waived and conveyed to the mortgagee; or (III) take any other appropriate action pursuant to state or Federal statute either in a state or Federal court or otherwise for the disposition of the property. In the event of a sale as hereinbefore provided, the mortgagor or any persons in possession under the mortgagor shall then become and be tenants holding over and shall forthwith deliver possession to the purchaser at such sale or be summarily dispos~;essed, in accordance with the provisions of law appl icable to tenants holding over. '1l1e power and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, and are granted as cumulative to the remedies for collection of said indebtedness provided by law. 4. The proceeds of any sale of said property in accordance with the preceding paragraphs shall be applied first to pay the costs and expenses of said sale, the expenses incurred by the mortgagee for the purpose of protecting or maintaining said property, and reasonable attorney's fees; secondly, to pay the indebtedness secured hereby; and thirdly, to pay any surplus or excess to the person or persons legally entitled thereto. 5. In the event said property is sold at a judicial foreclosure sale or pursuant to the power of sale hereinabove granted, and the proceeds are not sufficient to pay the total indebtedness secured by this instrument and evidenced by said promissory note, the mortgagee will be entitled to a deficiency judgment for the amount of the deficiency without regard to appraisement. 6. In the event the mortgagor fails to pay any Federal, state, or local tax assessment, income tax or other tax lien, charge, fee, or other expense charged against the property the mortgagee is hereby authorized at his option to pay the same. Any sums so paid by the mortgagee shall be added to and become part of the principal amount of the indebtedness evidenced by said note, subject to 'the same terms and condition~. If the mortgagor shall pay and discharge the indebtedness evidenced by said promissory note, and shall pay such sums and shall discharge all taxes and liens and the costs, fees, and expenses of making, enforcing, and executing this mortgage, then this mortgage shall' be canceled and surrendered. 7. The covenants herein contained shall bind and the benefits and advantages shall inure to the respective successors and assigns of the parties hercto. Whenever used, the singular number shall include the plural, the plural the singular, and the use of any gender shall include all genders. 8. No waiver of any covenant herein or of the obligation secured hereby shall at any time thereaJìer be held to be a waiver of the terms hereof or of the note secured hereby. 9. A judicial decree, order, or judgment holding any provision or portion of this instrument invalid or unenforceable shall not in any way impair or preclude the enforcement of the remaining provisions of this instrument. 10. Any written notice to be issued to the mortgagor pursuant to the provisions of this instrument shall be addressed to the mortgagor at P.O. Box 1240 / Afton, WY 83110 and any written notice to be issued to the mortgagee shall be addressed to the mortgagee at 232 E. 2nd St., Suite 300, Casper, WY 82601- SßA FORM 928 (11-85) u S Go~('mmcnl Printing Office 1442--332"908/79010 ~ ~,':~. ~~~') ~j II. The Loan secured by this lien was made under a United States Small Business Administration (SBA) nationwide program which uses tax dollars to assist small business owners. If the United Slates is seeking to enforce this document, then under SBA regulations: r' n (1 'f ,", n ..~. \," '\.... .~;... V U a) When SBA is the holder of the Note, tllis document and all documents evidencing or securing this Loan will be constmed in accordance with federal law. b) CDC or SBA may use local or state procedures for purposes such as tiling papers, recording documents, giving notice, foreclosing liens, and other purposes, By using these procedures, SBA does not waive any feùeral immunity from local or state control, penalty. tax or liability. No Borrower or Guarantor may claim or assert against SBA any local or state law to deny any obligation of Borrower. or defeat any claim of SBA with respect to this Loan. Any clause in this document requiring arbitration is not enforceable when SBA is the holder of the Note secured by this instrument. IN WITNESS WHEREOF. the mortgagor has executed this instrument and the mortgagee has accepted delivery of this instrument as of the day and year aforesaid. TOP FLIGHT PROPERTIES, INC. ~--- i- -) . 7 - '? . .' /" .- /:Y~J/(¿X ,^---(J~) Stu~-t H. 110m, Presid'ent STATE OF NEW JERSEY ) )ss. COUNTY OF BERGEN ) . ACKNOWLEDG]VlENT ..' ~. :'. ¿ ~'J, I '~ . P A "r ¡IIII . ~ys""""·~f.fifi;}~~~i¡lg ~lstrument was acknowledged before me by Stuart II Horn, Presicknt, of Top Flight "'J'i?'~i~J"'t_;,r'(s :J"- day of Novembe~' Q' 'I -{ " :: '; \. . S ¡ ~ne;ff'.'.j.Y.. hand and official seal. ' I. I / ~j>.~ .,»<~. ,111;£'1. * ~. ..~ .:.., ì. ...:..... .... _~~ P "'.... P K ~MAk.A . NOTAR\ fUBI C "ltftUUI'~ ~-,. . au"""," eh:;n, MI\I'''' . . . My Commlulon 00200150 My Commission Exp~.¡,~1--2OO1-- .. ..