The URL can be used to link to this page

Home My WebLink About919112 \', C00482 MORTGAGE TillS MORTGAGE is made the I ~ day of 'May, 2006, by and between 1031 Reverse Holdings, LLC, a limited liability company, hereinafter referred to as the "Mortgagor", and Susan Sweitzer, hereinafter referred to as "Mortgagee". The Mortgagor, for and in 'consideration of the sum of One Hundred Twenty Thousand Dollars ($120,000.00) lawful money of the United States and other valuable consideration loaned to Mortgagor to purchase the subject property in a reverse § 1031 .: -11"'" 0..-' .._-' ......'. ....,..,... '.' .. " . ., , .' ;.. tax deferred exchange, the receipt of which is hereby confessed and acknowledged, does hereby mortgage to the Mortgagee, the following described real property situate in the County of Lincoln, State of Wyoming: Lot 228, Nordic Ranches Division No. 13 Third Filing, Lincoln County, Wyoming, according to that plat filed in the Office of the Lincoln County Clerk on March 2, 2006 as Plat No. 263-C. Together with all buildings and improvements thereon, or which may hereafter be placed thereon; all fixtures now or hereafter attached to said premises; all water and water rights, ditches and ditch rights, reservoirs and reservoir rights, and irrigation and drainage rights; and all easements, appurtenances and incidents now or hereafter belonging or appertaining there to; subject, however, to all covenants, conditions, easements, and rights-of-way, and to mineral, mining and other exceptions, reservations and conditions of record. TO HAVE AND TO HOLD the said real and personal property forever, the Mortgagor hereby relinquishing and waiving all rights under and by virtue of the homestead exemption laws of the State of Wyoming. Mortgagor covenants that at the signing and delivery of this Mortgage, said Mortgagor is lawfully possessed of said personal property; is lawfully seized in fee simple of said real property, or has such other estate as is stated herein; has good and lawful right to mortgage, sell and convey all of said property; and warrants and will defend the title to all of said property against all lawful claims and demands, and that the same is free from all encumbrances. However, this Mortgage is subject to the express condition that if Mortgagor pays, or cauSes to be paid, to the Mortgagee the sum of One Hundred Twenty Thousand Dollars ($120,000.00) until paid, according to the conditions of a Promissory Note of even date herewith, which Promissory Note was executed and delivered by the Mortgagor to the Mortgagee, which sum or sums of money the Mortgagor hereby covenants to pay, and until such payment, performs all of the covenants and agreements herein to be performed by Mortgagor, then this Mortgage and said note RECEIVED 6/7/2006 at 10:39 AM 1 RECEIVING # 919112 BOOK: 622 PAGE: 482 [¡~~~~;i!i~~!m~mf! JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER. WY ;¡:::::::i*:~:~::::~ ~ ;I.14·;'.J.I,'"f..'.~.1 ..,.,,¡~~.i~"'I..i,~....' C00483 09tf41.~e and be null and void.. " \.: The parties further covenant and agree as follows: 1. Payment. Mortgagor shall pay the indebtedness as herein provided, and the lien of this instrument shall remain in full force and effect during any postponement or extension of time of payment of any part of the indebtedness secured hereby. 2. Prepayments. Mortgagor shall have the privilege of paying any principal sum or sums plus accrued interest, in addition to the payments herein required, at any time without premium or penalty of any kind, and it is understood and agreed that any such prepayment shall be credited first to interest and the balance to principal in the inverse order of when due. 3, Transfer of the Property. If all or any part of the property or any interest herein is sold or transferred by any means by Mortgagor without Mortgagee's prior written consent, excluding the creation of a lien or encumbrance subordinate to this Mortgage or a transfer by devise, descent or by operation of law upon the death of a joint tenant, Mortgagee may, at Mortgagee's option, declare all the sums secured by this Mortgage to be immediately due and payable. Any delay or failure on the part of the Mortgagee to demand payment shall not prejudice the Mortgagee's right there to. Mortgagee shall have waived such option to accelerate if, prior to the sale or transfer, Mortgagee at Mortgagee's sole discretion, enters into a written agreement with the person whom the property is to be sold or transferred expressly consenting to such assumption and setting forth any new terms or conditions of this Mortgage as may be requested by the Mortgagee in exchange for the Mortgagee agreeing to an assumption of this Mortgage. 4. Taxes and Assessments. Morgagee, not Mortgagor, shall pay all taxes and assessments levied or assessed against said property. 5, Triple Net Lease Agreement. Mortgagor has leased the property to Mortgagee pursuant to a Triple Net Lease Agreement. The parties shall be bound by the terms and conditions of that agreement. 6. Default. If Mortgagor default in the payment of the indebtedness hereby secureèl, for a period of ten (10) days after written notice, or in case of breach of any covenant or agreement herein contained, the whole of the then indebtedness secured hereby, together with all other sums payable pursuant to the provisions hereof, shall, at the option of the Mortgagee, become immediately due and payable, anything herein or in said note to the contrary notwithstanding, and failure to exercise said option shall not constitute a waiver of the right to exercise the same in the event of 2 0919112 COr484 any subsequent default, The Mortgagee may enforce the provisions of, or foreclose,'-'- this Mortgage by any appropriate suit, action or proceeding at law or in equity, and cause to be executed and delivered to the purchaser or purchasers at any foreclosure sale a proper deed of conveyance of the property so sold. The Mortgagor and Mortgagor hereby grant the Mortgagee the power to foreclose by advertisement and sale as provided by statute. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity and may be exercised concurrently, independently or successively. Mortgagor agree to pay all costs of enforcement or foreclosure, including a reasonable attorney fee. The failure of the Mortgagee to foreclose promptly upon a default shall not prejudice any right of said Mortgagee to foreclose thereafter during the continuance of such default or right to foreclose in case of further default or defaults. The net proceeds from such sale shall be applied to the payment of: first, the costs and expenses of the foreclosure and sale, including a reasonable attorney fee, and all moneys expended or advanced by the Mortgagee pursuant to the provisions of this Mortgage; second, all unpaid taxes, assessments, claims and liens on said property, which are superior to the lien hereof; third, the balance due Mortgagee on account of principal and interest on the indebtedness hereby secured; and the surplus, if any, shall be paid to the Mortgagor. 7. Sufficiency6f Foreclosure Proceeds/Non~RecourseMortgage. If the property described herein is sold under foreclosure and the pröceeds are insufficient to pay the total indebtedness hereby secured, Mortgagor executing the note for which this Mortgage is security shall not be personally bound to pay the unpaid balance. 8. Notices. All notices, demands or other writing in this Mortgage provided to be given, made or sent by either party to the other shall be in writing and shall be validly given or made only if personally delivered with a receipt obtained from the person receiving the notice, or sent by certified United States mail return receipt requested, or if sent by Federal Express or other similar delivery service keeping records of deliveries and attempted deliveries, Service shall be conclusively deemed made upon receipt if personally delivered or, if delivered by mail or delivery service, on the first busirièss day delivery is attempted or upon receipt, whichever is sooner. The parties mailing addresses are as follows: Mortgagor: P. O. Box 449 Jackson, VVY 83001 P. O. Box 3337 Alpine, VVY 83128 3 Mortgagee: , Æ;mm~~~~fl¡m ~!;i!;~~ff~1¡_¡~~i\1ì,¡ 1;: :::t~~~~ltf~:~~ ;~.·.·.;:¡I~t~~i.¡;ò· .,.....~..'............'.' 091911.2 COC485 9. Release. Upon payment of all sums secured by this Mortgage, Mortgagee shall release this Mortgage without charge. Mortgagor shall pay all costs of recordation, if any. IN WITNESS WHEREOF, the said Mortgagor has hereunto signed and sealed these presents the day and year first above written. DATED this /71..t-day of May, 2006. 1031 Reverse Holdings, LLC, a Wyoming limited liability company: ~~ 1031 Exchange, Inc., a Wyoming corporation, Manager STATE OF WYOMING ) ) COUNTY OF TETON ) The foregoing instrument was acknowledged before me·this I¡~ day of May, 2006 by Frank Hess as President of 1031 Exchange, Inc., the Manager of 1031 Reverse Holdings, LLC, who executed the instrument on bèhalf of said corporation and limited liability company. Given under my hand and seal the da~,~ Pal Michaal- Notary Public ~ Public . /. / COUN.TY OF I..R\ STATE OF My Commission expires0'/dð/¿lI/'O TETON ~ ~ WYQMING ~ Comml8$lonEx Ire80ldO~/O ,. 4