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CORRECTIVE MORTGAGE
KNOW ALL MEN BY THESE PRESENTS, that Deon F. Heiner and "Cheryl V. Heiner,
Trustees of the Deon F. Heiner and Cheryl V. Heiner Family Revocable Trust dated May 16, 1997,
and Quinn R. Heiner and Hyesoon H. Heiner, Trustees of the Quinn R. Heiner and Hyesoon H.
Heiner Family Revocable Trust dated January 8, 2004, herein referred to as mortgagor, of c/o
Continental Construction, Inc., PO Box 3210, Alpine, WY 83128, to secure the payment of the
principal sum of $865,838.75, with interest as evidenced by a Promissory Note dated of even date
herewith to the order of Josh Woods, a married man, of 404 Wilderness Lane, Grover, WY 83122,
herein referred to as mortgagee, principal and interest payable as follows:
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$865,838.75 in equal annual amortized installments of principal and interest in
the amount of $155,102.04 with interest on the unpaid balance from May 23,
2006, until paid at the rate of six per cent (6%) per annum payable on May 23 of
each year beginning May 23, 2007, and continuing on May 23 of each
succeeding year until May 23, 2013, when the entire remaining balance,
including principal and accrued interest, shall be due and payable in full. This
represents an amortization of $865,838.75 over a period of 7 years at 6.00%
interest payable in annual installments. All payments made shall be applied first
to accrued interest on the unpaid principal balance and then to principal.
Prepayments of principal may be made at any time in any amount without
penalty. However, the parties agree that the total amount to be paid pursuant to
the note ar:d this mortgage, including principal and interest, is $1,000,000.00.
Therefore, if mortgagor elects to payoff the balance early, the amount to be paid
therefor must be adjusted so that mortgagor pays a total of $1,000,000.00 in
principal and interest.
hereby mortgages to mortgagee, the following described real estate, situated in the County of
Lincoln, State of Wyoming:
A portion of Section 17, T33N, R118W of the 6th P.M" Lincoln County, Wyoming,
being Parcel 3 as more particularly described on Exhibit A attached and incorporated
herein by this reference.
including all buildings and improvements thereon or that may hereafter be erected thereon;
together with hereditaments and appurtenances and all other rights thereunto belonging, or in
anywise now or hereafter appertaining, and the reversion and reversions, remainder and
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C00.154
remainders, rents, issues, and profits thereof, and all plumbing, heating, and lighting fixtures and
equipment now or hereafter attached to or used in connection with the premises.
Mortgagor hereby relinquishes and waives all rights under and by virtue of the homestead
laws of the State of Wyoming and covenants that it is lawfully seised of thé premises, that they are
free from all encumbrances and hereby covenants to warrant and defend the title of the premises
against the lawful claims of all persons whomsoever.
And mortgagor covenants with mortgagee as follows:
1. In case of default in any of the payments stipulated in the note, mortgagor, as further
security for this mortgage and the note secured thereby, hereby assigns, sets over, and conveys to
mortgagee all rents, issues, and profits from the property.
2. To pay promptly, when due, the principal and interest and other sums of money
provided for in said Note and this Mortgage, or either; to pay all and singular the taxes,
assessments, levies, liabilities; obligations, and encumbrances of every nature on said property.
3. To perform, comply with, and abide by each and every the agreements, stipulations,
conditions, and covenants, set forth in said Note and this Mortgage or either.
4. Failure by the mortgagee to exercise any of the rights or options herein providéd
shall not constitute a waiver of any rights or options under said Note or the Mortgage accrued or
thereafter accruing.
5. Nothing shall be done on or in connection with the property that may impair
mortgagee's security hereunder; mortgagor will commit, permit or suffer no waste, impairment or
deterioration of the property nor any part thereof, and'the property shall be continuously maintained
in good and sightly order, repair, and condition by mortgagor at his expense.
6. In case mortgagor defaults in the payment of ground rents, if any, taxes,
assessments, water, or other governmental or municipal charges, or other lawful charges as herein
provided, mortgagee may without notice or demand pay the same and in case of any failure on the
part of mortgagor to comply with the covenants of Paragraph 5 hereof, mortgagee may effect such
repairs as it may reasonably deem necessary to protect the property, at the expense of mortgagor.
Mortgagor shall repay such sums so paid and all expenses so incurred by mortgagee, with interest
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thereon from the date of payment, at 6% per annum, and the same shall be a lien on the premises
and be secured by the note and by these presents; in default of making SUch repayments the whole
amount hereby secured if not then due shall, if mortgagee so elects, become due and payable
forthwith, anything herein contained to the contrary notwithstanding.
7. In the event the property is sold under foreclosure and the proceeds are insufficient
to pay the total indebtedness secured hereby, mortgagor binds himself personally to pay the unpaid
balance, and mortgagee will be entitled to a deficiency judgment.
8. In case default is made in the payment, when due, of the indebtedness hereby
secured, or of any installment thereof or any part thereof, or in case of breach of any covenant or
agreement herein contained, the whole of the then indebtedness secured hereby, inclusive of
principal, interest, arrearages, ground rents, if any, taxes, assessments, water charges,
expenditures for repairs or maintenance, together with all other sums payable pursuant to the
provisions hereof, shall become immediately due and payable, at the option of mortgagee, although
the period above limited for the payment thereof may not have expired, anything herein before or in
the note contained to the contrary notwithstanding; any failure to exercise such option shall not
constitute a waiver of the right to exercise the same at any other time; and it shail be lawful for
mortgagee to proceed to enforce the provisions of this mortgage either by suit at law or in equity,
as it may elect, or to foreclose this mortgage by advertisement and sale of the premises, at public
auction for cash, according to Wyoming statutes governing mortgage foreclosures, and cause to be
executed and delivered to the purchaser or purchasers at any such sale a good and sufficient deed
or deeds of conveyanc-e of the property so sold, and to apply the net proceeds arising from such
sale first to the payment of the costs and expenses of such foreclosure and sale, including a
reasonable attorney fee, and in payment of all moneys expended or advanced by mortgagee
pursuant to the provisions of Paragraph 6 hereof, and then to the payment of the balance due on
account of the principal indebtedness secured hereby, together with interest thereon and the
surplus if any, shall be paid by mortgagee on demand to mortgagor. In case mortgagee fails
promptly to foreclose on the happening of any default, it shall not thereby be prejudiced in its right
to foreclosure at any time thereafter during which such default continues, and shall not be
prejudiced in its foreclosure rights in case of further default.
9. In case of any default whereby the right of foreclosure occurs hereunder and upon
mortgagee becoming entitled to possession of the premises according to law, mortgagee shall at
once become entitled to exclusive possession, use, and enjoyment of all property, and to all rents,
issues, and profits thereof, from the accruing of such right; and such possession, rents, issues, and
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profits shall at once be delivered to mortgagee on request, and on refusal, the delivery of such
possession, rents, issues, and profits may be enforced by mortgagee by any appropriate civil suit
or proceeding, including action or actions in ejectment, or forceable entry, or unlawful detainer; and
mortgagee shall be entitled to a receiver for the property and all rents, issues, and profits thereof,
and shall be entitled thereto as a matter of right without regard to the solvency or insolvency of
mortgagor or the then owner of the property, and without regard to the value of the property or the
sufficiency thereof to discharge the mortgage debt and foreclosure costs, fees and expenses; and
such receiver may be appointed by any court of competent jurisdiction, and all rents, issues, profits,
income, and revenue of the property shall be applied by such receiver, according to law and the
orders and directions of the court.
10. The covenants herein contained shall bind, and the benefits and advantages shall
inure to, the respective heirs, executors, administrators, successors, and assigns of the parties
hereto. Whenever used, the singular number shall include the plural, the plural the singular, and
the use of any gender shall include all genders.
11. Whenever used herein, the terms "mortgagor" and "mortgagee" include all the
parties to this instrument and the heirs, legal representatives, and assigns of individuals, and the
successors and assigns of corporations; and the term "Note" includes all the notes herein
described if more than one.
12. Upon mortgagor's prior written request and on the terms and conditions of this
Paragraph 12, mortgagee will grant partial release(s) of the mortgage for the purpose of allowing
mortgagor to sell portions of the land before the mortgage has been paid off in full. Mortgagor's
payments on the note and mortgage must be current at the time any partial release is requested.
The mortgagor, shall provide a legal description for the land to be released from the mortgage.
Mortgagor shall pay to mortgagee the sum of the entire net proceeds from the sale of any land
partially released from the mortgage. Mortgagor shall pay any and all expenses for such partial
release(s), including without limitation, title insurance, recording fees, and legal fees incurred in
connection with the partial release(s). Mortgagor's additional payments made for partial release(s),
if any, shall be applied first to any accrued interest on the unpaid principal balance and then to
reduce the outstanding principal balance, and may, at mortgagor's election, be applied by
mortgagor to any required future annual installments in whole or in part until the entire partial
release payment as been applied in full.
THIS CORRECTIVE MORTGAGE IS MADE TO CORRECT THE PROVISIONS IN
THAT CERTAIN MORTGAGE DATED MAY 23,2006, AND RECORDED IN THE
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OFFICE OF THE LINCOLN COUNTY CLERK ON JUNE 2, 2006, IN BOOK 622,
PAGE 169, RECEIVING NO. 919012. BY THEIR EXECldTION OF THIS
CORRECTION MORTGAGE BELOW, MORTGAGEE HEREBY ACCEPTS THIS
CORRECTIVE MORTGAGE AND AGREES THAT IT REPLACES THE
PREVIOUSLY RECORDED MORTGAGE IN FULL.
IN WITNESS WHEREOF, Mortgagor and Mortgagee have executed this Corrective
Mortgage as of the 28th day of June, 2006.
MORTGAGOR:
Deon F. Heiner and Cheryl V. Heiner
Family Revocable Trust dated May 6, 1997
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By
Deon
By
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~iner, Trustee
Quinn R. Heiner and Hyesoon H. Heiner
Family Revocable Trust dated January 8, 2004
By&2~~,-
Quinn R. Heiner, Trustee
By
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C00158
STATE OF WYOMING
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COUNTY OF LINCOLN
On this 28th day of June, 2006, before me personally appeared Dean F. Heiner and Cheryl
V. Heiner to me personally known, who, being by me duly swqrn and put upon their oath, did say
that they are the trustees of the Dean F. Heiner and Cheryl V. Heiner Family Revocable Trust
dated May 16, 1997, described in and which executed the foregoing instrument; that said
instrument was signed and sealed on behalf of said trust; that said trustees had the authority under
the terms of the written trust instrument to execute the instrument on behalf of the trust; and said
trustees acknowledged said instrument to be the free act and deed of said trust.
Given under my hand and notarial seal the day and year first above written in this certificate.
GERALD L. GOULDING - NOTARY PUBLIC
County 01 A State of
Urlcoln 'III Wyoming
My CommissÎ0n Expires May 2, 2007
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NOTARY PUBLIC
My commission expires: May 2, 2007.
STATE OF WYOMING
ss.
COUNTY OF LINCOLN
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On this 28th day of June, 2006, before me personally appeared Quinn R. Heiner and
Hyesoon H. Heiner to me personally known, who, being by me duly sworn and put upon their oath,
did say that they are the trustees of the Quinn R. Heiner and Hyesoon H. Heiner Family Revocable
Trust dated January 8, 2004, described in and which executed the foregoing instrument; that said
instrument was signed and sealed on behalf of said trust; that said trustees had the authority under
the terms of the written trust instrument to execute the instrument on behalf of the trust; and said
trustees acknowledged said instrument to be the free act and deed of said trust.
Given under my hand and notarial seal the day and year first above written in this certificate.
GERAL.D L. GOULDING - NOTARY PUBLIC
County 01 ~ State of
Uncoln ~ Wyoming
My Commissi0n Expires May 2, 2007
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NOTARY PUBLIC
My commission expires: May 2, 2007.
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STATE OF WYOMING
ss.
COUNTY OF LINCOLN
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The foregoing Corrective Mortgage was acknowledged before me by Josh Woods this 28th
day of June, 2006.
Witness my hand and official seal.
GERALD L. GOULDING - NOTARY PUBLIC
County 01 ~ State of
Lincoln ~ Wyoming
My Commissian Expires May 2, 2007
My commission expires: May 2,2007.
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NOTARY PUBLIC
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