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HomeMy WebLinkAbout926660 ~ >. . .;obi) = ¡¡ 12 "Eo 0;>-', u~ ;>-. ~.....ë blJOC .5 ~ ç. ~eB .~ ~ ::; ë: J:1J t v -g t:: E '" '" ::¡ Qj <'3 g~ "'O¡... .~ U .,cu ~~ =< 1 I IC¡ l i 'vI OOO~9S MORTGAGE DEED WITH RELEASE OF HOMESTEAD KNOW ALL MEN BY THESE PRESENTS, that DOUGLAS C. BANKHEAD and MARlLOU B. BANKHEAD, husband and wife, (hereinafter designated as "Mortgagor"), of Bountiful Utah Davis County State of Utah, to secure the payment of the principal sum of Four Hundrei Twe~ty Five Thous~nd Dollars $(425,000.00), with ~terest commencing FebrullfY.l, 2007 at Eight Percent (8%) per annum, as evidenced by a prol1l1ssory note of even date hereWith to the order of the Alvin L. and AlIce L. Robinson Family Trust, dated April 1 0, 1997, Alvin L. Robinson and Alice L. Robinson, Trustees, of PO Box 677, Afton, Lincoln County, Wyoming, (hereinafter designated as "Mortgagee, ") principal and mterest payable as set forth in the attached Exhibit "A", a copy of which is attached hereto and by this reference made a part hereof. Hereby mortgages to said Mortgagee, the following described real estate as set forth on the attached Exhibit "B", a copy of which is attached hereto and by thts reference made a part hereof. TOGETHER WITH all improvements, appurtenances, hereditaments and all other things thereunto belonging or in anywise appertaining. SUBJECT, HOWEVER, to all easements, nghts-of-way, reservations and restrictions now of record or otherwise affectmg said lands. 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 remainders, rents, issues, and profits thereof, and a11 plumbing, heating and lighting fixtures and equipment now'or hereafter attached to or used in connection with said premises. The Mortgagor hereby covenants and agrees that they are lawfully seIzed of said premises, that they are free from all encumbrances, and hereby covenants to warrant and defend the title of said premises against the lawful claims of all persons whomsoever. And the Mortgagor covenants and agrees with the Mortgagee as follows: 1. That they wiU pay the indebtedness, as hereinbefore provided. Privilege is reserved to pay the debt in whole, or in an amount equal to one or more monthly payments on the principal that are next due on the note, on any interest paymg date prior to maturity. 2. That the Mortgagor will pay all ground rents, taxes, assessments, water rents and other governmental or municipal charges, or other lawful charges, and will promptly deliver the official receipts therefor to the said Mortgagee. In default thereof the Mortgagee may pay the same, and all sums so paid shall be added to and considered a part of the above indebtedness hereby secured, and shall draw interest at the same rate. 3. That nothing shall be done on or in connection with said property winch may impair the Mortgagee's security hereunder; the Mortgagor wiU commit, pennit or suffer no waste, iml?airment or deterioratIon of said property nor any part thereof, and said property shall be contmuously maintained in good and sightly order, repair and condition by the Mortgagor at their expense. 4. That they wiU keep the improvements now existing or heremafter erected on the said premises, insured as may be required fi:om time to time by the Mortgagee against loss by fife and other hazards, casualties, and contIngencies in such amounts and for such periods as may be required by the Mortgagee and will pay promptly, when due, any premiums on such insurance. AU insurance shall be carried in companies approved by the Mortgagee and the policies and renewals thereof shall be held by the Mortgagee and have attached thereto Joss payable clauses in favor of and in form acceptable to the Mortgagee. In event ofloss it will give immediate notIce by mail to the Mortgagee, who may make proof of loss if not made promptly by the Mortgagor, and each insurance company concerned is hereby authorized and directed to make payment for such loss directly to the Mortgagee instead of to the Mortgagor and the Mortgagee, jointly, and the insurance proceeds, or any part thereof, may be applied by the Mortgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration orrepair of the property damages. In eVent offoreclosure ofthis mortgagee or other transfer of title to the said premises in extinguishment of the indebtedness secured hereby, all right, title, and interest of the Mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee. 5. That in case the 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 r, dh c ';iO Z m () OJ (') ~ O::om Z Om< () "~m °c...17»<0 c: m'¡:' Z>ooz~ ~Z G)_ ()~ #g hi :E 1J CD -J ::o>~~a ?'G'>mcn~ "Z"cn~ mmt-)O~ s: ::0 c.o 1J s: (It s: m ::0 m !O ~ 09266bO {)00--.a6 " ,,;.,- provided, the Mortgagee may without notice or demand pay the same and ill case of failure on the part of the Mortgagor to comply with the covenants of paragraph 3 hereof, the Mortgagee may effect such repairs as it may reasonably deem necessary to protect the property, at the expense of the Mortgagor. The Mortgagor covenants and agrees to repay such sums so paid and all expenses so incurred by the Mortgagee, with mterest thereon from the date .of payment, ~t the s~e rate as provided in the note herein described, and the same shall be a hen on the saId premIses and be secured by the said note and by these presents and in default of making such repayments, the whole amount hereby secured, if not then due, shall, if the said Mortgagee so elects, bðCome due and payable forthwith, anything herein contained to the contrary notwithstanding. 6. That in the event the property covered hereby is sold under foreclosure and the proceeds are insufficient to pay the total indebtedness secured hereby, the Mortgagor binds themselves to pay the unpaid balance, and the Mortgagee will be entitled to a deficiency judgment. 7. Upon occurrence, with respect to any Mortgagor, Assignee, maker, endorser or guarantor hereof, of any of the following: Calling of a meeting of creditors; application for, or appointment of, a receiver of any of them or their property; filing of a voluntary or involuntary petitIOn under any of the provisions of the Bankruptcy Act or amendments thereto; Issuance of a warrant or attachment; entry of a judgment; failure to pay, collect or remit any tax or tax deficiency, Federal, State or local, when assessed or due; death dIssolution; making, or sending notIce of an intended bulk sale; mortgage or pledge of any property; suspension or liquidation of their usual business; failure, after demand, to fmnish financial infonnation or to permit inspection of any books or records; default in payment or performance of this mortgage or any other obligation to, or acquired in any manner by payee, or if the condition or affairs of any of them shall change as in the opinion of the Mortgagee or other legal holder thereof, shall increase its credit risko-thIs mortgage and all other obligations, direct or contingent, of any maker or endorser hereof to payee shall become due and payable immediately without notice or demand. That in case default shall be made in the payment, when due, of the indebtedness hereby secured, or of any instalhnent 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, assessment, 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 the Mortgagee, although the period above hmited for the payment thereof may not have expIred, anything hereinbefore or in said Note contained to the contrary notwithstanding, and any failure to exercIse said option shall not constitute a waiver of the right to exercise the same at any other time, and it shall be lawful for the Mortgagee to proceed to enforce the provisions ofthis mortgage either by suit at law or in equity, as it may elect, or to foreclose this mortgage by advertisement and sale of the above-described premises, at public venue, 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 conveyance 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 and in payment of all moneys expended or advanced by the Mortgagee pursuant to the provisions of paragraph 5 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 the Mortgagee on demand, to the Mortgagor. There shall be included in any or all such proceedings, a reasonable attorney's fee. In case the mortgagee shall fail promptly to foreclose u~on the happening of any default, it shall not thereby be prejudiced in its right offoreclosure at anytime thereafter during which such default shall continue and shall not be prejudiced in its foreclosure rights in case of further default or defaults. 8. That in case of any default whereby the right of foreclosure occurs hereWlder, the Mortgagee shall at once become entitled to exclusive possession, use, and enjoyment of all property aforesaid, and to all rents, issues and profits thereof, from the accruing of such right and during the pendency of foreclosure proceedings and the penod of redemption, if any there by, and such possession, rents, issues and profits shall at once be delivered to the Mortgagee on request, and on refusal, the delivery of such possession. rents, Issues, and profits may be enforced by the Mortgagee by any appropriate civil suit or proceeding, including action or actions in ejectment. or forcible entry or unlawful detainer, and the Mortgagee shall be entitled to a Receiver for said property and all rents, issues, and profits thereof, after any such default, including the time covered by foreclosure proceedings and the period of redemption, if any there be, and shall be entitled thereto as a matter of right without regard to the solvency or insolvency of the Mortgagor, or the then owner of said property, and without regard to the value of said property, or the sufficiency thereof to discharge the mortgage debt and foreclosure costs, fees, and expense, and such Receiver may be appointed by any court of competent jurisdIction upon ex parte application, and without notice (notice being hereby expressly waived and the appointment of any such Receiver on any such application without notice being hereby consented to by the Mortgagor on the Mortgagor's own behalf), and all rents, issues, and profits, income and revenue of said property shall be applied by such Receiver, according to law 2 0926660 000297 and the orders and directions of the court. 9. No failure by the M011gagee or any legal holder hereof to enforc~ any right s~t forth herein nor the granting of any extension of time nor taking of ~ditlonal s.ecunty, no~ partIal release of security or the making of future advances, shall act to constitute a WaIver of the nght to enforce any and all remedies provided herein nor shall it act to discharge or release the collateral. 10. That the covenants herein contained shall bind, and the benefits and advant~ges shall inure to, the respectIve heirs, executors, adn;ûnistrators, successors, and assi~s of the parties hereto. Whenever used, the singular number shall mclude the plural, the plural the smgular, and the use of any gender shall include all genders. 11. Mortgagor is not aware of any Hazardous Substance installed, stored, chsposed of or othel"W1se located on or in the property. 12. Mortgagor shall not allow any Hazardous Substance to be brought onto, installed, used, stored, treated, chsposed of, or transported over the property without prior written consent fÌ'om Mortgagee. 13. All activities and conditions on the property are currently in compliance with any applicable law. Mortgagor covenants and agrees that all actIvities on the property shall at all times comply with any applicable law. 14. Five days after receipt or completion of any report, citation, or, other written or oral communication concerning the property from any government agency empowered to enforce, investigate, or oversee compliance with any applicable law, Mortgagor shall notifY Mortgagee in writing of the contents of such communication, and shall provide Mortgagee with a copy of all relevant documents. 15. Notwithstanding any other provision of thIS Mortgage, upon discovery of any Hazardous Substance on or m the property, Mortgagor shall immediately notifY Mortgagee thereof. Mortgagor shall immediately take all actions necessary (i) to comply with laws requiring notification of government agencies concerning such Hazardous Substance, (ii) to remedy or correct the condition, and (iii) to remove fÌ'om the property all such Hazardous Substances. Mortgagor shall handle and dispose of such substances in accordance with any applicable law. Mortgagor shall take any and all actions necessary to obtam reimbursement or compensation ITom persons responsible for the presence of any Hazardous Substance on the site. Mortgagee shall be subrogated to Mortgagor's rights in all such claims. 16. Mortgagor agrees to indemnity Mortgagee, defend with counsel acceptable to Mortgagee, and hold Mortgagee hannless from and against any claims, legal and administrative proceedings, judgments, damages, punitive damages, penalties, fines, costs,liabilities, interest or losses, attorneys' fees, consultant fees, and expert fees that arise directly or mdirectly from or in connectIon with the presence, suspected presence, release or suspected release of any Hazardous Substance whether into the air, soil, surface water ot ground water at the property, or any other violation of any applicable law whether by negligent or intentional activities of Mortgagor or any third party; or any breach of the foregoing representations and covenants. The indemnities described above specifically include but are not limited to the duect obligation of Mortgagor to promptly perfonn any remedial or other activitIes required, ordered or recommended by any administrative agency, government official, or thud party, or othelWise necessary to avoid ~ury or liability to any person or property, to prevent the spread of any pollution or Hazardous Substance. 17. Mortgagee shall have the right to enter and inspect the condition of the property at any time and to conduct, or to designate a representative to conduct such inspection, testing, environmental audit or other procedures which mortgagee believes are necessary to detennine current compliance with the covenants and representations contained herem. 18. Nothing contained in this Mortgage shall obligate Mortgagee to take any action with respect to the property or to take any action against any person with respect to such substances, condition or actiVIty. 19. The teon "Hazardous Substance" as used herein shall mean any substance which at any time shall be hsted as "hazardous", "toxic" or "carcinogenic" in any applicable law or regulation implementing such applicable law including but not limited to the Comprehensive Environmental Response, Compensation and Liability Act ("CERCLA"), 42 U.S.C. Sections 9601 et seq.; the Resource Conservation and Recovery Act ("RCRA"), 42 U.S.C. Section 6901 et seq.; and the Atomic Energy Act of 1954 as amended, 42 U.S.C. Sections 3011, et seq. IN WITNESS WHEREOF, the Mortgagor118S caused these presents to be signed this ,,1, !!t.. day ofJanuary, 2007. 3 09Z6660 ~~~ DO C. BANKHEAD 000"',-,\1.:':) 'tP (,;# _ '-, ~ ~þ, f¿.fi ObB.B STATE OF WC/( ) 'Î) ) 55. COUNTY OF ...ÙtW'¡"~ ) The foregoing instrument was acknowledged before me this At6/.- day of January, 2007, by DOUGLAS C. BANKHEAD and MARILOU B. BANKHEAD. WITNESS my hand and official seal. C \, , J / / / -_.~/~-¿~ , N.otáÍy Pubhc ¿: 4 EXHIBIT A 0926{';60 PROMISSORY NOTE ¡fboo-="a9 ,... t'~-..I' Afton, Wyoming, February 1,2007, $ 425,000.00 Plus Interest FOR VALUE RECEIVED, the undersigned promises to pay to the order of Alvin L. Robinson and Allee L. Robinson, Trustees, of the Alvin and Alice Robinson Family Trust, dated April 10, 1997,whose address is POBox 677, Mon, Wyoming 83110, the sum of Four Hundred Twenty Five Thousand Dollars and no/100 ($425,000.00) plus Interest commencing February 1, 2007, at the rate of Eight Percent (8%) per annum, payable as set forth In the attached Exhibit 'W', a copy of which Is attached hereto and by this reference made a part hereof. No prepayments of any amount due and owing under the terms of this Promissory Note shall be allowed, without the express written consent having been obtaIned from the Alvin and Alice Robinson FamffyTrust until on or after August 1, 2011 at Which trme the maker of this note may pay prepayments wIthout any penalty. It Is expressly understood and agreed that default or failure to make any payment within thirty (30) days after the same shall become due as provIded for herein, shall qt the option of the holder hereof. and without notIce, operate to make the full unpaid balance of this note immediately due and payable. We, whether makers, endorsers or guarantors of this note or the obllg~tions represented hereby, are to be règarded as princIpals Insofar as out" liability to payee Is concerned, and each of Us hereby severally waive presentment, demand, notice, protest or notice of protest, and all other demands and notices In connection With the delivery, acceptance, perfórmance, default, or enforcement of thIs note, and assent to any extension or postponement of the time of payment or any other Indulgence, to any substitution, exchange or release of collateral and to the addition or release or either of them, of any other party or person primarily or secondarily liable. 0926(-ìbU 000:'::00 The undersigned will pay on demand all costs of collection and attorney's fees Incurred or paid by the holder in enforcIng this note on default, whether wIth or without suit. All rights and powers of the holder hereunder shall inure to hIs successors, assigns and heirs and aU agreements herein shall bind the successors, assigns. heirs and personal representatives of the undersigned. No delay or omission the part of the holder In exercIsing any right hereunder shall operate as a waiver of such right or any other rights under this note. A waiver on anyone occasion shall not be construed as a bar to, or waiver of, any such right and remedy or either of them, on any future occasion. As used herein, the word "holderl shall mean the payee or other endorsee of this note who Is in possession .of It, or the bearer hereof If this note is at the time payable to bearer. This note shall be seclJred by a First Mortgage pursuant to that certain Mortgage Deed of even date herewith. DATED this .t,Œ'day of]anumy, 2007. ¿~t!. ~ Douglas C. Bankhead ~Æ ?'~£¡f a 0 B. Bankhead STATE OF tlM COUNTY OF ,Do vrs ) ) 5S. ) Subscribed. and sworn to before me by Douglas C. Bankhead and Marilou B. Bankhead, this :¿gfi.. day of January, 2007. WITNESS my hand and officIal seal. 09Z6660 Description: Hesson Parcel 1 A portion of the property, as referred to in the Deed recorded in Book 452PR, on Page 94, and in the Deed recorded in Book 511PR, on, Page 3]9. with the Office of the Clerk of Lincoln County" Wyoming, within the NWl/4 of Section 4 T31N, R1l9W, of the 6th P..M., Lincoln County. Wyoming, the metes and bounds being more particularly described as follows:" Beginning at the "Lloyd B. Baker FE/LS 698 2001 location for the Northeast Corner of the SW1/4NW1/4 of said Section 4; thence SB8°48'14"W, along the North line of said SWl/4NW1/4, 44,55 feet to the Southeast corner of Lot 24 'as' shown on the West Hills Subdivision plat recorded with In~t~ument No. 749847 on Pla~,No, ,343. with said Office; thence N6°26'31"B, along tbe,' ~as't line, of said Lot 24, 152.09 feet to a Southeast,' c,qr;ner;,o~ Lot 13 of said West Hills S~divjsipn¡ thence S82°25'04"E, along the South line of said Lot 13 and continuing along the South line of Lot 21 of said West Hills Subdivision. ,$87.73 feet to apoi,ot in the S,ol,lth line of the NE1/4NW1/4 of said Secti,on 4; thence N88°48'14"E, along last· said South, line; 368.86 feet to the Northwest Corner of the SW1/4NE1/4 of said Section ~~ thence Sl°33'04"W, along the, ~e,st,line of said SW1/4NEl/4, 568.82 feet to' theNorthea~,tj:,~,;-n.er: ~if the B'orden property as referred to in the Deed recorred:in. Book 403PR, on Page 780, with said Office; , thence Westerly, Sou~herly, and asterly along said Borden property the following: NBBo32'12"W 135.21 feet, S50l4'56"E 5~9.07 feet, and S59Q19'07"E 73.59 feet to a point in the North line of the Mignano property as referred to in the Deed recorded in Book 573, on Page 345. with' said 'Office; thence NB7°33'Z3"W, along last said North line, 50.86 feet; t.hence N79°52'34"W, continuing along last sa'id North line 266.49 feet¡ thence S89°55'30"W 1,006.94. :(éet,',tp a point in the East line of said SW1/4NW1/4; , thence Nlo38'23"E, along sal,d Ea'st llne, 1,124.46 feet to the Point of Begir.nin~. containing 35.00± Acres. TOGETHER WITH and: The 60 feet wide Right-oE-Way Easement, as referred to in che Deed recorded in Book 301PR, on Page 3, with said Office to 'Crow Creek County Road No. 12-141. TOGETHER WITH: The 60 feet wide Right-of-Way Easement, as referred to in the Deed recorded in Book 573PR, on Page 345, with said Office to the Right-of-Way, as referred to in the Deed recorded in Book 301PR. on page 3, with said Office. TOGETHER WITH and SOBJECT TO: All- Easements, Exceptions, Restrictions, Reservations, Rights-of-Way and Improvements of sight and or record. 000301 Exhibit B