HomeMy WebLinkAbout929276
MORTGAGE
KNOW ALL MEN BY THESE PRESENTS, that THURMAN GROVER RANCH LLC, a
Wyoming close limi~ed liability company, herein referred to as mortgagor, of c/o Reed H. Thurman,
869 Poleline Road,! Rexburg, 10 83440, to secure the payment of the principal sum of $85,000.00
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with interest as evidenced by a Promissory Note dated of even date herewith to the order of James
E. Gordon, Jr., and Sherrill Gordon, husband and wife ("mortgagee"), of 1416 East 1980 North,
North Logan, UT 84341, principal and interest to be payable as follows:
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Interest only on the unpaid principal balance from May 1, 2007, until paid, at the
rate of 7% per annum payable monthly on the 1 st day of the month beginning
June 1, 2007, and continuing on 1 st day of each succeeding month thereafter until
May 1, 2027, when the debt shall be paid in full. Prepayments of principal may be
made in any amount at any time without penalty.
hereby mortgages to mortgagee, the following described real estate, situated in the County of
Lincoln. State of Wyoming:
A portion of the real property described in that certain Quitclaim Deed dated December
3, 2004. and recorded in the office of the Lincoln County Clerk on December 13, 2004,
in Book 574, page 552, more particularly described as follows:
Beginning at a point which is the SW corner of the parcel designated as the "Home
Place" in said Quitclaim Deed, and running thence North along the West Boundary of
said parcel 600 feet; thence East parallel to the South boundary of said parcel, 1,089
feet; thence South parallel to the West boundary of said parcel, 600 feet, more or less,
to the South boundary of said parcel; thence West along said South boundary, 1,089
. .
feet, more or less, to the point of beginning, containing 15 acres, more or less~
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 all plumbing, heating, and lighting fixtures and
equipment now or hereafter attached to or used in connection with the premises.
RECEIVED 5/11/2007 at 10:32 AM
RECEIVING # 929276
BOOK: 657 PAGE: 651
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
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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 the 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 provided
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
thereon from the date of payment, at eighteen percent (18%) 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
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000653
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 shall 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 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, including a
reasonable attorney fee, and in payment of all moneys expended or advanced by mortgagee
pursuant to the provisions of Paragraph 7 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, 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 during the pendency of
foreclosure proceedings and the period of redemption, if there is any; and such possession, rents,
issues, and 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
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000654
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, after any such default, including the time covered by foreclosure proceedings and
the period of redemption, if there is any, 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 on 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 mortgagor on mortgagor's own behalf), 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. Mortgagor may not conveyor transfer any interest in or encumber the described
premises without the prior written consent of the mortgagee. Mortgagor must give mortgagee
written notice of mortgagor's intent to conveyor transfer any interest in or to encumber the
described premises at least thirty (30) days prior to the proposed conveyance or encumbrance. If
all or any part of the described premises or an interest therein is sold, transferred or encumbered
by mortgagor without mortgagee's prior written consent, excluding death of a jOint tenant or the
grant of any leasehold interest of three (3) years or less not containing an option to purchase,
mortgagee may, at its option, declare the entire remaining balance due under this agreement to be
immediately due and payable and give written notice to mortgagor thereof. After receipt of such
written notice, mortgagor shall have thirty (30) days in which to pay the entire remaining balance to
mortgagee.
11. 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.
12. 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.
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IN WITNESS WHEREOF, mortgagor has executed this Mortgage as of the 1 st day of May,
2007.
THURMAN GROVER RANCH LLC, by
STATE OF IDAHO
ss.
COUNTY OF MADISON
On this '7:±:haay of May, 2007, before me personally appeared Reed H. Thurman, to me
personally known, who, being by me duly sworn, did say that he is the Manager of THURMAN
GROVER RANCH LLC, a Wyoming close limited liability company, described in and which
executed the foregoing instrument; that said instrument was signed in behalf of said limited liability
company by authority of its members and managers; and said Reed H. Thurman acknowledged
said instrument to be the free act and deed of said limited liability company.
Given under my hand and notarial seal the day and year first above written in this certificate.
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NOTARY PUBLIC
My commission expires: 4r:' I
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