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000702
THIS MORTGAGE is duly executed and delivered effective as of the 31st day of July, 2007 from
L T, LLC, a Wyoming limited liability company, of P.O. Box 4840, Jackson, Wyoming 83001, hereinafter
referred to as the "MoI1gagor", to DONALD C. KRAUTTER and JEAN M. KRAUTTER, AND
THEIR SUCCESSORS TRUSTEES FOR THE USES AND PURPOSES SET FORTH IN THE
KRAUTTER FAMILY TRUST DATED AUGUST 26, 1996, DONALD C. KRAUTTER AND
JEAN M. KRAUTTER, beneficiaries, of P.O. Box 3465, Alpine, Wyoming 83128, hereinafter
collectively referred to as the "MoI1gagee".
FIRST MORTGAGE
The Mortgagor, for and in consideration of the receipt of FIVE MILLION FOUR HUNDRED
FORTY-EIGHT THOUSAND AND NO/I00 ($5,448,000.000), lawful money of the United States, and
to secure the indebtedness hereinafter referred to, does hereby mortgage to the Mortgagee the following
described real property situated in Lincoln County, Wyoming:
The real propel1y located in Lincoln County, Wyoming described in Exhibit A attached
hereto and made a part hereof,
including and together with all and singular the tenements, hereditaments, appurtenances
and improvements thereon or thereunto belonging, and any rights to minerals thereunder,
but subject to taxes, assessments, restrictions, covenants, conditions, rights-of-way,
easements and other sim i lar encumbrances of sight or record at this time.
Any of such prope11y which is subject to the lien of this mortgage from time to time is referred to
as the "propeI1y". The Mortgagor hereby relinquishes and waives all rights under and by virtue of the
homestead exemption laws of the State of Wyoming for purposes of this mortgage.
The Mortgagor covenants and warrants that at the signing and delivery of this mortgage, the
Mortgagor is lawfully seized in fee simple of the property and has good and lawful right to mortgage, sell
and convey such property; that the M0l1gagor warrants and will defend the title to such propel1y against
all lawful claims and demands; and that the property is free from all encumbrances not permitted
hereunder.
This MOl1gage is subject to the express condition that if the Mortgagor pays, or causes to be paid, to
the Mortgagee the sum of FIVE MILLION FOUR HUNDRED FORTY-EIGHT THOUSAND AND
NO/tOO ($5,448,000.000), together with interest thereon and other charges according to the provisions of a
cel1ain promissory note dated as of the date hereof, executed and delivered by the Mortgagor to the
MOltgagee, and any extensions and renewals thereof and all other amounts due hereunder, then this m0l1gage
and such note or notes shall cease and be null and void. The M0l1gagor hereby covenants to pay all such
amounts, and all amounts when due under the mOl1gage and this Mortgage.
I. The Mortgagor fLll1her covenants and agrees as follows:
a, The lien of this m0l1gage shall remain in full force and effect during any postponement or
extension of the time of payment of any palt of the indebtedness secured hereby.
b. The Mortgagor shall payor cause to be paid all taxes and assessments levied or assessed
against the property, subject to the right to contest in good faith by appropriate proceedings, and shall comply
with all recordation and other laws affecting the security ofthis Mortgage, at the expense of the Mortgagor.
c. The MOltgagor shall not permit the interest of the Mortgagor in the property or any part
thereof to be levied upon or attached in any legal or equitable proceeding, except to the extent such levy or
attachment is being contested in good faith by appropriate proceedings.
Î If the Mortgagor defaults in the payment of such taxes, assessments or other lawful charges,
the MOl1gagee may, without notice or demand, pay the same. The Mortgagor covenants and agrees that all
such sums of money so expended, together with all costs of enforcement or foreclosure, and reasonable
attorneys fees, shall be added to the debt hereby secured, and agrees to repay the same and all expenses so
incurred by the Mortgagee, with interest thereon from the date of payment at the default interest rate
provided in the note secured hereby until repaid, and the same shall be a lien on the property and be secured
by tl1 is mOltgage.
3. If the Mortgagor defaults in the payment of any principal or interest on the indebtedness
secured hereby after the same shall become due and payable, or if the Mortgagor breaches any covenant or
agreement contained herein, which default or breach is not remedied within a period of thirty (30) days after
RECEIVED 8/1/2007 at 4:37 PM
RECEIVING # 931802
BOOK: 667 PAGE: 702
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
Kraulh:r~MollnlêÜI1 Partners M0I1gage/rc1007
-000703
notice thereof is delivered or mailed to the Mortgagor by or on behalf of the Mortgagee, the whole of the
then outstanding indebtedness secured hereby, both principal and interest, 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 or notes 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 any subsequent default.
The Mortgagee may enforce the provisions of, or foreclose, this mortgage by any appropriate suit, action or
proceeding at law of in equity or by advertisement and sale as provided by Wyoming statutes. At any
foreclosure sale, the MOIigagee may cause to be executed and delivered to the purchaser or purchasers a
proper deed of conveyance of the propeliy so sold. The MOl1gagor agrees to pay all costs of enforcement
and of tàreclosure, including reasonable attorneys fees. The failure of the Mortgagee to promptly foreclose
following a default shall not prejudice any right of the Mortgagee to foreclose thereafter during the
continuance of such default or any right to foreclose in case of further default or defaults. The proceeds from
such sale shall be applied to the payment of (1st) the costs and expenses of foreclosure and sale, including
reasonable attorneys fees, and all money expended or advanced by the Mortgagee pursuant to the provisions
of this mortgage; (2nd) all unpaid taxes, assessments, claims and liens on the property which are superior to
the lien hereof; (3rd) the balance due to the Mortgagee on account of principal and interest and charges on
the indebtedness hereby secured; and (4th) the surplus, if any, shall be paid to the Mortgagor (subject to the
rights of any junior lienholders). Morgagee's sole remedy in the event of an uncured default shall be
foreclosure, in addition to the recovery of the costs offoreclosure,
4. If the right of foreclosure accrues as a result of any default hereunder, and insofar as it is
consistent with any senior lien on the property, subject to the rights of the senior mortgage holders, the
Mortgagee shall at once become entitled to exclusive possession, use and enjoyment of the property and to
all rents, income and profits thereof, from the accruing of such right and during the pendency of foreclosure
proceedings and the period of redemption, and such possession, rents, income and profits shall be delivered
immediately to the MOligagee on request. On refusal, the delivery of such possession, rents, income and
profits may be entàrced by the MOligagee by any appropriate suit, action or proceeding. The Mortgagee
shall be entitled to a receiver for the property and all rents, income and profits thereof, after such default,
including the time covered by foreclosure proceedings and the period of redemption and without regard to
the solvency or insolvency of the MOligagor, or the then owner of the property, and without regard to the
va lue of the propeliy, or the sufficiency thereof to discharge the indebtedness secured hereby and foreclosure
costs, fees and expenses. Such receiver may be appointed by any court of competent jurisdiction upon
application, and the appointment of any such receiver on any such application is hereby consented to by
MOl1gagor. All rents, income and profits of the property shall be applied by such receiver according to law
and the orders and directions of the court.
The terms "foreclosure" and "foreclose", as used herein, shall include the right of foreclosure by any
suit, action or proceeding at law or in equity, or by advertisement and sale of the property or in any other
manner now or hereafter provided by Wyoming law, including the power to sell.
5. The acceptance of th is mOl1gage, and the note or notes it secures, by the Mortgagee shall be
an acceptance of the terms and conditions contained herein.
6. The covenants and agreements herein contained shall bind, and inure to the benefit of, the
respective heirs, devisees, legatees, executors, administrators, successors and assigns of the Mortgagor and
the MOligagee. Whenever used the singular number shall include the plural, the plural the singular, and the
use of any gender shall include all genders.
7. The MOligagor shall not create, incur or suffer to exist any other mortgage or other similar
lien on the property, which is not junior to the lien of this mortgage.
8. The MOligagor shall not be entitled to set-off or any similar rights against any amounts owed
hereunder or under the note or notes secured hereby.
9. Subject to Section 10 below, jf all or any part of the mortgaged property or any interest
therein is sold, the repayment of debt secured hereby at closing will be a condition to such sale, conveyance
or transtèr. The Mortgagor shall give prior written notice to the Mortgagee of any such proposed sale.
10. So long as no default is in effect hereunder or under the related Note, the Mortgagor shall be
entitled to (a) transtèr all or part of the mOligaged property to a "wholesale" buyer who unconditionally
assumes all obI igations hereunder and under the related prom issory note, with the prior express written
consent of the M011gagee which consent will not be unreasonably withheld, and (b) transfer individual
subdivided parcels included as pali of the mortgaged property upon payment as principal of $65,000.00 per
acre transtèrred. All principal payments made pursuant to the terms of the Note secured by this Mortgage,
2
Kmull~r-Moulllaill Partllers Mortgage/re2007
000704
and whether regular installment payments or prepayments, or payments paid on the transfer of the Property,
shall be applied to the immediately succeeding payment or payments. Such partial releases shall be in form
suitable for recordation. Each partial release parcel must have received final plat approval from Lincoln
County Commissioners pursuant to a recorded final plat.
11. Any notice required to be given to any person hereunder or under the note or notes secured
hereby shall be given by delivery or by mailing the same by certified mail to such person at the address noted
above (or to such other address as shall have been specified in writing), and notice so mailed shall for all
purposes hereof be as effectual as though served upon such party in person at the time of depositing such
notice in the mail. ,
IN WITNESS WHEREOF, this mortgage has been executed by the Mortgagor as of the date first
above written.
LT, LLC,
a Wyoming limited liability company
By:
ACKNOWLEDGMENT
STATE OF u;\t"6~\~
COUNTY OF ~\\aÐ\Y)
On the ~ \0 day of July, 2007, before me personally came Terry L. Ray to me know, who,
being by me duly sworn, did depose and say that he is the sole Manager of LT, LLC, a Wyoming limited
liability company, the company described in the foregoing Mortgage and who executed the foregoing
instrument, and that he signed his name thereto by order of the Members of said Company, and they
acknowledge that, this instrument is the free act and deed of said Company.
)
) ss.
)
WITNESS my hand and official seal.
(Seal) n l'-o9
My commission expires: 'ex ~
OHI!RYL A. JONES - NOTARY PUBlIC
Oounty Of. State of
UnaOlt'l ~m/ng
. .My Comml88/on Expires Fob. 4, 2009
3743453 1. DOC
3
Kn.lullcr-t'v1ollI1Iilin PilJ'lllcrs tvlorlgageirc::1007
ORDER NUMBER: NTL~1290
EXHIBIT" A"
000705
PARCEL #1
A PARCEL OF LAND BEINO LOCATED IN THE NORTHWEST QUAATER OF SECTION 15. TOWNSHIP 36 NORTH,
RANGE 119 WEST, LINCOLN COUNTY, WYOMING, 6TH P.M.. WITH BOUNDARIES MORE SPECIFICALLY DESCRIBED
AS FOLLOWS:
BEOINNING AT THE SECTION 9,10. IS, AND 16 OF SAID TOWNSHIP AND RANGE, WHERE IS LOCATED A BRASS
SURVEY CAP INSCRIBED "PAUL N. SCHElUJEL, RLS 164. BIG PINEY, WYOMING. 1971 n; AND RUNNING
THENCE S. 0050'17nW., ALONG THE WEST BOUNDARY LINE OF SECTION 1'5, A DISTANCE OF 436.17 FEET TO A
SURVEY POINT;
THENCE S. 88°37'22" E., A PI STANCE OP 250.00 FEET TO A SURVEY POINT;
THENCE S'. OD,O'11"W" A DISTANCE OF 2200.00 FEET TO A SURVEY POINT ON THE SOUTH BOUNDARY LINE OF
SAID NW~ OF SECTION IS;
THBNCE S. 88°38'30"E., ALONG SAID SOUTH BOUNDARY LINE, A DISTANCE OF 500.00 FEET TO A SURVEY POINT;
TIffiNCE S. 89°05'23"E., CONTINUING ALONG SAID soUTH BOUNDARY, A DISTANCE OF 250.00 FEET TO A SURVEY
POINT;
THENCE S. 88°11'17"B.. ST1LL ALONG SAID SOU11l BOUNDARY LINE. A DISTANCE OP 79.21 PBET TO A SURVEY
po~; .
THENCE N. 13°31'OOIlW., A DISTANCE OP 31.10 PEET TO A SURVEY POINT ON THE CENTERLINE OP LONGVIEW
ROAD;
THENCE ALONO THE CENTERLINE OP· LONGVIEW ROAD FOLLOWING COURSES:
N. 62°41'32" E., A DISTANCE. OF 323.1,2 FEET TO A SURVEY POINf;
N. 60°57'23" E., A DISTANCE OF 415.39 PBET TO A SURVEY POINT;
N. 48Q49'S4" E., A DISTANCB OF 184.24 FEET TO A SURVEY POINf;
ALONG A TANGENT CURVE TO THE RIOHT, WITH A RADIUS OF 100.00 PEET, 'mROUGH ADBLTA ANGLE OF
47°11'00". AN ARC DISTANCE OF 82.35 FgET TO A SURVEY POINT;
N. 83Q59'06"E.. A DISTANCB OF 105;42 FEET TO A SURVEY POINT ON THE SAID CENTERLINE THAT IS ALSO THE
SdUTHWBST CORNER OP THE TREE,NURSER.Y PARCEL;
THENCE N. 1°45'27" B.. A DISTANCE OF 450.33 FEET TO A SURVEY POINT;
THENCE N. 79°34'57" E., A DISTANCE OP IS 1.22 PEET TO A SURVEY POINT;
THENCE N. 3Q13'OO" W.. A DISTANCE OF 1674.32 FEBT TO A SURVEY POINT ON THE NORTH BOUNDARY LINE OF
LONOVIEW RANCH RESORT;
THENCE S. 89QS4'16"W., ALONG THE NORTH BOUNDAR.Y LINE OF SECfION IS, A DISTANCE OF 2072.58 FEET TO
THE POINT OF BBGINNING.
LESS AND EXCEPT
BEGINNINQ AT A POINT ON THE SOUTH BOUNDARY LINE OF THE NORTHWEST QUARTER OF THE SAID SECTION
15. TOWNSHIP 36 NORTH, RANGE 119 WEST, SAID POINT BEING LOCATED SOUTH 89DS8.S' gAST FROM THE WEST
QUARTER~SBCTION CORNER. OF SECTION IS; AND RUNNING-
THENCE NORTH 0°32.0' WEST, PARALLEL TO THE WEST BOUNDARY LINE OF THE NORTHWEST QUARTER OF
SECTION IS, 1500.00 PEET TO A POINT; .
THENCE SOUTH 89QS8.5' EAST, 2S0.00 PEET TO A POINT;
THENCE NORTH OD32.0' WEST, 400.00 FEET TO A POINT;
THENCE sourn 89°.58.5' EAST, 250.00 FEBT TO A POINT;
THENCE SOUTH 0°32.0' BAST, 1900.00 FEET TO A POINT ALONG THE SAID.SOUTH BOUNDARY LINE OP THE
NORTHWEST QUARTER OF SECTION 15;
THENCE NORTH 89°58.51 WEST. ALONG THE SAID SOUTH BOUNDARY LINE. 500.00 FEBT TO THE POINT OF
BEGINNING.
07/24/2007 rUE 10: 33 rTX /RX Hn R4R? 1 Id1 OMI
Kemmerer
Fax:
Jùn 1 20
~m P004/0 10
PARCEL #2
OtJ070G
LOTS 1,2,3141516,7,8,9.10,11,12,13,14,15,16 OP THE LONGVIEW RANCH SUBDIVISION RECORDED MAY 17.1995 AT
DOCUMENT NUMBER 802260 AND MAP NUMBER 361,lN THE OFFICE OF THE CLERK, LINCOLN COUNTY,
WYOMING.
07/24/2007 TUE 10: 33 rT><JRX Hn R4R? 1 [d¡ 004