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HomeMy WebLinkAbout874180 "0 (U 'C:j 8~ ,) q 'l) <"l '-< 9" '~I) f,; of.; rO 1'1.. ...) ,.0 Ii) tP': >...... ?::::::. "~1 :~ I"S. ....., f'~ ~ 53.:..... 0 n "" ~ r.:J !!) "'1- a :J: fJ.~ '-1 .r-' -..~ o '-:.:' !:i 't:1 (';,1 0 .-, ,,,' c' -;::; Q)'" it:) " i;l;t ~ -~-. %:3 .... - / "1 - - F\E:CtIVED -'~WOL~J COUNTY CLERI< BoOi]&:t 7 PR PAGE 4 5 b . ~~- -" -.--.--". -_.~~'~'~I'~~'"'~'~~ ?7~/!(f6 MORTQ}~m. I 80 (] I JUH 2 n tif11O: 55 J E p, i\! [\1 E . /\ C r\j E n This mortgage is made as of the 25th day of June, 2001, between 330 North (H~AWt5d:a~!In6~~Y<pM1NG Virginia Corporation (the "Mortgagor"), and Valene B. Tolman, Trustee of the Edwin O. Tolman and Valene B. Tolman Joint Trust (the "Mortgagee"). WITNESSETH, that to secure the payment of an indebtedness in the sum of Five Hundred Thousand Dollars ($500,000.00), and with all payments to be credited first towards interest to the date paid and the balance, if any, to be credited towards principal, all as evidenced by a Promissory Note of even date herewith (the ultimate maturity date of which is the 25th day of June, 2006) and all renewals, modifications and extensions thereof, the Mortgagor hereby mortgages to the Mo ee the following described real estate, situated in the County of Lincoln, State of Wyoming -wit:PO~ -t-l, 7{1~/~~~~ 0 . Jrt l .ql$,'\... /:~ ~ 'Itlf- c: -c.':':] [)~- ~<,,,,:r7 ~ffJ6cr ,iit ~. <"e __ - -::.t/iS (' - _.-t!" Fp " See Exhibit "A" which is attached hereto and incorporated herein by this reference Together with and including all buildings and improvements thereon and all appurtenances and hereditaments thereunto belonging. Subject to all covenants, conditions, restrictions, easements, reservations, rights and rights-of-way of sight andlor record (the "Property"). :.~ ..; And the Mortgagor covenants with the Mortgagee as follows: 1. PAYMENT. The Mortgagor shall pay the indebtedness hereby secured. 2. PREPAYMENT. The Mortgagor shall have the privilege of paying principal sums plus accrued interest, at any time, in whole or in part, without premium or penalty of any kind, and it is understood and agreed that any such prepayment shall be credited first to accrued interest and the balance to principal in the inverse order of when due. 3. PRESERVATION OF PROPERTY. The Mortgagor shall not do anything on or in connection with the Property which may impair Mortgagee's security hereunder. Mortgagor will not commit, permit or suffer any waste, impairment, or deterioration of the Property and the Property shall be continuously maintained, in good and sightly order, repair and condition by Mortgagor at his expense. Mortgagee acknowledges that the Property will, in part, but utilized for gravel extraction , and acknowledges that such gravel extraction and removal does not and will not constitute waste, impairment or deterioration. 4. T AXES AND OTHER CHARGES. The Mortgagor shall pay all ground rents, taxes, assessments, sewer rents, water rates, all governmental, quasi-governmental charges (e.g., homeowner association assessments) and other lawful charges on or against the Property. 5. INSURANCE. The Mortgagor shall obtain and maintain in full force and effect during the term of this mortgage, fire and extended benefits insurance on the Property and all improvements thereon, in an amount equal to their full insurable value and in any event notless than $30,000.00 payable to Mortgagor and Mortgagee as their interests may appear. Copies of said insurance policy shall be delivered to Mortgagee upon request. In the event of loss, insurance proceeds shall be paid to Mortgagee and may be applied by the Mortgagor, at its option, to the reduction of the indebtedness hereby secured or towards the repair or reconstruction of the improvements to a like quality and condition as they existed prior to such damage or destruction. 6. PAYMENTS BY MORTGAGEE. In the event Mortgagor defaults in the payment of any lawful charges against the Property or in-surance premiums, Mortgagee, at its sole option and 1 - - "I O~j...;[t180 discretion, may pay same. Mortgagor covenants and agrees to reimburse such sums expended by Mortgagee with interest at the rate of eighteen percent (18%) per annum, and the same shall constitute a lien against the Property with priority as of the date hereof. 7. STATEMENT. The Mortgagor, within twenty (20) days upon request in person or within thirty (30) days upon request by mail, will furnish a written statement duly acknowledged verifying and acknowledging the amount outstanding on the indebtedness secured by this mortgage. 8. NOTICE. All notices shall be sent by certified mail, shall be deemed given when mailed, and shall be addressed as follo~s or at such other place as may be designated by either party from time to time in writing in the same manner as provided herein: Mortgagor: 330 North Glenwood, Inc. P.O. Box 610 Jackson, WY 83001 Mortgagee: Mrs. Valene B. Tolman 411 East 900 North Logan, UT 84321 l't. ' } "9. WARRANTY. The Mortgagor warrants the title to the Property, except against any person or entity claiming by or through Mortgagee. 1 O. DEFAULT AND ACCELERATION. The entire indebtedness secured hereby shall become due and payable at the option of the Mortgagee: (a) Upon default in the payment of any amount hereby secured or payable hereunder (regular installments ofprineipal and interest, late charges, lawful charges against the Property, amounts paid by Mortgagee, attorney fees, collection costs, etc.) and failure to cure such payment default within twenty (20) days of written notice thereof; or (b) After failure to exhibit to the Mortgagee, within twenty (20) days after demand, receipts showing payment of all ground rents, taxes, water rates, sewer rents, governmental charges, quasi-governmental charges and assessments; or (c) After the assignment of the rents of the Property or any part thereof without the written consent of the Mortgagee, except as otherwise provided herein; or (d) lfthe Mortgagor fails to keep, observe and perform any ofthe other covenants, conditions or agreements contained in this mortgage (not cured within prescribed time limits); or (e) After failure to comply with any requirement or order or notice of violation of law or ordinance issued by any governmental or quasi-governmental authority claiming jurisdiction over the Property within three (3) months from the issuance thereof; or (f) Upon sale or transfer of an interest in the Property without Mortgagee's consent as herein provided; or (g) Anything in this mortgage contained to the contrary notwithstanding, if it shall be necessary for Mortgagee or Mortgagee's agent to notify Mortgagor in writing of default under this mortgage for failure to make the required payments in a timely manner four (4) times during any twelve month period, then the Mortgagee shall not be obligated to provide any further notice of default and the mortgage will, at the option of Mortgagee, be in default (and all amounts secured hereby and payable hereunder shall be fully due and payable) and the Mortgagee shall have all remedies available to it as set forth herein. 2 ..... ,... o ~:r~? L~, 1.80 ~ 458 11. FORECLOSURE UPON DEFAULT. In the event of default and acceleration as herein provided, the Mortgagee may proceed, pursuant to the laws of the State of Wyomirig by judicial foreclosure or advertisement and sale, to foreclose on and sell the Property, and out of the proceeds of such sale shall pay all sums secured hereby, including all costs and expenses of the foreclosure proceeding. 12. REMEDIES. 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 which may be exercised concurrently, independently or successively. Any forbearance by Mortgagee in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be deemed a waiver or preclude the exercise of any such right or remedy at any time, 13. RECEIVER. The holder of this mortgage, in any action or procedure to foreclose it Gudicial, by power of sale or otherwise), shall be entitled to the appointment of a receiver. The Mortgagor hereby consents that, in the event a receiver is appointed, Mortgagee may be the receiver. 14. POSSESSION. In the event of default by Mortgagor, the Mortgagee is entitled to possession of the Property during the pendency of any foreclosure proceedings and during any period of redemption, if applicable, under the statutes of the State of Wyoming. 15 . ATTORNEY AND FORECLOSURE EXPENSES. If any action or proceeding be commenced, to which action or proceeding the Mortgagee is made a party due to its interest in the Property, or in which it becomes necessary to initiate collection of the indebtedness hereby secured or foreclosure proceedings (whether or not suit is necessary), all sums paid by the Mortgagee for the expense of any litigation or proceeding to prosecute or to defend the rights and lien created by this mortgage or to foreclose this mortgage or to collect the indebtedness hereby secured (including reasonable attorneys' fees), shall be paid by the Mortgagor, together with interest thereon at the rate of eighteen percent (18%) per annum, and any such sums and the interest thereon shall be a lien on the Property, prior to any right, or title to, interest in or claim upon the Property attaching or accruing subsequent to the lien of this mortgage, and shall be deemed to be secured by this mortgage, 16. ASSIGNMENT OF RENTS. The Mortgagor hereby assigns to the Mortgagee the rents, issues and profits, if any, of the Property as further security for the payment of the indebtedness secured hereby, and the Mortgagor grants to the Mortgagee the right to enter upon the Property or any part thereof, and to apply the rents, issues and profits, after payment of all necessary charges and expenses, on account of the indebtedness hereby secured. This assignment and grant shall continue in effect until all sums secured by this mortgage are paid. The Mortgagee hereby waives the right to enter upon the Property for the purpose of collecting said rents, issues and profits, and the Mortgagor shall be entitled to collect and to receive said rents, issues and profits; provided that such right of the Mortgagor may be revoked by the Mortgagee upon any default (not cured within the applicable cure period) hereunder, without notice. 17. DEFICIENCY. In the event the Property is sold at foreclosure Gudicial, power of sale, or otherwise according to law) and the proceeds are insufficient to pay the indebtedness secured hereby, Mortgagor shall remain liable for the unpaid balance and Mortgagee will be entitled to a , deficiency judgment. 18. DUE-ON.TRANSFER. If all or any part of the Property or any equitable or beneficial interest therein is sold or otherwise transferred by Mortgagor without Mortgagee's prior written consent, which shall not be unreasonably withheld, excluding (a) the creation of a purchase money security interest for appliances, (b) a transfer by descent, devise or operation ofthe law upon the death of any owner, or (c) the grant of any leasehold interest to the Property of three (3) years or 3 - - - - Ot37{:j,1J30 - - 459 less not containing an option to purchase, Mortgagee may, at Mortgagee's sole option, declare all sums secured hereby to be immediately due and payable. 19, SET -OFF. Mortgagor shall not be entitled to set-off or any similar rights against amounts secured hereby. 20. MISCELLANEOUS. This mortgage may not be changed or terminated orally. The covenants, agreements and conditions contained in this mortgage shall run with the land and bind the Mortgagor, the heirs, successors and assigns of the Mortgagor, and all subsequent owners, encumbrancers, tenants and subtenants ofthe Property, and shall inure to the benefit of the Mortgagee, the personal representatives, successors and assigns of the Mortgagee, and all subsequent holders of this mortgage. The word "Mortgagor" shall be construed as if it read "Mortgagors" and the word "Mortgagee" shall be construed as if it read "Mortgagees" whenever the sense ofthis mortgage so requires. Whenever used, the singular shall include the plural, the plural the singular and the use of any gender shall include all genders. This mortgage shall be governed by the laws of the State of Wyoming. IN WITNESS WHEREOF, this mortgage has been duly executed by the Mortgagor, hereby relinquishing and waiving all rights under and by virtue of the homestead exemption laws of the State of Wyoming. STATE OF WYOMING ) )ss. COUNTY OF TETON ) The foregoing instrument was acknowledged before me by In; elM. I T ~alp'.J, the \JJJ!.L:--vr(!&-.dRJ1,A..-~ of330 North Glenwood, Inc., this .;l.1 day of June, 2001. ~CialSeaL . ...... ~= .. 1IIIliI .. . .. t/IIl.Il,tUI f . HI'" . Q . ~ Not P:bt~t. ) ~ . oJ~~-c&- My Commission Expires: 7/..31/ () 'f 4 ... ,... , i.;~..~j.:',':. ~~. .:I.:~/ .' i .'i..,. .:-:.:';- "J' 1.-',". ' ,~ "..:.,:::',,~;;,,::::,,: .'.r . , ,';: ~'.... ,,. ; '; :' ',.",~ '::". . ..1'-, ',"':'J '. ,':;,:,';'~/ ... . . I ~ I. - ':'.; .' "', ,',.,".',~ ".~: . I ~ I,'~ ~~:~~~ '.' :':':~' '. ',.".;; . .. . ..., "."." , . ",.' ;. ~'., .';r. .., . ~ ~ ( ; , ',~:", '.';.'1:;. '. ,'"'-.::',-c:",..,,, :'.".",.-.'\,,".,,:::. ,. ".' d.'r":J:I,':.J:.:'" '". ,'. I . ,". "I.:"'....r".. .:,....,:". : :. ; ~:, .'",:. . t$~,L. , . ,.~:, ".-: .. ~. ." ~:~:;. . , .'. :'/;:~':'-:: "~ '~;.I , .. .... :'::.~.:~x~~,.\,~',',:,' '.' ''',' ..,... ". ",:,-,':i::..;. ':":;".",:>>.'.,f~::,'.", , ':' ';~:. '.:.~'. "'J" r. ""/,:',;::/:~"\-':'::":" ':~;,:' :> ).. -.. ,'i/.'..} ",:',' "-"";'. ,',';)". ~.., . " '<~"/-,. '" . ','.;.,: .~.: i,',." ';~y; . ";;::;",. .., .. ..... . " J "'~'i'. .: .':,'.:': . . "!....::.:,::.. .... ".- .-.';., , Ut'f741.80 ,." 460 EXHIBIT A - Tolman Deed The following described property in Lincoln County Wyoming! ^ portion eaoh of tho SE 1/4 of the SE 1/4 of Section 19, The sw 1/4 of the SW 1/4 of Section 20, the NW 1/4 of the NW 1/4 of Section 29, end the NE 1/4 of the NE 1/4 of Section 30. T 3'/ N.. R 118 W. 6th Principal Meridl..n, in or near I\lpine, Linooln County, Wyom1nn, baing more pDrticularly described os followu! BEGINN:NG ~t an iron pipe set in a county road to old Alpine, said pipe also being on the NOl~th line of said SW 1/4 of the SW 1/4 of Seotion 20 S 09-~7'07" W 1189.45 feet from a Brasn Cap Monument .et at the Northasst corner of last sBid SW 1/4 of the SW 1/4; thence running South 2322.31 feet to an iron pipe sot in the Northerly line of the Bureau of Reclamation property token for the purpose of thCl Palioades Reservoir: thence N 82- 21'22" W 123.52 feet to an b.on bar marking a cotnmr of last aRid Northerly line thenoe North 1>>3-45'57" West along last said Northerly line 592.09 teet to an iron pipe set: thence North, leaving last said Northe): 1 y Ii tie. 8 distance of 2052. 12 feet to B point 1n the North I1ne of said SR 1/4 of the 5E 1/4 of Section 19. thene" S 09036'15" E Blann lest said NOl'th line, 519.74 feet to a SERV..KAP marking the line between said I 500tiol\ 19 Bnd 20 Bnd the corneal' common to Boid Sl~ 1/4 of the BE 1/4 Bnd said SW 1/4 of the SW.1/4: thence continuing N 09-57'07" E. 010ng ~eld North line of sai~ SW 1/4 of the SW 1/4 124 'e 0 the poin~ Of beginning. Con1;ain! 32.621 ell of lend. ,.' ", ~, :~;: -''S ~'.: - - - ,:. ~;:'