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HomeMy WebLinkAbout932057 Unless otherwise instructed, after recording return to: LANE R. ARCHIBALD, PLLC 470 B Street P.O. Box 51156 Idaho Falls, ID 83405-1156 (208) 523-6660 Our File No. L-1854 RECEIVED 8/10/2007 at 3:38 PM RECEIVING # 932057 BOOK: 668 PAGE: 506 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY ~~, "~~~\\J~\,j E:\ ~lŒAL ESTATE MORTGAGE (Wyoming) THIS MORTGAGE is granted by SALT RIVER HOMES, LLC, as MORTGAGOR, to GENEVA LAND AND CATTLE, LLC, as MORTGAGEE. WITNESSETH: Mortgagor,for good and valuable considerations, the receipt of which is hereby acknowledged, does hereby GRANT (including Power of Sale to foreclose on and sell at public auction pursuant to Wyoming Statute Section 34-4-101 et seq. in the event of default), BARGAIN, SELL, CONVEY AND WARRANT. and further releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming, unto the Mortgagee, his successors and assigns, all of the following described real property, to wit: Lots 17 through 21, of Townsite of Bedford, Block 5, Fourth Filing, County of Lincoln, State of Wyoming, according to the recorded plat thereof, and Lots 23 through 27, of Townsite of Bedford, Block 5, Fifth Filing, County of Lincoln, State of Wyoming, according to the recorded plat thereof TOGETHER WITH any and all improvements, water and ditch rights, rights of ways, easements, privileges, ventilating, tenements, hereditaments and appurtenances thereunto belonging or in anywise appertaining, now 'or hereafter used on said land or belonging to said Mortgagor, and any reversion, remainder, rents, issues and profits thereof, all hereinafter referred to as the "Property". This grant is intended as a Mortgage, a Fixture Filing and Security Interest for the Purpose of Securing: 1. Payment of the indebtedness evidenced by a promissory note of even date herewith, and any extension or renewal thereof, in the principal sum of FIVE HUNDRED NINETY THOUSAND DOLLARS ($590,000.00), the final payment of principal and interest thereof, ifnot sooner paid, to be finally due and payable October 8, 2008. 2. Performance of each agreement of Mortgagor herein contained, each agreement and covenant contained in the loan documents associated with this mortgage, and any extension, renewal, modification and/or amendment thereof "Loan documents" shall include the above described note, this mortgage, and any other documents or instruments signed in connection with this loan. 3. Payment of all such further sums as may hereafter be loaned or advanced by the Mortgagee for any purpose; and any notes, drafts and/or other instruments representing such further loans, advances or expenditures shall be optional with the Mortgagee, and shall become due and payable no later than the final maturity date of said note secured hereby; and provided further, that it is the express intention of the parties to this Mortgage that it shall stand as continuing security until all such loans, advances or expenditures together with interest thereon, are paid in full. A. To protect the security of this Mortgage, Mortgagor warrants, covenants and agrees: 1. The property is free from all encumbrances, except as may be described herein, and that Mortgagor shall warrant and defend the same forever against any and all claims and demands of all persons whomsoever, and this covenant shall not be extinguished by foreclosure or other transfers. 2, To keep all buildings and other improvements now or hereafter existing in good condition and repair; to not remove or demolish any building or other improvement thereon; to complete or restore promptly and in a good workmanshiplike manner any improvement which may be constructed, damaged or destroyed thereon; to pay when due all claims for labor performed and materials furnished thereto or therefor; to comply with all laws affecting said property or requiring any alterations or improvements to be made thereon; to not commit or permit waste thereof or thereon; to maintain, cultivate, irrigate,fertilize,fumigate, prune, all in a good and husbandrylike manner, the land and improvements thereto; to not change or permit change in the use of the property; to not do anything which would reduce the value of the property; and do all other acts which from the character or use of said property may be reasonably necessary, the specific enumerations herein not excluding the general. 3. To provide, maintain and deliver fire insurance satisfactory and with loss payable to Mortgagee; to maintain liability insurance; to pay all WY Mortgage - Page I J 854 Mortgage (8/2/07) premiums and charges on all such insurance when due; and to provide Mortgagee satisfactory evidence of such insurance upon request. The amount collected under any fire or other insurance policy may, at Mortgagee's option and determination, be applied upon any indebtedness secured hereby in such order as Mortgagee determines, be released to Mortgagor in whole or part, or any combination thereof Such applicatioHrf.e)(,~ w.r#ltnot cure or waive any default or notice of default hereunder or invalidate any act done pursuant to such notice. U U U ;;) U - , 4. To pay before delinquency all taxes, assessments, or rents affecting said property and to provide to Mortgagee proof of such payment(s) annually; to pay when due all encumbrances, charges and liens, with interest, affecting said property which are or may appear to be prior or superior hereto and to provide to Mortgagee proof of such payment(s) upon demand; and to pay all costs, fees and expenses of this Mortgage and associated loan documents. 5. To pay immediately and without demand all sums expended by Mortgagee pursuant to the provisions hereof, with interest from date of expenditure, at a rate equal to the interest rate payable under the promissory note described above or twelve percent (12%) per annum, whichever is greater. 6. To appear in and defend any action or proceeding purporting to affect the security hereof or the rights or powers of Mortgagee; to pay, on demand, all costs and expenses, including without limitation, cost of title evidence, reasonable attorney's fees, advances, and/or costs, paid or incurred by Mortgagee to protect or enforce its rights under bankruptcy, appellate proceedings or otherwise, and all such costs and expenses shall become a part of the indebtedness secured by this mortgage. 7. Should Mortgagor fail to make any payment or to do any act as herein provided, Mortgagee, but without obligation so to do and without notice or demand upon Mortgagor and without releasing Mortgagor from any obligation hereof, may: make or do the same in such manner and to such extent as Mortgagee may deem necessary to protect the security hereof, Mortgagee being authorized to enter upon said property for such purposes; appear in and defend any action or proceeding purporting to affect the security hereof or the rights or powers' of Mortgagee; pay, purchase, contest or compromise any encumbrance, charge or lien which in the judgment of Mortgagee appears to be prior or superior hereto; and in exercising any such powers or in enforcing this Mortgage by judicial foreclosure or otherwise, pay the necessary expenses, costs and reasonable attorney's fees. 8. To comply with all laws, ordinances, regulations, covenants, conditions and restrictions affecting the Property and its use, including without limitation all environmental laws; not to use or permit the use of the Property for any unlawful or objectionable purpose; to remedy any environmental contamination or violation of environmental laws that may occur or be discovered in the future; to allow Mortgagee access to the Property to inspect its condition and to test and monitor for compliance with applicable laws (any inspections or tests made by Mortgagee shall be for Mortgagee's purposes only and shall not be construed to create any responsibility or liability on the part of Mortgagee to Mortgagor or to any other person); to forward copies of any notices received from any environmental agencies to Mortgagee; and to Indemnify and hold Mortgagee, his employees, agents and his successors and assigns, harmless from and against any environmental claims of any kind, and all costs and expenses incurred in connection therewith, including, without limitation, attorney's fees. 9. Any award of damages in connection with any condemnation for public use of or injury to said property or any part thereof, is hereby assigned and shall be paid to Mortgagee who may apply or release such monies received by him in the same manner and with the same effect as above provided for disposition of proceeds of fire or other insurance. 10, The failure of Mortgagee to exercise any right or option provided herein at any time, shall not preclude Mortgagee from exercising any of such rights at any other time; by accepting payment of any sum secured hereby after its due date, Mortgagee does not waive his right either to require prompt payment when due of all other sums so secured or to declare default for failure so to pay; all rights conferred on Mortgagee are cumulative and additional to any rights conferred by law; and if any provision is found to be invalid or unenforceable, such invalidity or unenforceability shall not affect any other provision hereof and the mortgage shall be construed as though such provision had been omitted. 11. As additional security, Mortgagor hereby gives to and confers upon Mortgagee the right, power and authority, during the continuance of this mortgage, to collect the rents, issues and profits of said property as they become due and payable; Reserving however unto Mortgagor, prior to any default by Mortgagor in payment of any indebtedness secured hereby or in performance of any agreement hereunder, the right to collect and retain such rents, issues and profits. Upon any such default, Mortgagee may at any time without notice, either in person, by agent or court appointed receiver, and without regard to the adequacy of any security for the indebtedness hereby secured, enter upon and take possession of said property or any part thereof, in his own name sue for or otherwise collect such rents, issues and profits, including those past due and unpaid, and apply the same, less costs and expenses of operation and collection, including reasonable attorney's fees, upon any indebtedness secured hereby, and in such order as Mortgagee may determine. The entering upon and taking possession of said property, the collection of such rents, issues and profits and the application thereof as aforesaid, shall not cure or waive any default hereunder or invalidate any act done pursuant to any such default notice. 12. Time is of the essence and a material part of this agreement. In the event of default, at Mortgagee's option, the entire indebtedness secured hereby shall forthwith become due and payable and bear interest at the rate of TWEL VE PERCENT (12%) per annum; Mortgagee shall have the right to foreclose the lien of this mortgage, to have a receiver appointed in any court proceeding, to collect any rents, issues and profits from the Property and apply them against the indebtedness hereby secured; to sell the Property at foreclosure as one lot or parcel at the option of Mortgagee, and to exercise any rights and remedies available under the Uniform Commercial Code for the State in which the property is located (reasonable notice if required by such Code shall be five (5) days). 13. DUE ON SALE: The indebtedness and obligations secured by this mortgage is personal to the Mortgagor and is not assignable by Mortgagor. Mortgagee has relied upon the credit of Mortgagor, the interest of Mortgagor in the Property and the financial market conditions then existing when making this loan. If Mortgagor transfers or contracts to transfer, title to or possession of, all or part of the Property, or any equitable interest therein, whether by deed, contract for deed, assignment, lease for a term in excess of one year, lease with an option to purchase, option to purchase, or similar agreement; or if the ownership of any corporation or partnership, owning all or any portion of the Property shall be changed either by voluntary or involuntary sale or transfer or by operation of law, Mortgagee may declare all sums due under any note, security agreement, and/or loan documents associated herewith, immediately due and payable. Noncompliance with this covenant shall constitute and be a default of this obligation which shall entitle Mortgagee to effectuate any and all remedies provided. ' 14. The Mortgagee may at any time, without notice, release portions of said mortgaged premises from the lien of this mortgage, without affecting the personal liability of any person for the payment of the said indebtedness or the lien of this mortgage upon the remainder of the mortgaged premises for the full amount of said indebtedness then remaining unpaid. 15. Mortgagor and each of them join in this instrument for the purpose of subjecting each of their right, title and interest, if any, in the Property, whether of record or otherwise and including any right to possession, to the lien of this mortgage. 16. This mortgage, all loan documents and the note(s) secured hereby shall be governed and construed according to the laws of the State of Wyoming. . WY Mortgage - Page 2 1854 Mortgage (8/2/07) 17. This mortgage applies to, inures to the benefit of and binds all parties hereto, their heirs, devisees, personal res ntatives, successors and assigns. The term Mortgagee shall mean the holder and owner of the note secured hereby; or if the note has n pie ed, the pledgee thereof In this Mortga herever the context so requires, the masculine gender includes the feminine and/or neuter. n ber includes the plural. B : . before me, the undersigned. personally appeared Joseph Belloff and Larry Reinhart ¡~ own or identified to me to be th~~ of the Limited Liability Company a ecuted the within instrument, and ackn [edged to me that such Company ed the same. NOTARY FOR THE STATE OF ID ResIding at Idaho Fa"" Idaho Commission Expiration Date: Uy ComØllellon /:) pI....; 011-'O~$ ~;~~mJ.:':~;'I,~::"f,\,·,. ",:·!,::j";;~'~~?~b~1!;~~~,S¡¡;'!~~ j, { "",¡, ''';,1 ~,r: ",,~ ~~ cr-, :,~ '¡·¿,~j:;¡~Ú ø~ . t"-~.' .....c;. ..,,, ''-'i\ ,\ t 'J". t~ ;:", ': i'~ ,1..1,..1. "",(, r,;,' .. ~.'~ "J......f~··O·h ð I$> , ,~"N.'H>fo.f."~,' .1"'''·''Y'·''N",~^'''''''r,',('t~,~ "u"<''''~~''''''''''AJ;;~ . w~'oJ.';\·~'$"I¡:'",,~~\.o;¿.':';¡.t~':;~..;t~"·iø~ WY Mortgage - Page 3 1854 Mortgage (8/2/07) B ) ) SS. COUNTY OF LINCOLN ) The foregoing instrument was acknowledged before me by 000508 on WITNESS my hand and official seal. NOTARY PUBLIC FOR THE STATE OF WYOMING My commission expires: