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HomeMy WebLinkAbout933253 RECEIVED 9/19/2007 at 10:20 AM RECEIVING # 933253 BOOK: 672 PAGE: 723 JEANNE WAGNER INCOLN COUNTY CLERK, KEMMERER. WY KNOW ALL MEN BY THESE PRESENTS, That B.G.M. Development, L.L.C., aka BGM Development, L.L.C., aka BGM Developing LLC, a Wyoming limited liability company, of PO Box 1022, Afton, WY 83110, hereinafter referred to as the Mortgagor or grantor, and Robert E. Rhinesmith Revocable Trust dated November 15,1989, of c/o Pamela Kay Dallabetta, Trustee, 4456 East County 14th Street, Yuma, AZ 85365, hereinafter referred to as the Mortgagee or grantee, hereby agree as follows: AGREEMENT, QUITCLAIM DEED, AND RELEASE OF MORTGAGE 000723 1. That the Mortgagor is the owner of the following described real property ("the Property") located.in Lincoln County, State of Wyoming: Lot 22 of Star Valley Ranch Plat 13, Lincoln County, Wyoming, as described on the official plat filed on August 10, 1977, as Instrument No. 496704 of the records of the Lincoln County Clerk, and also Lot 69 of Star Valley Ranch Plat 5, Lincoln County, Wyoming, as described on the official plat filed on June 7, 1971, as Instrument No. 431709 of the records of the Lincoln County Clerk, and also Lot 25 of Star Valley Ranch Plat 13, Lincoln County, Wyoming, as described on the official plat thereof. 2. That the Mortgagor has mortgaged the Property to the Mortgagee by a Mortgage (lithe Mortgage") securing a Promissory Note of even date in the amount of $250,000.00, dated May 19, 2006, and recorded in the Office of the Lincoln County Clerk on May 19, 2006, in Book 622, Page 230, modified by that Mortgage Modification Agreement recorded November 28, 2006, in Book 641, page 407 in said office. 3. That Mortgagor and Mortgagee stipulate and agree th~t Mortgagor is in default in its obligations under the Mortgage because of its failure to payoff the Mortgage in full in May 19, 2007, and that as of the date hereof, August 2, 2007, the amount due on the Mortgage is principal and interest due as of May 19, 2007, in the amount of $287,500.00 plus interest on that amount from May 20, 2007, at the rate of 18% per annum, $10,491.78, a total of $297,991.78, with accruing interest at the rate of $141.78 per day and expenses of collection. 4. That the parties agree that it is in their mutual best interests that the Mortgagor convey to the Mortgagee all of its interest in the Property. In consideration thereof the Mortgagee shall release the Mortgagor from all obligations to the Mortgagee under the Mortgage on the 000724 express condition that there are no other mortgages, liens, judgments, obligations, or encumbrances against the property. 5. That in consideration of the release of the Mortgage and other good and valuable consideration, the receipt whereof is hereby confessed and acknowledged, the Mortgagor, as grantor, does hereby voluntarily, by its own free will and choice, remise, release, and forever quitclaim, and by these presents does for its successors and assigns, remise, release, and forever quitclaim, unto Robert E. Rhinesmith Revocable Trust dated November 15, 1989, of c/o Pamela Kay Dallabetta, Trustee, as grantee, and to its successors and assigns, forever, all such right, title, interest, property, possession, claim, and demand as the grantor has, or ought to have, in and to the Property. Hereby releasing and waiving all rights under and by virtue of the homestead exemption laws of the State of Wyoming, and further releasing all rights of redemption under the Mortgage foreclosure laws of said State. TO HAVE AND TO HOLD the said premises unto the said grantee, and to its successors and assigns to its own proper use and behoof forever. So that neither the grantor nor any person in their name or behalf or any person in their name or behalf, shall or will hereafter claim or demand any such right or title to the premises or any part thereof, but they and every one of them shall by these presents be excluded and forever barred. 6. That Mortgagor represents and warrants that the Property is free and clear of all liens and mortgages other than the Mortgage described herein. 7. That in consideration of the foregoing conveyance and mutual understanding and agreement and on condition that the Property is free and clear of all other liens, mortgages, and encumbrances, and other good and valuable consideration, the receipt whereof is hereby confessed and acknowledged, Mortgagee does hereby certify that the Mortgage is fully satisfied, released, and discharged; and in consideration thereof the said Robert E. Rhinesmith Revocable Trust dated November 15,1989, does hereby release and waive any and all rights to a deficiency judgment thereunder or any other relief pursuant to the Mortgage and the promissory note it secures. IN WITNESS WHEREOF, the parties have executed this Agreement, Quitclaim Deed, and Release of Mortgage as of this 2nd day of August, 2007. 2 000725 B.G.M. Development, L.L.C., a Wyoming Limited Liability Company By iller, Authorized Member and President Robert E. Rhinesmith Revocable Trust dated November 15, 1989 By STATE OF WYOMING ss. COUNTY OF LINCOLN On this ?/S"+ day of f?u-øUSl f , 2007, before me personally appeared Bryan Miller, to me personally known, who, ceing by me duly sworn, did say that he is the President and Authorized Member of B.G.M. Development, L.L.C., aka BGM Development, L.L.C., aka BGM Developing LLC, a Wyoming limited liability company, described in and which executed the foregoing instrument; that said instrument was signed and sealed in behalf of said limited liability company by authority of its members; and saidBryan Miller 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. GERALD L. GOULDING· NOTARY PUBLIC . COUnty 01 Uncaln Stale 01 Wyoming j¡~y~ NOTARY PUBLIC My Commission Expires May 2, 2011 My commission expires: 5=-eJ-J() / / 3 STATE OF ARIZONA ss. 000726 COUNTY OF YUMA On this 5 day of Se4> ~ f1) bRV , 2007, before me personally appeared Pamela Kay Dallabetta, to me personally known, who, being by me duly sworn and put upon her oath, did say that she is the trustee of the Robert E. Rhinesmith Revocable Trust dated November 15, 1989, described in and which executed the foregoing instrument; that said instrument was signed and sealed on behalf of said trust; that said trustee had the authority under the terms of the written trust instrument to execute the instrument on behalf of the trust; and said trustee acknowledged said instrument to be the free act and deed of said trust. Given under my hand and notarial seal the day and year first above written in this certificate. L(J¡~~ ~ NOTARY PUBLIC &)&1 jJ, My commission expires: 4