HomeMy WebLinkAbout874286
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RECORDATION REQUESTED BY:
FIRST NATIONAL BANK-WEST-AFTON BRANCH
314 Washington Street
PO BOX 1620
Afton, WY 83110
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_4838
SEND TAX NOTICES TO:
C.REINHART & SON, INC.
PO BOX 50540
IDAHO FAllS, 10 83405-0540
. f::EGEIVED
LINCOLN COUNTY CLERK
01 1111 _')RH s.! 5
'-- '.", ',.. ,) /.\(j ). ,},
dEANNE , /\CI\)En
I{EMMU~ER WYOMING
WHEN RECORDED MAIL TO:
FIRST NATIONAL BANK-WEST-AFTO
314 Washington Street
PO BOX 1620
Anon, WY 83110
BOOK {~6_?_PR PAGE_..~} 9
SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY
CONSTRUCTION MORTGAGE
THIS MORTGAGE IS DATED JUNE 14,2001, between C.REINHART & SON, INC., C,Reinhart & Son, Inc., an Idaho
Corporation, whose address is PO BOX 50540, IDAHO FALLS, 10 83405-0540 (referred to below as "Grantor");
and FIRST NATIONAL BANK-WEST-AFTON BRANCH, whose address is 314 Washington Street, PO BOX 1620,
Afton, WY 83110 (referred to below as "Lender").
GRANT OF MORTGAGE. For valuable consideration, Grantor mortgages and conveys to lender all of Grantor's right, title, and interest in and to
the following described real property, together with all existing or subsequently erected or affixed buildings, improvements and fixtures; all easements,
rights of way, and appurtenances; all water, water rights, watercourses and ditch rights (Including stock in utilities with ditch or irrigation rights); and all
other rights, royalties, and profits relating to the real property, Including wilhoutlimltation all minerals, oil, gas, geothermal and similar matters, located
in Lincoln County, State of Wyoming (the "Real Property"):
Lot 123 of Nordic Ranches Division No.9, Lincoln County, Wyoming, according to that plat filed October
4, 2000 as Plat No. 312-8.
The Real Property or its address is commonly known as 1532 Saddle Drive, Etna, WY 83118. The Real Property tax
identification number is 36192620016400.
Grantor presently assigns to Lender all of Grantor's right, title, and interest in and to all leases' of the Property and all Rents from the Property. In
addition, Grantor grants to Lender a Uniform Commercial Code security interest In the Personal Property and Rents.
DEFINITIONS. The following words shall have the following meanings when used in this Mortgage. Terms not otherwise defined in this Mortgage shall
have the meanings a.ttributed to such terms in the Uniform Commercial Code. All references to d"ollar amounts shall mean amounts in lawful money of
the United States of America.
Grantor, The word "Grantor" means C.REINHART & SON, INC.. The Grantor is the mortgagor under this Mortgage.
Guarantor. The word "Guarantor" means and includes without limitation each and all of the guarantors, sureties, and accommodation parties in
connection with the Indebtedness.
Improvements. The word "Improvements" means and Includes without limitation all existing and future Improvements, buildings, structures,
mobile homes affixed on the Real Property, facilities, additions, replacements and other construction on the Real Property.
Indebtedness. The word "Indebtedness" means ail principal and interest payable under the Note and any amounts expended or advanced by
Lender to discharge obligations of Grantor or expenses incurred by Lender to enforce obligations of Grantor under this Mortgage, together with
interest on such amounts as provided in this Mortgage.
lender. The word "Lender" means FIRST NATIONAL BANK-WEST-AFTON BRANCH, its successors and assigns. The Lender Is the mortgagee
under this Mortgage.
Mortgage. The word "Mortgage" means this Mortgage between Grantor and Lender, and includes without limitation all assignments and security
interest provisions relating to the Personal Property and Rents.
Note. The word "Note" means the promissory note or credit agreement dated June 14, 2001, in the original principal amount of
$172,500.00 from Grantor to Lender, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and
substitutions for the promissory note or agreement.
Personal Property, The words "Personal Property" mean all equipment, fixtures, and other articles of personal property now or hereafter owned
by Grantor, and now or hereafter attached or affixed to the Real Property; together with all accessions, parts, and additions to, ail replacements of,
and ail substitutions for, any of such property; and together with all proceeds (including without limitation all insurance proceeds and refunds of
premiums) from any sale or other disposition of the Property.
Property. The word "Property" means collectively the Real Property and the Personal Property.
Real Property. The words "Real Property" mean the property, interests and rights described above in ttie "Grant of Mortgage" section.
Retated Documents. The words "Related Documents" mean and include without limitation all promissory notes, credit agreements, loan
agreements, environmental agreements, guaranties, security agreements, mortgages, deeds of trust, and all other instruments, agreements and
documents, whether now or hereafter existing, executed in connection with the Indebtedness.
Rents. The word "Rents" means all present and future rents, revenues, income, issues, royalties, profits, and other oeneflts derived from the
Property.
THIS MORTGAGE, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY, IS
GIVEN TO SECURE (1) PAYMENT OF THE INDEBTEDNESS AND (2) PERFORMANCE OF ALL OBLIGATIONS OF GRANTOR UNDER THIS
MORTGAGE AND THE RELATED DOCUMENTS. THIS MORTGAGE IS GIVEN AND ACCEPTED ON THE FOllOWING TERMS:
PAYMENT AND PERFORMANCE. Except as otherwise provided in this Mortgage, Grantor shall pay to Lender all amounts secured by this Mortgage
as they become due, and shail strictly perform all of Grantor's obligations under this Mortgage.
POSSESSION AND MAINTENANCE OF THE PROPERTY. Grantor agrees that Grantor's possession and use of the Property shall be governed by the
following provisions:
Possession and Use. Until in default, Grantor may remain in possession and control of and operate and manage the Property and collect the
Rents from the Property. ~
Duty to Maintain. Grantor shall maintain the Property in tenantable condition and promptly perform all repairs, replacements, and maintenance
necessary to preserve Its value.
Hazardous Substances. The terms "hazardous waste," "hazardous substance," "disposal," "release," and "threatened release," as used in this
Mortgage, shail have the same meanings as set forth in the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as
amended, 42 U.S.C.. Section 9601, et seq. ("CERCLA"), the Superfund Amendments and Reauthorization Act of 1986, Pub. L. No. 99-499
("SARA"), the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, et seq., the Resource Conservation and Recovery Act, 42 U.S.C.
Section 6901, et seq., or other applicable state or Federal laws, rules, or regulations adopted pursuant to any of the foregoing. The terms
"hazardous waste" and "hazardous substance" shall also Include, without limitation, petroleum and petroleum by-products or any fraction thereof
and asbestos. Grantor represents and warrants to Lender that: (a) During the period of Grantor's ownership of the Property; there has been no
use, generation, manufacture, storage, treatment, disposal, release or threatened release of any hazardous waste or substance by any person on,
under, about or from the Property; (b) Grantor has no knowledge of, or reason to believe that there has been, except as previously disclosed to
and acknowledged by Lender in writing, (i) any use, generation, manufacture, storage, treatment, disposal, release, or threatened release of any
hazardous waste or substance on, under, about or from the Property by any prior owners or occupants of the Property or (i1) any actual or
threatened lIligation or claims of any kind by any person relating to such matters; and (c) Except as previously disclosed to and acknowledged by
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06-14-2~
Loan No 64002424
o2:rj1/.l.~86
~AGE
(Continued)
841-
Page 3
from any remedy that it otherwise would have had.
WARRANTY; DEFENSE OF TITLE. The following provisions relating to ownership of the Property are a part .of this Mortgage.
Tille, Grantor warrants that: (a) Grantor holds good and marketable title of record to the Property in fee simple, free and clear of all liens and
encumbrances other than those set forth in the Real Property description or in any title insurance policy, litle report, or final tille opinion Issued in
favor of, and accepted by, Lender in connection with this Mortgage, and (b) Grantor has the full right, power, and authority to execute and deliver
this Mortgage to Lender.
Defense of Tille. Subject to the exception in the paragraph above, Grantor warrants and will forever defend the tille to the Property against the
lawful claims of all persons. In the event any action or proceeding is commenced that questions Grantor's title or the Interest of Lender under this
Mortgage, Grantor shall defend the action at Grantor's expense. Grantor may be the nominal party in such proceeding, but Lender shall be
enlitled to participate In the proceeding and to be represented in the proceeding by counsel of Lender's own choice, and Grantor will deliver, or
cause to be delivered, to Lender such instruments as Lender may request from time to time to permit such participation.
Compliance With Laws. Grantor warrants that the Property and Grantor's use of the Property complies with all existing applicable laws,
ordinances, and regulations of governmental authorities.
CONDEMNATION. The following provisions relating to condemnation of the Property are a part of this Mortgage.
Application of Net P~oceeds. If all or any part of the Property is condemned by eminent domain proceedings or by any proceeding or purchase
in lieu of condemnation, Lender may at its election require that all or any portion of the net proceeds of the award be applied to the Indebtedness
or the repair or restoration of the Property. The net proceeds of the award shall mean the award after payment of all reasonable costs, expenses,
and attorneys' fees incurred by, Lender in connection with the condemnation.
Proceedings. If any proceeding In condemnation is filed, Grantor shall promptly notify Lender In writing, and Grantor shall promptly take such
steps as may be necessary to defend the action and obtain the award. Grantor may be the nominal party in such proceeding, but Lender shall be
entitled to participate in the proceeding and to be represented in the proceeding by counsel of its own choice, and Grantor will deliver or cause to
be delivered to Lender such instruments as may be requested by it from time to time to permit such participation.
IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relating to governmental taxes, fees
and charges are a part of this Mortgage:
Current Taxes, Fees and Charges. Upon request by Lender, Grantor shall execute such documents in addition to this Mortgage and take
whatever other action is requested by Lender to perfect and continue Lender's lien on the Real Property. Grantor shall reimburse Lender for all
taxes, as described below, together with all expenses incurred in recording, perfecting or continuing this Mortgage, including without limitation all
taxes, fees, documentary stamps, and other charges for recording or registering this Mortgage.
Taxes. The following shall constitute taxes to which this section applies: (a) a specific tax upon this type of Mortgage or upon all or any part of
the Indebtedness secured by this Mortgage; (b) a specific tax on Grantor which Grantor is authorized or required to deduct from payments on the
Indebtedness secured by this type of Mortgage; (c) a tax on this type of Mortgage chargeable against the Lender or the holder of the Note; and
(d) a specific tax on all or any portion of the Indebtedness or on payments of principal and interest made by Grantor.
Subsequent Taxes. If any tax to which this section applies Is enacted SUbsequent to the date of thls.Mortgage, this event shall have the same
effect as an Event of Default (as defined below), and Lender may exercise any or all of its available remedies for an Event of Default as provided
below unless Grantor either (a) pays the tax before it becomes delinquent, or (b) contests the tax as provided above in the Taxes and Liens
section and deposits with Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender.
SECURITY AGREEMENTj FINANCING STATEMENTS. The following provisions relating to thIs Mortgage as a security agreement are a part of this
Mortgage.
Security Agreement. This'instrument shall constitute a security agreement to the extent any of the Property constitutes fil!1ures or other personal
property, and Lender shall have all of the rights of a secured party under the Uniform Commercial Code as amended from time to time.
Security Interest. Upon request by Lender, Grantor shall execute financing statements and take whatever other action is requested by Lender to
perfect and continue Lender's security interest in the Rents and Personal Property. In addition to recording this Mortgage in the real property
records, Lender may, at any time and without further authorization from Grantor, file executed counterparts, copies or reproduclions of this
Mortgage as a financing statement. Grantor shall reimburse Lender for all expenses incurred In perfecting or continuing this security interest.
Upon default, Grantor shall assemble the Personal Property in a manner and at a place reasonably convenient to Grantor and Lender and make it
available to Lender within three (3) days after receipt of written demand from Lender.
Addresses. The mailing addresses of Grantor (debtor) and Lender (secured party), from which information concerning the security interest
granted by this Mortgage may be obtained (each as required by the Uniform Commercial Code), are as stated on the first page of this Mortgage.
FURTHER ASSURANCES; ATTORNEY-IN-FACT. The following provisions relating to further assurances and attorney-In-fact are a part of this
Mortgage.
Further Assurances. At any time, and from time to time, upon request of Lender, Grantor will make, execute and deliver, or will cause to be
made, executed or delivered, to Lender or to Lender's designee, and when requested by Lender, cause to be filed, recorded, refiled, or
rerecorded, as the case may be, at such times and In such offices and places as Lender may deem appropriate, any and all such mortgages,
deeds of trust, security deeds, security agreements, financing statements, continuation statements, Instruments of further assurance, certificates,
and other documents as may, in the sole opinion of Lender, be necessary or desirable in order to effectuate, complete, perfect, continue, or
preserve (a) the obligations of Grantor under the Note, this Mortgage, and the Related Documents, and (b) the liens and security interests
created by this Mortgage as first and prior liens on the Property, whether now owned or hereafter acquired by Grantor. Unless prohibited by law
or agreed to the contrary by Lender in writing, Grantor shall reimburse Lender for all costs and expenses Incurred in connection with the matters
referred to in this paragraph.
Attorney-In-Fact. If Grantor ,fails to do any of the things referred to in the preceding paragraph, Lender may do so for and in the name of
Grantor and at Grantor's expense. For such purposes, Grantor hereby irrevocably appoints Lender as Grantor's attorney-in-fact for the purpose
of making, executing, delivering, filing, recording, and doing all other things as may be necessary or desirable, in Lender's sole opinion, to
accomplish the mailers referred to in the preceding paragraph.
FULL PERFORMANCE. If Grantor pays all the Indebtedness when due, and otherwise performs all the obligations imposed upon Grantor under this
Mortgage, Le,nder shall execute and deliver to Grantor a suitable satisfaction of this Mortgage and' suitable statements of termination of any financing
statement on file evidencing Lender's security interest in the Rents and the Personal Property. Grantor will pay, if permitted by applicable law, any
reasonable termination fee as determined by Lender from time to time.
DEF AUL T. Each of the following, at the option of ,l,.ender, shall constitute an event of default ("Event of Default") under this Mortgage:
Default on Indebtedness. Failure of Grantor to make any payment when due on the Indebtedness.
Default on Other Payments. ,Failure of Grantor within the time required by thIs Mortgage to make any payment for taxes or insurance, or any
other payment necessary to prevent filing of or to effect discharge of any lien.
Compliance Default. Failure of Grantor to comply with any other term, obligation, covenant or condition contained in this Mortgage, the Note or in
any of the Related Documents.
Default In Favor of Third Parties. Should Grantor default under any loan, extension of credit, security agreement, purchase or sales agreement,
or any other agreement, in favor of any other creditor or person that may materially affect any of Grantor's property or Grantor's ability to repay the
Note or Grantor's ability to perform Grantor's obligations under this Mortgage or any of the Related Documents.
False Statements. Any warranty, representation or statement made or furnished to Lender by or on behalf of Grantor under this Mortgage, the
Note or the Related Documents is false or misleading in any materIal respect, either now or at the time made or furnished.
Defective Collateralizatlon. This Mortgage or any of the Related Documents ceases to be in full force and effect (including failure of any collateral
documents to create a valid anp perfected security interest or lien) at any time and for any reason.
Insolvency. The dissolution or termination of Grantor's existence as a going business, the insolvency of Grantor, the appointment of a receiver for
any part of Grantor's property, any assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding
under any bankruptcy or insolvency laws by or against Grantor.
Foreclosure, Forfeiture, etc. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help, repossession or
any other method, by any creditor of Grantor or by any governmental agency against any of the Property". However, this subsection shall not apply
in the event of a good faith dispute by Grantor as to the validity or reasonableness of the claim which is the basis of the foreclosure or forefeilure
proceeding, provided that Grantor gives Lender written notice of such claim and furnishes reserves or a surety bond for the claim satisfactory to
Lender.
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Loan No 64002424
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~iAGE
(Continued)
-
843
Page 5
offending provision shall be de!'lmed to be modified to be within the limits of enforceability or validity; however, if the offending provision cannot be
so modified, it shall be stricken and all other provisions of this Mortgage in all other respects shall remain valid and enforceable.
Successors and Assigns. Subject to the limitations stated in this Mortgage on transfer of Grantor's Interest, this Mortgage shall be binding upon
and inure to the benefit of the parties, their successors and assigns. If ownership of the Property becomes vested in a person other than Grantor,
Lender, without notice to Grantor, may deal with Grantor's successors with reference to this Mortgage and the Indebtedness by way of
forbearance or extension without releasing Grantor from the obligations of this Mortgage or liability under the Indebtedness.
Time Is of the Essence. Time is Of the essence in the performance of this Mortgage.
Waiver of Homestead Exemption. Grantor hereby releases and waives all rights and benefits of the homestead exemption laws of the State of
Wyoming as to all Indebtedness secured by this Mortgage.
Waivers and Consents. Lender shall not be deemed to have waived any rights under this Mortgage (or under the Related Documents) unless
such waiver is in writing and S,igned by Lender. No delay or omission on the part of Lender In exercising any right shall operate as a waiver of
such right or any other right. A waiver by any party of a provision of this Mortgage shall not constitute a waiver of or prejudice the party's right
otherwise to demand strict compliance with that provision or any other provision. No prior waiver by Lender, nor any course of dealing between
Lender and Grantor, shall constitute a waiver of any of Lender's rights or any of Grantor's obligations as to any future transactions. Whenever
consent by Lender is tElqoi d -tAis Mortgage, the granting of such consent by Lender in any instance shall not constitute continuing consent to
subsequent insta s'; wh such co ent is required.
L THE PROVISIONS OF THIS MORTGAGE, AND GRANTOR AGREES TO ITS TERMS.
CORPORATE ACKNOWLEDGMENT
STATE OF
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DELTA R, MONTGOMEHY
NOTARY PUBLIC
STATE OF IDAHO
COUNTY OF &"-'1('1 r\ el ): It e ~
On this :1() day of :\()(\ p. ' , 20~, before me, the undersigned Notary Public, personally appeared LAURENCE
REINHART, VICE-PRESIDENT of C.REINHART & SON, INC., and known to me to be an authorized agent of the corporation that executed the
Mortgage and acknowledged the Mortgage to be the free and voluntary act and deed Of the corporation, by authority of its Bylaws or by resolution of its
board of directors, for the uses and purposes therein mentioned, and on oath stated that he or she is authorized to execute this Mortgage and In fact
execu the Mortgage on behalf of the corporation.
Residing at fiJYVY\.A.-L~~~ ,GD-UJ0.-J"Aj-
My commission expires / 0 - I d- - d.OOS--
LASER PRO, Reg. U.S. Pat. & T.M, Off., Ver. 3.27 (c) 2001 eFI proServlce., Ino, All rights re.erved, (WY-G03 F3.26b P3.26b REINH127.LN)
~