HomeMy WebLinkAbout874297
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874297
, RECEIVED
LlNCULN COUNTY CLERK
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BOOK,~-~,!_~:J)R PAGE_~
MODIFICATION AGREEMENT
THIS AGREEMENT is made as of this ~g day of ~, , 2001,
between U.S, BANK TRUST NATIONAL ASSOCIATION, as~ustee, located
and having its principal office at 180 East Fifth Street, S1. Paul, Minnesota 55101
("lender"), and ROLAND C, WILLIS AND LINDA L. WilLIS, ("Mortgagor"), whether one
or more,
WHEREAS, Lender is the holder of a note or bond ("Note") dated September 10,
1998, for Nine Hundred Thousand Dollars ($900,000,00), secured by a mortgage, deed
of trust, or security deed ("Mortgage") of even date therewith on real property recorded
in the office of the Recorder of the County of lincoln, State of Wyoming, in Book 419,
Page 725, upon which Note there is unpaid the sum of $867,884.46 with interest on the
principal sum of $867,884.46 from January 1, 2001, at the rate of 7.96 per centum per
annum; and
WHEREAS, the parties hereto are desirous of modifying the Note and Mortgage
in the particulars hereinafter mentioned;
NOW THEREFORE, in consideration of the premises and of the mutual promises
herein contained, and of the sum of One Dollar ($1,00) duly paid to Lender, it is hereby
mutually covenanted and agreed that:
1, The terms of the Note and Mortgage are hereby modified by adding the
following paragraphs as new paragraphs of the Mortgage:
CROSS DEFAULT. This Mortgage is given in connection with one (1) of three
(3) loans which Lender has made contemporaneously to Borrower, (All of the loans are
listed on Exhibit A, and are referred to herein individually as a "Loan" and collectively
as the "Loans.") Upon (a) the occurrence of a default under this Mortgage or any of the
other documents or instruments relating hereto (the "Loan Documents"), or (b) the
occurrence of a default under any mortgage or any of the other documents and
instruments relating to any other Loan (collectively, the "Other Loan Documents"),
then in any such event, Lender may declare all of the principal, interest and other sums
which may be outstanding under the Note and with respect to the other Loans
(collectively, the "Indebtedness") to be immediately due and payable without further
demand, and Lender may exercise any and all rights and remedies provided in any of
this Mortgage, the Loan Documents, or any Other Loan Document, whether or not
Lender exercises its right to accelerate the Indebtedness secured by this Mortgage and
the Loan Documents, or the Indebtedness secured to Lender by any of the Other Loan
Documents.
The Total Property (which shall be the "Property" as that term is defined herein,
together with the "Property," as that term is defined in the Other Loan Documents) shall
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881
the subject matter of such foreclosures on the basis of the then outstanding prinqipal
balance of such Loans. Any funds thereafter remaining shall be applied to the payment
of the Indebtedness relating to the other Loans in such order as Lender may determine,
Any release of this Mortgage with respect to anyone parcel of the Total Property
shall not in any event prevent or impair Lender from enforcing all of its rights .and
remedies with respect to any other parcel of the Total Property. Borrower shall pay
Lender's reasonable costs incurred in releasing this Mortgage.
Lender shall have the right to determine the order in which any or all of the Total
Property shall be subjected to the remedies provided in this Mortgage, any of the Loan
Documents and the Other Loan Documents or applicable law. Lender shall have the
right to determine the order in which any of the Indebtedness is satisfied from the
proceeds realized upon the exercise of such remedies. Borrower and any party who
now has or may in the future have a security or other interest in any of the Total Property
waives any and all right to require the marshaling of assets or to require that any of the
Total Property be sold in the inverse order of alienation, or that any of the Total Property
be sold in parcels, or as an entirety, or in any combination, in connection with the
exercise of any of the remedies permitted by applicable law, this Mortgage, any of the
Loan documents or any of the Other Loan Documents,
COUNTERPARTS. This Mortgage and the Assumption and Modification
Agreement (Loan No. 398120) and the Deed of Trust (Loan No. 20101118) which are
included in the Other Loan Documents are being executed in counterparts for concurrent
recording in the county in which any parcel of the Total Property which secures any of
the Loans Is located. All of the counterparts shall in all respects be deemed to be
original documents, and only one such counterpart need be deposited, produced or
introduced in making proof thereof or in any proceeding, whether judicial or nonjudicial.
where production, deposit or introduction of this Mortgage is necessary or desirable,
except to the extent that local law requires the production of the original Mortgage as a
prerequisite to the enforcement of Lender's rights thereunder.
If the lien of this Mortgage or any other of the Loan Documents or the Other Loan
Documents is invalid or unenforceable as to any parcel of the Total Property, the
unsecured or partially secured portion of the Indebtedness secured by this Mortgage,
any other of the Loan Documents or any Other Loan Document shall be completely paid
prior to the payment of the remaining secured or partially secured portions of such
Indebtedness.
2. All of the provisions of the Note and Mortgage shall remain in full force
a'nd effect except as herein specifically modified and this Agreement is made upon the
express condition that the Mortgagor is vested with the fee simple title to the premises
covered by the Mortgage, And the said Mortgagor, in consideration of the granting of
this modification, further covenants and agrees to pay and comply with the terms and
conditions of the Note and Mortgage as herein modified, and nothing herein contained
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883
STATE OF MISSOURI
COUNTY OF ST. LOUIS
)
) SS:
)
BE IT REMEMBERED, that on this .:? h 'tiL day of ,~ n e..... , 2001,
before me, a Notary Public in and for the County and State aforesaid, personally
appeared G, MICHAEL SMITH, Sr. Vice President, of Lend Lease Agri-Business, Inc" a
Delaware corporation, as Attorney-in-Fact for U.S. Bank Trust National Association,
(f/kla First Trust National Association) who is personally known to me to be the said
officer of said corporation, and the same person who executed the foregoing instrument
and he duly acknowledged the execution of the same for and on behalf of and as the act
and deed of said corporation as Attorney-in-Fact for U.S,. Bank Trust National
Association, (f/kla First Trust National Association).
IN WITNESS WHEREOF, I have hereunto subscribed my. name affixed my
official seal, on the day and year last above written.
~~ /J~otary Public
U
My commission expires:
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SHIRLEY L. DOBBS
St louis County
My CommIssion Expires
May 4, 2003
STATE OF WYOMING)
)SS:
COUNTY OF LINCOLN)
Be(C?re Me, the undersigned, a Notary Public, in and for said County and State.
on this ;?gffvday .of Qa..MJ ,2001, personally appeared Roland C, Willis and Linda L.
Willis, to me known to be the IdentIcal persons who subscribed their names to the
foregoing instrument, and acknowledged to me that they executed the same as their free
and voluntary act and deed, for the uses and purpo esJI:!~rein set forth,
",'<:~'/"''"<.:,~'---'"
GIVEN under my hand and sealtoffice day a -e-' st above written.
Notary Public
My commission expires:
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Legal DClGcr1ption
Roland HIUis
r^RCI!l, 1
^ ,.rcel of 'and slh.aled III Section '. 2, '0, " and '2 'n T22N RI20W (If lhe (1111 r.M.,
Unco'n Couuty,. Wyoming described b1 mcles Rud bounds referred to IlIe ,.Ials made by the
UCllcrnl Lltud Unice of Ihe Uuilcd Slales of ^naulca uudcr dated tlf March 3', 1909, and Ihe
;,,"cl\dlllCIl13 thelcto liS follows:
Oegl.."illl!: nt Cutncr No. S {I( Resurvey Tnct No. 49 rrom whence Ihe NonhCllSt
comer uf $:lid Section '0 benrs N 16-17" R, 69.76 chlllns;
thellce Nollh 20.20 c1mill3 tu Corner No.6 of Tract No. 49;
Ihence Bast 20.00 c:hains to Corner No. 7 uf Tr,tc( Nu. 49;
thenGe North 00.(10 chains 10 Comer No.8 ofTmct No. 49;
Ihence East 20,00 chain3 to Comer No. 9 of nacl No. <19;
thence N 06-00' U. 2U.S6 d'lIins 10 Comer Nu. 10 vf "ract 49:
Ihenal &.sl 60,00 chaltl! to Corner No. J of Tfil<:l 49:
thence N 06-(xJ' n, 20.56 duuns 10 a raint; .,
thenco East 32,S" chain~ lu . IJOinlln the r:enler of Ihe chaullel lhrough which
Scar Itlver "OW!. lI~ce 011 I lIIel1l1der of Ihe cClllrallhrmd of !Jetr Rivcr
S 48 24' W, 12.96 dlllin~:
IhcllceS 15.'6' \V, 6,8" chains;
Ihellce S Ir38' H. 17.83 chl/ins;
Ihellce S 79-09' W. 8,45 chaill~;
Ihell(.'e N 4S.00' W. '.J7 chains;
Ihcnce N 23-00' W, 18.69 chnin~~
'hence S 18"26' W, 7,59 chain!:
lhence S IS.24. n, 17,:12 chains;
Ihellce S '''.07' \v, IR,IH challiS;
Ihellte N 83.5 I' W, 6,S4 chain50
'hence n "6";\8' n, 'lA.\ chain~;
IIIence S 1"-2."1. H, 3.(il challl$:
Ihente S 2.1-:.15' W, 17.2" ch:tins;
Ihenee S "2"1'" W, IO.2Cidmlns;
Ihence S 62"S.c' n, 9.4" c1'lIlns:
'hence N SI-:W Ii. (jAil chllins;
1I1ence N 7603u' f!, :'\.'" chalnl:
Ihcnce N 1I-;W n. I. 9lJ chl/in!:
thence S 25"5'" n, ".1' ('hllill~;
IhclIce S 15"',1' W, 12.79 chains;
thence N :I8-UO' w. 10,:18 chains;
Ihence S 3.1"09' W, 11.71 t.hains;
thellce S 2....2". W. 11.86 ch~ins:
IhCflce S 2'1"09' W, 6.97 chait"~ lu Ihe elld of !l/Id lIIe:llldcr, Ihe inlenl being to
deed 10 Ihe cenlet (If 5l/ld cllllnnel, liS measured mldwlIY behveen Ihe 101'
\If Ihc: Ill/Ilk C:~Cl1rl'".e"ls al normal gro\lllll levels.
Ihence Wesl 88,97 thl/in, 10 the 1101111 \If heglnning,
I'^nc:r-:f.. 1
^ ,nuce' of IlInd III Sn:linll 2, Sttlit/lI 3, Setli,," IU Rnd SeClion II, 1'22N IU20W or Ihe GII.
f'_M., UnC:!11" CClllllly, \YYIIIlIilll: mOle 1l1l'lh;tll;1IIy de$cribcd "' rollows:
, JJeginni"G lItlhe NO'lheaSI CtJrner \If $ldtl Secli(11l 2 and r\lllllillg
Ihellce S tX'" 10'" I" Ii, 1I di!llllllce of I:lOR.('" feet:
thellee S lJ9":lS')J" \Y, ,,!Il~;"'ee IIf 1319.87 fCl:I;
thenee S 00"23'52" \V. 1I tlist;mce (If IJU.l,85 feel;
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^ pa~ocl of land situate 1A ~8Ctions 14, 1S, 22 and
23 of Township 22 Horth, RanVe 120 Hest of the 6th
Principal Meridian in Lincoln County, tf:radnq, dea-
cUbed in particular by Iletea and bounds referred
to 1n the plat made by the General Land Office of the
United States under date of M~ch 31, 1909, as follows,
to-wit:
Beginning at a poLnt on the Eut:em boundary of the
hOldings of LaW~ence Johnson ~ram whence the South-
east Corner of said Section 15 bears South 76. 50'
East 39.22 Chains; thence 'East 86.82 ,chains .to II
point situa.te in t:h.e Oenter of tha channel thiough
which Bear River flO'ols:- thence on a Jllea.nder at the
oentral thread of Belir River, South 18V 51'- Heat: "\
1.37 Chains, South 28v 43r West: 8.32 chains:- North _
18v 14' West, 4.90 ,chains,. South '80.,24' West 7.20
chains, South 31. 24' Bast- 6.91 chains. South 661v
02' Bast: 6.89 chains: South '40.- 29' East 5.-39 chllins;
South 27. 39' West 4.73 'chains, South 82- 36' West
7.16 chains: South 34v 19' West 7,63 chains. South
5S. 24' East 9.68 chains to the end of said meander,
the intent being- to deed to the center. of said
channel, as measured midway between the banks of
Bear River from the top of the said bank escarpments
at normal ground levels: thence West 58.53 chains
along Ule North boundary of the holdings of John
Seday: thence North 26- 20' West 19.11 chains to
the point of b.'!li.nni~CJ'
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Beginning at a point situated upon the West boundary of Tract 42 from
whence the Northwest Corner of said Section 27 bears N0012' for
2501.4 feet; thence North 1269.9 feet feet; thence S63057'E, for
7453.5 feet; thence S2057'W, for 192.0 feet along the Western
Boundaries of the holdings of John Sedey and Beckwith-Quinn and
Company of (Lawrence Johnson); thence N71044'W, for 7058.7 feet
to the point of beginning, all in Township 22 North, Range 120 West.
A right of way 2 rods in width, in common with others, the South line of
which is described as follows: Part of Section 22, Township 22 North,
Range 120 West of the 6th P.M. described as follows: Beginning 'at a
point from whence the Northwest corner of lot 24, said Section 22
bears West 314.8 feet; thence South 11053' East 794 feet; thence
South 84025' East 2906.9 feet; thence North 74020' East 1164 feet;
thence South 81038' East 636 feet to the County Road.
A parcel of land situate in Section 13, 14, 23, 24, 25 and 26 described
by metes and bounds as follows: Beginning at Corner No. 4 of
Resurvey Tract No. 74 from whence the Southwest corner of said
Section 24 bears South 50 degrees 54 minutes West 23.22 chains,
thence South 20.20 chains to Corner No. 3 of Tract 74, thence West
0.24 chains, thence South 11.39 chains, thence South 89 degrees 59
minutes West 19.99 chains, thence North 20.00 chains, thence North
89 degrees 59 minutes West 19.77 chains, thence South 28.81
chains, thence East 20.00 chains to Corner No.1 of Tract 40, thence
South 20.30 chains, thence West 44.15 chains to the center of the
channel through which Bear River flows, thence meandering the
central thread of the channel of Bear River North 67 degrees 07
minutes East 4.88 chains, thence North 20 degrees 33 minutes East
4.27 chains, thence North 09 degrees 23 minutes East 12.26 chains,
thence North 27 degrees 48 minutes East 8.37 chains, thence North
21 degrees 09 minutes West 3.32 chains, thence North 28 degrees 24
minutes East 12.62 chains, thence North 06 degrees 57 minutes East
4.13 chains, thence North 48 degrees 27 minutes West 5.88 chains,
thence South 75 degrees 27 minutes West 10.74 chains, thence North
80 degrees 21 minutes West 10.75 chains, thence North 21 degrees
27 minutes West 9.03 chains, thence North 20 degrees 53 minutes
East 8.13 chains, thence North 87 degrees 20 minutes East 8.61
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891
100 feet, thence South 75 degrees 19 minutes East 100 feet to point
of beginning.
The South half of Tract 40, a fractional part of Tract 41, a fractional
part of Tract 39, all in Township 22 North, Range 120 West of the
Sixth Principal Meridian, Wyoming, more particularly described as
follows: Beginning at a point which is 5 20 degrees 41 minutes East
4,249 feet of the Northwest Corner (Corner No.6) of Tract 41 of 'said
Township and Range; thence East 3,780.5 feet, thence South 4,316.6
feet, thence N 72 degrees 25 minutes West 3,950 feet to a poir1t on
the West bank of the Bear River Channel, thence in a Northeasterly
direction along the West bank of the Bear River Channel to the point
of beginning.
Section 25: All of Lot 6, 7, 10, 14 and 15 and SE1/4 of the NW1/4
and the NE1/4 of the SW1/4
Section 26: Lots 1 and 13
an undivided interest in the followina described lands:
W1/2SE1/4, Section 20, Township 22 N, R 118 W, 6th P.M.;
W1/2NE1/4 and N1/2SE1/4, Section 29, Township 22 N, Range 118
W, 6th P.M.
Tract 45, Township 22 N, Range 119 W 6th P.M.
Also a right of way and the right to travel over all roads and rights of
way heretofore used and now established over any lands heretofore or
now owned by Beckwith-Quinn and Company, for the purpose of
ingress and egress to the above described lands.
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