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MORTGAGE
RECEIVED 12/21/2007 at 12:49 PM
RECEIVING # 935751
BOOK: 681 PAGE: 791
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
000791.
KNOW ALL MEN BY THESE PRESENTS, that Gary Sims, an individual, and Walker Land
& Livestock, LLC, an Idaho limited liability company, herein referred to as mortgagor, of 237 North
9th Street, Montpelier, 10 83254, to secure the payment of the principal sum of Three Hundred Fifty
Thousand and No/100 Dollars ($350,000.00), with interest as evidenced by a Promissory Note
dated of even date herewith to the order of Virgil V. Bailey and Mary F. Bailey, husband and wife,
herein referred to as mortgagee, of PO Box 278, Cokeville, WY 83114, principal and interest
. payable as follows:
together with interest on the unpaid principal balance at the rate of 5% per annum
from December 10, 2007, until paid, in equal, annual amortized installments of
principal and interest in the amount of $128,523.00 beginning December 10, 2008,
and continuing on the same day of every year thereafter until December 10, 2010,
when the entire remaining balance, including principal and accrued interest, shall be
due and payable in full. This represents an amortization of $350,000.00 over a
period of 3 years at 5.00% interest payable in annual installments. All payments
made shall be applied first to any applicable late charges, then to accrued interest
on the unpaid principal balance and then to principal. Prepayments of principal may
be made in any amount at any time.
hereby mortgages to mortgagee, the following described real estate, situated in the County of
Lincoln, State of Wyoming:
That part of Tract No. 105 and Tract No. 107 of T24N, R119W and that part of Tract
No. 105 and Tract No. 107 of T25N, R119W, being part of those tracts described in
the instrument of record in the Office of the Clerk of Lincoln County in Book 94 of
Photostatic Records on page 613, bounded and described as follows:
On the north by the north lines of said Tract No. 105 and Tract NO.1 07;
on the west by the easterly right-of-way line of the Oregon Short Line Railroad;
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on the east b,Y the westerly right-of-way line of State Highway 30; and
on the south by the south lines of said Tract No. 105 and Tract No. 107.
TOGETHER WITH all water rights and all oil, gas, and other mineral rights
associated with the above-described real property. 000792
including all buildings and improvements thereon or that may hereafter be erected thereon;
together with hereditaments and appurtenances and all other rights thereunto belonging, or in
anywise now or hereafter appertaining, and the reversion and reversions, remainder and
remainders, rents, issues, and profits thereof, and all plumbing, heating, and lighting fixtures and
equipment now or hereafter attached to or used in connection with the premises.
Mortgagor hereby relinquishes and waives all rights under and by virtue of the homestead
laws of the State of Wyoming and covenants that it is lawfully seised of the premises, that they are
free from all encumbrances and hereby covenants to warrant and defend the title of the premises
against the lawful claims of all persons whomsoever.
And mortgagor covenants with mortgagee as follows:
1. In case of default in any of the payments stipulated in the note, mortgagor, as further
security for this mortgage and the note secured thereby, hereby assigns, sets over, and conveys to
mortgagee all rents, issues, and profits from the property.
2. To pay promptly, when due, the principal and interest and other sums of money
provided for in said Note and this Mortgage, or either; to pay all and singular the taxes,
assessments, levies, liabilities, obligations, and encumbrances of every nature on said property.
3. To perform, comply with, and abide by each and every the agreements, stipulations,
conditions, and covenants, set forth in said Note and this Mortgage or either.
4. Failure by the mortgagee to exercise any of the rights or options herein provided
shall not constitute a waiver of any rights or options under said Note or the Mortgage accrued or
thereafter accruing.
5. Nothing shall be done on or in connection with the property that may impair
mortgagee's security hereunder; mortgagor will commit, permit or suffer no waste, impairment or
deterioration of the property nor any part thereof, and the property shall be continuously maintained
in good and sightly order, repair, and condition by mortgagor at his expense.
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000793
6. In case mortgagor defaults in the payment of ground rents, if any, taxes,
assessments, water, or other governmental or municipal charges, or other lawful charges as herein
provided, mortgagee may without notice or demand pay the same and in case of any failure on the
part of mortgagor to comply with the covenants of Paragraph 5 hereof, mortgagee may effect such
repairs as it may reasonably deem necessary to protect the property, at the expense of mortgagor.
Mortgagor shall repay such sums so paid and all expenses so incurred by mortgagee, with interest
thereon from the date of payment, at ten percent (10%) per annum, and the same shall be a lien on
the premises and be secured by the note and by these presents; in default of making such
repayments the whole amount hereby secured if not then due shall, if mortgagee so elects, become
due and payable forthwith, anything herein contained to the contrary notwithstanding.
7. In the event the property is sold under foreclosure and the proceeds are insufficient
to pay the total indebtedness secured hereby, mortgagor binds himself personally to pay the unpaid
balance, and mortgagee will be entitled to a deficiency judgment.
8. In case default is made in the payment, when due, of the indebtedness hereby
secured, or of any installment thereof or any part thereof, or in case of breach of any covenant or
agreement herein contained, the whole of the then indebtedness secured hereby, inclusive of
principal, interest, arrearages, ground rents, if any, taxes, assessments, water charges,
expenditures for repairs or maintenance, together with all other sums payable pursuant to the
provisions hereof, shall become immediately due and payable, at the option of mortgagee, although
the period above limited for the payment thereof may not have expired, anything herein before or in
the note contained to the contrary notwithstanding; any failure to exercise such option shall not
constitute a waiver of the right to exercise the same at any other time; and it shall be lawful for
mortgagee to proceed to enforce the provisions of this mortgage either by suit at law or in equity,
as it may elect, or to foreclose this mortgage by advertisement and sale of the premises, at public
auction for cash, according to Wyoming statutes governing mortgage foreclosures, and cause to be
executed and delivered to the purchaser or purchasers at any such sale a good and sufficient deed
or deeds of conveyance of the property so sold, and to apply the net proceeds arising from such
sale first to the payment of the costs and expenses of such foreclosure and sale, including a
reasonable attorney fee, and in payment of all moneys expended or advanced by mortgagee
pursuant to the provisions of Paragraph 7 hereof, and then to the payment of the balance due on
account of the principal indebtedness secured hereby, together with interest thereon and the
surplus if any, shall be paid by mortgagee on demand to mortgagor. In case mortgagee fails
promptly to foreclose on the happening of any default, it shaH not thereby be prejudiced in its right
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to foreclosure at any time thereafter during which such default continues, and shall not be
prejudiced in its foreclosure rights in case of further default.
000794
9. In case of any default whereby the right of foreclosure occurs hereunder, mortgagee
shall at once become entitled to exclusive possession, use, and enjoyment of all property, and to all
rents, issues, and profits thereof, from the accruing of such right and during the pendency of
foreclosure proceedings and the period of redemption, if there is any; and such possession, rents,
issues, and profits shall at once be delivered to mortgagee on request, and on refusal, the delivery
of such possession, rents, issues, and profits may be enforced by mortgagee by any appropriate
civil suit or proceeding, including action or actions in ejectment, or forceable entry, or unlawful
detainer; and mortgagee shall be entitled to a receiver for the property and all rents, issues, and
profits thereof, after any such default, including the time covered by foreclosure proceedings and
the period of redemption, if there is any, and shall be entitled thereto as a matter of right without
regard to the solvency or insolvency of mortgagor or the then owner of the property, and without
regard to the value of the property or the sufficiency thereof to discharge the mortgage debt and
foreclosure costs, fees and expenses; and such receiver may be appointed by any court of
competent jurisdiction on ex parte application and without notice (notice being hereby expressly
waived, and the appointment of any such receiver on any such application without notice being
hereby consented to by mortgagor on mortgagor's own behalf), and all rents, issues, profits,
income, and revenue of the property shall be applied by such receiver, according to law and the
orders and directions of the court.
10. Mortgagor may not conveyor transfer any interest in or encumber the described
premises without the prior written consent of the mortgagee. Mortgagor must give mortgagee
written notice of mortgagor's intent to conveyor transfer any interest in or to encumber the
described premises at least thirty (30) days prior to the proposed conveyance or encumbrance. If
all or any part of the described premises or an interest therein is sold, transferred or encumbered
by mortgagor without mortgagee's prior written consent, excluding death of a joint tenant or the
grant of any leasehold interest of three (3) years or less not containing an option to purchase,
mortgagee may, at its option, declare the entire remaining balance due under this agreement to be
immediately due and payable and give written notice to mortgagor thereof. After receipt of such
written notice, mortgagor shall have thirty (30) days in which to pay the entire remaining balance to
mortgagee.
11. The covenants herein contained shall bind, and the benefits and advantages shall
inure to, the respective heirs, executors, administrators, successors, and assigns of the parties
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hereto. Whenever used, the singular number shall include the plural, the plural the singular, and
the use of any gender shall include all genders. 000795
12. Whenever used herein, the terms "mortgagor" and "mortgagee" include all the
parties to this instrument and the heirs, legal representatives, and assigns of individuals, and the
successors and assigns of corporations; and the. term "Note" includes all the notes herein
described if more than one.
13. Upon mortgagor's prior written request and on the terms and conditions of this
Paragraph 13, mortgagee will grant partial release(s) of the mortgage for the purpose of allowing
mortgagor to sell portions of the land before the mortgage has been paid off in full. Mortgagor's
payments on the note and mortgage must be current at the time any partial release is requested.
The mortgagor shall provide a legal description for the land to be released from the mortgage.
Mortgagor shall pay to mortgagee the sum of $20,000.00 from the sale of any parcel of land
partially released from the mortgage. Mortgagor shall pay any and all expenses for such partial
release(s), including without limitation, title insurance, recording fees, survey expense, and legal
fees incurred in connection with the partial release(s). Mortgagor's additional payments made for
partial release(s), if any, shall be applied first to any accrued interest on the unpaid principal
balance and then to reduce the outstanding principal balance, and may, at mortgagor's election, be
applied by mortgagor to any required future annual installments in whole or in part. With the written
request for any partial release, it is a condition of mortgagee granting any such partial release, that
mortgagor shall include written proof that all of the land remaining subject 'to the mortgage has
good and sufficient access for ingress and egress and all utilities according to the laws of the State
of Wyoming and the rules and regulations of Lincoln County, Wyoming.
IN WITNESS WHEREOF, Mortgagor has executed this Mortgage as of the /Y day of
December, 2007.
Jia~
Gary ims
Walker Land & Livestock, LLC
an Idaho limited liability company
By
Travis Walker, Manager
5
STATE OF I- d À-J\AJ
COUNTY OF B~4.A..té~ ss.
000796
The foregoing Mortgage was acknowledged before me by Gary Sims this I ~- day of
December, 2007.
",'''''\~iWess my hand and official seal.
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NOTARY PU IC
7., 7-- XlI 0
STATE OF
ss.
COUNTY OF
On this day of December, 2007, before me personally appeared Travis Walker, to
me personally known, who, being by me duly sworn, did say that he is the Manager of Walker Land
& Livestock, LLC, an Idaho limited liability company, described in and which executed the foregoing
instrument; and that said instrument was signed and sealed in behalf of said limited liability
company by authority of its members.
Given under my hand and notarial seal the day and year first above written in this certificate.
NOTARY PUBLIC
My commission expires:
6
hereto. Whenever used, the singular number shall include the plural, the plural the singular, and
the use of any gender shall include all genders. 000797
12. Whenever used herein, the terms "mortgagor" and "mortgagee" include all the
parties to this instrument and the heirs, legal representatives, and assigns of individuals, and the
successors and assigns of corporations; and the term "Note" includes all the notes herein
described if more than one.
13. Upon mortgagor's prior written request and on the terms and conditions of this
Paragraph 13, mortgagee will grant partial release(s) of the mortgage for the purpose of allowing
mortgagor to sell portions of the land before the mortgage has been paid off in full. Mortgagor's
payments on the note and mortgage must be current at the time any partial release is requested.
The mortgagor shall provide a legal description for the land to be released from the mortgage.
Mortgagor shall pay to mortgagee the sum of $20,000.00 from the sale of any parcel of land
partially released from the mortgage. Mortgagor shall pay any and all expenses for such partial
release(s), including without limitation, title insurance, recording fees, survey expense, and legal
fees incurred in connection with the partial release(s). Mortgagor's additional payments made for
partial release(s), if any, shall be applied first to any accrued interest on the unpaid principal
balance and then to reduce the outstanding principal balance, and may, at mortgagor's election, be
applied by mortgagor to any required future annual installments in whole or in part. With the written
request for any partial release, it is a condition of mortgagee granting any such partial release, that
mortgagor shall include written proof that all of the land remaining subject to the mortgage has
good and sufficient access for ingress and egress and all utilities according to the laws of the State
of Wyoming and the rules and regulations of Lincoln County, Wyoming.
IN WITNESS WHEREOF, Mortgagor has executed this Mortgage as of the 4th day of
December, 2007.
Gary Sims
Walker Land & Livestock, LLC
::'d~7£
Travis Wal r, Manél9~r
5
STATE OF
000798
ss.
COUNTY OF
The foregoing Mortgage was acknowledged before me by Gary Sims this
November, 2007.
day of
Witness my hand and official seal.
NOTARY PUBLIC
My commission expires:
STATEOF_~.~
~ss.
COUNTY OF: .
/2 .£c:~~b~-
On this day of ember, 2007, before me personally appeared Travis Walker, to
me personally known, who, being by me duly sworn, did say that he is the Manager of Walker land
& livestock, llC, an Idaho limited liability company, described in and which executed the foregoing
instrument; and that said instrument was signed and sealed in behalf of said limited liability
company by authority of its members.
Given under my hand and notarial seal the day and year first above written in this certificate.
My commission expires:
( I /=J /12-
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