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HomeMy WebLinkAbout935999 "'"v.... I ~vv, I.·....... , ---, - .- MORTGAGE 000840 THIS MORTGAGE, made the 7th day of September, 2007, by and between Double L Ranch #3, LLC, a Wyoming limited liability company, hereinafter referred to as the IIMortgagor," and DS LUMINA INVESTMENTS, LLC hereinafter referred to as the "Mortgagee." The Mortgagor, for and in consideration of the sum in an mount not to exceed ONE MILLION, TWO HUNDRED - FIFTY THOUSAND DOLLARS and 00/100 ($1,250,000.00); lawful money of the United States and other valuable consideration, loaned to the Mortgagor by the Mortgagee, the receipt of which is hereby confessed and acknowledged, does hereby mortgage to the Mortgagee forever, the following described real property situated in the County of Lincoln, State of Wyoming: LOT TWELVE (12) OF DOUBLE L RANCH WEST SUBDMSION, LINCOLN COUNTY, WYOMING, AS SHOWN ON THE OFFICIAL PLAT TIlEREOF RECORDED MARCH 7, 2007 AT DOCUMENT NUMBER 827422, IN THE OFFICE OF THE CLERK, LINCOLN COUNTY, WYOMING. Together with all buildings, structures and other improvements thereon, or which may hereafter be placed thereon,; and all easements, appurtenances, incidents and fixtures of a permanent nature currently on the premises, in their present condition, ordinary wear and tear excepted, now or hereafter belonging or appertaining there to; subject, however, to all covenants, conditions, easements, rights-of-way, and to other exceptions, reservations and conditions of record (the uProperty·'). TO HA VB AND TO HOLD the Property forever, the Mortgagor hereby relinquishing and waiving all rights under and by virtue of the homestead exemption, laws of the State of Wyoming, Mortgagor covenants that at the signing and delivery of this Mortgage, said Mortgagor is lawfully possessed and lawfully seized in fee simple of the Property, or has such other estate as is stated herein; has good and lawful right to mortgage, sell and convey all of the Property; and warrants and will defend the title to all of the Property against all lawful claims and demands, arid that the same is free from all encumbrances, except those encumbrances of record as of the date of execution of this Mortgage , , However, this Mortgage. is subject to the express condition that if the Mortgagor pays, or causes to be paid, to the Mortgagee the sum of an amount not to exceed One Million Two Hundred Fifty·Thousand and 001100 ($1,250,000.00), according to the conditions of a Promissory Note dated September 7, 2007, which Promissory Note was executed and delivered by the Mortgagor to the Mortgagee, which sum or sums of money the Mortgagor hereby covenants to pay, and until such payment, performs all of the covenants and agreements herein to be performed by Mortgagor, then this Mortgage and said note shall cease and be null and void. Mortgagor and Mortgagee further covenant and agree as follow: RECEIVED 1/3/2008 at 2:59 PM RECEIVING # 935999 BOOK: 682 PAGE: 840 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY Sep 1 2001 \1;5~ t'uub/u10 1. Payment. Mortgagor shall p,ay the indebtedness as herein provided, and the lien of this instrument shall remain in full force and effect during any postponement or extension of time of payment of any ,part of the' indebtedness secured hereby. 2, Transfer of the Property. If all or any part of the Property is sold or transferred by any means by Mortgagor without Mortgagee's prior written conllent, Ò00841. excluding the creation of a lien or encumbrances subordinate to this Mortgage or a transfer by devise, desoen,t or by operation of law upon the death of a joint tenant, Mortgagee may,- at Mortgagee's option, declare all sums secq,red by thís Mortgage to be immediately due and payable. Any delay or failure on the part of the Mortgagee to demand payment shall not pteJudice the Mortgagee's right thereto. Mortgagee shall have waived such option to accelerate if, prior to the sale or transfer, Mortgagee, at its sole discretion, enters into a written agreement with the person to whom the Property is to be sold or transferred expressly consenting to such assumption and setting forth any ne~ terms or conditions of this Mortgage as may be requested by the Mortgagee in exchange for the Mortgagee agreeing to an assumption of this Mortgage. 3. , Taxes and Assessments, Mortgagor shall pay all taxes and assessments levied or assessed against the Property. 4. Maintenance of Pl'ouerty, Mortgagor shall not commit or permit waste, nor be negligent in the care of the Property" and shall maintain the same in as good condition as at present, reasonable wear and tear excepted, and will do nothing on or in connection with the Property which may impair the security of the Mortgagee hereunder, Mortgagor shall comply with all laws, ordinances, regulations, covenants, conditions and restrictions affecting the Property, and shall not suffer or permit any a.ct to be done in or upon the Property in violation thereof. 5. Insurance. As collateral and further security for the payment of the indebtedness hereby secured, Mortgagor shall keep the improvements now existing or hereina.fter erected on said premises insured against loss by earthquake, fire or other similar casualty, with extended coverage provisions, to the full insurable value thereof for the term oft~is Mortgage, and will pay when due all premiums on such insurance. All insurance shall be carried in responsible insuranoe companies licensed in Wyoming and the policies and renewals thereof shall ,have attached thereto by rider or otherwise loss payable clauses in favor of the Mortgagee. A copy of said policy or any renewal documents pertaining thereto shall be supplied to the Mortgagee within thirty (30) days after the date of execution of this mortgage and thereafter within ten (10) days of any renewal of or amendment to such policy. The insurånce proceeds, or any part thereof, may, at the option of the Mortgagor, be applied either , to the reduction of the indebtedness hereby secured or used in reconstruction. In the event of foreclosure of this mortgage or other transfer of title to the 'said premises in extinguishment of the indebtedness secured hereby, all right, title and interest of the Mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee. 6. Mottga$1ee Authorized to Make PaVI}.'lents. If Mortgagor defaults in the paym.ent of the taxes, assessments or other lawful charges, including any construction loan payments or fails to keep the improvements on said premises insured as herein providedþ the Mortgagee may,'without notice or demand, pay the same, and if the Mortgagor fails to keep the Property in good repair, the Mortgagee may make such repairs as may be necessary to protect the Propèrty, all aj the expense of the Mortgagor. Second Mortgago Page 2 :sep ( LUU ( 1 I ; :1/1 rUUI/UIU The Mortgagor covenants and agrees that all such sums of money so' expended, together with all costs of enforcement or foreclosure, and a reasonable attorney fee. shall be added to the debt hereby secured, and agrees to rep~y the same and all expenses so incurred by the Mortgagee, with interest thereon from the date of payment at the same rate as provided in the note hereby secured, until· repaid, and the same shall be a lien on all of the Property and be sec~ed by the Mortgage. 000842 7. Default, lithe Mortgagor defaults in the payment of the indebtedness hereby secured, for a period of thirty (30) days after written notice, or in case of breach of any covenant or agreement herein .contained, the whole of the then indebtedness secured hereby, together with all other sums payable pursuant to the provisions hereof, shall, at the option of the Mortgagee, become immediately due and payable. anything herein or in said note to the contrarY notwithstanding, and failure to exercise said option shall not constitute a waiver of the right to exercise the same in the ,event of any subsequent default. The Mortgagee may enforce the provisions of. or foreclose, this Mortgage by any appropriate suit. action or proceeding at law or in equity, and cause to be executed and delivered to the, purchaser or purchasers at any foreclosure sale a proper deed of conveyance of the Property sQ sold. The ;Mortgagor hereby grants the Mortgagee the power to foreclose by advertisemenfand sale as provided by statute. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity and may be exercised concurrently, independently or successively, The Mortgagor agrees to pay all costs of enforoement or foreclosure, including a reasonable attorney fee. The failure of the Mortgagee to foreclose promptly upon a default shall not prejudice any right of said Mortgagee to foreclose thereafter during the continuance of such default or right to foreclose in case of further default or defaults. The net proceeds from such sale shall be applied to the payment of: first, the costs and expenses of the foreolosure and sale, including a reasonable' attorney fee, and all moneys expended or advanced by the Mortgagee pursuant to the provisions of this Mortgage; second, all unpaid taxes, assessments, claims and liens on the Property, which are superior to the lien hereof; third, the balance due Mortgagee on account of the indebtedness hereby s~cured; and the surplus, if any, shall be paid to the Mortgagor, The Mortgagor has the right of redemption pursuant to Wyoming law. 8. Assignment of Rents. If the right of foreclosure accrues as a result of any default hereunder, the Mortgagee shall at once become ent.hIed to exclusive possession. use and enjoyment of all the Property aforesaid, and to all rents, issues and profits thereof, from the accruing of such r~ght and during the pendency of foreclosure proceedings and the period of redemption, and such possession, rents~ issues and profits shan be delivered immediately to the Mortgagee on request. On refusal, the delivery of such possessiDn, rents, issues and profits may be enforced by the Mortgagee by any appropriate suit, action or proceeding., Mortgagee shall be entitled to a Receiver fOf 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. and without regard to the solvency or insolvency of the Mortgagor. or the then owner of said 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. Such Receiver may be appointed by any court of competent jurisdiction upon ex parte application. notice being hereby expressly waived. and the appointment of any such Receiver on any such application without notice is hereby consented to by the Mortgagor. All rents, Second Mortgage Page 3 Sep 7 2007 11;54 I uuu/u10 issues and profits, income and revenue of the Property shall be applied by such Receiver according to law and the orders and directions of the court. 9. Inspe~tio.n. Mortgagee may make or cause to be made reasonable entries upon and inspections of the Property, provided that, prior to any suoh inspection, Mortgagee shall give Mortgagor notice, which specifies reasonable cause for such inspection related to Mortgagee's interest in the Property. 000843 10. Condemnation. rhe,proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other ta~ing of the Property, or part hereof, or for conveyance in lieu of condemnatiQn, are hereby assigned and shall be paid to Mortgagee. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this mortgage with the excess, if any, paid to Mortgagor. In the event of a partial taking of the Property, unless Mortgagor and Mortgagee otherwise agree in writing, there shall be applied to the sums secured by this mortgage such proportion of the proceeds as is equal to that proportion which the amount of the sums secured by this mortgage immediately prior to the date of taking bears to tþe fair market value of the Property immediately pri9r to the date of taking, with the balance of the proceeds paid to Mortgagor. If the 'Property is abandoned by Mortgagor, o~ if, after notice by Mortgagee to Mortgagor that the 'condemnor offers to make an award or to settle a claim for damages, Mortgagor fails tD respond to Mortgagee within thirty (30) days after the date such notice is mailed, Mortgagee is authorized to collect and apply the proceeds, at Mortgagee's option, eìtherto restoration or repair of the Property or to reduce the sums secured by this Mortgage. Unless Mortgagee and Mortgagor otherwise agree in writing, any such application of probeeds to principal shall not extend or postpone the due date of the installments referred to above or change the amount of such installments. . 11. Statement. That the Mortgagee, within te.n (10) days upon request in person or within thirty (30)' days upon request by mail, will furnish a written statement duly acknowledged of the amount due on this mortgage and whether any offsets of defenses exist against the mortgage debt. 12, Notices. That notice and demand or request shall be in writing and.may be served either in person or by certified mail, return receipt requested, and that notice shall be deemed given when mailed and shall be addressed as follows or at such other address as either party may from time to time designate in writing: . Mortgagor: Double L Ranch #3', LLC P.O. Box 132 ' Freedom, WY 83012 Mortgagee: DS Lumina Investments, LLC 2422 Naudian St. Philadelphia, PA 19146 The Mortgagor shall be given a copy of this Mortgage upon its execution or after the recording of this instrument. . 13. Headinlls, The headings used in this mortgage are for convenience only and are not to be used in its construction. Second Mortgage Pago4 i)ç J 1 £UU I 11.;)'1 rUU;J/uIU 14. Successors and Assigns Bound. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective heirs, successor and permitted assigns of Mortgagor and Mortgagee. 000844 15, Bindin¥ Effect and ConstructiDn, The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective heirs, devi8ees, legatees, executors, administrators, successors and assigns of the parties hereto. Whenever use,d, the singular number shall include the plural, the plural the singular, and the use of any gender shall include all genders. The term ·'note" includes all note,s ' herein described if more than one. The terms "foreclosure" and "foreclose" as used herein, shall include the'right of foreclosure by any suit, action or proceeding at law of in equity, or by advertisement and sale of said premises, or in any other ,manner now or hereafter provided by Wyoming statutes, including the' power to sell. 16. Release. Tho acceptance of this mortgage and the note or ~otes it secures, by the Mortgagee shall be an acceptance of the terms and conditions contained therein. Upon payment of all sums secured by, this mortgage, Mortgagee shall release this mortgage without charge to Mortgagor, Mortgagor shall pay all cpsts of recordation, if any, IN WITNESS WHEREOF, the said Mortgagor and Mortgagee have hereunto signed and sealed these presents the day and year first above written. ' tgagor) By: Lance Mot nsen Its: Manger DS Lumina Investments, LLC (Mortgagee) Œ~ David Stout Its: Manger Second Mortgage Page S Sep 7 2007 11:54 ~ulu/010 STATE OF W~ ) 000845' .. \\ ) ss COUNTY OF LHV¿~\ I{\) . t ' On ~ --' 2007, before me, a notary public, personally appeared Lance Mortensen, who r ved to me on the basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his authorized capacity and that by hi~ signature on the instrument acted, and executed the instrument. d official seal. CHERYL A. JONES - NOTARY PUBLIC, County of. SllIte of UncoIn Wyoming My Commission Expires Feb. 4, 2009 STATEOF~ ~ S8. COUNTY OF ~ ) . On ~<);áJhl;.j _,2007, before me,v{~¿¿¿;:f! 0:5?- ~ , a notary public, per~åred David Stout, who proved to me on the basis of satisfaotory evidence to be the person whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his authorized capacity and that by his signature on the instrument acted, and executed the ins~rument. WITNESS my hand and official seal. ~~-~Zac No ary Public My Commission Expires: DIANE L CAMPEllONE NOTARY PUBLlO OF NEW JERSEY My Commission expires January 9, 2011 Second Mortgage Page 6