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This Mortgage is made the JO_ day of October, 2001, by and between Salt"
River Ranch, LLC, a Wyoming limited liability company, hereinafter referred to as
the "Mortgagor and C.W. "Bill" Jepson and Gayla Jepson, hereinafter referred to as
"Mortgagee
The Mortgagor, for and in consideration of the sum of Seven Hundred Eighty
Thousand Dollars ($780,000.00), 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 describ 'tuate in the County of
Lincoln, State of Wyoming:
See Exhibit A attached hereto.
This Mortgage
SS/ ,ilf 3UTH U1
Together with all buildings and im '''6 thereon, or which may
hereafter be placed thereon; all fixtures now or hereafter attached to said premises;
all water and water rights, ditches and ditch rights, reservoirs and reservoir rights,
and irrigation and drainage rights; and all easements, appurtenances and incidents
now or hereafter belonging or appertaining there to; subject, however, to all
covenants, conditions, easements, and rights -of -way, and to mineral, mining and
other exceptions, reservations and conditions of record.
TO HAVE AND TO HOLD the said real and personal 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 of said personal property; is lawfully seized in fee
simple of said real property, or has such other estate as is stated herein; has good and
lawful right to mortgage, sell and convey all of said property; and warrants and will
defend the title to all of said property against all lawful claims and demands, and
that the same is free from all encumbrances.
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 Seven Hundred
Eighty Thousand Dollars ($780,000.00), according to the terms and conditions
contained i,n that Note (also hereinafter sometimes referred to as "Promissory
Note which 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.
1. Payment. Mortgagor shall pay 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. Prepayments. The Mortgagor shall have the privilege of paying any
principal sum or sums plus accrued interest, at any time without premium or
penalty of any kind,.
Mortgagor and Mortgagee further covenant and agree as follows:
levied or assessed against said property.
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3. Taxes and Assessments. Mortgagor shall pay all taxes and assessments
4. Maintenance of Property. Mortgagor shall not commit or permit waste,
nor be negligent in the care of said 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 said property which may impair the security of the Mortgagee
hereunder. Mortgagor shall not permit said property, or any part hereof, to be
levied upon or attached in any legal or equitable proceeding, and shall not, except
with the consent in writing of the Mortgagee, or as is otherwise provided and
permitted in this Mortgage, remove or attempt to remove said improvements or
personal property, or any part hereof, from the premises on which the same are
situated.
5. Mortgagee Authorized to Make Payments, If Mortgagor defaults in
the payment of the taxes, assessments or other lawful charges, as herein provided,
the Mortgagee may, without notice or demand, pay the same, and if the Mortgagor
fails to keep said property in good repair, the Mortgagee may make such repairs as
may be necessary to protect the property, all at the expense of the Mortgagor. 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 repay 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 said property and be secured by this Mortgage.
6. Default. If the 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 arty 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 so sold. The Mortgagor hereby grants the Mortgagee the power to foreclose
by advertisement and 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 enforcement
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 foreclosure 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 said property, which are superior to the lien hereof; third, the
balance due Mortgagee on account of principal and interest on the indebtedness
hereby secured; and the surplus, if any, shall be paid to the Mortgagor.
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is sold under foreclosure and the proceeds are insufficient to pay the total
indebtedness hereby secured, the Mortgagor executing the note or notes for which
this Mortgage is security shall be bound to pay the unpaid balance, and the
Mortgagee shall be entitled to a deficiency judgment.
8. Notices. All notices, demands or other writing in this Mortgage
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If the property described herein
provided to be given, made or sent by either party to the other shall be in writing and
Shall be validly given or made only if personally delivered with a receipt obtained
from the person receiving the notice, or sent by certified United States mail return
receipt requested, or if sent by Federal Express or other similar delivery service
keeping records of deliveries and attempted deliveries. Service shall be conclusively
deemed made upon receipt if personally delivered or, if delivered by mail or delivery
service, on the first business day delivery is attempted or upon receipt, whichever is
sooner.
All notices, demands or other writings shall be addressed as follows:
Mortgagor: 2401 Lake Park Drive, Suite 355
Smyrna, GA 30080
Mortgagee: 1411 Hendricks Blvd.
Fort Smith, AR 72903
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or at such other place as may be designated by either party from time to time in
writing in the same manner as provided herein. Notice of change of address shall
not become effective, however, until actual receipt by the other,
9. Headings. The headings used in this Mortgage are for convenience
only and are not to be used in its construction.
10. Binding, Effect and Construction. The covenants herein contained
shall bind, and the benefits and advantages shall inure to, the respective heirs,
devisees, legatees, executors, administrators, successors and assigns of the parties
hereto. Whenever used the singular number shall include the plural, the plural the
singular, and the use of any gender shall include ail genders. The term "note"
includes all notes herein described if more than one. The terms "foreclosures" 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.
11, release. The acceptance of this mortgage and the note or notes 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
costs of recordation, if any
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12. Waiver of Homestead. Mortgagor hereby relinquishes and waives
all rights under and by virtue of the homestead exemption laws of the State of
Wyoming.
IN WITNESS WHEREOF, the said Mortgagor has hereunto signed and sealed
these presents the day and year first above written.
Salt River Ranch, LLC, a Wyoming
limited liability company:
STATE OF GEORGIA
COUNTY OF COB'B
ss.
Edward L. Terry
ages
The foregoing instrument was acknowledged before me this I day of
October, 2001 by Edward L. Terry as Manager of Salt River Ranch, LLC.
WITNESS my hand and official seal.
Notary Public
My Commission Expires:
DHIBIT "A"
LEGAL DESCRIPTION
The tract of land in Coto f, 3, i 4, the SWLNr.'_, and. the SE;
of .Section 9, T36it, R119W`, 6th P.M., Lincoln County, Wyoming,
described in the Warranty Deed recorded in Book 104PR, pace 538,
in the ottica of the Clerk of.Lincoln county, Wyoming, and
redescribed as follows, based on a 1991 field survey:
Beginning at a 2" dianater'iron pipe with brass cap marking
the sauthwest corner aC said Section 9,
Thenco II 00' C3' 57" W, 2951.08 fact along the Wyoming -Idaho
State line to an 2" diameter aluminum pipe with cap marking an
Idaho closing carnar;
Thence continuing along said State line tt 00' 46' 57" E,
139.28 teat to a point;
Than=e N 83. 30' 00" E, 344.92 fast along the south line of
Lot 15, Alpine Retreat Subdivision Ito. 1 (recorded as plat no.
102 in said Clerk's =feel to a point marking the sout.''ienst
corner of Raid Lot 15;
Thence sauthaastsrly, 492.36 feet, along tha rightrof -way
lino of Alpina Hcadav Loop, coincident with tha soutttwestarly
lino of staid Alpine Retreat Subdivision No..1, following a curve,
concave to the northeast, having a radius of 260.00 font, and
subtended by a chard of S 60 45' 00"'E, 422.02 feet, to a paint
of reverse curve;
Thence continuing along the south right -of way line of said
Alpina Meadow Loop, coincident with a southerly line of the
Amended Alpine Racreat Subdivision No 2 (racordad as plat
no. 104 -in acid Clerk's Office), easterly, 225.61 feat, following
a curve, concave to the south, having a radius of 349.37 feat,
and subtended by •s chord of N 63. 30' 00" E, 221.71 feet to a
point;
Thence eontinuins along said right -ofway line and southerly
subdivision line, S 71. 00' 00" E, 8.40 feet to a point of
curvature;
Thenco continuing along said right -of -way, line and
subdivision line, southcacterly, 34.86 reef:, following a curve
concave to the southwest, having a radius of 25.00 feet and
subtended by-a chard of S 39. 03' 07" E, 32.10 font to a point of
rovers° curve in the vast right -of -way line of Forest Drive;
Thence along the vest right -of -way line of said Forest
Drive, .coincident with the rest line of said Alpine Retreat
Subdivision No. 2, southerly, 88.02 foot, following a curve
concave to the .net having, a radius of 260.00 feet and being
subtended by a Chord of S 07' 48' 07" E, 87.60 test;
Thanca cant:maim along said right-of-way live and
subdivision line, s 17. 30'' E, 753.17 feet to a point;
Thonca 11 72. 30' 00" E, 50.00 feet along the southern right-
of-way line of said Foroct orivo, coincident with a southerly
boundary of said Alpine Retreat Subdivision No. 2, to a point;
Thence N 17. 30' 00" W, 78.16 teat along the want right -of-
way line of said rarest drive, coincident with an easterly
boundary of said Alpine Retreat Subdivision No. 2, to a point
marking the southwest corner of Lot 14 of said Alpine Retreat
Subdivision No. 2;
Thence N 73' 30' 00" E, 290.06 feat to 'a point marking tho
corner batveen 1os 14 and 28 of said subdivision;
Thenco t1 75. 10' 17" E, 285.58 fact to a point marking the
southeast corner of said Lot 28;
Thenca S 00' 03' 04" E, 965.08 foot to ,a point;
Thence S 89' 30' 53" E, 734.96 teat to an intersection with
tha it line of asst parcel excluded from said iarrancy deed
recorded in. Book 104PR, page 538;
Thence S al' 30' 01" E, 124.45 teat along the west line of
said excluded parcel to a point of curvature;
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0876.5' 6
Legal Description, Sac. 9 T36N R119W, continued.
Thence continuing along said vest line, southerly, 63.63
feet along a carve concave to the west having a radius of 810.00
feat and being subtended by a chord of S 00' 45' 00^ W, 63..61
feat to a point tram. which C a east 1 corner of said Section 9 is
1470.62 feat north and 836.61 feat east;
Thence S as 30' 01" E, 250.98 teat along the south line of
said excluded parcel;
Thence N 25. 55' 51" E, 227.64 feat along the east line of
said excluded parcel
Thence S 49. 30' S3" E,.306.72 feet to a point approximately.
50 feat east of the east bank of the Salt River;
Thence Parallel with, and 50 feet east of the meander of the
east bank of the Salt River, secondarily described by the
following eight courses:
S 26. 05' 1!^ W, 385.84 feet;
Thence S 11•.47' 35^ w, 98.23 feet;
Thence S 37' 19. 46" W, 255.65 feet;
Thence S 21. 07. 34^ W,
192.54 feet;
Thence S 6 i •s0• 10^ W, 124.60 feet;
Thence S 27` a70 34^ W, 152.40 feet;
Thence S li" Ogg 22".E, 292.14 feet;
Thence S 55` 59' 02" W, 165.09 feet to a point on the south
line of said SaCfo 9
Thence S 19. 46' 38" W, 1780.01 feet along said south line
to an iron pipe with brass cap marking the south Y corner of said
Section 9;
Thence•eaatinuing along the south Line of. said Section 9
S 89' 44' 49" V. the base bearing for this description, 669.79
feet to the Point of Beginning.
Together with and subject to covenants, easements, and
restrictions of sight or record.
Each above called for point" is manumented with a 5/8 inch 1
diameter rehar with cap inscribed "PLS 3831•.
06:010 4
Richard R. Greenwood
Wyoming Professional Land Surveyor 5467
June 25, 1991
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