HomeMy WebLinkAbout941581
RECEIVED 8/26/2008 at 11 :43 AM
RECEIVING # 941581
BOOK: 703 PAGE: 126
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
MORTGAGE
0001.26
,.(
THIS MORTGAGE ("Mortgage"), is made and executed this / L -. day of
&.l. ,2008, by and between Antelope Ridge Development, LLC, a Utah limited
liabili Company, of Utah County, Utah (Hereinafter called "Mortgagor"), and Verl A. Jensen and
Margene Jensen as Trustees of the Verl A. Jensen Living Trust dated June 24, 1999, of Utah County,
Utah (hereinafter called "Mortgagee").
WITNESSETH:
indebted to the Mortgagee in the principal amount of
($ oW ~ DOO ~ ), which indebtedness is evidenced by
'2 ~ 2008 ("Note"), providing for payments of
of the Mortgagee.
if
Now therefore, the Mortgagor, to secure the payment ofthe Note, hereby mortgages,
warrants, grants, bargains and conveys unto the Mortgagee the following described property,
hereinafter referred to as "the Property", consisting of buildings and improvements, together with
all fixtures and appurtenances thereto and any and all building improvements and permanent
fixtures and appurtenances which may be hereafter acquired and placed thereon, including all
easements, licenses, leases and rights-of-way thereunto attached or referable to said premises.
The real estate is situate in Lincoln County, State of Wyoming, and is more particularly
described as follows:
See the Exhibit attached hereto and incorporated herein by
this reference.
The Property is mortgaged unto the Mortgagee subject to and in accordance with the
following specific covenants, stipulations and agreements:
1. Mortgag:or's Covenant to Pay and Perform Covenants. Mortgagor shall pay when
due all amounts at any time owing under the Note secured by this Mortgage and shall perform
and observe each and every term, covenant and condition contained herein and in the Note.
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2. Warranties of Title. Mortgagor warrants that Mortgagor has good and
merchantable title to the said premises and has the right and lawful authority to sell, convey,
mortgage, assign and pledge the same, and that the same is tree and clear of all liens and
encumbrances of whatsoever kind and nature and subject only to easements and mortgages of
record.
3. Maintenance of the Property. Mortgagor shall at all times maintain, preserve and
keep the Property and every part thereof in good condition, repair and working order and will
from time to time make all needful and proper repairs, replacements, additions, betterments and
improvements thereto so that the value thereof shall at all times be maintained and preserved.
4. Covenant Against Further Encumbrances. Mortgagor covenants and agrees to
keep the Property and the rights, privileges and appurtenances thereto, free from all lien claims
or encumbrances of every kind, whether superior or inferior to the lien of this Mortgage, and if
any such lien be filed, Mortgagor will, within twenty (20) days after such filing, cause the same
to be discharged by payment, bonding, or otherwise to the satisfaction of Mortgagee.
5. Pavrnent of Taxes. Assessments and Insurance. The Mortgagor agrees to pay,
when due, all taxes, liens, judgments and assessments of any nature. The Mortgagors shall
insure, to the satisfaction of the Mortgagee, all buildings and personal property thereon against
loss or damage resulting from fire, windstorm, and other hazards, including extended coverage,
vandalism and malicious mischief endorsements, in an amount not less than the full replacement
cost thereof. Mortgagors shall include Mortgagee as a loss payee on such insurance policy. In
the event that Mortgagors fail to maintain such insurance, or pay the taxes or other obligations
imposed by this paragraph, Mortgagee may insure the property or pay such taxes or other
obligations, and all sums so paid for insurance shall be added to and be considered as a part of
the indebtedness hereby secured.
Mortgagor shall maintain comprehensive public liability and property damage liability
insurance protecting Mortgagor against claims for personal injury or death occurring in, on or
about the mortgaged premises as may be required by Mortgagee, in companies and amounts
satisfactory to Mortgagee during the existence of the debt hereby secured, and will furnish to
Mortgagee such evidence of such insurance as Mortgagee may require.
6. Indemnitv. Mortgagor shall indemnifY Mortgagee from all loss, damage and
expense, including reasonable attorney's fees, incurred in connection with any suit or proceeding
in or to which Mortgagee may be made a party by reason of this Mortgage or to which
Mortgagee may become a party for the purpose of protecting the lien of this Mortgage or
enforcing Mortgagee's rights hereunder. All such amounts shall be so much additional
indebtedness hereby secured, and the Mortgagor shall reimburse the Mortgagee therefor on
demand, together with interest at twelve percent (12%) per annum from the date of demand to
the date of payment.
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7. Default. The terms "Event of Default" or "default" as used hereinafter and
hereinbefore shall mean the occurrence of any ofthe following events:
(a) The failure of Mortgagors to make due and punctual payment ofthe Note as set forth
herein as the same shall become due and payable, whether at maturity or whether
accelerated pursuant to any power or accelerate contained in the Note;
(b) Any warranty or representation made by Mortgagors herein or in connection herewith
shall prove to be untrue in any material respect;
(c) Mortgagors shall fail to perform or observe faithfully and punctually their covenants,
agreements, and obligations hereunder;
(d) Any of the Property shall be seized or taken by any governmental or similar authority,
or any order of attachment, garnishment, or other writ shall be issued, or any other
lawful creditor's remedy shall be exercised, resulting in the Property going into a
foreclosure sale;
(e) Mortgagors shall fail to maintain the lien and priority ofthis instrument as against any
person or entity;
(f) The title of Mortgagors to the Property or any substantial part thereof shall become the
subject matter of litigation which would or might, in Mortgagees' opinion, upon final
determination result in substantial impairment or loss of the security provided by this
instrument;
(g) Mortgagors shall fail to keep the Property insured as required herein; or shall fail to
provide Mortgagees with evidence of insurance as required herein.
(h) Mortgagees, in the reasonable exercise of their judgment, shall determine that
Mortgagors will be unable to repay the Indebtedness in the manner and at the times
contemplated by the Note secured hereby, or shall determine that the adequacy of the
Property secured hereunder will be insufficient to assure the repayment of the
Indebtedness in any material respect, and based thereon shall make demand upon
Mortgagors for additional collateral security, which collateral security Mortgagors
shall fail to deliver to Mortgagees in a form satisfactory to Mortgagees within thirty
(30) days following such demand.
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8. Remedies on Default. Upon Mortgagor's default of any covenant or agreement in
this Mortgage, including the covenants to pay when due any sums secured by this Mortgage,
Mortgagee, prior to acceleration, shall give notice to Mortgagor specifying: (1) the breach; (2)
the action required to cure such breach; (3) a date, not less than 30 days from the date the notice
is mailed to Borrower, by which such breach must be cured; and (4) that failure to cure such
breach on or before the date specified in the notice may result in acceleration of the sums
secured by this Mortgage. If the breach is not cured on or before the date specified in the notice,
Mortgagee, at Mortgagee's option, may declare all of the sums secured by this Mortgage to be
immediately due and payable without further demand and may foreclose this mortgage by
invoking the power of sale provided by Wyoming Statutes, or Mortgagee may pursue any other
remedies permitted by applicable law. Mortgagee shall be entitled to collect all reasonable costs
and expenses incurred in pursuing the remedies provided in this paragraph 9, including, but not
limited to, reasonable attorney's fees.
If Mortgagee invokes the power of sale, Mortgagee shall give notice of intent to foreclose
to Mortgagor and to the person in possession of the Property, if different, in accordance with
applicable law. Mortgagee shall mail a copy of a notice of the sale to Mortgagor. Mortgagee
shall publish the notice of sale and the Property shall be sold in the manner prescribed by
applicable law. Mortgagee or Mortgagee's designee may purchase the Property at any sale. The
proceeds for the sale shall be applied in the following order: (a) to all reasonable costs and
expenses of the sale, including, but not limited to, reasonable attorney's fees and costs of title
evidence; (b) to all sums secured by this Mortgage; and (c) the excess, if any, to the person or
persons legally entitled thereto.
Mortgagee shall, at mortgagee's option, have the right, upon default, acting through
mortgagee's agent or attorneys, either with or without process of law, forcibly or otherwise, to
enter upon and take possession ofthe mortgaged premises, to expel and remove any persons,
goods or chattels occupying or upon the same, to collect or receive all the rents, issues and
profits thereof and to manage and control the same, and to lease the same or any part thereof
from time to time, and after deducting all attorney's fees and expenses incurred in the protection,
care, maintenance, management and operation of said premises, Mortgagee shall have the right
to apply the remaining net income upon the indebtedness secured hereby or upon any deficiency
decree entered in any foreclosure proceedings.
The rights and remedies granted to the Mortgagee hereunder are cumulative, and are not
in lieu of. but are in addition to, and shall not be affected by the exercise of any other remedy or
right not or hereafter existing at law or in equity or under the Note, or any other document
securing Mortgagor's obligations under the Notes. No delay in the exercise or omission to
exercise any remedy or right accruing on any default shall impair any such remedy or right or be
construed to be a waiver of any such default, or acquiescence therein, nor shall it affect any
subsequent default ofthe same or a different nature. Every such remedy or right may be
exercised concurrently or independently, and when and as often as may be deemed expedient by
Mortgagee.
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9. Inspection. Mortgagor agrees to permit Mortgagee and their agents, at all
reasonable times, to inspect the mortgaged premises for the purpose of determining whether
Mortgagor is in compliance with the provisions of this Mortgage.
10. Satisfaction of Mortgage. Upon full payment of all sums secured hereby at the
time and in the manner provided, this conveyance shall be null and void, and upon demand
therefor following such payment, a reconveyance or release of the mortgaged premises shall in
due course be made by Mortgagee to Mortgagor.
11. Miscellaneous. All provisions hereof shall inure to and bind the respective
successors and assigns of the parties hereto. The word "Mortgagor" shall include all persons
claiming under or through Mortgagor, and all persons liable for the payment of the indebtedness
or any part thereof, whether or not such persons shall have executed the Note or this Mortgage.
Wherever used, the singular number shall include the plural, the plural the singular, and the use
of any gender shall be applicable to all genders.
12. Notices. All notices, demands, consents or requests which are either required or
desired to be given or furnished hereunder shall be in writing and shall be deemed to have been
properly given if either delivered personally or sent by United States registered or certified mail,
postage prepaid, to the address of the parties hereinabove set below. By notice complying with
this section, each party may ITom time to time change the address to be subsequently applicable
to it for the purpose of this section.
To Mortgagee:
VerI A. Jensen and Margene Jensen as Trustees ofthe VerI A. Jensen Living Trust dated
June 24, 1999
10318 N. Golden Oak Lane
Highland, Utah 84003
To Mortgagors:
Antelope ridge Development, LLC
42 North 200 East, #3
American Fork, Utah 84003
13. Severabili1y. The unenforceability or invalidity of any provision or provisions
hereof shall not render any other provisions herein contained unenforceable.
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0001.31.
14. Governing Law. This Mortgage and the Notes secured hereby are to be construed
and enforced according to and governed by the laws of the State of Wyoming.
IN WIINESS WHEREOF, the Mortgagor has caused this instrument to be duly executed
on the day and year first above written.
MORTGAGORS: ANTELOPE RIDGE
DEVELOPMENT, LLC
,~ {p
~rry Mi~anage
STATE OF UTAH )
) ss.
COUNTY OF lA-\-~", )
I hereby certify that the foregoing instrument was acknowledged before me by
Larry Miller, Manager of Antelope Ridge Development, LLC, this \ 1 day of ~
2008.
Witness my hand and official seal.
(i) ELIZABETH WATTS
~_. NOTARY PUBLIC
" STATE OF UTAH
MY COMMISSION EXPIRES OCT. 31, 2011
909 N 940 W, OREM, UT 84057
~~ (Á' a..D+-
Notary ublic
My Commission Expires:
if) /'2;11 2D\I
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Exhibit A
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A parcel of'land located in the .soÜfheast %of Section 15 and the southwestY-. of Seotlon t4 of
tli~ re$utvey of T, 21 N., R 1'16 W., Of tile Sixth P.M" City 6f Kemmerer, Uncoln Couhty,
Wyömihg,é3nd being more particularly describèd as fÖlIows:
Beginning ätthe' southwest cornet of Tract 56. and the Northwe.st corner or Tract 55 in said
Section 14 forthe Poinf6f Beginningwhßre is foìmda standard GLQ brass, cap;
Thence. along the' west line ofsäid Tfact 55, S 00'°06' 45" W for 765.27 feet, where is founda3!'
ahih11nuni capstamþed "Pence· Surveying, LLC, PLS' 6450";
TherïceN 68~ t7'52"W for 298A8'feet to a polnton the cotnmonJine of said Sections 14 and 15,
whétéis found a '3" aluminumcaþ stamped "Pence SurVeying, LLC, PLS 6450";
Thence,alcmg the cÖmman line.bet\iVeen said Sections 14and,15, N 00° 09' 19" Wfor 505.77 feet;
where isföOnd:a 3" alumíhum cctp starhþed "Pence Surveying, LLC, PLS6450";
Thence N 88°01'55" Wfor501AO feet, where is fÒunda 3"alutr1Înumcap stamþed "Pence
Surveying, LLC,PlS 645Q";
Thence N OQ.° 03' nìi W fþi"301.11 feet where Is found a 3" aluminum cap stamped ·pence
Surveying.LLO, PLS 6450"; .
Thence N 55°31?' '32" W før283..27 feet, Where is found as" aluminum C8 stamped "Pence
SurVeying, LLC, PLS 6450";
Th'enöe $62°31' 0$'; W fot284.00 feet, where is, found a 3" aluminumcastatnþed "Pence
Surveying, LLC, PLS 6450";
Thence N2,Yo 28' 60" Wfbr 540.56 feet, to the southerly righí.ofway df U.S. ighway 30, where
¡sfound ;a3"alurninurn capstatnped "Pence Surveying, LLC, PLS6450"; .
Thence N 63° piOQ" E for 1455.09 feet, along saId sOLitherly right ofWäy, toa tandard concrete
highlNâyrîghtbfway monument;
thence; cøntinulng N'B3\' 67'00" E>alongsaidsoufherlyright of way fQr 6.33 fettca point on the
southerly bdund,ary of Tr~ct64inS,ection1A, oftheResurvey of T. 21 N., R. 116 W., where Is
founda2"aluminum cap stamped Cel, PE&LS, ;
Thence N89ó 46' 56" Ealong, the southerly boundary of said Tract '64, for 20,1.16 feet, to the
'Southeast cornerotsaid Tract 64 and being an the west lineaf said Tract 56;, where Is found ¡¡¡3"
aluminumcapstamped eel, PE&LS:
Thence sOOo 06' 50"EaJong the west¡;¡rly boundary of said Tract 56.. fär 132Ö.27 feet to the
Point of Beginning of tMisdescription.
Lessandexceptth'e followil)g:
cIJ.. ... .. ïJ· L.ot 6 of BI.OCk1 of .the.A.nte. .lopeRidge Subdivision, Phase 1, Lincoln County, Wyoming as
. .. described on the official plat thereof
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Also, less and except the following:
~..11..·./..' /1..·. Lot 2 of Block40f the Antelope. Ridge Subdivision, Phase 1, Lincoln County; Wyoming as
11/ ¡deSCribedon the offiCial platthereof