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HomeMy WebLinkAbout942301 RECEIVING # 942301 -:I BOOK: 705 PAGE: 76 q-Ib-o JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY MORTGAGE OOG076 THIS MORTGAGE is made on the m day of J'Ii\Vl'¿ , 2008, by RNER BEND MEADOWS, LLC, a Wyoming limited liability company, of 190 Newport Center Drive, Suite 100, Newport Beach, California 92660, hereinafter referred to as "Mortgagor". Mortgagor hereby mortgages to KRUCO, LLC, a California limited liability company and its successors and assigns, hereinafter referred to as "Mortgagee", certain real property located in Lincoln County, Wyoming, more specifically described below, upon the terms and conditions set forth below. Mortgagor, for and in consideration of the sum of TWO HUNDRED THOUSAND DOLLARS ($200,000) lawful money of the United States and other valuable consideration, loaned to Mortgagor by Mortgagee, evidenced by a Promissory Note of even date herewith, the receipt of which is hereby confessed and acknowledged, does hereby mortgage to Mortgagee forever, the following described real property situate in the County of Lincoln, State of Wyoming: Lot 3 of Deer Run, 2nd Filing, Lincoln County, Wyoming, according to that plat filed July 7,2004, in the Office of the Lincoln County Clerk, Plat No. 140-B, Instrument No. 900938. Together with a non-exclusive easement for ingress, egress, and underground utilities in the area described in the attached description, titled "Description: Deer Run Access, Parking, and Utilities Easement"; provided, that parking shall only be allowed within that portion of the easement that is within Lot 4 of said Deer Run 2nd Filing. Reserving unto Grantors and their heirs and assigns the right to nonexclusive ingress, egress, and underground utilities in that portion of the area within the above- described real property that is described in the attached description, titled "Description: Deer Run Run Access, Parking, and Utilities Easement", Together with all water rights, mineral rights, and improvements and appurtenances thereon situate or in anywise appertaining thereunto. Subject to all covenants, easements, exceptions, restrictions, reservations and rights of way of sight or record. Together with all buildings and improvements 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 MORTGAGE I PAGE 1 OF6 00\1077 easements, appurtenances and incidents now or hereafter belonging or appertaining there to; subject, however, to all covenants, conditions, easements, and right-of-way, and to mineral, mining and other exceptions, reservations and conditions of sight and/or of record. Mortgagor covenants that at the signing and delivery of the Mortgage, said Mortgagor is lawfully seized in fee simple of said 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 that the same is free from all encumbrances. However, this Mortgage is subject to the express condition that if Mortgagor pays, or causes to be paid, to Mortgagee the sum of TWO HUNDRED THOUSAND DOLLARS ($200,000), together with interest at the rate of eight and one-half percent (8.5 %) per annum, until paid, according to the conditions of the Promissory Note of even date, which Promissory Note was executed and delivered by Mortgagor to Mortgagee, which sum or sums of money Mortgagor hereby covenants to pay, and until such payment, perfonns all of the covenants and agreements herein to be perfonned by Mortgagor, then this Mortgage and said note shall cease and be null and void. Mortgagor further covenants and agrees as follows: 1. Payment & Late Payments. 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. Mortgagor shall have the privilege of paying any principal sum or sums plus accrued interest, in addition to the payments herein required, at any time without premium or penalty of any kind, and it is understood and agreed that any such prepayment shall be credited fIrst to interest and the balance to principal in the inverse order of when due. 3. Transfer of the Property / Due on Sale. If all or any part of the property or any interest herein is sold or transferred by any means by Mortgagor without Mortgagee's prior written consent, which consent may be a partial release of this mortgage as provided herein, excluding the creation of a lien or encumbrance subordinate to this Mortgage or a transfer by devise, descent or by operation of law upon the death of a joint tenant, Mortgagee may, at Mortgagee's option, declare all the sums secured by this Mortgage to be immediately due and payable. Any delay or failure on the part of Mortgagee to demand such payment shall not prejudice Mortgagee's right there to. Mortgagee shall have waived such option to accelerate if, prior to the sale or transfer, Mortgagee at Mortgagee's sole discretion, enters into a written agreement with the person whom the property is to be sold or transferred expressly consenting to such assumption and setting forth any new tenns or conditions of this Mortgage as may be requested by Mortgagee, in exchange for Mortgagee agreeing to an assumption of the this Mortgage. 4. Taxes and Assessments. Mortgagor shall pay all taxes and assessments levied or assessed against said property. MORTGAGE / PAGE 2 OF 6 00&078 5. Maintenance of Property. Mortgagor shall not commit or pennit 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 Mortgagee hereunder. Mortgagor shall not cause or pennit the presence of any hazardous substances, which shall include any substances so declared under Federal or State law, on said property. Mortgagor shall not pennit 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 Mortgagee, which consent may be a partial release of this mortgage as provided herein, or as is otherwise provided and pennitted in this Mortgage, remove or attempt to remove said improvements, or any part thereof, from the premises on which the same are situated. 6. Insurance. As collateral and further security for the payment of the indebtedness hereby secured, Mortgagor shall keep the improvements now existing or hereinafter erected on said premises insured against loss by fire, with extended coverage provisions, to the full insurable value thereof for the tenn of this Mortgage, and will pay when due all premiums on such insurance. All insurance shall be carried in responsible insurance companies licensed in Wyoming and the policies and renewals thereof shall have attached thereto by rider or otherwise loss payable clauses in favor of Mortgagee. A copy of said policy or any renewal documents pertaining thereto shall be supplied to Mortgagee within 30 (thirty) days after the date of execution of this Mortgage and thereafter within 10 (ten) days of any renewal of or amendment to such policy. The insurance proceeds, or any part thereof, may, at the option of 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 extinguishments of the indebtedness secured hereby, all right, title and interest of Mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee. 7. Mortgagee Authorized to Make Payments. If Mortgagor defaults in the payment 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 provided, Mortgagee may, without notice or demand, pay the same, and if Mortgagor fails to keep said property in good repair, Mortgagee may make such repairs as may be necessary to protect the property, all at the expense of Mortgagor. 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 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. 8. Default. If Mortgagor defaults in the payment of the indebtedness hereby secured, for a period of 30 (thirty) days after written notice, or if Mortgagor removes or attempts to remove any of said improvements contrary to the provisions of this Mortgage, or in case of breach of any covenant or agreement herein contained, the whole of the then indebtedness MORTGAGE I PAGE 3 OF 6 JL 000079 secured hereby, both principal and interest, together with all other sums payable pursuant to the provisions hereof, shall, at the option of Mortgagee, become immediately due and payable, anything herein or in said note to the contrary notwithstanding, and failure to exercise the same in a default shall not preclude such exercise in the event of any subsequent default. 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 purchases or purchasers at any foreclosure sale a proper deed of conveyance of the property so sold. Mortgagor hereby grants 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. Mortgagor agrees to pay all costs of enforcement or foreclosure, including a reasonable attorney's fee. The failure of 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's fee, and all moneys expended or advanced by 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 Mortgagor. 9. Insufficiency of Foreclosure Proceeds. If the property described herein is sold under foreclosure and the proceeds are insufficient to pay the total indebtedness hereby secured, Mortgagor executing the note or notes for which this Mortgage is security shall be personally bound to pay the unpaid balance, and Mortgagee shall be entitled to a deficiency judgment. 10. Assignment of Rents. If the right of foreclosure accrues as a result of any default hereunder, Mortgagee shall at once become entitled to exclusive possession, use and enjoyment of all property aforesaid, 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, and such possession, rents, issues and profits shall be delivered immediately to Mortgagee on request. On refusal, Mortgagee may enforce the delivery of such possession, rents, issues and profits by any appropriate suit, action or proceeding. Mortgagee shall be entitled to a Receiver for said property and all rents, issues and profit 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 Mortgagor, or the then owner of said property, and without regard to the value of said 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 Mortgagor. All rents, issues and profits, income and revenue of said property shall be applied by such Receiver according to law and the orders and directions of the court. 11. Inspection. Mortgagee may make or cause to be made reasonable entries upon and inspections of the property, provided that Mortgagee shall give Mortgagor notice prior to MORTGAGE I ¡ PAGE 4 OF 6 ûOô080 any such inspection specifying reasonable cause therefore related to Mortgagee's interest in the property. 12. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the property, or part hereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Mortgagor. In the event of a partial taking of the property, unless Mortgagor and Mortgagee othetwise agree in writing, there shall be applied to the sums secured by this Mortgage such proportions 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 the fair market value of the property immediately prior to the date of taking, with the balance of the proceeds paid to Mortgagor. If the property is abandoned by Mortgagor, or if, after notice by Mortgagee to Mortgagor that the condemner offers to make an award or settle a claim for damages, Mortgagor fails to respond to Mortgagee within 30 (thirty) days after the date such notice is mailed, Mortgagee is authorized to collect and apply the proceeds, at Mortgagee's option, either to restoration or repair of the property or to reduce the sums secured by the Mortgage. Unless Mortgagee and Mortgagor othetwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the installments referred to above or change the amount of such installments. 13. Statement. Mortgagee shall, within ten (10) days upon a request made in person, or within thirty (30) days upon request by mail, furnish a written and duly acknowledged statement of the amount due on this Mortgage and whether any offsets or defenses exist against the mortgage debt. 14. Notices. Any notices, demands, or requests pursuant to this Mortgage shall be in writing and may be served either in person or by certified mail, return receipt requested. 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: River Bend Meadows, LLC 190 Newport Center Drive, Suite 100 Newport Beach, CA 92660 Mortgageee: Kruco, LLC 190 Newport Center Drive, Suite 100 Newport Beach, CA 92660 15. Headings. The headings used in this Mortgage are for convenience only and are not to be used in its construction. MORTGAGE / PAGE50F6 OOûOS1 16. 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 all genders. The tenn "note" includes all notes herein described if more than one. The tenn "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. 17. Release. The acceptance by Mortgagee of this Mortgage and the note or notes it secures, shall be an acceptance of the tenns 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. 18. Incorporation of Promissory Note. This Mortgage is made to secure a debt evidenced by a Promissory Note signed concurrently herewith, and the tenns of said Promissory Note are hereby incorporated herein by reference as if stated herein in full. IN WITNESS WHEREOF, Mortgagor and Mortgagee have executed this Mortgage the day and year first above written. MORTGAGOR: By: River Bend Meadows, LLC A Wyoming limited liability company ~tl¡~ Dan G. Olsen, Manager -- MORTGAGEE: Kruco, LLC A California limited liability company By: The Krueger Family Trust u/d/t Dated June 27, 1989 By: Ja MORTGAGE / PAGE 6 OF 6 CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT .~~_A_A_A_A_'_'_'_'_'_'_. On ::~:: o~a~;,f,if ~ e- } g I r 0 í3 before me, ~ í í.J¡Løf:- Here Insert Name and Title of the Officer ;./ - OI-~e.4 Name(s) of Signer(s) û06082 personally appeared I:Î---m::::~11~i . ClnRl:lølJl. 17MG19 I ... ..., MIc . CaIromIo I ,. O~~ county ... (_LL~-~~'~lJ who proved to me on the basis of satisfactory evidence to be the person~ whose name(6') isl~ subscribed to the within instrument and acknowledged to me that he/s~e/tttéy executed the same in hislher/tbêir authorized capacity(its), and that by his/hrtr/tht!ir signature(:a? on the instrument the person ($) , or the entity upon behalf of which the person~ acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WIT~nd and offi"lJ.e~1. slgn~~ Signature of Notary Public OPTIONAL Though the Information below Is not required by law, It may prove valuable to persons relying on the document and could prevent fraudulent removal and reattachment of this form to another document. Place Notary Seal Above Description of Attached Document Title or Type of Document: Document Date: Number of Pages: Signer(s) Other Than Named Above: Capacity(ies) Claimed by Signer(s) Signer's Name: o Individual o Corporate Officer - Title(s): o Partner - 0 Limited 0 General o Attorney in Fact o Trustee o Guardian or Conservator o Other: Top of thumb here Signer's Name: o Individual o Corporate Officer - Title(s): o Partner - 0 Limited 0 General o Attorney in Fact o Trustee o Guardian or Conservator o Other: RIGHT THUMBPRINT OF SIGNER RIGHT THUMBPRINT OF SIGNER Top of thumb here Signer Is Representing: Signer Is Representing: =::::.:.:-: -.:-- :-::-:-.--:._'.--:'~' @2oo7 National Notary Association· 9350 De Soto Ave., P.O. Box 2402 ·Chatsworth, CA 91313·2402' www.NatlonalNotary.org Item 1/5907 Reorder; Call Toll-Free 1-800-876-6827 CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT ~. 000083 State of California } County of (/K tI-;./ 6r é. On 81;;-ló8 ~fore me, ßT HI,£;~_'M'''''''.'''''' personally appeared .:...J AM é!...s AA. KR u ,C-c,6~ . I / - I . Name(s) 01 s:er(s) tR - ~ 11f ;:.~~ rn 11 i , . COIrImlJlltIL. .,,-, i -- MIlo· CaIromIo I 1.: ~ 0.... Countr .. _.. .J.-~~{1:~..21 --- who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNE~ and OffiCi~ Slgna~~~ Signature of Notary Public OPTIONAL Though the information below is not required by law, it may prove valuable to persons relying on the document and could prevent fraudulent removal and reattachment of this form to another document. Place Notary Seal Above Description of Attached Document Title or Type of Document: Document Date: Number of Pages: Signer(s) Other Than Named Above: Capacity(ies) Claimed by Signer(s) Signer's Name: o Individual o Corporate Officer - Title(s): o Partner - 0 Limited 0 General o Attorney in Fact o Trustee o Guardian or Conservator o Other: Top of thumb here Signer's Name: o Individual o Corporate Officer - Títle(s): o Partner - 0 Limited 0 General o Attorney in Fact o Trustee o Guardian or Conservator o Other: RIGHTTHUMBPRINT OF SIGNER RIGHTTHUMBPRINT OF SIGNER Top of thumb here Signer Is Representing: Signer Is Representing: = ©2007 NaUonaJ Notary Association' 9350 De Soto Ava., P.O. Box 2402 . Chatsworlh, CA 91313-2402' www.NaUonaINotary.org Item #5907 Reorder: Call Toll-Free 1-800-876-8827