Loading...
HomeMy WebLinkAbout942346 - -- - -. ......, "" I V/,UVU dl I I ~,'J~ AM RECEIVING # 942346 BOOK: 705 PAGE: 252 q- J<joT JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY REAL ESTATE MORTGAGE 006252 THIS MORTGAGE is made this II day of September, 2008, between ROGER LINDE, an unmarried man, ("the M~rtßi'~~~')' whose address is. , ~? ^,D~ 44 ~f}-S+- ~ {n"ð. mus WRIGHT, a marned man ('the "Mortgagee"), whose address for purposes of this Mortgage is 1355 E. Lincoln Road, Idaho Falls, ID 83401. WITNESSETH: This Mortgage is granted to secure the payment of an indebtedness in the original sum of Four Hundred Forty Thousand Dollars and 00/100 ($440,000.00) lawful money of the United States, to be paid with interest thereon according to four promissory notes ("the Notes") executed by the Mortgagor in favor of the Mortgagee. The Notes are identified as follows: Date Amount Maturity Date Current Balance tR 1. 10-25-06 100,000.00 10-25-07 /4D, b'oL{. - 2. 2-12-07 110,000.00 2-14-08 J 33. 945 , 'If . Y..l 3. 5-21-07 110,000.00 5-21-08 I Z 9, q53 '.- 4. 5-5-08 120,000.00 5-5-09 I ~ r¡, lCJg . w"i The fInal maturity date of the Notes and this Mortgage shaH be: tl1:1;l 5 20Qi. The Mortgagor does hereby grant, bargain, sell, convey and ortgage to the Mortgagee, its successors and assigns, forever, the following described property in the County of Lincoln, State of Wyoming ("the Premises"), hereby releasing and waiving all rights under and by virtue of the homestead exemptions laws of said state: Lot 24, Eiden Addition to the Town of LaBarge, Lincoln County, Wyoming, as described on the official plat of the Schmid Addition and Eiden Addition to the Town of LaBarge, Lincoln County, Wyoming Together with all rents, leases and profits now due or which may hereafter become due under or by virtue of any lease, license, sublease or agreement, whether written or verbal, or for the use or occupancy of the Premises, or any part thereof, including all mineral, gas, oil and extraction rights on the Premises owned or held by the Mortgagor. JL 000253 The tej of payment of the Notes are further described in a Loan Agreement between the parties dated September JL, 2008. Together with all judgments, awards of damages, settlements and payments or security hereinafter made as a result of, or in lieu of, any taking of the Premises or any part thereof under the power of eminent domain, or for any damages to the Premises or the improvements thereon, or any part thereof and for any damages to the Premises or the improvements thereof, or any part thereof, resulting from exercise of, or attempted exercise of, mining rights or claims wherever reserved or asserted and resulting from the disturbance of any of the surface of the Premises. TO HAVE AND TO HOLD the same unto the Mortgagee, its successors and assigns, forever. If the Mortgagor shall pay the indebtedness secured by this instrument according to the tenor and effect of the Notes, or any extension or renewal or modification thereof, and shall keep and perform, all and singular, the covenants and agreements herein contained, then this conveyance shall be null and void; otherwise, it shall remain in full force and effect. This Mortgage is intended to be and shall remain at all times an obligation secured hereby remains unpaid, a first lien and encumbrance on the Premises. SPECIAL PROVISIONS THE MORTGAGOR HEREBY COVENANTS AND AGREES with the Mortgagee that: 1. This mortgage secures a purchase money loan from Mortgagee to Mortgagor. The Mortgagor will pay all sums secured by this mortgage when due. 2. The Mortgagor is the lawful owner and is in possession of the Premises and has a good right to sell, secure, mortgage and convey the same. 3. The Mortgagor will pay all valid taxes, assessments, water and public charges of any nature levied or assessed against the Premises, the collateral, or any water stock or water rights appurtenant to the Premises, before the same become delinquent and a lien upon the Premises', the collateral or water stock or rights, and also pay any valid or meritorious claim, lien or encumbrance against the Premises or collateral which may be or become prior to this Mortgage. 2 - REAL ESTATE MORTGAGE 000254 The Mortgagor shall, upon request, provide the ÑIortgagee, or its assigns, evidence of payment of all real estate taxes, any special assessments, and insurance premiums on all insurance required hereunder. 4. The Mortgagor will comply with all the laws, ordinances, regulations, covenants and restrictions affecting the Premises, and will not suffer or permit violation thereof and will permit the Mortgagee or its representatives to examine and inspect the Premises at reasonable times. 5. The Mortgagor shall keep and maintain the real property in compliance with and shall not cause or permit the real property to be in violation of any federal, state, or local laws, ordinances, or regulations relating to the environmental conditions on, under, or about the real property, including but not limited to, soil and groundwater conditions. The Mortgagor shall not use, generate, manufacture, store, or dispose of on, under, or about the real property or transport to or from the real property any flammable explosives, radioactive materials, hazardous wastes, toxic substances, or related materials, including, without limitation, any substances defmed as or included in defInition of "hazardous substances," "hazardous wastes," "hazardous materials," or "toxic substances" under any applicable federal or state laws or regulations (collectively referred to hereinafter as "Hazardous Materials "), except those which are regular, common or customary to the uses to which the property may be subjected, whether agricultural, industrial, residential or commercial. 6. If the Mortgagor fails to pay any claim, lien or encumbrance which is prior to this Mortgage, or any taxes or any assessments on the Premises before the same become delinquent and a lien on the Premises, then the Mortgagee, at its option and in accordance with good business judgment, may pay said claim, lien, encumbrance, tax, assessment or premium with right of subrogation thereunder. 7. The Mortgagor will pay to the Mortgagee, immediately and without demand, all sums of money advanced by the Mortgagee pursuant to paragraph 6, together with interest on each such advance at the rate set forth in the Notes. 8. The holder of this Mortgage, in any action to foreclose it, shall be entitled to the appointment of a receiver of the rents and profIts of the Premises in accordance with law, and such receiver shall have the rights and powers given to it by the court of competent jurisdiction. 9. If there be a default in the payment of any installment of principal or interest, as provided for in the Notes, or after any other default in performance hereof or of the 3 - REAL EST A TE MORTGAGE 000255 Notes; or upon the happening of any other event by which, under the terms of this Mortgage, such principal sum mayor shall become due and payable, the whole indebtedness hereby secured shall immediately become due and payable without notice or demand at the option of the Mortgagee and all rents and profits of the Premises shall then immediately accrue to the benefit of the Mortgagee. The Mortgagee may then proceed to foreclose this Mortgage or take any other action or pursue any other remedy provided by applicable law. Following foreclosure, the Mortgagor shall remain liable for any deficiency in payment of sums secured by this Mortgage. 10. Without affecting (i) the liability of any person for payment of the indebtedness secured hereby or (ii) the lien hereof upon any of the Premises, the Mortgagee may, from time to time, without notice, (a) renew the indebtedness, or extend the time, or agree to alter the terms of payment of any of the indebtedness; (b) accept additional security of any kind; and (c) release any property securing the indebtedness. 11. No delay by the Mortgagee in exercising any right hereunder, or otherwise afforded by law, shall operate as a waiver thereof, or preclude the exercise thereof during the continuance of a default hereunder. 12. As an inducement to the Mortgagee to enter into the Notes, which this Mortgage secures, the Mortgagor covenants and agrees that during the term of this Mortgage, title to and possession of the real property described herein shall be vested in the Mortgagor and if at any time during said term, all or any part of the Premises shall, without the prior written consent of the Mortgagee, be otherwise sold, conveyed, transferred or encumbered or full possessory rights therein transferred, whether with or without the consent or approval of the Mortgagor, all indebtedness secured hereby shall, at the option of the Mortgagee, become immediately due and payable, without notice. This provision shall apply to each and every sale, transfer, conveyance or encumbrance, regardless of whether or not the Mortgagee has consented or waived its rights, whether by action or non-action, in connection with any previous sale, transfer, conveyance or encumbrance, whether one or more. 13. Each and every provision of this Mortgage shall bind and inure to the benefit of the legal representatives, successors and assigns of the parties hereto. If there is more than one Mortgagor, all their undertakings shall be deemed to be joint and several, and the terms and language herein shall be construed as plural, and if any of the parties are feminine, or are firms or corporations, the masculine shall include the feminine and the neuter. All the Mortgagee's rights and remedies herein are intended to be cumulative and not in substitution for any right or remedy otherwise available. .. .. REAL ESTATE MORTGAGE 000256 14. This Mortgage and the granting of credit by Mortgagee is personal to Mortgagor. In making this Mortgage, Mortgagee has relied on Mortgagor's credit, Mortgagor's interest in the Property and intended use thereof, and fmancial market conditions at the time this Mortgage is made. Based upon these considerations, and others, the parties agree that during the term of this Mortgage, without fIrst paying all amounts secured by this Mortgage, Mortgagor shall not be entitled to sell, conveyor encumber the property described in this Mortgage or any part hereof or any equitable interest therein to any other person or entity, whether by gift or for consideration, nor shall Mortgagor be entitled to assign this Mortgage, the Notes secured hereby, or any right, title or interest of Mortgagor in the Property encumbered to any other person or entity, whether by gift or for consideration, unless and until Mortgagor obtains the express written consent of Mortgagee, which may be granted in Mortgagee's sole and unrestricted discretion. The granting of the express written consent by Mortgagee shall be and is a condition precedent to any such sale, conveyance, or assignment and any purported inter vivos sale, conveyance or assignment by Mortgagor without such consent shall be void and shall constitute a default for which notice of default from Mortgagee to Mortgagor is waived by Mortgagor, and from which there shall be no redemption or cure. Upon such default, Mortgagee shall be entitled to effectuate any and all remedies provided to Mortgagee under the terms of this Mortgage and! or the Notes, including, without limitation, the right to declare the entire balance then remaining due under the terms of this Mortgage and the Notes. 15. If Mortgagor desires to sell, convey, encumber or assign the Premises described in this Mortgage or any interest of Mortgagor in the Premises or the Notes, Mortgagor shall submit a written request for such consent to Mortgagee together with such information, including without limitation, such credit information as Mortgagee shall deem necessary, which will enable Mortgagee to evaluate the prospective mortgagor, grantee or assignee. Mortgagee shall evaluate the prospective mortgagor, grantee or assignee, and such person's credit, such person's interest in the Property and intended use thereof, and the financial market conditions then existing, as if Mortgagee were selling the Property for the first time. If, after making said evaluation, Mortgagee reasonably determines that Mortgagee may not receive prompt payment of any amounts due under the terms of this Mortgage or that there is an unacceptable chance of some other default, or Mortgagee does not receive the required information, such consent shall be denied. If Mortgagee determines that the prospective mortgagor, grantee, or assignee is an acceptable risk and otherwise qualifies, including in such qualification, without limitation, his credit record and ability to pay the Mortgage, his interest in the Property, and his intended use thereof, Mortgagee shall consent to such sale, conveyance, or assignment, provided that, such consent shall be subject to the following conditions: (a) the prospective mortgagor, grantee, or assignee shall assume full personal liability for payment and performance of 5 - REAL ESTATE MORTGAGE OOô257 this Mortgage and the Notes; (b) Mortgagor shall not be released or excused from personal liability for payment or performance of this Mortgage; and (c) Mortgagor shall pay all costs and expenses, including, without limitation, attorney fees incurred by Mortgagee in connection with or arising out of the request for consent, the evaluation of such request by Mortgagee, and all cost and expense, including, without limitation, any attorney fees and escrow holder fees incurred to complete such sale, conveyance, or assignment. For purposes of this Mortgage, a prohibited assignment shall include a transfer of more than fifty percent (50 %) of the ownership interests in Mortgagor if Mortgagor is other than an individual. 16. This Mortgage and the obligations secured hereby shall be construed and governed by the laws of the State of Wyoming. 17. Service of any notice given, permitted or required under the terms of this Mortgage shall be deemed complete upon the depositing of the same in the United States Mail, by Certified or Registered Mail, addressed to the Mortgagor at the address stated above or addressed to the Mortgagee at the address stated above, as the case may be, or such other address as either shall hereafter designate in writing to the other, or by causing said notice to be served personally upon the Mortgagor, or on the Mortgagee, as the case may be. In the event there shall be more than one person constituting the Mortgagor or the Mortgagee herein, service by mail or personal service as provided above, upon anyone person in such party, shall be good and sufficient service upon all persons constituting such party the same as though such service had been made upon each and every member of such party . 18. The captions to the paragraphs of this Mortgage have been inserted for the purpose of convenience and ready reference. They do not purport to, and shall not be deemed to, define, limit or extend the scope of the clauses to which they pertain. 19. The terms and provisions of this Mortgage shall survive the execution and delivery hereof. The terms of this Mortgage shall not be merged out by the execution and delivery of any other instrument. 20. In construing this Agreement, the terms Mortgagor and Mortgagee are used herein without regard to the number or gender of the persons constituting such parties. If the Mortgagor consists of two (2) or more persons, including but not limited to individuals, corporations, partnerships, associations or other entities, such persons shall be jointly and severally liable hereunder. Whenever any other neuter or singular term is used herein, such term shall be construed to include the masculine or feminine gender or 6 - REAL ESTATE MORTGAGE 006258 the plural, and shall include any party, whether male, female or a corporation, partnership, or other entity as may be appropriate. 21. A waiver of any default or breach of any term of this Mortgage shall not be deemed to be a waiver of any simultaneous or subsequent breach of the same or any other term of this Mortgage. All waivers must be in writing and must be signed by the party against whom such waiver is asserted. No failure or delay of any party to exercise any right or remedy hereunder shall operate as a waiver. 22. The law fIrm of Stephen E. Martin, P.L.L.C., drafters of this Agreement, have acted as attorneys for the Mortgagee and as such have in no way advised the Mortgagor in regard to this agreement or any other matters. The Mortgagor has been represented by other counsel in this matter. Each party having been represented by independent counsel, in the event of any dispute in the interpretation and enforcement of this Agreement, the parties agree that this Mortgage shall neither be construed for or against either party, but shall be enforced in accordance with its plainly drafted terms. 23. The Mortgagor and the Mortgagee acknowledge that the terms hereof may vary from the terms contained in any preliminary agreements made prior to the execution of this Mortgage and may vary from any negotiations between the parties prior to the execution of this Mortgage. Seller and Buyer agree that the terms, covenants and conditions of this Mortgage shall supersede all such prior negotiations and agreements, that there are no other verbal promises, implied promises, agreements, stipulations, representations or warranties of any kind or nature, excepting those set forth in this Mortgage, and that this Mortgage shall be and is the fInal expression of the agreement of the parties and shall control. No modifIcation of this Mortgage shall be valid unless in writing and executed by the parties to this agreement. 24. In the event any provision of this Mortgage or any part thereof shall be determined by any court of competent jurisdiction to be invalid, void, or otherwise unenforceable, the remaining provisions hereunder or parts thereof, shall remain in full force and effect, and shall in no way be affected, impaired or invalidated thereby, it being agreed that such remaining provisions shall be construed in a manner most closely approximating the intention of the parties with respect to the invalid, void or unenforceable provision or part thereof. 25. In the event it becomes necessary for the Mortgagee to take any action to enforce the terms hereof or to pursue any remedy upon a default under this Mortgage, the Mortgagee shall be entitled to recover the costs and attorney fees incurred in taking such action, whether by suit or otherwise and including such upon appeal. 7 - REAL ESTATE MORTGAGE ûOô259 IN WITNESS WHEREOF, this Mortgage has been duly executed by the Mortgagor and Mortgagee the day and the year first above written. MO~p ROG R LINDE MORTGAGEE: c;- KRIS WRIGHT .~ ST A TE OF ~('I¡ 0:0 ) o ) ss. County of ~J 0_1 ) On the I! day of September, 2008 before me, the undersigned, a Notary Public, in and for said state, personally appeared ROGER LINDE, known or identified to me to be the person whose name is subscribed to the within instrument and acknowledged to me that he executed the same. IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal, the day and year in this certificate first above written. (seal) ~'\ ~;'l ~05 ;>~" ·..,,-0~ Qo~'j·&Q(,,·IPJó'Jo \'" ... . "Y ,..,. (,It ,~. ;;:'-I~' '" -{ >.. "') '';' .: '-"¡ ~& ..;" "'. \.. ';. ;:, ': L~ I u ..~.:; .."..... ,~ ~ fJ ..- ~~ 0: 0 · ~ : <.. :: :......~ Z I L!. ...::¡,;; ... ~. . .,--v. ....... _ ~.:. ,....,. e. .0 "V .. r... ~ "'~ c. " .. ,,-... ,: t) . ". V ~ 01-1';;;, ........ f'<\.~ ,,#1ft .~.. 81" ~ .." "J ,,\ flt"ø.."" Q~~ Nota Public for ~Afb Residing at ~~) ~ My commission expires: J/ìl.d--{<; ëX-ð / () 8 - REAL ESTATE MORTGAGE STATE OF ~lk() ) () ) ss. County of ~~) On the I ( day of September, 2008 before me, the undersigned, a Notary Public, in and for said state, personally appeared KRIS WRIGHT, known or identified to me to be the person whose name is subscribed to the within instrument and acknowledged to me that he executed the same. 006260 IN WITNESS WHEREOF, I have hereunto set my hand and affIxed my offIcial seal, the day and year in this certifIcate fIrst above written. (seal) ,f."~''''I\.",\;1 :~.. ~ ~'~"<,f,.\ ..'~ ....,.\ .'~.'I. ..¡.;" .c./)\ .a.~.".. .~, ......:::...y c.ot'jo f.'J 0 .:. $' ..,";;;..."'Y 0.. ~ &\11. ....~ .~ '. ~........ J:".., Ù.~"". ... IJ J .... e ....... ... ...... '<1;1- .~... ::lX1: f..., . ~ :~: ~';>-<': 0 ø IJ:¡ :Ll..,:: ;p... "'? ~ .:0: ~? e. ~.. Jo. .: ~~.r" _.. ._ ~4.Q .:- ,~, ......... ~ "" ..... "\~/f'" $'\ \. ....~,,' .'.' "" J'''''H~III' Q'ð?t L~rt Notary lie for ~a.'} Residing at ~Ø~f20 ~ \ ~ My commission expires: ~ I S:,õ1 0 10 G: \SharedFiles\ Wendy' sMy Files\SPE-Clients\ 1666\RogerLinde\Mortgage(V acantLand). wpd 9 - REAL ESTATE MORTGAGE