HomeMy WebLinkAbout942855
-> - MORTGAGE
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KNOW ALL MEN BY THESE PRESENTS, that on this L day of October, 2008, Green
River Land Partners LLC, a Wyoming limited liability company, herein designated as Mortgagor, whose
mailing address is 480 West 1400 North, Ste. BI04, Logan, UT 84341, to secure the payinent of the
principal sum ofONE HUNDRED TWENTY THOUSAND DOLLARS (SI20,000.00), as evidenced by
a promissory note and any amendments thereof of even date herewith and payable to the order of LEW IS
RANCH, a Wyoming general partnership, through its General Partners, Richard L. Lewis,
Roland B. Lewis and Betty M. De Rosiers, whose mailing address is P.O. Box 49, Kemmerer,
Wyoming 83101, Mortgagee, and hereby mortgages and warrants to said Mortgagee, the following
described real estate, situated in Lincoln County, State of Wyoming, hereby waiving and releasing any and
all rights under the homestead exemption laws of said State, to-wit:
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Beginning at the SE 1/16 comer of Section 18, T.21 N., R.117W.. Lincoln County,
Wyoming where is found a 3" aluminum cap:
thence N 00°03'39" E, 1050.01 feet to a point where is found a 2"
aluminum cap;
thence S 36°55'42" W, 887.11 feet to a point where is found a 2"
aluminum cap set this survey;
thence S 40°33'35" W, 750.00 feet to a point where is fOijnd a 2"
alu minum cap set this survey;
thence N 89°49'11" E, 329.96 feet to a point where is found a 2"
aluminum cap;
thence continuing N 89°'49'11" E, 900.00 feet to the point of beginning of '
this description
Said parcel contains 16.98 acres more or less.
TOGETHER WITH all improvements, appurtenances, hereditaments and all other things
thereunto belonging or in anywise appertaining.
SUBJECT, HOWEVER. to all easements, rights-of-way, covenants, reservations and
restrictions of record or visible upon inspection.
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The Mortgagor hereby covenants and agrees that it is lawfully seized of said premises, that they
are free trom all encumbrances,except as noted herein, and hereby covenants to warrant and defend the title
of said premises against the lawful claims of all persons whosoever.
And the Mortgagor covenants and agrees with the Mortgagee as follòws:
1. That it will pay the indebtedness, as hereinbefore provided. Privilege is reserved to prepay the
debt in whole without penalty.
2. That the Mortgagor will pay all ground rents, taxes, assessments, water rents and other
governmental or municipal charges, and other lawful charges including but not limited to mechanics and
materiahnen's liens and will promptly deliver the official receipts therefor to the said Mortgagee within 30
days of payment of the same. In default thereof, the Mortgagee in its sole discretion may pay the same,
and all sums so paid will be added to and considered a part of the above indebtedness hereby secured, and
will draw interest at the same rate, or in the alternative Mortgagee may declare a default and avail itself of
all remedies hereunder.
3. That nothing will be done on or in connection with said property which may impair the
Mortgagee's security hereunder, the Mortgagor will commit, permit or suffer no waste, impairment or
deterioration of said property nor any part thereof, and said property will be continuously maintained in
good and sightly order, repair and condition by the Mortgagor at its expense.
4. Mortgagorcovenants and agrees that it will not sell and convey the premises without the written
consent of the Mortgagee fIrst being obtained, which consent Mortgagee shall not unreasonably withhold.
5. That in the event that there exists or may exist on the mortgage premises now or in the future
any underground storage tanks (U.S.T.'s), hazardous substances, toxic substances or machineI)' or
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RECEIVED 10/14/2008 at 12:55 PM
RECEIVING # 942855
BOOK: 706 PAGE: 871
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
equipment capable of producing hazardous or toxic emissions or substances as defined by any federal, state
or local law, Mortgagor will defend all claims arising therefrom, and will indemnify Mortgagee for any and
all damages, including costs of clean up, and compliance, actually incurred by Mortgagee, and arising in any
manner as a result of said underground storage tanks, hazardous or toxic substances or emissions. Any
damages so incurred and paid by Mortgagee will be added to and be considered a part of the above
indebtedness hereby secured, and will draw interest at the same rate.
In addition, Mortgagor shall comply with all federal, state and local laws, regulations and
ordinances, regarding said underground storage tanks, toxic and hazardous substances and emissions,
including but not limited to provisions regarding monitoring devices, reporting requirements, and liability
insurance requirements. Mortgagor shall provide proof of such compliance to Mortgagee upon request of
Mortgagee.
6. That it will keep the improvements now existing or hereinafter erected on the said premises
insured as may be required from time to time by the Mortgagee against loss by fire and other hazards,
casualties, and contingencies in such amounts and for such periods as may be required by the Mortgagee,
but in no event for any amount less than the outstanding balance hereunder and will pay promptly, when
due, any premiums on such insurance. All insurance shall be canied in companies approved by the
Mortgagee and the policies and renewals thereof shall be held by the Mortgagee and shall contain a full
Mortgagee endorsement therein in favor of and in form acceptable to the Mortgagee. In an event of loss
itwill give immediate notice by mail to the Mortgagee, who may make proof of loss if not made promptly
by the Mortgagor, and each insurance company concerned is hereby authorized and directed to make
payment for such loss directly to the Mortgagee instead of the Mortgagor and the Mortgagee, jointly, and
the insurance proceeds, or any part thereof, may be applied by the Mortgagee at its option either to the
reduction of the indebtedness hereby secured or to the restoration or repair of the property damages. In
an event of foreclosure of this mortgage or other transfer of title to the said premises in ex.tinguishment of
the indebtedness Seèured 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.
7. That in case the Mortgagor defaults in the payment of ground rents, if any, taxes, assessments,
water, or other governmental or municipal charges, insurance premium payments or other lawful charges,
as herein provided, the Mortgagee may without notice or demand pay the same and in case of any failure
on the part of the Mortgagor to comply with the covenants of paragraph 3 hereof, the Mortgagee may
effect such repairs as it may reasonably deem necessary to protect the property, at the expense of the
Mortgagor. The Mortgagor covenants and agrees to repay such sums so paid and all ex.penses incurred by
the Mortgagee, as required by Mortgagee, with interest thereon from the date of payment, at the same rate
as provided in the Note herein described, and the same shall be a lien on the said premises and be secured
by the said Note and by these presents and in default of making such repayments, the whole amount
hereby secured, if not then due, shall, if the said Mortgagee so elects, become due and payable forthwith,
anything herein contained to the contrary notwithstanding. In the alternative Mortgagees may forego any
such payment and declare a default hereunder, ín Mortgagee's sole discretion. '
8. That in the event the property covered hereby is sold under foreclosure and the proceeds are
insufficient to pay the total indebtedness secured hereby, the Mortgagor binds itself to pay the unpaid
balance and accruing interest thereon and the Mortgageewill be entitled to a deficiency judgmentfor all said
amounts together with costs and reasonable attorneys fees incurred by Mortgagee.
9. Upon occurrence, with respect to any Mortgagor, assignee, maker, endorser or guarantorhereof,
of any following:
Calling of a meeting of creditors; application for, or appointment of, a receiver of
any of them or their property; filing of a voluntary or involuntary petition under any of the
provisions of the Bankruptcy Act or amendments thereto; issuance of a warrant or
attachment; entry of ajudgment; failure to pay, collect or remit any tax or tax deficiency,
Federal, State or local, when assessed or due; death, dissolution; making, or sending notice
of an intended bulk sale; mortgage or pledge of any property; suspension or liquidation of
their usual business; failure, after demand, to furnish fmancial information or to permit
inspection of any books or records; default in payment or performance of the note secured
by this mortgage or any other obligation to, or acquired in any manner by payee, or if the
condition or offairs of any of them shall change so as in the opinion of the Mortgagees or
other legal holder hereof, shall increase their credit risk . the note and all other obligations,
direct or contingent, of any maker or endorser hereof to payee shall become due and
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payable immediately without notice of demand.
That in case default shall be made in the payment, when due, of the indebtedness hereby secured
or of any installmentthereof, or any part thereof, or in case of breach of any covenant or agreement herein
contained, the whole of the then indebtedness secured hereby, inclusive of principal, interest, mrearages,
ground rents, if any, taxes, assessments, water charges, expenditures for repairs or maintenance, together
with all other sums payable pursuant to the provisions hereof, shall become immediately due and payable,
at the option of the Mortgagee, although the period above limited for the payment thereof may not have
expired, anything hereinbefore or in said Note contained to the contrary notwithstanding, and any failure
to exercise said option shall not constitute a waiver of the right to exercise the same at any other time, and
it shaH be lawful for the Mortgagee to proceed to enforce the provisions of this mortgage either by suit at
law or in equity, as it may elect, or to foreclose this mortgage by advertisement and sale of the above-
described premises, at public vendue, for cash, according to Wyoming statutes governing mortgage
foreclosures, and cause to be executed and delivered to the purchaser or purchasers at any such sale a good
and sufficient deed or deeds of conveyance of the property so sold and to apply the net proceeds arising
from such sale first to the payment of the costs and expenses of such foreclosure and sale and in payment
of all moneys expended or advanced by the Mortgagee pursuant to the provisions of paragraph 5 hereof,
and then to the payment of the balance due on account of the principal indebtedness secured hereby,
together with interest thereon and the surplus, if any, shall be paid by the Mortgagee on demand, to the
Mortgagor. There shall be included in any or all such proceedings, a reasonable attorney's fee. ht case the
Mortgagee shall fail promptly to foreclose upon the happening of any default, it shall not thereby be
prejudiced in its right of foreclosure at any time thereafter during which such default shiill continue and
shall not be prejudiced. in its foreclosure rights in case of further default or defaults.
10. This Mortgage is subordinate andjuniorto, and the mortgaged premises encumbered by, a prior
mortgage given by Mortgagorto 1 øt Bank and the Mortgagorshall fully pay and dischargesaid encumbrance
and furnish proof of payment to Mortgagees on request.
11. That in case of any default whereby the right of foreclosure occurs hereunder, the Mortgagee
shall be 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, if any there be.
12. No failure by the Mortgagee or any legal holder hereof to enforce any right set forth herein nor
the granting of any extension of time nor taking of additional security, nor partial release of security or the
making of future advances, shall act to constitute a waiver of the right to enforcè'any and all remedies
provided herein nor shall it act to discharge or release the collateml.
13. That the covenants herein shall bind, and the benefits and advantages shall inure to, the
respective heirs, 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.
14. Upon request of Mortgagor, Mortgagee, at Mortgagee=s option prior to release of this
Mortgage, may make future advances to Mortgagor. Such future advances, with interest thereon, shall be
secured by this mortgage when evidenced by promissory notes stating that said notes are secured hereby.
15. Mortgagor waives all rights of homestead exemption in the property and relinquishes all rights
of curtesy and dower in the property.
16. All notices required hereunder, or required by the laws of the State of Wyoming regarding
mortgages and foreclosure thereof shall be mailed to the parties at the following addresses:
Green River Land Partners LLC
480 West 1400 North, Ste. B104
Logan, UT 84341
Lewis Ranch
P.O. Box 49
Kemmerer, Wyoming 83101
It shall be the obligation of Mortgagor to notify Mortgagee in writing of any change in the address
set out above. Mortgagee shall be entitled to rely upon the address set out above for all purposes
hereunder, unless written notice of change is received from Mortgagor.
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2008.
IN WITNESS WHEREOF, the Mortgagor has set its hand(s) this L day of tl~ .
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STATE oFA/'v..A.l(I/Ý([)
. /J.j,. LM"/o, )ss.
COUNTY OF~
v1 T)1is instrument was acknowledged before me this ~ day of tJA- .2008, by
-mll ç IIJ-J J ,h-1ri'/~ manager of Green River Land Partners LLC.
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WITNESS my hand and official seal. ~~ .
/1 j MARGARET CHICORELLI
t{/{...I~" Notary Public, State of New York
Notary Pu c Qualitiedin Otsego County
01 CH4982947
CommIssion Expires ' ~ ~ /7 '//
My Commission Expires:
STATE OF /VI (N .)Ç:Scrrtt- )
)ss.
COUNTY OF I.h;::'J.)¡.)a>/ tJ)
~ This Ï!!Stn¡ment was acknowledged befor~ me this ~ day of Gc4V~ . 2008, by
6~~~ t:.. LPn!.-c;.> .managerofGreenRiverLandPartnersLLC.
WITNESS my hand and official seal.
My Commission Expires: 0/ -~ I ~~Ul \
KAREN M. DAVIS
NOTARYPUBL~.M~$QTÀ
My Commission ExpiJu Jan.,31,2011
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