HomeMy WebLinkAbout876758 KNO ~ALL MENBY TH£$£ PRE$£NT$, that Larry Mathes, Michele Ma~,~::-'~ f~ '
Sharon Hatfield, Tiphany Gayhart and Shelly's Cowboy Bar, LLC, ("Mortgagor") of P~'
Office Box 7930, Jackson, Wyoming 83001 to secure the payment of ONE HUNDRED,
TWENTY-THREE THOUSAND, ONE HUNDRED AND FIFTY DOLLARS ($123,150.00)
as evidenced by a Promissory Note dated of even date herewith to the order of RHEA
ROBERTS MILES, Trustee of the Rhea Roberts Miles Living Trust, dated December
31, 1996 and successors in interest,. (Mortgagee) at'the address of Post Office Box
375, Alton, Wyoming 83110, to be paid as fOllows:
1.' The Mortgagee acknowledges receipt of the sum of forty nine
thousand dollars ($49,000.00) which represents the down payment on the total sales
price of one hundred and seventy two thousand, one hundred and fifty dollars
($172,150.00) leaving a remaining balance of one hundred, twenty three thousand, one
hundred and fifty dollars ($123,150.00) being the subject of this mortgage.
2. The repayment of the remaining one hundred, twenty three thousand, one
hundred and fifty dollars ($123,150.00) shall accrue interest in the amount of nine
percent (9%) interest per annum until paid in full, interest shall begin to accrue on this
amount on the date of the execution of this mortgage.
3. On or before November 9, 2001 the Mortgagor shall pay to the Mortgagee a
monthly payment in the amount of one thousand, five hundred, sixty dollars and thirty
six cents ($1,560.36) which represents a monthly payment with the principle amount
and interest being amortized over a ten (10).year period.
4. On or before December 9, 2001 the .Mortgagor shall pay to the Mortgagee a
monthly payment in the amount of one thousand, five hundred, sixty dollars and thirty
six cents ($1,560.36) which represents a mOnthly payment with the principle amount
and ipterest being amortized over a ten (10) year period.
.5. On or before December 31,2001 the Mortgagor shall pay to the Mortgagee
an estimated final balloon payment in the amount of one hundred twenty one thousand,
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five hundred and ninety seven dollars and seventy two cents ($12'1,597.72). However,
the final balloon payment shall be adjusted in relation to the date that the final payment
~is made including all interest and late charges.
6. The Mortgagor may prepay the principle amount in whole or in part at any
time with no penalty prior to December 31,2001. Any partial prepayment shall be
applied first to late charges, then to any accrued interest, and then to the principle
amount outstanding and shall not postpone the due date of any subsequent monthly
installments or change the amount of such installments, unless the Mortgagee shall
otherwise agree in writing.
7. If the monthly payment due November 9 or December 9 of 2001 is made
more than ten (10) days after the due date the Mortgagee shall be entitled to an
additional two hundred dollars ($200.00) in the form of a late payment charge. If the
final balloon payment due no later than December 31,2001 is made more than ten (10)
days after the due date, the Mortgagee shall be entitled to an additional one thousand
dollars ($1,000.00) in the form of a late payment charge. Any late charges shall be
applied to the principle amount and accrue interest in the amount of nine percent (9%)
per annum.
The Mortgagor hereby mortgages to Mortgagee the following described real
estate, fixtures and liquor license situated in the County of Lincoln, State of Wyoming:
THE BUSINESS, COMMONLY REFERRED TO AS "THE GOLDEN
SPUR CAFE AND COWBOY BAR" MORE SPECIFICALLY DESCRIBED
AS'
Part of Lot 4 of Block 19 of the Town of Aflon, Lincoln County, Wyoming being
more particularly described as follows:
BEGINNING at point which is 65.5 feet N. orth of the Southeast corner of said Lot
4 and running thence North 50.0 feet;
thence West 8 rods;
' thence South 50 feet;
then East 8 rods to the POINT OF BEGINNING.
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106 Hospital Lane
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Alton, Wyoming 83110 Mortgage - - Page 2 of 10
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Beginning at a point which is 'I 2 rods West of the Southesst Corner of Lot 4, in
Block 'lg in the Afton Townsite and running thence North '10 rods: thence East 3
rods~ thence South '10 rods: thence West 3 rods to the place of beginning.
including all buildings and improvements thereon or that may hereafter be erected
thereon: together with hereditament$ and appurtenances and all other rights thereunto
belonging, or in anywise now or hereafter appertaining, and the reVersion and
reversions, remainder and remainders, ten!s, issues, and profits thereof, and all
plumbing, heating, and lighting fixtures, equipment, business licenses and specifically,
the liquor license issued to the business by the ToWn.'of Af~on now or hereafter 8tracheal
to or used in connection with the premises.
The real property and business known as "The Golden Spur Caf~ and Cowboy
Bar" currently has a liquor license issued to the business by the Town of Alton. The
Mortgagor covenants and promises that in the event of any default as defined within
this mortgage or within the Promissory Note of even date, the liquor license Js to be
immediately transferred back to RHEA ROBERTS MILES if the default is not cured
within 30 days.
Mortgagor promises and covenants that in case of default as defined within this
document or the I~romiSsory Note of even date they will sign any and all necessary
documents to effectuate the transfer of the liquor license from the Town of Af~on back
to RHEA ROBERTS MILES. Mortgagor agree and state '[hat in the event they do not
sign any and all necessary documents to transfer the liquor license back into the name
of RHEA ROBERTS MILES, this mortgage may be relied Upon by a third par~y with an
affidavit by the Mortgagee stating the terms of the default to serve as documentation for
application to transfer the liquor license into the name of RHEA ROBERT8 MILES. The
par~ies agree and state that the liquor license issued 'to Cowboy Bar and Golden Spur is
of considerable value and is serving as collateral for this mortgage and promissary note
of even date with the herein described real proper~y and ¢ontrolled by the terms herein.
Mortgagor hereby relinquishes and waives all rights under and by virtue of the
homestead laws of the State of Wyoming and covenants that he is lawfully seized of
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the premises, that they are free from all encumbrances and hereby covenants to
warrant and defend the title of the premises against the lawful claims of all persons
whomsoever.
And Mortgagor covenants with Mortgagee as follows:
1. In case of default in any of the payments stipulated in the note, mortgagor, as
further security for this mortgage and the note secured thereby, hereby assigns, sets
over, and conveys to mortgagee all rents, issues, and profits from the property.
2. To pay promptly, when due, the principal.and interest and other sums of
money provided for in said Note and this mortgage, or either; to pay all and singular the
taxes, assessments, levies, liabilities, obligations, and encumbrances of every nature
on said property.
3. To perform, comply with and abide by each and every term of the
agreements, stipulations, conditions, and covenants, set forth in said Note and this
mortgage or either. ~
4. Failure by the mortgagee to exercise any of the rights or options herein
provided shall not constitute a waiver of any rights or options under said Note or the
mortgage accrued or thereafter accruing.
5. Nothing shall be done on or in connection with the property that may impair
mortgagee's security hereunder; mortgagor will not commit, permit or suffer any waste,
impairment or deterioration of the property nor any part thereof, and the property shall
be continuously maintained in good and sightly repair, and condition by mortgagor at
his expense.
6. Mortgagor and the successors and assigns of the mortgagor, shall keep the
building erected or to be erected on the above-described premises insured against loss
and damage by fire and casualty for an amount~ not less than one hundred and twenty-
three thousand, one hundred and fifty dollars ($123,150.00) with such company or
companies as the mortgagee shall approve, the loss, if any to be payable to the
mortgagee as its interest may appear at the time of loss, shall deliver the policy or
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106 Hospital Lane
P.O. Box 1550
Afton, Wyoming 83110 Mortgage - - Page 4 of 10
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policies attained to the mort§agee and shall promptly pay all premiums for the
insurance when they are due. In default thereof mortga§ee its successors or assi§ns
may obtain such insurance and reimburse themselves under the mort§a§e for the
expenses thereof with interest at the rate of ten percent (10%) from the date of its
payment. If any insured buildin§s on the premise are destroyed or damaged by fire or
other elements, the sum or sums collected from the insurance may at the option of the
mort§a§or, be applied either to the payment of the one hundred twenty three thousand,
one hundred, fifty dollar ($123,150.00) Promissory Note secured by this mortga§e or
under the direction of the mort§agee to the reconstruction of the buildin§ so destroyed
or dama§ed.
7. The mortga§or shall not, without the prior written consent of mort§a§ee,
which consent shall not unreasonably be withheld, build any new or additional buildin§
or structure on the mort§a§ed premises, or rebuild or add to any buildin§ or structure
now located on the premises.
8. In case mort§agor defaults in the payment of any taxes, assessments, water
or other governmental or municipal char§es, or other lawful char§es as herein provided,-
mort§a§ee may without notice or demand pay the same and in case of any failure on
the part of mort§a§or to comply with the covenants of Paragraph § hereof, mort§a§ee
may effect such repairs as it may reasonablely deem necessary to protect the property,
at the expense of mortgagor. Mort§a§or shall repay such sums so paid and all
expenses so incurred by mort§a§ee, with interest thereon from the date of payment, at
10% percent per annum, and the same shall be a lien on the premises and be secured
by the note and by these presents; in'default Of makin§ such repayments the whole
amount hereby secured if not then due shall, if mo. hgagee so elects, become due and
payable forthwith, anything herein contained to the contrary notwithstanding.
9. In the event the property is sold under'foreclosure and the proceeds are
insuffi,cient to pay the total indebtedness secured hereby, mortgagor binds himself
personally to pay the unpaid balance, and mortgagee will be entitled to a deficiency
judgment.
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Afton, Wyoming 83110 Mortgage - - Page 5 of 10
10. In case default occurs due to a nonpayment of an installment, when due, of
the indebtedness hereby secured, or of any installment thereof 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, arrearages, 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 Mortgagee, although the period above limited for the
payment thereof may not have expired, anything heJ'ein before or in the note contained
to the contrary notwithstanding; any failure to exercise such option shall not conStitute a
waiver of the right to exercise the same at any other time; and it shall be lawful for
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
premises, at public auction 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, including reasonable
attorney fees, and in payment of all money expended or advanced by mortgagee
pursuant to the provisions of paragraphs 6 and 8, 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 mortgagee on demand to
Mortgagor. In case mortgagee fails promptly to foreclose on the happening of any
default, it shall not thereby be prejudiced in itC' right to foreclosure at any time thereafter
during which such default continues, and.shall notj)e prejudiced in its foreclosure rights
in case of further default. .
11. In case of any default whereby the right of foreclosure occurs hereunder,
mort(~agee shall AFTER 20 DAYS become entitled to exclusive possession, use, and
enjoyment of all property, to all rents, issues, and profits thereof, from the accruing of
such right and during the pendency of foreclosure proceedings and the period of
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redemption, if there is any; and such possession, rents, issues, and profits shall at once
be delivered to mortgagee on request, and on refusal, the delivery of such possession,
rents, issues, and profits may be enforced by mortgagee by any appropriate civil suit or
proceeding, including action or actions in ejectment, or forceable entry, or unlawful
detainer; and Mortgagee shall after 30 days written notice be entitled to a receiver for
the property and all rents, issues, and profits thereof, after any such default, including
the time covered by foreclosure proceedings and the period of redemption, if there is
any, and shall be entitled thereto as a matter of right·without regard to the solvency or
insolvency of mortgagor or the then owner of the property, and without regard to the
value of the property of the sufficiency thereof to discharge the mortgage debt and
foreclosure costs, fees and expenses, and such receiver may be appointed by any
court of competent jurisdiction on ex parte application and without notice (notice being
hereby expressly waived, and the appointment of any such receiver on any such
application without notice being hereby consented to by mortgagor on mortgagor's own
behalf), and all rents, issues, profits, income, and revenue of the property shall be
applied by such receiver, according to law and the orders and directions of the court.
12. Mortgagor may not convey or transfer any interest in or encumber the
described premises without the prior written consent of the mortgagee. Mortgagor must
give mortgagee written notice of mortgagor's intent to convey or transfer any interest in
or to encumber the described premises at least thirty (30) days prior to the proposed
conveyance or encumbrance, excluding death of a joint tenant. SUch consent by
mortgagee shall not unreasonably be withheld. If all or any part of the described
premises or an interest therein is sold; transferred or encumbered by mortgagor without
mortgagee's prior written consent, mortgagee may,,' at its option, declare the entire
remaining balance due under this agreement t° be ,immediately due and payable and
give written notice to mortgagor thereof. After receipt of such written notice, mortgagor
shall 'have thirty (30) days in which to. pay the entire remaining balance to mortgagee.
13. The covenants herein contained shall bind, and the benefits and advantages
shall inure to, the respective heirs, executors, administrators, successors, and assigns
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106 Hospital Lane
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Afion, lYyoming 83110 Mortgage - - Page 7 of 10
of the parties hereto. Whenever used, the sin§ular number shall include the plural, the
plural the singular, and the use of a~ 9ender shall include all 9end,rs.
~4. Whenever use~ herein, the terms "Mo~gagor' and "Mo~gagee" include
the pa~ies to tb~s instrument and the belts, le~l representatives, an~ assigns of
~ndivMuals, ~nd the successors and assigns o~ corporations or other legal opemtin9
entities; and the term "Note" and "Promissow Note" includes all the notes and
promissow notes herein described if more than one.
IN ~ESS ~HEREO~ Mortgagor has caused rhis mortgage to be executed this _~ day
of October, 2001.
LA~~
SHAR ON Hat TFIELD
SHELL Y'S COWBOYBAR, LLC ,
MICHELE MA THES, MANAGING
MEMEBER ~
Bowers Law Office P. C.
106 Hospital Lane
P.O. Box 1550
Afion, Wyoming 83110 Mortgage - - Page 8 of 10
10/18/2881 12:41 13078850G41 BOWERS LAW OFFICE PAGE 19
,.,. , ~,. $[ --
of the parties hereto. Whep:~ver used, the singular number shall include the plural, the
plural the singular, and the t;se of any gender shall include all genders.
14. Whenever used'herein, the terms "Mortgagor" and "Mortgagee" include all
the parties to this instrument and the heirs, legal representatives; and assigns of
individuals, and the success;)rs and assigns of corporations or other legal operating
e.ntities; and the. term 'Note" 'and "Promissory Note, includes all the notes and
promissory notes herein des;:ribed if more than one.
o£r'',
SHELL Y'S CO WBO Y BAR, LL C
MI CHE L E MA TI-lES, MANAGING
'MEMEBER
Bowers Law Office
106 Hospital Lane
.P.O Box 1550
.dflon, ~Yyoming 83110 Mortgage - - Page 8 of 10
STATE OF WYOMING
CO UNTY OF LINCOLN )
The foregoing was acknowledged before my by TIPHANY GA YHAR T this ~day of
October, 2OOl.
WITNESS my hand and official seal.
NO TAR Y P UBLIC
My commission expires: i~ ' ~ ~ D~/
County o! ~ . _State .of ~
STATE OF WYOMING ) Umdln ~ Wyoming ~
My Commission Expires ~
ss,
CO UNTY OF LINCOLN )
The foregoing was acknowledged before my by MICHELE MA THES this L/ )~ay of
October, 2001.
WITNESS my hand and official seal.
NO TAR Y PUBLIC
My commission expires: [0' ,~.'~5~ ~ [~/
~ COUf~y~ ~.i.~:, State of ~[
STATE OF WYOMING ) ~ Uneol~ ~?' Wyoming ~
COUN~ OF LINCOLN ) "
~e foregoing was acknowledged before my ~ LARR Y~ THES this ff~/~y of October,
WI~ESSmyhandandofficialseal. ~. ~
NO TAR Y PUBLIC
My commission expires: (~) '~ ~2~ (~? ~ [
Bowers Law Office P.C. $ County of ff~ State of {
204HospitMLane ~ ' Lincoln ~ Wyoming ~
P.O. Box ~550 M~ommlsslon Expires ~
~on, ~yoming 83110 ~ortg~ge - - P~ge 9 of 10 .......................
1.52
STATE OF F/YOMING )
CO UNTY OF LINCOLN )
The foregoing was acknowledged before my by SHARON HA TFIELD this__ day of
October, 2001.
WITNESS my hand and official seal.
NO TAR Y PUBLIC
My commission expires:
STATE OF WYOMING )
) ss.
COUNTY OF LINCOLN )
The foregoing instrument was acknowledged before me by MICHELEMA THES,
who stated she was the Managing Member of Shelly's Cowboy Bar, LLC, and that the
execution of this document was clone on behaff of Shellv's Cowboy Bar, LLC by her
acts; appearing in person this..~:~l~ay of October, 200'1. '
WITNESS my hand and official seal.
NOTARY PUBLIC
My commission expires: fL.-,~? .9- D L/
TERI BOWERS - NO'[N~ Pi. liN.lC
, Countyof ' ~ 61ateof
Bowers Law Office P. C.
106 Hospital Lane
P.O. Box 1550
Afion, Wyoming 83110 Mortgage - - Page 10 of 10
18/18/2881 12:41 13078850B41 BOWERS LAW OFFICE PAGE 21
153
STATE OF IVYOblING
COUNTt' OFLINCOLN )
The foregoing wa~ ackno,'~ledged be~re my by SHARON HA TH££D this ~_ day of
Ocwb~r, 2001.
W1TN£ss my hand and offic~al )eal.
My commission expires.' g~' 1(0 ~ .
z~ ~ Cornm~ion # '1! 9375~ [
STATE OF WYOMING )
)
COUNTY OF LINCOLN
The foregoing inStrumvnt was acknowledged before me by MICHEL£ MA THE&
who stated she was the ManOging Member of Shelly's Cowboy Bar, LL C, and that the
execution of this document ~Js/~o, qe on behalf of Shelly's Cowboy Bar, LLC by her
aCtS; appearing in.person thi~. ~lay of October. 2001.
WITNESS my hand and officiel seal.
NOTARY PUBLIC
My commission egpires:
Bowers Law Office P. C.
106 Hospital Lane
P.O. Box 1530
~flon, Wyoming ~110 Mortgage - - Page 10 of IO