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HomeMy WebLinkAbout947288MORTGAGE C-00451 KNOW ALL MEN BY THESE PRESENTS, that Peavlers' Mountain Star, Inc. aka Peavler's Mountain Star, Inc., a Wyoming corporation, herein referred to as Mortgagor, of PO Box 395, Afton, WY 83110, to secure the payment of the principal sum of $83,342.00 together with interest pursuant to that certain Covenant Not to Compete dated of even date herewith and executed by Mortgagor, and the principal sum of $98,000.00 pursuant to that certain Agreement to Sell Stock dated of even date herewith and executed by Mortgagor's shareholders Rick Peavler, Tom Peavler, and Wade Peavler, to the order of Earl H. Peavler, Jr., and LuAnn C. Peavler, trustees of the Earl H. Peavler, Jr. and LuAnn C. Peavler Family Trust dated May 7, 1997, of 137 West Nield Avenue, Afton, WY 83110, payable as follows: Covenant Not to Compete $83,342.00 shall be paid together with interest on the unpaid principal balance from January 1, 2009, until paid, at the New York prime lending rate published in the Wall Street Journal on the due date of the payment or the next business day if no Wall Street Journal is published on that date. However, the rate of interest shall not be less than 4% or more than 7%. Payment shall be made in equal, semi-annual installments of principal in the amount of $6,000.00 together with interest on the unpaid balance as set forth above, beginning July 1, 2009, and January 1, 2010, and continuing on July 1 and January 1 of all subsequent years until the balance as been paid in full. Agreement to Sell Stock $98,000.00 shall be paid together with interest on the unpaid principal balance from January 1, 2009, until paid, at the New York prime lending rate published in the Wall Street Journal on the due date of the payment or the next business day if no Wall Street Journal is published on that date. However, the rate of interest shall not be less than 4% or more than 7%. Payment shall be made in equal, semi-annual installments of principal in the amount of $6,000.00 together with interest on the unpaid balance as set forth above, beginning July 1, 2009, and January 1, 2010, and continuing on July 1 and January 1 of all subsequent years until the balance as been paid in full. hereby mortgages to Mortgagee, the following described real estate, situated in the County of Lincoln, State of Wyoming: RECEIVED 5/21/2009 at 11:31 AM RECEIVING # 947288 BOOK: 723 PAGE: 451 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY C400452 That part of the SE1/4NE1/4 of Section 24, T32N, R119W of the 6th P.M., Lincoln County, Wyoming, being part of that tract of record in the Office of the Lincoln County Clerk in. Book 392 PR, page 119, more particularly described on the attached "Description for W. Tom Davis Revocable Trust Tract A-1" which is incorporated herein by this reference. Including any and all improvements thereon, together with the tenements, hereditaments, and appurtenances thereto belonging, and the rents, issues and profits thereof. Mortgagor shall keep any improvements located on the property fully insured against fire and other perils with an insurance company approved by mortgagee, shall deliver a copy of the policy to mortgagee, shall name mortgagee as a loss payee on said policy, shall pay the premium therefor and provide annual proof in writing to mortgagee that the premium has been duly paid. Mortgagor must give Mortgagee thirty (30) days written notice prior to any conveyance or encumbrance of any interest in said property. If all or any part of said property or an interest therein is conveyed or encumbered by Mortgagor without Mortgagee's prior written consent, the Mortgagee may, at Mortgagee's option, declare all the sums secured by this mortgage to be immediately due and payable. Mortgagor also agrees to pay all taxes and assessments on said premises, including any assessments that may be levied on water rights or shares of stock used in connection therewith, or held as collateral with the above note; also any tax that may be assessed by reason of this mortgage or the debt secured thereby, and reasonable attorney's fees in case of foreclosure, or the commencement of any legal proceedings for foreclosure of the same, and said attorney's fees shall be added to the amount due on this mortgage, and made a lien on the premises described herein. In case of default in the payment of any sum covenanted to be paid when the same shall become due and payable, or in case of default in the performance of any covenant herein contained, the whole amount of this indebtedness secured herein may be declared due and payable in accordance with the terms of the Covenant Not to Compete and the Agreement to Sell Stock and this mortgage foreclosed at the option of the legal holder. In the event of default, Mortgagor grants to Mortgagee a Power of Sale to foreclose on and sell said property at public auction pursuant to W.S. §34-4-101 et seq., or its successor. IN WITNESS WHEREOF, Mortgagor has executed this Mortgage as of the 1st day of January, 2009. 2 C06453 Atte 0- Tom Peavler, Secretary STATE OF WYOMING COUNTY OF LINCOLN ss. Peavlers' Mountain Star, Inc. By Rick Peavler, President On this / ?14 day of May, 2009, before me personally appeared Rick Peavler, to me personally known, who, being by me duly sworn, did say that he is the President of Peavlers' Mountain Star, Inc., aka Peavler's Mountain Star, Inc., a Wyoming corporation, described in and which executed the foregoing instrument; that said instrument was signed in behalf of said corporation by authority of its Board of Directors; and said Rick Peavler acknowledged said instrument to be the free act and deed of said corporation. Given under my hand and notarial seal the day and year first above written in this certificate. NOTARY PUBLIC tate of yoming 1 I ZED My commission expires: May 2, 2011. NOTARY PUBLIC 3 TRACT A-1 To-wit:-- I'rnll•x5innul lend 5urveYnra I•anl N. Sch.rlrrl ReRlWalwn Nn. 161 5cn11 A. SCIrer111.1 RepslIA6111 No. 1A89 Marlowe A. Scherlwl R,AW,.0nn Nn. 5168 SURVEYOR SCHERBEk. LTD. 61A olnnr. -V-inx all II Ink... WYOwIng 81001 Ahoo, Wyan ing 811111 Paul N. s0wi'el Idaho Rgi'mil n 14o3990 Sam A. Sclwkl Idal Rcgislrannn No.8026 That part of the SE1/NEIX of Section 24, T32N, R119W, Lincoln County, Wyoming, being part of that tract of record in the Office of the Clerk of Lincoln County in Book 392 of Photostatic Records on page 119, described as follows: COMMENCING at the southeast corner of said SE1/+NEIX found as described in the Corner Record filed in said office; thence N000-171-0011W, 494.69 feet, along the east line of said SEUNEi4, to a spike; thence S890-07'-57"W, 314.83 feet, to the POINT OF BEGINNING; thence continuing S890-07'-57"W, 230.44 feet, to a point; thence S000-27'-46"E, 489.97 feet, to a point under an existing east/west fence line; thence N880-56'-02"E, 191.212 feet, along said fence line, to a point at a fence corner; thence N01°-001-2811W, 182.46 feet, along an existing north/ south fence line, to point at a fence corner; thence N890-491-2111E, 40.00 feet, along an existing east/west fence line, to a point; thence N00°-17'-00"W, 307.34 feet, parallel with the east line of said SE%NEIA, to the POINT OF BEGINNING; ENCOMPASSING an area of 2.42 acres, more or less; the BASE BEARING for this survey is the east line of the NE~f, of Section 24, T32N, R119W, being N000-171-00"W; SUBJECT to and RESERVING unto the Grantors, their heirs, successors, and assigns, a right of ingress and egress, and public utilities over, under and across the north sixty (60) feet of the above described tract; TOGETHER with a right of ingress and egress, and public utilities over, under and across a strip of land sixty (60) feet in width, with the north line described as follows: BEGINNING at a spike on the east line of said SE14NE1( within the bounds of U.S. Highway 89, N001-17'-00"W, 494.69 feet, from the southeast corner of said SE1ANEIX found as described in the Corner Record filed in said Office; thence S89°-07'-5711W, 314.83 feet, to the northeast point of the above described tract; each "point" marked by a 5/8" x 24" steel reinforcing rod with a 21, aluminum cap inscribed, "SURVEYOR SCHERBEL LTD AFTON WY PLS 5368", with appropriate details; each "spike" marked by a 3/811 x 12" steel spike and referenced by a 5/811 x 241' steel reinforcing rod with a 21' aluminum cap inscribed, "SURVEYOR SCHERBEL LTD AFTON WY PLS 5368" with appropriate details; all in accordance with the plat prepared to be filed in the office of the Clerk of Lincoln County titled, 11W. TOM DAVIS REVOCABLE TRUST PLAT OF TRACTS WITHIN THE NORTH AFTON WATER AND SEWER DISTRICT ANNEXATION TO THE TOWN OF AFTON IN THE SE1/ANE1/ SECTION 24 T32N R119 LINCOLN COUNTY, WYOMING", dated 25 June 1 d revis 0? ~ecer~ 6. / ~ la- c917~. y~ O~ i 11. $C 538 0^¢ December 996, rd ea b 11 November 1996 tomdaval.des "Modification in any y o the g g de rip on terminates liability of the surveyor" Dale, Iz jo-9 I..