HomeMy WebLinkAbout948000FIRST MORTGAGE C-00307
This Mortgage is made the ;%J day of June, 2009, by and between LT, LLC, a
Wyoming limited liability company, hereinafter referred to as the "Mortgagor", Donald
C. Krautter, as Sole Trustee of the Old Trapper Family Trust created u/t/a dated June 1,
2009 as amended, and Jean M. Krautter and Gail Susan Asbury, Trustees of the Jean M.
Krautter Living Trust dated August 26, 1996, as amended on May 28, 2009, and any
amendments thereto, and Old Trapper Memorial Tree Park, a Wyoming non-profit
corporation, collectively hereinafter referred to as "Mortgagee".
The Mortgagor, for and in consideration of the sum of Five Million Seven
Hundred Forty Eight Thousand Dollars ($5,748,000.00) lawful money of the United
States and other valuable consideration, the receipt of which is hereby confessed and
acknowledged, does hereby mortgage to the Mortgagee forever, the following
described real property situate in the County of Lincoln, State of Wyoming:
See Exhibit A attached hereto
Excepting therefrom Lot 1 consisting of approximately 15.22 acres as reflected
on the Amended Master Plan For Longview Ranch Subdivision And
Longview Ranch Resort
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 easements, appurtenances and incidents now or hereafter
belonging or appertaining there to; subject, however,. to all covenants, conditions,
easements, and rights-of-way, and to mineral, mining and other exceptions,
reservations and conditions of record.
TO HAVE AND TO HOLD the said real and personal property forever, the
Mortgagor hereby relinquishing and waiving all rights under and by virtue of the
homestead exemption laws of the State of Wyoming.
Mortgagor covenants that at the signing and delivery of this Mortgage, said
Mortgagor is lawfully possessed of said personal property; is lawfully seized in fee
simple of said real 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 warrants and will
defend the title to all of said property against all lawful claims and demands, 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 the Mortgagee the sum of $5,748,000.00, together with
1
RECEIVED 6/29/2009 at 11:24 AM
RECEIVING # 948000
BOOK: 726 PAGE: 307
JEANNE WAGNER
IAIT1 r-1 cov VCRARAC17GR WY
0900308
interest, until paid, according to the conditions of a three (3) Promissory Note
instruments (Promissory Notes) of even date herewith, which Promissory Notes were
executed and delivered by Mortgagor, which sum or sums of money Mortgagor
hereby covenant to pay, and until such payment, performs all of the covenants and
agreements herein to be performed by Mortgagor, then this Mortgage and said
Promissory Notes shall cease and be null and void.
The parties further covenant and agree as follows:
1. Payment. 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 Proper 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, 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
the Mortgagee to demand payment shall not prejudice the 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 terms or conditions of this Mortgage as may be
requested by the Mortgagee in exchange for the Mortgagee agreeing to an assumption
of this Mortgage.
4. Taxes and Assessments. Mortgagor shall pay all taxes and assessments
levied or assessed against said property.
5. Maintenance of Property. Mortgagor shall not commit or permit 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 the Mortgagee
hereunder. Mortgagor shall not permit said property, or any part hereof, to be levied
2
00039
upon or attached in any legal or equitable proceeding, and shall not, except with the
consent in writing of the Mortgagee, or as is otherwise provided and permitted in this
Mortgage, remove or attempt to remove said improvements or personal property, or
any part hereof, from the premises on which the same are situated.
6. Mortgagee Authorized to Make Payments. If Mortgagor default 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, the Mortgagee may, without notice or demand, pay the same, and if
Mortgagor fail to keep said property in good repair, the Mortgagee may make such
repairs as may be necessary to protect the property, all at the expense of Mortgagor.
Mortgagor covenant and agree 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 agree to repay the same and all expenses so incurred by
the 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 alien on all of
said property and be secured by this Mortgage.
7. Default. If Mortgagor default in the payment of the indebtedness
hereby secured, for a period of thirty (30) days after written notice, or if the Mortgagor
or Mortgagor remove or attempts to remove any of said improvements or personal
property contrary to the provisions of this Mortgage, or fail to keep the improvements
on said premises insured as herein provided, or in case of breach of any covenant or
agreement herein contained, the whole of the then indebtedness secured hereby, both
principal and interest, together with all other sums payable pursuant to the provisions
hereof, shall, at the option of the Mortgagee, become immediately due and payable,
anything herein or in said note to the contrary notwithstanding, and failure to exercise
said option shall not constitute a waiver of the right to exercise the same in the event of
any subsequent default. The 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 purchaser or purchasers at any foreclosure
sale a proper deed of conveyance of the property so sold. The Mortgagor and
Mortgagor hereby grant the 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
agree to pay all costs of enforcement or foreclosure, including a reasonable attorney
fee. The failure of the Mortgagee to foreclose promptly upon a default shall not
3
0®03.0
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 fee, and all moneys expended or
advanced by the 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 the Mortgagor.
8. Sufficiency of Foreclosure Proceeds/ Non-Recourse Mortgage. If the
property described herein is sold under foreclosure and the proceeds are insufficient to
pay the total indebtedness hereby secured, Mortgagor executing the Promissory Notes
for which this Mortgage is security shall not be personally bound to pay the unpaid
balance. Foreclosure hereunder shall be Mortgagee's sole remedy.
9. Assignment of Rents. If the right of foreclosure accrues as a result of any
default hereunder, the 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 the Mortgagee on request. On refusal, the delivery of such
possession, rents, issues and profits may be enforced by the Mortgagee by any
appropriate suit, action or proceeding. Mortgagee shall be entitled to a Receiver for
said property and all rents, issues and profits 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 the Mortgagor or 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
expense. 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 the
Mortgagor and 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.
10. 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 any such inspection specifying reasonable cause therefor related to
Mortgagee's interest in the property.
4
000311
11. Notices. That notice and demand or request 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: LT, LLC
P. O. Box 3780
Jackson, WY 83001
Mortgagee: Old Trapper Family Trust/ Jean Krautter, Trustee
Old Trapper Memorial Tree Park Jean Krautter Family Trust
P. O. Box 3465 5241st Street
Alpine, WY 83128 Helena, MT 59601
12. Headings. The headings used in this Mortgage are for convenience only
and are not to be used in its construction.
13. 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 term "note" includes all notes herein
described if more than one. The terms "foreclosures" 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. The acceptance
of this mortgage and the note or notes it secures, by the Mortgagee shall be an
acceptance of the terms and conditions contained therein.
14. Mortgage Releases. Mortgagee shall timely execute partial release
of mortgage instruments upon request provided that Mortgagor pay $65,000.00 per
acre for each such release. The partial release shall only be for property which is legally
recordable. Upon payment of all sums secured by this Mortgage, Mortgagee shall
release this Mortgage without charge. Mortgagor shall pay all costs of recordation, if
any.
15. Waiver of Homestead. Mortgagor and Mortgagor hereby relinquish
and waive all rights under and by virtue of the homestead exemption laws of the State
of Wyoming. Mortgagor represents that at the time of the signing of this mortgage,
the subject property is vacant property and is not, and will not be the homestead of
Mortgagor or his wife.
IN WITNESS WHEREOF, the said Mortgagor and Mortgagor have hereunto
5
12
signed and sealed these presents the day and year first above written.
MORTGAGOR:
STATE OF WYOMING )
ss.
COUNTY OF )
The foregoing instrument was acknowledged before me this e~day of June,
2009 by Terry L. Ray as Manager of LT, LLC who does verify that the foregoing
instrument was signed in the name of, on behalf of, and by authority of said limited
liability company.
WITNESS my hand and official seal,
Pat MieMael otary Public
Notary rlubllo My Commission Expires: rmo-y(COMMISsIon UNTY OF STATE OF
7'ETON Y MING
Expires
6
PARCEL #1
Kemmerer. Fax:
JEX WIBIT "A"
Jun 1 zuuu uz:66am P003/010
000313
A PARCEL OF LAND BEING LOCATED IN THE NORTHWEST QUARTER OF SECTION 15, TOWNSHIP 36 NORTH,
RANGE 119 WEST, LINCOLN COUNTY, WYOMING, 6TH P.M., WITH BOUNDARIES MORE SPECIFICALLY DESCRIBED
AS FOLLOWS;
BEGINNING AT THE SECTION 9,10, 15, AND 16 OF SAID TOWNSHIP AND RANGE, WHERE IS LOCATED A BRASS
SURVEY CAP INSCRIBED "PAUL N. SCHER 3BL, RLS 164, BIG PINEY, WYOMING, 1971 AND RUNNING
THENCE S. 0°50'17"W., ALONG THE WEST BOUNDARY LINE OF SECTION I'S, A DISTANCE OF 436.17 FEET TO A
'SURVEY POINT;
THENCE S. 88037122" E., A DISTANCE OF 250,00 FEET TO A SURVEY POINT;
THENCE S'. 0050117"W., A DISTANCE OF 2200,00 FEET TO A SURVEY POINT ON THE SOUTH BOUNDARY LINE OF
SAID NW% OF.SECTION 15;
THENCE S. 88°38130"E;, ALONG SAID SOUTH BOUNDARY LINE, A DISTANCE OF 500.00 FEET TO A SURVEY POINT;
THENCE S. 89605'23"Ia„ CONTINUING ALONG SAIDSOUTH BOUNDARY, A DISTANCE OF 250,00 FEET TO A SURVEY
POINT;
THENCE S. 88°11'17"E„ STILL ALONG SAID SOUTH BOUNDARY LINE, A DISTANCE OF 79.21 FEET TO A .SURVEY
POINT;
THENCE N. 13°31'00"W., A DISTANCE OF 31.10 FEET TO A SURVEY POINT ON THE CENTERLINE OF LONGVIEW
ROAD;
THENCE ALONG THE CENTERLINE OP. LONGVIEW.ROAD FOLLOWING COURSES;
N. 62°41'32" E., A DISTANCE,OF 323,1,2 FEET TO A SURVEY POINT;
N, 60°57'23" E., A DISTANCE OF 415.39 FEET TO A SURVEY POINT;
N, 48049'54" E., A DISTANCE, OF 184.24 FELT TO A SURVEY POINT;
ALONG A TANGENT CURVE TO THE RIGHT, WITH A RADIUS OF 100.00 FEET, THROUGH A DELTA ANGLE OF
4701110011, AN ARC DISTANCE OF 82,35 FEET TO A SURVEY POINT;
N~ 830$9'06"E., A DISTANCE OF 105.42 FEET TO A SURVEY POINT ON THE SAID CENTERLINE THAT IS ALSO THE
SOUTHWEST CORNER OF THE TREE, NURSERY PARCEL;
THENCE N. 1045127" E„ A DISTANCE OF 450,33 FEET TO A SURVEY POINT;
THENCE N. 79034'57" E., A DISTANCE OF 1S 1,22 FEET TO A SURVEY POINT;
THENCE N, 3°13'00" W., A DISTANCE OF 1674.32 FEET TO A SURVEY POINT ON THE NORTH BOUNDARY LINE of
LONGVIEW RANCH RESORT;
THENCE S, 89°54'16"W., ALONG THE NORTH BOUNDARY LINE OF SECTION IS, A DISTANCE OF 2072.58 FEET TO
THE,POINT OF BEGINNING.
LESS AND EXCEP'T'
BEGINNINO AT A POINT ON THE SOUTH BOUNDARY LINE OF THE NORTHWEST QUARTER OF-THE SAID SECTION
15, TOWNSHIP 36 NORTH, RANGE 119 WEST, SAID POINT BEING LOCATED SOUTH '89°58.5' EAST FROM THE WEST
QUARTER,SECTION CORNER OF SECTION 15; AND RUNNING- .
THENCE NORTH. 0°32.0' WEST, PARALLEL TO THE WEST BOUNDARY LINE OF THE NORTHWEST QUARTER OF
SECTION 15, 1500.00 FEET TO A POINT;
THENCE SOUTH 89°58,•5' EAST, 250.,00 FEET TO A POINT;
THENCE' NORTH 0°32.0' WEST, 400,00 FEET TO A POINT;
THENCE SOUTH 89058.5' EAST, 250.00 FEET,TO A POINT;
THENCE SOUTH, 0032.0' EAST,.1900,00 FEET TO A POINT ALONG THE SAIb.SOUTH BOUNDARY LINE OF THE
NORTHWEST QUARTER OF SECTION 15;
THENCE NORTH 89°58.5' WEST, ALONG THE SAID SOUTH BOUNDARY LINE, 500,60 FEET TO THE POINT OF
BEGINNING.
07/24/2007 TUE 10:33 rTX/RX Ian R4R91 rfi00R.
Kemmerer rax, uu,i , .Luuu YL JYN,,,
31.4
. PARCEL #2
%r LOTS 1 2 3 4 5 6 7,8,9,10,11 12 13 14 15 14 OF THE LONGVIEW RANCH SUBDIVISION RECORDED MAY 17, 1995 AT
DOCUMENT NUMBER 802260 AND MAP NUMBER 361, IN THE OFFICE OF THE CLERIC, LINCOLN COUNTY,
WYOMING,
I