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HomeMy WebLinkAbout948524RECEIVED 7/24/2009 at 12:06 PM RJ060109/F RECEIVING # 948524 BOOK: 728 PAGE: 284 MORTGAGE X406284 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY THIS MORTGAGE is given this 9r/4 day of J"~•~C! , 2009, by the TOWN OF STAR VALLLEY RANCH, a duly organized municipality existing under the laws of the STATE OF WYOMING, hereinafter designated as MORTGAGOR, to the STATE OF WYOMING, WYOMING WATER DEVELOPMENT COMMISSION, 6920 Yellowtail Road, Cheyenne, Wyoming, 82002 hereinafter designated as MORTGAGEE, to secure payment of the sum of NINE HUNDRED FIFTEEN THOUSAND ONE HUNDRED TWENTY-SEVEN DOLLARS ($915,127.00), together with interest thereon at the rate of four percent (4%) per annum on the unpaid balance according to the terms of that certain promissory note bearing even date herewith, given by said MORTGAGOR to said MORTGAGEE, which note MORTGAGOR agrees to pay and which is hereby incorporated herein by reference and made a part hereof; WITNESSETH: That said MORTGAGOR for and in consideration of the sum aforesaid, the receipt whereof is hereby acknowledged and confessed, does hereby mortgage, warrant, grant, pledge, assign, and convey unto the said MORTGAGEE, its successors and assigns, its interest and enforceable rights presently held or hereafter acquired in the following described property, real, personal and mixed, to wit: 1. Storage tank, well connection, pipelines and other construction financed with Project funds as described in the Project Agreement dated :T4'Iv 8 Lvy`f , which Agreement is hereby incorporated herein by reference and made a part hereof. Further all lands, easements, access roads, structures, rights-of-way and all appurtenances of the municipal and rural domestic water system, including all after-acquired property, to allow control and operation thereof. The storage tank to be constructed under the referenced Agreement is located in the NW % of NE % of Section 30 of Township 35 North, Range 118 West of the 6th Prime Meridian, Lincoln County, Wyoming. The well and connection to be constructed under the referenced Agreement is located in the SE Y4 of NE % Section 6 of Township 34 North, Range 118 West of the 6th Prime Meridian, Lincoln County, Wyoming; 2. The interest MORTGAGOR currently has or hereafter acquires in the water rights recorded in the office of the Wyoming State Engineer as follows: Permit Number U.W. 13319 U.W. 82826 (enlargement) U.W. 82827 (enlargement) U.W. 112130 (enlargement) U.W. 90328 U.W. 112131 (enlargement) Priority Date April 16, 1971 July 29, 1985 July 16, 1987 September 30, 1998 November 30, 1992 September 30, 1998 and; 3. The pledge and assignment of the (MORTGAGOR of funds currently held and revenues generated by the operation of the water system, in an amount sufficient to meet loan amortization requirements, and to provide a separate fund to meet repair and maintenance costs for the Project. The MORTGAGOR'S Pledge and Assignment of Revenues is incorporated herein by reference. 4. Any and all permits required for construction of this Project and subsequent operation and maintenance of the municipal and rural domestic water system. The conditions of this mortgage are such that if the MORTGAGOR well and truly pays the Promissory Note hereinabove referenced, according to the terms thereof, this mortgage shall be null and void, otherwise to remain in full force and effect. STAR VALLEY RANCH WTR. SUPPLY MORTGAGE Page 1 of 2 RJ06010~99//F ~;~~''t.AeZC9~ MORTGAGOR shall pay all taxes, liens, judgments, assessments or insurance or any interest thereon, and in case default be made in payment of the principal, or any installment thereof, or any installment of interest as provided in said Promissory Note, then the whole sum of principal and interest shall become due and payable at the option of MORTGAGEE, and MORTGAGEE may proceed pursuant to law, to foreclose on said property, and out of the proceeds from such foreclosure, the MORTGAGEE shall retain all sums due it under said Promissory Note, together with the costs and charges of making such foreclosure, including a reasonable attorney's fee. The provisions of this mortgage shall apply to and be binding upon the representatives, successors and assigns of the respective parties hereto. IN WITNESS WHEREOF, the MORTGAGOR by and through its duly authorized representatives, has hereunto set their hands and seal on the day and year first above written. TOWN OF STAR VALLEY RANCH By: Attest: STATE OF WYOMING ) ) ss. COUNTY OF LINCOLN ) g instrument was wc/ c~ Q~L 2009. Siddoway, Mayor acknowledged before me by this 4/- day of Witness my hand and official seal. Notary Public My commission expires BRENDA L. BAUER -NOTARY PUBLIC County of O State of Unooln Wyoming My Commission Expires December 14, 2011 STAR VALLEY RANCH WTR. SUPPLY MORTGAGE Page 2 of 2 RJ060109/F 000"" 2 8 6 PROMISSORY NOTE FOR VALUE RECEIVED, as provided in Chapter No. 38 Wyoming Session Laws, 2009, and the Project Agreement dated -v ly IS Z! the undersigned TOWN OF STAR VALLEY RANCH of Lincoln County'W~oining, hereinafter referred to as the SPONSOR, promises to pay to the order of the STATE OF WYOMING, WYOMING WATER DEVELOPMENT COMMISSION, hereinafter referred to as the COMMISSION, 6920 Yellowtail Road, Cheyenne, Wyoming, the principal sum of NINE HUNDRED FIFTEEN THOUSAND ONE HUNDRED TWENTY-SEVEN DOLLARS ($915,127.00), over a term of thirty (30) years, with interest thereon at the rate of four percent (4%) per annum, as provided hereinafter. The principal and interest shall be payable in annual installments in manner and form as follows: Thirty annual payments commencing on the first day of December immediately following the first anniversary of the date on which the COMMISSION determines benefits accrue to the SPONSOR. Any loan payments required prior to final disbursement of loan funds from the COMMISSION to the SPONSOR shall be calculated by amortizing the principal balance over the remaining term of the loan at the interest rate provided herein. Upon disbursement of the final payment, the principal balance will be determined and remaining annual payments amortized over the remaining term of the loan in equal annual payments. The remaining payments will be due on or before the first day of December of each and every year with a final payment of all outstanding principal and all accrued interest due on or before the thirtieth anniversary of the date the COMMISSION determines benefits accrue to the SPONSOR, unless sooner discharged in full. The maker hereof shall have the right and privilege of making extra payments at any time, or of paying the entire unpaid balance at any time, and in the event extra or prepayments are made, interest shall be charged thereafter only on the unpaid principal balance remaining due. In the event that the entire unpaid balance is paid prior to maturity, no advance interest or prepayment penalty shall be assessed except for interest due and payable on the unpaid principal balance to the date of payment in full. Advance, extra or prepayments shall not reduce the annual payments as herein provided, but will operate only to discharge the loan at an earlier date. Interest and principal not paid when due shall draw interest thereafter at the rate of ten percent (10%) per year on the delinquent interest and principal until paid. Time is of the essence of this Promissory Note, and if the annual payment is not received by the stated date of each year, the maker hereof will be in default, and the holder may proceed against the maker and its collateral as provided by law. The waiver by the COMMISSION of any breach, condition, or provision of this Promissory Note shall be limited to the particular instance, and shall not operate or be deemed to waive any future breach or breaches of said condition or provision. The failure of the COMMISSION to insist in any one instance, or more, upon the performance of any of the conditions or provisions of this Promissory Note, or to exercise any right or privilege herein conferred, shall not be construed as waiving any such condition, provision, right, or privilege, but the same shall continue in full force and effect. This note is secured by a mortgage bearing even date herewith. The maker and endorsers of this note hereby accept the conditions hereof and expressly waive presentment for payment, protest and notice of protest for nonpayment hereof and all defenses on the grounds of any extension of time of payment that may be given by the holder hereof to them. STAR VALLEY RANCH WTR. SUPPLY PROMISSORY NOTE Page 1 of 2 RJ060109/F C.0V`287 In the event of suit to enforce payment of this note or any installment, interest, or part thereof, the undersigned maker agrees to pay, in addition to the costs and disbursements provided and allowed by law, a reasonable attorney's fee. In witness whereof, the SPONSOR has executed this note on this day of t 12009. T TOWN OF STAR VALLEY RANCH By: Siddoway, Mayor Attest: TOWN -1 0 STAR VALLEY RANCH WTR. SUPPLY PROMISSORY NOTE Page 2 of 2 RJ060109/F ASSIGNMENT AND PLEDGE OF REVENUES 000328 This assignment is given by the Town of Star Valley Ranch of Lincoln County, Wyoming, a duly organized municipality existing under the laws of that state, herein referred to as the SPONSOR, to the Wyoming Water Development Commission, 6920 Yellowtail Road, Cheyenne, Wyoming, 82002 herein referred to as the COMMISSION. In order to secure the payment of the principal and interest of a note executed by the SPONSOR, dated Zoo and all renewals and extensions of the note or any part thereof and any and all ther sums, indebtedness, and liabilities now owing or to become due and owing from the SPONSOR to the COMMISSION under a project agreement executed by the COMMISSION and the SPONSOR pursuant to 2009 Wyo. Session Laws, Ch. 38. The SPONSOR pledges and assigns to the COMMISSION, its successors and assigns, revenues received or due it from charges and assessments made for its water supply services, together with all the SPONSOR's right, title, and interest, the SPONSOR now has or may hereafter acquire in and to any of those revenues, in an amount sufficient to meet the SPONSOR's obligations under the above referenced promissory note and to provide a separate fund to meet repair and maintenance costs required by the above referenced project agreement. The SPONSOR shall keep, at its own cost and expense, proper books and records of account showing all transactions relating to the revenues that are subject to this assignment. Such books and accounts, and all correspondence and papers of the SPONSOR pertaining thereto, shall be open to inspection by the COMMISSION at all reasonable times, for the purpose of checking, examining, and verifying same or making extracts thereof. This assignment will be in effect commencing with its execution until the above referenced promissory note executed by the SPONSOR to the COMMISSION which is secured hereby has been paid in full. In witness whereof, the SPONSOR has executed this assignment on the VfLday of p , 2009. TOWN OF STAR-[ALLEY RANCH , Mayor Attest: `1\~~ ToWiv CL t ERI~ STAR VALLEY RANCH WTR SUPPLY PLEDGE 1