HomeMy WebLinkAbout949854Hitkmm
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Company
l SINCE 1904 -
RECEIVED 10/5/2009 at 12:15 PM
RECEIVING # 949854
BOOK: 733 PAGE: 238
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
ast"J 8
Space Above This Line For Recording Data
MORTGAGE
DATE AND PARTIES. The date of this Mortgage (Security Instrument) is August 7, 2009. The parties and their
addresses are:
MORTGAGOR:
KLN INVESTMENT PROPERTIES, LLC
A Wyoming Limited Liability Company
421 E. 700 N.
TREMONTON, UT 84337
LENDER:
THE BANK OF STAR VALLEY
Organized and existing under the laws of Wyoming
113 Petersen Parkway
P.O. Box 928
Thayne, WY 83127
1. CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of which is acknowledged,
and to secure the Secured Debts and Mortgagor's performance under this Security Instrument, Mortgagor grants,
bargains, conveys, mortgages and warrants to Lender, with the power of sale, the following described property:
SEE EXHIBIT "A" HERETO ATTACHED AND MADE A PART HEREOF
The property is located in Lincoln County at 76 JAMES WAY, FREEDOM, Wyoming 83120.
Together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, all water and
riparian rights, wells, ditches and water stock, crops, timber, all diversion payments or third party payments made
to crop producers and all existing and future improvements, structures, fixtures, and replacements that may now,
or at any time in the future, be part of the real estate described (all referred to as Property). This Security
Instrument will remain in effect until the Secured Debts and all underlying agreements have been terminated in
writing by Lender.
2. MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at any one time
will not exceed $28,763.04. This limitation of amount does not include interest and other fees and charges
KLN INVESTMENT PROPERTIES, LLC
Wyoming Mortgage
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validly made pursuant to this Security Instrument. Also, this limitation does not apply to advances made under
the, terms of this Security Instrument to protect Lender's security and to perform any of the covenants contained
in this Security Instrument. C~0r.P12 39
3. SECURED DEBTS. The term "Secured Debts" includes and this Security Instrument will secure each of the
following:
A. Specific Debts. The following debts and all extensions, renewals, refinancings, modifications and
replacements. A promissory note or other agreement, No. 20101232, dated August 7, 2009, from Mortgagor
to Lender, with a loan amount of $28,763.04.
B. Sums Advanced. All sums advanced and expenses incurred by Lender under the terms of this Security
Instrument.
4. PAYMENTS. Mortgagor agrees that all payments under the Secured Debts will be paid when due and in
accordance with the terms of the Secured Debts and this Security Instrument.
5. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, security agreement or other
lien document that created a prior security interest or encumbrance on the Property, Mortgagor agrees:
A. To make all payments when due and to perform or comply with all covenants.
B. To promptly deliver to Lender any notices that Mortgagor receives from the holder.
C. Not to allow any modification or extension of, nor to request any future advances under any note or
agreement secured by the lien document without Lender's prior written consent.
6. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, assessments, liens, encumbrances, lease payments,
ground rents, utilities, and other charges relating to the Property when due. Lender may require Mortgagor to
provide to Lender copies of all notices that such amounts are due and the receipts evidencing Mortgagor's
payment. Mortgagor will defend title to the Property against any claims that would impair the lien of this Security
Instrument. Mortgagor agrees to assign to Lender, as requested by Lender, any rights, claims or defenses
Mortgagor may have against parties who supply labor or materials to maintain or improve the Property.
7. DUE ON SALE. Lender may, at its option, declare the entire balance of the Secured Debt to be immediately due
and payable upon the creation of, or contract for the creation of, any transfer or sale of all or any part of the
Property. This right is subject to the restrictions imposed by federal law (12 C.F.R. 59 1), as applicable.
8. TRANSFER OF AN INTEREST IN THE MORTGAGOR. If Mortgagor is an entity other than a natural person (such
as a corporation or other organization), Lender may demand immediate payment if:
A. A beneficial interest in Mortgagor is sold or transferred.
B. There is a change in either the identity or number of members of a partnership or similar entity.
C. There is a change in ownership of more than 25 percent of the voting stock of a corporation or similar
entity.
However, Lender may not demand payment in the above situations if it is prohibited by law as of the date of this
Security Instrument.
9. WARRANTIES AND REPRESENTATIONS. Mortgagor makes to Lender the following warranties and
representations which will continue as long as this Security Instrument is in effect:
A. Power. Mortgagor is duly organized, and validly existing and in good standing in all jurisdictions in which
Mortgagor operates. Mortgagor has the power and authority to enter into this transaction and to carry on
Mortgagor's business or activity as it is now being conducted and, as applicable, is qualified to do so in each
jurisdiction in which Mortgagor operates.
B. Authority. The execution, delivery and performance of this Security Instrument and the obligation evidenced
by this Security Instrument are within Mortgagor's powers, have been duly authorized, have received all
necessary governmental approval, will not violate any provision of law, or order of court or governmental
agency, and will not violate any agreement to which Mortgagor is a party or to which Mortgagor is or any of
Mortgagor's property is subject.
C. Name and Place of Business. Other than previously disclosed in writing to Lender, Mortgagor has not
changed Mortgagor's name or principal place of business within the last 10 years and has not used any other
KLN INVESTMENT PROPERTIES, LLC
Wyoming Mortgage
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K. Property Transfer. Mortgagor transfers all or a substantial part of Mortgagor's money or property. This
condition of default, as it relates to the transfer of the Property, is subject to the restrictions contained in the
DUE ON SALE section. 04 0Cy 241.
L. Property Value. Lender determines in good faith that the value of the Property has declined or is impaired.
M. Material Change. Without first notifying Lender, there is a material change in Mortgagor's business,
including ownership, management, and financial conditions.
N. Insecurity. Lender determines in good faith that a material adverse change has occurred in Mortgagor's
financial condition from the conditions set forth in Mortgagor's most recent financial statement before the date
of this Security Instrument or that the prospect for payment or performance of the Secured Debts is impaired
for any reason.
13. REMEDIES. On or after default, Lender may use any and all remedies Lender has under state or federal law or
in any document relating to the Secured Debts, including, without limitation, the power to sell the Property. Any
amounts advanced on Mortgagor's behalf will be immediately due and may be added to the balance owing under
the Secured Debts. Lender may make a claim for any and all insurance benefits or refunds that may be available
on Mortgagor's default.
Subject to any right to cure, required time schedules or any other notice rights Mortgagor may have under federal
and state law, Lender may make all or any part of the amount owing by the terms of the Secured Debts
immediately due and foreclose this Security Instrument in a manner provided by law upon the occurrence of a
default or anytime thereafter.
Upon any sale of the Property, Lender will make and deliver a special or limited warranty deed that conveys the
property sold to the purchaser or purchasers. Under this special or limited warranty deed, Lender will covenant
that Lender has not caused or allowed a lien or an encumbrance to burden the Property and that Lender will
specially warrant and defend the Property's title of the purchaser or purchasers at the sale against all lawful claims
and demand of all persons claiming by, through or under Lender. The recitals in any deed of conveyance will be
prima facie evidence of the facts set forth therein.
All remedies are distinct, cumulative and not exclusive, and the Lender is entitled to all remedies provided at law
or equity, whether or not expressly set forth. The acceptance by Lender of any sum in payment or partial
payment on the Secured Debts after the balance is due or is accelerated or after foreclosure proceedings are filed
will not constitute a waiver of Lender's right to require full and complete cure of any existing default. By not
exercising any remedy, Lender does not waive Lender's right to later consider the event a default if it continues or
happens again.
14. COLLECTION EXPENSES AND ATTORNEYS' FEES. On or after Default, to the extent permitted by law,
Mortgagor agrees to pay all expenses of collection, enforcement or protection of Lender's rights and remedies
under this Security Instrument or any other document relating to the Secured Debts. Mortgagor agrees to pay
expenses for Lender to inspect and preserve the Property and for any recordation costs of releasing the Property
from this Security Instrument. Expenses include, but are not limited to, attorneys' fees, court costs and other
legal expenses. These expenses are due and payable immediately. If not paid immediately, these expenses will
bear interest from the date of payment until paid in full at the highest interest rate in effect as provided for in the
terms of the Secured Debts. In addition, to the extent permitted by the United States Bankruptcy Code,
Mortgagor agrees to pay the reasonable attorneys' fees incurred by Lender to protect Lender's rights and interests
in connection with any bankruptcy proceedings initiated by or against Mortgagor.
15. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law
means, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA,
42 U.S.C. 9601 et seq.), all other federal, state and local laws, regulations, ordinances, court orders, attorney
general opinions or interpretive letters concerning the public health, safety, welfare, environment or a hazardous
substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or
contaminant which has characteristics which render the substance dangerous or potentially dangerous to the
public health, safety, welfare or environment. The term includes, without limitation, any substances defined as
"hazardous material," "toxic substance," "hazardous waste," "hazardous substance," or "regulated substance"
under any Environmental Law.
Mortgagor represents, warrants and agrees that:
KLN INVESTMENT PROPERTIES, LLC
Wyoming Mortgage
WY/4XXXLHYDE00000000000212051080609N Wolters Kluwer Financial Services 01996, 2009 Bankers Systems'" Page 4
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condemnation or other taking of all or any part of the Property. Such proceeds will be considered payments and
will, be applied as provided in this Security Instrument. This assignment of proceeds is subject to the terms of any
prior mortgage, deed of trust, security agreement or other lien document. $.:;IWRu+243
17. INSURANCE. Mortgagor agrees to keep the Property insured against the risks reasonably associated with the
Property. Mortgagor will maintain this insurance in the amounts Lender requires. This insurance will last until the
Property is released from this Security Instrument. What Lender requires pursuant to the preceding two sentences
can change during the term of the Secured Debts. Mortgagor may choose the insurance company, subject to
Lender's approval, which will not be unreasonably withheld.
All insurance policies and renewals will include a standard "mortgage clause" and, where applicable, "loss payee
clause." If required by Lender, Mortgagor agrees to maintain comprehensive general liability insurance and rental
loss or business interruption insurance in amounts and under policies acceptable to Lender. The comprehensive
general liability insurance must name Lender as an additional insured. The rental loss or business interruption
insurance must be in an amount equal to at least coverage of one year's debt service, and required escrow
account deposits (if agreed to separately in writing).
Mortgagor will give Lender and the insurance company immediate notice of any loss. All insurance proceeds will
be applied to restoration or repair of the Property or to the Secured Debts, at Lender's option. If Lender acquires
the Property in damaged condition, Mortgagor's rights to any insurance policies and proceeds will pass to Lender
to the extent of the Secured Debts.
Mortgagor will immediately notify Lender of cancellation or termination of insurance. If Mortgagor fails to keep
the Property insured, Lender may obtain insurance to protect Lender's interest in the Property and Mortgagor will
pay for the insurance on Lender's demand. Lender may demand that Mortgagor pay for the insurance all at once,
or Lender may add the insurance premiums to the balance of the Secured Debts and charge interest on it at the
rate that applies to the Secured Debts. This insurance may include coverages not originally required of Mortgagor,
may be written by a company other than one Mortgagor would choose, and may be written at a higher rate than
Mortgagor could obtain if Mortgagor purchased the insurance. Mortgagor acknowledges and agrees that Lender or
one of Lender's affiliates may receive commissions on the purchase of this insurance.
18. ESCROW FOR TAXES AND INSURANCE. Mortgagor will not be required to pay to Lender funds for taxes and
insurance in escrow.
19. CO-SIGNERS. If Mortgagor signs this Security Instrument but is not otherwise obligated to pay the Secured
Debts, Mortgagor does so only to mortgage Mortgagor's interest in the Property to secure payment of the Secured
Debts and Mortgagor does not agree by signing this Security Instrument to be personally liable on the Secured
Debts. If this Security Instrument secures a guaranty between Lender and Mortgagor, Mortgagor agrees to waive
any rights that may prevent Lender from bringing any action or claim against Mortgagor or any party indebted
under the obligation. These rights may include, but are not limited to, any anti-deficiency or one-action laws.
20. WAIVERS. Except to the extent prohibited by law, Mortgagor waives all homestead exemption rights relating
to the Property.
21. APPLICABLE LAW. This Security Instrument is governed by the laws of Wyoming, the United States of
America, and to the extent required, by the laws of the jurisdiction where the Property is located, except to the
extent such state laws are preempted by federal law.
22. JOINT AND INDIVIDUAL LIABILITY AND SUCCESSORS. Each Mortgagor's obligations under this Security
Instrument are independent of the obligations of any other Mortgagor. Lender may sue each Mortgagor
individually or together with any other Mortgagor. Lender may release any part of the Property and Mortgagor will
still be obligated under this Security Instrument for the remaining Property. If this Security Instrument secures a
guaranty between Lender and Mortgagor, Mortgagor agrees to waive any rights that may prevent Lender from
bringing any action or claim against Mortgagor or any party indebted under the obligation. These rights may
include, but are not limited to, any anti-deficiency or one-action laws. Mortgagor agrees that Lender and any party
to this Security Instrument may extend, modify or make any change in the terms of this Security Instrument or
any evidence of debt without Mortgagor's consent. Such a change will not release Mortgagor from the terms of
this Security Instrument. The duties and benefits of this Security Instrument will bind and benefit the successors
and assigns of Lender and Mortgagor.
KLN INVESTMENT PROPERTIES, LLC
Wyoming Mortgage
WY/4XXXLHYDE000000000002 1 20 5 1 080609N Wolters Kluwer Financial Services 01996, 2009 Bankers System ST" Page 6
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ACKIVOWLEDGMENT.
(Business or Entity)
7 OF LAI`AH C i ( OF ax 1) iik ss. 000245
This instrument was acknowledged before and this day of y
KEVIN LYNN NESTER as Managing Member of KLN INVESTMENT PR TIES Cplj , lb
My commission expires: 7
1 NOTARY PUBLIC l
LYLE C. VAN=
1 Conxr~siOn No. iTN10 1
1 Coed +2"s 1
1 STATE OF UTAH 1
- - - - - - - - - - - - - r
(Lender~Lcnowiedgm®nt)
OF OF ss.
This instrument was ac nowledg before me thi _ 4!5 r day of d by
Sharon L. Walker as Vice President of The Bank Of Star Valley.
My commissiO 7
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