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(Partictpa ton)
This mortgage made and entered into this ' Tenth day of may, 2001
byandbetween Mike M. Richins and Nellie M. Richins , Hus37and and Wife
10716 Highway 30 Cokeville, WY 83114-
(hereinafter referred to as mortgagor) and
Frontier Certified Development Company, Inc. (hereinafter referred to as
mortgagee), who maintains an office and place of business at 232 E. 2nd St., Suite 300
Casper, WY 82601-
WITNESSETH, that for the consideration hereinafter stated, receipt of which is hereby acknowledged, the mortgagor dues hereby
mortgage, sell, grant, assign, and convey unto the mortgagee, his successors and assigns, all of the following described property situated
and being in the County of Lincoln,
State of Wyoming
SEE EXHIBIT "A" ATTACHED HERETO
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T'hi 11 iWart gage
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BOOK PR PAGEr 7
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ECCF 111ED
1.INNj1LN COUt 1' CIr FZK
JEANNE livt'~~1
KErJ MCRLR, ~JYONIih10
Together with and including all buildings, all fixtures including but not limited to all plumbing, heatin~, lighting, ventilating, refrigerating,
incinerating, air conditioning apparatus, and elevators (the mortgagor hereby declaring that it is intend~d that the items herein enumerated
shall be deemed to have been permanently installed as part of the realty), and all improvements now o11 hereafter existing thereon; the
hereditaments and appurtenances and all other rights thereunto belonging, or in anywise appertaining, ~nd the reversion and reversions,
remainder and remainders, all rights of redemption, and the rents, issues, and profits of the above desc#ibed property (provided, however,
that the mortgagor shall be entitled to the possession of said property and to collect and retain the rents,- issues, and profits until default
hereunder). To have and to hold the same unto the mortgagee and the successors in interest of the molgagee forever in fee simple or
such other estate, if any, as is stated herein.
The mortgagor convenants that he is lawfully seized and possessed of and has the right to sell an convey said property;.that the
same is free from all encumbrances except as hereinabove recited; and that he hereby binds himself an his successors in interest to
warrant and defend the title aforesaid thereto and every part thereof against the claims of all persons whomsoever.
This instrument is given to secure the payment of a promissory note dated May 10, 200 in the
principal sum ofS 104,000.00 signedby Mike M. Richins and Nellie M. Richins
XiN KONA Y
SBA FORM 928 (11-85) USE 2-78 EDITION UNTIL EXHAUSTED
r Said promissory note was given to secure a loan in which the Small Business Administration, an agency !0f the United States of
America, has participated. In compliance with section 101.1(d) of the Rules and Regulations of the Small Bu~iness Administration.
[ 13 C.F.R. 101.1(d)], this instrument is to be construed and enforced in accordance with applicable Federal low.
1. The mortgagor convenants and agrees as follows: 7
Ks .Il, a. He will promptly pay the indebtedness evidenced by said promissory note at the times and in the Irnanner therein provided.
b. He will pay all taxes, assessments, water rates, and other governmental or municipal charges, fin s, or impositions, for
which provision has not been made hereinbefore, and will promptly deliver the official receipts therefor~o the said mortgagee.
c. He will pay such expenses and fees as may be incurred in the protection and maintenance of saidl#operty, including the
fees of any attorney employed by the mortgagee for the collection of any or all of the indebtedness hereby secured, or foreclosure
by mortgagee's sale, or court proceedings, or in any other litigation or proceeding affecting said property}. Attorney's fees reasonably
incurred in any other way shall be paid by the mortgagor.
d. For better security of the indebtedness hereby secured, upon the request of the mortgagee, its successors or assigns, he
shall execute and deliver a supplemental mortgage or mortgages covering any additions, improvements, ~r betterments made to
the property hereinabove described and all property acquired by it after the date hereof (all in form satisff actory to mortgagee);
Furthermore, should mortgagor fail to cure any default in the payment of a prior or inferior encumbrance on the property described
by this instrument, mortgagor hereby agrees to permit mortgagee to cure such default, but mortgagee is of obligated to do so;
and such advances shall become part of the indebtedness secured by this instrument, subject to the same terms and conditions.
e. The rights created by this conveyance shall remain in full force and effect during any postponem nt or extension of the
time of the payment of the indebtedness evidenced by said promissory note or any part thereof secured h reby.
f. He will continuously maintain hazard insurance, of such type or types and in such amounts as thel mortgagee may from
time to time require on the improvements now or hereafter on said property, and will pay promptly when due any premiums
thereof. All insurance shall be carried in companies acceptable to mortgagee and the policies and renew~ls thereof shall be held
by mortgagee and have attached thereto loss payable clauses in favor of and in form acceptable to the m rtgagee, in event of
loss, mortgagor will give immediate notice in writing to mortgagee, and mortgagee may make proof of loss if not made promptly
by mortgagor, and each insurance company concerned is hereby authorized and directed to make payme t for such loss directly
to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance proceeds, or any part thereof, may be applied by
mortgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration o1111 repair of the property
damaged or destroyed. In event of foreclosure of this mortgage, or other transfer of title to said property extinguishment of
the indebtedness secured hereby, all right, title, and interest of the mortgagor in and to any insurance policies then in force shall
pass to the purchaser or mortgagee or, at the option of the mortgagee, may be surrendered for a refund.
g. He will keep all buildings and other improvements on said property in good repair and condition will permit, commit, or
suffer no waste, impairment, deterioration of said property or any part thereof; in the event of failure of the mortgagor to keep
the buildings on said premises and those erected on said premises, or improvements therein, in good rep ir, the mortgagee may
make such repairs as in its discretion it may deem necessary for the proper preservation thereof, and the ull amount of each
and every such payment shall be immediately due and payable; and shall be secured by the lien of this n1ortgage.
h. He will not voluntarily create or permit to be: created against the property subject to this mortgag any lien or liens inferior
or superior to the lien of this mortgage without the written consent of the mortgagee; and further, that h will keep and maintain
the same free from the claim of all persons supplying labor or materials for construction of any and all buildings or improvements
now being erected or to be erected on said premises- They will not transfer t f e property secured
herein without the written consent of mortgagee.
i. He will not rent or assign any part of the rent of said mortgaged property or demolish, or remove; or substantially alter
any building without the written consent of the mortgagee.
j. All awards of damages in connection with any condemnation for public use of or injury to any of the property subject to
this mortgage are hereby assigned and shall be paid to mortgagee, who may apply the same to payment of the installments last
due under said note, and mortgagee is hereby authorized, in the name of the mortgagor, to execute and deliver valid acquittances
thereof and to appeal from any such award.
k. The mortgagee shall have the right to inspect the mortgaged premises at any reasonable time. '
2. Default in any of the convenants or conditions of this instrument or of the note or loan agreement sec red hereby shall terminate
the mortgagor's right to possession, use, and enjoyment of the property, at the option of the mortgagee or ~is assigns (it being agreed
that the mortgagor shall have such right until default.) Upon any such default, the mortgagee shall becom~ the owner of all of the rents
and profits accruing after default as security for the indebtedness secured hereby, with the right to enter upon said property for the
purpose of collecting such rents and profits. This instrument shall operate as an assignment of any rentals 6n said property to that extent.
SBA FORM 928 (11-85)
M M M
3. The mortgagor covenants and agrees that if he shall fail to pay said indebtedness or any part thereof whgn due, or shall fail to:
perform any covenant or agreement of this instrument or the promissory note secured hereby, the entire indebtedness hereby secured
shall immediately become due, payable, and collectible without notice, at the option of the mortgagee or assigns, regardless of maturity,
and the mortgagee or his assigns may before or after entry sell said property without appraisement (the mortgagor having waived and
assigned to the mortgagee all rights of appraisement):
" r-1131. 17 ~
~ 3 d (I) at judicial sale pursuant to the provisions of 2.8 U.S.C. 2001 (a): or
(II) at the option of the mortgagee, either by auction or by solicitation of sealed bids, for the highest and best bid complying
with the terms of sale and manner of payment specified in the published notice of sale, first giving four weeks' notice of the time,
terms, and place of such sale, by advertisement not less than once during each of said four weeks in a newspaper published or
distributed in the county in which said property is situated, all other notice being hereby waived by the portgagor (and said
mortgagee, or any person on behalf of said mortgagee, may bid with the unpaid indebtedness evidenced by said note). Said sale
shall be held at or on the property to be sold or at the Federal, county, or city courthouse for the county' in which the property
is located. The mortgagee is hereby authorized to execute for and on the behalf of the mortgagor and to deliver to purchaser at
such sale a sufficient conveyance of said property, which conveyance shall contain recitals as to the ha0pening of the default'
upon which the execution of the power of sale herein granted depends; and the said mortgagor hereby 4onstitutes and appoints
the mortgagee or any agent or attorney of the mortgagee, the agent and attorney in fact of said mortgagor to make such recitals
and to execute said conveyance and hereby covenants and agrees that the recitals so made shall be effedtual to bar all equity ;or
right of redemption, homestead, dower, and all other exemptions of the mortgagor, all of which are hero by expressly waived' and
conveyed to the mortgagee; or
(III) take any other appropriate action pursuant to state or Federal statute either in a state or Federali court or otherwise for
the disposition of the property.
In the event of a sale as hereinbefore provided, the mortgagor or any persons in possession under the mortgagor shall then become
and be tenants holding over and shall forthwith deliver possession to the purchaser at such sale or be summarily dispossessed, in
accordance with the provisions of law applicable to tenants holding over. The power and agency hereby granted are coupled with an
interest and are irrevocable by death or otherwise, and are granted as cumulative to the remedies for collection iof said indebtedness,
provided by law.
4. The proceeds of any sale of said property in accordance with the preceding paragraphs shall be applied~first to pay the costs and
expenses of said sale, the expenses incurred by the mortgagee for the purpose of protecting or maintaining sailIproperty, and reasonable
attorney's fees; secondly, to pay the indebtedness secured hereby; and thirdly, to pay any surplus or excess tot the person or persons
legally entitled thereto.
5. In the event said property is sold at a judicial foreclosure sale or pursuant to the power of sale hereinab ve granted, and the
proceeds are not sufficient to pay the total indebtedness secured by this instrument and evidenced by said promissory note, the mortgagee
will be entitled to a deficiency judgment for the amount of the deficiency without regard to appraisement.
6. In the event the mortgagor fails to pay any Federal, state, or local tax assessment, income tax or other t x lien, charge, fee, or
other expense charged against the property the mortgagee is hereby authorized at his option to pay the same. y sums so paid by the
mortgagee shall be added to and become part of the principal amount of the indebtedness evidenced by said n te, subject to the same
terms and conditions. If the mortgagor shall pay and discharge the indebtedness evidenced by said promissory note, and shall pay such
sums and shall discharge all taxes and liens and the costs, :fees, and expenses of making, enforcing, and execut ng this mortgage, then
this mortgage shall be canceled and surrendered.
7. The covenants herein contained shall bind and the benefits and advantages shall inure to the respective successors and assigns
of the parties hereto. Whenever used, the singular number shall include the plural, the plural the singular, and ~he use of any gender
shall include all genders.
8. No waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be he~d to be a waiver of the
terms hereof or of the note secured hereby.
9. A judicial decree, order, or judgment holding any provision or portion of this instrument invalid or unenforceable shall not in any
way impair or preclude the enforcement of the remaining provisions of this instrument.
10. Any written notice to be issued to the mortgagor pursuant to the provisions of this instrument shall be addressed to the mortgagor at
10716 Highway 30 Cokeville, WY 83114- and any written notice to be issued to the mortgagee shall
be addressed to the mortgagee at 232 E. 2nd St., Suite 300, Casper, WY 82601-
SBA FORM 928
(11-85) U.S. Government P}inting Office! 1992-•332-908/79010
program which uses tax dollars to assist small business owners. If the United States is seeking to enforce th~s document,
then under SBA regulations:
a) When SBA is the holder of the Note, this document and all documents evidencing or securing this Loan will be
construed in accordance with federal law.
b) CDC' or SBA may use local or state procedures for purposes such as filing papers, recording docum~nts, giving
notice, foreclosing liens, and other purposes. By using these procedures, SBA does not waive any fed ral immunity
from local or state control, penalty, tax or liability. No Borrower or Guarantor may claim or assert ag Inst SBA any
local or state law to deny any obligation of Borrower, or defeat any claim of SBA with respect to this oan.
Any clause in this document requiring arbitration is not enforceable when SBA is the holder of the Note sec~red by this
instrument.
12. Mortgagors hereby relinquish and waive all rights'1under and by
virtue of the homestead exemption laws of the State of%Wyoming.
IN WITNESS WHEREOF, the mortgagor has executed this instrument and the mortgagee has accepted d4livery of this
instrument as of the day and year aforesaid.
8' 0
72.1.Azw /72
Mike M. Richins
el-lie M. ichins
STATE OF WYOMING ) -
)ss.
COUNTY OF LINCOLN )
ACKNOWLEDGMENT
The foregoing instrument was acknowledged before me by Mike M. Richins and Nellie M.
Richins, Husband and Wife, this 10 day of May, 2001.
Witness my hand and official seal.
ARY PUBLIC
My Commission Expires:
BARRY G. NYILLIAMS
COUNTY OF NATCt0NA.
Tao STATE, O ~d 1' 4'Y t`. I N
sj P s <1os
QUALITY BUILDERS & R. Fax:307--877-3300 Apr 17 '01 10:10 P.02
,**55 ee EXHIBIT "A"
1-81
TRACT T: That part of Tract 90 of T24N, R119W., withi.n'the incor-
porated limits of the Town of Cokeville, Lincoln County, Wyoming
being part of that tract of record in the office of the Clork of
Lincoln County in Book 4 of Photostatic Records on page 115,
described as follows:
Commencing at a corner on the went right-of-way line of State
Highway 30N, N82'16.51W, 1655.11 feet from Corner No.l2 of said
Tract 90 where found a 2" galvanized steel pipe 28"'long (BLM
'type) with brass cap inscribed "PAUL N. SCHER11CL RLS164 BIG PINEY
WYOMING T24N U119W
TR90 TR91 1u65";
1 6
TR74 TR76
identical with the northeast corner of tha+-, tract of land of
record in the said office in Book 72 of Photostatic Records on
page 389;
thence N11"35'W, 92.00 feet along the said right-of-way', line to a
corner;
thence continuing N11"351W, 137,95 feet along the saidright-of-
waY line to the Corner of Beginning;
thence continuing Nll'35'W, 205.5 feet along the said'! right-of-
way line to a corner,;
thence S78'251W, 206,68 feet to a corner;
thence S10'14'E, 197.19 feet to a corner;
..thence N80'41*E, 211,49 feet to the Corner of Beginnings
each corner being marked by a 2" galvanized steel pipq 28" long
(BLM type) with brassy cap inscribed "PAUL N, sC11ERBEL IRLS164 810
PINEY WYOMING" and appropriat'e.details;
the base bearing for this survey is the line between corners Not,
1 and 2 of Tract No, 90 with a record of North:
all in accordance with the map prepared and filed
Offic inithe said
e,
TRACT U: That part of Tract 90 of T24N, R119W, within he incor-
porated limits of the Town of Colceville, Lincoln County, Wyoming
being part of that tract of record in the Office of the, Clerk of
Lincoln County in Book 4 of Photostatic Records on page 115,
described as follows:
Commencing at a corner on the west right-of-way line'~of State
Highway 30N, N82"15,51W, 1655,11 feet from Corner No, 2 of said
Tract 90 where found a 2" galvanized steel pipe 28" long (BLM
tYPe) with brass cap inscribed "PAUL N. SCHERBEL RLS164 W; PINEY
WYOMING T24N, R119W
TR90 TR91 1965";
1 6
TR74 TR76
QUALITY BUILDERS & R. Fax:307-877-3300 Apr 17 '01 10:12 P.%
182
identical with the northeast corner of that tract o!f' land of
record in the said Office in Dook 72 of Pho,ost•atic Riecords on
page 389;
thence N11'35'14, 92.00 feet along the said right-of-way iline to a
corner;
thence continuing N11'35'W, 137.95 feet along said right--of-way
line to a corner;
thence continuing N11'35'W, 205.5 feet along said ri~ht-of-way
line to 'the Corner of Beginning;
thence continuing N11'35'14, 318.05 feet along the said !right-of-
way line to a corner;
thence N76'25'E, 25.0 feet along said right-of-way ]pine to a
corner;
thonce continuing N78'25'C, 3,0 feet along said right-of-way line
to a corner;
thence N11'3511q, 131.2 feet along the said right-of-way 'line to a
corner identical with the southeast corner of that tra4 of land
of record in said Office in Book 98 of Photostatic R cords on
page 559;
thence S56' 24'W, 197.27 feel; along the south line of said tract
to a corner;
thence S71'56'W, 43.76 feat along the south lire of said tract to
a corner;
thence S10'14111, 371.01 feet to a corner;
thence N784251C, 206.(i'8 feet to the Corner of Beginning;
each corner being marked by a 2" galvanized stool pipe 28" long
(BLM type) with brans cap inscribed "PAUL N, St:lMBBEL 114S104 DIG
PINEY WYOM M"'and appropriate details;
the base bearing for this survey is the line between cozlner Nos,
1 and 2 of Tract No. 90 with a record of North;
all in accordance with the map prepared and filed in the said
Office
M M M
i
QUALITY BUILDERS 9 R. Fax:307-Sr?-3300 Apr 17 '01 10:14! P.05
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