HomeMy WebLinkAbout9581551. MORTGAGE TO SECURE INDEBTEDNESS
RECEIVED 2/16/2011 at 12:57 PM
RECEIVING 958155
BOOK: 762 PAGE: 615
JEANNE WAGNER
MORTGAGE LINCOLN COUNTY CLERK, KEMMERER, WY
Pave _1 of 3
00061
The Borrower is Alota Sand and Gravel, Inc., a Wyoming Corporation. The
Borrower's principals are Jackie I. Naef, President and Douglas A. Naef, Secretary.
The Borrower's registered agent is Douglas A. Naef whose address is P.O. Box 3802,
Alpine, Wyoming, 83128. The Lender is Call Ready Mix Lumber, Inc., a
Wyoming Corporation. The Lender's mailing address is 88500 N. Highway 89,
Afton, Wyoming, 83110. The Borrower owes the Lender principal and interest
according to the terms of a Promissory Note executed contemporaneously herewith.
This Mortgage secures to the Lender: (a) the repayment of the debt, with interest, and
late fees, if applicable, according to the terms of the Promissory Note; and (b) the
performance of the Borrower of all covenants and agreements under this Mortgage
and the Promissory Note. For these purposes, the Borrower does hereby mortgage,
grant and convey to the Lender, with the power of sale, all of its right, title, and
interest in the following described property located in the County of Lincoln in the
State of Wyoming, to -wit:
SEE LEGAL DESCRIPTION ATTACHED AND MADE PART HEREOF
TOGETHER WITH all the improvements now or hereafter erected on the property,
and easements, appurtenances, and fixtures now or hereafter a part of the property.
The foregoing is referred to in this Mortgage as the "Property."
2. COVENANT OF OWNERSHIP
The Borrower covenants that it is lawfully seised of the estate hereby conveyed
and has the right to mortgage, grant, and convey the Property and that the Property is
unencumbered, except for encumbrances of record. The Borrower warrants and will
defend generally the title to the Property against all claims and demands, subject to
encumbrances of record.
3. COVENANT TO PAY INDEBTEDNESS
The Borrower covenants to pay when due the principal, interest, and late fees, if
applicable, required under the terms of the Promissory Note executed
contemporaneously herewith and made part hereof by reference.
4. COVENANT OF PAY
00061$
The Borrower covenants to pay when due all taxes, assessments, and other
impositions chargeable to the Property.
5. COVENANT TO INSURE PROPERTY
The Borrower covenants to keep the Property adequately insured and to operate
the Property in compliance with state and federal mining regulations.
6. DEFAULT AND ACCERLARATION OF DEBT
If the Borrower fails to make timely payment of sums due under the Promissory
Note or fails to keep any covenant contained in this Mortgage, then the Borrower will
be in default. Upon default, the Lender may cause the entire indebtedness with
interest to become immediately due and payable through Notice of Default procedure.
Notice of Default shall specify: (a) the default; (b) the action required to cure the
default; (c) a date, at least 30 days from the date of Notice of Default, by which to
cure the default; and (d) that failure to cure the default by the given date will result in
acceleration of the amounts due under the Promissory Note and Mortgage and sale of
the Property. In the event the Borrower fails to cure the default, the Lender shall have
the right to foreclose this Mortgage by advertisement and sale, as provided by the
statutes of the State of Wyoming. The Lender shall distribute the proceeds of the sale
in the following order: (a) to all expenses of the sale, including reasonable attorney's
fees; (b) to all sums secured by this Mortgage; and (c) any excess to the person or
persons legally entitled to such.
The Borrower agrees that if the Lender does not choose to accelerate the Note as
provided above in the event of default, it shall still have the right to do so if default
occurs at a later time.
7. GIVING OF NOTICES
Any notice that must be given to the Borrower or to the Lender will be given by
mailing it to the addresses of the respective parties noted in paragraph 1, unless
otherwise notified in writing.
8. NON ASSUMABLE MORTGAGE
This mortgage is non assumable and all indebtedness secured hereby shall
become immediately due and payable if the mortgaged property is sold.
Page 2 of 3
9. BINDING UPON HEIRS
This Note shall be binding upon the heirs, representatives, successors and assigns
of both the Borrower and the Lender.
10. WAIVER OF HOMESTEAD
The Borrower releases and waives all rights under and by virtue of the Homestead
laws of the State of Wyoming.
11. COSTS FOR NOTE AND SECURITY ENFORCEMENT
The Borrower agrees to pay the Lender's costs of enforcing the default provisions
of this Mortgage and the corresponding Note, including a reasonable attorney's fee,
should such rights be exercised by the Lender.
IN WITNESS WHEREOF, this Mortgage has been executed this 2 81." day of
AN042 20
STATE OF WYOMING
SS.
COUNTY OF LINCOLN
Witness my hand and official seal.
My commission expires:
ri
Page 3 of 3
Alota Sand and Gravel, Inc.
ac I. Naef, Presi ent
000617
The foregoing instrument was acknowledged before me by Jackie I. Naef and
uglas A. Naef, principals of Alota Sand and Gravel, Inc., on this otoP day of
20
JAMES ROBINSON NOTARY PUBLIC
COUNTY OF
LINCOLN
STATE OF
WYOMING
MY COMMIS EXPIRES OCTOBER 19 2811 +i
Part of Section 30, T37N, R I l 8W of the 6� PM., Lincoln County, Wyoming, being more
particularly described as fellows:
Beginning at a point S89°SS'W, 3,019 feet, more or less from the SE Comer of said
Section 30 (said beginning point being the point where the West right-of-way boundary
of old U.S. 89 Highway intersects the South boundary line of said Section 30); and
running thence S89°SS'W along the South boundary line of said Section, 903 fcct, more
or less, to the SW coiner of the Ei?2SW U4 of said Section; thence N21 °0'E, 762.2 fcc;
thence N10°22'E, 483.4 feet; thence NS° i 1 'W, 698 feet; thence N90 °0'E, 99.1 feet to
the West boundary tine of said old U.S. Highway; thence in a Southeasterly direction
along the West right of way boundary of said old U.S. 89 Highway, 1960 feet, more or
less, to the point of beginning.
TOGETHER WFI H improvements and all minerals, mining rights and any and all other
right, tide and interest of Sellers in the above described land including without limitation
gravel and gravel deposits, gravel mines and gravel miring Bound.
000618