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HomeMy WebLinkAbout959878AGREEMENT, QUITCLAIM DEED, AND RELEASE OF MORTGAGE 000612 KNOW ALL MEN BY THESE PRESENTS, That Trent J. Petersen (sometimes referred to as "Petersen Individually, and as President of Goldenwood Homes Development, Inc., aka Goldenwood Homes, Corp., a Utah corporation, hereinafter collectively referred to as Mortgagor or grantor, of 143 Fidler Lane, PO Box 741, Thayne, WY 83127, and 1ST Bank, a Wyoming state banking corporation, of PO Box 1620, Afton, WY 83110, hereinafter referred to as the Mortgagee or grantee, hereby agree as follows: 1. That the Mortgagor is the owner of the following described real property "the Property located in Lincoln County, State of Wyoming: Lot 4N of the First Filing River View Ranchettes Subdivision, as shown on the Lot Division filed November 9, 2000, and Instrument Number 869561, being part of Lot 4 of the River View Ranchettes Subdivision, Lincoln County, Wyoming, of the records of the Lincoln County Clerk. 2. That the Mortgagor has mortgaged the Property to Mortgagee by that certain Mortgage dated December 6, 2007, "the Mortgage securing a Promissory Note "the Note and recorded in the office of the Lincoln County Clerk on December 10, 2007, in Book 680, page 738, Recording Number 935469. The Mortgage has not been assigned. Mortgagee's Loan Number for this loan is 761001767. By that certain Commercial Guaranty dated December 6, 2007, Petersen personally guaranteed this loan. 3. That by that certain Change in Terms Agreement dated January 13, 2009, the maturity date of the loan was extended to January 15, 2010. The terms "the Note" and "the Mortgage" include this Change in Terms Agreement. 4. That Mortgagor and Mortgagee stipulate and agree that Mortgagor is in default in its obligations under the Mortgage because of its failure to pay the principal and interest as required by the Note and Mortgage. Therefore, as of May 12, 2011, the amount due on the Note and Mortgage is principal in the amount of $48,761.71 together with accrued interest thereon and late charges in the amount of $172.07 plus accruing interest from that date at the rate of $8.12695 per day, and expenses of collection. RECEIVED 6/29/2011 at 2:23 PM RECEIVING 959878 BOOK: 768 PAGE: 612 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY 000613 5. That the parties agree that it is in their mutual best interests that the Mortgagor convey to the Mortgagee all of its interest in the Property and executed a promissory note to Mortgagee for payment of the deficiency between the loan balance and current appraised value. In consideration thereof the Mortgagee will release the Mortgagor together with all other signers, guarantors, and obligors from all obligations to the Mortgagee under the Note and Mortgage on the express condition that there are no other mortgages, liens, judgments, obligations, or encumbrances against the Property. 6. That in consideration of the release of the Mortgage and other good and valuable consideration, the receipt whereof is hereby confessed and acknowledged, the Mortgagor, as grantor, does hereby voluntarily, by its own free will and choice, remise, release, and forever quitclaim, and by these presents does for its successors and assigns, remise, release, and forever quitclaim, unto 1ST Bank, as grantee, and to its successors and assigns, forever, all such right, title, interest, property, possession, claim, and demand as the grantor has, or ought to have, in and to the Property. Hereby releasing and waiving all rights under and by virtue of the homestead exemption laws of the State of Wyoming, and further releasing all rights of redemption under the Mortgage foreclosure laws of said State. TO HAVE AND TO HOLD the Property unto the said grantee, and to its successors and assigns to its own proper use and behoof forever. So that neither the grantor nor any person in its name or behalf or any person in their name or behalf, shall or will hereafter claim or demand any such right or title to the premises or any part thereof, but they and every one of them shall by these presents be excluded and forever barred. Grantor does hereby specifically waive, surrender, convey, and relinquish any equity of redemption and statutory rights of redemption concerning the premises and mortgages or other documents described above. Grantor hereby surrenders and delivers possession of the premises to grantee. 7. That Mortgagor represents and warrants that the Property is free and clear of all liens and mortgages other than the Mortgages described herein. 2 8. That the parties agree that Mortgagor has another commercial real estate loan owing to Mortgagee. Loan No. 764004616 is evidenced by a Promissory Note and Mortgage dated July 16, 2007, and has a current balance of $384,704.13 as of June 30, 2011. The appraised value on Loan No. 761001767 is $72,000.00. The appraised value on Loan No. 764004616 is $340,000.00. Therefore, the combined appraisals on the two loans is $412,000.00 and the combined balances due $433,465.84, leaving a combined deficiency of $21,465.84. In addition, Mortgagor has agreed to pay the outstanding county real estate taxes for 2009 and 2010, a total of $5,876.76 for the two loans. Thus, the total deficiency is $27,342.60. Mortgagor and Petersen will execute a promissory note in favor of Mortgagee to pay that total deficiency. 000614 19- Moftecdee 10. That in consideration of the foregoing conveyance and mutual understanding and agreement and on condition that the Property is free and clear of all other liens, mortgages, and encumbrances, and other good and valuable consideration, the receipt whereof is hereby confessed and acknowledged, Mortgagee does hereby certify that the Mortgage is fully satisfied, released, and discharged; and in consideration thereof the said 1ST Bank does hereby release and waive any and all rights to a deficiency judgment thereunder or any other relief pursuant to the Mortgage and the promissory note it secures as to Mortgagor and any and all other makers, co- signers, and guarantors of said Mortgages. IN WITNESS WHEREOF, the parties have executed this Agreement, Quitclaim Deed, and Release of Mortgage as of this day of --S NN'E 2011. 3 Trent J. Petersen Mortgagor and Grantor STATE OF WYOMING ss. COUNTY OF LINCOLN This instrument was acknowledged before me on the I day of c•-•)Y 20111, by Trent J. Petersen. Witness my hand and official seal. NOTARY PUBLIC STATE OF WYOMING MY COMMISSION EXPIRES APRIL 22, 2013 TRISTAN SMITH COUNTY OF LINCOLN My commission expires: STATE OF WYOMING COUNTY OF LINCOLN ss. This instrument was acknowledged before me on the vo Tt day of lac 2011, by Shantal Petersen. Witness my hand N OTARY PUBLIC CHRIS ACCRED STATE OF COUNTY OF t WYOMING YOMING MY COMMISSION EXPIRES JULY 9, 2012 ai. My commission expires: 3uLst 4 Goldenwood Homes Development, Inc. Mortgagor and Grantor 1ST Bank, a Wyoming State Banking Corporation, Mortgagee and Grantee By Rog Trent J. Petersen, President les, Afton Branch President OTARY PUBLIC NOTARY PUBLIC 000615 STATE OF WYOMING ss. COUNTY OF LINCOLN This instrument was acknowledged before me on the ,2 day of a)v-t___ 2011, by Trent J. Petersen as President of Goldenwood Homes Development, Inc., aka Goldenwood Homes, Corp. Witness my hand and official seal. TRISTAN SMITH STATE OF COUNTY OF WYOMING LINCOLN MY COMMISSION EXPIRES APRIL 22, 201.3 NOTARY PUBLIC My commission expires: Witness my hand and official seal. TRISTAN SMITH COUNTY OF LINCOLN NOTARY PUBLIC STATE OF WYOMING MY COMMISSION EXPIRES APRIL 22, 2013 STATE OF WYOMING ss. COUNTY OF LINCOLN This instrument was acknowledged before me on the it V day of 3vwL 2011, by Roger J. Coles as Afton Branch President of 1ST Bank. My commission expires: e22, 2013 5 NOTARY PUBLIC NOTARY PUBLIC 000616