Loading...
HomeMy WebLinkAbout959879AGREEMENT, QUITCLAIM DEED, AND RELEASE OF MORTGAGE 00061' KNOW ALL MEN BY THESE PRESENTS, That Trent J. Petersen (sometimes referred to as "Petersen Individually, and as President of Goldenwood Homes and Development, Inc., aka Goldenwood Homes, Inc., 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 41 of Trail Ridge Subdivision, Lincoln County, Wyoming, according to that plat filed on September 3, 2004, in the office of the Lincoln County Clerk as Plat No. 225 -F. 2. That the Mortgagor has mortgaged the Property to Mortgagee by that certain Construction Mortgage dated July 16, 2007, "the Mortgage securing a Promissory Note "the Note and recorded in the office of the Lincoln County Clerk on July 19, 2007, in Book 666, page 265, Recording Number 931406, and re- recorded on August 29, 2007, in Book 670, page 427. The Mortgage has not been assigned. Mortgagee's Loan Number for this loan is 764004616. By that certain Commercial Guaranty dated May 16, 2007, Petersen personally guaranteed this loan. 3. That by that certain Modification of Mortgage dated July 3, 2008, and recorded in the office of the Lincoln County Clerk on July 9, 2008, in Book 699, page 525, Recording No. 940411, the principal of the loan was increased by $100,000.00 from $292,500.00 to 392,000.00. 4. That by that certain Change in Terms Agreement dated January 28, 2010, together with that certain Modification of Mortgage dated January 28, 2010, and recorded in the office of the Lincoln County Clerk on February 1, 2010, in Book 741, page 582, Recording No. 951918, the maturity date of the loan was extended to January 28, 2011. Furthermore, by a Change in Terms Agreement dated January 14, 2011, the maturity date of the loan was extended to April 1, 2011. The terms "the Note" and "the Mortgage" include all of the above described Change in Terms Agreements and Modifications of Mortgage. RECEIVED 6/29/2011 at 2:25 PM RECEIVING 959879 BOOK: 768 PAGE: 617 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY 2 000618 5. 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 $394,704.13 together with accrued interest thereon and late charges in the amount of $10,272.84 plus accruing interest from that date at the rate of $74.00702 per day, and expenses of collection. 6. 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 execute 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. 7. 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. 000619 8. That Mortgagor represents and warrants that the Property is free and clear of all liens and mortgages other than the Mortgages described herein. 9. That the parties agree that Mortgagor has another commercial real estate loan owing to Mortgagee. Loan No. 761001767 is evidenced by a Promissory Note and Mortgage dated December 6, 2007, and has a current balance of $48,761.71 as of May 12, 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. .11. 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. 3 IN WITNESS WHEREOF, the parties have executed this Agreement, Quitclaim Deed, and Release of Mortgage as of this 21 day of 3 •)Y•-t-- 2011. STATE OF WYOMING COUNTY OF LINCOLN My commission expires: ss. Witness my hand and official seal. NOTARY PUBLIC STATE OF WYOMING TRISTAN SMITH COUNTY OF LINCOLN MY COMMISSION EXPIRES APRIL 22, 2013 22, '2013 4 Trent J. Petersen Mortgagor and Grantor 000620 Goldenwood Homes and Development, Inc. Mortgagor and Grantor Trent J. Petersen, President 1ST Bank, a Wyoming State Banking Corporation, Mortgagee and Grantee By Roger es, Afton Branch President >J 01 This instrument was acknowledged before me on the ,„22/ day of 01\-2_ 4, by Trent J. Petersen. STATE OF WYOMING ss. COUNTY OF LINCOLN This instrument was acknowledged before me on the me day of ■oiic 2011, by Shantal Petersen. Witness my hand and official seal. My commission expires: ■ULY 96l9` STATE OF WYOMING ss. COUNTY OF LINCOLN This instrument was acknowledged before me on the o 11 day of 3.,)y 2011, by Trent J. Petersen as President of Goldenwood Homes and Development, Inc., aka Goldenwood Homes, Inc. Witness my hand and official seal. TRISTAN SMITH COUNTY OF STATE r WYOMING LINCOLN MY COMMISSION EXPIRES APRIL 22, 201.3 NOTARY PUBLIC My commission expires: STATE OF WYOMING COUNTY OF LINCOLN This instrument was acknowledged before me on the .2 y day of JvwL- 2011, by Roger J. Coles as Afton Branch President of 1ST Bank. ss. Witness my hand and official seal. poi My commission expires: 20/3 5 NOTARY PUBLIC NOTARY PUBLIC TRISTAN SMITH COUNTY OF LINCOLN NOTARY PUBLIC STATE OF WYOMING MY COMMISSION EXPIRES APRIL 22, 2013 NOTARY PUBLIC 000621