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HomeMy WebLinkAbout963115MORTGAGE KNOW ALL PERSONS BY THESE PRESENTS, that KEMMERER ANTLER MOTEL, LLC, a Utah Limited Company, registered to do business and in good standing in Wyoming, of 3039 S. 600 W., Bountiful, Utah 84010, herein referred to as Mortgagor, to secure the payment of the principal sum of one million six hundred five thousand dollars ($1,605,000.00), together with interest at the rate of six and one half percent (6 1 per annum, due to be paid in monthly installments of twelve thousand dollars ($12,000.00) beginning on or before January 5, 2012. There shall be a late fee of an additional two hundred dollars ($200.00) due and paid if any payment is more than ten (10) days late. These payments shall be made as evidenced by a promissory note of even date herewith (the "Note to the order of MGI -M, L.L.C., c/o Mark Irene White, 877 East Heartwood, Fruit Heights, Utah 84037, herein referred to as Mortgagee, hereby mortgages to Mortgagee, all interest in the real property (the "Property"), situate in the County of Lincoln, State of Wyoming, and more particularly described as follows, to -wit: Lots 1, 2, 3 and 4 of Block 58 of the Second Addition to the Town of Kemmerer, Lincoln County, Wyoming as described on the official plat thereof, and Lots 4, 5, 6, 7, 8, 9, 10, and 11 of Block 64 of the Second Addition to the Town of Kemmerer, Lincoln County, Wyoming, as described on the official plat thereof. That portion of the vacated alley as evidenced in Resolution No. 431 recorded July 7, 1977 in Book 137PR on Page 413 of the public records of the Lincoln County Clerk. Also known as the Antler Motel, 419 Coral Street, Kemmerer, Wyoming. including all buildings and improvements thereon or that may hereafter be erected thereon; together with hereditaments and appurtenances and all other rights thereunto belonging, or in any manner now or hereafter appertaining, and all fixtures now or hereafter attached to the premises. Mortgagor hereby relinquishes and waives all rights under and by virtue of the homestead laws of the State of Wyoming with respect to the Property, and Mortgagor covenants that Mortgagor is lawfully seized of the premises; that the premises are free from all encumbrances excepting only this Mortgage; and hereby covenants to warrant and defend the title of the premises against the lawful claims of all persons whomsoever. Mortgagor covenants with Mortgagee as follows: SECTION ONE RESTRICTIONS ON TRANSFER The Mortgagor shall not, whether voluntarily or involuntarily by operation of law or otherwise (i) transfer, sell, convey or assign all or any portion of the property, or contract to do any of the foregoing, including without limitation, enter into options to purchase, installment sales contracts, land contracts, real estate contracts or contracts for deed of trust or (ii) change the legal possession or use thereof without the prior written consent of Mortgagee. Except for easements for drainage or utilities, Mortgagor shall not enter into any easement, rights of way, agreements affecting property lines or similar agreements affecting the property without the prior written consent of Mortgagee. Such consent shall not be unreasonably withheld. SECTION TWO PAYMENT OF INDEBTEDNESS Mortgagor will pay the indebtedness as provided in the Note. Mortgagor reserves the right to pay the debt in whole, or in part on any date prior to maturity, without penalty. SECTION THREE GROUND RENTS; TAXES AND ASSESSMENTS Mortgagor will pay all ground rents, taxes, assessments, water rents, and other governmental Land \Kemmerer Antler Motel, LLC \Mortgage Page 1 of 4 00048 re W W o. 2 co W W Z cri d W Z U c�3 Z Z I W W 0 V Y U 0 U 1 Z J or municipal charges, or other lawful charges with respect to the Property, and will promptly deliver the official receipts therefor to Mortgagee upon request. Mortgagor will keep the improvements now existing or hereinafter erected on the premises, insured for fire and extended coverage in an amount equal to at least the full replacement cost thereof. All insurance shall be carried in reputable companies qualified to do business in the State of Wyoming, and the policies and renewals thereof shall have attached thereto loss payable clauses in favor of and in form acceptable to Mortgagee. Mortgagor shall promptly deliver a copy of all insurance policies and proof of premium payment. In the event of loss, Mortgagor will give immediate notice by mail to Mortgagee, who may make proof of loss if not made promptly by Mortgagor, and each insurance company concerned is hereby authorized and directed to make payment for such loss to Mortgagor and Mortgagee jointly; the insurance proceeds or any part thereof may be applied by Mortgagee at Mortgagee's option either to the reduction of the indebtedness hereby secured or to the restoration or repair of the property damage. In event of foreclosure of this mortgage or other transfer of title to the premises in extinguishment of the indebtedness secured hereby, all right, title and interest of Mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee. Each policy or other contract for such insurance shall contain an agreement by the insurer that, not withstanding any right of cancellation reserved to such insurer, such policy or contract shall continue in force for at least twenty (20) days after written notice to the Mortgagee of such cancellation. Nothing shall be done on or in connection with the property that may impair Mortgagee's security hereunder; Mortgagor will not commit, permit or suffer any waste, impairment or deterioration of the property, or any part thereof, and the property shall be continuously maintained in good and sightly order, repair and condition by Mortgagor at Mortgagor's expense. Mortgagor shall not remove any buildings, improvements, or appliances located on the property, and Mortgagors shall not change the contour of any lands, without the prior written consent of the Mortgagee. In case Mortgagor shall default in the payment of ground rents, if any, taxes, assessments, water or other governmental or municipal charges, insurance premiums, or other lawful charges as herein provided, Mortgagee may without notice or demand pay the same. Mortgagor shall repay such sums paid and all expenses so incurred by Mortgagee, with interest thereon from the date of payment, at six and one half percent (6 %2 per annum, and the same shall be a lien on the premises and be secured by the above mentioned note and by these presents; in default of making such repayments the whole amount hereby secured if not then due shall, if Mortgagee so elect, become due and payable forthwith, anything therein contained to the contrary notwithstanding. A. Events of Default. The terms "Event of Default" or "Events of Default wherever used in this instrument, shall mean any one or more of the following events: (1) (2) Failure by Mortgagor to duly observe, comply with or perform within ten (10) calendar days after written notice of such failure is given to Mortgagor of any term, covenant, condition or agreement of this instrument; or Land \Kemmerer Antler Motel, LLC \Mortgage SECTION FOUR HAZARD INSURANCE SECTION FIVE MAINTENANCE OF PROPERTY SECTION SIX CHARGES; LIENS SECTION SEVEN EVENTS OF DEFAULT AND ACCELERATION Failure by Mortgagor to pay within thirty (30) calendar days after due, any sum due under the Note, this Mortgage, or any payment of tax or insurance deposit or premium when due; or Page 2 of 4 00049 (3) Land \Kemmerer Antler Motel, LLC \Mortgage The filing by Mortgagor of a voluntary petition in bankruptcy or adjudication of Mortgagor as bankrupt or insolvent, or the filing by Mortgagor of any petition or answer seeking or acquiescing in any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other law or regulation relating to bankruptcy, insolvency or other relief for debtors, or seeking or consenting to or acquiescing in the appointment of any trustee, receiver or liquidator of either Mortgagor or of all or any substantial part of the property or of any of the rents, issues, profits or revenues thereof, or the making by Mortgagor, or either of them, of any general assignment for the benefit of creditors, or the admission in writing by Mortgagor, or either of them, or their inability to pay their debts generally as they become due; or (4) The entry by a court of competent jurisdiction of an order, judgment or decree approving a petition, filed against either Mortgagor, or either of them seeking any reorganization, arrangement, composition readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other law or regulation relating to bankruptcy, insolvency or other relief for debtors, which order, judgment or decree remains unvacated and unstayed for an aggregate thirty (30) days (whether or not consecutive) from the date of entry thereof, or the appointment of any trustee, receiver or liquidator of Mortgagor, or of all or any substantial portion of the property or of any of rents, issues profits or revenues thereof without the consent or acquiescence of either Mortgagor, which appointment shall remain unvacated and unstayed for an aggregate thirty (30) days (whether or not consecutive). B. Acceleration. In case of an Event of Default, the whole of the then indebtedness secured hereby, inclusive of principal, interest, arrearages, ground rents, if any, taxes, assessments, water charges, utilities, insurance premiums, expenditures for repairs or maintenance, together with all other sums payable pursuant to the provisions thereof, shall become immediately due and payable, at the option of Mortgagee, although the period above limited for the payment thereof may not have expired, anything herein before or in the Note contained to the contrary notwithstanding; any failure to exercise such option shall not constitute a waiver of the right to exercise the same at any other time; and it shall be lawful for Mortgagee to proceed to enforce the provisions of this mortgage either by suit at law or in equity, as Mortgagee may elect, or to foreclose this mortgage by advertisement and sale of the premises, at public auction for cash, according to Wyoming Statutes governing mortgage foreclosures, and cause to be executed and delivered to the purchaser or purchasers at any such sale, good and sufficient deed or deeds of conveyance of the property so sold, and to apply the net proceeds arising from such sale first to the payment of the costs and expenses of such foreclosure and sale and in payment of all monies expended or advanced by Mortgagee pursuant to the provisions of Section Six hereof, and then to the payment of the balance due on account of the principal indebtedness secured hereby, together with interest thereon, and the surplus if any, shall be paid by Mortgagee to Mortgagor. There shall be included in any or all such proceedings a reasonable attorney's fee. In case Mortgagee fails promptly to foreclose on the happening of any default, Mortgagee shall not thereby be prejudiced in Mortgagee's right to foreclose at any time thereafter during which such Event of Default continues, and shall not be prejudiced in Mortgagee's foreclosure rights in case of further Events of Default. SECTION EIGHT BINDING EFFECT The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective heirs, executors, administrators, successors and assigns of the parties thereto. Whenever used, the singular number shall include the plural, the plural the singular, and the use of any gender shall include all genders. Page 3 of 4 00050 SECTION NINE WAIVER Any waiver by either party hereto of any breach of any kind or character whatsoever by the other party, whether such waiver be direct or implied, shall not be construed as a continuing waiver of or consent to any subsequent breach of this agreement on the part of the other party. SECTION TEN NOTICES All notices, demands, requests and other writings required or permitted to be given hereunder shall be deemed duly given if hand delivered or if mailed by certified mail, postage prepaid, if addressed to the parties to their respective addresses stated above. Either party shall have the right to specify in writing in the manner above provided, another address to which subsequent notices or writings to such party shall be given. Any notice given hereunder shall be deemed to have been given as of the date delivered or three (3) days after being mailed. SECTION ELEVEN AUTHORITY The undersigned hereby certifies, guarantees and represents he has the right and authority to sign this Mortgage on behalf of KEMMERER ANTLER MOTEL, LLC and legally bind that entity. IN WITNESS WHEREOF, Mortgagor has caused this Mortgage to be duly executed on this XV day of December, 2011. STATE OF (Atoll- COUNTY OF b l%l- t 4 WITNESS my hand and official seal. Notary Public Land \Kemmerer Antler Motel, LLC \Mortgage s s. The above and foregoing instrument was acknowledged before me this day of December, 2011, by Roger Beattie who swore and affirmed he had due and proper authority to bind KEMMERER ANTLER MOTEL, LLC. tf 7E 4ERRI MITCHELL Notary Public 577 West 1350 South, Suite 4 A II 9 gountltul, Utah 84010 My Commission Expires: ∎YvAr y1 ri j' l� it My Ca,nmbeion Fxplree March 18, 2012 State of Utah j la nma o nam mmo MOM TWO MIN OM w® Page 4 of 4 RER ANTLER M EL, OGER BEATTIE, Managing Member 00051 Amount: $1,605,000.00 FOR VALUE RECEIVED, KEMMERER ANTLER MOTEL, LLC, a Utah Limited Liability Company registered to do business and in good standing in Wyoming, of 3039 S. 600 W., Bountiful, Utah 84010, promises to pay to the order of MGI -M, L.L.C., in care of Mark Irene White of 877 East Heartwood, Fruit Heights, Utah 84037, the sum of one million six hundred and five thousand dollars ($1,605,000.00), together with interest on the declining balance thereof at the rate of six and one half percent (6 per annum which rate shall adjust every five years to prime plus three and one quarter percent (3.25 with prime to be the prune interest rate as published in the Wall Street Journal on the anniversary date of this promissory note and if that anniversary date is not a business day, it shall be the last business day before that anniversary date. Payments in the sum of twelve thousand dollars ($12,000.00) shall be made monthly until the principal and interest are paid in full. The first payment shall be made on or before the 5 day of January, 2012 and on or before the 5 day of each succeeding month thereafter. There shall be no penalty for prepayment of the remaining balance or any portion thereof at any time. There shall be a late fee of an additional two hundred dollars ($200.00) due and paid if any payment is more than ten (10) days late. Said sums shall be paid together with a reasonable sum for attorney's fees and any costs and expenses associated therewith if this note is placed in the hands of an attorney for collection, whether or not the matter is actually filed in a court of law. IN WITNESS WHEREOF, Promisor has dully executed this Promissory Note on the date written above. Lend Motel, LLC \Promissory Note PROMISSORY NOTE KE R ANTLER MOTEL, LLC By: Roger Beattie Date: zD 00052