Loading...
HomeMy WebLinkAbout964036RECEIVING 964036 ,Rec e•Ved Li 9 -I z Q1- 3 P BOOK: 784 PAGE: 353 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY AFFIDAVIT IN SUPPORT OF WARRANTY DEED IN LIEU OF FORECLOSURE STATE OF WYOMING SS COUNTY OF TETON Dave Leinonen, individually and as the Managing Member of LOF, LLC, a Wyoming limited liability company, hereinafter referred to as "Grantor," being first duly sworn, upon oath depose and says as follows: 1. On or about September 30, 2008, Lender made a loan in the form of a revolving line of credit to Dave and Cindy Leinonen (the "Loan The Loan is evidenced by that certain promissory note (as may have been modified from time to time, the "Note dated September 30, 2008 in the original face value amount of $125,000. The Note is secured by, among other things, that certain mortgage (as may have been modified to date, (the "Mortgage dated September 30, 2008, executed by LOF, LLC, a Wyoming limited liability company for the benefit of First Interstate Bank, its successors and assigns. The Mortgage was recorded October 6, 2008 in Book 706, Page 349, in the official records of Lincoln County, Wyoming (the "Official Records The Mortgage encumbers certain real property commonly known as Lot #3 of The Aspen Ridge Estates Subdivision, Alpine, Wyoming, 83128 (the "Property"), which is more particularly described as: Lot 3, Aspen Ridge Estates, Lincoln County, Wyoming, according to that plat filed April 28, 2004 in the Office of the Lincoln County Clerk as Plat No. 237 -B. Tax Id. No.: 3718- 20 -3 -00- 077.00 00353 2. On or about April 27, 2010, Lender made a new loan to Dave Leinonen, Cindy Leinonen and Dave Leinonen Custom Homes, Inc. (the "Second Loan"). The Second Loan is evidenced by that certain promissory note (as may have been modified from time to time, the "Second Note dated April 27, 2010 in the original principal amount of $140,945.42. The Second Loan effectively cancelled out the first Loan granted in the first Promissory Note, but kept the same collateral provided by LOF, LLC, and added new collateral in the form of a Commercial Security Agreement dated April 27, 2010. To wit: the Second Loan is secured by, among other things, that same Mortgage previously described and defined herein, and the original Mortgage was modified by the Parties per the Second Loan by that certain Modification of Mortgage, dated April 27, 2010, executed by LOF, LLC for the benefit of First Interstate Bank, its successors and assigns, wherein the modification was executed to consolidate the First Loan into the Second Loan "Modification of Mortgage The Modification of Mortgage was recorded April 29, 2010 in Book 746, Page 328 in the Official Records of Lincoln County, Wyoming. The Mortgage was again modified as evidenced by that certain Modification of Mortgage, dated June 30, 2011 executed by Borrower for the benefit of First Interstate Bank, its successors and assigns, wherein the Loan maturity date was extended to April 27, 2012 "Modification of Mortgage The Modification of Mortgage was recorded July 6, 2011 in Book 768, Page 871 in the Official Records of Lincoln County, Wyoming. Additionally, the Second Loan was secured by a Commercial Security Agreement dated April 27, 2010, which provided to the Lender a Blanket Business UCC Financing Statement recorded with the Wyoming Secretary of State's Office, as continued or amended from time to time, for all equipment set forth in the financing statement, including but not limited to, a 1997 Gradall Forklift VIN #488090 AND a 1999 Gradall Forklift VIN #544896 (the "Gradall (the "UCC Financing Statements Lender is the current owner of the Second Note and holder of the beneficial interests under the Mortgage, Modified Mortgage, and the Commercial Security Agreement, in accordance with the UCC Financing Statements. As used herein, "Loan Documents" means the cancelled Note, the Second Note, the Mortgage, Modified Mortgage, Commercial Security Agreement, all Change in Terms Agreements, all UCC filings with the Wyoming Secretary of State, and any and all other documents executed in connection with the first Loan and Second Loan (collectively the "Loans and "Indebtedness" means all amounts owing under the collective and combined Loan Documents. 2. Grantor acknowledges that the entire Indebtedness secured by the Mortgage described above is due and owing and that Grantor is obligated to Grantee for the full payment thereof, and that as a result, the Grantee is entitled to foreclose the above described Mortgage. u 3. Grantor no longer desires to continue making payments to Grantee as required by the Note, Mortgage and Commercial Security Agreement. 4. Pursuant to an agreement between Grantor and Grantee, the Grantor has made, executed and delivered to First Interstate Bank "Grantee the Note Holder, a Warranty Deed in Lieu of Foreclosure, hereinafter referred to as "the Deed," which conveyed the Property to Grantee. 5. Grantor acknowledges that it has executed and delivered the Deed voluntarily, in good faith on the part of the Grantor and Grantee, and without any fraud, misrepresentation, duress, undue influence, misapprehension as to the effect thereof, and without any misunderstanding on the part of the Grantor or Grantee, and Grantor asserts that the Deed was not given as a preference against any creditors of the Grantor. 6. The Grantor acknowledges, agrees and certifies that the Deed was an absolute conveyance of the Grantor's right, title and interest in and to the Property, together with all buildings, and improvements thereon, if any, and appurtenances thereunto belonging, and that with the delivery of the Deed, Grantor does release and waive any and all rights under and by virtue of the homestead exemption laws of the state of Wyoming and did release and waive all of Grantor's rights of redemption, both legal and equitable, and Grantor acknowledges that Grantor has no rights to a re- conveyance of the Property or any right to any sale proceeds Grantee may receive from a subsequent sale of the Property. 7. Grantor acknowledges and agrees that the value of the Property is not in excess of the amount of the total debt owed the Grantee. Grantor agrees that Grantee's Mortgage against the Property shall remain in full force and effect until specifically released by the Grantee and nothing contained in the Deed or this instrument shall be construed to work as a merger of the Grantee's Mortgage and any title Grantee may acquire by the Deed. 8. Grantor agrees that neither the Deed nor this instrument shall restrict the rights of the Grantee to institute foreclosure proceedings if it desires, but the conveyance by the Deed shall be and is hereby intended and understood to be an absolute conveyance and an unconditional sale, in effect as well as in form, and is not intended by the Grantor to be a Mortgage or additional security for any existing Mortgage. The Deed shall not restrict the right of the Grantee to institute foreclosure proceedings if it desires, but the conveyance by the Deed shall be and is hereby intended and understood to be an absolute conveyance and an unconditional sale which will fully extinguish all of Grantor's legal and equitable rights of redemption, and will fully release all Grantor's rights, title and interest of every character in and to the Property. 9. Grantor acknowledges and agrees that the consideration for said Deed is the full cancellation of all debts, obligations, costs and charges secured by the Mortgage and that at the time of making said Deed, Grantor believed and now believes that the aforesaid consideration therefore represents the fair value of the property so deeded. 10. Grantor acknowledges that Grantee shall become entitled to immediate, absolute and exclusive possession of the Property on April 1, 2012, and that Grantor shall thereafter be deemed a tenant at sufferance unless Grantee and Grantor agree otherwise in writing. 11. This Affidavit has been made for the protection and benefit of the Grantee, its successors and assigns, and all other parties hereinafter dealing with or who may acquire an interest in the Property, and shall bind the personal representatives, executors, administrators, heirs, and assigns of the Grantor. 12. This Affidavit was made for the protection and benefit of the Note Holder, the Grantee in said Deed each of its successors or assigns, and all other parties hereafter dealing with or who may acquire an interest in the property herein described, and particularly for the benefit of Wyoming Title and Escrow, the Title Insurance Company which has issued a title report or is about to issue the title to said property in reliance thereon, and any other title company which may hereafter insure the title to said property. 13. Grantor acknowledges that in the event any /all personal property is left in or about said premises as of the date possession is surrendered as indicated herein, whether in the interior or exterior of sale premises, by signing below, Grantor hereby waives and relinquishes any right, title or interest in said personal property and further herein agrees that Grantee or its agents may remove and dispose of any such remaining personal property at Grantee's discretion and in any manner which it sees fit. 14. The Deed is not accepted until it is recorded by the Grantee with the County Clerk and recorder of Lincoln County where the Property is located and the Mortgage in favor of Grantee has been specifically released by the actions of the Grantee. 15. Grantor understands that it has a right to obtain legal advice before signing the aforesaid deed and has either done so or has elected to proceed without legal advice. 16. As used herein, the singular shall include the plural and the plural the singular, and the masculine shall include the feminine and the neuter, as the context requires. 17. That Grantor will testify, declare, depose to and certify under penalty of perjury before any competent officer, or person in any case now pending or which may hereafter be instituted, to the truth of the particular facts hereinabove set forth. A 912.11_, Dated•March 2012. GRANTEE: LOF, LLC, WYOMING LIMITED LIABILITY COMPANY By: Its: STATE OF WYOMING SS COUNTY OF "WM The foregoing Affidavit in Support of Warranty Deed in Lieu of Foreclosure was acknowledged before me by Dave Leinonen, individually and as the Managing Member of LOF, LLC, a Wyoming limited liability company, this day in lam zh, 2012. My Commission Expires: Witness my hand and official seal. Notary Public HALL.IE: LANE NOTARY PUBLIC COUNTY OF (E 1 STATE OF ETON t� 9 fYOMVIINC SSI 05-N-2012 ifV E;(.�h/iiVil,�,, �,(.}C`.E ,v)CI`IFt� ®0355