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HomeMy WebLinkAbout965280RGV1E1vw RECEIVING 965280 4 BOOK: 788 PAGE: 323 o5 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY Mortgage Mortgage Page -1 of 5 00323 Y1[ i E WYOMING TITLE 81 ESCROW RECORDED FOR ACCOMMODATION ONLY Know All Persons By These Presents That this Mortgage (the "Mortgage is executed and delivered as of June 22. 2012, by Peterson Enterprises, Inc., a Missouri corporation, with the principal address of 17106 Northgate Drive, Houston, Texas 77068 (the "Mortgagor and Kehr Levy, LLC, a Wyoming limited liability company, with a principal address of P.O. Box 1711, Wilson, Wyoming 83014 (the "Mortgagee The Mortgagor, to secure payment of the sum of Four Hundred Thousand Dollars and No Cents ($400,000.00) does hereby mortgage to the Mortgagee the following described real property situate in Lincoln County, Wyoming: Lots 31 and 32 of Alpine Village Subdivision, No. 1, Plat 2, amended, according to that plat filed of record in the Office of the County Clerk, Lincoln County, Wyoming, as Plat No. 107. Including and together with all and singular the tenements, hereditaments, appurtenances and improvements thereon or thereunto belonging, but subject to taxes, reservations, covenants, encroachments, conditions, restrictions, rights -of- way and easements of sight and of record. Mortgagor hereby relinquishes and waives all rights arising under and by virtue of the homestead exemption laws of the state of Wyoming. The Mortgagor covenants and warrants that at the signing and delivery of this Mortgage, the Mortgagor is lawfully seized in fee simple of the property and has good and lawful right to mortgage, sell, or convey such property; that the Mortgagor warrants and will defend the title to such property against all lawful claims and demands; and that the property is free from all encumbrances not of record. This Mortgage is subject to the express condition that the Mortgagor pays, or causes to be paid, to the Mortgagee the sum of Four Hundred Thousand Dollars and No Cents ($400,000.00) and any applicable charges and interest as set forth and according to the provisions contained in a certain Promissory Note executed of even date herewith (the "Promissory Note The Mortgagor hereby covenants and agrees to pay all such amounts. The Mortgagor further covenants and agrees as follows; 1. The Mortgagor shall pay or cause to be paid all taxes and assessments levied or assessed against the property, and shall comply with all recordation and other laws affecting the security of this Mortgage, at the expense of the Mortgagor. The Mortgagor further agrees (i) to maintain all buildings and other structures on the property in substantially their original condition or better, reasonable wear from the elements excepted and reserving the right to replace buildings and structures with property of at least equal value or utility and (ii) to maintain fire and extended coverage insurance covering the insurable buildings and structures on the property, written by sound and reputable insurance uu324 companies in the full insurable value of such property subject to reasonable deductibles, covering the parties as their interest may appear, and Mortgagor shall furnish a copy thereof to the Mortgagee promptly after receipt of written request therefor; 2. The Mortgagor shall not permit the interest of the Mortgagor in the property or any part thereof to be levied upon or attached in any legal or equitable proceeding; 3. If the Mortgagor defaults in the payment of such taxes, assessments or other lawful charges, and is not contesting such items in good faith, the Mortgagee may, without notice or demand, pay the same. The Mortgagor covenants and agrees that all such sums of money so expended, together with all costs of enforcement or foreclosure, and reasonable attorneys fees, shall be added to the debt hereby secured, and agrees to repay the same and all expenses so incurred by the Mortgagee, with interest thereon from the date of payment at the interest rate for overdue amounts provided in the note or notes secured hereby until repaid, and the same shall be a lien on the property and be secured by this Mortgage; 4. If the Mortgagor defaults in the payment of any principal or interest on the indebtedness secured hereby after the same shall become due and payable after written notice and the expiration of all applicable cure periods, or in case of breach of any covenant or agreement herein or contained in any other recorded mortgage debt on the property, after written notice and the expiration of all applicable cure periods, in each case for a period of fifteen (15) days after such default with respect to payments or forty -five (45) days with respect to all other matters, the whole of the then outstanding indebtedness secured hereby, both principal and interest, together with all other sums payable pursuant to the provisions hereof, shall, at the option of the Mortgagee, become immediately due and payable, anything herein or in said note or notes to the contrary notwithstanding, and failure to exercise said option shall not constitute a waiver of the right to exercise the same in the event of any subsequent default. The Mortgagee may enforce the provisions of, or foreclose, this Mortgagee by any appropriate suit, action or proceeding at law or in equity or by advertisement and sale as provided by Wyoming statutes. At any foreclosure sale, the Mortgagee may cause to be executed and delivered to the purchaser or purchasers a proper deed of conveyance of the property so sold. The Mortgagor agrees to pay all costs of enforcement and of foreclosure, including reasonable attorney fees. The failure of this Mortgagee to promptly foreclose following a default shall not prejudice any right of the Mortgagee to foreclose thereafter during the continuance of such default or any right to foreclose in case of further default or defaults. The proceeds from such sale shall be applied to the payment of (1st) the reasonable costs and expenses of the foreclosure and sale, including reasonable attorney fees, and all money expended or advanced by the Mortgagee pursuant to the provisions of this mortgage; (2nd) all unpaid taxes, assessments, claims and liens on the property, which are superior to the lien hereof; (3rd) the balance due to the Mortgagee on account of principal and Mortgage Page 2 of 5 Mortgage Page 3 of 5 00325 interest and late charges on the indebtedness hereby secured; and (4th) the surplus, if any, shall be paid to the Mortgagor (subject to the rights of any junior lien holders); 5. If the right of foreclosure accrues as a result of any default hereunder, the Mortgagee shall at once become entitled to exclusive possession, use and enjoyment of the property and to all rents, income and profits thereof, from the accruing of such right and during the pendency of foreclosure proceedings and the period of redemption, and such possession, rents, income and profits shall be delivered immediately to the Mortgagee on request. On refusal, the delivery of such possession, rents, income and profits may be enforced by the Mortgagee by any appropriate suit, action or proceeding. The Mortgagee shall be entitled to a receiver for the property and all rents, income and profits thereof, after any such default, including the time covered by foreclosure proceedings and the period of redemption and without regard to the solvency or insolvency of the Mortgagor, or the then owner of the property, and without regard to the value of the property, or the sufficiency thereof to discharge the indebtedness secured hereby and foreclosure costs, fees and expenses. Such receiver may be appointed by any court of competent jurisdiction upon application, and the appointment of any such receiver on any such application is hereby consented to by Mortgagor. All rents, income and profits of the property shall be applied by such receiver according to law and the orders and directions of the court. The terms "foreclosure" and "foreclose as used herein, shall include the right of foreclosure by any suit, action or proceeding at law or in equity, or by advertisement and sale of the property or in any manner now or hereafter provided by Wyoming law, including the power to sell; 6. If the property described herein is sold under foreclosure or otherwise and the proceeds are insufficient to pay the total indebtedness hereby secured, the Mortgagor shall be personally bound to pay the unpaid balance of the note or notes secured hereby and any other indebtedness secured hereby, and the Mortgagee shall be entitled to a deficiency judgment; 7. The acceptance of this Mortgage, and the note or notes it secures, by the Mortgagee shall be an acceptance of the terms and conditions contained herein; 8. The covenants and agreements herein contained shall bind, and inure to the benefit of, the respective heirs, devisees, legatees, executors, administrators, successors and assigns of the Mortgagor and the Mortgagee. Whenever used the singular number shall include the plural, the plural the singular, and the use of any gender shall include all genders; 9. The Mortgagor shall not be entitled to set -off or any similar rights against any amounts owed hereunder or under the note or notes secured hereby. The Mortgagor and the Mortgagee have fully settled their accounts for work on the Mortgaged property performed by or on behalf of the Mortgagee as general contractor, and this Mortgage is being given in lieu of any contractor's lien filing; 10. If all or any part of the real property or any interest therein (including any partnership interest) is sold, conveyed or otherwise transferred voluntarily or [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] Mortgage Page 4 of 5 uu326 involuntarily, the Mortgagee may insist upon the immediate repayment in full of the debt secured hereby. The Mortgagor shall give prior written notice to the Mortgagee of any such proposed sale, conveyance or other transfer; 11. Each individual executing this Mortgage and the related note or notes shall be personally bound, jointly and severally, to perform and observe all covenants and agreements of the Mortgagor contained herein and therein; and 12. Any notice required to be given to any person hereunder or under the note or notes secured hereby shall be given by delivery or by mailing the same by certified mail to such persons at the address noted above (or to such other address as shall have been specified in writing), and notice so mailed shall for all purposes hereof be as effectual as though served upon such party in person at the time of depositing such notice in the mail. IN WITNESS WHEREOF, this Mortgage has been executed by the Mortgagor as of this 2 .2- day of June, 2012. STATE OF f/ yaw uu COUNTY OF L, »C6(,A/ The foregoing Mortgage was acknowledged before me by /24,0,"4.49 A c nsGv as eCv Mortgagor, on this e;3 day of June, 2012. Witness my hand and official seal. [Seal] PAMELA C. PO$'I`ON NOTARY PUBLIC County of State of Lincoln;: Wyoming My Commission Expires ebruary 3, 2015 ss. MORTGAGOR: Peterson Enterprises, Inc., a Missouri corporation By it of Peterson Enterprises, Inc., the Notary Public for e State of Wyoming My commission expires: res 73 Mortgage Page -5of5 00327