HomeMy WebLinkAbout965932MORTGAGE DEED WITH RELEASE 01? HOMESTEAD
KNOW ALL MEN BY THESE PRESENTS that HOFFMAN RANCHES, INC., a Utah
Corporation of 225 East Church Street, Randolph, UT 84064, herein designated as Mortgagor, to
secure the payment of the sum of Six Hundred Fifty Thousand Dollars ($650,000.00), plus interest,
as evidenced by a Promissory Note of even date herewith to the order of FOX LAND
LIVESTOCK CORP., a Wyoming Corporation, of 10283 State Hwy. 233, Kenunerer, Wyoming
83101, herein designated as Mortgagees, principal and interest in the amount of Six Hundred Fifty
Thousand Dollars ($650,000.00), payable as follows:
The sum of Six Hundred Fifty Thousand Dollars ($650,000.00)
shall be paid in 20 yearly payments. The first payment shall be on
December 1, 2012 in the amount of Fifty Six Thousand Six
Hundred Sixty -Nine Dollars Ninety -Six Cents ($56,669.96) and
shall continue each and every year until a final payment shall be
due in 2031 in the amount of Fifty -Six Thousand Six Hundred
Seventy Dollars One Cent ($56,670,01). Except as otherwise noted,
each payment shall first be applied to the interest then accrued, and
the balance shall be applied to the principal of the Note. Interest
shall be at the rate of 6% per annum, beginning August 1, 2012. A
copy of the Amortization Schedule is attached hereto as Exhibit
«A
hereby mortgages to said Mortgagees, the following described real estate, situate in the County of
Lincoln, State of Wyoming, to -wit:
SEE EXHIBIT "B" ATTACHED HERETO AND
INCORPORATED HEREIN BY THIS REFERENCE
TOGETHER WITH all improvements, appurtenances,
hereditaments, and all other things thereunto belonging or in anywise
appertaining.
SUBJECT, HOWEVER, to all easements, rights -of -ways,
reservations, restrictions, conditions of record. now of record, or
otherwise affecting said lands,
00699
Mortgagor covenants and agrees with the Mortgagees as follows:
1. That they will pay the indebtedness, as hereinbefore provided. Mortgagor
may, at any time, and without the payment of any premium, fee or penalty,
make larger payments than those described hereinabove or may pay the
balance in full.
2. Mortgagees and Mortgagor will divide equally all attorney and closing fees.
Mortgagor will be responsible for any recording fees.
RECEIVED 8/3/2012 at 2:57 PM
RECEIVING 965932
BOOK: 790 PAGE: 699
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
Phillips Law, LLC
822 Main Street P.O. Box 770
Evanston, Wyoming 82931 -0770
Fox/Hoffman
Page 2 of 5
OOTOO
3. All property taxes and other assessments on the property shall be prorated
between the parties as of the date of closing.
4. Mortgagor has examined said premises and accepts the premises in its present
condition and there are no representations, covenants or agreements between
the parties hereto with reference to said property except as herein specifically
set forth or attached hereto. Mortgagor expressly acknowledges that he has
thoroughly examined the premises, and he accepts the same in "AS IS"
condition, Mortgagor expressly covenants and agrees to indemnify and hold
Mortgagees harmless from any claim, loss, liability, damage or expense
resulting from any claimed deficiency on the premises.
5. Nothing shall be done on or in connection with said property which may
impair the Mortgagees' security hereunder; the Mortgagor will commit,
permit or suffer no waste, impairment or deterioration of said property nor
any part thereof, and said property shall be continuously maintained in good
and sightly order, repair and condition by the Mortgagor at his expense.
6. In the event Mortgagor defaults in the payment of taxes, assessments, water,
or other governmental or municipal charges, or other lawful charges, as
herein provided, the Mortgagees may without notice or demand pay the same.
The Mortgagor covenants and agrees to repay such sums so paid and all
expenses so incurred by the Mortgagees, with interest thereon from the date
of payment, at the same rate as provided in the note herein described, and the
same shall be a lien on the said premises and be secured by the said note.
7. In the event the property covered hereby is sold under foreclosure and the
proceeds are insufficient to pay' the total indebtedness secured hereby, the
Mortgagor binds himself to pay the unpaid balance, and the Mortgagees will
be entitled to a deficiency judgment.
8. Upon occurrence, with respect to any Mortgagor, Assignee, maker, endorser
or guarantor hereof, of any of the following:
a. Calling of a meeting of creditors; application for, or appointment of,
a receiver of any of them or their property; filing of a voluntary or
involuntary petition under any of the provisions of the Bankruptcy
Act or amendments thereto; issuance of a warrant or attachment;
entry of a judgment; failure to pay, collect or remit any tax or tax
deficiency, Federal, State or local, when assessed or due; death
dissolution; making, or sending notice of an intended bulk sale;
mortgage or pledge of any property; suspension or liquidation of their
usual business; failure, after demand, to furnish financial information
or to permit inspection of any books or records; default in payment or
performance of this mortgage or any other obligation to, or acquired
in any manner by payee, or if the condition or affairs of any of them
shall change as in the opinion of the Mortgagees or other legal holder
thereof, shall increase its credit risk- -this mortgage and all other
Phillips Law, LLC
822 Main Street P.O. Box 770
Evanston, Wyoming 82931 -0770
00701
obligations, direct or contingent, of any maker or endorser hereof to
payee shall become due at the option of the Mortgagees with notice
or demand.
b. That in case default shall be made in the payment, when due, of the
indebtedness hereby secured, or of any installment thereof, or any part
thereof, or in case of breach of any covenant or agreement herein
contained as set forth in the Promissory Note secured by this
Mortgage, the whole of the then indebtedness secured hereby,
inclusive of principal, interest, arrearages, ground rents, if any, taxes,
assessment, water charges, expenditures for repairs or maintenance,
together with all other sums payable pursuant to the provisions
hereof, shall become immediately due and payable, at the option of
the Mortgagees, although the period above limited for the payment
thereof may not have expired, in accordance with the terms and
conditions in said Note and any failure to exercise said option shall
not constitute a waiver of the right to exercise the same at any other
time, and it shall be lawful for the Mortgagees to proceed to enforce
the provisions of this mortgage either by suit at law or in equity, as it
may elect, or to foreclose this mortgage by advertisement and sale of
the above described premises, at public venue, 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
a 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 moneys expended or advanced by the Mortgagees,
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 the Mortgagees on demand, to the
Mortgagor. There shall be included in any or all such proceedings, a
reasonable attorney's fee. In case the mortgagee shall fail promptly
to foreclose upon the happening of any default, it shall not thereby be
prejudiced in its right of foreclosure at any time thereafter during
which such default shall continue and shall not be prejudiced in its
foreclosure rights in case of further default or defaults.
9. Mortgagees must provide notice in writing by certified mail to Mortgagor if
the Mortgagees elect to foreclose.
10. That in case of any default whereby the right of foreclosure occurs hereunder,
the Mortgagees shall at once become entitled to exclusive possession, use,
and enjoyment of all property aforesaid, and to all rents, issues and profits
thereof, from the accruing of such right and during the pendency of
foreclosure proceedings and the period of redemption, if any there be, and
such possession, rents, issues and profits shall at once be delivered to the
Mortgagee on request, and on refusal, the delivery of such possession, rents,
issues, and profits may be enforced by the Mortgagees by any appropriate
civil suit or proceeding, including action or actions in ejectment, or forcible
Fox/Hoffman
Page 3 of 5
Phillips Law, LLC
822 Main Street P.O. Box 770
Evanston, 'Wyoming 82931 -0770
00702
entry or unlawful detainer, and the Mortgagees shall be entitled to a Receiver
for said property and all rents, issues, and profits thereof, after any such
default, including the time covered by foreclosure proceedings and the period
of redemption, if any there be, and shall be entitled thereto as a matter of right
without regard to the solvency or insolvency of the Mortgagor, or the then
owner of said property, and without regard to the value of said property, or
the sufficiency thereof to discharge the mortgage debt and foreclosure costs,
fees, and expense, and such Receiver may be appointed by any court of
competent jurisdiction upon ex parte application, and with notice, and all
rents, issues, and profits, income and revenue of said property shall be
applied by such Receiver, according to law and the orders and directions of
the court.
11. No failure by the Mortgagees or any legal holder hereof to enforce any right
set forth herein nor the granting of any extension of time nor taking of
additional security, nor partial release of security or the making of future
advances, shall act to constitute a waiver of the right to enforce any and all
remedies provided herein nor shall it act to discharge or release the collateral,
12. To keep the property herein described insured at the Mortgagors' expense in
a sum not less than Six Hundred Fifty Thousand Dollars ($650,000.00),
loss, if any, payable to all parties of interest, and to deliver said policy or
policies of insurance to the parties.
13. If Mortgagor is thirty (30) days late on his payment in any given month, then
a One Hundred Dollar ($100.00) late fee will accrue for each and every
month the payment is late until Mortgagees declare default pursuant to the
terms of this Mortgage Deed with Release of Homestead.
14. That 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 hereto, Whenever used, the singular
number shall include the plural, the plural the singular, and the use of any
gender shall include all genders.
IN WITNESS WHEREOF, the Mortgagor has caused these presents to be signed this 6 9 11)
day of .0 r ,2012.
Fox /Hoffman
Page 4 of 5
MORTGAGEES: FOX LAND
LIVESTOCK CORP., BY:
ROB T B. FOX, President
<F Secretar y /Treasurer
STATE OF WYOMING
COUNTY OF LINCOLN
V 1 410 �4
NG
COUN�I 9 LINCOLN
)ss.
)ss
FoxIHoffm an
Page 5 of 5
H FFMA Vice President
LOU DAWN HOFFMAN, Secretary
y Public
Commission Expires:
C9 2SD-l
00703
MORTGAGOR: HOFFMAN RANCHES,
INC., a Utah Corporation,
By: at 7) 144
OY D. HOFFMAN, President
On this day of ,Al lL u..9V 2012, before me personally appeared
ROBERT B. FOX and JAYSON B. FOX, who did say they are the President and Secretary /Treasurer
respectively of FOX LAND LIVESTOCK CORP., and said instrument was signed and sealed in
behalf of said corporation by authority of its Board of Directors, and said ROBERT B. FOX and
JAYS�9 T�4 X acknowledged said instrument to be the free act and deed of said corporation.
B 6 P 4
n
Q'C •I S hand and official seal.
W Lh g
ai
A
No Public
M Commission Expires: I e l,W 14
On this5PP day of c ht 2012, before me personally appeared ROY D.
HOFFMAN, JAMES R. HOFFMAN and LOU DAWN HOFFMAN, who did say they are the
President, Vice- President and Secretary respectively of I RANCHES, INC., and said
instrument was signed and sealed in behalf of said corporation by authority of its Board of Directors,
and said ROY D. HOFFMAN, JAMES R. HOFFMAN and LOU DAWN HOFFMAN acknowledged
said instrument to be the free act and deed of said corporation.
WIIIIAWggfohy hand and official seal.
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COUNTYOFW CLN
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Phillips v, 7,Ct YM� 0 'p v
822 Main A AI 770
Evanston, Wyoming-82931-0770
FROM JI
Amortization Schedule
Totals
Year :Payment �incinal Paid Xnterest Paid Remaining Balance
20)2 56,669.96 17,669.96 39,000.00 632,330.04
2013 56,669.96 18,730.16 37,939.80 613,599.88
2014 56,669.96 19,853.97 36,815.99 593,745.91
2015 56,669.96 21,045,21 35,624.75 572,700.70
2016 56,669.96 22,307.92 34,362.04 550,392.78
2017 56,669.96 23,646.39 33 ,023.57 526,746.39
2018 56,669.96 25,065.18 31,604.78 501,681.21
2019 56,669.96 26,569.09 30,100.87 475,112.12
2020 56,669.96 28,163.23 28,506.73 446,948.89
2021 56,669.96 29,853.03 26,8) 6.93 417,095.86
2022 56,669.96 31,644.21 25,025.75 385,451.65
2023 56,669.96 33,542.86 23,127.10 351,908.79
2024 56,669.96 35,555.43 21,114.53 316,353.36
2025 56,669,96 37,688.76 18,981.20 278,664.60
2026 56,669.96 39,950.08 16,719.88 238,714.52
2027 56,669.96 42,347.09 14,322.87 196,367.43
2028 56,669.96 44,887.91 11,782.05 151,479.52
2029 56,669.96 47,581.19 9,088.77 103,898.33
2030 56,669.96 50,436.06 6,23 3.90 53,462.27
2031 56,670.01 53,462.27 3 3,207.74 .0
$1,133,399.25 $650,000.00 8483,399.25
http:// www. mycalculators .com/ca /aloan_pop.html
PHONE 1 307 877 2285
Amortization Schedule
650,000.00 Loan with Anneal Payments
6% Interest Rate Compounded Annually
20 Years
www.MyCalculators.com
Copy ii,). Q 007.201i Myealculswa.wm
C Prihti ,._,.lose
Jul. 23 44PM P 11
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7/19/2012
Parcel 1
Township 24 North, Range 116 West of the 6th P.M., Lincoln County, Wyoming:
Section 18: Lots 3, 4, and N1/2SE1/4
Section 19: Lot 8, SWII4SE1 /4
Section 29: W1 /2NW1 /4, NW1 /4SW1/4, E1 /2SW1 /4, W1/2SE1/4
Section 30: Lots 1, 2, 3, NE1 /4, N1 /2SE1 /4
Section 32: E1 /2NW1 /4, W1 /2NE1 /4, NW1 /4SE114
Township 24 North, Range 117 West of the 6th P.M., Lincoln County, Wyoming:
Section 13: Lots 1, 2, 3, NE1 /4SE1 /4, E1 /2SW1 /4, SE1 /4NW1/4, N1 /2NW1 /4,
S1/2NE1/4
Section 14: Lots 1 and 2
Section 24: All
Section 25: All, excepting Lots 7 and 18
LESS AND EXCEPT those lands conveyed by Warranty Deed recorded 7 -26 -1982, at
Book 189PR, Page 593
AND ALSO LESS AND EXCEPT those lands conveyed by Warranty Deed recorded 9-
15 -2006, at Book 633, Page 804
Parcel 2
Township 24 North, Range 117 West of the 6th P.M., Lincoln County, Wyoming:
Section 13: S1/2SE1/4
0070