HomeMy WebLinkAbout972476This mortgage extension agreement made this 7 day of July, 2013, by and between,
DIAMONDVILLE INVESTMENT, INC., a Wyoming Corporation, ofP.O. Box 494, Diamondville,
Wyoming 83116, hereinafter referred to as "Mortgagee and M AND M HOSPITALITY, LLC, a
Wyoming Limited Liability Company of 2338 Wagon Circle Road, Rawlins, WY 82301 and
MULJIBHAI M. CHAUDHARI and NEETA CHAUDHARI, personally of 1092 West Highway 40,
Vernal, Utah 84078, hereinafter referred to as "Mortgagor
The parties recite and declare that:
MORTGAGE EXTENSION AGREEMENT
0259
a. Mortgagee is the holder of a certain promissory note conditioned on the payment of
$843,750.00, made by Mortgagor dated December 7, 2011, and due on December 7,
2013.
b. Such promissory note is secured by a mortgage recorded on December 7, 2011 in the
Office of the Lincoln County Clerk in Book 777 at Pages 585 through 591, which
mortgage is now a lien on the premises located in the Town of Diamondville, County
of Lincoln, State of Wyoming described as contained in Exhibit A attached hereto
and incorporated herein by reference. Ais'n known as the Energy Inn Motel.
c. On such promissory note and mortgage, as of July 7, 2013, there is now owing the
sum of $807,446.84, with interest thereon at the rate of 6 %percent per annum from
December 7, 2011.
d. Mortgagor is now the owner and holder of the above described premises, on which
such mortgage is a valid lien for the sum of $843,750.00 principal with interest
thereon with a rate of 6% percent per annum, and there are no defenses or offsets to
the debt that is secured.
e. Mortgagor is interested in upgrading the property and has approached Mortgagee
about extending the mortgage while keeping Mortgagee as the first and only
Mortgagee of the property.
For the reasons set forth above and in consideration of the mutual covenants and promises
of the parties hereto, Mortgagor and Mortgagee covenant and agree as follows:
Land'Diamondville Investment, Inc.\Mortgage Extension
SECTION ONE
EXTENSION OF MATURITY DATE
In consideration of $25,000.00 paid by Mortgagor in addition to all other monthly payments
and other valuable consideration already paid, the receipt of which is acknowledged, Mortgagee
hereby extends the time of payment of the principal and indebtedness secured by such promissory
RECEIVED 8/5/2013 at 2:51 PM
RECEIVING 972476
BOOK: 817 PAGE: 259
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
0260
note and mortgage to July 7, 2018, provided that Mortgagor shall continue to pay interest on the
amount owing on such promissory note and mortgage at the reduced rate of 4.15% per annum,
amortized over 20 years with a balloon payment due at the end of 5 years, from July 7, 2013,
monthly on the 7t" day of every month thereafter until paid in full.
SECTION TWO
PRINCIPAL AND INTEREST PAYMENTS
Mortgagor, in consideration of the above extension and other valuable consideration, the
receipt of which is acknowledged, shall pay the principal sum and interest as set forth above on or
before the maturity thereof as extended by this agreement which shall refer back to and include the
original mortgage recorded on December 7, 2011 as referenced herein above together with the
promissory note of the same date, and shall comply with all terms of that promissory note and
mortgage previously recorded as noted above, except as specifically modified herein.
SECTION THREE
PROMISSORY NOTE AND MORTGAGE
In addition to the above extension, the promissory note and mortgage shall be further
modified as follows:
1. The amount shall be reduced to a principal amount owed/borrowed of $782,446.84.
2. The interest rate shall be reduced from 6% per annum to 4.15% per annum.
3. The amortization period shall be for twenty (20) years and shall be paid in the
following manner:
a. Fifty nine (59) equal monthly installments of 4,803.96 with the first
payment being made on or before the 7 day of August, 2013 and each
payment thereafter payable and due on or before the same day of each
succeeding month thereafter until the 7 t1i day of July, 2018 when the
remaining balance owed together with interest shall be paid in full.
If the terms and provisions contained in the promissory note and mortgage of this date in
anyway conflict with the terms and provisions contained in this agreement, the terms and provisions
of this agreement shall prevail, and as modified by this agreement, the promissory note and mortgage
are hereby ratified and confirmed. The failure or omission of either party to exercise in one or more
instances any option given by this agreement or in the promissory note or mortgage, shall not be
construed as a waiver or relinquishment of a right to such option in the case of any other default, but
the right to such further option shall remain in full force and effect.
Land \Diamondville Investment, Inc.\Mortgage Extension
-2-
This agreement shall be binding on the heirs, executors, administrators, successors and
assigns of the respective parties.
IN WITNESS WHEREOF, the parties have executed this agreement at Diamondville,
Wyoming the day and year first written above.
STATE OF WYOMING
COUNTY OF LINCOLN
WITNESS my hand and official seal.
Land \Diamondville Investment, Inc.\Mortgage Extension
SECTION FOUR
BINDING EFFECT OF AGREEMENT
)ss.
Diamondville Investment, Inc.
VINCEN L. TOMASSI, Stockholder,
Diamondville Investment, Inc.
TIMOT CASS uccessor Trustee
LaVonne M. Cassidy Living Trust, dated 3/14/08,
Stockholder, Diamondville Investments, Inc.
ERIC CASSID Successor Trustee
LaVonne M. Cassidy Living Trust, dated 3/14/08,
Stockholder, Diamondville Investments, Inc.
/4curi S _oiw
Notary Public
My Commission Expires: ,3/40.3
-3-
0261
The above and foregoing instrument was acknowledged before me this d Fh day of June,
2013, by Vincenzo L. Tomassi, Stockholder, Diamondville Investments, Inc., and Timothy Cassidy,
Successor Trustee, LaVonne M. Cassidy Living Trust, dated 3/14/08, Stockholder, Diamondville
Investments, Inc.
STATE OF IDAHO
COUNTY OF I-0 In l 60 15
The above and foregoing instrument was acknowledged before me this day of
V3 2013, by Eric Cassidy, Successor Trustee, LaVonne M. Cassidy Living Trust, dated
3/14/08, Stockholder, Diamondville Investments, Inc.
IT l f d and official seal.
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Muljibhai M. Chaudhari, Personally
MuljJ ibhai M. Chaudhari
STATE OF Wei 1 1
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COUNTY OF �l r0 Ct 41
Land\Diamondville Investment, Inc.\Mortgage Extension
)ss.
)ss.
WITNESS my hand and official seal.
ERIC CASSIDY, S ''es or Trustee
LaVonne M. Cassidy Living Trust, dated 3/14/08,
Stockholder, Diamondville Investments, Inc.
Notary Public
My Commission Expires: t I i
M and M Hospitality, LLC
Muljibhai M. Chaudh ri, Managing Member
-4-
-1 of ra lanari
Notary Public
My Commission Expires:
Neeta Chaudhari, Personally
NOTARY PUBLIC
)ALTQN CALDWELL
66407
My Commission Expires
02/25/2017
STATE OF UTAH
The above and foregoing instrument was acknowledged before me this I (rr day of -)A f
2013, by Muljibhai M. Chaudhari who swore and affirmed he had due and proper authoritf
to bind M and M Hospitality, LLC; Muljibhai M. Chaudhari, personally; and Neeta Chaudhari,
personally.
4 Z/25/Lori
STATE OF U t h
)ss.
COUNTY OF VI r`self
WITNESS my hand and official seal.
Iand\Diamond\ille Investment, Inc.\Mongagc Extension
M and M Hospitality, LLC
Muljibhai M.thaudhari, Managing Member
Muljibhai M. Chaudhari, Personally
Muljibhai M. Chaudhan
NOTARY PUBLIC
DALTON CALDWELL
664037
My CormiSsion Expires
02/25/2017
STATE OF UTAH
The above and foregoing instrument was acknowledged before me this 1 h day of c
2013, by Muljibhai M. Chaudhari who swore and affirmed he had due and proper authority'
to bind M and M Hospitality, LLC and Muljibhai M. Chaudhari, personally.
t itt,„=„.
Notary Public
My Commission Expires: 0Z/25/Z017
-5-
0203
STATE OF V o O
COUNTY OF KU r✓orfis' ss•
WITNESS my hand and official se
CHELSEA A. KOHL,
Notary PubIlc South. Dakota
My Comm .sign. Expl 10. 1.2018
LandtDiamondvilic Investment. Inc.\Mongagc Extension
Neeta Chaudhari, Personally
Neeta Chaudhari, Personally
The above and foregoing instrument was acknowledged before me this day of July,
2013, by Neeta Chaudhari, personally.
Notary Public
My Commission Expires:
-6-
CHELSEA A K N L
Not tic Soar. Dakota
nth,. on Expires 1O-1-2C
0°264
STATE OF WYOMING
COUNTY OF LINCOLN
WITNESS my hand and official seal.
Land\Diamondville Investment, Inc. \Mortgage Extension
)ss.
Diamondville Investment, Inc.
ANTHONY G. TOMASSI, Stockholder,
Diamondville Investment, Inc.
The above and foregoing instrument was acknowledged before me this „19 {h day of July,
2013, by Anthony G. Tomassi, Stockholder, Diamondville Investments, Inc.
/90A-1 1 Nel aNO
Notary Public
My Commission Expires: X3/)1/30 %5
-7-
0265
Also known as the Energy Inn Motel.
EXHIBIT A
Parcel 1: A portion of that parcel of land described in Book 175PR at Page 155 on
file in the Office of the Lincoln County Clerk at Kemmerer, Wyoming, being
more particularly described as follows:
Commencing at the southeast corner of said parcel described in said Book 175PR
at Page 155, said point also being at the intersection of the westerly right of way
line of U.S. Highway 30 North and the northerly right of way line of U.S.
Highway 189;
thence South 85°12'12" West along the northerly right of way line of said U.S.
Highway 189, 31.44 feet to the point of beginning of this description;
thence North 17 West, 360.71 feet;
thence West 225.00 feet;
thence South 02 °57'13" West, 357.47 feet to a point on the northerly right of way
line of said Highway 189;
thence easterly along the northerly right of way line of said Highway 189 along
the arc of a curve to the left through a central angle of 07°45'01", a distance of
250.23 feet to the point of tangency, the radius of said curve being 1,849.86 feet;
thence North 85°12'12" East, a distance of 100.43 feet.
Parcel 2: Point of beginning being the intersection of right of way of westerly
Highway 30 North and northerly Highway 189 Tract 45, Resurvey, Township 21
North, Range 116 West, 6' Principal Meridian, Wyoming.
thence North 85°12'12" 31.44 feet;
thence North 17 °12' West 360.17 feet;
thence East 31.44 feet;
thence South 1T12' East along west right of way line of Highway 30 North a
distance of 364.43 feet to point of beginning
0266