HomeMy WebLinkAbout867713030137 73
RECORDATION REQUESTED BY:
First Security Bank, N.A.
Afton Mortgage Production Office
485 Washington
Afton WY 83110
WHEN RE ORDED MAIL TO:
First Security Bank, N.A.
Afton Mortgage Production Office
485 Washington
Afton, WY 83110
SEND TAX NOTICES TO:
First Security Bank, N.A.
Afton Mortgage Production Office
485 Washington
Afton, WY 83110
THIS MORTGAGE IS DATED) u l y
C. REINHART SON, INC., AN
whose address is P.O. BOX 50540
(referred to below as "Grantor");
whose address is 485 Washington
(referred to below as "Lender
26, 2000
IDAHO CORPORATION
The Real Property or its address is commonly known as
182 BUCKSKIN WY, ETNA, WY 83118
0007689870
CONSTRUCTION MORTGAGE
IDAHO FALLS, ID 83405 -0540
and First Security Bank, N.A.
Afton, WY 83110
RECEIVED
00 AUG 23
1
E WI f ER
BOOK45(J PR PAGE 617
GRANT OF MORTGAGE. For valuable consideration, Grantor mortgages and conveys to Lender all of Grantor's right, title, and interest in
and to the following described real property, together with at existing or subsequently erected or affixed buildings, improvements and fixtures; all
easements, rights of way, and appurtenances; all water, water rights, water courses and ditch rights (including stock in utilities with ditch or
irrigation rights); and all other royalties, and profits relating to the real property, including without limitation all minerals, oil, gas, geothermal and
similar matters, located in LINCOLN County, State of WYOMING (the "Real
Property
Lot 91 of Nordic Ranches Division No. 7, Lincoln County, Wyoming, according to
that plat filed May 8, 1996, Instrument No. 819461, Plat No. 311E.
between
Grantor presently assigns to Lender all of Grantor's right, title, and interest In and to all leases of the property and all Rents from the Property. In
addition, Grantor grants to Lender a Uniform Commercial Code security interest in the Personal Property and Rents.
DEFINITIONS. The following words shall have the following meanings when used in this Mortgage. Terms not otherwise defined in this Mortgage
shall have the meanings attributed to such terms in the Uniform Commercial Code. All references to dollar amounts shall mean amounts in lawful
money of the United States of America.
Grantor. The word "Grantor" means
The Grantor is the mortgagor under (his Mortgage.
Guarantor. The word "Guarantor" means and includes without limitation, each and all of the guarantors, sureties, and accommodation
parties in connection with the Indebtedness.
Improvements. The word "Improvements" means and includes without limitation all existing and future improvements, fixtures, buildings,
structures, mobile homes affixed on the Real Property facilities, additions and other construction on the Real Property.
Indebtedness. The word "Indebtedness" means all principal and interest payable under the Note and any amounts expended or advanced
by Lender to discharge obligations of Grantor or expenses incurred by Lender to enforce obligations of Grantor under this Mortgage,
together with interest on such amounts as provided in this Mortgage.
Lender. The word "Lender" means First Security Bank, N.A. its
successors and assigns. The Lender is the mortgagee under this Mortgage.
CONWMTGA
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MORTGAGE
(Continued)
619
TAXES AND LIENS. The following provisions relating to the taxes and liens on the Property are a part of this Mortgage.
Page 3
Payment. Grantor shall pay when due (and in all events prior to delinquency) all taxes, payroll taxes, special taxes, assessments, water
charges and sewer service charges levied against or on account of the Property, and shall pay when due all claims for work done on or for
services rendered or material furnished to the Property. Grantor shall maintain the Property free of all liens having priority over or equal to
the interest of Lender under this Mortgage, except for the lien of taxes and assessments not due, and except as otherwise provided in the
following paragraph.
Right To Contest. Grantor may withhold payment of any tax, assessment, or claim in connection with a good faith dispute over the
obligation to pay, so long as Lender's interest in the Property is note jeopardized. If a lien arises or is filed as a result of nonpayment,
Grantor shall within fifteen (15) days after the lien arises or, if a lien is filed, within fifteen (15) days after Grantor has notice of the filing,
secure the discharge of the lien, or if requested by Lender, deposit with Lender cash or a sufficient corporate surety bond or other security
satisfactory to Lender in an amount sufficient to discharge the lien plus any costs or reasonable attorneys' fees or other charges that could
accrue as a result of a foreclosure or sale under the lien. In any contest, Grantor shall defend itself and Lender and shall satisfy any
adverse judgement before enforcement against the
Property. Grantor shall name Lender as an additional obligee under any surety bond furnished in the contest proceedings.
Evidence of Payment. Grantor shall upon demand furnish to Lender satisfactory evidence of payment of the taxes or assessments and shall
authorize the appropriate governmental official to deliver to Lender at any time a written statement of the taxes and assessments against the
Property.
Notice of Construction. Grantor shall notify Lender at least fifteen (15) days before any work is commenced, any services are furnished, or
any materials are supplied to the Property, if any mechanic's lien, materialmen's lien, or other lien could be asserted on account of the work,
services, or materials and the cost exceeds $500.00. grantor will upon request of Lender furnish to Lender advance assurances satisfactory
to Lender that Grantor can and will pay the cost of such improvements.
PROPERTY DAMAGE INSURANCE. The following provisions relating to insuring the Property are a part of this Mortgage.
Maintenance of Insurance. Grantor shall procure and maintain policies of fire insurance with standard extended coverage endorsements on
a replacement basis for the full insurable value covering all Improvements on the Real Property in an amount sufficient to avoid application of
any coinsurance clause, and with a standard mortgagee clause in favor of Lender. Policies shall be written by such companies and in
such form as may be reasonable acceptable to Lender. Grantor shall deliver to Lender certificates of coverage from each insurer containing
a stipulation that coverage will not be cancelled or diminished without a minimum of ten (10) days' prior written notice to Lender and not
containing any disclaimer of the insurer's liability for failure to give such notice. Should the Real P-'nerty at any time become located in an
area designated by the Director of the Federal Emergency Management Agency as a special f hazard area, Grantor agrees to obtain
and maintain Federal Flood Insurance, to the extent such insurance is required and is or her- callable, for the term of the loan and for
the full unpaid principal balance of the loan, or the maximum limit of coverage that is available ,ever is less.
Application of Proceeds. Grantor shall promptly notify Lender of any loss or damage to Jperty if the estimated cost of repair or
replacement exceeds $500.00. Lender may make proof of loss if Grantor fails to do so within fifteen (150 days of the casualty. Whether or
not Lender's security is impaired, Lender may, at its election, apply the proceeds to the reduction of the Indebtedness, payment of any lien
affecting the Property, or the restoration and repair of the Property. If Lender elects to apply the proceeds to restoration and repair, Grantor
shall repair or replace the damaged or destroyed Improvements in a manner satisfactory to Lender. Lender shall, upon satisfactory proof of
such expenditure, pay or reimburse Grantor from the proceeds for the reasonable cost of repair or restoration if Grantor is not in default
hereunder. Any proceeds which have not been disbursed within 180 days after their receipt and which Lender has not committed to the
repair or restoratioi) of the Property ;hall be used first to pay any arrount, owing to Lender under this Mortgage, then to prepay accrued
interest, and the remainder, if any, shall be applied to the principal balance of the Indebtedness. If Lender holds any proceeds after
payment in full of the Indebtedness, such proceeds shall be paid to Grantor.
Unexpired Insurance at Sale. Any unexpired insurance shall inure to the benefit of, and pass to, the purchaser of the Property covered by
this Mortgage at any trustee's sale or other sale held under the provisions of this Mortgage, or at any foreclosure sale of such Property.
Grantor's Report on Insurance. Upon request of Lender, however not more than once a year, Grantor shall furnish to Lender a report on
each existing policy of insurance showing: (a) the name of the insurer; (b) the risk insured: (c) the amount of the policy; (d) the property
insured, the then current replacement value of such property, and the manner of determining that value; and (e) the expiration date of the
policy. Grantor shall, upon request of Lender, have an independent appraiser satisfactory to Lender determine the cash value replacement
cost of the Property.
EXPENDITURES BY LENDER. If Grantor fails to comply with any provision of this Mortgage, or if any action or proceeding is commenced that
would materially affect Lender's interests in the Property, Lender on Grantor's behalf may, but shall not be required to, take any action that Lender
deems appropriate. Any amount that Lender expends in so doing will bear interest at the rate charged under the Note from the date incurred or
paid by Lender to the date of repayment by Grantor. All such expenses, at Lender's option, will (a) be payable on demand, (b) be added to the
balance of the Note and be apportioned among and be payable with any installment payments to become due during either (1) the term of any
applicable insurance policy or (ii) the remaining term of the Note, or (c) be treated as a balloon payment which will be due and payable at the
Note's maturity. This Mortgage
also will secure payment of these amounts. The rights provided for in this paragraph shall be in addition to any other rights or any remedies to
which Lender may be entitled on account of the default. Any such action by Lender shall not be construed as curing the default so as to bar
Lender from any remedy that it otherwise would have had.
WARRANTY; DEFENSE OF TITLE. The following provisions relating to ownership of the Property are a part of this Mortgage.
Title. Grantor warrants that: (a) Grantor holds good and marketable title of record to the Property in fee simple, free and clear and all lines
and encumbrances other than those set forth in the Real Property description or in any title insurance policy, title report, or final title opinion
issued in favor of, and accepted by, Lender in connection with this Mortgage, and (b) Grantor has the full right, power, and authority to
execute and deliver this Mortgage to Lender.
Defenae of TIt;a: Subject to the exception in the paragraph above, Grantor warrants and will forever defend the title to the Property against
the lawful claims of all persons. In the event any action or proceeding is commenced that questions Grantor's title or the interest of Lender
under this Mortgage, Grantor shall defend the action at Grantor's expense. Grantor may be the nominal party in such proceeding, but
Lender shall be entitled to participate in the proceeding and to be represented in the proceeding by counsel of Lender's own choice, and
Grantor will deliver, or cause to be delivered, to Lender such instruments as Lender may request from time to time to permit such
participation.
Compliance with Laws. Grantor warrants that the Property and Grantor's use of the Property complies with all existing applicable laws,
ordinances, and regulations of governmental authorities.
CONDEMNATION. The following provisions relating to condemnation of the Property are a part of this Mortgage.
Application of Net Proceeds. If all or any part of the Property is condemned by eminent domain proceedings or by any proceeding or
purchase in lieu of condemnation, Lender may at its election require that all or any portion of the net proceeds of the award be applied to
the Indebtedness or the repair or restoration of the Property. The net proceeds of the award shall man the award after payment of all
reasonable costs, expenses, and attorney's fees incurred by Lender in connection with the condemnation.
Proceedings. If any proceeding in condemnation is tiled, Grantor shall promptly notify Lender in writing, and Grantor shall promptly take
such steps as may be necessary to defend the action and obtain the award. Grantor may be the nominal party in such proceeding, but
shall be entitled to participate in the proceeding and to be represented in the proceeding by counsel of its own choice, and Grantor will
deliver c'- be delivered to Lender such instruments as-equested by it from time to time to permit st:_ation.
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RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence of any Event of Default and at any time thereafter but subject to any limitation in
the Note or any limitation in this Mortgage, Lender, at its option, may exercise any one or more of the following rights and remedies, in addition to
any other rights or remedies provided by law:
Accelerate Indebtedness. Lender shall have the right at is option without notice to Grantor to declare the entire Indebtedness immediately
due and payable, including any prepayment penalty which Grantor would be required to pay.
UCC Remedies. With respect to all or any part of the Personal Property, Lender shall have all the rights and remedies of a secured party
under the Uniform Commercial Code.
Collect Rents. Lender shall have the right, without notice to Grantor, to take possession of the Property, Including during the pendency of
foreclosure, whether judicial or non judicial, and collect the Rents, including amounts past due and unpaid, and apply the net proceeds, over
and above Lender's costs, against the Indebtedness. In furtherance of this right, Lender may require any tenant or other user of the Property
to make payments of rent or use fees directly to Lender. If the Rents are collected by Lender, then Grantor irrevocably designates Lender
as Grantor's attorney -in -fact to endorse instruments received in payment thereof in the name of Grantor and to negotiate the same and collect
the proceeds. Payments by tenants or other users to Lender in response to Lender's demand shall satisfy the obligations for which the
payments are made, whether or not any proper grounds for the demand existed. Lender may exercise its rights under this subparagraph
either in person, by agent, or through a receiver.
Appoint Receiver. Lender shall have the right to have a receiver appointed to take possission of all or any part of the Property, with the
power to protect and preserve the preserve the Property, to operate the Property preceding foreclosure or sale, and to collect the Rents from
teh Property and apply the proceeds, over and above the cost of the receivership, against the Indebtedness. The receiver may serve without
bond if permitted by law. Lender's rightt to the appointment of a receiver shall exist whether or not the apparent value fo the Property
exceeds the Indebtedness by a substantial amount. Employment by Lender shall not disqualify a person from serving as a receiver.
Judicial Foreclosure. Lender may obtain a judicial decree foreclosing Grantor's interest in all or any part of the Property.
Nonjudlclal Sale. Lender may foreclose Grantor's interest in all or in any part of the Property by nonjudicial sale, and specifically by "power
of sale" or "advertisement and sale" foreclosure as provided by statute.
Deficiency Judgement. If permitted by applicable law, Lender may obtain a judgement for any deficiency remaining in the Indebtedness
due to Lender after application of all amounts received from the exer5cise of the rights provided in this section.
Tenancy at Sufferance. If Grantor remains in possession fo the Property after the Property Is sold as provided above or Lender otherwise
becomes entitled to possession of the Property upon default of Grantor, Grantro shall become a tenant at sufferance of Lender or the
purchaser of the Property and shall, at Lender's option, either (a) pay a reasonable rental for the use of the Property, or (b) vacate the
Property immediately upon the demand of Lender.
Other Remedies. Lender shall have all other rights and remedies provided in this mortgae or the Note or available at law or in equity.
Sale of the Property. To the extent permitted by applicable law, Grantor hereby waives any and all right to have the property marshalled.
In exercising its rights and remedies, Lender shall be fee to sell all or any part of the property together or separately, in one sale or by
separate sales. Lender shall be entitled to bid at any public sale on all or any portion of the Property.
Notice of Sale. Lender shall give Grantor reasonable notice of the time and place of any public sale of the Personal Property or of the time
after which any private sale or other intended dispostion of the Personal Property is to be made. Reasonable notice shall mean notice given
at least ten 910) days before the time of the sale or disposition.
Waiver: Election of Remedies. A waiver by any party of a breach of a provision of this Mortgage shall not constitute a waiver of or
prejudice the party's rights otherwise to demand strict compliance with that provision or any other provision. Election by Lender to pursue
any remedy shall not exclude pursuit of any other remedy, and an election to make expenditures or take action to perform an obligation of
Grantor under this Mortgage after failure of Grantor to perform shall not affect Lender's right to declare a default and exercise its remedies
under this Mortgage.
Attorneys' Fees; Expenses. If Lender institutes any suit or action to enforce any of the terms of this Mortgage, Lender shall be entitled to
recover such sum as the court may adjudge reasonable as reasonable attorneys' fees, at trial and on any appeal. Whether or not any court
action is involved, all reasonable expenses incurred by Lender that in Lender's opinion are necessary at any time for the protection of its
interest or the enforcement of its rights shall become a part of the Indebtedness payable on demand and shall bear interest from the date of
expenditure until repaid at the Note rate. expenses covered by this paragraph include, without limitation, however subject to any limits under
applicable law, Lender's reasonable attorneys' fees and Lender;s legal expenses whether or not there is a lawsuit, including reasonable
attorneys' fees for bankruptcy proceedings (including efforts to modify or vacate any
automatic stay or injunction), appeals and any anticipated post judgement collection services, the cost of searching records, obtaining title
reports (including foreclosure reports), surveyors' reports, and appraisal fees, and title insurance, to the extent permitted by applicable law.
Grantor also will pay any court costs, in addition to all other sums provided by law.
NOTICES TO GRANTOR AND OTHER PARTIES. Any notice under this Mortgage, including without limitation any notice of default and any
notice of sale to Grantor, shall be in writing and shall be effective when actually delivered or, if mailed, shall be deemed effective when deposited
in the United States mail first class, registered mail, postage prepaid, directed to the addresses shown near the beginning of this Mortgage. Any
party may change its address for notices under this Mortgage by giving formal written notice tot he other parties, specifying that the purpose of the
notice is to change the party's address. All copies of notices of foreclosure from the holder of any lien which has priority over this Mortgage shall
be sent to Lender's address, as shown near the beginning of this Mortgage. For notice purposes, Grantor agrees to keep Lender informed at all
times of Grantor's current address.
MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Mortgage:
Amendments. This Mortgage, together with any Related Documents, constitutes the entire understanding and agreement of the parties as to
the matters set forth in this Mortgage. No alteration of or amendment to this Mortgage shall be effective unless given in writing and signed
by the party or parties sought to be charged or bound by the alteration or amendment.
Annual Reports. If the Property is used for purposes other than Grantor's residence, Grantor shall furnish to Lender upon request, a
certified statement of net operating income received from the Property during Grantor's previous fiscal year in such form and detail as Lender
shall require. "Net operating income" shall mean all cash receipts for the Property less all cash expenditures made in connection with the
operation of the Property.
Applicable Law. This Mortgage has been delivered to Lender and accepted by Lender In the State of WYOMING
This Mortgage shall be governed by and construed in accordance with the laws of the State of Wyoming.
Caption Headings. Caption headings in this Mortgage are for convenience purposes only and are not to be used to interpret of define the
provisions of this Mortgage.
Merger. There shall be no merger of the interest or estate created by this Mortgage with any other interest or estate in the Property at any
time held by or for the benefit of Lender in any capacity, without the written consent of Lender.
Multiple Parties. All obligations of Grantor under this Mortgage shall be joint and several, and all references to Grantor shall mean each
and every Grantor. This means that each of the persons signing below is responsible for all obligations In this Mortgage.
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