HomeMy WebLinkAbout866402Recording Requested by:
WHEN RECORDED MAIL TO:
FEDERAL LAND BANK ASSOCIATION OF
UTAH, FLCA
BOX 95850
SOUTH JORDAN UT 84095 -0850
Loan Number: 3064379101/3064387101
BOOK PR PAGE 1 4 0
866482
REAL ESTATE MORTGAGE
RECEIVED
_INCOLN COUNTY CLEF:
UQ JUN 114 P11 1:58
JEANNE WAGNER
KEMMERER. WYOMING
THIS MORTGAGE is made this 12th day of MAY, 2000 between L N JOHNSON PROPERTIES, L.L.C., a Utah Limited
Liability Company; RALPH B. JOHNSON; and BRENDA T. JOHNSON hereinafter called "Mortgagor and FEDERAL LAND BANK
ASSOCIATION OF UTAH, FLCA hereinafter called "Mortgagee", a corporation, existing and operating under the Farm Credit Act of 1971, as
amended, having its principal place of business in South Jordan, Utah.
WITNESSETH: That Mortgagor IRREVOCABLY GRANTS, BARGAINS, SELLS, CONVEYS AND ASSIGNS unto Mortgagee together with
right of entry and possession the following described real property situated in the County of Lincoln, State of Wyoming:
FOR DESCRIPTION OF REAL PROPERTY SEE EXHIBIT "A" ATTACHED HERETO AND MADE A PART HEREOF
TOGETHER WITH: all buildings, structures, equipment, fixtures (including trees, vines and shrubs) and improvements of every kind and description
now or hereafter constructed or placed thereon; all standing timber and timber to be cut located thereon; all existing and future water rights, however
evidenced, to the use of water for irrigation, livestock and domestic purposes, including irrigation and watering equipment and systems, ditches,
laterals, conduits, and rights -of -way used to convey such water or to drain the above- described property, all of which rights are hereby made
appurtenant to the property, and all pumping plants, electrical generators, wind machines, and fencing and storage tanks, now or hereafter used in
connection with the property, all of which are hereby declared to be fixtures; all grazing rights, leases, permits and licenses; all oil, gas, and mineral
leases, permits and rights used with the property; and all tenements, hereditaments, easements, rights -of -way and appurtenances to the property
(hereafter collectively referred to as the "Property").
MORTGAGOR ABSOLUTELY AND UNCONDITIONALLY ASSIGNS, transfers, conveys and sets over to Mortgagee all the rents, royalties,
issues, profits, revenue, income and other benefits of the property arising from the use or enjoyment of all or any portion thereof or from any lease,
mineral lease, or agreement pertaining thereto (collectively the "Rents SUBJECT, HOWEVER, to the right, power and authority given to and
conferred upon Mortgagor by Paragraph B.3 hereof.
FOR THE PURPOSE OF SECURING: (1) payment of the indebtedness or obligations evidenced by the following promissory note(s) and /or
guaranties executed by Mortgagor and/or others to the Mortgagee at the times, in the manner and with interest as therein set forth (notes may contain
variable or adjustable rate provisions):
Dated
Maturity
Face Amount
ASN1324 (8-92) Real Estate Mortgage Eastern Idaho (Page 1 of 5)
Dated
Maturity
Face Amount
MAY 12, 2000
MAY 12, 2000
01/01/25
01/01/25
$304,795.00
162,500.00
This Real Estate Mortgage is given for the purpose of securing the payment of all of
Mortgagor's obligations under a Continuing Guaranty Nonrecourse.
(2) The payment of such additional loans or advances, including advances under a revolving line of credit, with interest thereon, as hereafter may be
made to Mortgagor, or Mortgagor's successors or assigns, and/or to parties whose obligation Mortgagor is guaranteeing, evidenced by a promissory
note or otherwise and any obligations evidenced by any guaranties executed by Mortgagor in favor of Mortgagee; PROVIDED HOWEVER, THAT,
such additional loans advances guaranty obligations shall be secured by this Mortgage only if the promissory note, guaranty, or other document
evidencing such loans or advances shall recite that it is to be secured by this Mortgage; (3) the payment of any substitute notes, renewals,
reamortizations, and extensions of all indebtedness secured by this Mortgage; (4) the performance of every obligation and agreement of Mortgagor
whether contained or incorporated by reference in this Mortgage, or contained in any loan document or guaranty executed by Mortgagor in favor of
Mortgagee, with respect to any loan, advance, or guaranty secured by this Mortgage; and (5) the payment of all sums expended or advanced by
Mortgagee under or pursuant to the terms of this Mortgage, together with interest thereon as herein provided. The continuing validity and priority of
this Mortgage as security for future loans, advances, or guaranties shall not be impaired by the fact that at certain times hereafter there may exist no
outstanding indebtedness from Mortgagor to Mortgagee or no commitment to make loans or advances.
A. TO PROTECT THE SECURITY OF THIS MORTGAGE, MORTGAGOR AGREES:
141
1. To use loan proceeds solely for the purposes set forth in the loan application(s) or agreements; to comply with the Farm Credit Act of
1971, as amended, and/or the regulations of the Farm Credit Administration, now existing or as hereafter amended.
2. To keep the Property in good condition, working order and repair; care for the Property in accordance with standards of good husbandry
and to keep all trees, vines and crops on said land properly cultivated, irrigated, fertilized, sprayed, and fumigated; not to remove,
destroy or suffer the removal or destruction of any building, fence, canal, well or other improvements or fixtures thereon; not to remove,
replace or alter any horticultural or viticultural tree, vine or shrub planted thereon without the prior written consent of Mortgagee, except
in the ordinary course of business; to complete or restore promptly and in good and workmanlike manner any building which may be
constructed, damaged or destroyed thereon; to comply with all laws, covenants and restrictions affecting the Property; not to commit or
permit waste thereof; not to commit, suffer or permit any act upon the Property in violation of law; to do all other acts which from the
character or use of the Property may be reasonably necessary, the specific enumerations herein not excluding the general; to observe and
perform all obligations of Mortgagor under any lease of the Property.
3. To provide, maintain and deliver to Mortgagee fire and all other types of insurance of the type and in amounts as Mortgagee may
require, with loss payable clauses solely in favor of Mortgagee. In the event of loss, the insurance proceeds, or any part thereof, may be
applied by Mortgagee, at its option, to the reduction of the indebtedness hereby secured or to the restoration or repair of the property
damaged. In the event that the Mortgagor shall fail to provide satisfactory hazard insurance, Mortgagee may procure, on Mortgagor's
behalf, insurance in favor of Mortgagee alone. If insurance cannot be secured by Mortgagor to provide the required coverage, such
inability shall constitute an event of default hereunder.
4. To appear in and litigate any action or proceeding purporting to affect the security hereof, the title to the Property, or the rights or
powers of Mortgagee; Mortgagee may appear in and litigate any such action or proceedings, including any bankruptcy, partition or
condemnation proceeding, affecting the Property, or Mortgagee's interest therein, in which event Mortgagor agrees to pay all costs and
expenses thereof, including attorney's fees and costs of securing evidence of title.
5. To pay on or before the due date all taxes and assessments affecting the Property, including all assessments upon water company stock
and all rents, assessments and charges for water, appurtenant to or used in connection with the Property; to pay, when due, all
encumbrances, charges, and liens, on the Property or any part thereof, which at any time appear to be prior or superior hereto.
6. In case of any suit to foreclose this Mortgage or to collect any charge arising out of the debt hereby secured, or of any suit which the
Mortgagee may deem necessary to prosecute or defend to effect or protect the lien herein, including any proceeding in bankruptcy, or if
Mortgagee retains an attorney to advise Mortgagee in connection with this Mortgage or any other agreement related to the indebtedness
secured by this Mortgage, Mortgagor agrees to pay a reasonable sum as attorney's fees and all costs and legal expenses in connection
with said suit, and further agrees to pay the reasonable costs of searching the records and abstracting or insuring the title, and such sums,
costs and expenses shall be secured hereby and shall be included in any decree of foreclosure. The fees and costs described herein and
elsewhere in this Mortgage shall be in addition to those set forth in the loan agreement or any other written agreement between
Mortgagor and Mortgagee.
7. Should Mortgagor fail to make any payment or to do any act as provided for in this Mortgage, then Mortgagee, but without obligation to
do so and without notice to or demand upon Mortgagor and without releasing Mortgagor from any obligation hereof, may: make or do
the same in such manner and to such extent as either may deem necessary to protect the Property, Mortgagee being authorized to enter
upon the Property for such purposes; commence, appear in and litigate any action or proceeding purporting to affect the security hereof
or the rights or powers of Mortgagee, including any bankruptcy proceeding affecting the Property; pay, purchase, contest, or
compromise any encumbrance, charge or lien which in the judgment of either appears to be prior or superior hereto; and in exercising
any such powers, incur any liability, expend whatever amounts in its absolute discretion it may deem necessary therefore, including
attorney's, accountant's, and appraisal fees, environmental fees, and costs of securing evidence of title, and all amounts so expended shall
be obligations of Mortgagor secured by this Mortgage. Nothing contained herein shall prohibit Mortgagee from entering the Property, at
a reasonable time and upon reasonable notice to Mortgagor, without incurring or assuming any obligations or liabilities whatsoever, for
the sole purpose of inspecting the Property.
8. To pay immediately and without demand all sums expended by Mortgagee pursuant to the provisions hereof, with interest from date of
expenditure at the same rate as is provided for in the note or notes secured by this Mortgage. In the event that such sums are not
immediately paid, they shall be added, along with the appropriate amount of capital stock or participation certificates, to the principal
balance of the indebtedness secured hereby and shall accrue interest as herein set forth. All such sums shall be secured hereby.
9. Environmental Representations, Warranties and Covenants.
(a) Except as disclosed in writing to Mortgagee, or except as otherwise provided in any loan agreement between Mortgagee and
Mortgagor which specifically refers to the Property, to the best knowledge of Mortgagor after due inquiry, Mortgagor hereby further
represents, warrants and covenants as follows:
(i) No pollutants, contaminants (including oil or other petroleum products), toxic or hazardous substances, or solid or hazardous
wastes, as such terms are defined under any federal, state or local Environmental Law, regulation or ordinance (hereinafter
ASN1324 (8 -92) Real Estate Mortgage Eastern Idaho (Page 2 of 5)
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(f) The term "Environmental Law" shall mean any federal, state or local law, statute, ordinance, or regulation, now in effect or hereinafter
enacted, pertaining to health, industrial hygiene, or the environmental conditions on, under or about the Property, including but not
limited to enactments requiring the removal or containment of asbestos containing materials in private buildings.
(g) Mortgagor shall permit, or cause any tenant of Mortgagor to permit, Mortgagee or its agents, or independent contractors to enter and
inspect the Property at any reasonable time for purposes of determining, as Mortgagee deems necessary or desirable: (i) the existence,
location and nature of any Hazardous Materials or Hazardous Wastes on, under or about the Property, (ii) the existence, location, nature,
magnitude and spread of any Hazardous Materials or Hazardous Waste that has been spilled, disposed of, discharged or released on,
under or about the Property, or (iii) whether or not Mortgagor and any tenant of Mortgagor is in compliance with applicable
Environmental Law. If Mortgagor or its tenants fail to comply fully with the terms of this subdivision (g), Mortgagee may obtain
affirmative injunctive relief to compel such compliance.
10. Grazing Rights. If any portion of the Property described in this Mortgage is used by Mortgagor as the basis for obtaining grazing permits
or other grazing rights issued by any governmental agency, including without limitations the Forest Service, U.S. Department of
Agriculture or the Bureau of Land Management, U.S. Department of Interior, Mortgagor covenants and agrees as follows:
(a) Said grazing permits or other rights are in good standing and have not been modified, reduced or limited in any other respect, except
as fully disclosed in writing to Mortgagee:
(b) Mortgagor will perform all obligations imposed as a requirement of exercise of said grazing permits or other rights and will comply
with all laws, rules and regulations applicable thereto;
(c) Mortgagor will take such timely action as may be required to cause the renewal or reissuance of said grazing permits or other rights
from time to time as they expire during the term thereof. Mortgagor agrees and acknowledges that the failure to renew or cause the
reissuance of any said permits for any reason, whether the result of an act or omission of Mortgagor or for reasons beyond Mortgagor's
control, is an event of default hereunder and Mortgagee shall have the right to exercise the rights hereinafter set forth in this Mortgage;
and
(d) Mortgagor agrees to pay all fees, charges, rents or other payments accruing under said permits or any renewals thereof prior to
delinquency. In the event Mortgagor fails to pay any such payment, the amount unpaid shall become a part of the indebtedness secured
by this Mortgage and shall be immediately due and payable.
IT IS MUTUALLY AGREED THAT:
1 Any award of damages in connection with any taking or condemnation or injury to the Property by reason of public use, or for damages
resulting from private trespass or injury to the Property, is absolutely and unconditionally assigned and shall be paid to Mortgagee,
under the terms and conditions of this Mortgage pertaining to Rents. Upon receipt of such money Mortgagee may apply the same on the
indebtedness secured hereby. Mortgagor agrees to execute such further documents as may be required to effect the assignments herein
made as Mortgagee may require.
2. At any time, without affecting the liability of any person for the payment of the indebtedness secured hereby, and without otherwise
affecting the security hereof, Mortgagee may (a) consent to or join in the making of any map or plat of the Property; (b) grant any
easement or create any restriction thereof; (c) subordinate this Mortgage; (d) extend or modify the term of the loan or loans secured
hereby; and (e) release without warranty, all or any part of the Property.
3. Prior to any default by Mortgagor in the payment, observance, performance and discharge of any condition, obligation, covenant, or
agreement of Mortgagor contained herein, Mortgagor may, for collection and distribution purposes only, collect and receive the Rents as
they come due and payable; the Rents are to be applied by Mortgagor to the payment of the principal and interest and all other sums due
or payable on any promissory note or guaranty secured by this Mortgage and to the payment of all other sums payable under this
Mortgage and, thereafter, so long as the aforesaid has occurred, the balance shall be distributed to the account of Mortgagor. Upon any
such default, Mortgagee may at any time without notice, either in person, by agent, or by a receiver to be appointed by a court, and
without regard to the adequacy of any security for the indebtedness hereby secured, enter upon and take possession of the Property or
any part thereof, in his own name, sue for or otherwise collect such rents, issues and profits, including those past due and unpaid, and
apply the same, less costs and expenses of operation and collection, including reasonable attorney's fees, upon any indebtedness secured
hereby, and in such order as Mortgagee may determine; also perform such acts of repair, cultivation, irrigation or protection, as may be
necessary or proper to conserve the value of the Property; also lease the same or any part thereof for such rental, term, and upon such
conditions as its judgment may dictate; also prepare for harvest, remove, and sell any crops that may be growing upon the Property, and
apply the proceeds thereof upon the indebtedness secured hereby.
4. The entering upon and taking possession of the Property, the collection of such rents, issues, and profits, or the proceeds of fire and other
insurance policies, or compensation or awards for any taking of or damage to the Property, and the application or release thereof as
aforesaid, shall not cure or waive any default or notice of default hereunder or invalidate any act done pursuant to such notice.
ASN1324 (8 92) Real Estate Mortgage Eastern Idaho (Page 4 of 5)
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T ::7°,1,g799 S0
WATER RIDER TO MORTGAGE 145
This Water Rider to Mortgage "Rider is made MAY 12, 2000, and is incorporated into and shall be deemed to amend
and supplement the Mortgage of the same date given by the undersigned "Borrower to secure Borrower's promissory note(s) to L
N JOHNSON PROPERTIES, L.L.C., a Utah Limited Liability Company.
A. The "Property" described in the attached Mortgage includes all right, title, and interest at any time of Mortgagor (or any of its
bailees, agents, or instrumentalities), whether now existing or hereafter arising or acquired, whether direct or indirect, whether owned
legally, of record, equitably or beneficially, whether constituting real or personal property (or subject to any other characterizations),
whether created or authorized under existing or future laws or regulations, and however arising in, including without limitation, the
following, which shall collectively be called "Water Assets
1. All water (including any water inventory in storage), water rights and entitlements, other rights to water and other rights to
receive water or water rights of every kind or nature whatsoever including (i) the groundwater on, under, pumped from or otherwise
available to the Property, whether as the result of groundwater rights, contractual rights or otherwise, (ii) Mortgagor's right to remove
and extract any such groundwater including any permits, rights or licenses granted by any governmental authority or agency or any
rights granted or created by any use, easements, covenant, agreement or contract with any person or entity, (iii) any rights to which
the Property is entitled with respect to surface water, whether such right is appropriative, riparian, prescriptive, decreed or otherwise
and whether or not pursuant to permit or other governmental authorization, or the right to store any such water, (iv) any water, water
right, water allocation, distribution right, delivery right, water storage right, or other water related entitlement appurtenant or
otherwise applicable to the_Property by virtue of the Property being situated within the boundaries of any district, agency, or other
governmental entity or within the boundaries of any private water company, mutual water company, or other non governmental
entity;
2. All stock, interest or rights (including any water allocations, voting or decision rights) in any entity, together with any and
all rights from any entity or other person to acquire, receive, exchange, sell, lease, or otherwise transfer any water or other Water
Assets, to store, deposit or otherwise create water credits in a water bank or similar or other arrangement for allocating water, to
transport or deliver water, or otherwise to deal with any Water Asset;
3. All licenses, permits, approvals, contracts decrees, rights and interest to acquire or appropriate any water or other Water
Assets, water bank or other credits evidencing any right to water or other Water Assets, to store, carry, transport or deliver water or
other Water Assets, to sell, lease, exchange, or otherwise transfer any water or other Water Asset, or to change the point for diversion
of water, the location of any water or Water Asset, the place of use of any water or Water Asset, or the purpose of the use of any water
or Water Asset;
4. All rights, claims, causes of action, judgments, awards, and other judicial, arbiter or administrative relief in any way
relating to any water or Water Asset;
5. All storage and treatment rights for any water or any other Water Asset, whether on or off the Property or other property
of Mortgagor, together with all storage tanks, and other equipment used or usable in connection with such storage and any water bank
deposit credits, deposit accounts or other rights arising on account of the storage or nonuse of any water or any water or any other
Water Asset;
6. All rights to transport, carry, allocate or otherwise deliver water or other Water Assets by any means wherever located;
7. All guaranties, warranties, marketing, management or service contracts, indemnity agreements, and water right
agreements, other water related contracts and water reallocation rights, all insurance policies regarding or relating to any Water Asset;
8. All rents, issues, profits, proceeds and other accounts, instruments, chattel paper, contract rights, general intangibles,
deposit accounts, and other rights to payment arising from or on account of any use, nonuse, sale, lease, transfer or other disposition
of any Water Asset.
B. To the extent that any Water Asset constitutes personal property, this Mortgage shall also be deemed to be a security agreement
creating a security interest in all of such personal property and granting to Beneficiary all of the rights and remedies of a secured party
under the Uniform Commercial Code and other applicable state law.
ASN 1348 (5 /00) Water Rider to Mortgage
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DESCRIPTION OF THE
BIG SPRINKLER PARCEL
To wit:—
That part of Tract No. 37 within T21N and T22N, R120W, and part of Tract No. 38 of
T22N, R120W, Lincoln County, Wyoming, described as follows:
BEGINNING at Corner No. 3 of said Tract No. 37;
thence S00 °06'25 "E, 745.20 feet„ along Line 3 -4 of said Tract No. 37 to a point on a
fence bearing northeast/southwest;
thence S26 °10'57 "W, 861.01 feet, along said fence to a point;
thence coursing a fence around a rotating sprinkler as follows:
S81 °00'25 "W, 1315.46 feet, to a point;
N78 °35'26 "W, 546.86 feet, to a point;
N60 °48'31 "W, 581.15 feet, to a point;
N37 °03'33 "W, 695.04 feet, to a point;
N14 °11'56 "W, 751.99 feet, to a point;
N 14° 16'42 "E, 594.67 feet, to a point;
N25 °52'33 "E, 718.29 feet, to a point;
N59 °58'42 "E, 291.26 feet, more or less, to a position on Line 8 -1 of said Tract No.
37 identical in part with Line 3-4 of said Tract No. 38;
continuing N59 °58'42 "E, 550.24 feet, more or less, to a point;
N88 °22'48 "E, 948.87 feet, to a point;
558°19'59"E, 577.87 feet, more or less, to a position on said Line 8 -1;
continuing S58 °19'59 "E, 348.58 feet, more or Tess, to a point, and leave said
fence;
thence 530 °48'00 "E, 1322.69 feet, to a point on Line 2 -3 of said Tract No. 37;
thence 589°59'31"W, 278.90 feet, along said Line 2 -3 to the CORNER OF BEGINNING;
each "corner" marked as described in a Corner Record on file in the Office of the Clerk of
Lincoln County;
each "point" marked by a 5/8" x 24" steel reinforcing rod with a 2" aluminum cap in-
scribed: "SURVEYOR SCHERBEL LTD BIG PINEY WY PLS 164" and appropriate details;
the BASIS of BEARING is the line between the southwest corner of Section 28, T22N,
R120W, Lincoln County, Wyoming, and the southeast corner of Section 4, T12N, R8E,
Rich County, Utah and equals N00 °02'25 "E;
all in accordance with the plat to be filed in said Office titled: "PLAT OF SURVEY FOR
JOHNSON RANCHES OF LAND WITHIN TRACTS 37, 38, 39, 41, 42 AND SECTIONS
27, 28, 33, 34 T22N R120W TRACT 37 AND SECTIONS 3, 4, 9, 10, 15 T21N R120W
LINCOLN COUNTY, WYOMING AND SECTION 33 T13N R8E RICH COUNTY,
UTAH dated 12 March 1999 as revised.
12 March 1999, revised 13 April 1999
ws /des/jhnsnrch.des p.3
Parcel 2
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Mortgagor Signatures (Continued):
L N JOHNSON PROPERTIES, L.L.C., a Utah
Limited Liability Company
B Vi-t ppLL./ C i pis �/L
Nola S. Johnson,
EXHIBIT "B" TO REAL ESTATE MORTGAGE
Notary Acknowledgement:
STATE OF abat--
ss.
COUNTY OF
On this /7 day of JaKC 20 er' before me, the undersig d Notary Public in and for said County and State, personally appeared LARRY D.
JOHNSON and NOLA S. JOHNSON personally known to me] [(roved to me on the basis of satisfactory evidence] to be the person(s) who executed
the within instrument as MEMBERS of the Limited Liability Company therein named, on behalf of the Limited Liability Company, and acknowledged to me
that the Limited Liability Company executed it.
WITNESS my hand and official seal
otary Public in and for s� d County and State
STATE OF 6/4'
c-
COUNTY OF SS.
On this day of u4e 20 Z personally appeared before me, the undersigned Notary Public in and for said County and State, personally
appeared RALPH B. JOHNSON and BRENDA T. JOHNSON personally known to me] [9- proved to me on the basis of satisfactory evidence] to be the
persons whose names are subscribed to this instrument and acknowledged to me that they executed it.
WITNESS my hand and official seal
otary Public in and for said
1.50
1
un y and State