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HomeMy WebLinkAbout865805UJVIJJGJ RECORDATION REQUESTED BY: First Security Bank, N.A. Afton Mortgage Production Office 485 Washington Afton, WY 83110 WHEN RECORDED 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 The Real Property or its address is commonly known as 58 BRIDAL TRAIL, ETNA, WY 83118 0007687742 86 5805 CONSTRUCTION MORTGAGE THIS MORTGAGE IS DATECNay 1, 2000 C. REINHART SON, INC., AN IDAHO CORPORATION whose address is P.O. BOX 50540, IDAHO FALLS, ID 83405 -0540 (referred to below as "Grantor"); and Fi rst Security Bank, N.A. whose address is 485 Washington Afton, WY 83110 (referred to below as "Lender"). RECEIVED 00 MAY -9 I JEAN Rp4qq II- '1 y 1`' 'tr Ki.tJki`3ME[1ER. 1'iti�rO14 It' G }3001 _.,PR PAGE 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 all 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 69, of Nordic Ranches Division No. 5, Lincoln County, Wyoming, according to that plat filed August 9, 1994 as Plat No. 311 -D. 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 this 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. 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Alllnoes pue s}uewu6ls5B HB Uop844w41 }no431M Sepnpul pue 'Jepual pue 1o1ueJ0 ueeM)Oq e6e6pow sly} sueew „e6e6pow. ppoM eta •e6e6po4N Z abed 8EP (penusjuoo) 30 %01dOW ZPLL99L000 439 0007687742 6. Survey, Title Policy and Bonds. Borrower shall furnish Lender with a certified, current survey of the mortgaged property and mortgagee's title policy (or evidence of title) in form, substance, and amount satisfactory to Lender. Said policy (or other title evidence) shall be extended so as to cover each and every advance of the Loan at the time of payment thereof and shall show no mechanic's or materialmen's liens or other claims against the mortgaged property and no change in title, and shall include such other endorsements to said policy as Lender may require, including without limitation CLTA Endorsement No. 122; CLTA Endorsement 122.1 and ALTA Endorsement No. 6. Borrower agrees at its own expense to provide all such performance, completion, payment, surety and other bonds in connection with the Project as may be required by any governmental authority or as Lender may require from time to time in connection with the Project. 7. Compliance with Laws. Borrower agrees that the Project shall be constructed (or remodeled as applicable) strictly in accordance with the requirements of all regulatory authorities, and any rating or inspection organization, bureau, association or office having jurisdiction. Borrower further agrees that said improvements shall be constructed entirely on the Land and will not encroach upon any easement or right of way, or the land of others; and that the improvements when constructed shall be wholly within applicable zoning and building restrictions, however established, and will not violate applicable use or other restrictions contained in applicable covenants, conditions or restrictions or in prior conveyances, zoning ordinances or regulations. Borrower shall at its expense furnish to Lender from time to time any evidence of compliance with this paragraph that Lender may require and upon completion of construction shall furnish at its expense a survey, certified by a registered surveyor or engineer, which shows the Project to be entirely on the Land and to be free from any such violations. 8. Defaults and Remedies. If Borrower at any time prior to the completion of the Project abandons the same or fails to complete the construction of the Project strictly in accordance with the Plans and Specifications, or makes changes in the Plans and Specifications without first securing the written approval required by this Agreement, or defaults under the terms of the Note, Mortgage, or any other document executed by the Borrower in connection with the Loan or otherwise fails to comply with the terms hereof or thereof, any such failure shall be a default hereunder and Lender, at its option, may terminate this Agreement. If Lender so elects to terminate this Agreement, it may use and apply any funds deposited with it by Borrower, in the Loan Account, regardless of the purpose for which such funds are deposited, in such manner and for such purpose as Lender may in its discretion deem necessary. If Lender elects not to terminate this Agreement, it may enter into possession of the premises and perform any and all work and labor necessary to complete the improvements substantially according to the Plans and Specifications, and employ watchmen to protect the premises, improvements and stored materials from damage, loss or theft. All sums so expended or otherwise expended by Lender in exercise of rights or remedies hereunder or in connection herewith shall be deemed to have been paid and disbursed as Loan proceeds to Borrower and repayment of such sums is secured by the Mortgage and by the security agreements made herein. For this purpose, Borrower hereby constitutes and appoints Lender its true and lawful attorney -in fact, with full power of substitution in the premises, to complete the Project in the name of Borrower. Borrower hereby empowers said attomey -in -fact as follows: (a) to use any funds of Borrower, including any balance which may be held in escrow and any funds which may remain unadvanced hereunder for the purpose of completing the Project in the manner called for by the Plans and Specifications; (b) to make such additions, changes and corrections in the Plans and Specifications as shall be necessary or desirable to complete the Project in substantially the manner contemplated by the Plans and Specifications; (c) to employ such contractors, subcontractors, agents, architects and others as shall be required for said purposes; (d) to pay, settle or compromise all existing bills and claims which may be liens against the mortgaged property, or as may be necessary or desirable for the completion of the Project or for clearance of title; (e) to execute all applications and certificates in the name of Borrower which may be required by any contract documents; (f) to prosecute and defend all actions or proceedings in connection with the Mortgage, premises or construction of the Project; and (g) to do any and every act which Borrower might do in its own behalf. It is further understood and agreed that this power of attorney, which shall be deemed to be a power coupled with an interest, is irrevocable. Borrower hereby assigns and quit claims to Lender all sums unadvanced under the Note and any sums due in escrow conditioned upon the use of said sums for the completion of the Project, such assignment to be an effective and immediate assignment provided that Borrower shall only be denied use and access to the same in the event of Borrower's default hereunder, under the Note or the Mortgage. 9. Insurance. Prior to the first advance, Borrower shall provide or cause to be provided workmen's compensation insurance and public liability and other insurance required by applicable law or by Lender, and to purchase and maintain fire insurance, extended coverage, all physical loss insurance, and at the option of Lender, flood and/or earthquake insurance on the mortgaged property. All such policies shall be issued by companies approved by the Lender and shall be in form and amounts satisfactory to the Lender. Such policies shall be endorsed with standard mortgagee clauses making loss payable to Lender and /or its assigns as the interest of each may appear. The originals of such policies shall be deposited with Lender. Borrower gives and grants to Lender a security interest and lien in and to the same and all proceeds payable pursuant to any such policies. 10. Lender's Right of Access. Lender and its agents shall, at all times during construction, have the right of entry and free access to the Project and the right to inspect all work done, and materials, equipment and fixtures furnished, installed or stored in and about the Project, and to inspect all books, contracts, subcontracts and records of Borrower. 11. Security Interest in Deposits. Borrower hereby assigns to Lender, and grants to Lender a security interest (securing repayment of the Loan) in, any refundable deposits due to Borrower with respect to deposits made by or on behalf of Borrower from Loan proceeds for water, gas, electrical, or other utility services. 12. Assignment of Leases. As additional security for repayment of the Loan, Borrower shall at the request of Lender execute and deliver to Lender an assignment of any and all leases and rental agreements entered into by Borrower in connection with the mortgaged property, which assignment(s) shall be in form and substance satisfactory to Lender. 13. Permits and Approvals. Prior to the advance of any Loan proceeds, Borrower shall submit to Lender evidence of the issuance of any and all building permits, subdivision er prrvals, engineering and other approvals required by any governmental regulatory agency or authority to which construction of the Project is subject, all of which must be satisfactory to and approved by Lender in writing. 14. Security Interest in Documentation. Borrower hereby assigns to Lender and grants to Lender a security interest in all construction contracts, subcontracts, plans and specifications, architectural renderings or models and any other contract documents and any and all proceeds thereof related to the Project and the construction thereof as collateral for the Loan. 15. Representations, Warranties and Additional Covenants of Borrower. In addition to all other covenants and agreements of Borrower hereunder, Borrower represents, warrants, covenants and agrees as follows: (a) Validity of Documents. This Agreement, and all instruments herein required, when executed and delivered, shall be valid and binding upon Borrower and any other persons executing and delivering the same. 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Atte Sq pannbal 8931111183(3 pue s31oda1 re311311U0nn11a pus 838113311 '8311313(1 s3uasao3 palrnbal Try '33a 's3(Uuad 's311asuo3 (q) {APP ZPLL99L000 0007687742 MORTGAGE (Continued) 441 Page 4 IMPOSITION OF TAXES, FEES, AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relating to governmental taxes, fees and charges are a part of this Mortgage: Current Taxes, Fees and Charges. Upon request by Lender, Grantor shall execute such documents In addition to this Mortgage and take whatever other action is requested by Lender to perfect and continue Lender's lien on the Real Property. grantor shall reimburse Lender for all taxes, as described below, together with all expenses Incurred In recording, perfecting or continuing this Mortgage, including without limitation all taxes, fees, documentary stamps, and other charges for recording or registering this Mortgage. Taxes. The following shall constitute taxes to which this section applies: (a) a specific tax upon this type of Mortgage or upon all or any part of the Indebtedness secured by this Mortgage: (b) a specific tax on Grantor which Grantor is authorized or required to deduct from payments on the Indebtedness secured by this type of Mortgage; (c) a tax on this type of Mortgage chargeable against the Lender or the holder of the Note; and (d) a specific tax on all or any portion of the Indebtedness or on payments or principal and interest made by Grantor. Subsequent Taxes. If any tax to which this section applies is enacted subsequent to the date of this Mortgage, this event shall have the same effect as an Event of Default (as defined below), and Lender may exercise any or all of its available remedies for an Event of Default as provided below unless grantor either (a) pays the tax before it becomes delinquent, or (b) contest the tax.as provided above in the Taxes and Liens section and deposits with Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender. SECURITY AGREEMENT; FINANCING STATEMENTS. The following provisions relating to this Mortgage as a security agreement are a part of this Mortgage. Security Agreement. This instrument shall constitute a security agreement to the extent any of the Property constitutes fixtures or other personal property, and Lender shall have all of the rights of a secured party under the Uniform Commercial Code as amended from time to time. Security Interest. Upon request by Lender, Grantor shall execute financing statements and take whatever other action is requested by Lender to perfect and continue Lender security interest in the Rents and Personal Property. In addition to recording this Mortgage in the real property records, Lender may, at any time and without further authorization from Grantor, file executed counterparts, copies or reproductions of this Mortgage as a financing statement. Grantor shall reimburse Lender for all expenses incurred in perfecting or continuing this security interest. Upon default, Grantor shall assemble the Personal Property in a manner and at a place reasonable convenient to Grantor and Lender and make it available to Lender within three (3) days after receipt of written demand from Lender. Addresses. The mailing addresses of Grantor (debtor) and Lender (secured party), from which information concerning the security interest granted by this Mortgage may be obtained each as required by the Uniform Commercial Code), are as stated on the first page of this Mortgage. FURTHER ASSURANCES; ATTORNEY -IN -FACT. The following provisions relating to further assurances and attorney -in -fact are a part of this Mortgage. Further Assurances. At any time, and from time to time, upon request of Lender, grantor will make, execute and deliver, or will cause to be made, executed or delivered, to Lender or to Lender's designee, and when requested by Lender, cause to be filed, recoreded, refiled, or recoreded, as the case may be, at such times and in such offices and places as Lender may deem appropriate, any and all such mortgages, deeds of trust, security deeds, security agreements, financing statements, continuation statements, instruments of furether assurance, certificates, and other documents as may, in the sole opinion of Lneder, be necessary or desirable in order of effectuate, complete, perfect, continue, or preserve (a) the obligations fo Grantor under the NOte, this MOrtgage, and the Related Documents, and (b) the liens and security interests created by this Mortgage as first and prior liens on the property, whether now owned or hereafter acquired by Grantor. Unless prohibited by law or agreed to the contrary by lender in writing, Grantor shall reimburse Lender for all costs and expenses incurred in connection with the matters referred to in this paragraph. Attorney -In -Fact. If Grantor fails to do any of the things referred to in the preceding paragraph, Lender may do so for and in the name of Grantor and at Grantor's expense. For such purposes, Grantor hereby irrevocably appoints Lender as Grantor's attorney -in -fact for the purpose of making, executing, delivering, filing, recording, and doing all other things as may be necessary or desirable, in Lender's sole opinion, to accomplish the matters referred to in the preceding paragraph. FULL PERFORMANCE. If Grantor pays all the Indebtedness when due, and otherwise performs all the obligations imposed upon Grantor under this Mortgage, Lender shall execute and deliver to Grantor a suitable satisfaction of this Mortgage and suitable statements of termination of any financing statement on file evidencing Lender's security interest in the Rents and the Personal Property. Grantor will pay, if permitted by applicable law, any reasonable termination fee as determined by Lender from time to time. DEFAULT. Each of the following, at the option of Lender, shall constitute an event of default "Event of Default under this Mortgage: Default on Indebtedness. Failure of Grantor to make any payment when due on the Indebtedness. Default on Other Payments. Failure of Grantor within the time required by this Mortgage to make any payment for taxes or insurance, or any other payment necessary to prevent filing of or to effect discharge of any lien. Compliance Default. Failure to comply with any other term, obligation, covenant or condition contained in this mortgage, the Note or in any of the Related Documents. If such a failure is curable and if Grantor has not been given a notice of a breach of the same provision of this Mortgage within the preceding twelve (12) months, it may be cured (and no Event of Default will have occurred) ff Grantor, after Lender sends written notice demanding cure of such failure: (a) cures the failure within (15) days; or (b) If the cure requires more than fifteen (15) days, Immediately initiates steps sufficient to cure the failure and thereafter continues and completes all reasonable and necessary steps sufficient to produce compliance as soon as reasonably practical. Breaches. Any warranty, representation or statement made or furnished to Lender by or on behalf of Grantor under this Mortgage, the Note or the Related Documents Is, or at the time made or furnished was, false in any material respect. Insolvency. The insolvency of Grantor, appointment of a receiver for any part of Grantor's property, any assignment for the benefit of creditors, the commencement of commencement of any proceeding under any bankruptcy or insolvency laws by or against Grantor, or the dissolution or termination of Grantor's existence as a going business (if Grantor is a business). Except to the extend prohibited by federal law or WYOMING law, the death of Grantor (if Grantor is an individual) also shall constitute an Event of Default under this Mortgage. Foreclosure, Forfeiture, etc. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self -help, repossession or any other method, by any creditor of Grantor or by any governmental agency against any of the Property. however, this subsection shall not apply in the event of a good faith dispute by Grantor as to the validity or reasonableness of the claim which is the basis of the foreclosure or forfeiture proceeding, provided that Grantor gives Lender written notice of such claim and furnishes reserves or a surety bond for the claim satisfactory to Lender. Breach of Other Agreement. Any breach by Grantor under the terms of any other agreement between Grantor and Lender that is not remedied within any grace period provided therein, including without limitation any agreement concerning any indebtedness or other obligation of Grantor to Lender, whether existing now or later. Events Affecting Guarantor. Any of the preceding events occurs with respect to any Guarantor of any of the Indebtedness or such Guarantor dies or becomes incompetent or any Guarantor revokes any guaranty of the Indebtedness. Lender, at its option, may, but shall not be required to, permit the Guarantor's estate to assume unconditionally the obligations arising under the guaranty in a manner satisfactory to Lender, and, in doing so, cure the Event of Default. Insecurity. Lender in good faith deems itself insecure. 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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. Judlal Foreclosure. Lender may obtain a Judicial decree foreclosing Grantor's interest in all or any part of the Property. Nonjudicial 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: 44 ,3 Page 5 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 Roportc. If the Praperf is used fnr purposes other ,Grantor's residence, Grantor shall furnish to. Lender upon request, a certified statement of net operating income.ree&ved 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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