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HomeMy WebLinkAbout975897MORTGAGE 1. Parties: a. ETCHEVERRY RANCH LLC, a Wyoming limited liability company with its principal place of business located at 2345 N Woodruff Ave, Idaho Falls, Idaho 83401 (hereinafter "MORTGAGOR" or "Borrower b. TJ HOLDINGS LLC, an Idaho limited liability company, with its principal place of business located at 2345 N. Woodruff Ave, Idaho Falls, Idaho 83401 (hereinafter "MORTGAGEE" or "Lender 2. Mortgage: To secure the payment of $1,103,515.50 with interest thereon, as provided in and evidenced by a PROMISSORY NOTE SECURED BY MORTGAGE dated March 27, 2014, with the ultimate maturity date of which is March 27, 2015, and all renewals, modifications and extensions thereof, do hereby mortgage to Mortgagee, the following described real property, situated in the County of Lincoln, State of Wyoming, hereby releasing and waiving all rights under and by virtue of the homestead exemption laws of the State of Wyoming, to -wit: SEE ATTACHED EXHIBIT Al, ATTACHED AND INCORPORATED BY REFERENCE Together with all and singular the improvements thereon or thereunto appertaining. 3. Payments: MORTGAGOR agrees to pay the indebtedness hereby secured and evidenced m w 4, by the Promissory Note Secured by Mortgage dated March 27, 2014, to pay all of the z o n t following: m •1- V w a. Taxes, assessments and charges levied against the Property, as the same become z due and payable; xi rn b. To secure, maintain and furnish MORTGAGEE evidence thereof, insurance with z m an insurance carrier or carriers acceptable to loss by fire, with extended coverage, o o in the amount not less than the unpaid balance of the debt hereby secured, or the z o N o ins value of such improvements, which ever is less, which insurance shall o p o contain appropriate loss payable provision protecting MORTGAGOR and z a 6, MORTGAGEE as their respective interests may appear from time to time. The n m insurance proceeds or any part thereof, shall, at the option of the mortgagor, be 3 applied either to the re- construction of improvements on the property or to the 0 payment of the indebtedness hereby secured. m c. In the event MORTGAGOR fails to pay such taxes and assessments, or fail to keep and maintain such insurance as herein provided, MORTGAGEE may pay such taxes and assessments and may secure and pay for such insurance, and all sums so paid shall be added to and considered a part of the indebtedness hereby secured and shall draw interest at the same rate. 4. Defaults; Acceleration. The occurrence of any Event of Default (as hereinafter defined) shall be a default hereunder. Upon the occurrence of an Event of Default, MORTGAGEE Mortgage Page 1 may in its sole discretion, declare the entire principal balance of this Note then outstanding (if not then due and payable) and all other obligations of MORTGAGOR to be due and payable immediately. Subject to the applicable provisions of law, upon any such declaration, the principal of the Note and accrued and unpaid costs, points, interest, and fees, and all other amounts to be paid under any or all of the Loan Documents shall become and be immediately due and payable, anything in this Note or in any other Loan Document to the contrary notwithstanding. a. The occurrence of any one or more of the following, whatever the reason therefore, shall constitute an "Event of Default" hereunder: i. MORTGAGOR shall fail to pay on the date and by the time of day specified above, any amount due to MORTGAGEE pursuant to the Note or otherwise; or, ii. MORTGAGOR or any guarantor "Guarantor of the Note, if any, shall fail to perform or observe any term, covenant or agreement contained in the Note or any one of the four Deeds of Trust or any other Loan Document or in any guaranty executed and delivered concurrently herewith that is required to be performed or observed by the Guarantor; or, iii. Any representation or warranty contained in any document made or delivered pursuant to or in connection with any of the Loan Documents proves incorrect or to have been incorrect in any material respect when made; or iv. MORTGAGOR or any one of them, files for Bankruptcy protection, or any Guarantor is the subject of an order for relief by the bankruptcy court, or is unable or admits in writing its inability to pay its debts as they mature, or makes an assignment for the benefit of creditors; or MORTGAGOR or any Guarantor applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer "Receiver or any Receiver is appointed without the application or consent of MORTGAGOR or any Guarantor, as the case may be, and the appointment continues undischarged or unstayed for thirty (30) calendar days; or MORTGAGOR or any Guarantor institutes or consents to any bankruptcy, insolvency, reorganization, arrangement, readjustment of debt, dissolution, custodianship, conservatorship, liquidation, rehabilitation or similar proceedings relating to it or to all or any part of its property under the laws of any jurisdiction; or any similar proceeding is instituted without the consent of MORTGAGOR or any Guarantor, as the case may be, and continues undismissed or unstayed for thirty (30) calendar days; or any judgment, writ, attachment, execution or similar process is issued or levied against all or any part of the Property or MORTGAGOR or any Guarantor, and is not released, vacated or fully bonded within thirty (30) calendar days after such issue or levy; or v. There shall occur a material adverse change in the financial condition of MORTGAGOR or any Guarantor from their respective financial Mortgage Page 2 conditions as of the date of this Note, as determined by MORTGAGEE in its reasonable discretion; or vi. Any Loan Document, at any time after its execution and delivery and for any reason other than the agreement of MORTGAGEE or the satisfaction in full of all indebtedness and obligations of MORTGAGOR under the Loan Documents, ceases to be in full force and effect or is declared to be null and void by a court of competent jurisdiction; or MORTGAGOR or any trustee, officer, director, shareholder or partner of any entity comprising or owning MORTGAGOR or any Guarantor claims that any Loan Document is ineffective or unenforceable, in whole or in part, or denies any or further liability or obligation under any Loan Document, unless all indebtedness and obligations of MORTGAGOR there under have been fully paid and performed. vii. An event of default or foreclosure occurs or commences under any other note, Mortgage, Deed of Trust, document, instrument or agreement secured by or securing the Collateral or to which MORTGAGOR or any Guarantor of this Note is a party or by which either MORTGAGOR or Guarantor is bound. viii. In case default shall be made in the payment of the above sums hereby secured, or in the payment of the interest thereon, or any part of such principle and interest, when the same shall become due; or in case default shall be made in any of the covenants and agreements thereof, which default is not cured within thirty (30) days after notice thereof is given by MORTGAGEE, or in the event MORTGAGOR sells or conveys the Property, or any part thereof, or any interest therein, without the prior written consent of the MORTGAGEE first had and obtained, then the whole indebtedness hereby secured, with interest thereon, shall become due and payable, at the option of the MORTGAGEE, and MORTGAGEE'S legal representatives and assigns, may proceed by advertisement and sale and /or as otherwise authorized by governing law, to foreclose on and sell the Property and out of the proceeds of such sale, MORTGAGEE shall pay all sums due hereunder, together with all cots of sale, including reasonable attorney's fees. If the proceeds of the foreclosure are insufficient to pay the indebtedness hereby secured and foreclosure costs, MORTGAGEE shall be entitled to a deficiency judgment. 5. In the event of any default whereby the right of foreclosure occurs hereunder, MORTGAGEE shall at once become entitled to exclusive possession, use and enjoyment of the Property, and to all rents, issues and profits from the accruing of any such rights during the pendency of the foreclosure proceedings, and the period of redemption, if any there be. 6. MORTGAGOR warrants title to the Property as to parties claiming, by through or under MORTGAGOR only. Mortgage Page 3 State of I'D/WC County of O c+o; oe i/e (SEAL) WITNESS my hand this d7" day of March, 2014. :ss. ETCHEVTRRY RANCH LLC By: K. Jayce HoW611' Its: Manager The foregoing instrument acknowledged before me, a notary public in and for said County and State, by ‘i (,x :,-tf- this r' day of March, 2014. WITNESS my hand and official seal. o tsliemeto 4 H r oTA`R.�,�'s Public .A* 1: Res iding at: 'Bonneville County pu tA C I My Commission Expires: 3 f QI(o 1 I P•• Mortgage Page 4 T27N R118W, 6d1 P.M. Section 7: Lot 3 Also known as Resurvey Tract 47 EXHIBIT "A" T27N, R118W, 6 P.M. Section 18: Lot 1; SE %4NE'/4; W%2NE /a; E%NW'/; EY2SWI/4; NWI SE'/4; E'/4SE /4 Section 19: Lot 1, E %2NE1/4; NW%NE /4; NEI/4NW'/. Also known as Resurvey Tract 56 T27N. RUM W, 6 P.M. Section 18: Lot 2 Also known as Resurvey Tract 58; SW' /4SE'4 Also known as Resurvey Tract 57 T27N, R118W, 6 P.M. Section 8: SE'/SWI /a; N %4SE'/4SE /4; Section 17: NE 1/4NW /4; and that part of the N' /2NE' /4 lying West of the easement to the United States of America as described in the Exclusive Road Easement recorded April 4, 1973 in Book 104 PR on page 117 of Lincoln County land records. Also known as part of Resurvey Tract 49 Less and Excepting from Tract 49: Part of Tract 49 of T27N, R118W of the 6 P.M., Lincoln County, Wyoming, said part being more particularly described as follows: Commencing at Corner Number 9 of said Tract 49 and running thence S89 °50'E, 1320.00 feet along the South line thereof to the point of beginning; thence continuing along said South line S89 °50'E, 1320.00 feet to Corner Number 2 of Tract 53; thence N05 °46'26 "E, 1313.98 feet to Corner Number 4 of said Tract 49; thence N89 °54'E, 1318.68 feet to Corner Number 3 of said Tract 49; thence S05 °43'25 "W, 1312.32 feet to the point of beginning. Also Less and Excepting from Tract 49: Part of Tract 49 of T27N, R118W of the 6 P.M., Lincoln County, Wyoming, said part being more particularly described as follows: Beginning at Corner Number 9 of said Tract 49 and running thence.S89 °50'W, 1320.00 feet along the South line thereof; thence N05 °43'25 "E, 1312.32 feet to Corner Number 3 of said Tract 49; thence N 89 °53'48 "E, 1318.92 feet to Comer Number 10 of said Tract 49; thence S05 °41'W, 1310.76 feet to the point of beginning. Also Less and Excepting from Tract 49: A portion of Tract 49 of T27N, R118W of the 6th P.M., Lincoln County, 'Wyoming, said part being more particularly described as follows: Beginning at Corner No. 1 of Tract 49; thence Westerly along tract line to Corner No. 2 of Tract 49; thence Southerly along tract line to Corner No. 3 of Tract 49; thence N89 °53'48 "E, 1318.92 feet to the Corner No. 10 of Tract 49; thence Northerly along tract line to Conner No. 1 of Tract 49, the place of beginning. T27N, R118W, 6 P.M. Section 8: N%SWI /a; SWl SW' /a; Section 17: NWI /4NW'/a; Also known as Resurvey Tract 48 T27N, R118W 6 P.M. Section 17: SI/NNWI /a; E %2SW%; Also known as Resurvey Tract 54 Land Title Company Underwriter Stewart Tide Guaranty Company Commitment Schedule A. T27N, R118W, 6 P.M. Section 17: Wl/2SWx /a; Section 20: NW%; Nl /2SW%n; Ais'o known as Resurvey Tract 5.5 Land Title Company Underwriter Stewart Title Guaranty Company Commitment Schedule A.