HomeMy WebLinkAbout977481RECORDATION REQUESTED BY:
Wells Fargo Bank, National Association
Cody Main CMG
1401 Sheridan Ave
MAC C7835 -011
Cody, WY 82414
WHEN RECORDED MAIL TO:
Wells Fargo Bank, National Association
BBSG Boise Loan Ops LDI
P.O. Box 34656
San Antonio, TX 78265
977481 7/14/2014 10:42 AM
LINCOLN COUNTY FEES: $30.00 PAGE 1 OF 7
BOOK: 836 PAGE: 132 MTG, MODIFICATION OF
JEANNE WAGNER LINCOLN COUNTY CLERK
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MODIFICATION OF MORTGAGE
200179945115000485
SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY
THIS MODIFICATION OF MORTGAGE dated April 24, 2014, is made and executed between The Narrows
Development Corp, who acquired title as The Narrows Developement Corp., a Wyoming Corporation whose
address is 11411 SOUTHERN HIGHLANDS PKWY, LAS VEGAS, NV 89141 (referred to below as "Grantor and
Wells Fargo Bank, National Association, whose address is 1401 Sheridan Ave, MAC C7835 -011, Cody, WY
82414 (referred to below as "Lender
MORTGAGE. Lender and Grantor have entered into a Mortgage dated November 30, 2007 (the "Mortgage which has been recorded in Lincoln
County, State of Wyoming, as follows:
Recorded on December 6, 2007, as Instrument (Serial) No. 935414, in Book 680, at Page 572, of the Official Records of Lincoln County,
Wyoming, as may have been modified from time to time "Mortgage
REAL PROPERTY DESCRIPTION. The Mortgage covers the following described real property located in Lincoln County, State of Wyoming:
See Exhibit A attached hereto and made a part hereof.
The Real Property or its address is commonly known as Lots 1, 2, 4, 7, 8, 12, 13, 18 of the Salt River, Ranch Subdivision, Thayne, WY
83127. The Real Property tax identification number is 3419 351 -00- 16800/16900/17100 /18200/18600,
3419-354-00-18700/18800/19400/19600/22200.
MODIFICATION. Lender and Grantor hereby modify the Mortgage as follows:
The Mortgage is hereby modified to include within the indebtedness and obligations secured by the Mortgage, the payment to Lender of all
indebtedness and performance of all obligations evidenced by and arising under that promissory note, loan or credit agreement,
confirmation letter and disclosure, or other evidence of debt, dated as of April 24, 2014, evidencing indebtedness of The Narrows
Development Corp to Lender in the principal amount of $431,599.71 (which represents the refinancing of that certain promissory note,
loan or credit agreement, confirmation letter and disclosure, or other evidence of debt, dated as of September 12, 2011, and secured by
the Mortgage), together with interest thereon, and any such indebtedness or other obligations incurred under or in connection with the
credit accommodation evidenced, even if not specifically referenced therein.
The Mortgage is hereby modified to reflect that the maturity date for the Mortgage is extended to November 30, 2014.
CONTINUING VALIDITY. Except as expressly modified above, the terms of the original Mortgage shall remain unchanged and in full force and
effect and are legally valid, binding, and enforceable in accordance with their respective terms. Consent by Lender to this Modification does not
waive Lender's right to require strict performance of the Mortgage as changed above nor obligate Lender to make any future modifications.
Nothing in this Modification shall constitute a satisfaction of the promissory note or other credit agreement secured by the Mortgage (the
"Note It is the intention of Lender to retain as liable all parties to the Mortgage and all parties, makers and endorsers to the Note, including
accommodation parties, unless a party is expressly released by Lender in writing. Any maker or endorser, including accommodation makers,
shall not be released by virtue of this Modification. If any person who signed the original Mortgage does not sign this Modification, then all
persons signing below acknowledge that this Modification is given conditionally, based on the representation to Lender that the non signing
person consents to the changes and provisions of this Modification or otherwise will not be released by it. This waiver applies not only to any
initial extension or modification, but also to all such subsequent actions.
FACSIMILE AND COUNTERPART. This document may be signed in any number of separate copies, each of which shall be effective as an
original, but all of which taken together shall constitute a single document. An electronic transmission or other facsimile of this document or
any related document shall be deemed an original and shall be admissible as evidence of the document and the signer's execution.
ARBITRATION AGREEMENT. Arbitration Binding Arbitration. Lender and each party to this agreement hereby agree, upon demand by any
party, to submit any Dispute to binding arbitration in accordance with the terms of this Arbitration Program. Arbitration may be demanded
before the institution of a judicial proceeding, or during a judicial proceeding, but not more than 60 days after service of a complaint, third party
complaint, cross claim, or any answer thereto, or any amendment to any of such pleadings. A "Dispute" shall include any dispute, claim or
controversy of any kind, whether in contract or in tort, legal or equitable, now existing or hereafter arising, relating in any way to any aspect of
MODIFICATION OF MORTGAGE
Loan No: 5559731979 (Continued) Page 2
this agreement, or any related note, instrument or agreement incorporating this Arbitration Program (the "Documents or any renewal,
extension, modification or refinancing of any indebtedness or obligation relating thereto, including without limitation, their negotiation, execution,
collateralization, administration, repayment, modification, extension, substitution, formation, inducement, enforcement, default or termination, or
any request for additional credit. This provision is a material inducement for the parties entering into the transactions relating to this Agreement.
In the event of a court ordered arbitration, the party requesting arbitration shall be responsible for timely filing the demand for arbitration and
paying the appropriate filing fee within 30 days of the abatement order or the time specified by the court; the party's failure to do so shall result
in that party's right to demand arbitration being automatically terminated with respect to such Dispute. DISPUTES SUBMITTED TO
ARBITRATION ARE NOT RESOLVED IN COURT BY A JUDGE OR JURY. TO THE EXTENT ALLOWED BY APPLICABLE LAW, THE PARTIES
IRREVOCABLY AND VOLUNTARILY WAIVE ANY RIGHT THEY MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY DISPUTE
ARBITRATED PURSUANT TO THIS ARBITRATION PROGRAM.
A. Governing Rules. Any arbitration proceeding will (i) be governed by the Federal Arbitration Act (Title 9 of the United States Code),
notwithstanding any conflicting choice of law provision in any of the documents between the parties; and (ii) be conducted by the American
Arbitration Association "AAA or such other administrator as the parties shall mutually agree upon, in accordance with the AAA's commercial
dispute resolution procedures, unless the claim or counterclaim is at least $1,000,000.00 exclusive of claimed interest, arbitration fees and
costs, in which case the arbitration shall be conducted in accordance with the AAA's optional procedures for large, complex commercial
disputes (the commercial dispute resolution procedures or the optional procedures for large, complex commercial disputes are referred to herein,
as applicable, as the "Rules If there is any inconsistency between the terms hereof and the Rules, the terms and procedures set forth herein
shall control. Arbitration proceedings hereunder shall be conducted at a location mutually agreeable to the parties, or if they cannot agree, then
at a location selected by the AAA in the state of the applicable substantive law primarily governing the Note. Any party who fails or refuses to
submit to arbitration following a demand by any other party shall bear all costs and expenses incurred by such other party in compelling
arbitration of any Dispute. The arbitrator shall award all costs and expenses of the arbitration proceeding.
B. No Waiver of Provisional Remedies. Self -Help and Foreclosure. The arbitration requirement does not limit the right of any party to (i)
foreclose against real or personal property collateral; (ii) exercise self -help remedies relating to collateral or proceeds of collateral such as setoff
or repossession; or (iii) obtain provisional or ancillary remedies such as replevin, injunctive relief, attachment or the appointment of a receiver,
before during or after the pendency of any arbitration proceeding. This exclusion does not constitute a waiver of the right or obligation of any
party to submit any Dispute to arbitration or reference hereunder, including those arising from the exercise of the actions detailed in sections (i),
(ii) and (iii) of this paragraph.
C. Arbitrator Qualifications and Powers. Any arbitration proceeding in which the amount in controversy is $5,000,000.00 or less will be
decided by a single arbitrator selected according to the Rules, and who shall not render an award of greater than $5,000,000.00. Any Dispute
in which the amount in controversy exceeds $5,000,000.00 shall be decided by majority vote of a panel of three arbitrators; provided however,
that all three arbitrators must actively participate in all hearings and deliberations. Every arbitrator shall be a neutral practicing attorney or a
retired member of the state or federal judiciary, in either case with a minimum of ten years experience in the substantive law applicable to the
subject matter of the Dispute. The arbitrator will determine whether or not an issue is arbitratable and will give effect to the statutes of
limitation in determining any claim. In any arbitration proceeding the arbitrator will decide (by documents only or with a hearing at the
arbitrator's discretion) any pre- hearing motions which are similar to motions to dismiss for failure to state a claim or motions for summary
adjudication. The arbitrator shall resolve all Disputes in accordance with the applicable substantive law and may grant any remedy or relief that
a court of such state could order or grant within the scope hereof and such ancillary relief as is necessary to make effective any award. The
arbitrator shall also have the power to award recovery of all costs and fees, to impose sanctions and to take such other action as the arbitrator
deems necessary to the same extent a judge could pursuant to the Federal Rules of Civil Procedure, the applicable state rules of civil procedure,
or other applicable law. Judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction. The institution
and maintenance of an action for judicial relief or pursuit of a provisional or ancillary remedy shall not constitute a waiver of the right of any
party, including the plaintiff, to submit the controversy or claim to arbitration if any other party contests such action for judicial relief.
D. Discovery. In any arbitration proceeding discovery will be permitted in accordance with the Rules. All discovery shall be expressly limited to
matters directly relevant to the Dispute being arbitrated and must be completed no later than 20 days before the hearing date. Any requests for
an extension of the discovery periods, or any discovery disputes, will be subject to final determination by the arbitrator upon a showing that the
request for discovery is essential for the party's presentation and that no alternative means for obtaining information is available.
E. Class Proceedings and Consolidations. No party hereto shall be entitled to join or consolidate disputes by or against others in any arbitration,
except parties to this agreement, or any contract, instrument or document relating to this agreement, or to include in any arbitration any dispute
as a representative or member of a class, or to act in any arbitration in the interest of the general public or in a private attorney general capacity.
F. Small Claims Court. Any party may require that a Dispute be resolved in Small Claims Court if the Dispute and related claims are fully within
that court's jurisdiction.
G. State Specific Provisions:
If Delaware. Pennsylvania or Virginia law governs the Dispute, the following provision is applicable if there is a Confession of Judgment in
the Note, any Guaranty, or Related Documents: Confession of Judgment. Notwithstanding anything herein to the contrary, the arbitration
requirement does not limit or preclude the right of Lender to confess judgment pursuant to a warrant of attorney provision set forth in the Note,
any Guaranty, or Related Documents. No party shall have the right to demand binding arbitration of any claim, dispute or controversy seeking to
(i) strike -off or open a judgment obtained by confession pursuant to a warrant of attorney contained in the Note, any Guaranty, or Related
Documents, or (ii) challenge the waiver of a right to prior notice and a hearing before judgment is entered, or after judgment is entered, but
before execution upon the judgment. Any claims, disputes or controversies challenging the confession of judgment shall be commenced and
prosecuted in accordance with the procedures set forth, and in the forum specified by the applicable state rules of civil procedure or other
applicable law.
If Maryland law governs the Dispute, the following provision is applicable if there is a Confession of Judgment in the Note, any Guaranty, or
Related Documents: Confession of Judgment. Notwithstanding anything herein to the contrary, the arbitration requirement does not limit or
preclude the right of Lender to confess judgment, and no party shall have the right to demand binding arbitration of any claim, dispute or
controversy seeking to open a judgment obtained by confession. Nothing herein, including the arbitration requirement, shall limit the right of any
party to foreclose judicially or non judicially against any real or personal property collateral, or exercise judicial or non judicial power of sale
rights. No provision regarding submission to a jurisdiction and /or venue in any court or the waiver of any right to trial by jury is intended or shall
be construed to be in derogation of the provisions for arbitration of any dispute. Any claim or counterclaim or defense raised in connection with
Lender's exercise of any rights set forth in the Note, any Guaranty, or Related Documents shall be subject to the arbitration requirement.
GRANTOR:
THE NARRO EVELOPMENT CORP
By:
Craig H
Developme
resident of The Narrows
MODIFICATION OF MORTGAGE
Loan No: 5559731979 (Continued) Page 3
If South Carolina law governs the Dispute, the following provision is included: WAIVER OF JURY TRIAL. NOTWITHSTANDING ANYTHING
HEREIN TO THE CONTRARY, WITHOUT INTENDING IN ANY WAY TO LIMIT THE PARTIES' AGREEMENT TO ARBITRATE ANY DISPUTE AS
SET FORTH IN THIS MORTGAGE, TO THE EXTENT ANY DISPUTE IS NOT SUBMITTED TO ARBITRATION OR IS DEEMED BY THE ARBITRATOR
OR BY ANY COURT WITH JURISDICTION TO BE NOT ARBITRABLE OR NOT REQUIRED TO BE ARBITRATED, LENDER AND MORTGAGOR
WAIVE TRIAL BY JURY IN RESPECT OF ANY SUCH DISPUTE AND ANY ACTION ON SUCH DISPUTE. THIS WAIVER IS KNOWINGLY,
WILLINGLY AND VOLUNTARILY MADE BY LENDER AND MORTGAGOR, AND THEY HEREBY REPRESENT THAT NO REPRESENTATIONS OF
FACT OR OPINION HAVE BEEN MADE BY ANY PERSON OR ENTITY TO INDUCE THIS WAIVER OF TRIAL BY JURY OR TO IN ANY WAY
MODIFY OR NULLIFY ITS EFFECT. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE PARTIES ENTERING INTO THE LOAN
DOCUMENTS. LENDER AND MORTGAGOR ARE EACH HEREBY AUTHORIZED TO FILE A COPY OF THIS SECTION IN ANY PROCEEDING AS
CONCLUSIVE EVIDENCE OF THIS WAIVER OF JURY TRIAL. MORTGAGOR FURTHER REPRESENTS AND WARRANTS THAT IT HAS BEEN
REPRESENTED IN THE SIGNING OF THIS MORTGAGE AND IN THE MAKING OF THIS WAIVER BY INDEPENDENT LEGAL COUNSEL, OR HAS
HAD THE OPPORTUNITY TO BE REPRESENTED BY INDEPENDENT LEGAL COUNSEL SELECTED OF ITS OWN FREE WILL, AND THAT IT HAS
HAD THE OPPORTUNITY TO DISCUSS THIS WAIVER WITH COUNSEL.
H. Real Property Collateral:
If California law governs the Dispute, the following provisions are included: Real Property Collateral; Judicial Reference. Notwithstanding
anything herein to the contrary, no Dispute shall be submitted to arbitration if the Dispute concerns indebtedness secured directly or indirectly,
in whole or in part, by any real property unless (i) the holder of the mortgage, lien or security interest specifically elects in writing to proceed
with the arbitration, or (ii) all parties to the arbitration waive any rights or benefits that might accrue to them by virtue of the single action rule
statute of California, thereby agreeing that all indebtedness and obligations of the parties, and all mortgages, liens and security interests
securing such indebtedness and obligations, shall remain fully valid and enforceable. If any such Dispute is not submitted to arbitration, the
Dispute shall be referred to a referee in accordance with California Code of Civil Procedure Section 638 et seq., and this general reference
agreement is intended to be specifically enforceable in accordance with said Section 638, as amended or replaced from time to time. A referee
with the qualifications required herein for arbitrators shall be selected pursuant to the AAA's selection procedures. Judgment upon the decision
rendered by a referee shall be entered in the court in which such proceeding was commenced in accordance with California Code of Civil
Procedure Sections 644 and 645, as amended or replaced from time to time.
If Connecticut law governs the Dispute, the following provision is included: Real Property Collateral. Notwithstanding anything herein to
the contrary, no dispute shall be submitted to arbitration if the dispute concerns indebtedness secured directly or indirectly, in whole or in part,
by any real property located in Connecticut unless (i) the holder of the mortgage, lien or security interest specifically elects in writing to proceed
with the arbitration, or (ii) all parties to the arbitration waive any rights or benefits that might accrue to them by virtue of Sections 49 -1 and
49 -14 et seq. of the Connecticut General Statutes, as amended or replaced from time to time, thereby agreeing that all indebtedness and
obligations of the parties, and all mortgages, liens and security interests securing such indebtedness and obligations, shall remain fully valid and
enforceable.
If Idaho. Kansas. Montana. Nevada. South Dakota or Virginia law governs the Dispute, the following provision is included:
Real Property Collateral. Notwithstanding anything herein to the contrary, no Dispute shall be submitted to arbitration if the Dispute
concerns indebtedness secured directly or indirectly, in whole or in part, by any real property unless (i) the holder of the mortgage, lien or
security interest specifically elects in writing to proceed with the arbitration, or (ii) all parties to the arbitration Waive any rights or benefits that
might accrue to them by virtue of the single action rule statute of Idaho, Kansas, Montana, Nevada, South Dakota or Virginia, thereby agreeing
that all indebtedness and obligations of the parties, and all mortgages, liens and security interests securing such indebtedness and obligations,
shall remain fully valid and enforceable.
If Utah law governs the Dispute, the following provision is included: Real Property Collateral; Judicial Reference. Notwithstanding anything
herein to the contrary, no Dispute shall be submitted to arbitration if the Dispute concerns indebtedness secured directly or indirectly, in whole
or in part, by any real property unless (i) the holder of the mortgage, lien or security interest specifically elects in writing to proceed with the
arbitration, or (ii) all parties to the arbitration waive any rights or benefits that might accrue to them by virtue of the single action rule statute of
Utah, thereby agreeing that all indebtedness and obligations of the parties, and all mortgages, liens and security interests securing such
indebtedness and obligations, shall remain fully valid and enforceable. If any such Dispute is not submitted to arbitration, the Dispute shall be
referred to a master in accordance with Utah Rule of Civil Procedure 53, as amended or replaced from time to time, and this general reference
agreement is intended to be specifically enforceable. A master with the qualifications required herein for arbitrators shall be selected pursuant to
the AAA's selection procedures. Judgment upon the decision rendered by a master shall be entered in the court in which such proceeding was
commenced in accordance with Utah Rule of Civil Procedure 53(e), as amended or replaced from time to time.
I. Miscellaneous. To the maximum extent practicable, the AAA, the arbitrators and the parties shall take all action required to conclude any
arbitration proceeding within 180 days of the filing of the Dispute with the AAA. No arbitrator or other party to an arbitration proceeding may
disclose the existence, content or results thereof, except for disclosures of information by a party required in the ordinary course of its business
or by applicable law or regulation. If more than one agreement for arbitration by or between the parties potentially applies to a Dispute, the
arbitration provision most directly related to the documents between the parties or the subject matter of the Dispute shall control. This
arbitration provision shall survive the repayment of the Note and the termination, amendment or expiration of any of the Documents or any
relationship between the parties.
GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS MODIFICATION OF MORTGAGE AND GRANTOR AGREES TO ITS
TERMS. THIS MODIFICATION OF MORTGAGE IS DATED APRIL 24, 2014.
By:
Robert M McMonigle, Vice President of The
Narrows Development Corp
Loan No: 5559731979
LENDER:
WELLS FARGO BANK, NATIONAL ASSOCIATION
State of
County
This instrument was acknowledged before me on
Corp.
MARILYN BROADBENT
NOTARY MUBUC STATE OF UTAH
My Comm. Exp. 02/28/2015
Commission 606869
MODIFICATION OF MORTGAGE
(Continued)
CORPORATE ACKNOWLEDGMENT
Page 4
F) to b Cr ai H Eddins, President of The Narrows Development
Craig s evelopment
My commission expires:
MODIFICATION OF MORTGAGE
Loan No: 5559731979 (Continued) Page 5
State of
County of
This instrument was acknowledged before me on (date) by Robert M McMonigle, Vice President of The Narrows
Development Corp.
Notary Public
State of
Wyoming
CORPORATE ACKNOWLEDGMENT
(Notarial Signature)
LENDER ACKNOWLEDGMENT
State of
County of
This instrument was acknowledged before me on 6\ 1 -Q& (date) by
My commission expires:
(Notarial ignat
My commission expires:
LASER PRO Lending, Ver. 14.1.0.009 Copr. Harland Financial Solutions, Inc. 1997, 2014. All Rights Reserved. WY
X: \LPROD \CFI \LPL \G201.FC TR- 189295 PR -689
MODIFICATION OF MORTGAGE
Loan No: 5559731 979
State of
County of
Q�V
This instrument was acknowledged before me on
Development Corp.
VICKY DIAZ
Notary Public, State of Nevada
Appointment No. 04- 88327 -1
My Appt. Expires May 8, 2014
(Continued) Page 5
CORPORATE ACKNOWLEDGMENT
(date) by Robert M McMonigle, Vice President of The Narrows
(Notarial SOna re
My commission expires:
LENDER ACKNOWLEDGMENT
State of
County of
This instrument was acknowledged before me on (date) by
(Notarial Signature)
My commission expires:
LASER PRO Lending, Ver. 14.1.0.009 Copr. Harland Financial Solutions, Inc. 1997, 2014. All Rights Reserved. WY
X: \LPROD \CFI \LPL \G201.FC TR- 189295 PR -689
3e 8 of 11)
2009-06 -17 15 :42 WElls Fargo Bank NA
Order No: 6010918121
(307) 733 -8055 208 393 4308 P 3/12
LEGAL DESCRIPTION
EXHIBIT 'A'
Lots 1, 2, 4, 6, 7, 8, 9, 12,13 and 18 of Salt River Ranch, Lincoln County, Wyoming as
described on the official plat filed on September 8, 2006 as instrument No. 922287 of the
records of the Lincoln County Clerk