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HomeMy WebLinkAbout977780WARRANTY DEED IN LIEU OF FORECLOSURE KNOW ALL MEN BY THESE PRESENTS, that this WARRANTY DEED IN LIEU OF FORECLOSURE is made and entered into as of thislday of July, 2014 by and between MJJ, LLC, a Wyoming limited liability company "Grantor whose mailing address is P.O: Box 610, Jackson, WY 83001, and Savit Associates, LLC, a Wyoming limited liability company, whose mailing address is P.O. Box 610, Jackson, WY 83001 (the "Grantee GRANTOR, for and in consideration of the sum of $10.00 and other good and valuable consideration, to Grantor in hand paid by Grantee, the receipt and sufficiency of which are hereby acknowledged and confessed, and further in consideration of (a) that Grantee shall release, in whole or in part, the property from the lien of the Mortgage when and as it sells the Property; (b) upon the recording of such release of real estate mortgage, Grantee waive its rights under the mortgage described below, including the right to foreclose said mortgage, and (c) the agreement of Grantee to reduce, and thereby release Grantor from any further liability for payment of the indebtedness outstanding and unpaid by Grantor pursuant to those certain promissory notes dated October 19, 2006, January 16, 2007, February 2, 2007, February 20, 2007, March 19, 2007, March 22, 2007, April 13, 2007, May 16, 2007, July 31, 2007, January 8, 2008, July 18, 2008 and May 28, 2009 (collectively the "Notes in the original principal amount of $735,675.86, executed and delivered by Grantor to Grantee, by these presents, do hereby GRANT, BARGAIN, CONVEY, and WARRANT unto Grantee all of their right, title, equity (including their equitable and statutory rights of redemption), and interest in and to the following described real property located in Lincoln County, State of Wyoming, more particularly described as: See Legal Description attached hereto as "Exhibit A" hereto and by this reference made a part hereof, together with all buildings and improvements situate on said real property and all fixtures and appurtenances thereto (collectively, the "Property hereby releasing and waiving all rights under and by virtue of the homestead exemption laws of the State of Wyoming TO HAVE AND TO HOLD the Property, together with all and singular, any and all other rights and appurtenances thereto in anywise belonging unto Grantee, its successors and assigns FOREVER; and Grantor does hereby bind themselves and their successors and assigns to WARRANT and FOREVER DEFEND all and singular the Property unto Grantee, its successors and assigns, against every person whomsoever lawfully claiming or purporting to claim the same or any part thereof. 977780 7/30/2014 9:11 AM LINCOLN COUNTY FEES: $21.00 PAGE 1 OF 4 BOOK: 837 PAGE: 66 DEED IN LIEU OF FORECLOSURE JEANNE WAGNER LINCOLN COUNTY CLERK 11 WITNESSETH: iii II III 1111111111 HI 1111111111111 1111111111 II 1111111111 THAT: BUT IT IS HEREBY EXPRESSLY ACKNOWLEDGED AND AGREED A. This Warranty Deed in Lieu of Foreclosure, and the conveyance being made hereunder, is being executed, delivered, and accepted in lieu of foreclosure of the Lien (as hereinafter described and defined), and as an absolute conveyance to Grantee of all right, title, equity, and interest of Grantor in the Property, including specifically, but without limitation, any equity of redemption and the statutory right of redemption of Grantor therein or thereto. Grantee has forgiven and fully released Grantor from any and all debt, obligation, cost and charges existing under and by virtue of the Notes. B. The lien "Lien for which this Deed in Lieu of Foreclosure is given in lieu of foreclosure was created by that certain Mortgage dated as of March 3, 2010, executed and granted by MJJ, LLC, a Wyoming limited liability company, as mortgagor, to Savit Associates, LLC, a Wyoming limited liability company, as mortgagee, and recorded in the records of the office of the County Clerk and ex- officio Register of Deeds in and for Lincoln County, State of Wyoming, on March 4, 2010 in Book 743, Page 287, Document No. 952391. C. Grantor agrees that if Grantee accepts title to the Property under this Warranty Deed in Lieu of Foreclosure, such acceptance will not create any liability on the part of Grantee to third parties who may have claims of any kind against Grantor in connection with the Property. Grantee will not under this Warranty Deed in Lieu of Foreclosure assume or agree to discharge any liabilities with respect to the Property that shall accrue or occur prior to the date on which this Warranty Deed in Lieu of Foreclosure is recorded in the records of the office of the County Clerk and ex- officio Register of Deeds in and for Lincoln County, State of Wyoming (the date on which such recording is made is hereinafter called the "Recording Date Grantor agrees to in- demnify and hold harmless Grantee from and against any loss, cost, damage, or expense (including attorneys' fees and court costs) resulting from claims arising out of the Property and arising from events that occurred prior to the Recording Date with respect to the Property. This Warranty Deed in Lieu of Foreclosure does not confer any third -party benefits on persons who are not signatory to this instrument other than Grantee. D. The acceptance of this Warranty Deed in Lieu of Foreclosure by Grantee is expressly conditioned upon and is subject to the representation and warranty of Grantor that title to the Property is good and indefeasible title, free and clear of all liens and encumbrances of any nature whatsoever, except for: (1) Any covenants, reservations, restrictions, conditions, exceptions, and easements of record in the chain of title as of the Recording Date; (2) Any liens of record in the chain of title (as of the Recording Date) which have priority over the Lien; (3) The Lien; and (4) Encumbrances permitted by the Lien. If title to the Property is not good and indefeasible as represented in this Paragraph D, then, at the option of Grantee, Grantee may, in addition to any other remedy available to it under this Warranty Deed in Lieu of Foreclosure, at law, or in equity, reinstate and revive the satisfaction and release of the Indebtedness, in which event, the satisfaction and release of the Indebtedness and any qualifications upon the Lien shall be null and void and ineffective for all purposes. IN WITNESS WHEREOF, this Warranty Deed in Lieu of Foreclosure has been executed on behalf of Grantor and Grantee on the date of the taking of their acknowledgments, but the effective date of this Warranty Deed in Lieu of Foreclosure for all purposes shall be deemed to be the Recording Date. STATE OF WYOMING COUNTY OF TETON LISA M. PADDLEFORD NOTARY PUBLIC County of State of Teton Wyoming My COMMiSSI011 FacIACC:=3 SepterilbST 12, ZG My Commission Expires: 1.12. 219V GRANTOR: ACKNOWLEDGMENT SS. Witness my hand and official seal. MJJ, LLC, a Wyoming limited liability company, By: Mic1Tael T. alpin, Managing ember The foregoing WARRANTY DEED IN LIEU OF FORECLOSURE was acknowledged before me by Michael T. Halpin, Managing Member of MJJ, LLC this 2"3lr4 day of July, 2014. Notary Public EXHIBIT A Lots 7A and 7B, Block 5 of the Lincoln Heights Fifth Addition, Third Filing, Lincoln County, Wyoming as described on the official plat filed on August 16, 1985 as Instrument No 641092 of the records of the Lincoln County Clerk. Lots 3A and 3B of Block 2 of the Lincoln Heights 5` Addition, Second Filing, to the City of Kemmerer, Lincoln County, Wyoming as described on the official plat filed on May 2, 1985 as Instrument No. 634485 of the records of the Lincoln County Clerk, Lots 7A and 7B of Block 1 of the Lincoln Heights 5 Addition, First Filing to the City of Kemmerer, Lincoln County, Wyoming as described on the official plat filed on September 7, 1983 as Instrument No. 603378 of the records of the Lincoln County Clerk.