HomeMy WebLinkAbout978686P41586
03 USDA Position 5
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0 Form RD 1927 -1 WY
w Q (Rev. 11 -97)
cr)
J REAL ESTATE MORTGAGE FOR WYOMING
D
s Kemmerer Apartments, A Wyoming Limited Partnership
THIS MORTGAGE is made and entered into by
Sheridan
residing in
566 Turner Lane, Sheridan 82801
address is Wyoming
herein called "Borrower," and the United States of America, acting through the United States Department of Agriculture, herein called
the "Government," and:
WHEREAS Borrower is indebted to the Government as evidenced by one or more promissory notes or assumption agreements or
any shared appreciation or recapture agreement, herein called "note," which has been executed by Borrower, is payable to the order of
the Government, authorizes acceleration of the entire indebtedness at the option of the Government upon any default by Borrower, and
is described as follows:
Annual Rate
Date of Instrument Principal Amount of Interest
October 1, 2014 $446.700 3.625%
978686 10/3/2014 3:49 PM
LINCOLN COUNTY FEES: $48.00 PAGE 1 OF 13
BOOK: 840 PAGE: 791 MORTGAGE
JEANNE WAGNER LINCOLN COUNTY CLERK
1111111 11 1111
L U.S. GOVERNMENT PRINTING OFFICE 1997 656306
11111
1111 1 111
111111111111111011111
111111111111
County, Wyoming, whose post office
Due Date of Final
Installment
October 1, 2044
(The interest rate for limited resource farm ownership or Limited resource operating loans secured by this instrument may be
increased as provided in the Government regulations and the note.)
And the note evidences a loan to Borrower, and the Government, at any time, may assign the note pursuant to the Consolidated
Farm and Rural Development Act, or Title V of the Housing Act of 1949 or any other statute administered by the Government;
And it is the purpose and intent of this instrument that, among other things, at all times when the note is held by the Government,
or in the event the Government should assign this instrument, this instrument shall secure payment of the note;
And this instrument also secures any amounts due under any Shared Appreciation Agreement/Recapture Agreement entered into
pursuant to 7 U.S.C. 2001.
NOW, THEREFORE, in consideration of the loans and (a) at all times when the note is held by the Government, or in the event
the Government should assign this instrument to secure prompt payment of the note and any renewals and extensions thereof and any
agreements contained therein, and (b) to secure the prompt payment of all advances and expenditures made by the Government, with
interest, as hereinafter described, and the performance of every covenant and agreement of Borrower contained herein or in any
supplementary agreement, Borrower does hereby grant, bargain, sell, convey, mortgage, and assign unto the Government the following
property situated in the State of Wyoming, County or Counties of Lincoln
A portion of Block 11 of Lincoln Heights 4th Subdivision of the City of Kemmerer, Wyoming, more particularly described as
follows:
Beginning at the North radius point of the Northwest corner of said Block 11 thence North 90 °00'00" East, a distance of 146.42 feet
to the point of curvature of a curve to the right; thence along said curve to the right, the radius of which is 329.66 feet through a
central angle of 24 °00'00" a distance of 138.09 feet; to the point of tangency; thence South 66 00'00" East, a distance of 9.40 feet to
the point of curvature of a curve to the right, thence along said curve to the right, the radius of which is 20.00 feet, through a central
angle of 83 °23'04" a distance of 29.11 feet to the point of reverse curve of a curve to the left; thence along said curve to the left, the
radius of which is 439.00 feet; thence a central angle of 05 °31'36 a distance 42.35 feet; thence South 76 °59'39" West, a distance
of 317.50 feet to a point on the West boundary of said Block 11; thence North 00 °00'00" East along the West boundary of said
Block 11 a distance of 148.98 feet to the point of curvature of a curve to the right; thence along said curve to the right, the radius of
which is 20.00 feet,.through a central angle of 90 °00'00" a distance of 31.42 feet to the point of the beginning..
RD 1927 -1 WY (Rev. 11 -97)
1
Subject to all taxes and assessments now a lien or payable.
Subject to exceptions and reservations contained in patents from the United States.
Subject to existing easements for roads, highways, ditches, canals, laterals, flumes, pipes, and power, and transmission lines.
Subject to the Real Estate Mortgage dated September 23,1985 and recorded of record September 23,1985 in Book 231PR, Page 88 No.
643264.
This instrument also secures the obligations and covenants of the borrower set forth on the borrower's Loan Agreements of
of June 12, 1985 and October 1, 2014 which are incorporated herein by reference.
This instiwnent also secures the the obligations set forth in the debt deferral agreement
dated October 1, 2014, which is incorporated herein by reference.
See Attachment A (Restrictive Use Covenant) ATTACHED HERETO AND MADE A PART HEREOF.
See Attachment B (Assignment of Rents) ATTACHED HERETO AND MADE A PART HEREOF.
together with all rights (including the rights to mining products, gravel, oil, gas, coal or other minerals), interests, easements, hereditainents
and appurtenances thereunto belonging, the rents, issues, and profits thereof and revenues, income and insurance proceeds therefrom, all
improvements, all water, water rights, water stock and irrigation equipment pertaining thereto, and all payments at any time owing to
Borrower by virtue of any sale, lease, transfer, conveyance, loss by fire or other hazard, or condemnation of any part thereof or interest
therein -all of which are herein called "the property
TO HAVE AND TO HOLD the property unto the Government and its assigns forever in fee simple.
BORROWER for Borrower's self, Borrower's heirs, executors, administrators, successors and assigns WARRANTS THE TITLE
to the property to the Government. against all lawful claims and demands whatsoever except any liens, encumbrances, easements,
reservations, or conveyances specified hereinabove, and COVENANTS AND AGREES as follows:
(1) To pay promptly when due any indebtedness to the Government hereby secured.
(2) To pay to the Government such fees and other charges as may now or hereafter be required by Government regulations.
(3) If required by the Government, to make additional monthly payments of 1/12 of the estimated annual taxes, assessments,
insurance premiums and other charges upon the mortgaged premises.
(4) The Government may at any time pay any other amounts including advances for payment of prior or junior liens, required
herein to be paid by Borrower and not paid by Borrower when due, as well as any costs and expenses for the preservation, protection, or
enforcement of this lien, as advances for Borrower's account. All such advances shall bear interest at the rate borne by the note which
has the highest interest rate.
(5) All advances by the Government, including advances for payment of prior or junior liens, in addition to any advances
required by the terms of the note, as described by this instrument, with interest shall be immediately due and payable by Borrower to
the Government without demand at the place designated in .the latest note and shall be secured hereby. No such advance by the
Government shall relieve Borrower from breach of Borrower's covenant to pay. Any payment made by Borrower may be applied on the
note or any indebtedness to the Government secured hereby, in any order the Government determines.
(6) To use the loan evidenced by the note solely for purposes authorized by the Government.
(7) To pay when due all taxes, liens, judgments, encumbrances, and assessments lawfully attaching to or assessed against the
property, including all charges and assessments in connection with water, water rights, and water stock pertaining to or reasonably
necessary to the use of, the real property described above, and promptly deliver to the Government without demand receipts evidencing
such payments.
(8) To keep the property insured as required by and under insurance policies approved by the Government and, at its request, to
deliver. such policies to the Government.
(9) To maintain improvements in good repair and make repairs required by the Government; operate the property in a good and
husbandmanlike manner; comply with such farm conservation practices and farm and home management plans as the Government from
time to time may prescribe; and not to abandon the property, or cause or permit waste, lessening or impairment of the security covered
hereby, or, without the written consent of the Govemment, cut, remove, or lease any timber, gravel, oil, gas, coal, or other minerals except
as may be neccessary for ordinary domestic purposes.
(10) To comply with all laws, ordinances, and regulations affecting the property.
(11) To pay or reimburse the Government for expenses reasonably necessary or incidental to the protection of the lien and
priority hereof and to the enforcement of or the compliance with the provisions hereof and of the note and any supplementary agreement
(whether before or after default), including but not limited to costs of evidence of title to and survey of the property, costs of recording this
and other instruments, attorneys fees, trustees' fees, court costs, and expenses of advertising, selling, and conveying the property.
(12) Except as otherwise provided by Government regulations, neither the property nor any portion thereof or interest therein
shall be leased, assigned, sold, transferred, or encumbered, voluntarily or otherwise, without the written consent of the Government. The
Government shall have the sole and exclusive rights as mortgagee hereunder, including but not limited to the power to grant consents,
partial releases, subordinations, and satisfaction, and no insured holder shall have any right, title or interest in or to the lien or any benefits
hereof.
(13) At all reasonable times the Government and its agents may inspect the property to ascertain whether the covenants and
agreements contained herein or in any supplementary agreement are being performed.
(14) The Government may (a) adjust the interest rate, payment, terms or balance due on the loan, (b) increase the mortgage by an
amount equal to deferred interest on the outstanding principal balance, (c) extend or defer the maturity of, and renew and reschedule
the payments on, the debt evidenced by the note or any indebtedness to the Government secured by this instrument, (d) release any
party who is liable under the note or for the debt from liability to the Government, (e) release portions of the property and subordinate
its lien, and (f) waive any other of' its rights under this instrument. Any and all this can and will be done without affecting the lien or the
priority of this instrument or Borrower's or any other party's liability to the Government for payment of the note or debt secured by this
instrument unless the Government says otherwise in writing. HOWEVER, any forbearance by the Government whether once or
often —in exercising any right or remedy under this instrument, or otherwise afforded by applicable law, shall not be a waiver of or
preclude the exercise of any such right or remedy.
(15) If at any time it shall appear to the Government that Borrower may be able to obtain a loan from a production credit
association, a Federal land bank, or other responsible cooperative or private credit source, at reasonable rates and terms for loans for
similar purposes and periods of time, Borrower will, upon the Government's request, apply for and accept such loan in sufficient amount
to pay the note and any indebtedness secured hereby and to pay for any stock necessary to be purchased in a cooperative lending agency
in connection with such loan.
(16) Default hereunder shall constitute default under any other real estate, or under any personal property or other security
instrument held by the Government and executed or assumed by Borrower, and default under any such other security instrument shall
constitute default hereunder.
(11) SHOULD DEFAULT occur in the performance or discharge of any obligation in this instrument or secured by this instrument,
or should the parties named as Borrower die or be declared incompetent, or should any one of the parties named as Borrower be
discharged in bankruptcy or declared an insolvent, or make an assignment for the benefit of creditors, the Government, at its option,
with or without notice may: (a) declare the entire amount unpaid under the note and any indebtedness to the Government hereby
secured immediately due and payable, (b) for the account of Borrower incur and pay reasonable expenses for repair or maintenance of
and take possession of, operate or rent the property, (c) collect the rentals and other income and profits from the property and apply it
against the secured indebtedness, whether or not a receiver shall have been appointed, but shall not be required or be liable for failure
to collect rent or other income, and shall be held accountable for only such amounts as are actually received, (d) upon application by
it and production of this mortgage, without other evidence and without notice of hearing of said application, have a receiver appointed
for the property, with the usual powers of receivers in like cases, (e) foreclose this instrument as provided herein or by law, (f) require
Borrower to surrender to the Government any and all abstracts of title then owned by Borrower covering all or any part of the property,
and (g) enforce any and all other rights and remedies provided herein or by present or future law.
(18) The proceeds of foreclosure sale shall be applied in the following order to the payment of: (a).costs and expenses incident
to enforcing or complying with the provisions hereof, (b) any prior liens required by law or a competent court to be so paid, (c) the debt
evidenced by the note and all indebtedness to the Government secured hereby, (d) inferior liens of record required by law or a competent
court to be so paid, (e) at the Government's option, any other indebtedness of Borrower owing to the Government, and (f) any balance to
Borrower. At foreclosure or other sale of all of any part of the property, the Government and its agents may bid and purchase as a stranger
and may pay the Government's share of the purchase price by crediting such amount on any debts of Borrower owing to the Government,
in the order prescribed above.
(19) Borrower agrees that the Government will not be bound by any present or future laws, (a) providing for valuation or
appraisal of the property, (b) prohibiting maintenance of an action for a deficiency judgment or limiting the amount thereof or the time
within which such action may be brought, (c) prescribing any other statute of limitations, (d) allowing any right of redemption or
possession following any foreclosure sale, (e) requiring possession of the property or appointment of a receiver before the Government
is entitled to rents, or (f) limiting the conditions which the Government may by regulation impose, including the interest rate it may
charge, as a condition of approving a transfer of the property to a new Borrower. Borrower expressly waives the benefit of any such State
laws. Borrower hereby releases and waives all rights under and by virtue-of the homestead exemption laws of Wyoming.
(20) If any part of the loan for which this instrument is given shall be used to finance the purchase, construction or repair of
property to be used as an owner occupied dwelling (herein called "the dwelling and if Borrower intends to sell or rent the dwelling and
has obtained the Government's consent to do so (a) neither Borrower nor anyone authorized to act for Borrower will after receipt of a
bona fide offer, refuse to negotiate for the sale or rental of the dwelling or will otherwise make unavailable or deny the dwelling to anyone
because of race, color, religion, sex, handicap, familial status, age or national origin, and (b) Borrower recognizes as illegal and hereby
disclaims, and will not comply with or attempt to enforce any restrictive covenants on the dwelling relating to race, color, religion, sex,
handicap, familial status, age or national origin.
(21) Borrower further agrees that the loan proceeds secured by this instrument will be in default should any loan proceeds be
used for a purpose that will contribute to excessive erosion of highly erodible land or to the conversion of wetlands to produce an
agricultural commodity, as prohibited by 7 C.F.R. part 1940, subpart G.
(22) At the option of the Government this mortgage may. be foreclosed by action or advertisement under Power of Sale as
provided by law and statute, and Borrower here irrevocably vests in the Government the statutory Power of Sale.
(23) Borrower hereby assigns to the Government all borrower's rights under Wyoming Statutes 34 -4 -113 to surplus proceeds
and /or surplus money remaining after sale of the property under statutory Power of Sale or any foreclosure sale or similar sale exercised
by any foreclosing party or other party and hereby waives any claim against the officer or person making such sale for paying said
surplus on demand. of the Government.
(24) Borrower hereby assigns or waives in favor of the Government all grazing privileges, permits, licenses, or leases appurtenant
to or used in connection with said land, and Borrower further covenants and agrees to execute any and all forms and documents that
may be necessary and /or required by Government to effect said assignment or waiver and further covenants and agrees to procure
renewals thereof prior to their expiration and to pay all fees and charges and to perform all acts and do all things necessary to keep and
preserve all said grazing rights and renewals thereof, and in the event of the failure of Borrower to do any of these things the Government
may do so on behalf of Borrower, including advancing such sums as may be necessary for this purpose, and such funds advanced shall
be secured by this instrument.
(25) If any provision of this instrument or application thereof to any person or circumstances is held invalid, such invalidity
will not affect other provisions or applications of the instrument which can be given effect without the invalid provision or application,
and to that end the provisions hereof are declared to be severable.
(26) This instrument shall be subject to the present regulations of the Government, and to its future regulations not inconsistent
with the express provisions hereof.
(27) Notices given hereunder shall be sent by certified mail, unless otherwise required by law, and addressed, unless and until some
other address is designated in a notice so given, in the case of the Government to P.O. Box 11005, Casper, WY 82602
and in the case of Borrower at the address shown in the Government's
Finance Office records (which normally will be the same as the post office shown above).
1st
IN WITNESS WHEREOF, Borrower has hereunto set Borrower's hands and seals this day of
October 19 2014 Kemmerer Apartments, a Wyoming Limited Partnership
STATE OF WYOMING
COUNTY OF Lincoln
(SEAL)
My commission expires:
ACKNOWLEDGMENT
SS:
The foregoing instrument was acknowledged before me by
BY:
See Signature Page Mortgage
this day of
,19
Witness my•hand and official seal.
Notary Public.
Kemmerer Apartments, a Limited Partnership Signature Page Mortgage
BY:
Joh
John Bosley, Partner of WHG Partnership in its capacity as
General Partner of Kemmerer Apartments, A Limited Partnership.
John Bosley as attorney in fact for Constance M. Bosley,
Partner of WHG Partnership in its capacity as General Partner of
Kemmerer Apartments, A Limited Partnership.
John Bosley as attorney in fact for Michael Ryan,
Partner of WHG Partnership in its capacity as General Partner of
Kemmerer Apartments, A Limited Partnership.
Lori Kalan Notary Public
County of xit State of
Lincoln �l i Wyoming
J
My Commission Expires 212612015
Kemmerer Apartments, A Limited Partnership
By: WHG Partnership, its general partner
BY:
Constance M. Bosley, Part W Partnership,
John Bosley, as attorney in fact
BY: L 1
Michael Ryan, Partn WHG
John Bosley, as attorney in fact
State of: Wyoming
County of: Lincoln
This instrument was acknowledged before me on 4- o&2 /5 by the following
Notary Public
tnership, by
My commission expires: ®2/:&,/,w,,,S--
Attachment A
Attachment to Real Estate Mortgage for Wyoming, Assigmnent of Rents, and Security Agreement
MULTI FAMILY HOUSING PRESERVATION AND REVITALIZATION
RESTRUCTURING PROGRAM (MPR)
RESTRICTIVE USE COVENANT
WHEREAS, Kemmerer Apartments, Limited Partnership, A Wyoming Limited Partnership,
566 Turner Lane, Sheridan, WY 82801, "Owner ")or a predecessor in interest, received a loan
from the United States of America, acting through the Rural Housing Service in Rural
Development "Agency United States Department of Agriculture which was evidenced by a
promissory note or assumption agreement (Initi eke 1 .ted September 23, 1985 in the
original amount of $613,700 and secured by a certain Deed of Trust or Mortgage dated
September 23, 1985 and recorded in the land records for the County of Lincoln and a Promissory
Note dated October 1, 2014 in the original amount of $446,700 and secured by a certain Deed of
Trust or Mortgage dated October 1, 2014 for the purpose of providing housing in accordance
with section 515 Title V of the Housing Act of 1949, as amended "Program and
WHEREAS, as a condition to and in consideration for the Owner's participation in the Rural
Development's MPR Program, the Owner and the Agency entered into that certain Multi Family
Housing Preservation and Revitalization Restructuring Conditional Commitment dated
September 23, 2013, as amended through the date hereof, pursuant to which the parties have
agreed, among other things, to certain restrictions on the use of the property as more particularly
described in Exhibit A "Property attached hereto and made a part hereof.
NOW, THEREFORE, in consideration of the restrictions on the Property, the sum of Ten
Dollars ($10.00) and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties, for themselves and for their respective successors and
assigns, hereby covenant and agree as follows:
1. Term. The period of restriction shall begin on October 1, 2014 and end on
October 1, 2044.
2. Use Requirement. The Owner, and any successors in interest, agree to use
the Property in compliance with 42 U.S.C. 1485 and 7 C.F.R part 3560, and any other
applicable regulations and amendments, for the purpose of housing program eligible very
low low-, or moderate income tenants.
3. Enforcement. The Agency and program eligible tenants or applicants may
enforce these restrictions so long as the Agency has not terminated the Restrictive Use
Covenant pursuant to paragraph 8 below.
According to the Paperwork Reduction Act of 1995, no persons are required to respond to a collection of information unless it displays a valid
OMB control number. The valid OMB control number for this information collection is 0575 -0190. The time required to complete this
information collection is estimated to average 1 hour per response, including the time for reviewing instructions, searching existing data sources,
gathering and maintaining the data needed, and completing and reviewing the collection of information.
4. Displacement Prohibition. The Owner agrees not to refuse to lease a
dwelling unit offered for rent, or otherwise discriminate in the terns of tenancy, solely
because any tenant or prospective tenant is the recipient of housing assistance from the
Agency or any other federal agency.
5. Capital Needs Assessment. The Agency periodically, but not more often than
every five (5) years, may require the Owner to commission an updated 20 -year capital
needs assessment, in form and substance acceptable to the Agency. If the Agency
accepts the capital needs assessment, the Agency shall approve its cost to be reimbursed
from the Property's reserve account. If the Agency concludes that the monthly deposit to
the reserve account should be adjusted based on the results of the capital needs
assessment, the Agency shall require and the Owner agrees to make, such adjustment.
6. Owner's Responsibilities. The Owners agrees to: set rents, other charges, and
conditions of occupancy in a manner to meet these restrictions; post an Agency approved
notice of this restriction for the tenants of the property; to adhere to applicable local,
state, and Federal laws; and to obtain Agency concurrence for any rental procedures that
deviate from those approved at the time of prepayment, prior to implementation.
7. Civil Rights Requirements. The Owner will comply with the provisions of
any applicable federal, state or local law prohibiting discrimination in housing on the
basis of race, color, religion, sex, national origin, handicap or familial status, including
but not limited to: Title VI of the Civil Rights Act of 1964 (Public Law 90 -284, 82 Stat.
73), the Fair Housing Act, Executive Order 11063, and all requirements imposed by or
pursuant to the Agency regulations implementing these authorities, including, but not
limited to, 7 CFR 3560.104
8. Release of Obligation. The Owner will be released from these obligations
before the termination period set in paragraph 1 only when the Agency determines that
there is a no longer a need for the housing or that financial assistance provided the
residents of the housing will no longer be provided due to no fault, action or lack of
action on the part of the Owner.
9. Violations; the Agency's Remedies. If the Agency determines that the
Owner has violated any of the terms of this covenant, including, but not limited to, failure
to comply with any of the requirements imposed under this covenant, the Agency shall
notify the Owner of its determination and the Owner shall have sixty (60) calendar days
after receipt of such notification in which to cure the violation. Promptly following the
expiration of the foregoing sixty (60) day period, the Agency shall re- inspect the Property
and /or take other investigative steps as it deems necessary in order to ensure compliance.
The failure to cure any violation to the Agency's satisfaction within such sixty (60) day
period shall constitute a non monetary default under 7 CFR 3560.452, which may result
in the acceleration of the section 515 mortgage that is held by the Agency and secured by
the Property, and, the imposition of any other remedies, administrative actions and/or
sanctions provided under or authorized by applicable law and regulations, including those
provided under 7 CFR 3560.461 and 7 CFR 3560.456. The parties further agree that
upon any default under this covenant, the Agency may apply to any court, state or
federal, for specific performance of this Agreement, for an injunction against violation of
this covenant or for such other equitable relief as may be appropriate, since the injury to
the Agency arising from a violation under any of the terms of this covenant would be
irreparable and the amount of damage would be difficult to ascertain.
10. Covenants to Run with Land. The Owner hereby subjects the Property to
the covenants, reservations and restrictions set forth in this covenant. The Owner hereby
declares its express intent that the covenants, reservations and restrictions set forth herein
shall be deemed covenants running with the land to the extent permitted by law and shall
pass to and be binding upon the successors in title to the Property throughout the Term.
Each and every contract, deed, mortgage or other instrument hereafter executed covering
or conveying the Property or any portion thereof shall conclusively be held to have been
executed, delivered and accepted subject to such covenants, reservations and restrictions,
regardless of whether such covenants, reservations and restrictions are set forth in such
contract, deed or other instrument. The Agency hereby agrees that, upon the request of
the Owner made on or after the Term of this covenant, the Agency shall execute a
recordable instrument approved by the Agency for purposes of releasing this covenant of
record. All costs and expenses relating to the preparation and recording of such release
shall be paid by the Owner.
11. Superiority. The document hereto constitutes a restrictive covenant that is
filed of record, with all other Deeds of Trusts or Mortgages, and that, notwithstanding a
foreclosure or transfer of title pursuant to any other instrument or agreement, the
restrictive covenants and provisions hereunder shall remain in full force and effect.
12. Subsequent Modifications and Statutory Amendments. The Agency may
implement modifications necessitated by any subsequent statutory amendment without
the consent of any other party, including those having the right of enforcement, to require
that any third party obtain prior the Agency approval for any enforcement action
concerning preexisting or future violations of this covenant.
13. Other Agreements. The Owner represents and warrants that it has not and
will not execute any other agreements with provisions contradictory or in opposition to
the provisions of this covenant and that, in any event, the provisions of this covenant are
paramount and controlling as to the rights and obligations set forth herein and supersede
any other conflicting requirements.
14. Binding Effect. Upon conveyance of the Property during the Term, the
Owner shall require its successor or assignee to assume its obligations under this
covenant. In any event, this covenant shall be binding upon and shall inure to the benefit
of the parties hereto and their respective successors and /or assigns.
15. Amendment. This covenant may not be modified except by an instrument in
writing executed by each of the parties that are signatories hereto.
16. Severability. Notwithstanding anything herein contained, if any one or more
of the provisions of this covenant shall for any reason whatsoever be held to be illegal,
invalid or unenforceable in any respect, such illegality, invalidity or unenforceability
shall not affect any other provision of this covenant, but this covenant shall be construed
as if such illegal, invalid or unenforceable provision had never been contained herein.
17. Headings. The headings and titles to the sections of this covenant are
inserted for convenience only and shall not be deemed a part hereof nor affect the
construction or interpretation of any provisions hereof.
laws.
18. Governing Law. This covenant shall be governed by all applicable federal
19. Counterparts. This covenant may be executed in any number of
counterparts, all of which counterparts shall be construed together and shall constitute but
one covenant.
[Remainder of Page Intentionally Left Blank]
IN WITNESS WHEREOF, the parties hereto have caused this Restrictive Use Covenant
to be executed and made effective October 1, 2014.
BY
Joh
John Bosley, Partner of WHG Partnership in its capacity as
General Partner of Kemmerer Apartments, A Limited Partnership.
John Bosley as attorney in fact for Constance M. Bosley,
Partner of WHG Partnership in its capacity as General Partner of
Kemmerer Apartments, A Limited Partnership.
John Bosley as attorney in fact for Michael Ryan,
Partner of WHG Partnership in its capacity as General Partner of
Kemmerer Apartments, A Limited Partnership.
Lori Kaian Notary Public
County of �k 4 y State of
Lincoln ti,� i Wyoming
My Commission Expires 212612015
Kemmerer Apartments, A Limited Partnership
By: WHG Partnership, its general partner
osley, Partner ci Partnership,
BY: e J■
Constance M. Bosley, Partne 'H e/P t` tnership, by
John Bosley, as attorney in fact
BY:
Mike Ryan, Partner
John Bosley, as attorney in fact
State of: Wyoming
County of: Lincoln
This instrument was acknowledged before me on Dc by the following
nership, by
Notary Public
My commission expires:
EXHIBIT A
LEGAL DESCRIPTION
A portion of Block 11 of Lincoln Heights 4th Subdivision of the City of Kemmerer, Wyoming,
more particularly described as follows:
Beginning at the North radius point of the Northwest corner of said Block 11 thence North
90 °00'00" East, a distance of 146.42 feet to the point of curvature of a curve to the right; thence
along said curve to the right, the radius of which is 329.66 feet through a central angle of
24 °00'00" a distance of 138.09 feet; to the point of tangency; thence South 66 °00'00" East, a
distance of 9.40 feet to the point of curvature of a curve to the right, thence along said curve to
the right, the radius of which is 20.00 feet, through a central angle of 83 °23'04" a distance of
29.11 feet to the point of reverse curve of a curve to the left; thence along said curve to the left,
the radius of which is 439.00 feet; thence a central angle of 05 °31'36 a distance 42.35 feet;
thence South 76 °59'39" West, a distance of 317.50 feet to a point on the West boundary of said
Block 11; thence North 00 °00'00" East along the West boundary of said Block 11 a distance of
148.98 feet to the point of curvature of a curve to the right; thence along said curve to the right,
the radius of which is 20.00 feet, through a central angle of 90 °00'00" a distance of 31.42 feet to
the point of the beginning
Attachment B
Attachment to Real Estate Mortgage for Wyoming
ASSIGNMENT OF RENTS
KNOW ALL BY THESE PRESENTS:
WHEREAS, Kemmerer Apartments, a Wyoming Limited Partnership with a principal place of
business at 566 Turner Lane, Sheridan, WY 82801, has made, executed and delivered to the United States
of America (hereinafter, the "Government certain Promissory Note (hereinafter the Note) dated, October
1, 2014, in the principal amount of $446,700.
WHEREAS, the Note is secured by a Mortgage (hereinafter, the "Mortgage dated
October 1, 2014, in favor of the Government, upon the following described real estate, to -wit:
A portion of Block 11 of Lincoln Heights 4th Subdivision of the City of Kemmerer,
Wyoming, more particularly described as follows:
Beginning at the North radius point of the Northwest corner of said Block 11 thence
North 90 °00'00" East, a distance of 146.42 feet to the point of curvature of a curve to
the right; thence along said curve to the right, the radius of which is 329.66 feet through
a central angle of 24 °00'00" a distance of 138.09 feet; to the point of tangency; thence
South 66 °00'00" East, a distance of 9.40 feet to the point of curvature of a curve to the
right, thence along said curve to the right, the radius of which is 20.00 feet, through a
central angle of 83 °23'04" a distance of 29.11 feet to the point of reverse curve of a
curve to the left; thence along said curve to the left, the radius of which is 439.00 feet;
thence a central angle of 05 °31'36 a distance 42.35 feet; thence South 76 °59'39"
West, a distance of 317.50 feet to a point on the West boundary of said Block 11; thence
North 00 °00'00" East along the West boundary of said Block 11 a distance of 148.98
feet to the point of curvature of a curve to the right; thence along said curve to the right,
the radius of which is 20.00 feet, through a central angle of 90 °00'00" a distance of
31.42 feet to the point of the beginning.
WHEREAS, the Government has required as additional security an assignment of rents, profits,
income, and any Rural Housing Service (hereinafter, "RHS rental and housing assistance payments and
contracts derived from the above described real estate to secure the payment of any sums due under the
Notes and Mortgages including payment of taxes and insurance payments, and as further security for the
performance of all of the terns and conditions expressed in the (i) Notes and Mortgages above described
and (ii) that certain Loan Agreement dated October 1, 2014, executed by the undersigned (hereinafter
collectively with the Notes and Mortgages, sometimes referred to as the "Loan Documents
NOW THEREFORE, in consideration of the loan(s) made and /or being made and for other good
and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the
undersigned does hereby assign, transfer and set over unto the Government above described, or the
holder of said Notes, all rents, profits, income and RHS rental and housing assistance payments and
contracts derived from the premises above described and from the buildings and improvements thereon,
together with all rights of possession, with full and complete authority and right in the Government or
any subsequent holder, in case of default of the payment of said indebtedness or any part thereof or
failure to comply with any of the terms of the Loan Documents to demand, collect, receive and receipt
for such rent, profits, income and rental and housing assistance payments and contract, to take possession
of the premises without requiring the appointment of a receiver therefore, to rent and manage the same
from time to time and to apply the proceeds derived therefrom, after payment of all costs of collection
and all fees and other costs upon the said indebtedness as therein provided until all delinquencies,
advances and the indebtedness secured by the Mortgage and this Assignment are paid in full or until title
is obtained through foreclosure or otherwise.
A release of the Mortgage shall release this Assignment of Rents.
Executed as a sealed instrument this 1st day of October 2014.
1 Lori K Notary Public
v
County of ,A nt r State of
Lincoln �•a 0 Wyoming
1 yCommission Expires 2/26/2015
Kemmerer Apartments, A Limited Partnership
By: WHG Partnership, its general partner
h* .LL' l
Constance M. Bosley, Pton r, G Partnership, l
ohn Bosley, Partn WH Partnership,
John Bosley, as attorney in fact
Michael Ryan, Pa ner, W artnership,
John Bosley, as attorney in fact
State of: Wyoming
County of Lincoln
This instrument was acknowledged before me on 4 4 „0/V by the following
John Bosley, Partner of WHG Partnership in its capacity as
General Partner of Kemmerer Apartments, A Limited Partnership.
John Bosley as attorney in fact for Constance M. Bosley,
Partner of WHG Partnership in its capacity as General Partner of
Kemmerer Apartments, A Limited Partnership.
John Bosley as attorney in fact for Michael Ryan,
Partner of WHG Partnership in its capacity as General Partner of
Kemmerer Apartments, A Limited Partnership.
Notary Public
My commission expires: o?/ Av/r
2