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HomeMy WebLinkAbout979779NTL -69552 979779 12/17/2014 2:26 PM LINCOLN COUNTY FEES: $27.00 PAGE 1OF 6 BOOK: 845 PAGE: 41 MORTGAGE JEANNE WAGNER, LINCOLN COUNTY CLERK 111111111011111111111111111111! 1 III IIIII 111111101 IIIII Hllf IIII II 1 IIt Hil 1111 MORTGAGE On December 15, 2014, Todd V. Albanese and (`Mortgagors whose mailing address is 20202 Chi'ant Ct.. Yorba Linda, CA 92886 warrant, transfer and assign to Timothy R Cottrell and Sande t e K Cottrell "Mo �s whose address is 9611 Oxted Lane, Spring, TX 77379 a whose and security interest in property irt Lincoln County, State of 'WY, more particularly described as naortgage follows: 0 5 �`k Exbibit "A" �1 Together. with all irrigation s equipment, .now owned and used, in whole or in parr; to irrigate the mortgaged property, together with all similar goods which may be acquired at any time, any additions, repla cements, substitutions and accessions;- and including all rents, issues, profits, buildings and improvements thereon and in all tenements, hereditaments, rights, privileges, casements, rights of way and appurtenances ('including, without limitation, private roads, grazing privleges, water rights, .ditches and conduits and rights of way therefore, all plumbing, lighting, heating, cooling, ventilating, elevating and irrigating apparatus, and other equipment and fixtures, now or hereafter belonging to or used in connection therewith), all of which is hereinafter called the "Property." The following described Note, security documents and any other documents or instruments signed in connection with the Note and security documents and any amendments thereto are collectively called the "Loan Documents." "Advances" .shall include any amounts provided to Mortgagors under the terms of the Loan Documents and any amonnrG expended by Mortgagees to protect the Property or enforce their rights under the Loan Documents. This conveyance is intended to secure performance of the covenants and agreements contained herein, and in any Loan Documents, and payment of the indebtedness' under the terms of the Note to the order of Mortgagees, with interest and charges as provided therein and in the Loan Documents, and any ex tensions, modifications or renewals thereof: Mortgage Note dated December-16, 2014, in the amount of 5150,000.00, executed by Mortgagors. Mortgagors acknowledge that that they have granted this Mortgage for good and valuable consideration and waive any claim or defense as to the amount or adequacy of consideration for this Mortgage, date Mortgage shall be due and payable on December 16,2016. Mortgagors, and each of them, REPRESENT, WARRANT, COVENANT and AGREE: 1. That they have title to the Property free from encumbrances, except as described above; they have good right and lawful authority to convey and encumber the same; they will warrant and defend the same forever against the'iawfizl claims. and demands of all persons whomsoever, and they agree this covenant shall not be extinguished by foreclosure or other transfers. Mortgagors authorize Mortgagees to file a financing statement and any continuations 2 thereof, describing any personal property or fixtures described herein, without further signature by Mortgagors. 2. To keep all buildings and other improvements, now or b.ereafler existintr repair; not to remove or demolish ox permit the removal or demolition of an building g or r good Y other improvement; to restore promptly, in a good and workmanllce manner, any building or improvement which may be damaged or destroyed; to maintain and cultivate the Property in a good and husband -like manner, using approved methods for preserving the fertility and productivity thereof; not to change or permit change in the use of the Property; and not to do anything which would reduce the value of the Property. 3. To maintain casualty insurance, naming Mortgagees as loss payees, on all buildings and improvements, against loss or damage by fire or other risks; to maintain liability insurance; to obtain flood insurance at any time it is determined that any building or improvement is located in whole or in part within a special flood hazard area to pay all premiums and charges on all such insurance when due; and to provide Mortgagees satisfactory evidence of such insuranc upon request. All such insurance shall be in such form(s), with such company(ies) and in such amount(s) as shall be satisfactory to Mortgagees.. 4. Not to apply or enter into any federal, state, Local or other program, license, easement or other agreement which l writs or restricts the use of the Property, in any was,, without prior written consent of Mortgagees. 5. To pay all debts and money, secured hereby, when due; to pay, when due, all taxes, assessments, rents and other charges upon the Property; and to suffer no other encumbrance, charge or lien on the Property which would be superior to this Mortgage, except as stated above. 6. To specifically assign and deliver to Mortgagees royalties, b a i ees all rents, royalties clam a es and payments of every kind, including without limitation insurance reimbursements and condemnation awards, at any time accruing, for any tt nsfer, loss or seizure of the Property, any portion thereof or any rights therein; and Mortgagees may, at their option, apply such amounts in any proportion to any of the indebtedness hereby secured; and Mortgagees shall have the right to enter upon the Property to make full inspection of the Property. 7. To comply with all laws, ordinances, regulations; covenants, conditions and restrictions affecting the Property and its use, including without limitation all environmental laws; not to use or permit the use of the Property for any unlawful or objectionable purpose or for any purpose that poses an unreasonable risk of harm, or that impairs or may impair the value of the Property, or any part thereof; not to apply residue from waste water treatment facilities to the Property without prior written notice to Mortgagees; to remedy any environmental contamination. or violation of environmental laws that may occur or be discovered in the future; to allow Mortgagees access to the Property to inspect its condition and to test and monitor for compliance with applicable laws (any inspections or tests made by Mortgagees shall be for J Mortgagees' purposes only and shall not be construed to create any responsibility or liability on. the part of Mortgagees to Mortgagors or to any other person); to forward copies of any notices received from any environmental agencies to Mortgagees; to provide Mortgagees copies of any independent test or inspect reports on the environmental status of the Property; and to indemnify and hold Mortgagees, their successors and assigns, harmless from and against any environmental claims- of any kind, and all costs and expenses incurred in connection therewith, including, without limitation, attorney's fees. 8. That neither Mortgagors nor, to the best of the Mortgagors' knowledge, any prior owner has created or permitted conditions on the Property which may give riSe to environmental liability; no enforcement actions are pending or threatened; no underground tanks are located on the Property except as already disclosed; any such underground tanks currently or previously located on the Property do not now and never have leaked, and no contaminated soil is located on the Property; and Mortgagors' representations, warranties, covenants and indemnities herein and in the Loan; Documents shall survive satisfaction of the Note(s) and Loan Documents, foreclosure of this Mortgage, acceptance of a deed in lieu of foreclosure or any transfer or abandonment of the Property. 9. To perform all terms and conditions of each water or other contract, described above, if any, and to promptly pay all sums due or to become due under each contract so that no delinquency or default will occur under such contract(s); to perform all acts necessary to perfect and maintain any water permit, certificate, license or other water interest, however designated, described in or used in conjunction with the real property described above; any assignment of any such interest: during the terra of the Mortp••age, vamiTLi Mortgagees as an assignee, shall be for security purposes and shall not alter Mortgagors' obligations. hereunder; and any failure of Mortgagors to perform any such obligation shall constitute an event of default. 10. That the term "Grazing Rights," as Hereinafter used refers to that portion of the Property, if any, consisting of grazing leases, permits, licenses; privileges, and preferences, or any of them, which have or will be assigned, mortgaged or waived to Mortgagees, together with any additions, renewals, replacements or substitutions thereof; if any portion of the Grazing Rights is a leasehold interest in state Lands, such leasehold s)-a11 be considered to be real property; such leasehold and all other real property portions of the Property constitute a single operating unit; and in the event of foreclosure, Mortgagees shall have the right to have such leasehold and the other real property sold as a unit and not in parcels; any statements and representations in any. applications for Grazing Rights are true and correct; Mortgagors. have receiv no notice that the Grazing Rights have or are to be terminated, canceled or modified; and any termination or cancelation of any of the Grazing Rights shall constitute an event of default under this Mortgage. 11. To execute any instrument deemed necessary by the Mortgagees to assign, mortgage or waive such Grazing Rights to the Mortgagees; to pay all fees and charges, and to perform all acts and things necessary to preserve and keep in good standing the Grazing Rights; to take no action which would adversely affect the Grazing Rights; to procure renewals of the 4 Grating Rights upon or prior to their expiration d to operate the lands covered by the Grazing Rights in conjunction with the other real estate portion of the Property, and not to convey or attempt to convey either separately; to forward to Mortgagees copies of any notices received by Mortgagors regarding the Grazing Rights; and in the event of foreclosure of this Mortgag waive all claims for preference in the GrazingE, to Ri upon demand from the purchaser of the Property at foreclosure SP1e, o from any successor to such purchaser_ 12. That if the Property is within an irrigation block and/or subject to water servi contracts governed by the provisions of the "Federal Reclamation Law," and the regulations issued thereunder, Mortgagors shall comply with the terms and provisions of said laws, regulations and contracts; Mortgagors, and each of them, for themselves, their heirs, successors and assigns, hereby appoint Mortgagees their attorneys-in-fact to select and designate the portion of the Property to be subject to a recordable contract, in the event Mortgagors ill to comply d become subject or the excess Iand limitation; if Mortgagors contracts, or jf the delivery of water for the irrigation f the Property of said law, regulations in whole or irrigation perty is discontinued in wla or in part, Mortgagors shall be in default; in the event the Bureau of Reclamation determines that continued drainage maintenance on the Property is no longer feas2ble,.and Mortgagors purchase other lands offered as a preference purchase right (as an adjustment for wetlands), Mortgagors shall execute a supplemental mortgage on such lands in favor of the Mortgagees; and failure to execute such mortgage on demand shall constitute an event of default. 13. That in the event of default in any of the covenants or agreements herein, or in any of the Loan Documents, Mortgagees may, at their option, perform the same, in whole or in part; any advances, including, without limitation, attorney fees or costs, paid or incurred by Mortgagees to protect or enforce their rights under the Loan Documents, in bankruptcy, appellate proceedings or otherwise, shall be payable on demand and shall become a part of the indebtedness secured by this Mortgage. 14 That the indebtedness and obligations secured by this Mortgage are personal to the Mortgagors and are not assignable by Mortgagors; Mortgagees relied upon the credit of Mortgagors, the interest of Mortgagors in the Propert and the financial market conditions then existing when malting this loan; if Mortgagors sell, transfer or convey or contract to sell, transfer or convey the Property, or any portion thereof, or if the ownership of any corporation or partnership owning all or any portion of the Property shall be changed either by voluntary or involuntary sale or transfer or by operation of law, without prior written consent of Mortgagees, or if Mortgagors default in the payment of the indebtedness, or with respect to any warranty, covenant or agreement in the Loan Documents, or if a receiver or trustee for any part of Property is ced appointed, or if any proceedings under the bankruptcy or insolvency laws is commen by or a Mortgagors, or if Mortgagors become insolvent, or if any action is commenced to foreclosure or enforce a lien on any portion of the Property, then, Mortgagors shall be in default hereunder. 15.. That time is of the essence and is the event of default, at Mortgagees' option, the entire indebtedness secured hereby shall forthwith become due and payable and bear interest at 5 the rate set forth in the Loan Documents for delinquent payments; right to foreclose the lien of this Mortgage; to have receivrpoin Mortgagees shall have proceeding; p�9 and fly to collect any rents, issues and profits from the Property apply them in any court debt hereby secured; and to exercise rights the indebtedness any rights and remedies available under the Uniform Commercial Code for the state in. which the property is located; and reasonable notice if required by such Code shall be give (5) days. 16 .ghat the failure of Mort gees to exercise any right or option provided herein, at any time, shall not preclude Mortgagees from exercising any of such rights at any other time; the covenants and agreements contained herein shall be binding on and inure to the benefit of the parties and their respective heirs, successors and assigns; all rights conferred on Mortgagees cumulative and additional to any rights conferred by law; and if any foundare to be invalid or unenforceable, such invalidity or unenforceability shall not affect any other provision hereof, and the Mortgage shall be construed as though such provision had been omitted. 17.. That Mortgagors and each of them join in this instmument for the purpose of subjecting each of their right; title and interest, if any, in The Pro otherwise, and including any right to possession, to the lien of this Mortgagaether of record or Dated this day of December, 2014. STATE OF .Cr1id} Pt County of U'r NA) Todd V. Albanese On this 1 4111 day of December, 2014, before me, 11 ww V) 9A Public, personally appeared Todd V. Albanese, }Drown or identified to me to be the persons whose names are subscribed to the within instrument, and acknowledged to me that they executed the same. I N W I T N E S S WH REOF, I have hereunto set my and affixed ed cial seal the day and year in this certificate first above written. ALAN E. BALL Commission 1963375 z Notary Public California z v'o Ventura County z My Comm. Expires Dec 10; 2015 NOTARY PUBLIC Exhibit "A" ALL OF LOT 10 OF SALT RIVER RANCH, BEING LOCATED IN LINCOLN COUNTY, WYOMING, AS SAID LOT IS LAID DOWN AND DESCRIBED ON THE OFFICIAL MAP AND FLAT THEREOF, FILED AUGUST 9, 2006 AS INSTRUMENT NO. 922287 IN THE OFFICE OF TAE LINCOLN COUNTY CLERIC.