HomeMy WebLinkAbout888336BOOK ~rr~'¢-t~r?RPAGE~ REAL ESTATE MORTGAGE
THIS MORTGAGff, is granted by SALT RIVER HOZkIES, LLC, a IVyomi~tg Limited Liability Compan); as MOttrGAGOR, to
CLARENCE L. REINHART, a married man dealing ,~,ith ]tis sole and separatepropert); as MORTGAGt~£.
[VI TArE$$E TtI:
g/lortgagor, for good and valuable considerations, the receipt of which is hereby acknowledged, does hereby GRANT, BARGAIN,, SELL, CO,WEF
AND WARRANT, and further releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming, unto the ~V[ortgagee,
his successors and assigns, all of the following described real property, to wit:
Lot 166 qf Nordic Ra~tches, Division No. 11, Liucoht Cotmty [Vyo,ti~tg, according to the recordedplat thereof
recorded lit the Liltcollt Coltltty Recorder's q[.'[ice.
TOGETHER ~VITH any and all improvements, water and ditch rights, rights of wa.ys, easements, privileges, ventilating, tenements,
hereditaments and appurtenances thereunto belonging or in anywise appertaining, now or hereafter ased on said land or belonging to
said Mortgagor, and an3; reversion, remainder, rents, issues and profits thereof, hereinafter referred to as the "Property '.
This grant is intended as a Jk[ortgage, a FLx-tm'e Filing attd Security Iuterest for the Ptttpose of ~ecuring:
]. Performance of each agreement of Mortgagor herein contained, each agreement and covenant contained in the loan documents associated ~vith
this mortgage, and any extension, renewal, modification and/or amendment thereof "Loan documents"shall include the above describednote, this
mortgage, and any other documents or instrumentssigned in connection with this loan.
2. Payment of the indebtedness evidenced by a promissory note of even date herewith, and any extension or renewal thereof in the principal suni
of THIRTY- THREE THOUSAND DOLLARS ($33,000. 00), the final payment of principal a~'~d interest thereof if not sooner paid, to be
finally due and payable April 18, 2003.
3. Payment of all such further sums as may hereafter be loaned or advanced by the z¥[ortgagee for any purpose; and any notes, drafts and/or other
instruments representingsuch fttrther loans, advances or expendituresshall be optional with the 34rortgagee, and shall become due and payable no
later titan the final ~naturity date of said note secured hereby; and providedfurther, that it is the express intention of the parties to this Mortgage that
it shall stand as continuing sect, rity until all such loans, advances or expenditures together with interest thereon, are paid in full.
A. To protect the security of this Mortgage, klortgagor warrants~ covenants attd agrees:
]. The propers is free from all encumbrances, except as may be described herein, and that Mortgagor shall warrant and defend the same forever
against the lawful claims and demands of all persons whomsoever, and this covenant shall not be extinguishedby foreclosureor other transfers.
2. To keep all baildings and other improveme~ts now or hereafter existing in good condition and repair; to not remove or demolish any building
or other improvement thereon; to complete or restorepromptly and in a good workmanshiplike manner any improvement which may be constructed,
damaged or destroyed thereon; to pay when due all claims for labor perfor~ned and materials fitrnished thereto or therefor; to comply with all laws
affecting said property or requiring any alterations or improvements to be made thereon; to not commit or permit waste thereof or thereon; to
maintain, cultivate, irrigate, fertilize, fumigate, prune, all in a good and husbandrylike manner, the land and improvements thereto; to not change or
permit change in the use of the proper(p; to not do anything which would reduce the value of the property; and do all other acts which from the
character or use of said property may be reasonably necessary, the specific enumerations herein not excluding the general.
3. To provide, maintain and deliver fire insurance satisfactory and with loss payable to Mortgagee; to maintain liability insurance; to pay all
premiums and charges on all such insurance when due; and to provide ~kiortgagee satisfactoryevidence of such insttrance upon request. The amount
collected under any fire or other insurance policy may, at Mortgagee's option and determination, be applied upon any indebtedness secured hereb¥ in
such order as Mortgagee determines, be released to Mortgagor in whole or part~ or any combination thereof Such application or release shall
cure or waive any default or notice of default hereunder or invalidate an), act done pursuant to such ~otice.
4. To pay before delinquency all taxes, assessments, or rents affecting said property; to pay when d~te all encumbrances, charges and liens, with
interest~ affecting saidproperty which are or may appear to be prior or superior hereto; and to pay all costs, fees and expenses of this Mortgage and
associated loan documents.
5. To pay immediately and without demand all sums expended by i~{ortgageepm'suant to the provisions hereof, with interest from date of
expenditure, at a rate equal to the interest rate payable under the promissory note described above or twelve percent (12°/oo) per annum, whichever is
greater.
6. To appear in and defend any action or proceedingpurporting to affect the security hereof or the rights or powers of ik£ortgagee; to pay, on
demand, all costs and expenses, including without limitation, cost of title evidence, reasonable attorney's fees, advances, and/or costs, paid or
incurred by 3/£ortgagee to protect or enforce its rights tender bankruptcy, appellateproceedings or otherwise, and all such costs and expenses shall
beco,,e a part of the indebtedness secured by this mortgage.
7. Should Mortgagor fcdl to make any payment or to cio any act as herein provided, Mortgagee, but without obligation so to do and without notice
or demand upon Mortgagor and Yvithout releasing Mortgagor from any obligation hereof, may: make or cio the same in such manner and to such
extent as Mortgagee may deem necessary to protect the security hereof, 2~,{ortgagee being authorized to enter upon said properO~ for such purposes;
appear in and defend any action or proceedingpurporting to affect the secuHt_¥ hereof or the rights or powers of Mortgagee; pay, purchase, contest
or compromise any encumbrance, charge or lien which in the judgment of 3,{ortgagee appears to be prior or superior hereto; and in exercising any
such powers or in enforcing this g/[ortgage by judicialforeclasure or other~[,ise, pay the necessary expenses, costs and reasonable attorney's fees.
8. To co,v~P!y with c:ll Ira, x, ordinances, ~eg,,,!ations, covenants, conditio.ns and restrictions affecting the Property and its ase, including withottt
limitation all environmental laws; not to ase or permit the use of the Proper(F for any unlm~ful or objectionable purpose; to remecly any
environmental contamination or violation of environmental ta~['s that may occur or be discovered in the ft~ture; to allow Mortgagee access to the
Property to inspect its condition and to test and monitor for complim~ce ~ith applicable laws (any inspections or tests made by zk[ortgagee shall be
for Mortgagee '$pu~'poses only and shall not be construed to create any responsibilityor liability on the part of Zffortgagee to Mortgagor or to
other person); to forward copies of any notices receivedfrom a~l~ environmental agencies to Mortgagee; and to Indemnify and hold ~[ortgagee. his
employees, agents and his 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.
9. Any award of damages in connection with any co~demnation for public use of or injury to said property or any part thereof, is hereby assigned
and shall be paid to zkIortgagee who mco~ apply or releasesuch monies receivedby him in the same manner and with the same effect as above
provided for disposition of proceeds of fire or other insurance.
lO. The.failure of ~£ortgagee to exercise any right or option provided herein at any time, shall not preclude 2'v[ortgagee from exercising any of such
rights at any other time; by acceptingpayment of any sum secured hereby after its due date, Mortgagee does not waive his right either to require
prompt payment when due of all other sums so secttred or to declare default for faihtre so to pay; all rights conferred on g/lortgagee are cmnulative
and additional to any rights conferred by law; and if any provision is found to be invalid or une~iforceable, such invalidity or unenforceabiliO, shall
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not affect any other provision hereof and the mortgage shall be construed as though such provision had been omi~ed.
11. As additional securi~, ~]ortgagor hereby gives to and confers upon Mortgagee the ~ght, power and authoH~, during the continuance of this
mortgage, to collect the rents, issues and profits of said proper~ as they become due and payable' Rexe~ing however unto Mortgagor prior to any
default by Mortgagor in payment of any indebtedness secured hereby or in pe~ommnce of any agreemen't hereunder, the right to collect and retain
such rents, issues and profit& Upon any such default, Mortgagee may at any time without notice, either in person, by agent or court appointed
receiver, and without regard to the adequa~ of any securi~for the indebte&~ess hereby secured, enter upon and take possession of said proper~ or
any part thereo~ in his own name sue for or othe~ise collect such rents, issues and profits, including those past due and unpaid, and apply the
same, less costs and expenses of operation and collection, inchtding reasonable attorney '~ fees, upon any indebtedness ~ecured hereby, and in such
order as Mortgagee may detemine. The entering upon and taking poxsexxion of said proper¢, the collection of such rents, issues and profits and the
application thereof as aforesaid, shall not cure or waive any default hereunder or invalidate any act done purxuant to any such default notice.
12. D~ ON S~E: The indebtedness and obligations secured by this mortgage is personal to the &Iortgagor and ix not assignable by Mo~gagor.
Mortgagee has relied upon the credit of ~ortgagor, the interest of Mo~gagor in the Proper¢ and the financial market conditions then existing when
making this loan. If Mo~gagor transfers or contracts to transfer, title to or possession o~ all or pat¢ of the ProperS, or any equitable interest
therein, whether by deed, contract for deed, assi~ment, lea~e for a te~t in excess of one year, lease with an option to purchase, option to purchase,
or ximilar agreement,, or ~ the ownership of any corporation or parmership, owning all or any portion of the Proper~ shall be changed either by
volunta~ or involunta~ sale or transferor by operation of law, Mortgagee may declare all ~ums due under any note, secudtyagreement, ancot
loan documents associated herewith, immediately due and payable. Noncompliance with this covenant shall constitute and be a default of this
obligation which shall entitle Mortgagee to effectuate any and all remedie, provided.
13. Time is of the essence and a material part of this agreement. In the event of default, at-Mortgagee 'x option, the entire indebtedness secured
hereby xhall fo~hwith become due and payable and bear interestat the rate of TWEL~ PERCE~ (J2~) per annum; Mortgagee shall h~e the
right to foreclose the lien of this mo~gage, to have a receiver appointed in ~y court proceeding, to collect any rents, ixsues and profits from the
Proper~ and apply them against the indebtednexs hereby secured, to sell the Proper~ at foreclosure en masse or as one lot or parcel at the option
of Mortgagee, and to exercise any dghts and remedies available under the Un~om~ Commercial Code for the State in which the proper~ is located;
and reasonable notice ~ required by such Code shall be five (5) days.
14. The Mortgagee may at any time, without notice, release portions of said mortgaged premises from the lien of this mortgage, without affecting
the personal liabili~ of any person for the payment of the said indebtedness or the lien of this mortgage upon the remainder of the mortgaged
premise~ for the fidl amount of said indebtedness then remaining unpaid.
15. Mortgagor and each of them join in this inst~mentfor the pu~ose of subjecting each of their ~ght, title and interest, ~any, in the ProperS,
whether of record or othe~ise and including any dght to poxsesMon, to the lien of this mortgage.
16. Thi~ mortgage, all loan documents and the note(s) secured hereby shall be governed and conxtmted according to the laws of the State of
Wyoming. In the event of default, Mortgagor grants to Mortgagee a Power of Sale to forecloxe on and sell said proper~ at public auction pursuant
to Wyoming Statute Section 34-4-101 et:seq.
17. This mortgage applies to, inures to the benefit of and binds all pa~ies hereto, their heirs, devisees personal representatives successors and
asxi~x. The term Mortgagee xhall mean the holder and owner of the note secured hereby; or if the note hax been pledged, the pledgee thereo~ In
this Mortgage, wherever the context ~o requires, the masculine gender includes the feminine and/or neuter, and the singular number includes the
plural.
STATE OF ~0 )/
$$
cou~vrr oF BONNEraZ~ )
q. O0 ~
On~~/~I , before me, the undersigned personally appeared
~Y ~INH~T and JOE BELLOFF
known or ~dent~ed ~ me t~ be the Managers of S~T ~ HO~S, ~C and
ackn~~bili~ Company executed the same. 'y Pubh~ for the ~tate oS~
Co,,,,,,~,~o, ~r~,~o, ~.. -' ~/~ /DO~
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