HomeMy WebLinkAbout888607WHEN RECORDED, MAIL TO:
Greater Salt Lake Business District
2595 East 3300 South
Salt Lake City, Utah 84109
888607 03 vriP2n P.11:
MORTGAGE
(Participation)
FIXTURE FILING
AND
ASSIGNMENT OF RENTS
This mortgage made and entered into February 1, 2003, by and between James G. Livingston and Jeanelle E.
Livingston, husband and wife, (hereinafter referred to as mortgagor) of 800 S. Washington Street, Afton, Wyoming
83110 and Greater Salt Lake Business District who maintains an office and place of business at 2595 East 3300 South,
Salt Lake City, Utah 84109 (hereinafter referred to as mortgagee).
WITNESSETH, that for the consideration hereinafter stated, receipt of which is hereby acknowledged, the
mortgagor does hereby mortgage, sell, grant, assign, and convey unto the mortgagee, his successors and assigns, all of
the following described property situated and being in the County of Lincoln, State of WYOMING.
SEE ATTACHED EXHIBIT "A"
BOOK 51- PR PAGE 513
Together with and including all buildings, all fixtures including but not limited to all plumbing, heating, lighting,
ventilating, refrigerating, incinerating, air conditioning apparatus, and elevators (the mortgagor hereby declaring that it
is intended that the items herein enumerated shall be deemed to have been permanently installed as part of the realty),
and all improvements now or hereafter existing thereon; the hereditament and appurtenances and all other rights
thereunto belonging, or in anywise appertaining, and the reversion and reversions, remainder and remainders, all
rights of redemption, and the rents, issues, and profits of the above described property (provided, however, that the
mortgagor shall be entitled to the possession of said property and to collect and retain the rents, issues, and profits
until default hereunder). To have and to hold the same unto the mortgagee and the successors in interest of the
mortgagee forever in fee simple or such other estate, if any, as is stated herein.
The mortgagor covenants that he is lawfully seized and possessed of and has the right to sell and convey said
property; that the same is free from all encumbrances except as hereinabove recited; and that he hereby binds himself
and his successors in interest to warrant and defend the title aforesaid thereto and every part thereof against the claims
RECEIVED
LINCOLN COUNTY CLERK
of all persons whomsoever.
This instrument is given to secure the payment of a promissory note dated February 1, 2003 in the principal
sum of $176,000.00 signed by James G. Livingston and Jeanelle E. Livingston in behalf of James G. Livingston and
Jeanelle E. Livingston.
note was given to secure a loan in which the Small Business Administration, an agency of
Said promissory of the Rules and Regulations of
the United States of America, has participated. In compliance with is to be construed and enforced in accordance
the Small Business Administration [13 C.F.R. 101.1(d)] this instrument
with applicable Federal law.
1. The mortgagor covenants and agrees as follows:
a. He will promptly pay the indebtedness evidenced by said promissory note at the times and in
the manner therein provided.
b. He will pay all taxes, assessments, water rates, and other governmental or uc al e ur ge a l
fines or impositions, for which provision has not been made hereinbefore, and will promptly deliver
receipts therefor to the said mortgagee.
c. He will pay such expenses and fees as may be incurred in the protection and maintenance of said
ee for the collection of any or all of the
property, including the fees of any attorney employed by the mortgag or in any other litigation or
indebtedness hereby secured, or foreclosure by mortgagee's sale, or court proceedings, ther way shall be paid by the
proceeding affecting said property. Attorneys' fees reasonably incurred in any
mortgagor.
d. For better security of the indebtedness hereby secured, upon the request of the mortgagee, its
successors or assigns, he shall execute and deliver a supplemental mortgage or mortgages covering any additions,
improvements, or betterment made to the property hereinabove described and all property e cq it default by i t ft the pe d
hereof (all in form satisfactory to mortgagee). Furthermore, should mortgagor fail to cure mmit
this instrument, mortgagor hereby agrees to p
of a prior or inferior encumbrance on the property described by art described the
mortgagee to cure such default, but mortgagee is not obligated to do so;
and such advances shall become p
indebtedness secured by this instrument, subject to the same terms and conditions.
e. The rights created by this conveyance shall remain in full force and effect during any
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o b88c60'7
515
postponement or extension of the time of the payment of the indebtedness evidenced by said promissory note or any
part thereof secured hereby.
f. He will continuously maintain hazard insurance, of such type or types and in such amounts as
may from time to time require on the improvements now or hereafter on said property, and will pay
themortgagee g ee, and
promptly when due and premiums thereof. All insurance shall be carried in companies
eto lossppayable c favor
the policies and renewals thereof shall be held by mortgagee and have attached will th ive immediate notice in writing to
of and in form acceptable to the mortgagee. In event of loss, mortgagor give
and mortgagee may make proof of loss if not made promptly by mortgagor, and each insurance comp
pan
concer is hereby authorized and directed to make payment for such loss directly tomortgagee
mortgagor and mortgagee jointly, and the insurance proceeds, or any part thereof, may be applied by mortgagee at
its option either to the reduction of the indebtedness hereby secured or to the restoration
of oi pa s aid proper
d or destroyed. In event of foreclosure of this mortgage, or other transfer
of the indebtedness secured hereby, all right, title, and interest of the mortgagor in an to
be y i
policies then in force shall pass to the purchaser or mortgagee or, at the option of the
for a refund.
g. He will keep all buildings and other improvements on said property in good repair and condition;
will permit, commit or suffer no waste, impairment, deterioration of said property or any part thereof; in the event
of failure of the mortgagor to keep the buildings on said premises and those erected on said
es
d premises, or improvements
the pmts
thereon, in good repair, the mortgagee may make such repairs as in its discretion it may p ro p er
preservation thereof; and the full amount of each and every such payment shall be immediately due and payable; and
shall be secured by the lien of this mortgage.
h. He will not voluntarily create or permit to be created against the property subject to this
mortgage any lien or liens inferior or superior to the lien of the mortgage without the persons
supplying consent o f
a the
mortgagee; and further, that he will keep and maintain the same free o
or materials for construction of any and all buildings or improvem ents now being erected or to be erected on said
premises.
i. He will not rent or assign any part of the rent of said mortgaged property or demolish, or
remove, or substantially alter any building without the written consent of the mortgagee.
j. All awards of damages in connection with any condemnation for public use of or injury to any
of the property subject to this mortgage are hereby assigned and shall be paid to mortgagee, who may apply the same
516
to payment of the installments last due under said note, and mortgagee is hereby authorized, in the name of the
mortgagor, to execute and deliver valid acquittance thereof and to appeal from any such award.
k. The mortgagee shall have the right to inspect the mortgaged premises at any reasonable time.
2. Default in any of the covenants or conditions of the instrument or of the note or loan agreement secured
hereby shall terminate the mortgagor's right to possession use, and enjoyment, of the property, at his option of the
mortgagee or his assigns (it being agreed that the mortgagor shall have such right until default). Upon any such
default, the mortgagee shall become the owner of all of the rents and profits accruing after default as security for the
indebtedness secured hereby, with the right to enter upon said property for the purpose of collection such rents and
profits. This instrument shall operate as an assignment of any rentals on said property to the extent.
3. The mortgagor covenants and agrees that if he shall fail to pay said indebtedness or any part thereof when
due, or shall fail to perform any covenant or agreement for this instrument or the promissory note secured hereby,
the entire indebtedness hereby secured and the mortgagee or his assigns may before or after entry sell said property
without appraisement (the mortgagor having waived and assigned to the mortgagee all right of appraisement):
(I) at judicial sale pursuant to the 28 U.S.C. 2001 (a);or
(II) at the option of the mortgagee, either by auction or by solicitation of sealed bids, for the highest
and best bid complying with the terms of sale and manner of payment specified in the published notice of sale, first
giving four weeks' notice of the time, terms, and place of such sale, by advertisement not less than once during each
of said four weeks in a newspaper published or distribute in the county in which said property is situated, all other
notice being hereby waived by the mortgagor (and said mortgagee, or any person on behalf of said mortgagee, may
bid with the unpaid indebtedness evidenced by said note). Said sale shall be held at or on the property to be sold or
at the Federal, county, or city courthouse for the county, or city courthouse for the county in which the property is
located. The mortgagee is hereby authorized to execute for and on behalf of the mortgagor and to deliver to the
purchaser at such sale a sufficient conveyance of said property, which conveyance shall contain recitals as to the
happening of the default upon which the execution of the power of sale herein granted depends; and the said mortgagor
hereby constitutes and appoints the mortgagee or any agent or attorney of the mortgagee, the agent and attorney in
fact of said mortgagor to make such recitals and to execute said conveyance and hereby covenants and agrees that the
recitals so made shall be effectual to bar all equity or right of redemption, homestead, dower, and all other exemptions
of the mortgagor, all of which are hereby expressly waived and conveyed to the mortgagee; or
(III) take any other appropriate action pursuant to state or Federal statue either in state or Federal
0S88€0
court or otherwise for the disposition of the property.
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In the event of a sale as hereinbefore provided, the mortgagor or any persons in possession under the
mortgagor shall then become and be tenants holding over and shall forthwith deliver possession
to the purchaser at such sale or be summarily dispossessed, in accordance with the provisions of law applicable to
tenants holding over. The power and agency hereby granted are coupled within interest and are irrevocable by death
or otherwise, and are granted as cumulative to the remedies for collection of said indebtedness provided by law.
4. The proceeds of any sale of said property in accordance with the preceding paragraphs shall be applied
first to pay the costs and expenses of said sale, the expenses incurred by the mortgagee for the purpose of protecting
or maintaining said property, and reasonable attorneys' fees; secondly, to pay the indebtedness secured hereby; and
thirdly, to pay any surplus or excess to the person or persons legally entitled thereto.
5. In the event said property is sold at a judicial foreclosure sale or pursuant to the power of sale hereinabove
granted, the proceeds are not sufficient to pay the total indebtedness secured by this instrument and evidenced by said
promissory note, the mortgagee will be entitled to a deficiency judgment for the amount of the deficiency with out
regard to appraisement.
6. In the event the mortgagor fails to pay any Federal, state, or local tax assessment, income taw or other
taw lien, charge, gee, or other expense charged against the property the mortgagee is hereby authorized at his option
to pay the same. Any sums so paid by the mortgagee shall be added to and become a part of the principal amount
of the indebtedness evidenced by said promissory note, and shall pay such sums and shall discharge all taxes and liens
and the costs, fees, and expenses of making, enforcing, and executing this mortgage, then this mortgage shall be
canceled and surrendered.
7. The covenants herein contained shall bind and the benefits and advantages shall inure to the respective
successors and assigns of the parties hereto. Whenever used, the singular number shall include the plural, the plural
the singular, and the use of any gender shall include all genders.
8. No waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be held
to be a waiver of the terms hereof or of the note secured hereby.
9. A judicial decree, order, or judgment holding any provision or portion of this instrument invalid or
unenforceable shall not in any way impair or preclude the enforcement of the remaining provisions or portions of this
instrument.
10. Any written notice to be issued to the mortgagor pursuant to the provisions of this instrument shall be
addressed to the mortgagor at 800 S. Washington Street, Afton, Wyoming 83110 and any written notice to be issued
to the mortgagee shall be addressed to the mortgagee at 2595 East 3300 South, Salt Lake City, Utah 84109.
11. The Loan secured by this lien was made under. a United States Small Business Administration (SBA)
nationwide program which uses tax dollars to assist small business owners. If the United States is seeking to enforce
this document, then under SBA regulations:
a) When SBA is the holder of the Note, this document and all documents evidencing or securing this
Loan will be construed in accordance with federal law.
b) CDC or SBA may use local or state procedures for purposes such as filing papers, recording
documents, giving notice, foreclosing liens, and other purposes. By using these procedures, SBA does not waive any
federal immunity from local or state control, penalty, tax or liability. No borrower or Guarantor may claim or assert
against SBA any local or state law to deny any obligation of Borrower, or defeat any claim of SBA with respect to
this Loan.
Any clause in this document requiring arbitration is not enforceable when SBA is the holder of the
Note secured by this instrument.
12. The undersigned hereby releases and waives all rights under and by virtue of the homestead exemption
laws of the State of Wyoming
In witness whereof, the mortgagor has executed this instrument and the mortgagee has accepted delivery of
the instrument as of the date and year aforesaid.
le E. Livingston
51 8
o ti tis
STATE OF U4dJ
COUNTY OF Sal 1..0e
The foregoing instrument was acknowledged before me this February 1, 2003 by James G.
Livingston and Jeanelle E. Livingston.
MORTGAGE NOTARY PAGE
:ss.
bAbL
�yopr Notary P..bbC
Janet F. Benton
2585E 3300 S
Salt Lake City. Utah 641
My Commission Expires
v. September 13, 2604
State of Utah
519
SBA 504 Loan No.: CDC 567717 40 05 -CAS
The land described in the foregoing document is located in Lincoln County, State of Wyoming and is
described more particularly as:
The North 100 feet of Lot 11 of the Airport Addition to the Town of
Afton, Lincoln County, Wyoming as described on the official plat
thereof.
EXHIBIT A
520