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BOOK 51~PRPAGE ,2~6
ESTATE MOR TGA GE
(rVyoming)
RECEIVED
LfNOOLN OOUNTY OLERK
THIS MORTGAGE is granted by SALT RIFER HOMES) LLC, a ~l~omin~ Limited Liability Companj~
CLARENCE L. gEI~HART, a married man dealing with his ~ ~,~ s~p~rateproperty, m MO~8~BE
Mortgagor, for good and valuable considerations, the receipt of which is hereby a&now/edge4 does ae~¢by O~ ~nR'GMN 5'ELL, ' cOM/EY
~D ~~ and fi~rther rele~es and waives all rights under and by virtue of the homestead exemption laws of Wyomin& unto the k/ortgagee,
his successors and ~signs, all of the following described real property, to wit:
Lot 166 qf Nordic Ranches, Division No. ll, Lincoln CourtO, Wyoming, according to the recordedplat thereof
recorded in the Lincoln County Recorder's offfce.
TOGETHER I'V2;TH any and all improvements, water and ditch rights, rights of ways, easements, privileges, ventilating, tenements,
hereditaments and appartenances thereunto belonging or in anywise appertaining, now or hereafter used on said land or belonging to
said Mortgagor, and any reversion, remainder, rents, issues and profits thereof, hereinafter referred to as the "Property'.
This grant is intended as a )klortgage~ a Fixture Filing and Security Ittterest for the Purpose of Securing:
]. Performance of each agreement of Mortgagor herein containecl, each agreement and covenant contained in the loan documents associatedwith
this mortgage, and any extension, renewal, modification and/or amendment thereof "Loan documents" shall include the above described note, this
mortgage, and any other documents or instruments signed 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 sum o
)NE'~R~Y- THREE THOUSAND DOLLARS (!33,000. 00). the final payment of principal and interest thereof if not sooner paM to be
finally d~,e and payable ~TJC/dtXlO:~KFebruary 1, 200/4,
3. Payment of all such further sums as :nay hereafter be loaned or advanced by the Mortgagee for any purpose; and any notes, drafts and/or other
instruments representingsuch fiwtber loans, advances or expendituresshall be optional with the Mortgagee, and shall become due and payable no
later than the final maturity date of said note secured hereby; and provided fitrther, that it is the express intention of the parties to this Mortgage that
it shall stand as continuing security until all such loans, advances or expenditures together with interest thereon, are paid in full.
A. To protect the security of this Jklortgage, 3/lortgagor warrants, covenan?s attd ~tgrees:
1. The property is free from all encumbrances, except as may be described herein, and that Mortgagor shall warrant and defend the same forever
against the lawfid claims and demands of all persons whomsoever, and this covenant shall not be exti~,guished by foreclosure or other transfers.
2. To keep all buildings and other i,~rovements 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 worlonanshiplike manner any improvement which may be constructed,
damaged or destroyed thereon; to pc~v when due all claims for labor performed and materials fitrnished thereto or therefor; to comply ~t,ith all laws
afl~ecting said proper(v or requiring any alterations or improvements to be made thereon; to not commit or per,nit 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 property; to not do anything which would reduce the value of the prgperty; 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, ~naintain and deliverfire 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 Mortgagee satisfactoryevidence of such insurance upon request The amount
collectedunder any fire or other insurancepolicy may, at Mortgagee's option and determination, be applied upon any indebtedness secured hereby in
such order as Mortgagee determines, be released to Mortgagor in whole or part, or any combination thereof Such application or releaseshall not
cure or waive any default or notice of default hereunder or invalidate any act done pursuant to such notice.
4. To pay before delinquencY all tccxes, assessments, or rents affecting said property; to pay when due all encumbrances, charges and liens, with
interest, affecting said properO~ 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 g/£ortgageepursuant to the provisions hereof, with interest from date of
expenditure, at a rate equal to the interestrate payable under the promissory note described above or twelvepercent (]2%) per annum, whichever is
greater.
6. To appear in and defend any action or proceedingpurporting to affect the securityhereof or the rights or powers of g/£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 ik£ortgagee to protect or enforce its rights under bankruptcy, appellateproceedings or otherwise, and all such costs and expenses shall
become a part of the indebteclness secured by this mortgage.
7. Should Mortgagor fail to make any payment or to do any act as herein provided, Mortgagee, but without obligation so to do and without not~ce
or clemand upon Mortgagor and without releasing Mortgagor from any obligation hereof, may: make or do the same in such manner and to such
extent as Mortgagee may deem necessary to protect the security hereof; ~k[ortgagee being attthorized to enter upon said propertyfor such purposes;
appear in and defend any action or proceeding purporting to affect the securi(p hereof or the rights or powers of 2¥[ortgagee; pay, purchase, contest
or compromise any encumbrance, charge or lien which in the judgment of ~fortgagee appears to be prior or superior hereto; and in exercising any
such powers or in enforcing this Mortgage by judicial foreclosure or otherwise, pay the necessary expenses, costs and reasonable attorney's fees.
8. To cm,!Fly ::'i!h r:!! la;,x, ordinances, ,'eg,.:Lqtion.s.. co),enants, conditions and restrictions a.~lfecting 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; to remedy any
environmental contamination or violation of environmental laws that may occur or be discovered in the fitture; to allow Mortgagee access to the
Property to inspect its condition and to test and monitor for complianc~ ~ith applicable laws (any inspections or tests made by 2¥[Ortgagee shall be
for )k£ortgagee 's purpases only and shall not be construed to create any responsibilityor liability on the part of tkIortgagee to k£ortgagor or to
other person); to forward copies of any notices receivedfi'om any environmental agencies to Mortgagee; and to Indemnify and hold 3/[ortgagee, his
employees, agents and his successors and assigns, harmless from and against any environmental clai~ns 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 condemnation for public ase of or injury to said property or any part thereof is hereby assigned
and Shall be paid to Mortgagee who may apply or release such monies received by hint in the same manner and with the same effect as above
provided for disposition of proceeds of fire or other insurance.
]0. The failure of Mortgagee to exercise any right or option provided herein at any time, shall not preclude Tv[ortgagee from exercising any of such
rights at any other time; by acceptingpayment of any sum secured hereby after its due date, 3,[ortgagee does not waive his right either to require
prompt payment when due of all other sums so secured or to declare default for failure so to pay; all rights conferred on Mortgagee are cumulative
and additional to any rights conferred by law; and if any provision is found to be invalid or unenforceable, such invalidity or unenforceabilityshall
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not affect any other provision hereof and the mortgage shall be construed as though such provision had been omitted.
11. As additional security, Mortgagor hereby gives to and confers upon Mortgagee tire right, power and attthorio/, during tire continuance of this
mortgage, to collect the rents, issues and profits of said properO/ as they become due and payable; Reserving however unto ~lortgagor, prior to any
default by Mortgagor in payment of any indebtedness secured hereby or in performance of any agreement hereunder, the right to collect and retain
such rents, issues and profits. 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 adequacy of any security for the indebtedness hereby secured, enter upon and take possession of said property or
any part thereof, itt his own name sue for or othe~nwise collect such rents, issues and profits, including those past due and unpaid, and apply the
same, less costs and expenses of operation and collection, including reasonable attorney's fees, upon any indebtedness secured hereby, and in such
order as Mortgagee may determine. The entering upon and taking possession of said propero/, 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 pursuant to any such default notice.
12. DUE ON SALE: The indebtedness and obligations secured by this mortgage is personal to the IUJortgagor arm is not assignable by ~lor'tgagor.
~lortgagee has relied upon the credit of Mortgagor, the interest of Mortgagor in the Property and the financial market conditions then existing when
making this loan. If Mortgagor transfers or contracts to transfer, title to or possession of, all or part of the Property, or any equitable interest
therein, whether by deed, contract for deed, assignment, lease for a term in excess of one year, lease with an option to purchase, option to purchase,
or similar agreement; or if the ownership of any corporation or partnership, owning all or any portion of the Property shall be changed either by
vohmtary or involuntary sale or transfer or by operation of law, Mortgagee may declare all sums due under any note, security agreement, and/or
loan documents associated herewith, immediatelydue and payable. Noncompliance with this covenant shall constitute and be a default of this
obligation which shall entitle Mortgagee to effectuate any and all remedies provided.
13. Time is of the essence and a material part of this agreement. In the event of default, at.Mortgagee's option, the entire indebtedness secured
hereby shall forthwith become due and payable and bear interest at the rate of TWELVE PERCENT (12%) per annum; Mortgagee shall have the
right to foreclose the lien of this mortgage, to have a receiverappointed in any court proceeding, to collect any rents, issues and profits from the
Property and apply them against the indebtedness hereby securec~ to sell the Property at foreclosure en masse, or as one lot or parcel at the option
of Mortgagee, and to exercise any rights and remedies available under the Uniform Commercial Code for the State in which the property is locate&
and reasonable notice if required by such Code shall be five (5) days.
14. The 3/lortgagee may at any time, without notice, release portions of said mortgaged premises from the lien of this mortgage, without affecting
the personal liability of any person for the payment of tire said indebtedness or the lien of this mortgage upon the remainder of the mortgaged
premises for the full amount of said indebtedness then remaining unpaid.
15. Mortgagor and each of them join in this instrument for the purpose of subjecting each °f their right, title and interest, if any, in the Property,
whether of record or otherwise and including any right to possession, to the lien of this mortgage.
16. This mortgage, all loan documents and the note(s) secured hereby shall be governed and construed according to the laws of the State of
Wyoming. In tire event of default, Mortgagor grants to Mortgagee a Power of Sale to foreclose on and sell said property 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 parties hereto, their heirs, devisees, personal representatives, successors and
assigns. The tetwt ~dortgagee shall mean the holder and owner of the note secured hereby; or if the note has been pledged, the pledgee thereof in
this Mortgage, wherever the context so requires, the masculine gender inchldes the feminine and/or neuter, and the singular number inchtdes the
STATE OF 1DAIfO )! t./
COUNTY OF BONNEVII].~ )
9.00 ~
On~c.-.-r~-..~[~I , before me, the undersigned, personally appeared
plural.
Dated: ~'~ ~
/.
~/~ei~
Joe Belloff, ·
I~4RRY ~EINHART and JOE BELLOFF
known or ~dentified {o me to be the Managers of SALT ~ HOMES, LLC and
acknowledged to meXtYt~idJ.~nited Liability Company executed the same.
CommisMon Expiration Date: ~'- /t~ / IL, O0~_~
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