HomeMy WebLinkAbout889254This Instrument Prepared By
And After Recording Return To:
The Prudential Insurance Co.
Attn: William M. Tarnow, Esq.
801 Warrenville Road Suite 150
Lisle, Illinois 60532
LINCO~,!q ~,..1 TY CLERK
517 '"
BOOK PR PAOB
Loan No. 7-505-839
MODIFICATION AND CROSS DEFAULT/COLLATERALIZATION AGREEMENT
[THIS DOCUMENT HAS BEEN PREPARED IN DUPLICATE ORIGINAL COPIES TO PERMIT SIMULTANEOUS
RECORDING IN MULTIPLE STATES/COUNTIES. ALL SUCH DUPLICATE ORIGINAL COPIES, WHEN TAKEN
TOGETHER, CONSTITUTE BUT ONE AND THE SAME INSTRUBLENT:]
THIS AGREEMENT, made this 14th day of April 2003 by and
between THE PRUDENTIAL INSURANCE COMPANY OF AMERICA,' a New Jersey
corporation (hereinafter called "Mortgagee'J); and REES__ LAND & LIVE-STOCK COMPANY,
a Utah corporation a/Ida REES LAND AND LIVESTOCk-COMPANY and CHARLES M.
REX, Individually, and CONNIE P. REX, individually, (hereinafter collectively called "Maker"),
WITNESSETH:
WHEREAS, Mortgagee is the owner and holder of a Promissory Note dated April 15,1994
in the original principal sum of NINE HUNDRED FIFTY THOUSAND AND NO/100
($950,000.00) DOLLARS, (the "Old Note"), which Note is secured by a Mortgage and a Deed of
Trust, both of even date, with the Deed of Trust recorded in the real estate records of Rich
County, Utah on April 15, 1994. in Book V6 at Page 409 as Document No. 45405 and the
Mortgage recorded in Lincoln County, Wyoming on April 15, 1994 'in Book 348PR at Page 299 as
File No.?8156Z The Deed of Trust was assigned to Mortgagee by an Assignment recorded May 2,
1994 in book W6 at Page 022 as Document No. 45459 and the Mortgage was assigned to
Mortgagee by an Assignment recorded in Lincoln County, Wyoming on May 2, 1994 in Book
3491~at Page 546 as File No. 782387 (the Deed of Trust and the Mortgage together with all
rights and interests described therein are hereinafter collectively referred to as the "Old
Mortgage") encumbering the real property described on Exhibit "A" attached hereto and
incorporated herein by this reference (the "Mortgaged Premises"); and
Loans 7-505-839 & 7-609~057 1
WHEREAS, on April 14, 2003 Maker executed and delivered a Fixed Semi-Annual
Payment Note in the original principal sum of Eight Hundred Five Thousand and No/100
(U.S.$$05,000.00) Dollars (the "New Note") which New Note is or will be secured by one
Deed of Trust on real property located in Rich County, Utah and by one (1) Mortgage on real
property located in Lincoln County, Wyoming as described be]ow. To facilitate Maker's ability to
secure the new loan, Maker requested that Mortgagee agree to purchase an interest in some, or
aH, of the New Note and the other related documents securing the New Note from Maker's
lender thereon and Mortgagee agreed to purchase the New Note described herein, or an interest
therein, on the express condition that Maker agree and consent to modify the Old Note and the
Old Mortgage so that such instruments are fully cross-defaulted and cross coLlateralized with the
New Note and the Deeds of Trust and the Mortgage securing the New Note which are more
particularly described below; and
WHEREAS, subsequent to recording the Old Mortgage and as part of the Security for the
New Note, Maker executed and dehvered a certain Deed of Tr~ust a.nd a _Mortgage to Mortgagee
~}~h Deed of Tru~tL~vas recorded in Rich Countjf,,Ifltah on /4[~Vi ! ! ~ , 2003 in Book
[~{ 't at Page I/~ ~ as Documen~t No. l/)/D .c-)~/ and the I~Iortgage was r corded in Lincoln
Co_u/~ky~ W_xomlng on ~1 I.~· , 2003 in Book ,~)l ~ at Page ~1 as File No.
~C]~.~ which Dee~ of q~ru~t and Mortgage, taken ~oge~her, secure the-New Note and are
collectively referred to herein as the "New Mortgage"; and
NOW, THEREFORE, in consideration of the premises and of the mutual agreements
herein contained and other' good and valuable consideration, the receipt and sufficiency of which
is hereby expressly acknowledged by each of the parties, and upon the express conditions that
the hen of the Old Mortgage held by Mortgagee is a vahd, first and subsisting hen on the
Mortgaged Premises and that the execution of this Agreement will not impair the Old Note
and/or the hen of the Old Mortgage and that, as represented to the Mortgagee by Maker, there is
no existing second mortgage or other hen subsequent to the hen of the Old Mortgage held by
Mortgagee (excepting only the New Mortgage referenced above) nor any outstanding contract to
purchase, for breach of which conditions, or either of them, this Agreement shall, at Mortgagee's
sole option, not take effect and shall be voidable and/or may be declared void and of no force and
effect, IT IS HEREBY AGREED AS FOLLOWS:
1. The foregoing Recitals are incorporated into and made a part of this Modification
Agreement by this reference.
2. The Old Note is hereby modified to add the following provision:
Cross-Default. On April 14 , 2003, the Maker executed a
certain Promissory Note in favor of Mortgagee in the original
principal sum of Eight Hundred Five Thousand and No/100
($805,000.00) Dollars (the "New Note") which New Note is secured by
a Deed of Trust and a Mortgage lien on real property and
improvements located in Rich County, Utah and in Lincoln County,
Wyoming (collectively the "New Mortgage"). Maker acknowledges
Loans 7-505-839 & 7 609-057
and agrees that a default or breach by Maker under this, the Old
Note, and/or the Old Mortgage securing this Note shall also constitute
a default or breach under the New Note and/or the New Mortgage.
Likewise, a default or breach by Maker under the New Note and/or
the New Mortgage shall also constitute a default or breach under this
Old Note and the Old Mortgage securing this Old Note and, in such
event, the Mortgagee, at Mortgagee's sole option and election, shall
have the same rights and remedies with respect to this Old Note and
the Old Mortgage securing this Old Note as if the default or breach by
Maker had occurred hereunder.
The parties agree that the terms of the Note are further modified as follows:
Notwithstanding the date of this Agreement, effective as of January
1, 2003 (the '!Adjustment Date") the Note shall be altered, modified,
and adjusted to reduce the required semi-annual payments due
Under the Note each January 1st and July 1st from the sum of
FIFTY FIVE THOUSAND SEVEN HUNDRED SEVENTY
FIVE AND 45/100 ($55,775.45) DOLLARS to a reduced payment
of principal and interest due each January 1st and July 1st of
THIRTY TWO THOUSAND TWO HUNDRED SIXTY SEVEN
AND 48/100 ($32,267.48) DOLLARS;
A final balloon payment of all principal and accrued interest then
outstanding shall remain due and payable, in full, on July 1, 2009
as provided in the Note.
4. Each of the documents constituting the Old Mortgage is hereby modified to add
the following provision:
Cross-Collateralization: Maker has executed a certain Promissory
Note in favor of Mortgagee dated A~3ril 14 , 2003 in the original
principal sum of Eight Hundred Five Thousand and No/100
($805,000.00) Dollars (the "New Note"), which New Note is secured by
a Deed of Trust and a Mortgage lien on real property and
improvements located in Rich County, Utah and in Lincoln County,
Wyoming (collectively the "New Mortgage"). Maker hereby
acknowledges and agrees that the real estate described in and
encumbered by the Old Mortgage, shall also constitute additional
collateral for the New Note secured by the New Mortgage and Maker
authorizes and consents to Mortgagee fihng of pubhc record whatever
notice, claim or encumbrance against the real estate and
improvements described in the Old Mortgage and/or the New
Mortgage as Mortgagee deems necessary and appropriate to evidence
the cross-collaterahzation intended herein. A default or breach by
Loans 7-505-839 & 7-609-057
Maker under the 01d Note and/or this, the 01d Mortgage securing the
01d Note, shall also constitute a default by Maker under the New
Note and/or the New Mortgage. Likewise, a default or breach by
Maker under the New Note and/or the New Mortgage shall also
constitute a default or breach under the 01d Note and this 01d
Mortgage and, in such event, the Mortgagee/Holder, at
Mortgagee's/Holder's sole option and election, shall have the same
rights and remedies with respect to the 01d Note and the 01d
Mortgage securing the 01d Note as if the default or breach by Maker
had occurred hereunder.
5. Maker hereby covenants, promises and agrees (i) to pay the Note, as modified, at
~he times, in the manner and in all respects as therein provided; (ii) to perform each and all of
the covenants, agreements and obhgations in the Mortgage to be performed by Mortgagor
therein, at the time, in the manner and in all respects as therein provided; and (iii) to be bound
by each and all of the terms and provisions of the Note and Mortgage as though the Note and
Mortgage had originally been made, executed and dehvered by Maker with the provisions as set
forth in and modified by this Agreement. Upon default in the making of any payment provided
by the Note, as altered, adjusted and modified herein, or upon default in the performance of any
of the Maker's obhgations under the Mortgage, the entire outstanding balance of the Note, as
altered, adjusted and modified herein, shall then become and be immediately due and payable,
in full, together with all accrued interest and other related fees, premiums, costs and expenses,
without further notice to or demand upon Maker and/or Mortgagor from Prudential. All rights
and remedies reserved to Prudential in the Note and Mortgage in the event of default by Maker
and/or Mortgagor and all other terms, covenants, conditions thereunder remain unchanged in
full force and effect. Maker represents and warrants to Prudential that Maker is aware of no
default under the terms, provisions and conditions of the Note and/or Mortgage or of any event
which, with the passing of time or the giving of notice, or both, would constitute and event of
default under the Note and/or Mortgage or under any other related loan document made by
Maker and given to, assigned to, or held by Prudential in connection with the loan evidenced by
the Note.
6. All of the Mortgaged Premises shall remain in all respects subject to 'the hen,
charge of encumbrance of the Mortgage or conveyance of title (ff any) effected thereby and
nothing herein contained and nothing done pursuant hereto shall affect, or be construed to affect,
the hen, charge or encumbrance of or warranty of title in, or conveyance effected by the
Mortgagor, or the priority thereof over other hens, charges, encumbrances or conveyances, or,
except as expressly provided herein, to release or affect any portion of the Mortgaged Premises or
the habihty of any party or parties whomsoever who may now or hereafter be hable under or on
account of the Note and/or Mortgage; nor shall anything herein contained or done in pursuance
hereof affect or be construed to affect any other security or instrument, if any, held by Prudential
as security for or evidence of the aforesaid indebtedness.
7. If any term, covenant, restriction or provision of this Agreement is determined to
be void, invalid or unenforceable, the remainder of the terms, covenants, restrictions or
provisions of this Agreement shall remmn in full force and effect, and the provisions of the Note
and Mortgage amended or modified by such void, invalid or unenforceable part hereof shall be
reaffirmed and enforceable to the same extent as if this Agreement had not been executed.
8. The parties mutually covenant and agree that, except as expressly modified
herein, the Old Note and the Old Mortgage and the New Note and the New Mortgage shall
remain in full force and effect, and all of the remaining terms and provisions of the said NOtes,
Deed of Trust and Mortgage are hereby ratified and confirmed.
IN WITNESS WHEREOF, this instrument has been executed by the parties hereto in
manner and form sufficient to bind them', as of the day and year first above written.
Mortgagee:
The Prudential Insurance Company of America, A New Jersey
Corporation,
By: ~Vlce' p~
Maker:
Rees Land & Live-Stock Company a/k/a Rees Land &
Livestock Company
President
By:
Title:
Charles M. Rex, Individually
Co~-~e R Rex, Indivad a y
Loans 7-505~839 & 7-609-057 5
82'I
STATE OF ILLINOIS )
)SS.~
COUNTY OF DUPAGE )
I, Notary PubLic in and for said County, in the State
aforesaid, do hereby certify (hat c/~//~//~//~:a-_/5/ , personally known to me to be the Vice
President of the PRUDENTIAL INSURANCE COMPANY OF AMERICA, a New Jersey
corporation and personally known to me to be the same person whose name is subscribed to the
foregoing instrument, appeared before me this day in person and acknowledged that he signed
and delivered the said instrument as Vice President of said corporation, and caused the
corporate seal Of said corporation to be affixed thereto, pursuant to authority given by the Board
of Dh'ectors of said Corporation, as his free and voluntary act and as the free and voluntary act
and deed of said corporation for the uses and purposes therein set forth.
Given under my hand and official seal this /~/day of ~ 2003.
Notary P~c
Loans 7-505-839 7-609-057
CORPORATE ACKNOWLEDGMENT
STATE OF UTAH }
SS
County of CACHE }
On the 14th day of April
CONNIE R. REX
who, being by me duly sworn, did say that she is the
PRESIDENT
A.D. 2003, personally appeared before me,
822
STATE OF UTAH }
SS
County of CACHE }
On the 14th day of April A.D. 2003, personally appeared before me,
CHARLES M. REX and CONNIE R. REX
the signers of the within instrument, who duly acknowledged to me that they executed the same.
Notary Public
Commission expires: 6/26/04
Residing in: Logan, UT r'~ - 7~ot~ ~ub'Tc"- '-j
i/~/'-..,~l~,~&'~X NDREA K. BECK
! I~'{ ~ ¥~1 112 North Main Slreel I
1%'-'~ [llJ~.ll~l 1.21 Logan Ulah 84321~
L ~ ~ state oi Utah
Nota..j~ ,,.,, ~,,~rv Pnhli~ -- -- --N~'~ ~u ~J~c"~
ANDREAK. BECK
I .2 North Main Slreot
Logan, Utah 84321
My Commission Expires
June 26, 2004
State of Utah
INDIVDUAL ACKNOWLEDGMENT
Colnmission expires: 6/26/04
Residing in: Logan, UT
respectively of the REES LAND & LIVESTOCK COMPANY, a Utah Corporation and that the
said instrument was signed in behalf of said corporation by authority of a resolution of its board
of directors and the aforesaid officers acknowledged t° me that said corporation executed the
same.
Located in Rich county, Utah:
PARCEL 1: The West half of Section 2,'T°wnship 9 North, Range 7
East of the Salt Lake Base and Meridian.
pARCEL 2: The Northeast Quarter; the East half of the Northwest
Quarter; and all of that portion of the Southeast Quarter lying
East of Bear River, in Section 3, Township 9 North, Range 7
East of the Salt Lake Base and Meridian.
PARCEL 3: The East half of the Northeast Quarter of Section 10,
Township 9 North, Rang~ 7 Earl u£ the salt Lake Base and
Meridian. Except the Southeast Quarter of the Southeast Quarter
of the Northeast Quarter of said~secti°n 10.
PARCEL 4: All of Section 11, Township 9 North, Range 7 East of
the Salt Lake Base and Meridian, except the following described
tract, having been sold to Utah Power and Light Company:
Commencing at a point in the Southerly line of a County Road
which said point is South 0*40'30" East along the Section line
884.3 ~feet from the Northeast Corner of Section 11, Township 9
North, Range 7 East of the Salt Lake Base and Meridian, and
running thence South 0*40'30" East along the Section line 400
feet; thence South 89-19'30" West 150 feet;' thence North
0*40'30" West 441.22 feet to the Southerly line of said County
Road; thence South 75,18'30" East along said Southerly line
155.56 feet to the point of beginning.
PARCEL 5:' Beginning at the Northwest Corner of Section 12,
Township 9 North, Range 7 East of the Salt Lake Base and
Meridian, and running thence South along the West Section line
of said Section 12, 680 feet, more or less, to a point where
said West Section line intersects a 'fence line; thence along
said fence line in a Northeasterly direction 1350 feet, more or
less, to a point on the North Section line of said Section 12;
thence West along the North Section line of said Section 12,
1143 feet to the p!~ce of beginning.
PARCEL 6: The West half .of the West half of Section 13,
Township 9 North, Range 7 East of the Salt Lake Base and
Meridian.
PARCEL 7: The North half and the Southeast Quarter of section
14, Township 9 North, Range 7 East of the Salt Lake Base and
Meridian.
Continued on next page
PARCEL 8: The West half of the West half of Section 26,.
Township 10 North, Range 7 East of the Salt Lake Base and
Meridian.
PARCEL 9: The Southeast Quarter of Section 27, Township 10
North, Range 7 East of the Salt Lake Base and Meridian.
PARCEL 10: The East half and the South half of the SouthWest
Quarter of Section 34, Township 10 North, Range 7 East of the
Salt Lake Base and Meridian.
FARCEL .ii: 'l~he Wes% half ~f Section 35, Town~hip I0 North,
Range 7 .East of the Salt Lake Base and Meridian.
Located in Lincoln County, Wyoming:
Township 19 North, Range 119 West, 6th Principal Meridian
Section 21: The Southeast Quarter of the Northeast Quarter,
the East half of the Southeast Quarter
Section 22: The Southwest Quarter
Section 27: The West half of the Northeast Quarter, the
Northwest Quarter, the West half of the Southwest Quarter
Section 28: The East half of the Northeast Quarter, the
South half of the Southeast Quarter, the South half of the
Southwest Quarter
Section 29: The Southeast Quarter of the Southeast Quarter
Section 33: The North half of the Northeast Quarter, the
Northwest Quarter, the North half of the Southwest Quarter,
the Southeast Quarter of the Southwest Quarter
Section 34: The Northwest Quarter of the Northwest Quarter