HomeMy WebLinkAbout890138 ,.-~, ,~ _,,~ V E D
LINCOLN CO.JNTY CLERK
BOOK ,~t~ ~.. PR PAGE
'3 REAL
(Wyomin~
TttlS )VIORTGAGE is granted by SALT RIVER HOMES, LLC, a Wyoming Limited Liability Cotnpany, as 310RTGAGOR, to
REINHART-EDWARDS, L.L.C., a Wyoming Limited Liability Co~npany, ca MORTGAGEE.
WITNE$$ETH:
Mortgagor, for good and valuable considerations, the receipt qf which is hereby acknowledged, does hereby GRANT, BARGAIN, SELL, CONVEY
AND WARRANT, and fm'ther releases and waives all rights under and by virtue of the homestead exemption laws of W'yoming, unto the Mortgagee,
his successors and assigns, all of the fbIlowing described real property, to wit:
Lot 179 of Nordic Ranches, Division No. 13, Lincoln County Wyonffng, according to the recorded plat thereof
recorded in the Lincoln CounO~ Recorder's office.
TOGETHER WITH any and all improvements, water and ditch rights, rights of ways, easements, privileges, ventilating, tenements,
hereditaments and appurtenances thereunto belonging or itl anywise appertaining, now or hereafter used on said land or belonging to
said )kIortgagor, and any reversion, remainder, rents, issues and profits thereof, hereinafterreferred to az the "Property ".
This grant is intended as a 3lortgage, a F£xture Filing and Security Interest for the Pttrfiose of Securing:
]. Performance of each agreement of Mortgagor herein contained, each agreement and covenant contained in the loan documents associated with
this mortgage, and any extension, renewal, modification and/or amendment thereof "Loan docunlents" shall include the above describednote, 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
of THIRTY-FOUR THOUSAND DOLLARS ($34,000.00), the final payment of principal and interestthereof if not sooner paid, to be
finally due and payable November 20, 2003.
3. Payment of all suchfierther sums ax may hereafter be loaned or advanced by the ~k[ortgageefor any purpose; and any notes, drqfts and/or other
.instruments reflresentings~tch filrther loans, advances or expenditures shall be optional with the Mortgagee, and shah become due and payable no
later than the final maturity date of said note secured hereby; and provided further, that it is the e,xpress intention of the.parties to this Mortgage that
it shall stand c~ continuing security until all such loans, advances Or expenditures together with interest thereon, are paid itl fidl.
A. To protect the security of this ]~lortgage~ ]Plortgagor warrants, covenants and agrees:
1. Tile proper(p is fi;ee from all encumbrances, except as may be described herein, and that ~k[ortgagor shall warrant and defend the same forever
against the lawfid claims and demands of all persons whomsoever, and this covenant shall not be extinguished by foreclasure or other transfers.
2. To keep all buildings and other improvements now or hereafter existing in good condition and repair; to not remove or demolish any building
or other imp~Zovement thereon; to complete or restorepromptly and in a good worknlanshiplikemanner any intprovement which may be constructed,
damaged or destroyed thereon; to pay when due all claims for labor performed 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, fi~migate, 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 property; and cio 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 deliverfire insurance satisfactory and with loss payable to ~9[ortgagee; 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
collected under any fire or other insurancepolicy may, at ~kiortgagee's option and determination, be applied upon any inclebtedness secured hereby in
sz~ch 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 clqfaalt or notice of default hereunder or invalidate an3, act done pursuant to such notice.
4. To pay before delinquency all too:es, assessments, or rents affecting said property; to pay when due all encumbrances, charges and liens, with
interest, affecting said property 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 2klortgageepursuant ~o the provisions hereof, with interest from date of
expenditure, at a rate equal, to the interest rate payable under the flromissory nole described above or twelve percent (12%)per annum, whichever is
greater.
6. To appear in and defend any action or proceeding purporting to affect the security hereof or the rights or powers of ~/[ortgagee; to pay, on
demand, all costs and expenses, inch~ding without limitation, cost of title evidence, reasonable attorney's fees, advances, and/or costs, paid or
incurred by Mortgagee to protect or enforce its rights under bankruptcy, appellateproceedings or otherwise, and all such costs and expenses shall
become a part of the indebtedness secured by this mortgage.
7. Should lk[ortgagor fail to make any payment or to do any act as herein provided, Mortgagee, but without obligation so to do and without notice
or delnand upon Mortgagor and without releasing Mortgagor from an3, obligation hereof, tnay: make or do the same in such manner and to such
extent as Mortgagee may deem necessary to protect the security hereof, Mortgagee being avthorized to enter upon said propertyfor such purposes;
appear in and defend any action or proceeding purporting to affect the security hereof or the rights or powers of S/lortgagee; pa),,, purchase, contest
or compromise any encumbrance, charge or lien which in the judgment of x'v[ortgagee 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 comply with all laws, ordinances, regulations, covenants, conditions and restrictions affecting the Property and its use, including wi.thout
lin',itation all environmental laws; not to tese or permit the use of the Property for an), unlm~ful or objectionable purpose; to remedy arty
environmental contamination or violation of environmental laws that may occttr or be discoveredin the fim~re; to allow iP[ortgagee access to the
Property to inspect its condition and to test and monitor for compliance with applicable laws (any inspections or tests made by Mortgagee shall be
for fi4rortgagee'spurposes only and shall not be construed to create any responsibilityor liability on the part of &[ortgagee to Mortgagor or to any
otherperson); to forward copies of any notices received from any environmentalagencies to Mortgagee; and to Indemnify and hold Mortgagee, 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 itl connection with any condemnation for public use of or injury to said property or any part thereof, is hereby assigned
and shall be paid to lk[ortgagee who may apply or releasesuch monies receivedby him in the same tnanner and with the same effect as above
provided for disposition of proceeds of fire or other insurance.
]0. The failure of ~k[ortgagee to exercise any right or option provided herein at ally time, shall not preclude Mortgagee from exercising any of such
rights at any' other time; by accepting payment 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 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 invalidi(y or unenforceabilityshall
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not qffect any otherprovision hereof and the mortgage shall be construed ax though such provision had been omittecl.
11. As additional security, Mortgagor hereby gives to and confers upon Mortgagee the right, power and authority, during the continuance of this
mortgage, to collect the rents, issues and prqfits of said property ~ they become due and payable; Reserving however tmto ~[ortgagor, prior to any
d~fault by ~[ortgagor in p~yment of any indebtedness secured hereby or in performance of any agreement hereunder, the right to collect and retain
sttch 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 paxsexsion of said properO, or
any part thereo~ in his own name sue for or otherwise collect such rents, issues and profits, including those p~t due and unpaid, and apply the
same, less costs and expenses of operation and collection, including re~onable attorney glees, upon an), indebtedness secured hereby, and in such
order ~ Mortgagee may determine. The entering apon and taking possession of said property, the collection of such rents, issues and profits and the
application thereof ~ c~oresaid, shall not cure or waive any default hereunder or invalidate any act done pursuant to any sach default notice.
12. DUE ON SALE: The indebtedness and obligations secured by this mortgage is personal to the Mortgagor and is not ~signable by Mortgagor.
Mortgagee h~ relied upon the credit of ~Iortgagor, 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 poss~sion o~ all or part of the Property, or any equitable interest
therein, whether by deed, contract for deed, ~signment, le~e for a term in excess of one year, le~e with an option to purch~e, option to purch~e,
or similar agreement; or ~ the ownership of any corporation or partnership, owning all or any portion of the Property shall be changed either by
voluntaW or involuntaw sale or transfer.or by operation of law, Mortgagee may declare all su,~ due under any note, security agreement, and/or
loan documents ~sociated herewith, immediately &~e and payable. Noncompliance with this covenant shall constitute and be a default of this
obligation which shall entitle Mortgagee to effectuate any and all remedi~provided
13. Time is of the essence and a material part of this agreement. In the event of default, at Mortgagee ~ option, the entire indebtedness secured
hereby shall forthwith become &~e 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 receiver c~pointed in any courtproceeding, to collect any rents, issnex and profits from the
Property and apply them against the indebtedness hereby secured; to sell the Property at foreclosure en m~se, or ax one lot or parcel at the option
of Mortgagee, and to exercise any rights and remedies available under the Un~orm Commercial Code for the State in which the property ix located;
and reaxonable notice ~ required by such Code shall be five (5) days.
14. The Mortgagee may at any time, without notice, rele~eportions of said mortgaged premis~from the lien of this mortgage, without affkcting
the personal liability of any person for the payment of the said indebtedn~s 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 of their right, title and interest, ~an)~ in the ProperO~
whether of record or otherwise and including any right to possession, to the lien of this ~nortgage.
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
~voming. b~ the event of default, ~Iortgagor 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
~signs. The term Mortgagee sh~n the holder and owner of the note secared hereby; or ~ the note h~ been pledged, the pledgee thereof b~
this Mortgage, wherever the co=rext so teouires the m~culine gender includes the feminine and/or neuter, and the singular number includes the
plural. ~~ ~~ ~
eph Belloff Mana~ &~ ~ ~
STATE OF [D~O )
) ss
CO~TY OF BO~EV[LLE )
LARRY REINHART and 30XEPH BE~LOFF
known or ident~'ed to me to be the Manag~rx of S~ ~V~ ~0~[~, LLC and
ackno~l~dg~d to me that ~d~:.~ Liabih'ty Company executed the same.
Wotaw Public for the State of ~
Commission Expiration Date: ~~
WENDY K. NELSON
NOTARY PUBLIC
STATE OF IDAHO
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