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REAL
TtlIS MORTGAGE is granted by SALT RIVER HOMES, LLC, a Wyoming Limited Liability Company, as MORTGAGOR, to
REINHAR T-ED WARDS, L.L.C., a Wyoming Limited Liability Contpany, as MORTGA GEE.
WITNE$SE TH:
Mortgagor, for good and valuable considerations, the receipt of which is hereby acknowledged, does hereby GRANT, BARGAIN, SELL, CONVEY
AND WARRANT, and fitrther releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming, unto the Mortgagee,
his successors and assigns, all of the following described real proper{y, to wit:
Lot 180 of Nordic Ranches, Division No. 13, Lincoln County Wyoming, according to the recorded plat thereof
recorded in the Lincoln County 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 in anywise appertaining, now or hereafter used on said land or belonging to
said kIortgagor, and any reversion, remainder, rents, issues and profits thereof hereinafierreferred to as the "ProperO,".
This grant is intended as a l~lortgage, a Fixture Filing and Security Interest for the Purpose of Securing:
l. Performance of each agreement of ~V[ortgagor herein contained, each agreement and covenant contained in the loan documents associatedwith
this mortgage, and any extension, renewal, modification and/or amendment thereof "Loan documents"shall inchtde 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
of THIRTY-FOUR THOUSAND DOLLARS ($34,000.00), the final payment of principal and interest thereof if not sooner paid, to be
finally due and payable November 20, 2003.
3. Payment of all such further sums as tnay hereafter be loaned or advanced by the ~£ortgagee for any parpose; and any notes, drafts and/or other
instruments representingsuch further loans, advances or expenditures shall be optional with the Mortgagee, and shall become due and payable no
later than the final maturio; date of said note secured hereby; and provided further, that it is the express intention of the parties to this Mortgage that
it shall stand as contimdng security until all such loans, advances or expenditures together with interest thereon~ are paid in full.
;4. To protect the security of this 3/,[ortgage, ~lortgagor warrants~ covenants and agrees:
1. The property is fi'ee from all encumbrances, except as may be described herein, and that Mortgagor shall warrant and defend the same forever
against the lav[~tl claims and demands of all persons whomsoever, and this covenant shall not be extinguished by foreclosureor other transfers.
2. To keep all buildings and other improvements now or hereafter existing in good condition and repair; to not remove or demolish an), building
or other itnprovement thereon; to complete or restorepromptly and in a good workmanshiplike manner any improvement which may be constructed,
damaged or destroyed thereon/ to pay when d~,e all claims for labor performed and materials furnished thereto or therefor; to comply with all laws
affecting said proper(y 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 hasbandrylike manner, the laud and improvements thereto; to not change or
permit change in the ase of the property; 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 firoperty mar; 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 lk[ortgagee; to maintain liabili(p insurance; to pay all
premiums and charges on all such insurance when due; and to provide Mortgagee satisfactoryevidence of such insurance r,pon request. The amount
collected under any fire or other insurance policy may, at ~k[ortgagee'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 taxes, assessments, or rents affecting said proper(p; to pay when due all encumbrances, charges and lieas, with
interest, affecting said property which are or tnay 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 immediate~p and without demand all sums expended by Mortgageepursuant to the provisions hereof with interest from date of
expenditare, at a rate equal to the interest rate payable under the promissory note described above or twelve percent (12°/6) 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 2kIortgagee; 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 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. Sho~,ld Mortgagor fail to make any payment or to do any act as herein provided, tk[ortgagee, but withoat obligation so to do and without notice
or demand upon IkIortgagor and without releasing ikIortgagor from any obligation hereof may: make or do the same in such manner and to such
extent as ik[ortgagee may deem necessary to protect the security hereof, ~k[ortgagee being authorized to enter upon said property)tbr such purposes;
appear in and defend any action or proceeding purporting to affect the security hereof or the rights or powers of Mortgagee/pay, purchase, contest
or contpromise any encumbrance, charge or lien which in the judgment of ~'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 without
limitation all environmental laws; not to use or permit the use of the Property for an), unlawful or objectionable purpase; to remedy any
environmental contamination or violation of environmental laws that may occur or be discoveredin the future; to allow Mortgagee access to the
Property to inspect its condition and to test and monitor for compliance with applicable laws (any inspections or tests made by lkIortgagee shall be
for ~[ortgagee 'spurposes only and shall not be construed to create an), responsibilityor liability on the part of Mortgagee to ~k[ortgagor or to any
other perso~O/ to forward copies of any notices received from any environmental agencies to Mortgagee; and to Indemnify and hold k[ortgagee, his
employees, agents and his successors and assigns, harmless from and against an),' 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 condenmation for public use of or injury to said property or any part thereof, is hereby assigned
and shall be paid to ~'v[ortgagee who torO; 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.
] O. The failure of Mortgagee to exercise any right or option provided herein at any time, shall not prech.tde 3/[ortgageefrom 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 secured or to declare default for failure so to pay; all rights conferred on Mortgagee are c*,mulative
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 a~ though such provision had been ornitted.
11. ~ 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 profits of said property ~ they become due and payable; Reserving however unto 3[ortgagor, prior to any
default by Mortgagor in payment of any indebtednesssecured hereby or in perfortnance of any agreement hereun&r, the right to collect and retain
such rents, issues and profits. Upon any such default, Mortgagee may at any titne without notice, either in person, by agent or court appointed
receiver, and without regard to the adequacy of any security for the indebtedness here~v secured, enter upon and take possession of said proflerLv 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's fees, upon any indebtedness secured hereby, and in stzch
order ~ Mortgagee may determine. [he entering upon and taking poss~sion of said property, the collection of such rents, issues and profits and the
application thereof ~ aforesaid, shall not cure or waive any default hereun&r or invalidate any act done pursuant to any such default notice.
12. DUE ON SALE: The indebtedness and obligatio~ secured by this mortgage is personal to the Mortgagor and is not ~signable by ~[ortgagor.
Mortgagee h~ relied upon the credit of Mortgagor, the inter~t of Mortgagor in the Property and the financial tnarket conditions then existing when
making this loan. [f ~[ortgagor 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, lec~e for a teton 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
voluntary 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 c~sociated 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 re~nedi~ provided.
13. Time ix 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 due and payable and bear interest at the rate of ZWEL VE PERCE~ (12%) per annum; &[ortgagee shall have the
right to foreclose the lien of this tnortgage, to have a receiver appointed in any coart proceeding, to collect any rents, issues and profitsfrom the
Property and apply them against the indebtedness hereby secured; to sell the Property at foreclosure en m~se, or ~ one lot or parcel at the option
qf Mortgagee, and to exercise any rights and remedies available under the Un~orm Commercial Code for the 8tare in which the property is located;
and re~onable notice ~required by such Co& shall be five (5) days.
14. The kIortgagee may at any time, without notice, rele~eportions of said tnortgaged premises from the lien of this mortgage, without affecting
the personal liability of any person for the payment of the said indebtedness or the lien of this mortgage upon the remain&r of the mortgaged
premises for the ~dl atnount of said indebtedness then remaining unpaid.
15. Mortgagor and each of thegn join in this instrument for the purpose of subjecting each of their right, title and interest, ~ any, in the Property,
whether of record or otherwise and including any right to possession, to the lien of this mortgage.
16. ~is mortgage, all loan documents and the note(s) secured hereby shall be governed and construed according to the laws of the State of
g~oming, h~ the event of default, Mortgagor grants to Mortgagee a Power of Sale to foreclose on and sell said property at public auction pursuant
to ~yo~ning Statute Section 34-4-101 et:seq.
17. This mortgage applies to, inures to the benefit of and binds all parti~ hereto, their heirs, devisees, personal representatives, successors and
c~signs. The term Mortgagee shall mean the holder and owner of the note secured hereby; or ~ the note h~ been pledged, the pledgee thereof In
this Mortgage, wherever t requires, the m~culine gender includes the feminine and/or neuter and the singular number includes the
ph, ral.
Dated:
$$
COUNTY OF BONNEVILLE )
On~3 ,beforeme, theundersigned, personallyappeared
LARRY REI]VItART and JOSEPH BELLOFF
kno~4;n or identified to me to be the Managers of SALT RIVER HOM£S, LLC and
ack~~ ~_, , , ~ ~, Company executed the same.
Notary ]:'ublic for the State of ~
Commission Expiration Date:
IEL$ON
UBLIC
IDAHO
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