HomeMy WebLinkAbout890140BC}6K 52 P^01 3 2 oREAL
RECEIVED
%.w'(/"'-'¢/~ Ll~.!Cn~ ~,, r'O~ i,~.IT'.r C~ EP.K
(Wyoming)
THLg M'ORTGAGE is granted by SALT RIVER HOklES, LLC, a Wyoming Limited Liability Company, as MORTGAGOR, to
REINHART-ED~VARDS, L.L.C., a I'Vyoming Limited Liability Company, as MORTGAGEE.
TNE$SE TH:
34ortgagor, for good artd valuable considerations, the receipt of which is hereby acknowledged, does hereby GRANT, BARGAIN,, SELL, CONVEY
AND WARRANT, and fiirther 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 property, to wit:
Lot 181 of Nordic Ranches, Division No. 13, Lincoln CounO, Wyoming, according to the recorded plat thereof
5 recorded itt the Lincoln County Recorder's office.
TOGETHER WITH any and all improvements, water and ditch rights, rights o_f ways, easements, privileges, ventilating, tenements,
hereditaments and appurtenances thereunto belonging or in anywise appertaining, now or hereafterused 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 ]¢lortgage~ a F£xture Filing attd ~ecurlty Interest for the Purpose 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 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
of THIRTY-FOUR THOUSAND DOLLARS ($34,000.00), the_final payment of principal and interest thereof, if not sooner paid, lo be
finally due and payable November 20, 2003.
3. Payment of all such fitrther sums as may hereafter be loaned or advanced by the ~¥Iortgagee for any purpose; and any notes, drafts and/or other
instruments representing such further loans, advances or expenditures shall be optional with the ~14ortgagee, and shall become due and payable no
later than the final maturiO, date of said note secured hereby,· and provided fi~rther, that it is the express intention of the parties to this Nlortgage 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 securiO~ of this klortgage, 3,lortgagor Ivarrants, covenants attd agrees:
1. The proper(y is free fi'om all encumbrances, except as may be described herein, and that ]V[ortgagor shall warrant and defend the same forever
against the lawfu! claims and demands of all persons whomsoever, and this covenant shall not be extinguished by foreclost,re or other transfers·
2. To keep all buildings and other improvements now or hereafter existing in good condition and repair; to not rentove or demolish any building
or other improvement thereon; to complete or restorepromptly and in a good workmanshiplike manner any improvement which may be constructed,
damaged or destroyed thereon; to pay when due all claims for labor performed and materials furnished 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, fianigate, prune, all in a good and husbandrylike manner, the land and improvements thereto; to not change or
permit change in the use ~f the proper02; to not do anything which would reduce the value of the proper(w and do all other acts which frotn the
character or use of said property may be reasonably necessary, the specific enumerations herein not excluding the general.
3. To provide, maintain and deliver)qre insurance satisfactory and with loss payable to ~V[ortgagee; to maintain liabilityinsurance; 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 iusurance policy moy, at 3/[ortgagee's option and determinatiOn, be applied upon any indebtedness secured hereby in
such order as 3(ortgagee determines, be released to Mortgagor in whole or part, or any combination thereof Such application or release shall not
cure or waive any default or notice of default hereunder or invalidate any act done pursaant to such notice·
4. To pay before delinquency all taxes, assessments, or rents affecting said property/ to pay when due all encumbrances, charges and liens, with
interest, affecting said property which are or n,ay 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 sun',s eXPended by Mortgageepursuant to the provisions hereof, with interest from date of
expenditure, at a rate equal to the interest rate payable under the promissory note 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 securiO, hereof or the rights or powers of Mortgagee; 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 bankruptc); appellate proceedings or otherwise, and all such costs and expenses shall
become a part of the indebtedness secured by this mortgage.
7. Should ?vlortgagor fail to make a¢9~ payment or to do any act as herein provided, ~Vlortgagee, but without obligation so to cio and without notice
or demand upon ~VIortgagor and without releasing 2~rortgagor from any obligation hereof, may: make or do the same in such manne~ and to such
extent as 2V[ortgagee may deem necessary to protect the security hereof, Mortgagee being attthorized to enter upon said propertyJbr 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 compromise any encumbrance, charge or lien which in the judgment of ¢¥£ortgagee appears to be prior or superior hereto; and in exercising any
such powers or in enforcing this ~Vlortgage by judicial,[breclosUre or otherwise, pay the necessary expenses, costs and reasonable attorney's fees.
8. To comply with all laws, ordinances, regulations, covenants, conditions attd restrictions affecting the Property and its use, including without
limitation all environmental laws; not to use or permit the use of the Property for any unlakful or objectionable purpose; to remedy any
environmental contamination or violation of environmental laws that may occur or be discovered in 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 )vIortgagee shall be
for ~V[ortgagee 'spurposes only and shall not be construed to create any responsibilityor liabili(v on the part of Mortgagee to ~[ortgagor or to any
other perso~O ; to ~/brward copies of any notices received from any environmental agencies to Mortgagee; and to Indemnify and hold ll/lortgagee, his
employees, agents and his successors and assigns, harmless fron, 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 in 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 Mortgagee who may apply or release such monies receivedby him 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 ~¥[ortgagee from exercising any of such
rights at aro* other time; by acceptingpayment of any sum secured hereby after its due date, Mortgagee does not waive his right either to req~tire
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, st,ch invalidity or unenforceabilityshall
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not affect any other provision hereof and the mortgage shall be construed ax though such provision had been omitted.
]1. As additional security, Mortgagor here~v gives to and confers upon Mortgagee the righ6 power and authority, during the continuance of this
mortgag< 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 indebtedness secured hereby or in perfokmance 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 securityfbr the indebtedn~s hereby secured, enter u~on and take possession of said property or
any part thereo~ in his own name sue for or otherwise collect such rents, issu~ 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 such
order ~ Mortgagee may determine. The entering upon and taking possession of said property, the collection of such rents, issues and profits and the
application thereof ax aforesaid, shall not cure or waive at¢~ default hereunder or invalidate any act done pursuant to any such default notice.
12. DUE ON S~E: The indebtedness and obligations secured by this mortgage is personal to the ~[ortgagor and is not ~signable by Mortgagor.
Mortgagee h~ relied upon the credit of k[ortgagor, the interest of ~[ortgagor in the ProperO, and the financial market conditioax then existing when
making this loan. If Mortgagor transfers or contracts to transfer, title to or possession o~ all or part of the Property, or any equitable interest
therein, whether by dee4 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 ownersh¢ of any corporation or partnership, owning all or any portion of the Property shall be changed either by
vohmtary or invohmtary sale or transfer or by operation of law, Mortgagee may declare all sums clue 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 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 mortgag< to have a receiver appointed in any court proceeding, to collect any rents, issues and profits fiom 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
of Mortgagee, and to exercise any rights and remedies available under the Un~orm Commercial Code for the State in which the property is located;
and rec~onable notice ~required by such Code shall be five (5) clays.
14. The Mortgagee may at any time, without notic< rele~e portions of said mortgaged premis~ from the lien of thi} mortgage, without affecting
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 fidl amount of said indebtedness then remaining unpaid
] X ~[ortgagor and each of them join in this instrument for the purpose of subjecting each of their right, title and interest, ~ any, in the Propert);
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 constn~ed according to the laws of the State of
Wyoming. In the event of default, Mortgagor grants m 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.
] 7. This mortgage applies to, inures to the benefit of and binds all parti~ hereto, their heirs, devise~, personal representatives, succ~sors and
~signs. The ternt Mortgagee shall mean the holder and owner of the note secured hereby; or
this 3[ortgage, wherever the context so requires, the m~culine gender includes the fendnine and/or neuter, and the singular number includes the
plural.
Dc, ted:
SALT VER
By: ~
Joseph Bel, ~dnal
) ss
COUN~ OFiBO~EIqLLE )
On _ before me, the undersigned, personally appeared
L~RRY REINHART and JOSEPH BELLOFF
known or ident~'ed to me to be t.he Managers of S~T ~R HO~S. LLC and
acknowledged ~ me that ~aid L~ed Liability Company executed the same.
~ot~ ~,~,'~ fo~
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