HomeMy WebLinkAbout890207'BOOK .~3- PR PAGE
MORTGAGE
890207
Dated ~ o~0,~, ,m')O~:~dg~'~
In the amount of $5000
RECEIVED
LINOOLN COUNTY CLERK
between
Bill Nielson Trucking, Inc., a Utah
Corporation (Mortgagor)
and
Coca-Cola Bottling Company High Country,
a South Dakota Corporation (Mortgagee)
after recording, please return to:
Patrick G. Goetzinger
GUNDERSON, PALMER, GOODSELL & NELSON, LLP
P.O. Box 8045
Rapid City, South Dakota 57709
This instrtunent Was prepared by the above-referenced attorney.
MORTGAGE
This Mortgage is made the day of ,2003, between
Bill Nielson Trucking, Inc;, a Utah corporation, of Randolpl% Utah, Mortgagor, and Coca-Cola
Bottling Company High Country, of Rapid City, South Dakota, Mortgagee.
MOrtgagor is indebted to Mortgagee in the principal sum of Five Thousand Dollars
($5000), which is evidenced by a promissory note of even date herewith, bearing interest at the
rate of zero percent (0%) per annum, payable in full on or before December 31, 2003.
In consideration of and to secure the repayment of the indebtedness evidenced by
the note with interest thereon, advanced in accordance herewith to protect the security of this
mortgage, attached as Exhibit A, Mortgagor hereby grants and conveys to the Mortgagee, with
power of sale, the following described property located in the county of Lincoln, state of
Wyoming:
Lot 18 of Kemmerer Industrial Park #1, Lincoln County, Wyoming
The Mortgagor covenants and agrees as follows:
1. Mortgagor is the owner in fee, free of liens and encumbrances, except for
the Mortgage given to First National Bank and is possessed of a merchantable title to the property
described herein.
2. Mortgagor will promptly pay the principal of and interest on the
indebtedness evidenced by the promissory note at the times and in the manner therein provided.
3. The lien of this instrument will remain in full force and effect during the
postponement or extension of the time of the indebtedness or any part thereof secured by this
mortgage.
4. Mortgagor will pay or cause to be paid all ground rents, taxes,
assessments, and other governmental or municipal charges levied upon said premises before they
become delinquent.
· 5. Mortgagor will continuously maintain or cause to be maintained insurance
on the property against loss by fire and extended coverage to its full insurable value, and in no
event less than the outstanding principal and interest balance under this mortgage, and he will pay
or cause to be paid promptly premiums when due. All insurance shall be carried in companies
approved by Mortgagee and shall have attached thereto loss payable clauses in favor of and
acceptable to Mortgagee. In the event of loss, Mortgagor will give immediate notice by mail to
Mortgagee. Mortgagee may make proof of loss if not made promptly by Mortgagor. Each
insurance company concerned is hereby authorized and directed to make payment for such loss
directly to Mortgagee instead of to Mortgagor and Mortgagee jointly, and the proceeds or any
part thereof may be applied by Mortgagee, at Mortgagee's option, either to the reduction of the
indebtedness hereby secured or to the restoration or repair of the property damaged. In the event
of foreclosure of this mortgage, or other transfer of title to the mortgaged property in
extinguishment of indebtedness secured hereby, all right, title, and interest of the Mortgagor in
and to any insurance policies then in force shall pass to the purchaser or grantee.
6. Mortgagor shall not commit or permit waste Upon the property.
Mortgagor shall maintain the residence and all other improvements, including fences, wells, and
outbuildings, as delivered on the date of possession, during the term of this mortgage, normal
wear and tear excepted.
The Mortgagee may make or cause to be made reasonable entries upon and
inspections of the property provided he shall give Mortgagor notice prior to any such inspection.
Any deficiencies in reasonable maintenance shall be pointed out by the Mortgagee
by written notice. If such deficiencies are not cured within thirty (30) days after such notice or
reasonable efforts made to cure such deficiencies have not commenced, the Mortgagee may
declare all sums due and paYable under the note and mortgage.
Throughout the term of this mortgage, Mortgagor agrees to keep the property free
of all mechanics' and materialmeffs liens. If any such liens are filed, they will be discharged within
ninety (90) days after Mortgagor has notice of such filing or Mortgagor shall pay an amount equal
to this sum or sums in dispute into the court or post a bond in a sufficient amount as provided by
the South Dakota Codified Laws, such amount to remain until settlement of the dispute. The
parties agree that the violation of this provision shall constitute a default hereunder.
.7. Mortgagee may perform any defaulted covenants or agreements of the
Mortgagor to such extent as Mortgagee shall determine and any monies advanced by Mortgagee
for such purpose shall bear interest at percent and shall thereupon become a part of the
indebtedness secured by this instrument ratably and on a parity with all other indebtedness secured.
thereby and shall be payable ten (i 0) days after demand.
8. If all or any part of the property or interest therein is sold or transferred or
agreed to be sOld or transferred by the Mortgagor without the Mortgagee's prior written consent,
which consent shall not be unreasonably withheld, the Mortgagee may at his option declare all
sums secured by this mortgage to be immediately due and payable upon notice to the Mortgagor,
and this mortgage may be foreclosed as provided under Wyoming law.
9. The Mortgagor hereby relinquishes ail rights of homestead in the property
described in this mortgage.
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10. DEFAULT.
5G3
A. In the case of default in the payment of the principal sum of money, or any
part thereof, or interest thereon at the time specified for payment thereof, or in the case of
nonpayment of any taxes, assessments, or insurance as required, or of breach of any covenant or
agreement contained in the mortgage, then the total debt, principal and interest, shall at the option
of the holder of the mortgage, immediately become due and payable. Thereafter, the mortgage
my be foreclosed, as provided in Wyoming law.
B. In the case of foreclosure, the holder of the mortgage shall recover, in
addition to principal, interest, and other damages, reasonable attorney's fees and costs, receiver's
fees, and agent's compensation incurred pursuant to the foreclosure.
C. Mortgagee shall be entitled to enter into possession of the premises with
or without legal action and by force, if necessary; lease the same, collect all rents, issues, and
profits therefi-om, and after deducting all costs of collection and administration expense, apply the
net rents, issues, and profits to the payment of taxes, water and sewer rents, charges and claims,
insurance premiums, and all other carrying charges (including, but not limited to, agents'
compensation and fees and costs of counsel and receivers) and to the maintenance, repair, and
restoration of the premises, or on account and in reduction of the secured principal or interest, in
such order and amounts as Mortgagee in Mortgagee's sole discretion may elect;
D. Mortgagee shall be entitled to have a receiver appointed to enter into
possession of the premises, collect the rents, issues, and profits therefi'om, and apply the same as
the court may direct. The Mortgagee shall be entitled to the appointment of a receiver without
the necessity of proving either the inadequacy of the security or the insolvency of the Mortgagor,
or any other person who may be legally or equitably liable to pay money secured hereby, and the
Mortgagor and each such person shall be deemed to have waived such proof and to have
consented to the appointment cfa receiver. Should the Mortgagee or any receiver collect rents,
issues, or profits f~om the premises, the money so collected shall not be substituted for payment of
debt, nor can such money be Used to cure the default without the prior written consent of the
Mortgagee. The Mortgagee shall be liable to account only for rents, issues, and profits actually
received by the Mortgagee.
E.. In the case of foreclosure, Mortgagor specifically assigns all of his rents
and interest to the rental or income of the mortgaged premises to Mortgagee.
F. In the case of foreclosUre by action, the holder of the certificate of sale may
apply to the court for a reduction of the redemption period if the property has been abandoned by
the Mortgagor. If, after notice to the part{es as the court directs, the court finds the property has
been abandoned, the redemption period ma~ be reduced. The redemption period may not be
reduced to less than sixty (60) days f~om the date of the recording of the certificate of sale.
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G. The notice requirements under this mortgage shall be satisfied when the
notice is deposited in the United States mail, registered or certified mail, return receipt requested,
and addressed to the last known address of the Mortgagor.
H. The rights of Mortgagee under this section shall be in addition to all other
rights and remedies of the Mortgagee, under Wyoming law or under any other agreement with
Mortgagor afforded by law and may be exercised concurrently therewith or independently thereof.
Nothing in this paragraph shall be construed to prohibit Mortgagee fi:om being
entitled to all of the attorney's fees, taxes, costs, or expenses incurred as a result ora default by
Mortgagor.
11.
administrators, executors, and assigns.
Dated this ~ '~day of
This agreement is binding upon the parties, their heirs, successors,
,2003.
BILL NIELSON TRUCKING, INC.
(coRPoRATE,~SEAL),
STATE OF ~/t-~-)~
COUNTY OF ~J-~-~.0-[4~ )
Its President
~O~nt,hi;r e s~id e~ndn~Yo~fB N~ielso~T ,2003, before me personally appeared
Bill Nie .... ill rucking, Inc., a Utah corporation, who, being by me duly
sworn, did say that he is the President of Coca-Cola Bottling Company High Country, and that
said instrument was signed on behalf of said corporation and is the free act and deed of said
corporation.
Witness my hand and official seal.
Notary Public
My Commission Expires:
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