HomeMy WebLinkAbout890330RS-record to add notary seal
RECEIVED
?C~'-~I/~-'/~' LI,~,!P,n~ ~',~ F'n'~NTY
rlti8 MORTGAGE is granted by sam T RIVER HOMES, LLC, a Wyoming Limited LiabiliO, Company, as MORTGAGOR to
REINHART-EDWARDS, L.L.C., a ~yoming Limited Liability Com~an)L ~ MORTGAGEE.
' <~"> RECEIVED
t. mrN~ss~ru: nOOK ' ~r;.. PRPAGE ,'~3 7 ~/2~O LINCOLN
C:OUP, JTY
OLERK
Ho~tgagor, for goo~ and ~aluaHe consideration& th~ r~cect of w~e~'O~ ~nowledge4 does ~ereby~D ~ ~CONKEY
AND WA~ and ~rther rel~es and waiw~ all right~ under an~' ~y wrui~ df t~e home~tead.exemption la~ of ~yaming,' Unto' the' Mortgagee,
his successors and ~signs, all of the following clescribed real property, to wit: .:
Lot 181 qf Nordic Ranches, Division No. 13, Lincoln Cottltty [V),otttittg, according to the recorded plat :thereof
~7 recorded in the Lincoln County Recorder's office.
TOGETHER WITH any and all improvements, water and ditch rights, rights of ways, e~ements, privileges, ventilating, tenements,
hereditaments and appurtenances thereunto belonging or in anywise appertaining, now or hereafter used on said land or belonging to
said &[ortgagor, and any reversion, remainder, rents, issues and ~rofits thereof, hereinafterreferred to ~ the "Property".
This grant is intended as a Plortgage~ a FLxture Filing attd ~ecttrity htterest for the Purpose of Securing:
l. Performance of each agreement of Mortgagor herein containe4 each agreement and covenant contained in the loan documents ~sociatedwith
this mortgage, and any extension, renewal, mod~cation and/or amendment thereof '%oan documents"shall include the above described not< this
mortgage, and any other documents or instrumentssigned 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 DOLL'S ($34,000.00), the final payment of principal and inter~t thereo~ ~not sooner paid, to be
finale due and payable November 20, 2003.
3. Payment of all such Jhrther sums ~ may hereafter be loaned or advanced by the ~ortgagee for any purpose; and any notes, drafts and/or other
instruments representingsuch fitrther loans, advances or expendituresshall be optional with the Mortgage< and shall become due and payable no
later than the final maturiO~ date of said note secured hereby; and provided fitrther, that it is the express intention of the parties to this Mortgage that
it shall stand ~ continuing security until all such loans, advances or expenditures together with interest thereon, are paid in fidl.
A. To protect the security of this Plortgage, lklortgagor warrants, covenants arid agrees:
]. The property is free from all encumbrances, except ~ may be described hereim and that Mortgagor shall warrant and deJbnd the same forever
against the la~ul claims and demands of all persons whomsoever, and this covenant shall not be extinguishedby foreclosureor other transfers.
2. To keep all buildings and other improvements now or hereafte/ existing in good condition and repair; to not remove 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 saidproperty or requiring any alterations or improvements to be made thereon; to not commit or permit w~te thereof or thereon; to
maintain, cultivate, irrigate, fertilize, fumigate, prune, all in a good and hasbandrylike manner, the land and improvements thereto; to not change or
permit change in the use of the proper(p; 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 property may be rec~onably necessa~, the spec~c enumerations herein not excluding the general.
3. To provide, maintain and deliver fire insurance satisfactory and with loss payable to ~qortgagee; to maintain liabiliO~ insuranc~; to pay all
premiums and charges on all such insurance when due; and to flrovide ~ortgagee satisfactoryevidence of such insurance upon request. The amount
collected uncler any fire or other insurance policy may, at Mortgagee's option and determination, be applied upon any indebtedness secured hereby in
such order ~ Mortgagee determines, be rele~ed to Mortgagor in whole or flart, or any combination thereof Such a~fllication or rele~e shall 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 t~es, ~sessments, or rents affecting said property; to pay when clue all encumbrances, charges and liens, with
interest, c~ecting 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 immediate(y and without demand all sums expended by kIortgagee pursuant tO the provisions hereof, with interestfrom date of
expenditure, at a rate equal to the interest rate payable under the promissory note described above or tweh,e 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 Mortgagee; to pay, on
dentand, all costs and expenses, including without limitation, cost of title evidence, re~onable attorney's fees, advances, and/or costs, paid or
incurred by Mortgagee to protect or enforce its rights under bankntptcy, appellate proceedings or otherwise, and all such costs and expenses shall
become a part of the indebtedness secured by this mortgage.
7. Should ~[ortgagor fail to make any payment or to do any act ~ herein provided, i~ortgagee, but without obligation so to do and without notice
or demand upon ~Iortgagor and without rele~ing Mortgagor from any obligation hereof, may: make or do the same in such manner and to such
extent c~ &[ortgagee may deem necessary to protect the security hereof, Mortgagee being authorized to enter upon said propertyfor such purposes;
appear in and defend any action or proceeding purporting to affect the securityhereof or the rights or powers of Mortgage<' pay, purch~< contest
or compromise any encumbrance, charge or lien which in the judgment of ~kfortgagee appears to be prior or superior hereto; and in exercising any
such powers or in et~orcing this Mortgage by judicial foreclosure or otherwise, pay the nec~sary expenses, costs and re~onable attorney ~ fees.
8. To comply with all laws, ordinances, regulations, covenants, conditions and restrictions affecting the Property and its us< including without
limitation all environmental laws; not to use or permit the use of the Property for any unlm~ul or objectionable purpose; to remedy any
enviromnental contamination or violation of environmenta! !a~* that may occltr or be discovered in the future; to allow Mortgagee access to the
Property to 'in{pect its condition and to t~t and monitor for compliance with applicable laws (any inspections or t~ts made by Mortgagee shall be
for Mortgagee 's purposes only and shall not be construed to create any responsibilityor liability on the part of Mortgagee to ~[ortgagor or to any
other perso~O; to forward copies of any notices received from any environmental agencies to t~ortgagee; and to Indemn~y and hold Mortgagee, his
employees, agents and his successors and ~sign& harmless from and against any environmental clait~ 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 ~e of or injury to said proflerty or any part thereof, is hereby resigned
and shall be paid to Mortgagee who may apply or rele~e such monies received by him in the same manner and with the same effect c~ above
provided for disposition of flroceeds of fire or other insurance.
] O. The failare of Mortgagee to exercise any right or option provided herein at any time, shall not preclude ~[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 clue of all other sums so secured or to declare default for failure so to pay; all rights bonferred on Mortgagee are cumulative
and additional to any rights conferred by law; and ~ any provision is found to be invalid or unenforceabl< such invalidity or unenforceabilityshall
Real Estate Mortgage (1/99) ~ Page 1
wn/Nordicl 8ti~4'tg'
,?ot affect any other provision hereof and the mortgage shall be construed as though such provision had been omitted.
] ]. .lis additional security, ikIortgagor 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 as they become due and payable; Reserving however unto Mortgagor, prior to any
default by Mortgagor in payment of any indebtedness secured hereby or in performance of any agreement hereunder, the right to collect and retain
such rents, issves and profits. Upon any such default, Mortgagee may at any time without notice, either in person, by agent or court appointed
receive~; and without regard to the adequacy of any security for the indebtedness hereby secured, enter upon and take possession of said property or
any part thereof, in his own name sue for or otherwise collectsuch rents, issues and profits, including those past due and unpai4 and apply the
same, less costs and expenses of operation and collection, including reasonable attorney's fees, upon any indebtedness secured hereby, and in such
order ax Ik£ortgagee may determine. The entering upon and taking possession of said property, the collection of such rents, issues and profits and the
application thereof as aforesaid, shall not cure or waive any default hereunder or invalidate any act done pursuant to any such default notice.
12. DUE ON SALE: The indebtedness and obligations secured by this mortgage is personal to the Mortgagor and is not assignable by Mortgagor.
Mortgagee has relied upon the credit of lk-fortgagor, the interest of Mortgagor in the Property and the financial market conditions then existing when
making this loan. If ikIortgagor transfers or contracts to transfer, title to or possession of, all or part of the Property, or any equitable interest
therein, whether by deed, contract for deed, assignment, lease for a term in excess of one year, lease with an option to purchase, option to purchase,
or similar agreement; or if 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 doct,ments associated 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 remediesprovided.
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 anm,m; Mortgagee shall have the
right to foreclose the lien of this mortgage, to have a receiver appointed in any court proceeding, to collect any rents, issues and profits from the
Property and apply them against the indebtedness hereby secured; to sell the Property at foreclosure en masse, or as one lot or parcel at the option
of Mortgagee, and to exerciseany rights and remedies available under the Uniform Commercial Code for the State in which the property is located;
and reasonable notice !f required by such Code shall be five (5) days.
14. The Mortgagee may at any time, withovt notice, releaseportions of said mortgaged premises fi'om the lien of this mortgage, without affecting
the personal liability ofanypersonfor the payment of the said indebtedness or the lien of this mortgage upon the remainder of the mortgaged
premises for the fidl amount of said indebtedness then remaining unpaid.
]5. Mortgagor and each of them join in this instrument for the purpose of subjecting each of their right, title and interest, !f any, in the Property,
whether of record or otherwise and including any right to possession, to the lien of this mortgage.
] 6. This mortgage, all loan documents and the note(s) secured hereby shall be governed and construed according to the laws of the State of
Wyoming. In the event of default, Mortgagor grants to Mortgagee a Power of Sale to foreclose on and sell said property at public avction pursuant
to Wyoming Statute Section 34-4-101 et:seq.
]7. This mortgage applies to, inures to the benefit of and binds all parties hereto, their heirs, devisees, personal representatives, successors and
assigns. The term ~[ortgagee shall mean the holder and owner of the note secu)'ed hereby; or if the note h~ been pledged, the pledgee thereof In
this Mortgage, wherever the context so requires, the masculine gender includes the feminine and/or neuter, and the singular number includes the
plural. /~~
Dated;
L T~ / /
SA 'E ,
STATE OF IDAHO )
) ss
cou~vrr ooso~v/sw~s
On before me, the undersigned, personally appeared
LARRY REINHART and JOSEPH BELLOFF
known or ident~'ed to me to be (he Managers of SALT ~VER HOMES, LLC and
acknowledEed ~ me that said L~ed Liabih'ty Company executed the same.
Nota~T Public for t~ Stale of ~~
'
NOTAB¥ pUBL~G ~;
Real Estate 3(ortgage (1/99) - Page 2
wmqVordic ] 8 ] Mtg