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ESTATER T . .GA 2 o
THIS MORTGAGE is granted by ANDRE HOGGAN and ELIZABETH HOGGAN, husband and wife, as MORTGAGOR, to
SALT RIVER HOMES, LLC, a Wyoming Limited Liability Company, as MORTGAGEE.
WITNE$SETH:
Mortgagor, for good attd valuable considerations, the receipt of which is hereby acknowledged, does hereby GRANT, BARGAIN, SELL, CONVEY
AND WARRANT, and further releases and waives all rights under and by virtue of the homestead exemption laws of l~Vyoming, unto the Mortgagee,
his successors and assigns, all of the following described real ~oroperty, to wit:
Lot. 168 of Nordic Ranches Division No. 12, Lincoln County, tVyoming as described on the official plat thereof
TOGETHER IVITH any and all improventents, 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 Mortgagor, and any reversion, remainder, rents, issues and proftts thereof hereinafterreferred to as the "ProperO'".
This grant is intended as a Mortgage, a Fixture Filing at~d SecuriO' Interest for the Purpose of Securing:
1. 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 sha l include the above describednote, this
mortgage, and any other documents Or instruments signed itt 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 TIVENTY ONE THOUSAND FIVE HUNDRED (21,500.00), the final payment of principal and interest thereof if not sooner paid, to be finally
due and payable JUNE 15, 2005.
3. Payment of all such fitrther stum as may bereafter Oe loaned or advanced by the Mortgagee for any purpose; and any ,totes, d~afts and/~r other
instraments representing such fitrther loans, advances or expenditures shall be optional with the Mortgagee, and shall become due and payal~le no
later than the final matttrity 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 contin dng security until all such loans, advances or expenditures together with interest thereon, are paid in full. ,.
A. To Protect the security of this Mortgage~ Mortgagor warrants~ covenants and agrees: y
~ 1. The property is free from all encumbrances, except as may be describedherein, and that Mortgagor shall warrant and defend the same forever:
against the lawful clain~ and dentands of all persons whomsoever, and this covenant shall not be extinguished byforeclosure 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 improvement thereon; to complete or restorepromptly and itt a good workmaashiplike manner any improvement 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 saidproperty or requiring any alterations or improvements to be made thereon; to not commit or permit waste thereof or thereon; to
maintain, cultivate, irrigate, fertilize, fitmigate, prune, all in a good and husbandrylike manner, the land and improvements thereto; to not change or
permit change itt the use 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 property may be reasonably necessary, the specific enumerations herein not excluding the general.
3. To provide, maintain and deliverftre insurance satisfactory attd with loss payable to Mortgagee; 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 insurance policy may, at Mortgagee's option and determination, be applied upon any indebtedness secured hereby it,
sttch order as Mortgagee 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 pursuant to such notice.
4. To pay before delinquency all taxes, assessments, or rents affecting said property; to pay when due all encu'mbrances, charges and liens, with
}'~t retest, 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 Mortgagee pursuant 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 itt and defend arty action or proceedingpurporting to affect the security hereof or the rights or powers of Mortgagee; to pay,
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, appellate proceedings or otherwise, and all such cos'ts and expenses shall
become a part of the indebtedness secured by this mortgage.
7. Should Mortgagor fail to make any payment or tO do any act as herein provided, Mortgagee, but without obligation so to do and without notice
or demand upon Mortgagor attd without releasing Mortgagor from any obligation hereof may: make or do the same in such manner and to such
extent as Mortgagee 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 security hereof or the rights or powers of Mortgagee;pay, purchase, contest
or compromise arty encumbrance, charge or lien which in the judgment of Mortgagee appears to be prior or superior hereto; and itt 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, regulatioas, 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 any unlawful 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 (an), inspections or tests 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 Mortgagor or to any
other persotO; to forward copies of any notices received from any environmental agencies to Mortgagee; attd to Indemnify attd 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 in connection with any condemnation for public use of or injury to said property or any part thereof is hereby assigned
attd shall be paid to Mortgagee who may apply or relec~e such monies receivedby him itt the same manner and with the same effect as above
provided for disposition of proceeds of fire or other insurance.
10. The failure of Mortgagee to exercise any right or option provided herein at arty 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 far 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 invalidity or unenforceabilityshall
not affect any other provision hereof and the mortgage shall be cons'trued as though such provision had been omitted.
Real Estate Mo} ) - Page I . .
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11. As additional security, Mortgagor hereby gives to and confers upon Mortgagee tile right, power and authority, during the continuance of this
mortgage, lo collect the rents, i~sues 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 indebtednesssecured hereby or in performance,, of any agreement hereunder, the right to collect and retain
such rents, issties arid profits. Upon any such default, Mortgagee may al any time without notice, either in person, by agent or court appointed
receiver, and wit]tout regard lo the adequacy of any security for the indebledness hereby secured, enler upon and take possession of said property or
any part thereof in his own name sue for or otherwise collect such rents, issu~ and profits, including those past due and unpaid, and apply the
same, less costs and expenses of operation and collection, inclttding reasonable attorney's fees, upon any indebtedness secured hereby, and itl such
order as 3dortgagee may determine. The entering apon attd taking possession of said property, the collection of such rents, issttes and profits and the
application thereof as aforesaid, 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 ,,ortgage is personal to the Mortgagor and is not assignable by Mortgagor.
Mortgagee has relied upon the credit of Mortgagor, the interest of Mortgagor itt the Property and the financial market conditions lhen existing when
making this loan. If Mortgagor 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 partnerst, ip, owning all or any portion of the Property shall be changed either by
voluntary or involuntary sale or traasfer or by operation of law, Mortgagee may declare all sums due under any note, security agreement, and/or
loan documents associated herewith, immediately due and payable. Noncompliance with this covenant shall constitute and be a default of this
obligation wItich shall entitle Mortgagee to effectuate any and all remedies provided.
13. Tinte is of the essence, and a material part of this agreement. In the evettt of default, at Mortgagee's option, the entire ittdebtedness secured '
hereby shall forthwith become due and payable attd bear interest at tile rate of TWELVE PERCENT (12%) per annum; Mortgagee shall have the
right to foreclose the lien of this mortgage, to have a receiverappointed in any court proceeding, to collect any rents, issues attd profits from the
Property and apply them against the indebtedaess hereby secured; to sell the Property al foreclosure en masse, or as one Iol or parcel at the option
of Mortgagee, and to exercise any rights and remedies available under the Uniform Com,tercial Code for lite State in whiclt the property is located;
and rec~onab?e notice if reqtdred by such Code shall be five (5) days.
14. The Mortgagee may at any time, without notice, rele~eportions of said mortgaged 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 remainder of the mortgaged
premises for the full atnount 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, if any, in the Property,
whether of record or otherwise and including any right to possession, to the lien of this mortgage.
16. This mortgage, all loan docu,,ents and the note(s) secured hereby shall be governed and construed according to the laws of the State of
Wyoming. b~ the event of default, Mortgagor grants to Mortgagee a Power of Sale to foreclose on and sell said property at public auction pursaant
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 ~
assigns. The term Mortgagee shall mean the holder and owner of the note secured hereby; or if the note has been pledged, the pledgee thereof'In
this Mortgage, Wherever the context so requires, the masculine gende/ includes the feminine attd/or neuter, and the singular number includes the
plural.
Dated: June lO, 2003
Andre Hoggan x,J I ~
STATE OF IDAHO )
) SS.
coUNTy OF BONNEVILLE )
On J~ne 10, 2003, before me, the undersigned, personally appeared
Andre Hoggan and Elizabeth Hoggan, known or identified to me to be the persons
whose names are subscribed to the within ?slrument, and acknowledged to me that
they exes.ted th~ ~am~. [ ~ ~
~mm~sion Expires,'3/15/2008 ' ~ ·
NOTARY PUBLIC
,JEANNEE NANGLE
STATE OF !p~,,A~L,o~.
My Con;mission Exp res 03/15/08