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HomeMy WebLinkAbout891327BOOK ~Jt%, ':-~PR PAGE 1327 ESTATE MOR TGA GE (Wyoming) LIr' 'OOLr,. CO{],',/.,Ty' CLER,~( rltI$ MORTGAGE is granted by SALT RIVER HOMES, LLC, a Wyoming Limited Liability Cotnpany, as MORTGAGOR, to REINHART-EDWARDS, L.L.C., a [Vyoming Limited Liability Company, as MORTGAGEE. ~IqTIVE$$ETIt: Mortgagor;for good and 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 Wyoming, unto the Mortgagee, his successors and assigas, all of the following described real property, to wit: Lot 199 of Nordic Ranches, Division No. 13, Lincoln County Wyoming, according to the recorded plat thereof recorded in the Lincoln Cottttty 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 Mortgagor, and any reversion, remainder, rents, issues and profits thereof, hereinafterreferred to as the "ProperO,". This grant is intended as a Mortgage, a F£xture Filing and Security 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"shall include the above describednote, this mortgage, and any other documents or instruments signed irt connection with this loan. 2. Payment of the indebtedness evidencedby 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 final(3~ due and payable January 2nd, 2004. 3. Payment of all such fitrther sums as may hereafter be loaned or advanced by the Mortgagee for any purpose; and any notes, drafts and/or other instmtments representingsuch further loans, advances or expendituresshall be optional with the Mortgagee, and shall become due and payable no later than the final maturity 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 continuing security until all, such loans, advances or expenditures together with interest thereon, are paid in full. A. To protect the securiO! of thi~, Mortgage~ l[lortgagor warrants~ covenants and agrees: . 1. The properO~ is free from all encumbrances, except as may be described herein, and that Mortgagor shall warrant and defend the same forever against the lawful claims and demands of all persons whomsoever, and this covenant shall not be extinguished by foreclosure 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 in a good workmanshiplike manner an~v improvement which may be constructed, damaged or destroyed thereon; to pay when &~e all claims for labor performed and materials fitrnished thereto or therefor; to comply with all laws affecting said property or requiring atg~ 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 husbandrylike manner, the land and improvements thereto; to not change or permit change in 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 deliver fire insurance satisfactory and 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 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 property; to pay when due all encumbrances, charges and liens, with interest, affecting said property which are or may appear to be prior or superior hereto; and to pa), all costs, fees and expenses of this Mortgage and associated loan documents. 5. To pay immediately attd without demand all sums 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 twelvepercent (12%) per annum, whichever is greater. 6. To appear in and defend any action or proceedingpurporting to affect the security 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 bankruptcy, appellateproceedings or otherwise, and all such costs and expenses shall become a part of the indebtedness secured by this mortgage. 7. Should Mortgagor fail to make any payment or to cio any act as herein provided, Mortgagee, but without obligation so to do and without notice or demand upon Mortgagor and without releasing Mortgagor from at9~ obligation hereof, may: make or do the same in such manner and to such extent as Mortgagee nmy deem necessary to protect the security hereof, ~V[ortgagee being authorized to enter upon said propertyfor such purposes; appear in and defend any action or proceedingpurporting 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 Mortgagee appears to be prior or superior hereto; and in exercising any such powers or in enforcing this ~[ortgage by judicial foreclosureor 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 unla}gful or objectionable purpose; to remedy any environmental contamination or violation of environmentallaws 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 Mortgagee shall be for Mortgagee 'sputTJoses only and shall not be construed to create any responsibilityor liability on the part of Mortgagee to Mortgagor or to any otherpersotO ; to forward copies of any notices received from any environmentalagencies to Mortgagee; and to Indemnify and hold Mortgagee, his employees, agents and his successors and assigns, harmless from and against any environmental claimx of any kind, and all costs and expenses incurred in connection therewith, including, without limitation, attorney's fees. 9. Any award of datnages in connection with any condemnation for public use of or injury to said pr°P erty or any part thereof, is hereby assigned and shall be paid to Mortgagee who may 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. 10. The failure of Mortgagee to exercise any right or option provided herein at any 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 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, such invalidity or unenforceabilityshall Real E, tare l~4'ortgage (1/99) - Page 1 um/Iffordic199Mtg :i i -~,i'~ :' ,t affect any other provision hereof and the mortgage Shall be construed as though such provision had been omitted ~ gf ~ 11. As additional security, Mortgagor hereby gives to and confers upon ~[ortgagee the right, power and authority, during the continuance of this ortgage, to collect the rents, issues and profits of said property ~ they become due and payable; Reserving however unto Mortgagor, prior to any ~fault by Mortgagor in payment of any indebtednesssecured hereby or in pe~ormance of any agreement hereunder, the right to collect and retain mh rent& issues and profits. Upon any such default, Mortgagee may at any time without notice, either in person, by agent or court appointed ,ceiver, and without regard to the adequacy of any security for the indebtedn~s hereby secured, enter u~on and take possession of said property or w part thereof, in his own name sue for or otherwise collect such rents, issues and profits, including those p~t due and unpaid, and apply the tme, less costs and expenses of operation and collection, including re~onable attorney ~ fe~, upon any indebtedn~s secured hereby, and in such 'der ~ ~[ortgagee may determine. The entering upon and mking ~ossession of said property, th~ collection of such rents, issues and profits and the ~plication thereof ~ aforesaid shall not cure or waive any default hereunder or invalidate any act done pursuant to any such default notice. 12. DUE ON S~E: The indebtedness and obligatio~ secured by this mortgage is personal to the Mortgagor and is not ~signable by Mortgagor. ~rtgagee h~ relied u~on the credit of Mortgagor, the interest of Mortgagor in the Property and the financial market conditions then existing when aking this loan. If Mortgagor transfers or contracts to transfer, title m or ~ossession of all Or part of the Property, or any equitable interest erein, whether by deed, contract for deed, ~signment, le~e for a term in exc~s of one year, Ieee with an option to purch~e, option to purch~e, · similar agreement; or ~the ownership of any corporation or ~artnership, owning all or any portion of the Property shall be changed either by duntary or involuntary sale or transfer or by operation of law, Mortgagee may declare all su~ due under any note, security agreement, and/or an documents ~sociated herewit& imtnediately due and payable. Noncompliance with this covenant shall constitute and be a default of this digation 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 ~ option, the entire indebtedness secured :reby shall forthwith become due and payable and bear interest at the rate of TWELVE PERCENT (12~) per annum; Mortgagee shall have the ght m foreclose the lien of this mortgage, to have a receiver appointed in any court proceeding, m collect any rents, issues and profits from the · operty and ap~ly them against the indebtedness hereby s~cure&' to sell the Property at foreclosure en m~se, or as one lot or parcel at the option '~Iortgagee, and to exerciseany rights and remedies available under the Un~orm Commercial Code for the State in which the property is located; ,d re~onable notice ~required by such Code shall be five (5) days. 14. The Mortgagee may at any time, without notice, rele~e portions of said mortgaged premises from the lien of this mortgage, without affecting e personal liability of any ~erson for the payment of the said indebtedness or the lien of this mortgage upon the remainder of the mortgaged 'emises for the fidl amount of said indebtedness then remaining unpaid 15. Mortgagor and each of them join in this i~t~mentfor the purpose of subjecting each of their right, title and interest, ~ any, in the Property, ~ether of record or otherwise and including any right to possession, m the lien of this mortgage. 16. This moktgage, all loan documents and the note(s) secured hereby shall be governed and co~tmed according to the laws of the State of ~oming. In the event of default, Mortgagor grants to Mortgagee a Power of Sale to foreclose on and sell said pro~erty at public auction pursuant Wyoming Statute Section 34-4-10] et:seq. 17. This mortgage applies to, inures to the benefit of and binds all parties hereto, their heirs, devisees, personal representatives, successors and signs. The term &[ortgagee shall mean the holder and owner of the note secured hereby; or ~ the note hm been pledged, the pledgee thereof. In is Mortgage, wherever ~es, the masculine gender includes the feminine and/or neuter, and the singular number includes the ~ted: ~~~0 ~ / ~ By: ) ) ss 7OUNTY OF BONNEVILLE ) ~.,ARR Y REINHART and JOSEPH BELLOFF mown or identil~ed *o me toke_the Managers of SALT RIVER HOMES, LLC and Vota~/]~lic/~~ ~~for the Sta~e of / ' ~DY K:~.~N ~ MY ~MMISSION EXB?Es':319109 Real Estate Mortgage (1/99) - Page 2 wn/Nordic199Mtg ~::i: :