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HomeMy WebLinkAbout891620020178O0 BOOK ;2)~ ' pR PAGE~ RECEIVED LINCOLN COUNTY CLERK 03 .JUL i 5 ¢,!"'i t l~ 0 6 Greys River, LLC, Mortgagor, to secure the payment of One ~m~td Thousand and NO/100 dollars ($130,000.00), with interest, evidenced by a (hereinafter the "Note") of even date herewith, and all other amounts due thereunder and all extensions and renewals thereof, when and as the same shall become due and payable hereby mortgages and warrants to LaNae Jensen as acting Trustee of the June Nield Revocable Trust dated the 4th day of January, 1990, Mortgagee, and Mortgagee's successors and assigns, the real estate in Lincoln County, Wyoming described as: A parcel of land within H.E.S. No. 223 located in Section 17 and 18 unsurveyed, Township 34 North, Range 116 West as follows: BEGZN-NING at a point which is North 17047' West a distance of 303.86 feet from Comer No. 5 of said H.E.S. No. 223, and running thence North 17047' West for 304.27 feet; thence North 73030' East for 1645.75 feet; thence South 18°11' East for 304.32 feet; thence South 73°30' West for 1647.88 feet to the point of beginning, and containing 11.50 acres, more or less. Together with all wells, buildings, structures, improvements, fixtures, and articles of personal property affixed to or used in connection with the real estate, to all of which Mortgagor represents that it has title free and from any prior liens or encumbrances (hereinafter collectively referred to as the "premises"). THE MORTGAGOR HEREBY COVENANTS AND AGREES WITH THE MORTGAGEE AS FOLLOWS: This Mortgage is given to secure payment and the Mortgagor promises to pay to Mortgagee the amount of One Hundred Thirty Thousand and NO/100 dollars ($130,000.00), with interest, evidenced by a Promissory Note of even date herewith, and all other amounts due thereunder and all extensions and renewals thereof, when and as the same shall become due and payable. Each such payment shall be applied first to the payment of interest and any balance remaining after the payment of interest shall be applied to the reduction of the unpaid principal balance. Time is of the essence and if any amount which this Mortgage secures shall not have been paid within 15 days after due, or in case another event of default shall occur as provided in the Note or this Mortgage, and if Mortgagor after receiving written notice from Mortgagee demanding cure of such non-payment default fails to cure the same within 15 days after such notice, the entire indebtedness may become due and payable at once at the option of the Mortgagee and without notice; failure to exercise this option howsoever often shall not constitute a waiver of the right to exercise it thereafter. Mortgagor will pay the indebtedness hereby secured promptly and in full compliance with the terms of said Note and this Mortgage. The time of payment of said indebtedness, or any portion thereof, may be extended or renewed, and any portions of the premises herein described may, without notice, be released from the lien hereof, without releasing or affecting the liability for the payment of said indebtedness then remaining unpaid. No change in the ownership of said premises shall release, reduce or otherwise affect any such liability for the lien hereby created. It is further agreed that the taking of additional security of any nature shall not impair or release this Mortgage; and as a further security this Mortgage shall become due and payable in full at the option of the Mortgagee if the Mortgagor, or Mortgagor's legal representatives, successors or assigns shall convey the mortgaged property or if legal or equitable title thereto shall become vested in any other person or persons in any manner whatsoever excepting those conveyances approved in writing by Mortgagee. The acceptance of any payment on the Note by the Mortgagee shall not constitute a waiver of this option, and consent to any one such conveyance shall not constitute consent to any subsequent conveyance or a waiver of this option. Mortgagor shall pay or cause to be paid all taxes and assessments levied or assessed' against the premises, and shall comply with all recordation and other laws affecting the security of this Mortgage at the expense of Mortgagor. o 10. 11. 12. Mortgagor will keep the premises free and clear of all other liens and encumbrances which may be or become superior to the lien created hereby. Mortgagor will not commit or permit waste on the premises and will keep and maintain the premises in good repair. Mortgagor will pay all expenses and attorney's fees incurred by the Mortgagee, successors or assigns, for the protection of the lien of this Mortgage or for the collection of any amount due on the instrument which this Mortgage secures or for the preservation of the premises mortgaged. Mortgagor will comply promptly, at the expense of the Mortgagor, with all laws, statutes, ordinances and regulations affecting the premises in any mmmer whatsoever. Mortgagor will pay to or cause to be paid directly to the Mortgagee, for application upon the indebtedness secured hereby, the full amount of any award or compensation for the taking or damaging by condemnation proceedings under the power of eminent domain of all or any part of the mortgaged premises. In case of the failure of the Mortgagor to do so, the Mortgagee may make any payment or perform any covenant herein to be made or performed by the Mortgagor, and any payment so made or expense incurred in connection therewith by the Mortgagee shall bear interest at the rate specified in the Note, and shall be immediately repayable by the Mortgagor, and shall be impressed as an additional lien upon the mortgaged premises, and this Mortgage shall thereupon secure the repayment of such advances with interest. In case an event of default shall occur in making payments or performing any other covenants or agreement required of Mortgagor as provided in the Note or this Mortgage, the Mortgagor hereby authorizes and empowers the Mortgagee, and Mortgagee's successors and assigns to foreclose this Mortgage by advertisement and sale as provided by the statutes of the State of Wyoming or to foreclose this Mortgage by judicial proceedings and convey the same to the purchaser in accordance with the statutes of the State of Wyoming, and out of the monies arising from such sale to retain all sums secured hereby with interest and all legal costs and charges of such foreclosure and actual attorney's fees incurred by Mortgagee (or such other amount as shall be fixed by the Court in the event of judicial foreclosure or receivership), which costs, charges and fees the Mortgagor agree to pay. In case of the foreclosure of this Mortgage, the Mortgagor hereby authorizes and empowers the Mortgagee, Mortgagee's successors and assigns, to effect insurance upon any buildings and fixtures on the premises for a period covering the time for redemption for the sale of the premises under such foreclosure, and to pay the premium therefor and the amount so paid shall be impressed as an additional lien upon the premises and shall be secured by and be collectible as a part of this Mortgage and bear interest at the rate specified in the Note, from the date said amount is paid. In the event of a foreclosure, Mortgagor hereby authorizes and empowers Mortgagee, Mortgagee's successors and assigns, to bring an action against any person who claims an adverse estate or interest therein for the purpose of determining such adverse estate or interest, and to pay costs and expenses thereof together with actual attorney's fees which amount shall be impressed as an additional lien upon said premises and shall be secured by and collectible as a part of this Mortgage. Upon commencement of any foreclosure, or at any time thereafter, and prior to the expiration of the time for redemption from any sale of the premises on foreclosure, any court of competent jurisdiction, upon application of the Mortgagee, or the purchaser at such sale, shall, at once and without notice to the Mortgagor or any other person, appoint a receiver for said premises to take possession thereof, to collect rents, issues and profits of said premises during the pendency of such foreclosure and until the time to redeem the same from the foreclosure sale shall expire, and out of rents, issues, and profits to keep the premises in good repair and condition and to pay all taxes, assessments, and special assessments, and to redeem from sale for taxes, assessments, and special assessments, and to pay insurance premiums necessary to keep the premises insured in accordance with the provisions of this Mortgage and to pay the expense of the receivership, and said receiver shall apply the net proceeds to the payment of the indebtedness secured hereby, and such receiver shall have all the other usual powers of receivers in such cases. -2- 13. 14. Failure to exercise any right, power or options herein granted to the Mortgagee, howsoever often shall not constitute a waiver thereof and shall not estop the Mortgagee from exercising any such right, power or option at any time or upon any subsequent default of the Mortgagor. All rights and remedies given or reserved to the Mortgagee herein shall be cumulative and may be exercised contemporaneously but the exercise of one or more such rights or remedies shall not exclude or prevent the exercise of Mortgagee's other rights or remedies. The MOrtgagor specifically warrants that Mortgagor is fully authorized to enter into this Mortgage, and that the acquiescence or approval of no other person is required for Mortgagor to enter into same on the terms found herein. 15. Mortgagor agrees that all of the terms and conditions contained in the Note are incorporated into and made part of this mortgage. 16. All warranties, covenants, promises, undertakings, agreements, fights, powers, privileges, benefits, obligations and remedies imposed upon or granted or reserved unto the said parties by this instrument shall survive the execution and delivery hereof and shall respectively extend to and be binding upon the respective heirs, executors, administrators, successors and assigns of said parties. IN WITNESS WHEREOF, Mortgagor has signed and sealed this Mortgage this day of_,..~u_ ]~ ,2003. Greys River, LLC, Borrower BY: Rigo Ct0parr~), authorized officer of Greys Riv-'eWi, LC STATE OF WYOMING ) ) SS COUNTY OF LINCOLN ) The foregoing Mortgage was acknowledged before me by Rigo Chaparro, who represented himself to be an authOrized officer of Greys River, LLC, this SM day of '7~ Ix{ , 2003. Witness my hand and official seal. My commission expires: 7- q../~ . S E A L Nota"r'fi Public -3-