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HomeMy WebLinkAbout89175489175 ~'~3OK ~'Z ~'~PR PAGE "1 5 2 RECEIVED :LINCOLN COUNTY CLERK 03 JUL 18 PP, t2: I 0 JEANNE WA6NER Do not write/type above this line. For filing purposes only. RETURN TO Farm Credit Services of America, 1401 Wilkins Circle, PO Box 878 Jan Holmquist PREPARER: Casper, WY 82602-0878 (800)359-0235 Farm Credit Services of America REAL ESTATE MORTGAGE For the State of Wyoming Open-End To Secure Present and Future Obligations and Advances Date: July 18, 2003 Mortgagor(s): D JR Land and Livestock Ltd Partnership, a Limited Partnership Mailing Address: 184 Sandhill Road Lyman WY 82937-0000 FORM 5014 (6-20011 The above named Mortgagor(s) in consideration of the advance by Mortgagee Of the principal sum specified below, the receipt of which is hereby acknowledged, and any future, additional or protective advances made at Mortgagee's option, hereby sell, convey, and mortgage to Farm Credit Services of America, FLCA, 5015 S118th St; PO Box 2409, Omaha NE 68103-2409 Mortgagee, its successors and assigns, from the date hereof until all obligations secured hereby are pa d n full, the follow ng-described real estate in Lincoln County(les), Wyoming, to wit: '~'~"'~' '""%' A ~''~ ,..,~e ..... - See Exhibit together with all Mortgagor's right, title, and interest in the property, now or hereafter acquired, including: all buildings, fixtures, crops, and improvements now on or hereafter placed upon the property; all appurtenances, water, irrigation, and drainage rights; all rents, issues, uses, income, profits, and rights to possession; all oil, gas, gravel, rock, or other minerals of whatever nature, including geothermal resources; all personal property that may integrally belong to or hereafter become an integral part of the real estate whether attached or detached, including any appurtenances and accoutrements of any structure or residence secured hereby; easements and other rights and interests now or at any time hereafter belonging to or in any. way pertaining to the property, whether or not specifically described herein; all above and below ground irrigation equipment and accesso,es; and all leases, permits, licenses, or privileges, appurtenant or nonappurtenant to the property, now or hereafter issued, extended, or renewed by Mortgagor(s), any State, the United States, or any department, bureau, instrumentality, or agency thereof. The foregoing is collectively referred to in this document asthe "property;" It is understood and agreed between Mortgagor(s) and Mortgagee that this mortgage is given to secure the repayment in full of the following described promissory note(s), and all future and additional loans or advances, protective or otherwise, which may be made by Mortgagee, at its option, at the request of, and to or for the account of Mortgagor(s), or any of them, for any purpose, plus interest thereon, all payable according to the terms of the note(s) or other instrument(s) modifying the same. Date of Note Principal Amount 07/18/2003 130,000.00 Provided, however, that the total principal indebtedness outstanding and secured hereby at any one time will not exceed the sum of ONE HUNDRED THIRTY THOUSAND DOLLARS($ 130,000.00), exclusive of interest and protective advances authorized herein or in the loan agreement(s). NOTHING CONTAINED HEREIN SHALL CONSTITUTEA COMMITMENT TO MAKE FURTHER OR ADDITIONAL ADVANCES IN ANY AMOUNT AT ANY TIME, WHETHER OR NOT THE TOTAL PRINCIPAL iNDEBTEDNESS ABOVE HAS BEEN ADVANCED. This mortgage will be due January 01, 2023. Mortgagor(s) hereby warrants that Mortgagor(s) holds fee simple title to the above described property, that Mortgagor(s) has good and lawful authority to mortgage the same, that the property is free and clear of all liens and encumbrances, except encumbrances of record, and that Mortgagor(s) will warrant and defend the property at Mortgagor's expense against all claimants whomsoever. Mortgagor(s) also hereby waives and relinquishes all rights of dower, homestead, distributive share, and exemption in and to the above described property. Mortgagor(s) and each of them further covenant and agree with Mortgagee as follows: 1. To pay all liens, judgments, or other assessments against the property, and to pay when due all assessments, taxes, rents, fees, or charges upon the property or under any lease, permit, license, or privilege assigned to Mortgagee as additional security to this mortgage, including those in or on public domain. 2. To insure and keep insured buildings and other improvements, including fixtures and attachments now on or hereafter placed on the property to the satisfaction of Mortgagee. Such insurance will be approved by and deposited with Mortgagee, and endorsed with a mortgage clause with loss payable to Mortgagee. Any sums so received by Mortgagee may be applied in payment of any indebtedness matured or unmatured secured by this mortgage, or at the option of Mortgagee may be used to pay for reconstruction of the destroyed improvements. Such insurance will be in an amount at least equal to the lesser of the loan balance, the actual cash value of the collateral, or the replacement cost of the property, and will at a minimum, cover losses caused by fire, lightning, explosion, riot, aircraft, vehicles, vandalism, civil commotion, smoke, windstorm, and hail. I/We will obtain and keep flood insurance in force to cover losses by flood as required by Lender and by the National Flood Insurance Act of 1968, as amended, and by regulations implementing the same. I/VVe further agree that Lender is not and wilt not be liable for any failure by me/us or by any insurer, for whatever reason, to obtain and keep this insurance in force. 3. To keep all buildings, fixtures, attachments and other improvements now on or hereafter placed on the property occupied and in good repair, maintenance, and condition and to neither commit nor permit any acts of waste or any impairment of the value of the property. Mortgagee may enter upon the property to inspect the same or to perform any acts authorized herein or in the loan agreement(s). 4. Inthe event Mortgagor(s) fails to pay any liens, judgments, assessments, taxes, rents, fees, or charges or maintain any insurance on the property, buildings, fixtures, attachments, or improvements as provided herein or in the loan agreement(s), Mortgagee, at its option, may make such payments or provide insurance, maintenance, or repairs and any amounts paid therefor will become part of the principal indebtedness secured hereby, be immediately due and payable and bear interest at the default rate provided in the note(s) from the date of payment until paid. The advancement by Mortgagee of any such amounts will in no manner limit the right of Mortgagee to declare Mortgagor(s) in default or exercise any of Mortgagee's other rights and remedies. 5. In the event Mortgagee is a party to any litigation affecting the property or the lien of this mortgage, including any action by Mortgagee to enforce this mortgage or any suit in which Mortgagee is named a defendant (including condemnation and bankruptcy proceedings) Mortgagee may incur expenses and advance payments for abstract fees, attorneys fees (to the extent allowed by law), costs, expenses, appraisal fees, and other charges Ap #: 00309692; Primary Customer ID #: 00020656; CIF #: 8642 FORM 5014, Real Estate Mortgage Legal Doc. Date: July 18, 2003 Page 1 453 and any amounts so advanced will become part of the principal indebtedness secured hereby, be immediately due and payable and bear interest at the default rate provided in the note(s) from the date of advance until paid. 6. Any awards made to Mortgagor(s) or their successors by the exercise of eminent domain are hereby assigned to Mortgagee; and Mortgagee is hereby authorized to collect and apply the same in payment of any indebtedness, matured or unmatured, secured by th s mortgage. 7. In the event of default in the payment when due of any sums secured hereby (pr nc pa, nterest, advancements, or protective advances), or failure to perform or observe any covenants and conditions contained herein, in the note(s), loan agreement(s), or other instrument(s), or any proceeding is brought under any Bankruptcy laws, Mortgagee, at its option, may declare the entire indebtedness secured hereby to be immediately due and payable and the whole will bear interest at the default rate as provided in the note(s) and Mortgagee may immediately foreclose this mortga0e or pursue any other remedy at law or equity, including foreclosure by advertisement with a power of sale in Mortgagee to the extent provided by applicable law. Delay by Mortgagee in exercising its rights upon default will not be construed as a waiver thereof and any act of Mortgagee waiving any specific default will not be construed as a waiver of any future default. If the proceeds under such sale or foreclosure are insufficient to pay the total indebtedness secured hereby, Mortgagor(s) does hereby agree to be personally bound to pay the unpaid balance, and Mortgagee will be entitled to a deficiency judgment. 8. Upon default, Mortgagee will at once become entitled to exclusive possession, use, and enjoyment of the property and to all rents, issues, crops, profits, and income thereof, from the time of such default and during the pendency of foreclosure proceedings and the period of redemption, the delivery of which may be enforced by Mortgagee by any appropriate suit, action, or proceeding. Mortgagee will be entitled to a Receiver for the property and all rents, issues, crops, profits, and income thereof, without regard to the value of the property, or the sufficiency thereof to discharge the mortgage debt and the foreclosure costs, fees, and expenses. Such Receiver may be appointed by any court of competent jurisdiction upon ex parte application, notice being hereby expressly waived. The Receiver will apply all rents, issues, crops, profits, and income of the property to keep the same in good repair and condition, pay all taxes, rents, fees, charges, and assessments, pay insurance premiums necessary to keep the property insured, pay the expense of the receivership and attorney fees incurred by the Receiver, and apply the net proceeds to the payment of the · indebtedness secured hereby. Such Receiver will have all the other usual powers of receivers authorized by law and as the court may direct. 9. The integrity and responsibility of the Mortgagor(s) constitutes a part of the consideration for the obligations secured hereby. Should Mortgagor(s) sell, transfer, or convey the property described herein without prior wri~en consent of Mortgagee, Mortgagee, at its option, may declare the entire indebtedness immediately due and payable and may proceed in the enforcement of its rights as on any other default. 10. Assignment of Rents including Proceeds of Mineral Leases. MortgagorlsJ hereby assigns, transfers, and conveys to Mortgagee all rents, royalties, bonuses, end delay moneys or other proceeds that may from time to time become due and payable under any real estate lease or under any oil, gas, gravel, rock, or other mineral lease of any kind includ ng geothermal resources now existing or that may hereafter come into existence, covering the property or any part thereof. All such sums so received by Mortgagee will be applied to the indebtedness secured hereby; or Mortgagee, at its option, may turn over and deliver to Mortgagor(s) or their successors in interest, any or all of such sums without prejudice to any of Mortgagee's rights to take and retain future sums, and without prejudice to any of its other rights under this mortgage. This assignment will be construed to be a provision for the payment or reduction of the mortgage debt, subject to the Mortgagee's option as hereinbefore provided, independent of the mortgage lien on the property . Upon payment in full of the mortgage debt and the release of this mortgage of record, this assignment will become inoperative and of no further force and effect. 11. This Mortgage constitutes a Security Agreement with respect to all the property described herein. 12. The covenants contained in this mortgage will be deemed to be severable; in the event that any portion of this mortgage is determined to be void or unenforceable, that determination will not affect the validity of the remaining portions of the mortgage. D JR Land and Livestock Ltd Partnership, A Limited Partnership LIMITED PARTNERSHIP BORROWER ACKNOWLEDGMENT STATE OF W¥ominq ) )ss COUNTY OF Lincoln ) On this 1 E~ t-h day of ,7]] ] y , ~2-0~, before me, a Notary Public, personally appeared D. Jud .Redden and Ledah H. Redden to me known to be the person(s) named in and who executed the foregoing instrument, who did say that he/they is/are the general partner(s) of DJR Land and Livestock, Limited Partnership a limited partnership, and that the instrument was signed on behalf of the limited partnership by authority of its partners and the general partners acknowledged the execution of the instrument to be the voluntary act and deed of the limited partnersl~-p by it and by them voluntarily executed. ] LINCOLN ~ WYOMINGt ~a~'; N.' New%;n L ....~ (Type name under 3ignature) My c%A~i~s~ ~x~ir;s- -R~ ~ 5 , Z0 0 3 Notary Public in and for said County and State Ap #:00309692; Primary Customer ID #:00020656; CIF #: 8642 Legal Doc. Date: July 18, 2003 FORM 5014, Real Estate Mortgage r ~ Page 2 · . :;.:::::: .:: : >!.::i::::. Exhibit "A" At%ached %0 REal Esa%e Mortgage dated and Livestock Limited Partnership 07/18/2003 454 for DJR Land Township 19 Nodh, Range 112 West of the 6~h P,M. ' Section 4: Lots ~', 3 & 4, S1/2NW1/4; N1/2SW1/4; SW1/4NE1/4; NE1/4SEI/4 Township 20 Nodh, Range 112 West of the 6'h P.M.: Section 33: Beginning at the Southwest corner of Section 33, running East on a Section line 2065 feet to West line of Oregon Shod Line Railroad Right-of-Way, thence in a Nodhwesterly direction to a point where the West Boundary Line of Section 33 intersects the West Boundary of said Q.S.L. Right-of-Way, thence running South on Section Line 736 feet to the West Quarter Corner of Section 33, thence running South one-half mile on Section Line to point of beginning, being the Southwest corner of Section 33, Township 20 Nodh, Range 112 West of the 6th P.M. . The South half of the Southeast querier, the Northwest quarter of the Southeast quarter, and the South half of the Southwest quarter of Section 4; the South half of the Southwest quarter, the Northwest quarter of the Southwest quarter, the Southwest quarter of the Northwest quarter of Section ~10; also 80 aores in the East half of the Northeast quarter of Section 9; and a portion of the West half of the Northeast quarter of Section 9, containing 40 acres, more or less and more particularly described as follows: Beginning at the North quarter corner of said Section 9, running East on Section Line one-fourth of a mile to.the Northeast corner of the Northwest 'querier of the Nodheast quarter of Section 9, running thence South on Quarter-Quarter Section Line 'one-half mile to the Southeast corner of the Southwest quarter of the Nodheast quader of Section 9, thence running in a Northwesterly direction on a straight line to the North quarter corner of Section 9, the point of beginning, all in Township 19 North, Range 112 West of lhe 6~h P.M, Township 19 Nodh, Range 112 West of the 6~' p.M.. SeCtion4:Lot1 SE1/4NE1/4 Section 10:N1/2NW1/4 All of the above located in Lincoln County, Wyoming