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LINCOLN COUNTY CLE
REAL
ESTATE MOR TGA GE
(WyomingO
d E A N E W,q G N E F
· " I~"~ '~-~ ~' W v
TIII, g MORTGAGE is granted by SALT RIVER HOMES, LLC, a Wyoming Limited Liability Company,. as MORTGAGOR, to
THE CLARENCE & DOROTHY REINHART FAMILY LIVING TRUST dated Miry 21, 2003, as 3~IORTGAGEE.
WITNESSETtI:
Mortgagor, for good and valuable considerations, the receipt of which is hereby acknowledged, does hereby GRANT, BARGAIN,, SELL, CONVEY
AND WARRANT and fitrther releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming, unto the 3/lortgagee,
his successors and assigns, all of the following described real property, to wit:
Lot 185 of Nordic Ranches, Divisiott No. 13, Lincoln CottnO, Wyoming, according to the recorded plat thereof
recorded itt 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 ]¢Iortgagor, and any reversion, remainder, rents, issues and profits thereof, hereinafter referred to as the "Property ".
This grant is intended as a Mortgage, a Fixture Filing and ,gecurity Interest for the Purpose of Necuring:
1. Performance of each agreement of Mortgagor herein contained, each agreement and covenant contained in the loan documents associatedwith
this mortgage, and att3, extension, renewal, modification and/or amendment thereof "Loan documents"shall include the above described note, this
mortgage, and arty other documents or instruments signed 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 ONE HUNDRED THIRTY-FIVE THOUSAND DOLLARS ($135,000.00), the final payment of principal and interest thereof, ~f ·
not sooner paid, to be finally due and payable Novetnber 20, 2004.
3. Payment of all such further sums as may hereafter be loaned or advanced by the Mortgagee for any purpase; and arty notes, drafts and/or other
instruments representingsuch further loans, advances or expenditures shall 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 A/lortgage that
it shall stand as continuing security until all such loans, advances or expenditures together with interest thereon, are paid irt full.
A. To protect the security of this Mortgage, 2~Iortgagor warrants, covenants attd agrees:
1. The property is free from all encumbrances, except as may be described herein, attd 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 byforeclosare or other transfers.
2. To keep all buildings and other improvements now or hereafter existing in good condition and repair; to not remove or dentolish arty 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 claints for labor performed and materials fitrnished thereto or therefor; to comply with all laws
affectingsaid property or requiring any 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 itnprovements 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 attd with loss payable to Mortgagee; to maintain liability iasurance; to pay all
premiums and charges on all such insurance when due; and to provide 3~lortgagee 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 3/Iortgagee 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 clone pursaant to such notice.
4. To pay before delinquency all taxes, assessments, or rents affecting said property; to pay when dae all encumbrances, charges and liens, with
interest, affecting said property which are or may appear to be prior or superior hereto; attd to pay all costs, fees and expenses of this Mortgage and
associated loan documents.
5. To pay immediatelyand 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 twelve percent (12%) per annum, whichever is
greater.
6. To appear in and defend any action or proceedingpurporting to affect the securityhereof 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, advonces, and/or costs, paid or
incurred by Mortgagee to protect or enforce its rights under bankruptcy, appellate proceedings or otherwise, and all such casts 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 withoat obligation so to do and without notice
or demand upon ]~lortgagor and without releasing Mortgagor from any obligation hereof, may: make or do the same itt 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 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 Mortgage by judicial foreclosure or otherwise, pay the necessary expenses, costs and reasonable attorney's fees.
8. To comply with all laws, ordinances, regulations, covenants, conditions and restrictions affecting the Property and its use, including without
limitation all environmental laws; not to use or perntit the use of the Property for any unlawfid or objectionable purpose; to remedy any
environmental contamination or violation of environmental laws that may occur or be discoveredin 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 texts made by lvIortgagee shall be
for Mortgagee 'spurpases only and shall not be construed to create arty responsibilityor liability on the part of Mortgagee to Mortgagor or to arty
other person); 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 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
and shall be paid to )vIortgagee who may apply or release such monies received by 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 acceptingpayment 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 faihtre so to pay; all rights conferred on Mortgagee a)'e cumulative
and additional to arty rights conferred by law; and if any provision is found to be invalid or unenforceable, such invalidityor unenforceabilityshall
Real Estate 11~or~;7'~%r7'''~'-' - Page
no[affect any other provision hereof and the mortgage shall be construed as though such provision had been omitted.
11. As additional securi05 Mortgagor hereby giv~ to and co~ers u~on Mortgagee the right, power and authority, during the continuance of this
mortgage, to collect the rents, is, ue, and profits of said property ~ they become due and payable; Rese~ing however unto Mortgagor, prior to any
default by Mortgagor in pgymen t qf any indebtedn~s secured hereby or in performance of any agreement hereunder, the right to collect and retain
*uch rents, i~sues and profits. Upon any such default, Mortgagee may at any time without notice, either in person, by agent or court appointed
receiver, and without regard to the. adequacy of any ,ecurityfor the indebtedn~, hereby ~ecured, enter upon and take possession of said property or
any part thereo~ in his own name sue for or othe~wise collect such rents, issues and profits, including those p~t due and unpaid, and apply the
same, less costs and expenses of operation and collection, including re~onable attorney ~ fe~, ~on any indebtedn~, secured hereby, and in *uch
order a~ Mortgagee may determine. The entering upon and taking poss~sion of said property; the collection of such rents, issues and profits and the
application thereof ~ afor~*ai4 shall not cure or waive any default hereunder or invalidate any act done pursuant to any such defatdt notice. ·
12. DUE ON S~E: The indebtedness and obligations secured by this mortgage is personal to the Mortgagor and is not ~signable by Mortgagor.
Mortgagee ha~ relied upon the credit of Mortgagor, the interest of Mortgagor in the Property and the financial market conditions then existing when
making this loan. If Mortgagor transfers or contracts to tran.~er, title to or poss~sion o~ all or part of the Property, or any equitable inter~t
therein, whether by deed, contract for dee4 msignment, le~e for a term in exc~s of one year, le~e with an option to purch~e, option to purchme,
or similar agreement; or ~ the ownership of any corporation or partnership, owning all or any portion of the Property shall be changed either by
volunta~T or involunta~ sale or transfer or by operation of law, Mortgagee may declare all sut~ due under any note, security agreement, and/or
loan docament~ ~sociated herewith, inanediately 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 remedie$ provided
13. l~tne is of the essettce and a material part of this agreement, b~ the event of default, at Mortgagee ~ option, the entire indebtedness secured
hereby shall forthwith become clue and payable and bear interest at the rate of TWELVE PERCENT (12%) per annum; 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, issu~ and profitsfrom the
ProperO~ and apply them against the indebtedness hereby secared; to sell the Property at foreclpsure en m~,e, or ~ one lot or parcel at the option
of Mortgagee, and to exercise any rights and remedies available under the [b~orm Commercial Code for the State in which the property is located;
and rea~onable notice ~ required by such Code shall be five (5) day:~.
14. The Mortgagee may at any time, Without notice, rele~e portions of said mortgaged premis~ from the lien of this mortgage, without affecting
the personal liabiliO, of any person for the payment of the said indebtedn~s or the lien of this mortgage upon the remainder of the mortgaged
premises for the fidl amount of said indebtedness then remaining unpaid
15. Mortgagor and each of them join in this instrumeni for the putpose of subjecting each of their right, title and interest, ~ any, in the ProperO¢
whether of record or otherwise and including any right to poss~vsion, to the lien of this mortgage.
16. This mortgage, all loan doctt~nent~ 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 ,ell said property at public attction pursuant
to Wyoming Statute Section 34-4-101 et:seq.
17. This mortgage applies t% inttr~ to the benefit of and binds all parti~ hereto, their heirs, devise~,personal repr~entativ~,succ~sors and
~*igns. the term Mortgagee shall mean the holder and owner of the note secured hereby; or ~ the note hm been pledged, the pledgee thereof. In
this Mortgage, wherever the context so require, the m~culine gender includes the feminine and/or neuter, and the singular number includes the
plural.
SAL~ .
STATE OF ID 0 )
) ss
COUNTY OF BONNEVILLE ~ )
LNBR Y REINHART and JOE BELLOFF
known or ident¢ed to me to be the Manager¢ of SZ~T ~V~R ~0~¢, LLC and
acknowledged to me that said ~imited Liability Company executed the same.
IOTA Y PUBLIC [
STATE OF IDAHO
w~m/Plordict 66Ml'~ ._..2. z i _