HomeMy WebLinkAbout895736 by Rocky Mountain Title Insurarme ~Lr cw-~39o
Agency of Lincoln Counly as a
. r,.,-,,..t_e~y Only
" RECEIVED
G48 301REAL ESTATE MORTGA
FAMILY TRUST, as MORtGAgOR, to
REINHART HOMEBUILDERS, INC., an Idaho Corporation, as MORTGAGEE.
WITNES$ETH:
Mortgagor, for good and valuable considerations, the receipt of whieh is hereby acknowledged, does hereby GRANT, BARGAIN,, SELL AND
CONVEY unto the Mortgagee, his successors and assigns, all of the following described real property, to wit:
Lot 108 bt Nordic Ranches Division No. 8, Lincoln County, Wyomi/g as described on the official plat thereof.
TOGETHER WITH any and all improvements, water and ditch rights, grazing rights, rights of ways, easements, privileges, cooling,
ventilating, elevating, and irrigating apparatus and other equipment and fixtares of every nature (however evidenced), tenements,
hereditaments and appurtenances thereunto belonging or in anywise appertaining, now or hereafter ased on said land or belonging to
said lffortgagor, and any reversion, remainder, rents, issues and profits thereof, hereinafterreferred to as the "Property".
This grant is intended 'as a Mortgage, a FLrture 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 associatedwith
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 Mgned 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 TWO HUNDRED THOUSAND DOLLARS ($200,000.00), the final payment of principal and interestthereof if not sooner paid, to
be.finally due and payable JANUARY 1, 2005.
3. Payment of all such further su,ns ax may hereafter be loaned or advanced by the Mortgagee for any purpose; and any notes, drafts and/or other
instruments representing such 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 Mortgage that
it shall stand as continuing security until all such loans, advances or expenditures together with interest thereon, are paid in fidl.
A. To protect the security of this Mortgage, Mortgagor warrant~, covenants attd agrees:
1. The property 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 any improvement which may be constructed,
damaged or destroyed thereon; to pay when due all claims for labor performed and materials furnished 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, fumigate, prune, all in a good and hasbandrylike manner, the land.and intprovements 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 enutnerations herein not excluding the general.
3. To provide, maintain and deliver fire insurance satisfactory and with Ioss payable to Mortgagee; to maintain liability ihsurance; 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 tinder 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 deterndnes, be released to Mortgagor in whole or part, or any combination thereof &ich 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 encumbrances, charges and liens, with
interest, 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 su~ns expended by 3~[ortgageepursuant to the provisions hereof with interest from date of
expenditure, at a rate equal to the interest rate payable tinder the promissory note described above or twelve percent (]2°/60)per annmn, whichever is
greater.
6. To appear in and defend any action or proceeding purporting 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 tide evidence, rectsonable 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 costs and expenses shall
become a part of the indebtedness secured by this mortgage.
7. $'hould 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 and without releasing Mortgagor fro~n any obligation hereof may: tnake o~' do the same in such manner and to such
extent as 3/lortgagee may deem necessary to protect the security hereof Mortgagee being authorized to enter upon said property for 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 aH enviromnental laWS,· not to use or permit the use of the Property for any unlawful or objectionable purpase; to remedy arty
environmental contandnation 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 (any 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 lv[ortgagor or to any
other person); to forward copies of any notices received from any enviromnental agencies to Mortgagee; and to Indemnify and hold Mortgagee, his
employees, agents and his successors and assigns, harmless from and against any environmental clai~ns of any ldnd, and all costs and expenses
incurred in connection therewith, including, without limitation, attorney's fees.
9. To perform all terms and conditions of each ditch, water company and/or irrigation district, or other contract, if any, and to promptly pay all
sums due or to become clue under any dues, assessment, or contract so that no delinquency or default will occur thereunder; not to apply or enter
into any federal, state or local program which limits or restricts the use of the Property, in any Way without prior written consent of Mortgagee; to
perform all acts necessary to perfect and maintain any water permit, certificate, license or other water interest, however designated, described in Or
used in conjunction with the property; any assignment of any such interest, during the term of this mortgage, naming Mortgagee as an assignee shall
be for securitypurposes and shall not alter Mortgagor's obligations hereunder; and any failure of Mortgagor to perform any such obligation shall
constitute an event of default.
10. 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
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Real Estate ,~vfortga~o i-,
and shall be paid to Mortgagee who may apply or release such monies recelved by him in the ~ame manner and with the same effect as above
provided for disposition of proceed* of fire or other insurance.
11. The faihtre of Mortgagee to exercise any right or option provided herein at any time, shall not preclude Mortgagee from exercising any of such
'rights at arty 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 stons 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
not affect any other provision hereof and the mortgage shall be construed as though such provision had been omitted.
12. That the term "Grazing Rights," as herein used refers to that portion of the Property, if any, consisting of grazing leases, permits, license&
privilege~, and preferences, or any of them, which have or will be assigned, mortgaged or waived to Mortgagee, together with any additions,
renewals, replacements or substitutions thereof; if any portion of the Grazing Rights is a leasehold inter~t it shah constitute a single operating unit;
and itt the event of foreclosure, Mortgagee shall have the right to have such leasehold and the other real property sold as a unit and not in parcels;
Mortgagor has received no notice that the Grazing Rights have or are to be terudnated, cancelled or modified; and any termination or cancellation of
arty of the Grazing Rights shall constitute an event of default under this mortgage.
13. To execute any instrument deemed necessary by the Mortgagee to assign, mortgage or waive such Grazing Rights; to pay all fees and charges,
and to perform all acts which would adversely affect the Grazing Rights; to procure renewals of the Grazing Rights upon or prior to their expiration
date; to operate the lands covered by the Grazing Rights in conjunction with the other real estate portion of the Property and not to convey or
atten~t to convey either separately; to forward to Mortgagee copies of any notices received by Mortgagor regarding the Grazing Rights; and in the
event of foreclosure of this mortgage, to waive all clai,~ for preference itt the Grazing Rights upon demand from the purchaser of the Property at
foreclasuresale, or from any successor to such purchaser.
14. ~ additional security, Mortgagor hereby gives to and confers upon Mortgagee the right, power and authority, during the continuance of this
mortgage, to collect the rents, issues and profits of said property as they become due and payable; Reserving however unto Mortgagor, prior to arty
default by Mortgagor in payment of any indebtedness secured hereby or in performance of any agreement hereunder, the right to collect and retain
such rents, issues attd profits. Upon any such default, Mortgagee may at any time without notice, either itt person, by agent or court appointed
receiver, attd without regard to the adequacy of any security for the indebtedness hereby secttred, enter upon and take possession of said property or
any part thereof, itt his own name sue for or otherwise collect sucb rents, issues and profits, including those past due attd unpaid, and apply the
same, less costs and expenses of operation attd collection, including reasonable attorney's fees, upon arty indebtedness secured hereby, and in such
order as Mortgagee may determine. The entering upon and taking possession of said property, the collection of such rents, issues and profits attd the
application thereof as aforesaid, shall not cure or waive any default hereunder or invalidate any act done pursuant to any such default notice.
15. DUE ON SALE: The indebtedness and obligations secured by this mortgage is personal to the Mortgagor and is not assignable by Mortgagor.
Mortgagee has 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 transfer, title to or possession of, all or part of the Property, or any equitable interest
therein, whether by deed, contract for deed, assignntent, 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 partnership, owning all or arty portion of the Property shall be changed either by
voluntary or involuntary sale or transfer or by operation of law, Mortgagee may declare all sums due under any note, security agreement, and/or
loan documents associated herewith, intmediately due attd payable. Noncompliance with this covenant shall coastitute and be a default of this
obligation which shall entitle Mortgagee to effectuate any and all remedies pr° vided.
16. Time is of the essence attd a material part of this agreement. In the event of default, at Mortgagee's option, the entire indebtedness secured
hereby shall forthwith become due attd payable and bear intere~t at the rate of TWELVE PERCENT (12%) per annum; Mortgageeshall have the
.right to foreclose the lien of this mortgage, to have a receiver appointed in any court proceeding, to collect any rents, issues and profits from the
Property attd apply them against the indebtedness hereby secure& to sell the Property at foreclosure en masse, or as one lot Or parcel at the option
of Mortgagee, attd to exercise arty rights and remedies available under the Uniform Com~nercial Code for the State in which the property is locate&
and rec~onable notice if required by such Code shall be five (5) days.
i 7. The Mortgagee may at any time, without notice, releaseportions of said mortgagedpremisesfrom the lien of this mortgage, without affecting
the personal liability of arty person for the payment of the said indebtedness or the lien of this mortgage upon the remainder of the mortgaged
premises for the full amount of said indebtedness then remaining unpaid.
18. Mortgagor attd each ~of them join itt this instruntentfor the purpose of subjecting each of their right, title and interest, ifany' in the Property,
whether of record or otherwise attd including any right to possession, to the lien of this mortgage.
19. This mortgage, all loan documents and the note(s) secured hereby shall be governed and construed according to the laws of the State of Idaho.
20. This mortgage applies to, inures to the benefit of and binds all partie, hereto, their heirs, devisees, personal representative~,successors and
assigns. The term Mortgagee shall mean the holder and owner of the note secured hereby; or if the note has been pledged, tbe pledgee thereof. In
this Mortgage, wherever the context so requires, the masculine gender includes the feminine and/or neuter, and the singular number includes the
plural,
Date& October 31, 2003
Karen McClintick, Trustee
STATE OF IDAHO )
) ss
COUNTY OF B. ONN~EVILLE )
known or identified to me to be the person whose name is subscribed to the within
instrument as Trustees of the McClintick Family Trust and acknowledged to me
that they executed the same as T~stees of~u~ Trust. ~'~
Not~t~ Publi~ for the State of ld~aho.~
Cq~'nmission Expiration Date: ~-~,~ ~ .-~ ~a(~.~f.~ ~.~