HomeMy WebLinkAbout896179 RECEIVED
' ~'STAT.~ M'Oi]~T(~zd~ G.~LINCOLN COUNTY CLERK
THIS MORTGAGE is granted by GER~ MCCLINTICK and ~N MCCLINTICK, as Trustee~ '~fthe ~cCttttte~:'Famtly
rr~sL ~ MORTGAGOR, to
REINH~T HOME BUILDER& .LLG a Wyotning Limited Liability Cotnpany, ~ MORTGAGEE.
WI TNESSE TIt:
Mortgagor, for good and valuable considera)ions, the. receipt of which is hereby acknowledged, does hereby GRANT,, BARGAIN, SELL, CONVEY
AND WARJLdNT, and fitrther releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming, unto the Mortgagee,
his successors and assigns, all of the following described real property, to wir.
Lot 108 in Nordic RanChes Division No. 8, Lincoht County, Wyonting as described on the official plat thereof
TOGETHER WITH any and all improve,tents, water and ditch rights, rights of ways, easements, privileges, ventilating, tenenlents,
hereditaments and appurtenances thereunto belonging or in anywise appertaining, now or hereafterused on said land or belonging to
said Mortgagor, and any reversion, remainder, rents, issues and profits thereof here~nafterreferred to as the "Property".
This grant is intended as a Mortgage, a Fixture Filing and Security Interest for the Purpose of Securing:
1. Performance ofeach agreement of Mortgagor herein contained, each agreement and covenant contained in the loan docuntents associatedwith
this mortgage, and any extension, renewal, modification and/or amendment thereof. "Loan documents"shall include the above described note, this
mortgage, and any other documents or instruments signed in connection with this loan.
2. Payment of the indebtedness evidenced by a prondssory note of even date herewith, and any extension or renewal thereof in the principal sum
of TWENTY TWO THOUSAND DOLLARS ($22,000. 00), the final payment of principal and interest thereof if not sooner paid, to be
.finally due and payable JANUARY 1, 2005.
3. Paytnent 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
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 shah stand as continuing security until all such loans, advances or expenditures together with interest thereon, are paid in full.
A. To protect the security of this Mortgage, 3tortgagor warrants, covenants and agrees:
1. The property is free from all enculnbrances, 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 whonlsoever, and this covenant shall not be extinguishedby 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 fitrnished 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, fitmigate, prune, all in a good and hasbandrylikemanner, 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 othe[' insurance policy may, at Mortgagee's option and determination, be applied upon any indebtedness secured bereby in
such order 'as Mortgagee 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 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 saidproperty 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 sums expended by Mortgageepursuant to the provisions ]tereof 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°/6) per annum, 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 title evidence, reasonable 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. Should 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 from any obligation hereof may: make or do the same in such manner and to such
extent as Mortgagee may deem necessary to protect the security hereof Mortgagee being attthorized 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 'qomply *~'ith all laws, ordinances, regt;lat..ions~ covenants, conditions and restrictions affecting the Property and its use, including without
limitation all environmental laws; not to use or perinit the use of the Property for any unlawful or objectionable purpose; to remedy arty
environmental contamination 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 Mortgagor or to any
otherperson); to forward copies of qny notices received from any environmentalagencies to Mortgagee; and to Indenmify and hold Mortgagee, his
employees, agents and his su'ccessor~ 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 Mortgagee who may apply or releasesuch ~nonies receivedby him in the same manner and with the same effect as above
provided for disposition of proceeds of fire or other insurance.
]0. The failure of Mortgagee to exercise any right or option provided herein at any titne, shall not preclude Mortgagee from exercising any of such
rights at any other time; by accepting payment of any sum secured hereby after its clue date, Mortgagee does not waive his right either to require
prompt payment when clue of all other sums so secured or to declare default for failure so to pay; atl 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 invalidityor unenforceabilityshall
08961?9 ' - . 636
11. As adc]Jtional security, Mortgagor hereby gives to and co~ers 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 du'e and payable; Reserving however unto Mortgagor prior to any
default by Mortgagor tn pa) ment of any mdebtedness secured hereby or m performance of any agreement hereunder, the right to collect and retain
such rents, issues and profits. Upon any such default, Mortgagee may at any time without notice, either itl person, by agent or court appointed
receiver, and without regard to the adequacy of any security for the indebtedness hereby secured, enter upon and take possession of said property or
sro, part thereof itl his own name sue for or otherwise collect such rents, issues and profit& including tbose past due and unpaid, and apply the
same, less costs and expenses of operation and collection, inchtding rea. vonable attorney's fees, upon any indebtedness secured hereby, and in such
order a.~ Mortgagee may determine. The entering upon and taking possession of said properO~, the collection of such rents, issuem and profits and the
application thereof as aforesaid, shall ilot cure or waive any default herent~d&r or invalidate any act done pursuant to arty such default notice.
12. DUE ON SALE: Tire indebtedness and, obligations secured by this mortgage is personal to tile Mortgagor and is not assignable by Mortgagor.
Mortgagee has relied upon the credit of Mortgagor, tile interest of Mortgagor itl tile 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, assignment, lease for a term in excess of one year, lease with an option to purchase, option to purchase,
or similar agreement; or if tile ownershi~ of any corporation or partnership, owning all or any portion of the Property shall be changed either by
volflntary or in voluutarysale or transfer or by operation of law, Mortgagee may declare all sunts due under any note, security agreement, and/or
loau docuntents associated herewilh, immediately 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 remediesprovided.
13. Time is of the essence and a material part of this agreement. In the event of default, at Mortgagee's option, tire entire indebtedness Secured
hereby shall forthwith become due attd payable and bear interest at the rate of TWELVE PERCENT (12%)per annum; Mortgagee shall have tile
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'and apply them against the indebtedness hereby secured; to sell the Property at foreclosure en masse, or as one lot or parcel at the option
of M[~rtgagee~ and to exercise any rights and remedies available under the Uniform Connnercial Code for the State in which the property is located;
and reasonable notice if required by such Code shall be five (5) days.
14. The 3[ortgagee may at any tinte, without notice, release portions of said mortgaged premises from tile lien of this mortgage, without affecting
the personal liabilityof any person for the payment of the said indebtedness or tile lien of this mortgage upon tile remainder of the mortgaged
premises for the full atnount of said indebtedness then remaining unpaid.
15. Mortgagor and each of them join itl this instrumentfor the purpose of subjecting each of their right, title and interest, if any, in the Property,
whether of record or otherwise and including any right to possession, to the lien of this mortgage.
16. This mortgage, all loan documents and the note(s) secured hereby shall be governed and construed according to the laws of the State of
Wyonting. Itt the event of default, Mortgagor grants to Mortgagee a Power of Sale to foreclose on and sell said property at public auction pursuant
to Wyoming Statute Section 34-4-101 et:seq.
17. This mortgage applies to, inures to the benefit of and binds all parties hereto, their heirs, devisees, personal representatives, succeSSors and
assigns. The term Mortgagee shall mean the holder and owner of the note secured hereby; or if the note has been pledged, the pledgee thereof. In
this Mortgage, wherever the context so requires, the masculine gender includes the feminine and/or neuter, and the singular number include~ the
plural.
Dated:
Gerre McClin tick, l rusJee
/
Karen McClinti~k, Trustee
STATE OF IDAHO )
) ss
COUNTY OF BONI~EVILLE )
On/('~"~//~3 beote me th~ ~nderst n
~e,¢5~l/cC]i~t?ck ~nd Kar2n ~c~llnti'ck rg cdr personally appeared
known or identified to me to be the person whose name is subscribed to the within
brstrument as Trustees of the McClintlck Family Trust and.acknowledged to me
that they executed the same as ~txtste.~e~gf't~e Trust.
/
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