HomeMy WebLinkAbout878512 REAL ESTATE
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TtlIS MORTGAGE is granted by ROSEI'FOOD BUILDERS, INC., an Idaho Corporation, as MORTGAGOR, to
'DOROT~ Z ~INHAR~ a married woman, dealing with her sole and separateproperty, as MORTGAGEE.
Mortgagor; for good and valuable considerations, the r~c~ipt of which is h~r~by acknowledged, do~s hereby Gt~NT. B~G~IN. SELL:
CON[~Y. and fitrth.r r, lea, es and waives all rights under and by virtue of th. hom~st~d~ ,x~mption laws of ~yoming. unto the Mortgag.~. his
successors arm assigns, all Of th. /bllowing described r~al properS, to wit:
Lot 139 t~'Nordlc Ranches. Division No. ~0. LincOln Count. ~yoming. according to the recorded plat thereof
recorded in thg Lincoln Coun~ R~corder's Office. ' -.
TOGETHER ~F/TH any and all improvements, water and ditch rights rights of ways ~asem,nts privilege& ventilating, t~nementx
h ted~tamantsand appurtenances th~r, nnto belonging or m anywtx~ appertaining, now or ~r~aft~rus~d on said land or b~longing to
.mid A4Ortgago~: and any reversion, remainder, r,nts, issues and profits thereaZ h,r~inaft~rr,f, rr, dto as th, "Proper(v".
T/ds grant is intended ~ a Mortgage. ~ Fixture Filing and ~ecuri(v Interest for the Purpose t~ 5'ecuring:
this mortgag~ and any ~xtenslon, r~newal, mt;d~cat~on and/or am~ndm,n~ ther~o~ ~an docum~nt~ shall includ~ th~ abow d,scrib~dnot,, this
nmrtgage, and any other documents or instrum~nt~ signed in connection w~th this loan.
2. Payment of th~ indebtedness evidgnced by a promis, o~y not~ of ewn date h~r, with. and any ~xtension or r~n~wal tfiet, o~ in th~ p~ncipal
of ONE HUNDRED T~ENTY THOU~MND FOU~ HUND~D ~TY-SEFEN DOLIMRS ($120, 49Z 00), th, final
paymant:of princcal antl int~r~tther, o~ ~not soon~r paid. to b~ finally du~ and payabl~ Jun~ J, 2002.
~ 3. Payment of all ~uch fi,'ther~ums as may here~rbe loaned or advancedby th~ ~lortgag~Jbr any purpose; and any not~s, drafts a~or other
h~t~tm~nts repre,anth~g such fin'th~r loan& advance~ or ex~enditures shall b~ optional {~ith th~ ~Jortgage~, and ~hall b~come du, attd payabl~ no
later than the final maturity date of said not~ s~cur~d hereby; and prm,id~d fiirther, th~t it i~ :th~ ~press hitention of the parties to this Mortgag~ that
it shall ~tand a~ contimdng securi~ until all ,~tch loan& advanco~ or expend~t,res tog~th~r~ith int~r~st thereon, are paid in fidl.
A. To protect the securi(v of this Mortgage, Mortgagor warrants, covenants and agrees:
I. 77~e property is fi'~e ft'om all encumbrances, except as may b~ d~cribod her~in, and that Mortgagor xhall warrant and d~nd th~ ~am~
against th, lawfid claims and demand, o fall gersonx whomsoew~; and ttti~ covenant ~hall not b~ ~xtingu~xh~d by forecloxur~ or ath~r transfers.
2. To k~ep all building~ and other improvementsnow or h~reaftar~xisting in good condltion and r*pair; to not r~mow or d~molixh any building
or other improvement th~raon; to complete or r~store promptly and in a good workmanJh~plike mann,r any improvement whlch ~ay b~ constructed.
damaged or destroyed thereon; to pay when due all cla~ms for labor petJbt~ied and mat~rial, fi~n,i~h~d thereto or therefor; to comply with all law~
t~Jkcting ,aid proper~ or r~quiring any alteration~ or improvement~ to b~ mad~ thereon.; to not commit or permit waste th~reof ~r thereon; to
maintain~ cnlti~ate, irrigat,,Jkrtiliza,fitmigat~, pt~tne, all ~n a good and husband~lik~ mann,r, tho land and improvements thereto; to not: change or
pormit chang~ in tb~ us~ of th~ property; to not do anything which would r~duce the value ortho. ProperS; and do all other act~ ~vhich fi'om th~
charqcter or us~ of ~aid proper¢ may be reasonably ne~sa~, the ~c~C enttm,ratib~ix h~rein no~ ~xclUding th~ g~naral. ,.
3. To provide, maintahl and deliv~rfire inxttranc~ sati~actoty and with loss payabl~ tO:MO~gag~; to maintain liabili~ insnranc~;' lo pay all
pr~mimn~ and chargex on all ,~tch insuranc~ when due' and to provid~ Mbrtgag~ satis~aCto~ ~v~de~c~ of ~uch ~n~'uranc~ upon t,qu~st Th~ amotmt
collected ~md~r any fire or other insuranc~ policy may. at Mortgag~a 's option and d~t~rm~nation, b~ applied u~on a~Y indebtedne,s ~cnr~d her~by in
such at'der as ~4ortgagee d~t~rmine& b~ released to Mortgagor in whol~ or part, or any combination th~r~o~ ~uch application or r~lea~e shall not
cttr, or waiv~ any d~fault or notic~ of deJhult h~r~under or invaHdat~ any act don~ pur, uant to such notice.
4. To pay befor~ d~linq~,~ncy all taxes, asx,xsm~nt~, or rents t~fectfng xaid property;.to pay when du, all encumbrance& charges and li~ns, with
interest, affecting said pro~et ty which are or may appear to b, prior or ~u~erior h~r~to; and to pay all costs, fe~ and ~xp,ns~s of thi~ ~4ortgage and
associated loan documents.
5. To pay immediately and ~ithout d~mand all ~ums ~xp,nd~d by Mortgagee pursuant to th~ provlxion~ h~reo~ with interest from date. of
~xpenditur~, at a rat~ equal to the inter,st rat, p~abl~ under the Promisxb~y note d~scribed above or ~,lw p~rcent (l ~) par annum, whichever is
greatet~
6, 7~ appear in and defend any action or proceeding pttrporting to aff~ct the securi~ h~reof or the Hghts or powers of ~lortgag~e; to pay, on
demand, all costs and expenses including without limitation cost of title evidence reasonable attot~t~v's fees a&,ances and/or cost~, paid or
incurred by Mortgagee to protect or e~orce its rights under ban/on, tptcy, appellate proceedings or otherwise and all such costs and expenses~shall_
become tt part of the indebtedness secured by this mortgage.
7. Sbottld ~lortgagor fail to make any payment or to do any act as herein provided, ~Io~gagee:i but withoutobligation sa to do and witho~tt notice
or demand upon ~lortgagor and without releasing ~lortgagor fi'om arty obligation hereo~ may: mak~ or d0'~ the :same in a'uch manner aitd: l° such
extent as ~4ortgagee may deem necexsa~ to protect the securit~ hereo~ ~lartgagee being at~thOri~ed to e~tkr u~ :on said p p ~ fi , ,ro er or ~'nch P J .ur m,es',
appear in and defend any action or proceeding pta~orting to affbct the securi~ hereaf or the rights or powers of Morlgagee; pay, purchase, contest
or compromise any encumbrance charge or lien which in the judgment of A4ortgagee appear's lo b~ prior Or stti ~erior hereto' attd irt exercising any
snch powers or tn et~orcmg thtx ~Iortgage by judictaIJbreclosure or otherwtse, pay the necessa~ expenses, cosi s' and reasonable atton~ey s fees.
8. To comply with all laws, ordinances, regulations, covenants, conditions a~d res~ictions a~cting the Prt ~er~ and its use, including without
limitation all environmental laws; not to use ar petmit the use 'of the Proper~for any unlawfid ar objectionab e purpose; to remedy any
env.'onmental contamination or violation of environmentdl laos that may occur ar be discavered in the fitture; to allow Mortgagee access to the
Proper~ to inspect its condition and to test and monitor for compliance with applicable laws (any :inspections o~ tests made by Mortgagee ~hall be
Jbr Mortgagee s put?oses only and shall not be construed to create any respansibili~or liabili~ on the part of: ~ortgagee to ~4ongagor br to any
other person}; to fo~ard copies of any notices received from any environmental agencies to Mortgagee, and to: Indemn~ and hold ~lo~gag~e, his
employees agents and his successors and asxtgns hat~nless fi'om and agatnst any envlronn ental clanns aJ any ~ ind, and all coxts and ~xpenses
incurred in cotmection therewith, including witbottt limitation, attorney ~ fees. ,
9 /ln~ award of damages in connection with any condemnation~br ~ublic use of or i}~urv to said property o' any part thereo~ is hereby assig~ed
and shall be pard to ~larlgagee who may apply or release sttch monies re~'eivedby him in the same manner an~' wilh the same effect as above
provided for disposition of proceeds of fire or other insttrance.
lO. the faihtre of 34ortgagee to exercise any right or option provided herein at any time, shall not pr~chtde i lo,'Igagee fi'om exercisingany of such
' rights at any othar time; by accepting payment ofany sum seetn ed hereby after its due date. Mortgagee does n~ t waive his right either to
prompt payment when due of all other sttms ~o secured or to declare default far failure ~o to pay; all right~ co~ ferredou g4ortgagee are Cttm,lalive
and additional to any rights cat'¢brred by law; and ~any provision is found to be invalid or unet~orceable, suc, ~ invalidity or nnet~brceabilityshall
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not affect any other provtMon hereof and the mortgage shall be canstnted ~ ?li~t.~gt such nrovision had been omitted ~ ~ 3
1 I. As ~ldJttonal semen,, ~dortgagar.hereby givbs to and cat,ers upon MIortgagee the right power and authori~, during the continuanc~ of this
mortgage, to collect the rents, issues and profits of said proper¢ as they become due and payable; Re~erving however unto gdartgagor prior to any
default by ~dartgagor in payment of anY indebtedness secured hereby or in pmformance af any ag~vement hermmdet; the right to collect and retain
such rent& issues and pt'a~tx. Upon any such default, Mortgagee may at any time withbut notice, eitherin person by agent or court appointed
~ ecetver, and :wtthout regard to the adequacy of any securtO~for the indebtedness hereby secured, ~nter upon and take possession t~ said proverty or
any part tiler'eof in hi~ own name x~te for o,. otherwise collect such rents, issues and Prt~ t& inch,ding thos, past due and unpaid, and apl>lf ~ th~
Same, 1~ coxts and expenses of operation and c~ll~ction, including reasohable attorney's fees, upon any indebtedness secured h~r~by, and in such
order as Mortgagee may dete~dne. The entering upon and talcing pos~xMon of xaid p~'oper~, th~ collection of such rents issues artd profits and the
apphcatton thereof as aforesatd, Mtall not cure or watve any default hereundar ar mvahdat~ any act done pursnant to any such default notice.
12. DUE ON S~: The indebtedness and obligations secured by this ~ortgag~ is personal to :the ~Iartgagar and is not assignable by Mlortgaga~:
~torlgagee has relied upon the credit of ~dortgagor, the interest of Mortgagor in the Proper¢ and the financial market conditions then existing when
n akmg thls loan. If~lortgagor transfers or contracts to transJbr, tttle to or possesstan o~ all or part of the ProperS, or a~y equitable interest
thereby. ~,hether by deed, contract fat' deed, assignment, leas~ jbr a term tn excess atone year, lease wi& an option to purchase, option to purchase.
or similar agreemenU or ~ the ownership of any corporation or par~ership, owning all or any portion of the Proper~ shall be changed ~ither by
~valunta~ or invahmta~ sale or transferor by operation of law Mortgagee may declare all sums due under any note, secutqlyagreement and/or
loan documents assoctated here~ t th, tmmediately due and payable Noncompliance with this covenant shall constitute and be a default of this
obligation :which shall entitle ~Iortgagee to effectuate any and all tvmedies provided.
13. Time ~s of the essence and a material part of this agreement. In the event of default, at ~Iortgagee ~ option, the entire indebledneSS seeured
hereby shall forthwith become due and payable and bear intere~ at the rate of TW~ PERCE~T (12~) per ohm,n; Mortgagee shall have the
right to foreclose the Hen of this mm~gage, to hm,e a receiverappobtted in any COUl~ proceeding, to collect any rents, issues and profits fivm the
pyoper~ and apply them against the indebtedness hereby secured; to sell th~ Praper~ at foreclosure en masse, or as one lot or parcel at lhe optiot;
of ~lortgagee, and to exercise any rights and remedies availabla under the Un,arm Commercial Code far the State in which the property is located;
and reasonable notice ~required by such Code shall be five (5) days.
14. The ~lortgagee may at any time, without notice, release portions of saM mortgaged ptemises fi'om the Ben of this mortgage, without affecting
&e personal liabili~ of any person far the payment of the said indebtedness or the lien ~of this mortgage upon the remainder of the mortgaged
p~emises for the fidl amount of said indebtedness the~ remainh:g unpaid.
15. Mortgagor and each of them join in this instntment for the purpose of subjecting each of their right, atle and interest, ~'any, in the ProperS,
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) sect.tred hereby shall be caverned and eonstnted accordint, to the la}w of the State of
Wyoming. In the event of de, hull, :~Iortgagor grants to ~Iortgagee a Power of Sale to foreclose on and sell said property at public auction pta:mant
ta Wyomhtg Statute Section 34-4-101 et:seq.
l 7. This mortgage applies to, inures to the benefit of and binds all pfirties hereto, their heirs, devisees, personal rep~,sentaaves, successorsand
assigns.: The term Mortgagee shall mean the holder and owner of the note seeuredheraby; or ~the note has been pledged, the pledgee thereof In
this Mortgage wherever the con text so requires, the masculine gender includes the femihiny~eu~r, and the Mngmlar number includes the
plural
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On ' . before m~. th~ undarsigne~ personally appeared
JOSEPH BELLOFF attd L4URENCE B. REINZIART
know, or :Identified to me to be the President tom Secretmy of the Cat,oration that
executad the ~itbin ins'trument :and afkno~ledged to l.e that said cat, oration
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