HomeMy WebLinkAbout898698 REAL ESTATE Y/t. g CLERK
(13'yoming)
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rZlIS MORTGAGE is g ranted by SALT RIVER HOMES, LLC a W,omtn) ~t,~ ~' ~Ite'~, ,.Ltabtl'tF/'~;~any~ .... ~"'~ .if ~4ff7 ' ~ MORTGAGOR,
REINHAR T-ED t'VARD& L.L. ¢, a ~yoming Limited LiabiliO, CompattY, ~ ~]~X~GA GEE: .....
to
WITNE$SE TIt: :
Mortgago*; for good and valuable considerations, the receipt of which is hereby acknowledged, does hereby GRANT, BARGAIN, SELI~ CONVEY
AND WARRANT, and fitrther releases and waives all rights under attd by virtue of the homestead exemption laws of Wyoming, unto the Mortgagee,
his successors and assigns, all of the following described real property, to wit:
',, Lot 187 of Nordic Ranches, Division No. 13, Lincoln County Wyoming, according to the recorded plat thereof
recorded itt the Lincoht CoUnty Recorder's office.
TOGETHER WITH an), 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 Mortgagor, and any reversion, remainder', rents, issues and profits thereof, hereinaflerreferred to as the "Property".
This graut is intended as a Mortgage, a F£rture Filing and Secarlty Interest for the Purpose of Securing:
1. Performance of each agreement of Mortgagor herein contained, each agreement and covenant contained in the loan documents associated with
this mortgage, and'any extension, renewal, modification and/or amendment thereof "Loan dom#nents"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 promissory note of even date herewith, and any extension or renewal thereof, in the principal sum
of THIRTY-FOUR THOUSAND DOLLARS ($34,000.00), the ftnal payment of principal and interestthereof if not sooner paid, to be
finallydue and payable October 15, 2004.
3. Payment of all such fitrther sums as may herec~er be loaned or advanced by the Mortgagee for any purpose; and any notes, drafts and/or other
instruments representingsuch fttrther loans, advances or expenditures shall be optional with the Mortgagee, and shall become due and payable no
later than the final nlaturity date of said note secured hereby; and provided fi~rther, 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 full.
,4. To protect the secttriO~ of this Mortgage, Mortgagor warraats, covenants and 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 whontsoever, and this covenant shall not be extinguished by foreclosure or other transfers.
2. To keep all buildings and other inlprovements now or hereafter existing in good Condition and repair; to not remove or demolish any building
or other improvement thereon; to complete or restore pronlptly and in a good workmanshiplike manner any improvement which may be constracted,
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 said property or requiring any alterations or improventents 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 husbandrylike manner, the land and improvements thereto; to not change or
permit change in the use of the properO;' 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 re.asonably 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; attd to provide Mortgagee satisfactoryevidence of such insurance upon request. The a,nount
collectedunder 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 determines, be released to Mortgagor itt whole or part, or any cbn,bination thereof Such application or releaseshall 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 sums expended by Mortgagee pursuant to the provisions hereof, with interest from date of
expenditure, at a rate' equal to the interest rate payable under the prondssory note described above or twelve percent (12%) per annum, whichever is
greater.
6. To appear in and defend arty action or proceedingpurporting to affect the security hereof or the rights or powers of Mortgagee; to pay, on
denland, 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 ato~ act as herein provided, Mortgagee, but without obligation so to do and Without notice
or demand upon Mortgagor and without releasingMortgagorfrom any obligation hereof, may: make or do the same in such manner and to such
extent as Mortgagee ,nay 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 forecl°S ure or otherwise, pay the necessary expenses, costs and reasonable attorney's fees.
8. To comply ~¢,ith all laws, ordinances, regulations, covenqnts, couditions and restrictions affecting the Property and its ese, including without
liinitation all environmental laws; not to use or permit the use of the Property for an), unlawful or objectionable purpose; to rentedy any
environmental contamination or violation of environmental laws that may occur or be discovered in tbe fitture; to allow Mortgagee access to the
Property to inspect its condition and to test and monitor for contpliance with applicable laws (any inspections or tests made by Mortgagee shall be
for Mortgagee 's purpases only and shall not be construed to create any respoasibilityor liability on the part of Mortgagee to Mortgagor or to any
other person); to forward ~opies of any notices received from any enviromnental agencies to Mortgagee; and to Indemnify and hold 3/[ortgagee, his
employees, agents and his successors and assigns, harndess from and against any enviromnental claims of any kind, and all costs and expenses
incurred in connection therewith, including, without limitation, attorney's fe'es.
9. An), award of damages in connection with any condenmation 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 release such monies received by him itt the same manner and with the same effect as above
provided for disposition of proceeds of fire or other insurance.
10. 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 any other time; by accepting payment of any sion secured hereby after its dire date, Mortgagee does not waive his right either to require
prompt payment when due of all other sums So secured or to declare default far failure so to pay; all rights conferred on Mortgagee are cumulative
and additional to any rights conferred by law; arid if any provision is found to be invalid or unenforceable, such invalidity or unenforceabilityshall
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not affect any other provision /tereof and the mortgage Mmll be coaxtrued as though such provision had been omitted· · ' ~ ~
11. As 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 ax they become due and payable; Reserving however unto Mortgagor, prior to any
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 and profits. Upon any such. defauh, Mortgagee may at any time without notice, either it, 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
any part thereof, in his own name sue for or otherwise collect such rents, issues and profits, including those past due and unpaid, and apply the
same, less toms. and expenses of operation and collection, including reasonable attorney's fees, upon any indebtedness secured hereby and in such
order ax Mortgagee may determine. The entering upon and taking possession of said property, the collection of such rents, issues and profits and the
application thereof ax aforesaid, shall not cur~ or waive any default hereunder or invalidate any act done pursuant to any such default notice.
12. DUE ON SALE: The indebtedn~s and obligations secured by this mortgage is personal to the Mortgagor and is not assignable by Mortgagor.
Mortgagee has relied upon the cr*dit 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, assignment, lease for a tern! in exce~s 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 any 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, immediately due and payable. Noncompliance with this covenant shall conxtitute and be a default of this
obligation which shall entitle Mortgagee to effectuate any and all remedies provided.
13. Time is of the essence and a material part of this agreement. In the event of default, at Mortgagee's option, the entire indebtedness secared
hereby shall forthwith become due 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, 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 Mortgagee, and to exerciseany rights and remedies available under the Uniform Commercial 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 Mortgagee may at any time, without notice, releaxe portions of said mortgaged premises from the lien of this mortgage, without affecting
the personal liability of any person for the paytnent 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.
15. Mortgagor and each of them join in this instrument for 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
Wyoming. b, 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*he context so requires, the maxculine gender includes the feminine and/or neuter, and the singular number includes the
SAL /~
Larr, R ' art ~. a
OF IDAI~ )
STATE
) ss
COUNTY OF BONNEVILLE )
On ¢'/4~¢beforeme, th. und.rsigned, personaHyap~eared
LARRY REINHART and JOSEPH BELLOFF
known or ident~ed to me to b~ the Managers of SALT RIVER HOMES, LLC and
acknowlqdged ]o me that said'g4lniteqhLiabilitv Company executed the same
N~ taty Public for the State of ~'~, ' ,j.,~, !
Commission Expiration Date. ~ /t.~ [~
MY COMMISSION EXPIRE,~ 5/9/09
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