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Tills MORTGAGE is granted by SALT RIVER HOMES, LLC, a Wyoming Lt~!i(t;.e...~l'~j~it'l, iG'¢Oih~Y, as MORTGAGOR, to
REINHART-ED~VARDS, L.L.C., a Wyoming Limited Liability Company, as MORTGAGEE. --
Mortgagor, for good and valuable considerations, the receipt of which is hereby act~nowledged, does hereby GIMJVT. BARG. qIN, SELL, CONFE¥
A_ND WARRANT, 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 wit:
Lot !88 of Nordic Ranches, Division No. ]3, Lincoln County lCyoming, according to the recorded plat thereof
recorded in the Lincoln County ReCorder's office. '
TOGETHER WITH any and all improvements, water and ditch rights, rights of ways, e~ement& privileges, ventilatin¢ 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 hereinafter referred to ~ the "Property ".
Thfs grant is intended as a Mortgage~ a F~'ture Filing and Security Interest for the Purpose of Securing:
I. Pe~ormance of each agreement of Mortgagor herein contained, each agreement and covenant contained in the loan documents ~sociatedwith
this mortgage, and any extension; renewal, modification and/or amendment thereof %oan documents" shall include the above described note, this
mortgage, and any other documents or iastruments signed in connection with this loan.
2. Payment of the indebtedn~s 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 final payment of princoal and interestthereof if not sooner paid, to be
finally due and payable OctoSer 15, 2004.
~. Payment of all such fitrtber sums ~ may hereafier be loaned or advanced by the Mortgagee for any purpose; and any notes, drafts and/or other
instruments representing such fitrther loans, advances or expenditures shall be optional with the Mortgagee, and shall become due and payable no
later than the final maturiO, date of said note secured hereby; and provided further, that it is the express intention of the parti~ to this Mortgage that
it shall stand ~ continuing secarity until all.sitch loans, advances or expenditures together with interest thereon, are paid in fidl.
A. To protect the secttriO~ of this Mortgage, Mortgagor warrants, covenants attd agrees:
L The property isfieepom all encumbrances, except ~ may be d~cribed herein, and that Mortgagor shall warrant and defend the same forever
against the la~tl claims and demands of all persons whosoever, and this covenant shall not be extinguished by foreclosure or other transfers.
2. To keep all buildings and other improvements now or herer(ter existing in good condition and repair; to not remove or demolish any building
or other improvement thereon; to complete or restore protnptly and in a good workmanshiplike manner any improvement which· may be constructed,
damaged .or destroyed thereon; to pay when due.all claims for labor pe~ormed 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 w~te thereof or thereon; to
maintaYn, cultivate, irrigate, fertilize fumigate, prune, all in a good and husbandrylike manner, 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 re~onably necessa~, the spec~c enumeratio~ 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
premiurns and charges on all such insurance when due; and to provide Mortgagee satisfactoryevidence of such insurance upon requ~t. The amount
colleetedunder any fire or other insurancepolicy may, at Mortgagee's option and determination, be applied upon any indebtedn~saecured hereby in
such order ~ Mortgagee.determines, be rele~ed to Mortgagor in whole or part, or any combination thereof. Such application or rele~eshall 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 t~es, ~sessments, or rents affecting said property; to pay when due all encumbrances, charg~ 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
~sociated loan documents. ' '
5. To pay immediatelyand without demand all sums expended by Mortgagee pursuant to tbe provisions hereof with interestfiom date of
expenditure, at a rate equal to the inter~t rate payable under the promissory note d~cribed above or twelve percent (12~) per annum, whichever is
greater.
· 6. To appear in and defend any action or proceedingpurporting to affect the sec~trity hereof or the rights or powersof~[ortgagee; to pay, on
demand, all costs and expenses, including without limitation, cost of title evidence, re~onable attorney ~ 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 rele~ing Mortgagor from any obligation hereof may: make or do the same in such manner and to such
extent ~ Mortgagee may deem nec~sary 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 6r powers of Mortgagee; pay, purch~e, cont~t
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 othe~iSe, pay the necessa~ expenses, costs and re~onable attorney ~ fe~.
8. To comply with all laws, ordinance, regulations, covenants, conditions and restrictions affecting the Property and its use, including without
limitation all environmental laws; not to use or permit 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 discovered in (he fitture; to allow Mortgagee acc~s 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 ~ purposes only and shall not be co~trued to create any r~po~ibilityor liability on }he part of Mortgagee to Mortgagor or to any
other person); to forward copies of any notices received from any environmental agenci~ to Mortgagee; and to Indemn~y and hold Mortgagee, his
employees, agents and his successors and ~signs, harml~s from and against any environmental claims of any kind, and all costs and expeases
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 resigned
and shall be paid to Mortgagee who may apply or rele~esuch moni~ receivedby him in the same manner and with the same effect ~ 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 pom ex~rcising any of such
rights at any other time; by accepting paymeat 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 failure so tb'pay; all rights conferred on Mortgagee are cumulative
and additional to any rights conferred by law; and '~ any provision is found to be invalid or unenforceable, such invalidity or unenforceabilityshall
Real Estate Mortgage (1/99) - Page I
not affect any other provision hereof and the mortgage shall be construed as though such provision had been omitted '}: ~' ''] Lq 4
11. As additional security Mortgagor hereby gives to and confers ~¢on Mortgagee the right, power and authority during the contimtance'of this
mortgage, to collect the rents, issues and profits of said property as they become due attd 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 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 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 unpoid` and apply the
same, less costs 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 as aforesaid, shall not cure or waive any default hereunder or invalidate any act done pursuant to any such default notice.
12. 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` assignment, 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 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 constitute and be a default of this
obligation which shall entitle Mortgagee to effeciuate any and all remedies provided.
13. Time is of the essence and a material part of this agreement. In the event of defiudt, at Mortgagee ~s option, the entire indebtedness secured
hereby shall forthwith become due and payable and bear interest at the rate of TWEL YE PERCENT (12%) per annum; Mortgagee Shall have the
right to foreclose the lien of this mortgage, to have a receiver appointed in an), court proceeding, to collect any rents, issues and profits from the
Property and apply them against the indebtedness hereby secure4' to sell the Property at foreclosure en masse, or ax one lot or parcel at the option
of Mortgagee, and to exercise any 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, release portions of said mortgaged premises from the lien of this mortgage, without affecting
the personal liability of any person for the payment of the said i~debtedness 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 instrument for the purpose of subjecting each of their righl, 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 In the event of default, Mortgagor grants to Mortgagee a Power of Sale to foreclose on and sell said property at public auction pursuant
to ~yoming 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 ~nean 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 nutnber includes the
plural.
Dated: ~//--~ ~
Joseph Bellof~
STATE OF IDAHO
)
) ss
COUNTY OF BONNEVILLE )
41¢t) e/o,'eme,' e nders,'gned,. .o a,l. ap.a ed
LARRY REINHART and JOSEPH BELLOFF
known. . I . . __°r identified to me to be the Managers of SALT RIVER HOMES, LLC and
ackn~at~mpany executed the same.
Notary Public for the 'State of
CommisMon ' · .
MY COMMISSION EXPIRES 5/9/09
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wn/Nordic188Mtg