HomeMy WebLinkAbout898704REINHAR T-ED WARDS, L.L. C.,
REAL ESTATE CLERK
(Wyoming)
JEAN 'qE
:MORTGAGE is granted by SALT ~VER HOMES, LLC, a Wyonting ~in~iteamtaotttty,~,,,..~, ~:, , ,,r~'~lt::"~'uqtt~ttttY.' ~ MORTGAGOR, to
a Wyoming Limited Liability Contpan),, m MORTGAGEE.
WITNESSE TH: .
Mortgagor, for good and valuable considerations, the receipt of which is hereby acknowledged, does hereby GRANT, BARGAIN, SELL, CONVEY
WARRANT, and fiwther 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 201 of Nordic Ranches, Division No. 13, Lincol. County Wyoming, 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, easements, p/ivileges, ventilating, tenements,
~ereditaments 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 ?o as the "Property".
This grant is intended as a Mortgage, a F£rture Fillng and SecuriO, 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 atnendment thereof "Loan docaments" 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 ev~en date herewith, and any extension or renewal thereof, in the principal sum
of THIRTY-FOUR THOUSAND DOLLARS ($34,000. 00), the final payment of principal and interest thereof, if not sooner paid, to be
finally due and payable October 15, 2004.
3. Payment of all such fitrthersums as may hereafterbe loaned or advanced by the Mortgagee for any purpose; and any notes, drafts and/or other
instruments representing such fi~rther loans, advances or expenditures shall be optional with the Mortgagee, and shall beconte due and payable no
'later than the final maturity date of said note secured hereby; and provided fitrther, 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 theret3n, are paid in full.
A. To protect the securlO, of tbls Mortgage, Mortgagor warrants, covenants and agrees:
1. The property is free from all dncumbrances, 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 byforeclosure 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 clairrm for labor performed and materials furnished thereto or therefor; to comply with all laws
affecting said property or requiring any alterations or improvements to be made thereon; to not connnit or permit waste thereof or thereon; to
maintain, cultivate, irrigate, fertilize, fionigate, prune, all in a good and hasbandrylike 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 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
premtums and charges on all such insurance when due; and to provide Mortgagee Satisfactoryevidence of such insurance upon request. The amount
collectedunder any fire or other iasurance p[dicy may, at Mortgagee's option and determination, be applied upon any indebtednesssecured hereby in
such order as Mortgagee determines, be released to Mortgagor in whole or part, or any combination 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 saidpr°Perty,' 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 withoat demand all sums expended by Mortgageepursuant to the provisions hereof, with interest from date of
expenditure, at a rate equal to the interest rate payable under tile promissory note described above or twelve percent (12%) 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'~ fees, advances, and/or costs, paid or
incurred by Mortgagee to protect or enforce its rights under bankruptcy, appellate proceedings or. othemvise, and all such costs and expenses shall
become a part of the indebtedness secured by this mortgage.
7. Should Mor(gagor 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 releas'ing Mortgagor fi'om any obligation hereof, may: make or do the same in such manner and to such
extent a~ Mortgagee 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 con,tpromise 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 r~asonable attorney'~ fees.
8. To comply with all laws, ordinances, regulations, covenants, conditions and restrictions affecting the Property and its use, including without
limitation all enviromnental laws; not to use or permit the use of the Property for any unlawful or objectionable purpose; to remedy any
enwronmental 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
other person); to forward copies of any notices receivedfi'om any environmental agencies to Mortgagee; and to Indemnify and hold Mortgagee, his
employees, agents and his successors 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 monies receivedby hint in the same manner and with the same effect as above
provided for disposilion of proceeds of fire or other insurance.
I0. The failure of M°rtgagee to exercise any right or option provided herein at any tittle, shall not preclude Mortgagee from exercising any of such
rights at any 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 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; and if any provision is found to be invalid or unenforceable, such invalidity or unenforceabilityshall
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not affect any othe/ provision liereof and the mortgage shall be construed as though sue~ provision had been omitled.
11. ~s addilional security, ~ortRaRor hereby Rives to and co~ers upon Mortgagee the tiROl, power and aul~orily, durinR t~e eonlinuanee of
mortgage, to collect l~e rents, issues and profits of said properly ~ Ihey become due and payable; R~ervinR ~owe~er unto ~ortRaRor, prior to
default by Mortgagor in payment of any in&bte&~s secured hereby or in performance of any agreement hereun&r, the right to collect and retain
such rents, issues and profits. Upon any such defimlt, 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 indebtedn~s hereby secure4 enter upon and take possession of said property or
any part thereo~ in his own name sue for or otherwise collect such rents, issu~ and profits, including those p~t due and unpaid, and apply the
same, less costs and expenses of operation and collection, including re~onable attorney ~ fe~, upon any indebtedness secured hereby, and in such
order ~ Mortgagee may determine. Th'e entering upon and taking possession of said property, the collection of such rents, issu~ and profits and the
application thereof ~ afor~aid, shall not cure or waive any default hereunder or invalidate any act done pursuant to any such default notice.
12. DUE ON S~E: The indebtedness and obligations secured by this mortgage is personal to the Mortgagor and is not ~signable by Mortgagor.
Mortgagee h~ 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 o~ all or part of the Property, or any equitable inter~t
therein, whether by dee4 contract for dee4 ~signmeqt, le~e for a terns in exc~s of one year, Ieee with an option to purch~e, option to purch~e,
or similar agreement; or ~ the ownersh¢ of any corporation or partnership, owning all or any portion of the Property shall be changed either by
vohmtary or involuntary sale or transfer or by .operation of law, Mortgagee may declare aH sut~ due under any note, security agreemen6 and/or
loan documents ~sociated herewith, immediately due and payable. Noncompliance with this covenant shall co~titute and be a defauh 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 ~ option, the entire indebtedn~s secured
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 pr°fits from the
Property and apply them against the indebtedness hereby secured; to sell the Property at forecloxureen m~se, or ~ one lot or parcel at the option
of Mortgagee, and to exercise any rights and remedies available under the Un~orm Commercial Code f°r the State in which the property is locate&
and re~onable notice ~required by such Code shall be five (5) days.
14. The M~rtgagee may at any time~ with~ut n~tice~ re~easep~rti~ns ~f said m~rtgaged premis~p~m the lien ~f this m~rtgage~ with~ut affecting
the personal liabiliO, of arty person for the payment of the said indebtedn~s or the lien of this mortgage upon the remainder of the mortgaged
premis~ 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 right, title and inter, t, ~ 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 Sqction 34-4-101 et:seq.
17. This mortgage appli~ to, inur~ to the benefit of and binds all parti~ hereto, their heirs, devisees, personal representativ~,succ~sors and
~signs. The term Mortgagee shall mean the holder and owner of the note secured hereby; or ~ the note h~ been pledge4 the pledgee thereof In
this Mortgage, wherever the context so requires, the m~culine gender includ~ the feminine and/or neuter, and the singular number includ~ the
plural.
Dated:
' Joseph Belloff, Iv
STATE OF IDAHO
)
) ss
COUNTY OF BONNEVILLE
On ¢/4~)V. beforeme, theundersigned, personallyalgl~eared
LARRY REINHART and JOSEPH BELLOF_F
known or lidentified to m.e to be the Managers of SALT RIVER HOMES, LLC and
aeknow ea ea ,o U.,.ea Liability Company executea
Notary Public for the State of~ ~
Commission Expiration Date: ' ~-(-~
MY COMMISSION EXPIRES 5~9~09
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