HomeMy WebLinkAbout898706 JEANNE WAGNER
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Tills MORTGAGE is granted by SAL r RIVER HOMES, LLC, a }Vyoming Limited Liability ~ompany, ~ MORTGAGOR, to
REINH~T-ED IVARD& L.L. C, a Wyoming Limited Liability Company, ~ MORTGAGEE.
~VITNESSETtt:
Mortgagor, for good and valttable considerations, the receipt of which is hereby acknowledged, does hereby GRANT, BARGAIN, SELL, CONVEY
AND WARRANT, and further releases and waives all rights under and by virtue of the homestead exentption laws of Wyoming, unto the Mortgagee,
his successors ahd assigns, all of the following described real property, to wit:
Lot 202 of Nordic Ranches, Division No. 13, Lincoln County IVyotning, according to the recordedplat thereof
recorded itt the Lbtcoln Cottttty Recorder's office.
TOGETHER WITH any 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 bereafterased on said land or belonging to
said Mortgagor, and any reversion, remainder, rents, issues and profits thereof hereinafterreferred to as the "Property"
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This grant is intended as a Mortgage, a FLxtnre Filing and Security Interest for the Purpose of Secarbtg:
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 amend,tent thereof "Loan documents"shall include the above described note, this
mortgage, attd any other documents or instruments signed in connection with this loan.
2. Payment of the indebtedness evidenced by a promissory ;tote of even date herewith, and any extension or renewal thereof in the principalsum
of THIRTY-FOUR TItOUSAND DOLLARS ($34,000.00), the.final payment of principal and interestthereof if not sooner paid, to be
.finally &~e and payable October 15, 2004.
3. Payment of all sncb fi;rther sums as may bereafter be loaned or advanced by the Mortgagee for any purpose; and any notes, drafts and/or other
instruments representingsuch further loans, advances or expendituresshall 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 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 thereon, are paid in fidl.
A. To protect the security of this 3Iortgage, Mortgagor warrants, covenants attd agrees:
1. The property is free from all encun.tbrances, except as may be described herein, and that Mortgagor shall warrant and defend the same forever
against the lawfid claims and demands of all persons whomsoever, and this c~venant shall not be extinguished by foreclosureor other transfers.
2. To keep all buildings and other improvements now or hereafter existing in good condition and repair; ~o not remove or demolish any building
or other improvement thereon; to complete or restore promptly and in a good workmansbiplike maturer any intprovement 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
qffecting said property or requiring any alterations or improvements to be made thereon; to not commit or permit waste thereof or Ihereon; to
maintain, cultivate, irrigate, fertilize, fitmigate, prune, all in a good and husbandrylike manner, the land and intprovements thereto; to not change or
permit change in the use of the property; to not do anything which would reduce the vahte 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 insuran.ce; lo pay all
premiums 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 insurance policy nmy, at Mortgagee's option and deterndnation, be applied ;;pon any indebtedness secured hereby in
such order as Mortgagee determines, be released to Mortgagor itl whole or part, or any combination thereof &tch 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 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 document&
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 promissory note described above or twelve percent (12%) per annum, whichever is
greater.
6. To appear in and defend any action or proceedingparporting to affect the securityhereof or the rights or powers of Mortgagee; to pay, on
demand, all costs and expenses, inchtding without limitation, cost of title evidence, reasonable attorney's fees, advances, attcl/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 withoitt notice
or dentand 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 attthorizedto 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 contply with all laws, ordinances, 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 unlawful or objectionable purpose; to remedy any
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
other person); to forward copies of any notices receivedfrom any environmental agencies to Mortgagee; and to Indemnify and hold Mortgagee, his
employees, agents and his successors and assigns, harmless from and against an), 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 release such monies received by hint in the same manner and with the same effect as 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 from exercising any of such
rights at any other time; by acceptingpayment 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 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
not affect any other provision hereof and the mortgage shall be construed as though such provision had been omitted . . ", v ..... -- '~, ~.~
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 as 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 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 otherwisecollectsuch rents, issues and profits, including thase pasl due and unpaid, 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 as 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 dee4 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 }his covenant shall constitute 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 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 profits from the
Property and apply them against the indebtedness hereby secure& to sell the Property at foreclasureen masse, or as one lot or parcel at th& option
of Mortgagee, and to exerciseany rights and remedies available under the Uniform Commercial Code for the State in which the property is locate&
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 indebtedness 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 tn this instrument for the purpose of subjecting each of their right, title and inter, t, 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. bt the event of default, Mortgagor grants ~o Mortgagee a Power of Sale to foreclase 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 includes the
plural.
Dated: 4'--/qtr
SALT~~4ES, LLC
Joseph Belloff'
STATE OF IDAHO
) ss
COUNTY OF BONNEVILLE )
On 4"~/40¢,beforeme, theundersigned, pcrsonallyappeared
LARRY REINHART and JOSEPtI BELLOFF
know~ or identified to me t~o be the Managers of SALT RIVER HOMES, LLC and
Notary Pubh'c for the State of ~
Commission Expiration Date~ '_~. ~ .l~
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