HomeMy WebLinkAbout898708 REOFIVFn
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CHIS MORTGAGE is granted by SALT RIVER HOMES, LLC, a Wyoming Limited Liability Company, ~ MORTGAGOR, to
REINHART-EDWARD& L.L.C, a ~yoming Limited Liability Company, ~ MORTGAGEE.
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Mortgagor, for good and valuable considerations, the receipt of Which is hereby acknowledge4 do~ hereby G~N~ BARGA~ SELL, CO~EY
AND ~A~N~ and fitrther rele~es and waiv~ all right{ under and by virtue of the hom~tead exemption laws of ~yoming, unto the Mortgagee,
his successors and ~signs, all of the following described real property, to wit:
Lot 214 of Nordic Ranches, Division No. 13, Lincoln Cottnty ~yoming~ according to the recorded plat thereof
recorded in the Lincoln Cotttt,ty Recorder's office.
TOGETHER WITH any and all irnprovements, water and ditch rights, rights of ways, easetnents, 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, hereinafterreferred to as the "Property".
Thls grant is h~tended as a Mortgage, a Fixture Filhtg and Xecurlty Interest for the Purpose of Securlng:
1. Performance Of each agreement of Mortgagor herein contained, each agreement and covenant contained in the loan documents ~sociated with
this mortgage, and any extension, renewal, mod~cation and/or amendment thereof 'Zoan documents" shall include the above d~cribed 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 thereo~ in the principal Sum
of THIR TY-FOUR THOUSAND DOLLARS ($34,000.00), the,final payment of principal and inter~t thereo~ ~ not sooner paid, to be
and payable October 15, 2004.
instruments repr~entingsuch 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 further, that it is the expr~s intention of the parties to this Mortgage that
tt shall stand ~ continuing security until all such loans, advances or ~penditures together with inter~t thereon, are paid in fidl.
A. To protect the security of this Mortgage, Mortgagor warraats, covenants and agrees:
1. ~e property is free from all encumbrance, except ~ may be d~cribed herein, and that Mortgagor shall warrant and defend the same forever
against the lawfid claims and demands of all persons whomsoever, and this covenant shall not be extinguished by foreclosure or other transfers.
2. To keep all buildings and other improvements now or herec~er existing in good condition and repair; to not remove or demolish any building
or other intprovement thereon; to complete or restore promptly and in a good worktnanshiplike manner any intprovement which may be co~tructed,
damaged or destroyed thereon; to pay when due all claims for labor performed and materials furnished thereto or therefor; to comply with all laws
affecting said property or requiring arty alterations or impkovements to be made thereon; to not commit or permit ~te thereof or thereon; to
maintain, cultivate, irrigate, fertilize, fumigate, prune, all in a good and husband~like manner, the land and improvements thereto; to not change or
pekmit 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 ase of said property may be re~onably nec~sa~, the spec~c enumerations herein not excluding the general.
3. To provide, maintain and deliverfire insurance satisfactory and with loss payable to Mortgagee; to maintain liability insurance; to pay all
premiums and charges on all such insurance when due; and to provide Mortgagee satisfacto~evidence of such i~urance upon request. The amount.
collected under any fire or other insurance policy may, at Mortgagee ~ option and determination, be applied upon any indebte&,~s secured hereby in
such order ~ Mortgagee determines, be rele~ed to Mortgagor in whole or part, or any. combination thereof Such application or rele~e shall not
cure or waive any default or notice of default hereunder or invalidate any act clone pursuant to such notice.
4. To pay before delinquency all t~es, ~sessment& or rents affecting said property; to pay when due all encumbrance, charges and lie~, with
interest, affecting said property which are or may appear to be prior or superior hereto; and to pay all costs, fees and expens~ of this Mortgage and
~sociated loan documents.
5. To pay immediatelyand without denmnd all sums ~pended by Mortg~geepursuant to theprovisions hereo~ with interest from date of
expenditure, at a rate equal to the inter~ t 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 proceeding purporting to affect the security hereof or the rights or powers of Mortgagee; to pay, on
demand, all costs and expenses, including without limitatioh, cost of title evidence, re~onable attorney ~ fe~, advances, and/or costs, paid or
recurred by Mortgagee to protect or enforce its rights under bankruptcy, appe!late proceeding~ or otherwise, and all such costs and expe~ shall
become a part of the indebtedness secured by this mortgage.
7. Should Mortgagor fail to make any payment or to do any act ~ herein provided, Mortgagee, but without obligation so to do and without notice
· or demand upon Mortgagor and without rele~ingMortgagorfrom any obligation hereo~ may: make or do the same in such manner and to such
extent as Mortgagee may deem necessary to protect the security hereo~ Mortgagee being authorized to enter upon said propertyfor such purpose;
appear in and defend any action or proceeding purporting to affect the security hereof or the rights or powers of Mortgagee; pay, purch~e, 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 necessa~ expenses, costs and re~onable attorney ~ fees.
8. To comply with. all 'laws, ordinances, regulations, covenants, conditions and r~trictions affecting the Prbperty and its use, including without
limitation all enviromnental laws; not to use or permit the use of the Property for a~W 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 acc~s to the
Property to inspect its condition and to test and monitor for contpliance with applicable laws (any inspections or t~ts mad~ by Mortgagee shall be
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 received from any environmental agenci~ to Mortgagee; and to Indemn~y and hold Mortgagee, his
employees, agents and his successors and ~signs, harmless from and against any environmental claims of any kind, and all costs and expens~
incurred in connection therewith, including, without limitation, attorney ~ fees.
9. Any award of damages in connection with any condemnation for public use of or injury to said property or any part thereo~ is hereby ~signed
and shall be paid to Mortgagee who may apply or rele~e such monies received by him in the same manner and with the same effect ~ above
provided for disposition of proceed, 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 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 for failure so to 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
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not affect any other provision hereof and the mortgage shall be construed as though such provision had been omitted.
11. As additional security, Mortgagor hereby gives to and confers upon ]~fortgagee the right, power and authority, during the continuance of this
mortgage, to collect the rents, issues and profits of said properOJ as they beconte due attd payable; Reserving however unto 3~rortgagor, 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 secttrityfor 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 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 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 effectuate any and all remedies provided
13. Time is of the essence and a material part of this agreement, b~ 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 secured; to sell the Property at foreclosureen masse, or as 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.
] 4. The Mortgagee may at any time, without notice, releaseportions of said mortgaged premisesfrom 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
prentises for the fitll 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. In the event of default, Mortgagor grants to Mortgagee a Power of Sale to forecloseon 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
Joseph Belloff Mat
STATE OF IDAHO
COUNTY OF BONNEVILLE
LARRY REINHART and JOSEPH BELLOFF
known or iqentified to me to be the Managers of SALT RIVER HOMES, LLC and
acknowledged to me that~iq Limited Liability Company executed the same.
Notary Public for the ~tate of~ )~_
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