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RECEIVED
LINCOLN COUNTY CLERK
8 9 8 7 5 0 MORTGAGE
APR 23 3:[.,,5
A f',J N "' f, ¢, R
BRIARWOOD ESTATES, LLC, AN IDAHO LIMITED,.,L~[,A,,~[,i~[i,-:?.y,¢,gQ~qy' OF P.O.
BOX 65;1, THAYNE, WY. 83127, (herein collectively called "MORTGAGOR"), to Secure the
payment of TWO HUNDRED FORTY-NINE THOUSAND DOLLARS ($249,000.00), with
interes't thereon, as provided in and evidenced by a promissory note of even date herewith (the
ultimate maturity date of which is the 31 ST day of DECEMBER, 2004) and all renewals,
modification and extensions thereof, do hereby mortgage unto COMMUNITY & EDU_CATID. hLAL
FOUNDATION, INC. of 329 S. WOODRUFF, IDAHO FALLS, ZD 83401 (herein called
"MORTGAGEE"), the following described real property, situate in the County of Lincoln, State
of Wyoming, hereby releasing and waving all rights under and by virtue of the homestead
exemption laws of the State of Wyoming, to-wit:
A portion of the NE~ of Section 25, T34N Rll9W of the 6th P.M.,
Lincoln County, wyoming, Lincoln County, Wyoming, more particularly
described as follows:
BEGINNING at the B.L.M. type Monument foUnd marking the C~ of said
Section 25; thence N 00'44'46" E, along the West line of said NE~,
1818.07 feet to an Iron Pipe set;
thence S 84024'44" E, to and roughly along an existing East-
West fence Line, 97885 feet to an Iron Pipe found
. marking a. corner of the Soest property;
thence S 2o30'50" E, roughly along an existing North-South
fence line, 1729.91 feet to an Iron Pipe found marking
the Southwest 'corner of said Soest property, at an
existing fence corner;
thence N 89041'58'' W, roughly along an West-East fence line,
1073.76 feet, to the POINT OF BEGINNING.
MORTGAGOR agrees to pay the indebtedness hereby secured; to pay all taxes,
assessments and charges levied against the Property, as the same become due and payable;
to secure, maintain and furnish MORTGAGEE evidence thereof, insurance with an insurance
carrier or carriers acceptable to MORTGAGEE, covering the insurance improvements on the
Property against loss by fire and earthquakes, with extended coverage, in an amount not less
than the unpaid balance of the debt hereby secured, or the insurable'value (replacement cost)
of such improvements whichever is less, which insurance shall contain an appropriate loss
payable provision protecting MORTGAGOR and MORTGAGEE as their respective interests may
appear from time to time. In the event MORTGAGOR fails to pay such taxes or assessments,
or fails to keep and maintain such insurance as herein prov ded, MORTGAGEE may pay such
taxes and assessments and may secure and pay for such insurance, and all sums so paid shall
be added to and considered a part of the indebtedness hereby secured and shall draw interest
at the same rate.
In case default shall be made in the payment of the above sums hereby secured, or in
the payment of the interest thereon, or any part of such principal or interest, when the same
shall become due; or in case of default shall be made in any of the covenants and agreements
thereof, Or in the event MORTGAGOR sells or conveys the Property, or any part thereof, or
any interest therein, without the prior written consent of the MORTGAGEE first had and
,.obtained, then the whole indebtedness hereby secured, With interest thereon, shall become
due and payable, atthe option of MORTGAGEE, and MORTGAGEE'S legal representatives and
assigns, may proceed by advertisement and sale/or as otherw'se authorized by governing law,
to foreclose on and sell the Property, and out of the proceeds of such sale, MORTGAGEE shall
pay all sums due hereunder, together with al costs of sale including reasonable attorney's
fees. If the proceeds of the foreclosure sale aremsufficient to pay the indebtedness hereby
secured and foreclosure costs, MORTGAGEE shall be entitled to a deficiency judgment.
In the event of any default whereby the right of foreclosure occurs hereunder,
MORTGAGEE shall at once become entitled to exclusive possession, use and enjoyment of the
Property, and to all rents, issues and profits from the accruing of any such rights and during
the pendency of the foreclosure proceedings, and the period of redemption, if any there be.
Witness our hands this~~dday of April, 2004.
State of Wy0m~ng
County of Lincoln
Joel Merritt, Manager
... oel Merritt, Individually
On this~'/,,'~/,~Jay of April, 20O4 before me pers°nally appeared Joel Merritt to me
personally known, who, being by me duly sworn, did say that he is a Manager of Briarwood
Estates, LLC and acknowledged said instrument to be the free act and deed of said limited
liability companyl
Witness my hand and official seal.
My Commission Expires