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REAL ESTATE cour,l'rY._ 8 9 8 so
THIS MORTGAGE is granted by SALT RIVER HOLIES, LLC, a Wyoming Limited Liability Company, as MORrOAGOR, to
THE BANK OF CO~IMERCE as ~ustee for the Benefit of the LENORE ~ ~TRI I~, an undivided 75~ interest; and
THE B~K OF CO~IMERCE as Trttstee Jbr the Benefit of the II~ENDY ~ ~LSON IRA, an undivided 25~ interest,
~IOR TGA GEE.
WI TNESSE TtI:
Mortgagor, for good and valuable considerations, the receipt of which is hereby acknowledged, does hereby GRANT, BARGAIN, SELL, CONVEY
AND WARRANT, and further releases and wa.ives all rights tinder 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 181 of Nordic Ranches, Division No. 15, Lincoln County Wyom#tg, according to the recordedplat thereof
recorded itt the Lincoln County Recorder's office.
TOGETHER WITH any and all intprovem~nts, water and ditch rights, rights of ways, easements, privileges, ventilating, tenements,
hereditaments and appurtenances there(into belonging or in anywise appkrtaining, now or he(carte(used on said land or belonging to
said Mortgagor, and any reversion, remainder, rents, issues and profits thereof, hereinc~er referred to (tx the "Property".
This grant is httended as a Mortgage, a Fix'ture Filing attd Security Interest for the purpose of Securing:
1. Performance of each agreement of Mortgagor herein contained, each agreement and covenant contained in the loan documents associatedwith
this mortgage, and any extension, renewal, modification and/or amendment thereof "Loan documents"shall include the above describednote, 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, attd any extension or renewal thereof,, itt the principal sum
of ONE HUNDRED FORTY NINE THOUSAND SIX HUNDRED DOLLARS ($149,600.00), the final payment of principal and
interest(hereof, if not sooner paid, to be finally due and payable April 30, 2005.
3. Payment of all such fiirttter sums as may hereaflerbe loaned or advanced by the Mortgagee for any purpose; and any notes, drr~s att(I/or other
instruments representing such further loan& advances or expenditures shall be optional with the l¥[ortgagee, and shall become due and payable no
later than the final matarity date of said note secured hereby; and provided fitrther, that it is the ex'press intention of the parties to this Mortgage that
· it shall stand ax continuing security until all such loans, advances or expenditures together with interest thereon, are paid in fidl.
A. To protect the security of this 3/[ortgage, 3~lortgagor warrants, covenants attd agrees:
1. The property is free fi'om all encumbrances, 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 by fbreclosure or other transfers.
2. To keep all buildings and other improvements now or hereafter existing in good condition und repair; to not remove or demolish atty building
or other intprovement thereon; to complete or restore promptly and in a good workmanshiplike manner any improvement which may be constructed,
damaged or destroyed thereon; to pay when due all claims for labor performed and materials fiirnished thereto, or therefor,. to comply with all laws
affecting said property or requiring any alterations or improvements to be made thereon; to not commit or permit waste thereof or thereon; to
maintain, cultivate, irrigate, fertilize, fitmigate, prune, all in a good and husbandryli~'e mauner, 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 value of the property; and do all other acts which front the
character or use of said property may be rermonably necessary, the specific enumerations herein not ex(hiding the general.
3. To provide, .maintain and deliver, fire 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 l¥[ortgagee satisfactoryevidence of such insurance upon request. The amount
collected under any fire or other insurance policy may, at ~'£ortgagee's option and determination, be applied upon any indebtedness secured hereby itt
such order as ]14ortgagee determines, be released to 3/Iortgagor 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 said property; to pciy when due all encumbrances, charges and liens, with
interest, affecting said properly which are or may appear to be prior or superior hereto; and to pay all costs, fees and expenses of this bIortgage and
associated loan documents.
5. To pay intmediately and Without demand all sitms expended by Mortgagee pursuant to the provisions hereof, with interest from (late of
expenditure, at a rate equal to the interest rate payable tinder the promissory note described above or twelve percent (12%) per annum, whichever is
greater.
6. To appear in and defend any action or proceedingpurporting to affect the security hereof or the rights or powers of hIortgagee; to pay, on
demand, all costs and expenses, includtng without limitation, coa, t of title evidence, rectxonable attorney's fees, advances, and)'o~' 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 ~[ortgagorfail 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 releasing Mortgagor from any obligation hereof, may: make or do the same in such manner and to such
extent ax Mortgagee may deem necessary to protect the security hereof, Mortgagee being authorized to enter upon said propertyfor such purposes;
appear in and defend any action or proceedingpurporting to affect the security hereof or the rights or powers of Mortgagee; pay, purchase, contest
or cornpromise 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 comply with all laws, ordinances, regulations, cov~enants, 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 contpliance with ?~pplicable laws (any inspections or tests made by Mortgagee shall be
for Mortgagee 'spurposes only and shall not be construed to create any responsibilityor liability on the part of Mortgagee to l¥tortgagor or to any
,/other person); to forward copies of any notices received from any environmental agencies tO ~¥lortgagee; 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, inch(ding, without limitation, attorney's fees.
9. Any award of damages in connection with any condemnation fo(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 receivedby him in the same tnanner and with the same effect as above
provided for disposition of proceeds of, fire or other insurance.
10. The failure of Mortgagee to exerciseatLv 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 stint secured hereby after its d,e date, Mortgagee does not waive his right either to require
-l>rotnpt payment whe~ due of all other su~nx so ~ecured or to declare defaultf°r faihtre so to pay; all rtghts conferred on Mot e cumulative
, and additional to any rights conferredby law; and ~any provision is found to be invalid or unenforceable, such im,ali(lityor une~orceabilityshall
not affect any other provision hereof and the mortgage shall be construed ~ though such provision had been omitted.
11. As additional security, Mortgagor hereby gives to and co~ers upon Mortgagee the righL power and authority, during the continuance of this
mortgage, to collect the rents, issues and profits of said property c~ they become due and payable; Reserving however unto ~lortgagor, prior to any
default by Mortgagor in payment of any indebtedness secured here&v or in performance of any agreemeut hereunder, the right to collect and retain
saeh 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 h~reby secure4 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 p~t due and unpaid, and apply the
same, less costs and expenses of operation and collection, including rec~onable attorney ~'fees, upon any indebtedness secured hereby, and in such
order ~ Mortgagee may determine. The entering upon and taking possession of said property, the collection of such rents, issues And profits and the
application thereof ~ c(oresai4 shall not care or waive any defimlt hereunder or invalidate any act done pursuant to any such defitult notice.
12. DUE ON SALE: The indebtedness and obligations secured by this mortgage is personal to the Mortgagor and is not ~signable by Mortgagor.
~[ortgagee 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 g~ortgagor transfers or contracts to transfer, title m or poss~sion of all or ~art of the Property, or any equitable interest
therein, whether by deed, contract for deed, ~signment, le~e for a term in exc~s of one year, le~e with an option m purch~e, option to purch~e,
or similar agreement; or ~ the ownership 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 all sums due under any note, security agreement, and/or
loan documents ~sociated 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. In the event of default, at Mortgagee ¢ option, the entire indebtedness secured '
hereby shall forthwith become due and ~ayable and bear interest at the rate of TWELVE' PERCENT (12~) per annum; )[ortgagee 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 foreclosure en m~se, or c~ one lot or parcel at the option
of ~Wortgagee, and m exercise arty rights and remedies available under the Un~orm Con.nnercial Code for the State in which the property is located;
and re~onable notice ~ required by such Code shall be five (5) (lays.
14. The gtortgagee may at any time, without notice, rele~eportions of said mortgaged premisesfi.om the lien of thi, mortgage, without r(fecting
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 in this instrument for the purpose of subjecting each of their right, title and interest, ~any, in the Property,
whether of record or otherwise and including any right to possession, m the lien of this mortgage.
16. This mortgage, all loan documents and the note(s) xecured hereby shall be governed and cot~trued according m the laws of the State qf
Wyomin& In the event of default, Mortgagor grants to 3[ortgagee a Power of Sale to foreclose on and sell said property at public auction pursuant
to Wyoming Statute Section 34-4-101 et:seq.
17. This mortgage applies to, inur~ m the benefit of and binds all parties hereto, their heirs, devisees, personal representatives, successors and
~signs. The term Mor~l~n the holder and owner of the note securkd hereby; or ~ the note h~ been pledge4 the pledgee thereof In
this btortgage, where~r~cqntext so r~aires, the tn~culine gender includes the fendnine and/or neuter, and the singular number includes the
SrArz o~ ~D~O
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CO~TY OF BO~EVILLE )
On Aprilo~, 2004, before me, the undersigned. ?ersonally at~Pea,'ed
~T and JOSEPH
BELLOFF
~~cno. wn o.r ~eqt~'ed~o m~agers of S~T m~R HOMES. LLC and
' nowledged to m tha bility ~ompany executed the sam~.
No~blic for the ~tate ~A ~O '
Commission Expiration Date: [~/~/~
REBECCA SMITH
NOTARY PUBLIC
,~..~TE OF IDAHO
MY OOMMI~i~ION ~XPii~E$10/231200fi
Real E,tare 3,£ortgage (1/99) - Page 2
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