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MORTGAGE 21 ;
THIS MORTGAGE is made as of the '7~ da~;;f May, 2004/'b~i~een ~VEN
~DGE, LLC, a~ Wyoming' Limited Liability Company, P.O. Box 3165, Alpine, Wyoming
83128 (the "Mo~gagor") and JOSEPH MAYER, a single man, 2903 Libe~y Drive, Crown
Point, Indiana 46307 (the "Mortgagee").
WlTNESSETH, that to secure the payment of an indebtedness in the sum of Fifty
Thousand Dollars ($50,000.00), as evidenced by a Promissory Note of even date herewith (the
ultimate maturity date of which is January 1, 2005, or, if a house is built on the property herein
identified, then the date such house is occupied as a residence, whichever occurs first) and all
renewals, modifications, and extensions thereof, the Mortgagor hereby mortgages to the
Mortgagee the following described real estate, situated in the Town of Alpine, County of
Lincoln, State of Wyoming, to wit:
Lot 18 of the Trail Ridge Subdivision as shown on the plat thereof filed in the
land records of Lincoln', County, Wyoming on October 21, 2003, as Plat No. 225-E and
Instrument No. 89461'8.
Together with all improvements and all other appurtenances and hereditaments
thereunto belonging.
Subject to all covenants, conditions, restrictions, easements, reservations, rights,
and rights-of-way of' sight and/or record.
And the Mortgagor covenants with Mortgagee as follows:
Payment. The Mortgagor shall pay the indebtedness hereby secured.
2. Prepayment. The Mortgagor shall have the privilege of paying the Mortgage sum
at any time without premium or penalty of any kind.
3. Preservation of Property. The Mortgagor shall not do anything on or in
connection with the Property that may impair Mortgagee's security hereunder. Mortgagor will
not commit, permit, or suffer any waste, impairment, or deterioration of the Property and the
Property shall be continuously maintained in good and sightly order, repair, and condition by
Mortgagor at its expense.
4. Taxes and Other Charges. The Mortgagor shall pay all ground rents, taxes,
assessments, sewer rents, water rents, all governmental, quasi-governmental charges (e.g.,
homeowners association assessments), and other lawful charges on or against the Property.
5. Payments by Mortgagee. In the event Mortgagor defaults in the payment of any
lawful charges against the Property, Mortgagee, at his sole option and discretion, may pay same.
Mortgagor covenants and agrees to reimburse such sums expended by Mortgagee, with interest
at the rate of eighteen percent (18%) per annum, and the same shall constitute a lien against the
Property with priority as of the date hereof.
6. Late Payment Fee. If default is made in the payment required herein, and such
default is not cured within ten (10) days of when due, then a late fee in the amount often percent
(10%) of the amount due shall also be due.
7. Statement. The Mortgagor, within twenty (20) days upon request in person or
within thirty (30) days upon request by mail, will furnish a written statement duly acknowledged
verifying and acknowledging the amount outstanding on the indebtedness secured by this'
Mortgage.
8. Notice. All notices shall be sent certified mail, shall be deemed given when
,mailed, and shall be addressed as follows or at. such other place as may be designated by either
party from time to time in writing in the same manner as provided herein:
MORTGAGE
RAVEN RIDGE, LLC / MAYER
PAGE 1 OF 4
Mortgagor:
Raven Ridge, LLC
P.O. Box 3165
Alpine, Wyoming 83128
232.
Mortgagee:
Joseph Mayer
2903 Liberty Drive
Crown Point, Indiana 46307.
9. Warranty. The Mortgagor warrants the title to the Property. Mortgagor shall
furnish and pay for title insu::ance coverage insuring Mortgagee's interest in the Property to the
full amount of the indebtedness Secured hereby.
10. Default and Acceleration. The entire indebtedness secured hereby shall become
due and payable au the option of the Mortgagee:
(a)
Upon default in the payment of any amount hereby secured or payable hereunder
(the amount of the Promissory Note, late charges, lawful charges against the
Property, amounts paid by Mortgagee, attorney fees, collection costs, etc.) and
failure to cure such payment default within twenty (20) days of written notice
thereof; or
(b)
After failure t,o exhibit to the Mortgagee, within thirty (30) days after demand,
receipts showing payment of all ground rents, taxes, water rents, sewer rents,
govermnental 'charges, quasi-govenm~ental charges and assessments; or
(c)
After the ass~gmnent of the rents of the Property or any part thereof without the
written co nsent of the Mortgagee, except as otherwise provided herein; or
(d)
If the Mortgagors fail to keep, observe, and perform any of the other covenants,
conditions, or agreements contained in this Mortgage (not cured within prescribed
time' limits); or
(e)
After failure to comply with any requirement or order or notice of violation Of law
or ordinance issued by any governmental or quasi-governmental authority
claiming jurisdiction over the Property within three (3) months from the issuance
thereof; or
(f)
Upon sale or transfer of an interest in the Property without Mortgagee's consent
as herein provided; or
(g)
Anything in this Mortgage contained to the contrary notwithstanding, if it shall be
necessary for Mortgagee or Mortgagee's agent to notify Mortgagor in writing of
default under this Mortgage for failure to make any required payments in a timely
manner two (2) times, then the Mortgagee shall not be obligated to provide any
further notice of default and the Mortgage will, at the option of Mortgagee, be in
default (and all amounts secured hereby and payable hereunder shall be fully due
and payable) and the Mortgagee shall have all remedies available to him as set
forth herein.
11. Foreclosure Upon Default. In the event of default and acceleration as herein
provided, the Mortgagee may proceed, pursuant to the laws of the State of Wyoming, by judicial
foreclosure or advertisemen!t and sale, to foreclose on and sell the Property, and out of the
proceeds of such sale shall pay all sums secured hereby, including all costs and expenses of the
foreclosure proceeding.
12. Remedies. Ail remedies provided in this Mortgage are distinct and cumulative to
any other right or remedy ,under this Mortgage or afforded by law or equity that may be
exercised concurrently, independently or successively. Any forbearance by Mortgagee in
exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be
deemed a waiver or preclude the exercise of any such right or remedy at any time.
MORTGAGE
RAVEN RIDGE, LLC / MAYER
PAGE 2 OF 4
13. Receiver· The Mortgagee, in any action or procedure to foreclose it (judicial, by
power of sale, or otherwise),i~shall be entitled to the appointment of a receiver. The Mortgagor
hereby consents that, in the e~ent a receiver is appointed, the Mortgagee may be the receiver.
14. Possession· Ih ithe event of default by Mortgagor, the Mortgagee is entitled to
possession of the prOperty during the pendency of any foreclosure proceedings and during any
period of redemption, if apphcable, under the .laws of the State of Wyoming.
15. Attorney and Foreclosure Expenses. If any action or proceeding be commenced,
to which action or proceeding the Mortgagee is made a party due to his interest in the Property,
or in which it becomes necessary to initiate collection of the indebtedness hereby secured or
foreclosure proceedings (whether or not suit is necessary), all sums pad by the Mortgagee for the
expense of any litigation or proceeding to prosecute or to defend the rights and lien created by
this Mortgage or to foreclose this Mortgage or to collect the indebtedness hereby secured
(including reasonable attorney's fees), shall be paid by the Mortgagor, together with interest
thereon at the rate of eighteen percent (18%) per a~mum, and any such sums and the interest
thereon shall be a lien on the'Property, prior to any right, or title to, interest in, or claim upon the
Property attaching or accruing subsequent to the lien of this Mortgage, and shall be deemed to be
secured by this Mortgage.
16. Assignment of Rents. The Mortgagor hereby assigns to the Mortgagee the rents,
issues, and profits, if any, of the Property as further security for the payment of the indebtedness
secured hereby, and the Mortgagor grants to the Mortgagee the right to enter upon the ProPerty
or any part thereof, and to apply the rents, issues, and profits, after payment of all necessary
charges and expenses, on account of the indebtedness hereby secured. This assignment and grant
shall continue in effect until all sums secured by this Mortgage are paid. The Mortgagee hereby
waives the right to enter upon the Property for the purpose of collecting said rent, issues, and
profits, and the Mortgagor shall be entitled to collect and to receive said rents, issues, and profits;
provided that such right of thc Mortgagor may be revoked bY t!~e Mortgagee upon any default
(not cured within the applicable cure period) hereunder, without notice.
17. Deficiency. In the event the Property is sold at foreclosure (judicial, power of
sale, or otherwise according to law) and ~the proceeds are insufficient to pay the indebtedness
secured hereby, Mortgagor shall remain liable for the unpaid balance and Mortgagee Will be
entitled to a deficiency judgment. '
18. Due-on-Transfer. If all or any part of the Property or any equitable or beneficial
interest therein is sold or otherwise transferred by Mortgagor without Mortgagee's prior written
consent, which shall not be um'easonably withheld, excluding (a) the creation of a purchase
money security interest for appliances; (b) a transfer by descent, devise, or operation of the law
upon the death of any owner, or (c) the grant of any leasehold interest to the Property of three (3)
years or less not containing an oPtion to purchase, Mortgagee may, at Mortgagee's sole option,
declare all sums secured hereby to be immediately due and payable.
19. ,Set-Off. Mortgagor shall not be entitled to set-off or any similar rights against
amounts secured hereby.
20. Miscellaneous. This Mortgage may not be changed or terminated orally. The
covenants,' agreements, and conditions contained in this Mortgage shall run with the land and
bind the Mortgagor, the heirs, successors, and assigns of the Mortgagor, and all subsequent
owners, encumbrancers, tenants, and subtenants of the Property, and shall insure to the benefit of
the Mortgagee, the personal representatives, successors, and assigns of the Mortgagee, and all
subsequent holders of this Mortgage. This Mortgage shall be governed by the laws of the State
of Wyoming '
IN WITNESS WHEREOF, this MOrtgage has bee duly executed by Mortgagor, hereby
relinquishing and waiving all fights under and by virtue of the homestead exemption laws of the
State °f Wyoming.
RAVEN mDGE, Lt,C,
a Wyoming Limited Liability Company
MORTGAGE
RAVEN RIDGE, LLC / MAYER
PAGE 3 OF 4
2 3 4
~EB '
MANAGING MEMBER
EL~LI~N'. SPEARIlff
MEMBER
~ILC~rA~-lq~ L. S~i~ARIN
MEMBER
STATE OF WYOMING )
)ss.
COUNTY OF Lio0co,~3 )
County o!
Lincoln
On this ~o4~ day of,May, 2004, personally appeared before me BILL NEEB who duly
acknowledged to me that he signed the foregoing Mortgage as Managing Member of RAVEN
RIDGE, LLC, for and on behalf of said Company.
Witness my hand and official seal.
My Commission expires: 2~. OI'ZO0~
STATE OF WYOMING )
) ss.
COUNTY OF L~cv~.~3 )
~"--', State of
County of t.:~,'~,'& . .State .of
On this ~4~ day of May, 2004, personally appeared before me ELLIN E. SPEARIN
who duly acknowledged to me that she signed the foregoing Mortgage as a Member of RAVEN
RIDGE, LLC, for and on behalf of said. Company.
Witness my hand and official Seal.
My Commission expires:
2 · q- 2c/oE,
~qOTARY PUBLIC
STATE OF WYOMING )
) SS. .
COUNTY OF ) .~ ro¢oc, tO ) ~' n Expires ~__.
On this ~q~ day of May, 2004, personally appeared before me WILLIAM L.
SPEARIN who duly acknoWledged to me that he signed the foregoing Mortgage as a Member of
RAVEN RIDGE, LLC, for and on behalf of said Company.
Witness 1ny hand and official seal.
NOTARY PUBLIC
My Commission expires: 2.. q' 2~cog
MORTGAGE
RAVEN RIDGE, LLC / MAYER
PAGE 4 OF 4