HomeMy WebLinkAbout900343BOOK
REAL ESTATE MORTGA'GE
TtliS MORTGAGE iL, granted by LOLA GJTR/IRD I7, ttn unmarried woman,. as MORTGAGOR, to
TNE BANK OF COMMEgCE jar the t,e~;efit of LAURENCE B. REINHART I~, as M'ORrGnGE~.
WI TNESNE TtI :
lvlortgagor, for good and valuable consideratign. ', the receipt of which is hereby acknowledge(l, does hereby GRANT, BARGAIN, SELL, CONVEY
AND WARRANT, and fitrther releases and waives' all rights under and by virtue of the homestead exemption laws of }Vyoming, nnto the 3dortgagee,
his snccessors and assigns, all of the following desrribed real property, to wit:
Lot 199 in Nordic Ranches Di~,ision No 15, Lincoln County, Wyoming as described on the official plat thereof
TOGETHER WITH an3, and all improven:enta, water and ditch rights, rights of ways et(semen(s, privileges, ventilating, tenements,
hereditaments and appurtenances thereuh 'o Oelonging or in anywise appertaining, now or hereafterused on said land or belonging to
said Mortgagor, und any reversion, rems;ns(r, rents, issues and profits thereof hereinafter referred to as the "Property ".
This grant is intended as a Mortgage, a Fist, re Filing and Sec, ri0, Interest for the Purpose of ,gecuring:
1. Performance of each agreement of ,¥lortga,?otc herein contained, each agreement and coveuant contained in the loan documents associatedwith
this mortgage, and any extension, renewal, modij~ic~ttion and/or amendment thereof "Loan documents" shall in(hdc the above described note, this
mortgage, and any other documents or instrumeJIts,~igned in connection with this loan.
2. Payment of the indebtedness evidenced by ,'t p?ondssorynote of even date herewith, atut any extension o~ renewal thereof in the principal sum
of FOUR 'I,'tIOUSAND SIX HUNDRED EIGtI',ry'~ONE DOLLARB ($4,68].00), th(final payment of principal and interest thereof if not sooner
paid, to be finally due and payable JUNE 16, 2605.
3. Payment of all such fit((her sums as may h?~selafter be loaned or advanced b), lite Mortgagee for any parpose: and any notes, drafts and/or other
instruments representingsuch fitrther loans, advc, nc~',}s or expendituresshall be optional with the ggortgagee, and shall become da( attd payable no
later than the final ma(utiO, date of said note sec,ared hereby; and provided fitrthet; that it iL' the express intention of the parties to this Mortgage that
it shall stand ax continuing security until all sue/ leans, advances or expenditures together with interest thereon, are paid in
.4. To protect the security of this &lortgage, M?rtgagor mar(ants, covenants atul agrees:
]. TIW, property is free fi.om all encumbrance,},, (.'cc(pt as may be described herein, ami that g,lortgagor shall warrant and defend th~ same forever
against the law. lid claims and demands of all per~ons whomsoever; and this covenant shall not be extinguished by foreclosure or other transJ~rs.
2. To keep all buildings and other in,provem~ ntX now or hereafter existing in good condition and repair; to not remove or demolish any building
or other improvement thereon; to complete or resto~ie promptly and in a good workinanshiplike manner arty improvement which may be constructed,
damaged or destroyed thereon; to pay when due all claims for labor performed and matcrials fitrnished thee'cio or thereJbr; to comply with all laws
affecting said property or requiring arty alterations or improvements to be made thereon; to not connnit or permit waste thereof or thereon; to
maintain, cultivate, irrigate, fbrtilize, fionigate, prune, all in a good and hasbandr),like manner, the land and improvements thereto; to not change or
permit change in the as( of the property; to not do ?mything which would reduce the value of the property; and do all other acts which from the
character or use of said property may be reasonably necessary, the specific (man(rations herein not excluding the general.
3. To provide, maintain and deliver fire insnrance satisfactory and wi(l, loss payable to ][Iortgagee; to maintain liability insurance; to pay all
premiums and charges on all such insurance when due; and to provide 34or(gl(gee sati{facto,yevidence of ~uch insm'ance upon request. ?'7~e amount
collected under any fire or other ins,ran((policy ntt05 at Jr[or(gage( ;~ option and determination, be applied npon any indebtetbtess secured hereby itt
such order as 3~lortgagee determine& be released to 3/Iortgagor in whole or part, or atO, combination thereof Such application or release shall 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, ctsses~ ,hen(s, or rents aJfecting said properO,,- to pa), when due all encumbrances, charges arm liens, with
interest, a. ffecting said property which are or ma) appear to be prior or superior hereto; and to pay all costa,, fees and e.xj~enses of this l~lurtgage and
axsociated loan documents.
5. To pay immediately and without demand a'~l sums expended by ~lortgageepursuanl lo the provisions hereof with interest front (late of
expenditure, at a rate equal to the in(er(st rate payable under the promissory note described above or twelve percent (12%)per atmum, whichever is
greater.
6. To appear in and defend any oction or procee~ding purporting to qfJbct the securiO, hereof or the righls or powers of hlortgagee; to pay, on
demand, all costa' and expenses, including without liwitation, cost of title evidence, reax'onable attorney's fees, advances, and/or costs, paid or
incurred by Mortgagee to protect or enforce its r ghzs trader bankruptcy, appellate proceedings or otherwise, and all such costs and expenses shall
become a part of the indebtedness secured by (hi: mortgage.
7. Should Mortgagor fail to make any paymeJq or to (lo any act ets herein provided Mortgagee, but without Obligation so to do and without notice
o1' demand upon 3~[ortgagor and without releasir, g ll[ortgagor fi.om any obligation hereof may: make or do the same in sach manner and to such
extent aa- ~[ortgagee may deem necessary to protqct the security hereof Mrortgagee being att(horized to enter upon said propero, for snch purposes;
aPPear in and defend any action or proceedingtmrporting to affect the secarity hereof or lite rights or'powers of hlortgagee' pav, purchase, contest
or comprondse any encumbrance, charge or lien which in the jadgment of l~Iortgagee appears to be prior or superior hereto; arm irt exercising any
such powers or in enforcing this Mortgage by jm ~ici~d foreclosure or otherwise, pa), the ne(:essary expenses, costs and reasonable attorney %'fees,
8. To comply with all laws, ordinances, regtdations, covenants, conditions and restrictions affecting the Property at(el its us< inch,ling without
limitation all environmental laws; not to as( or ~;erhnit the use of the Property for any tadawJid or objectionable purpose; to remedy arty
environmental contamination or violation of(nv romnental laws that ntay occur or be ,lis(over(din theft,are; to allow blortgagee access to the
Property to inspect its condition and to test and ~"tor. itor for compliance with applicable laws (an3, inspectioas or testa' made by Mortgagee shall be
'purposes only and shall not be r. on::trued to create any responsibili(vor liability on the part of Mortgagee to Mortgagor or to any
otb((person); to forward copies of any notices recelved from any environmental agencies to ~[ortgagee; and to Indemnify and hold ]C/or(gag(e, his
employees, agents and his successors and assigns, tu~rmless from and against any environmental claims of any kind, and all costa' and expenses
incurred in connection therewith, including, without/imitation, attorney's fees.
9. Any award of damages in connection with any'comlemnation for public use of or inj tt3, tO said property or any part thereof is herel~p assigned
and shall be paid to g/lortgagee who may apply (,r rzlease such monies receivedby him in the same manner and with the same cf]bet as ab'ore
?rovided for disposition of proceeds of fire or ott~er ;nsurance.
]0. The foilure of Mortgagee to exercise any rtghr or option provided herein at any time, shall not preclude ~[ortgagee fi-om exercising any of such
rights at any other time; by accepting paymenFoJ'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 sc(re'ed or to declare default.[br faihtre so to pay; all rights conferred on Mortgagee are cumulative
and additional to any rights conferred by law; attd (f any provision is found to be invalid or unenforceable, such invalidity or unet~rceabiliO,shall
not affect att3, other provision hereof and the mortgage shall be cons(toed ets though sach provision had been ondtted.
Real Es'late Mortgage (1/99) - Page 1
wn/NordicblTG .
] I. As additional security, Mortgagor hereby g: yes to and confers upon Mortgagee the right, power and anthority during the contimmnce of this
mortgage, to collect the rents, issues and profitx ~f s~aid property r~ they become dne and payable; Reserving however unto &Iortgago~; prior to any
default by Mortgagor in payment of any indebted~,,ess secured hereby or in performance q['any agreement hereunder, the right to collect and retain
such rears, issues and profim. Upon any such dqhu. lt, Mortgagee may at any time withoat notice, either in person, by agent or court appointed
receiver, and without regard to the adequacy of h ~y' security for the indebtedness hereby secured, enter apon and take possession of said property or
any part thereo~ in his own name sue for or othe,~vixe collect such rents, issues and prt~fitx, inclading those p~t due and unpaid, and appb, the
same, less cos[s and expenses of operation and co~le~ction, inclading ber~'onable attorney ~ fees, upon attF indebtedness secured hereby, and in such
order ~, Mortgagee may determine. The entering ~qmn and taking possession q'said proper06 the collection of such rents, issues and profits and th2
application thereof ~ aforesaid, shall not cure or waive any deJhult hereunder or invalidate any act done pursuant to any such default notice.
]2. DUE ON SALE: The indebtedness and obJig(~tionx secured by d~ix mortgage is personal to the Mortgagor aud is not ~xignable by Mortgagor.
Mortgagee h~ relied upon the credit of Mortgagor, ~the inte)estof Mortgagor in the Property and the financial market conditions then existing when
making this loan. If Mortgagor transfers or contra~ts to transfer, title to or possexsion p[; all or part of the Property, or any equitable interest
therein, whether by deed, contract for deed, ~sigfmi:ent, lethe for a term in excess of one year, lethe with an option to purcht~e, option to parch~e,
or similar agreement; or ~the ownership of any oorporation or partnership, owning all or any portion of the Property shall be chauged either by
volunta~ or invohmtary sale or transfer or by operction of law, kIortgagee may declare all sums due under any note, security agreement, and/or
loan documents ~sociated herewith, immediately ]ue and payable Noncompliance with this covenant shall constitute and be a defilult of this
obligation which shall entitle 3Iortgagee to effectuate any and all remediexprovided
13. Time is of the essence and a material part .~ thix. agreement. In the event of defaah, at b[ortgagee ~ option, the entire indebtednexx secured
hereby shall forthwith become due and payable at~d bear interest at the rate of TWELVE PERCENT (12~) per annam; Mortgagee shall have the
right to ~orecloxe the lien of this mortgage, to hafz o receiver appointed in any court proceeding, to collect any rents, issues and profit~ from the
Property and apply them ,against the indebtedness hereby secure4 to sell the Property at foreclosare en m~se, or ca' olte lot or parcel at the option
of Mortgage< and to exercise any rtghts and rent Mies available under the Un~orm Commercial Code for the State in which the property is located;
and rec~onable notice ~required by such Code shall be five (5) days.
14. The Mortgagee may at any time, without notice, relecmeportions of said mortgaged premises from the lien of this mortgage, without c(fecting
the personal liability of any person for the paymeat of the said indebtedness or the lien of this mortgage upon the remainder of the mortgaged
premises for the fidl amount of said indebtedness 'hen remaining unpaid '
15. Mortgagor and each' of them join tn this in.?tr,:tmentfor the purpoxe of subjecting each of their right, title and inter, t, ~any, in the Property,
whether of record or otherwise and including any. right to possession, to the lien of this mortgage.
1~. This mortgage, all loan docunlents and the nc, re(s) secured hereby shall be governed and construed according to the laws of the State of
~yoming. In the event of default, Mortgagor grants; to 3[ortgagee a Power of Sale to./breclose on and sell xaid properO, at public attction pursuant
to Wyoming Statute Section 34-4-101 er'seq.
17. This mortgage appli~ to, inures to the ben.~ of and binds all flartiex hereto, their heirs, devisees, personal representatives, successors aml
~signs. The term 3Iortgagee shall mean the holder, and owner of the note secured hereby; or ~ the note h~ been pledge4 the pledgee thereof In
this Mortgage, wherever the context so requires, t:te ,u~culine gender includes the feminine and&r neuter and the singular namber includes the
pha'al. ' '
Dated: Jnne 15, 2004
Lol~Gerardy
,/
STATE OF IDAHO )
) ss
County of BONNEViLLE )
On June 16, 2004. before me. the undersigr,le6,, personally appeared
Lola Oerardy, known or ident~'ed to me to be the pe~ sot. whose name is
subscribed to the within instrument, and ackowledged.'to rne that she executed the
Nota~ublic for ldaho ~/ I' ~, '