HomeMy WebLinkAbout900442REAL ESTATE MO ' G'A GE-':
~ (~5,oming) -' r~ . '~ , -' ~ .
E-2566
1't115' J~IORI'G,4GE is granted by ,~AL T R~VER tIO~IE& LLG, a Wyoming £imited Liabilio, Company, o~. MORTGAGOR, to
TIlE BANK OF ~O~I~IJERCE, as Trustee Jar the Benefi! oJ'~he DOROTttY REINHART IRA, as JJIORI'GA~EI£.
WI TNE5%'E TI-I:
lPlortgagor, for good and valuable considerations, the receipt of whit:h is hereby, ack~lowle,lged, does hereby G1L,INT, BARGAIN, SELL, CONVEY
AND WARIUtNT, and.fitrther releases and waiv,;s'all rtghts under and by virtae of the homestead exemption laws of Wyoming, unto the gIortgagee,
his successors and assigns, all of the following de~'cribed reed property, to wtt.
Lot 201 of Nordic Ranches, Division No. 13, Lincoln County Wyoming, according to the recordedplat thereof
recorded itt the Lincoht Coztttty Recorder's office.
TOGETtIER WITH arty and alt imflroveih~:nts, water and ditch rights, rights pf ways, ect.~'emenrL privileges, ventilating, tenements,
hereditaments and appurtenances theret, ro belonging or in anywise appertaining, uaw or hereafter used on said land or belonging to
said Mortgagor, and any reversion, remaitider, rents, issues and profits thereof hereinqfier referred to as the "Property"
This grant is intended as a J[lortgage, a Fixture Filing attd 5'ecttriO, Interest/bt the Purpose of 5'ecuring:
1. Performance of each agreement of l~Iortgfigor herein contained, each agreement aad covenant contained in the loan documents associated with
this mortgage, and arty extension, renewal, mod,'fication and/or amendment thereof "Loan documents" shall inclade the above described not& this
mortgage, and any other docaments or instrumei~ls signed in connection with this loan.
2. Payment of the indebtedness evidenced by a promissory note of even date herewith, artd any extension or renewal thereof in the pr/nc,/pal sum
of NINETY-TWO THOUSAND DOLLARS ($92, 000. 00), the final payntent qf principal and interest thereof if not sooner paid, to be
finally due and payable /trite '27) . 2005.
3. Payment al'all such fitrther sums as may t~e:eafter be loaned or advanced by lite ]?[ortgagee for any parpose; attd arty notes, drafts atul,/or other
instruments representingsuch further loans, adv,nses or expenditures shall be optiom'd with the Mortgagee, and shall become due and payable no
later thatt the final maturity date of said note sec,?ed hereby; and providedfio'the~; that it is the express intention of the parties to this Mortgage that
it shall stand ca' conlinaing secnrity mttil all sttc.t loans, advances or expend/tares together witt~ interest thereon, are paid it,
,4. To IJrotect the a'ecttrity of this Mortgage, i~.[ortgagor warrattts, covenattts attd agrees:
1. The property is fi'ee fi'om all enctnnbranc~s, except as may be described/erein, amt that Mortgagor shall warrant attd defend the same forever
against the law. fid claims and demands of till pe.'sons whowsoever, and this covenant shall not be exting,dshed by foreclosare or other transfers.
2. 7b keep all buildings and other improvem xnts now or herer~'ter existing in good condition and repair; to not remove or demolish any buihlittg
or other intprovement thereon; to complete or revtorepromptly and itt a good ~vorktma~shiplikemanner any improvement which may be conslracted,
damaged or destroyed thereon; to pay when dee all claims for labor perjbrmed atul materials]bm/shed thereto or therefor; to comply with all laws
affecting said property or requiring any alteratitm.,: or improvements to be made thereon; to not conanit or permit wavte thereof or thereon; to
maintain, cultivate, irrigate, ferlilize, fianigate, p'nt,ie, all itt a good and hasbandrylike tnanner, the land and improvements thereto; to not change or
permit change in the ese of the property; )o not dc* anything which would reduce the valae of the properO,; and do all other acts which front the
character or use of said property tnt~v be reckon ~ ly necessary, the specific enumerations herein not exclading the general.
3. To provide, maintain and deliver fire instti'ance, satisfactory and with loss payable to 3dortgagee; to maintain liabili(p insttrance; to pay all
premiums and charges on all stroh insurartce wh sn' dae/ and to provide 3'[ortgagee satL~fitctoryevidence of such insuraace apon reqaest. The amottnt
collectedunder any fire or other insurancepolic? may, at 3~[ortgagee's option and determination, be applied tq~on any indebtedness seuared hereby irt
such order as 3dortgagee determines, be relect~ed to 3/Iortgagor itt whole or part, or any uombination thereof Sach application or rdect~'e shall not
cure or waive art), default or notice of default hereunder or invalidate an), act done pttrsltaltt to sach notice.
4. To pay before delinquency all tct~es, asses,)n!ents, or rents affecting said properOq to pay when due all enct,nbrances, charges and liens, with
interest, c~'ecting said properly wt ich are or may [tppear to be prior or superior hereto; and to pay all costs, fees and expenses of this Mortgage
associated loan documents.
5. To pay immediately and without demand all sirras expended by A,Iortgagee pta'suant to the provisions hereof with interest from date pit.
expenditure, at a rate equal to the interest rate t:ayable under the promissory note described above or twelve percent (1274) per annam, whichever is
greater,
6. ]b appear itt and defend any action or proceedingpurporting to afJbct the secta.ily hereof or the rights or powers of 3'[ortgagee; to pay, on
demand, all costs and expenses, inclading without limitation, cost of title evidence, rett¥onable attorney's fees, advances, and/or costs, paid or
incurred by A4ortgagee to protect or er¢'orce its rights under bankruptcy, appellate proceedhtgs or otherwise, and all such costs and expenses shall
become a part of the indebtedness secured by lhis mortgage.
7. Should ~Iortgagorfail to make any payme.~t, or to do any act ca herein provided, }{ortgagee, but without obligation so to do and without notice
or demand upon Mor(gagor anti without reieasi.~g 3dortgagor front any obligation hereof, may: make or do the same in st,ch manner amt to such
extent as Mortgagee may deem necessary to prol'eqt the security herec~ ]vIortgagee being attthorized to ~nter upon said propertyfor sach purposes;
appear in attd defend any action or proceeding parporting to r¢fect the secltriO, hereqf or the rights or powers of J~,Iortgagee; pay, purchra~e, contest
or compromise any encumbrance, charge or lien' which itt the jucigment of ~¥Iortgagee appears to be prior or superior hereto; and itt. ~xercising any
such powers or in enforcing this 3dortgage by fit 7icial foreclosure or otherwise, pa), the necessary expenses, costs and reasonable attorney's fees.
8. To comply with all laws, ordinances, regu arians, covenants, co~tdilions and restrictio~ts affecting the Proparty and its use, including without
limitation all environmental laws; not to ttse or permit the use of the Property for any anlawfid or objectionable parpose; ia remedy an),
environmental contamination or violation of em ironmental laws that may occur or be discovered in the ftttare; Io allo~v 3fortgagee access to the
Property to inspect its condition and to test and ,,nonitor for compliance wilh applicable laws (any inspections or tests made by Mortgagee shall be
for Mortgagee 'sparposes only and shall no't be ,~o,,tstrued to create any responsibili(vor liabilio, on the part of ~¥[ortgagee to 3dortgagor or to any
other person); to forward copies of any notices ~eceiwdfrom alt), environntental agencies to A4ortgagee; and to Indeoatify and hold Mortgagee, his
employees, agents attd /tis saccessors and assign, Y, harmless from and against any environmental claims of any kind, and all costs attd expenses
incurred in connection therewith, inchtding, with ~t,t limitation, attorney's fees.
9. Any award of damages itt connection with ,"tn.v condemnation for pttblic use of or in/cry to said proper(p or any parr thereof is hereby assigned
and shall be paid to Mortgagee who may apply )r releaYe such monies received by hint itt the same ntanner and }villi the same e/feet as above
provided for disposition of proceed~ of fire or ot.:ie~ insurance.
10. The failure of Mortgagee to exercise any right or option provided herein tit arty time, shall not preclude Mortgagee from exercising any of sttch
rights at any other time; by acceptingpayment o.£tmy slnn secured hereby after ils due date, ~lortgagee does not waive his right either to require
prompt payment when due of all other sums so s ~cured or to declare default for fail,o'e so to pay; all rights co~rred on ~[ortgagee are cnnmlative
and additional to an3, rights conferred b), law; and if any provision is foand to be invalid or unenforceable, such invalidity or unenforceabili(Fshall
Real Eatate 3~ortgage (1/99) - Page 1
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not aJfect any other provision hereof and the mor g;ige shall be construed ets tboagh sach provision had been omitted.
I 1. ~ additional security, ~lortgagor.bereby g :vbs to and co~ers npon Mortgagee the right, power and authority, dnring the continuonce of this
mortgage, to collect the rents, issues and profits 5f said pr°Perty
de~tult by Mortgagor in payment of any indebted ~ess secured hereby or in performance q[' any agreement hereunder, the right to collect and retain
such rents, issues and profits. Upon any sach cle]?t;tlt, ~Iortgagee may at any time without notice, either in person, by agent or coart appointed
receiver, and without regard to the adequacy of cay security for the indebtedness hereby secure4 enter upon and take possession of said property or
any part thereof, in his own name ~ue for or otbe.,'v?ise collect such rents, issaes and profits, including thoxe prtst due and unpai4 and apply the
same, less costs and expenses of operation and ccllection, including rec~onable attorn<v's fees, upon arty indebtednesx secured hereby, and in such
order ca Mortgagee may determine. The entering j(aon attd taking possession of said proper(v, the collection of such rents, issues and profits and the
application thereof ~ c~bresai4 shall not cure or waive any default hereunder or invalidate any act done pursuant m any sttcb default notice.
12. DUE ON &4LE: The indebtedness and ob, igations secured by this mortgage is personal to the PIortgagor and is not c~signable by Mortgagor.
~[ortgagee h~ relied upon the credit of Mortgag9~, the interest of Mortgagor in the Property and the financial market conditions then existing when
making this loan. If Mortgagor transfers or contrabts to transfer, title m or possession ql~ all or part of the Property, or any equitable interest
therein, whether by dee4 contractJbr
~stgnment, term in excess of one veer, ler~'e with an option to purchr~e, option to purcbcme,
or similar agreement; or ~ the ownership of any ~o,.~oration or partnership, owning all or cay portion of the Propero, shall be qhanged either by
voluntary or involuntaO, sale or transfer or ~y op~rtltion of law, ~forlgagee nifty declare all sums due under any note, secnrity agreement, and/or
loan documents c~sociated herewith, immediately::h,e and payable. Noncompliance with this covenat~t shall constitute and be a dej?tult of this
obligation which shall entitle Mortgagee to effect~tate any and all remedies provided.
13. Time is of the essence and a material part of this agreement. In the event of dej}atlt, al ~qortgagee's option, the entire indebtedness secured
hereby xhall]brthwith become due and payable a,"ta bear interest at the rate of TWELVE PERCENT (12%) per annum; Mortgagee shall have the
right to Jbreclose the lien of this mortgage, to hm'Je.a receiverappointed in arty court proceeding, to collect any rents, issues and profits from the
Property and apply them against the indebtednes.~' hereby secured; to sell the Property at foreclosm'e en mm'se, or tt~ one lot or parcel at the option
of Mortgagee, and to exercise any rights and rent,dies available under the Un~orm Commercial Code ]bt the State in which the properO, is located;
and rec~onable notice ~reqaired by such Code shall be_five (5) days.
] 4. The Mortgagee may at arty time, without m~tice, rele~eportions of said mortgaged premisesfrom the lien of this mortgage, without affbcting
the personal liability of any person for the payme'~tt 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
] 5. &[ortgagor and each of them jotn tn this in~trumenlfbr the purpose of subjecting each of their right, title and interest, ~any, in the Property,
whether of record or otherwise and including any r,ght to possession, to the lien of this mortgage.
16. This mortgage, all loan documents and thc note(si secured hereby shall be governed and construed according to the laws ~ the State of
~yoming. In the event of defiudt, ~[ortgagor gra*tr:i lO blortgagee a Power of Sale to jbreclose on and sell said property at public attction pursuaut
to ~yoming Statute Seclion 34-4-101 et:seq.
17. This mortgage applies to, inures to the ben ~t of and binds all parties hereto, their heirs, devisees, personal representatives, successors and
c~signs. The term ~[ortgagee shall mean the hoh 'er and owner of the note secured hereby; or ~ tbe note
this ~[ortgage, wherever~~ requires} t.~e m~culine gender includes the feminiae and/or nettler, and the singalar number inclndes the
plural.
Dated:~~
8TA7~ OF i~0 )
) ss
COUNTY OF BONNEIqLLE )
On 61 . ~ · z ~e. the undersigned, personally appeared
Lar~y Reh~hart and Joseph Belloff
known or ident~ed to me to be the g4anagers of SALT PJVER HOMES. LLC and
acknowledged to me that said Limited Liability Comps,n). ~ecuted the same.
Commission Expiration Date: l~ [ ~ ~1 ~490 5 ',
,N. OTAFt¥ ?UB=G
c,TATE OF iDAHO
R al Estate A£ortgagf.?:,.:; 5: . : ~ge 2
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