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R~ O[c I\/F'D E-2567
LII'qOO_N (}OU!,ITY CLERK
REAL ESTATE MORTGA GE
'"' , !I - ~, I:"~.'~! '~,'' fi.. 2
9007"6
(~(WyomingO t J-', ' '
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~HS NO~T~A6E L~ g~ant~d bX SALT RI~ER HOME& LLC, a ll}oming Limited LiabiliO, ComRanj5 ca, NO~T~X6O~, ~o
CLA~'NCE REINHART ~ MORTGA6EE:
t~I J Nti~S ~ E Tt I :
3dortgagor, .for good and valuable considerations, the receipt of which is hereby ackno,.ledged, does hereby GI~INI; BARGAIN, BELL, CONVEY
AND WARIL4NJ; and fi~rther releases and waives all rights tinder ond by virtue of the homestead exemption laws of tVyoming, nnto the ]¢[ortgagee,
his saccessors and assigns, all of the following des~ribed real prolmrty, to wit:
Lot 202 of Nordic Ranches' Division No. 13, Lincoln CottnO, llS,otning, according to the recordedplat thereof
recorded itt the Lincoltt Co,~tno, Recorder's oJflce.
2DGETHER WITtt any and all improvements, water and ditch rights, rights of ways, eaxentents, privileges, ventilating, tettements,
hereditaments and appurtenances thereunto belonging or in anywise appert,ining, now or hereafter used on said land or belongiag to
said Mortgagor, and any reversion, remd:inder, rents, issues and profits thereof hereinafter referred to ta' the "Property ".
This grant is intended as a 31ortgage, a FLYtul'e Filing attd Xecurity Interes't for the l'utjJose of Securing:
1. Performance of each agreement of Mortgr:go, herein contained, each agreement ami covenant contained in the loan documents ~'sociatedwith
this mortgage, and arty extension, renewal, mod.'/ic~ttion and/or atnendment' tbereof "Loan docuntentsY shall include the above described note, this
mortgag< and arty other documents or instrtone,~ts-signed in connection with this loan.
2. Payment of the indebtedness evidenced &p a promissory note of even date herewith, and any extenMon or renewal thereof, in the princcal sam
of ONE HUNDI~D FIFTY THOUSAND DOLLARS ($150,000.005 the./inal payment of princcal and interest thereof ¢'not sooner
paid to be finalC dne and pctyable Jtote ~0 ~ 2'005.
3. Payment of all such fitrther sams ca' may herec(ter be loaned or advanced by the ~[o,'tgagee fi~r any purpose; and any notes, drt(ts and/or other
instraments representingsuch fitrther loans, adv:'tnces or expendituresshall be optional with the blortgagee, and shall become due and payable no
later than the final maturity date of said note secured hereby; and provided fitrthe~; that it is the express intention of the parties to this Mortgage that
it shall stand c~ continuing security until all such loans, advances or expenditures together with interest thereon, are paid in fidl.
A. To protect the securiO, of this Mortgage, 3'[ortgagor warrants, covenants attd agrees:
I. The property is freej~om all encumbrances, except c~' nmy be described herein, and that Mortgagor shall warrant and ,leJbnd the same forever
against the lawfid claims and demands of all persons whomsoever, and this covenant shall not be extiaguishedby foreclosare or other trane[hrs.
2. To keep all buildings and other improvements now or herec~ter existing in good condition and repair; to not remove or demolish atO, bailding
or other improvement thereon; to complete or r~store 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 fi~rnished thereto or thereJbr; to comply with all laws
c~fecting said property or requiring arty alterations or improvements to be made thereon; to not conanit or permit wc~te thereof or thereon; to
maintain, cultivate, irrigate, fertilize, fitmigate, p~une, all in a good and hasbmtdo,like manner, the land and improvements thereto; to not change or
permit change in the use of the property; to not do anything which wouhl redace the value q['the property; and do all other acts which from the
character or use of said property may be reasonably necessary, the specie enumerations herein not excluding the general.
3. lb provide, maintain and deliverfire insurance satisfactory arm with loss payable to Mortgagee; to maintain liabiliO, insarance; to pay all
premiums and charges on all such insurance wh'en due; and to provide ~lortgagee sati{fi~ctosvevidence of such insurance upon request. The atnount
collected under atty fire or other insurance polic;y may, at bIortgagee ~ option and determination, be applied upon any indebtedness secared hereby in
such order c~¥ Mortgagee determines, be relet~e::l to btortgagor in whole or part, or any combination thereof Such application or relet~'e shall not
cure or waive any default or notice tf default here,~nder or invalidate any act done purstmnt to such notice.
4. To pay before delinquency all t~es, cmsessments, or rents c(fecting said propertv' to pay when dae all encumbrances, charges attd liens, with
ioterest, (¢fecting said property which are or may appear to be prior or superior hereto; atul to pay all costs, fees and expenses of this ~[ortgage and
~'sociated loan documents.
5. 7b pay immediately and without demand all sums expended by Mortgagee pursuant to the provisions hereof with interest from date of
expenditure, at a rate equal to the interest rat.e payable under the promissory note described above or twelve percent (1- %) per annum, whichever is
greater.
6. Ib appear in and defend any action or prvceeding purporting to affect the securiO, hereof or the rights or powers of hTortgagee; to pay, on
demand, all costs and expenses, inclading witho xt limitation, cost of title evidence, rer~¥onable attorney ~ fees, advances, and/or costs, paid or
incarred by Mortgagee to protect or e~brce its rights under bankruptcy, appellateproceedings or otherwise, and all such costs and expenses shall
become a part of the indebtedness secared by th':s mortgage.
7. Should Mortgagorjhil to make any payment or to do any act c~ herein provided, Mortgagee, bat without obligation so to do and without notice
or demand upon Mortgagor and without relecaittg Mortgagor from any obligation hereq[5 may: make or do the same in such manner and to such
extent c~ Mortgagee may deem necessary to pro:et{ the secnrity hereof Mortgagee being authorized to enter upon said property for such parposes;
appear in and defend any action or proceeding purporting to r~fect the securiO, hereof or the rights or poivers of ~ortgagee; pay, purcht~'e, contest
or compromise any encumbrance, charge or lief. wiffch in the judgment of Mortgagee appears to be prior or superior hereto; and in exercising any
such powers or in et~orcing this Mortgage by judicial foreclosare or otherwise, pay the necessary expenses, costs and recaonable attorney ¢.fees.
8. To comply with all laws, ordinances, regulattons, covenants, conditions and restrictions affbcting the Properly and its use, including without
limitation all environmental laws; not to.use or pe 'mit the use of the [roper(v for any anltm~d or objectionable purpose; to reme4, any
envirornnental contamination or violation of en,,ironmental laws that may occur or be disco veredin the fiaure; to allow ~[ortgagee access to the
Property to inspect its condition and to test and monitor.for compliance with applicable lam¥ (any ina~eclions or tests made by blortgagee shall be
jbr 3Tortgagee %'purposes only and shall not be cot~strued to create any responsibili(vor liability on the part ((3Iortgagee to &Iortgagor or to any
other.perso~O ; to forward copies of any notices, eceived fi'om any environmental agen,'ies to Mortgagee; and to ln,temn~/9 and hold Mortgagee, his
employee& agents and his successors and ~signs, harmless from and against any environmental claims of any kind, and all costs and expenses
incurred in connection therewith, inclading, witl. ou; limitation, attorney ~ fees.
9. Any award of damages in connection with any condenmation for public use of or it~'uO, to said property or any part thereof is hereby ~'signed
and shall be paid to Mortgagee who ntay apply or relec~e such monies received by him in the same manner attd with the same effect ca above
providedjbr disposition of p,-oceeds q'fire or other insurance.
10. The failure of Mortgagee to exercise any right or option provided herein at any time, shall not preclude Mortgagee~-om exercising arty of such
rights at any other time; by accepting payment of any sum secured hereby c~?er it~ due date, btoqtgagee does not waive his right either to require
prompt pto,ment when due of all other sums so secured or to declare dejhult for faiha'e so to pa)6' all rights cot¢brred on Mortgagee are eunmlative
and additional to any rights cot(erred by law; and ~any provision is foun,t to be invalid or unet(orceable, such invalidiO, or uner(orceabilityMmll
,nt~ordic~O2mtg '
.not affect any other provision hereof and the mo?gage shall be ~on~trued ~' though such provision had ~een omitted.
] 1. As additiortal security, k[ortgagor hereby'giwvs to artd confers upon Mortgagee the right, power attd authority, during the continuance of this
mortgage, to collect the rents, issues and profits of .~aid property ~ they become due and payable; Reserving however unto ~lortgagor, prior to arty
default by Mortgagor in payment of any indebte(~tess secured hereby or in pe~ormance of any agreement hereunder, the right to collect and retain
such rents, issues and profits. Upon any such &fault, ~[ortgagee may at any time without notice, either in person, by agent or court appointed
receive~; and without regard m the adequaEv of any security for the inclebtedness herel{~, secured, enter upon and rake possession of said property or
a~o, part thereof in his own name sueJbr or oth,~rwise collectsuch rents, issu~ and prc¢its, including those pr~t dne and unpai4 and c~pply the
sam< less costs and expenses of operation and c,'9llection, including reasonable attorney 5fees, upon any indebtedness secared hereby, and in such
order m' Mortgagee may determine. The enterin,g upon and taking possession of said properO, the collection of such rents, issues and profits and the
application theret~ r~oresai4 shall not cure o~' waive arty cleJ~ult hereander or invalidate any act done pursuant to any such default notice.
12. DUE ON SALE: The indebtedness and obligations secured by this mortgage is personal to the ~lortgagor and is not c~signable by gtortgagor.
· [ortgagee hr~ relied upon the credit of P[ortgagor, the interest of P[ortgagor in the Proper¢ and thefinancial market conditions then existing when
making this loan. If ~[ortgagor transfers or contracts to tranafer, title to or possession q/; all or part of the Properly, or any equitable interest
therein, whether by dee& contract for deed msig'nment, lecae~br a term in excess of one year, lec~e with an option m purchca~< option to purch~e,
or similar agreement; or ~ the ownersh¢ of any corporation or partnership, owning all or a~O, portion of the Property shall be changed either by
voluntary or involantary sale or transfer or by o),eration of law, Mortgagee may declare all sums due under any not< security agreement, and/or
loan documents a~sociated herewith, immediateC due and payable. Noncompliance ~vith this covenant shall constitute and be a default of this
obligation which shall entitle ~lortgagee lo e~feciua~e any and all remedie~provided.
13. 72me is ¢'the essence and a material parF'of this agreement, b~ the event of d~fimlt, at ~gIortgagee ~ option, the entire indebtedness secnred
hereby shall forthwith become due and payable and bear interest at the rate of TWEL I~T PERCTNT (12%) per annum; Mortgagee shall have the
right to foreclose the lien of this mortgage, to haee ri receiverappointed in any court proceeding, to coHect any rents, issues attd profits from the
Property and apply them against the indebtednes~ h zreby secured; to sell the Proper(F at fi~reclosure en m~s< or r~ one lot or parcel at the option
of Mortgagee, and to exercise any rights and ren'~edies available under the Uniform Commercial C'ode for the State in which the property is locate&'
and reat'onable notice ~required by such Code sba,? be five (5) days.
14. ]he Mortgagee may at any tim< without nolle< relec~eportions cf said mortgaged premisesJkom the lien of this mortgag< without c~fecting
the personal liabilio, of a~ty person for the paym~ nt of the said indebtedness or the lien cfi" this mortgage upon the remainder of the mortgaged
premises for the fidl amount of said indebtedness th~;n remaining unpaid
15. P[ortgagor and each of them join in this irsO:umentfor the purpose of subjecting each of their right, title and interest, ~any, in the Property,
whether of record or otherwise and inclading any right to possession, w the lien of this mortgage.
16. This mortgage, all loan documents and the note(s) secured hereby shall be governed and construed according to the laws of the Slate of
}Vyoming. In the event ¢' default, Mortgagor grant:' to blortgagee a Power of Sale Io Jbreclose on and sell said property at public auction pursuant
to Wyoming Statute Section 34-4-101 et:seq.
17. JTiis mortgage app~nurex to the benefit of and binds all parties hereto, their heirs, devisees, personal representatives, successors and
casigns. JT, e term MorJ~,~e sh~ll mean the ],older and owner of the note secured herebw or ~ the note h~ been pledged the pledgee thereof In
ibis ~[ortgag< whe~vfir llie c~requires, ;hemcaculine gender inchtdes the feminine and/or neuter, and the singular number includes the
Dated.' ~ :
COUNT7 OF BONNEVILLE_i_[ ) "
~'~ , ~ ' , nd rsigned, ~'3~sonally appeared
Lar~ R~inhart and Joseph Belloff
known or ident¢'ed to me to be the Managers of BAL'? ~[VER HOME& I~C and
acknowledged to me that said Limfled Liability Company executed the saree.
Notary Public fo; ~,e State o~~~ .
MARY TeNGAIO
NOTARY PUBLIC [