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HomeMy WebLinkAbout901670REAL ESTATE MoR C J ! 9 016 7 C(wy°m''v (it, _uc CLERK j F,:,,I4f,,1E '" ,, TtlIS MORTGAGE is granted by SALT RIVER HOMES, LLC, a Wyoming Limited l Cotttpato,, as MORTGAGOR, to REINttART-EDWARDS, L.L.C., a Wyoming Litnited Liability Compang a~ 3.10RTGAGEE. WITNESS E TH: Mortgagor, for good and valuable considerations, the receipt of which is hereby ac'lo,osv/edged, does hereby GIOtNT` BARGAIN, SELL, CONI/EY AND WARRANT, and fitrther releases and waives all rights under and by virtue of the homestead exemption laws of }ffyoming, unto the Mortgagee, his successors and assigns, all of the following described real property, to wit: Lot 195 of Nordic Ranches, Division No. 13, Lincoht CounO, Wyoming, according to the recorded plat thereof recorded itt the Lincoln Coltttty Recorder's office. TOGETHER WITtt any and all improvements, water and ditch rights, rights rf wa),s, ect~ements, privileges, ventilating, tenements, hereditaments and appurtenances thereunto belonging or in anywise appertaining, now or hereafter used on said land or belonging to said Mortgagor, and any reversion, remainder, rents, issues and profits thereof, hereinc¢?er referred to as the "Property". This grant is intended as a Mortgage, a Fixture Filing and Security Interest for the Puqwse of Secarhsg: 1. Performance of each agreement of g/[ortgagor herein contained, each qgreement and covenant contained in the loan documents associated with this mortgage, and any extension, renewed, modification and/or amendmen~ thereof "Loan cloc,anents." ~hall inclucle the above described note, 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, and any extension or renewal thereof in the principal sum of THIRTY- FO UR THO US'AND DOLLARS ($34, 000. 00), tile final payment of £rincipat and interest thereof, if,lot sooner paid, lo be finally due and payable January 30, 2005. 3. Payment of all such fitrther sums as may hereafter be loaned or advanced b), lhe i~tortgagee for any purpose; and any notes, drc~s and/or other instruments representingsuch further loans, advances or expendituresshall be optional ~[,ilh the 34ortgagee, and shall become due and payable no later than the final maturity date of said note secured hereby; and provided fitrther, that it is the express intention of the parties to this Mortgage that it shall stand ax continuing security until all such loans, advances or expenditures togelher with interest thereon, are paid itt fall. A. To protect the security of this Mortgage, Mortgagor warrants, covenants attd agrees: 1. The property is free from all encumbrances, except as may be described herein, und that Mortgagor'~hall warrant and defend the same fi~rever against the lawful claims and demands of all persQns whomsoever, and this covenant shall not be extinguishedby foreclosure or other trans,[hrs. 2. To keep all buildings and other improvements now or hereafier existing in good cundition and repair; to not remove or demolish aro~ building or other improvement thereon; to complete or restorepromptly and in a good workmanshil>like manner any improvement which amy be constructed, damaged or destroyed thereon; to pay when clue all claims for labor perJbrmed and materials fi~raished thereto or therefi~t;' 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, fumigate, prune, all in a good and husbandrylike nmnner, the land and improvements 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 fi'om the character or use of said property ytay be reasonably necessary, the specific enunteralions herein not excluding the general. 3. To provide, maintain and deliver fire insurance satisfactory and with loss payable to Jg[ortgagee; to maintain liability insurance; to pay all premiums and charges on all such insurance when due; and to provide lv{ortgagee satisfactoryevidence of such insurance upon requesr 271e amount collectedunder any fire or other insurancepolicy may, at t~,,rortgagee's option and determination, be applied upon arty indebtedness secured hereby in such order as A4ortgagee determines, be released to Mortgagor in whole or part, or a~O, combination thereof Such appliuation or release shall not cure or waive arty defi~ult or notice of default hereunder or invalidate any act clone parsaant to such notice. 4. To pay before delinquency all taxes, assessments, or rents affecting said property; to pay when due all encumbrances, charges and liens, with interest, affecting said property which are or may appear to be prior or superior hereto; and to poy all costs, fees and expenses qf this Mortgage and associated loan documents. 5. To pay intmecliately and without demand all sums expended by Mortgageepurs'aant to the provisions hereof, with interest from date of expenditure, at a rate equal to the interest rate payable under the promissory note described above or twelve ?ercent (12%) per annum, whichever is greater. 6. To appear in and defend any action or proceedingpurporting to affect the securio, hereof or the rights or powers of ~lortgagee; to pay, on demand, all costs attd expenses, including without limitation, cost of title evidence, reasonable attorney's fees, advance& and/or costs, paid or incurred by Mortgagee to protect or enforce its rights under bankruptcy, appellate proceedings or otherwise, and all such costv and expenses shall become a part of the indebtedness secured by this mortgage. 7. Should ]qortgagor fail 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 hereqf, may: make or do the same in sach manner and to such extent as g4ortgagee may deem necessary to protect the security hereof; Mortgagee being authorized to enter upon said property for sach purposes; appear in and defend any action or proceeding purporting to affect the security hereof or the rights or powers of Jltortgagee,- pay, purchase, contest or compromise arty encumbrance, charge or lien which in the judgment of Mortgagee appears to be prior or saperior hereto; and in exercising any such powers or in er;forcing this Mortgage by judicial foreclosure or otherwise, pay the necessary ex79enses, costs and rec~'onable attorney %'fees. 8. To comply with all laws, ordinances, regulations, covenants, conditions and restrictions affecting the Property and its use, inchtding without limitation all environmental laws; not to use or permit the use of the Property for an); unhm~d or objectionable purpose; to remedy any environmental contamination or violation of environmental laws that may occur or be discovered in chef;truce; to allow A/fortgagee access to the Property to inspect its condition and to test and monitor.for compliance with applicable laYvs (any inspections or testa' made by ~4ortgagee shall be for Mortgagee'spurposes only and shall not be construed to create arty responsibilio'or IMbilityon the part of Mortgagee to Mortgagor or to an)~ other person); to forward copies of any notices received[bom any environmental ageucies to A, tortgagee; 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 costa' and expenses incurred in connection therewith, inclading, without limitation, attorney's fees. 9. Any award of damages in connection with any condemnation for public use of or itq'ury to said property or any part thereof, is hereby assigned and shall be paid to Mortgagee who may apply or releasesuch monies receivedby him in the same manner and with the same effect as above provided for disposition of proceeds of fire or other insurance. ] O. The f[Hlure of Mortgagee to exercise any right or option provided iterein at an), time, shall not preclude iP[ortgageefkom exercising arty of.s'uch rights at any other time; by acceptingpayment of any sum secured hereby after its due dale, x'vIortgagee does not waive his right either to require prompt payment when due of all other sums so secared or to declare default for fidlure so to pay; all rights conferred on g,:tortgagee are .canadative and additional to any rights conferred by law; and if any provision is found to be invalid or unenJbrceable, such invalicli(p or unenforceabi!iO~shall not affect any other provision hereof and the mortgage shall be construed as thbugh such provision had been omitted. Real Estate Mortgage (1/99) - Page I wn/'Nordic! 95Mtg 11. As additional security, Mortgagor hereby gives to and cor~ers upon Mortgagee the right, power and authoritY, during the continuance cf this mortgage, to collect the rent& issues and profits of said property ~. they become due crud pro, able; Reserving however unto g,(ortgago~; prior to any defitult by Mortgagor in payment of any indebtednesx xecured hereby or in perform,nee of any agreement hereundec the right to collect and retain such rents, issues and profits. Upon any such default, ~[ortgagee may at any time wit/tout notice, either in person, by agent or conrt appointed receiver, and without regard to the adequacy of any security for the indebtedness h~rd[~, secure4 enter upon and take possession of said proper¢ or any part thereof in his own name sue for or otherwise collect such rents, issues and prrf~ts, including those pc~t due and unpaid and app& the same, less costs and expenses of operation and collection, including re~onable altornqy 'x fees, apon any indebtedness secured hereby, and in such order ~ Mortgagee may determine. The entering upon and taking possexsion of xoid property, the collection of such rents, issues and profits and the application thereof ~ aforesaid shall not cure or Waive any default hereunder or inv,lidate any act clone pursaant to any such default notice. 12. DUE ON SALE: The indebtedness and obligations secured by this mortgage ix personal to the ~[ortgagor and is not ax~'ignable by Mortgagor. Mortgagee h~ relied upon the credit of Mortgagor, the interest of Mortgagor in the Properly and the financial market conditions then existing when making this loan. If Mortgagor transfers or contracts to transfer, title to or possession of all or part of the Property, or any eqaitable interest therein, whether by deed, contract for deed, ~signment, le~e for a term in excess of one year, lec~e with an option to purchr~< option to purchase, or similar agreement; or ~ the ownersh¢ of any corporation or partnership, owning all or an), portion oft he Property shall be changed either by volunm~ or in voluntarysale or transfer or by operation of law, Mortgagee rna~ d~clare all stints due nnder any not< secnriO~ agreetnent, and/or loan documents ~sociated herewith, immediate& due and payable. Noncompliance with th& covenant shall constitute and be a deJ?mlt of this obligation which shall entitle Mortgagee lo effectuate any and all remedies provided 13. Time is of the essence and a material part of this agreement In the event of clefimlC at Mortgagee 5 option, the entire indebterhm~'s secured hereby xhall forthwith become due and payable and bear interestrtt the rate of TWELVE PERCENT (12~) per annum; Affortgageexhall have the right to foreclose the lien oft his mortgag< to have a receiver appointed in arty court proceeding, to collect any rents, ixsuai and profir~' fkom the Property and apply them against the indebtedness hereby secured; to sell the ProperO~ ot.[breclosureen m~x< or c~' one lot or parcel at the option of Mortgage< and to exerciseany rights and remedies available under the Unform Ccmtntet'cial C'ode for the State in which the property is located; and re~ onable notice f required by such Code shall be five (5) days. 14. The Mortgagee may at any time, without notice, rele~eportions of said mortgaged premises from the lien of this mortgag< without ~¢f~cting the personal liability of any person for the payment of the said indebtedness or the lien qf 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 erich ¢' their right, title and interest ~ any, in the Property, whether of record or otherwise and including any right m possessio& to the lien of this mortgage. 16. This mortgag< all loan documents and the note(s) secured hereby shall be governed and construed according to the laws ¢'the State of wyoming. In the event of default, Mortgagor grants to Mortgagee a Power of Sale to fi,.ecloxe on and sell said properly at public auction pursuant to Wyoming Statute Section 34-4-101 et:seq. 17. ~tis mortgage applies to, inures to the benefit of and binds all parties hereto, their heir& devisees, personal repraventatives, succexsors aad agxigns, me term ~Iortgaff~~n the holder and owner of the note secured hcrcb),; or f the note hr~ been pledged, the pledgee thereof In this Mortgage, uires, the m~culine gender inchtdex the femi~dne and/or nearer, and the singular number inch,les the plural. ~, Dated: STATE OF IDAHO ) ) ss COUNTY OF BONNEVILLE ) On 'i' ~v~l~. before me. the undersigned, personally appeared LARRY REIpVtlART and JOSEPH BELLOFF known or id{ntified to me t~o be the Managers of SALT RIVER HOMES. LLC and acknowledgqd to rne that ~d~irn~ed Liability Company executed the same. Notary Fu lic for the State o/ ~ [ ? ~7 Commission Expiration Date: MY COMMISSION EXPIRES 5/lt/OO Real Estate Mortga~..Zl/99) - F. age 2 7'"