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RECEi .,'ED
REAL ESTATE
CLERK
Tills MORTGAGE is granted by SALT RIVER tt03'IES, LLC, a Wyoming Limitgd Liability Company, as IIIORTGAGOR, to
REINHART-EDWARDS, L.L.C., a Wyoming Limited Liability Company, c~. 310RTGAGEE.
WITNESSEI~:
Mortgagor, for good attd valuable considerations, the receipt of which is hereby ackJtowledged, does hereby GtLqN?; BARG,4IN~ SELL, CONI/EY
AND WARRANT, and fi~rther releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming, nnto the Mortgagee,
his successors and assigns, all of the following described real property, to wit:
Lot 203 of Nordic Ranches, Division No. 13, Lincoln Cot,tO, B'j,onling; according to the recorded plat thereof
recorded itt the Lin£oln County Recorder's
TOGETHER WITH any and all intprovements, water and ditch rights, rights of ways, easements, priEileges, ventilating, tenements,
hereditaments and appurtenances thereunto belonging or in anywise appertainin£; now or herec~er used on said land or belonging to
said Mortgagor, and any reversion, remainder, rents, issues and profits thereof hereinafter referred to as the "Property ".
This grant is' iutended as a 3lortgage, a Fixture Filing and Security Interest for the Pmj~ose of Securing:
1. Performance of each agreement of gYortgagor herein contained, each agreement and covenant contained itt the loan documents' associatedwith
this mortgage, and any extension, renewal, modification and/or amendment'thereof '!Loctn docuntents" shall include the above described note, this
mortgage, and any other documents or instruments signed in connection with this Matt.
2. Payment of the indebtedness evidenced by a promissory note of even date herewith, and any extension or renewal thereof, itt the principal sum
of THIRTY-FOUR THOUSAND DOLLARS ($34,000.00), the final paymen! qf principal attd interest thereof if not sooner paid, to be
finally clue and payable January 30, 2005.
3.,. Payment of all such fitrther sums as may hereafter be loaned or advanced by the Mortgagee for any purpose; and any notes, drc~s and/or other
instruments representing such farther loans, advances or expenditures shall be optional with the Mortgagee, attd shall become due and pco~able no
later than the final maturity date of said note secured hereby; and provided further, that it is the express intention of the parties to this iFiortgage that
if shall stand as continuing security until all such loans, advances or expenditures togelher with interest thereon, are paid itt fidl.
A. To protect the secttrity of this Mortgage, Mortgagor warrants, covenants and agrees:
1. The property is free from all encumbrances, except as may be described herein, and that 3[ortgagor shall warrant and defend the same fbrever
against the lawfid claims and demands of all persons whomsoever, and this covenant s/tall not be extinguished by foreclosure or other transfers.
2. To keep all buildings and other improvements now or hereafter existing in good condition attd repair; to not remove or demolish any building
or other irr,provement thereon; to complete or restorepromptly and in a good workntanshiplike ntartner any improvement which may be constructed,
dan~laged or destroyed thereon; to pay when due all claims for labor performed and m,terials furnished thereto or therejbr; to comply with all laws
aff~cting said property or requiring any alterations or improvements to be made thereoa; to not conanit or perndt waste thereof or thereon' to
mciintain, cultivate, irrigate, fertilize, fumigate, prune, all in a good and husbandrylike ntaunec the land attd intprovements thereto; to not change or
permit change in the use of the property; to not do anything Yvhich would reduce the value of the property; and do all other acts which front the
character or use of said property may be rectsonably necessary, the specific enumeratioas herein not excluding the general
3. To provide, maintain and deliver fire insurance satisfactory and with loss payable lo Mortgagee; to maintain liability insurance; to pay all
premiums and charges on all such insurance when dae; and to provide Mortgagee sali.~fitctoryevidence of such insurance upon reqnest. The amount
collected under any fire or other insurance policy may, at ]F[ortgagee's option and determination, be applied upon atO, indebtedness secured hereby in
such order as Mortgagee determines, be released to Mortgagor in whole or part, or a~O, combination thereof Such application or release shall not
cure or waive arty default or notice of default hereunder or invalidate any act clone pursuant to such notice.
4. To pay before delinquency all taxes, assessments, or rents affecting said propet'(y; to pay when due all encumbrances, charges attd liens, with
interest, affecting said property which are or may appear to be prior or superior hereto; and to pay all costs, fees and expenses of this Mortgage and
associated loan documents.
5. To pay immediately and without demand all sums expended by Mortgagee pnrsuant to the provisions hereof with interes(fron~ dote of
expenditure, at a rate equal to the interest rate payable under the promissory note described above or twelve percent (12%) per annam, whichever is
greater.
6. To appear in and defend any action or proceedingpurporting to affect the securiO, hereof or the rights or powers of )'vfortgagee; to pay, on
demand, all costs and expenses, including without limitation, cost of title evidence, reasonable attorney %' fees, adwrnces, and/or casts, paid or
incurred by 3/lortgagee to protect or enforce its rights under bankruptcy, appellate proceedings or otherwise, and all such cost; and expenses shall
become a part of the indebtedness secured by this mortgage.
7. Should Mortgagor fail to make any payment or to do any act as herein provided, Mortgagee, but without obligation so to (lo and without notice
or demand upon Mortgagor and without releasing Mortgagor from any obligation hereof ntay: make or do the same in such manner cml to such
extent as Mortgagee may deem necessary to protect the security hereof Mortgagee being authorized to enter upon said propertyJbr such purposes;
appear in and defend any action or proceeding purporting to affect the security hereof or the rights or powers of Mortgagee; pay, purchca'e~ contest
or compromise any encumbrance, charge or lien which in the judgment of Mortgagee appears to be prior or superior hereto; and itt exercising any
such powers or in enforcing this Mortgage by judicial foreclosure or otherwise, pay the necessary mpenses, costa' and rertsonable attorney %'Jbes.
8. To comply with all laws, ordinances, regulations, covenants, conditions and restrictions aJfectirtg the Property and itv use, including without
limitation all environmental laws; not to use or permit the use of the Property for mO' a~tla¥~:fid or objectionable purpose; to remedy any
environmental contamination or violation of environmentallaws that may occur or be discovered in the fimrre; to allow Mortgagee access to the
Property to inspect its condition and to test and monitor for compliance with applicable laws (any inspections or tests made by Mortgagee shall be
for Mortgagee 'spurpases only and shall not be construed to create any responsibiliO, or liability on the part of Mortgagee to Mortgagor or to any
other persotO; to forward copies of any notices received from arty environmental agencies to Mortgagee; and to Inclenmify and hold l~tortgagee, his
employees, agents and his successors and assigns, harmless from and against any environmeJ~tal claims of any kind, ,nd all costs and expenses
incurred in connection therewith, including, without limitation, attorney's fees.
9. Any award of damages in connection with any condemnation for public use of or it~juO, lo said property or arty part thereof is hereby tt~'sigued
and shall be paid to Mortgagee who may apply or release such monies received by hint irt the same manner and with the same effect as above
provicled for disposition of proceeds of fire or other insurance.
10. The failure of Mortgagee to exercise any right or option provided herein at any lime, shall riot preclude Mortgagee from exercising cay of such
rights at any other time; by accepting payment of 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 secured or to declare default for failare so to pay; all rights conferred on Mortgagee are cumulative
and additional to any rights conferred by law; and if any provision is found to be in valid or unenforceable, such irwalidity or unenJbrceubili(Fshall
not affect arty other provision hereof and the mortgage shall be construed as though such provision had been omitted.
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/]. As additional security, Mortgago'r hereby gives to and confers upon Mortgagee the righL power and attthority, &tring the continuance of this
mortgag¢ to collect &e ten& issues and profits of aaid property ~ they become &lc and payable; Reserping however u~to ~[orlgagot; prior to atO,
de~:ult by Mortgagor in payment of any indebtedness secured hereby or in peOrmancg of any agreement hereundec lhe right to toilet:land retain
such rents, issues and profits. Upon any auc~ default, ~lortgagee may al any time h,ilho,t notice, either in person, by agent or court appointed
reeeiper, and ~ithout regard to the adequacy of any security for the indebtedness hereby, secured, enter upon and ta~e possgssion q/'said proper~y or
any part thereof, in fils o~n name stte for or otherwise collect such rents, issues and pr;fil& iucluding those p~'t due und unpaid, and aRp~, the
same, less costs and expenses of operation and collection, including re~onable allornep 5J~es, upon any indgbte&~ess secured hereby, and in
order m Mortgagee may determine The entering upon and taMng possession cf said prcq~er05 the collection of such rent& issues and profits and the
application thereof ~ afor~aid, s~all not cure or ~aipe any default hereunder or inualidale aro~ act doue puts. usnr ~o any such default notice
12, DUE ON SALE: The indebmdness and obligations seeured by this mortgage ts ?ersonal to the ~[ortgagor and is not ~msigna~le by Mortgagor.
~lortgagee fi~ relied upon the credit of Mortgagor, &e interest of Mortgagor in the ProperO, and the finaneial market conditions then existing when
ma~ing &is loan If Mortgagor transfers or contracts m transfer, title to or possession of, all or Ram of the Property, or any equitable inleresl
therein, ~etfier by deed, contract for clee~ ~signment, lec~e for a term in excess of one 3,ea~; leckie with an oRffon to purcficzs'e, option ~o Rurchas¢
or similar agreement' or ~ tfie o~nersfiip of any eoworation or partnership, owning all or a~O, portion of the ProperO, shall be changed either
poluntao~ or in~olunmry sale or transfer or by operation of la~, Mortgagee may declare all sums &re under any hole, security agreemenc and/or
loan documents c~soeiated herewi&, immediate0 due and payable. Noncompliance wilh this covenant shall constitute and be a defaull of lhis
obligation ~hicfi s~all entitle Mortgagee to effectuate any and all remedies Rropided
] ~. Time is of t~e essence and a material part of this agreemenr In &e e~ent of dOalt, at Mortgagee 5 option, the entire indebtedness secured
hereby shall for&with becotne &re and payable and bear interest at the rate of TWEL gE t)ERC'ENT (12~) per annum; k{ortgagee xh,ll have the
right to foreclose the lien of this mortgage, to have a receiver appointed in any court proceedin& to collect any rents, issues and profitxpom the
Property and apply them agamst the indebtedness hereby secured; to sell the ProperO, at fbreclosureen mm. se, or c~ one lot or parcel at the option
of Mortgage< and to exercise any rights and remedies available under the Un~orm 6¥mmercial Code ]bt the State in which the propero~ is locate&'
and re~onable notice ~required by such Code shall be five (5) clays.
14. The Mortgagee may at any time, without notic< relecwe portions of said mortguged premisex fi-om the lien of this mortgage, witho,t c~/kcting
the personal liabilityof any person for the payment of the said in&btedness or the lien cf this mortgage upon the remuinder oJ'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 subjectittg each of their right, title and interest, ~any, in the Property,
whether of record or otherwise and including any right to possession, to the lien of this mortgage.
16. This mortgage, all loan documents and the note(a9 secured hereby shall be governed and cons trued according to the laws of the State of
Wyoming. In the event of default, Mortgagor grants to Mortgagee a Power of Sale to jbrcclose on and sell said proper(v at pablic atwtion pursuant
to Wyoming Statute Section 34-4-101 et:seq.
17. This mortgage applies to, inures to the benefit of and binds all parties hereto, their heirs, devisees, personal representatives, successors and
~signs. The term Mortgagee shall mean the holder attd owner of the note secured herebl~; or ~ the note hc~ been pledge4 the pledgee thereof In
this Mortgage, wherever the context so requtres, the mc~culine gender includes the femiuine and/or neuter, and the singalar tmmber includes the
plural.
CO~TY OF BONNZ~LLW )
On 7'~ Z 0 ~ b"~ore me. the undersigned, personally appeared
LARRY REINHART and JOSEPH BELLOFF
known or identified to me to be the Managers of SALT RIVER tlOMES, LLC and
acknow, led~ed/o me thatsaid L~ite~i~bih'ty'Oo~pany exeeutedthesame.
Notary P " fi r tie to
Commission Expiration Date:
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