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REAL
RECEIVED
ESTATE MOR TGi?tcGE COUr,. T¥ CLEr' K
9 0 1 (?[%'''v ,'
Tills MORTGAGE is granted by SALT RIVER HOikIES, LLC, a Wyoming Limited Ltab~hty,~ompany, ~ 31QRTG. qGoR, to
REINHART-EDWARDS, L.L.C., a Wyoming Limited LiabiliO, Company, as, 310RTGAGEE.
WITNESS E TII:
Mortgagor, for good and valuable considerations, the receipt of which is hereby acknowledged, does hereby GtL4N~ BARGAIN, SELL, CON[q£Y
AND WARRANT, and further releases and waives all rights uncler and by virtue of tits homestead exemption laws of Wyondng, ur, to the Mortgagee,
his successors and assigns, all of the following described real property, to wit:
Lot 204 of Nordic Ranches, Division No. 13, Lincoln CounO, Wyomittg, according to the recorded plat thereof
recorded itt the Litl£oln County Recorder's ojfice.
TOGETHER WITH any and all improvements, water and ditch rights, rights q/' u,.ys, easements, privileges, ventilating, tenements,
hereditaments and appurtenances thereunto belonging or in anywise appertaini~g, sow or heret~er used on said land or belonging to
said Mortgagor, and any reversion, remainder, rents, issues and profits thereof hereirtr~erreferred to as' the "Proper0,".
This grant is' intended as a Mortg,ge, a Fixture Filhtg artd ,gecurity Interest for lite Purpose of Sec,ring:
]. Performance of each agreement of ik/ortgagor herein contained, each agreement, and covenant contained in the loan docttments associated with
this mortgage, and any extension, renewal, modification and/or amendment'thereof "Lutm documents" shall include the above described note, this
mortgage, artd arty other documents or instruments signed in connection with this loan.
2. Payment of the indebtedness evidenced by a promissory note of even date herewilh, and att.), extension or re~ewal thereof itt the priucipal sum
of TtlIRTY-FOUR THOUSAND DOLLARS ($34,000.00), the final payment of pri,,cipal and irt,crest thereof if not sooner paid, to be
finally due 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, drafts and/or other
instnanents representingsuch fiirther loans, advances or expendituresshall be optional with the AIortgagee, and shall become due ami payable no
later than the final maturity date of said note secured hereby; and provided furthe~; thai it is the express intention of the parties to this ~'/ortgage that
it shall stand as continuing security until all such loans, advances or expenditures togelher with interest thereon, are paid itt full.
A. To protect the security of this Mortgage~ l~lortgagor warrants; covenants and agrees:
1. The property is free from all encumbrances, except as may be described herein, and that Mortgagor shall warrant anti defend the same forever
against the lawfid claims and demands of all persons whomsoever, and this covena~tt shall not be exting~dshed by Jbreclosureor other traa~fers.
2. To keep all buildings and other improvements now or hereafter existing in good co~dition and repair; to not remove or demolish arty building
or other improvement thereon; to complete or restore promptly and in a good workntanshil)like manner any improvement which may be consh'ucted,
damaged or destroyed thereon; to pay when due all claims for labor performed and materials fia-nished thereto or therefor; to comply with all laws
affecting said property or requiring any alterations or improvements to be made thereon; to ~tot connnit or permit was're thereof or thereon; to
maintain, cultivate, irrigate, fertilize, fitmigate, prune, all in a good and husbandrylike manne& 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 acr~' which Ji'om the
character or use of said property may be reasonably necessary, the specific enumerali,~ts herein not exchtding the general.
3. To provide, maintain and deliver fire insurance satisfactory and with loss payalde to g,Iortgagee; to maintain liability insurattce; to pay all
premiums and charges on all such insurance when due; and to provide Mortgagee satisfactoryevidence of such insurance upon request. 'l'Tte amotmt
collected under any fire or other insurance policy may, at Mortgagee %' option and determittation, be applied upon arty indebtedness secttred hereby in
such order as Mortgagee determines, be released to ]kfortgagor in whole or part, or an.y combination thereof Such application or release shall not
cure or waive any default or notice of default hereunder or invalidate any act done puts,ant to such notice.
4. To pay before delinquency all taxes, assessments, or rents affecting said proper(w to pay when due all encumbrances, charges artd liens, with
interest, affecting saidproperty which are or may appear to be prior or s~¢erior hereto; at~d 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 Mortgageepursuaut 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 percent (12%) per atmum, whichever ia'
greater.
6. To appear in and defend arty action or proceedingpurporting to affect the securiO, hereof or the rights or powers of Mortgagee; to pay, on
demand, all costs and expenses, including without limitation, cost of title evidence, re,so, able attorney's fees, advances, ami/or costs, paid or
incurred by )k[ortgagee to protect or er~orce its rights under bankruptcy, appellate proceedings or otherwise, and all such costs artd e~penses shall
become a part of the indebtedness secured by this mortgage.
7. Should Mortgagor fail to make arty payment or to do any act as herein provided, Mortgagee, bat without obligation so to do and without notice
or demand upon Mortgagor and withont releasing Mortgagor from any obligation herec¢; ma),: make or do the same itt such manner and to s,ch
extent as Mortgagee may deem necessary to protect the security hereof, Mortgagee bei,g authorized to enter upon said property for such pt,poses;
appear in and defend any action or proeeeding purporting to affect the secvrity hereof or the rights or powers of Mortgagee; pay, purchas'e, contest
or compromise any encumbrance, charge or lien which in the judgment of Mortgagee appears to be prior or superior hereto; ami in exercising any
such powers or in enforcing this Mortgage by judicial foreclosure or otherwise, pay the ~tecessary exI~enses, costa' and reasonable attorney %'fees.
8. To comply with all laws, ordinances, regulations, covenants,, conditions and restrictions affecting the ProperO, and its use, incl,ding without
limitation all environmental laws; not to use or permit the use of the Property for any u,lawfid or objectionable purpose; to remedy arty
environmental contamination or violation of environmental lasvs that may occur or be discovered in the fur,qfc; to allow 34ortgagee access to the
Property to inspect its' condition and to test and monitor for compliance with c¢plicable laws (at9~ inspections or tests made bi}, Mortgagee shall be
for Mortgagee'spurposes only and shall not be construed to create arty responsibilikyor liabilityon the part of 3/lortgagee to ~tortgagor or to arty
other person); to forward copies of any notices received from any environmental agencies to 34ortgagee; and to Indemnify and hohl Mortgttgee, his
employees, agents and his successors and assigns, harmless from and against any enviromnental claims of any kind, and all costa' 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 i,jury to said property or ar[v part thereof is hereby assigned
and shall be paid to Mortgagee who may apply or releasesuch monies receivedby him itt the same manner and with the same epee, as above
providedJbr disposition of proceeds of fire or other insurance.
10. The faihtre of Mortgagee to exereiseany right or option provided herein at any time, shall not prechtde Mortgagee from exercising any of such
rights at any other time; by accepting payment of arty sum secured hereby after its due date, Mortgagee does not }vaive his right either to require
prompt payment when due of all other sums so secured or to declare default for failta~e 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 invalid or unenforceable, such invalidity or une~breeabiliO~shall
not affect any otherprovision hereof and the mortgage shall be construed ax though such £rovision had been omitted.
Real Estate Mortgage (1/99) - Page 1
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-]1. As additional security. Mortgagor hereby gives to and confers upon [v[ortgagee the right, power and authority, during the continuance of this
mortgage, to collect the rents, issues a~d profits of said property ~ they become due and payable/Reserving however unto ~[ortgaRor. prior to any
default by k[ortgagor in payment of any i~debtedness secured ~ereby or in performa~lce of,ny agreement b'ereund~tc the right to collect and retain
such rents, issues and profits. Upon any such default, Mortgagee may at any time wi/host notice, either in person, by agent or court appoittted
receiver, and without regard to the adequacy of any security for the indebtedness here&~, secured, enter upon and take possession of said property or
any part thereof, in his own name sue for or otherwise collectsuch rents, issues and profits, including those pc~t due and unpai4 and apply the
Same, less costs and expenses of operation and collection, including re~onable attorn<~'sJ~es, upon any indebtedness
order c~ Mortgagee may determine. The entering upon and taking poxsession of said property, the collection of such rent& issues and profits and the
application thereof ~ aforesaid, shall not cure or waive any default hereunder or invcdidate any act clone pursuant to uny such defauh notice.
12. DUE ON SALE: The indebtednexs and obligations secured by this mortgage is personal to the Mortgagor and is not tt~signable by g~ortgagor.
Mortgagee h~ relied upon the credit of Mortgagor, the interest of Mortgagor in the Property and the financial market conditions then existing when
making this loan· If Mortgagor transfers or contracts to transfer, title m or possession of all or part of the Property, or arO, equit,ble interest
therein, whether by deed contract for deed c~signment, lec~e for a term in excess ¢'o~e yea~; lethe with an option to purcht~< option to purcha~'<
or similar agreement/or ~ the ownersh¢ of any corporation or parmership, owning all or any portion of the Property shall be changed either by
volunta~ or involuntary sale or transfer or by operation of law, ~[ortgagee may decl,re all sums due under any note, security agreement, and/or
loan documents ~sociated herewith, immediately due and payable. Noncompliance with this covenant shall constitute anti be a deJ7adt of this
obligation which shall entitle Mortgagee to effectuate any and all remedies provided
13. Time is of the essence and a material part of this agreement. In the event of defouh, at Mortgagee ~ option, the entire indebtedness secured
hereby shall forthwith become due and payable and bear interest at the rate of TWELVE PERCENT (12~) per annum; 3Iortgagee shall have the
right to foreclose the lien of this mortgage, to have a receiver appointed in any court proceeding, to collect any rents, issues and profits fi.om the
Property and apply them against the indebtedness hereby secured; m sell the ProperO, at fbreclosureen m~s< or t~' one lot or parcel at the option
of Mortgage< and to exerciseany rights and remedies available under the Un~orm ('r,m~ercial Code for. the State in which the property is locate4'
and re~onable notice ~required by such Code shall be five (5) days·
14. 77te Mortgagee may at any time, without notic< rele~eportions of said mortgaged premises fi.om the lien of this mortgag< without tCjbcting
the personal liabili¢of any person for the payment of the said indebtedness or the lien of this mortgage upon the remainder of the mortgaged
premises for the Jhll amount of said indebtedness then remaining unpaid
15. Mortgagor and each of them join in this instrument for the purpose of subjecting each of their right, title and interest, ~any, in the Property,
whether of record or otherwise and including any right to possession, m the lien of this mortgage.
16. This tnortgage, all loan documents and the note(s) secured hereby shall be governed and construed according to the laws of the State of
Wyoming. In the event of default, Mortgagor grants m Mortgagee a Power of Sule to fbreclose on and sell said property at public attction purxuunt
to Wyoming Statute Section 34-4-101 et:seq.
] 7. This mortgage applies to, inures to the benefit of and binds all parties hereto, their heirs, deviser& personal representatives, successorv and
~signs. The term Mortgagee sha~ the holder and owner of the note secured hereby; or ~ the note has been pledged, the pledgee there¢' In
this Mortgage, wherever the c~ ~xt so ~quires, the mc~culine gender includes the feminine and/or neuter, and the singular number includes the
plural.
Joseph Bello~ 'm~ ' ~ '
STATE OF IDAHO )
COUNTY OF )
On ?' d~Y. O4before me. t~e undersigned. ?ersonally a?peared
LARRY REINtlAR T and JOSEPH BELLOFF
known or i~ent~'ed to me to be the Managers of S~T ~VER HO~S, LLC and
~ Publi for the Stat~of~
Commission Expiration Date.· ~~
MY COMMISSION [X~I~ES 5/9/09
Real Estate Mortgagflr l~9 -~age 2
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