HomeMy WebLinkAbout901673 Tills MORTGAGE is granted by SALT RIVER HOLIES, LLC, a Wyonting Limite-d Li, b'ilitY Cbmpany as i~IORTGAGOR, to
REINHAR T-ED WARDS, L.L.C., a Wyoming Limited Liability Company, as MORTGAGEE.
}VI TNESSE TtI :
Mortgagor, for good and valuable considerations, the receipt of which is hereby acknowledge4 does hereby GRANT, B,'IRGA[N, SELL, CONVEY
,AND FP'AILP~INT, and further releases and waives all rights under and by virtue of the homestead exemption laws oj' bk'yoming, unto the Mortgagee,
his successors and assigns, all of the following described real property, to wit:
Lot 205 of Nordic Ranches, Division No. 13, Lincola CottttO' ll3,otnin~; according to the recorded plat thereof
recorded itt the Lincoln Coiotty Recorder's office.
TOGETHER WITH any and all improvements, water attd ditch rights, right~ of w.ys, easements, privileges, ventilating, tenements,
hereditaments and appurtenances thereunto belonging or in anywise appertaining, mm, or hereafter ased on said land or belonging to
said Mortgagor, and any reversion, remainder, rents, issues and profits therec?/; hereinafter referred to as the "Property ".
This grant is intended as a Mortgage, a Fixture Filing attd Security Interest for the l'utpose of Securhtg:
1. Performance of each agreement of Mortgagor herein contained, each agreeme~tt and covenant contained in the loan docutnents associatedwith
this mortgage, and any extension, renewal, modification and/or amendment thereof "Loan documents' shall include 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 arty extension or renewal thereof in the principal sum
of THIRTY-FOUR THOUSAND DOLLARS ($34,000.00), the final pctyment qf principol and interest thereof if not sooner paid, to be
finally dae and payable January 30, 2005.
3. Payment of all such fitrther sums as may hereafterbe loaned or advanced by the Mortgagee for any purpose; and any notes~ drc~s and/or other
instruments representing sucb fitrther loans, advances or expenditares shall be optional with the Mortgagee, and shall become dae and pro,able no
later'than the fimd 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 as contimdng security until all such loans, advances or expenditures together with interest thereon, are paid in
,4. To protect the security of this )klortgage, Mortl,,agor warrants, covenants and agrees:
1. The property is free from all encumbrances, except as may be describedherein, at~d that g,fortgagor shall warrant attd defend the same forever
against the lawfid claims and demands of allpersons whomsoever, and this covenont shall trot be extinguished by foreclosure or other tran~'fers.
2. To keep all buildings and other improvements now or herer(ter existing in good condition attd repair; to not remove or demolish att3, bailding
or other improvement thereon;to complete or restorepromptly and in a good workmaashiplike manner any improvement which may be constructed,
damaged or destroyed thereo~; to pay when'due all claims for labor perfor,ted and materials fitrnixhed thereto or therefbr; to comply with all lmvs
affecting saidproperty or requiring any alterations or improvements to be made thereon; to trot commit or permit waste thereof or thereon; to
maintain, cultivate, irrigate, fertilize, fumigate, prune, all in a good and husbandrylike manner, the land and improvemeng~ thereto; to not change or
permit change in the use of the property; to not do anything which would reduce the vcdue of the property; and do all other acts which from the
character or use of said property may be reasonably necessary, the specific emunerations herein not excluding the general.
3. To provide, maintain and deliver fire insurance satisfactory and ~vith loss payable lo t~'[ortgagee; to maintain liability iasurance; to pay all
premiums and charges on all such insurance when dae; and to provide Mortgagee satisfactoryevidence of such insurance upon request. ~]he amount
collectedunder any fire or other insurance policy may, at Mortgagee'x option and deterndnation, be applied upon any indebtedness secured hereby in
such order as Mortgagee determines, be released to Mortgagor in whole or part, or cuty combination thereof Such application or release shall not
cure or waive any default or notice of default hereunder or invalidate any act done putwuant to such notice.
4. To pay before delinquency all taxes, assessments, or rents affecting said properO,; to pay when due all encambrances, charges and lien& 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 pursuant 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 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 A, iortgagee; to pay, on
deman4 all costa' and expenses, including without limitation, coat of title evidence, reasom~ble attorney's fee& advances, attd/or costs, paid or
incurred by Mortgagee to protect or et~orce its rights under bankruptcy, appellate proceedings or otherwise, and all such costs attd e;tpenses 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, but without obligation so to do attd without notice
or demand upon Mortgagor and without releasing 3ffortgagor from any obligation hereof, may: make or do the same in such manner and to such
extent as g/[ortgagee may deem necessary to protect the secarity hereof, Mortgagee beittg authorized to enter upon said property for such purposes;
appear in and defend any action or proceeding purporting to affect the security hereof or the rights or powers of g'[ortgagee,' pa)c purchas< contest
or compromise any encumbrance, charge or lien which in the judgment of Mortgagee rq.>pemx to be prior or superior hereto; and in exercising any
such powers or in enforcing this Mortgage by judicial foreclosure or otherwise, pay the necessary expenses, costa' and reasonable attorney %'fees.
8. To comply with all laws, ordinances, regulations, covenants, conditions and restrictions a.[fecting the Property and its ase, including without
limitation all environmental laws; not to use or permit the use of the Property for any unlmvjid or objectionable purpose; to remedy
environmental contamination or violation of environmental laws that may occur or be di.¥covered in the fitture; to allow Mortgagee access to the
Property to inspect its condition and to test and monitor for compliance with applicable la~vs (ato~ inspections or tests made by 3'[ortgagee shall be
for Mortgagee 'spurposes only and shall not be construed to create any responsibilityor liability on the part of Mortgagee to 3/[ortgagor or to arty
other persotO; to forward copies of any notices received[bom any environmental age~tcies to ]V[ortgagee; and to Indemnify attd hold l$Iortgagee, his
employees, agents and his successors and assigns, harmless from and against any environmental claims of any kind, and all costs' and expenses
incurred in connection therewith, including, without limitation, attorney'~ fees.
9. Any award of damages in connection with any condemnation for public use of or ittjary Io said property or any part thereof is he~'el~y assigned
and shall be paid to Mortgagee who may apply or release such monies received by hint itt the same manner and with the same eJf~ct ets above
provided for disposition of proceeds of fire or other insurance.
10. The failure of Mortgagee to exerciseany right or option provided herein at any lime, shall not preclude Mortgagee fi'om exercising any of such
rights at arty other time; by acceptingpayment of any sum secured hereby after its due tittle, 3'[ortgagee does not waive his right either to require
prompt payment when due of all other sums so secured or to declare default for failure so to pay; all rights cot~brred oo l~fortgagee are cumulative
and additional to any rights conferredby law; and if any provision is found to be invalid or unenforceable, such invalidityor unenforceabilityshall
not affect any other provision hereof and the mortgage shall be construed as though such provision bad been omitted.
Real Estate Mortgage (1/99) - Page
wn/Nordic205Mtg
,
! I. Ax 'additional security, Mortgagor hereby gives to and confers upon Mortgagee the right, power and attthority, during the continuance of this
mortgage, m collect the rents, issues and profits of xaid property ~ they become dt~e ti~d payable; Reserving however unto kIortgagor, prior to any
default by Mortgagor in payment of any indebtedness securedhereb~ or in performcmce of any agreement hereunder, the right to collect and retain
such rents, issues and profits. Upon any such default, &[ortgagee may at any time without notice, either in person, by agent or court appointed
receiver, and without regard to the adequacy of any security for the indebtedness hereby secttre4 enter upon attd take possession of said property or
any part thereo~ in his own name sue for or otherwise collect such rents, issues and t>rqfit& including those past due and unpai4 and apply the
same, less costs and expenses of operation and collection, including ret~onable attorney ~Jbes, upon any indebtedness secared hereby, and in such
order as Mortgagee may determine. The entering upon and raking possession of said property, the collection of such rents, issaes and profits and the
application thereof ~ aforesai4 shall not cure or waive arty default hereunder or invulidate any act clone pursuant to any such dejhult notice.
12. DUE ON 3MLE: The indebtedness and obligations secured by this mortgage is personal to the Mortgagor and is not ~signable by Mortgagor.
Mortgagee h~ relied upon the credit of Mortgagor, the interest of Mortgagor in the ProperO~ and the financial ntarket conditions then existing when
making this loan. If &[ortgagor transfers or contracts m transfer, title to or pa~session rt~' all or part of the Property, or any equitable interest
thereim whether by dee4 contract for dee4 ~signment, leme for a term in excess of'one ),ea~; leca. e with an option to purchm'e, option to pta'chc~<
or similar agreement; or ~ the ownership of any corporation or parmership, owning all or any portion of the Property shall be changed either
voluntary or involuntary sale or transfer or by operation of law, Mortgagee may declare all sums due under any not< security o~greement, and/or
loan documents ~xociated herewit& immediately clue and payable. Noncompliance with this covenant shall constitute and be a default t~' 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 dc~adt, at ~tortgagee ~' option, the entire indebtedness secured
hereby shall forthwith become clue and payable and bear interest at the rate of T~EL VE PERCENT (12%) per ann,m; Mortgagee shall have the
right to foreclose the lien of this mortgage, to have a receiver appointed in any court proc'eedin& to collect any rents, issues and profits~-om the
Property and apply them against the indebtedness hereby secured; to sell the ProperO, at foreclosureen mca's< or ac one lot or parcel at the option
of Mortgage< and to exercise any rights and remedies available under the Uniform (bmmercial Code for the State in which the property is located;
and re~vnable notice ~required by such Code shall be five (5) clays.
14. The Mortgagee may at arty time, without notic< rele~e portions of said mortgaged premises from the lien of this mortgage, without
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 full amount of said indebtedness then remaining tmpaid
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 arty right to possession, to the lien oft/ds mortgage.
16. This mortgage, all loan documents and the note(s) secured hereby sh~ll be governed and construed according to the laws of the State of
~yonting. In the event of default, Mortgagor grants to Mortgagee a Power of Sale to Jbreclose on and sell xaid properO~ at pttblic auction parsuant
to ~yoming 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 and owner of the note secured hereby; or ~ the note hc~ been pledged, the pledgee thereof
this Mortgage, wher requires, the mc~culine gender includes the feminine and/or neuter, and the xing~dar mtmber iucladex the
plural.
Dated' ~
ZAgR ~ R6INHART ~ JOS~Ptt
known or idenf~ed ro me to be th6 Managers of ~ALT ~FER HOMES, LLC and
Nota,y P~)lic )r the State 4 ~ ~
Commixsion Ex~iration Dat~.
MY COMMISSION EXPIflES
Real Estate Mortgage (1/99) - Page 2
wn/Nordic2 0 5lv. rtg