HomeMy WebLinkAbout901674REAL ESTATE ¥
THIS MORTGAGE is granted by SALT RIVER HOMES, LLC, a Wyoming Limited Lial~iliO, ComlJ~ttty, as MORTGAGOR, to
REINHART-EDWARDS, L.L.C., et Wyoming Limited Lietbility Compatty, (~, MORTGAGEE.
WI TNESSE TH :
Mortgagor, for good and valuable considerations, the receipt of which is.hereby acknowledged, does hereby G1L4NT] BARGA[~ SELL, CONVEY
AND WA1UL4N~ and fitrther releases and waives all rights under and by virtue of the homestead exemption laws c~' Wyoming, unto the t~¥ortgagee,
his successors and assigns, all of the following described real property, to wit:
Lot 216 of Nordic Ranches, Divisioet No. 15, Lincoln CounO, H'j,oming, according to lite recorded plat thereof
recorded itt the Lincoln County Recorder's office.
TOGETHER IV/TH any and all improvements, water and ditch rights, rights of'wa),s rosen ents, privileges, ventilating, tenements,
hereditaments and appurtenances thereunto belonging or in anywise appertaini~tg, now or hereafter used on said land or belonging to
said Mortgagor, and any reversion, remainder, rents, issues and profits thereof herein c~erreferred to as the "Property".
This grant is' intended as a 3lortgage, a Fix'ture Filing and Security Interest for the l'urpose of Securhtg:
1. Performance of each agreement of Mortgagor herein contained, each agreemettt aml covenant contained in the loan documents associated with
this mortgage, and any extension, renewal, modification and/or amendment thereof '(Loan documents" yhall inclade the above described rtote, 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 dctte herewith, and any extension or renewal thereof in the principal sum
of THIRTY-FOUR THOUSAND DOLLARS ($34,000.00), the final paymcnt of prbtcipal and interest thereof if not sooner pal4 to be
finally due and payable January 30, 2005.
3. Payment of all such fiirther sums as may hereafterbe loaned or advanced by the ~{ortgagee for arty purpose/and any notes, drc¢'ts and/or other
instruments representingsuch fitrther loans, advances or expenditures shall be optionrd with the Mortgagee, and shall become due attd payable uo
later than the final maturity date of said note secured hereby; and provided fitrthe~; I/tat it iL' the express intention of the parties to this Aiortgage that
it shall stand as continuing security until all such loans, advances or expenditttres together with interest thereon, are paid in full.
A. To protect the security of this Mortgage, Mortgagor warrant& covenants attd agrees:
1. The property is free from all encumbrances, except as may be described herein, and that ~/[ortgagor shall warrant and defend the same forever
against the lawfid claims and demands of all persons whomsoever, and this covenant shall ~tot be extinguished by Jbreclosure or other transfers.
2. To keep all buildings and other irnprovements now or hereafter existing in good condition and repair; to not remove or demolish art); building
or other improvement thereon; to complete or restorepromptly and in a good worknmnxhiplike manner any intprovement which may be constructed,
damaged or destroyed thereon; to pay when due all claims for labor performed and materials fiirnished thereto or therefor; 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, fianigate, flrttne, all in a good and husbandrylihe mctntter, 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 vahte of the property; and do all other acta' which from the
character or use of said property may be reasonably necessary, the specific enumerations herein ~tot exclading the general.
3. To provide, maintain and deliver fire insurance satisfactory and with loss payable to Mortgagee; to maintain liability insurance; to pay all
premiums and charges on all such insurance when due; artd to provide lt¥ortgagee sati.~/~tctocyevidence of such insurance upon req~test. 'lTte amount
collectedunder any fire or other insurance policy may, at fi/[ortgagee's option and determination, be applied upon any indebtedness secured here~y in
such order as ~dortgagee determines, be released to ]5{ortgagor in whole or part, or caO, combbtation thereof &ich application or releave shall
cure or waive any default or notice of default hereunder or invalidate any act done pttrsaant to sash notice.
4. 7b pay before delinquency all taxes, assessments, or rents affecting said propecOq to p,y when clue all encumbrances, charges and liens, with
interest, affecting said property which are or may appear to be prior or superior hereto; a~td 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 Mortgageepurv,a~tt 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 attnanl, whichever is
greater.
6. To appear in and defend any action or proceeding purporting to affect the secttriO, hereof or the rights or powers of A:tortgagee; to pay, on
demand, all costs and expenses, including without limitation, ca~t of title evidence, reasonable attorney's fees, advances, and/or casts, paid or
incurred by Mortgagee to protect or enforce its rights under bankruptcy, appellateproceedings or otherwise, and all such costs 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 providcd, Mortgagee, but without obligation so to do attd without notice
or demand upon Mortgagor and without releasing Mortgagor from any obligation hereof may: make or do the same in sash manner and to such
extent as Mortgagee may deem necessary to protect the security hereof Mortgagee beittg aathorized to enter upon said propertyfor sash purposes/
appear in and defend arty action or proceeding purporting to aJfeet the security herepf or the rights or powers of blortgagee/ pay, purchase, 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 expenses, costs' and reasonable attorney's fees.
8. To comply with all laws, ordinances, regulations, covenants, conditions and restrictions affecting the Property and its use, including without
limitation all environmental laws; not to use or permit the use of the Property for cmy unlawfal or objectionable p~trpose; to remedy any
environmental contamination or violation of environmental laws that may occur or be discovered b~ the fitture,' to allow Mortgagee access to lite
Property to inspect its condition and to test and monitor for cornpliance with applicable laws (any inspections or testa' made by 3/lortgagee shall be
for Mortgagee'spurposes only and shall not be construed to create any responsibiliO~or liabilityon the part o. f ii¥ortgagee to iI¥ortgagor or to arty
otherperson)/ to forward copies of any notices received from any environmental agettciex to ig[ortgagee; and to Indemnify and hold Mortgagee, hia'
employees, agents and his successors and assigns, harmless fi'om and against any envirottmental claims of any kirtd, and all costa' attd 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!fttry to said property or any part thereqf is hereby a~signed
and shall be paid to Mortgagee who may apply or releasesuch monies receivedby him itt the same manner and with the same cji'ecl as 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 time, shall not preclude lF[ortgagee from exercising any of such
rights at any other time; by accepting payment of any sum secured hereby after its due date, ll/[ortgagee does not waive his right either to require
prompt payment when due of all other sums so secured or to declare default for faihtre so to pay/ all rights conJ~rred on Mortgagee are canmlative
and additional to arty rights conferred by law/ and if any provision is found to be invalid or unerlforceable, such invalidity or unenjbrceabilio~shall
not affect any other provision hereof and the mortgage shall be construed as though sash provision had been omitted.
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11. As additional security, Mortgagor hereby gives to and confers upon Mortgagee the right, power and authority, during the continaance of this
mortgage, to collect the rents, issues and profits of said property as they become due and payable; Reserving however unto Mortgagor; prior to any
defimlt by Mortgagor in payment of any indebtedness secured hereby or in performance ~f 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 xecared, enter upon and take possession of said property or
any part thereo~ in his own name sue for or otherwise collect such ren& issues and profits, including those p~'t due and unpaid, and apply the
same, less costs and expenses of operation and collection, including re~onable attor, ey '~'.fees, upon any indebtedness secured hereb)6 and in ouch
order ~ Mortgagee may determine. The entering upon and taking possession of said proper06 the collection of such rents, issues and prrfits and the
application thereof ~ aforesaic~ shall not cure or waive any default hereunder or invali&~te any act clone pursuant to any such de~hult notice.
12. DUE ON fiMLE: The indebtedness and obligations secured by this mortgage is pet:~'onal to the Mortgagor and is not (~signable by Mortgagor.
Mortgagee h~' relied upon the credit of Mortgagor, the interest of bldrtgagor in the Property 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 equitable interest
therein, whether by deed, contract for deed, ~signmenL lec~e for a term in excess of one yeat; ler~.e with an option to porthole, option to purchrt~e,
or similar agreement; or ~the ownership of any corporation or partnership, owning all or any portion of the Property shall be changed either by
voluntary or involuntary sale or transfer or by operation of law, Mortgagee may declare all ;'urns due under any note, xecuri(p agreement, and/or
loan documents c~sociated herewith, immediately due and payable. Noncompliance with this covenant shall constitute and be a cle~mlt c~ 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 cleJbult, at Mortgagee ~ option, the entire indebtedness secured
hereby shall forthwith become due and payable and bear interest at the rate of TWEL [W PERCENT (] 2~) per annum; Mortgagee 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 from the
Property and apply them against the indebtedness hereby secured; to sell the ProperO, at Jbreclosure en tn~se, or c~ one lot or parcel at the option
of b[ortgage< and to exerciseany rights and remedies available under the Un~orm ('umnwrcial Code for the State in which the property is located,-
and re~onable notice ~required by such Code shall be five (5) days.
14. The M~rtgagee may at any time~ wit~ut n~tlc~ rele~e~rti~ns ~f said m~rtga~ed Premises~m t~e lien ¢.this m~rtgag< witl~u~ a~ecting
the personal liability 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 fidl 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 Proper(p,
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(s) secured hereby shhll be governed and constr~ted according to the laws of the State
Wyoming. In the event of default, Mortgagor grants to Mortgagee a Power of Sale to fbreclose on and sell said property at public atwtion pntxuant
to Wyoming Statute Section 34-4-101 et:seq.
1Z ~tis 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 herelo,,-
this Mortgage, wherever the so requires, the m~culine gender includes the jbmiJfiue and/or neuter and the singular namber inch,les the
plural. ~ '
Dated:
SAL~
By:
STATE OF ID~O
CO~TY OF BONNE~LLE
LARRF REINHART and JOSEPH BELLOFF
known or ident~ed to me to be the Managers of S~T ~VER ltOMES, LLC and
acknowledged~o me that said ~mit~iability Company executed the same
Nota~ Public for the Stag of~
Commission Expiration Date
W ' uBUC
~piRES 5/9/0b
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