HomeMy WebLinkAbout901675REINHART-EDWARDS, L.L. C.,
I._i?,!(;0t f'l OOUNTY CLERK
REAL ESTATE MORTGA GE
SALT RIFER HOMES, LLC, a Wyoming Limited Liabilit~ Cotn~any, as MORT(gdGOR, to
a Wyoming Limited Liability Company, as MORTGAGEE.
WITNESS E TIt:
Mortgagor, for good and valuable considerations, the receipt of which is hereby acknowledged, does hereby GILdN~ BARGAIN, SELL, CONVEY
AND WARRANT, and fitrther releases and waives all rights Under and by virtue of the homestead exemption laws of Wyoming, unto the fi/fortgagee,
his successors' and cmsigns, all of the following describedreal property, to wit:
Lot 218 of Nordic Ranches, Division No. 13, Lincoln CounO, IV),oming; according to the recordedplat thereof
recorded in the Lin(ob( County Recorder's oJflce.
?DGETHER WITH an3, and all intprovements, water and ditch rights, rights of ways, easements, privileges, ventilating, tenements,
hereditaments and appurtenances thereunto belonging or in anywise appertaining, now or herec~er used on said land or belonging to
said Mortgagor, and any reversion, remainder, rents, issues and profits thereq/j hereinafter referred to as the "Property".
This grant is inteuded as a l~Iortgage, a Fbcture Filhtg attd Security Iuterest for the Purpose of Secaring:
1. Perf~rmance ~f each agreement ~f M~rtgag~r herein c~ntained~ each agreenten~ and c~venant c~ntained in the loan document; associatedwith
this mortgage, and any extension, renewal, modification and/or amemlment thereof' "Loan th~cuments' shall include the above described note, this
mortgage, and any other documents or ittstrumentssigned 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 4he principal sum
of THIRTY-FOUR THOUSAND DOLLARS ($34,000. 00), the final payment of principal and interest thereof if not sooner paid, to be
finally due and p?tyable January 30, 2005.
3. Payment of all such fitrther sums as may hereafter be loaned or advanced by the A[ortgagee for any purpose; and any notes, drafts atul/or other
instruments representingsuch fiirther loans, advances or expendituresshall be optional with the Mortgagee, and shall become due and payable no
later than the final maturity date of said note secured hereby; and provided fitrthec that it is the express intention of the parties to this lVlortgage that
it shall stand as continuing security until all such loans, advances or expenditures together with interest th'ereon, are paid itt fi,Il.
A. To protect the security of this Mortguge~ Mortgugor warrants, covenants attd agrees:
1. The property is free from all encumbrances, except as may be described herein, and that ~tortgagor shall warrant and defend the aurae forever
against the lawful claims and demands of all persons whomsoever, and this covenant shall not be e.xtingaishedby foreclosure or other tram)hrs.
2. To keep all buildings and other improvements now or hereafter existing in good condition anti repair; to not remove or demolish arty bailding
or other improvement thereon; to complete or restorepromptly and in a good workmanshiplike manner any improvement which may be coast(ut(ed,
damaged or destroyed thereon; to pay when due all claims for labor performed and materials fitrnished thereto or therefor; to comp~3~ with all laws
affecting said property or requiring any alterations or irnprovements to be made thereon; to not commit or permit waste thereof or thereon; to
maintain, cultivate, irrigate, fertilize,fianigate, prune, all in a good and husbamhflike manner, 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 valse of the property; and do all other acts' which fi'on~ the
character or use of said property may be reasonably necessary, the specific enumerations herein not excluding the general.
3. To provide, maintain and deliver fire insurance satisfactory and with loss payable to Mortgagee; to maintain liability insurance; to pc(y all
premiums and charges on all such insurance when due; and to provide Mortgagee sati. s~mtoryevidence of such insurance upon request. 77~e atnount
collectedunder any fire or other insurancepolicy may, at Mortgagee's option and dele(mi(lotion, be applied upon any indebtedness secured hereby itt
such order as Mortgagee determines, be released to Mortgagor in whole or part, or att), combination thereof St(ch application or release shall not
cure or waive any default or notice of default hereunder or invalidate any act done pur~aant to sach notice.
4. To pay before delinquency all taxes, assessments, or rents affecting said properO,; to pity 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 pay all costs., fees and expenses t~ this Mortgage attd
associated loan documents.
5. To pay immediately and without demand all sums expended by ]¢Iortgagee pursuant to the provisions hereof with interest from date of
expenditure, at a rate equal to the interest ratepayable under the promissory note described above or twelve percent (12°/6) per annum, whichever is
greater.
6. To appear in and defend arty action or proceeding purporting to affect the securi(y hereof or the rights' or powers' of Mortgagee; to pqy, on
demand, all costs and expenses, including without limitation, cost of title evidence, reasonable attorney's fees, advances, slut/or costs, paid or
incurred by Mortgagee to protect or enforce its rights under bankruptcy~ appellate proceedings or otherwise, and all sach costs atui 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 (ts herein provided, h'[ortgagee, but without obligation so to do and wi(bant notice
or demand upon Mortgagor and without releasing Mortgagor from any obligation hereof nuo): make or cio the same in such manner and to such
extent as 3Iortgagee may deem necessary to protect the security hereof Mortgagee being authorized to enter upon said property for such purposes;
appear in and defend any action or proceedingpurporting to affecl the security hereof or the rights or powers of ~[ortgagee; pay, put(has< 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 judicialfbreclasure or otherwise, pay the necessary expenses, costs and reavonable attorn~3,'sfbes.
8. To comply with aH laws, ordinances, regulations, covenants, conditions anti restrictions affecting the ProperO~ and its ase, including without
limitation all enviromnental laws; not to use or permit the use of the Property for any nnhmfid or objectionable purpose; to remedy arty
environmental contamination or violation of environmental laws that may occur or be discovered itt the future; to allow Mortgagee access to the
Property to inspect its condition and to test and monitor for compliance with applicable lmvs (any inspections or tests made by Mortgagee shall be
for Mortgagee'spurposes only and shall not'be construed to create any responsibiliO, or liability on the part of Mortgagee to Mortgagor or to any
other person); to forward copies of any notices received from arty environmental agem:~ies to h,[ortgagee; arid to Inclemnify and hoht blortgagee, his
employees, agents and his st, ccessors and assigns, harmless from and against any ehvironmental claims of any kind, and all costs and expenses
incurred in connection therewith, including, without limitation, attorney's fees.
9. Any award of damages in connection with any condenmation for public use of or i~!/nry to said proper(y or any part thereof is' hereby assigned
and shall be paid to Mortgagee who may apply or releasesuch monies receivedby hint itt the saute manner attd with the same effect as above
provided for disposition of proceeds of fire or other insurance.
10. The failure of Mortgagee to exercise any right or option provided herein at att)' time, shall not preclude g/[ortgagee from exercising atW of snob
rights at any other time; by aceeptingpayment of any sum secured hereby after its due (late, Mortgagee does not waive his right either to require
prompt payment when due of all other sums so secured or to declare defanh for faihn'e so to pay; all rights conferred on Mortgagee are cumulative
and additional to arty rights' conferred by law; and if any provision is found to be invalid or unenforceable, such invalidio, or urte~¢)rceabilityshall
not affect any other provision hereof and the mortgage shall be construed as though sach provision had been omitted
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]'1. :'Is additional security, ~rortgagor hereby gives to and confers upon Mortgagee t/re right, power and authority, during the contitatance cg lids
mortgage, to collect the rent& ixxilex and ~rofits of said property ~ they become d,e and ~ayable; Reserving however ~tnlo g(ortgagor, prior to any
default by Mortgagor in payment of any indebtedness sec~tred hereby or in ~erforlnallC'~ c~J' alO~ agreement hereander, the right to collect and retain
such rents, issues and ~rofits. Upon any such defi~ult, g{ortgagee may at any time I~'[[huttt notic< either in ~erxo~, by agent or co~o-t appointed
receiver, and without regard to the adequacy of any security for the indebtedness hcre&~, xec*~re4 enter r~pon and take pa~'xession of said property or
any part thereo~ in his own name xue Jbr or otherwise collect such rents, issues ami prqflts, i~tcluding those p~t due and mtpaid crud appl~ the
sam< less costs and expenses of operation and collection, including rec~onable attorney. 's./ges, ~tpon any indebtedness sectored hereby, aad in xttch
order ~ Mortgagee may determine. The entering u~on and taking possession of said/)roper(y, the collection of x~tch rents~ ixs,es and profits and the
application thereof ~ c~orexai4 shall not cure or waive any defcadt hereunder or i~twdidate any act done pursuant to any st~ch default notice.
12. DUE ON SALE: The indebtedness and obligations xecured by this mortgage ix personal to the ~[ortgagor trod is not assignabl~ by ~[orlgagor.
Mortgagee h~ relied u~on the credit of Mortgagor, the interest of ~[ortgagor in the ProperO~ and the financial market conditions then existing when
making this loan. If Mortgagor transfers or contracts to transfer, title to or posxexsio~ r~' all or part of the Property~ or any equitable interest
therein, whether by dee4 contract for dee4 ~signment, lease for a term in excess r~f o~e year, lethe with an option to ~urchc~e, option to p~trchax<
or similar agreement; or if the ownersh¢ of any corporation or partnership, ownit~g all or any portion of the Property shall be changed either by
volunm~ or involunm~ sale or transfer or by operation of law, Mortgagee may dc'clctre all stuns due ~tnder a~v note, sec~trity agreetnen6 att&~or
loan documentv associated herewith, immediately due and payable. Noncompliance ~[,ith this covenattt shall constit~te and be a defhtdt 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, b* the event of def~tdt, at ~[ortgagee~ option, the entire ittclebtednexssec~red
hereby shall forthwith become due and payable and bear interest at the rate of TWEL FE PERCENT (12%) per ann,m; g~ortgc~gee shall have the
right to foreclose the lien of this mortgag< to have a receiver appointed in any coart proceeding, to collect any rents, iss~tex and profits from the
Proper¢ and apply them against the indebtedness hereby secure4' to sell the ProperO, ,l foreclost~re en mc~xe, or c~ one lot or parcel at the option
of Mortgage< and to exerciseany rights and remedies available under the Un~orm Commercial Code for the State in which the property is located;
and re~onable notice ~required by such C~de shall be five (5) days.
14. The M~rtgagee may at any time~ with~ut n~tice~ rele~ep~rti~ns ~f said n~rtgaged Premise~ fr~m the lien ~f this nt~rtgag< without c(fbcting
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 full amount of said indebtedness then remaining unpaid.
IX Mortgagor and each of them join in this instrument for the parpose of subjecti~tg 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(s) secured hereby shall be govctwcd and constrtied according to the laws of the State of
~yoming. [n the event of default, Mortgagor grants to Mortgagee a Power of Sale to fbrecloxe on and sell said property ctt public a~ction p~trxttant
m Wyoming Statttte Section 34-4-101 et:seq.
] 7. This mortgage applies to, inures to the benefit of and binds all parties hereto, their heirs, devisees, personal representativex, sltccessotx attd
c~signs. The term Mortgagee shall mean the holder and owner of the note secured hereby; or if the note h~ been pledge4 the pledgee thereof In
th is Mo rtgage, where~~line gender includes the J~mi,,ine an d/or neu ter, a ndthesingtdarn, n,ber inehtdes the
plural.
Dated: ' ~-
STATE OF ID~O
CO~TY OF BO~EP d
One' ~ % the un d. person ly appeared
LARRY REINHART and JOSEPH BELLOFF
know~ or~ent¢'ed to me to b~ the Managers of SALT ~VER HOME& LLC and
acknowledgkd to me that sa~Lir~ed Liability Company executed the same,
~ta~Public for the ~ate of ~
Commission Expiration Dat~ ~/
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