HomeMy WebLinkAbout901676RECEIVED
TtlIS MORTGAGE is granted by SALT RIVER HO31ES, LLC, a Wyomtng Lhntte'di Liabiltty ;Company, ~, MORrG,4GOR, to
REINHART-EDWARDS, L.L.C., a Wyoming Limited Liability Company, as 310RI'GAGEE.
~gl TNESSE Ttt:
Mortgagor, for good and vahtable considerations, the receipt of which is hereby acknowledged, does hereby GIOtN~ BARGAIN, SELL, CONI/EY
AND WARRANT, and fitrther releases and waives all rights ander and by virtue of the homestead exemption laws of Wyoming, unto the Mortgagee,
his successors attd assigns, all of the following described real property, to wit:
Lot 220 of Nordic Ranche& Division No. 13, Lincoln CounO, W)'oming, according to the recorded plat thereof
recorded itt the Lincoln earthly Recorder's oj_[ice.
TOGETHER WI'IH any and all improvement~, water and ditch rights, rights of ways, ec~'ement~, privileges, ventilating, tenements,
hereditaments and appurtenances thereunto belonging or in anywise appertaining, now or hereafter used on said land or belonging to
said Mortgagor, and an3, reversion, remainder, rents, issues and profits thereoj; hereinc~?er referred to as the "Property ".
This grant is intended as a l$1ortgage, a Fixture Filing and Security Interest for the Purpose of Scenting:
1. Performance of each agreement of Mortgagor herein contained, each agreement and covenartt contained in the loan docnments associatedwith
, this mortgage, and any extension, renewal, modification and/or amendment'thereof "Loan docaments"xhall include the above describednote, this
mortgage, and any other documents or instrumentssigned in connection with this loau.
2. Payment of the indebtedness evidencedby a promissory note of even date herewith, and arty extension or renewal thereof, in the principal sttm
of THIRTY-FOUR TttOUSAND DOLLARS ($34,000.00), the final payment uf principal and interestthereof if not sooner p,id, to be
finally clue and payable January 30, 2005.
3. Payment of all such fitrther sums ax may hereafter be loaned or advanced bi, the ~lortgagee for any purpose; and say notes, drafts and/or other
instrnments representingsuch fio. ther loans, advances or expendituresshall be option,I with the l~Iortgagee, and shall become due and p,.yable no
later than the final maturity date of said note secured hereby; and provided fitrthe~; that it ix the express intention of the parties to this Mortgage that
it shall stand ag continuing security until all such loans, advances or expenditures together with interest thereon, are paid itt Jhll.
A. To protect the security of this Mortgage, Mortgagor warrant& covenants anti ttgrees:
1. ']'he property is free from all encumbrances, except as may be described herein, and that A'iortgagor shall warrant and defend the same forever
against the lawfal claims and demands of all persons whomsoever, and this covenant sh,ll not be extingaishedby foreclosnreor other transfbrs.
2. To keep all buildings and other improvements now or hereafter existing in good condition and repair; to not remove or de,tolish any building
or other improvement thereon; to complete or restorepromptly and in a good workmunshiplil,'e manner any improvement which may be constructed,
damaged or destroyed thereon; to pay when due all claims for labor performed and materialsjio'nished thereto or therefor; lo comply with all law~'
affecting said property or requiring any alterations or improvements to be made thereon; to not commit or permit wctvte thereof or thereon; to
maintain, cultivate, irrigate, fertilize, fitmigate, prune, all in a good anti hasbandrylil,'e 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 Yalue of the property; and (lo all other acts which Jbom the
character or ase of said property may be rec~onably 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 ins~trance; to pay all
premiums and charges on all sach insurance when due; and to provide Mortgagee satisJi~ctoo, evidence of sach insurance npon request. ?'he amount
collected under arty fire or other insurancepolicy may, at Mortgagee's option and determi~tation, be a£plied upon any indebtedness secured hereby in
such order as Mortgagee determine& be released to Mortgagor in whole or part, or atO, combination thereof Such application or release shall not
cure or waive any default or notice of default hereunder or invalidate any act clone pta'suant to such notice.
4. To pay before delinquency all taxes, assessments, or rents affecting said properO;; to pay when chic all encumbrances, charges and liens, with
interest, c(fecting said properO, which are or may appear to be prior or superior herelo; and to pay all costs, fees and expenses of this Mortgttge arm
associated loan documents.
5. To pa), immediately and without demand all sums expended by Mortgagee pnrsaant lo 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 (I 2%) per annum, whichever is
greater.
6. To 'appear in and defend arty action or proeeedingpurporting to affect the securiO, hereof or the rights or powers of Mortgagee; to po); on
demancl, all costs and expenses, including without limitatihn, east of title evidence, reasonable attorney's./'ees, advances, and/or costs, paid or
incurred by Mortgagee to protect or et¢brce its rights under bankruptcy, appellate proceediagx or otherwise, and all such costs and expenses shall
become a part of the indebtedness secured by this mortgage.
Z Should l!/[ortgagorfail to make any payment or to do any aec as herein provided, Mortgagee, but without obligation so to do and without notice
or demand span Mortgagor and without releasing Mortgagor from any obligation hereof, may; make or do tl, e same in such manner and to sach
extent as Mortgagee may deem necessary to protect the security hereof, Mortgagee being authorized lo enter upon said propertyJbr such pta'poses/
appear in and defend any action or proeeeding purporting to affect the security hereqf ur the rights' or powers of &lortgagee,' pay, purchaa, e, contest
or compromise any encumbrance, charge or lien which in the judgment of ~lortgagee lq)pears' to be prior or superior hereto; and in exercising any
sueh powers or in enforcing this Mortgage by judicial foreclosure or otherwise, pay the necessary expenses, costs artd rec~'onabte atto,'ney :vfees.
8. To comply with all laws, ordinances, regulations, covenants, conditions and restrictions afJbcting the Property and its use, including without
limitation all environmental laws; not to use or permit the use of the Property for any mdaw_{id or objectionable purpose; to remedy arty
environmental contamination or violation of environmental laws that may occur or be dis'covered in the fittnre; to allow l~[ortgagee access' to the
Property to inspect its condition and to test and monitor for compliance with applicable Itm,s (any inspections or tests' marie by Mortgagee shall be
for Mortgagee 'spurposes only and shall not be construed to create any responsibilio, or liability on the part of g/lortgagee to Mortgagor or to any
other person); to forward copies of any notices received from arty environmental agenciex to 3,iortgagee; and to lrtclentn!/3, arm hold ]?[orlgagee, his
employees, agents and his successors and assigns, harmless from and against arty envirom~tental 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,!}ury to sa idproperty or arO~ part thereof, is hereby assigned
and shall be paid to Mortgagee who may apply or release such monies receivedby hint in the same manner attd with lite same ejffbct as above
provided,/br disposition of proceeds of fire or other insurance.
lO. The failure of ]i~{ortgagee to exercise any right or option provided herein at any lime, shall ,-tot preclude h'[ortgagee fro'n-t exercising any of such
rights at any other time; by acceptingpayment of any sum secured hereby after itL' dtte date, g4ortgagee does not waive his right either to require
prompt payment when clue of all other sums so secured or to declare default for faihwe so to pay; all rights conferred on Mortgagee are c,mulalive
and additional to any rights conferred by law; and if any provision is found to be invalid or unenforceable, such invalidity or unenforceabilio, sh,ll
not afj[bct an3, other provision hereof and the mortgage shall be constraed as though such provision had been omitted.
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II. As qdditional security, Mortgagor hereby gives to and confers upon Mortgagee the right, power and authoriOt during the continaance of this
mortgage, to collect the rents, ixxuex and profits of said property ~ they become due atu[ pco~able; Reserving however unto ~[ortgr~gor, prior to any
default by Mortgagor in payment of any indebtednexs secured hereby or in performance qf any agreement hereunder; the right to collect attd retain
such rents, issues and ~rofitx. Upon any such default, Mortgagee tnc(~ at any time widtout notice, either in person, by agent or court appointed
receiver, and without regard m the adequacy of any security for the indebtedness hereby secured, enter upon and take possession of said proper(v or
any part thereof in his own name sue for or otherwise collect such rents, issues and profits, including those pc~t dae and unpai4 arm app& the
sam< less costs and expenses of operation and collection, including rec~onable attortte)' 's fees, upon any indebteclnexs secured herelot and in such
order ~ Mortgagee may determine. The entering upon and taking possession of said property, the collection of such renrv, ixsae~ and profits and the
application thereof ~ aforesaid shall not cure or waive any default hereunder or invalidate any act clone pursuant to any such clefiadt notice.
12. DUE ON SALE: The indebtedness and obligations secured by this mortgage ix pet:~'onal to the Mortgagor anti ix not uxsignable by Mortgagor.
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 ~[ortgagor transfers or contracts to tran6fer, title to or possession r~; all or part of the Property, or ,thy equitable interest
therein, whether by deed contract for deed, ~signment, le~e for a term in excess ¢'one 3,eat; leave with an option to p~trch~'< option to purcha~<
or similar agreement' or ~ the ownersh¢ of any corporation or partnership, owning all or (thy portion of the Property shall be changed either by
voluntary or involuntary sale or transferor by operation of law, Mortgagee may declare all sums due under any not& secarity agreemenC crud/or
loan documents c~xociatedherewitk immediately clue and payable. Noncompliance with t/dx covenant shall constitute and be a cle~hult of this
obligation which shall entitle Mortgagee t0 effectuate any and all remedies provided.
13. Time is of the essence and a material pavt of this agreement. In the event of defiadt, at g(ortgagee ~ option, the entire indebtedness xecured
hereby shall forthwith become due and payable and bear interest at the rate of TWELVE I'ERCENT (12~) per annum/ Mortgagee shall have the
right to foreclose the lien of this mortgag< m have a receiver appointed in any court pr~weeding, to collect any rent& issues and profits fi-om the
Proper¢ and apply them against the indebtedness hereby secure& to sell the ProperO, at fi,reclosure en m~'x< or as one lot or parcel at the option
of kIortgagee, and m exerciseany rightv and remedies' available under the Un~orm Commercial Code for the State in which the properO, is located;
and re~onable notice ~required by such Code shall be five (5) days.
14. The Mortgagee may at any tim< without notic& relea~eportions of said mortg, aged l~remisespom the lien of this mortgag< without r~c'ting
the personal liability of any person for the payment of the said indebtedness or the liett ¢'this mortgage upon the remainder ¢' the mortgaged
premises fbr the full amount of said indebtedness then remaining unpaid
]5. Mortgagor and each of them join in this instrument for the purpose of subjecting each of their right title crud interest, ~any, in the Proper¢,
whether of record or otherwise and inclading any right m possession, to the lien of this mortgage.
16. This mortgag< all loan documents and the note(s) secured hereby sh'all be gover~wd and construed according to the laws cf the State of
Wyoming. In the event of default Mortgagor grants to Mortgagee a Power of Sale to fi,'eclose on and sell said proper¢ at public aaction pursuant
m Wyoming Statute Section 34-4-101 et:seq.
17. This mortgage applies to, inures to the benefit of and binds all parties hereto, their heir& devisees, personal representatives, successors and
~signs. The term ~[ortgagee xhall mean the holder and owner of the note secured hereby; or ~ the note hc~ been pledge& the pledgee thereof In
this Mortgag< wherever the context so requires, the m~culine gender includes the femi~dJ~e stol~or neuter, and the singular mnnber includes the
plural.
Dated: ' ~-
SALT RI
~y:
STMTE OF
BONNEVI~
) ss ]
CO~TY OF ) [
~' t BELLOFF ~
known or ident~ed to me to be the Managers of S~7~ ~VER HOMES, LLC and
acknowledged to me that said imit Liability Company executed the same
Nots,7 Public for the Sta~ ¢ ~~
Co~s,~on ~w~,.~io~ o~.- ~,/ ~/~ )' .
,..c,~ exHlflES 5/0/09
Real Ea'tate &[ortga~age 2
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