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HomeMy WebLinkAbout901677 TtlIS MORTGAGE is granted by SALT RIVER IIOMES, LLC, a }Vyoming L/m/ted LiaOiliO, Cotnpany, c~ MORTGAGOR, to REINtlART-EDWARDS, L.L.C., a Wyoming Limited Liability Company, (L~ MORTG/IGEE. WI TNE&gE TtI: Mortgagor, for good and valuable considerations, the receipt of which is hereby acknowledged, does hereby GRANT, BAR(Z4IN~ SELL, CONVEY AND WARRANT, and further releases and waives all rights under and by virtue of the homestead exemption laws of }gyoming, unto the 34ortgagee, his successors and assigns, all of the following described real property, to wit: Lot 221 of Nordic Ranches, Division No. 13, Lincoln CounO, Wyoming; according to the recordedplat thereof recorded in the Lincoln Cottnty Recorder's office. TOGETHER g'ITH any and all in'tprovements, water and ditch rights, rights of wa).s, easements, privileges, ventilating; tenements, hereditaments and appurtenances thereunto belonging or in anywise appertaining, now or hereafter used on said land or belonging lo said MOrtgagor, and any reversion, remainder, rents, issues and profits thereof hereinafter referred to (~1 the "Property ". This grant is intended as a Mortgage, a Fixture Filhtg arid ~qecarity Interest for the Pml, ose of Securing: 1. Performance of each agreement of Mortgagor herein contained, each agreement ami covenant contained in the loaa documents axsociated with this mortgage, and any extension, renewal, modification and/or amendment ihereof "Loan documents'shall inchute the ribove described note, this mortgage, attd any other docaments or instruments signed in connection with this loan. 2. Payment of the indebtedness evidenced by a promissory note of even date herewith, and any extension or rettewal thereof in the principalsunt of THIRTY-FOUR THOUSAND DOLLARS ($34,000.00), the final pay,ne,t of principal and interest thereof if not sooner paid, to be finally due and payable January 30, 2005. 3. Paytnent of all such fi~rther sums as may hereafter be loaned or advanced by the Mortgagee for any purpose; and any notes, clrc~s and/or other instruments representingsuch filrther loans, advances or expendituresshall be optional with the 3dortgagee, and shall become due and payable no later than the final maturity date of said note secured hereby; and provided fitrther, th,t it is the ex]oress intention of the parties to this Mortgage that it shall stand as continuing security until all such loans, advances or expenditures together with interest thereon, are paid in A. To protect the security of this Mortgage, Mortgagor warrants, covenants arid agrees: 1. The property is free from all encumbrances, except as may be described herein, and that Mortgagor shall warrant attd defend the same forever against the lawful claims and demands of all person~ whomsoever, and this covenant shall not be extinguished by foreclosure or other transfers. 2. To keep all buildings and other improvements now or hereafter existing in good condition and repair; to not remove or demolish ,ny building or other improvement thereon; to complete or restorepromptly and in a good worknuo~shiplike manner any improvement which m,y be constructed, damaged or destroyed thereon; to pay when due all claims for labor performed attd ntaterials fia'tdshed thereto or therefor; to comply with all laws affecting said property or requiring any alterations or itnprovements to be made thereon; to not commit or permit waste thereof or thereon; to maintain, cultivate, irrigate, fertilize,fumigate, prune, all in a good and haxbandrylike nunutet; the land and improvemer~ts thereto; to not change or permit change in the use of the property; to not cio anything which would re&ice the value of the property; and do all other acts which fi-om the character or use of said property may be reasonably necessary, the specific enumeratia,s herein not excluding the general. 3. To provide, maintain and deliver.fire insurance satia~tctory and with loss payable to g,lortgagee; to maintain liability insurance; to pay all premiums and charges on all such insurance when due; and to ?rovide Mortgagee sati.~'.[}~ctoth, evidence of such insurance apon request. 'lite amount collectedunder any fire or other insurance policy may, at Mortgagee's option and detcrntiitation, be applied upo~t any indebte&tess secared heret~y in such order ax 3/lortgagee determines, be releaxed to Mortgagor in whole or part, or a~t.)~ combination thereof ,guch application or releaxe sball not cure or waive any default or notice of defiiult hereunder or invalidate any act clone pursuant to such notice. 4. To pay before delinquency all taxes, assessmerits, or rents affecting said properO,; to pay when clue all encumbrances, charges and liens, with interest, cdfecting said property which are or may at'pear to be prior or superior hereto; and to pc(F all costs, fbes and expenses of this 3,[ortgage and associated loan documents. 5. To pay immediately and without demand all sums expended by Mortgagee pursuant to the provisions hereof with iaterest fi'om d, le of expenditure, at a rate equal to the interest rate payable umler the promissory note described above or twelve percent (12%o) per annum, whichever greater. 6. To appear in and defend any action or proceeding pnrporting to affect the security hereof or the rights or powers of Mortgagee; to pay, on demand, all costs and expenses, inclucting withoat limitation, cost of title evidence, reasottrib[e attorney's fees, advances, and/or costL paid or incurred by Mortgagee to protect or enforce its rights under bankruptcy, appellate proccedings or otherwise, and all s,ch costs and expenses sh,ll become a part of the indebtedness secured by this mortgage. 7. ~q'hould Mortgagor fail to make any payment or to cio any act as herein providcd, ~¥[ortgage~L bnt without obligation so to do and without ~totice or demand upon Mortgagor and without releaxing Mortgagor from any obligatio~ bereq/; mcOc make or do the same in such manner crud to such extent ca lk[ortgagee may deem necessary to protect the security hereof ik/ortgagee bei,g authorized to enter upoh said property fbr such purposes; appear in and defend any action or proceeding purporting to affect the security hereof or the rights or powers of g~fortgagee; pay, purchc~'e, contest or compromise any encumbrance, charge or lien which in the judgment of Mortgagee appears to be prior or superior hereto; and in ecrercising arty sach powers or in enforcir, g this lk[ortgage by judicial foreclosure or otherwise, pay the itecessary expenses, casts and reasonable attorney's fees. 8. To cornply with all laws, ordinances, regulations, covenants, conditions and restrictions c¢]'ecting the Property and its use, inchuling without limitation all environmental laws; not to use or ?ermit the use of the Property for any tuda~[]Jd or objectionable purpose; to remedy environmental contamination or violation of environmental laws that may occur or be discovered in the fitture; to allow Mortgagee access to the Property to inspect its condition and to test and monitor for compliance with applicable laws (any inspections or testa' made by iklortgagee shall be for &lortgagee 's purposes only and shall not be construed to create any responsibilityor liability on the part of ~/lort£,agee to Mortgagor or to any other person); to fbrward copies of any notices received from arty environmental agencies to ~lortgagee; and to btdemnify and hoht blortgagee, his employees, agents and his successors and assigns, harmless from and against any environmental claints of any kind, and all costs, and expenses incurred in connection therewith, including, without limitation, attorney's fees. 9. Arty award of damages in connection with any condemnation for public use of or i,jt,T to said property or say part thereof is hereby axsigned and shall be paid to Mortgagee who may apply or releasesuch monies receivedby hint it~ t/re same manner and with the same eff'~ct as above provided for disposition of proceeds of fire or other insurance. lO. The failure of Mortgagee to exercise any right or option provided herein at any lime, shall not preclude 3dortgagee fi'om exercising any cf such rights at arty other time; by acceptingpayment of any sum secured hereby after its due (h'~le, 3,[ortgagee does not wcdve his right either to require prompt payment when clue of all other sums so secured or to declare default for failare so to pay; all rights cor~erred on 3/lortgagee are cunndative and additional to any rights cortferred by law; and if any provision is found to be inv,lid or unenfbrceable, such invalidity or uneaforceabilityshall not affect any other provision hereof and the mortgage shall be construed ax though such ?rovision had been omitted. Real E$tate Jk/ortgage (1/99) - Page 1 wn/Nordic22 I Mtg 1]~. As additional security, Mortgagor hereby gives to and confers upon Mortgagee the right, power and authority, during the continuance of this mortgage, to collect the rents, issues and profits of said property cm they become due cm,l payable; Rescuing however unto Mortgagor. prior to any default by Mortgagor in payment of any indebtedness secured hereby or in performancc ,~' any agreement hereunder; the right to collect a,td retain such ten& issues and profits. Upon any such defimlt, Mortgagee may at any time witho,t ~totice, either in person, by agent or cot~rt appointed receiver, and without regard to the adequacy of any security for the indebtedness heretic, sec,red, enter upon and take possession of said property or any part thereo~ in his own name sue for or otherwise collect such rents, issues and profits, inchtding those patt due and unpaid, and apply the same. less costs and expenses of operation and collection, including rer~onable attorney t~' fces, upon any indebtedness secured hereby, and in x,ch order ~ Mortgagee may determine. The entering upon and taking possession of said property, the collection of such rents, issues arm profits attd the application thereof ~ r(oresaid, shall not cure or waive any defimlt hereunder or in v~didate any act done pursuant to any such defaalt notice. ]2. DUE ON SALE: The indebtedness and obligations seeured by this mortgage is persotml to the Mortgagor and is not ct~'signable by Mortgagor. ~Iortgagee h(~ relied upon the creclit of 3lortgagor, the interest of Mortgagor in the Property and the financial market conditions then existing when making this loan. If Mortgagor transfers or contracts to tramfer, title to or possessio~t of all or part of the Property, or any equitable interest therein, whether by dee4 contract for dee4 cmsignment, leckie for a term in excess of one yettr, lec~e with an option to purchc~& option to or similar agreement; or f the ownership of any corporation or partnership, owning all or any portioa of the Property shall be changed either by volunta~ or invohmtary ~ale or transfer or by operaiion of law, Mortgagee may cleclt,'e all sums due under any note, security agreement, and/or loan documents tmxociated herewith, immediately due and payable. Noncompliance with fids covenatd shall constitate and be a clefi~ult of this obligation which shall entitle Mortgagee to effectuate any and all remedies provided. 13. Time is of the essence and a material par? of this agreement. In the event of ticket,It, at 3fortgagee ~' option, the entir~ imtebtednesx secured hereby shall forthwith become due and payable and bear interest at the rate of TWEL FE PERCENT (I 2~) per annum: Mortgagee shall have lh~ right to foreclose the lien of this mortgage, to have a receiver appointed in any court proceeding, to collect any tetris, issues and profits fbom the Property and apply them against the indebtedness hereby secured; to sell the ProperO~ at Jbreclosure en mc~se, or ca' one lot or parcel at the option of Mortgagee, and to exercise any rights and remedies available under the Un~orm Commercial Code Jbr the State in which the properO~ ix located; and re~onable notice f required by such Code shall be five (5) clays. 14. The &[ortgagee may at any time, without notice, relecz~eportions of said mortgaged premisesJkom the lien of this mortgage, without the personal liability of any person for the payment of the said indebtedness or the licit of this mortgage upon the remainder q' 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 euch of their right, title and interest, if any. in the Property. whether of record or otherwise and inclucling arty right to possession, to the ~ien of this mortgage. 16. This mortgage, all loan documents and the note(s) secured hereby shall be governed und construed according to the laws of the State of Wyoming. [n the event of default, k[ortgagor grants to 3[ortgagee a Power of Sale to f~reclose on and sell said property at public amztion pttrsuant to Wyotning Statute Section 34-4-10] et:seq. ] 7. This mortgage applies to. inures to the benefit of and binds allparties beret& their heir% devisees, personal representatives, successors and ~signs. The term Mortgagee shall mean the holder and owner of the note secured hereby; or ~ the note h(~ been pledged, the pledgee there~fi In this Mortgage, wherever the ~n~ r~s. the mc=culine gender inclades the femi,i,e cud~or neuter, and the singular m,nber inch,l~s the SAL~ On q-~.d~b¢rem.,theundersigne~,personalCappeared LARRY REINHART and JOSEPtI BELLOFF known or~{dent~'ed to me to be the Managers of S~T ~ER HOMES, LLC and M~' ', "'~SSION EXPIRES 519109 Real Rstate Mortgage~ .l/99) - PaSe 2 wn/~Vordic221]l~tg I': :. : I..'