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0 5 6BEAL ESTATE MO'R: G fGrE CLERK
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~I$ M¢RrGA6£ is granted by ALL S~A$ONS R~SORT RESIDENCES, LL¢,'"~ ~)¢~in~ Lii~ited Li~bilit~ ¢¢m~£, ~
WITNESSETH:
Mortgagor, for good and valuable considerations, the receipt of which is hereby acknowledged, does hereby GRANT, BARGAIN, SELL, CONVEY
AND WARRANT, and fitrther releaxes and waives all rights under and by virtue of the homestead exemption laws of Wyoming, unto the Mortgagee,
his successors and axsigns, all of the following described real property, to wit:
Beginning at a 1Joint that is N45 °46'14"IV 59& 99 feet to a Brass Cap right-of-way monu~nent and
N15 '$6'54"E 589.22 feet fi'om the South Quarter Corner of Section 20, Townshij~ $ 7 No~th, Range 118 West
of the 6th Principle Meridian Lincoln Cottltty, Wyotning, to the Southwest COrner of Lo?_~_9 of the Alpendorf
Subdivision attd running thence S74 °47'19"W 50. O0 feet; thence N15'12 '41 "W 50. OO feet; thence
N74 °4 7'19 "E 50. O0 feet; thence S15 '12 '41 "E 50. O0 feet back to the pobtt of beginning.
TOGETHER FXITH any and all improvements, water and ditch rights, rights of ways, eaxements, 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 any reversion, remainder, rents, issaes and profits thereof hereinafter referred to ax the "Pro~erty".
This grant is intended as a Mortgage, a Fixture Filing attd Security Interest for the Purpose of ,~ecuring:
1. Performance of each agreement of Mortgagor herein contained, each agreement and covenant contained in the loan documents associated with
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 promissmy note of even date herewith, and any extension or renewal thereof, in the principal sum
of TWENTY THOUSAND DOLLARS ($20,000. 00), the final payment of principal and interestthereof if not sooner paid, to be finally due
and payable NOVEMBER 13, 2004.
3. Payment of all such fitrther sums ax may hereafter be loaned or advanced by the Mortgagee for any purpose; and any notes, drafts and/or other
instruments representingsuch flit,her loans, advances or expend/tares shall 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 further, that it is the express 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 full.
A. To protect the secttr#y of this Mortgage, Mortgagor warrants, covet, ants and agrees:
1. The property is free from all encumbrances, except as may be described herein, and that Mortgagor shall warrant and defend the same forever
against the lawful claims and demands of all persons whomsoever, and this covenant shall not be extinguished by foreclosureor other transfers.
2. To keep all buildings and other improvements now or hereafterexisting in good condition and repair; to not remove or demolish any building
or other improvement thereon; to complete or restorepromptly and in a good workmanshiplike manner any improvement which may be constructed,
damaged or destroyed thereon; to pay when due all claims for labor performed and materials fitrnished thereto or therefor; to cornply with all laws
affecting saidproperty or requiring any alterations or intprovements 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 husbandrylike 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 value of the property; and do all other acts which from the
character or use of said property may be reasonably necessary, the specific enumerations herein not excluding the general.
3. To provide, maintain and deliverfire insurance satisfactory and with loss payable to Mortgagee; to maintain liability insurance; to pay all
premiums and charges on all such insurance when due; and to provide Mortgagee satisfactoryevidence of such insurance upon request. The amount
collectedunder any fire or other insurancepolicy may, at Mortgagee's option and determination, be applied upon any indebtedness secured hereby in
such order as Mortgagee cletermines, be released to Mortgagor in whole or part, or arty combination thereof Such application or release shall not
cure or waive any default or notice of default hereunder or invalidate any act done pursuant to such notice.
4. To pay before delinquency all taxes, assessments, or rents affecting said property; to pay when due all encumbrances, charges and liens, with
interest, affecting said property which are or may appear to be prior or s~perior 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 Mortgageept~rsuant 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 proceeding purporting to affect the security hereof or the rights or powers of Mortgagee; to pay, on
demand, all costs and expenses, including without limitation, cost of title evidence, reasonable attorney's fees, advances, and/or costs, paid or
incurred by Mortgagee to protect or enforce its rights under bankruptcy, appellate proceedings 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 ax herein provide4 Mortgagee, but without obligation so to do and without notice
or demand upon Mortgagor and without releasing Mortgagor from any obligation hereof may: make or do the same in such manner and to such
extent ax ~dortgagee ma), deem necessary to protect the sect.triO, hereof, Z~ortgage~ being atithorized to enter upon xaid propertyfor such purposes;
appear in and defend any action or proceeding purporting to effect the security hereof or the rights or powers of Mortgagee;pay, purchase, contest
or compromise any encumbrance, charge or lien which in the judgment of Mortgagee appears 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, 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 ttse of the Property for a,9, ~mlawful or objectionable purpose; to remedy any
environmental contamination or violation of environmental laws that may occur or be discovered in the future; to allow Mortgagee access to the
Property to inspect its condition and to test and monitor for compliance with applicable laws (any inspections or tests made by Mortgagee shall be
for Mortgagee 'xpurposes only and shall not be construed to create any responsibilityor liability on the part of l¥iortgagee to Mortgagor or to any
other person); to forward copies of any notices received from arty environmental agencies to Mortgagee; and to Indemnify and hold Mortgagee, 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's fees.
9. Any award of damages in connection with any condemnation for public use of or injury to said property or any part thereof, is hereby assigned
and shall be paid to Mortgagee who may apply or release such monies received by him in the same manner and 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 any time, shall not preclude Mortgagee from exercising any of such
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rights at any other time; by aeeepting payment of any sum seeured hereby after its due date, Mortgagee does not waive his right either to reqmre
prompt payment when due of all o&er sums ao aecured or to declare default for failure 3o to pay; all rights conferred on Mortgagee are cumulative
and additional to any rights conferred by law; and ~any provision ia found to be invalid or une~orceabl< such invalidity or unenforceabilityshall
not affect any o&er ~rovision hereof and &e mortgage s~all be construed ~ &ough such provision had been omitmd
11. & additional seeuri~, Mortgagor hereby givea to and eor~era upon Mortgagee th~ right power and au&ority, during &e continuance of this
mortgage, m collect &e rents, issues and profits of aaid proRerty c~ they become &~e and payable; Reserving however unto Mortgagor, prior to any
default by Mortgagor in payment of any indebtedness secured hereby or in performance qf a,O, agreement hereunder, the right m collect and retain
such rents, issues and Rrofits. Upon any such default, Mortgagee may at any time without notice, either in person, by agent or court appointed
receiver, and wi&out regard m the adequacy of any security for &e indebtedness hereby secured, enter upon and rake possession of aaid property or
any part &ereof in his own name sue for or o&e~ise collect such rents, issues and profitx, inchtding &ose p~t due and unpaid, and
same, less costs and expenses of operation and collection, including re~onable attorney's fees, upon any indebtedness secured hereby, and in such
order ~ Mortgagee may determine. The entering upon and taking ~ossession of saM proper(F, the collection of such rents, issues and profits and the
application thereof ~ aforesai4 shall not cure or waive any default herkunder or im'alidate any act done pursuant to any such default notice.
]2. DUE ON SALE: 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 Mortgagor in the ProperO, and the financial market conditions then existing when
making this loan. If Mortgagor transfers or contracts m transfer, title to or possession of all or part of the Property, or any equitable interest
therein, whether by deed, contract_for dee4 ~signment, le~e for a term m excess of one year, lecme with an option to purchcme, option m purch~e,
or similar agreement; or ~ the ownership of any corporation or parmership, owning all or any portion of the Property shall be changed either by
voluntary or involunm~ sale or transferor by operation of law, Mortgagee may declare all sums due under any note, security agreement, and/or
loan documents ~sociated herewith, immediately due and payable. Noncompliance with this covenant shall constitute and be a default of this
obligation which shall entitle Mortgagee m effectuate any and all remedies provided
13. Time is of the essence and a material part of this agreement. In the event of default, at Mortgagee 5 oRtion, the entire indebtedness secured
hereby shall forthwith become due and payable and bear interest at the rate of TWELVE PERCENT (12%) 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 secure&' to sell the Proper0 at foreclosure en mc~se, or ~ one lot or parcel at the option
of Mortgagee, and to exercise any rights and remedies available under the Un~orm Commercial Code for the State in which the property is locate&
and recwonable notice ~required by such Code shall be five (5) days.
14. The Mortgagee may at any time, without notice, rele~eportions of said mortgaged premises from the lien of this mortgage, without affecting
the personal liability of any person for the payment of the said indebtedness or the lien qfl this mortgage hpon the remainder of the mortgaged
premises for the full amount of said indebtedness then remaining unpaid
15. Mortgagor and each of them join in this inst~ment for the RurRose of subjecting 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 governed and construed according to the laws of the State of
Wyoming. In the event of ~lt, Mortgagor grants to Mortgagee a Power of Sale to fbreclose on and sell said property at public auction pursuant
17. his mortg~~~~s t~n~fit of and binds all parties hereto, their heirs devisees,~ersonal representatives suceessorsand
~sig~. ~e ter~ortg~att ~ ~e ~o~r and owner of the note secured hereby; or ~ the note h~ been pledged, the pledgee thereof In
this Mortgage, wpe~ever ~e/on~ so requires, th~m~culine gender includes the feminine and/or neuter, and the singular number includes the
'"'"'
Dated: 1[ /
STATE OF IDAHO )
J ss
COUNTY OF BONNEVILLE I
On ~//~7/I~- before me. the undersigned, personalJy appeared
Laurence B Reinhart and Gerre L. McClintick
known or identified to me to be the Managing Member(s) of the limited liability
company that executed the within instrument, and acknowledged to me that such
company executed the same t ."/"~ ~
No,,l eubli. hr the State