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HomeMy WebLinkAbout902230 .'q..r:. CE tVF D RE.,~yL .~STATEi~ORTGA,q~E' l~.,,c,,<',l ~,.~ coUNTY CLERK 902230 · [)., ,.,, 3: so rtlIS MORTGAGE is granted by ALL SEASONS RESORT RESIDENCES, LLC, a Wyotning Limited Liability Colnpany, ~ &[ORTGAGOR, to TRINA ~INH~T, a married woman, ~ MORTa~GEE. 5 6 5, :' 0 5 G 2 ~ TNESSE TH: ' Mortgagor, for good and valuable considerations, the receipt of which is hereby acknowledged, does hereby GRANT, BARGAIN, SELL, CONVEY AND WARRANT' and further releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming, unto the Mortgagee, his successors and assigns, all of the following described real property, to wit: BegOt.lng at a point that is N45'46'14"if 59&99feet to a Brass Cap right-of-way monument and Nl$'36'54"E 589.22 feet from the South Quarter Cortter of Section 20, Township 37 North, Range 118 }Vest of the 6th Principle Meridian Lhtcoln Cottltty, Ifyomittg, to the Southwest Corner of Lot 9 of the Alpc,doff Subdivision and runnhtg thence S74 '4 7'19"1f 50. O0 feet; thence N15 '12 '41 "if 50. O0 feet; thence N74 '4 7'19"E 50. O0 feet; thence S15'12'41 "E 50. O0 feet back to the poittt of beginnhtg. , ~ TOGETHER WITH any and all improvements, water and ditch rights, rights of ways, easements, privileges, ventilating, tenements, heredita,tents and appurtenances thereunto belonging or in anywise appertaining, now or hereafterused on said land or belonging to said Mortgagor, and any reversion, remainder, rents, issues and profits thereof, hereinafter referr~d to as the "Property". This grant is intended as a Mortgage, a FLvture Filing and Security Interest for the Ps,pose of Securing: I. Performance of each agree,tent of Mortgagor herein contained, each agreement and covenant contained in the loan documents associatedwith this mortgage, and any extension, renewal, modification and/or amendment thereof. "Loan documents"shall include the abbve described,otc, 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 date hermvith, and any extension or renewal thereof, in the principal sum of TEN THOUSAND DOLLARS ($10,000. 00), the final payment of principal and interest thereof, if not sooner paid, to be finally due and payable NOVEMBER 13, 2004. 3. Payment of all such furthersums as may he/'eafterbe loaned or advanced by the 3lortgageefor any purpose; and any notes, drafts and/or other in}trmnents representingsuch fi~rther 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 fierther, that it is the express infention 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 security of this Mortgage, Mortgagor warrants, covenants attd 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 lawfid claims and demands of all persons whomsoever, and this eovenantshall not be extinguished by foreelosureor 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 cornplete 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 furnished 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, 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 front 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 sati.~factoryevidence 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 determines, be released to Mortgagor in whole or part, or a~O, combination thereof. Such application or release shall not cure or waive any default or notice of default hereunder or invalidate any act done pztrsuant to such notice. 4. To pay before delinquency all taxes, assessrnents, or rents affecting said property; to pay when due all encumbrances, charges and liens, with interest, affeeting said property which are or may appear to be prior or superior 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 Mortgageepursua~u 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 proceedingpurporting to affect the sec~tri(v 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, ap'pellateproceedings or otherwise, and all such easts 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 provided, Mortgagee, but without obligation so to cio and without notice or demand upon lffortgagor and without releasing Mortgagor from any obligation hereof, ntay: ,,ake or do the same in such ,tanner and to such extent as Mortgagee may deem necessary to protect the security hereof, Mortgagee being authorized to enter upon said propertyfor such pu~pases; appear in and defend any action or proceedingpurporting to affect 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 ase or permit the use of the Property for a,o: unlawful 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 's purposes only and shall not be construed to create any responsibilityor liability on the part of Mortgagee to Mortgagor or to any other person); to forward copies of any notices received from any environmental agencies to 3/[ortgagee; 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 i¢p'ury 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 i~ the same manner and with the same effect as above provided for disposition of proceeds of fire or other insurance. Real Estate Mortgage (1/99) - Page 1 wn/NordicMTG ..0563 ! O. The failure of Mortgagee to exercise any right or option provided here}'n at any time, shcdl not preclude Mortgagee from exercising any of such rights at any other time; by acceptingpayment of any sum secured hereby after its d~te date, lk[ortgagee does not waive his right either to require prompt payment when due of all other sums so secured or to declare default for failure so to pay; all rights conferred on Mortgagee are cumulative and additional to any rights conferred by law; and if any provision is found to be invalid or unenforceable, such invalidity or unenforceabilityshall not affect any other provision hereof and the mortgage shall be construed ax though such provision had been omitted. 11. 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 as they become due and payable; Reserving however unto Mortgagor, prior to any default by Mortgagor in payment of any indebtedness secured hereby or in performance qf any agreement hereunder, the right to collect and retain such rents, issues and profits. Upon any such default, Mortgagee may at any time witho~tt notice, either in person, by agent or court appointed receiver, and without regard to the adequacy of any security for the indebtedness hereby sects'e4 enter upon and take possession of said property or any part thereof, in his own name sue for or otherwise collectsuch rents, issues and prqfits, including those past due and unpaid, and apply the same, less costs and expenses of operation and collection, including reasonable attorney's fees, upon any indebtedness secured hereby, and in such order as Mortgagee may determine. The entering upon and taking possession of said property, the collection of such rents, issues and profits and the application thereof as aforesaid, shall not cure or waive any default hereunder or invalidate any act done pursuant to any such defctult notice. 12. DUE ON SALE: The indebted.ness and obligations secured by this mortgage is personal to the Mortgagor and is not assignable by Mortgagor. Mortgagee has 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 Mortgagor transfers or contracts to transfer, title to or possession of, ull or part of the Property, or any equitable interest therein, whether by deed, contract for deed, assignment, lease for a term in excess of one year, lease with an option to purchase, option to purchct~e, or similar agreement; or if 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 sun,s due under any note, security agreement, and/or loan documents associated herewith, immediately due and payable. Noncompliance with this covenant shall constitute and be a default of this obligation which shall entitle Mortgagee to effectuate any and all remediesprovided. 13. Time is of the essence and a material part of this agreement. In the event of def'a,dt, at Mortgagee's option, the entire indebtedness secured hereby shall forthwith become due and payable and bear interest at the rate of TWELVE PERC'ENT (J 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 Property at foreclosure en masse, or as one lot or parcel at the option of Mortgagee, and to exercise any rights and remedies available under the Uniform Commercial Code for the State in which the property is located; and reasonable notice if required by such Code shall be five (5) days. 14. The 2krortgagee may at any time, without notice, releaseportions of said mortgaged premisesfrom the lien of this mortgage, without affecting 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, if any, in the Property, whether of record or otherwise and including any right to possession, to the lien of this mortgage. ] 6. This mortgage, all loan documents and the note(s) secured hereby shall be governed and construed according to the laws of the State of BZyoming. In the event of default, Mortgagor grants to Mortgagee a Power of Sale to foreclose on and sell said property at public auction pursuant to Wyoming Statute Section 34-4-101 et:seq. ] 7. This mortgage.a~ inures to the benefit of and binds all parties hereto, their ]~eirs, devisees, personal representatives successors and assigns. The term M~za~gee/~h~ holder and owner of the note secured hereby' or if the note has been pledged the pl;dgee thereof In this Mortgage, whefever/~e/c/ontext so requtFes the masculine gender inchtdes the feminine and/or neuter and the singular number includes the STATE OF IDAHO ) ) ss COUNTY OF BONNEVILLE ) On , before ,ne. the undersigned, personally appeared a fence 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. { ' '"'"'D /~otad~ublic /or'the State of Zdctffo NOTARY PUBLIC; JEANNEE NANGLE S'FATE OF iDAHO My C-ommtssion ExpJuaa: 0;1/18/08 Real Estate Mortgc~i!i ..... j age 2 wn/NordicMTO ~"': ] ............