HomeMy WebLinkAbout902765 . 'AL MORTG r¥ CLERK
902765 ,,
MORTGAGE t~ granted 0 CltANCY D. GUTtlRIE, an unmarried than and atlELB g~; ~'~O0~)an unmarried ,roman
lOir~gGOR to THE BANK OF COMMERCE for the benefit of LAURENCE B. REINH~T I~, ~ MORTGAGEE.
TNESSE TH:
Mortgagor, for good attd valuable considerations, the receipt of which is hereby acknowledge4 does hereby GRANT, BARGAIN,, SELL, CONVEY
ND WARRANT, and fitrther releases and waives all rights under and by virtue of tire hontestead exemption laws of Wyoming, unto the Mortgage~
:s successors and assigns, all of the following described real property, to wit: '
~'~ q Lot 184 itt Nordic Ranches Division No 13, Lincoht Couno,, B')'omittg as described on the official plat thereof
TOGETHER WITH any and all improvements, water and ditch rights, rights of wa),s, easements privileges ventilating tenements,
hereditaments and appurtenances thereunto belonging or in attywise appertaining, now or hereafter used on said land or belonging to
said Mortgagor, and any reversion, remainder, rents, issues and profits thereof, hereim~er referred to as the "Property".
~is grant is intended as a Mortgage~ a Fixture Filing attd Security Interest for the Parpose of Xecttt'it~g:
1. Performance of each agreement of Mortgagor herein contained, each agreement atul covenant contained in the loan documents associatedwith
iS mortgage, and any extension, renewal, modification and/or antendment thereof "Loan documents" shall include the above described note this
>rtgage, and any other documents or instruments signed in connection with this ?oan.
2. Payment of the indebtedness evidenced by a promissory note of even date herewith, attd any extension or renewal thereof, in the principal sum
SIX THO USAND TIVENTY NINE AND 87/1 O0 ($ 6, 029. 87), the -final paymenl ofi principal attd i~,teres t thereof, if not sooner paid, to be finally
e andpayableAUGUSr 6, 2007. - '
3. Payment of all such further sums ax may hereafter be loaned or advanced by the Jtlortgagee for any purpose,, and any note~, drafts and/or other
'truments representingsuch further loans, advances or expendituresshall be optional with the Mortgagee, and shall become due and payable no
er titan the ftnal mat,~rity date of said note secured hereby; and provided further, that it is lite e.xpress intention of the parties to this Mortgage that
'/tall stand ax continuing security until all such loans, advances or expenditures together with interest thereon, are paid in full.
To protect the security of thls Mortgage, Mortgagor warrants~ covenattts attd agrees:
[. The property is free from all encumbrances, except as may be described herein, and that kIortgagor shall warrant and defend the same forever
tinst the lawful claims and demands of all persons whomsoever, and this covenant shall not be extinguished by foreclosure or other transfers.
?. To keep all buildings and other improvements now or hereafter existing in good condition attd repair; to not remove or demolish any bailding
other improvement thereon; to complete or restore promptly and in a good workmanshiplike manner any improvement which may be constructed,
naged or destroyed thereon,, to pay when due all claims for labor per. formed and ,naterials fi~rnished thereto or therefor; to comply with all laws
:cting said property or requiring any alterations or intprovements to be made thereon,, to trot commit or permit waste thereof or thereon; to
:ntain, cultivate, irrigate, fertilize, fianigate, prune, all in a good and hasbandrylike mannet; the land and improvements thereto' to not change or
mit 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
racier or use of said property may be reasonably necessary, the specific enumerations herein not excluding the general.
To provide, maintain and deliverftre insurance satisfactory and with loss payable to l~{ortgagee,, to maintain liability insurance,, to pay all
~ittms and charges on all such insurance when due; and to provide Mortgagee satisfactoo,evidence of such insurance upon request. The amount
ected under any fire or other insurance policy may, at Mortgagee's option and determination, be applied upon any indebtedness secured hereby in
5 order as Mortgagee determines, be releasedto Mortgagor in whole orpart, or any combination thereof Such application or releaseshall not
', or waive any default or notice of default hereunder or invalidate any act done pursuant to such notice.
To pay before delinquency all taxes, assessments, or rents affecting said properoU to pay when due all encumbrances, charges and liens, with
rest, affecting said property which are or may appear to be prior or superior hereto' and to pcs3, all costs, fees and expenses of this Mortgage and
,ciated loan documents. '
To pay immediately and without demand all sums expended by Mortgagee pursuant to the provisions hereof, with interest from date of
~nditure, at a rate equal to the interest rate payable under the promissory note described above or twelve percent (12%) per annum whichever is
!ter, ,
To appear tn and defend any action or proceeding purporting to affect the securi(p hereof or the rights or powers of Mortgagee,. to pay, on
=nd, all costs and expenses, including without limitation cost of title evidence reasonable attorney's fees advances, and/or costs, paid or
~red by Mortgagee to protect or enforce its rights under bankruptcy, appellateproceedings or otherwise, and all such costs and expettves shall
me a part of the indebtedness secured by this mortgage.
Should l/[ortgagor fail to make any payment or to do any act as herein provided, Mortgagee, but without obligation so to do and without notice
· .mand upon Mortgagor and without releasingMortgagorfrom any obligation hereof, may: make or do the same in such manner and to such
~t as Mortgagee may deem necessary to protect the security hereof, Mortgagee being atMrorized to enter upon said propertyfor such purposes;
ar in and defend any action or proeeeding purporting to affect the seeurity hereof or the rights or powers of Mortgagee,'pay, purchase, contest
~mpromise any encumbrance, charge or lien which in the judgment of Mortgagee appea~w to be prior or superior hereto; and in exereising any
powers or in enforcing this Mortgage by judicial foreclosure or otherwtse, pay the necessary expenses, costs and reasonable attorney 5fees.
To comply with all laws, ordinances, regulations, covenants, conditions and restrictions q/fecting the ProperO$ and its use, including without
~tion all environmental laws; not to use or permit the u~e of the Property for any unla*tfid or objectionable purpose; to remedy any
onmental contaminatton or violation of environmental laws that may occur or be discovered in the uts :
erty to inspect its condition and to test and monitor £o ..... ' ......... fi re. to allow Mortgagee access to the
g,, vo,npttance wtm appueaote lam~ (any inspections or tests made by Mortgagee shall be
{ortgagee 's purposes only and shall not be construed to create any responsibilityor liability on the part of Mortgagee to Mortgagor or to any
person); to forward copies of any notices received from any environmental agencies to 3~ortgagee,. and to Indemnify and hold Mortgagee, his
>yees, agents and his successors and assigns, harmless from and against any enviromnental claims of any kind attd all costs and expenses
red in connection therewith, inchtding, without limitation, attorney's fees. '
,{ny award of damages tn connection with any coudenmation for public use of or injury to said property or any part thereof, is hereby assigned
hall be paid to Mortgagee who may apply or release such monies receivedby him in the same manner and with the same effect as above
'Jed for disposition of proceeds of fire or other insurance.
The failure of Mortgagee to exercise any right or option provided herein at any time, shall not preclude Mortgagee from exereising any of such
at arty other time; by accepting payment of any sum secured hereby after its due date, A(ortgagee does not waive his right either to require
~t 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
dd~ional to arty rights conferred by law; and if any provision is found to be invalid or unenforceable, such invalidity or unenforceabilityshall
TecI any other provision hereof and the mortgage shall be construed as though such provision had been omitted.
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11. As addit~'onal security, Mortgagor hereby gives to and confers upon Mortgagee the right, power attd authority, during the continuance of this
mortgag, e, 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 of an.), agreement hereunder, the right to collect and retain
such rents, issues and profits. Upon any such default, Mortgagee may at any time without notice, either in person, by agent or court appointed
receiver, and without regard to the adequacy of any security for the indebtedness heretLv secured, enter upon and take possession of said property or
any part thereof, itt his own name sue for or otherwise collect such rents, issues and?to, fits, including thaxe paxt 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 ax Mortgagee may deterndne. The entering upon and taking possession of said property, the collection of such rents, issues and profits and the
application thereof ax aforesaid, shall not cure or waive any default hereunder or invalidate any act done pursuant to any such default notice.
12. DUE ON ,gALE: The indebtedness and obligations secured by this mortgage is personal to the Mortgagor attd 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, all or part of the Property, or any equitable interest
therein, whether by deed, contract for deed, assigmnent, lease for a term in excess of one ),ear, lease with an option to purchase, option to purchase,
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 sunny due under any note, security agreement, and/or
loan documents axsociated herewith, itnmediately due and payable. Noncotnpliance with this covenant shall constitute and be a defmdt of this
obligation which shall entitle Mortgagee to effectuate any and all remedies provided.
13. Time is of the essettce and a material part of this agreement. In the event of default, at Mortgagee's option, the entire indebtedness secured
hereby shall forthwith become due and payable and bear interest at the rate of TWELVE PERCENT (12%) per atmum; Mortgagee shall have the
right to foreclaxe the lien of this mortgage, to have a receiver appointed in any court proceeding, to collect any rents, issues and profits from the
Property ~nd 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, attd to exercise any rights and remedies available under the Uniform Commercial Code for the State in which the property is locate&
and reaxonable notice if required by such Code shall be five (5) days.
14. The Mortgagee may at any ~ime, without notice, releaxeportions of said mortgaged prendses fron! 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 full 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.
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
Wyonting. Itt the event of default, Mortgagor grants to Mortgagee a Power of,gale to.foreclose on and sell said property at public auction pursuant
to Wyoming Statute 'gection 34-4-101 et:seq.
17. This mortgage applies to, inures to the benefit of and binds all part'ies hereto, their heirs, devisees, personal representatives, successors and
assigns. The term Mortgagee shall mean the holder and owner of the note secured hereby; or !f the note has been pledged, the pledgee thereof In
this Mortgage, wherever the context so requires, the masculine gender includes the fendnine and/or neuter, and the singular number includes the
plural.
Dated:
CkhJancy D. ~u[hrie- - -
Shelby%. Moo,ney
STATE OF IDAHO )
County of C ~ I~ ~ }~ )
On ~ -- ~ - 0 ~ , before..~, the undersigned, personalv
appeared Chard Guthrie and Shelb~ ~oomey, known or ident¢'ed to me to
be the person~hose names are~se~bedto th, within insI~ment, and
ackowledge~o me that they exJc~e~the /ame. ~ /
Notm~Public for Idaho
My /omn, ission Expires: 7' [-- d ~
Real Estate 3~fortga ge2
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