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Home My WebLink About903081R e~- r e c o r d!i'?i*i{~ /~ ~ o r r e c t ?~¥x,il ~ ~ ~ principal amount · o ESTATE MOR t, CLERK 902765 MORTGAGOR, to THE B~NK OF CO3~MERCE for the benefit of LAUR~NCE B. REINHART I~, ~ MORTGAGEE. 0568, ,,, Mortgago[ for good and valuable considerations, the recect of which is hereby acknowledge4 do~ hereby G~E BARG~ SEL& CO~EY AND ~~ and further relemes and waive~ all rights under and by virtue of the homestead exemption laws of Wyoming, unto the Mortgage~ his successors and ~xigns, all of the following described real property, to wit: -~ Lot 184 in Nordic Ranches Division No 13, Lincoht CottttO¢ BS,otniltg as described crt the official plat thereof TOGETHER WITH any and all improvements, water attd ditch rights, rights of wa3u' ea~entent& privileg~ 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 rever, ion remainmr rent~ issu~ and profits thereof herei,,a~erref~[ ~"Pr ~ ~ , g t a ~ecurtty JnterestJor the I u~J~ ~cur~ng: . ~ ~ ,, w - . ...... ~, moaqtcatton al~/~ ~at~en( thereof "Lorm docdtjiOnt~r~-M~dH'fnclh~the above describednote. mortgage, ana any other document, or instruments Mg,Ol~ ~'o~ with this loan. ' 2. Payment ofg~.~gffg~d~,,~., ~y ~ ~rom~sory note of even date herewith and anu ¢~-t~,~l~~' ':; ,u.. .a ~ I t- . . _ _: . .. ..... ~r~ ...... ~ br 4en~ ] (} ~e~ tn th~ ~r, nccal sum of SIX THOUXAND}~WENTY NINE AND 87/100 ($6.0~&74 the ~nal--., ............... , , · /, ~, ~-~,,,~m ulprtnctpaq~na,mt,~tt~reoj' ~not soonerpaid to be mall due and payable A UGUXT 6, 200Z 6,6 2 9.8 7 - ' ' fi Y 3. Payment of all such fitrthersun~ ~ may hereafierbe loaned or advanced by the 3fortgageefor any purpose; and ahy notes, drafts and/or other instruments representingsuch further loans, advances or expenditur~shall be optional with the 3(ortgagee, and shall become due and payable no later than the ftnal maturity date of said note secured hereby; and provided further, that it is the expr~s intention of the parti~ to this Mortgage that it shall stand ~ continuing securiO, until a~i Jhch loans, advanc~ or expenditures together with interest thereon, are paid in full. 4. To protect the securiO, of this Mortgage, Mortgagor warrants~ copettattts attd agrees: ]. The property is peepom all encumbrances, except m may be d~cribed herein, and that Mortgagor shall warrant and defend the same forever zgainst the lawful clai,~ and demands of all persons whon~oever, and this covenant shall not be extinguished by foreclosureor other transfers. 2. To keep all buildings and other improvements now or hereafier existing i~ good condition and repair; to not re~nove or demolish any building ~r other improvement thereon; to complete or r~torepromptly and in a good workmansh¢like manner any improvement which may be constructe4 lamaged or destroyed thereon,, to pay when due all claims for labor pe~ormed and materials fitrnished thereto or therefor; to comp)y with all laws ~fecting said property or requiring any alterations or improvements to be made thereoa; to trot commit or permit w~te thereof or thereon; to naintain, cultivate, irrigate, fertilize, fi~tnigate, prune, all in a good and husbando,like manner, the land and improvements thereto; to not change or ~ermit change in the use of the property; to not do anything which would reduce the value qf the property; and do all other acts which~om the 'haracter or use of said property may be re~onably necessary, the spec~cenumerations herein not excluding the general. 3. To provide, maintain and deliverfire' ihsurance satisfactory and with loss payable to 3{ortgagee,. to maintain liability insurance; to pay all ,remiun~ and charges on all such insurance when due; and to provide Mortgagee sati,~tctor),evidence of such insurance upon request. The amount ollected under any fire or other insurance policy may, at Mortgagee ~ option and determination, be applied upon any indebtedness secured hereby in uch order ~ Mortgagee determines, be rele~ed to Mortgagor in whole or part, or any combination thereof. Such application or rele~e shall not ure or waive any default or notice of default hereunder or invalidate any act done pta'stta~tt to such notice. 4. To pay before delinquency all t~, ~sessments, or rents affecting said properOq to pco~ when due all encumbranc~ charges and liens with · terest, affectingsaidproper¢ which are or may appear to be prior or superior hereto' and to pay all costs, fe~ and expenses of this Mortgage and ssociated loan documents. ' 5. To pay immediate& and without demand all sums expended by Mortgageepursuant to the provisions hereo~ with inter, t from date of at a rate equal to the in terest rate payable under the promisso~ note described above or twelve percent (I 2%) per annum, whichever is 6. To appear in and defend any action or proceedingpurporting to affect the securiO, hereof or the rights or powers of Mortgagee; to pay, on eman4 all costs and expenses, including without limitation, cost of title evidence, rea~om~ble attorney ~ fe~, advance, and/or costs, paid or tcurred by Mortgagee to protect or enforce its rights under bankruptcy, appellateproceedings or othe~ise, and all such costs and expens~ shall ~come a part of the indebtedn~s secured by this mortgage. 7. Should Mortgagor fail to make any pay~nent or to do any act ~ herein provided, 3[ortgagee, but without obligation so to do and without notice ' demand upon Mortgagor and without rele~ing Mortgagor from any obligation hereo~ ntay: make or do the same in such manner and to such ;tent ~ Mortgagee may deem necessary to protect the security hereo~ Mortgagee being attthorized to enter upon said propertyfor such purpose; ~pear in and defend any action or proceeding purporting to affect the secarity hereof or the rights or powers of Mortgagee; pay, purch~e, contest ' compromise any encumbrance, charge or lien which in the judgment of Mortgagee appears to be prior or superior hereto; and in exercisingany ~ch powers or in enforcing this Mortgage by judicial foreclosure or otherwise, pay the necessa~, expense, costs and re~onable attorney ~ fe~. 8. To comply with all laws, ordinances, regulations, covenants, conditions and restrictions t~fecting the Property' and its use, including without nitation all environmental laws; not to use or permit the use of the Property for any unla~d or objectionable purpme; to remedy any ~vironmental contatnination or violation of environmental laws that may occur or be discovered in the fitture; to allow Mortgagee acc~s to the "operty to inspect its condition and to test and monitor for compliance with applicable lam~ (any inspections or t~ts made by Mortgagee shall be Mortgagee ~ purposes only and shall not be construed to create any responsibiliO~or liability on the part of Mortgagee to Mortgagor or to any to forward copi~ of any notices received from any environmental agencies to AIortgagee; and to Indemn~y and hold Mortgagee, his ~ployees, agents and his successors and ~signs, harml~s from and against any environmetttal claims of any kin4 and all costs and expenses curred in connection therewith, including, without limitation, attorney ~ fe~. Any award of damages in connection with any condemnation for public use of or i~ury to said property or any part thereo~ is hereby ~signed paid to Mortgagee who may apply or rele~e such monies received by him itt the same manner and with the same effect ~ above ovided for disposition of proceeds of fire or other insurance. ¢0. The failure of Mortgagee to exercise any right or option provided herein at any time, shall not preclude Mortgageepom exercising any of such thts at any other time; by acceptingpayment of any sum secured hereby after its due date, Mortgagee does not waive his right either to require crept payment when due of all other sums so secured or to declare default for failure so to pay; all rights co~erred on Mortgagee are cumulative d add~ional to any rights co~erredby law; and ~any provision is found to be invalid or unet~orceable, such invalidity or unet~orceabilityshall affec~ any other provision hereof and the mortgage shall be construed m though such provision had been omitted ~ordicMTG · - - oso 765 o9o3os1 ' ' :k 01.47 0888 £1. AX addit'ional security, Mortgagor hereby gives to attd confers upon Mortgagee the right, power attd authority, d:uring the continuance of this iortgag, e, to collect the rents, issues and profits of said property as they become due and pa)'able; Reserving however unto Mortgagor, prior to any °-fault by Mortgagor in payment of any indebtednesssecured hereby or in performance of any agreement hereunder, the right to collect and retain rah rents, issues and pro. fits. Upon arty such default, Mortgagee may at any time without notice, either itl person, by agent or court appointed '.ceiver, and without regard to the adequacy of any security for the indebtedness hereby .¥ecured, enter upon and take possession of said property or ny part thereof, in his own name sue for or otherwisecollectsuch rents, issues and profits inclucling those past due attd unpaid, and apply the ~me, less costs and expenses of operation and collection, including reasonable attorney's fees, upon any indebtedness secured hereby, and in such "der as Mortgagee may determine. The entering upon and taking possession of said property, the collection of such rents, issues and profits and the 9plicalion thereof as aforesaid, shall not cure or waive any default hereunder or invalidate any act done pursuant to any such default notice. 12. DUE ON SALE: The indebtedness and obligations secured by this mortgage is personal to the Mortgagor attd is not assignable by Mortgagor. tortgagee has relied upon the credit of Mortgagor, the interest of Mortgagor in the ProperO, and the financial market conditions then existing when aking this loan. If Mortgagor transfers or contracts to transfer, title to or possession o.~ all or part of the Property, or any equitable interest 'erein, whether by deed, contract for deed, assignntent, lease for a term in excess of one ),ear, lease with att option to purchase, option to purchase, · similar agreement; or if the ownership of any corporation or partnership, owning all or any portion of the Propertyshall be changed either by ~luntary or involuntary sale or transfer or by operation of law, Mortgagee may declare all sttms due under arty note, security agreement, and/or ,an documents nssociated herewith, itnmediately due. and payable. Noncompliance with this covenant shall constitute and be a default of this 51igation which shall entitle Mortgagee to effectuate any and all remediesprovided. 13. Time is of the essettce and a material part of this agreement. [n the event of defauh, at 3~{ortgagee's option, the entire indebtedness secured · .reby shall forthwith become due attd payable and bear interest at the rate of TWELVE PERCENT (12%) per annum; Mortgagee shall have the ght to foreclose the lien of this mortgage, to have a receiver appointed in arty court proceeding, to collect any rents, issues and profits from the ,operty and apply them against the indebtedness hereby secured; to sell the Property at fi¢reclos ure en masse, or as one lot or parcel at the option 'Mortgagee, attd to exercise any rights and remedies available under the Uniform Commercial Code for the State in which the property is located; id reasonable notice if required by such Code shall be,five (5) days. 14. The Mortgagee may at any time, without notice, releaseportions of said mortgaged premises from the lien of this mortgage, without affecting e personal liability of any person for the payment of the said indebtedness or the lien of. this mortgage upon the remainder of the mortgaged · cruises for the full amount of said indebtednessthen rentaining 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, [ether of record or otherwise and including any right to possession, to the li.en 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 'yoming. In the event of default, Mortgagor grants to Mortgagee a Power of Sale to foreclose on and sell said property at public auction pursuant Wyoming Statute Section 34-4-101 et:seq. 17. This mortgage applies to, inures to the benefit of and binds all parties hereto, their heirs, devisees, personal representatives, successors and signs. The term Mortgagee shall mean the holder and owner of the note secured hereh),; or !f the note ha~ been pledged, the pledgee thereof. [n is Mortgage, wherever the context so requires, the masculine gender includes the feminine and/or neuter, and the singular nutnber includes the ural. ~ted: Shelbd,,Z/Moo,,,ey fir 'TATE OF IDAHO On ¢-g-O an , ppeared Chan Outhrie d Shelb me that they Oublic for Idaho on, mission Expires: the undersigned, Personally known or identified to me to the within instrument, and ~eal Estate Mortgage (1.~2 ~n/NordicMrO ,2 . ~ . ' : ~ ~ ' .'i