HomeMy WebLinkAbout903158 BORROWER
B. Griest Construction, Inc.
PNB Box 056
Jackson, Wy 83001
OD F'rC ,T 'O -XT . s oN OF
T h;e ~iB~n'~ 7 ~'~ ~ ~'-~ c k s on Hole
990 W. Broadway
P.O. Box 7000
Jackson, Wy 83002
Address of Real Property: 1: 725 Rodeo Drive, Jackson, Wyoming
2: Lot 6, Star Valley Ranches, Thayne, Wyoming
THIS MODIFICATION and EXTENSION OF PROMISSORY NOTE AND
MORTGAGE, dated the 9~ day of September, 2004L is executed by and
between Borrower and Lender identified above.
A. On September 3, 2003, Lender made a loan ("Loan #107344")
to Borrower evidenced by Borrower's promissory note ("Note")
payable to Lender in the original principal amount of Seven
Hundred Sixty Five Thousand and no/100 Dollars ($765,000.00),
which Note was secured by 2 Mor.tgages executed by mortgagor for
the benefit of Lender covering the real property described on
Schedule lA and lB below, recorded as Document No. 0604965 Filing
date September 3~ 2003 in Book 522 at pages 39-42 in Teton County,
"~ 4,!~' WY. and recorded as No 893401 Filing date September 15,. '2003 in
Mortg~e~ and any other related documents are hereafter
cumulatively referred to as the "Loan Documents."
B. The parties have agreed to modify and extend the Note and
it is necessary to provide for a similar modification and
extension of Mortgage. The parties agree as follows:
1. The matUrity date of the Note is extended to March 3, 2005
at which time all outstanding sums due to Lender under the
Note shall be paid in full.
~&~. The parties acknowledge and agree that, as of September 3,
~~u ~ 2004, the unpaid principal balance due under the Note was
$765,000.00, and the accrued and unpaid interest on that
date was $3,750.62, due at the time of this extension.
3. The amount of this loan will increase $38,000.00 to
$803,000.00.
4. Borrower agrees to pay Loan Fee of $190.00 and Recording
Fee~0f $22~'00 at the time of this extension.
5. T~e rate will increase to a variable rate of 1.50% over
Chase Manhattan Prime, beginning at 6.0% with a floor of
6.0%. A change in the interest rate can change the amount
of each payment and the amount of the final payment.
6. Mortgagor represents and warrants that Mortgagor owns the
property free and clear of any liens or encumbrances other
than the liens described on Schedule B Below.
7. Except as expressly modified herein, all terms and
conditions of the Loan Documents shall remain in full
force and effect. The parties hereby adopt, ratify and
confirm these terms and conditions as modified.
8. Mortgagor agrees to execute any additional documents which
may be required by Lender to carry out the intention of
this Agreement. As of the date of this Agreement, there
are no claims, defenses, setoffs or counterclaims of any
nature which may be asserted against Lender by any of the
undersigned.. ' ' '~
0377
SCHEDULE iA
Lot 17 of Karns Hillside Addition to the Town of Jackson, Teton
Counsy, Wyoming, according to that Plat recorded in the Office of
the Teton County Clerk on August 26, 1999 as Plat No. 961. Pin#
22-41-16-33-3-07-017
SCHEDULE lB
Lot 6 of Star Valley Ranch plat 22, Lincoln County,
described on the official plat thereof.
Wyoming as
SCHEDULE B
None
BORROWER
B. Griest Construction, Inc.
Ba~-ry/. Griest, President
............................... Acknowledgment
State of Wyoming )
County of Teton )
)SS
The foregoing instrument was acknowledged before me by
Barry R. Griest this
Witness my hand and official seal.
LENDER
day of
~f~~~~or Vice ident
Philliy ~. Newcomb, CoJrporaite Pres
Acknowledgment
State of Wyoming )
County of Teton )
)ss
On the q day of / ' ~m~ b~y
foregoing instrument was acknowledged befor~ O , the
Phillip W.
Newcomb, who being by me duly sworn, did depose and say that he is
the Senior Vice President of The Bank of Jackson Hole , the
corporation described herein and which executed the foregoing; that
he/she knows the seal of said corporation; that the seal affixed to
the foregoing is such corporate seal; that it was so affixed by
order of the Board of Directors of said corporation, and that
he/she signed his name thereto by like order.
Witness my hand and official seal.
NOTARY PUBLIC~_~
My commission expires: