HomeMy WebLinkAbout903948This document is being recorded
1~, Southwest Title Companl/
~ a ;ourt~y only.
(Wyomin~'-~. '
"~ i :"i 22 25
THIS MORTGAGE is granted by ALL SEASONS RESORT RESIDENcEN, .....
I, LC., a IVyoming Limited Liability Company, as
MORTGAGOR, to
THE BANK OF COMMERCE, TRUSTEE of the DOROTHY REINtl iRT IRA, as MORTGAGEE.
WITNESSETH: 0 U'; ~
5 '7 ~p~ p~ M .t.. 0 4 0 1
Mortgagor, for good and valuable co~iderations, the receipt of which is hereby a,'lm,~ulu,lgcd, does hereby G~N~ BARG~ SELL, CO~EY
~D W~ and further rele~ and waiv~ all rights under and by virtue of th~ h, ,muxlcad exemption laws of Wyo~ning, unto the Mortgagee,
his successors and ~signs, all of the following described real property, to wit:
Beginning at a point that is N45'46'14"W 59& 99 feet to a BJ'a~x Cap right-of-way monument and
N13'36'54"E 589.22 feet frotn the South 1/4 Cortter of Sectio, 20, Township 37 North, Range 118 West of
the 6th Principle Meridian, Littcoln Cototty, Wyoming, to the .%,ttthwext Cortter of Lot 9 of the Alpendorf
Sttbdivision, and running thence $74'47'19"W 50. OO feet; thcm'e NI 5 '12'41 "W 50. OO feet; thence
N74'47'19"E 50. OO feet; thence S15'12'41"E 50. OO feet back to the point of begbtnbtg.
TOGETHER WITH any and all improvements, water and ditch rights, rights ~ !/' Ir..l'~', c~z~'ements, privileges, ventilating, tenements,
hereditaments and appurtenances thereunto belonging or in anywise appertai~d~, m,w or hereafter used on said land or belonging to
said Mortgagor, and any reversion, remainder, rents, issues and proftts thereqf; /t,'ruim!fierrefei'r~c~ to as the "Property".
This grant is intended as a Mortgage, a Fixture Filing attd Security Interest for thc I'url~ose of Securbtg:
1. Performance of each agreement of Mortgagor herein contained, each agreemc~t um/ c~,vc~mnt contained in the loan docurhents associatedwith
this mortgage, and any extension, renewal, modification and/or amendment thereof '/.,u~ d~cttments" shall include the above described note, this
mortgage, and any othar documents or instruments signed in connection with this lotat.
2. Payment of the indebtedness evidenced by a promissory note of even date herch,ith, mid any extension or renewal thereof in the principal sum
of NINETY SEVEN THOUSAND DOLLARS ($97,000.00), the ftnal pqvm, vtt ,!/'t,.im~ipal rind interestthereof if not sooner paid, to be
ftnally due and payable OCTOBER 15, 2005.
3. Payment of all such further sums as may hereafter be loaned or advanced by thu :~ h ~rtgagee for any purpose; and any notes, drafts and/or other
instruments representingsuch further loans, advances or expendituresshall be optiom~/ ~ith thc ,{,[ortgagee, and shall become due and payable no
later than the ftnal maturity date of said note secured hereby; and provided further, thut it ix the &xpress intention of the parties to this Mortgage that
it shall stand as continuing security until all such loans, advances or expenditures toi4~'thur with i~terest thereon, are paid in full.
A. To protect the security of this Mortgage, Mortgagor warrants~ covenants and agrees:
I. The property is free from all encumbrances, except as may be described herein, ,~t,l I/to! Mortgagor shall warrant and defend the same forever
against the lawful claims and demands of all persons whomsoever, and this covenant!.,/m//mJt be extinguishedby foreclosure or other transfers.
2. To keep all buildings and other intprovements now or hereafter existing in good ~., m,/itirm and repair; to not remove or demolish any building
or other improvement thereon; to complete or restorepromptly and in a good worbmm ,'h//,//kc manner any improvement which may be constructed,
damaged or destroyed thereon; to pay when due all claims for labor performed and mu~, v'iu/x furnished thereto or therefor; to comply with aH laws
affecting said property or requiring any alterations or improvements to be made ther,:, m, tt , cot commit or permit waste thereof or thereon; to
maintain, cultivate, irrigate, fertilize, fumigate, prune, all in a good and husbandry/ikv mum~ci; lhe land and improvements thereto; to not change or
permit change in the use of the property; to not do anything which would reduce thc h~/uu qf the property; and do all other acts which from the
character or use of said property may be reasonably necessary, the specific enumeratiu~x hurcia not excluding the general.
3. To provide, maintain and deliver ftre insurance satisfactory and with loss pco',/,/u tr, ~[ [ortgagee; to maintain liability insurance; to pay all
premiums and charges on all such insurance when due; and to provide Mortgagee s,fi:/~mt,Cycvidence of such insurance upon request. The amount
collectedunder any ftre or other insurance policy may, at Mortgagee 's option and dcn v'mimttio~, be applied upon any indebtedness secured hereby in
such order as Mortgagee determines, be released to Mortgagor in whole or part, or w~y ~'~,mbi~mtion thereof Such application or releaseshall not
cure or waive any default or notice of default hereunder or invalidate any act done l~m','umt! t, such notice.
4. To pay before delinquency all taxes, assessments, or rents affecting said property, t,, [,,y when due all encumbrances, charges and liens, with
interest, affecting said property which are or may appear to be prior or superior beret< ,~d to pc(v all costs, fees and expenses of this Mortgage and
associated loan documents.
5. To pay immediately and without demand all sums expended by Mortgageepur.w,mt t,, the provisions hereof with interest from date of
expenditure, at a rate equal to the interest ratepayable under the promissory note dc'.~ v'i l,ud above or twelve percent (12%) per annum, whichever is
greater.
6. To appear in and defend any action or proceedingpurporting to affect the secm'ity hcruq/'or the rights or powers of Mortgagee; to pay, on
demand, all costs and expenses, including without limitation, cost of title evidence, rc,~,,~lul,lc attorney's fees, advances, and/or costs, paid or
incurred by Mortgagee to protect or enforce its rights under bankruptcy, appellate £r,~, ,, v,/i~tg.~' 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 as herein providud, ~ [, ,rtgrtgee, but without obligation so to do and without notice
or demand upon Mortgagor and without releasing Mortgagorfrom any obligation hca, ,,![: re,y: make or do the same in such manner and to such
extent as Mortgagee may deem necessary to protect the security hereof, Mortgagee bciii;~ ut~thorized to enter upon said property for such purposes;
appear in and defend any action or proeeeding purporting to affect the security here,:/', ,' thc rights or powers of Mortgagee; pay, purchase, contest
or compromise any encumbrance, charge or lien which in the judgment of Mortgagee ,kix.uts lo be prior or superior hereto; and in exercising any
such powers or in enforcing this Mortgage by judicial foreclosure or otherwise, pa), th,' ~ur'c,~'xary expenses, costs and reasonable attorney's fees.
8. To comply with all laws, ordinances, regulations, covenants, conditions and rc.vlricH,,a.v q[fecting the Property and its use, including without
limitation all environmental laws; not to use or permit the use of the Property for a~y md,~t.'/id or objectionable purpose; to remedy any
environmental contamination or violation of environmental laws that may occur or bu di,w',vcrcd in the future; to allow Mortgagee access to the
Property to inspect its condition and to test and monitor for compliance with applicah/,. /,m,x (cmy inspections or tests made by Mortgagee shall be
for Mortgagee 'spurposes only and shall not be construed to create any responsibilio.r ,r /ird,ility o~t the part of Mortgagee to Mortgagor or to any
other person); to forward copies of any notices receivedfrom any environmental agcm,L,~, t,, ~[[,,rtgagee; and to Indemnify and hold Mortgagee, his
employees, agents and his successors and assigns, harmless from and against any em'ir,,m~c~tta? 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,,' iq/u,), 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~t thc same manner and with the same effect as above
Real Estate Mortga~~ge I
provided for disposition of proceeds of fire or other insurance.
10. The failure of Mortgagee to exercise any right or option provided herein at a. ~' d,.e, .¥hall not preclude Mortgagee from exercking any of such
rights at any other time; by acceptingpayment of any sum secured hereby after its d.< J.t~,, Mortgagee does not waive his right either to require
prompt payment when due of all other sums so secured or to declare default for fidh.'c x. ~o pqw all rights conferred on Mortgagee are cumulative
and additional to any rights conferred by law; and if any provision is found to be im./i,/ .r unenforceable, such invalidityor unenforceabilityshall
not affect any other provision hereof and the mortgage shall be construed as though ~u~'h provision had been omitted.
11. Ax additional security. Mortgagor hereby gives to and confers upon Mortgagc~, thc right, power and authority, during the continuance of this
mortgage, to collect the rents, issues and profits of said property as they become &re ..d p.)'able; Rescuing however unto Mortgagor. prior to any
default by Mortgagor in payment of any in&bte&esssecured hereby or in perform.., ,c q[ .ny agreement hereun&r, the right to collect and retain
such rents, ksues and profits. Upon any such default. Mortgagee may at any time u'id. .tt m~¢ice, either in person, by agent or court appointed
receiver, and without regard to the a&quacy of any security for the in&bte&ess bcr, %, ,'toured enter upon and take possession of said property or
any part thereof in b& own name sue for or otherwise collect sucb ren% issues and/.'q/it.Y, including those p~t &e and unpaid and app& the
samg less costs and expenses of operation and collection, including re~onable attc.'., 7 ',;.fi:cs, upon an~ in&bte&ess secured hereby, and in such
order ~ Mortgagee may &termine. The entering upon and taking possession of saiJ /.',~pert3; the collection of such ren% issues and profits and the
application thereof ~ aforesaid shall not cure or waive any default hereun&r or im'./iJ, tc a~O, act done pursuant to any such default notice.
12. DUE ON SALE: ~e in&bte&ess and obligations secured by this mortgage i~ /~,'r,¥on.l to the Mortgagor and is not ~signable by Mortgagor.
Mortgagee h~ relied upon the credit of Mortgagor. the interest of Mortgagor in thc /%q,crtv and the financial market conditions then existing when
making this loan. If Mortgagor tra~fers or contracts to transfer, title to or possexxi,,. ~ ~/[ .l/ or part of the Property. or any equitable interest
therein, whether by &ed contract for &ed ~signment. le~e for a term in excess q/ ,,.c .rca~; lec~e with an op~on to purch~e, option to purch~g
or similar agreement; or ~ the ownership of any corporation or partnership, owning .// .r any portion of the Property shall be changed either by
volunta~ or involunta~ sale or transferor by operation of law. Mortgagee may doth.',..ti sums due un&r any note. security agreement, and/or
loan documents ~sociated herewi& immediately
obligation which shall entitle Mortgagee to effectuate any and all remedies provi&d.
1~. Time is of the essence and a material part of this agreement. In the event of. dq/i.dt, at Mortgagee ~ option, the entire in&bte&ess secured
hereby shall forthwith become &e and payable and bear interest at the rate of TILT/. 17;' PERCENT (12~) per annum; Mortgagee shall have the
right to foreclose the lien of this mortgagg to have a receiver appointed in any court/.~.,vcdi~g, to collect any rents, ksues and profitx ffom the
Property and apply them against &e in&bte&ess hereby secured; to sell the ProperO' .~ jhrcclosure en m~se. or ~ one lot or parcel at the option
of Mortgagee. and to exerciseany rights and remedies available un&r the ,Un~orm ~ '.mmcrcial C'o& fqr the State in which the property is located;
and re~onable notice ~required by such Co& shall be five (5) days.
14. The Mortgagee may at any timg without notice, rele~eportions of said mor¢~,.gcd prcmkes ffom the lien of &k mortgage, wi&out affecting
the personal liabilityof any person for the payment of the said in&bte&ess or the li,', ,f this mortgage upon the remain&r of the mortgaged
premis~ for the full amount of said indebtedness then remaining unpaid
15. Mortgagor and each of them join in this inst~mentfor the purpose of subjecti,g ct,,/t qf their right, title and interest, ~ any, in the Property,
whether of record or othe~ise and including any right repossession, m the lien of t/~ix m,rtgage.
16. ~is mortgage, all loan documents and the note(s) secured hereby shall be g,~ ~ v',cd and constn~ed according to the laws of the State of
Wyoming. In the event of default, Mortgagor grants to Mortgagee a Power of Sale t,,/; ,','r'lose on and sell said proper~ at public auction pursuant
to Wyoming Statute Section 34-4-101 et:seq.
17. This mortgage applies to, inures to the benefit of and binds all parties hereto, dwir hci~w, devisees, personal representatives, successors and
~signs. ~e term Mortgag~ ~er and owner of the note secure,/h,'r~4,3v or (f the note h~ been pledge4 the pledgee thereof. In
this Mortgage, wherever th~~~h~m~culine gender includes the/b,dJEnc and/or neuter, and the singular number includes the
plural.
/
STATE OF IDAHO ~ )
) ss
COUNTY OF BONNEVILLE )
On/'/~/~i before.e, theunderMgnedopersonallyappeared
'Laurence B. Reinhart and Gerre McClintick
known or identified to me to be the Managers of ALL SEASONS RESORT
RESiDENCES, LLC and acknowledged to tr~41~at said Limited Liability Company
exeeuted the same.
Nota~blie for the State of .5~_ ~O ,
C~I~issio. Expiration Date:
NO1ARY PUBLIC
JEANNEENANGLE
,...SI'ATE OF IDAHO
My'Ootl~mtssion Expires: 03/15/08
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