HomeMy WebLinkAbout903949Tt~s docum~nt is be.~ng re. Me8
i~y Sq~thwest Title Company
.~ a co~rl~sy oaly.
E-2567
REAL ESTATE MORTGgGE
(Wyomi{~,!~ ":':"', !h,!'rY CLERK
903949 t':::?i 2:25
THIS MORTGAGE is granted by ALL SEASONS RESORT RESIDENCI:.,q', I. LC, a~W~.'.o)~l~ Limited Liability Company. as
MORTGAGOR. to
PAULINE ROWBURE a widom ~ MORTGAGEE.
Mortgagor. for good and valuable considerations, the receipt of which is hereby .,'/,~.,~[ludg. ed. does hereby GRANT, BARGAIN. SELL. CONVEY
AND WARRANT, and further releases and w~ives all rights under and by virtue of th~ h, ,mcxmad exemption laws of Wyoming. unto the Mortgagee,
his successors and assigns, all of the following described real property, to wit:
Beginnhtg at a point that is N45'46'14"W 598. 99 feet to a Ih'a.~s Cap right-of-way monument attd
N13 '36'54"E 589.22 feet from the South 1/4 Corner of Secti,,n 20, Township 37 North, Range 118 West of
the 6th Principle Meridian, Lincoln County, Wyomhtg, to thc 3'outh~vest Cortter of Lot 9 of the Alpendorf
Subdivision, attd rttnttittg thence S74 '47'19"}V 50. O0 feet; th cn ce NI 5 '12 '41 "W 50. O0 feet; thence
N74'47'19"E 50. OO feet; thence S15'12'41"E 50. OO feet back to the pohtt of beginning.
TOGETHER WITH any and all improvements, water and ditch rights, right~' ,~/' i,'..l.x, ca.~'ements, privileges, ventilating, tenements.
hereditaments and appurtenances thereunto belonging or in anywise appertai~z hl.~.. ~zmv or hereaftqr used on said land or belonging to
said Mortgagor, and any reversion, remainder, rents, issues and proftts therc~!L' h. ~'cim!fter refkrred to as the "Property".
This grant is intended as a Mortgage, a F£rture Filing and Security Iuterest for th,. I'm'pose of Xecuring:
I. Performance of each agreement of Mortgagor herein cents!ne4 each agreentu~t ..M cra'chant contained in the loan documents associatedwith
this mortgage, and any extension, renewal, modification and/or amendment thereof "/..~.l d. cuments" shall include the above described note, this
mortgage, and any other documents or instruments signed in connection with this Ioazl
2. Payment of the indebtedness evidenced by a promissory note of even date heru~ith, um/ ato~ extension or renewal thereof, in the principal sum
of FORTY THOUSAND DOLLARS ($40,000.00), the final payment of pri~, i/,.d crud interest thereof if not sooner paid, to be finally due
and payable OCTOBER 15, 2005.
3. Payment of all such further sums as may hereafter be loaned or advanced b). th,, [ h,rtgagee.for any purpose; and any notes, drafix and/or other
instruments representingsuch further loans, advances or expenditures shall be optiol~./ i~ith the ~.:tortgagee, and shall become due and payable no
later than the final maturity date of said note secured hereby; and provided further, theft it i~' the express intention of the parties to this Mortgage that
it shall stand as continuing security until all such loans, advances or expenditures t,,g. t/~. ~' with interest thereon, are paid in full.
A. To protect the security of this ]klortgage, Mortgagor warrants, covenants attd a.~rees:
I. The property is free from all encumbrances, except as may be described hereia. .../ dmt ~I[ortgagor shall warrant and defend the same forever
against the lawful claims and demands of all persons whomsoever, and this covena~lt .h.d l not be extinguished by foreclosureor other transfers.
2. To keep all buildings and other improvements now or hereafterexisting in got.! ,',m./ithm and repair; to not remove or demolish any building
or other improvement thereon; to complete or restorepromptly and in a good workm.m.~/li/dikc manner any improvement which may be constructed.
damaged or destroyed thereon; to pay when due all claims for labor performed and m.m'drd,~'./hrnished thereto or therefor;to comply with all laws
affecting said property or requiring any alterations or intprovements to be made there, m, h, not con.nit or permit waste thereof or thereon; to
maintain, cultivate, irrigate, fertilize, fumigate, prune, all in a good and husband~3,lik., m.m~c~; the land and improvements thereto; to not change or
permit change in the use of the property; to not do anything which would reduce thc v.h., ~!f the property; and do all other acts which from the
character or use of said property may be reasonably necessary, the specific enumerati~ ,~.~ herein not excluding the general.
3. To provide, maintain and deliver fire insurance satisfactory and with loss pa.l'~d,/c t. ~ [ortgagee; to maintain liability insurance; to pay all
premiums and charges on all such insurance when due; and to provide Mortgagee .~-.ti,i/~ctol),cvidence of such insurance upon request. The amount
colIectedunder any fire or other insurancepoliey may, at Mortgagee's option and d.'t.'rmiJmtion, be applied upon any indebtednesssecured hereby in
such order as Mortgagee determines, be released to Mortgagor in whole or part. or .~(I ~ ,,mb!nation thereof. Such application or release shall not
cure or waive any default or notice of default hereunder or invalidate any act done l>t,r,mm! h~ such notice.
4. To pay before delinquency all taxes, assessments, or rents affecting saidpropur(v, t. pay when due all encumbrances, charges and liens, with
interest, affecting said property which are or may appear to be prior or superior her,'[, ,; .md t,~ pay all costs, fees and expenses of this Mortgage and
associated loan documents.
5. To pay immediatelyand without demand all sums expended by Mortgageepm:~u.~[ t,, tl~e provisions hereof, with interestfrom date of
expenditure, at a rate equal to the interest ratepayable under the promissory note dc~'. 'ri/.~ './above or twelvepercent (12%)per annutn, whichever is
greater.
6. To appear in and defend any action or proceedingpurporting to affect the sc.'l.'i(l' hcrcof or the rights or powers of Mortgagee; to pay. on
demand, all costs and'expenses, including without limitation, cost of title evidence, re.,, m.d~!c attorney's fees, advances, and/or costs, paid or
incurred by Mortgagee to protect or enforce its rights under bankruptcy, appellate l)r,. ..~.~ lings 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 providc./, [[.rlgagee, but without obligation so to do and without notice
or demand upon Mortgagor and without releasing Mortgagor from any obligation hcr~',!/; may: make or do the same in such manner and to such
extent as Mortgagee may deem necessary to protect the security hereof. Mortgagee Iwhl~.. .udder!zed to enter upon said propertyfor such purposes;
appear in and defend any action or proceeding purporting to affect the security heru~/'..' thc rightx or powers of Mortgagee,'pay. purchase, contest
or co~npromise any encumbrance, charge or lien which in the judgment of Mortgagee, ri/7" .tm; to be prior or superior hereto; and in exercising any
such powers or in enforcing this Mortgage by judicial foreclosure or otherwise, pa)' th: ~,~ :~..~.xa~3~ e.~penses, costs and reasonable attorney's fees.
8. To comply with all laws. ordinances, regulations, covenants, conditions and ruxlr[, '/i~qix affecting the Property and its use, including without
limitation all environmental laws; not to use or permit the use of the Property for tm.l' im/r~,[/id or objectionable purpose; to remedy any
environmental contamination or'violation of environmental laws that may occur or b,, ./i~.vuccd in the fitture; to allow Mortgagee access to the
Property to inspect its condition and to test and monitor for compliance with applit'ahL /.l~ ~:~' (any inspections or tests made by Mortgagee shall be
for Mortgagee 'spurposes only and shall not be construed to create any responsibilio , .' lied,iii(y, on the part of Mortgagee to Mortgagor or to any
other person); to forward copies of any notices received from any environmental secy. i~ '.; [. ~ [ortgagee; and to Indemnify and hold Mortgagee. his
employees, agents and his successors and assigns, harmless from and against any etll'[J'~ ,mmmtal 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 .r iq/uS!, 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 ht fhc same manner and with the same effect as above
provided for disposition of proceeds of fire or other insurance.
10. The failure of Mortgagee to exerciseany right or option provided herein at ant ti.w, .,/,all not preclude Mortgagee from exercising any of such
rights at any other time; by acceptingpayment of any sum secured hereby after it; d.,' ,/,~t,', .[[urtgagee does not waive his right either to require
prompt payment when clue of all other sums so secured or to declare default for faih.', . s'. t. pay; all rights conferredon Mortgagee are cumulative
and additional to any rights conferred by law; and if any provision is found to be ira'.lid .r uneqforceable, such invalidity or unenforceabilityshall
not affect any other provision hereof and the mortgage shall be construed as though.,., h l.'.vision had been omitted
11. As additional security, Mortgagor hereby gives to and confers upon Mortgagee ~/~, right, power and authority, during the continuance of this
mortgage, to collect the rents, issues and profits of said property ~ they become duc ..d l~tO'.ble; Reserving however unto Mortgagor. prior to any
default by Mortgagor in payment of any indebtedn~s secured hereby or in performa., :. , f .uy agreement hereunder, the right to collect and retain
such rents, issues and profits. Upon any such default. Mortgagee may at any time ~t i~h,,ut u.tic< either in persom by agent or court appointed
receiver, and without regard to the adequacy of any security for the indebtedness hcrc/,y .,c~ 'ured. enter upon and take possession of said proper~ or
any part thereo~ in his own name sue for or otherwise collect such rents, issues and l,r, ~/itx, i.cluding those p~t due and unpaid, and apply the
same. less costs and expenses of operation and collection, including redo. able attorJt~ ~' ',,~be.Y, upon any indebtedness secured hereby, and in such
order ~ Mortgagee may determine. The entering upon and taking possession of said/,r~ 7~cr05 the collection of such rents, issues and profits and the
application thereof ~ aforesaid, shall not cure or waive any default hereunder or im',d id,~tc, a,O, act clone pursuant to any such default notice.
12. DUE ON S~E: The indebtedn~s and obligations secured by this mortgage i., 1 '. '~:~'.nal to the Mortgagor and is not ~signable by Mortgagor.
Mortgagee h~ relied upon the credit of Mortgagor. the interest of Mortgagor in thc 15', ,l,crO, ..d the financial market conditions then existing when
.taking this loan. If Mortgagor transfem or contracts to transfer, title to or possexsi,,. ,:/; ./I or part of the Property. or any equitable interest
therein, whether by deed, contract for deed. ~signment. le~e for a term in excess q/', ,.~, ye.r, lease with an option to purch~e, option m purch~e.
or similar agreement; or ~ the ownersh¢ of any corporation or partnership, owni~tg .[[ ,.' ,my portion of the Property shall be changed either by
voluntary or involunta~ sale or transferor by operation of law. Mortgagee may dec/,.',, ,dl sums due under any note. security agreement, and/or
loan documents ~sociated herewith, im~nediately due and payable. Noncompliance u ith th i.¥ c.venant shall constitute and be a default of this
obligation which shall entitle Mortgagee to effectuate any and all remedies provided.
13. Time is of the essence and a material part of this agreement. In the event of ,lq/;.dt, .t Mortgagee 5 option, the entire indebtedness secured
hereby shall forthwith become due and payable and bear interest at the rate of T}VEL t'/.~ /'],.'RCENT (12%) per annum; Mortgagee shall have the
right m foreclose the lien of this mortgage, to have a receiverappointed in any court/.',,cccding, to collectany rents, issues and profitsfrom the
Property and apply them against the indebtedness hereby secure& m sell the ProperO, .t ./;,rcclosure en m~se. or ~ one lot or parcel at the option
of Mortgagee. and to exerciseany rights and remedi~ available under the .U~orm r ',,mmcrcial Code fo5 the State in which the property is locate&
and re~onable notice ~ required by such Code shall be five (5) days.
]4. The Mortgagee may at any time. without notice, rele~eportions of said mortg.,<.c,/ prumises from the lien of this mortgage, without affecting
the personal liability of any person for the payment of the said indebtedness or the tic.. ~'this mortgage upon the remainder of the mortgaged
premises for the fidl amount of said indebtedness then remaining unpaid
]5. Mortgagor and each of them join in this inst~mentfor the purpose of subjecti<~ c..'h tf their right, title and interest. ~ any, in the Property,
whether of record or otherwise and including any right to possession, to the lien of thi ; m..'tgage.
16. This mortgage, all loan documents and the note(s) secured hereby shall be g.~ . v'.~'d ..d construed according to the laws of the State of
Wyoming. In the event of default, Mortgagor grants to Mortgagee a Power of&de t, q..~,,./.xc on and sell said property at public auction pursuant
to Wyoming Statute Section 34-4-101 et:seq.
~si7~ns~hi~h~r~g~ra~aige~e~~tan~a~n~f ~lh~e~eJehc~t~.hf/r~.~t~'~v~.~f ~dt~i~s~ ~s~7~ln ~le~g~e~tt~ttieV~Sffg~r~rr~din
this Mortgage. wherever the ~t~quires~e~culine gender includes the fc,,,i,i,~: ,,M/or neutec and the singular number includes the
~rence~~ ~~
Gene ~cClintick.~, inz M~ber~
/
STATE OF IDAHO / )
COUNTY OF BONNEVILLE [
On /d~//~V, before me, the undersigned, personally appeared
Lau'ren~e ~. /Reinhart and Gerre McClintick
known or identified to me to be the Managers of ALL SEASONS RESORT
RESIDENCES, LLC and acknowledged ~ that said Limited Liability Company
Real Rstate Mortgage (1/99) - Page 2
jn/CW-31664nmtg]