HomeMy WebLinkAbout903950Tl~is docmment is being
by Southwest Title Company
.as a courtesy oaly,
REAL ESTATE MORTGh 'GZEcLERK
(Wyoming) i '~ O, [~' i'l 2: ~ f3
r~Is Mogra~a~ is gr..ted b~ Att ~0~ RESORT RBSIDENCI'.'.S', LL~; a '~'ih~ Z'J[dited tiabili~ Company.
MORTG,4GOR. to
JO~ CARTER, a single woman, ~ MORTGAGEE. 0 5 7 Q,t{ },;,(jE 0 4 0 5
}~ TNESSE TH:
Mortgagor, for good and valuable considerations, the receipt of which is hereby ~, ./,~ ,l,'1~ dged does hereby GRAN~, BARGAIN,, SELL. CONVEY
AND WARRANT, and further releases and waives all rights under and by virtue oft/.' I.,mu.¥tcad exemption laws of Wyoming. unto the Mortgagee.
his successors and assigns, all of the following described real property, to wit:
Beginning at a point that is N45'46'14"}V 598.99feet to a lh'a.~',~ Cap right-of-way monument and
Nl$'$6'54"E 589.22 feet frotn the $onth 1/4 Cortter of Section 20, Township 37 North, Range 118 l~est of
the 6th Principle Meridian, Lincoln County, Vgyoming, to thc 3'outhwest Corner of Lot 9 of the Alpendorf
Subdivision, and running thence S74'47'19"14/ 50. OO feet; them'e Nl S'12 '41"Vr' 50. OO 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 itnprovements, water and ditch rights, rights ,~/' 'a.l'~' uasements, privileges, ventilating, tenements,
hereditaments and appurtenances thereunto belonging or in anywise, appertaim'~q~, mm' or hereafter used on said land or belonging to
said Mortgagor. and any reversion, remainder, rents, issues and profits there ~/~ I~ 'c~ qm!fter refe'rred to as the "Property ".
This grant is intended as a Mortgage, a Fixture Filing attd Security Interest for th,' I'arl~oxe of Securing:
1. Performance of each agreement of Mortgagor herein contained, each agreement! ~,/ r.vcnant contained in the loan documents associatedwith
this mortgage, and any extension, renewal, modification and/or amendment thereof '7, ~, m clr~t,uments" shall include the above described note, this
mortgage, and any other documents or instruments signed in connection with this
2. Payment of the indebtedness evidenced by a promissory note of even date hercl~ ith, ~otd any extension or renewal thereof in the principal sum
of NINETY THOUSAND DOLLARS ($90,000.00), the final payment of pri~. i/,,d und 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 by th,. ~ l,,rtgageefor any purpose; and any notes, drafts and/or other
instruments representingsuch further loans, advances or expenditures shall be optio~u/ xtit/~ the ~[ortgagee, and shall become due and payable no
later than the final maturity date of said note secured hereby; and provided further, t/~,~t it is the express intention of the parties to this Mortgage that
it shall stand as continuing security until all such loans, advances or expenditures tt~g,'l]t~'r with interest thereon, are paid in fidl.
,4. To protect the security of this Mortgage, Mortgagor warrants, cove!rants and
1. The property is free frotn all encumbrances, except as may be described herei~t. .~./ tim! Mortgagor shall warrant and defend the same forever
against the lawful claims and demands of all persons whomsoever, and this covenatt! ,]ud[ tttJ! be extinguished by foreclosure or other transfers.
2. To keep all buildings and other improvements now or hereafter existing in go~,d t ,m,h'titm and repair; to not remove or demolish any building
or other improvement thereon; to complete or restorepromptly and in a good workm..~,/.'l~/il;c manner any improvement which may be constructed,
damaged or destroyed thereon; to pay when due all claims for labor performed and ~,~t, '~'M/.,' furnished thereto Or therefor; to comply with all laws
affecting said property or requiring any alterations or intprovements to be made there', ,., !,~ ~t~t commit or permit waste thereof or thereon; to
maintain, cultivate, irrigate, fertilize, fumigate, prune, all in a good and husbandryli/;, ' ~t,..tcr, 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 ~,duu ,!f the property; and do all other acts which from the
character or use of said property may be reasonably necessary, the specific enumerati, m~' ]turcin not excluding the general.
3. To provide, maintain and deliverftre insurance satisfactory and with loss p~v.I,/u tt, :~[ortgagee; to maintain liability insurance; to pay all
premiums and charges on all such insurance when due; and to provide Mortgagee .¥.!i,i/~.,t.o,evidence of such insurance upon request. The amount
collected under any fire or other insurancepolicY~ may, at Mortgagee's option and dctu~'mh~ation, be applied upon any indebtedness secured hereby in
such order as Mortgagee determines, be released to Mortgagor in whole or part, or .al' t'.mldnation thereof Such application or releaseshall not
cure or waive any default or notice of default h~reunder or invalidate any act done l~Z.'.,'u~mt to) such notice.
4. To pay before delinquency all taxes, assessments, or rents affecting saidpropcr?: !,,/,ay when due all encumbrances, charges and liens, with
interest, affectingsaid property which are or m~y appear to be prior or superior heru! ~, t.ul to pay all costs, fees and expenses of this Mortgage and
associated loan documents.
5. To pay immediately and without demand all sums expended by Mortgageepur~u~.tt !. the provisions hereof with interest from date of
expenditure, at a rate equal to the interest rate payable under the promissory note c/c.st ,ri /,cd alit>ye or twelve percent (12%)per annum, whichever is
greater.
6. To appear in and defend any action or proceedingpurporting to affect the se~.itt'i(l'hc.rcuf or the rights or powers of Mortgagee; to pay, on
demand, all costs and eXPenses, including without limitation, cost of title evidence, rc,~,,..d,le attorney's fees, advances, and/or costs, paid or
incurred by Mortgagee to protect or enforce its rights under bankruptcy, appellate pr.t '~,, 'dings 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 provide:,/, .~ [~ o'tgagee, but without obligation so to do and without notice
or demand upon Mortgagor and without releasing Mortgagor from any obligation her ,!f may: make or do the same in such manner and to such
extent as Mortgagee may deem necessary to protect the security hereof Mortgagee I,c,h~g ~a~th~rized to enter upon said property for such purposes;
appear in and defend any 'action or proceedingpurporting to affect the security heruq/ ,,r thc rights or powers of Mortgagee; pay, purchase, contest
or compromise any encumbrance, charge or lien which in the judgment of Mortgagc. c a/7~,tm¥ to be prior or superior hereto; and in exercisingany
such powers or in enforcing this Mortgage by judicial foreclosure or otherwise, pay thu ~c,~ ,c.¥sary expenses, costs and reasonable attorney's fees.
8. To comply with all laws, ordinances, regulations, covenants, conditions and ruxtcit'ti,ms qlfecting the Property and its use. including without
limitation all environmental laws; not to use or permit the use of the Property for a/O tt/dtt~('/id or objectionable purpose; to remedy any
environmental contamination or violation of enuironmental laws that may occur or I,~' di.,, '.vured in the fitture; to allow Mortgagee access to the
Property to inspect its condition and to test and monitor for cornpliance with applica/,/u /ulu,~ (any inspections or tests made by Mortgagee shall be
for Mortgagee 'spurposes only and shall not be construed to create any responsibilio,,., /i./,iliO, on the part of Mortgagee to Mortgagor or to any
other person),· to forward copies of any notices receivedfrom any environmental agc~tci,:., !. ~[ort£.agee; and to Indemnify and hold Mortgagee. his
employees, agents and his successors and assigns, harmless from and against any ein'l't'~ mmcnlal 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 or iq/'t.3, to said property or any part thereof is hereby assigned
and shall be paid to Mortgagee who may apply or release such monies receivedby him M thu same manner and with the same effect as above
Real l~state 3Arortga~9) - Page
jnCP?-31664nmtg ~:::!' !:: : :
provided/or disposition o/proceeds of fire or other insurance. ~ 0 4 :.~ 6
10. The failure of Mortgagee to exercise any right or option provided herein at 0.3, ti.t....~'h. II not preclude Mortgagee from exercising any of such
rights at any other time; by accepting payment of any sum secured hereby after its d.,' ,l.~n:. ~t b~rtgagee does not waive his right either to require
prompt payment when due of all other su~ so secured or to declare default for faiho... ,., t,, l~ay.' all rights conferred on Mortgagee are cumulative
and additional to any rights eonferred by law; and ~any provision is found to be i,t,,di.l .,' .,w~orceable, such invalidityor unenforceabiliPshall
not affect any other provision hereof and the mortgage ahab be const~ed ~ tho~Bh ., m'h l,r. rision had been omitted
11. ~ additional seeurity, Mortgagor hereby gives to and confers upon Mortgagee t/t.' right, po~ver and authority, during the continuance of this
mortgage, to collect the rents, issues and profits of said property ~ they become duc ..,l l,.y.ble; Reserving however unto Mortgagor. prior to any
default by Mortgagor in payment of any indebtedness secured hereby or in pe~orme,,. ,. ,r[' "'0' agreement hereunder, the right to collect and retain
such rents, issues and profits. Upon any such default, Mortgagee may at any time with,,./n.fice, either in person, by agent or court appointed
receiver, and without regard to the adequacy of any security for the indebtedness herc/.u ,'toured. enter upon and take possession of said property or
any part thereo~ in his own name sue for or otherwiseeoIIectsuch rents, issues and l,,'Git.¥, i~t('luding thoae p~t due and unpaid, and apply the
same. less costs and expenses of operation and collection, including re~onable attor.. ~, '.,.[L,cx. tPon any indebtedness secured hereby, and in such
order ~ Mortgagee may determine. The entering upon and taking possession of said I.', q,erty, /he collection of such rents, issues and profits and the
application thereof ~ aforesaid, shall not cure or waive any default hereunder or im'.[i,l, rc ...v act clone pursuant to any such default notice.
12. DUE ON S~E: The indebtedness and obligatio~ secured by this mortgage i.~ /,.'r,,...[ to the Mortgagor and is not ~signable by Mortgagor.
Mortgagee h~ relied tPon the credit of Mortgagor. the interest of Mortgagor in the 15'. ,l.crO' crud the financial market conditions then existing when
making this loan. If Mortgagor transfers or contracts to transfer, title to or poases.¥i.. ,?/[ .[I or part of the Property. or any equitable interest
therein, whether by deed. contract for deed. ~signment. Ieee/or a term in excess qf , ,H.' vcor, lecge with an option to purch~e, option to pureh~e.
or similar agreement; or ~ the ownership of any corporation or partnership, owning .// , ,,...y portion of the Property shall be changed either by
volunta~ or involuntaW sale or transfer or by operation of law, Mortgagee may de('h.'u .Il stuns due under any note, seeurity agreement, and/or
loan documents ~sociated herewith, immediately due and payable. Noncompliance u ith this rovenant 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 al,flip.lt, or Mortgagee ~ option, the entire indebtednesssecured
hereby shall forthwith become due and payable and bear interest at the rate of TWEL I 'I~ I'ICR( I~NT 0 2~) per annum; Mortgagee shall have the
right to foreclose the lien of this mortgage, to have a receiver appointed in any court l'r'" ,. 'c.li.g. to collect any rents, issues an8 profits from the
Property and apply them against the indebtedness hereby secured; to sell the Proper0 .t [;,rcclosureen m~se. or ~ one lot or parcel at the option
of Mortgagee, and to exerciseany rights and remedies available under the Un,cfm ~ ,mm.'r~ i.I Code for the State in which the property is located;
and re~onable notice ~ required by such Code shall be five (5) days.
14. The Mortgagee may at any time. without nogce, rele~eportions of said mortg.g.,.[ l,,.cmisesfrom the lien of this mortgage, without affecting
the personal liability of any person for the payment oft he said indebtedness or the ftc..f 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 i~trument for the purpose of subjec, ti~t&, ...~,h qf their right, title and interest. ~ any. in the Property.
whether of record or otherwise and including any right to possession, to the lien of th i, m, ,rtgage.
16. This mortgage, all loan documents and the note(s.) secured hereby shall be g.u. r.,'d trod construed according to the laws of the State of
Wyoming. In the event of default, Mortgagor grants to Mortgagee a Power of Sale t,, ei,r..t,l.xe on and sell said property at public auegon pursuant
to Wyoming ~tatuto ~eotion 34-4-101 et:seq.
I Z This mortgage applies to. inures to the benefit of and binds aIlparties hereto, th.,ir hcir.¥, devisees, personal representatives, successors and
msigns. ~e term Mortg~~ the holder and owner of the note secured b.,,'.,/, u,- ~f the note h~ been pledged, the pledgee thereof. In
this Mortgage. wherev~he com~res, the m~culine gender includes the fcmi,,i.,, cml/or neuter, and the singular number includes the
plural
~ MoC~i~ti ck /
sr~rE OF
) ss
COUNTY OF BONNEVILLE )
//./
.,.. ,,.. .,.,.r.,..n.,.
known or identified to me to be the Managers of ALL SEASONS RESORT
RESIDENCES, LLC and acknowledged to me that said Limited Liability Company
executed thesame. (~ //~
Nota~,F~ie flr-6,~ State of ~~.Z/f
Co~4~ission Expiration Date: ~,,J]~/J,~t~ ~
Real Estate Mortgage (1/99) - Page 2
jnlCW-31664nrntg