HomeMy WebLinkAbout905012ESTATE 3 I O R T GA GE
Tins MORTGAGE is granted by JENNIFER C. REDFI-E~LD and lIOll. \ 15 REDFIELD, wife and husband, as 3tORTGAGOR,
to
SALT RIVER HOJlIES, LLC, a Wyotning Limited LiabiliO, Colnl~tttt), MORTGAGEE.
W1TNE$$ETH:
Mortgagor; for good and valuable considerations, the receipt qf which is herel,
AND WARRANt. and further releases and Waives all rights under and by virtue
his successors and assigns, all of the following described real properO~, to wit:
' ~, Icd~,,ed does hereby GRANT, BARGATN, SELL, CONVEY
b,,/m'.s'tcad exenwtion laws of Wpoming, unto the 34ortgagee,
Lot 182 in Nordic Ranches Division No. 13. Lincoln Cou./ il ~().tiug as described on the official plat thereof
TOGETHER WITH any and all improvements water and ditch rights, right t ,~vx. casements, privileges, ventilating, tenements.
hereditaments and appurtenances thereunto belonging or in anywtse appert,~,v~.tr mm, c : hereafterused on said land or belonging to
said Mortgagor. and any reversion, remainder; rents, issues and profits thor, ~wrc.lqfierreferred to as the "l'rolJert),".
TitLe grant is intended as a 3Iortgage. a Fixture Filing and Security Interest fi. tit,' I'mT,ose of Securing:
]. PeL'formance of each a~'eement of Mortgagor herein contained, eacl[ agrec.,~ ~:t ,.M r (n'cnant contained in the loan documents ~sociated with
this mortgage, and any extension, renewal, mod~tion and/or~nendment therc~ ' '~ ,,m d.c uments." shall inclade the above described nole, this
mortgage, and any other documents or inst~ments si~ted in connection with this
2. Payment of the indebtedn~s evidenced &y a promissory note of even date h~.~ t~ .ml any extenston or renewal thereof in the principal sum
of THIRTY FIVE ~OUS~D TWO HUND~D DO~A~ ($3 5.200. otO the fi,mi pm,,nent of princcal and interest thereof (f not
sooner paid, to be finalb, due and payable NO~MBER 29, 200Z
3. P~vment of all auch fi*rthersums ~ may hereafter be loaned or advanced I, th~ 't/,,,'tgagee.for a,tv purpose; and attF notes, drafts and/or other
instruments representingsuch further loans, advanc~ or expendituresshall be opts, ,~ ith the Mortgagee, and shall become due and payable no
later than the final maturiO, date of said note secured hereby; and provided fiwth,'~ ,'/.,~ it i,. the expr~s intention cf theparties to this Mortgage that
it shall stand ~ continuing security until all such loans, advances or expenditurc.~ ~ :~ t &'r with interest thereon, are paid in .full.
A. To prote~ the se~r~, of tiffs Mortgage, 31ortgagor warrants, covenants attd
1. The property is fi'ee from all encumbrance, ~cept ~ may be described herr~ ,,,.,./that Mortgagor shall warrant and d~fend the same.forever
against the la~ul claims and &n~n~ of all perao~ whonk*oeuer, and this cove.,,,'.: .,h,d/~ot be extinguishedhlJ foreclosureor other tran~fers.
2. To keep all buildings and other inwrovetnenta now or hereafter existing in ~, ~ , .tdition and repair; to not remove or demolish any building
or other inwrovement thereon; to complete or r~torepromptly and in a good wr.'/~ ,,;,,,,,txhtl~/ike manner a~O., improvement which may be constructed.
damaged or destroyed thereon; to flay when due all claims for labor performed a., .~,;tcrt.la.,~trnished thereto or therefo~v to contp(p with all laws
~ecting said proper(p or requiring an) alteratio~ or improvements to be made th, i,~ m;t commit or permit w~te thereof or thereon; to
maintain, cultiv~e, irrigate, fertil~e, fumigate, prune, all in a good and h~bandr~/'/. .tr.mc, r. the land and tmpropements thereto; to not change or
permit change in the use of t~e properO~,' to not do anything Whic~ would reduce t~ ,~,~ ,f the proper(p; and do all other acts which.fi-om the
character or use Q[aaid proflerty m~ be re~onably necessaO~, the xpec~c enum~'~ ,, E, ,~ ~ h, 'rcm not excluding the general.
3. To provide, maintain and deliverfire h*surancesat(sfacto~ and with loss 1 '"~ '~.' r. ,~[ortgagee; to maintain liabili(v insurance; ~o pay all
premtun~ and charg~ on all such insurance when due; and to provide 3(ortgag~ , ~,.~ . torvevidence Qf xuch insurance upon request The amount
collectedunder any fire or other i~urancepoliey ma)5 at Mortgagee ~ option ami ,,', t, ~ mimtti, m. be applied upon a~v indebtedness secured hereb), in
such order ~ 3~ortgagee &termin~, be rele~ed to g(ortgagor in whole or part, ,, . ~'ombinotion thereq~ Such application or re&~e shall not
cure or waive any default or notice of default hereunder or invalidate a~D, act dom' ,;,,'..a.z to such notice.
4. To p~y b~flore delinquency all t~, ~sessments, or rents affecting aaid pr,,/, ,. r~m' when due all encumbrances, charges and liens, with
interest. ~ting aaid property which are or may appear to be prtor or superior h ..d ~o pc(v all costs, fees and expenses ~ this Mortgage and
~sociated loan documents.
5. To pay immediateb, and without denmnd all aums mpen&d ~p Mortgagee l,.,
~penditure. at a rate equal to the inter~t rate payable under the promissoO~ not~ ,~ ,,, it,e,/above or twelve percent (12~0 per annum, whichever is
gre~er.
6. To app~r in and d~end any action or proceeding purporting to affect the .... u,'i~ hcrcoflor the rights or powers of Mortgagee; to p~p, on
demand, all costs and ~et~. including without limitation, cost of title evidenc, ,, ,..I,1~ auorn~v 5 fe~. advances, and/or costs, paid or
incurred hp Mortgagee to protect or et{[orce its rights under bankruptcy, appellat~ / ...... ,rdi~ g. ,- : otherwise, and all such costs and expenses shall
become a part ~f the in&btedn~s ae~red by this mortgage.
Z Should Mortgagor fail to make any payment or to do any act ~ herein pro~,, .~/~ ,rtk,.gee, but without obligation so to do and without notice
or demand upon 3~ortgagor and without rele~ingMortgagor from any obligatio, mc~', make or do the same in such manner and to such
extent ~ Mortgagee may deem nec~sa~ to protect the security ~ereo~ Mortgagc, , ,~,tt ~.tthorized to enter upon said properOJ for such purposes:
appear in and defend any action or proceeding purporting to affect the security h~
or compromise an3, encumbrance, charge or lien which in the.judgment of Iffortg<~
such powers or in enforcing this Mortgage by judicial foreclosure or otherwise.
8. To comply ~qth all laws. ordi~mnces, regulations, covenants, conditions and
limitation all environmental laws; not to use or permit the use of the Property fo.-
environmental contamination or violation of environmental laws that may occur
t/:e rights or powers of Mortgagee; P%5 purchase, contes!
,cars tr, be prtor or superior hereto; and itt exerctsing any
ut 'rcv.var),expenses. costs and reasonable attorney ~_fees.
ri, m.x qffecting the Property and tts use. iacluding without
t.d,m f~d or objectionable purpose; to remedy atD~
/i.~ ~ tn'ered itt the future: to allow Mortgagee access to the
Proper(y to inspect its condition and to test and monitor for compliance with appli, .,/4, /,~rs tan3 inspectioTts or tests made &v Mortgagee shall be
for Mortgagee~purpos~ only and shall not be construedto createany r~ponsit*i/;~ i.hilitvon thepart of Mortgagee to Mortgagor or to any
other person); to forward copi~ of any notic~ received from any environmental ,,~ ...... Mortgagee; and to ]ndentn~; and bom Mortgagee. his
en~ployees, agents and his succ~sorsand ~si~s. harntless fi'om and against am ~ ~'t~',.,m~w~ttal claims of atO, kind. and all costs and ~penses
incurred in connection thereMth, including, without limitation, attorney ~.fees. ~. .
9. Any award of damag~ in connection with any condemnation for public use , ,,,t.'~ to said propero~ or a~v part thereq~ is hereby ~*signed
and shall be ~aid to ~Iortgagee who may apply or rele~esuch monies received t, ,, thc same manner and with the sante ~[fecI m' above
provided for disposition of procee~ of fire or other .~urance.
10. The.failare of Mortgagee to ~erciseany right or option provided herein at .... tm: ,,hall not preclude Mortgagee from exercising any pf such
rights at any other time; by acceptingpayment of any sum seared hereby after it., ,z,~t~ ~ [ortgagee does not waive his right either to require
prompt paynzent when due qf all other sun~ so secured or to declare default for ].~/t,~ ,, ~, , paw ail rights co~ferred on Mortgagee are cumulative
and addiffonal to any rights co~erred by law; and ~ an), provision is found to t ......... .,,- une~{forceable, such invalidity or une~{forceabilityshall
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trot affect any other provision hereof and the mortgage shall be construed as though si. h I'" '~%'ion had been omitted.
11. As additional security, Mortgagor hereby gives to attd confers upon ]~(ortgagec tin. rigl~t power and authority, during the continuance of this
mortgage, to collect the rents, issues attd profits of said property as they become due o~ld I,ffvable; Reserving however unto Mortgagor. prior to any
default by Mortgagor in payment of any indebtedness secured hereby or in performs,,, ,,,, ,[' rmy agreement hereunddr, the right to collect and retain
such rents, issues and profits. Upon any such default. Mortgagee may at any time witl;, ,t't! ttotice, either in person, by agent or court appointed
receiver, attd without regard to the adequacy of any security for the indebtedness her,'l, ,~ ecu 'od. enter upon and take possession of said property or
atty part thereof in his own name sue for or otherwlsecollectsuch rents, issues and l.-,,/?lx im'htding those past due and unpaid and apply the
same, less costs and expenses of operation and collection, including reasonable attomtcv '.~ Coos, upon any indebtedness secured hereby, and in such
order as 3~rortgagee may cletermine. The entering upon and taking possession of said i,r, ,i,crtv, the collection of such rents, issues attd prqfits and the
application thereof as aforesaid shall not cure or waive arty default hereuncl~r or im,,di,/oro om, act clone pursuant to any such default notice.
12. DUE ON SALE: Tire indebtedness and obligations secured by this mortgage is/,~'rx,~no[ to the Mortgagor attd is not assignable by Mortgagor.
g~ortgagee has relied upon the credit of Mortgagor, tire interest of Mortgagor in the I'~',,, ,crt~ crud the financial nrarket conditions then existing when
making this loan. If Mortgagor transfers or contracts to transfer; title to or possessbm , ,~' rtl! ~.. part of the Property, or any equitable interest
therein, whether by deed contract for deed assignment, lea~e for a term in excess of,m, cc,tr, lease with an option to purchase, option to purchase.
or similar agreement; or if the ownership of any corporation or partnership, owning .11 .. om, portion of the Property shall be changed either by
vohtntary or involuntary sale or transferor by operation of law, Mortgagee .ray clecl.r~ dl xmn~ due ttnder any note, secrtrity agreentent, and/or
loan documents associated herewith, immediately due and payable. Notrcompliance u'[ Ut e/tLr col,chant shall constitute and be a default of this
obligation which shall entitle Mortgagee to effectuate any and all remediesprovided.
13. Time is of the essence and a nraterial part of this agreentent. In the event of dE/b./t at ~ [ortgagee's option, the entire indebtedness secured
hereby shall forthwith become due and payable and bear interest at the rate of TWEL I 'L' I '/:'/?~ 'ENF (12%)per ar.mm; l~.[ortgagee shall have the
right to foreclose the lien of this mortgage, to have a receiver appointed itt any court l'"" '"'db~g, tc, collect any rent~, issues and profits fi-om the
ProperO, and apply them against the indebtedness hereby secured' to sell tire Proper(v ,~ /;.'ocl,>sto'e en .tasse. or as one lot or parcel at the option
of M'ortgagee. and to exerciseany rights and remedies available under the Uniform C,,mm~'m'ial Code for the State itt which the property is located'
and reasonable notice if required by such Code shall be five (5) days.
14. The Mortgagee may at any time, without notice, release portions of said mortg.~.,, ,l /~rcmi.ves fi-om the lien of this mortgage, without affecting
tire personal liability of any person for the payment of the said indebtedness or the lictt ~/' t/.'x mortgage upon the remainder of the mortgaged
premises for the fidl atnount of said indebtedness then remaining unpaid.
i
15. Mortgagor and each of them join in this nstrument for the purpose of $ubjecting .,~,,h qf their mght, title and interest, ~f any, in the ProperO~,
whether of record or otherwise and including any right to possession, to the lien of lhi~ .t, ,ro.'.ge.
16. This mortgage, all loan documents and the note(s) secured hereby shall be gov,,m~, / ..d construed according to the laws of the State of
Wyoming. Itt the event of default, Mortgagor grants to Mortgagee a Power of Sale to ./ ,~'~'~ 'lose on and sell said property at public auction pursuant
to FVyoming Statute Section 34-4-101 et:seq.
17. This mortgage applies to, inures to the benefit of and binds all parties hereto, tbt,ii hc,irx devisees, personal representatives, successors and
assigns. The term Mortgagee shall mean the holder and owner of the note secured hcr, /,~ .,. (['the note has been pledged the pledgee thereof In
this 3.~rortgage. wherever the context so requires, the masculine gender includes the feml)~it~c ~ t d/or neuter and the singular number includes the
plural.
t
STATE OF )
.I ss
COUNTY OF )
/
On , , /'e me. the undersigned, personally appeared
/
known or identifi, e~d me to be the °f the CorpOration that
executed the witflfn instrument and acknowledged to me that said co~oration
executed the ~m
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Nota~ ~lic for the 8tare of
Comr~ssion Expiration Date:
STATE OF WYOMING )
County of Lit~d~o6M )
Thg foregoing instrument ~las acknowledged before me by
2002.
Real Estate Mortgage