Loading...
HomeMy WebLinkAbout906277 RECEIVED 2/3/2005 at 3:18 PM RECEIVING # 906277 BOOK: 578 PAGE: 365 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY MORTGAGE O365 KNOW ALL MEN BY THESE PRESENTS, that Double L Ranch #4, LLC, a Wyoming limited liability company, herein referred to as mortgagor, of 6225 Smith Avenue, Baltimore, MD 21209-3600, to secure the payment of the principal sum of One Million One Hundred Ninety-two Thousand Six Hundred and No/100 Dollars ($1,192,600.00), with interest as evidenced by a Promissory Note dated of even date herewith to the order'of Susan Bateman Worton as Trustee of the Marlow and Susan Bateman Trust dated December 20, 1996, of 244 Tom's Canyon Road, Auburn, WY 83111 ("mortgagee"), principal and interest to be payable as follows: With interest on the unpaid principal balance from February 1, 2005, until paid, at the rate of 6.5% per annum. Principal and interest shall be payable in equal amortized monthly installments in the amount of $7,538.04 on the first day of each month beginning March 1, 2005, and continuing on first day of each succeeding month until February 1,2015, when the debt shall be paid in full. Prepayments of principal may be made in any amount at any time without penalty. hereby mortgages to mortgagee, the following described real estate, situated in the County of Lincoln, State of Wyoming ("the property"): Parcel 1 All of Lot 1 of River Bend Ranches, A Subdivision of record in the Office of the Clerk of Lincoln County, Wyoming as Plat No. 82-E; ENCOMPASSING an area of 2.87 acres, more or less; SUBJECT to an easement for Swimming Pool County Road No. 12-108. TOGETHER WITH all water and water rights, minerals and mineral rights, tenements, hereditaments, and appurtenances thereunto belonging or in anywise appertaining. SUBJECT TO all covenants, easements, exceptions, restrictions, reservations and rights of way of sight or record. Parcel 2 That part of GLO Lot 2 and that part of the NE¼ and that part of the N¼SE¼ of Section 28, T36N R119W, Lincoln County, Wyoming, being part of that tract of record in the Office of the Clerk of Lincoln County in Book 399 of Photostatic Records on page 425, described as follows: · BEGINNING at the northeast corner of said NE¼; thence S87°-47'-06"W, 1324.75 feet, along the north line of the E~NE¼ of said Section 28, to the northwest corner thereof; thence S87°-47'-42"W, 1111.8 feet, more or less, along the north line of the W¼NE¼ of said Section 28, to the thread of the Salt River; thence coursing said thread as follows: S 11 °-47'-09"W S03°_18'_55"E S25°-57'-51"E S04°_56'_26"W S16o_22'_37"W S 13°-57'-02"E S41 °-03'-32"E S53o_36'_29"E S49°_24'-46"E S37°_56'_27"E S00°-07'-31"W S41 °-26'-19"W N84°_36'_08"W. N66°_04'-25"W. N80°-36'-10"W. S67o_16'_39"W S53°-21 '-37"W S26°_28'_36"W S21 °-02'-57"W S11 °-03'-57"W 116.8 feet, more or less, to a position; 59.8 feet, more or less, to a position; 194.2 feet, more or less, to a position; 182.8 feet, more or less, to a position; 37.7 feet, more or less, to a position; 70.6 feet, more or less, to a position; 394.9 feet, more or less, to a position; 299.7 feet, more or less, to a position; 210.4 feet, more or less, to a position; 128.7 feet, more or less, to a position; 96.5 feet, more or less, to a position; 123.1 feet, more or less, to a ~osition; 282.0 feet, more or less, to a 155.4 feet, more or less, to a 179.9 feet, more or less, to a 170.6 feet, more or less, to a 168.8 feet, more or less, to a 152.8 feet, more or less, to a 199.3 feet, more or less, to a 94.3 feet, more or less, to a position; ~osition; 2osition; ~osition; :osition; )osition; ~osition; ~osition; 2 0367 S27°-34'-20"E, 90.8 feet, more or less, to a position; S72°-35'-02"E, 82.0 feet, more or less, to a position; N85°-07'-56"E, 354.4 feet, more or less, to a position; S68°-42'-06"E, 202.8 feet, more or less, to a position; S36°-01'-12"E, 530.4 feet, more or less, to a position on the south line of said W~NE¼; continuing, S36°-01'-12"E, 72.4 feet, more or less, to a position; S80°-46'-48"E, 338.3 feet, more or less, to a position; S77°-01'~00"E, 266.1 feet, more or less, to a position; S43°-28'-36"E, 65.8 feet, more or less, to a position, and leave said thread; thence N09°-15'-36"E, 103.8 feet, more or less, to a point on the southerly right-of- way line of Swimming Pool County Road No. 12-108; thence continuing, N09°-15'-36"E, 30.53 feet to a spike on the centerline of said Swimming Pool County Road; thence N88°-35'-06"E, 1123.03 feet, along said centerline, to a spike; thence N00°-08'-33"W, 81.84 feet, along said east line, to the southeast corner of said NE¼; thence N00°-34'-52"W, 2651.06 feet, along the east line of said NE¼, to the CORNER OF BEGINNING; ENCOMPASSING an area of 140.16 acres, more or less; EXCEPTING Lot 1 of River Bend Ranches as shown on that plat of record in the Office of the Clerk of Lincoln County on Plat No. 82-E; ENC©MPASSING an area of 2.87 acres, more or less; AND EXCEPTING that tract as described on the attached description titled, "DESCRIPTION FOR MARLOW AND SUSAN BATEMAN FAMILY TRUST, DATED 20 DECEMBER 1996 BATEMAN BR©THERS TRACT - REVISED", dated 28 January 2004 and revised 1 September 2004: ENCOMPASSING an area of 0.90 acre, more or less; ENCOMPASSING a total area of 136.39 acres, more or less; 0 68 the BASE BEARING for this survey is the line between said northeast corner of Section 15, T4S R46E, Bonneville County, Idaho and the northwest corner of Section 28, T36N R119W, Lincoln County, Wyoming being N00°-I 1'-54"W; SUBJECT to an easement for Swimming Pool County Road No. 12-108; that the bearings and distances along the thread of the Salt River are approximate for the purpose of calculating acreage and that the actual thread of Salt River is the boundary; each "corner" found as described in a Corner Record filed or to be filed in the Office of the Clerk of Lincoln County or in the Office of the Recorder of Bonneville County; each "point" marked by a 5/8" x 24" steel reinforcing rod with a 2" aluminum cap inscribed, "SURVEYOR SCHERBEL LTD AFTON WY PLS 5368", with appropriate details; each "position" is calculated position with no monument found or set; each "spike" marked by a 3/8" x 12" steel spike referenced by two (2) 5/8" x 24" steel reinforcing rods with 2" aluminum cap inscribed, "SURVEYOR SCHERBEL LTD AFTON WY PLS 5368", with appropriate details; all in accordance with the plat prepared to be filed in the Office of the Clerk of Lincoln County titled, "MARLOW AND SUSAN BATEMAN FAMILY TRUST, DATED 20 DECEMBER 1996 PLAT OF BATEMAN RANCH TRACT WITHIN GLO LOT 2 NE¼ N~SE¼ SECTION 28 T36N R119W LINCOLN COUNTY, WYOMING", dated 13 September 2004, as revised. TOGETHER WITH all water and water rights, minerals and mineral rights, tenements, hereditaments, and appurtenances thereunto belonging or in anywise appertaining. SUBJECT TO all covenants, easements, exceptions, restrictions, reservations and rights of way of sight or record. including all buildings and improvements thereon or that may hereafter be erected thereon; together with hereditaments and appurtenances and all other rights thereunto belonging, or in anywise now or hereafter appertaining, and the reversion and reversions, remainder and remainders, rents, issues, and profits thereof, and all plumbing, heating, and lighting fixtures and equipment now or hereafter attached to or used in connection with the premises. Mortgagor hereby relinquishes and waives all rights under and by virtue of the homestead laws of the State of Wyoming and covenants that it is lawfully seised of the premises, that they are free from all encumbrances and hereby covenants to warrant and defend the title of the premises against the lawful claims of all persons whomsoever. 4 .¢.t. 69 And mortgagor covenants with mortgagee as follows: 1. In case of default (beyond the grace and cure periods provided in the second full paragraph of the Promissory Note) in any of the payments stipulated in the note, mortgagor, as further security for this mortgage and the note secured thereby, hereby assigns, sets over, and conveys to mortgagee all rents, issues, and profits from the property. 2. To pay promptly, when due, the principal and interest and other sums of money provided for in said Note and this Mortgage, or either; to pay all and singular the taxes, assessments, levies, liabilities, obligations, and encumbrances of every nature on said property. 3. To perform, comply with, and abide by each and every the agreements, stipulations, conditions, and covenants, set forth in said Note and this Mortgage or either. 4. Failure by the mortgagee to exercise any of the rights or options herein provided shall not constitute a waiver of any rights or options under said Note or the Mortgage accrued or thereafter accruing. 5. Nothing shall be done on or in connection with the property that may impair mortgagee's security hereunder; mortgagor will commit, permit or suffer no waste, impairment or deterioration of the property nor any part thereof, and the property shall be continuously maintained in good and sightly order, repair, and condition by mortgagor at his expense, subject, in the case of casualty or condemnation, to availability of insurance proceeds (in the case of casualty) or condemnation proceeds (in the case of condemnation), as the case may be. 6. In case mortgagor defaults in the payment of ground rents, if any, taxes, assessments, water, or other governmental or municipal charges, or other lawful charges as herein provided, mortgagee may without notice or demand pay the same and in case of any failure on the part of mortgagor to comply with the covenants of Paragraph 5 hereof, mortgagee may, following written notice to, and opportunity to cure by, Mortgagor in accordance with the second full paragraph of the Note, effect such repairs as it may reasonably deem necessary to protect the property, at the expense of mortgagor. Mortgagor shall repay such sums so paid and all expenses so incurred by mortgagee, with interest thereon from the date of payment, at ten percent (10%) per annum, and the same shall be a lien on the premises and be secured by the note and by these presents; in default of making such repayments following noti,.c..~.an.d cure as provided in the Note, ,-0370 the whole amount hereby secured if not then due shall, if mortgagee so elects, become due and payable forthwith, anything herein contained to the contrary notwithstanding. 7. Notwithstanding any provision of the Note, this Mortgage or any other document evidencing or securing the Note to the contrary, Mortgagor,s obligations under the Note and this Mortgage shall be non-recourse to Mortgagor, and Mortgagor's liability thereunder and hereunder shall be limited solely to Mortgagor's interest in the property secured by this Mortgage. Mortgagee agrees that it shall not enforce this Mortgage, the Note or Mortgagor's obligations hereunder or thereunder by any action or proceeding wherein a money judgment is sought against Mortgagor; and, in the event of foreclosure hereunder, that it shall not sue for, seek or demand any deficiency judgment against Mortgagor. 8. In case default is made in the payment, when due (but following the grace and cure periods provided in the second full paragraph of the Note), of the indebtedness hereby secured, or of any installment thereof or any part thereof (following the grace and cure periods provided in the second full paragraph of the Note), or in case of breach of any covenant or agreement herein contained following the grace and cure periods provided in the second full paragraph of the Note, the whole of the then indebtedness secured hereby, inclusive of principal, interest, arrearages, ground rents, if any, taxes, assessments, water charges, expenditures for repairs or maintenance, together with all other sums payable pursuant to the provisions hereof, shall become immediately due and payable, at the option of mortgagee, although the period above limited for the payment thereof may not have expired, anything herein before or in the note contained to the contrary notwithstanding; any failure to exercise such option shall not constitute a waiver of the right to exercise the same at any other time; and it shall be lawful for mortgagee to proceed to enforce the provisions of this mortgage either by suit at law or in equity, as it may elect, or to foreclose this mortgage by advertisement and sale of the premises, at public auction for cash, according to Wyoming statutes governing mortgage foreclosures, and cause to be executed and delivered to the purchaser or purchasers at any such sale a good and sufficient deed or deeds of conveyance of the property so sold, and to apply the net proceeds arising from such sale first to the payment of the costs and expenses of such foreclosure and sale, including a reasonable attorney fee, and in payment of all moneys expended or advanced by mortgagee pursuant to the provisions of Paragraph 7 hereof, and then to the payment of the balance due on account of the principal indebtedness secured hereby, together with interest thereon and the surplus if any, shall be paid by mortgagee on demand to mortgagor: In case mortgagee fails promptly to foreclose on the happening of any default, it shall not thereby be prejudiced in its right to for~c'losure at any time 0371 thereafter during which such default continues, and shall not be prejudiced in its foreclosure rights in case of further default. 9. In case of any default whereby the right of foreclosure occurs hereunder, mortgagee shall at once become entitled to exclusive possession, use, and enjoyment of all property, and to all rents, issues, and profits thereof, from the accruing of such right and during the pendency of foreclosure proceedings and the period of redemption, if there is any; and such possession, rents, issues, and profits shall at once be delivered to mortgagee on request, and on refusal, the delivery of such possession, rents, issues, and profits may be enforced by mortgagee by any appropriate civil suit or proceeding, including action or actions in ejectment, or forceable entry, or unlawful detainer; and mortgagee shall be entitled to a receiver for the property and all rents, issues, and profits thereof, after any such default, including the time covered by foreclosure proceedings and the period of redemption, if there is any, and shall be entitled thereto as a matter of right without regard to the solvency or insolvency of mortgagor or the then owner of the property, and without regard to the value of the property or the sufficiency thereof to discharge the mortgage debt and foreclosure costs, fees and expenses; and such receiver may be appointed by any court of competent jurisdiction on ex parte application and without notice (notice being hereby expressly waived, and the appointment of any such receiver on any such application without notice being hereby consented to by mortgagor on mortgagor's own behalf), and all rents, issues, profits, income, and revenue of the property shall be applied by such receiver, according to law and the orders and directions of the court. 10. Mortgagor may not convey or transfer any interest in or encumber the described premises without the prior written consent of the mortgagee. Mortgagor must give mortgagee written notice of mortgagor's intent to convey or transfer any interest in or to encumber the described premises at least thirty (30) days prior to the proposed conveyance or encumbrance. If all or any part of the described premises or an interest therein is sold, transferred or encumbered by mortgagor without mortgagee's prior written consent, excluding death of a joint tenant or the grant of any leasehold interest of three (3) years or less not containing an option to purchase, mortgagee may, at its option, declare the entire remaining balance due under this agreement to be immediately due and payable and give written notice to mortgagor thereof. After receipt of such written notice, mortgagor shall have thirty (30) days in which to pay the entire remaining balance to mortgagee. 11. The covenants herein contained shall bind, and the benefits an'cl'advantages shall inure to, the respective heirs, executors, administrators, successors, and assigns of the parties ' 0 72 hereto. Whenever used, the singular number shall include the plural, the plural the singular, and the use of any gender shall include all genders. 12. Whenever used herein, the terms "mortgagor" and "mortgagee" include all the parties to this instrument and the heirs, legal representatives, and assigns of individuals, and the successors and assigns of corporations; and the term "Note" includes all the notes herein described if more thar~ one. 13. Upon Mortgagor's prior written request and on the terms and conditions of this Paragraph 13, Mortgagee will grant partial release(s) of the mortgage. Mortgagor's payments on the note and mortgage must be current at the time any partial release is requested. The land to be released shall not be less than 35 acres in size and shall be surveyed by a surveyor licensed in the State of Wyoming. Any such 35-acre parcel for partial release must run the entire length of the property east and west. The parties stipulate and agree that such a partial release could result in the property that remains subject to the mortgage being without access to Lincoln County Road No: 12-108. Should that be the case, it is a condition of granting such partial release that Mortgagee reserve a perpetual 30-foot wide easement for ingress and egress and alt utilities from the property remaining under the mortgage to said county road at a location consented to by Mortgagee, such consent not to be unreasonably withheld. Mortgagor shall pay to Mortgagee the sum of $12,000.00 per acre and fraction of acre for the land requested to be released in cash or certified funds. Mortgagor shall pay any and all expenses for such partial release(s), including without limitation, survey expense, title insurance, recording fees, Mortgagor's attorney's fees and Mortgagee's attorney fees incurred in connection with the partial release(s). Mortgagor's additional payments made for partial release(s) shall be in addition to the required monthly installments and shall be applied first to any accrued interest on the unpaid principal balance and then to reduce the outstanding principal balance. 14. Adiustment of monthly installment upon prepayment. The parties agree that if Mortgagor receives a partial release of property pursuant to Paragraph 13 above, Mortgagor will have paid at least $420,000.00 on the principal due in addition to the principal paid in the monthly installments. Because of the large amount of prepayment of principal to be made for a partial release, the parties agree that upon such partial release, the monthly installment should be recomputed using the same interest rate, the principal balance remaining to be paid after the prepayment for the partial release, and the number of months for such amortization being the difference between 360 and the number of months from February 1, 2005, to the month of the last monthly payment made immediately before the month in which the prepayment for the partial release is made. 0373 By way of example only, assume that 60 months of monthly payments have been made at which time Mortgagor makes the required prepayment of $420,000.00 for a partial release of 35 acres. The remaining principal balance after the 60 monthly installments is $1,116,404.76 less the prepayment for the partial release of $420,000.00 leaving the amount of $696,404.76 as the remaining principal balance. The amount of $696,404.76 would then be amortized at 6.5% interest over 300 months (360 months less 60 months), a monthly payment of $4,702.17. Mortgagor would remain under the requirement of paying of the debt in full on February 1,2015. Mortgagee shall release this Mortgage and the lien thereof by proper instrument, and this Mortgage shall be void, upon payment and discharge of the indebtedness hereby secured and performance of all covenants contained herein. IN WITNESS WHEREOF, mortgagor has executed this Mortgage as of the 24th day of January, 2005. .Do~anch fl4, I~C -~ By.~'npany Lance Mortensen, Member STATE OF COUNTY OF SS. On this ~/Z'Cday of JanuarY, 2005, before me personally appeared Lance Mortensen, to me personally known, who, being by me duly sworn, did say that he is a Member of Double L Ranch ¢t4, LLC, a Wyoming limited liability company, described in and which executed the foregoing instrument; that said instrument was signed in behalf of said limited liability company by authority of its members; and said Lance Mortensen acknowledged said instrument to be the free act and deed of said limited liability company. Given under my hand and notarial seal the day and year first above written in this cedificate. N^T^SHA DOKTO. OV^ ~~ COMM. ://: 1312663 ~ ~[~NOTARY PUBLIC-CALIFORNIA I~J ~. ~~7 CONTRA COSTA COUNTY 0 ] ~ COMM. EXP. JULY9 2~5~ My commission expires: ~ NOTARY PUBLIC