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HomeMy WebLinkAbout906400//50029 (02) 1. Parties.'.-' RECEIVED 2/10/2005 at 12:26 PM RECEIVING # 906400 BOOK: 578 PAGE: 665 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, VVY MORTGAGE 0665 a. DAVID OWENS HENDRICKSON, LLC, a Utah limited liability company with its principal place of business located at 1660 E. Wasatch Drive, Ogden, Utah (hereinafter "MORTGAGOR"); b. MAURI VENTURES, LLC, an Idaho limited liability company, with its principal place of business located at 780 N. Holmes Ave., Idaho Falls, Idaho 83401. 2. Mortgage: To secure the payment of NINE HUNDRED TWELVE THOUSAND SEVEN HUNDRED THIRTY-THREE AND 52/100 DOLLARS ($912,733.52), with interest thereon, as provided in and evidenced by a PROMISSORY NOTE SECURED BY MORTGAGE dated February 8, 2005, with the ultimate maturity date of which is August 8, 2005, and all renewals, modifications and extensions thereof, do hereby mortgage to MAURI VENTURES, LLC (hereinafter "MORTGAGEE"), the following described real property, situated in the County of Lincoln, State of Wyoming, hereby releasing and waiving all rights under and by virtue of the homestead exemption laws of the State of Wyoming, to-wit: SEE ATTACHED EXHIBIT 1, ATTACHED AND INCORPORATED BY REFERENCE Together with all and singular the improvements thereon or thereunto appertaining. 3. Payments: MORTGAGOR agrees to pay the indebtedness hereby secured and evidenced by the Promissory Note Secured by Mortgage dated February 8, 2005, to pay all of the following: a. Taxes, assessments and charges levied against the Property, as the same become due and payable; b. To secure, maintain and furnish MORTGAGEE evidence thereof, insurance with an insurance carrier or carriers acceptable to loss by fire, with extended coverage, in the amount not less than the unpaid balance of the debt hereby secured, or the insurable value of such improvements, which ever is less, which insurance shall contain appropriate loss payable provision protecting MORTGAGOR and MORTGAGEE as their respective interests may appear from time to time. The insurance proceeds or any part thereof, shall, at the option of the mortgagor, be applied either to the re-construction of improvements on the property or to the payment of the indebtedness hereby secured. c. In the event MORTGAGOR fails to pay such taxes and assessments, or fail to keep and maintain such insurance as herein provided, MORTGAGEE may pay such taxes and assessments and may secure and pay for such insurance, and all sums so paid shall be added to and considered a part of the indebtedness hereby secured and shall draw interest at the same rate. 4. Defaults; Acceleration. The occurrence of any Event of Default (as hereinaRer defined) shall be a default hereunder. Upon the occurrence of an Event of Default, MORTGAGEE may in its sole Mortgage - Page -- I 0:90 ;q:O0 0666 discretion, declare the entire principal balance of this Note then outstanding (if not then due and payable) and all other obligations of MORTGAGOR hereunder and under all other related documents (collectively, the "Loan Documents") to be due and payable immediately. Subject to the applicable provisions of law, upon any such declaration, the principal of the Note and accrued and unpaid costs, points, interest, and fees, and all other amounts to be paid under any or all of the Loan Documents shall become and be immediately due and payable, anything in this Note or in any other Loan Document to the contrary notwithstanding. a. The occurrence of any one or more of the following, whatever the reason therefore, shall constitute an "Event of Default" hereunder: i. MORTGAGOR shall fail to pay on the date and by the time of day specified above, any amount due to MORTGAGEE pursuant to the Note or otherwise; or, ii. MORTGAGOR or any guarantor ("Guarantor") of the Note, if any, shall fail to perform or observe any term, covenant or agreement contained in the Note or any other Loan Document or in any guaranty executed and dehvered concurrently herewith that is required to be performed or observed by the Guarantor; or, iii.Any representation or warranty contained in any document made or delivered pursuant to or in connection with any of the Loan Documents proves incorrect or to have been incorrect in any material respect when made; or iv. More than $150,000.00 of the assets of MORTGAGOR, or any one of them, or any Guarantor are sold or otherwise transferred without MORTGAGEE's written consent; or v. MORTGAGOR or any one of them, files for Bankruptcy protection, or any Guarantor is the subject of an order for relief by the bankruptcy court, or is unable or admits in writing its inability to pay its debts as they mature, or makes an assignment for the benefit of creditors; or MORTGAGOR or any Guarantor applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer ("Receiver"); or any Receiver is appointed without the application or consent of MORTGAGOR or any Guarantor, as the case may be, and the appointment continues undischarged or unstayed for thirty (30) calendar days; or MORTGAGOR or any Guarantor institutes or consents to any bankruptcy, insolvency, reorganization, arrangement, readjustment of debt, dissolution, custodianship, conservatorship, liquidation, rehabilitation or similar proceedings relating to it or to all or any part of its property under the laws of any jurisdiction; or any similar proceeding is instituted without the consent of MORTGAGOR or any Guarantor, as the case may be, and continues undismissed or unstayed for thirty (30) calendar days; or any judgment, writ, attachment, execution or similar process is issued or levied against all or any part of the Property or MORTGAGOR or any Guarantor, and is not released, vacated or fully bonded within thirty (30) calendar days after such issue or levy; or vi. There shall occur a material adverse change in the financial condition of MORTGAGOR or any Guarantor from their respective financial conditions as of Mortgage - Page -- 2 *0667 vii. viii. ix. the date of this Note, as determined by MORTGAGEE in its reasonable discretion; or Any Loan Document, at any time after its execution and delivery and for any reason other than the agreement of MORTGAGEE or the satisfaction in full of all indebtedness and obligations of MORTGAGOR under the Loan Documents, ceases to be in full force and effect or is declared to be null and void by a court of competent jurisdiction; or MORTGAGOR or any trustee, officer, director, shareholder or partner of any entity comprising or owning MORTGAGOR or any Guarantor claims that any Loan Document is ineffective or unenforceable, in whole or in part, or denies any or further liability or obligation under any Loan Document, unless all indebtedness and obligations of MORTGAGOR there under have been fully paid and performed. An event of default or foreclosure occurs or commences under any other note, document, instrument or agreement secured by or securing the Collateral or to which MORTGAGOR or any Guarantor of this Note is a party or by which either MORTGAGOR or Guarantor is bound. In case default shall be made in the payment of the above sums hereby secured, or in the payment of the interest thereon, or any part of such principle and interest, when the same shall become due; or in case default shall be made in any of the covenants and agreements thereof, which default is not cured within thirty (30) days after notice thereof is given by MORTGAGEE, or in the event MORTGAGOR sells or conveys the Property, or any part thereof, or any interest therein, without the prior written consent of the MORTGAGEE first had and obtained, then the whole indebtedness hereby secured, with interest thereon, shall become due and payable, at the option of the MORTGAGEE, and MORTGAGEE'S legal representatives and assigns, may proceed by advertisement and sale and/or as otherwise authorized by governing law, to foreclose on and sell the Property, and out of the proceeds of such sale, MORTGAGEE shall pay all sums due hereunder, together with all cots of sale, including reasonable attorney's fees. If the proceeds of the foreclosure are insufficient to pay the indebtedness hereby secured and foreclosure costs, MORTGAGEE shall be entitled to a deficiency judgment. Mortgage - Page -- 3 ,.0668 5. In the event of any default whereby the right of foreclosure occurs hereunder, MORTGAGEE shall at once become entitled to exclusive possession, use and enjoyment of the Property, and to all rents, issues and profits from the accruing of any such rights during the pendency of the foreclosure proceedings, and the period of redemption, if any there be. 6. MORTGAGOR warrants title to the Property as to parties claiming, by through or under MORTGAGOR only. WITNESS my hand this y 7--d~y of February 2005. DAVID OWENS HENDR/CKSON, LLC Its: Managing Member ~ STATE OF UTAH ) ) SSo COUNTY OF k-k~{ ~,,.. ) The foregoing instrument was acknowledged before me this q"k_~/X day of Feburary, 2005, by David Owens Hendrickson, Member and Manager of David Owens Hendrickson, LLC, a Utah Limited Liability Company the signer of the within instrument, who duly acknowledged to me that he executed the same. WITNESS MY HAND AND OFFICIAL SEAL. Notary Public~ Residing at: My commission expires Mortgage - Page -- 4 Exhibit 1 ,-.P669 Townships 27 North & 28 North, Range 1.1.8 West, 6th Principal Meridian, Lincoln County, Wyoming: Tracts 39A through 39T Tract 45 Township 27 North, Range 118 West, 6a' Principal Meridian, Lincoln County, Wyoming': A portion of Tract 49 described as: Beginning at Corner No. 1 Tract 49; thence westerly along tract line to Corner No. 2 or Tract 49; thence southerly along tract line to corner No. 3 of Tract 49; thence N89 53'48"E, I318.92 feet to Corner No. 10 of Tract 49; thence northerly along tract line to Corner No. 1 of tact 49, the place of beginning Township 28 North, Range 1.18 West, 6a' Principal Meridian, Lincoln County, Wyoming; Tract 72