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HomeMy WebLinkAbout906517 RECEIVED 2/16/200.' ..... ,?..,,, 90 AM RECEIVING # 906517 BOOK: 579 PAGE: 86 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY MODIFICATION AND EXTENSION OF PROMISSORY NOTE #109688 AND MORTGAGE BORROWER Kenneth L. Cram April Cram P.O. Box 4386 Bedford, Wy 83112 LENDER The Bank of Jackson Hole 990 W. Broadway P.O. Box 7000 JaCkson, Wy 83002 Address of Real Property: 128 South Main, Thayne, Wy THIS MODIFICATION and EXTENSION OF PROMISSORY NOTE AND MORTGAGE, dated the 10th day of February, 2005, is executed by and between Borrower and Lender identified above. A. On May 7, 2004, Lender made a loan ("Loan #109688") to Borrower evidenced by Borrower's promissory note ("Note") payable to Lender in the original principal amount of $1,135,000.00, which Note was secured by a Mortgage executed by mortgagor for the benefit of Lender covering the real property described on Schedule A below and recorded as Document No. 899188 Filing date May 11, 2004 in Book 554 at page 840 in Lincoln County, WY. The Note and Mortgage and any other related documents are hereafter cumulatively referred to as the "Loan Documents." B. The parties have agreed to Modify the Note and it is necessary to provide for a similar Modification of Mortgage. The parties agree as follows: 1. The maturity date of the Note is extended to April 10, 2005 at which time all outstanding sums due to the Lender under the Note shall be paid in full. 2. The parties acknowledge and agree the current principal balance of the loan is $1,135,000.00. The interest as of February 9, 2005 is $7,338.08, due and payable at the time of this extension. 3. Borrower agrees to pay a recording fee of $14.00, in addition to the interest of $7,338.08 for a total of $7,352.08 at the time of this extension. 4. Mortgagor represents and warrants that Mortgagor owns the property free and clear of any liens or encumbrances other than the liens described on Schedule B Below. 5. Except as expressly modified herein, all terms and conditions of the Loan Documents shall, remain in full force and effect. The parties hereby adopt, ratify and confirm these terms and conditions as modified. 6. Mortgagor agrees to execute any additional documents which may be required by Lender to carry out the intention of this Agreement. As of the date of this Agreement, there are no claims, defenses, setoffs or counterclaims of any nature which may be asserted against Lender by any of the undersigned. SCHEDULE A Refer to exhibit 'A' which is attached hereto and made a part thereof. 0087 BORROWER SCHEDULE B None Kenneth L. Cram ............................... Acknowledgment State of ~ ) , )SS County of ~,~\~ ) This instrument was acknowledged before me this by Kenneth L. Cram and April Cram. Witness my hand and official seal. Ny commission expires: LENDER sPehinil~Pv~eN~WreCs°i~ddent CorPorate Acknowledgment State of Wyoming ) ~ ~_0\ ~ ) ss County of~5~t~m- ) On the \O day of V~~O~ ,~ 2005, the foregoing instrument was acknowledged before me by PhillipS'. ~o~, who being by me duly sworn, did depose and say that he is the Senior Vice President of The Bank of Jackson Hole , the corporation described herein and which executed the foregoing; that h~7~he knows the seal of said corporation; that the seal affixed to the foregoing is such corporate seal; that it was so affixed by order of the Board of Directors of said corporation, and that he/she signed his name thereto by like order. Witness my hand and official seal. My commission expires: 9~J,?~)0 EXHIBIT A Description: Parcel B Amended A portion of the properties as referred to in the Deed recorded in Book 458PR, on Page 316, and in Book' 447PR, .on Page 314, with the Office of the Clerk of Lincoln County, Wyoming, within the SE1/4 of Section 23, T34N, R119W, of the 6th P.M.', Thayne, Lincoln County, Wyoming, the metes and bounds being more particularly described as follows: BEGINNING at an Aluminum Cap on Iron Pipe marking a point in the East Right- of-Way line of U.S. Highway 89, said Point of Beginning being 1,652.43 feet N20°20'27"E, from the B.L.M. type Monument marking the Paul N. Scherbel RLS 164, 1986 location for the Southwest Corner of said SE1/4, also said Point of Beginning being, 2,609.98 feet N52°25'38'~/V, from the B.L.M. type Monument marking the Paul N: Scherbel RLS 164, 1976 location for the Southeast Corner of the SE1/4; thence N79°00'05"E, 256.18 feet to an Aluminum Cap on Iron Pipe marking a point in a West line of Tract No. 2 - Dana Lands, of the Star Valley Cheese Corporation property as referred to in the Deed recorded in Book 337PR, on Page 661, with said Office; thence S0"28'04"W, along said West line, 185.57 feet to an Iron Pipe, marking a corner of said Tract No. 2; thence N89°24'52'~V, along a line of said Tract No. 2, 190.03 feet to an Iron Pipe marking a point in said East Right-of-Way line; thence N23°58'43"W, along said East Right-of-Way, 147.48 feet to the Point of Beginning,. De~Cr/~l~n: P~r~-ei' A Amended-- A portion ol'the properties as referred to In the Deed recorded in Book 458PR, on Page 316,'and in Book 447PR, on Page 314, with the 'Office of the Clerk 'of' Lincoln County, Wyoming, within the SE1/4 of Section 23, T34N, RlIgW, of the 6~' P.M., Thayne, Lincoln County, Wyoming, the metes and bounrls being more particularly described as follows: BEGINNING at An.Al'dminum Cap on Iron Pipe marking a point In:the East Right- of-Way line of U,S. 'Highway 89, said Point of Beginning being 1,652.43 Ceet N20°20'27"E, from the B.L.M. type Monum,er~t marking the Paul N, Scherbel RLS 164, 1986 location for the Southwest Corner of said SE1/4, also said Poinl of Beginning being, 2,609.98 feet N52°25'38,,W,.from the B.L.M. type Monument marking the Paul N. Scherbel RLS 164, 1976 location for the Sou[l~east Corner of said SE1/4; thence N23"'58'43"W, along said East Right-of-Way Line, 147.4.8 feet to an Aluminum Cap on Iron Pipe marking the Southwest com..~r of the Thayne Village Center; thence N85°01,45,,E, along the South Line'.]f'said Thayne Village Center, 313.51 feet to an Iron Pipe marking a Northwest comer of Tract No. 2 - Dana La'nde, of the Star Valley Cheese Corporation, proper.y as referred to in [he Deed recorded in B0Ok 337PR,,on Page 661;' with said Office; thence S0°28'04"W, 'along a west line of said'Tract No.'2, 113.0'5 feet [o ~r. Aluminum Cap on Iron Pipe; thence S79°00,05,,W 256.18 feet to the Point of Beginning. ..