HomeMy WebLinkAbout906766 RECEIVED 2/28/2005 at 2:28 PM
RECEIVING # 906766
BOOK: 579 PAGE: 751
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
MORTGAGE
v, 075i
1. Parties:
a. JOEL MERRITT AND SHERRY MERRITT, HUSBAND AND WIFE, of Post Office
Box 651, Thayne, Wyoming 83127 (hereinafter AMORTGAGOR@);
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.
Mortgage: To secure the payment of THREE HUNDRED EIGHTY-FOUR THOUSAND
NINETY-FIVE AND 80/100 DOLLARS ($384,095.80), with interest thereon, as provided in and
evidenced by a PROMISSORY NOTE SECURED BY MORTGAGE dated February 25, 2005,
with the ultimate maturity date of which is August 25, 2005, and all renewals, modifications and
extensions thereof, do hereby mortgage to MAURI VENTURES, LLC (hereinafter
AMORTGAGEE@), 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 25, 2005, to pay all of the following:
a. Taxes, assessments and charges levied against the Property, as the same become due and
payable;
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.
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.
Defaults; Acceleration. The occurrence of any Event of Default (as 'hereinafter defined) shall be a
default hereunder. Upon the occurrence of an Event of Def.0.,u,lt, MORTGAGEE may in its sole
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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 ALoan 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 AEvent 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 (AGuarantOr@) 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 delivered
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 $100,000.00 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 (AReceiver@); 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 institu[ed 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 finhncial condition of
MORTGAGOR or any Guarantor from their respective financial conditions as of
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the date of this Note, as determined by MORTGAGEE in its reasonable discretion;
or
vii. 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.
viii. 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.
ix. 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.
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.
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6. MORTGAGOR warrants title to the Property as to parties claiming, by through or under
MORTGAGOR only.
WITNESS my hand this _r-~%ay of February 2005.
Mortgage B Page -- 4
State of Wyoming
County of
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:SS.
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The foregoing in~tffument was acknowledged, before me, a notary public in and for said County and
State, by ~ ~~/{~t,t¢this ~/~day of February 2005.
(SEAL)
WITNESS my hand and official seal.
M y C omRme ~i sdii~ng ~t~p ir es~.. ~ ~'~t4~-}~::, ~ ~J
State of Wyom~ing .
County of ~
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:SS.
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The foregoin~ instrument was acknowledged before me, a notary public in and for said County and
State, by _TO.t-12 ~-40Dq *~'-, this~ day of February 2005.
WITNESS my hand and official seal.
(SEAL)
~ SAJ~DAI. i · NOT, A~Y F~ISLJ(~ /
Notary Public .,
Residing at:
My Commission Expires:
Mortgage B Page -- 5
EXHIBIT 1
-~ portion oftheNE¼ of Section 25, T34N R119W of the 6th P.M., Lincoln County,
Wyoming, more particularly described as follows:
BEGINNING at the B.L.M. type Monument found marking the C¼ of said Section 25;
thence N 0044'46'' E, along the West line of said NE¼, 1818.07 feet to an Iron Pipe set;
thence S 84024'44'' E, to m~d roughly along an existing East-West fence Line,
978.85 feet to an Iron Pipe found marking a corner of the Soest property;
thence S 2030'50.' E, roughly along an existing North-South fence line, 1729.91
feet to an Iron Pipe found marking the Southwest comer of said Soest
property, at an existing fence comer;
thence N 89041'58'' W, roughly along an West-East fence line, 1073.76 feet, to
the POINT OF BEGINNING.
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