HomeMy WebLinkAbout907389 RECEIVED 3/31/2005 at 4:08 PM
~,;' 0 0 CJ 0 RECEIVING # 907389
BOOK: 582 PAGE: 90
MORTGAGE JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
THIS MORTGAGE is made the ~__ ~-/7'~'day of March, 2005, by and between 1031
Reverse Holdings, LLC, a limited liability company, hereinafter referred to as the
"Mortgagor", and John E. Hunsaker and Bonnie M. Hunsaker, hereinafter referred to as
"Mortgagee".
The Mortgagor, for a2~d in consideration of the sum of One Hundred Thousand
Dollars ($100,000.00) lawful money of the United States and other valuable
consideration loaned to Mortgagor to purchase the subject property in a reverse § 1031
tax deferred exchange, the receipt of which is hereby confessed and acka~owledged,
does hereby mortgage to the Mortgagee, the following described real property situate
in the County of Lincoln, State of Wyoming:
See Schedule C attached hereto.
Together with all buildings and improvements thereon, or which may hereafter
be placed thereon; all fixtures now or hereafter attached to said premises; all water and
water rights, ditches and ditch rights, reservoirs and reservoir rights, mTd irrigation and
drainage rights; and all easements, appurtenances and incidents now or hereafter
belonging or appertaining there to; subject, however, to all covenants, conditions,
easements, and rights-of-way, and to' mineral, mining and other exceptions,
reservations and conditions of record.
TO HAVE AND TO HOLD the said real and personal property forever, the
Mortgagor hereby relinquishing and waiving all rights under and by virtue of the
homestead exemption laws of the State of Wyoming.
Mortgagor covenants that at the signing and delivery of this Mortgage, said
Mortgagor is lawfully possessed of said personal property; is lawfully seized in fee
simple of said real property, or has such other estate as is stated herein; has good and
lawful right to mortgage, sell m-~d convey all of said property; and warrants and will
defend the title to all of said property against all lawful claims and demands, and that
the same is free from all encumbrances.
However, this Mortgage is subject to the express condition that if Mortgagor
pays, or causes to be paid, to the Mortgagee the sum of One Hundred Thousand
Dollars ($100,000.00), until paid, according to the conditions of a Promisso~-y Note of
even date herewith, which Promissory Note was executed and delivered by the
Mortgagor to the Mortgagee, which sum or sums of money the Mortgagor hereby
covenants to pay, and until such payment, performs all of the covenants and
agreements herein to be performed by Mortgagor, then this Mortgage and said note
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shall cease and be null and void..
The parties further covenant and agree as follows:
1. Payment. Mortgagor shall pay the indebtedness as herein provided,
and the lien of this instrument shall remain in full force and effect during any
postponement or extension of time of payment of any part of the indebtedness secured
hereby.
2. Prepayments. Mortgagor shall have the privilege of paying any
principal sum or sums plus accrued interest, in addition to the payments herein
required, at any time without premium or penalty of any kind, and it is understood and
agreed that any such prepayment shall be credited first to interest and the balance to
principal in the inverse order of when due.
3. Transfer of the Property. If all or any part of the property or any interest
herein is sold or transferred by any means by Mortgagor without Mortgagee's prior
written consent, exclUding the creation of a lien or encumbrance subordinate to this
Mortgage o1' a transfer by devise, descent or by operation of law upon the death of a
joint tenant, Mortgagee may, at Mortgagee's option, declare all the sums secured by
this Mortgage to be immediately due and payable. Any delay or failure on the part of
the Mortgagee to demand payment shall not prejudice the Mortgagee's right there to.
Mortgagee shall have waived such option to accelerate if, prior to the sale or transfer,
Mortgagee at Mortgagee's sole discretion, enters into a written agreement with the
person whom the property is to be sold or transferred expressly consenting to such
assumption and setting forth any new terms or conditions of this Mortgage as may be
requested by the Mortgagee in exchange for the Mortgagee agreeing to an assumption
of this Mortgage.
4. Taxes and Assessments. Morgagee, not Mortgagor, shall pay all taxes and
assessments levied or assessed against said property.
5. Triple Net Lease Agreement. Mortgagor has leased the property to
Mortgagee pursuant to a Triple Net Lease Agreement. The parties shall be bound by
the terms and conditions of that agreement.
6. Default. If Mortgagor default in the payment of the indebtedness
hereby secured, for a period of ten (10) days after written notice, or in case of breach of
any covenant or agreement herein contained, the whole of the then indebtedness
secured hereby, together with all other sums payable pursuant to the provisions
hereof, shall, at the option of the Mortgagee, become immediately due and payable,
anything herein or in said note to the contrary notwithstanding, and failure to exercise
said option shall not constitute a waiver of the right to exercise the same in the event of
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any subsequent default. The Mortgagee may enforce the provisions of, or foreclose,
this Mortgage by any appropriate suit, action or proceeding at law or in equity, and
cause to be executed and delivered to the purchaser or purchasers at any foreclosure
sale a proper deed of conveyance of the property so sold. The Mortgagor and
Mortgagor hereby grant the Mortgagee the power to foreclose by advertisement and
sale as provided by statute. All remedies provided in fl~is Mortgage are distinct m~d
cumulative to any other right or remedy under this Mortgage or afforded by law or
equity and may be exercised concurrently, independently or successively. Mortgagor
agree to pay all costs of enforcement or foreclosure, including a reasonable attorney
fee. The failure of the Mortgagee to foreclose promptly upon a default shall not
prejudice any right of said Mortgagee to foreclose thereafter during the continuance of
such default or right to foreclose in case of further default or defaults. The net proceeds
from such sale shall be applied to the payment of: first, the costs and expenses of the
foreclosure and sale, including a reasonable attorney fee, m~d all moneys expended or
advanced by the Mortgagee pursuant to the provisions of tt~s Mortgage; second, all
unpaid taxes, assessments, claims and liens on said property, which are superior to the
lien hereof; third, the balance due Mortgagee on account of principal and interest on the
indebtedness hereby secured; and the surplus, if any, shall be paid to the Mortgagor.
7. Sufficiency of Foreclosure Proceeds/Non-Recourse Mort§age. If the
property described herein is sold under foreclosure and the proceeds are insufficient to
pay the total indebtedness hereby secured, Mortgagor executing the note for which tigris
Mortgage is security shall not be personally bound to pay the unpaid balance.
8. Notices. All notices, demands or other writing in this Mortgage
provided to be given, made or sent by either party to the other shall be in writing and
shall be validly given or made only if personally delivered with a receipt obtained from
the person receiving the notice, or sent by certified U~ited States mail return receipt
requested, or if sent by Federal Express or other similar delivery service keeping
records of deliveries m~d attempted deliveries. Service shall be conclusively deemed
made upon receipt if personally delivered or, if delivered by mail or delivery service, on
the first business day delivery is attempted or upon receipt, whichever is sooner. The
parties mailing addresses are as follows:
Mortgagor:
Mortgagee:
P. O. Box 449
Jackson, WY 83001
c/o Gerald Goulding
Attorney at Law
P. O. Box 968
Alton, WY 83110
9. Release. Upon payment of ali sums secured by this Mortga§e,
Mortgagee shah release this Mortgage without charge. Mortgagor sh~] pay all costs of
recordation, i£ any.
IN WITNESS WHEREOF, the said Mortgagor has hereunto signed and sealed
these presents the day and year first above written.
DATED fi'LiS 9--9'~day of March, 2005.
1031 Reverse Holdings, LLC, a
Wyoming limited liability company:
1(331 Exch~nge,-'ri'nc., a Wyoming
corporation, Manager
STATE OF WYOMING )
)
COUNTY OF TETON )
The foregoing instrument was acknowledged before me this c? ~' day of March,
2005 by Frank Hess as President of 1031 Exchange, Inc., the Manager of 1031 Reverse
Holdings, LLC, who executed the instrument on behalf of said corporation and limited
liability company.
Given under my hand and seal the date first above written.
Teton ~ W¥o.min,g~
~My CommissiOn Expires
Notary Public
My Commission expires
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00.94
ALTA COMMITMENT - 1982 - Wy
Commitment' No.: FA 12823 TBD
SCHEDULE C
The land referred to 'in this commitment is situated in the State of Wyoming, County of Lincoln, and is described as
follows:
A portion of the N~S~ of Section 31, T31N RllSW of the 6th P.M., Lincoln
County, Wyoming more particularly described as follows:
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Beginning at a BLM tYPe 'monument set marking the location of the
southeast co,ner of the NW~SE~ of said Section 31;
thence S 89049'23" W,. along the South line of the NW~SE~, 1318.54
feet, to a BLM type monument found marking the location of the
Southwest corner o~ the NW~SE~;
thence S 89044'44" W, along the South line of the NE~SW~, 657.315
feet;
thence North 877.06 feet;
thence N 89°49'01'' E, 1591.'995 feet;
thence S 0°15'07" E, 463.00 feet;
thence N 89°49'01" E, 380.00 feet;
thence S 0°15'07'' E, along the East line of said NW~SE~, 413.37
feet to the point of beginning.
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