HomeMy WebLinkAbout907678 RECEIVED 4/15/2005 at 1:49 PM
RECEIVING # 907678
BOOK: 583 PAGE: 156
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
TA TE MOR TGA GE
(Wyoming)
rtlIS MORTGAGE is granted by SALT RIVER HOMES, LLC, a Wyotning Limited Liability Company, as MORTGAGOR, to
REINHAR T-ED WARDS, L.L.C., a Wyoming Limited Liability Company, as MOR TGA GEE.
WITNESSETH:
Mortgagor, for good and vahtable considerations, the receipt of which is hereby acknowledged, does hereby GRANT, BARGAIN, SELL, CON VEY AND
WARRANT, and further releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming, unto the Mortgagee, his
successors and assigns, all of the following described real property, to wit:
Lot 217 of Nordic Ranches, Division No. 13, Lincoln Cottnty Wyoming, accordhtg to the recorded plat thereof
recorded itt the Lincoln County Recorder's office.
TOGETHER WITH any and all improvements, water and ditch rights, rights of ways, easements, privileges, ventilating, tenements,
hereditaments and appurtenances thereunto belonging or in anywise appertaining, now or hereafter used on said land or belonging to
said Mortgagor, and any reversion, remainder, rents, issues and profits thereof, hereinafter referred to as the "Property ".
This grant is intended as a Mortgage, a Fixture Filing and Security Interest for the Purpose of Securing:
1. Performance of each agreement of Mortgagor herein contained, each agreement and covenant contained in the loan documents associated with this
mortgage, and any extension, renewal, modification and/or amendment thereof "Loan documents" shall inchtde the above described note, this
mortgage, and any other documents or instruments signed in connection with this loan.
2. Payment of the indebtedness evidenced by a promissory note of even date herewith, and any extension or renewal thereof, in the principal sum of
THIR TY-FOUR THOUSAND DOLLARS ($34,000.00), the final payment of principal and interest thereof, if not sooner paid, to be finally
due and payable April 15, 2006.
3. Payment of all such further sums as may hereafter be loaned or advanced by the Mortgagee for any purpose; and any notes, drafts and/or other
instruments representing such fitrther loans, advances or expenditures shall be optional with the Mortgagee, and shall become due and payable no later
than the final maturity date of said note secured hereby; and provided fi~rther, that it is the express intention of the parties to this Mortgage that it shall
stand as continuing security until all such loans, advances or expenditures together with interest thereon, are paid in full.
A. To protect the security of this Mortgage, Mortgagor warrants, covenants and agrees:
1. The property is free from all encumbrances, except as may be described herein, and that Mortgagor shall warrant and defend the same forever
against the lawful claims and demands of all persons whomsoever, and this covenant shall not be extinguished by foreclosUre or other transfers.
2. To keep all buildings and other improvements now or hereafter existing in good condition and repair; to not remove or demolish any building or
other improvement thereon; to complete or restore promptly and in a good workmanshiplike manner any improvement which may be constructed,
damaged or destroyed thereon; to pay when due all claims for labor performed and materials fitrnished thereto or therefor; to comply with all laws
affecting said property or requiring any alterations or improvements to be made thereon; to not commit or permit waste thereof or thereon; to maintain,
cultivate, irrigate, fertilize, fumigate, prune, all in a good and husbandrylike manner, the land and improvements thereto; to not change or permit change
in the use of the property; to not do anything which would reduce the vahte of the property; and do all other acts which from the character or use of said
property may be reasonably necessary, the specific enumerations herein not excluding the general.
3. To provide, maintain and deliver fire insurance satisfactory and with loss payable to Mortgagee; to maintain liabih'ty insurance; to pay all
premiums and charges on all such insurance when due; and to provide Mortgagee satisfactory evidence of such insurance upon request. The amount
collected under any fire or other insurance policy may, at Mortgagee's option and determination, be applied upon any indebtedness secured hereby in
such order as Mortgagee determines, be released to Mortgagor in whole or part, or any combination thereof Such application or release shall not cure
or waive any default or notice of default hereunder or invalidate any act done pursuant to such notice.
4. To pay before delinquency all taxes, assessments, or rents affecting said proper.ty; to pay when due all encumbrances, charges and liens, with
interest, affecting said property which are or may appear to be prior or superior hereto; and to pay all costs, fees and expenses of this Mortgage and
associated loan documents.
5. To pay immediately and without demand all sums expended by Mortgagee pursuant to the provisions hereof, with interest from date of expenditure,
at a rate equal to the interest rate payable under the promissory note described above or twelve percent (12%) per annum, whichever is greater.
6. To appear in and defend any action or proceeding purporting to affect the security hereof or the rights or powers of Mortgagee; to pay, on demand,
all costs and expenses, including without limitation, cost of title evidence, reasonable attorney's fees, advances, and/or costs, paid or incurred by
Mortgagee to protect or enforce its rights under banlo-ttptcy, appellate proceedings or otherwise, and all such costs and expenses shall become a part of
the indebtedness secured by this mortgage.
7. Should Mortgagor fail to make any payment or to do any act as herein provided, Mortgagee, but without obligation so to do and without notice or
demand upon Mortgagor and without releasing Mortgagor from any obligation hereof, may: make or do the same in such manner and to such extent as
Mortgagee may deem necessary to protect the security hereof, Mortgagee being authort2ed to enter upon said property for such purposes; appear in and
defend any action or proceeding purporting to affect the security hereof or the rights or powers of Mortgagee; pay, purchase, contest or compromise any
encumbrance, charge or lien which in the judgment of Mortgagee appears to be prior or superior hereto; and in exercising any such powers or in
enforcing this Mortgage by judicial foreclosure or otherwise, pay the necessary expenses, costs and reasonable attorney's fees.
8. To comply with all laws, ordinances, regulations, covenants, conditions and restrictions affecting the Property and its use, inchtding without
limitation all environmental laws; not to use or permit the use of the Property for any unlawful or objectionable purpose; to remedy any environmental
contamination or violation of environmental laws that may occur or be discovered in the fi~ture; to allow Mortgagee access to the Property to inspect its
condition and to test and monitor for compliance with applicable laws (any inspections or tests made by Mortgagee shall be for Mortgagee's purposes
only and shall not be construed to create any responsibility or liability on the part of Mortgagee to Mortgagor or to any other person); to fomvard copies
of any notices received from any environmental agencies to Mortgagee; and to Indemnify and hold Mortgagee, his employees, agents and his successors
and assigns, harmless from and against any environmental claims of any kind, and all costs and expenses incurred in connection therewith, including,
without limitation, attorney's fees.
9. Any award of damages in connection with any condemnation for public use of or injury to said property or any part thereof, is hereby assigned and
shall be Paid to Mortgagee who may apply or release such monies received by him in the same manner and with the same effect as above provided for
disposition of proceeds of fire or other insurance.
10. The failure of Mortgagee to exercise any right or option provided herein at any time, shall not preclude Mortgagee from exercising any of Such
rights at any other time; by accepting payment of any sum secured hereby after its due date, Mortgagee does not waive his right either to require prompt
payment when due of all other sums so secured or to declare default for failure so to pay; all rights conferred on Mortgagee are cumulative and
additional to any rights conferred by law; and if any provision is found to be invalid or unenforceable, such invalidity or unenforceability shall not affect
any other provision hereof and the mortgage shall be.construed as though such provision had been omitted.
] 1. ,4s additional security, Mortgagor hereby gives to and confers upon Mortgagee the right, power and authority, during the continuance of this
mortgage, to collect the rents, issues and profits of saidproperty as they become due and payable; Reserving however unto Mortgagor, prior to any
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defuuh b), Mortgagor in payment of any indebtedness secured hereby or in performance of any agreement hereunder, the right to collect and retain such
rents, issues and profits. Upon any such default, Mortgagee may at any time without notice, either in person, by agent or court appointed receiver, and
without regard to the adequacy of any security for the indebtedness hereby secured, enter upon and take possession of said property or any part thereof,
in his own name sue for or otherwise collect such rents, issues and profits, including those past due and unpaid, and apply the same, less costs and
expenses of operation and collection, including reasonable attorney's fees, upon any indebtedness secured hereby, and in such order as Mortgagee may
determine. The entering upon and taking possession of said proper~, the collection of such rents, issues and profits and the application thereof as
aforesaid, shall not cure or waive any default hereunder or invalidate any act done pursuant to any such default notice.
12. DUE ON SALE: The indebtedness and obligations secured by this mortgage is personal to the Mortgagor and is not assignable by Mortgagor.
Mortgagee has relied upon the credit of Mortgagor, the interest of Mortgagor in the Proper~ and the finoncial market conditions then existing when
making this loan. if Mortgagor transfers or contracts to transfer, title to or possession o~ all or part of the ProperS, or any equitable interest therein,
whether by deed, contract for deed assignment, lease for a term in excess of one year, lease with an option to purchase, option to purchase, or similar
agreement or ~the ownersh¢ of any corporation or partnership, owning all or any portion of the Property shall be changed either by volunta~ or
involunta~ sale or transfer or by operation of law, Mortgagee may declare all sums due under any note, securi~ agreement, anWor loan documents
associated herewith, immediately due and payable. Noncompliance with this covenant shall constitute and be a default of this obligation which shall
entitle Mortgagee to effectuate any and all remedies provided.
13. Time is of the essence and a material part of this agreement. In the event of default, at Mortgagee's option, the entire indebtedness secured hereby
shall forthwith become due and payable and bear interest at the rate of T}gELgE PERCENT (12~) per annum; Mortgagee shall have the right to
foreclose the lien of this mortgage, to have a receiver appointed in any court proceedin& to collect any rents, issues and profits from the Proper~ and
apply them against the indebtedness hereby secure& to sell the Proper~ at foreclosure en masse, or as one lot or parcel at the option of Mortgagee, and
to exercise any rights and remedies available under the Un~orm Commercial Code for the State in which the proper~ is locate& and reasonable notice
~required by such Code shall be five (5) days.
14. The Mortgagee may at any time, without notice, release portions of saM mortgaged premises from the lien of this mortgage, without affecting the
personal liabili~ of any person for the payment of the said indebtedness or the l~en of this mortgage upon the remainder of the mortgaged premises for
the fidl amount of said indebtedness then remaining unpaid
15. Mortgagor and each of them join in this instrument for the purpose of subjecting each of their right, title and interest, ~any, in the ProperS,
whether of record or othe~ise and including any right to possession, to the lien of this mortgage.
16. This mortgage, all loan documents and the note(s) secured hereby shall be governed and construed according to the laws of the State of Wyoming.
In the event of default, Mortgago~agee a Power of Sale to foreclose on and sell said proper~ at public auction pursuant to Wyoming
Statute Section 34-4-101 et:s~~.
17. This mortgage appliesAo, ~res~ oen~ ~ and binds all parties hereto, their heirs, devisees, personal representatives, successors and
assigns. The term M~f~e~an the ~Oer~q owner of the note secured hereby; or if the note has been pledged, the pledgee thereof In this
Mortgage, w~~~,~e maT,~ne genderincludes the~minine anWorneuter, andthesingularnumberincludes ,heplural.
/
Joseph ~n~ge~
CO UNIT OF BONNEVILLE )
On. 4//~/0~ ,beforeme, the undersigned, personalt, appeared
LARRY REINHART and JOSEPH BELLOFF
known or identified to me to be the Managers of SALT R1VER HOMES, LLC and
acknowledged to me that said Limited Liability Company executed the same.
Notary Public for the State of
Commission Expiration Date:
NOTARY PUBLIC
STATE OF IDAHO
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