HomeMy WebLinkAbout907781 RECEIVED 4120/2005 at 4:46 PM
RECEIVING # 907781
BOOK: 583 PAGE: 462
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, VVY
'TA TE MORT GA GE
(~Vyoming)
00462
THIS IYlORTG,4GE is granted by RODNEY G. JONES and MARILYN L. JONES, husband and wife, as MORTG,4GOR, to
SALT RIVER HOS'[ES, LLC, a Wyoming Limited Liability Company; as MORrG,4G££.
WITNESS E TtI:
~k, rortgagor, for good and valuable considerations, the receipt of which is hereby acknowledged, does hereby GRANT, BARGAJ~, SELL, CONVEY
AND WARRANT, and further releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming, unto the ]?iortgagee,
his successors and assigns, all of the following described real property, to wit:
Lot 204 of Nordic Ranches Division No. 13, Lincoln County, Wyoming as described on the
official plat th ereof.
TOGETHER WITH arty 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 "Pro]aerty ".
This grant is intended as a 3/lortgage, a Fixture Filing and Security Interest for the Purpose of Securing:
]. 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 include 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 TWENTY TWO THOUSAND SEVEN HUNDRED AND NO~lO0 ($22,700.00), the-final payment of principal and interest
thereof, if not sooner paid, to be-finally due and payable APRIL 12, 2008.
3. Pc(pment of all such fi, rther sums as may hereafter be loaned or advanced by the ]k[ortgagee for any purpose; and any notes, drafts and/or other
inslr~tments representingsuch further loans, advances or expendituresshall be optional with the ~¥ortgagee, and shall become due and payable no
later than the final maturity date of said note secured hereby; and provided further, that it is the express intention of the parties to this ~¥ortgage that
it shall stand as continuing security until all such loans, advances or expenditures together with interest thereon, are paid in fidl.
,4. To lJratect the security of this lYlortgage, 2Ylortgagor warrants, covenants and agrees:
]. The property is free from all encumbrances, except as may be described herein, and that ~'Iortgagor 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 foreclasure 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 restorepromptly 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 fi, rnished 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, fertili2e, fumigate, prune, all in a good and hasbandrylike nmnner, the land artd improvements thereto; to not change or
permit change in the use of the property; to not cio anything which wo~dd reduce the value of the property; and do all other acts which from the
charactek or use of said property may be reasonably necessary, the specific enumerations herein not excluding the general
3. To provide, maintain and deliver ftre insurance satisfactory and with loss payable to ~vIortgagee; to maintain liability insurance; to pay all
premiums and charges on all such insurance when due; and to provide 3[ortgagee satisfactoryevidence of such insurance upon request. The amount
collected under any fire or other insurance policy may, at lk. tortgagee's option and determination, be applied t,pon 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 property; 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 JVfortgage and
associated loan docutnents.
5. To pay immediatelyand without demand all sums expended by lkIortgageepursuant 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 proceedingpt,rporting 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 bankruptcy, 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 ]P[ortgagor and without releasing 2k_[ortgagor from any obligation hereof may: make or do the same in such manner and to such
extent as ~V[ortgagee may deem necessary to protect the security hereof, ]k, rortgagee being authorized to en ,er upon said property for such purpases;
appear in and defend any action or proceeding purporting to affect the security hereof or the rights or powers of Mortgagee; pc, y, purchase, contest
or compromise any enm, mbrance, charge or lien which in the judgment of lk, rortgagee appears to be prior or superior hereto; and in exercising any
st,ch powers or in enforcing this Mortgage by judicial foreclasure 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, including without
limitation all environmental laws; not to use or permit the use of the Property for any unlawfiul or objectionable purpose; to remedy any
environmental contamination or violation of environmental laws that may occur or be discovered in the fitture; 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 3/,rortgagee shall be
for lkiortgagee 's purposes only and shall not be construed to create any responsibilityor liability on the part of J?iortgagee to ~[ortgagor or to any
other perso~O; to forward copies of any notices received from any environmental agencies to ]kIortgagee; and to'Indemaify and hold ]Vlortgagee, 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, inch,ding, 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 !kiortgagee 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 Jv£ortgagee to exercise any right or option provided herein at any time, shall not preclude ]kfortgagee from exercising any of such
rights at any other time; by acceptingpayment of any sum secured hereby after its due date, 2P[ortgagee 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 righ ts conferred on ~kfortgagee are cunadative
and additional to any rights conferred by law; and if any provision is found to be invalid or unenforceable, such invalidity or unenforceabilityshall
/ r
not affect any other provision hereof and the mortgage shall be construed ax though such provision had been omitted.
11. As additional security, Mortgagor hereby gives to and cortfers upon Mortgagee the right, power and authority, during the continuance of this
mortgage, to collect the rents, issues and profits of said property ax they become due and payable; Reserving however unto Mortgagor, prior to any
defctult by ~[ortgagor 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, ]v[ortgagee 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 proper(v or
any parl thereof, in his own name sue for or otherwise collect such rents, issues and profits, including those paxt 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 irt such
order ax 3/,rortgagee may determine. The entering upon and taking possession of said property, the collection of such rents, issues and profits and the
application thereof ax aforesaid, shall not cure or waive any defatdt hereunder or invalidate any act done pursuant to any such default notice.
J 2. DUE ON SALE: The indebtedness and obligations secured by this mortgage is personal to the 3/[ortgagor and is not axsignable by IV/ortgagor.
3/[ortgagee has relied upon the credit of Mortgagor, the interest of h/[ortgagor in the Property and the financial market conditions then existing when
making this loan. If Mortgagor transfers or contracts to transfer, title to or possession of, all or part of the Property, 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 if the ownership of any corporation or partnership, owning all or any portion of the Property shall be changed either by
voluntary or involuntary sale or transfer or by operation of law, IVlortgagee may declare all sums due under any note, security agreement, and/or
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.
]3. Time is of the essence and a material part of this agreement. In the event of default, at 3/[ortgagee's option, the entire indebtedness secured
hereby shall forthwith become due and payable and bear interestat the rate of TWELVE PERCENT (12%) per annum; 3/[ortgagee shall have the
right to foreclose the lien of this mortgage, to have a receiver appointed in any court proceeding, to collect any rents, issues and profits from the
,Property and apply them against the indebtedness hereby securec~ to sell the Property at foreclosure en masse, or as one lot or parcel at the option
of Mortgagee, and to exerciseany rights and remedies available under the Uniform Commercial Code for the State in which the property is locate&'
and rectxonable notice if required by such Code shall be five (5) days.
14. The 2V[ortgagee may at any time, without notice, releaxeportions of said mortgaged premises from the lien of this mortgage, without affecting
the personal liability of any person for the payment of the said indebtedness or the lien of this mortgage icon 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, if any, in the Property,
whether of record or otherwise 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, Mortgagor grants to 34ortgagee a Power of Sale to foreclose on and sell said property at public attction pursuant
to Wyoming Statute Section 34-4-101 et:seq.
] 7. This mortgage applies to, inures to the benefit of and binds all parties hereto, their heirs, devisees, personal representatives, successors and
axsigns. The term Mortgagee shall mean the holder and owner of the note secured hereby; or if the note hax been pledged, the pledgee thereof. In
this 3/[ortgage, wherever the context so requires, the masculine gender includes the feminine and/or neuter, and the singular number includes the
plural.
Dated: April ]2, 2005
STATE OF WYOMING )
County of [_.4 /L/60 ~ AI )
The foregoing instrument was acknowledged before me by Rodney
Jones and Marilyn L. Jones, this / 7~n~ day of /~tt~6 . 2005.
~ta~ Public for Wyomi~
Real Estate 3¥ortgage (]/99) - Page 2
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