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HomeMy WebLinkAbout90781700540 NORTHERN UTAH PARTNERS, LLC 175 EAST 400 SOUTH, SUITE 700 SALT LAKE CITY, UTAH 84111 MORTGAGOR 'l" includes each mortgagor above. HOWARD KENT, INC. PROFIT SHARING PLAN 261 EAST 300 SOUTH, SUITE 350 SALT LAKE CITY, UTAH 84111 MORTGAGEE "You"mens Se mortgagee, itssu~essors Md ~signs. REAL ESTATE MORTGAGE: For value received, I, NORTHERN UTAH PARTNERS, LLC, mortgage, grant and convey to you, with power of sale on the real estate described below and all rlgtus, easements, appurtenances, rents, leases and improvements and fixtures that may now or at any tlme in the future' be part of the property (all called the "property"). PROPERTY ADDRESS: LEGAL DESCRIPTION: SEE ATTACHED SCHEDULE "A" INCORPORATED HEREIN BY REFERENCE Io~ated in Lincoln Count, State of W~OMINO. TITLE:I covenant and warrant title to the property, except for encumbrances of record, municipal and zoning ordinances, current taxes and assessments not yet due and payab,le. SECURED DEBT: This mortgage secures repayment of the secured debt and the performance of the covenants and agreements contained in this mortgage and in any other document incorporated herein. Secured debt, aZ used in this mortgage, includes soy amounts I may at any time owe you under this mortgage, thc instrument or agreement described below, any renewal, refinancing, extension or modification of such instrument or agreement, and, if applicable, the future advances described below. The secured debt is evidenced by (describe the instrument or agreement secured by this mortgage and the date thereof:) APr. omissory Note .dated April 18, 200..5, and executed by Mortgagor as Maker to Mortgagee as payee in the principal amount of gix Hundred Fifty Thousand'Dollars ($650,000.00). The above obligation is due and payable on Oct. 18, 2005 if not paid earlier. The total unpaid balance secured by this mortgage at any one time shall not exceed a maximum principal amount of,~xttnaclred Fifty Thousand Dollars ($650,000.~1us Interest, and all other amounts, plus interest, advanced under the terms of this mortgage to protect the security of this mortgage or to perform any of the covenants and agreements contained in this mortgage. [] Future Advances: The above amount is secured even though all or part of it may not yet be advanced. Future advances are 'contemplated add willbe made in accordance with the terms of the note or loan agreement evidencing the secured debt and willhave priority, to the same extent as if made on the date this mortgage is executed. [] Variable Rate: The interest rate on the obligation secured by this mortgage may vary according to the terms of that obligation. [] A copy of the loan agreement containing the terms under which the interest rate may vary is attached to this mortgage and made a part hereof. RIDERS: [] Commercial [] Constxuction [] SIGNATURES: By ~igning below, I agree to the terms and covenants contained on pages I and 2 of this mortgage. In any instruments e,4dencing the secured debt and in any riders described above and signed by.me. I acknowledge receipt of a copy of this mortgage. NORTHE ~RN .UTAH ~ARTNERS , LLC By: ~ .~ GREGORY A. ST~ART~ Managi~'g Member STATE OF UTAII COUNTY OF DAVIS ss. Ott the 18th day of April , A.D. 2005., personally appeared before me GREGORY A. S'lqJART. Mann,ting Member of NORTIIERN UTAIt PARTNERS. LLC , the si. gner(s) ofthe above i~tstrument, wlto duly acknowledged to me that Itc executed the stone, by authority of the articles of organization, and, as the act oT-s~fd limited l~ability company. Witness my hand .and official seal. ~~ My Commi6sion Expires: Nov'. 19, .2008 IDS. 'ooaooneuaa "! ~$11~WOO~ANOp~ ~I /., LAYTON, UT 84041 COMM. EXP. 11-t9-2008 I RECEIVED 4/21/2005 at 4:25 PM RECEIVING# 907817 BOOK: 583 PAGE: 540 JEANNE WAGNER L NCOLN COUNTY~,~,,,.K, KEMMERER. WY .00541 1. PaymenLs. I agree to make all payments on the secured debt whe'n due. Unless we agree otherwise, any payments you receive from me or for my benefit will be applied first to any amounts I owe you off the secured debt exclusiveof interest or principal, second, to interest and then lO principal. If partial prepayment of the secured debt occurs for any reason, it will not reduce or excuse any subsequently scheduled payment until the secured debt is paid in full. 2. Claln~ against Title. I will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, and other charges relating to thc property when due. You may require me to provide to you copies of all notices that such amounts are due and the receipts evidencing my payments. I willdcfcnd title to the property against any claims that would impair the lien of this mortgage. You may require me to assign any rights, claims or defenses which I may have againsl parties who supply labor or materials to improve or maintain the property, 3. Insurance. I will keep the property insured under terms acceptable to you at my expense and for your benefit. This insurance wi[~ include a standard mortgage clause in your favor. You willbc named as loss payee or as the insured on any such insurance policy,Any insurance proceeds may be applied, within your discretion, to either the restoration or repair of the damaged property or to the secured debt if you require mortgage insurance. 1 agree to maintain such insurance for as long as you require. 4. Property. I willkeep the property in good condition and make, all repairs reasonably necessary. I willgiveyou prompt notice of any loss or damage to the property. 5. Expenses. I agree to pay all of the expenses you incur, including reasonable attorneys' fees, if I breach any covenants in this mortgage or in any obligation secured by this mortgage, I will pay these amounts to you as provided in Covenant 10 of this mortgage. 6. Default and Acceleration. If I fait to make any payment when due or breach any covenants under this mortgage, any prior mortgage or any obligation 'secured by this mortgage, you may, at your option, accelerate the maturity of the secured debt and demand immediate payment, and exercise any other remedy available to you. You may enforce this mortgage by exercising any remedy provided by law, including, but not limited to, the power of sale. You will be entitled to a judgment for any deficiency as provided by law. If you elect to exerciseyou power of sale, you willgive notice of your intent w foreclose by advertisement and sale as provided by law. You willpublish notice of the sale and sell the property according to applicable law. The proceeds of the sale will be applied first to the costs and expenses of the sale including, but not limited to, reasonable attorneys' fees, then to payment of the secured debt, and finally, if there is any surplus, to the person(s) legally entitled to it. 7. Assignment of Rents and Profits and Lender In Possession. I assign to you the rents and profits of the property, Unless we have agreed otherwise in writing, I may collect and retain the rents as long as I am not in default. If you accelerate this mortgage as provided in paragraph 6 or ill abandon the property, you are entitled to enter upon, lake possession and manage the property, and collect the rents and profits of the property, either in person, by agent or by court appointed receiver,until the expiration of any period of redemption following judicial sale. Except when otherwise directed by the court, any rents and profits you collect will be applied first to the costs of managing the property and collecting the rents and profits, including, but not limited to, receivers fees, courl costs, and reasonable attorneys' fees, and then to payments of the secured debt as provided in Covenant I. 8. Prior Security Interest, I will make payments when due and perform all other covenants under any mortgage, deed of trust, or other security agreement that has priority over this mortgage. I willnot make or permit any modification or extension of any mortgage, deed of trust or other security interest that has priority over this mortgage or any note or agreement secured thereby without your written consent. I willpromptly deliver to you any notices I receive from any person whose rights in the property have priority over your rights. 9. Leaseholds; Condominiums; Planned Unit Development. I agree to comply with the provisions of any lease if this mortgage is on a leasehold. If this mortgage is on a unit in a condominium or a planned unit development, I will perform all of my duties under the covenants, by-laws, or regulations of the condominium or planned unit development. 10. Authority of Mortgagee to Perform for Mortgagor. If I fail to perform any of my duties under this mortgage, or any other mortgage, deed of trust, lien or other security interesl that has priority over this mortgage, you may perform the duties or cause them to be performed. You may sign my name or pay any amount if necessary for performance. If any construction on the property is discontinued or not carried on in a reasonable manner, you may do whatever is necessary to protect .your security interest in the property. This may include completing the construction. Your failure to perform 'will not preclude you from exercising any of your other rights under the law of this mortgage. Any amounts paid by your to protect your security interest will be secured by this mortgage. Such amounts will be due on demand and will bear interest from the date of the payment until paid in full at the interest rate in effect from time to time on the secured debt. 11. Inspection. You may enter the property to inspect it if you give me notice beforehand. The notice must state the reasonable cause for your inspection. 12. Condemnation. I assign to you the proceeds of any award or claim for damages c~nnected with the condemnation or other taking of all or any part of the property. Such proceeds will be applied as provided in Covenant 1. This assignment is subject to the terms of any prior security agreement. 13. Waiver. By exercising any remedy available to you, you do not give up your rights to later use any other remedy. By not exercising any remedy, if I default, you do not waive your right to later consider the event a default if it happens again. 14. Joint and Several l~iability; Co-Signers; Successors and Assigns Bound. All duties under this mortgage are joint and several. If I sign this mortgage but do not sign the secured debt I do so only to mortgage my interest in the property to secure payment of the secured debt and by doing so, I do not agree to be personally liable on the secured debt. I also agree that you and any party to this mortgage may extend, modify or make any other changes in the terms of this mortgage or the secured debt without my consent. Such a change will not release me from the terms of this mortgage. The duties and benefits of this mortgage shall bind an benefit the successors and assigns of either or both of us. 15. Notice. Unless otherwise required by law, any notice to me shall be given by delivering it or by mailing it by certified mail addressed to me at the Property Address or any other address that I tell you. I will give any notice to you by certified mail to your address on page I of this mortgage, or to any other address which you have designated. Any notice shall be deemed to have been given to either of us when given in the manner slated above. 16. Transfer of the Property or a B~neflclal Int~r,~ in the Mortgagor.lf ali or any part of the property or any interest in it is sold or transferred without you prior written consent, you may demand immediate payment of the secured debt. You may also demand immediate payment if the mortgagor is not a natural person and a beneficial interest in the mortgagor is sold or transferred. However, you may not demand payment in the above situations if it is prohibited by federal law as of the date of this mortgage. 17. Release. Pursuant to law, when I have paid the secured debt in full, all underlying agreements have been terminated, and I have mailed to you a written request for the release, you will release this mortgage without charge to me within 30 days of your receipt of my request for the release, I agree to pay all costs to record the release. 18. Severability. Any provision or 'douse of this mortgage or any agreement evidencing the secured debt which conflicts with applicable law willnol be effective unless that law expressly or impliedly permits variations by agreement. If any provision or clause of this mortgage or an agreement evidencing the secured debt cannot be enforced according to its terms, this fact willnot affect the enforceability of the balance of the mortgage and the agreement evidencing the secured debt. 19. Waiver of Homestead Exemption. l hereby release and waive all rights under and by virtue of the homestead exemption laws of WYOMING. IDS, Ir~. 00542 SCFIEDULE "A" situated in the State of Wyoming, County of Lincoln, and is described as: That part of the SW~SW~ of Section 19, T32N RllSW of the 6th P.M., Lincoln County, Wyoming, within the North Afton Annexation to the Town of Afton, Wyoming, described as follows: Beginning at the intersection of the south line of said SW~S~ with the east right of way line'of U.S. Highway 89, S 89°25.9, E, 50.54 feet from the southwest corner of said SWWSW~, found as described in the Certified Land Corner Recordation Certificate filed in said Office; thence continuing S 89025.9' E, 299.31 feet, along said south line, to a point on the east line of said Annexation; thence N 00°14.6' W, 220 feet, along said east line, to a bathey; thence N 89025.9, W, 299.15 feet, to a bathey on said east right of way line; thence S 00°12.1' E, 220 feet, along said east right of way line, to the point of beginning.