HomeMy WebLinkAbout909112MORTGAGE
Jason Lowder and Jennifer Lowder, Husband and Wife, collectively referred to as
"Mortgagor," to secure the payment of Twelve Thousand Eight Hundred Dollars
($12,800.00), with interest, evidenced by a PromissoryNote (hereinafter the "Note") of even
date herewith, and all other amounts due thereunder and all extensions and renewals thereof,
when and as the same shall become due and payable herebymortgages and warrants to James
Alden Jones, referred to as "Mortgagee" and Mortgagee's successors and assigns, the real
estate in Lincoln County, Wyoming described as:
Lot 70 in Star Valley Ranch, Plat 16, Lincoln County, Wyoming as described
on the official plat thereof.
Together with all wells, buildings, structures, improvements, fixtures, and articles of personal
property affixed to or used in connection with the real estate, to all of which Mortgagor
represents that they have title free and from any prior liens or encumbrances (all of the above
being collectively referred to as the "Premises").
THE MORTGAGOR HEREBY COVENANTS AND AGREES WITH THE
MORTGAGEE AS FOLLOWS:
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This Mortgage is given to secure payment and the Mortgagor promises to pay to
Mortgagee the amount of Twelve Thousand Eight Hundred Dollars ($12,800.00),
with interest, evidenced by a Promissory Note of even date herewith, and all other
amounts due thereunder and all extensions and renewals thereof, when and as the
same shall become due and payable. Each such payment shall be applied first to the
payment of interest and any balance remaining after the payment of interest shall be
applied to the reduction of the unpaid principal balance.
Time is of the essence and if any amount shall not have been paid when due as
provided in this Note, the entire indebtedness may become due and payable at once
at the option of the holder and without notice, and thereafter the unpaid principal
shall bear interest at the rate of fifteen percent (15%) per annum; failure to exercise
this option howsoever often shall not constitute a waiver of the right to exercise it
thereafter. In case of any other event of default shall occur as provided in the Note
or this Mortgage, and if Mortgagor after receiving written notice from Mortgagee
demanding cure of such default fails to cure the same within 10 days after such
notice, the entire indebtedness may become due and payable at once at the option of
the Mortgagee and without notice, and thereafter the unpaid principal shall bear
interest at the rate of fifteen percent (15%) per annum; failure to exercise this option
howsoever often shall not constitute a waiver of the right to exercise it thereafter.
Mortgagor will pay the indebtedness hereby secured promptly and in full compliance
with the terms of said Note and this Mortgage. The time of payment of said
indebtedness, or any portion thereof, may be extended or renewed, and any portions
of the premises herein described may, without notice, be released fi.om the lien
hereof, without releasing or affecting the liability for the payment of said
indebtedness then remaining unpaid. No change in the ownership of said premises
shall release, reduce or otherwise affect any such liability for the lien hereby created.
It is further agreed that the taking of additional security of any nature shall not impair
or release this Mortgage; and as a further security this Mortgage shall become due
and payable in full at the option of the Mortgagee if the Mortgagor, or Mortgagor's
legal representatives, successors or assigns shall convey the mortgaged property or
if legal or equitable title thereto shall become vested in any other person or persons
in any manner whatsoever excepting those conveyances approved in writing by
Mortgagee. The acceptance of any payment on the Note by the Mortgagee shall not
constitute a waiver of this option, and consent to any one such conveyance shall not
constitute consent to any subsequent conveyance or a waiver of this option.
Mortgagor shall pay or cause to be paid all taxes and assessments levied or assessed
against the premises, and shall comply with all recordation and other laws affecting
the security of this Mortgage at the expense of Mortgagor.
Mortgagor will keep the premises free and clear of all other liens and encumbrances
which may be or become superior to the Lien created hereby.
Mortgagor will not commit or permit waste on the premises and will keep and
maintain the premises in good repair.
0074S
RECEIVED 6/10/2005 at 9:09 AM
RECEIVING # 909112
BOOK: 587 PAGE: 746
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
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Mortgagor will pay all expenses and attorney's fees incurred by the Mortgagee,
successors or assigns, for the protection of the lien of this Mortgage or for the
collection of any amount due on the instrument which this Mortgage secures or for
the preservation of the premises mortgaged.
Mortgagor will comply promptly, at the expense of the Mortgagor, with all laws,
statutes, ordinances and regulations affecting the premises in any manner whatsoever.
Mortgagor will pay to or cause to be paid directly to the Mortgagee, for application
upon the indebtedness secured hereby, the full amount of any award or compensation
for the taking or damaging by condemnation proceedings under the power of eminent
domain of all or any part of the mortgaged premises.
In case of the failure of the Mortgagor to do so, the Mortgagee may make any
payment or perform any covenant herein to be made or performed by the Mortgagor,
and any payment so made or expense incurred in connection therewith by the
Mortgagee shall bear interest at the rate specified in the Note, and shall be
immediately repayable by the Mortgagor, and shall be impressed as an additional lien
upon the mortgaged premises, and this Mortgage shall thereupon secure the
repayment of such advances with interest
In case an event of default shall occur in making payments or performing any other
covenants or agreement required of Mortgagor as provided in the Note or this
Mortgage, the Mortgagor hereby authorizes and empowers the Mortgagee, and
Mortgagee's successors and assigns to foreclose this Mortgage by advertisement and
sale as provided by the statutes of the State of Wyoming or to foreclose this
Mortgage by judicial proceedings and convey the same to the purchaser in
accordance with the statutes of the State of Wyoming, and out of the monies arising
from such sale to retain all sums secured hereby with interest and all legal costs and
charges of such foreclosure and actual attorney's fees incurred by Mortgagee (or such
other amount as shall be fixed by the Court in the event of judicial foreclosure or
receivership), which costs, charges and fees the Mortgagor agrees to pay. In case of
the foreclosure of this Mortgage, the Mortgagor hereby authorizes and empowers the
Mortgagee, Mortgagee's successors and assigns, to effect insurance upon any
buildings and fixtures on the premises for a period covering the time for redemption
for the sale of the premises under such foreclosure, and to pay the premium therefor
and the amount so paid shall be impressed as an additional lien upon the premises
and shall be secured by and be collectible as a part of this Mortgage and bear interest
at the rate specified in the Note, from the date said amount is paid. In the event of
a foreclosure, Mortgagor hereby authorizes and empowers Mortgagee, Mortgagee's
successors and assigns, to bring an action against any person who claims an adverse
estate or interest therein for the purpose of determining such adverse estate or
interest, and to pay costs and expenses thereof together with actual attorney's fees
which amount shall be impressed as an additional lien upon said premises and shall
be secured by and collectible as a part of this Mortgage.
Upon commencement of any foreclosure, or at any time thereafter, and prior to the
expiration of the time for redemption from any sale of the premises on foreclosure,
any court of competent jurisdiction, upon application of the Mortgagee, or the
purchaser at such sale, shall, at once and without notice to the Mortgagor or any other
person, appoint a receiver for said premises to take possession thereof, to collect
rents, issues and profits of said premises during the pendency of such foreclosure and
until the time to redeem the same from the foreclosure sale shall expire, and out of
rents, issues, and profits to keep the premises in good repair and condition and to pay
all taxes, assessments, and special assessments, and to redeem from sale for taxes,
assessments, and special assessments, and to pay insurance premiums necessary to
keep the premises insured in accordance with the provisions of this Mortgage and to
pay the expense of the receivership, and said receiver shall apply the net proceeds to
the payment of the indebtedness secured hereby, and such receiver shall have all the
other usual powers of receivers in such cases.
In consideration of the sum often dollars ($10) and other valuable consideration, the
receipt whereofherebyis acknowledged, the Mortgagor hereby assigns, transfers and
sets over to the Mortgagee, Mortgagee's successors and assigns, the rent, profits and
income from the mortgaged property with full and complete authority and right in the
Mortgagee in case of default as provided for in this Mortgage or the Note to demand,
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collect, receive and receipt for the same and to take possession of the mortgaged
property without having a receiver appointed therefor and to rent and manage the
same from time to time and apply the net proceeds of such upon the indebtedness.
Mortgagor hereby assigns to Mortgagee all leases of the mortgaged property or any
part thereof which are now or may be in effect hereafter, such assignment to take
effect immediately in case of such default. Mortgagee is hereby authorized to take
charge of the rental of the above-described property and is hereby authorized to
collect rents from said property, to eject tenants for breach of their leases and to enter
into leases with and lease said property or any part thereof to tenants, to sue for
unpaid rents in the name of the legal holder of said indebtedness, and is to receive for
services in managing said property the usual and customary fees for such service in
effect in Lincoln County, Wyoming at the time said services are performed.
Without limiting the generality of the foregoing, the Mortgagor further agrees as
follows:
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Notice to Tenants. Mortgagee may send notices to any and all tenants of the
property advising them of this Assignment and directing all rents to be paid
directly to Mortgagee or Mortgagee's agent.
Enter the Premises. Mortgagee may enter upon and take possession of the
Premises; demand, collect and receive from the tenants or from any other
persons liable therefor, all of the Rents; institute and carry on all legal
proceedings necessary for the protection of the Premises, including such
proceedings as may be necessary to recover possession of the Premises;
collect the rents and remove any tenant or tenants or other persons from the
Premises.
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Maintain the Premises. Mortgagee may enter upon the Premises to maintain
the Premises and keep the same in repair; to pay the costs thereof and of all
services of all employees, including their equipment, and of all continuing
costs and expenses of maintaining the Premises in proper repair and
condition, and also to pay all taxes, assessments, and water utilities, and the
premiums on fire and other insurance effected by Mortgagor on the Premises.
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Compliance with Laws. Mortgagee may do any and all things to execute
and comply with the laws of the State of Wyoming and also all other laws,
rules, orders, ordinances and requirements of all other governmental agencies
affecting the Premises.
Lease the Property. Mortgagee may rent or lease the whole or any part of
the Premises for such term or terms and on such conditions as Mortgagee
may deem appropriate.
Employ Agents. Mortgagee may engage such agent or agents as Mortgagee
may deem appropriate, either in Mortgagee's or Mortgagor's name, to rent and
manage the Premises, including the collection and application of rents.
Other acts. Mortgagee may do all such other things and acts with respect to
the Premises as Mortgagee may deem appropriate and may act exclusively
and solely in the place and stead of Mortgagor and to have all of the powers
of Mortgagor for the purposes stated above.
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No Requirement to Act. Mortgagee shall not be required to do any of the
foregoing acts or things, and the fact the Mortgagee shall have performed one
or more of the foregoing acts or things shall not require Mortgagee to do any
other specific act or thing.
14.
Failure to exercise any right, power or options herein granted to the Mortgagee,
howsoever often shall not constitute a waiver thereof and shall not estop the
Mortgagee from exercising any such right, power or option at any time or upon any
subsequent default of the Mortgagor. All rights and remedies given or reserved to
the Mortgagee herein shall be cumulative and may be exercised contemporaneously
but the exercise of one or more such rights or remedies shall not exclude or prevent
the exercise of Mortgagee's other rights or remedies.
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15.
The Mortgagor specifically warrants that Mortgagor is fully authorized to enter into
this Mortgage, and that the acquiescence or approval of no other person is required
for Mortgagor to enter into same on the terms found herein.
16.
Mortgagor agrees that all of the terms and conditions contained in the Note are
incorporated into and made part of this mortgage.
17.
All warranties, covenants, promises, undertakings, agreements, rights, powers,
privileges, benefits, obligations and remedies imposed upon or granted or reserved
unto the said parties by this instrument shall survive the execution and delivery
hereof and shall respectively extend to and be binding upon the respective heirs,
executors, administrators, successors and assigns of said parties.
day of
'J~s~r'Lowder '
STATE OF btPr4 ~ )
) ss.
COUNTY OF Sa //- L,~J{e: )
I~v TNESS WHEREOF, Mortgagorhas signed and sealed this Mortgage this
~__. ,2005.
J~l~ fei' Eo-~ de~/ U
The foregoing instrument was acknowledged before me by Jason Lowder and
Jennifer Lowder, Husband and Wife, this b' day of ~7-a~./-~ ,2005. Witness
my hand and official seal. My commission expires: tv~r~ ~ / q/o2~
,,'~:,¢~-"~x~. SIMON PAUL LOGAN ¢7~_~.-c //_Zz-r_~
S E A g {~.("~t~'~ Notary Public ~tary Public
~.~' State of Utah
~2Z~5;3'kMy Commission Expires March 19, 2008
1750 W. 12600 S., Rivedon, UT 84065
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