HomeMy WebLinkAbout875627 ~ PURCHASE MONEY MORTGAG~ ~'~:'~::' ,J0 ~i;~:: ,~ It; ,~.~
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., MARTHA D BERTOT, a single person of ' e e .. ~'::..L~ne~m~
Cbunty, Wyoming (hereinafter referred to as Mortgagorl '~'~'9~
mortgages, grants, and conveys to MICHAEL W. KENNEDY, of P.O. Box
537, Green River, Wyoming 82935 (hereinafter referred to as
Mortgagee) the following described real e~tate, situated in the
County of Lincoln, State of Wyoming, to wit:
LOTS 1, 2, 3, AND * OF BLOCK '1'5 IN THE TOWN OF KEMMERER,
LINCOLN COUNTY, WYOMING.
Together with all easements, appurtenances and incidents now or
hereafter belonging or appertaining thereto; subject, however, to
all conditions, easements, and rights-of-way, and to mineral,
mining and other exceptions, reservations and conditions of record.
This mortgage is granted to secure payment of the principal
sum of Forty Thousand Dollars ($40,000.00), with interest at the
rate of eight (8%) per annum, as evidenced by a promissory note of
even date herewith payable to the order of MICHAEL W. KENNEDY.
Principal and interest shall be payable pursuant to said promissory
note as follows:
Principal and interest shall be amortized in monthly
installments of Eight. Hundred Eleven Dollars and Six Cents
($811.06). The first payment shall be due and payable on
October 1, 2001. Subsequent payments shall be due and payable
on the same day of each and every month thereafter through
September 1, 2006, with payment of all outstanding principal
and accumulated interest then owing being immediately due and
payable on that date. ~ Each payment shall first be applied to
accumulated interest; ~then to principal.
TO HAVE AND TO HOLD said real 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 seized in fee simple of said
real property; has good and lawful right to mortgage, sell and
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.
This mortgage is not assumable b.y any other party or parties
unless agreed to, in writing, by the Mortgagee.
However, this Mortgage is subject to the express condition
that if the Mortgagor pays, or causes to be paid, to the Mortgagee
the sum of Forty Thousand Dollars ($40,.000.00), together with
interest thereon according to the terms of the aforementioned
promissory note dated of even date herewith, which snm 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 shall cease and be null
and void.
Mortgagor and Mortgagee further covenant and agree as follows:
1. Mortgagor shall pay all indebtedness as herein provided,
and the lien of this instrument shall remain in full force and
effect during any postponement or extension of the time of payment
of any part of the indebtedness secured hereby.
2. Mortgagor shall pay all taxes and assessments levied or
assessed against said. property for 2002 and subsequent years.
Mortgagor shall provide proof of payment to Mortgagee on demand.
3. Mortgagor shall not commit or permit waste, nor be
negligent in the care of said property, and shall maintain the same
in as good condition as at present, reasonable wear and tear
.',,;.?t,. . i :
excepted, and will do.nothing on or in connection with said
property which may impair the security of the Mortgagee hereunder.
Mortgagor shall not permit said property, or any part thereof, to
be levied upon or attached in any legal or equitable proceeding.
4. At the option of Mortgagee, all sums secured by this
Mortgage shall become due and payable in full in the event of sale
or transfer of the property either by deed or contract for deed.
Notwithstanding the foregoing, the Mortgagor may convey said real
property to herself and her son, Douglas J. Bertot, as joint
tenants with rights of survivorship, without causing acceleration
of the amounts due hereunder.
5. Mortgagor shall take all steps necessary to maintain
registration of the real property under the Wyoming DEQ LAUST
program, including but not limited to submission of annual fees and
annual registration forms.
6. If Mortgagor defaults in the payment of the 'taxes,
assessments or other lawful charges as herein provided, the
Mortgagee may, without notice or demand, pay the same, and if the
Mortgagor fails to keep isaid property in good repair, the Mortgagee
may make such repairs as may be necessary to protect the property,
all at the expense of the Mortgagor. The Mortgagor covenants and
agrees that all such sums of money so expended, together with all
costs of enforcement or foreclosure, and a reasonable attorney fee,
shall be added to the debt hereby secured, and agrees to repay the
same and all expenses so incurred by the Mortgagee, with interest
thereon from the date of payment at the same rate as provided in
the note hereby secured,~ until repaid, and the same shall be a lien
on all of said property and be secured by this Mortgage.
7, If the Mortgagor defaults in the payment of the
indebtedness hereby secured, or any part of installment of
principal or interest, for a period of thirty (30) days after the
same shall become due and payable, contrary to the provisions of
this mortgage, or in case of breach of any covenant or agreement
herein contained, '-the whole of the then indebtedness secured
hereby, both principal and interest, together with all other sums
payable pursuant to the provisions hereof, shall, at the option of
the Mortgagee, become in~nediately 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 any subsequent default. The
Mortgagee may foreclose this Mortgage either by advertisement and
sale of the premises as provided by statute or 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 agrees to pay all costs of enforcement or
foreclosure, including a reasonable attorneY fee. The failure of
the Mortgagee to promptly foreclosure 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 (lst) the costs and
expenses of the foreclosure and sale, including a reasonable
attorney fee, and all moneys expended or advanced by the Mortgagee
pursuant to the provisions of this Mortgage; (2nd) all unpaid
taxes, assessments, claims and liens on said property, which are
superior to the lien hereof; (3rd) the balance due Mortgagee on
account of principal and interest on the indebtedness hereby
secured; and the surplus, if any, shall be paid by the Mortgagor.
8. If the property described herein is sold under foreclosure
and the proceeds are insufficient to pay the total indebtedness
hereby secured, the Mortgagor executing the note for which this
Mortgage is security shall be personally bound to pay the unpaid
balance, and the Mortgagee shall be entitled to a deficiency
judgment.
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9. If the right of foreclosure accrues as a result of any
default hereunder, the Mortgagee shall at once become entitled to
exclusive possession, use and enjoyment of all property aforesaid,
and to all rents,'issueS and profits thereof, from the accruing of
such right and during the pendency of foreclosure proceedings and
'the period of redemption, and such possession, rents, issues and
profits shall be delivered immediately to the Mortgagee on request.
On refusal, the delivery of such possession, rents, issues and
profits may be enforced by the Mortgagee by any appropriate suit,
action or proceeding. Mortgagee shall be entitled to a Receiver
for said property and all rents, issues and profits thereof, after
any such default, including the time covered by foreclosure
proceedings and the period of redemption, and without regard to the
solvency or insolvency of the Mortgagor, or the then owner of said
property, and without regard to the value of said property, or the
sufficiency thereof to discharge the mortgage debt and foreclosure
costs, fees and expense. Such Receiver may be appointed by any
court of competent jurisdiction upon ex parte application, notice
being hereby expressly waived, and the appointment of any such
Receiver on any such application without notice is hereby consented
to by the Mortgagor. All rents, issues and profits, income and
revenue of said property shall be applied by such Receiver
according to law and the orders and directions of the court.
10. The acceptance of this Mortgage, and the note it secures,
by the Mortgagee shall be an acceptance of terms and conditions
contained therein; and a duly executed and delivered release of
this Mortgage by the Mortgagee shall be a valid and effective
release as to said Mortgagee, and of said Mortgage.
11. The covenants herein contained shall bind, and the
benefits and advantages shall inure to, the respective heirs,
devisees, legatees, executors, administrators, successors, and
assigns o'f the parties hereto. Whenever used the singular number
shall include the plurals, the plural the singular, and the use of
any gender shall include all genders. The terms "foreclosure" and
"foreclose," as used herein, shall include the right of foreclosure
by. any suit, acti'on or proceeding at law or in equity, or by
advertisement and sale of said premises, or in any other manner now
or hereafter provided by Wyoming statues, including the power to
sell.
IN WITNESS WHEREOF, this Mortgage has been executed by the
y o f 2 o o
Mortgagor this ....... ,
Martha D. Bertot, Mortgagor
The State o; Wyoming )
County of )
The foregoing Purchase Mc~ne¥~Mortgage wa~s acknow,ledged before
me by Martha D. Bertot this~~day of ~~~.__, 2001.
Witness my hand and official s~e_a~l.// [
My Commission Expires: __.
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