HomeMy WebLinkAbout909448IL
O O5344S
MORTGAGE
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 hereby mortgages and warrants to Arthur R.
Chandler and Elna H. Chandler, collectively referred to as "Mortgagee" and Mortgagee's successors and
assigns, the real estate in Lincoln County, Wyoming described as:
Lot 36, Plat 9, Star Valley Ranch, a recorded, platted subdivision in
Lincoln County, Wyoming
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 fi-ee 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:
This Mortgage is given to secure payment and the Mortgagor promises to pay to Mortgagee the
amount of Seventeen Thousand Six Hundred Dollars ($17,600.00), 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. If any other event of default shall occur as provided
in the Note or this Mortgage, and if Mortgagor after receiving written notice fi-om Mortgagee
demanding cnre 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 po~q;ions 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. Nc, change in the ownership of said
pre~nises 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 propeFty or if legal or eqnitable 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.
RECEIVED 6~22/2005 at 1:35 PM RECEIVING # 909448
BOOK: 589 PAGE: '(24
JEANNE WAGNER
LINCOLN COUNTY CLERK, KE MMERER, VVY
o
10.
11.
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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.
Mortgagor will pay all expenses and attorney's fees incun'ed 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 orfor 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 Ivlortgage, the Mortgagor
hereby authorizes and empowem 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 byMortgagee (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 mad 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
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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.
13.
In consideration of the sum of ten dollars ($10) and other wduable consideration, the receipt
whereof hereby is aclmowledged, the Mortgagor hereby assigns, transfers and sets over to the
Mortgagee, Mortgagee's snccessors and assigns, the rent, profits and income from the mortgaged
property with fitll and complete authority and right in the ]Mortgagee in case of default as
provided for in this Mortgage or the Note to demand, 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 fi'om time to time and apply the net proceeds of such upon the
indebtedness. Mortgagor hereby assigns to Mortgagee all leases of the mortgaged propelty 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 attthorized to take charge of the rental
of the above-described properly and is hereby authorized to collect rents fi'om said property, to
eject tenants for breach of their leases and to enter into leases with and lease said property or any
pail 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 propmiy 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, in case of default, the Mortgagor further agrees
as follows:
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 Pmmis. es;
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 fi'om
the Premises.
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 equiplnent, and of all continuing cost} 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.
do
Co~npliance with Laws. Mortgagee may do any and all things to execute and comply
with the laws oftlie State of Wyoming and also all other laws, rules, orders, ordinances
and requirements of all other governmental agencies affecting the Premises.
Lease tile Property. Mortgagee may rent or lease the whole or any part of the Premi.~es
for such term or terms and on snch conditions as Mortgagee may deem appropriate.
Employ Agents. Mortgagee may engage snch agent or agents as Mortgagee may deem
appropriate, either in lvlortgagee's or Moltgagor'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 m~d 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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090944S
h.
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.
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 defhult of the Mortgagor. All rights
and remedies given or rese~wed 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.
Tile 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.
Mortgagor agrees that all of the terms and conditions contained in the Note are incmporated into
and made part of this mortgage.
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 pmlies.
Mortgagor and Mortgagee acknowledge having been given an opportunity to consult legal
counsel of their choosing and represent and warrant that they are not relying and will not rely
upon any representation of the realtor, title company or the preparer of this mortgage or the
accompanying promissmy note as to any condition which Mortgagor or Mortgagee deems to be
material itl said documents.
IN WITNESS WHEREOF, the parties have signed aid sealed this Mortgage this __
June, 2005.
day of
William Daley
STATE OF )
)ss.
COUNTY OF )
The foregoing instrument was acknowledged before me by William Daley, this__
2005. Witness my hand and official seal. My COlnmission expires:
day of June,
S E A L Notary Public
Page 4 of 5
h.
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 ddhult 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.
15.
The Mortgagor specifically warrants that Mortgagor is frilly 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 incoiporated 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.
18.
Mortgagor and Mortgagee acknowledge having been given an opportunity to consult legal
counsel of their choosing and represent and warrant that they are not relying and will not rely
upon any representation of the realtor, title company or the preparer of this mortgage or the
accompanying promissory note as to any condition which Mortgagor or Mortgagee deems to be
material in said documents.
IN WITNESS WHEREOF, the parties have signed and sealed this Mortgage this __
June, 2005.
day of
STATE OF~nm~e~ )
)ss.
COUNTY OF [-.,vx~ ;I ~ )
William Daley
The foregoing instrument was acknowledged before me byWilliaj{n Daley, this ~, day of June,
2005. Witnesl my hand and official sea{~mmissl~r~ire~:
f:5 5:5
~':; q~'.:,
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001:.9
Arthur R. Chandler
Eh-~a ~I. Chandler
)ss.
COUNTY OF'J-Tgx,~- ,/~ .e/ff__~.
The foregoing instrument was acknowledged before me by Arthur R. Chandler and Elna H.
Chandler, this r--~D day of June, 2005. Witness my hand and official seal. My commission expires:
!!-o. I-~oo~
SEA
Notao' Public
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