HomeMy WebLinkAbout909485 -00256
CORRECTIVE MORTGAGE
BRIAN SUTER and SHERRY KAY SUTER, husband and wife, tenants by the
entireties, Mortgagors, of County of Lincoln, State of Wyoming, hereby mortgage to
RONALD D. GREGORY, 383 Tull Road, West Monroe, Louisiana 71292, for the sum
of Twenty Thousand Dollars~he following described real estate situate in
the County of Lincoln, State of Wyoming, hereby releasing and waiving all rights under
and by virtue of the homestead exemption laws of the State of Wyoming, to-wit:
Part of the E1/2SW1/4 of Section 14, T34N Rll9W of the 6th P.M.,
Lincoln County, Wyoming being more particularly described as follows:
Beginning at a point in the East line of U.S. Highway 89 said point being
333.383 feet, along a 1859.860 feet radius curve to the Right (chord bears N
31 °17'51" W, 332.934 feet) from the Highway Monument found marking Station
SC 1454+56.3; thence continuing along said 1859.860 feet radius curve to the
Right (chord bears N 21°51'15" W, 279.428 feet) 279.691 feet; thence N
80°40'10" E, 155.440 feet; thence S 89°32'24'' E, 120.590 feet; thence S
5°11'38" E, 267.030 feet; thence S 84048'22'' W, 194.927 feet, to the Point of
Beginning.
Subject to restrictions, reservations, and easements and rights-of-way of
record or in use.
Together with all improvements and appurtenances thereon.
This Mortgage is given to secure the following indebtedness:
Promissory Note from Brian Suter and Sherry K. Suter to Ronald Gregory,
dated June 1, 2005, in the amount of Twenty Thousand Dollars ($20,000.00), with
interest at the rate of Seven and One-Half Percent (7 1/2 %) per annum.
The Mortgagors agree to keep the building now on said premises or hereafter
erected thereon fully insured against loss by fire, flood, and other hazards and risks
CORRECTIVE MORTGAGE
SUTER/GREGORY
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00257
reasonably associated with the premises due to its type and location. The insurance
carrier providing the insurance shall be apProved by the Mortgagee, with loss, if any,
payable to Mortgagee during the life of this Mortgage.
The Mortgagors also agree to pay all taxes and assessments on said premises, and
any taxes assessed by reason of this Mortgage or the indebtedness secured thereby.
If Mortgagors default in the payment of the indebtedness, or in the payment of
any installment thereof, or if they default in any of the covenants or agreements hereof,
then, at Mortgagee's option, the whole indebtedness shall become due and payable
forthwith, and Mortgagee may foreclose this Mortgage either by advertisement and sale
of the premises as provided by statute, or by action in equity. Out of the proceeds of any
foreclosure sale, Mortgagee shall retain or receive all sums due hereunder, .and the costs
of the foreclosure sale, including attorney's fees in an amount equal to ten percent of the
indebtedness remaining unpaid at the time of such foreclosure sale, the same to be taxed
as costs in any equitable action brought to foreclose this Mortgage.
To fully assure the Mortgagee the benefit of the security interest in the premises
granted herein, Mortgagors hereby assign to Mortgagee all rents and profits hereafter
payable for use and occupancy of the premises. If default occurs in any of the covenants
and agreements herein contained, whether or not Mortgagee opts to foreclose on this
Mortgage on account thereof, Mortgagee shall at once be entitled, and is hereby
authorized, to collect the rents and profits from the premises and to apply the same to the
payment of the indebtedness until such default is remedied.
CORRECTIVE MORTGAGE
SUTER / GREGORY
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In the event of foreclosure of this Mortgage upon default, Mortgagee shall be
entitled to possession and enjoyment of the premises, and the incident rents and profits
thereof, from the time of such default and for and during the pendency of the foreclosure
proceedings and the period of redemption, if any. If Mortgagors should fail to surrender
such possession to Mortgagee promptly upon request, Mortgagee may compel delivery
thereof by an ejectment action or other appropriate civil proceeding.
In addition to the remedies otherwise provided in this Mortgage and by law, and
as a matter of right, without regard to the solvency or insolvency of the Mortgagors, the
value of the premises, or the sufficiency thereof to discharge the indebtedness and the
costs of the foreclosure and sale, Mortgagee shall be entitled to the appointment of a
receiver by any competent court. The receiver is hereby authorized to rent the premises
and apply the proceeds to this obligation. Such receiver may be appointed upon ex parte
application, without notice, such notice being waived, and the appointment of a receiver
upon such application being hereby consented to by Mortgagors.
This Mortgage corrects the mortgage amount stated in the Mortgage that was
recorded in the land records of Lincoln County, Wyoming on June2, 2005 in Book 586
PR at Pages 867 through 868 as Receiving No. 908861.
WITNESS our hands this 24th day of June, 2005.
BRIAN SUTER
CORRECTIVE MORTGAGE
SUTER / GREGORY
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STATE OF WYOMING )
) ss.
COUNTY OF LINCOLN )
On this 24th day of June, 2005, personally appeared before me BRIAN SUTER
and SHERRY KAY SUTER, the signers of the foregoing Instrument, who duly
acknowledged to me that they executed the same as their free act and deed.
WITNESS my hand and official seal.
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CORRECTIVE MORTGAGE
SUTER / GREGORY
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