HomeMy WebLinkAbout909646PURCHASE MONEY MORTGAGE
IRWIN RICHARDSON and CINDY RICHARDSON, P.O. Box 318, Diamondville,
Wyoming 83116 (hereinafter referred to as Mortgagors) hereby
mortgage, grant, and convey to JOHN FORREST HARRISON, P.O. Box
1172, Green River, Wyoming 82935 (hereinafter referred to as
Mortgagee) the following described real estate, situated in the
County of Lincoln, State of Wyoming, to wit:
LOT 61 OF COMMISSARY RANCH, UNIT C-l, LINCOLN COUNTY, WYOMING
AS DESCRIBED ON THE OFFICIAL PLAT THEREOF.
Together with all buildings and improvements thereon, or which
may hereafter be placed thereon; all fixtures now or hereafter
attached to said premises; and 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 o_~,f ~ncipal
sum of Sixteen Thousand Three Hundred Dollars ~16,300~ with
interest at the rate of 7% per annum, as evidenced b~--a promissory
note of even date herewith payable to the order of John Forrest
Harrison. Principal and interest shall be payable pursuant to said
promissory note as follows:
Principal and interest shall be amortized in monthly
installments of Two Hundred Forty-Six Dollars and One Cent
($246.01). The first payment shall be due and payable on July
28, 2005. Subsequent payments shall be due and payable on the
same day of each and every month thereafter through June 28,
2012, with payment of all outstanding principal and accumulated
interest then owing to Payee being due and payable. Each
payment shall be applied first to accumulated interest, then to
principal.
TO HAVE AND TO HOLD said real property forever, the Mortgagors
hereby relinquishing and waiving all rights under and by virtue of
the homestead exemption laws of the State of Wyoming.
Mortgagors covenant that at the time of signing and delivery
of this Mortgage, said Mortgagors are lawfully seized in fee simple
of said real property; have good and lawful right to mortgage, sell
and convey all of said property; and warrant 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 by any other party or parties.
However, this Mortgage is subject to the express condition
that if the Mortgagors pay, or causes to be paid, to the Mortgagee
the amount of Sixteen Thousand Three Hundred Dollars ($16,300.00),
together with interest thereon according to the terms of the
aforementioned promissory note dated of even date herewith, which
sum of money the Mortgagors hereby covenant to pay, and until such
payment, perform all of the covenants and agreements herein to be
performed by Mortgagors, then this Mortgage and said note shall
cease and be null and void.
Mortgagors and Mortgagee further covenant and agree as
follows:
1. Mortgagors 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.
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assessed against said property for 2005 and subsequent
Mortgagors shall provide proof of payment to Mortgagee.
RECEIVED 6/30/2005 at 4:27 PM
RECEIVING # 909646
BOOK: 590 PAGE: 14
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMI~IERER, WY
Mortgagors shall pay all taxes and assessments levied or
years.
3. Mortgagors 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
excepted, and will do nothing on or in connection with said
property which may impair the security of the Mortgagee hereunder.
Mortgagors 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.
5. If Mortgagors default in the payment of the taxes,
assessments or other lawful charges, the Mortgagee may, without
notice or demand, pay the same, and if the Mortgagors fail to
keep said property in good repair, the Mortgagee may make such
repairs as may be necessary to protect the property, all at the
expense of the Mortgagors. The Mortgagors covenant and agree 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 agree 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.
6. If the Mortgagors default 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 immediately 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 Mortgagors agree to pay all costs of enforcement and
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 to the Mortgagors.
7. If the property described herein is sold under foreclosure
and the proceeds are insufficient to pay the total indebtedness
hereby secured, the Mortgagors 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.
8. 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
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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 Mortgagors, 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 Mortgagors. Ail 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.
9. 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 Mortgagee shall be a valid and effective release
of said Mortgage.
10. The covenants herein contained shall bind, and the
benefits and advantages shall inure to, the respective heirs,
devisees, legatees, executors, administrators, successors, and
assigns of the parties hereto. Whenever used the singular number
shall include the plural, 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, action 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
Mortgagors this ~ _ day of ~v-~- , 2005.
Irwin Richardson
' nd~Ri~hardson
The State of Wyoming
County of ~~
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: SS.
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me
The foregoing Purchase Money Mortgage was acknowledged before
b~Richardson and Cindy Richardson this ~_~/_ day of
, 2005.
Witness my hand and official seal.
My Commission Expires:
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