HomeMy WebLinkAbout875694 Lll~'. ',. ....
" '4'rs' '
Mark R. Rycz, a si~lgle man, (hereinafter "MORTGAGOR"), to secure
the payment of Twenty'I Nine Thousand Seven Hundred Fifty Dollars
($29,750.00), with ~nterest thereon, as provided in and evidenced by a
promissory note of even d:ate herewith (the ultimate maturity date of which
is the 1st day of Setpember, 2006) and all renewals, modifications and
extensions thereof, does hereby mortgage unto Russell Landon and Debra
Landon, (hereinafter coll{ctively "MORTGAGEE") the following described
real property, situate in".tlhe County of Lincoln, State of Wyoming, hereby
releasing and waiving a~:1 rights under and by virtue of the homestead
exemption laws of the state of Wyoming, to-wit:
Lot 64 in Star Valley Ranch Plat 6, as platted and
recorded in file Official Records of Lincoln County,
Wyoming.
Together with all and singular the improvements
thereon or thereunto appertaining, (the "Property").
MORTGAGOR agrees to pay the indebtedness hereby secured; to pay all
taxes, assessments and charges levied against the Property, as the same become
due and payable; to secu. re, maintain and furnish MORTGAGEE evidence
thereof, insurance with '.an insurance carrier or carriers acceptable to
MORTGAGEE, covering the insurable improvements on the Property against
loss by'~fire, with extende~q., coverage, in an amount not less than the unpaid
balance of the debt he~i. eby secured, or the insurable value of such
improvements, whichev~i!~r is less, which insurance shall contain an`
appropriate loss payaEqe provision protecting MORTGAGOR and
MORTGAGEE as their resPectiVe interests may appear from time to time. The
insurance proceeds or any part thereof, shall, at the option of the mortgagor, be
applied either to the reconstruction of improvements on the Property or to the
payment of the indebtedne?s hereby secured. In the event MORTGAGOR fails
to pay such taxes and assessments, or fail to keep and maintain such insurance
as herein provided, MORTGAGEE may pay such taxes and assessments and
may secure and pay for such insurance, and all sums so paid shall be added to
and considered a part of the indebtedness hereby secured and shall draw
interest at the same rate.
In case default shall be made in the payment of the above sums hereby
secured, or in the payment of the interest thereon, or any part of Such
principal or interest, when the same shall become due; or in case default shall
be made in any of the covenants and agreements thereof, which default is not
cured within thirty (30) da)ts after notice thereof is given by MORTGAGEE, or
in ~he event MORTGAGOR sells or conveys the Property, or any part thereof,
or any interest therein, without the prior written consent of the MORTGAGEE
first had and obtained, then the whole indebtedness hereby secured, with
interest thereon, shall become due and payable, at the option of MORTGAGEE,
and MORTGAGEE'S legal, representatives and assigns, may proceed by
advertisement and sale and/or as otherwise authorized by governing law, to
foreclose on and sell the Property, and out of the proceeds of such sale,
MORTGAGEE shall pay 'all sums due hereunder, together with all costs of sale,
including reasonable attorney's fees. If the proceeds of the foreclosure sale are
insufficient to pay the indebtedness hereby secured and foreclosure costs,
MORTGAGEE shall be entitled to a deficiency judgment.
In the event of any default whereby the right of foreclosure occurs
hereunder, MORTGAGEE shall at once become entitled to exclusive
possession, use and enjoyment of the Property, and to all rents, issues and
profits from the accruing of any such rights and during the pendency of the
foreclosure proceedings, and the period of redemption, if any there be.
MORTGAGOR warrants title to the Property as to parties claiming, by
through or under MORTGAGOR only.
THE PROPERTY IS,,NOT AGRICULTURAL PROPERTY AS DEFINED
WITNESS my hand this day of ~0~7
2001.
Mark R. Rycz
STATE OF WYOMING * )
COUNTY OF I~±nc:oln)
The foregoing instrument was acknowledged before me by Mark R.
Rycz this 28Lb day' of Augusk __, 2001.
WITNESS my hand and official seal.
~.,.,k¢0¢0~,~?~~i~ . Notary PUblic
, My . commission ,expires: March 25~__2002
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