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HomeMy WebLinkAbout9107040 585 PURCHASE MONEY MORTGAGE RICK BOWEN and SHELLY BOWEN, husband and wife, 1337 Uinta Drive, Kemmerer, Wyoming 83101 (hereinafter referred to as Mortgagors) hereby mortgage, grant, and convey to Fox Development, L.P., HC64 Highway 233, Kemmerer, Wyoming 83101 (hereinafter referred to as Mortgagee) the following described real estate, situated in the County of Lincoln, State of Wyoming, to wit: PA/~CEL 1 - A TRACT OF LAND LYING IN AN UNPLOTTED PORTION OF THE TOWN OF KEMMERER, LINCOLN COUNTY, WYOMING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT CORNER 1 OF LOT 63 OF THE RESURVEY OF THE TOWNSHIP 21 NORTH, RANGE 116 WEST OF THE 6T~ PRINCIPAL MERIDIAN, THENCE BEARING S70°34'W, 582.8 FEET TO THE INTERSECTION OF THE EASTERLY RIGHT-OF-WAY OF THE OREGON SHORT LINE RAILROAD, NORTH KEMMERER BRANCH, AND THE WESTERLY BOUNDARY OF WYOMING STATE HIGHWAY 189 RIGHT-OF-WAY, THENCE S05°09'W, 713.52 FEET ALONG SAID WESTERLY RIGHT-OF-WAY OF WYOMING STATE HIGHWAY 189 TO THE TRUE POINT OF BEGINNING, BEING THE NORTHEAST CORNER OF SAID TRACT FROM WHENCE A HIGHWAY RIGHT-OF-WAY MARKER LIES N05°09'E, 227.29 FEET, THENCE N84°51'W, 175 FEET TO THE NORTHWEST CORNER OF SAID TRACT, THENCE S05°09'W, 95 FEET TO THE SOUTHWEST CORNER OF SAID TRACT, THENCE S84°51'E, 175 FEET TO A POINT ON SAID WESTERLY BOUNDARY OF WYOMING HIGHWAY 189 RIGHT-OF-WAY, THENCE N05°09'E, 95 FEET ALONG SAID RIGHT-OF-WAY TO THE TRUE POINT OF BEGINNING; AND PA/~CEL 2 - A TRACT OF LAND LYING IN LOT 63 OF THE RESURVEY OF T21N Rll6W OF THE 6T~ P.M.; THENCE S70°34'W, 582.8 FEET TO A POINT BEING THE INTERSECTION OF THE EASTERLY BOUNDARY OF THE OREGON SHORT LINE RAILROAD RIGHT-OF-WAY AND THE WESTERLY BOUNDARY OF THE WYOMING STATE HIGHWAY 189 RIGHT-OF-WAY; THENCE S05°09'W, 593.02 FEET ALONG SAID BOUNDARY OF WYOMING STATE HIGHWAY 189 RIGHT-OF- WAY TO THE TRUE POINT OF BEGINNING; THENCE N84°51,W, 244.02 FEET TO A POINT ON SAID EASTERLY BOUNDARY OF THE OREGON SHORT LINE RAILROAD RIGHT-OF-WAY; THENCE S27°31'W, 324.77 FEET ALONG SAID RAILROAD RIGHT-OF-WAY TO THE SOUTHWEST CORNER OF SAID TRACT; THENCE S84°51'E, 368.04 FEET TO SAID STATE HIGHWAY RIGHT-OF-WAY; THENCE N05°09'E, 84.5 FEET ALONG SAID HIGHWAY RIGHT-OF-WAY; THENCE N84°51'W, 175 FEET; THENCE N05°09'E, 95 FEET; THENCE S84°51'E, 175 FEET TO SAID HIGHWAY RIGHT-OF-WAY; THENCE N05°09'E, 120.5 FEET ALONG SAID HIGHWAY RIGHT-OF-WAY TO THE TRUE POINT OF BEGINNING. 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 of the principal sum of One Hundred Sixty Thousand Dollars ($160,000.00), with interest at the rate of 5% per annum, as evidenced by a promissory note of even date herewith payable to the order of Fox Development, L.P. 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 Fifty-Eight Dollars and Ninety- One Cents ($858.91). The first payment shall be due and payable on September 5, 2005. Subsequent payments shall be due and payable on the same day of each and every month thereafter through August 5, 2012. Each payment shall be applied first to accumulated interest, then to principal. A final mavment in RECEIVED 8/8/2005 at 3:55 PM RECEIVING # 910704 BOOK: 593 PAGE: 585 JEANNE WAGNER IMPel M ~IINTY~I FPK KFMMFRFR VVY ,,.00586 the amount of all unpaid principal and accumulated interest shall be due and payable on August 5, 2012. Any principal and interest remaining unpaid as of that time shall be immediately due and payable on that date. 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 par~y or parties. However, this Mortgage is subject to the express condition that if the Mortgagors pay, or cause to be paid, to the Mortgagee the amount of One Hundred Sixty Thousand Dollars ($160,000.00), 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. 2. Mortgagors shall pay all taxes and assessments levied or assessed against said property for 2005 and subsequent years. Mortgagors shall provide proof of payment to Mortgagee. 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. As collateral and further security for the'payment of the indebtedness hereby secured, Mortgagors shall keep the improvements now existing or hereinafter erected on said premises insured against loss by fire or other casualty with extended coverage provisions, in a sum equal to or greater than the outstanding balance of the above described promissory note, and will pay when due all premiums on such insurance. Ail insurance shall be carried in responsible insurance companies and the policies and renewals thereof shall have attached thereto loss payable clauses in favor of the Mortgagee. The insurance proceeds, or any part thereof, may, at the option of the Mortgagee, be applied either to the reduction of the indebtedness hereby secured or paid to the Mortgagors. Mortgagors shall provide certificates of insurance to Mortgagee to verify compliance with the requirements of this paragraph. 6. If Mortgagors default in the payment of the taxes, assessments or other lawful charges or fail to keep the improvements on said premises insured as herein provided, the 0 10704 Mortgagee may, without notice or demand, pay the same or effect such insurance, 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. 7. If the Mortgagors default in payment of the obligation hereby secured, or any part of said obligation, or in the case of breach of any covenant or agreement herein contained, 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. 8. 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. 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 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. 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 any duly authorized agent of the Mortgagee shall 09].O704 be a valid and effective release 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 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 __~~~-- , 2005. 'R~~K BOWE~v -SHELLY BOW~ ~ The State of Wyoming County of Lincoln ) : ss. ) me The foregoing Purchase Money Mortgage was acknowledged before by Rick Bowen and Shelly Bowen, this ~ day of At~o/}_~ , 2005. Witness my hand and official seal.