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RECEIVED 10/7/2005 at 4:13 PM
RECEIVING # 912597
BOOK: 600 PAGE: 561
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
MORTGAGE
Bradley 1. Lowder and Sally F. Lowder, Husband <\rid Wife, eoJlectivcly referred to as
"Mortgagor," to Secure the payment of1'wenty five Thousand Six Hundred DoHars ($25,600.00),
with il1teres~ e;vÎden(:cd by a Promissory NOte; (hereinafter thc "Note") of eVèn date herewith, and
all other ~mounts due thereuf\der and all extensions and renewals thereof, when and as the same. shall
become due and paYllblt: h¡;reby mort¡pges and warrants to Kcnneth Eugene Neal, Trusree of thc
Kenneth Eugene. Ncal Rcvoeable Tl\Ist dated September 30, 1996 and Rita Mae Neal, TruStcc ofthe
Rira Mite Ncal Revocable Trust dated September 30, 1996, co1leclivcly referred to itS "Mortgagee"
and Mortgagee's SUece;ssors and a$sigmi, the real estate in Lincoln County, Wyoming described as:
Lot 74 of Star Val1ey Ranch Plat 17, Uncoln County, Wyoming as
described on the official plat thetcof
Together with all wells, buildings, Structures, Împrovements, fixtures, ¡ nd articles of personal
proporty affixed to or used in connection with the real estate, to all of which Mortgagor reprcsents
that they have title free and from any prior liens or encumbrances (all of the above bc:ing colJe:c¡jvely
referred to as the "Premises").
THE MORTGAGOR HEREBY COVENANTS AND AGREES WITH THE
MORTGAGEE AS J<'OLLOWS:
I.
This Mortgage is ~ivcn to secure p¡¡ymcnt and the Mortgagor promises to pay to Ìvlortg¡¡gcc
the amount of Twen(y Fivc Thousand Six Hundred Dollars ($25,600.00), with interest,
evidenced by a PromissoryNOtc of even date herewiU1, and all o(ht[ IIITlOunts due thereunder
and all eXtel1Sionsllnd renewals [hertof, when and as the Same shall becomc due a!'ld payablc.
Each such payment shall be appJíed first to the payment of interest and any bataoce
remaining after the payment of interest shall be applied to the reduction of the unpaid
principal balance.
2. Time is of the essence and if any amoUnt shall not have; been paid when due as provided in
this Note, the entire indebtedness may become due: and payable at once at the option of the
holder and without notice, and thereafter the unp¡¡id principal shall bear interest at tbe rute
of fifteen percent (] 5%) pèr annllm; failure to exercise thi$ option howsoever often shall nOT
constitute a waiver of the righl ro exercise: it thereafter. If any other eV¢l1t of defauJt $h~1I
occur liS provided in the Notc or this Mortgage, and jf Mortgagor after receiving written
notice from Mortga~ce dero¡¡nding cure of SlIeh default fails to cure tl1è Same within J 0 days
after such notice, the; entire indebtedncsB mllY become due ¡\lid payable at OnCe; at the opríoo
of (he Mortgagee and whhollt notice, and thereafter the unpaid principal shall bear interest
at the rate of fifteen perce,nt (15%) per annum; faiJutcto exercise (his option howsoev(;r often
shall not constitute II waiver of the right to exercise it thereafter.
3. Mortga.gor wiJl pay (he indebtedness hereby secured promprly and in full complia¡\ce with
the terms of said Note and this Mortgage. The time of paymmt of said indebtedness, or any
portion thereof, may be extended or renewed, and any portions of dIe premises he.rein.
described may, without noticc, be released from the lien hereof, without releasing or
affecting rhe liability for the payment of said indebtedncss then remaining unpaid. No
change in the ownenhip of said premises shl\ll release, reduce or otherwise affect ~ny sllch
liability for the lien hereby created. It is further ¡¡,grecd that the taking of additional security
of Ilny nat~)rc shall not impair Or rel~ase thiE Mo.tgagcj and as a further sccurity this
Mortgage shall become; duc and payable in fu1l at the optiotì of the Mortgagee if th~
Mortgagor, or Mortgagor's legal representatives, successors or ûssigns shall eoovey the
mortgaged property or if legal or equitable title [hereto shall become vested in any other
p~rson or personS in any manner whatsoever excepting those conveyances approved in
writing by Mortgagee. The ácceptanœ of any payment on the Note by the Mortgagee shall
Mortgage Page I of 5
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nor ccmgrirote a waiver of this option, and consent to "ny onc such COnVcyunt:c shall nor
consrirute consent to any substqu~'1Jt conveyan~ or a waiver of this option.
4. Mortgagor shall pay OJ' cause to be paid all tnxes and asse5~lìient!J levied or assessed againsr
the premises, and shall comply wîth all recordation alld other laws affecting the security of
this Mortgage at the expMSt of Mortgagor.
5. Mort&agorwill keep the premiscs free and clear of all other liens and encumbrances which
may bc or become sup.::rior to the lien created hereby.
6. r...fortgagorwîH not commit or permit waste on the prtmises and will kecp and maimâin the
premises in good repair.
7. Mortgagor will pay aU eXpenses and att.omey's fees incum;d by the Mortgagee, SllCCeSSOrs
or assigns, for the protection oCthe licn of this MOrtgage OJ' tor rhe collection of any amount
due on the illstrumem which this Mortgage secures or for thc preservation of ¡he premises
mortgaged.
6, Mortgagor wiI1 comply promptly, at the expense of the Mortgagor, with all laws, Stàtutes,
ordinances and regulations affecting the premises io any manner whatsoever.
9. MortgagorwiIJ pay to or cause to b~ paid directly to th.; Mortgagee, for application upon rhe
indebtedness secured hereby. the full amount of any award or compensation for the taking
or damaging by condemnation proceedings under the power of emÎnent domain of an or any
part of the mortgaged premises.
] 0, In case of the fatJure of the Mortgagor to do so, the Mortg¡¡gce may makè ¡my payment Or
perform any .covenant herein to be made or performed by the Mortgagor, and any payment
so made or expense incurred in connection therewÎth by the Mortgagee sh..ll bear imerest at
the rate specified in the Note, and shaH be immediately repayable by the Mortgagor, and shall
be impressed as an additional lien upon the mrn1gaged premises, and this Mortga¡re shall
thereupon Secure the repayrnem of such advances with interest
11. In case un eycntofdefaul! shall ooeur in making payments or performing any other eovenal'lts
or agreement required ofMot1gagor as provided in the Note or this Mortgage, tlle Mortgagor
hereby authorizes and c:mpowers the Mortgagee, and Mortgagee's succe&Sors and assigns to
foreclose this Mortgage by advertisemeo and sale as provided by the statures ofthc State of
Wyoming or to foreclose this Mortgage by judicial proceedings and convey the same to the
purchaser in accordance with the statutes afthe Stale of Wyoming, and out of the monies
arising from Bueh sale to retain all sums secured hcrcbywith interest and aU legal costs and
charges of such foreclosure and acrual attorney's rees incurred by Mortgagee (or such mher
amount as shall be fixed by thc Court i.n the ev~nt of judicial foreclosure or receivership),
which COStS, charges and fees the Mortgagor agrees to pay_ III case of the foreclosure of this
Mortgage, the Mortgagor hereby authOlizes atld empowers the Mortgagee, Mortgagee's
succesSors and assìgr¡s. to ¢frect insurance upon any buiJdings and fixhlres on the premises
for a period covering the time for redemption for the sale of the premises under such
foreclosure. and to pay the premÎum therefor and the amoUnt so paid shnll be impressed ¡¡s
an additional lien upon the premises Iltld shaH be secured by and be collectible flS a part of
this Mortgage and bear interest at the rate specified in the Note, from the date said amount
is paid. In the event of a foreeloslirc, Mortgagor hc:reby aUlhorizes and cmpowers
Mortgagee, Mortgagee's Successors and assigns, to bring an action against any person \vho
claims an adverse estate or imerest therein for the purpose of determil\ing such advers~ estate
or interest, aod to pay rosts and expenses thereof together with actual artomey's fees which
amoUnt shaH be impressed as an additiooallien upon said premises I\nd shaH be secuted by
and collectible as a part ofrhÎs Mortgage.
Mortgáge Page:2 of 5
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12, Upon commencement ofanyforeclosuro, or at any timc thcreaf[tr, ¡lnd prior [0 the t:xpìration
of the time for redemption from any sale of the premises 011 foreclosure, any co un of
èompctent jurisdiction, Upon application of the; Mortgagcc, or the purchaser at such sale,
shalt, at once and without notice to the Mongngor or any other person, appoint'a rccciver for
said premises to take possession thereof, to collect reors, issues and profits of said prerniscs
during the pendcney of such foreclosure and until die time to redeem the same from the
forcclosure sale shall expire, and out ofreots, issues, and profits to keep thc premises in good
repair and condition and to pay all taxes, a.8Se9smenrs, and special assessments, and to
redeem rrom sale for taxes, assessments, and special asscssmellLS, and tu pay insurance
premiums necessary [0 keep the premises insurcd in accordance with the provisions of this
Mortgage and to pay the expense of the receivership, and said receiver shall apply the net
proceeds to the payment onhc indebtedness secured hereby, and such receiver shall have all
the other usual powers of receivers in such cases.
), In considenuion of the sum often dollars ($ I 0) and other val¡labJè consideration, the receipt
whereof hereby is IICknowkdged, the Mortgagor hereby assigns, rransfcrs and sers OVer to
the MO(lgagec, Mortgagee's SUccessors and assigns, the rent, profits alld iocOme trom the
mortgaged property with full and complete authuriry and right in the Mortgagee in case of
defaul( as provided for in this Mortgage or the Note to demand, collect, receive and receipt
for the same and to tJlke possession ofilw mortgaged property without having a receiver
appointed therefor ¡lnd to rent and roanàgo the same trom time to tÎme and apply the net
proceeds of Sl.Ich upon the indebtedness. Mortgagor hereby ílSsigns to MorIf,;.J.gc.;c all leases
of the mortgaged property or any pan thereof which 3m now or may be in effect hereafter,
such assígnmel1l to tllke effect ímmediat¡:!y in case of such default. Mortgagee is hercby
authOrized to take charge of the rental of thc above-described property tlnd is hereby
authorized to collect rems from said prope,rty, 10 eject tenant~ for br.;¡ach of their JcDSCS and
to ènter into lenses with and lease said property or any part thereof to tenants, ro sue for
unpaid rents in the name of the legal holder of said indebtedness, and is to receive for
sClvices in m¡lnnging said property the usual and customary fees for ~uch selvice in effcct in
UncoJn County, Wyoming ¡\t the time said scrvices are perform cd.
Without limiting che generality of the forc¥oing, in case of default, (he Mortgagor further
agrees as follows:
a. Notice to Tl:n:ints. Mortgagee may send notices to any and all tenants of the
property advising them ofthi$ Assignment and directing all rents to be paid díreçtly
to Mortgagee or Mortgùgec's agent.
b, Enter the Premises. Mortgag¡:;e may enter \Ipon and take possession or the
Premises; demand. collect and receive trom the tel1aots or from uny othcr persons
liable therefor, all of the Rents; institute and carryon all legal proceedings necessary
for the protection of the Premises, including such proceedings as may be necessary
to recover possession of the Premises; coHect the rents and remove any tr;mmt or
tenants or other persons /rom the Premises.
c. Maintain the Premises, Mortgngee may cnte!' upon the Premises to maintain the
Premises and keep the s£lme in répair; to pay the eosts thereof and of all services of
all employee$, including their equipmcnt, and of all continuing costs and expenses
of Oîàintaining the Premises in proper repair!lIld cQndilÎon, and also to pay all taxes,
assessments, and water Utilities, and the premiums on tlfe and other Î'lsurimce
effected by Mortgagor on the Premisc's,
d. Compliance with La \'is. MOl1ga¡¡oo muy do any and all things to execute and
comply with the laws of the Sh\[e of Wyoming and also all other laws, niles, orders,
ordinances and requiroments of all other govemm¢ntal agencies ¡¡frecting the
Premises.
Mortgage Page 3 of 5
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e, . Leas(! the Property. Mortgagee may rent or Iea$è the whole or any pan of the
Premises for such teOil or tcnns !l.Qd on such condilÏons ¡¡s MOl1gagee may deem
appropriate.
f. Rmploy Agents. Mortgagèè may engage such agent or agents as Mortgagee may
deem appropriate, either in Mortgagee's or MOltgagor's name, to rent and manage the
Premises, ineludjng the colle.:;tion IInd application of rents.
g. Other acts. Mortgagc~ may do oil such other things and açts with respect lO the
Premises as Mortgagee may deem .appropriate and may act exclusively and solely in
the place IlIid stcad of Mortgagor a.nd to have all ofIhe powers of Mortgagor for the
purposes stated above.
h. No Requirement to Act. Mortgagee s.hall not be required to do any of the foregoing
lIets or things, and the fact thé Mortgagee shall have performed olle or more ofthe
foregoing acts or things shall not require Mortgagee to do any other specific act or
thing.
14. Failure to exercise any light, power or options herein granted to the Mongag¡;e, howsoever
ofter¡ shall not éonstitute a waiver thereofond shall not estop the Mortgagee from exercising
any such right, power or option at aoy time or upon any subsequent defa.ult ofthe Mortgagor.
A1J rights and remedies given or reserved to the Mortgagee herein shaH be cumulative and
may be exercised conlcmporaneouslybut the exercise ofonc or more Buch rights or remedies
shall nor exclude or prevenllhe exercise ofMortgagc:e's othlòr rights or rlòllllòdies.
15. The Mortgagor specifically warrants thot Mortgagor is fully authorized 10 enter into this
Mortgage, Qnd that the acquiescence: or approval o(no other person is required for Mortgagor
to enter into same on the; temu fOl.lnd herein.
16, Mortgagor agrees that all of the terms and èonditÎons contained in tho Note are incorporated
into IlIId made p~lft of this mortgage.
] 7. All warrantIes, covenants, promises, undertakings, agreements, rights, powers, privilcges,
bcne:fits, obligations and remcdies irnpose:d upon or granted orreserved umo the said pl\rties
by tbis instrument shall survive the e-xee1.ltion and delivery hereof and shall respectively
extend to and be bínding upon the respective heirs, executors, administrators, successors und
assígl1S of 8jlÍd parties.
t 8. Mortgagor and MortßIl£ee acknowledge having been given an opportunity to consult legal
coun$el ofthcir choosing and represent and warrant that they are not relying and wjll not rely
upün any representation ofthe 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.
TN WITNESS WHEREOF, the parties havè signed aod sealed this Mongagc lids '1L day
of August, 2005,
Mortgage Pllge 4 of 5
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The foregoit1g mstmment wa~ acknowledged before me by Bmdley 1. Lowd.;r and Sal1y F.
Lowder, Husband and Wife, this ~ day of August, 2005 Witness my hand and offieial 5e1\1. My
'.",m;..;...xp"'" ðl.r{\I-cn . ~, ~ j()Q
SEAL N.~~l.. Q C)
Kenneth Eugene Neal, Trustee of the
Kenneth Eugene Neal Revocable TlUot
dated September 30, 1996
Rita Mae Neal, Trustee of the Rita Mae
Neal Revocable Trust datcd
September 30, 1996
STATE OF
)
) SS.
)
COUNTY OF
The foregoing inslrumeot was acknowledged befon~ me by Kenneth Eugene Neal, Trustee
ofthe KCn\leth Eugene Neal Revocable Trust dated September 3D, 1996 aod Ritá Mae Neal, Trustee
of the Rita Mft(j Neal Revocable Trust dated September 3D, 996, this _ day of August, 2005.
Witness my hand und officialsea1. My commission expires;
SEAL
Notary Public
Mortgage Page 5 of 5
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