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HomeMy WebLinkAbout912651 / ~ 0,1-) ¡::~ l~ ¡J ~p.. Ql¡E't J:: 0 TU ..8 10 - UJ -:;:j~ #"""i;..__ g ..... t''i a ~s;-= ~ :>~ ~~Š .~~ -13... ~ oðqŠ .~ J5 tQ :d-" ;;.. s ì"'" ~ ~~ ! 0 1 / ~-t- J \ -.J RECEIVED 10/11/2005 at 4:23 PM RECEIVING # 912651 BOOK: 600 PAGE: 691 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY ¿3 00069 MORTGAGE Scott Smith and Sandra Smith, Husband and Wife, collectively referred to as "Mortgagor," to secure the payment of Ninety Two Thousand Dollars ($92,000.00), with interest, evidenced by a Promissory Note (hereinafter the "Note") of even date herewith, and all other amounts due thereunder and all extensions and renewals thereof, when and as the same shall become due and payable hereby mortgages and warrants to Pete Minard and Gerry Minard, collectively referred to as "Mortgagee" and Mortgagee's successors and assigns, the real estate in Lincoln County, Wyoming described as: See Attached Exhibit A Together with all wells, buildings, structures, improvements, fixtures, and articles of personal property affixed to or used in connection with the real estate, to all of which Mortgagor represents that they have title free and from any prior liens or encumbrances (all of the above being collectively referred to as the "Premises"). THE MORTGAGOR HEREBY COVENANTS AND AGREES WITH THE MORTGAGEE AS FOLLOWS: 1. This Mortgage is given to secure payment and the Mortgagor promises to pay to Mortgagee the amount of Ninety Two Thousand Dollars ($92,000.00), with interest, evidenced by a Promissory Note of even date herewith, and all other amounts due thereunder and all extensions and renewals thereof, when and as the same shall become due and payable. Each such payment shall be applied first to the payment of interest and any balance 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 within ten (10) days of 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 unpaid principal shall bear interest at the rate of fifteen percent (15%) per annum; failure to exercise this option howsoever often shall not constitute a waiver ofthe right to exercise it thereafter. If any other event of default shall occur as provided in the Note or this Mortgage, and if Mortgagor after receiving written notice from Mortgagee demanding cure of such default fails to cure the same within 10 days after such notice, the entire indebtedness may become due and payable at once at the option of the Mortgagee and without notice, and thereafter the unpaid principal shall bear interest at the rate of fifteen percent (15%) per annum; failure to exercise this option howsoever often shall not constitute a waiver of the right to exercise it thereafter. 3. Mortgagor will pay the indebtedness hereby secured promptly and in full compliance with the tenns of said Note and this Mortgage. The time of payment of said indebtedness, or any portion thereof, may be extended or renewed, and any portions of the premises herein described may, without notice, be released rrom the lien hereof, without releasing or affecting the liability for the payment of said indebtedness then remaining unpaid. No change in the ownership of said premises shall release, reduce or otherwise affect any such liability for the lien hereby created. It is further agreed that the taking of additional security of any nature shall not impair or release this Mortgage; and as a further security this Mortgage shall become due and payable in full at the option of the Mortgagee if the Mortgagor, or Mortgagor's legal representatives, successors or assigns shall convey the mortgaged property or if legal or equitable title thereto shall become vested in any other person or persons in any manner whatsoever excepting those conveyances approved in writing by Mortgagee. The acceptance of any payment on the Note by the Mortgagee shall not constitute a waiver of this option, and consent to anyone such conveyance shall not constitute consent to any subsequent conveyance or a waiver of this option. Mortgage Page 1 of 5 .~. ~ t~.~¡¡1~~~;;¡m~l:i·: ;.~; 0 0 692 091L2651. 4. Mortgagor shall payor cause to be paid all taxes and assessments levied or assessed against the premises, and shall comply with all recordation and other laws affecting the security of this Mortgage at the expense of Mortgagor. 5. Mortgagor will keep the premises free and clear of all other liens and encumbrances which may be or become superior to the lien created hereby. 6. Mortgagor will not commit or permit waste on the premises and will keep and maintain the premises in good repair. 7. Mortgagor will pay all expenses and attorney's fees incurred by the Mortgagee, successors or assigns, for the protection of the lien of this Mortgage or for the collection of any amount due on the instrument which this Mortgage secures or for the preservation of the premises mortgaged. 8. Mortgagor will comply promptly, at the expense of the Mortgagor, with all laws, statutes, ordinances and regulations affecting the premises in any manner whatsoever. 9. Mortgagor will pay to or cause to be paid directly to the Mortgagee, for application upon the indebtedness secured hereby, the full amount of any award or compensation for the taking or damaging by condemnation proceedings under the power of eminent domain of all or any part of the mortgaged premises. 10. In case of the failure of the Mortgagor to do so, the Mortgagee may make any payment or perform any covenant herein to be made or performed by the Mortgagor, and any payment so made or expense incurred in connection therewith by the Mortgagee shall bear interest at the rate specified in the Note, and shall be immediately repayable by the Mortgagor, and shall be impressed as an additional lien upon the mortgaged premises, and this Mortgage shall thereupon secure the repayment of such advances with interest. 11. In case an event of default shall occur in making payments or perfonning any other covenants or agreement required of Mortgagor as provided in the Note or this Mortgage, the Mortgagor hereby authorizes and empowers the Mortgagee, and Mortgagee's successors and assigns to foreclose this Mortgage by advertisement and sale as provided by the statutes of the State of Wyoming or to foreclose this Mortgage by judicial proceedings and convey the same to the purchaser in accordance with the statutes of the State of Wyoming, and out of the monies arising from such sale to retain all sums secured hereby with interest and all legal costs and charges of such foreclosure and actual attorney's fees incurred by MOligagee (or such other amount as shall be fixed by the Court in the event of judicial foreclosure or receivership), which costs, charges and fees the Mortgagor agrees to pay. In case of the foreclosure of this Mortgage, the Mortgagor hereby authorizes and empowers the Mortgagee, Mortgagee's successors and assigns, to effect insurance upon any buildings and fixtures on the premises for a period covering the time for redemption for the sale of the premises under such foreclosure, and to pay the premium therefor and the amount so paid shall be impressed as an additional lien upon the premises and shall be secured by and be collectible as 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 foreclosure, Mortgagor hereby authorizes and empowers Mortgagee, Mortgagee's successors and assigns, to bring an action against any person who claims an adverse estate or interest therein for the purpose of detennining such adverse estate or interest, and to pay costs and expenses thereof together with actual attorney's fees which amount shall be impressed as an additional lien upon said premises and shall be secured by and collectible as a part of this Mortgage. 12. Upon commencement of any foreclosure, or at any time thereafter, and prior to the expiration of the time for redemption from any sale of the premises on foreclosure, any court of competent jurisdiction, upon application of the Mortgagee, or the purchaser at such sale, Mortgage Page 2 of 5 J¡imm~~~m¡~r¡l~ij ¡ii¡¡j¡mm¡;~~m~f:: ê' <J.:.,.. .4:; '", 6 c:: 11 U..J..J..."- ~.&. 'oosr,-) !.' ' ~~ -::> shall, at once and without notice to the Mortgagor or any other person, appoint a receiver for said premises to take possession thereof, to collect rents, issues and profits of said premises during the pendency of such foreclosure and until the time to redeem the same from the foreclosure sale shall expire, and out of rents, issues, and profits to keep the premises in good repair and condition and to pay all taxes, assessments, and special assessments, and to redeem from sale for taxes, assessments, and special assessments, and to pay insurance premiums necessary to keep the premises insured 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 of the indebtedness secured hereby, and such receiver shall have all the other usual powers of receivers in such cases. 13. In consideration of the sum often dollars ($10) and other valuable consideration, the receipt whereof hereby is acknowledged, the Mortgagor hereby assigns, transfers and sets over to the Mortgagee, Mortgagee's successors and assigns, the rent, profits and income from the mortgaged property with full and complete authority and right in the Mortgagee in case of default as provided for in this Mortgage or the Note to demand, collect, receive and receipt for the same and to take possession of the mortgaged property without having a receiver appointed therefor and to rent and manage the same from time to time and apply the net proceeds of such upon the indebtedness. Mortgagor hereby assigns to Mortgagee all leases of the mortgaged property or any part thereof which are now or may be in effect hereafter, such assignment to take effect Ümnediately in case of such default. Mortgagee is hereby authorized to take charge of the rental of the above-described property and is hereby authorized to collect rents from said property, to eject tenants for breach of their leases and to enter into leases with and lease said property or any part thereof to tenants, to sue for unpaid rents in the name of the legal holder of said indebtedness, and is to receive for services in managing said property the usual and customary fees for such service in effect in Lincoln County, Wyoming at the time said services are perfonned. Without limiting the generality of the foregoing, in case of default, the Mortgagor further agrees as follows: a. Notice to Tenants. Mortgagee may send notices to any and all tenants of the property advising them of this Assignment and directing all rents to be paid directly to Mortgagee or Mortgagee's agent. b. Enter the Premises. Mortgagee may enter upon and take possession of the Premises; demand, collect and receive from the tenants or from any other persons liable therefor, all of the Rents; institute and carry on all legal proceedings necessary for the protection of the Premises, including such proceedings as maybe necessary to recover possession of the Premises; collect the rents and remove any tenant or tenants or other persons from the Premises. c. Maintain the Premises. Mortgagee may enter upon the Premises to maintain the Premises and keep the same in repair; to pay the costs thereof and of all services of all employees, including their equipment, and of all continuing costs and expenses of maintaining the Premises in proper repair and condition, and also to pay all taxes, assessments, and water utilities, and the premiums on fire and other insurance effected by Mortgagor on the Premises. d. Compliance with Laws. Mortgagee may do any and all things to execute and comply with the laws of the State of Wyoming and also all other laws, rules, orders, ordinances and requirements of all other governmental agencies affecting the Premises. Mortgage Page 3 of 5 ..{!.-¡,C~1- 09..'J_'·:'.uo.J 'onS...·4· .,.' U ~.~. e. Lease the Property. Mortgagee may rent or lease the whole or any part of the Premises for such tenn or terms and on such conditions as Mortgagee may deem appropriate. f. Employ Agents. Mortgagee may engage such agent or agents as Mortgagee may deem appropriate, either in Mortgagee's or Mortgagor's name, to rent and manage the Premises, including the collection and application of rents. g. Other acts. Mortgagee may do all such other things and acts with respect to the Premises as Mortgagee may deem appropriate and may act exclusively and solely in the place and stead of Mortgagor and to have all of the powers of Mortgagor for the purposes stated above. h. No Requirement to Act. Mortgagee shall not be required to do any of the foregoing acts or things, and the fact the Mortgagee shall have perfonned one or more of the foregoing acts or things shall not require Mortgagee to do any other specific act or thing. 14. Failure to exercise any right, power or options herein granted to the Mortgagee, howsoever often shall not constitute a waiver thereof and shall not estop the Mortgagee from exercising any such right, power or option at anytime or upon any subsequent default ofthe Mortgagor. All rights and remedies given or reserved to the Mortgagee herein shall be cumulative and may be exercised contemporaneously but the exercise of one or more such rights or remedies shall not exclude or prevent the exercise of Mortgagee's other rights or remedies. 15. The Mortgagor specifically warrants that Mortgagor is fully authorized to enter into this Mortgage, and that the acquiescence or approval of no other person is required for Mortgagor to enter into same on the terms found herein. 16. Mortgagor agrees that all of the terms and conditions contained in the Note are incorporated into and made part of this mortgage. 17. All warranties, covenants, promises, undertakings, agreements, rights, powers, privileges, benefits, obligations and remedies imposed upon or granted orreserved unto the said parties by this instrument shall survive the execution and delivery hereof and shall respectively extend to and be binding upon the respective heirs, executors, administrators, successors and assigns of said parties. 18. Mortgagor acknowledges having been given an opportunity to consult legal counsel oftheir choosing and represent and warrant that they are not relying and will not rely upon any representation of the realtor, title company or the preparer of this mortgage or the accompanying promissory note as to any condition which Mortgagor deems to be material in said documents. ITNESS WHEREOF, the parties have signed and sealed this Mortgage this ~ day of 005. ~jAf¡ Sandra Smith Mortgage Page 4 of 5 [i.!iliilimmmil~ T@ili¡r~f r ,-~.. .~. 'C.·{i .,J<'h~.L ItJ J ~,jo...... ~ .~. 0 0 6 9 5 STATE OF ~fO'Y'7J'1 IJ ) SS. COUNTY OF ~fU:u~ The foregoing instrument was aclmowledged before me by Scott Smith and Sandra Smith, Husband and Wife, this K day of s.epte~1ibcr, 2005. Witness my hand and official seal. My commission expires: -:þ¡;../l.,.r;;, Li:Jðq <?Cr. Il:F4- SE~ ~ - ~ ~ - ~::~&~~:'" NO:Publlt---º- F 4r- .r '~'" " Commission # 1 550514 r ~ Notary Public . California ~ Riverside Counly - My Comm. Expires Feb 6. 2009 Mortgage Page 5 of 5 \. - 006Ç'6 ,i..... -c, -~<.." ¡c· ;:-1. U'0-""", U...:Ð EXHIBIT A Legal Description for Scott Smith and Sandra Smith That part of the SW% NE% of Section 13, T32N R119W of the 6th P.M., Lincoln County, Wyoming, it being the intent to combine and more correctly describe a portion of that tract of that tract of record in the Office of the Clerk of Lincoln County in Book 329PR on page 494 paragraphs No.3 and 4 as follows: Beginning at the northeast corner of said SE % NW %; thence S 89° 1 0.3' W, 1330.64 feet, along the north line of said SE% NW%, to the northwest corner thereof; thence S 00°34.3' W, 831.62 feet, along the west line of said SE%NW%, to a point; thence N 89 °07.7' E, 1326.13 feet to a point on the east line of said SE % NW %; thence N 00053.1 E, 830.73 feet, along said east line, to the corner of beginning. EXCEPTING THEREFROM the land contained in Quitclaim Deed recorded June 19, 2002 in Book 492PR on page 179 of the records of the Lincoln County Clerk. ~:';.!;""'ë:~ j. ,. '¡.., ,-" ,.. "'", - ~I :~J2t~iliJ> r r-, ':;. ~ill~ili~i~¡mi!! '¡",