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HomeMy WebLinkAbout912980 RECEIVED 10/20/2005 at 10:49 AM RECEIVING # 912980 BOOK: 601 PAGE: 874 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY r!ìt"'~74 vUUO' (¿j vIORTGAGE TillS MORTGAGE is made as of the 21f!... day of April, 2004, between KENNETH L. CRAM and APRIL CRAM (the "Mortgagors") and LAWRENCE S. RODECK and SANDRA S. RODECK, TRUSTEES of the Lawrence S, Rodeck and Sandra S, Rodeck Revocable Living Trust VITIA dated August 9,1989 (the Mortgagees"). WITNESSETH, that to secure the payment of an indebtedness in the sum of Two Hundred Ten Thousand Dollars ($210,000.00), together with interest thereon, at the rate of seven percent (7%) per annum, amortized over a period of Thirty (30) Years, being due and payable as follows: for the period from April 1, 2004 through April 1, 2006, no payments of principal or interest shall be due; for the period from April 1, 2006 through April 1, 2008, payments of interest on the unpaid principal shall be due; for the period from April 1, 2008 through April 1, 2024, payments of principal plus interest shall be due; and on April 1, 2024, the remaining principal and all unpaid interest and costs shall be due and payable, with all payments to be credited first to interest to the date paid and the balance, if any, to be credited against principal, all as evidenced by a Promissory Note of even date herewith (the ultimate maturity date of which is April 1, 2024) and all renewals, modifications, and extensions thereof, the Mortgagors hereby mortgage to the Mortgagees the following described real estate, situated in the Town of Thayne, County of Lincoln, State of Wyoming, to wit: Ì/\ See Exhibit A, attached hereto and by this reference made a part hereof. /";/' \ Together with and including all oil, gas, and other mineral rights owned by Grantors, if any, and all improvements and all other appurtenances and hereditaments thereunto belonging, Subject to taxes and all covenants, conditions, restrictions, easements, reservations, rights, and rights-of-way of sight andlor record. And the Mortgagors covenant with Mortgagees as follows: 1. Payment. The Mortgagors shall pay the indebtedness hereby secured. 1 l! )ç, 2. Prepayment. The Mortgagors shall have the privilege of paying principal sums plus accrued interest, at any time without premium or penalty of any kind, and it is understood and agreed that any such prepayment shall be credited first to accrued interest and the balance to principal in the inverse order of when due. 3. Preservation of Property, The Mortgagors shall not do anything on or in connection with the Property which may impair Mortgagees' security hereunder. Mortgagors will not commit, permit, or suffer any waste, impairment, or deterioration of the Property and the Property shall be continuously maintained in good and sightly order, repair, and condition by Mortgagors at their expense. 4, Taxes and Other Charges. The Mortgagors shall pay all ground rents, taxes, assessments, sewer rents, water rents, all governmental, quasi-governmental charges (e.g., homeowners association assessments), and other lawful charges on or against the Property, 5. Payments by Mortgagees. In the event Mortgagors default in the payment of any lawful charges against the Property or insurance premiums, Mortgagees, at their sole option and discretion, may pay same. Mortgagors covenant and agree to reimburse such sums expended by Mortgagees, with interest at the rate of eighteen percent (18%) per annum, and the same shall constitute a lien against the Property with priority as of the date hereof 6, Late Payment Fee. If any default is made in the payment of any of the above installments of principal and interest, and such default is not cured within ten (10) days of when due, then a late fee in the amount of ten percent (10%) of the amount due shall also be due, 7, Statement. The Mortgagors, within twenty (20) days upon request in person or within thirty (30) days upon request by mail, will furnish a written statement duly acknowledged MORTGAGE CRAM 1 RODECK, TRUSTEES PAGE 1 OF4 ~¡!¡iliiliilifiTI ~~~8k¡!i~~,:;::;:9 "~ ctj ,l(''''~~''''\~'\I., 0, '_~,,-, ~,.,~ ~O ::~~ }1~¡;~~¡~m~~ j~r:: '('·'"\("'.(":.75 \...uuo verifying and acknowledging the amount outstanding on the indebtedness secured by this mortgage. 8, Notice, All notices shall be sent certified mail, shall be deemed given when mailed, and shall be addressed as follows or at such other place as may be designated by either party from time to time in writing in the same manner as provided herein: Mortgagors: Kenneth L. Cram & April Cram P.O, Box 4386 Bedford, Wyoming 83112 Mortgagees: Lawrence S. Rodeck & Sandra S. Rodeck, Trustees P.O. Box ~ 17/1.,./ Jackson, Wyoming 83001. 9. Warranty. The Mortgagors warrant the title to the Property. Mortgagors shall furnish and pay for title insurance coverage insuring Mortgagees' interest in the Property to the full amount of the indebtedness secured hereby. 10. Default and Acceleration, The entire indebtedness secured hereby shall become due and payable at the option of the Mortgagees: (a) Upon default in the payment of any amount hereby secured or payable hereunder (regular installments of principal and,'interest, late charges, lawful charges against the Property, amounts paid by Mortgagees, attorney fees, collection costs, etc.) and failure to cure such payment default within twenty (20) days of written notice thereof; or (b) After failure to exhibit to the Mortgages, within thirty (30) days after demand, receipts showing payment of all ground rents, taxes, water rents, sewer rents, governmental charges, quasi-governmental charges and assessments; or (c) After the assignment of the rents of the Property or any part thereof without the written consent of the Mortgagees, except as otherwise provided herein; or (d) If the Mortgagors fail to keep, observe, and perform any of the other covenants, conditions, or agreements contained in this mortgage (not cured within prescribed time limits); or ( e) After failure to comply with any requirement or order or notice of violation of law or ordinance issued by any governmental or quasi-governmental authority claiming jurisdiction over the Property within three (3) months from the issuance thereof; or (f) Upon sale or transfer of an interest in the Property without Mortgagees' consent as herein provided; or (g) Anything in this mortgage contained to the contrary notwithstanding, if it shall be necessary for Mortgagees or Mortgagees' agent to notify Mortgagor in writing of default under this mortgage for failure to make the required payments in a timely manner (4) four times during any twelve (12) month period, then the Mortgagees shall not be obligated to provide any further notice of default and the mortgage will, at the option of Mortgagees, be in default (and all amounts secured hereby and payable hereunder shall be fully due and payable) and the Mortgagees shall have all remedies available to it as set forth herein. 11. Foreclosure Upon Default. In the event of default and acceleration as herein provided, the Mortgagees may proceed, pursuant to the laws of the State of Wyoming by judicial foreclosure or advertisement and sale, to foreclose on and sell the Property, and out of the MORTGAGE CRAM 1 RODECK, TRUSTEES PAGE 2 OF4 ¡'>;¡.1{;?~1 ::-="<:::80 ,..J"'-.:;-L,..-:..J (r.rc"'76 ...J\..IO proceeds of such sale shall pay all sums secured hereby, including all costs and expenses of the foreclosure proceeding. 12. Remedies, All remedies provided in this mortgage are distinct and cumulative to any other right or remedy under this mortgage or afforded by law or equity which may be exercised concurrently, independently or successively. Any forbearance by Mortgagees in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be deemed a waiver or preclude the exercise of any such right or remedy at any time. 13. Receiver. The holder of this mortgage, in any action or procedure to foreclose it Gudicial, by power of sale, or otherwise), shall be entitled to the appointment of a receiver, The Mortgagors hereby consent that, in the event a receiver is appointed, Mortgagees may be the receIver. 14. Possession. In the event of default by Mortgagors, the Mortgagees are entitled to possession of the Property during the pendency of any foreclosure proceedings and during any period of redemption, if applicable, under the statutes of the State of Wyoming. 15. Attorney and Foreclosure Expenses. If any action or proceeding be commenced, to which action or proceeding the Mortgagees are made a party due to their interest in the Property, or in which it becomes necessary to initiate collection of the indebtedness hereby secured or foreclosure proceedings (whether or not suit is necessary), all sums pad by the Mortgagees for the expense of any litigation or proceeding to prosecute or to defend the rights and lien created by this mortgage or to foreclose this mortgage or to collect the indebtedness hereby secured (including reasonable attorney' s fees), shall be paid by the Mortgagors, together with interest thereon at the rate of eighteen percent (18%) per annum, and any such sums and the interest thereon shall be a lien on the Property, prior to any right, or title to, interest in, or claim upon the Property attaching or accruing subsequent to the lien of this mortgage, and shall be deemed to be secured by this mortgage, 16, Assignment of Rents. The Mortgagors hereby assign to the Mortgagees the rents, issues, and profits, if any, of the Property as further security for the payment of the indebtedness secured hereby, and the Mortgagors grant to the Mortgagees the right to enter upon the Property or any part thereof, and to apply the rents, issues, and profits, after payment of all necessary charges and expenses, on account of the indebtedness hereby secured. This assignment and grant shall continue in effect until all sums secured by this mortgage are paid, The Mortgagees hereby waive the right to enter upon the Property for the purpose of collecting said rent, issues, and profits, and the Mortgagors shall be entitled to collect and to receive said rents, issues, and profits; provided that such right of the Mortgagors may be revoked by the Mortgagees upon any default (not cured within the applicable cure period) hereunder, without notice, 17. Deficiency. In the event the Property is sold at foreclosure Gudicial, power of sale, or otherwise according to law) and the proceeds are insufficient to pay the indebtedness secured hereby, Mortgagors shall remain liable for the unpaid balance and Mortgagees will be entitled to a deficiency judgment. 18. Due-on- Transfer. If all or any part of the Property or any equitable or beneficial interest there1n is sold or otherwise transferred by Mortgagors without Mortgagees' prior written consent, which shall not be unreasonably withheld, excluding (a) the creation of a purchase money security interest for appliances, (b) a transfer by descent, devise, or operation of the law upon the death of any owner, or (c) the grant of any leasehold interest to the Property of three (3) years or less not containing an option to purchase, Mortgages may, at Mortgagees' sole option, declare all sums secured hereby to be illlillediately due and payable. 19. Set-Off, Mortgagors shall not be entitled to set-off or any similar rights against amounts secured hereby, 20. Miscellaneous. This mortgage may not be changed or terminated orally. The covenants, agreements, and conditions contained in this mortgage shall run with the land and bind the Mortgagors, the heirs, successors, and assigns of the Mortgagors, and all subsequent owners, encumbrancers, tenants, and subtenants of the Property, and shall insure to the benefit of the Mortgagees, the personal representatives, successors, and assigns of the Mortgagees, and all MORTGAGE CRAM / RODECK, TRUSTEES PAGE30F4 8ill~¡I~~mI¡ ¡;"; m~~;;¡1¡?~~~1I;;; J~[:~-:0i1~~f[':) " lir- ..... 7 7 ' \' ~.' '., ..J u 0 ," '- ,'~ ,r\iC180 '¡J'~~~~-~~ subsequent holders of this mortgage, The word "Mortgagors" shall be construed as if it read "Mortgagor" and the word "Mortgagees" shall be construed as if it read "Mortgagee" whenever the sense of this mortgage so requires. Whenever used, the singular shall include the plural, the plural the singular and the use of any gender shall include all genders. This mortgage shall be governed by the laws of the State of Wyoming IN WITNESS WHEREOF, this mortgage has bee duly executed by Mortgagors, hereby relinquishing and waiving all rights under and by virtue of the homestead exemption laws of the State of Wyoming. ¡¿~ L. L . KENNETH L. CRAM ~~ . STA TE OF WYOMING ) ) SS. COUNTY OF LINCOLN ) ACKNOWLEDGED before me by Kenneth L. Cram and April Cram this 2~ day of April, 2004. WITNESS my hand and official seal. M. KEVIN VOYLES - NOTARY PUBUC County of State .of Lincoln Wyoming My Commission Expires July 16, 2007 My Commission expires: 07/1 ~ /07 I / MORTGAGE CRAM / RODECI(, TRUSTEES PAGE40F4 / r!'\('c"'78 '.' ',} d 0 ;¡í)<C: ") .rß~:l80 ,.-"<....:."/~.·.....-~ Description: Parcel A Amended ~ A portion of the properties as referred to in the Deed recorded in Book 458PR, on Page 316, and in Book 447PR, on Page 314, with the Office of the Clerk of Lincoln County, Wyoming, within the SE1/4 of Section 23, T34N, R119W, of the 6th P.M., Thayne, Lincoln County, Wyoming, the metes and bounds being more particularly described as follows: BEGINNING at an Aluminum Cap on Iron Pipe marking a point in the East Right- of-Way line of U.S. Highway 89, said Point of Beginning being 1,652.43 feet N20020'27"E, from the B.L.M. type Monument marking the Paul N. Scherbel RLS 164, 1986 location for the Southwest Corner of said SE 1 /4, also said Point of Beginning being, 2,609,98 feet N52°25'38"W, from the B.L.M. type Monument marking the Paul N. Scherbel RLS 164, 1976 location for the Southeast Corner of said SE1/4; thence N23°58'43"W, along said East Right-of-Way Line, 147.48 feet to an Aluminum Cap on Iron Pipe marking the Southwest corner of the Thayne Village Center; thence N85°01'45"E, along the South Line of said Thayne Village Center, 313.51 feet to an Iron Pipe marking a Northwest corner of Tract No, 2 - Dana Lands, of the Star Valley Cheese Corporation, property as referred to in the Deed recorded in Book 337PR, on Page 661, with said Office; thence Soo28'04"W, along a west line of said Tract No.2, 113.05 feet to an Aluminum Cap on Iron Pipe; thence S79°00'05"W 256.18 feet to the Point of Beginning, containing 0.828 Acres of land. TOGETHER WITH and SUBJECT TO: All Easements, Exceptions, Reservations, Restrictions, Rights-of-Way and Improvements of sight and or record, ill@f~~;~Wf;,: ~~.