HomeMy WebLinkAbout875820ii0OK-4-~.....PR PAGE l~_ ~ (} '~ MORTGAGE ,, I'- .'~.' .......
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Mark Massey and Laura Massey, husband and wife, (hereinafter
collectively "MORTGAGOR")/ to secure the payment of Seven Thousand
Five Hundred Dollars ($7~500.00), with interest thereon, as provided in and
evidenced by. a promissor ~,'~ note of even date herewith (the Ultimate maturity
date of which is the 15.~.h 'day of Setpember, 2004) and all renewals,
modifications and extensions thereof, does hereby mortgage unto LaMar C.
Nielsen and Jeanne P. Nielsen, (hereinafter collectively "MORTGAGEE") the
following described real ~:~roperty,.situate in the County of Lincoln, State of
Wyoming, hereby releasing and waiving all rights under and by virtue of the
homestead exemption laws. of the State of Wyoming, to-wit:
Lot 11 in St~'r Valley Ranch Plat 2, as platted and
recorded in the Official Records of Lincoln County,
Wyoming.
Together witt~ all and singular the improvements
thereon or th~reunto appertaining, (the "Property").
MORTGAGOR agre,.',,:.).' 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 'secUi~:e, maintain and furnish MORTGAGEE evidhnce
thereof, insurance with~ an insurance carrier or carriers acceptable' to
MORTGAGEE, covering t;~,¢ insurable improvements on the Property against
loss by fire, with extende:~.:, coverage., in an amount not less than the unpaid
balance of the debt h~reby secured, or the insurable value of such
improvements, whichever is less, which insurance shall contain an
appropriate loss paya!?le 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 indebtedness 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, 5e 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 ,i'he 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) days 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, witEout the prior written consent of the MORTGAGEE
first had and obtained, tE. en the whole indebtedness hereby secured, with
interest thereon, shall beco:~e due and payable, at the option of MORTGAGEE,
and MORTGAGEE'S lega'] representatives and assigns, may proceed by
advertisement and sale and/or as otherwise authorized by governing law, to
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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 secu'red and foreclosure costs,
MORTGAGEE shall be emitled 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 Ciuring the pendency of the
foreclosure proceedings, and the period of redemption, if any there be.
MORTGAGOR warrants title to the Propert,~. as to parties claiming, by
through or under MORT.G;AGoR only.
THE PROPERTY ISI NOT AGRICULTURAL 'PROPERTY AS DEFINED
IN WYO. STAT. § 1-18-1025.
WITNESS our hands ~his '~'~ day of _,
2001.
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k Massey
L;aura tvlassey ,:
STATE OF CALIFORNIA )
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COUNTY OFf.LO_ ".~L,Z~Tf~z)
The foregoing instrument was acknowled~;:ed before me by MARK
M~SSEY AND LA'!~RA MASSEY thi!; ~.~c'/'/l.-2 day of
(x.~ OC~ai'' 2 n r,'~ '
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qa}rlTNESS my hand and official seal.
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commission