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RECEIVED 12/7/2005 at 10:32 AM
RECEIVING # 914240
BOOK: 607 PAGE: 20
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
This Mortgage is made the~! (~(Q, day of December} 2005} by and bdween
MORTGAGE
Madeleine Michele Gagen} a single woman} and Kevin Daniel Fabritz and Jacqueline
1v1argaret Fabritz¡ husband and wife¡ hereinafter referred to as the 1/}"lortgagor", and
John C. Branca lIC hereinafter referred to as "Mortgageell.
The Mortgagor¡ for and in consideration of 'Three lIundred Ninety Four
Thousand Five Hundred Dollars ($394}500.00) lawful money of the United States and
other valuable consideration¡ loaned to the 1vlortgagor by the 1vlortgagee} the receipt of
which is hereby confessed and acknowledged} does hereby mortgage to the rVfOl'tgagee}
the following described real property situate in the County of Lincoln} ~;tate of
Wyoming:
L.
Lot Number Sixty-Nine (69) of the Alpine ViHage Subdivision} Plat 3 Arnendect
as platted and recorded in the Official Records of Lincoln County, VVyoming,
Together with an buildings and unprovements thereon} or which rnay hereafter
he placed thereon; all fixtures now or hereafter attached to said prernises; and all
easements¡ appurtenances and incidents now or hereafter belonging or appertaining
there to; subject} however, to all covenants, conditions, easements, and rights-of-way,
and to minerat mining and other exceptions} reservations and conditions of record.
TO HAVE AND TO HOLD the said real and personal property forever} the
Mortgagor hereby relulquishing and waiving all rights under and by virtue of the
homestead exemption laws of the State of Wyoming.
Mortgagor covenants that at the signing and delivery of this Mortgage} said
Mortgagor is lawfully possessed of said personal property; is la·wfully sei7ed in fee
simple of said real property¡ or has such other estate as is stated herein; has good and
lawful right to mortgage, sell and convey aU of said property; and warrants and will
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defend the title to all of said property against all lawful claims and demands, and that
the same is free from. all encumbrances.
However, this 1-'lortgage is subject to the express condition that if the Mortgagor
pays, or causes to be paid, to the Mortgagee that amount due and owing under that
Promissory Note (note), which note was executed and delivered by the Mortgagor to
the !v10rtgagee, which sum or sums of money the !vfortgagor hereby covenants to pay,
and until such payment, performs all of the covenants and agreements herein to he
performed by Mortgagor, then this Mortgage and said note shall cease and be null and
void.
Mortgagor and Mortgagee further covenant and agree as follows:
1.
Payment.
Mortgagor shall pay the indebtedness as herein provided,
and the lien of this insh'ument shall remain in full force and· effect during any
postponement or extension of time of payment of any part of the indebtedness secured
hereby.
2.
PreE.ªYments.
Should Mortgagor prepay this Mortgage in full or in
part. Mortgagor shall pay the prepayment penalties set forth in the Promissory Note,
3,
Transfer of the Property,
If all or any part of the property or any
interest herein is sold or h'ansferred by any means by Mortgagor without Mortgagee's
prior written consent, excluding the creation of a lien or encumbrance subordinate to
this Mortgage or a h'ansfer by devise, descent or by operation of law upon the death of
a joint tenant, Mortgagee may, at Mortgagee's option, declare all the sums secured by
this !v10rtgage to be immediately due and payable. Any delay or failure on the part of
the Mortgagee to demand payment shall not prejudice the !v10rtgageels right there to.
Mortgagee shall have waived such option to accelerate if prior to the sale or transfer,
Mortgagee at Mortgagee's sole discretion, enters into a written agreement with the
person whom the property is to be sold or transferred expressly cor\senting to such
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assumption and setting forth any new terms or conditions of this lvfortgage as may be
requested by the lv10rtgagee in exchange for the lvIortgagee agreeing to an assumption
of this Mortgage.
4.
Taxes and Assessments.
Mortgagor shall pay all taxes and
assessments levied or assessed against said property.
5. Maintenance of Propert~ Mortgagor 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 teal' excepted/ and ··will do nothing on or in
connection with said property which may impah' the security of the Mortgagee
hereunder. Mortgagor shall not permit said property, or any part hereof/ to be levied
upon or attached in any legal or equitable proceeding/ and shall not/ except with the
consent in writing of the Mortgagee, or as is otherwise provided and permitted in this
Mortgage/ remove or attempt to remove said improvements or personal property/ or
any part hereof/ from the premises on which the same are situated,
6.
Insurance.
As collateral and further security for the payment of
the indebtedness hereby secured/ Mortgagor shall keep the improvements noy\' existing
or hereinafter erected on said premises h1sured against loss caused by the elements/ fire,
earthquake/ and other calamities, with extended coverage provisions/ to the full
insurable value thereof for the term of this Mortgage, and will pay \vhen due all
premiums on such insurance. All insurance shall be carried in l'esponsibleinsurance
companies licensed in Wyoming and the policies and renewals thereof shall have
attached thereto by rider or otherwise loss payable clauses in favor of the Mortgagee. A
copy of said policy or any renewal documents pertaining thereto shall be supplied to
the Mortgagee within 30 days after the date of execution of this mortgage and
thereafter within 10 days of any renewal of or amendment to such policy. The
insurance proceeds, or any part thereo( may, at the option of the Mortgagor, be applied
either to the reduction of the indebtedness hereby secured or used in reconstruction. In
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the event of foreclosure of this mortgage or other h-ansfer of title to the said premises in
extinguishment of the indebtedness secured hereby, all right¡ title ànd. interest of the
Jv10rtgagor in and to any insurance policies then in force shall pass to the purchaser or
grantee.
Notwithstanding the foregoing, insurance shaH not be required as long as there
are no improvements on the property,
7.
MQrtgagee Authorized to Make Payments.
If Jvfortgagor defaults in
the payment of the taxes, assessments or other lawful charges, including any
construction loan payments or fails to keep the improvements on said premises insured
as herein provided, the 1vlortgagee may, 'without notice or demdnd¡ pay the same, and if
the Jv10rtgagor fails to keep said pwperty in good repair, the Jvfortgagee may make such
repairs as may be necessary to protect the property, all at the expense of the Mortgagor.
The Mortgagor covenants and agrees that all such sums of money so expended,
together 'with aU costs of enforcement or foreclosure, and a reasonable attorney fecI
shall be added to the debt hereby secured, and agrees to repêìY 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.
8.
Default.
If the Mortgagor defaults in the payment of the indebtedness
hereby secured, for a period of twenty (20) days after written notice, or fails to keep the
improvements on said premises insured as herein providecC or in case of breach of any
covenant or agreement herein contaÎrwd¡ the lvh01e of the then indebtedness secured
hereby/ both principal and interest/ together with all other sums payable pursuarlt to
the provisions hereot shaU, at the option of the ~v10rtgagee, become immediately dtle
and payable, anything herein or in said note to the contrary notwithstanding, and
failure to exercise said option shall not constihlte a waiver of the right to exercise the
same in the event of any subsequent default. The l'v1orlgagee may enforce th(~
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provisions of, or foreclose, thic;t'v1ortgage by any appropriate- ~;l¡it, 'iL:iÏon td' prlJceeding
at Liw or in equity, and cause ID be executed dnd i.lelivé'fed it) the punJ¡,¡ser ur
purchùsers at any foreclci.slue sale Ú pïoper deed uf cunveY¿1JKe (if the properly SlJ ~;t) ll.
The l\1orhrilPor herd,\' ~!raIlt5 the .!'vfort\!ao\?ee tL,~ jX) wer to f(¡leduc;" hI' ad v,' ¡l1i;t'Jll,'j it
o L) J ~.I fo...I .)
and súle as provided by staluh". :\11 Jell\l~dies provided in this l\luftgage elk d1stlnd
and cltmuliitive to ¿my other right or remedy under this J\ftJrlgage t"'f ¿¡ffonh-dbybw or
equity and may he exercised concLuTen(1)') independvntly ()j" ò-uù'csi;ìVtJy.TL,'
Iv1odgagor ag \:"(~S 10 pay all costs of enforcenH-nl or foreclosllft" Ü,cl jdjJì2, ,1 l'bL';l'J1dble
attorney feL'. 'HIe failure of the l\foftgagee to fUft·close prumptly UPOlì Ò ddiHllt sk-dl
not prejudice any right of said tvfortgagee to foreclose th(~reafter durÚq', lk~ (o]IIinu¿IJlce
of such default or right tn foreclose in Càse uf fl1rlhêr ddiìult or defzl1í!l:; 'fIti:' lkt
proceeds from sllch saIl' shall be applied to the péI)'UlL-nl of: first, tLL' CU51~; (lJiLl L"T)èlLSeS
of the forecJosure and sale, including a rea~;ondb1<." attcJrnl::;Y fee, and .IIJ JlH1ne\'s
expended or advanced by the l\/lortgitgee pursuant to the provisions of this r.Jiwtg'¡ge;
second, an unpaid taxe~;, assessments) claims éind liens on sajd prop,,:rly', i\hìch Ùïè
supt:'rior to the lien hereof; third, the balance due !v1ortgagee on ¿,ccoiüd (I{ principal
and interest on the indebtedness hereby secured; dnd the sLlrpJus, if dn,,'¡ dl,ìl1 be paid
to lIte fvfortgagor.
9.
Sufficiency of Foredosure Proceeds.
H the propeily lli."sLiib':i..l
herein LS sold Ultder foreclosure and the pruceE·c!s are insufficient tn pay tlte luLd
indebtedness hereby secured, the 1\,fortgagor executing the note or noll,s for \\'hiell lhis
]v[ortgage is security sha11 be personòl1y bound to pity the U!lJ'"j¡j biiLLnce, ,Hid lhe
1'vlortgagee shòll be entitled to a deficièncy judgment.
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Assignment of 1<ents.
If the right ()f foreclosure ,ICCfue:, as a
result of any deLlllh hereunder, the l\lortgagec: :;hal1 ùt ()ne~ l¡è'cullk ,cJdilh:d to
exclusive possession/ use and enjoyment of a11 prupe1'ly d(,irei;ijid, iÌJld I,) .dl J'~Jltò.Ì,
i~sues and profits thereof, from the accrlling of su,h rii)Ü and ,juring Uk jk:ndeJ'i.Y oj
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foreclosure proceedings and the period of n~demption, and 511ch possession, rents,
issues and profits shall be delivered inunediately to the Mortgagee on reqnest. On
refusat the delivery of such possession, rents, issues and profits may be enforced by the
Mortgagee by any appropriate suit, action or proceeding. Mortgagee shan be entitled to
a Receiver for said property and all rents¡ issues and profits thereuf, after any ~;uch
default¡ including the time covered by foreclosure proceedings and the period of
redemption¡ and without regard to the solvency or insolvency of the Mort-gagor, 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
Mortgagor. 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.
11.
Inspection,
:Mortgagee may make or cause to be made reasonable
entries upon and inspections of the property, provided that Mortgagee shall give
Mortgagor notice prior to any such inspection specifying reasonable cause therefor
related to Mortgagee's interest in the property.
12.
Condem nation.
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'['he proceeds of any a\vard or claim for tLmìiìges,
direct or consequentiat in connection with any condemnation or other taking of the
property¡ or part hereot or for conveyance in lieu of condemnation¡ are hereby
assigned and shall be paid to :Mortgagee, In the event of a total taking of thepl'Operty/
the proceeds shall he applied to the sums secured by this Mortgage \vith the excess, if
any¡ paid to Mortgagor. In the event of a partial taking of the property, unless
Morl¿agor and T'vfortgagee otherwise agree in writing, there shall be applied to the
sums secured by this Mortgage such proportion of the proceeds as is equal to that
proportion \vhich the amount of the SU1HS secured by this Mortgage immediately prior
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to the date of taking bears to the fair lnarket vallie of the property i¡Jlmí~diatdy prior 10
the date of taking, lvith the balance of the proceeds paid 10 J\Jurtgago ', If the property
is abandoned by MortgdgOl', or if, after notice by I\1orlgcìgee to!\'fortF,ògor tlLll the
condemnor offers to make an award or ~l'tll(' a claim [or darmw. es, MorIlJil\'Or bils to
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respond to J\fortgagee within 30 days after the date such notice is nldilect Jvl\¡rtg¡lì',c'é is
authorized to co11ed and app1y the proceeds, at l/rl)rtgagl'cls opticJn, either to
restoration or repair of the property or 10 redllcl' the sums seclll'dl by this 1'v1ortg,tge.
Unless Mortgagee and Mortgagor otherwise agree in writing, any such it , >1ication of
proceeds to principaJ sha]] not extend or postpone the due date of the installments
referred to above or change the amount of slIchinstal1ments.
13.
Statement.
That the tlJnltgage(O, within ten (10) days upon
request in person or within thirty (30) clays upon request by mail,will furnish a wdtten
statement dlt1y acknow1edged of the anwunt due on this I\.1ol'tgage and whether any
offsets or defenses exist against the mortgòge debt.
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14.
Notices.
All notices, demands or other writing in this
Mortgage provided to be given, made or sent by either party to the other shall be in
writing and shall be validly given or made only if personally delivered 'with a receipt
obtained from the person receiving the notice, or sent by certified United States mail
return receipt requested, or if sent by Federal Express or other similar delivery service
keeping records of deliveries and attempted deliveries. Service shall be conclusively
deemed made upon receipt if personally delivered or, if delivered by mail or delivery
service, on the first business day delivery is attempted or upon receipt, whichever is
sooner. The parties mailing addresses are as follows:
Mortgagor:
Madeleine Iv1ichele Gagan
16485 S. Sycamore Ridge Trail
Vait AZ 85641
Kevin and Jacqueline Fabritz
31916th Street
Seal Beach, CA 90740
tvfortgagee:
John C. Branca III
1625 East River Drive
Jackson, WY 83001-8850
16.
Headings.
The headings used in this Mortgage are for convenience only
and are not to be used in its construction.
17.
Binding Effect and Construction,
The covenants herein contained
shall bind, and the benefits and advantages sh¡:¡ll inure to, the respective heirs, devisees,
legatees¡ executors, adminish'ators, successors and assigns of the parties hereto.
vVhenever used the singular number shan include the plural, the plural the singular,
and the use of any gender shall include all genders. The term IInotell includes an notes
herein described if more than one. The terms Ilforeclosuresll and IIforeclosell as used
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herein, shall include the right of foreclosure by any suit, action or proceeding at law of
in equity, or by advertisement and sale of said premises, or in any other manner now or
hereafter provided by lVyoming statutes, inclucHng the power to sell. The acceptance
of this mortgage and the note or notes it secures, by the Mortgagee shall be an
acceptance of the terms and conditions contained therein.
18. Release. Upon payment of all sums secured by this Mortgage, Mortgagee
shall release this Mortgage without charge to }Y10rtgagor. }"1ortgagor shall pay all costs
of recordation, if any.
19.
Waiver of Homestead.
Mortgagor hereby relinquishes and
·waives all rights under and by virhre of the homestead exemption lavvs of tJIt' State of
l'\Tyoming.
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IN WITNESS WHEIŒOF, the said Mortgagor has heretUlto signed and sealed these
presents the day and year first above written.
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Madeleine JVIichele Gagen //
day
of
Kevin Daniel Fabritz
Jacqueline ~1argaret Fabritz
STATE OF
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COUNTY OF ,. ) .y' I~
The foregoing instrument was acknowledged before me this X
December, 2005 by Madeleine Michele Gagen.
WITNESS my hand and official se~~/"L _~__........_,-==__..___~
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'1íf'i"",,*4~~ Srqr'OFf',RIZONA .... l' "'I
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''-I~ OIÞ,NW\ MAJ<.TINEZ
My Cornmission Expires AUQcJsl 3\ 2008 .
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STATE OF
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COUNTY OF
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The foregoing instrument was acknowledged before me this
December, 2005 by Kevin Daniel Fabritz and Jacqueline Margaret Fabritz.
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WITNESS my hand and official seal.
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Ttu" [OTèg0 Îng instn1Jl1ent WÙt~ ;icluv)''''12dg<:d. b'3fore Ille th Ls..'j.. -n._..
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