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MORTGAGE
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RECEIVED 12/9/2005 at 4:16 PM
RECEIVING # 914365
BOOK: 607 PAGE: 293
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
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KNOW ALL MEN BY THESE PRESENTS, that Kay M. Burton and Aneta R. Burton,
husband and wife, herein referred to as Mortgagor, of PO Box 1493, Afton, WY 83110, to secure
the payment of the principal sum of Sixty-eight Eight Thousand and No/100 Dollars ($68,000.00),
with interest as evidenced by a Promissory Note dated of even date herewith to the order of Deon
F. Heiner and Cheryl V. Heiner, Trustees of the Deon F. Heiner and Cheryl V. Heiner Family
Revocable Trust dated May 16, 1997, Quinn R. Heiner and Hyesoon H. Heiner, Trustees of the
Quinn R. Heiner and Hyesoon H. Heiner Family Revocable Trust dated January 8, 2004, F & T
Investments Limited Partnership, a Utah Limited Partnership, and L & V Investments Limited
Partnership, a Utah Limited Partnership, herein referred to as Mortgagee, of c/o Continental
Construction, Inc., PO Box 3210, Alpine, WY 83128, principal and interest payable as follows:
In equal annual amortized installments of principal and interest in the amount of $4,423.50
with interest on the unpaid balance from November 21, 2005, 2005, until paid at the rate of five
per cent (5%) per annum payable on November 21 of each year beginning November 21, 2006,
and continuing on November 21 of each succeeding year until November 21, 2035, when the
entire remaining balance, including principal and accrued interest, shall be due and payable in full.
This represents an amortization of $68,000.00 over a period of 30 years at 5.00% interest payable
in annual installments. All payments made shall be applied first to any applicable late charges,
then to accrued interest on the unpaid principal balance and then to principal. Prepayments of
principal may be made at any time in any amount without penalty.
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hereby mortgages to Mortgagees, the following described real estate, situated in the County of
Lincoln, State of Wyoming:
Lot 1 of the Willow Creek Ranch 2, Lincoln County, Wyoming, as described on the
official plat filed October 21, 2005, as Instrument No. 913032 of the records of the
Lincoln County Clerk.
SUBJECT TO all covenants, easements, exceptions, restrictions, reservations and
rights of way of sight or record including without limitation any as set forth on said
official plat.
including all buildings and improvements thereon or that may hereafter be erected thereon;
together with hereditaments and appurtenances and all other rights thereunto belonging, or in
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091.4365
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anywise now or hereafter appertaining, and the reversion and reversions, remainder and
remainders, rents, issues, and profits thereof, and all plumbing, heating, and lighting fixtures and
equipment now or hereafter attached to or used in connection with the premises.
Mortgagor hereby relinquishes and waives all rights under and by virtue of the homestead
laws of the State of Wyoming and covenants that it is lawfully seised of the premises, that they are
free from all encumbrances and hereby covenants to warrant and defend the title of the premises
against the lawful claims of all persons whomsoever.
And mortgagor covenants with mortgagee as follows:
1. In case of default in any of the payments stipulated in the note, mortgagor, as
further security for this mortgage and the note secured thereby, hereby assigns, sets over, and
conveys to mortgagee all rents, issues, and profits from the property.
2. To pay promptly, when due, the principal and interest and other sums of money
provided for in said Note and this Mortgage, or either; to pay all and singular the taxes,
assessments, levies, liabilities, obligations, and encumbrances of every nature on said property.
3. To perform, comply with, and abide by each and every the agreements, stipulations,
conditions, and covenants, set forth in said Note and this Mortgage or either.
4. Failure by the mortgagee to exercise any of the rights or options herein provided
shall not constitute a waiver of any rights or options under said Note or the Mortgage accrued or
thereafter accruing.
5. Nothing shall be done on or in connection with the property that may impair
mortgagee's security hereunder; mortgagor will commit, permit or suffer no waste, impairment or
deterioration of the property nor any part thereof, and the property shall be continuously
maintained in good and sightly order, repair, and condition by mortgagor at his expense.
6. In case mortgagor defaults in the payment of ground rents, if any, taxes,
assessments, water, or other governmental or municipal charges, or other lawful charges as
herein provided, mortgagee may without notice or demand pay the same and in case of any failure
on the part of mortgagor to comply with the covenants of Paragraph 5 hereof, mortgagee may
effect such repairs as it may reasonably deem necessary to protect the property, at the expense of
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mortgagor. Mortgagor shall repay such sums so paid and all expenses so incurred by mortgagee,
with interest thereon from the date of payment, at ten percent (10%) per annum, and the same
shall be a lien on the premises and be secured by the note and by these presents; in default of
making such repayments the whole amount hereby secured if not then due shall, if mortgagee so
elects, become due and payable forthwith, anything herein contained to the contrary
notwithstanding.
7. In the event the property is sold under foreclosure and the proceeds are insufficient
to pay the total indebtedness secured hereby, mortgagor binds himself personally to pay the
unpaid balance, and mortgagee will be entitled to a deficiency judgment.
8. In case default is made in the payment, when due, of the indebtedness hereby
secured, or of any installment thereof or any part thereof, or in case of breach of any covenant or
agreement herein contained, the whole of the then indebtedness secured hereby, inclusive of
principal, interest, arrearages, ground rents, if any, taxes, assessments, water charges,
expenditures for repairs or maintenance, together with all other sums payable pursuant to the
provisions hereof, shall become immediately due and payable, at the option of mortgagee,
although the period above limited for the payment thereof may not have expired, anything herein
before or in the note contained to the contrary notwithstanding; any failure to exercise such option
shall not constitute a waiver of the right to exercise the same at any other time; and it shall be
lawful for mortgagee to proceed to enforce the provisions of this mortgage either by suit at law or
in equity, as it may elect, or to foreclose this mortgage by advertisement and sale of the premises,
at public auction for cash, according to Wyoming statutes governing mortgage foreclosures, and
cause to be executed and delivered to the purchaser or purchasers at any such sale a good and
sufficient deed or deeds of conveyance of the property so sold, and to apply the net proceeds
arising from such sale first to the payment of the costs and expenses of such foreclosure and sale,
including a reasonable attorney fee, and in payment of all moneys expended or advanced by
mortgagee pursuant to the provisions of Paragraph 6 hereof, and then to the payment of the
balance due on account of the principal indebtedness secured hereby, together with interest
thereon and the surplus if any, shall be paid by mortgagee on demand to mortgagor. In case
mortgagee fails promptly to foreclose on the happening of any default, it shall not thereby be
prejudiced in its right to foreclosure at any time thereafter during which such default continues,
and shall not be prejudiced in its foreclosure rights in case of further default.
9. In case of any default whereby the right of foreclosure occurs hereunder,
mortgagee shall at once become entitled to exclusive possession, use, and enjoyment of all
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property, and to all rents, issues, and profits thereof, from the accruing of such right and during the
pendency of foreclosure proceedings and the period of redemption, if there is any; and such
possession, rents, issues, and profits shall at once be delivered to mortgagee on request, and on
refusal, the delivery of such possession, rents, issues, and profits may be enforced by mortgagee
by any appropriate civil suit or proceeding, including action or actions in ejectment, or forceable
entry, or unlawful detainer; and mortgagee shall be entitled to a receiver for the property and all
rents, issues, and profits thereof, after any such default, including the time covered by foreclosure
proceedings and the period of redemption, if there is any, and shall be entitled thereto as a matter
of right without regard to the solvency or insolvency of mortgagor or the then owner of the
property, and without regard to the value of the property or the sufficiency thereof to discharge the
mortgage debt and foreclosure costs, fees and expenses; and such receiver may be appointed by
any court of competent jurisdiction on ex parte application and without notice (notice being hereby
expressly waived, and the appointment of any such receiver on any such application without
notice being hereby consented to by mortgagor on mortgagor's own behalf), and all rents, issues,
profits, income, and revenue of the property shall be applied by such receiver, according to law
and the orders and directions of the court.
10. Mortgagor may not conveyor transfer any interest in or encumber the described
premises without the prior written consent of the mortgagee. Mortgagor must give mortgagee
written notice of mortgagor's intent to conveyor transfer any interest in or to encumber the
described premises at least thirty (30) days prior to the proposed conveyance or encumbrance. If
all or any part of the described premises or an interest therein is sold, transferred or encumbered
by mortgagor without mortgagee's prior written consent, excluding death of a joint tenant or the
grant of any leasehold interest of three (3) years or less not containing an option to purchase,
mortgagee may, at its option, declare the entire remaining balance due under this agreement to be
immediately due and payable and give written notice to mortgagor thereof. After receipt of such
written notice, mortgagor shall have thirty (30) days in which to pay the entire remaining balance to
mortgagee.
11. The covenants herein contained shall bind, and the benefits and advantages shall
inure to, the respective heirs, executors, administrators, successors, and assigns of the parties
hereto. Whenever used, the singular number shall include the plural, the plural the singular, and
the use of any gender shall include all genders.
12. Whenever used herein, the terms "mortgagor" and "mortgagee" include all the
parties to this instrument and the heirs, legal representatives, and assigns of individuals, and the
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successors and assigns of corporations; and the term "Note" includes all the notes herein
described if more than one.
IN WITNESS WHEREOF, Mortgagor has executed this Mortgage as of the 21 st day of
November, 2005.
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Kay M. Burton
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Aneta R. Burton
STATE OF WYOMING
ss.
COUNTY OF LINCOLN
The foregoing Mortgage was acknowledged before me by Kay M. Burton and Aneta R.
Burton, husband and wife, this c2<D day of November, 2005.
Witness my hand and official seal.
~~Q.) AI ßt/-P/2/:J
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NOTARY PUBLIC
My commission expires:
9 - /5 - 0
. GLORIA K. BYERS· NOTARY PUBLIC
County 01 ð;~," State of
Uncaln ~ Wyoming
My CommIssIon Expires Sept. 15, 2001
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