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HomeMy WebLinkAbout914397 ~!~~,,~ ""\r',:, "..î ~"' t:) ~.'~ i:'ç ~.1 r~ f.)., (."1 t't.ì ..1 1;" (') ?iU .Ö ü) ,,' ::~ i~~ ';:~. $:1 ",' L ~) 0, "" g,i ¡~ J.;1 t.J ,.<I.,,¡ :;;.1 :;~ c~ ;~ .:tl:~¡ '. î J;.~'" '~ ') ¿c'- -~/ tJ (, !ì 0 'J 4 ¡t \., ,) J v :t 8 '2 C.-.J MORTGAGE KNOW ALL MEN BY THESE PRESENTS, that Douglas C. Bankhead and Mariloll B. Bankhead, husband and wife, herein referred to as Mortgagor, of 4756 Spring Meadow Circle, Bountiful, UT 84010, to secure the payment of the principal sum of Three Hundred Twenty-six Thousand Six Hundred Sixty-six and 67/100 Dollars ($326,666.67), with interest as evidenced by a Promissory Note dated of even date herewith to the order of Freedom Investments L. L. C., a Wyoming limited liability company, herein referred to as Mortgagee, of c/o Dennis L, Hale, PO Box 1616, Afton, WY 83110, principal and interest payable as follows: In six (6) equal annual amortized installments of principal and interest in the amount of $61,304.95 with interest on the unpaid balance from December 5, 2005, until paid at the rate of seven per cent (7%) per annum payable on June 5 and December 5, 2006, June 5 and December 5, 2007, and June 5 and December 5, 2008, On December 5, 2008, the entire remaining balance, including principal and accrued interest, shall be due and payable in full. This represents an amortization of $326,666.67 over a period of 3 years at 7.00% interest payable in semi-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. All payments shall be made to Noteholder's order to the Bank of Star Valley, 384 South Washington Street, PO Box 8007, Afton, WY 83110, said Bank hereby designated as the escrow agent of the parties to collect and maintain an accounting of the payments made, disburse them to Noteholder according to its I instructions, and deliver a mortgage release to Borrower when the debt has been paid in full. Prepayments of principal may be made at any time in any amount without penalty. hereby mortgages to Mortgagees, the following described real estate, situateu in the County of Lincoln, State of Wyoming: Land more particularly described on Schedule C attached and incorporated herein by this reference. 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 anywise now or hereafter appertaining, and the reversion and reversions, remainder and RECEIVED 12/12/2005 at 4:36 PM RECEIVING II 914397 BOOK: 607 PAGE: 334 JEANNE WAGNER LINCOLN COUNTY CLERK,' , WY r' (\ 0 .) 4 r~ '.' ,) v u , , ;L.. "C"I ;';¡ ") In, 7 . I' .) 1 L'",,;j -~ ' 'I. '-..:.I ""--. ~ .I.i... ~ "'-I. 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 mortgagor. Mortgagor shall repay such sums so paid and all expenses so incurred by mortgagee, with interest 2 / ',> ·t" ""~'i .,:;;~ 'iI)( to: 7" U,-Y¿'-;z....1J· , n n ." ;1 0 \) (.,..1 . .', if 0 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 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 sllch possession, rents, 3 I\. '. ._ ^'.\ /-,~ .a¡~ !.()~, ~ Ii ~ '-"è¡ " '.i:,: '....2, J ~ "-.J"-.J- ~' ¡ì 0 ,) 4 ,.7' \., ,) ~ v issues, and profits shall at once be delivered to mortgag~e 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 successors and assigns of corporations; and the term "Note" includes all the notes herein described if more than one. 4 " ," ., "" .r', 7 · J' '¡.,' -': /}'" 'f "'-'¡¡.' . '" ___'J ~.~ '-- "-!J "-I (' (ì 0 ') L' 8 ,.#....l ",J f IN WITNESS WHEREOF, Mortgagor has executed this Mortgage as of the 1 st day of December, 2005. æ~~¿. c3-k~ , Douglas C, Bankhead + --::/~ '/! 7l A--t-vL/L-- 'f5. -(~z;-t-<---!Ü'-</l Marilou B. Bankhead STATE OF (kf~ COUNTY OF ~ó\\f L) ss. The foregoing Mortgage was acknowle~ed before me by Douglas C. Bankhead and Marilou B, Bankhead, husband and wife, this CSfhday of December, 2005, Witness my hand and official seal. '\ ~ndv-- ~M~ NOTARY PUBLIC My commission expires: i';ÇJJ:'7;;".... NOTAHV PUBLIC ~"~~. '11-.';'~~\®. BIlEN.DA PIEf1S0N j .I~,\:':'>,; ~ 100 50u1l1 500 West ~ ,V.;.:1; Bounldul UI<JII 84010 ~"I M, """''''''',"" "r"'" '... ..,Y OCIOIJer 6 2009 -- . STATE OF UTAH ~~ 5 {' (\ 0 '} L1 9 '.' ,j oj i J ".<j""¡ I',! <J'~', C,>-"'j ~cJc.32~''''L''-!.iJ ¡¡/ Parcel 1 BEGINNING at a point which is 1970.5 feet South from the Northwest corner of Lot 3 in Section 28, T35N Rl19W of the 6th P.M., Lincoln County, Wyoming and running thence South 339.5 feet; thence East 20 rods; thence South 20 rods; thence East 53.74 rods¡ thence North 14 rods; thence East 31.43 rods; thence South 14 rods¡ thence East 45.07 rods; thence North 18 rods¡ thence East 12 rods¡ thence South 18 rods; thence East 31 rods; thence North 160 rods; thence West 50.5 rods; thence South 89 rods; thence West 1555.21 feet; thence South 57.75 feet; thence West 429 feet; thence South 411.25 feet¡ thence West 371 feet, more or less, to the PLACE OF BEGINNING. EXCEPTING THEREFROM those parcels of land conveyed and recorded in the Office of Lincoln County Clerk in Book 6PR on Page 502, Book 321PR on Page 509, Book 412PR on Page 335 and in Book 424PR on Page 444. ALSO EXCEPTING the land contained in Warranty Deed recorded July 20, 2001 in Book 469PR on page 30 of the records of the Lincoln County Clerk. ALSO EXCEPTING the land contained in Warranty Deed recorded October 3, 2001 in Book 474PR on page 704 of the records of the Lincoln County Clerk. ALSO EXCEPTING the land contained in Warranty Deed recorded December 18, 2001 in Book 479PR on page 599 of the records of the Lincoln County Clerk. ALSO EXCEPTING the land contained in Real Estate Agreement recorded December 31, 2002 in Book 480PR on page 370 and also recorded January 22, 2002 in Book 481PR on page 765 of the records of the Lincoln County Clerk. ALSO EXCEPTING the land contained in Warranty Deed recorded May 2, 2002 in Book 488PR on page 718 of the records of the Lincoln County Clerk. Parcel 2 The right of access over those lands reserved in instrument recorded December 31, 2001 in Book 480PR on page 370 of the records of the Lincoln County Clerk.