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HomeMy WebLinkAbout914603 I~ (. .~, .' G . ~ . t . . . '. ..~)~) fv1 i SECURITY AGREEMENT SECURITY AGREEMENT made between JIM W. STOKER, of P.O. Box 322 Thayne, WY 83127 (the "Debtor"), and TINA LUTI-II of p.o. Box 162 Thaync, WY 83127, Lincoln County, Wyoming, (the "Secured Party"). I. Creation of security interest. Debtor, to secure the payment of the indebtedness described below, grants to Secured Party, its successors, and assigns a security interest in the two (2) acre parcel of land, owned by the Debtor, located in Thayne, Lincoln County, Wyoming, more particularly described in EXHIBIT A. 2, Obligation to pay. Debtor shall pay to Secured Party, its successors, and assigns the sum of $27,214,84, as evidence by a promissory note payable in full, principal and interest, on the 161h day of December, 2006, and shall pay to Secured Party, its successors, and assigns all additional advances and debts and all costs, fees, charges, and expenses for which this instrument shall stand as security in accordance with the terms of the notes. ~~ 3, Def"mtlt. Debtor shall be in default hereunder if: Debtor makes any misrepresentation or misstatement in connection with, or is in noncompliance with, or nonperformance of any of Debtor's obligations hcreunder; Debtor shall default in the payment of any sum secured hereby or any part of installment thereof; all or any part of Debtor's property is seized or levied upon under any process; a petition in bankruptcy is filed by or against Debtor; any proceedings under the bankruptcy laws are commenced by or against Debtor; a recei vel' of Debtor or of its property is appointed; Debtor shall make an assignment for the benefit of creditors; a judgment is obtained against Debtor; an action or proceeding is brought against Debtor in any court; dispossession proceedings are taken against Debtor; or Secured Party at any time deems itself 111 secure. 4. lVai1¡er by debtor. Debtor waives any and all claims of any nature, kind, or description which it has or may claim to have against Secured Party or its representatives, by reason of taking possession of or selling the property. Debtor expressly waives the right to a jury trial in any action or proceeding between the parties. 5. Waiver olbreaclz. The acceptance of any payments by Secured Party after matUlity, or the acceptance of a partial payment, or the waiver of condonation of any breach or default shall not constitute a waiver of any other or subsequent breach or default or prevent Secured Party from ~mmediately pursuing any or all its remedies. 6. COllllsel fees and e-"penses. If Secured Party retains counsel for the pUl1)ose of collecting any moneys which may be due under or secured in any way by this security agreement, or to protect its interest therein by reason of a default or breach by Debtor, then and in that event Debtor agrees to pay counsel fees. Security Agreement Jim Stoker Page I of2 RECEIVED 12/21/2005 at 9:52 AM RECEIVING # 914603 BOOK: 608 PAGE: 16 JEANNE WAGNER (~OLN COUNTY CLERK, KEMMERER, VVY 41' ., ".1' ,J,"" r.: p , .'·'..'Q1U"'- (' I~ Iì '...., of 1'1 \.._ r\) ~.} {..).l , In witness whereof Df~tl~r has ca,used this security agreement to be duly executed, sealed, and deh vered, thIs JJ~ clay 01 December, 2005. _, Y~''', ' 7V: j/7J-~ n~~, STOKER ' STATE OF WYOMING ) ) ss. COUNTY OF Ll N COLN ) The foregoing instrument was acknowledged before me by JIM W. S'T'OKER, Debtor, this J g ,~l,-- day of December, 2005. WITNESS my hane! and officiaJ seaL ,~)~ vC'\~'---~~-:~W\_ ¡ - NOTAR Y PUBLIC My Commission Expires: JY'"' /1) 1~ ,a",<, l' ,¡, ..' J I,." U{.p ; . JUr¡ifng·_r '""'J' J ""'Hb'c'<1,2U07 1) ~'''''''-'~ St'Clmly AgJ'eement Jim Sluker Pdge2ur2 .~~~-xjU·h(' t~ Æ ('," 0'....,"1 8 ' ")' r,. \.-, " V..L , f\'" , 'C,{I /\1bl.uJ ~:J ___lJ:.'JL O--L Description: Jim Stoker Financial Surety A portion of Tract 2 of the Jim Stoker property, as referred to in the Deed recorded in Book 541PR, on Page 581, with the Office of the Clerk of Lincoln County, Wyoming, within the E1/2NE1/4 of Section 23, T34N, Rl19W, of the 6th P.M., Town of Thayne, Lincoln County, Wyoming, the metes and bounds being more particularly described as follows: BEGINNING at a Point in the South line of the Erickson property, as referred to in the Deed recorded in Book 281PR, on Page 353, with said Office, said Point of Beginning being 1,509.48 feet N1°08'17"E, along the West line of the NW1/4 of Section 24, of said T34N, R119W, from the Lloyd B. Baker PE/LS 698, 1995 location for the Southwest Corner of said NW1/4 to the Southeast corner of said Erickson property and 113.35 feet N88°27'54"W, along said South line, to the Point of Beginning; thence SOl°08'17"W, parallel with said West line, 201.16 feet; thence N88°27'54"W, parallel with said South line, 119.00 feet to a the Northeast corner of the Lincoln County School District No. 2 property, as referred to in the Deed recorded in Book 380PR, on Page 227, with said Office; thence N88°36'00"W, along the North line of last said property, 314.66 feet to the Southeast corner of the Paul property, as referred to in the Deed recorded in Book 605PR, on Page 38, with said Office; thence N01°23'50"E, along the East line of said Paul property, 201.90 feet to a point in the South line of said Erickson property; thence S88°27'54"E, along said South line, 432.75 feet, to the Point of Beginning, containing 2.00± Acres of land. GRANTING and RESERVING: A 60 feet wide Right-of-Way Easement for Ingress Egress, and Utilities, as referred to in the Right-of-Way Easement recorded in Book 605PR, on Page 35, with said Office. TOGETHER WITH and SUBJECT TO: All Easements, Exceptions, Reservations, Restrictions, Rights-of-Way and Improvements of sight and or record.