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Mortgage Deed With Release Of Homestead
Jerold G. Schmidt, Mortgagor, of Salt Lake County, State of Utah, to
secure payments of Twenty-One Thousand, Dollars ($21,000.00), due December
30, 2006, with interest from December 30, 2005 at the rate of Eight percent per
annum payable, evidenced by Promissory Note of even date herewith, in
installments of Three-Thousand Dollars ($3,000.00) each, plus interest,
commencing on the 30th day of December, 2006, and continuing on the same
day of each year thereafter, do hereby mortgage and warrant to Rex Boyd Curtis
and Leatha S, Curtis Joint Inter Vivos Trust, Mortgagee of Cache, County, State
of Utah, the following described real property in the County of Lincoln, State of
Wyoming:
Lot 15 in Star Valley Ranch Plat 1r, Lincoln County, Wyoming as Described
On The Official Plat Thereof
Mortgagor agrees to pay the indebtedness according to the terms and
conditions of that certain Promissory Note hereinabove described, executed by
Mortgagor to Rex Boyd Curtis and Leatha S. Curtis Joint Inter Vivos Trust,and
during the life of this mortgage to pay all taxes and assessments against the
premise, If Mortgagor fails to pay such taxes or assessments, Mortgagee may
pay the same, and all sums paid by Mortgagee for such purpose shall be added
to and considered as a part of the indebtedness and shall draw interest at the
same rate.
If default occurs in the payment of the indebtedness or in the payment of
any installment thereof, or if the default occurs in any of the covenants and
agreements hereof or under the aforesaid Promissory Note, then the whole
indebtedness shall, at Mortgagee's option, become due and payable forthwith,
and Mortgagee may foreclose this mortgage either by advertisement and sale of
the premises as provided by the statutes of the State of Wyoming, or by an
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action in equity. This will be Mortgagee's sole remedy against Mortgagor in case
of default by Mortgagor. Out of the proceeds of any foreclosure the Mortgagee
shall retain or receive all sums due to it hereunder and costs of foreclosure and
sale, including attorney fees in an amount equal to Ten Percent (10%) of the
indebtedness remaining unpaid at the time of such sale, and the same shall be
taxed as costs in any equitable action brought to foreclose this mortgage.
To fully assure Mortgagee the benefits of the security interest in the
premises granted to it hereunder, Mortgagor hereby assigns to Mortgagee all
rents hereafter payable for the use and occupancy of the premises by any person
in possession thereof with Mortgagor's consent. If default occurs in any of the
covenants and agreement herein contained or under the aforesaid Promissory
Note, whether or not Mortgagee elects to foreclose this mortgage on account
thereof, Mortgagor hereby authorizes Mortgagee to collect the rents from the
premises and to apply the same to the payments on the indebtedness secured
hereby until such default is remedied.
In the even of foreclosure of this mortgage upon default, Mortgagee shall
be entitled to the possession and enjoyment of the premises and rents and
profits thereof from the time of such default and during the pendency of
foreclosure proceedings and period of redemption, of any. If Mortgagor shall fail
to surrender such possession to Mortgagee promptly upon its request therefore,
Mortgagee may compel delivery thereof by ejectment action or other civil
proceedings appropriate for that purpose. Furthermore, in addition to the
remedies otherwise provided for in this mortgage and by law and as a matter of
right without regard to the solvency or insolvency of Mortgagee shall be entitled
to receive from the premises the rents, issues and profits thereof from the time of
default to the expiration of any redemptive period by law. A receiver may be
appointed by any court of competent jurisdiction upon ex parte application
without notice, notice being hereby waved and appointment of a receiver up on
such application being hereby consented to by the Mortgagor.
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MORTAGOR HEREBY RELINQUISHES AND WAIVES all rights under
and by virtue of the homestead exemption laws of the State_of Wyoming.
Dated this g--l!:-- day of jAr ,2006
State of Utah )
)88.
County of Salt lake )
On this gì!:- day o...tL//.n. -;-2006, before me personally appeared
Jerold G. Schmidt. known~be the persons described in, and who
executed the foregoing instrument, and acknowledged that he executed the
same as his free act and deed, including the release and waiver of the right of
homestead,
NOTARY PUBLIC
ShIrley Ann Newman
3088 South 1300 Easl
Sail Lake City Ula/:l 84106
Commission ~plres
September II, 2006
STATE OF UTAH
My commission expires: q - / I - Ú ?