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HomeMy WebLinkAbout917642 'i~m~n~m~~m~i~!¡ 2 BOOK: 617 ~:::., 42 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY CORRECtIVE MORTGAGE DEED WITH RELEASE OF HOMESTEAD c .2 This Corrective Mortgage Deed with Release of Homestead is being executed to correct a mistake in the legal description of that certain Mortgage Deed with Release of Homestead dated the 7th day of April, 2006, and recorded on April 11, 2006, as Receiving No. 917398, at Book 616, Page 690 in the records of the Lincoln County Clerk, Lincoln County, Wyoming. The previous mortgage incõITeêt1y referenced "Lot 6, Plat 6" and should have referenced "Lot 62, Plat 6". Jerold G. Schmidt and Gregory 1. Schmidt, Mortgagors, of Salt Lake County, State of Utah, to secure payments of EIGHTY THREE THOUSAND THREE HUNDRED THIRTEEN Dollars ($83,313.00), due April 7, 2007, with interest from April 7,2006, at the rate of EIGHT percent per annum payable, evidenced by Promissory Note of even date herewith, in ONE installment of EIGHTY THREE THOUSAND THREE HUNDRED AND THIRTEEN DOLLARS ($83,313.00), plus applicable interest, do hereby moitgage and warrant to SHANE D. SMOOT, Mortgagee of Salt Lake County, State of Utah, the following described real property in the County of Lincoln, State of Wyoming: ( I Lot 62, Plat 6, Star Valley Ranch Subdivision, Lincoln County, Wyoming Mortgagors agrees to pay the indebtedness according to the tenns and conditions of that certain Promissory Note hereinabove described, executed by Mortgagor(s) to SHANE D. SMOOT, and during the life of this mortgage to pay all taxes and assessments against the premise. If Mortgagor(s) 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 action in equity. This will be Mortgagee's sole remedy against Mortgagor(s) in case of default by Mortgagor(s). 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 forcClose this mortgage. . To fully assure Mortgagee the benefits of the security interest in the premises granted to is hereunder, Mortgagor(s) 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 agreements herein contained or under the aforesaid Promissory Note, whether or not Mortgagee elects to foreclose this mortgage on account thereof, Mortgagor(s) hereby authorizes Mortgagee to collect the rents from the premises and to apply the same to the payments on the indeb'tedness secured hereby until such default is remedied. In the event 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, if any. If Mortgagor( s) 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. Furthennore, 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 Mortgagor(s), or the value of the premises or the insufficiency thereof to discharge the indebtedness and costs of 1 ~-_.,_.~._-----",,.,..,.,,,,..",,"..__.._....--,,,...,,,,.....,,.....'~<r.:.!t'''''''~.'''a:.:.cr..-..:.:"'_,'.' ,...~_.,' " ·...·.;.....t. .< ~;:::::::~:::?~:i~:~ ~:':·:~~:'~.:~':t:' ~. .. ··",,···,···,,·····,",,····,,',,·,,·,,""":""Õ""917642·''''·''..,,·......oc:.... ·.."-',:-'".·...::..",.·.=·".==:.;:.0-'-'_ .,._. ,....... '_'''''r~....·~.........='. '·'"I~W~.:.::'.;!f~~:.:...:'::,..:::. '..·~""':~~"'.!:.o~I:J~.~·~~~:': :::J)...;.~.:. '~'';':4'(: :;:t!....J...~...:'.... .f; 0 r 4 4 3 foreclosure and sale, 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 waived and appointment of a receiver upon such application being hereby consented to by the Mortgagor(s). MORTGAGOR(S) HEREBY RELINQUI~H AND WAIVE all rights under and by virtue of the homestead exemption laws of the State of Wyoming. Dated this /'3-f/A day of April, 2006. TGAGORS: STATE OF UTAH ) ) SS. COUNTY OF SALT LAKE ) On this Ji!!' day of April, 2006, before me personally appeared JEROLD G. SCHMIDT known to me to be the persons(s) described in and who executed the foregoing instrument, and acknowledged that he executed the same and his free act and deed, including the release and waiver of the right of homestead. Jffi~ L (¿f~ NOTARY PUBLIC in an for said County and State ): . STATE OF UTAH ) ) SS. COUNTY OF SALT LAKE ) On this ~ day of April, 2006, before me personally appeared GREGORY 1. SCHMIDT known to me to be the persons(s) described in and who executed the foregoing instrument, and acknowledged that he executed the same and his free act and deed, including the release and waiver ofthe right of homestead. LAURIE L. ROBERTS NOTARY PUBUC" STATE QF I)TAH 165 W AunoN VlL '}"'Gi: Wt;..V,ll206 . ",,}JrN'ure4070 . ..,¡.~11r,::'Exp'''' '04/20/2009 Mv~I"m. . 'PJ, Æ j ~ L L. ¡ÆdAÃX7) OT AR Y PUBLIC in an for said County and State My commission expires: 2 ..