HomeMy WebLinkAbout917643
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MORTGAGE DEED WITH RELEASE OF HOMESTEAD
Jerold G. Schmidt and Gregory J. Schmidt, Mortgagors, of Salt Lake County, State of Utah, to secure payments of
FIFTY THOUSAND Dollars ($50,000.00), due April 18, 2007, with interest from April 18, 2006, at the rate of
EIGHT percent per annum payable, evidenced by Promissory Note of even date herewith, in ONE installment of
FIFTY THOUSAND DOLLARS ($50,000.00), plus applicable interest, do hereby mortgage and warrant to EAST
MILLCREEK HOLDING, LC, Mortgagee of Salt Lake County, State of Utah, the following described real
property in the County of Lincoln, State of Wyoming:
Lot 62, Plat 6, Star Valley Ranch Subdivision, Lincoln County, Wyoming
Mortgagors agrees to pay the indebtedness according to the terms· and conditions of that certain Promissory
Note hereinabove described, executed by Mortgagor(s) to EAST MILL CREEK HOLDING, LC, and during the
life of this mortgage to pay all taxes and assessments against the premise. IfMortgagor(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, arid 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 equalto 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 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 MOltgagee 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 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. IfMortgagor(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. 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
Mortgagor(s), or the value of the premises or the insufficiency thereof to discharge the indebtedness and costs of
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 annlication beinQ: herebv consented to by the Mortgagor(s).
RECEIVED 4/20/2006 at4:15 PM
RECEIVING # 917643
BOOK: 617 PAGE: 444
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LINCOLN COUNTY CLERk. KEMMERER. WY
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0917643
. MORTGAGOR(S) HEREBY RELlNQUISH AND WAIVE all rights under and by virtue of the homestead
ex'~mption laws of the State of Wyoming.
Dated this 18th day of April, 2006. G 0 C 4 45
STATE OF UTAH )
) SS.
COUNTY OF SALT LAKE )
On this 18TH 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.
LAURIE L. ROBERTS
NOTARY PUBLIC· STATE OF UTAH
, 165 W ALBION VIlLAGE WAY #206
SANDY UT 84070
Convn. Exp. 0412012009
úw.JO- L\-~ ...
NOTARY PUBLIC in an for said County and State
My commission expires:
STATE OF UTAH )
) SS.
COUNTY OF SALT LAKE )
On this 18TH day of April, 2006, before me personally appeared GREGORY J. 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.
LAURIE L. ROBERTS
NOTARY PUBLIC· STATE OF UTAH
165 W ALBION VILLAGE WAY #206
SANDY UT 84070
My Comm. Exp. 04/2012009
{~L ¡BJ JJi6
NOTARY PUBLIC in an for said County and State
My commission expires:
2
...