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MORTGAGE
Brook J. Tarbox, Jr., collectively referred to as "Mortgagor," to secure the payment often
thousand Dollars ($10,000.00), with interest, evidenced by a ProDÚssory Note (hereinafter the
"Note") of even date herewith, and all other amounts due thereunder and all extensions and renewals
thereof, when and as the same shall become due and payable hereby mortgages and warrants to Bryce
H. Eñckson, collectively referred to as "Mortgagee" and Mortgagee's successors and assigns, the
real estate in Lincoln County, Wyoming described as:
Lot 1 of Knoll View Estates, Lincoln County, Wyoming as described
on the official plat thereof.
Together with all wells, buildings, structures, improvements, fixtures, and articles of personal
property affixed to or used in connection with the real estate, to all of which Mortgagor represents
that they have title free and ûom any prior liens or encumbrances (all of the above being collectively
referred to as the "PreDÚses").
THE MORTGAGOR HEREBY COVENANTS AND AGREES WITH THE
MORTGAGEE AS FOLLOWS:
1. This Mortgage is given to secure payment and thè Mortgagor proDÚses to pay to Mortgagee
the amount often thousand Dollars ($10,000.00), with interest, evidenced by a ProDÚSSOry
Note of even date herewith, and all other amounts due thereunder and all extensions and
renewals thereof, when and as the same shall become due and payable. Each such payment
shall be applied first to the payment of interest and any balance remaining after the payment
of interest shall be applied to the reduction of the unpaid pñncipal balance.
2.
Time is of the essence and if any amount shall not have been paid when due as provided in
. this Note, the entire indebtedness may become due and payable at once at the option of the
holder and without notice, and thereafter the unpaid principal shall bear interest at the rate
of ten percent (10%) per annum; failure to exercise this option howsoever often shall not
constitute a waiver of the ñght to exercise it thereafter. If any other event of default shall
occur as provided in the Note or this Mortgage, and if Mortgagor after receiving wñtten
notice ûom Mortgagee demanding cure of such defuult fails to cure the same within 10 days
after such notice, the entire indebtedness may become due and payable at once at the option
of the Mortgagee and without notice, and thereafter the unpaid principal shall bear interest
at the rate offifteen percent (l 5%) per annum; failure to exercise this option howsoever often
shall not constitute a waiver of the ñght to exercise it thereafter.
3. Mortgagor will pay the indebtedness hereby secured promptly and in full compliance with
the terms of said Note and this Mortgage. The time of payment of said indebtedness, or any
portion thereof. may be extended or renewed, and any portions of the premises herein
described may, without notice, be released ûom the lien hereof, without releasing or
affecting the liability for the payment of said indebtedness then remaining unpaid. No
change in the ownership of said preDÚses shall release, reduce or otherwise affect any such
liability for the lien hereby created. It is further agreed that the taking of additional security
of any nature shall not impair or release this Mortgage; and as a further secuñty this
Mortgage shall become due and payable in full at the option of the Mortgagee if the
Mortgagor, or Mortgagor's legal representatives, successors or assigns shall convey the
mortgaged property or if legal or equitable title thereto shall become vested in any other
person or persons in any manner whatsoever excepting those conveyances approved in
wñting by Mortgagee. The acceptance of any payment on the Note by the Mortgagee shall
not constitute a waiver of this option, and consent to anyone such conveyance shall not
constitute consent to any subsequent conveyance or a waiver of this option.
Mortgage Page I of 5
RECEIVED' 5/3/2006 at 9:43 AM
RECEIVING # 918015
BOOK: 618 PAGE: 653
JEANNE WAGNER
LINCOLN COUNTY CLERK,KEM~~~~~~,~WY
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00653
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4. Mortgagor shall payor cause to be paid all taxes and assessments levied or assessed against
the premises, and shall comply with all recordation and other laws affecting the secuñty of
this Mortgage at the expense of Mortgagor.
5. Mortgagor will keep the premises tree and clear of all other liens and encumbrances which
.. may be or become superior to the lien created hereby.
6. Mortgagor will not commit or permit waste on the premises and will keep and maintain the
premises in good repair.
7. Mortgagor will pay all expenses and attorney's fees incurred by the Mortgagee, successors
or assigns, for the protection of the lien of this Mortgage or for the collection of any amount
due on the instrument which this Mortgage secures or for the preservation of the premises
mortgaged.
8. Mortgagor will comply promptly, at the expense of the Mortgagor, with all laws, statutes,
ordinances and regulations affecting the premises in any manner whatsoever.
9. Mortgagor will pay to or cause to be paid directly to the Mortgagee, for application upon the
indebtedness secured hereby, the full amount of any award or compensation for the taking
or damaging by condemnation proceedings under ~e power of eminent domain of all or any
part of the mortgaged premises.
10. In case of the failure ofthe Mortgagor to do so, the Mortgagee may make any payment or
perform any covenant herein to be made or performed by the Mortgagor, and any payment
so made or expense incurred in connection therewith by the Mortgagee shall bear interest at
the rate specified in the Note, and shall be immediately repayable by the Mortgagor, and shall
be impressed as an additionallicn upon the mortgaged premises, and this Mortgage shall
thereupon secure the repayment of such advances with interest
11. In case an event of default shall occur in making payments or performing any other covenants
or agreement required of Mortgagor as provided in the Note or this Mortgage, the Mortgagor
hereby authoñzes and empowers the Mortgagee, and Mortgagee's successors and assigns to
foreclose this Mortgage by advertisement and sale as provided by the statutes of the State of
Wyoming or to foreclose this Mortgage by judicial proceedings and convey the same to the
purchaser in accordance with the statutes of the State of Wyoming, and out of the monies
añsing from such sale to retain all sums secured hereby with interest and all legal costs and
charges of such foreclosure and actual attorney's fees incurred by Mortgagee (or such other
amount as shall be fixed by the Court in the event of judicial foreclosure or receivership),
which costs, charges and fees the Mortgagor agrees to pay. In case of the foreclosure of this
Mortgage, the Mortgagor hereby authorizes and empowers the Mortgagee, Mortgagee's
successors and assigns, to effect insurance upon any buildings and fixtures on the premises
for a period covering the time for redemption for the sale of the premises under such
foreclosure, and to pay the premium therefor and the amount so paid shall be impressed as
an additional lien upon the premises and shall be secured by and be collectible as a part of
this Mortgage and bear interest at the rate specified in the Note, from the date said amount
is paid. In the event of a foreclosure, Mortgagor hereby authorizes and empowers
Mortgagee, Mortgagee's successors and assigns, to bring an action against any person who
claims an adverse estate or interest therein for the purpose of determining such adverse estate
or interest, and to pay costs and expenses thereof together with actual attorney's fees which
amount shall be impressed as an additional lien upon said premises and shall be secured by
and collectible as a part of this Mortgage.
Mortgage Page 2 of 5
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12.
Upon commencement of any foreclosure, or at any time thereafter, and prior to the expiration
of the time for redemption trom any sale of the premises on foreclosure, any court of
competent jurisdiction, upon application of the Mortgagee, or the purchaser at such sale,
shall, at once and without notice to the Mortgagor or any other person, appoint a receiver for
said premises to take possession thereof, to collect rents, issues and profits of said premises
during the pendency of suèh foreclosure and until the time to redeem the same trom the
foreclosure sale shall expire, and out of rents, issues, and profits to keep the premises in good
repair and condition and to pay all taxes, assessments, and special assessments, and to
redeem from sale for taxes, assessments, and special assessments, and to pay insurance
premiums necessary to keep the premises insured in accordance with the provisions of this
Mortgage and to pay the expense of the receivership, and said receiver shall apply the net
proceeds to the payment ofthe indebtedness secured hereby, and such receiver shall have all
the other usual powers of receivers in such cases.
13.
In consideration of the sum of ten dollars ($10) and other valuable consideration, the receipt
whereof hereby is acknowledged, the Mortgagor hereby assigns, transfers and sets over to
the Mortgagee, Mortgagee's successors and assigns, the rent, profits and income from the
mortgaged property with full and complete authoñty and right in the Mortgagee in case of
default as provided for in this Mortgage or the Note to demand, collect, receive and receipt
for the same and to take possession of the mortgaged property without having a receiver
appointed therefor and to rent and manage the same from time to time and apply the net
proceeds of such upon the indebtedness. Mortgagor hereby assigns to Mortgagee all leases
of the mortgaged property or any part thereof which are now or may be in effect hereafter,
such assignment to take effect immediately in case of such default. Mortgagee is hereby
authorized to take charge of the rental of the above-described property and is hereby
authoñzed to collect rents trom said property, to eject tenants for breach of their leases and
to enter into leases with and lease said property or any part thereof to tenants, to sue for
unpaid rents in the name of the legal holder of said indebtedness, and is to receive for
services in managing said property the usual and customary fees for such service in effect in
Lincoln County, Wyoming at the time said services are performed.
Without limiting the generality of the foregoing, in case of default, the Mortgagor further
agrees as follows:
a. Notice to Tenants. Mortgagee may send notices to any and all tenants of the
property advising them of this Assignment and directing all rents to be paid directly
to Mortgagee or Mortgagee's agent.
b. Enter the Premises. Mortgagee may enter upon and take possession of the
Premises; demand, collect and receive from the tenants or trom any other persons
liable therefor, all of the Rents; institute and carry on all legal proceedings necessary
for the protection of the Premises, including such proceedings as may be necessary
to recover possession of the Premises; collect the rents and remove any tenant or
tenants or other persons trom the Premises.
c. Maintain the Premises. Mortgagee may enter upon the Premises to maintain the
Premises and keep the same in repair; to pay the costs thereof and of all services of
all employees, including their equipment, and of all continuing costs and expenses
of maintaining the Premises in proper repair and condition, and also to pay all taxes,
assessments, and water utilities, and the premiums on fire and other insurance
effected by Mortgagor on the Premises.
d. Compliance with Laws. Mortgagee may do any and all things to execute and
comply with the laws of the State of Wyoming and also all other laws. rules, orders,
ordinances and requirements of all other governmental agencies affecting the
Premises.
Mortgage Page 3 of 5
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e.
Lease the Property. Mortgagee may rent or lease the whole or any part of the
Premises for such term or terms and on such conditions as Mortgagee may deem
appropriate.
f.
Employ Agents. Mortgagee may engage such agent or agents as Mortgagee may
deem appropñate, either in Mortgagee's or Mortgagor's name, to rent and manage the
Premises, including the collection and application of rents.
g.
Other acts. Mortgagee may do all such other things and acts with respect to the
Premises as Mortgagee may deem appropñate and may act exclusively and solely in
the place and stead of Mortgagor and to have all of the powers of Mortgagor for the
purposes stated above.
h.
No Requirement to Act. Mortgagee shall not be required to do any of the foregoing
acts or things, and the fact the Mortgagee shall have performed one or more of the
foregoing acts or things shall not require Mortgagee to do any other specific act or
thing.
14. Failure to exercise any right, power or options herein granted to the Mortgagee, howsoever
often shall not constitute a waiver thereof and shall not estop the Mortgagee trom exercising
any such ñght, power or option at anytime or upon any subsequent default of the Mortgagor.
All ñghts and remedies given or reserved to the Mortgagee herein shall be cumulative and
may be exercised contemporaneously but the exercise of one or more such ñghts or remedies
shall not exclude or prevent the exercise of Mortgagee's other ñghts or remedies.
15. The Mortgagor specifically warrants that Mortgagor is fully authorized to enter into this
Mortgage, and that the acquiescence or approval of no other person is required for Mortgagor
to enter into same on the terms found herein.
16. Mortgagor agrees that aU of the terttls and conditions contained in the Note are incorporated
into and made part of this mortgage.
17. AU warranties, covenants, promises, undertakings, agreements, ñghts, powers, pñvileges,
benefits, obligations and remedies imposed upon or granted orreserved unto the said parties
by this instrument shall survive the execution and delivery hereof and shaU respectively
extend to and be binding upon the respective heirs, executors, administrators, successors and
assigns of said parties.
Mortgage Page 4 of 5
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If. WITNESS W. HEREOF, the parties have signed and sealed this Mortgage this -L day
t?¡.. '/ . 2006.
STATEOF~
() '\ A. ^ ,)SS.
COUNTY OF ~
ment was acknowledged before me by Brook J. Tarbox, Jr., this P-
2006. Witness my hand and official seal. My commission expires:
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(I NOTARY PUBLIC
w.:; ICRISTENAESCHLIMANN
tS4f -.. ..'Sløuth
.........., UtItII4401
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· STATE OF UTAH
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Brook J. Tarbol(, Jr.· V
Mortgage Page 5 of 5
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