HomeMy WebLinkAbout918881
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467
MORTGAGE DEED
Daniel M. Worton and Danette N. Worton, mortgagor of Lincoln County,
State of Wyoming, to secure the payment of Three Hundred Thousand Dollars and
No/Cents, due no later than August 1, 2036, with the interest thereon at the rate of
6.5% per year (said sum, and the interest thereon being referred to as the
"indebtedness"), payable in full in accordance with the provisions of that certain
promissory note, dated May 1, 2006 hereby mortgage and warrant to mortgagee,
Eugene K. Worton, for the Worton Family Trust, dated May 10, 1995, of Lincoln
County, State of Wyoming the following described real estate, situated in the
County of Lincoln, in the state of Wyoming, to wit:
3 acres. Legal description
See Attachment "A"
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Mortgagors agree to pay the indebtedness according to the terms of said
promissory note, and, during the life of this mortgage, to pay all taxes and
assessments on the premises and to keep the improvements thereon insured against
fire and other hazards in a sum not less than Three Hundred Thousand
($300,000.00) by such insurance as mortgagee may approve, with the proceeds
thereof made payable to mortgagee. If mortgagors fail to pay such taxes or
assessments or fail to keep the premises insured, mortgagee may pay the same and
may insure the premises, and all sums paid by mortgagee for such purposes shall be
added to and considered as part of the indebtedness and shall draw interest at the
same rate.
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If default occurs in the payment of the indebtedness or in the payment of any
installment thereof, or if default occurs in any of the covenants and agreements
thereof, 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 above described premises at public vendue according
to Wyoming Statutes, or by an action in equity. Out of the proceeds of any
foreclosure sale, 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 of the indebtedness remaining unpaid at the time of such sale, the same to
be taxed as costs in any equitable action brought to foreclose this mortgage.
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To fully assure mortgagee the benefit of the of the security interest in the
premises granted to it hereunder, mortgagors hereby assign to mortgagee all rents
hereafter payable for the use and occupancy of the premises by any person in
possession thereof with mortgagors" consent. If default occurs in any of the
covenants and agreements therein contained, whether or not mortgagee elects to
foreclose this mortgage on account thereof, mortgagee shall at once be entitled, and
is hereby authorized to collect the rents from the premises and to apply the same to
the payment of the indebtedness secured hereby until such default is remedied.
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In the event of foreclosure of this mortgage upon default, mortgagee shall be
entitled to the possession and enjoyment of the premises and the incident rents,
issues and profits thereof from the time of such default and for and during the
pendency of foreclosure proceedings and the period of redemption, if any. If
mortgagors should fail to surrender such possession to mortgagee promptly upon its
request therefore, mortgagee may compel delivery thereof by an ejectment action or
other civil proceeding appropriate to that purpose. Furthermore, and 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 mortgagors, the value of the
premises, or the sufficiency thereof to discharge the indebtedness and costs of
RECEIVED 5/30/2006 at 12:13 PM
RECEIVING # 918881
BOOK: 621 PAGE: 467
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
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foreclosure and sale, mortgagee shall be entitled to a receiver for the premises and
rents, issues and profits thereof from the time of default to the expiry of any
redemptive period provided by law. Such receiver may be appointed by any court
of competent jurisdiction upon ex parte application, without notice, notice being
hereby waived and the appointment of a receiver upon such application being
hereby consented to by mortgagors.
Hereby releasing and waiving all righ~s under and by virtue of the homestead
exemption laws of the State of Wyoming.
Witness by hand this Z5-"fL day of May, 2006.
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State of _ Wyoming_
County of _Lincoln_
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The foregoing instrument was acknowledged before me on May .;t~ -;2006 by
Eugene K. Worton, for the Worton Family Trust, dated May 10, 1995,.
Witness my hand and official seal.
ROGER J. COLES. NOTARY PUBLIC
COUN1Y OF . STATE OF
LINCOLN WYOMING
MY COMMISSION EXPIRES JANUARY 29, 2008
l\1y Commission Expires:
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ATTACHMENT
"A"
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Description: Worton Financial Surety
A portion of the Worton property, as referred to in the
Deed recorded in Book 417PR, on Page 96, within the
Sl/2NW1/4 of Section 35, T33N, R119W, of the 6th P.M.,
Lincoln County, Wyoming, the metes and bounds being more
particularly described as follows:
BEGINNING at the Paul N. Scherbel RLS 164, 1986 location
for the Northeast Corner of the SW1/4 of said Section 35;
thence N89~25'17"W, along the North line of said SW1/4,
361.70 feet;
thence Noo29'33"E, parallel with the West line of the NEl/4
of said Section 35, 361.70 feet;
thence S89°25'17"E, parallel with said North line, 361.70
feet to a Point in said West line;
thence Soo29'33"W, along said West line, 361.70 feet, to
the Point of Beginning, containing 3.00± Acres of land.
SUBJECT TO: A 36-feet Right-of-Way Easement, along the East
line of the above described Parcel, being Worton Lane
County Road 12-132, as referred to in the Resolution Dated
the 8th Day of February 1989, recorded in Book 2 of
Resolutions, on Page 179, with said Office.
TOGETHER WITH and SUBJECT TO: All Easements, Exceptions,
Reservations, Restrictions, Rights-of-Way and Improvements
of sight and or record.