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HomeMy WebLinkAbout919870 U ..-J ..-J ,Sòij "ö .S ~E 8 ~ .\ ( );> ~ ~ "- -a :; 0 0 (1) ~ ~ ..oeM UJ (J .- UJ .....~ 0 ~"O(J E <:: <It B ~ ¡a 0<:3 ~ f::; I '- <I), ! p~ \ .- ~ _:~.J t ../ r '-! " ¡ J r- :>:'-:: , ' C00327 tC s MORTGAGE THIS MORTGAGE is made on the :?--~ day of June, 2006, by ELIO O. MERINO and CECILIA M. MERINO, husband and wife, tenants by the entireties, 21 West 3rd Street, Afton, Wyoming 83110, hereinafter jointly referred to as "Mortgagor". Mortgagor hereby mortgages to KURT C. CORDINGL Y and LOMA L. CORDINGLY, husband and wife, P.O. Box 951, Pinedale, Wyoming 82941, and their heirs and ¡ 1 assigns, hereinafter jointly referred to as "Mortgagee", certain real property located in Lincoln County, Wyoming, more specifically described below, upon the terms and conditions set forth below. Mortgagor, for and in consideration of the sum of TWO HUNDRED TWENTY-FIVE THOUSAND DOLLARS ($225,000.00) lawful money of the United States and other valuable consideration, loaned to Mortgagor by Mortgagee, evidenced by a Promissory Note of even date herewith, the receipt of which is hereby confessed and acknowledged, does hereby mortgage to Mortgagee forever, th~ following described real property situate in the County of Lincoln, State of Wyoming: That part of Section 12, T33N, Rl19W of the 6th P.M., Lincoln County, Wyoming, attached hereto as Exhibit A and titled "DESCRIPTION FOR / DAVID E. RITCHIE AND CAROL DEE RITCHIE JOINT LIVING TRUST, DATED 10 JULY 2000/ RITCHIE TRUST ADJUSTED TRACT". Together with all buildings and improvements thereon, or which may hereafter be placed thereon; all fixtures now or hereafter attached to said premises; all water and water rights, ditches and ditch rights, reservoirs and reservoir rights, and irrigation and drainage rights; and all easements, appurtenances and incidents now or hereafter belonging or appertaining there to; RECEIVED 6/30/2006 at 4:54 PM RECEIVING # 919870 BOOK: 625 PAGE: 327 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY MORTGAGE MERINO / CORDINGL Y PAGE 1 OF9 ~u-'\ c2M - - -~~- ---- -~----~---- 0919870 CQ0328 subject, however, to all covenants, conditions, easements, and right-of-way, and to mineral, mining and other exceptions, reservations and conditions of sight and/or of record. Mortgagor covenants that at the signing and delivery of the Mortgage, said Mortgagor is lawfully seized in fee simple of said property, or has such other estate as is stated herein; has good and lawful right to mortgage, sell and convey all of said property; and warrants and will defend the title to all of said property against all lawful claims and demands, and that the same is free from all encumbrances. However, this Mortgage is subject to the express condition that if Mortgagor pays, or causes to be paid, to Mortgagee the sum of TWO HUNDRED TWENTY-FIVE THOUSAND DOLLARS ($225,000.00), together with interest at the rate of seven and one-half percent (7.5%) per annum, until paid, according to the conditions of the Promissory Note of even date, which Promissory Note was executed and delivered by Mortgagor to Mortgagee, which sum or sums of money Mortgagor hereby covenants to pay, and until such payment; performs all of the covenants and agreements herein to be performed by Mortgagor, then this Mortgage and said note shall cease and be null and void. Mortgagor further covenants and agrees as follows: 1. Payment. Mortgagor shall pay the indebtedness as herein provided, and the lien of this instrument shall remain in full force and effect during any postponement or extension of time of payment of any part of the indebtedness secured hereby. 2. Prepayments. Mortgagor shall have the privilege of paying any principal sum or sums plus accrued interest, in addition to the payments herein required, at any time without premium or penalty of any kind, and it is understood and agreed that any such prepayment shall be credited first to interest and the balance to principal in the inverse order of when due. MORTGAGE MERINO / CORDINGL Y PAGE20F9 çqJ\ ----~ ...._-~-- " O~19870 :~00329 3. Transfer of the Property I Due on Sale. If all or any part of the property or any interest herein is sold or transferred by any means by Mortgagor without Mortgagee's prior written consent, excluding the creation of a lien or encumbrance subordinate to this Mortgage or a transfer by devise, descent or by operation of law upon the death of a joint tenant, Mortgagee may, at Mortgagee's option, declare all the sums secured by this Mortgage to be immediately due and payable. Any delay or failure on the part of Mortgagee to demand payment shall not prejudice Mortgagee's right there to. Mortgagee shall have waived such option to accelerate if, prior to the sale or transfer, Mortgagee at Mortgagee's sole discretion, enters into a written agreement with the person whom the property is to be sold or transferred expressly consenting to such assumption and setting forth any new terms or conditions of this Mortgage as may be requested by Mortgagee in exchange for Mortgagee agreeing to an assumption of the this Mortgage. 4. Taxes and Assessments. Mortgagor shall pay all taxes and assessments levied or assessed against said property. 5. Maintenance of Property. Mortgagor shall not commit or permit waste, nor be negligent in the care of said properly, and shall maintain the same in as good condition as at present, reasonable wear and tear excepted, and will do nothing on or in connection with said property which may impair the security of Mortgagee hereunder. Mortgagor shall not cause or permit the presence of any hazardous substances, which shall include any substances so declared under Federal or State law, on said property. Mortgagor shall not permit said property, or any part hereof, to be levied upon or attached in any l~gal or equitable proceeding, and shall not, except with the consent in writing of Mortgagee, or as is otherwise provided and permitted in this Mortgage, remove or attempt to remove said improvements, or any part thereof, from the MORTGAGE MERINO / CORDINGL Y PAGE30F9 {M (1-. ¡J" 091.9870 C00330 premises on which the same are situated. ," ' 6. Insurance. As collateral and further security for the payment of the indebtedness hereby secured, Mortgagor shall keep the improvements now existing or hereinafter erected on said premises insured against loss by fire, with extended coverage provisions, to the full insurable value thereof for the term of this Mortgage, and will pay when due all premiums on such insurance. All insurance shall be carried in responsible insurance companies licensed in Wyoming and the policies and renewals thereof shall have attached thereto by rider or otherwise loss payable clauses i.n favor of Mortgagee. A copy of said policy or any renewal documents pertaining thereto shall be supplied to Mortgagee within 30 (thirty) days after the date of execution of this Mortgage and thereafter within 10 (ten) days of any renewal of or amendment to such policy. The insurance proceeds, or any part thereof, may, at the option of Mortgagor, be applied either to the reduction of the indebtedness hereby secured or used in reconstruction. In the event of foreclosure of this Mortgage or other transfer of title to the said premises in extinguishments of the indebtedness secured hereby, all right, title and interest of Mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee. 7. Mortgagee Authorized to Make Payments. If Mortgagor defaults in the payment of the taxes, assessments or other lawful charges, including any construction loan payments or fails to keep the improvements on said premises insured as herein provided, Mortgagee may, without notice or demand, pay the same, and if Mortgagor fails to keep said property in good repair, Mortgagee may make such repairs as may be necessary to protect the property, all at the expense of Mortgagor. Mortgagor covenants and agrees that all such sums of money so expended, together with all costs of enforcement or foreclosure, and a reasonable attorney fee, shall be added to the debt hereby secured, and agrees to repay the same and all expenses so MORTGAGE MERINO / CORDINGL Y PAGE40F9 ~cr\ ,., þL ~ 0919870 (:00331 incurred by Mortgagee, with interest thereon from the date of payment at the same rate as provided in the note hereby secured, until repaid, and the same shall be a lien on all of said property and, be secured by this Mortgage. 8. Default. If Mortgagor defaults In the payment of the indebtedness hereby secured, for a period of 30 (thirty) days after written notice, or if Mortgagor removes or attempts to remove any of said improvements contrary to the provisions of this Mortgage, or in case of breach of any covenant or agreement herein contained, the whole of the then indebtedness secured hereby, both principal and interest, together with all other sums payable pursuant to the provisions hereof, shall, at the option of Mortgagee, become immediately due and payable, anything herein or in said note to the contrary notwithstanding, and failure to exercise the same in a default shall not preclude such exercise in the event of any subsequent default. Mortgagee may enforce the provisions of, or foreclose, this Mortgage by any appropriate suit, action or proceeding at law or in equity, and cause to be executed and delivered to the purchases or purchasers at any foreclosure sale a proper deed of conveyance of the property so sold. Mortgagor hereby grants Mortgagee the power to foreclose by advertisement and sale as provided by statute. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity and may be exercised concurrently, independently or successively. Mortgagor agrees to pay all costs of enforcement or foreclosure, including a reasonable attorney's fee. The failure of Mortgagee to foreclose promptly upon a default shall not prejudice any right of said Mortgagee to foreclose thereafter during the continuance of such default or right to foreclose in case of further default or defaults. The net proceeds from such sale shall be applied to the payment of: first, the costs and expenses of the foreclosure and sale, including a reasonable attorney's fee, and all moneys expended or MORTGAGE MERINO / CORDlNGLY PAGE50F9 [M (!/1. 091.9870 C00332 advanced by Mortgagee pursuant to the provisions of this Mortgage; second, all unpaid taxes, ~ assessments, claims and liens on said property, which are superior to the lien hereof; third, the balance due Mortgagee on account of principal and interest on the indebtedness hereby secured; and the surplus, if any, shall be paid to Mortgagor. 9. Insufficiency of Foreclosure Proceeds. If the property described herein is sold under foreclosure and the proceeds are insufficient to pay the total indebtedness hereby secured, Mortgagor executing the note or notes for which this Mortgage is security shall be personally bound to pay the unpaid balance, and Mortgagee shall be entitled to a deficiency judgment. 10. Assignment of Rents. If the right of foreclosure accrues as a result of any default hereunder, Mortgagee shall at once become entitled to exclusive possession, use and enjoyment of all property aforesaid, and to all rents, issues and profits thereof, from the accruing of such right and during the pendency of foreclosure proceedings and the period of redemption, and such possession; rents, issues and profits shall be delivered immediately to Mortgagee on request. On refusal, Mortgagee may enforce the delivery of such possession, rents, issues and profits by any appropriate suit, action or proceeding. Mortgagee shall be entitled to a Receiver for said property and all rents, issues and profit thereof, after any such default, including the time covered by foreclosure proceedings and the period of redemption, and without regard to the solvency or insolvency of Mortgagor, or the then owner of said property, and without regard to the value of said property, or the sufficiency thereof to discharge the Mortgage debt and foreclosure costs, fees and expenses. Such Receiver may be appointed by any court of competent jurisdiction upon ex parte application, notice being hereby expressly waived, and the appointment of any such Receiver on any such application without notice is hereby consented to by Mortgagor. All rents, issues and profits, income and revenue of said property shall be applied by such Receiver accord- MORTGAGE MERINO / CORDINGLY PAGE 6 OF 9 ~. £fÆ tJr "~I 0919870 ing to law and the orders and directions of the court. C00333 ~ ' 11. Inspection. Mortgagee may make or cause to be made reasonable entries upon and inspections of the property, provided that Mortgagee shall give Mortgagor notice prior to any such inspection specifying reasonable cause therefore related to Mortgagee's interest in the property. 12. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the property, or part hereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Mortgagor. In the event of a partial taking of the property, unless Mortgagor and Mortgagee otherwise agree in writing, there shall be applied to the sums secured by this Mortgage such proportions of the proceeds as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the property immediately prior to the date of taking, with the balance of the proceeds paid to Mortgagor. If the property is abandoned by Mortgagor, or if, after notice by Mortgagee to Mortgagor that the condemner offers to make an award or settle a claim for damages, Mortgagor fails to respond to Mortgagee within 30 (thirty) days after the date such notice is mailed, Mortgagee is authorized to collect and apply the proceeds, at Mortgagee's option, either to restoration or repair of the property or to reduce the sums secured by the MOligage. Unless Mortgagee and Mortgagor otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the installments referred to above or change the amount of such installments. 13. Statement. Mortgagee shall, within ten (10) days upon a request made in person, or within thirty (30) days upon request by mail, furnish a written and duly acknowledged MORTGAGE MERINO / CORDINGL Y PAGE 7 OF 9 £0--1 (!, ¡,{ 091.9870 C00334 statement of the amount due on this Mortgage and whether any offsets or defenses exist against the mortgage debt. 14., Notices. Any notices, demands, or requests pursuant to this Mortgage shall be in writing and may be served either in person or by certified mail, return receipt requested. Notice shall be deemed given when mailed and shall be addressed as follows or at such other address as either party may from time to time designate in writing: Mortgagor: Mortgagee: Elio O. Merino & Cecilia M. Merino 21 West 3rd Street Afton, Wyoming 8311 0 Kurt C. Cordingly & Lorna L. Cordingly P.O. Box 951 Pinedale, Wyoming 82941. 15. Headings. The headings used in this Mortgage are for convenience only and are not to be used in its construction. 16. Binding Effect and Construction. The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective heirs, devisees, legatees, executors, administrators, successors and assigns of the parties hereto. Whenever used the singular number shall include the plurãl, the plural the singular, and the use of any gender shall include all genders. The term "note" includes all notes herein described if more than one. The term "foreclosure" and "foreclose" as used herein, shall include the right of foreclosure by any suit, action or proceeding at law of in equity, or by advertisement and sale of said premises, or in any other manner now or hereafter provided by Wyoming statutes, including the power to sell. 17. Release. The acceptance by Mortgagee of this Mortgage and the note or notes it secures, shall be an acceptance of the terms and conditions contained therein. Upon payment of all sums secured by this Mortgage, Mortgagee shall release this Mortgage without charge to MORTGAGE MERINO / CORDINGLY PAGE80F9 f'fi (/1 --~~_._--- -~~ -, ~ . .~ 0919870 Cooa35 Mortgagor. Mortgagor shall pay all costs of recordation, if any. - 18 . Waiver of Homestead. Mortgagor hereby relinquishes and waives all rights under and by virtue of the homestead exemption laws of the State of Wyoming. 19. Incorporation of Promissory Note. This Mortgage is made to secure a debt evidenced by a Promissory Note signed concurrently herewith, and the terms of said Promissory Note are hereby incorporated herein by reference as if stated herein in full. 20. Joint and Several Liability. The obligations and liabilities of the Mortgagors are joint and several. IN WITNESS WHEREOF, the said Mortgagor has hereunto signed and sealed these presents the day and year first above written. E&b~ ~;¿.~ ¿::,~ CECILIA M. MERINO STATE OF WYOMING ) ) SS. COUNTY OF LINCOLN ) ACKNOWLEDGED before me on this, the 29th day of June, 2006, by Elio O. Merino and Cecilia M. Merino. WITNESS my hand and official seal. ~cvûa/~6ly-~ NOT ARY PUBLIC My Commission expires: 9-15- 07 GLORIA K BYERS - NOTARY PUBUC County of ~ State of Uncaln '~ Wyoming MORTGAGE My CommissIon Expires Sept. 15, 2007 MERINO / CORDINGL Y PAGE90F9 o 19870 Prof'lI~ Land Surv.yo.... Paul N. Sch.rb.. Wyo. R~JI,.lion tht. 115-4 Utah A-obtralion No. 1870 Id.ho AIIQi.I,1ItIoI'I No. JP90 Nt'VI.dII A-olrtnUon No. BS05 SCXIII A. Sch.Ib.! Wyo. Reoillfllion No. JUB Id.no Reo!Jlr"llio" No. &025 Utlh R"9Îilulion No. 3721n MARLOWE A SCHERBEl Wyo. A-oillBt/on No. 5368 Svty~ SchIrM!. lTD. "non, Wyorrino 51g Piney, Wyoming. J_._ LI'fI HoI SPf1n9s. Idaho MorIlplNf, Idaho EXHIBIT A ()~02378 DESC'IttÞnoN FOR C003~6 (0881 DA VID E. RlTCHIE AND CAROL DEÉ RlTCHIE JOINT LIVING TRUST, DATED 10 JULY 2000 RlTCHIE TRUST ADJUSTED TRACT To-wit-- That part of that tract ofrecord in Book 123 of Photostatic Records on page 257, within the NEY.NWY. of Section 12, T33N, R119W, Lincoln County,__Wyoming, described as follows: BEGINNING at a marker on the westerly right-of-way line of U.S. Highway 89, S540-27'- 34"E, 1 912,70 feet, from the northwest corner of Section 12; , thence coursing the southerly and westerly boundary of said tract as foJIows: N64°-39' -02"W, 15. 1 5 feet, along ajog line of said right-of-way Jine, to the southwest point of said tract; N08°-46'-49"E, 42J.10 feet, to a cap; N81 °_21' -37"W, 40.07 feet; to a cap; NI2°-09'-24"W, 207.71 feet, to a cap; NOOO-31 '-33"W, 261.58 feet, to a cap; NOOO-28' -28"W, 55.00 feet, to a point and leave said boundary; thence N90o-00'-00"E, 483.73 feet, to a point on said westerly right-of-way line and the easterly line of said tract; thence S25°-17'-31"W, 1048.83 feet, along said right-of-way and said easterly line, to the MARKER OF BEGINNING; ENCOMP ASSING an area of 5.00 acres, more or less; the BASE BEARING for this survey is the west line of the SWY. of Section I, T33N, R 119W, being NO I ° -27' -30"E, as detennined by GPS survey methods; each "marker" marked by a 6" x 6" còncrete post with brass tablet inscribed, "STATE HIGHWAY DEPT R.O.W. MARKER" and appropriate details; each "comer" found as described in the Comer Record filed or to be filed in the Office of the Clerk of Lincoln County; each "point" marked by a 5/8" x 24" steel reinforcing rod with a 2" aluminum cap inscribed, "SURVEYOR SCHERBEL LTD AFTON WY PLS 5368", with appropriate details; each "cap" marked by a steel T -shaped stake with l11etal cap inscribed: "RLS482"; all in accordance with the plat prepared to be filed in said Office titled: "PLA T OF BOUNDARY ADJUSTMENT TRACTS FOR JAMES N. VARGASON AND TAMERA VARGASON DAVID E, RITCHIE AND CAROL DEE RlTCHIE JOINT LIVING TRUST, DATED 10 JULY 200 WITHIN THE WI-) SECTION I NWY. SECTION 12 , T33 COLN 0 _ ING" dated 28 February 2002. ...;....,~:.:r"'~1:'. I..r.. ..'.. q().~ . ~''I. ' .'.,þ . SC ...<JG--^ a 2004 - Revise ,:/'....;..;;' .'5368 ~~\',~, March 2002 i '- r' rrf{ ~r~ ) "Modification in any ~~y à{~~,~t<.\. '::'::.: 'J~~Jj,llon terminates liability 01 thl , :)1"