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MORTGAGE
OOCàqCJ
Eliza6~tb Jobnson, of ~ Ilr.",-,· VI County ,State of Montana ,(herein
collectively call~ 'MORTGAGOR''), to secure the payment of $165.000.00, with
intereSt' thereon, as provided in and evidenced by a promissory note of even date herewith
(the ú1ti~ate maturity date of which is June 29, 203611) and all renewals, modification
and ext.ensions thereof, do hereby mortgage unto Jack Tippetts and Patricia G. Tippetts,
Trustees of the Tippetts Family Trust dated February 2, 1990 of, (herein called
"MORTGAGEE"), the following described real property, situate in the County of
Lincoln, State of WY, hereby releasing and waiving all rights under and by virtue of the
homestead exemption laws of the State of Wyoming, to-wit:
South Half of the Northwest Quarter of the Southeast Quarter of Section 23, Township
33 North, Range 119 West of the 6111 P.M., Lincoln County Wyoming.
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MORTGAGOR agrees to pay the indebtedness hereby secured; to pay all taxes,
assessments and charges levied against the property, as the same become due and
payable; to secure, maintain and furnish MORTGAGEE evidence thereof, insurance with
an insurance carrier or carriers acceptable to MORTGAGEE, covering the insurance
improvements on the Property against loss by fire and earthquakes, with extended
cove~ge, in an amount not less than the unpaid balance of the debt hereby secured, or the
insurable value (replacement cost) of such improvements, whichever is less, which
insurance shall contain an appropriate loss payable provision protecting MORTGAGOR
and MORTGAGEE as their respective interests may appear from time to time. In the
event MORTGAGOR fails to pay such taxes or assessments,or fails to keep and
maintain such insurance as herein provided, MORTGAGEE may pay such taxes and
asscssments and may secure and pay for such insurance, and all sums so paid shall be
added to and considercd a part of the indebtedness hereby secured and shall draw interest
at the same rate.
In case defauit shall be made in the payment of the above sums hereby secured, or in the
payment of the interest thereon, or any part of such principal or interest, when the same
shall become due; or in case of default shall be made in any of the covenants and
agreements thereof, or in the event MORTGAGOR sells or conveys the Property, or any
part thereof, or any interest therein, without the prior written consent of the
MORTGAGEE first had and obtained, then the whole indebtedness hereby secured, with
interest thereon, shall become due and payable, at the option of MORTGAGEE, and
. MORTGAGEE'S legal representatives and assigns, may proceed by advcrtisement and
sale/or as otherwise authorized by governing law, to foreclose on and sell the Property,
and out ófthe proceeds of such sale, MORTGAGEE shall pay all sums due hereunder,
together with all costs of sale including reasonable attorney's fees. If the proceeds of the
forecl.osure sale are insufficient to pay the indebtedness hereby secured and foreclosure
costs, MØRTGÀGEE shall be entitled to a deficiency judgment.
In the event cjf any default whereby the right of foreclosure occurs hereunder,
MORTGAGEE shall at once become entitled to exclusive possession, use and enjoyment
of the Property, and to all rents, issues and profits from the accruing of any such rights
and during the pendency of the foreclosure proceedings, and the period of redemption, if
any there be; .
MORTGAGOR WlÙTÌmts title to the Property as to parties claiming, by, through or under
the MORTGAGOR only;
ay of J (..t.V\.e
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State of "'" ðYl ~ )
)ss.
County of (rt\.llo../hr'\, )
Thc f0!S8Qing instrumcnt wasacknowlcdgcd before mc this ~ day of
by b )(2..c,-b-t-M'ì .)ð hV'-?ð¥'\
000300
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Notary PJ,¡b' .
My comm'i~si6n c'9'ires:
ELIZABETH C.·R!N~.
Not<lry Public for the State of Montana
Residing at Bozelnan, Montan~ )
My Commission Expires: S?:>I ó1o~ 0
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