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HomeMy WebLinkAbout920474 . "<C' .,..,..''''''~''''''''"""",,"...''''',. .....-......._~'..,~, ...~.. ..... ,..-' ........ .,.', -.'. . . . .......,""'.'!'...... ....~,;:.~..... ..~_: ..... ,en' ...... .,' '.<,..........~I·.·'·.- . . '...".;.",,",..0<. ,,. ................._,..'-,_........__~..................-"'.-"...".'-",_.....,..,..". .. ·......._·_...·"'h·.",~· ..... .,.., 0.0:0'0...·.· ~ ci W :E ffi D.. ,... :E "<t .... 0::: :E <:'! 'O::t.... W W M""Z~ _-W roÒ(!)(!)~ 8 N<t::; 0::: oO)D..>W N w-.J ;:::'It: ZU ~(!) Z~ r-z <t:z C>~~:::I wüJcø 0 >u:;¿ () [jjWo Z (.)0:::0 -.J W CQ 0 ~ ~ ::¡ tþ carll7 REAL ESTATE MORTGAGE KNOW ALL MEN BY THESE PRESENTS, that KING MANAGEMENT, LLC, a Wyoming Limited Liability Company, herein referred to as Mortgagor, of P.O. Box 202, LaBarge, County of Lincoln, State of Wyoming, 83123, to secure the payment of the principal sum of FIFTY-FIVE THOUSAND AND NO/100 DOLLARS ($55,000.00), with interest at the rate of eight percent (8%) figured per annum, as evidenced by a Promissory Note dated of even date, herewith payable to the order of the HOPPE FAMILY TRUST DATED JUNE 25,2003, and any amendments thereto, of 9340 East Prairie Meadows Circle, Derby, Kansas 67037, herein referred to as Mortgagee, principal and interest to be payable as follows: $1,115.20 payable on the 15th day of August, 2006, and $1,115.20 payable on the 15th day of each month thereafter, for a period of five (5) years. Plus, the Mortgagor agrees to pay $2.00 per day for each late payment, that is made fifteen (15) days after the due date. Mortgagor HEREBY mortgages to the Mortgagee, the following described real estate, situated in the Town of LaBarge, County of Lincoln, State of Wyoming, as follows, to-wit: Lot 1 Block 1 of Amended Plat of Red Bluff Addition, Phase 1 to the Town of LaBarge, Lincoln County, Wyoming as described on the official plat filed on October 8, 1987 as instrument No. 679428 of the records of the Lincoln County, State of Wyoming, Clerk's Office. Including all buildings, structures and edifices located on said real property . Subject to all restrictions, reservations, covenants, town ordinances, and easements, and right of ways, of record or vision. Mortgagor hereby relinquishes and waives all right under and by virtue of the homestead laws of the State of Wyoming and covenants that Real Estate Mortgage 1 King Management, /.Le, Mortgagor & Hoppe Family Trust Dated June 25. 2003, UQrtgagee ~i~m¡¡t¡¡t1~;;~i~i~.:;; ;\~m~ili~~*;;~;· .' ....-........... .'. ..,...,.,.....,..,.,..-.--,...... . . '.--~......................, .... "."'...,.."".........."",,..,.......,..,,-..,.,....,."..,.... .h ..' .'. .".-- >,>·:"·.,,......-4<.·' . ..,-,..."......,......,. ............>.... 0920L\74 COO1.18 he/she/they or it is lawfully seized of the premises, that he/she/they or it are free from all encumbrances, and hereby covenants to warrant and defend the title of the premises against the lawful claims of all persons whomsoeve~. And the Mortgagor covenants with the Mortgagee as follows: 1. In case of default in any of the payments stipulated in the Note, Mortgagor, as further security for this mortgage and the note secured thereby, hereby assigns, sets over, and conveys to Mortgagee all rents, issues, and profits from the property. 2. At the option of Mortgagee, this Mortgage shall become due and payable in full in the event of the sale or transfer of the property either by Deed or Contract for Deed by the Mortgagor. 3. Mortgagor will pay the indebtedness as herein provided. Mortgagor reserves the right to pay the debt in whole, or in an amount equal to one or more monthly payments on the princ~pal that are next due on the note, on any date prior to maturity, without penalty. 4. Mortgagor will pay all. ground rents, taxes, assessments, and other governmental or municipal charges, or other lawful charges, and will promptly deliver the official receipts thereof to Mortgagee. In default thereof, Mortgagee may pay the same. 5. Nothing shall be done on or in connection with the property that may impair Mortgagee's security hereunder; Mortgagor will not commit, permit or suffer any waste, impairment or deterioration of the property nor any part thereof, and the property shall be continuously maintained in good and sightly order, repair, and condition by Mortgagor at his/her/their or its expense. 6. Mortgagor will keep the improvements now existing or hereinafter erected on the premises insured as may be required from time to Real Estate Mortgage 2 King Management, LLC. Mortgagor & Hoppe Family Trust Dated June 25, 2003. Mortgagee c.......;......" .'. ."...~·~.......L~'.·.. "","'.."" .'~·,'......A....", ...........-, "_'. T,._ ~,.'.. ',j ._-~~...'...,........,.... .........._-........ . ...,...'1-,....""""..::.:."....,... ~_~".,.._....,.·....,·.'··'..r .,-' ..., ..."....'.",,..,........,,'.,,.......:.,..-.. -':' :-........,.....,.. cnr119 092047~ time by Mortgagee against loss by fire and other hazards, casualties, and contingencies in such amounts and for such periods as may be required by Mortgagee, (in an amount of not less than the balance owed t'?' the Mortgagee) and the Mortgagor will pay promptly, when due, any premiums on such insurance. All insurance shall be carried in companies approved by Mortgagee, and the policies and renewals thereof shall be held by Mortgagee and have attached thereto loss payable clauses in favor of and in form acceptable to Mortgagee. In the event of loss) Mortgagor will give immediate notice by mail to the Mortgagee, who may make proof of loss if not made promptly by Mortgagor, and each insurance company concerned is hereby authorized and directed to make payment for such loss directly to Mortgagee instead of to Mortgagor and Mortgagee jointly; the insurance 'proceeds or any part thereof may be applied by Mortgagee at hislher/their or its option either to the reduction of the indebtedness hereby secured or to the restoration or repair of the property damaged. In event of foreclosure of this mortgage or other transfer of title to the premises in extinguishment 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 Mortgagee. 7. In case Mortgagor defaults in the payment of ground rents, if any, taxes, assessments, .water, or other governmental or municipal charges, or other lawful charges as herein provided, Mortgagee may without notice or demand pay the same and in case of any failure on the part of Mortgagor to comply with the covenants or Paragraph 5 hereof, Mortgagee may effect such repairs as it may reasonably deem necessary to protect the property, at the expense of Mortgagor. Mortgagor shall repay such sums so paid and all expenses incurred by Mortgagee, with interest thereon from the date of payment, at eighteen percent (18%) per annum, and the same shall be a lien Real Estate Mortgage 3 King Management. LLC, Mortgagor & Hoppe Family Trust Dated June 25. 2003. Mortgagee J-:;::~:::j:::~::~;'::: <:::~~:~:;:~;~:;:~ .....,..".,.."'_...,.. 0920474 cnrl?O on the premises and be secured by the Note and by these presents; in default of making such repayments the whole amount hereby secured if not then due shall, if Mortgagee so elects, become due and payable forthwith, anJ:thing herein contained to the contrary notwithstanding. 8. In the event the property is sold under foreclosure and the proceeds are insufficient to pay the total indebtedness secured hereby, Mortgagor binds himself/herself and/or itself personally to pay the unpaid balance, and Mortgagee will be entitled to a deficiency judgment. 9. In case default is made in the payment, when due, of the indebtedness hereby secured, or of any installment thereof or any part thereof, or in case of breach of any covenant or agreement herein contained, the whole of the then indebtedness secured hereby, inclusive of principal, interest, arrearages, ground rents, if any, taxes, assessments, water charges, expenditures for repairs or maintenance, together with all other sums payable pursuant to the provisions hereof, shall become immediately due and payable, at the option of Mortgagee, although the period above limited for the payment thereof may not have expired, anything herein before or in the Note contained to the contrary notwithstanding; any failure to exercise such option shall not constitute a waiver of the right to exercise the same at any other time; and it shall be lawful for Mortgagee to proceed to enforce the provisions of this mortgage either by suit at law or in equity, as it may elect, or to foreclose this mortgage by advertisement and sale of premises, at public auction for cash, according to Wyoming Statutes governing mortgage foreclosures, and cause to be executed and delivered to the purchaser or purchasers at any such sale a good and sufficient deed or deeds of conveyance of the property so sold, and to apply the net proceeds arising from such sale first to the payment of the costs and expenses of such Real Estate Mortgage 4 King Management, LLC, Mórtgagor & Hoppe Family Trust Dated Jw¡e 25, 2003, Mortgagee .-.....-...-..,....-,...-""..,,.....,.,.,.. .,........................... "....,~.~.'-'".--..,'~.,,:''',.. ~~~.....'........' '.... ,~,,,., - '.-.,........,. -...-..........,'-...... -,~:;...¡ ....-,.....,,,...t."';!;...,.....,.....-.. 0920474 000121 foreclosure and sale and in payment of all moneys expended or advanced by Mortgagee pursuant to the provisions of Paragraph 7 hereof, or other appropriate Paragraph hereof, and then to the payment of the balance d'le on account of the principal indebtedness secured hereby, together with interest thereon and the surplus if any, shaH be paid by Mortgagee on demand to Mortgagor. There shall be included in any or all such proceedings a reasonable attorney's fee. In case Mortgagee fails promptly to foreclose on the happening of any default, it shall not thereby be prejudiced in its right to foreclosure at any time thereafter during wlÜch such default continues, and shall not be prejudiced in its foreclosure rights in case of further default. 10. In case of any default whereby the right of foreclosure occurs hereunder, Mortgagee shall at once become entitled to exclusive possession, use, and enjoyment of all property, and to all rents, issues, and profits thereof, ftom the accruing of such right and during the pendency of foreclosure proceedings and the period of redemption, if there is any; and such possession, rents issues, and profits shall at once be delivered to Mortgagee on request, and on refusal, the delivery of such possession, rents, issues, and profits may be enforced by Mortgagee by any appropriate civil suit or proceeding, including action or actions in ejectment, or forcible entry, or unlawful detainer or other proper legal action; and Mortgagee shall be entitled to a receiver for the property and all rents, issues, and profits thereof, after any such default, including the time covered by foreclosure proceedings and the period of redemption, if there is any, and shall be entitled thereto as a matter of right without regard to the solvency, or insolvency of Mortgagor or the then owner of the property, and without regard to the value of the property or the sufficiency thereof to discharge the mortgage debt and foreclosure costs, fees and expenses; and such receiver Real Estate Mortgage 5 King Management, LLC, Mortgagor & Hoppe Family Trust Dated June 25, 2003, Mortgagee ~;fi:::::¡~t;:::~5:~~;~ ~. "il ""~j~i ¡'!~t:~,,· ~Ò~.:b·lli~t~:\l':~ !1;Imm~~~~i~~! ...,.........,.,.........."..~_~_.,__.L ,_~ '... . ,...._.........,"'..".....~...," ·T·r·.·.,.. ..,...-'_ __u','._..' ......-.~.-""'''''-... , . . ..,., , . .................... . " . .. .....-~.........,~._.,.... '." .. ,.,.,-,.",-,,,.,.,,,-,."',' .",. .' -,.". ...... ,........,.;.'-''''. ~'.". 0920474 CnCl?2 may be appointed by any court of competent jurisdiction on ex-parte application and without notice (notice being hereby expressly waived, and the appointment of any such receiver on any such application without ~otice being hereby consented to by Mortgagor on Mortgagor's own behalf) and all rents, issues, profits, income, and revenue of the property shall be applied by such receiver, according to law and the orders and direction of the court. 11. The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective heirs, executors, administrators, successors, and assigns of the parties hereto. Whenever used, the singular shall include the plural, the plural the singular and the use of any gender shall include all genders. 12. The Mortgagor and/or Mortgagors hereby releases and forever quitclaims to Mortgag~e all his/her rights of homestead in and to the above- granted or described premises. 13. Default by Mortgagor. Mortgagee shall have the right to declare the default of the Mortgagor(s) upon the Mortgagor(s) failure to fulfill his/her/their or its obligation stated in anyone or more of the above paragraphs, and to proceed pursuant to anyone or more of the above Paragraphs. The Mortgagee may also declare a default upon anyone or more of the following: (a. The failure of the Mortgagor(s) to make any payment required in this Agreement at the time it falls due; (b. The failure of the Mortgagor(s) to abide by anyone of the terms and conditions of this Agreement; (c. The filing of a Petition for the adjudication of the Mortgagor( s), or anyone of the Mortgagor(s), if more than one, as a bankrupt. Real Estate Mortgage 6 King Management. LLC. Mortgagor & Hoppe Family Trust ()ated June 25, 2003. Mortgagee / _. ....~-....._.,....:o.,.".... ~:..." ........,.'~ ",.,.~".,.........."........>:1.- ..,.....'~ ".,.,' .' ,. '-..,." ..... , . . ,.~..,' ;·f".~-'A~'" ..-................-.........' . ,~~ ,-...~'V':..-..-.~. .,'. ,..,..~..~""..,..,..,.',.. .,' ..'....., ....,'; '".,...", ..,~.:... ~,'.';'.. ,', .:, ..',:.:. .'....'.. , 09204:74 ,-. '...... r ~ 3 14. The undersigned hereby certify and guarantee and represent he/she/or they have or it has the right and authority to sign this mortgage. DATEDthisAdaYOf ,,)~~ '\ ~ 2006. , . KING MANAGEMENT, LLC., Mortgagor BY: KELLE~' buey ~ Kïng And BY: STATEOFWYOMINQ ) ) SSe COUNTY OF LINCOLN ) The foregoing Real Estate Mortgage was ~cknowledged before me this -\9r-~Y of . 2006 on behalf of King Management, LLC, Mortgagor,by Kelley King, Kelley R. King, and Kathy King. WITNESS my hand and official seal ~ CASEY PRA1l£R - NOTAR'f PœLK: COUN1YOf . STATE OF ' LINCOlN WYOMING My Corrmssm ExpirøŠ Sept 05, 2007 ~.~ ~~~~~ Notary Public My Commission Expires&~... 6. 'dCðï Real Estate Mortgage KÙlg Management, LLC, Mortgagor.f Hoppe Family Truat DatedJune 25,2003, Mortgagee 7 f .~¡I;", '¡Ili 'I !i' '- ¡'j ~~' !:ît!~ì*~filil~}~ .:.::~},~: :: ::::::;~ ¡~~::d!:)~:f: ;ilij