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000535
MORTGAGE
MICHAEL LLOYD MCDONALD and MARY KA YLENE MCDONALD,
Husband and Wife, Mortgagors, to secure the payment of Six Hundred Thousand Dollars
($600,000.00) due with interest thereon at the rate of six and one-half percent (6.5%) per
year, for the first seventy-two months of the term of the promissory note, dated February
28,2006, and at the rate of seven percent (7%) per year, or one percent (1 %) over the
Wall Street Journal published prime rate, whichever is greater, for the term of the
following one hundred eighty months, (said sum and the interest thereon, being referred
to as the indebtedness), payable in accordance with the provisions of that certain
promissory note, dated February 28, 2006 hereby mortgage and warrant to SALT
RIVER MOTOR, INC., a Wyoming Close Corporation, and its successors or assigns,
Mortgagee, of Lincoln County, Wyoming to-wit:
Home and Real Property located at 170 Braves Rd.
Afton, Lincoln County, Wyoming
which is part of Lot 4 of Wild Flower Estates, Lincoln County, Wyoming as
described on the official Plat No. 198-B filed on September 26, 2003 as
instrument No., 893865 of the records of the Lincoln County Clerk.
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 hereof,
and Mortgagor fails to remedy such default within 10 days of receipt of written notice
from Mortgagee, 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 premises as provided by statute, 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 reasonable attorney fees,
the same to be taxed as costs in any equitable action brought to foreclose this mortgage.
To fully assure mortgagee the benefit of the security interests 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 herein
contained, whether or not mortgagee elects to foreclose this mortgage on account thereof,
Mortgage
MKM HOLDINGS, LLC
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RECEIVED 8/25/2006 at 10:15 AM
RECEIVING # 921704
BOOK: 631 PAGE: 535
JEANNE WAGNER
LINCOLN COUNTY (d';;:@j¡¡:!KEMMER_~R, WY
0321.~";jO'~~
000536
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
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such default is remedied.
Hereby releasing and waiving all rights under and by virtue of the homestead
exemption laws of the State of Wyoming.
This Mortgage shall be subordinate only to the Mortgagors' existing first
mortgage to First National Bank West recorded at Book #623 Page #257 in the records of
the Lincoln County Clerk and Recorder, that encumbers the above property.
Notwithstanding any of the foregoing, upon satisfaction of the promissory note to
First National Bank West in the amount of $284,000.00 dated June 13,2006, Mortgagee
agrees to release this Mortgage by filing the necessary documents with the Lincoln ~
County Clerk and Recorder and this Mortgage shall be of no further force and effect.
WITNESS our hands this c;( 3 day of , 2006.
"\
MICHAEl: LLOYD MCDONALD
&J
STATE OF WYOMING
)
) SS.
COUNTY OF LINCOLN ) ¡d
The foregoing instrument was acknowledged before me this I::-Çð day of
~ , 2006, by MICHAEL LLOYD MCDONALD AND MARY
LENE MCDONALD, Husband and Wife., k .
c!/Qtct. ¡( J¡fåfAC
NOTARY PUBLIC
My Commission Expires: Õ -5-òq
HEIDI BROWN· NOTARY PUBUO
County of ' State of
Uncaln Wyomlng
My Commission Expires August 5, 2009
Mortgage
MKM HOLDINGS, LLC
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