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000545
MORTGAGE DEED WITH RELEASE OF HOMESTEAD
Gerald E. Hudson and Peggy K. Hudson, husband and wife, Mortgagor(s), of Lincoln County, State of Wyoming, to secure
payment of Seventy-One Thousand Five Hundred Dollars ($71,500.00), due October Tenth 2006" with interest from September
Tenth, 2006 at the rate ofTen per cent per annum payable quarterly, evidenced by Promissory Note of even date herewith, payable
in interest only, quarterly installments of Seventeen Hundred Eighty Seven Dollars and Fifty Cents ($1,787.50) each, commencing
on the Tenth day ofDecember,2006 and continuing on the same day of each 3n1. month thereafter, do hereby mortgage and warrant
to Rhinesmith Revocable Trust, dtd 11/15/89, Robert E. Rhinesmith, Trustee, property in the County ofLincotn, State of Wyoming:
Star Valley Ranch RV Park Plat No.1, Lot NO. 437, as platted and recorded in the official records of
Lincoln County, Wyoming, together with all buildings, improvements and appurtenances thereon situate or in anywise
appertaining thereto.
Mortgagor(s) agrees to pay the indebtedness according to the tenns and conditions of that certain Promissory Note hereinabove
described, executed by Mortgagor(s) to Rhinesmith Revocable Trust, dtd 11/15/89, Robert E. Rhinesmith, Trustee, and during the
life of this mortgage to pay all taxes, assessments against the premises and hazard insurance premiums, said insurance shall be in
an amount not less than $40,000.00. IfMortgagor(s) fails to pay such taxes, insurance premiums or assessments, Mortgagee may
pay the same, and all sums paid by Mortgagee for such purpose shall be added to and considered as a part of the indebtedness and
shalt draw interest at the same rate.
If default occurs in the payment of the indebtedness or in the payment of any installment thereof, or if default occurs in any ofthe
covenants and agreements hereof or under the aforesaid Promissory Note, 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 the statutes of the State of Wyoming, or by an action in equity. This will be Mortgagee's sole remedy against
Mortgagor(s) in case of default by Mortgagor(s). Out ofthe proceeds of any foreclosure the Mortgagee shall retain orreceive all sums
due to it hereunder and costs of foreclosure and sale, including attorney fees in an amount equal to Ten Percent (10%) of the
indebtedness remaining unpaid at the time of such sale, and the same shall be taxed as costs in any equitable action brought to
foreclose this mortgage.
To fully assure Mortgagee the benefits of the security interest in the premises granted to it hereunder, Mortgagor(s) hereby assigns
to Mortgagee all rents hereafter payable for the use and occupancy of the premises by any person in possession thereof with
Mortgagor's consent. If default occurs in any of the covenants and agreements herein contained or under the aforesaid Promissory
Note, whether or not Mortgagee elects to foreclose this mortgage on account thereof, Mortgagor(s) hereby authorizes Mortgagee
to collect the rents from the premises and to apply the same to the payments on the indebtedness secured hereby until such default
is remedied.
In the event of foreclosure of this mortgage upon default, Mortgagee shall be entitled to the possession and enjoyment of the
premises and rents and profits thereof from the time of such defautt and during the pendency of foreclosure proceedings and period
of redemption, if any. If Mortgagor(s) shall fail to surrender such possession to Mortgagee promptly upon its request therefor,
Mortgagee may compel delivery thereof by ejectment action or other civil proceedings appropriate for that purpose. Furthennore,
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 in~olvency ofMortgagor(s), the value of the premises or the insufficiency thereof to discharge the indebtedness and costs of
foreclosure and sale, Mortgagee shall be entitled to receive from the premises the rents, issues and profits thereof from the time of
default to the expiration of any redemptive period provided by law. A receiver may be appointed by any court of competent
jurisdiction upon ex parte application without notice, notice being hereby waived and appointment of a receiver upon such application
being hereby consented to by the Mortgagor(s).
MORTGAGORS(S) HEREBY RELINQUISHES AND W AWES all rights under and by virtue of the homestead exemption laws
of the State of Wyoming.
Dated this Tenth day of September, 2006.
STATE OF WYOMING )
) ss.
COUNTY OF L~COLN )
On this 3 day of September, 2006, before me personally appeared Gerald E.. Hudson and Peggy K. Hudson
known to me to be the person(s) described in and who executed the foregoing instrument, and acknowledged that they executed the
same as their free act and deed, including the release and waiver of the right of homestead.
WI1NESS my hand and seal.
~~o:r ß<JÓl "-
NOT Y UBLIC 10 and for saId County and State
My commission expires ~. l ~ u ~ a. Oð 1
o I I
JANET BODE - NOTARY PUBLIC
County of State ,of
Lincoln , , Wyoming
My Commission EX¡."',)8 July 28, 2007
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RECEIVED 9/12/2006 at 12:39 PM
RECEIVING # 922396
BOOK: 633 PAGE: 545
JEANNE WAGNER
f.mr.!;~' ,-:r"~~,
~¡¡;¡¡¡¡~~¡;¡llitPLN COUNTY CLERK, KEMMERER;:jlliWm!¡:8¡i¡¡;~