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HomeMy WebLinkAbout923377 :. ~. 000065 MORTGAGE DEED WITH RELEASE OF HOMESTEAD WILLIAM DARIN MAYER, a single person, of 811 Homestead, Green River, Wyoming, 82935, Mortgagor, to secure the payment of Seventy-nine Thousand Five Hundred and no/lOO Dollars ($79,5000.00), bearing interest at the rate of 8% per annum, due and payable in full on the 1st day of March, 2015, as evidenced by one Promissory Note of even date herewith, does hereby mortgage to MAJOR L. BROWN and DESANKA BROWN, husband and wife, at P.O. Box 1182, Douglas, Wyoming, 82633, the following described real estate, situate in the County of Lincoln, State of Wyoming, to-wit: Lot 13 of Commissary Ranch Unit B, Lincoln County, Wyoming, as described on the official plat thereof. In accordance with the following terms: 1. The mortgagor agrees to pay the Promissory Note hereby secured in accordance with its terms and conditions which are incorporated herein by this reference, and to pay all taxes and assessments on said premises; and in case the mortgagor shall fail to pay such taxes and assessments as aforesaid, the mortgagee may pay said taxes and assessments, and ~ll sums to paid shall be added to and considered as a part of the above indebtedness hereby secured, and shall draw interest at the same rate. 2. Mortgagor covenants that he or she is lawfully seized of the estate hereby conveyed and has the right to mortgage, grant, and convey the property and that the property is unencumbered, except as follows: NONE. 3. Mortgagor warrants and will defend generally the title against all claims and demands. 4. Mortgagor shall maintain fire and casualty insurance upon all improvements existing or placed upon the premises in a total amount not less than $79,500.00 and naming the mortgagees as a co-insured. 5. Mortgagor shall not destroy, damage or substantially change the property, allow the property to deteriorate or commit waste. The construction of improvements or remodeling of the property in a workmanlike manner shall not constitute a violation of this paragraph. 6. Mortgagee or its agent may make reasonable entries upon and inspections of the property. Mortgagee shall give Mortgagor reasonable notice of at least 24 hours prior to an inspection. 7. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of any part of the property, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Mortgagee. In the event of total taking of the property, the proceeds shall be applied to the sums secured by this Mortgage, whether or not then due, with any excess paid to Mortgagor. In the event of a partial taking of the property, unless Mortgagor and Mortgagee otherwise agree in writing, the sums secured by this Mortgage shall be reduced by the amount of the proceeds. If the amount received exceeds the balance of the morgage note then due, the excess shall be paid to the mortgagor. If the property is abandoned by Mortgagor, or if, after notice by Mortgagee to Mortgagor that the condemnor offers to make an award or settle a claim for damages, Mortgagor fails to respond to mortgagee within thirty (30) days after the date of notice is give, Mortgagee is authorized to collect and apply the proceeds to the sums secured by this Mortgage, whether or not then due. 8. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Mortgagee to any successor in interest of Mortgagor shall not operate to release the liability of the original Mortgagor or Mortgagor's successors in interest. Mortgagee shall not be required to commence proceedings against any successor in interest or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Mortgagor or Mortgagor's successor in interest. Any forbearance by Mortgagee in exercising any right or remedy shall not be a waiver or preclude the exercise of any right or remedy. =- RECEIVED 10/16/2006 at 10:52 AM RECEIVING # 923377 BOOK: 637 PAGE: 65 JEANNE WAGNER >:ill:?$.Ifo¡:~J_=~~c;~:N COUNTY CLERK, KEt~iliili~k¡¡;;r. WY · 0923377 ~~~mm*tI( 000066 9. The covenants and agreements of this Mortgage shall bind and benefit the successors and assigns of Mortgagee and Mortgagor. Mortgagor's covenants and agreements shall be joint and several. Any Mortgagor who co-signs this Mortgage but does not execute the note: (a) is co-signing this Mortgage only to mortgage, grant and convey that Mortgagor's interest in the property under the terms of this Mortgage: (b) is not personally obligated to pay the sums secured by this Mortgage; and (c) agrees that Mortgagee and any other Mortgagor may agree to extend, modify, forbear or make any accommodations with regard to the terms of this Mortgage or the Note without that Mortgagor's consent. 10. Any notice to Mortgagor provided for in this Mortgage shall be given by delivering it or by mailing it by certified mail unless applicable law requires use of another method. The notice shall be directed to the address shown herein or any other address Mortgagor designates by written notice to Mortgagee. Any notice to Mortgagee shall be given by certified mail to Mortgagee's address stated herein or any other address Mortgagee designated by notice to Mortgagor. Any notice provided for in this Mortgage shall be deemed to have been given to Mortgagor or Mortgagee when given as provided in this paragraph. 11. This Mortgage 'shall be governed by the law of Wyoming. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision. To this end the provisions of this Mortgage and the Note are declared to be severable. 12. Mortgagor acknowledges receipt of one copy ofthe Note and of this Mortgage., 13. If all or any part of the property or any interest in it is sold or transferred (or if a beneficial interest in Mortgagor is sold or transferred and Mortgagor is not a natural person) without Mortgagee's prior written consent, Mortgagee may, at its option, require immediate payment in full of all sums secured by this Mortgage. If Mortgagee exercises this option, Mortgagee shall give Mortgagor notice of acceleration. The notice shall provide a period of not less than thirty (30) days from the date the notice is delivered or mailed within which Mortgagor must pay all sums secured by this Mortgage. If Mortgagor fails to pay these sums prior to the expiration of this period, Mortgagee may invoke any remedies permitted by this Mortgage without further notice or demand on Mortgagor. 14. Mortgagee shall give notice to Mortgagor prior to acceleration following Mortgagor's breach of any covenant or agreement in this Mortgage. The notice shall specify: (a) the default: (b) the action required to cure the default: (c) a date not less than ten (10) days from the date the notice is given to Mortgagor, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of sums secured by this Mortgage and sale of the property. If the default is not cured on or before the date specified in the notice, Mortgagee at its option may require immediate payment in full of all sums secured by this Mortgage without further demand or notice and may invoke the power of sale and any other remedies permitted by applicable law. Mortgagee shall be entitled to collect all expenses incurred in pursuing the remedies provided in this paragraph, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Mortgagee invokes the power of sale, Mortgagee shall give notice of intent to foreclose to Mortgagor and to the person in possession of the property, if different, in accordance with applicable law. Mortgageé shall be entitled to foreclose by advertisement and sale in accordance with Wyoming law or it may judicially foreclose as Mortgagee may elect. Mortgagee or its designee may purchase the property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees: (b) to all sums secured by this Mortgage; and (c) any excess to the person or persons legally entitled to it 15. Upon acceleration or abandonment of the property and at any time prior to the expiration of any period of redemption, Mortgagee (in person, by agent or by judicially appointed receiver) shall be entitled to enter upon, take possession of and manage the property and to collect the rents of the property including those past due. Any rents collected by Mortgagee or the receiver shall be applied first to the payment of the costs of management of the property and collection Of rents, including, but not limited to, receiver's fees, premiums on the receiver's bonds and reasonable attorney's fees, and then to the sums secured by this Mortgage. 16. Mortgagor waives all rights of homestead exemption in the property. 17. Although not obligated to do so, Mortgagee may, at its sole option, advance future sums, expend additional funds and grant renewals on extensions of the original debt. This mortgage - .. 0923377 000067 shall secure the payment of all future advances and extensions on renewals of the underlying debt. 18. Mortgagor acknowledges, agrees, and represents: (1) This mortgage and the accompanying note accurately reflect all agreements between the parties; (2) There are no agreements, either expressed or implied, except as set forth in writing in the loan documents; (3) Mortgagee has made no promises, representations or inducements to Mortgagor except those set forth in writing and signed by Mortgagee; (4) Mortgagor has relied upon his own judgment and has not relied upon any advice from Mortgagee. ' 19. Hazardous Substances. Mortgagor shall not cause or pennit the presence, use, disposal, storage, or release of any Hazardous Substances on or in the Property. Mortgagor shall not do, nor allow anyone else to do, anything affecting the Property that is in violation of any Environmental Law. The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to nonnal residential uses and to maintenance of the Property. Mortgagor shall promptly give Mortgagee written notice of any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law of which Mortgagor has actual knowledge. If Mortgagor learns, or is notified by any governmental or regulatory authority, that any removal or other remediation of any Hazardous Substance affecting the Property is necessary ,Mortgagor shall promptly take all necessary remedial ~ctions in accordance with Environmental Law. As used in this Paragraph 19 "Hazardous Substances" are those substances defined as toxic or hazardous substances by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or fonnaldehyde, and radioactive materials. As used in this Paragraph 19, "Environmental Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmental protection. By signing below, Mortgagor accepts and agrees to the tenns and covenants contained in this Mortgage and in any rider(s) executed by Mortgagor and recorded with it. DATED this lð . day of &vr:' ,2006. ~~ 0 ~P- WILLIAM DARIN MAYER STATE OF WYOMING ) t1 ) ss. COUNTY OF UJr\\I~(s¡o-, ) On this J 0 *' day of {9 ~be,y , 2006, before me personally appeared WILLIAM DARIN MAYER, to me known to be the person described in and who executed the foregoing instrument, and acknowledged that he executed the same as his free act and deed. Witness my hand and official seal. 1l#~~ NO ~y LIC My commission expires: .-. ~::::~*::~::::~::~: ê~!~~!k::'