HomeMy WebLinkAbout876102 W. Donald Landis and Beverly J. Landis, as Trustees of
Family Revocable Trust dated 9-29-1990, (hereinafter "MORTGAGOR"),
secure the payment of Six Thousand Four Hundred Dollars ($6,400.00), with
interest thereon, as provided in and evidenced by a promissory note of even
date herewith (the ultimate maturi~ date of which is the 15th day of October,
2003) and all renewals, modifications and extensions thereof, do hereby
mortgage unto Ralph R. Halstead and Sharon L. Halstead, (hereinafter
collectively "MORTGAGEE")the following described real property, situate in
the County of Lincoln, State of Wyoming, hereby releasing and waiving all
rights under and by virtue of the homestead exemption laws of the State of
Wyoming, to-wit:
Lot 30 fn Star Valley Ranch Plat Seven (7), as platted
and recorded in the Official Records of Lincoln
County, Wyoming.
Together with all and singular the improvements
thereon or thereunto appertaining, (the "Property").
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 insurable improvements on the Property against
loss by fire, with extended coverage, in an amount not less than the unpaid
balance of the debt hereby secured, or the insurable value 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. The
insurance proceeds or any part thereof, shall, at the option of the mortgagor, be
applied either to the reconstruction of improvements on the property or to the
payment of the indebtedness hereby secured. In the event MORTGAGOR fails
to pay such taxes and assessments, or fail to keep and maintain such 'insurance
as herein provided, MORTGAGEE may pay such taxes and assessments and
may secure and pay for such insurance, and all sums so paid shall be added to
and considered a part of the indebtedness hereby secured and shall draw
interest at the same rate.
In case default 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 default' shall
be made in any of the covenants and agreements thereof, which default is not
cured within thirty (30) days after notice thereof is given'by MORTGAGEE, or
in ~he 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
advertisement and-sale and/or as otherwise authorized by governing law, to
foreclose on and sell the Property, and out of the 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 foreclosure sale are
insufficient to pay the indebtedness hereby secured and foreclosure costs,
MORTGAGEE shall be entitled to a deficiency judgment.
In the event of 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 warrants title to the Property as to parties claiming, by
through or under MORTGAGOR only.
THE PROPERTY"IS NOT AGRICULTURAL PROPERTY AS DEFINED
IN WYO. STAT. § 1-18-103.
WITNESS my hand this J~ day of September, 2001.
W. Donald Landis, as Trustee of the Beverly J. Landis, as Trustee of the
Landis Family Revocable Living Landis Family Revocable Living
Trust dated 9-29-90 Trust dated 9-29-90
STATE OF WYOMING )
) SS.
COUNTY OF TETON ) ~'
The foregoing instrument was acknowledged before me by W. Donald
Landis and Beverly J. Landis, as Trustees of the Landis Family Revocable
Living Trust dated 9-29-!990, this __J_(-~_ day of ~d'_~?+~t~L_'~f_.~.. ,
2001.
WITNESS my hand and official seal.
: ,-Notarize.
~.:~: '~ ~.~ ~ .: ~ .'~'~ Notary Public
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