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Home My WebLink About923951 /' CJ ::j >. ~ ..0 '='0 'O.s CU E 'Eo o >. ~~.i- ... '- ¡:: òOoo .S ~ >.. J5 e ~ '" u 1::: . .- '" ::s ·'i;:¡.rJ8 u'O 011 E @ '" 8..=¡ 011 0..... "t;I0- ",E-< .- cu ~g .~ :;¿ . ) ii ! 3L- 000763 - - - - - -- - - - RECEIVED 10/31/2006 at 3:58 PM RECEIVING # 923951 BOOK: 638 PAGE: 763 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY MORTGAGE - ~ This Mortgage is made the \ ~/ day of July, 2006, by and between Elizabeth Johnson, a single woman, hereinafter refened to as the "Mortgagor", and Richard E. Spellman, George Corry and Brandon O'Neill, collectively hereinafter referred to as "Mortgagee" . The Mortgagor, for and in consideration of the sum of Two Hundred Ninety Thousand Dollars ($290,000.00) lawful money of the United States and other valuable ronsideration. loaned to the Mortgagor by the Mortgagee, ° the receipt of which is hereby confessed and acknowledged, does hereby mortgage to the Mortgagee forever, the following described real property situate in the County 01 Lincoln, State of Wyoming: South Half of the Northwest Quarter of the Southeast Quarter of Section 23, Township 33 North. Range. 119 West of the 6th P.M., Lincoln County, Wyonúng. -'} Together with all buildings and improvements thereon, or which may hereafter be placed thereon; all fixtures now or hereafter attached to said premises; all water and water rights, ditches and ditch rights, reservoirs and reservoir rights, and inigation and drainage rights; and all easements, appurtenances ånd inci~ts now or hereafter belonging or appertaining there to; subject' however, to all covenants, conditions, easements,. and righ~of-way, and to mineral, mining and other exceptions, reservations and conditions of record. TO HAVE AND TO HOlD the said real and personal property forever, the Mortgagor hereby relinquishing and waiving all rights W1der and by virtue of the homestead exemption laws of the State of Wyoming. Mortgagor covenants that at the signing and delivery of this Mortgage, said Mortgagor is lawfully possessed of said personal property; is lawfully seized in fee E'd tOtÇ'oN SMnO"V,O~NV~lMVJ SS3H l88LEELLOE I'fVtI:6900Z'Llo,or @um@ ; 4 . t . ¡ J { , í i , ~ > I w...._._._.........__·. +_ .' "_' ,__'_"_ ~"'_'._ . "~"." .."" ..-....... -, . 000764 0923"951. simple of said real property, or has such other estate as "is stated herein; has good and lawful right to mortgage, sell and convey all of said property; and warrants and will defend the title to all of said property against all lawful claims and demands, and that the Same is free from all encumbrances. However. this Mortgage is subject to the express condition that if the Mortgagor pays, or causes to be paid, to the Mortgagee ~e sum of Two Hundred Ninety Thousand Dollars ($290,000.00) according to the con~tions of a Promissory Note of even date herewiÙ\ wlúch Promissory Note was executed and delivered by the Mortgagor to the Mortgagee. which sum of money the Mortgagor hereby covenants to pay. and until such payment, performs aU of the covenants and agreements herein to be performed by Mortgagor, then this Mortgage and said note shall cease and be null and void. Mortgagor and Mortgagee fwther covenant and agree as follows: 1. P~ent. Mortgagor shall pay the indebtedness as herein provided, and the lien of this instrument shall remain in full force and effect during any postponement or extension of time of payment of any part of the indebtedness secured hereby. 2. ~~ents. The Mortgagor shall have the privilege of paying any prinåpal sum at any time without premium or penalty" of any kind. 3. Transfer of the Proper\y. U aU or any part of the property or any interest herein is sold or transferred by any means by Mortgagor without Mortgagee's prior written ronsent, excluding the creation of a lien or encumbrance subordinate to this Mortgage or a transfer by devise, descent or by operation of law upon the death of a joint tenant, Mortgagee may, at Mortgagee's option, declare all the SUMS secured by this Mortgage to be immediately due and payable. Any delay or failure on the part of the Mortgagee to demand payment shall not prejudice the Mortgagee's right there to. Mortgagee shall have waived such option to accelerate if, prior to the sale or transfer. ::::::r:¡~;:f::~¡:¡:;;~~~ .'Ó!í'¡·i'I\':lli£::illJ . Jr"~' d' t n fG . 0 N :::~;,~:. ·i:::~:i{: fo"·,,:·:,·,,I¡t-:,;; ~Hn()Vf\1'. (1FKN\lW1H\I~ ~~1H ZR1Jr.r./I nr. W\ltrl:f\ QnnZ'lZ'lnr , í . J " , , i ~ ¡~r ..:d:~ .".-."................."......-.--.-.. 0923951. 000765 " Mortgagee at Mortgagee's sole discretion, enters into å written agreement: with the person whom the property is to be sold or transfened expressly consenting to such assumption and setting forth any new terms or conditions of this Mortgage as may be requested by the Mortgagee in exchange for the Mortgagee agreeing to an assumption of this Mortgage. 4. Taxes and Assessments. Mortgagor shall pay aU taxes, assessments and other lawfuJ charges levied or assessed against said property. . 5. Maintenance of PrQ,perty. Mortgagor 6ha11 not c-ommit or pemút waste, nor be negligent in the care of said property, and slialI maintain the same in as good condition as at present reasonable wear and tear excepted, and will do nothing on or in connection with said property which may impair the security of the Mortgagee hereunder. Mortgagor shall not permit said property, or any part hereof, to be levied upon or attached in any legal or equitable proceedin~ and shall not, except with the consent in writing of the Mortgagee, or as is otherwise provided and permitted in this Mortgage, remove or attempt to remove said improvements or personal property, or any part hereof, from the premises on which the same are situated. 6. Insurance. As collateral and further security for the payment of the indebtedness hereby secured, Mortgagor shall keep the improvements now existing or hereinafter erected on said premises insured against loss caused by the elements, fire, earthquake, and other calamities, with extended coverage provisions, to the full insurable value thereof for the tenn of this Mortgage, and will pay when due all preDÙwns on such insurance. AJJ insurance shall be eanied in responsible insurance companies licensed in WY0DÙng and the policies and renewals thereof shall have attached thereto by rider or otherwise loss payable clauses in favor of the Mortgagee. A copy of said policy or any renewal docwnents pertaining thereto shall be supplied to the Mortgagee within 30 days after the date of execution of this mortgage and thereafter within 10 days of any renewal of or amendment to such policy. The ~'d tOt~'ON sMnO~v.O~NVW1HV~ ~~iH 7.RR/r.r.//nr. W\l~I:R qnnz '/Z'lnr ,.. -..-.........,........ . 09;;::J~51 000766 insurance proceeds, or .any part thereof, may, at the ·option of the Mortg~gor, be applied either to the reduction of the indebtedness hereby secured or used in reconstruction. In the event of foreclosure of this mortgage or other transfer of title to the said premises in extinguishment of the indebtedness secured hereby, all right, title and interest of the Mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee. Notwithstanding the foregoing, insurance shall not be required as long as there are no improvements on the property. 7. Mortga&ee Authorized to Make P~erit:t. If Mortgagor defaults in the payment of the taxes, assessments or other .lawful charges, including any construction loan payments or fails to keep the improvements on said premises insured as herein provided, the Mortgagee may, without notice or demand, pay the same, and if the Mortgagor fails to keep said property in good repair, the Mortgagee may make such repairs as may be necessary to protect the property, all at the expense of the Mortgagor. 1ñe Mortgagor covenants and agrees that all such sums of money so expended, together with all costs of enforcement or foreclosure, and a reasonable attorney fee, shall be added to the debt hereby secured, and agrees to repay the Same and all expenses so incurred by the Mortgagee, with interest thereon from the date of payment at the same rate as provided in the note hereby secured, until repaid, and the same shall be a lien on all of said property and be secured by this Mortgage. 8. Default. If the Mortgagor defaults in the payment of the indebtedness hereby secured, for a period of ten (10) days after written notice, or fails to keep the improvements on said premises insured as herein provided, or materially impairs Mortgagee' B security interest in any manner, or in case of breach of any covenant or agreement herein contained, the whole of the then indebtedness secured hereby, together with all other sums payable pursuant to the provisions hereof, shall, at the option of the Mortgagee, become inunediate1y due and payable, anything herein or ..""'-'."'.¡;').'. \:k.~\i~;" ..:-.~ , tOtg'oN ¡:.:' ~;11 lH~J SS~H ZRR/r.r.llnr. W~GI:fi qnnz '/z'nr ~ " " j " , ! . ~ .j ~ i . @~~mm~;m~i;;" . _. LO.____. ..~_._,,____._..~_.. .___. .,....,.._.... _, ........~_....-... '-.. """.._'_.,.......__.~. ~"-""",,' .." 092J9S1 000767 in said note to the contrary notwithstanding, and failure to exercise said option shan not constitute a waiver of the right to exercise the same in the event of any subsequent default. The Mortgagee may enforce the provisions of, or foreclose, this Mortgage by any appropriate suit, action or proceeding at law or in equity, and cause to be executed and delivered to the purcha~r or purchasers at any foreclosure sale a proper deed of conveyance of the property so sold. The Mortgagor: ,hereby grants the Mortgagee the power to foreclose by advertisement and sale as provided by statute. AU remedies provided in tlús Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity and may be exercised concurrently, independently or successively. The Mortgagor agrees to pay all costs of enforcement or foreclosure, including a reasonable attorney fee. The failure of the Mortgagee to foreclose promptly upon a default shall not prejudice any right of said Mortgagee to foreclose thereafter during the continuance of such default or right to foreclose in case of further dpfaldt or defaults. The net proceeds from such sale shall be applied to the payment of: first, the costs and expenses of the forecl~sure and s~e, including a reasonable attorney fee, and all moneys expended or advanced by the Mortgagee pursuant to the provisions of this Mortgage; second, all unpaid .taxes, assessments, claims and liens on said property, which. are superior to the lien hereof; third, the balance due Mortgagee on account of principal and interest on the indebtedness hereby secured; and the surplus, if any, shall be paid to the Mortgagor. 9. Suffici.en~ of Foreclosure Proceeds. If the property described herein is sold under foreclosure and the proceeds are insufficient to pay the total indebtedness hereby secured, the Mortgagor executing the note or notes for which this Mortgage is security shall be personally bound to pay the unpaid balance, and the Mortgagee shall be entitled to a deficiency judgment. 10. AS5~ent of Rent$. If the right of foreclosure accrues as a result of any default hereunder, the Mortgagee shall at oncé become entitled to exclusive I 'ci ,n,~'oN s~no~v,a~NvwlHVJ SS3H lRR/r.r.IIOr. WV~I:fì ~onz '/z'nr ,<'-...........~.... ..,,--.~.- .................... 0923951. 000768 ; ;.; ~ i 1 ~ i ~ " ~ ~ ;. ~ ~ possession, use and enjoyment of all property aforesaid, and to all rents, i~sues and profits thereof, from the acauing of such right and during the pendency of foreclosure proceedings and the period of redemption, and such possession, rents, issues and profits shall be delivered immediately to the Mortgagee on request On refusal, the delivery of such possession, rents, issues and profits may be enforced by the Mortgagee by any appropriate sui~ action or proceeding. Mortgagee shall be entitled to a Receiver for said property and all rents, issues and profits thereof, after any such default;, including the time covered by foreclosure proœediÎ1.gs and the period. of redemption, and without regard to the solvency or insolvency of the Mortgagor, or the then owner of said property, and without regard to the value of said property, or the sufficiency thereof to discharge the Mortgage debt and foreclosure costs, fees and expense. Such Receiver may be appointed by any court of competent jurisdiction upon ex parte application" notice being hereby expressly waived, and the appointment of any such Receiver on any such application without notice is hereby consented to by the Mortgagor. All rents, issues and profits, income and revenue of said property shall be applied by such Receiver according to law and the orders and directions of the court. 11. Inspection. Mortgagee may make or cause to be made reasonable entries upon and inspections of the property, provided that Mortgagee shall give Mortgagor notice prior to any such inspection specifying reasonable cause therefor related to Mortgagee's interest in the property. 12. Condemnation. The proceeds of any award Or claim for damages, direct or consequential, in connection with any condemnation or other taking of the property, or part hereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Mortgagee. In the event of a total taking of the property, the proceeds shall be applied to the sums secured by this Mortgage with the excess, if any, paid to Mortgagor. In the event ofa partial taking of the property, wùess Mortgagor and ~ortgagee othezwise agree in writing, there shall be appij.ed to the k' :'.:. ..;:..~ "H,c"d' vOvg' oN ¡:~¡*:::::::::::::~;:; ~~.tl'I·~~"".· SHnO~V, 01KNVVIlH\I:) ~~:¡H 7.RR Hr./I nr. ~\I~I:n qnnl. 'fl.'lor , . ~ . , I f j i I 1 1 . , ~~m~f*~~r~: ··-...·.·..,_·__..·a...-.... 0923951. 000769 sums secured by this Mortgage such proportion of the" proceeds as is equaJ. to that proportion which the amoW1t of the sums secured by tlùs Mortgage immediately prior to the date of taking bears to the fair market value of the property immediately prior to the date of taking, with the balance of the proceeds paid to 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 ~ for damages, Mortgagor fails to respond to Mortgagee within 30 days after the date such notice is mailed, Mortgagee is authorized to caIlect and apply the proceeds, at Mortgagee's optiOI\ either to restoration or repair of the property or to reduce thè sums secured by this Mortgage. Unless Mortgagee and Mortgagor otherwise agree in writing, any such application of proceeds to prinåpal shall not extend or postpone the due date of the installments refen-ed to above or change the amount of such installments. 13. Statement. The M~rtgagee, within ten (to) days upon request in person or within thirty (30) days upon request by mail, will furnish a written statement duly acknowledged of the amount due on this Mortgage and whether any offsets or defenses exist against the mortgage debt. 14. Notices. All notices, demands or other writing in t1ús Mortgage provided to be given, made or sent by either party to the other shall be in writing and shall be validly given or made only if personally delivered with a receipt obtained from the person receiving the notice, or sent by certified UlÛted States mail return receipt requested, or if sent by Federal Express or other similar delivery service keeping records of deliveries and attempted deliveries. Service shall be conclusively deemed made upon receipt if personally delivered or, if delivered by mail or delivery service, on the first business day delivery is attempted or upon receipt, wlùchever is sooner. The parties mailing addresses are as follows: Mortgagor: 73 Snow Creek Drive Bozeman, M1' 59718 6 'd tOg'oN SHnO~V,O~NVWlHVJ SS3H l88LîîL10î VW~I:6 900l '/l'nr / " ¡ ~ , < , 1 , ., j ~ , ·~_..····...-.....,·..."",,,,,,,,,,,,,,",-,.,,=-,,_~,,,,,,,,,_,o.,._.,, , ....,................... ,·.···,"·.·,c,·.·...... . '., ,"- _."I!'~t~.'4_:_ o~~a~.Sl 000770 Mortgagee: 226 S. 8th Street Uvingston, MT 59047 6360 Barefoot Bay Columbia, MD 21045 2803 Shadow Road Court Glenwood, MD 21738 "{l~ C () V ,; ( r! (~,q t. ·..f 1,.)'1.' t { ,.\. ':1; " ,..~'-t .'~'ì i..' / ¡ 15. Set-off. Mortgagor shall not be entitled to set-off or any similar rights against amounts secured hereby. 16. HPAtiif\p. The headings used in this Mortgage are for convenience only and are not tD be used in its construction. 17. Bindin¡ ,Effect and Construction,: Aq\endment. The covenants, agreements and conditions herein contained shall nm with the land and bind, and the benefits and advantagesshaIl inure to; the respective heirs, devisees, legatees, executors, . admÍIùstrator8, successors and assigns of the parties hereto, and aU subsequent owners, encumbrancers, tenants and subtenants of the property. Whenever used the singular number shall include the plural, the plural the singular, and the use of any gender shall include all genders. The term "note" includes ail notes herein described if more than one. The tenns "foreclosures" and "foreclose" as used herein shall include the right of foreclosure by any suit, action or proceeding at law or in equity, or by advertisement and sale of said premises, or in any other manner now or hereafter provided by Wyoming statutes, including the power to sell, The acceptance of this mortgage and the note or notes it secures, by the Mortgagee shaù be an acceptance of the tenns and conditions contained therein. 'This Mortgage may not be changed or tenninated orally. This Mortgage shall be governed by the laws of the State of Wyoming. 18. Release. Upon payment of all sums secured by tlús Mortgage, Mortgagee shall release tlùs Mortgage without charge to Mortgagor. Mortgagor shall t'''''''''"'''' "1fjJ '..'......."..... .~......'...'-........ 1;_¡~N~;i~·¡.~h\:'t ~ô'tl'jql tOt ç , 0 N ,¡mf.z "$!;~;iJ s~no~v,o~NvNl~vJ SS3H l88LEEfIOr. ~VGI:fi ~nn7. '/7.'lnr "' j ... , ~ ; ~ j í .t j 15 f 1 J. ~ .' ~m~l~IF: "'-'-~""-""'-'~"".-"'." --._-~~~~..._...--.....-, _._~-., .... .. -.......~......._-...... . ,.............-......,..-.............- ~'- .~...= ...~...~. ",...,,-,~', . ........,.......<'.. O~2:i~51. 000771 pay all costs of recordation. if any. 19. Waiver of Homestead. Mortgagor hereby re1inquishes and waives all rights under and by virtue of the homestead exemption laws of the State of Wyoming. IN WI1NESS WHEREOF, the said Mortgagor has hereunto signed and sealed theSe presents the day and year first abo~þt" I I ~. _ ~µ STATE OF MONTANA ) ) COUNfY OF GALLATIN ) The foregoing instrument was acknowledged before me this (). ß day of July, 2006 by Elizabeth Johnson. WIT~~\lmx.I~:,d and official seal. ~ . #<J ~\\'\ C. Mc/) ,~ C! f1-t /) if) . '^.....Çjri'..-R......C/*'~ -~ 1':::Y.r~o ,A 4?\~ ~~ Notary Public 11.(l~EP\L \ , My Commission expires: 5/31);).010 ==;..., : E ~ ~ I ¡ ~.. ,~ ~ \; .~.. ","'~~ , " ó';;¡.,. .......... ~~'\ 1.;;'" '~£On.Aa ø ~'1IifIUIHfta\\!,;j\~ Elizabeth C, McDunn No~rr Publiè for the State of MOlìtana ResIding ~t Bozeman, Montana My Commission Ex.pires: 3/=!:v /-¡)Olo . II '¡j tntrG'ON ~~nOWV.O~NVW1HV~ ~~~H ZAA/r.r.llnr. WVQI:~ Qnn7. '/Z'Inr