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HomeMy WebLinkAbout924211 1:::;*:¡;:þ:*~:::·1 I '·:'o',!t"·ll·'t'.· ~l MORTGAGE DEED WITH RELEASE OF HOMESTEAD Glen K. Martin and Judith H. Martin, Mortgagor(s), of Washington County, State of Utah, to secure payment of twelve thousand one hundred fifty and noll 00 Dollars ($12,150.00) due November, 1, 2005, with interest from October 6, 2005, at the rate often per cent per annum payable monthly, evidenced by Promissory Note of even date herewith, in monthly installments of one hundred sixty and 56/100 Dollars ($160.56) each, including interest, commencing on the 1st day of December, 2005 and continuing on the same day of each month thereafter, do( es) hereby mortgage and warrant to LEISURE VALLEY, INC., a Nevada Corporation, Mortgagee, of Lincoln County, Wyoming, the following described real property in the County of Lincoln, State of Wyoming: bsl~ Star Valley Ranch RV Park Plat 2 Lot Ml ..~ Mortgagor(s) agree(s) to pay the indebtedness according to the terms and conditions of that certain Promissory Note hereinabove described, executed by Mortgagor(s) to Leisure Valley, Inc., and during the life of this mortgage to pay all taxes and assessments against the premises. IfMortgagor(s) fail(s) to pay such taxes 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 ofthe indebtedness and shall 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 of the 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 of the proceeds of any foreclosure the Mortgagee shall retain or receive all sums due to it hereunder and costs offoreclosure 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 assign(s) 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 authorize(s) 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 default 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. Furthermore, 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 insolvency 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). MORTGAGOR(S) HEREBY RELINQUISH(ES) AND W AIVE(ES) all rights under and by virtue of the homestead exemption laws of the State of Wyoming. Dated this /'9U day of dJe.;f ,2005 RECEIVED 11/8/2006 at 3:39 PM RECEIVING # 924211 BOOK: 639 PAGE: 644 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY MORTGAGOR(S): STATE OF UTAH ) ) ss. COUNTY OF WASHINGTON) . aiJ- \ . On this . I· l day of () ~ 'a.o,v , 2005 before me personally appeared 1. ~ k 1U.arh1 tA~ s;;J~~ ~f1f) aM . known to me tobé the pe¡son(s) described in and who executed the foregoing instrument, and acknowledged that ~ executed the same as S'l ülu'J' free act and deed, including the release and waiver of the right of homestead. WITNESS my hand and seal. My commission expires ÇI;;5 ()2} _ JUDALlNE MCKEE Notary Public J" State of Utah My Commission Expires May 25, 2008 929 W Sunset Blvd, Saint George, UT 84770