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876179 ..... ':
Albert E. Schoel and Nancy K. Schoel, husband and wife,.
coll~cflv~Iy "MORTGAGOR"), ~o ~cu~e the ~y~t o~ Ten Thout:t~'~liEt~kl
~undred Doll~ ($10,800.00), ~ith inte~t thereon, as ~tovid~d in and
evidenced by a promissory note of even date herewith (the ultimate maturity
date of which is the24th day of September, 2004) and all renewals,
modifications and extensions thereof, do hereby mortgage unto Robert L.
Mougeotte and ~oyce E. Mo~geotte, (hereinafter collectively "MORTGAGEE-)
the following described real property, situate in ~e County of Lincoln, 5tare
of Wyoming, hereby releasing and waiving all fight~ under and by virtue
the homestead exemption laws of ~e State of Wyoming, to-wit:
Lot Thirty-Six (36) In Prater Canyon E~tates'Unit 4, a~
platted and recorded ~n the Official Record~ of
Lincoln County, Wyoming.
Together with all and singular the improvements
thereon or thereunto appertainin~ (the "Property").
MORTGAGOR agrees to pay the ~ndebtedne~ hereby secured; to pay all
taxe~, ~s~essments and charge~ levied against the Property, as the same become
du~ and payable; to secure, maintain ~nd furnish MORTGAGEE evidenqe
thereof, insurance with an insuranc~ carrier or carriers acceptable to
MORTGAGEE, covering the insurable improvements on the Property against
lo'~s by fire, ~th extended coverage, in ~n amount not les~ than the unpaid
balance of the debt hereby secured, or the insurable value of such
improvement~, whichever is less, which insurance ~hali contain an
appropriate loss p~yable provision protecting MORTGAGOR and
MORTGAGEE as their respective intere~t~ may appear from time to time. The
insurance proceeds or any part thereof, shall, at ~e option of the mortgagor, be
applied either to ~ reconstruction of tmprovemen~ on the property or to the
payment of the indebtednes~ hereby secured. In the event MORTGAGOR fails
to pay ~uch taxe~ and assessment~, or fail to keep and maintain such insurance
~ herein provided, MORTGAGEE may pay ~uch taxes and assessments and
may secure and pay for such insurance, and all ~ums so paid ~hall be added to
~nd considered a part of the indebt~dne~ hereby' ~ecured and ~hall draw
interest at the same rate.
In ca~e default ~hall be made in the payment of the above sums hereby
secured, or in the paymen~ of the interest thereon, or any part of such
principal or interest, when the ~ame ~hall become due; or in case default shall
be made in any of ~e covenants and agreements thereof, which default is. not
cured wi~in thir~ (30) days after not~ thereof i~ given, by MORTGAGEE, or
in the event MORTGAGOR ~ells or conwy~ the ProperS, or any part thereof,
or any interest therein, without the prior written con~ent of the MORTGAGEE
first had and obtained, then the whole indebtednas~ hereby ~cured, with
interest thereon, ~hall become due and payable, at the option of MORTGAGEE,
and MORTGAGEE'5 legal representatives and assigns, may proceed by
advertisement and ~ale and/or as otherwise authorized by governing law, to
foreclose on an~ .sell the Property, and out of the proceeds o1: such
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 £oreclosure
MORTGAGEE shali be entitled to a deficiency judgment.
In the event of ar~y default whereby the right of foreclosure occurs
hereunder, MORTGAGEE shall at once become entltled to exclusive
Possession, .use and en~oymet~t of the Property, and to al/ rents, issues and
profits from the accruing o'f 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 ~~ day of September, 2001.
STATE OF WYOMING
COUNTY OF /.f,~
The foregoing instrument was acknowledged before me by Albert E.
Sch. oel and Nancy K. Schoel, this -.~.~_ day of September, 2001.
WITNESS my hand and official seal.
Notary Public
My commission expires: ..... J.~_b/_Tck:~