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HomeMy WebLinkAbout876298 (2) THIS MORTGAGE made this 1 st day of October, 2001, between Steven Ray iB single person, of LaBarge, Lincoln County, Wyoming, hereinafter referred to as "Mortgagor" and Bruce L. Bradley and Carolyn J. Bradley, Trustees, U.D.T. dated Aprii 30, 1997 of 1437 Joliet Street, E1 Cajon, CA 92019, hereinafter referred to as "Mortgagee". The Mortgagor, for and in consideration of the sum of twenty-five thousand dollars and no cents ($25,000), lawful money of the United States, paid to the Mortgagor by the Mortgagee, the receipt of which is hereby confessed and acknowledged, does hereby grant, bargain, sell and convey to the Mortgagee forever, the following described real and personal property situate in Lincoln County, Wyoming: The Lots 27, 28,29 and 30 of Block 6 of the Town of LaBarge, formerly Tulsa, Lincoln County, Wyoming as described on the' official plat thereof, together with all buildings, improvements and appurtenances thereon situate on in anywise appertaining thereunto. SUBJECT, however, to all mining, mineral and other exceptions,'. reservations, covenants, conditions and rights~of-way of record or in use. To have and to hold the said real and personal' property forever, the Mortgagor hereby relinquishing and waiving all rights under 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 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 lawfifl claims and demands, and that the same is free from all encumbrances. This mortgage is not assumable by any party or parties unless agreed to in writing by the Mortgagee. However this mortgage iS subject to the express'condition that if the Mortgagor pays, or ca. uses to be paid, to the Mortgagee the sum of twenty-five thousand dollars and no cents ($25,000) together with interest thereon at a fixed rate of five percent (5%) per annum from October 1, 2001, until paid, according to the conditions of one promissory note dated October 1, 2001, the ultimate maturity date of which is October 1, 2011, which promissory note was executed and delivered by Steven Ray Bradley, a single person, to the Mortgagee, which sum or sums of money the Mortgagor hereby covenants to pay, and until such payment,-performs all of the covenants and agremnents herein to be performed by Mortgagor, then this mortgage and said note shall cease and be null and void. , Mortgagor and Mortgagee further covenant and agree as follows: 1. 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 the time of payment of any part of the indebtedness secured hereby. 2. Mortgagor shall pay all taxes and assessments levied, or assessed against said property. 3. Mortgagor shall not commit or permit waste, nor be negligent in the care of'said property, and shall 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 thereof, to be levied upon or attached in any legal or equitable proceeding, 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 thereof, from the premises on which the same are situated. 4. 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 -2- premises insured against loss by fire, with extended coverage provisions, in a stun not less than twenty-five thousand dollars and no, cents ($25,000). 5. If Mortgagor defaults in the payment of the taxes, assessments or other lawfid charges or fails to keep the improvements on said premises insured as herein provided, the Mortgagee may, without notice or demand, pay the same or effect such insurance, 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. The 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. 6. If the Mortgagor defaults in the payment of the indebtedness hereby secured, or of any part or installment of principal or interest, for a period of forty-five (45) days after the same shall become due and payable, or if the Mortgagor removes or attempts to remove any of said improvements or personal property contrary to the provisions of this mortgage, or in case of breach of any covenant or agreement herein contained, the whole of the then indebtedness secured hereby, both principal, and interest, together with all other sums payable pursuant to the provisions hereof; shall, at the option of the Mortgagee, become immediately due and payable, 'anything herein or in said note to the contrary notwithstanding, and failure to exercise said option shall 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 advertisement and sale and/or any appropriate suit, action or proceeding at law or in equity, and cause to be executed and delivered to the purchaser or purchasers at any foreclosure sale a proper deed of conveyance of the property so sold. The Mortgagor agrees to pay all costs of enforcement or foreclosure, including but not limited to costs of sale and/or a reasonable attorney fee. The failure of the Mortgagee to promptly foreclose 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 default or defaults. The net proceeds from such sale shall be applied to the payment of (1st) the Costs and expenses of the foreclosure and sale, including a reasonable attorney fee,' and all moneys expended or advanced by the Mortgagee pursuant to the provisiOns of this ' mortgage; (2"a) all unpaid taxes, assessments, claims and liens on said property, which are superior to the lien hereof; (3,a) 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. -3- 7. If the property described herein is sold under foreclosure, whether it be court ordered or by advertisement and sale 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. 8. If the right of foreclosure accrues as a result of any default hereunder, the Mortgagee shall at once become entitled to exclusive possession, use and enjoyment of all property aforesaid, and to all rents, issues and profits thereof, from the accruing 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 suit, 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 proceedings 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 bg 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, 9. The acceptance of this mortgage, and the note or notes it secures, by the Mortgagee shall be an acceptance of the terms and conditions contained therein; and a duly executed and delivered release of this. mortgage by any one or more of the Mortgagees shall be a valid and effective release as to all of said Mortgages, and of said mortgage. 10. The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective heirs, devisees, legatees, executors, administrators, successors, and assigns of the parties hereto. Whenever used the singular number shall incl~ide the plural, the plural the singular, and the use of any gender shall include all genders. The terms "foreclosure" 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 but not limited to the power to sell. -4- 1N WITNESS WHEREOF, this mortgage has been executed by the Mortgagors the date first above written. STEVENRAY BRADLEY STATE OF WYOMING ) ) COUNTY OF LINCOLN ) On this l't day of October, 2001, before me personally appeared Steven Ray Bradley 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, including the release and Waiver of homestead. Given under my h~nd and seal the date first written above.' My Commission Expires: [,75.~...~.,,,~/ ~ 7"} -5-