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876374
MORTGAGE
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LINCOLN COUNTY Y CLG 11K
This mortgage, made effective the 3 day of September, 2001, by and
between Roy Corsi, hereinafter referred to as the "Mortgagor", and Don Corsi,
McMenamy Corsi, and Rex Corsi, hereinafter referred to as "Mortgagee
The Mortgagor, for and in consideration of the sum of Fourteen Thousand
Five Hundred Ninety Three Dollars and Eighty Four Cents ($14,593.84) lawful
money of the United States and other valuable consideration, 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 of Lincoln, State of Wyoming:
NEU4SE1 /4 of Section 27, T36N, RI19W, 6th P.M., Lincoln County,
Wyoming, EXCEPTING THEREFROM those parcels of land conveyed to
Lincoln County, recorded August 6, 1931, Book 17 Deeds, page 153, and
conveyed to the State Highway Commission of Wyoming, recorded January
20, 1969, Book 85 P.R., Page 420.
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 irrigation and drainage rights; and all easements, appurtenances and incidents
now or hereafter belonging or appertaining there to; subject, however, to all
covenants, conditions, easements, and rights -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 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 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 the sum of Fourteen
Thousand Five Hundred Ninety Three Dollars and Eighty Four Cents ($14,593.84)
together without interest until paid, according to the conditions of a Promissory
Note of even date herewith, which Promissory Note was executed and delivered by
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the Mortgagor 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
agreements 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. P rnent. 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. Prepaym nts The Mortgagor shall have the privilege of paying any
principal sum or sums, in addition to the payments herein required, at any time
without premium or penalty of any kind.
3. Transfer of the Property. If all or any part of the property or any interest
herein is sold or transferred by any means by Mortgagor without Mortgagee's prior
written consent, 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, Mortgagee at Mortgagee's sole discretion, enters into a written agreement
with the person whom the property is to be sold or transferred expressly consenting
to the same 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 all taxes and assessments
levied or assessed against said property.
5. Maint nance of Proper 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 hereof, 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 hereof, from the premises on which the same are
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situated.
6. Mortgagee Authorized to Make Payments. If Mortgagor defaults in the
payment of the taxes, assessments or other lawful charges, including any
construction loan payments, 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.- 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.
7. Default. If the Mortgagor defaults in the payment of the indebtedness
hereby secured, for a period of thirty (30) days after written notice, 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 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 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 hereby grants the Mortgagee the power to foreclose
by advertisement and sale as provided by statute. All remedies provided in this
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 default or defaults. The net proceeds from such sale shall be applied
to the payment of: first, 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; second, all unpaid taxes, assessments,
claims and liens on said property, which are superior to the lien hereof; third, the
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Mortgagor: 11166 South 2700 West
South Jordan, UT 84095
Mortgagee:
254.South 100 West
Smithfield, UT 84335
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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.
8. Sufficiency 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_
9. Notices That notice and demand or request shall be in writing and may be
served either in person or by certified mail, return receipt requested, notice shall be
deemed given when mailed and shall be addressed as follows or at such other
address as either party may from time to time designate in writing:
10. Headings. The headings used in this Mortgage are for convenience only
and are not to be used in its construction.
11. Binding_ Effect and Construction. 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 include the plural, the plural the
singular, and the use of any gender shall include all genders. The term "note"
includes all notes herein described if more than one. The terms "foreclosures" and
"foreclose" as used herein, shall include the right of foreclosure by any suit, action
or proceeding at law of 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 shall be an acceptance of the terms and conditions contained therein.
12. Release. Upon payment of all sums secured by this Mortgage, Mortgagee
shall release this Mortgage without charge to Mortgagor. Mortgagor shall pay all
costs of recordation, if any.
13. Waiver of Homestead. Mortgagor hereby relinquishes and waives all
rights under and by virtue of the homestead exemption laws of the State of
Wyoming.
Elaine Corsi having joined in the execution of this Mortgage solely for the
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purpose of waiving all homestead exemption rights under the laws of the State of
Wyoming.
IN WITNESS WHEREOF, the said Mortgagor has hereunto signed and sealed
these presents the day and year first above
STATE OF UTAH
)ss.
COUNTY OF :s ea l is, fee
Elaine Corsi
The foregoing instrument was acknowledged before me this 5 day
September, 2001 by Roy Corsi and Elains Corsi, husband and wife.
WITNESS my hand and official se
otar lic
My Commission Expires:
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082
of
NOTARY PUBLIC
ANDREW SPROUL
1634 W. So. Jordan Parkway
South Jordan, Utah 84095
Commission Expiros
July 31, 2004
STATE OF UTAH