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HomeMy WebLinkAbout933960 MORTGAGE DEED WIT} ~ASE OF HOMESTEAD G. Terry Orton and Hollie L. Orton. of Utah County and Jerold G. Schmidt. of Salt Lake County , Mortgagor(s), State of Utah. to secure payments of Seventy-Five Thousand Dollars and No/lOO, Dollars ($ 75.000.00), due March 1. 2011, with interest from October 1. 2007 at the rate of Ten 00.0%) percent per annum payable, evidenced by Promissory Note of even date herewith, in monthly installments of Nine-Hundred Ninety Dollars and 13/100 Dollars ($ 991.13) each, including interest, commencing on the 3rd day of November, 2007, and continuing on the Same day of each month. thereafter, do hereby mortgage and warrant to Julie Olsen King: , Mortgagees of Salt Lake County, State of Utah, the following described real property in the County of Lincoln, State of Wyoming: Lot 64, Plat 6, Star Valley Ranch Subdivision, Lincoln County, Wyoming 000280 Mortgagor(s) agrees to pay the indebtedness according to the terms and conditions of that certain Promissory Note hereinabove described, executed by Mortgagor(s) to Julie Olsen King, and during the life of this mortgage to pay all taxes and assessments against the premise. IfMortgagor(s) fails 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 of the 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 the 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 ofthe 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 of foreclosure 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 is hereunder, Mortgagor(s) hereby assigns 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 authorizes 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 offoreclosure 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. IfMortgagor(s) shall fail to surrender such possession to Mortgagee promptly upon its request therefore, 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 of Mortgagor(s), or 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 by law. A receiv.er 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 AND WAIVE all rights under- and by virtue of the homestead exemption laws of the State of Wyoming. Dated this 1st day of October ,2007. HOLLIE 1. ORTON, MORTGAGOR: ~'t: 4 RECEIVED 10/11/2007 at 2:14 P~ RECEIVING # 933960 BOOK: 675 PAGE: 280 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER. WY On this 1st day of October ,2007, before me personally appeared G. TERRY ORTON and his wife, HOLLIE 1. ORTON and JEROLD G. SCHMIDT known to me to be the persons(s) described in and who executed the foregoing instrument, and acknowledged that he executed the same and his free act d deed, including the release and waiver of the right of homestead. G. TERRY ORTON, MORTGAGOR: B~ STATE OF UTAH ocum.nt Is being recorded by y Moun_in Title Insurance Agency f Incoln County u a COURTESY only COUNTY OF SALT LAKE LAURIE L. ROBERTS NOTARY PUBUC - STATE OF UTAH 165 W ALBION VIlLAGE WAY #206 SAND'f ur 84070 My Comm. Exp. 0412012009 NOTARY PUBLIC in an for said County and State Ju J¡ e- kt /Vb 30 "7 ~-f SUN Se-T Ri cf.q e,., SA-l\JrL · I vr- 84092- {S'O/--.y &5~ -f53.5 3 C"-i~'er\J Rec~ed R~N W:"