HomeMy WebLinkAbout937369
MORTGAGE
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KNOW ALL MEN BY THESE PRESENTS, that Jernie Ranch LLC, a Wyoming close
limited liability company, herein referred to as mortgagor, of 1915 Mark Court, Suite 110, Concord,
CA 94520, to secure the payment of the principal sum of $188,000.00, with interest as evidenced
by a Promissory Note dated of even date herewith to the order of Ernest A. poggetti, a single
man, of 73777 Highway 89, Smoot, WY 83126, herein referred to as mortgagee, principal and
interest payable as follows:
In equal monthly amortized installments of principal and interest in the amount of
$1.240.72 with interest on the unpaid balance from March 1,2008, until paid, at
the rate of five per cent (5%) per annum payable on the first day of each and
every month beginning April 1, 2008, and continuing on the first day of each
succeeding month until the debt has been paid in full. This represents an
amortization of $188,000,00 over a period of 20 years at 5.00% interest payable
in monthly' installments. All payments made shall be applied first to any
applicable late charges, then to accrued interest on the unpaid principal balance,
and then to principal. Prepayments of principal may be made at any time in any
amount without penalty.
hereby mortgages to mortgagee, the following described real estate, situated in the County of
Lincoln, State of Wyoming:
That part of the NWXSEX of Section 20, T30N R118W, Lincoln County, Wyoming,
being part of that tract of record in the Office of the Clerk of Lincoln County in Book
476 of Photostatic Records on page 133, described as follows:
BEGINNING at a point on the west line of said NWXSEX, SOoo-01'-12"W, 713.42
feet from the northwest corner thereof;
thence N85° -25'-19"E, 632.07 feet to a point;
thence S45°-44'-48"E, 250.28 feet to a point;
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thence S53°-59'-49"W, 171.55 feet to a point;
thence S23°-49'-29"E, 20.46 feet to a spike on the centerline of a forty (40) foot
access and utility easement; RECEIVED 3/4/2008 at 4:39 PM
RECEIVING # 937369
BOOK: 688 PAGE: 628
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
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thence S85°-25'-19"W, 681.08 feet to a point on the west line of said NW%SE%;
thence NOoo-01'-12"E, 298.13 feet, along said west line, to the POINT OF
BEGINNING;
ENCOMPASSING an area of 5.03 acres, more or less;
the BASE BEARING for this survey is the south line of the SEX of Section 20, T30N
R 118W, being 589° -53'-00"W;
TOGETHER with a right of ingress, egress and utilities over, under and across a
strip of land forty (40) feet in width being twenty (20) feet each side of the following
described centerline:
BEGINNING at the easterly most southeast spike of that tract of record in said Book
476, on the westerly right-of-way line of said U.S. Highway 89;
thence S74°-39'-17"W, 129.68 feet to a spike;
thence S78°-21'-13"W, 352,32 feet to a spike;
each "point" marked by a 5/8" X 24" steel reinforcing rod with a 2" aluminum cap
inscribed, "SURVEYOR SCHERBEL L TD AFTON WY PLS 5368", with appropriate
details;
each "corner" found as described in the Corner Record filed in the Office of the Clerk
of Lincoln County;
each "spike" marked by a 3/8" X 12" steel spike referenced by two (2) 5/8" X 24"
steel reinforcing rods with 2" aluminum cap inscribed, "SURVEYOR SCHERBEL
L TD AFTON WY PLS 5368", with appropriate details;
all in accordance with the plat prepared to be filed in the Office of the Clerk of
Lincoln County titled, "ERNEST A. POGGETTI BOUNDARY ADJUSTMENT of
PARCEL A and parcel B - REVISED WITHIN THE NW%SE% section 20 T30N
R118W Lincoln County, Wyoming", dated 12 December 2002, as revised.
SUBJECT TO all covenants, conditions, easements, exceptions, restrictions,
reservations and rights of way of sight or record.
Mortgagor hereby relinquishes and waives all rights under and by virtue of the homestead
laws of the State of Wyoming and covenants that it is lawfully seised of the premises, that they are
free from all encumbrances and hereby covenants to warrant and defend the title of the premises
against the lawful claims of all persons whomsoever,
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And mortgagor covenants with mortgagee as follows:
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1. In case of default in any of the payments stipulated in the note, mortgagor, as further
security for this mortgage and the note secured thereby, hereby assigns, sets over, and conveys to
mortgagee all rents, issues, and profits from the property.
2. To pay promptly, when due, the principal and interest and other sums of money
provided for in said Note and this Mortgage, or either; to pay all and singular the taxes,
assessments, levies, liabilities, obligations, and encumbrances of every nature on said property.
3. To perform, comply with, and abide by each and every the agreements, stipulations,
conditions, and covenants, set forth in said Note and this Mortgage or either.
4. Failure by the mortgagee to exercise any of the rights or options herein provided
shall not constitute a waiver of any rights or options under said Note or the Mortgage accrued or
thereafter accruing.
5. Nothing shall be done on or in connection with the property that may impair
mortgagee's security hereunder; mortgagor will commit, permit or suffer no waste, impairment or
deterioration of the property nor any part thereof, and the property shall be continuously maintained
in good and sightly order, repair, and condition by mortgagor at his expense.
6. In case mortgagor defaults in the payment of ground rents, if any, taxes,
assessments, water, or other governmental or municipal charges, or other lawful charges as herein
provided, mortgagee may without notice or demand pay the same and in case of any failure on the
part of mortgagor to comply with the covenants of Paragraph 5 hereof, mortgagee may effect such
repairs as it may reasonably deem necessary to protect the property, at the expense of mortgagor.
Mortgagor shall repay such sums so paid and all expenses so incurred by mortgagee, with interest
thereon from the date of payment, at 10% per annum, and the same shall be a lien on the premises
and be secured by the note and by these presents; in default of making such repayments the whole
amount hereby secured if not then due shall, if mortgagee so elects, become due and payable
forthwith, anything herein contained to the contrary notwithstanding.
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7. In the event the property is sold under foreclosure and the proceeds are insufficient
to pay the total indebtedness secured hereby, mortgagor binds himself personally to pay the unpaid
balance, and mortgagee will be entitled to a deficiency judgment.
8. In case default is made in the payment, when due, of the indebtedness hereby
secured, or of any installment thereof or any part thereof, or in case of breach of any covenant or
agreement herein contained, the whole of the then indebtedness secured hereby, inclusive of
principal, interest, arrearages, ground rents, if any, taxes, assessments, water charges,
expenditures for repairs or maintenance, together with all other sums payable pursuant to the
provisions hereof, shall become immediately due and payable, at the option of mortgagee, although
the period above limited for the payment thereof may not have expired, anything herein before or in
the note contained to the contrary notwithstanding; any failure to exercise such option shall not
constitute a waiver of the right to exercise the same at any other time; and it shall be lawful for
mortgagee to proceed to enforce the provisions of this mortgage either by suit at law or in equity,
as it may elect, or to foreclose this mortgage by advertisement and sale of the premises, at public
auction for cash, according to Wyoming statutes governing mortgage foreclosures, and cause to be
executed and delivered to the purchaser or purchasers at any such sale a good and sufficient deed
or deeds of conveyance of the property 50 sold, and to apply the net proceeds arising from such
sale first to the payment of the costs and expenses of such foreclosure and sale, including a
reasonable attorney fee, and in payment of all moneys expended or advanced by mortgagee
pursuant to the provisions of Paragraph 6 hereof, and then to the payment of the balance due on
account of the principal indebtedness secured hereby, together with interest thereon and the
surplus if any, shall be paid by mortgagee on demand to mortgagor. In case mortgagee fails
promptly to foreclose on the happening of any default, it shall not thereby be prejudiced in its right
to foreclosure at any time thereafter during which such default continues, and shall not be
prejudiced in its foreclosure rights in case of further default.
9. In case of any default whereby the right of foreclosure occurs hereunder and upon
mortgagee becoming entitled to possession of the premises according to law, mortgagee shall at
once become entitled to exclusive possession, use, and enjoyment of all property, and to all rents,
issues, and profits thereof, from the accruing of such right; and such possession, rents, issues, and
profits shall at once be delivered to mortgagee on request, and on refusal, the delivery of such
possession, rents, issues, and profits may be enforced by mortgagee by any appropriate civil suit
or proceeding, including action or actions in ejectment, or forceable entry, or unlawful detainer; and
mortgagee shall be entitled to a receiver for the property and all rents, issues, and profits thereof,
and shall be entitled thereto as a matter of right without regard to the solvency or insolvency of
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mortgagor or the then owner of the property, and without regard to the value of the property or the
sufficiency thereof to discharge the mortgage debt and foreclosure costs, fees and expenses; and
such receiver may be appointed by any court of competent jurisdiction, and all rents, issues, profits,
income, and revenue of the property shall be applied by such receiver, ,according to law and the
orders and directions of the court,
10. The covenants herein contained shall bind, and the benefits and advantages shall
inure to, the respective heirs, 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.
11. Whenever used herein, the terms "mortgagor" and "mortgagee" include all the
parties to this instrument and the heirs, legal representatives, and assigns of individuals, and the
successors and assigns of corporations; and the term "Note" includes all the notes herein
described if more than one.
12. Mortgagor may not conveyor transfer any interest in or encumber the described
premises without the prior written consent of the mortgagee. Mortgagor must give mortgagee
written notice of mortgagor's intent to conveyor transfer any interest in or to encumber the
described premises at least thirty (30) days prior to the proposed conveyance or encumbrance. If
all or any part of the described premises or an interest therein is sold, transferred or encumbered
by mortgagor without mortgagee's prior written consent, excluding death of a joint tenant or the
grant of any leasehold interest of three (3) years or less not containing an option to purchase,
mortgagee may, at its option, declare the entire remaining balance due under this agreement to be
immediately due and payable and give written notice to mortgagor thereof. After receipt of such
written notice, mortgagor shall have thirty (30) days in which to pay the entire remaining balance to
mortgagee.
13. Upon Mortgagee's death or incapacity including but not limited to being
institutionalized in a senior care facility, prior to this debt having been satisfied in full by Borrower,
~ny such remaining balance or obligation shall become null and void and of no further force or
effect, and Mortgagee's successor in interest shall forthwith release this mortgage of record.
IN WITNESS WHEREOF, Mortgagor has executed this Mortgage as of the 15th day of
February, 2008.
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By
STATE OF CALIFORNIA
ss.
COUNTY OF CONTRA COSTA
On this;;;' 2 day of ÆhruClfll: :J.{)()f? , 2008, before me personally appeared
Casey Taylor, to me personally known, who, being by me duly sworn, did say that he is the
Manager of Jernie Ranch LLC, a Wyoming close limited liability company, described in and which
executed the foregoing instrument; and that said instrument was signed and sealed in behalf of
said limited liability company by authority of its members.
Given under my hand and notarial seal the day and year first above written in this certificate.
.~ ~.M -Nolan¡
NOTARY PUBLIC
My commission expires: J*U n~ {O J ;:;Of I
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