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HomeMy WebLinkAbout876577U3Ui ZZ5 1.1OOK 474 PR PAGE 6 3 9_ 876577 SECOND MORTGAGE r R C r {l[_t� LINCOLN COUNTY CLERK 0 OCT I f0: I6 flt f'` r N 1� %�ar�er :C This Second Mortgage is made the I Q_ day of October, 2001, by and between Salt River Ranch, LLC, a Wyoming limited liability company, hereinafter referred to as the "Mortgagor and Chris Pooser and Kathy Pooser, hereinafter referred to as "Mortgagee". The Mortgagor, for and in consideration of the sum of Fifteen Thousand Dollars ($15,000.00), 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 mort a e to the Mortgagee forever, the following described real property sit :i eLoui y Ti Mort p de Wyoming: See Exhibit A attached hereto. Li iR Sigiej 0 /6, Thia M or g'v tq 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 Fifteen Thousand Dollars ($15,000.00), according to the terms and conditions contained in that Note (also hereinafter sometimes referred to as "Promissory Note which Note was executed and delivered by 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. Payment. 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. Prepayments. The Mortgagor shall have the privilege of paying any principal sum or sums plus accrued interest, at any time without premium or penalty of any. kind,. 64() 3. Transfer of the Property., If a11 or any part of the property or any interest herein is sold or transferred by any means by Mortgagor without Moftg '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 such assumption 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 Assesanents. Mortgagor shall pay all taxes and assessments levied or assessed against said property. 5. Maintenance of Property. 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 2. 087C 577 641 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 situated. 6. Second Mortgage. Mortgagor will not enter into or consent to any extension, renewal, replacement, increase in balance, amendment or modification of the First Mortgage with Bill Jepson and Gayla Jepson in the Office of the Lincoln County Clerk in Kemmerer, Wyoming, or the indebtedness secured thereby without the prior written consent of the Mortgagee, except for any modification which in n o way adversely affects or might adversely affect the rights and interests of the Mortgagee hereunder. The Mortgagor covenants and agrees with the Mortgagee that the Mortgagor will not permit any default to occur or remain in effect under the First Mortgage or the indebtedness secured hereby. The Mortgagee shall be deemed to be a third -party beneficiary of the rights of the Mortgagee under the First Mortgage and may take action to enforce the obligations of the Mortgagor thereunder, and the Mortgagee is hereby granted full power and authority to cure any default of the Mortgagor under the First Mortgage and the indebtedness secured thereby and may take any action deemed by the Mortgagee to be necessary or desirable in obtaining a full or partial release of the property secured hereby from the lien of the First Mortgage, in each case with full rights of subrogation under the First Mortgage, and provided in each case that the Mortgagee shall be under no obligation to do the same. Any sums advanced by the Mortgagee with respect to the First Mortgage shall be secured by such subrogation rights and, to the extent not so secured, shall be deemed to be advanced pursuant to this paragraph. The Mortgagor shall promptly notify the Mortgagee of any default or alleged default under the First Mortgage and of any other notices or communications from the Mortgagee thereunder. 7. Mortgagee. Authorized to Make Payments. If Mortgagor defaults in the payment of the taxes, assessments or other lawful charges, as herein provided, 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 642 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. '8. 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 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. 9. fficienc o losure Pre d 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. 4 08 (;.5 643 10. Notices. 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: Mortgagor: 2401 Lake Park Drive, Suite 355 Smyrna, GA 30080 Mortgagee: P. 0. Box 6423 Jackson, WY 83002 11. Headings. The headings used in this Mortgage are for convenience only and are not to be used in its construction. 12. 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. 13. RQlease. 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. 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. 14. Wait/ of Homestead. Mortgagor hereby relinquishes and waives all rights under and by virtue of the homestead exemption laws of the State of Wyoming. 5 o &7 5'T IN WITNESS WHEREOF, the said Mortgagor has hereunto signed and sealed these presents the day and year first above written. STATE OF GEORGIA COUNTY OF COBB ss. WITNESS. my hand and official seal. 64 Salt River Ranch, LLC, a Wyoming limited liability company: Edward L. Terry, ager The foregoing instrument was acknowledged before me this 0 October, 2001 by Edward L. Terry as Manager of Salt River Ranch, LLC. day of Notary Public My Commission Expires: 1' EcHIBIT "A" LEGAL DESCRIPTIOII The tract of land in Lots f, i 4, the SWAN}'. and the SE; of Section 9, T3611, R119W, 6th P.Y., Lincoln County, Wyoming, described in the Warranty Deed recorded in Book 184PR, pane 578, in the OCtica of the Clerk of Lincoln County, Wyoming, and redescribed as follows, based on a 1991 fiold murvey: Beginning at a 2" dianater' iron pipe with brass cap marking the southwest corner of said Section 9, Thenca If 00• 43' 57" W, 2951.08 fact along the Wyoming-idaho State line to an 2" d.iaaater aluminum pipe with cap narking an Idaho closing corner; Thanca continuing along said State line ti 00 46' 57" E, 139.28 feet to a point; Than=e 11 87' 30' 00" E, 344.92 feet along the south line of Lot 15, Alpine Retrrat'itebdivieion Ilo. 1 recordad as plat no. 102 in said Clark's Office) to a point marking the southeast corner of maid Lot 15; Thence southaastay¢L 492.36 feet, along.tha right -of-way lino of Alpina Headcv Loop, coincident with tha southwesterly lino of said Alpine Retreat Subdivision No. 1, following a curve, concave to the northeast, having a radius of 260.00 feat, and subtended by a chord of S 60. 45' 00" E, 422.02 feet, to a point of reverse curve; Thence continuing along the south right-of-way line of said Alpine Meadow Loop, coincident with a southerly line of the Amended Alpine Retreat Subdivision No. 2 (recorded as plat no. 104 -in maid Clerk's Office), easterly, 225.61 feet, following a curve, concave to tha south, having a radius of 349.37 feat, and aurbtendad by •1 chard of N 83' 30' 00" E, 221.71 feet to a point; Thence continue along said right- of-way lime and southerly subdivision line, S 78 00' 00" E, 8.40 feet to a point of curvature; Thonco continuing along said right-of-way lima and subdivision line, aouthcactarly, 34.86 fast, following a curve concave to the soathVeet, having a radius of 25.00 feet and ■ubtandad by a chard of S 38' 03' 07" E, 32.10 fast to a point of reverse curve in the wrist right -of -way lino of Forest Drive; Thence along the vest right -of -way line of said Forest Drive, .coincident with the crest line of said Alpine Retreat Subdivision No. 2, southerly, 08.02 tact, following a curve concave to the east having, a radius of 263.00 feet and being subtended by a ah0rd of S 07' 48' 07" E, 87.60 test; Thanca ccnt- uiag along said right-of-way line and subdivision line. S 17' 30''00" E, 753.17 feet,to a point; Thence U 72. 30' 00" E, 50.00 feet along the southern right- of -way line of said Porast Drive, coincident with a southerly boundary of said Alpine Retreat Subdivision No. 2, to a point; Thanes N 17' 30' 00" W, 78.16 feat along tho east right-of- way line of said Forest drive, coincident with an easterly boundary of said A Subdivision No. 2, to a point marking tha southwest corner of Lot 14 of said Alpina Retreat Subdivision No. 2; Thence N 77' 30' 00" E, 290.06 feat to 'a point Marking tho corner between lots L4 and 28 of said subdivision; Thenco t( 75' 10' 17" E, 285.58 fact to a point marking tha southeast corner of said Lot 28; Thence S 00. 03' 04" 5, 965.08 feat to a point; Thence S 89. 30' 53" E, 774.96 teat to an intersection with tha west line of the parcel excluded from said warranty deed recorded in Book 184PR, page 538; Thence S 01' J0' 01" E, 124.45 feat along the west line of said excluded parcel to a paint of curvature; l.Xnacl l page 1 of 2 A 6 91/9 L9t5 Z =o z abed 7661 'SZ aunr :oAaAanS Fuel Tvuotasajo:d burmoAg poonuaa :D -A p.VtiuTU j'/r 43/17.:11 •.Ttst yid. pagTansuT dvn T iega: zaaametp gauT 8/S v gaTA paauamnuom sT ..auTod, so; PUTT= a„agY gopa pions: so attbts Ja DDDT=T:asa: Aviv 'sauamasva 'sauvuanoo ea aoacgns pure Qom 2aqaaboy buruuTbag ;o ovTod ago Da aaaj 6L'699 uoTadTaasap sTg2 soj butsysq swag um ■e .61P .1► 68 S 6 uotama5 ptas =o suTT ttanos stp buoy? buTnuTavoo.vouaul. :6 uoTamas prey ;o sausoo k ttanos aqa buTgavo de", sse3q gaTA sdrd uotr up oa auTT nano: pies buoTv ova; 1D'08LT 'it .HC .9P .62 g aouagy =6 Z ptvs =o auTT ganos alp uo auTod v oa awe; 60'59T 'M .Z0 ,g .S S antratty Sagan ►T'Z6Z '3 '..TT .28 .n S squatty !ova; OT'ZST 'M .f[ ■LO .LZ S eauatyy Sago; 09')ZT 'M .OT .0S M S souatty !aim; ►S Z6T 'M .tC .LC S souaim !W 59'55Z 'A .9► .61 .LC S savagty :ape; tt'86 '1 .SC At, at S 8=2= Saaaj f8'SBC 'M .6T .SO .9Z S :sasaamo azbTv butnoTTo atta dq pagtamsap JCTtsvpuonas saATj aTps aqy ;o *Mg a sea agg.jo :apuvam ago jo asva aaa; 05 Pus 'ttaTA Torresed Dauatty t.DATU ITT'S att7 3D NURCi 2588 mil Jo asve aae; 05 ATaavmTx02ddv auTod v o2 2198= ZL'90C ''3 .CS .0C .62 S souatty Taoaed papnToxa pTes Jo eurT rive aqa buoTv ova; 99'LZZ '3 .T5 .SS .S N aouatty =7azad papnToxa pTes jo OUT/ 1Poos eqa buoTv aau; 86'052 :3 .TD .00 .S8 S eOeetty s23va asa; T9'9t8 pup g33ou 2e113 Z9'DL►T ST 6 UDTaorS PTes jD 3811 1 as" 52 ttmTttp .surf Tod V oo octal T9 "C9 'A .00 85V .00 S ;o psotta v Aq Papuaagns buTaq puv asa j 00 jo snTpes p buTAaq maim 19tt3 oa aneauoo o p buoTv aBaj C9 'LT=atTSnos 'nuTT pawn PPM bUOTV bUT0UTz.4100 vOUOLy panuTauoo 'H6Tt8 N9CX 6 'vpg 'uoTadT:SSap Trba/