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HomeMy WebLinkAbout940388 Rev, 11/99 6010816823 Loan No. B00038 LN STATE OF WYOMING 000448 Mortgage I State Loa'n & Investment Board THIS MORTGAGE made thiS~ ,{day of / ~ ì , 2008 between KIM CLARK a/kJa KIM J. CLARK AND JILL CLARK a/kJa JILL M. CLARK, husband and wife of Lincoln County. WvominQ hereinafter called "MORTGAGOR" and the STATE OF WYOMING, STATE LOAN & INVESTMENT BOARD, 122 West 25th Street, Cheyenne, Wyoming, hereinafter called "MORTGAGEE," to secure payment of the sum of THREE HUNDRED THOUSAND AND NO/100 DOLLARS, WITNESS: MORTGAGOR for and in consideration of the sum aforesaid paid by MORTGAGEE, receipt of which MORTGAGOR acknowledges, mortgages, warrants, grants, bargains, and conveys to MORTGAGEE, its successors and assigns forever, the following described real estate: SEE ATTACHED LEGAL DESCRIPTION EXHIBIT "A" and including any mineral rights, estates, or interests existing on, under or in said real estate, whether now owned by mortgagor or hereafter acquired; and further including all buildings and improvements thereon and all other privileges, property capable of being inherited, and appurtenances to said lands and including all water and water rights, adjudicated or unadjudicated, stored, used upon, or appropriated for the above-described lands, together with all irrigation, reservoirs, j) ditches, laterals, canals, flumes, aqueducts and syphons complete, or any interest therein regardless of how owned or represented (if by stock in an incorporated Ditch Company this instrument shall constitute an assignment thereo~ with rights of way therefore; also all other irrigation works, drainage systems, artesian wells and water flowing therefrom, windmills, and all other property and property rights of every kind and character, real and personal, pertaining to or used in connection with the irrigation and drainage of the lands mortgaged herein, or which may be appurtenant to said lands, whether owned by MORTGAGOR at the date of this mortgage or hereinafter in any manner acquired by MORTGAGOR during the term of this mortgage. When the word "premises" is hereafter used it covers all property of every kind and character contained in this paragraph. This mortgage is given to secure a promissory note of even date herewith, executed by MORTGAGORS to MORTGAGEE, in the principal sum of THREE HUNDRED THOUSAND AND NO/100 DOLLARS, payable with interest according to the terms of the note, the final payment being due and payable on the first day of December, 2037. This mortgage shall be void upon the payment of the promissory note. MORTGAGOR covenants that MORTGAGOR is lawfully seized of the premises; that MORTGAGOR has good right to sell or convey the same, and that the premises are free of any prior encumbrances. MORTGAGOR warrants the title to the premises, and releases and waives all rights under the Homestead Exemption Laws of this State. MORTGAGOR as part of the consideration hereof, further covenants as follows: (1) That during the existence of this mortgage the MORTGAGOR will in a proper and husbandlike manner cultivate, irrigate, and fertilize all orchards and crops now or hereafter grown on the premises, and will keep all buildings, fences, ditches, canals and other improvements on the premises in good repair and will not do or permit any waste on the premises and will not abandon them. (2) That MORTGAGEE, or its duly authorized agents, shall at all times have the right to enter upon and inspect the premises. (3) That MORTGAGOR will preserve and protect all water rights and irrigation systems hereby conveyed, and will pay, when due, all assessments and charges for the irrigation and drainage of the lands hereby mortgaged. - , (4) That MORTGAGOR will pay, when due, all principal and installments thereof, and the interest thereon, as hereinbefore set forth. If default be made in payment when due of any part or installment of principal or interest, then MORTGAGOR shall pay a fee on each defaulted payment from the date the payment is due until the defaulted payment is made, at the rate provided by law at the time collection is attempted by MORTGAGEE. MORTGAGOR will also pay all taxes, liens, judgments, and assessments; and shall keep all buildings thereon insured, to MORTGAGEE'S satisfaction. The insurance shall be made payable to MORTGAGEE, as its interest may appear at the time of the loss. MORTGAGOR will pay the premiums. MORTGAGEE may pay all taxes, liens, judgments, assessments or insurance not paid by MORTGAGOR when due. When so paid, they shall become part of the mortgage debt and shall bear interest at the rate as provided by law in effect at that time of collection of default, and shall be payable out of the first moneys received by MORTGAGEE under the terms of this mortgage. RECEIVED 7/8/2008 at 11 :45 AM RECEIVING # 940388 BOOK: 699 PAGE: 448 JEANNE WAGNER LINCOLN COUNTY CL I=RK I<EMMERER, WY 000449 (5) That MORTGAGEE shall have a lien prior and superior to all other liens upon all crops growing on lands given it as security for such loan, and also upon such crops after they have been separated from the land for any installment or installments of principal, interest, or statutory fees due or delinquent on the loan, together with other amounts expended under thismórtgage' with interest thereon at the same rate as hereinbefore provided, and also for all such installments becoming due during the calendar year in which such crops are harvested, with such interest. This lien is hereby expressly reserved. Any person purchasing or otherwise acquiring the crops, or any part thereof, takes the same subject to this lien. Any officer, agent or person empowered to represent MORTGAGEE is hereby authorized to seize the crops, and upon giving three days' notice, to sell either at private or public sale, enough of the crops to pay the amounts due and delinquent under the mortgage, together with cost and expenses of sale. (6) That in the event of the sale or transfer of the real property herein described, at MORTGAGEE'S election, the entire balance of the note shall become due and payable. (7) That further to secure the payment of the note, MORTGAGOR assigns to MORTGAGEE in whole, or at MORTGAGEE'S option, in amounts or proportionate part as MORTGAGEE may from time to time designate, all the rents, bonuses, royalties, payments, damages and delay moneys that may from time to time become due and payable on account of any oil or gas mining leases, mineral leases or any other kind of leases or rights-of-way agreements existing or that come into existence covering the above described lands. At MORTGAGEE'S option, MORTGAGOR agrees to allow payment directly to MQRTGAGEE by anyone obligated to MORTGAGOR for any rents, bonuses, royalties, payments, damages, and delay moneys as hereinbefore set out. All moneys received by MORTGAGEE by reason of this assignment shall be applied: First, to the payment of all taxes, liens, judgments, assessments, insurance or other sums advanced by MORTGAGEE under the terms of this mortgage with interest thereon; Second, to the payment of matured installments with interest and statutory fees thereon; Third, to the principal remaining unpaid, provided that nothing herein shall be construed as a waiver of the priority of the lien created by this mortgage over any such lease or right-of-way agreement made after this mortgage. (8) That MORTGAGOR, in applying for this loan, has made certain representations to MORTGAGEE as to the purposes for which the money loaned on this mortgage was borrowed. MORTGAGOR agrees that such representations are specifically referred to and made a part of this mortgage. If the whole or any portion of said loan is expended for purposes other than those specified in the original application of MORTGAGOR or if MORTGAGOR is in default with respect to any condition or covenant of this mortgage, or if MORTGAGOR abandons said land for a period of three months, or if MORTGAGEE at any time believes that said loan is not adequately secured because of any mismanagement, waste or neglect of said land, the whole of this loan shall, at MORTGAGEE'S option, become due and payable. (9) That if MORTGAGOR defaults in the payment of the sum of money intended to be secured hereby, or any portion thereof, or of any installment or any part thereof, or any interest moneys, or any part thereof, or of any taxes, liens, judgments, assessments or insurance, or any interest thereon, then and in that event the whole of said loan shall at MORTGAGEE'S option become due and payable. It shall be lawful for MORTGAGEE to foreclose this mortgage by advertisement and sale or by action in Court, as by law provided in the cases of other mortgages, and to sell and dispose of the premises and all of the right, title, interest, benefit and equity of redemption of MORTGAGOR. Out of the moneys arising from the sale under such foreclosure, MORTGAGEE may retain the principal, interest and statutory fees thereon to the date of sale; and also any moneys expended for taxes, liens, judgments, assessments and insurance, and any cost of abstract of title or continuation thereof, and any cost of any foreclosure policy, and any interest thereon at the same rate as hereinbefore provided, from the dates of such expenditures, respectively to the date of sale, together with all costs and expenses of sale, including a reasonable attorney's fee as set out herein below. The over plus, if any, shall be paid to MORTGAGOR or into Court for disbursement if MORTGAGEE so decides. If MORTGAGEE forecloses this mortgage and the sum derived from the sale of the premises is insufficient to satisfy the amount of the judgment rendered in MORTGAGEE'S favor. MORTGAGEE shall be entitled to and have a deficiency judgment against MORTGAGOR for the amount remaining due and unpaid after applying the proceeds of the sale on the debt due MORTGAGEE. (10) That further, in the event of foreclosure of this mortgage, MORTGAGEE shall be entitled, at the commencement of such foreclosure proceedings, to the appointment of a receiver of the premises, without bond, who shall be designated by MORTGAGEE. The receiver may take possession of the premises and of any crops, and collect the rents, profits and bonuses therefrom pending foreclosure proceedings, and until the right of redemption expires; and that such rents, profits, bonuses and proceeds of sale of crops shall be applied to the payment of the amount due under the terms of this mortgage. (11) That in the event of commencement of foreclosure proceedings, either by advertisement and sale or by Court action, MORTGAGOR agrees to pay as a part of the mortgage debt hereby secured, all costs, fees and expenses, including an attorney's fees of ten percent (10%) of the total amount due. (12) MORTGAGOR agrees that in the event of foreclosure of this mortgage, the purchaser or purchasers at the foreclosure sale shall be entitled to enter upon and take possession of the premises ninety-one (91) days following foreclosure sale, and that the purchaser is thereafter entitled to any rents and profits from the premises. MORTGAGOR also expressly agrees that any lessee who shall be in possession by virtue of a lease from MORTGAGEE if MORTGAGEE has purchased the premises at a foreclosure sale shall be entitled to any profits from any crops planted by lessee, and shall have access to the premises to tend and harvest any such crops which have already been planted, regardless of any statutory redemption by MORTGAGOR. (13) The terms of this mortgage shall extend to and bind the heirs, successors and assigns of the parties hereto. This mortgage is made to MORTGAGEE, the State Loan & Investment Board, as provided under the Wyoming Farm Loan Act, approved February 22, 1921, and as amended. IN WITNESS WHEREOF, the MORTGAGOR has hereunto set his (her or their) hand the day and year first above written. ~ / I. Klmc,# ~ft~ STATE OF WYOMING ) ~. )ss. COUNTY OF, ~ ) The foregoing instrument was acknowledged before me by Kim Clark and Jill Clark this £- day of ~ 2008. 000450 Witness my hand and official seal. cj1freljmce~ ~ My Commission Expires: b. ;2 0, & 0 I JILL H, L./I.!,:SOi'J é~: " NOT.<\RY PUBLIC County of !r,~ State of q.( \~% [.! Lincoln~· Wyoming , . My Cornmil;sior: ·Juoe ;20, 2011 ~·~~~~nt'~~~..~'~;.~.,f1"~µ~I~~~ ---------- ---------- STATE OF WYOMING COUNTY OF ) ) ss. ) RECEPTION NO. This instrument was filed for record at 2008 , and duly recorded in Book on page o'clock _ M., on the _ day of A.D., county ClerK or Keglster of ueeas Photographed Indexed Abstracted Checked Fees, $ BY: Ueputy 00045j. EXHIBIT "A' CLARK The South HaJr or GLO Lot 11, GLO Lot 13, GLO Lot 11, the Southeast Quarter of tile Northeut Quarter and tile Nortbeut Quarter of tbe Soatbellt Quarter of ScdlOD 33, TOWDIblp 14 Nortb, Range 119 West, Uncola COUDty, Wyoming. ALS~ that pâl't of GLO Tract: 40 within laid Section 33, aDd within Section 4 of TOWDIblp 13 NOI1b. Rup 119 Welt'" part ofGLO Tnct 74 wttIdn laid Sedion 4, lying and bdnlllltuate EllterIy of the Eaterly rlpt of way lae of U.s. Wgbway Jo. LeIs and except tbe land delerlbed In Warranty Deed recorded JUDe 15, 1008 In Book 698 on page 349 of tile reconb of the Uncoln County Clerk. Date:'/ 7&4c Initial:~/ k .