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Home My WebLink About942328 § .tt 1'¡~ ",ð Q..:....... . £ ;;;;: ;>" ',- -a ~öo ~...-; ;:. ~ 1} (, ;a VI ¡:; t: .- V) ::s. ~ lL1 0,, 4.,; .,~ u~ ¡¡¡ C 0:1.., e"~ ~,: .g ~:~ "'¡..... '- <!.I "",' ~~ t-"d <., L-i ,,'f I (" 6010817115 TIDRD REAL ESTATE MORTGAGE (:,0&174 THIS INDENTURE WITNESSETH, That Margaret R. Ellett of Tippecanoe County, State of Indiana and Linford W_ Ellett of Lincoln County, State of Wyoming, wife and husband as tenants by the entireties (the "Mortgagors"), MORTGAGE AND WARRANT to Bingham McHale LLP, an Indiana limited liabilíty partnership (the "Mortgagee"), the real estate in Lincoln County, Wyoming, located at 2357 Highway 233, Kemmerer, Wyoming 83101, as more particularly described in Exhibit A attached hereto and made a part hereof, AND SUBJECT TO the matters listed in Exhibit B attached hereto and made a part hereof (the "Mortgaged Premises"), together with all rights, privileges, interests, easements, hereditaments, appurtenances, fixtures and improvements now or hereafter belonging, appertaining, attached to, or used in connection with, the Mortgaged Premises, and all the rents, issues, income and profits thereof. This Mortgage is given to secure payment of attorneys' fees and expenses in the amount of One Hundred Fifty Thousand Dollars ($150,000.00), The Mortgagors covenant and agree with the Mortgagee that: 1. Payment of Indebtedness. The Mortgagors shall pay when due all indebtedness secured by this Mortgage, on the dates and in the amounts, respectively, as previously agreed or as provided in this Mortgage, without relief from valuation and appraisement laws, and with attorneys' fees, 2. Exceptions. In addition to the matters set forth on Exhibit B, this Mortgage is subject to the provisions of a first mortgage to BW Mortgage, LLC as mortgagee, recorded October 18, 2005 in Book 601PR, page 642 in the records of the Lincoln County Clerk, in the original principal amount of$168,000.00, as assigned to Wells Fargo Bank, NA, pursuant to an assignment recorded October 21,2005 in Book 602 PR, page 238 in the records of the Lincoln County Clerk (the "First Mortgage") to which First Mortgage this Mortgage is subordinate, and a second mortgage to Bank of the West as mortgagee, recorded November 26, 2007 in Book 679PR, page 524 in the records of the Lincoln County Clerk, in the original principal amount of$28,000.00 (the "Second Mortgage") to which Second Mortgage this Mortgage is subordinate. 3. No Liens. The Mortgagors shall not permit any lien of mechanics or materialmen to attach to and remain on the Mortgaged Premises or any part thereof for more than 45 clays after receiving notice thereof from the Mortgagee or such lienholder. 4. Repair of Mortgaged Premises; Insurance. The Mortgagors shall keep the Mortgaged Premises in good repair and shall not commit waste thereon. The Mortgagors shall procure and maintain in effect at all times adequate insurance in insurance companies acceptable to the Mortgagee against loss, damage to, or destruction of the Mortgaged Premises because of fire, windstorm or other such hazards in such amounts as the Mortgagee may reasonably require from time to time, and all such insurance policies shall contain proper clauses making RECEIVED 9/18/2008 at 12:58 PM RECEIVING # 942328 BOOK: 705 PAGE: 174 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY 1 OO{}j.75 all proceeds of such policies payable to the mortgagee under the First Mortgage, to the mortgagee under the Second Mortgage, to the Mortgagee hereunder, and to the Mortgagors, as their respective interests may appear. 5, Taxes and Assessments. The Mortgagors shall pay all taxes or assessments levied or assessed against the Mortgaged Premises, or any part thereof, as and when the same become due and before penalties accrue. 6. Advancements to Protect Security. The Mortgagee m~y, at its option, advance and pay all sums necessary to protect and preserve the security intended to be given by this Mortgage. All sums so advanced. and paid by the Mortgagee shaU. become a part of the indebtedness secured hereby and shall bear interest from the date OJ! dates of payment at the rate of eight per centum (8%) per annum. Such sums may include; but are not limited to, insurance premiums, taxes, assessments and liens which may bei or become prior and senior to this Mortgage as a lien on the Mortgaged Premises, or any¡ part thereof, and all costs, expenses and attorneys' fees incurred by the Mortgagee in respqct of any and all legal or equitable proceedings which relate to this Mortgage or to the Mþrtgaged Premises. I I 7. Default by Mortgagors; Remedies of Mortgagee. Upqn default by the Mortgagors in any payment provided for in the First Mortgage or Secon~ Mortgage, or as otherwise agreed between the parties, or in the performance of any cov~nant or agreement of the Mortgagors under the First Mortgage or Second Mortgage or here~der, or if the Mortgagors shall abandon the Mortgaged Premises, or if a trustee or reqeiver shall be appointed for the Mortgagors or for any part of the Mortgaged Premise~, except if said trustee or receiver is appointed in any bankruptcy action, then and in any s\¡lch event, the entire indebtedness secured hereby shall become immediately due and payable at the option of the Mortgagee, without notice, and this Mortgage may be foreclosed 4ccordingly. Upon such foreclosure the Mortgagee may continue the abstract of title to the Mqrtgaged Premises, or obtain other appropriate title evidence, and may add the cost thereqf to the principal balance due. I I 8. Non-Waiver; Remedies Cumulative. No delay by the :Mortgagee in the exercise of any of its rights hereunder shall preclude the exercise thereof sol long as the Mortgagors are in default hereunder, and no failure of the Mortgagee to exercis~ any of its rights hereunder shall preclude the exercise thereof in the event of a subseql1¡ent default by the Mortgagors hereunder. The Mortgagee may enforce anyone or mþre of its rights or remedies hereunder successively or concurrently. I I 9. Extensions: Reductions: Renewals; Continued Liabilit¡y of Mortgagors. The Mortgagee at its option, may extend the time for the payment of the in4ebtedness, or reduce the payments thereon, or accept a note or notes therefor, without consent of the mortgagee under the First Mortgage, the mortgagee under the Second Mortgage,! or any junior lien holder, co-maker, guarantor, endorser or other surety, and without the cqnsent of the Mortgagors if the Mortgagors have then parted with title to the Mortgag~d Premises. No such extension, reduction or renewal shall affect the priority of this Mprtgage or impair the security hereof in any manner whatsoever, or release, discharge or affect in any manner the personal liability of the Mortgagors to the Mortgagee. I 2 0001.76 10. Due on Sale Clause. If all or any part of the Mortgaged Premises or any interest in it is sold or transferred without Mortgagee's prior written consent, Mortgagee may, at its option, require immediate payment in full of all sums secured by the Mortgage. If Mortgagee exercises this option, Mortgagee shall give Mortgagor notice of acceleration and Mortgagor shall have thirty (30) days from the date that notice is delivered within which Mortgagor may pay all sums secured by this Mortgage. If Mortgagor fails to pay these sums prior to the expiration of this period, Mortgagee may invoke any remedies permitted by this Mortgage and applicable law without further notice to Mortgagor. 11. General Agreement of Parties. All rights and obligations hereunder shall extend to and be binding upon the several heirs, representatives, successors and assigns of the parties to this Mortgage. When applicable, use of the singular form of any word also shall mean or apply to the plural and the masculine form shall mean and apply to the feminine or the neuter. The titles of the several paragraphs of this Mortgage are for convenience only and do not define, limit or construe the contents of such paragraphs. IN WITNESS WHEREOF, the Mortgagors have executed this Third Real Estate Mortgage, this ~ day of / '/ , 2008. MORTGAGORS #/ßr'~/ Linford W. Ellett w&'1h¡} f{ flJ¡ff Marg et R. Ellett . 3 ACKNOWLEDGMENT ÜOô177 -- ' STATE OF (l ('(10 Ú\G\ ) - ) SS: COUNTY OF l. \ r~ ({),r. ~ ) Before me the undersigned, a Notary Public in and for said County and State, personally appeared Margaret R. Ellett, who acknowledged the execution of the foregoing Third Real Estate Mortgage, and who, having been duly sworn, stated that the representations therein contained are true. ~SS MY HAND and Notarial Seal this ~ day of~ -=-OO~ My CommIssIon Explfes: Q.o\.eJk ~Wer JOhl'\,<;;o--\ Notary Publi~ritten .~ I nnOlEXPIRESOC1OBER 29, 2014 My County of Residence: lT~Ca"\~ lO\t,cUc ~ :b\~ Notary Public -- Printed ~.;)...:..~ .;.,}.I'. .'. ...,~' .;..' ~~ NOTARY: AFFIX SEAL ,ii.· )f .... "'~ ·.~c .~.~ (... ,~. "\,.' This instrument prepared by (and return recorded instrument to): Melissa J. Wray, ~;q.,. Bingham McHale, LLP, 2700, Market Tower, 10 West Market Street, Indianapolis, Indt)Um,' '. 46204-4900, (317) 635-8900. ACKNOWLEDGMENT éOû17S STATE OF ~,;~ COUNTY OF ~~¿'ð~ ) ) SS: ) Before me the undersigned, a Notary Public in and for said County and State, personally appeared Linford W. Ellett, who acknowledged the execution of the foregoing Third Real Estate Mortgage, and who, having been duly sworn, stated that the representations therein contained are true. ~SS MY HAND and Notarial Seal this ~~ My COmmlSSIOn ExpIres: ~ Notary Public -- Written ~d2~6~// , , My County of Residence: LÁ¿"~~ ¿~/' .Æ~K Notary Public -- Printed NOTARY: AFFIX SEA LORI KAlAN - NOTARY PUBLIC COUNTY OF LINCOLN STATE OF WYOMING My Commission Expires Feb. 26, 2011 This instrument prepared by (and return recorded instrument to): Melissa J. Wray, Esq" Bingham McHale, LLP, 2700, Market Tower, 10 West Market Street, Indianapolis, Indiana 46204-4900, (317) 635-8900. 4 .J, EXHIBIT A COôj,79 Description of Real Property Lot D of Tract 47 of Section 26, Township 24 North, Range 117 West of the 6th P.M., Lincoln County, Wyoming, 6 EXHIBIT B 000180 Permitted Encwnbrances SUBJECT TO: (i) Taxes and assessments not yet due and payable; (ii) Zoning regulations and ordinances and other governmental restrictions affecting the Mortgaged Premises; (iii) Covenants, conditions, agreements, restrictions and easements of record and the rights of tenants and parties in possession; (iv) Any encwnbrances, easements, encroachments, violations of restrictions, conditions, agreements or ordinances or other matters arising from the acts of, permitted or caused by, any Mortgagee; (v) Encroachments, overlaps, boundary line disputes, conflicts of discrepancies, and any other matter which would be disclosed by an accurate survey and inspection of the Mortgaged Premises; (vi) Ditches, legal drains, laterals and feeders, if any, and assessments for same not yet due, and public streets, highways and rights-of-way, and rights of adjoining and downstream landowners as to riparian use and the uninterrupted flow of any stream or body of water which may cross the Mortgaged Premises; and (vii) The First Mortgage and Second Mortgage, as defined in the Mortgage to which this Exhibit is attached. 7