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This Mortgage is made the -1- day of November, 2008, by and between
Tristan Dean Hoff and Meredith Lynn Duckett Hoff, hereinafter referred to as the
MORTGAGE
"Mortgagor", and David G. Turner and Anna C. Turner, hereinafter referred to as
"Mortgagee" .
The Mortgagor, for and in consideration of the sum of One Hundred Thousand
Dollars ($100,000.00) 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 mortgage to the Mortgagee, all of
Mortgagor's one-half undivided interest in and to the following described real property
situate in the County of Lincoln, State of Wyoming:
A tract ofland located in Section 10, Township 35 North, Range 119 West,
6th, P.M., Lincoln County, Wyoming, more particularly described as
follows:
Commencing at a point 1191/2 rods North of the Southeast comer of said
Section 10 and running thence West 20 rods; thence North 9 rods; thence
East 20 rods; thence South 9 rods to the Point of Beginning.
Together with all buildings and improvements thereon, or which may hereafter
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be placed thereon; all fixtures now or hereafter attached to said prerÌl.Íses; all water and
water rights, ditches and ditch rights, reservoirs and reservoir rights, and irrigation and
drainage rights; and all easements, appurtenances and ip.cidents 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 HA VB AND TO HOLD the said real and personal property forever until the
Promissory Note and Mortgage are paid in full, 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 One Hundred Thousand
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RECEIVED 11/5/2008 at 10:52 AM
RECEIVING # 943423
BOOK: 708 PAGE: 529
JEANNE WAGNER
LINCOLN COUNTY CLERK, 1--- .- '~RER, WY
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Dollars ($100,OOO.OO)together with interest, until pmd, according to the conditions of a
Promissory Note of even date herewith, which Promissory 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 until paid in full.
2. Prepayments. The Mortgagor shall have the privilege of paying any
principal sum or sums plus accrued interest, in addition to the payments herein
required, at any time without premium or penalty of any kind, and it is understood and
agreed that any such prepayment shall be credited first to interest and the balance to
principal in the inverse order of when due.
3. Transfer of the Property. Mortgagor may not sell or transfer the
property without Mortgagee'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, In the event of any attempted
transfer, 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 Assessments. 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
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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 pennitted 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.
Mortgagee Authorized to Make Payments.
If Mortgagor defaults in
the payment of their one half share 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 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.
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Default.
If the Mortgagor defaults in the payment of the
indebtedness hereby secured, for a period of twenty (20) 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, including any prepayment penalties, 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
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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.
8. Sufficiency of Foreclosure Proceeds. 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.
9. Assignment of Rents. If the right of foreclosure accrues as a result of
any default hereunder, the Mortgagee shall at once become entitled to exclusive
possession, use and enjoyment of all property aforesaid, and to all rents, issues and
profits thereof, from the accruing of such right and during the pendency of foreclosure
proceedings and the period of redemption, and such possession, rents, issues and
profits shall be delivered immediately to the Mortgagee on request. On refusal, the
delivery of such possession, rents, issues and profits may be enforced by the Mortgagee
by any appropriate suit, action or proceeding. Mortgagee shall be entitled to a Receiver
for said property and all rents, issues and profits thereof, after any such default,
including the time covered by foreclosure proceedings and the period of redemption,
and without regard to the solvency or insolvency of the Mortgagor, or the then owner
of said property, and without regard to the value of said property, or the sufficiency
thereof to discharge the Mortgage debt and foreclosure costs, fees and expense. Such
Receiver may be appointed by any court of competent jurisdiction upon ex parte
application, notice being hereby expressly waived, and the appoinhnent of any such
Receiver on any such application without notice is hereby consented to by the
Mortgagor. All rents, issues and profits, income and revenue of said property shall be
applied by such Receiver according to law and the orders and directions of the court.
10. Notices. All notices, demands or other writing in this Mortgage
provided to be given, made or sent by either party to the other shall be in writing and
shall be validly given or made only if personally delivered with a receipt obtained from
the person receiving the notice, or sent by certified United States mail return receipt
requested, or if sent by Federal Express or other similar delivery service keeping
records of deliveries and attempted deliveries. Service shall be conclusively deemed
made upon receipt if personally delivered or, if delivered by mail or delivery service, on
the first business day delivery is attempted or upon receipt, whichever is sooner. The
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parties mailing addresses are as follows:
Mortgagor:
P. O. Box 7939
Jackson, WY 83002
P. O. Box 3496
Alpine, WY 83128
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Mortgagee:
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. Release.
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. Waiver of Homestead.
Mortgagor hereby relinquishes and waives all
rights under and by virtue of the homestead exemption laws of the State of Wyoming.
IN WITNESS WHEREOF, the said Mortgagor has hereunto signed and sealed
these presents the day and year first above written.
STATE OF WYOMING
COUNTY OF TETON
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The foregoing instrument was acknowledged before me this day of November,
2008 by Tristan Dean Hoff and Meredith Lynn Duckett Hoff.
WITNESS my hand and official seal.
E. FRANK HESS - NOTARY PUBLIO
County of State of
Teton WyomIng
My Commission Expires August 1, 20
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Notary Public
My Commission expires:
(?~/-<Jç
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