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HomeMy WebLinkAbout944905 ?J u d ;:..... .. . .X::J t-..o ",) S .,'èj, :.1 ~~' '-; C; ..,..,. ~ '\ '". F ':'~': ~ . , ''1M c:: :~;'i i u:¡ 0 "'_1 Ü {~ ~ ~; t\1 .;..... ;....~ .., :u ~.~ -Kt ~.-' ~ .~" 6010817405 MORTGAGE ÜOô671. KNOW ALL MEN BY THESE PRESENTS, that Kay M. Burton and Aneta R. Burton ("Mortgagors") of 278 County Road 130, Grover, Wyoming 83122 to secure the payment of ONE HUNDRED FORTY THOUSAND DOLLARS ($140,000.00) as evidenced by a Promissory Note dated of even date herewith to the order HILDA A. TITENSOR, Trustee of the Von S. Titensor Revocable Trust, dated the 12th day of November, 1986 and successors in interest, (Mortgagee) at the address of Post Office Box 773, Afton, Wyoming 83110, to be paid as follows: 1. The Mortgagee acknowledges receipt of the sum of sixty thousand dollars ($60,000.00) which represents the down payment on the total sales price of two hundred thousand dollars ($200,000.00) leaving a remaining balance of one hundred forty thousand dollars ($140,000.00) being the subject of this mortgage. 2. The repayment of the remaining one hundred forty thousand dollars ($140,000.00) shall accrue interest in the amount of six percent (6%) interest per annum until paid in full, interest shall begin to accrue on this amount on the date of the execution of this mortgage. 3· The Mortgagor shall make semi-annual payments to the Mortgagee, beginning July 22,2009 in the amount of $5,058.61, and every six (6) months thereafter until 2014. On January 22,2014 the total interest and principal shall be due in full to the Mortgagee. The estimated principal being due on January 22,2014 is $131,277.25. The intent of the parties being that the total remaining balance is to be paid to the Mortgagee on January 22,2014. An amortization schedule attached in the form of Exhibit A is for reference only. The payments amounts being calculated over a thirty (30) year amortization schedule, however, the interest, principal and penalties being due in full on January 22, 2014. The attached amortization schedule is to illustrate the calculation of the payment amount until the balloon payment being due on January 22, 2014· On the fifth year of the execution of this Promissory Note and Mortgage, the Mortgator shall pay the remaining balance of penalties, interest and principal in full to Bowers Law Firm, PC 685 S. Washington Street P.O. Box 1550 Afton, Wyoming 83110 (307) 885-1000 RECEIVED 1/27/2009 at 3:00 PM RECEIVING # 944905 BOOK: 713 PAGE: 671 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY Page 1 of 7 the Mortgagee. 000672 4. The Mortgagor may prepay the principle amount in whole or in part at any time with no penalty. Any partial prepayment shall be applied first to late charges, then to any accrued interest, and then to the principle amount outstanding and shall not postpone the due date of any subsequent monthly installments or change the amount of such installments, unless the Mortgagee shall otherwise agree in writing. 5. If the semi-annual payments are made more than ten (10) days after the due date the Mortgagee shall be entitled to an additional seven hundred fifty dollars ($750.00) in the form of a late payment charge. The Mortgagor hereby mortgages to Mortgagee the following described real estate, situated in the County of Lincoln, State of Wyoming: SEE "EXHIBIT A" ATTACHED HERETO AND MADE PART OF BY REFERENCE AS IF FULLY SET FORTH HEREIN. including all buildings and improvements thereon or that may hereafter be erected thereon; together with hereditaments and appurtenances and all other rights thereunto belonging, or in anywise now or hereafter appertaining, and the reversion and reversions, remainder and remainders, rents, and issues now or hereafter attached to or used in connection with the premises. Mortgagor hereby relinquishes and waives all rights under and by virtue of the homestead laws of the State of Wyoming and covenants that he is lawfully seized 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. And Mortgagor covenants with Mortgagee as follows: 1. In case of default in any of the payments stipulated in the note, mortgagors, 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 Bowers Law Firm, PC 685 S. Washington Street P.O. Box 1550 Afton, Wyoming 83110 (307) 885-1000 Page 2 of 7 OOó673 taxes, assessments, levies, liabilities, obligations, and encumbrances of every nature on said property. 3. To perform, comply with and abide by each and every term of 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 not commit, permit or suffer any waste, impairment or deterioration of the property nor any part thereof, and the property shall be continuously maintained in good and sightly repair, and condition by mortgagor at his expense. 6. In case mortgagors default in the payment of 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 Mortgagors. Mortgagors shall repay such sums so paid and all expenses so incurred by Mortgagee, with interest thereon from the date of payment, at 10% percent 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. 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. Bowers Law Firm, PC 685 S. Washington Street P.O. Box 1550 Afton, Wyoming 83110 (307) 885-1000 Page 3 of 7 OOû674 8. In case default occurs due to a nonpayment of an installment, 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, 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 so 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 reasonable attorney fees, and in payment of all money expended or advanced by mortgagee pursuant to the provisions of paragraphs 6 and 8, 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, Mortgagee shall AFTER 20 DAYS become entitled to exclusive possession, use, and enjoyment of all property, 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, if there is any; and such possession, rents, issues, and profits shall at once Bowers Law Firm, PC 685 S. Washington Street P.O. Box 1550 Afton, Wyoming 83110 (307) 885-1000 Page40f 7 ûOû675 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 forcible entry, or unlawful detainer; and Mortgagee shall after 30 days written notice be entitled to a receiver for the property and all rents, issues, and profits thereof, after any such default, including the time covered by foreclosure proceedings and the period of redemption, if there is any, and shall be entitled thereto as a matter of right without regard to the solvency or insolvency of mortgagor or the then owner of the property, and without regard to the value of the property of 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 on ex parte application and without notice (notice being hereby expressly waived, and the appointment of any such receiver on any such application without notice being hereby consented to by mortgagor on mortgagor's own behalf), 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. Mortgagors may not conveyor transfer any interest in or encumber the described premises without the prior written consent of the Mortgagee. Mortgagors must give Mortgagee written notice of Mortgagors' 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, excluding death of a joint tenant. Such consent by Mortgagee shall not unreasonably be withheld. If all or any part of the described premises or an interest therein is sold, transferred or encumbered by Mortgagors without Mortgagee's prior written consent, 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. 11. The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective heirs, executors, administrators, successors, and assigns of Bowers Law Firm, PC 685 S. Washington Street P.O. Box 1550 Afton, Wyoming 83110 (307) 885-1000 Page 5 of 7 OOiì676 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. 12. Whenever used herein, the terms "Mortgagors" 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 or other legal operating entities; and the term "Note" and "Promissory Note" includes all the notes and promissory notes herein described if more than one. 13. The Sellers and Purchasers have agreed that there shall be a Partial Release of that property as described on Exhibit A to the extent of approximately 25% of the real property. The parties have agreed that the $60,000.00 down payment shall serve as consideration for the Partial Release of the property. The parties have retained the services of Marlowe A. Scherbel, a licensed surveyor in the State of Wyoming to prepare the Partial Release documents including those documents to be filed with the Town of Afton andlor County of Lincoln. The Sellers hereby agree to sign additional documents releasing the approximately 25% of the real property shown in Exhibit A once the plat has been approved by the needed governmental entities. The parties further agree and covenant that they will cooperate fully in obtaining the approval from the appropriate governmental entities for the partial release as agreed upon. It has been represented to the parties and the parties anticipate that the Warranty Deed for the Partial Release will be executed in February of 2009 after the appropriate governmental agency approval. IN WITNESS WHEREOF, Mortgagor has caused this mortgage to be executed thisdd.... day of January, 2009. éjÝ<q B~ Y ;BURTON ¡Jv~¡¿~ AN :AR.BURTON Bowers Law Firm, PC 685 S. Washington Street P.O. Box 1550 Afton, Wyoming 83110 (307) 885-1000 Page 6 of 7 JL STATE OF WYOMING COUNTY OF LINCOLN ) ) ss. ) 00&677 The foregoing was acknowledged before my by KAY M. BURTON and ANETA R. BURTONthis~ day of January, 2009 WITNESS my hand and official seal. My commission expires: b ·c90 cJd 11 JILL H. LARSON COunty of' Lincoln ""...... NOTARY PUBLIC State of Wyoming My Commíssion r- " _ -Xpln,s June 20 ..,0 'co 11 Bowers Law Firm, PC 685 S. Washington Street P.O. Box 1550 Afton, Wyoming 83110 (307) 885-1000 Page 7017 fi#;, ¡j cf ~ NO Y PUBLIC õ \.S:". <:z ""j 0', til ,.¡.;... '.J} N >-' . -..I ....: ~ ".1 ¡......¡ .......\ P-' .....] ~ '.J . ......., .......... ........... .......... ~........ ......... '........ .....,... ........ ............ tv I...J 10 f'..) 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( q 0:1 ~ ~ n III "; W i [ III e. a. a. ~ '" "; '" a III = ... ...¡ o [. "; i III a. "; ::!. = n .e' ~ r:rJ = a- ( q 0:1 ~ '" = n III CO~ rjJ 'ì.J ....10 .¡.O NO *"" Co ûOii67S t"" III = P- ili ... = 3 f1! <" o = Y1 o-J ~. o ... ~ < g '" cr- ib î ~ S' ... III ... III '" ... (') å = ;' p: < III .... = ... III ... III '" ... ; ~ Z o . ~ Professional Land Surveyors Paul N. Scherbel Wyo. Reglslration No. 164 Utah Registration No. 1670 Ideho Registration No. 3990 Nevada Registration No. 6805 Scott A. Scharbel Wyo. ReglstraUon No. 3889 Idaho ReglslraUon No. 8026 Utah Registration No. 372111 MARLOWE A. SCHERBEL Wyo. Registration No. 5368 Surveyor Scherbel, LTD. Afton, Wyoming Big Piney, Wyoming Jackson, Wyoming Lava Hot Springs, Idaho Montpelier, Idaho DESCRIPTION FOR rxmBIT NO. j .4 VON S. TITENSOR REVOCABLE TRUST, DATED 12 NOVEMBER 1986 N1I2 LOT 1 BLOCK 5 TOWN OF AFfON OOü67,9 To-wit: - - All of Lot 1 of Block 5 of the Original TOwllsite of Afton, Lincoln County, Wyoming; EXCEPTING that tract of record in the Office of the Clerk of Lincoln County in Book 204 of Photostatic Records on page 462; all in accordance with the Original Plat of the Town of Afton, Lincoln County Wyoming of record in said Office. "Modification in any way of the foregoing description terminates liability of the surveyor"