Loading...
HomeMy WebLinkAbout948581AGREEMENT, QUITCLAIM DEED, AND RELEASE OF MORTGAGE C &A5® KNOW ALL MEN BY THESE PRESENTS, That Dan Ford and Kristine Ford, hereinafter referred to as the Mortgagors or grantors, Joe Ford as guarantor, and 1ST Bank, previously known as First National Bank - West, a Wyoming state banking corporation, of PO Box 1620, Afton, WY 83110, hereinafter referred to as the Mortgagee or grantee, hereby agree as follows: 1. That the Mortgagors are the owner of the following described real property ("the Property") located in Lincoln County, State of Wyoming: Lot 202 of Block 4 of Townsite of Fairview Second Filing, Lincoln County, Wyoming, as described on the official plat filed on December 20, 2000, as Instrument No. 870366 of the records of the Lincoln County Clerk. 2. That the Mortgagors have mortgaged the Property to the Mortgagee by the following described Mortgages ("the Mortgages") recorded in the office of the Lincoln County Clerk: Document Secured Date Date Recorded Book and Page Promissory Note Dec. 9, 2002 Dec. 13, 2002 Book 507 PR, Page 192 Promissory Note Sep. 16, 2004 Sep. 22, 2004 Book 567 PR, Page 829 Credit Agreement Nov. 1, 2006 Nov. 29, 2006 Book 641, Page 574 3. That Mortgagors, Guarantor, and Mortgagee stipulate and agree that Mortgagors are in default in their obligations under the Mortgages because of their failure to pay the principal and interest as required by the Notes and Credit Agreement and Mortgages. Therefore, as of April 30, 2009, the amount due on the Mortgages is principal and interest in the amounts set forth below plus expenses of collection. Original Amount Date Amount Due Interest from May 1, 2009 $ 83,207.25 Dec. 9, 2002 $ 58,810.73 $ 9.88566 per day 27,210.00 Sep. 16, 2004 20,038.61 3.50301 per day 70,191.00 Nov. 1, 2006 70,033.77 7.61646 per day 4. That the parties agree that it is in their mutual best interests that the Mortgagors convey to the Mortgagee all of their interest in the Property. In consideration thereof the Mortgagee will release the Mortgagors from all obligations to the Mortgagee under the Mortgages on the express condition that there are no other mortgages, liens, judgments, obligations, or encumbrances against the property. RECEIVED 7/28/2009 at 10:16 AM RECEIVING # 948581 BOOK: 728 PAGE: 450 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY A:45l 5. That in consideration of the release of the Mortgage and other good and valuable consideration, the receipt whereof is hereby confessed and acknowledged, the Mortgagors, as grantors, do hereby voluntarily, by their own free will and choice, remise, release, and forever quitclaim, and by these presents do for their successors and assigns, remise, release, and forever quitclaim, unto 1ST Bank, as grantee, and to its successors and assigns, forever, all such right, title, interest, property, possession, claim, and demand as the grantors have, or ought to have, in and to the Property. Hereby releasing and waiving all rights under and by virtue of the homestead exemption laws of the State of Wyoming, and further releasing all rights of redemption under the Mortgage foreclosure laws of said State. TO HAVE AND TO HOLD the said premises unto the said grantee, and to its successors and assigns to its own proper use and behoof forever. So that neither the grantors nor any person in their name or behalf or any person in their name or behalf, shall or will hereafter claim or demand any such right or title to the premises or any part thereof, but they and every one of them shall by these presents be excluded and forever barred. 6. That Mortgagors represent and warrant that the Property is free and clear of all liens and mortgages other than the Mortgage described herein. 7. That in further consideration of the release of the Mortgage and in consideration of release by Mortgagee of the Guarantor, Guarantor hereby agrees that he will purchase from Mortgagee the following properties in Lincoln County, Wyoming, for the following prices which represent loan payoffs as of April 30, 2009, plus accruing interest and expenses of collection in addition thereto, which purchases Mortgagee agrees to finance for Guarantor at not more than a 75% loan to value ratio: Property Description Loan No. Payoff Lot 5, Grunig Meadows Subdivision 64003071 $ 24,614.62 Same 61010828 20,618.23 Lot 9 of Block 4, Fairview Townsite 64003532 148,701.47 Lot 202 of Block 4, Fairview Townsite 64003417 70,033.77 Same 64002917 58,810.73 Same 64003175 20,038.61 2 C. 7J V452 8. That in consideration of the foregoing conveyance and mutual understanding and agreement and on condition that the Property is free and clear of all other liens, mortgages, and encumbrances, and other good and valuable consideration, the receipt whereof is hereby confessed and acknowledged, Mortgagee does hereby certify that the Mortgage is fully satisfied, released, and discharged; and in consideration thereof the said 1 ST Bank does hereby release and waive any and all rights to a deficiency judgment thereunder or any other relief pursuant to the Mortgage and the promissory note it secures. IN WITNESS WHEREOF, the parties have executed this Agreement, Quitclaim Deed, and Release of Mortgage as of this 1 st day of May, 2009. e Ford Joe Ford 1 ST Bank, a Wyoming State Banking Corporation By v f Rog J. C s, Afton Branch President 3 STATE OF WYOMING : ss. C G)453 COUNTY OF LINCOLN Ford. instrument was acknowledged before me on the day of May, 2009, by Dan Witness my hand and official seal. TRISTAN SMITH NOTARY PUBLIC COUNTY OF STATE OF LINCOLN WYOMING MYCOMMISSIONEXPIRESAP5IL22,20"+3 TARY PUBLIC My commission expires: ~pr~ s?+2 ~D13 STATE OF WYOMING COUNTY OF LINCOLN : ss. This instrument was acknowledged before me on the a~'H day of JMey, 2009, by Kristine Ford. Witness my hand and official seal. EEALLRED TARY PUBLIC STATE OF 0 WYOMING EXPIRES JULY 9, 7012 My commission expires: STATE OF W'(c Al 16 : ss. COUNTY OF b-Icb1-IsA i-19W NOTARY PUBLIC 0i9- J%)LY This instrument was acknowledged before me on the R7 " day of Itwy, 2009, by Joe Ford. Witness my hand and official seal. CHRIS ALLRED NOTARY PUBLIC COUNTY OF STATE OF LINCOLN WYOMING MY COMMISSION EXPIRES JULY 9, 2012 NOTARY PUBLIC My commission expires: a:o (Q- 4 STATE OF WYOMING : ss. ytic5 COUNTY OF LINCOLN J This instrument was acknowledged before me on the ayday of Nfty, 2009, by Roger J. Coles as Afton Branch President of 1 ST Bank. Witness my hand and official seal. CHRIS ALLRED NOTARY PUBLIC COUNTY OF STATE OF LINCOLN WYOMING (JI ~I~~l i . I J MY COMMISSION EXPIRES JULY 9, 2012 C f( F^ NOTARY PUBLIC My commission expires: JULY T, as 2.