HomeMy WebLinkAbout949930MUTUAL RELEASE AND AGREEMENT FOR c~ cQ #58
CONVEYANCE IN LIEU OF FORECLOSURE
hTTHISlyjJrJTUAL RELEASE AND AGREEMENT is made this day of
odv
2009, by and between Siegfried P. Heyden, hereinafter referred to as
"Heyden", and Don O. Coleman, hereinafter referred to as "Coleman".
RECITALS
In order to purchase the subject property, Heyden borrowed $105,000.00 from
Coleman, who sold the subject property to Heyden and carried back a Promissory
Note and Mortgage (Mortgage), hereinafter collectively referred to as "debt", for which
Mortgage was executed on January 27, 2004 and recorded in the office of the Lincoln
County Clerk on January 28, 2004 in Book 546, PR Page 867. The Mortgage covers the
following described property:
Lot 65 of Leon Livingston Subdivision as shown by the official plat of
said subdivision filed in the Office of the Clerk of Lincoln County,
Wyoming, and being situate in Section 19, Township 37 North, Range 188
West of the Sixth Principal Meridian.
Heyden has been unable to make the payments when they became due and
therefore is in default under the terms of the Mortgage and Promissory Note. Coleman
has not commenced foreclosure.
In consideration of the recitals, the mutual covenants, agreements and benefits
to the parties, it is agreed as follows:
1. Heyden shall contemporaneously, with the execution of this Mutual
Release and Agreement by him, execute, acknowledge and deliver to Coleman a
Quitclaim Deed conveying his interest in the Property.
RECEIVED 10/8/2009 at 10:52 AM
RECEIVING # 949930
BOOK: 733 PAGE: 458
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
2. Heyden and Coleman, with the intention of binding themselves, their
legal representatives, successors and assigns, expressly releases and discharges the
other and the heirs and legal representatives of the other from all claims, demands,
actions, or rights of action, of whatever kind or nature either ever had, or now has, or
may have, known or unknown, or that anyone claiming through or under them may
have, or claim to have, against the other created by, or arising out of, in consequence
of, or on account of, or arising or existing in connection with the Promissory Note and
Mortgage dated January 27, 2004 in the original principal amount of $105,000.00 and all
other documents or transaction associated therewith, as more particularly described in
the Recitals above. Without limiting the generality of the foregoing release language,
Coleman specifically agrees that in exchange for receiving the Quitclaim Deed to the
property, he is releasing Heyden from all liability under the Mortgage and Promissory
Note, and all delinquent taxes or assessments, homeowner association dues or
assessments, interest on past due payments, costs of taking over and maintaining the
property, attorney fees and any deficiency judgment they may have been entitled to
under their Mortgage.
3. Heyden warrants to Coleman that he has good and merchantable title to
the Property thereby conveyed, subject only to the Mortgage and Promissory Note in
favor of Coleman. Heyden further acknowledges that it is a material consideration to
Coleman with respect to the acceptance of conveyance in lieu of foreclosure that the
foregoing representations and warranties as to the Property be true in order for
Coleman to properly realize upon Coleman's security.
4. Heyden and Coleman agree that the conveyance of the Property is
absolute and it is intended that any notice due Heyden or redemption rights held by
Heyden under the laws of the State of Wyoming are hereby terminated and there is no
intention on the part of Heyden to create any mortgage, security agreement or
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conditional estate of any kind by such conveyance, said conveyance being received in
full satisfaction of the Promissory Note and Mortgage.
5. All parties will execute. and deliver. to the other such additional
instruments and documents as may be necessary to carry into effect the provisions of
this Mutual Release and Agreement, including any instruments and documents which
may be necessary to more specially identify the Property and interest agreed to be
conveyed or which may be necessary to establish full and complete title to the subject
property in Coleman.
6. This Mutual Release and Agreement pertains to all indebtedness
described in the Recitals as far as releasing Heyden from any further liability to
Coleman. It is contemplated that when this Mutual Release and Agreement is signed
and delivered to Coleman along with the Quitclaim Deed that Heyden will have no
further liability to Coleman whatsoever.
7. The undersigned further acknowledge that they have read this Mutual
Release and Agreement, understand its terms, have full power and authority to
execute the same, are the real parties in interest and sign the same voluntarily and
upon the advice of counsel. This Mutual Release and Agreement shall constitute the
full agreement and may not be altered, amended or rescinded except in writing, signed
by all parties, and shall be binding upon and inure to the parties, their respective heirs,
successors and assigns.
DATED this day of dV4('1-W- 2009.
Sieg ed P. Heyde
3
STATE OF L'az-on-A CA0046 "
COUNTY OF Lb )
The foregoing instrument was acknowledged before me this 1 ~ day of
~i -
2009 by Siegfried P. Hoyden.
WITNESS my hand and official seal.
SARA BAKER
NOTARY PUBLIC - ARIZONA
MARICOPA COUNTY
My Commission Expires
lone 29, 2411
No r Public
My Commission Expires: 4;ai2d
DATED this day of September, 2009.
Don O. Coleman
STATE OF WYOMING
) ss.
COUNTY OF TETON )
The foregoing instrument was acknowledged before me thisoday of September,
2009 by Don O. Coleman.
WITNESS my hand and official seal.
Pat Michael R- Notary Puhllo
COUNTY OF STATE OF
TETON Y MING
My Commission Expires 1)3
Notary Public
My Commission Expires: /
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