HomeMy WebLinkAbout951233(IVyonting)
REAL ESTATE MORTGAGE
THIS MORTGAGE is granted by JUSTIN W. ELAM and BONNIE K. ELAM, husband and wife, as MORTGAGOR, to
ROSEWOOD CONTRACTORS, LLC, an Idaho Limited Liability Company, as MORTGAGEE.
WITNESSETH:
Mortgagor, for good and valuable considerations, the receipt of which is hereby acknowledged, does hereby GRANT, BARGAIN, SELL AND
CONVEY, and further releases and waives all rights under and by virtue of the homestead exemption hags of Wyoming, unto the Mortgagee, his
successors and assigns, all of the following described real property, to wit:
TOGETHER WITH any and all improvements, water and ditch rights, rights of ways, easements, privileges, ventilating, tenements,
hereditaments and appurtenances thereunto belonging or in anywise appertaining, now or hereafter used on said land or belonging to said
Mortgagor, and any reversion, remainder, rents, issues and profits thereof hereinafter referred to as the "Property
This grant is intended as a Mortgage, a Fixture Filing and Security Interest for the Purpose of Securing:
1. Performance of each agreement of Mortgagor herein contained, each agreement and covenant contained in the loan documents associated with this
mortgage, and any extension, renewal, modification and /or amendment thereof. "Loan documents" shall include the above described note, this mortgage,
and any other documents or instruments signed in connection with this loan.
2. Payment of the indebtedness evidenced by a promissory note of even date herewith, and any extension or renewal thereof in the principal sum of
FIFTY SIX THOUSAND EIGHT HUNDRED SIXTY SIX AND 70/100 DOLLARS ($56,866.70), the final payment of
principal and interest thereof, if not sooner paid, to be finally due and payable December 21, 2012.
3. Payment of all such fitrther sums as may hereafter be loaned or advanced by the Mortgagee for any purpose and any notes, drafts and/or other
instruments representing such further loans, advances or expenditures shall be optional with the Mortgagee, and shall become due and payable no later
than the final maturity date of said note secured hereby; and provided further, that it is the express intention of the parties to this Mortgage that it shall
stand as continuing security until all such loans, advances or expenditures together with interest thereon, are paid in fulL
A. To protect the security of this Mortgage, Mortgagor warrants, covenants and agrees:
1. The property is free front all encumbrances, except as may be described herein, and that Mortgagor shall warrant and defend the saute forever
against the lawful claims and demands of all persons whomsoever, and this covenant shall not be extinguished by foreclosure or other transfers.
2. To keep all buildings and other improvements now or hereafter existing in good condition and repair; to not remove or demolish any building or
other improvement thereon; to complete or restore promptly and in a good worknanshiplike manner any improvement which may be constructedd,
damaged or destroyed thereon; to pay when due all claims for labor performed and materials furnished thereto or therefor; to comply with all laws
affecting said property or requiring any alterations or improvements to be node thereon; to not commit or permit waste thereof or thereon; to maintain,
cultivate,, irrigate, fertilize, fumigate, prune, all in a good and husbandnjlike manner, the land and improvements thereto; to not change or permit change
in tine use of the property; to tnotdo anything which would reduce the value of the property; and do all other acts which from the character or use of said
property may be reasonably necessary, the specific enumerations herein not excluding the general.
3. To provide, maintain and deliver fire insurance satisfactory and with loss payable to Mortgagee; to maintain liability insurance; to pay all
premiums and charges on all such insurance when due; and to provide Mortgagee satisfactory evidence of such insurance upon request. The amount
collected under any fire or other insurance policy may, at Mortgagee's option and determination, be applied upon any indebtedness secured hereby in
such order as Mortgagee determines, be released to Mortgagor in whole or part, or any combination thereof. Such application or release shall not cure or
waive any default or notice of default hereunder or invalidate any act done pursuant to such notice.
4. To pay before delinquency all taxes, assessments, or rents affecting said properl to pay when due all encumbrances, charges and liens, with
interest, affecting said property which are or may appear to be prior or superior hereto; and to pay all costs, fees and expenses of this Mortgage and
associated loan documents.
5. To pay immediately and without demand ail sums expended by Mortgagee pursuant to the provisions hereof, with interest front date of expenditure,
at a rate equal to the interest rate payable ender the promissory note described above or twelve percent (12 per annum, whichever is greater.
6. To appear in and defend any action or proceeding purporting to affect the security hereof or the rights or powers of Mortgagee; to pay, on demand,
all costs and expenses, including without /imitation, cost of title evidence, reasonable attorney's fees, advances, and/or costs, paid or incurred by
as ,14ortgoge (1,99) Page 1
Lot 20 of Townsite of Bedford, Block 5, Fourth Filing, County of Lincoln, State of Wyoming; according to the
recorded plat thereof.
RECEIVED 12/21/2009 at 4:30 PM
RECEIVING 951233
BOOK: 738 PAGE: 744
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER WY
eon: ?'?44
Mortgagee to pr- rdtecf or enforutc i' i tgltYs under bifnkr utnj, appellate pr'oieedings oi• otlzem ise;; aril all such costs and expenses shall become a part-of the
indebtedness sec'ure'd b this'inortga e'
7 Audit Mortgagor fail to nrakc tiny` payment ot• to do any act as heir in laid Mortgagee; but without obligation so to do and without notice or
demai2d upon Md'rEg o an,, witlisl ut eel hstrlg l)fbrtgegor from any obflgatron hereof a make or do tlw saute in such manner and to such extent as
Mortgages r}iay deerp rteCes�ar i to p tree security lureof,'Mortgagee being author, et1 to.gnker upon said property fir such purposes; appear in and defend any aetto }tor pbcee.ding purporting to tsct r security hereof orate rights or p o of 1 ott pa purchase, contest or compromise any ch esr a wr ?i n'wrhich rr{ l)te yudg»rent of Mortgagee appears, to In pr tor,or supe l reto; an in exercising any such powers or in
enforcing this Mortgage by judrarat fo ectosttre orothe`runsc pin the nee ssary a cperi c sa and r asonable attorney's fees.
To cornpty With an lfitn; ord;n re t.'v nahts conditions and rests iron ajrc tile$ thei?rpperhy and its use, including without
liniitatwn all•environm nta'1 lttto rot'to u c or pzrnnt th use of the Prope ty fo any u'das ful,or ohjectronahle purpose; to remedy any environmental
coritarilihation'orz iotatioi of envuo t renldl l aze alltat may occur 'or drsc ered maize f tore; to alrow Mortgagee access to the Property to inspect its
condition and to test t eta itiAittir fo +"b pirin e With abptrcable tiros (any inspections or to tG yuec s by Mortgagee shall he for Mortgagee's purposes
only and Shalt Not be construed to creme an respo rsu ht or hia'hdity on partof Mo tgagee `co Mortgagor or to any other person); to forxoa, d copies of
any ngli receiiied frori a cy envrnnnrentat r ies to mortgagee am io Indemn fij a•a t hold lylortgaaee, his employees, agents and his successors and
issigia harmless from andiiga st airi; enononm riial clat,ris'olden kind, aril all costs and expeiues tncurred,in connection therewith, including,
without !incitation, attorney's fees.
9. Any award of damages in concoction with any condemnation for public use of orintun/ to said property or any part tluereof, is herein] assigned and
611 en be paid to Mortgagee xwrlo nfay apply or release such monies reeeaied by hint in the same niannor and ioith the sane effect as above provided for
disposition cf proceeds cr fire or other tnsin ar ie.
10. The failure of Mortgagee to e rcise any'riglit or option provided herein at any tine, shall not preclude Mortgagee from exercising any of such
rights arty other mne;'b1,acrepting payrient of any sum secured hereby after its due date, Mortgagee does not Waive izis right either to require prompt
payment when due of all.other suns so seci!r and declare default for failure o to pri y, alt rights•conferrcd on Mortgagee are cumulative and additional
to any rights conferred hty lout and.tf any provision is found to be invalid or unenforceable, such invalidity or unenforceabilihj shall not affect any otlwr
provision hereof and the ritortgag shall•ho construed as though such provision had been omitted.
11. As additional security,.Mortgagor hereby;i:ves to and confers upon Mortgagee thie right, power and authority, during the continuance of this
mortgage, to collect the: rents, issues and'p ofits of said property as they become.due and payable; Resenting however unto Mortgagor, prior to any default
by Mortgagor in payment of any indebtedness secured hereby or in performance of any agreement hereunder, the right to collect and retain such rents,
issues and profits. Upon any sucli default, Ivlortgagee may at any time Without notice; either in person, by agent or court appointed receiver, and
without regard to the adequacy of any security for the indebtedness hereby secured, enter and take possession of said property or any part thereof, in
his own name sue for or otherwise collect such rents, issues and profits, including those past due and unpaid, and apply the same, less costs and expenses
of operation and collection, including reasonable attorney's fees, upon any indebtedness secured hereby, and in such order as Mortgagee may determine.
The entering upon and taking possession of said property, the collection of such rents, issues and profits and the application thereof as aforesaid, shall not
cure or waive any default hereunder or invalidate any act done pursuant to any such default notice.
12. DUE ON SALE: The indebtedness and obligations secured by this mortgage is personal to the Mortgagor and is not assignable by Mortgagor.
Mortgagee has relied upon Hie credit of Mortgagor the interest of Mortgagor in the Property and the financial market conditions then existing when
making this ioan. If Mortgagortransfersor contracts to transfer,. title to or possession of, all or part of the Property, or any equitable interest therein,
whether by deed, contract for deed, assignment, lease for a term in excess of one year, lease with an option to purchase, option to purchase, or similar
agreement; or if the ownership of any, corporation orpartnership, owning all or any portion of the Property shall he changed either by voluntary or
involuntnni sale or transfer or by operation of lrw, Mortgagee may declare all sums due under any note, security agreement, and/or loan documents
associated herewith, immediately due and payable. Noncompliance with this covenant shall constitute and be a default of this obligation which shall
entitte.Mortgagee to effechtate any and all remedies provided.
13. Time is of the essence and a Imiterial part of this agreement. In the event of default, at Mortgagee's option, the entire indebtedness secured hereby
shall forthwith become due and payahle and bear interest at the rate of TWELVE PERCENT (12 per annum; Mortgagee shall have the. right to
foreclose the lien of this mortgage, to have a receiver appointed.irr any court. proceeding, to collect any rents, issues and profits front the Property and
apply then against the indebtedness hereby secured; to sell the Property at foreclosure en Hasse, or as one lot or parcel at the option of Mortgagee, and to
exercise any rights and remedies available t tyre Uniform Commercial Code for the State in which the property is located; and reasonable notice if
required by such Code shall be five (S) days,
14. The Mortgagee rniy at any time, without notice, release por lions of said mortgaged premises front the lien of this mortgage, without affecting the
personal liability of any person for the payment of the said indebtedness or the lien of this mortgage upon the remainder of the mortgaged premises for the
fill amount of said indebtedness then remaining unpaid.
15. Mortgagor and each of then join in this instrument for the purpose of subjecting each of their right, title and interest, if any, in the Property,
whether of record or otherwise and including 'airy right to possession, to the lien of this mortgage.
16. This rortgago, all loan documents and the note(s) secured hereby shall be governed and construed according to the haws of the State of Wyoming.
In the event of default, Mortgagor grants to Mortgagee a Power of Sale to foreclose on and sell said property at public auction pursuant to Wyoming
Statute Section 34 -4 -101 et:seq.
17. This mortgage applies to; inures to the benefit of and hinds all parties hereto, their heirs, devisees, personal representatives, successors and assigns.
The tern Mortgagee shall mean the holder and owner of the note secured hereby; or if the note has been pledged, the pledgee thereof in this Mortgage,
wherever the context so requires, the masculine gender includes the feminine and/or neuter, and the singular number includes the plural.
'slate .Lronauge (1.99) Page
STATE, OF V"1 VI loci
ss
COUNTI'OF
th te Z
Ott I before mc, the undersigned, personally appeared
JUSTIN W. ELAM and BONNIE K. ELAM, known or identified to me to be the
persons whose names are subscribed to the within instrument and acknowledged to
me 'tat they eRcu the1 me
10 I�il.t�� 61
otary
Public for the State of n
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Bonnie K. Elam
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