HomeMy WebLinkAbout951596MORTGAGE
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1. MORTGAGE TO SECURE INDEBTEDNESS
The Borrower is R T Investments, LLC, a Wyoming Limited Liability
Company. The Borrower's mailing address is P.O. Box 431, Afton, Wyoming
83110. The Lenders are Dale F. and Beth Ann J. Call, husband and wife. The
Lenders' mailing address is P.O. Box 186, Grover, Wyoming, 83122. The
Borrower owes the Lender the principal sum of U.S. $180,000.00 dollars,
together with interest at the rate of seven and one -half percent (7.5 per
annum. This debt is evidenced by a Promissory Note executed by the
Borrower on the same date as this Mortgage. This Mortgage secures to the
Lenders: (a) the repayment of the debt, with interest, and late fees, if
applicable, according to the terms of the Promissory Note; and (b) the
performance of the Borrower's covenants and agreements under this
Mortgage and the Promissory Note. For these purposes, the Borrower does
hereby mortgage, grant and convey to the Lenders, with the power of sale, the
following described property located in the County of Lincoln in the State of
Wyoming, to -wit:
Lot 7, Old Fairgrounds Addition to the Town of Afton, Lincoln
County, Wyoming.
TOGETHER WITH all the improvements now or hereafter erected on the
property, and all easements, appurtenances, and fixtures now or hereafter a
part of the property. The foregoing is referred to in this Mortgage as the
"Property."
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RECEIVED 1/13/2010 at 10:50 AM
RECEIVING 951596
BOOK: 740 PAGE: 47
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
2. COVENANT OF OWNERSHIP
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The Borrower covenants that it is lawfully seised of the estate hereby
conveyed and has the right to mortgage, grant, and convey the Property and
that the Property is unencumbered, except for encumbrances of record. The
Borrower warrants and will defend generally the title to the Property against
all claims and demands, subject to encumbrances of record.
3. COVENANT TO PAY INDEBTEDNESS
The Borrower covenants to pay when due the principal, interest, and late
fees, if applicable, required under the terms of the Promissory Note executed
contemporaneously herewith and made part hereof by reference.
4. COVENANT OF PAY
The Borrower covenants to pay when due all taxes, assessments, and other
impositions chargeable to the Property.
5. COVENANT TO INSURE PROPERTY
The Borrower covenants to keep the Property adequately insured against
loss and liability and to maintain the Property in good and habitable condition.
6. DEFAULT AND ACCERLARATION OF DEBT
If the Borrower fails to make timely payment of sums due under the
Promissory Note or fails to keep any covenant contained in this Mortgage,
then the Borrower will be in default. Upon default, the Lenders may cause the
entire indebtedness, with interest, to become immediately due and payable
through Notice of Default procedure. Notice of Default shall specify: (a) the
default; (b) the action required to cure the default; (c) a date, at least 30 days
from the date of Notice of Default, by which to cure the default; and (d) that
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failure to cure the default by the given date will result in acceleration of the
amounts due under the Promissory Note and Mortgage and sale of the
Property. In the event the Borrower fails to cure the default, the Lenders shall
have the right to foreclose this Mortgage by advertisement and sale, as
provided by the statutes of the State of Wyoming. The Lenders shall
distribute the proceeds of the sale in the following order: (a) to all expenses of
the sale, including reasonable attorney's fees; (b) to all sums secured by this
Mortgage; and (c) any excess to the person or persons legally entitled to such.
The Borrower agrees that if the Lenders do not choose to accelerate the
Note as provided above in the event of default, they shall still have the right to
do so if default occurs at a later time.
7. GIVING OF NOTICES
Any notice that must be given to the Borrower or to the Lenders will be
given by mailing it to the addresses of the respective parties noted in
paragraph 1, unless otherwise notified in writing.
8. NON ASSUMABLE MORTGAGE
This mortgage is non assumable and all indebtedness secured hereby shall
become immediately due and payable if the mortgaged property is sold.
9. BINDING UPON HEIRS
This Note shall be binding upon the heirs, representatives, successors and
assigns of both the Borrower and the Lenders.
10. RELEASE OF MORTGAGE
The Lenders will provide the Borrower with a Release of Mortgage upon
Borrower's completion of all obligations under this Mortgage and Promissory
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Note. The Borrower shall be responsible to have the Release of Mortgage
recorded in the county records and to pay the attendant fee.
11. COSTS FOR NOTE AND SECURITY ENFORCEMENT
The Borrower agrees to pay the Lenders' costs of enforcing the default
provisions of this Mortgage and corresponding Note, including a reasonable
attorney's fee, should such rights be exercised by the Lenders.
IN WITNESS WHEREOF, this Mortgage has been executed this 11th day
of January, 2010.
David Rich
STATE OF WYOMING
SS.
COUNTY OF LINCOLN
The foregoing instrument was acknowledged before me by David Rich
and Hal Titensor of R &T Investments, LLC, on this 1/ day of
n vcti 2010.
Witness my hand and official seal.
TRISTAN SMITH NOTARY PUBLIC
COUNTY OF STATE OF
LINCOLN :l •`l1 WYOMING
MISSION EXPIRES APRIL 22, 2013
My commission expires:
R &T Investments, LLC
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Hal Titensor
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