Loading...
HomeMy WebLinkAbout952655MORTGAGE Know all persons by these presents that Dwight D. Reppa and Roberta L. Reppa, Trustees of the Dwight D. Reppa and Roberta L. Reppa Living Trust, dated February 8, 2002, of P. O. Box 12027, Jackson, Wyoming 83002, hereinafter referred to as Mortgagor, to secure the payment of the principal sum of $222,000.00, with interest as evidenced by a Promissory Note dated of even date herewith to the order of James R. Macy and Olive Lee Macy, Trustees of the Jim and Lee Macy Living Trust dated May 24, 1996, of P. O. Box 1997, Jackson, Wyoming 83001, hereinafter referred to as Mortgagee, principal and interest to be payable as follows: The principal shall bear interest at the rate of 5% per annum until paid in full. The debt shall be payable in 59 equal consecutive monthly installments of principal and interest in the sum of $1,465.10 plus a final monthly installment due not later than the first day of April, 2015, not less than $185,960.06, of all unpaid principal and interest, the first such payment being due not later than the close of business on the first day of May, 2010, and following payments being due not later than the close of business on the same date of each succeeding month until paid in full. all as is more particularly described in the aforesaid Promissory Note, hereby mortgage to Mortgagee the following described real estate, situate in the County of Lincoln, State of Wyoming: A portion of the Southeast Quarter of the Northwest Quarter (SE NW 1/4) of Section 2, Township 35 North, Range 119 West, 6 P.M., located Northeast of Etna, Lincoln County, Wyoming and being more particularly described as follows: BEGINNING at a point, 575.06 feet North 00 °06'41" West, from the Southeast corner of said SE NW'/; Thence North 00 °06'41" West, 658.86 feet, to the approximate line of an East -West irrigation water line and the South line of a 60.00 foot wide Easement for Ingress, Egress and Utilities; Thence South 89 °12'08" West, along said irrigation line and said Easement, 1,110.12 feet; Thence South 41 °59'54" West, along a Southeasterly line of said Easement, 289.36 feet; Thence South 89 °44'36" West, continuing along said Easement, 21.33 feet, to the West line of said SW'/. NW Thence South 00 °03'27" East, along last said West line, 22.80 feet; thence South 20 °19'21" West, 445.56 feet; Thence North 89 °23'45" East, 1,171.54 feet, to the Point of Beginning. TOGETHER WITH and SUBJECT TO a 60.00 foot wide Easement for Ingress and Egress and'Utilities, the Southerly line of said Easement being described as follows: BEGINNING at a point 1,274.88 feet South 00 °04'31" West, from the Northeast corner of Lot 2; Thence South 89 °12'08" West, 1,319.02 feet, along said approximate irrigation line; Thence running along last said irrigation line, South 89 °12'08" West 1,110.12 feet; Thence South 41 °59'54" West, 289.36 feet; Thence South 89 °44'36" West, 21.33 feet, to the West line of the SW NW 1 /4 of said Section 2. 1 00 3354 RECEIVED 3/25/2010 at 9:28 AM RECEIVING 952655 BOOK: 744 PAGE: 350 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY ALSO TOGETHER WITH and SUBJECT TO a 66.00 foot wide Easement for Ingress, Egress and Utilities over the Southerly 66.00 feet of the Northerly 309.00 feet, of the SW NW 1 /4 of said Section 2 ALSO SUBJECT TO a 60.00 foot wide Easement for Ingress, Egress and Utilities over the 18.661 acre parcel, the Center line of said Easement being described as follows: BEGINNING at a point on the South line of said 18.661 acre parcel, said point being 146.06 feet North 89 °23'45" East, from the Southwest comer of said parcel; Thence running North 28 °59'23" West, 519.92 feet; Thence North 48 °00'06" West, 10.00 feet, to a point in the Southeasterly of the 60.00 foot wide Easement bordering the Northwesterly and Northerly lines of said 18.661 acre parcel, last said point being 30.00 feet North 41 °59'54" East, from the Southerly bend in last said bordering Easement. together with, and including, all buildings and improvements thereon and all appurtenances and hereditaments thereunto belonging, subject to or in any manner now or hereafter appertaining, and the reversion and reversions, remainder and remainders, rents, issue, and profits thereof, and all other improvements now or hereafter attached to or used in connection with said real estate, hereinafter referred to as the Premises. Mortgagor hereby relinquishes and waives all rights under and by virtue of the homestead exemption laws of the State of Wyoming, and covenants that Mortgagor is lawfully seized of the Premises and that the Premises are free from all encumbrances, and hereby further covenants to warrant and defend the title of the Premises against the lawful claims of all persons whomsoever. Further, Mortgagor covenants with Mortgagee as follows. 1. Rents. In case of default in any of the payments stipulated in the Promissory Note, Mortgagor, as further security for this Mortgage and the Note secured hereby, hereby assigns, sets over, and conveys to Mortgagee all rents, issues, and profits from the Premises. 2. Transfer. Except as prohibited by law, at the option of Mortgagee, the within Mortgage shall become due and payable in full in the event of the sale or other transfer of any interest in the property, excepting a transfer by Mortgagor to a Wyoming limited liability company owned by Mortgagor, whether by deed, contract for deed, or in any other manner whatsoever. 3. Payment of Indebtedness. Mortgagor will pay the indebtedness as herein provided. Mortgagor hereby reserves the privilege to pay the debt in whole, or in an amount equal to one or more payments on the principal or interest that may next be due on the Promissory Note prior to maturity. 4. Maintenance. Nothing shall be done on, or in connection with, the Premises that may impair Mortgagee's security hereunder; and Mortgagor will not commit, permit, or suffer waste, impairment, or deterioration of the Premises, or any part thereof; and the Premises shall be continuously maintained in good and sightly order, repair, and condition by Mortgagor at Mortgagor's expense. 5. Hazard Insurance. Mortgagor will keep the improvements now existing, or hereafter erected, on the Premises insured as may be required from time to time by Mortgagee against loss by fire and other hazards, casualties, and contingencies in such 2 OOu351 amounts, and for such periods as may be required by Mortgagee to protect Mortgagee's 000 152 interests and will pay promptly, when due, any premium for such insurance. All insurance shall be carried in a company, or companies, reasonably acceptable to Mortgagee; and Mortgagor will provide evidence thereof to Mortgagor promptly upon request. Any such policy shall have attached thereto loss payment clauses in favor of, and in form reasonably acceptable to, Mortgagee. In the event of loss, Mortgagor will give immediate notice to Mortgagee, who may make proof of loss if not made promptly by Mortgagor. In the event of foreclosure of this Mortgage or other transfer of title to the Premises in extinguishment of the indebtedness secured hereby, all right, title, and interest of Mortgagor in, and to, any insurance policy then in force shall pass to the purchaser or grantee. 6. Charges; Liens. In case Mortgagor defaults in the payment of ground rents, if any, taxes, assessments, water, or other governmental charges, or any other lawful charge of any kind, 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 4. hereof, Mortgagee may effect such repairs as it may reasonably deem necessary to protect the property at the expense of Mortgagor. Mortgagor shall repay such sums so paid and all expenses so incurred by Mortgagee, with interest thereon from the date of payment, at 5% per annum, upon demand; and the same shall be a lien on the Premises and be secured by the Promissory 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. Deficiencv. In the event the premises are sold under foreclosure and the proceeds are insufficient to pay the indebtedness secured hereby, Mortgagor will be personally liable for any unpaid balance; and Mortgagee will be entitled to a deficiency judgment against Mortgagor. 8. Acceleration. In case default is made in the payment, 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, ground rents, taxes,' assessments, water charges, expenditures for repair or maintenance, together with all other sums payable pursuant to the provisions hereof, shall, at the option of Mortgagee, become immediately due and payable, although the period above set forth for the payment thereof may not have expired, anything herein, or in the Promissory 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, according to the 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 and in payment of all monies expended or advanced by Mortgagee pursuant to the provisions of paragraph 6. hereof, and then to the payment of the balance due on account of the principal indebtedness secured hereby, together with interest thereon. Any surplus shall be paid by Mortgagee to Mortgagor. There shall be included in any such proceedings a reasonable attorney's fee for which Mortgagor agrees to be liable. If Mortgagee fails promptly to foreclose upon the happening of any default, Mortgagee shall not thereby be prejudiced in Mortgagee's right to foreclose at any time thereafter during which such default continues; and Mortgagee shall not be prejudiced in Mortgagee's foreclosure rights in case of further default. 9. Mortgagee's Right of Possession. In case of any default whereby the right of foreclosure occurs hereunder, Mortgagee shall at once become entitled to the exclusive possession, use, and enjoyment of all of the Premises and 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 any. Such possession, rents, issues, and profits shall at once 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, without limitation, action or actions in ejectment, or forcible entry, or unlawful detainer. Mortgagee shall be entitled to a receiver for the premises, and all rents, issues, and profits thereof, after any such default, including the time covered by foreclosure proceedings and the period of redemption, if 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 premises and without regard to the value of the premises or the sufficiency thereof to discharge the mortgage debt and foreclosure costs, fees, and expenses. Such receiver may be appointed by any court of competent jurisdiction upon an 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 and on Mortgagor's own behalf; and all rents, issues, profits, income, and revenue of the premises shall be applied by such receiver according to law and the orders and directions of the court. 10. Protection of Security. If Mortgagor fails to perform the covenants and agreements contained herein, or if any action or proceeding is commenced which adversely affects Mortgagee's security interest in the Premises, including, without limitation, eminent domain, insolvency, or arrangements or proceedings involving a bankrupt or decedent, then Mortgagee, at Mortgagee's option, upon notice to Mortgagor, may make such appearances, disburse such sums, and take such action, as Mortgagee deems necessary or expedient to protect Mortgagee's security interest, including, but not limited to, disbursement of reasonable attorney fees and costs and entry upon the Premises for any reasonable purpose, including the making of repairs. Any amounts of money disbursed, and any expenses incurred, by Mortgagee pursuant to any action taken under this paragraph 10., with interest thereon at the rate of 5% per annum from the date such amount is disbursed or such expense is incurred, shall become additional indebtedness of Mortgagor secured by this Mortgage. Such additional indebtedness shall be payable immediately upon notice from Mortgagee to Mortgagor. Mortgagor and Mortgagee expressly understand and agree that nothing contained in this paragraph 10. shall require Mortgagee to incur any expense or to perform any act. 11. Inspection. Mortgagee may make, or may cause to be made, reasonable entries upon the premises for the purpose of inspection of the premises at any and all reasonable times. 12. Condemnation. a. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other proceeding relative to the taking of the premises, or any part thereof, or for conveyance in lieu of condemnation, are hereby assigned to Mortgagee and shall be paid as is set out herein. b. In the event of a total taking of the premises, the proceeds shall be applied to the sums secured by this Mortgage with the excess, if any, paid to Mortgagor. c. In the event of a partial taking of the Premises, unless Mortgagor and Mortgagee otherwise agree in writing, there shall be applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the premises immediately prior to the date of taking, with the balance of the proceeds paid to Mortgagee. d. If the Premises should be abandoned by Mortgagor, or, if after notice by Mortgagee to Mortgagor that the condemnor offers to make an award or settle a claim for damages, Mortgagor fails to respond to Mortgagee within 10 days after the date of such notice, Mortgagee is hereby authorized to collect and apply the proceeds of such 4 award or settlement at Mortgagee's option either to the restoration or the repair of the Premises or to the sums secured by the Mortgage. e. No such application of proceeds to the principal shall extend or postpone the due date of any installment or payment of money referred to hereinabove, nor shall the amount of any such installment be changed. 13. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity and may be exercised concurrently, independently, or successively. 14. Binding Effect. The terms and covenants herein contained shall be binding upon, and shall inure to the benefit of, the parties hereto and their respective heirs, successors, and assigns. 15. Headings. The headings used herein are for convenience only and are not to be used in the interpretation of any part hereof. 16. Notice. Any notice required, or contemplated, hereunder shall be effective when given in writing either in person or by certified United States mail, postage prepaid, addressed as follows, and shall be deemed to have been given when delivered in person or on the third day following such mailing: TO MORTGAGOR: TO MORTGAGEE: Dwight D. Reppa Roberta L. Reppa P. O. Box 12027 Jackson, Wyoming 83002 James R. Macy Olive Lee Macy P. O. Box 1997 Jackson, Wyoming 83001 Either party may, by notice, change the address to which the party's notices are to be mailed. 17. Situs. This Mortgage shall be construed and enforced in accordance with the laws of the State of Wyoming. In the event that any provision or clause of this Mortgage, or the Promissory Note, conflicts with applicable law, such conflict shall not affect other provisions of the Mortgage or the Promissory Note which can be given effect without the conflicting provision; and to this end the provisions of the Mortgage and the Promissory Note are hereby agreed to be severable. 18. Mortgagor's Right to Reinstate. Notwithstanding Mortgagee's acceleration of the sums secured by this Mortgage, Mortgagor shall have the right to have any proceedings begun by Mortgagee to enforce this Mortgage discontinued before sale of the Premises pursuant the power of sale contained in this Mortgage or at any time prior to entry of a judgment enforcing this Mortgage if: (a) Mortgagor pays to Mortgagee all sums which would then be due under this Mortgage, the Promissory Note, and any additional notes securing future advances, had no acceleration occurred; (b) Mortgagor cures all breaches of any other covenant or agreement of Mortgagor contained in this Mortgage; (c) Mortgagor pays all reasonable expenses incurred by Mortgagee in enforcing the covenants and agreements of Mortgagor contained in this Mortgage and in enforcing Mortgagee's remedies as provided herein, including, but not limited to reasonable attomey fees; and (d) Mortgagor takes such action as Mortgagee may reasonably require to assure that the lien of this Mortgage, Mortgagee's interest in the Premises, and Mortgagor's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment and cure by Mortgagor, the within Mortgage, and the obligations secured hereby, shall remain in full force and effect as if no acceleration had occurred. 5 0 354 19. Release. Upon payment of all sums secured by this Mortgage, Mortgagee shall immediately thereupon execute, acknowledge, and deliver to Mortgagor a good and sufficient release of this Mortgage. MORTGAGOR: DWIGHT D. REPPA AND ROBERTA L. REPPA LIVING TRUST dated February 8, 2002 D //wsree 6 crl,_ By// DWIGH)RE'4A, Trustee By: ROBERTA L. REPPA, Trustece State of Wyoming :ss County of Teton On thisl da of March, 2010, personally appeared before me Dwight D. Reppa, and, first having been duly swom, stated that the Dwight D. Reppa and Roberta L. Reppa Living Trust, dated February 8, 2002 is in full force and effect, that he and Roberta L. Reppa are the only trustees thereof, that he has full authority to execute, acknowledge and deliver the foregoing Mortgage in his capacity as co- trustee thereof, and acknowledged his signature on the foregoing Mortgage in the capacity indicated. Witness my hand and official seal. Notary Public II My commission expires: 5 State of Wyoming :ss County of Teton tk. On this ZA day of March, 2010, personally appeared before me Roberta L. Reppa, and, first having been duly sworn, stated that the Dwight D. Reppa and Roberta L. Reppa Living Trust, dated February 8, 2002 is in full force and effect, that she and Dwight D. Reppa are the only trustees thereof, that she has full authority to execute, acknowledge and deliver the foregoing Mortgage in her capacity as co- trustee thereof, and acknowledged her signature on the foregoing Mortgage in the capacity indicated. Witness my hand and official seal. Notary Public My commission expires: 5 c\ Z ACKNOWLEDGEMENTS 6 0®i- C9355 MELISSA CAPENER NOTARY PUBLIC County of State of Teton Wyoming My Commission Expires Ma 19, 2012 MELISSA CAPEN County of Teton R NOTARY PUBLIC State of Wyoming My Commission Expires Ma 19.2012