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RECEIVED `V-ce
I.1NCGl.,.I COUNTY CLERK
87316 0 1 slY-8 Ph 1, 05
BOOK 464 PR PAGE 0 3 8 MORTGAGE ° 1t:'t, ,
►~~~N~vz~, r~~if~E R
KEPAMk F,1E F?, 'A YOtING
KNOWALL MENBY THESE PRESENTS, that the Bank of Star Valley, a Wyoming
banking corporation of P.O. Box 8007, Afton, Wyoming 83110, to secure the payment
of the principal sum of seventy thousand dollars ($70.000.00) as evidenced by a
Promissory Note dated of even date herewith, to the order of JOAN MARTIN, of P.O.
Box 275, Afton Wyoming, 83110 to be paid as follows:
1. On the date of the execution of this Mortgage and the Promissory Note of
even date the balance owed to the Mortgagee by the Mortgagor in the amount of
seventy thousand dollars ($70,000.00) shall accrue interest at seven percent per
annum until paid in full.
2. The Mortgagor shall pay to the Mortgagee an annual payment on or
before May 9 of each year.
3. The first annual payment shall be due on May 9, 2002 and shall continue to
be due on or before May 9 of each year thereafter until May 9, 2006 when the full and
final payment including principal, interest, and penalties are to be paid in full.
4. The annual payment to begin on May 9, 2002 shall be seventeen thousand
seventy four dollars and six cents ($17,074.06) and each annual payment due on or
before May 9 of each year thereafter shall be seventeen thousand seventy four dollars
and six cents ($17,074.06). Attached to this Mortgage in the form of Exhibit A is an
amortization schedule which is made part of this Promissory Note by reference and
incorporation as set forth fully herein.
Bowers Law Office, P. C.
P.O. Box 1550
Afton, Wyoming 83110
307-885-0640 Page I of 7
039
5. The Mortgagor may not prepay the principal amount in whole or in part at any
time. In the event the Mortgagor makes prepayment the remaining interest that is to
accrue pursuant to this Mortgage and Promissory Note shall still be due and payable as
set forth within the attached Exhibit A, (Amortization Schedule). The remaining interest
may be construed as a penalty for prepayment on the principal amount. Any partial
prepayment shall be applied against the principal outstanding and shall not postpone
the due date of any subsequent annual installments or change the amount of such
installments, unless the Mortgagee shall otherwise agree in writing.
6. If any payment is made more than 10 days after the date due the mortgagor
shall pay an additional five hundred dollars ($500.00), to the mortgagee.
MORTGAGOR hereby mortgages to mortgagee, the following described real
estate, situated in the County of Lincoln, State of Wyoming:
Part of Lot 4 of Block 18 to the Town of Afton, Lincoln County, Wyoming
being more particularly described as follows:
BEGINNING at a point which is 10 rods South of the Northeast corner of
said Lot 4;
thence West, at right angles, 6 rods;
thence South, at right angles, 1 rod;
thence East, at right angles , 6 rods;
thence North, along the East boundary line of said Lot 4, 1 rod to the
POINT OF BEGINNING.
ALSO
Part of Lot 4 of Block 18 to the Town of Afton, Lincoln County, Wyoming
being more particularly described as follows:
BEGINNING at a point 118 feet North of the Southeast corner of said Lot
4 and running thence West 5 rods;
thence North 2 rods;
thence East 5 rods;
thence South 2 rods to the POINT OF BEGINNING.
Bowers Law"Offiice„ P. C. i4
P.O. Box 1550
Afton, Wyoming 83110
307-885-0640. Page 2 of 7
040
Mortgagor hereby relinquishes and waives all rights under and by virtue of the
homestead laws of the State of Wyoming and covenants that it is lawfully seized of the
premises, that they are free from all encumbrances and hereby covenants to warrant
and defend the title of the premises against the lawful claims of all persons
whomsoever.
MORTGAGOR covenants with mortgagee as follows:
1. In case of default in any of the payments stipulated in the note, mortgagor, as
further security for this mortgage and the note secured thereby, hereby assigns, sets
over, and conveys to mortgagee all rents, issues, and profits from the property.
2. To pay promptly, when due, the principal and interest and other sums of
money provided for in said Note and this Mortgage, or either; to pay all and singular the
taxes, assessments, levies, liabilities, obligations, and encumbrances of every nature
on said property.
3. To perform comply with and abide by each and every the agreements,
stipulations, conditions, and covenants, set forth in said Note and this Mortgage or
either.
4. Failure by the mortgage to exercise any of the rights or options herein
provided shall not constitute a waiver of any rights or options under said Note or the
Mortgage accrued or thereafter accruing.
5. Nothing shall be done on or in connection with the property that may impair
mortgagee's security hereunder; mortgagor will commit, permit of suffer no waste,
impairment or deterioration of the property nor any part thereof, and the property shall
be continuously maintained in good and sightly order repair, and condition by mortgagor
at his expense. However, not withstanding this section the mortgagor may remove any
and all improvements and use the property for any use they feel is appropriate.
6. Mortgagor and mortgagee agree that there are no insurable improvements on
the property. Therefore, mortgagor is not required to carry insurance on the premises.
Bowers Law Office, P.C.
P.O. Box 1550
Afton, Wyoming 83110
307-885-0640 Page 3 of 7
0 41
v . r ri. J
7. In case mortgagor defaults in the payment of ground rents, if any, taxes,
assessments, water or other governmental or municipal charges, or other lawful
charges as herein provided, 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 5 hereof, mortgagee may effect such repairs as it may reasonable 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 eight percent (8%) per annum, and the same shall be a
lien on the premises and be secured by the 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.
8. In the event the property is sold under foreclosure and the proceeds are
insufficient to pay the total indebtedness secured hereby, mortgagor binds itself
personally to pay the unpaid balance, and mortgagee will be entitled to a deficiency
judgment.
9. 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, if any, taxes,
assessments, water charges, expenditures for repairs or maintenance, together with all
other sums payable pursuant to the provisions hereof, shall become immediately due
and payable, at the option of mortgagee, although the period above, limited for the
payment thereof may note have expired, anything herein before or in the 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 for cash, according to Wyoming Statutes
Bowers Law Office, P. C.
P.O. Box 1550
Afton, Wyoming 83110
307-885-0640
Page 4 of 7
I
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,
including reasonable attorney fee, and in payment of all money expended or advanced
by mortgagee pursuant to the provisions of Paragraph 7 hereof, and then to the
payment of the balance due on account of the principal indebtedness secured hereby,
together with interest thereon and the surplus if any, shall be paid by mortgagee on
demand to mortgagor. In case mortgagee fails promptly to foreclose on the happening
of any default, it shall not thereby be prejudiced in its right to foreclosure at any time
thereafter during which such default continues, and shall not be prejudiced in its /
foreclosure rights in case of further default.
10. In case of any default whereby the right of foreclosure occurs hereunder,
mortgagee shall at once become entitled to exclusive possession, use, and enjoyment
of all property, ad 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
there is any; and 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 action or actions in ejectment, or forceable entry, or unlawful detainer; and
mortgagee shall be entitled to a receiver for the property and all rents, issues, and
profits thereof, after any such default, including the time covered by foreclosure
proceedings and the period of redemption, if there is 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 property, and without regard to the value of the property of the
sufficiency thereof to discharge the mortgage debt and foreclosure costs, fees and
expenses, and such receiver may be appointed by any court of competent jurisdiction
on ex parte application and without notice (notice being hereby expressly waiver, and
the appointment of any such receiver on any such application without notice being
Bowers Law Office, P. C.
P.O. Box 1550
Afton, Wyoming 83110
307-885-0640 Page 5 of 7
r
U'I j to 4i.ji. ,J
043
hereby consented to by mortgagor on mortgagor's own behalf), and all rents, issues,
profits, income, and revenue of the property shall be applied by such receiver,
according to law and the orders and directions of the court.
11. Mortgagor may not convey or transfer any interest in or encumber the
described premises without the prior written consent of the mortgagee. Mortgagor must
give mortgagee written notice of mortgagor's intent to convey or transfer any interest in
or to encumber the described premises at least thirty (30) days prior to the proposed
conveyance or encumbrance. If all or any part of the described premises or an interest
therein is sold, transferred or encumbered by mortgagor without mortgagee's prior
written consent, excluding death of a joint tenant or the grant of any leasehold interest
of three (3) years or less not containing an option to purchase, mortgagee may, at its
option, declare the entire remaining balance due under this agreement to be
immediately due and payable and give written notice to mortgagor thereof. After receipt
of such written notice, mortgagor shall have thirty (30) days in which to pay the entire
remaining balance to mortgagee.
12. The covenants herein contained shall bind, and the benefits and advantages
shall inure to, the respective heirs, executors, administrators, successors, and assigns
of the parties hereto. Whenever used, the singular number shall include the plural, the
plural the singular, and the use of any gender shall include all genders.
13. Whenever used herein, the terms "mortgagor" and "mortgagee" include all
the parties to this instrument and the heirs, legal representatives, and assigns of
individuals, and the successors and assigns of corporations; and the term "Note"
includes all the notes herein described if more than one.
IN IF17TNESS WIHEREOF, mortgagor has caused this mortgage to be executed by its authorised officers
as of this*9m Pday of May, 2001
l-
DATED this 96 day of May, 2001.
Bowers Law Office, P.C.
P.O. Box 1550
Afton, Wyoming 83110
307-885-0640
Page 6 of 7
8 4r a21F;124
044
.F.Y
THE BANK OF STAR VA= Y
a wyomin in~an&_ea~por op
By
R D jEN N, President
STATE OF WYOMING )
SS.
COUNTY OF LINCOLN )
The foregoing instrument was acknowledged before me by ROD JENSEN
who appeared before me and was personally known to me, and was by duly sworn and
upon oath represented that he was the President of the Bank of Star Valley, a Wyoming
banking corporation, that the instrument was signed on behalf of the Bank of Star
Valley, a Wyoming banking corporation by the authority of the Board of Directors and
that Rod Jensen executed the foregoing on behalf of the Bank of Star Valley, a
Wyoming banking corporation, it being the free act of the corporation, this 'day of
May, 2001. lylti
WITNESS my hand and official seal.
My commission expires:
2-1- 2x03
i Pusuc
►d state of
UK* Wyoming
( uwtresrob. 3.._..,
Bowers Law Office, P. C.
P.O. Box 1550
Afton, Wyoming 83110
307-885-0640
r
NOTARY P BLIC
Page 7 of 7
Amortization
. ~jkw
Amortization
045
Borrower name
Address
Loan number
x
05-09-2002
Regular Pmt
17,074.06
12,174.06
4,900.00
57,825.94
2002 Totals:
17,074.06
12,174.06
4,900.00
05-09-2003
Regular Pmt
17,074.06
13,026.24
4,047.82
44,799.70
2003 Totals:
17,074.06
13,026.24
4,047.82
05-09-2004
Regular Pmt
17,074.06
13,929.49
3,144.57
30,870.21
2004 Totals:
17,074.06
13,929.49
3,144.57
05-09-2005
Regular Pmt
17,074.06
14,913.15
2,160.91
15,957.06
2005 Totals:
17,074.06
14,913.15
2,160.91
05-09-2006
Regular Pmt
17,074.06
15,957.07
1,116.99
-0.01
2006 Totals:
17,074.06
15,957.07
1,116.99
Loan Totals:
Printed on: 05-07-2001
C:\wi EMP\t Amortization.rpt
85,370.30 70,000.01 15,370.29
M
M 5/7/01