HomeMy WebLinkAbout954223MORTGAGE 000096
THIS MORTGAGE is executed and delivered effective the day of June 2010,
by Trout Unlimited Property Management Co., Inc., (hereinafter referred to as
"Mortgagor to Langley Insurance Agency, Inc. (hereinafter referred to as
"Mortgagee
Mortgagor, to secure payment of the sum of One Hundred Seventy -Six Thousand
Dollars ($176,000.00), together with interest thereon as set forth in a Promissory Note
of even date herewith, from Trout Unlimited Property Management Co., Inc. to Langley
Insurance Agency, Inc., DOES HEREBY MORTGAGE to the Mortgagee, the following
described real property situated in Lincoln County, Wyoming:
The real property described in Exhibit A attached hereto and made a part hereof,
Including and together with all improvements and appurtenances thereon and thereunto
belonging, but subject to taxes, reservations, covenants, conditions, encroachments,
restrictions, rights -of -way and easements of sight and record, if any.
This Mortgage is subject to the express condition that if the Mortgagor pays or causes
to be paid to the Mortgagee the sum of One Hundred Seventy -Six Thousand Dollars
($176,000.00) together with interest and penalties for late payment thereon as set forth
in the Promissory Note of even date herewith which is secured by this Mortgage,
including any renewals, modifications and extensions thereof, the ultimate maturity date
of said note being October 30, 2010, then this Mortgage and said note shall be released
by the Mortgagee.
Mortgagor hereby releases and waives all rights under and by virtue of the homestead
exemption laws of the State of Wyoming.
Mortgagor further covenants and agrees as follows:
Mortgagor shall pay the indebtedness as herein provided and the lien of this instrument
shall remain in full force and effect during any postponement or extension of the time of
payment of any part of the indebtedness secured hereby.
Mortgagor shall pay all taxes and assessments levied or assessed against the
mortgaged property.
Mortgagor shall not commit or permit waste and will do nothing on or in connection with
the mortgaged property which may impair the security of the Mortgagee hereunder.
Mortgagor shall not permit the mortgaged property or any part thereof to be levied upon
or attached in any legal or equitable proceeding, except to the extent that such levy or
attachment is being contested in good faith by appropriate proceedings. Mortgagor
agrees to pay in full the amount of any such levy or attachment within ten (10) days
after any final judgment thereon has been entered.
If Mortgagor defaults in the payment of the taxes, assessments, or other lawful charges,
the Mortgagee may, without notice or demand pay the same, and all sums so paid shall
RECEIVED 7/1/2010 at 4:18 PM
RECEIVING 954223 Mortgage
BOOK: 750 PAGE: 96 Page 1 of 4
JEANNE WAGNER
r`I cov VI RARnFRFR \NY
be added to the principal sum of the mortgage debt. Any sums so paid shall draw
interest at the rate of fifteen percent (15 per annum.
00009"7
If the Mortgagor defaults in the payment of the indebtedness hereby secured or of any
part of any installment of principal or interest or in case of breach of any covenant or
agreement herein contained, or contained in the Promissory Note secured by this
Mortgage, which default is not remedied within thirty (30) days after notice thereof is
mailed by or on behalf of the Mortgagee as provided hereafter, the whole of the then
indebtedness secured hereby, both principal and interest, together with all sums
payable pursuant to the provisions hereof shall, at the option of the Mortgagee become
immediately due and payable, anything herein or in said note to the contrary
notwithstanding and failure to exercise said option shall not constitute a waiver of the
right to exercise the same in the event of any subsequent default. The Mortgagee may
enforce the provisions of or foreclose this Mortgage by any appropriate suit, action or
proceeding at law or in equity, or by advertisement and sale as authorized by Wyoming
statute, and cause to be executed and delivered to the purchaser or purchasers at any
foreclosure sale a proper deed of conveyance of the property so sold. The Mortgagor
agrees to pay all costs of enforcement or foreclosure including a reasonable attorney's
fee. The failure of the Mortgagee to promptly foreclose upon a default shall not
prejudice any right of said Mortgagee to foreclose thereafter during the continuance of
such default or any right to foreclose in case of further default or defaults. The net
proceeds from such sale shall be applied to the payment of first, the attorney's fees and
all monies expended or advanced by the Mortgagee pursuant to the provisions of this
Mortgage; second, all unpaid taxes, assessments, claims and liens on said property
which are superior to the lien hereof; third, the balance due Mortgagee on account of
principal and interest on the indebtedness hereby secured; and the surplus, if any, shall
be paid to the Mortgagor.
If the right of foreclosure accrues as a result of any default hereunder, the Mortgagee
shall at once become entitled to exclusive possession, use and enjoyment of the
mortgaged property and to all rents, issues and profits thereof from the occurring of
such right and during the pendency of foreclosure proceedings and the period of
redemption and such possession, rents, issues and profits shall be delivered
immediately to the Mortgagee on request. On refusal the delivery of such possession,
rents, issues and profits may be enforced by the Mortgagee by any appropriate suit,
action or proceeding. Mortgagee shall be entitled to a receiver for the mortgaged
property and all rents, issues, and profits thereof after any such default including the
time covered by foreclosure proceedings and the period of redemption and without
regard to the solvency or insolvency of the Mortgagor or the then -owner of the
mortgaged property and without regard to the value of the mortgaged property 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
ex parte application notice being hereby expressly waived and the appointment of any
such receiver on any such application without notice, is hereby consented to by the
Mortgagor. All rents, issues and profits, income and revenue of said property shall be
applied by such receiver according to law and the orders and directions of the court.
If the property described herein is sold under foreclosure, and the proceeds are
insufficient to pay the total indebtedness hereby secured, the Mortgagor shall be
Mortgage
Page 2 of 4
personally bound to pay the unpaid balance and the Mortgagee shall be entitled to a
deficiency judgment.
000®98
Mortgagor shall not sell or transfer the property as long as any amount remains unpaid
hereunder without the written consent of Mortgagee first had and obtained, which
consent shall not be unreasonably withheld. In the event of any such sale or transfer
without such consent, Mortgagor shall remain fully liable hereunder, and Mortgagee, at
Mortgagee's election, may declare the entire principal balance and all accrued interest
thereon immediately due and owing together with all applicable charges according to
the terms of the promissory note secured hereby, and may proceed to collect the same
in any manner provided by law or by the terms hereof. Mortgagor agrees to give
Mortgagee prior written notice of any proposed sale, conveyance or other transfer of the
property subject to this Mortgage. If Mortgagee gives consent to any such transfer, then
Mortgagee may insist upon the following as a condition to such consent:
The continuing liability of Mortgagor under the promissory note and this Mortgage;
Satisfactory evidence of the ability and financial capacity of the assignee or transferee
to make required payment and otherwise perform under the note and this Mortgage;
Approval of the terms and conditions of all of the instruments proposed in connection
with such sale, conveyance or transfer;
The payment by Mortgagor of reasonable expenses incurred by Mortgagee in reviewing
the information and materials submitted by Mortgagor regarding the determination set
forth above, including reasonable attorney's fees incurred by Mortgagee.
The acceptance of this Mortgage and the note it secures by the Mortgagee shall be an
acceptance of the terms and conditions contained herein.
Any notice required to be given to any person hereunder, or under the terms of the
Promissory Note secured hereby, shall be deemed to have been given when deposited
in the United States mail, postage prepaid, certified mail, and addressed as follows:
If to Mortgagee:
Langley Insurance Agency, Inc.
4400 First Place Tower
15 E. 5 Street
Tulsa, Oklahoma 74103
If to Mortgagor:
Trout Unlimited Property Management Co., Inc.
PO Box 550
Afton, WY 83110
or to such other address as shall be specified in writing from time to time in accordance
with the provisions hereof. Any notice so mailed shall for all purposes hereof be
Mortgage
Page 3 of 4
deemed to have been personally served upon such party on the date when such notice
is deposited in the United States mail.
000099
As collateral and further security for the payment of the indebtedness hereby secured,
Mortgagor shall keep any improvements now existing or hereafter erected on the
mortgaged property insured against loss by fire, with extended coverage provisions, in
an amount at least equal to the replacement cost of said improvements, and will pay
when due all premiums on such insurance. All such insurance shall have attached
thereto loss payable clauses in favor of the Mortgagor and Mortgagee as their interests
may appear. The insurance proceeds or any part thereof, shall, at the option of the
Mortgagor, be applied either to the reconstruction of improvements on the mortgaged
property or to the payment of the indebtedness hereby secured.
The covenants herein contained shall bind and the benefits and advantages shall inure
to the respective heirs, devisees, legatees, 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. The
term "foreclosure" and "foreclose" as used herein shall include the right of foreclosure
by any suit, action or proceeding at law or in equity or by advertisement and sale of the
mortgaged property or in any other manner now or hereafter provided by Wyoming
statutes including the power to sell.
IN WITNESS WHEREOF, this Mortgage has been executed effective on the date first
above written.
Daniel Schwab for Trout ited Property Management Co., Inc.
STATE OF G
ss.
COUNTY OF LINCOLN
Sworn and Subscribed before me this C day of 2010,
by Daniel A. Schwab for Trout Unlimited Property Management Co., Inc. who certifies
that he has the authority to sign for the Corporation.
Witness my hand and official seal.
My Commission expires: r -Q do(
Mortgage
Page 4 of 4
Exhibit "A"
BEGINNING AT A POINT WHICH IS THE NORTHWEST CORNER OF THE
SE'/4SW% OF SECTION 14, T32N, R119W OF THE 6TH P.M., LINCOLN
COUNTY, WYOMING, AND RUNNING THENCE SOUTH 41 RODS;
THENCE EAST 78 RODS;
THENCE NORTH 41 RODS;
THENCE WEST 78 RODS TO THE POINT OF BEGINNING.
000100