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HomeMy WebLinkAbout955467MORTGAGE 1. MORTGAGE TO SECURE INDEBTEDNESS The Borrowers are Victor Arychuk and Waldtraut Arychuk, husband and wife. The Borrowers mailing address is P.O. Box 4196, Bedford, Wyoming 83112. The Lender is Call Ready Mix Lumber, Inc., a Wyoming Corporation. The Lender's mailing address is 88500 N. Hwy. 89, Afton, Wyoming, 83110. The Borrowers owe the Lender the principal sum of U.S. $76,302.66 dollars, together with interest at the rate of ti9k± percent per annum. This debt is evidenced by a 4. COVENANT OF PAY Page 1 of 3 Promissory Note executed by the Borrowers on the same date as this Mortgage. This Mortgage secures to the Lender: (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 Borrowers covenants and agreements under this Mortgage and the Promissory Note. For these purposes, the Borrowers do hereby mortgage, grant and convey to the Lender, with the power of sale, the following described property located in the County of Lincoln in the State of Wyoming, to -wit: Bridger Forest, Lot 65, Bedford, Lincoln, 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." 2. COVENANT OF OWNERSHIP The Borrowers covenant that they are lawfully seised of the estate hereby conveyed and have the right to mortgage, grant, and convey the Property and that the Property is unencumbered, except for encumbrances of record. The Borrowers warrant 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 Borrowers covenant 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. RECEIVED 9/14/2010 at 9:57 AM RECEIVING 955467 BOOK: 753 PAGE: 567 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY tf7In )568 The Borrowers covenant to pay when due all taxes, assessments, and other impositions chargeable to the Property. 5. COVENANT TO INSURE PROPERTY The Borrowers covenant to keep the Property adequately insured and to maintain the Property in good and habitable condition. 6. DEFAULT AND ACCERLARATION OF DEBT If the Borrowers fail to make timely payment of sums due under the Promissory Note or fail to keep any covenant contained in this Mortgage, then the Borrowers will be in default. Upon default, the Lender 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 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 Borrowers fail to cure the default, the Lender shall have the right to foreclose this Mortgage by advertisement and sale, as provided by the statutes of the State of Wyoming. The Lender 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 Borrowers agree that if the Lender does not choose to accelerate the Note as provided above in the event of default, it 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 Borrowers or to the Lender 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 Page 2 of 3 9 569 This This Note shall be binding upon the heirs, representatives, successors and assigns of both the Borrower and the Lender. 10. WAIVER OF HOMESTEAD The Borrowers release and waive all rights under and by virtue of the Homestead laws of the State of Wyoming. 11. COSTS FOR NOTE AND SECURITY ENFORCEMENT The Borrowers agree to pay the Lender's costs of enforcing the default provisions of this Mortgage and the corresponding Note, including a reasonable attorney's fee, should such rights be exercised by the Lender. IN WITNESS WHEREOF, this Mortgage has been executed this day of 5-e re -,,Y, Jaw 20 /c STATE OF WYOMING SS. COUNTY OF LINCOLN Witness my hand and official seal. My commission expires: TERESA BRUCE NOTARY PUBLIC County of 4 State of Lincoln p Wyoming L My Commission Expires May 7, 2013 Page 3 of 3 The foregoing instrument was acknowledged e fjQre me by ictor Aryc uk and Waldtraut Arychuk, husband and wife, on this day 201()