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HomeMy WebLinkAbout956993RECEIVED 3 4ILILU u al 1 1 n,•. RECEIVII )56993 BOOK: 758 PAGE: 195 JEANNE WAGNER 000195 LINCOLN COUNTY CLERK, KEMMERER, WY MORTGAGE DEED WITH RELEASE OF HOMESTEAD KNOW ALL MEN BY THESE PRESENTS, that Matthew Steve Clark and Tatum Clark, husband and wife, (hereinafter designated as "Mortgagors of Smoot, Wyoming, Lincoln County, State of Wyoming, to secure the payment of the principal sum of One Hundred Fifty Thousand Dollars $(150,000.00) with interest commencing December 1, 2010, at Five Percent (5 per annum, as evidenced by a promissory note of even date herewith to the order of Reed S. Clark, Trustee of the Reed S. Clark Living Revocable Trust dated November 5, 2008, of P.O. Box 143, Smoot, Lincoln County, Wyoming, (hereinafter designated as "Mortgagee, principal and interest payable as set forth in said Promissory Note. Said Mortgagors do hereby mortgage with the power of sale to said Mortgagees, the following described real estate, situated in the County of Lincoln, State of Wyoming, to -wit: Lot 6 of Cottonwood Subdivision Amended, Lincoln County, Wyoming as described on the official plat filed on April 4, 1978 as instrument No. 506316 of the records of the Lincoln County Clerk. TOGETHER WITH all improvements, appurtenances, hereditaments and all other things thereunto belonging or in anywise appertaining. SUBJECT, HOWEVER, to all easements, rights -of -way, reservations and restrictions now of record or otherwise affecting said lands. Including all buildings and improvements thereon (or that may hereafter be erected thereon); together with hereditaments and appurtenances and all other rights thereunto belonging, or in anywise now or hereafter appertaining, and the reversion and reversions, remainder and remainders, rents, issues, and profits thereof, and all plumbing, heating and lighting fixtures and equipment now or hereafter attached to or used in connection with said premises. The Mortgagors hereby covenant and agree that they are lawfully seized of said premises, that they are free from all encumbrances, and hereby covenants to warrant and defend the title of said premises against the lawful claims of all persons whomsoever. And the Mortgagors covenant and agree with the Mortgagee as follows: 1. That they will pay the indebtedness, as hereinbefore provided. Privilege is reserved to pay the debt in whole, or in an amount equal to one or more monthly payments on the principal that are next due on the note, on any interest paying date prior to maturity. 2. That the Mortgagors will pay all ground rents, taxes, assessments, water rents and other governmental or municipal charges, or other lawful charges, and will promptly deliver the official receipts therefor to the said Mortgagee. In default thereof the Mortgagee may pay the same, and all sums so paid shall be added to and considered a part of the above indebtedness hereby secured, and shall draw interest at the same rate. 3. That nothing shall be done on or in connection with said property which may impair the Mortgagee's security hereunder; the Mortgagors will commit, permit or suffer no waste, impairment or deterioration of said property nor any part thereof, and said property shall be continuously maintained in good and sightly order, repair and condition by the Mortgagors at their expense. 4. That they will keep the improvements now existing or hereinafter erected on the said premises, insured as may be required from time to time by the Mortgagee against loss by fire and other hazards, casualties, and contingencies in such amounts and for such periods as may be required by the Mortgagee and will pay promptly, when due, any premiums on such insurance. All insurance shall be carried in companies approved by the Mortgagee and the policies and renewals thereof shall be held by the Mortgagees and have attached thereto loss payable clauses in favor of and in form acceptable to the Mortgagee. In event of loss it will give immediate notice by mail to the Mortgagee, who may make proof of loss if not made promptly by the Mortgagors, and each insurance company concerned is hereby authorized and directed to make payment for such loss directly to the Mortgagee instead of to the Mortgagors and the Mortgagee, jointly and the insurance proceeds, or any part thereof, may be applied by the Mortgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration or repair of the property damages. In event of foreclosure of this mortgagee or other transfer of title to the said premises in extinguishment of the indebtedness secured hereby, all right, title, and interest of the Mortgagors in and to any insurance policies then in force shall pass to the purchaser or grantee. 5. That in case the Mortgagors default in the payment of ground rents, if any, taxes, assessments, water, or other governmental or municipal charges, or other lawful charges, as herein provided, the Mortgagee may without notice or demand pay the same and in case of failure on the part of the Mortgagors to comply with the covenants of paragraph 3 hereof, the Mortgagee may effect such repairs as it may reasonably deem necessary to protect the property, at the expense of 000196 the Mortgagors. The Mortgagors covenant and agree to repay such sums so paid and all expenses so incurred by the Mortgagees, with interest thereon from the date of payment, at the same rate as provided in the note herein described, and the same shall be a lien on the said premises and be secured by the said note and by these presents and in default of making such repayments, the whole amount hereby secured, if not then due, shall, if the said Mortgagee so elects, become due and payable forthwith, anything herein contained to the contrary notwithstanding. 6. That in the event the property covered hereby is sold under foreclosure and the proceeds are insufficient to pay the total indebtedness secured hereby, the Mortgagors bind themselves to pay the unpaid balance, and the Mortgagee will be entitled to a deficiency judgment. 7. Upon occurrence, with respect to any Mortgagors, Assignee, maker, endorser or guarantor hereof, of any of the following: Calling of a meeting of creditors; application for, or appointment of, a receiver of any of them or their property; filing of a voluntary or involuntary petition under any of the provisions of the Bankruptcy Act or amendments thereto; issuance of a warrant or attachment; entry of a judgment; failure to pay, collect or remit any tax or tax deficiency, Federal, State or local, when assessed or due; death dissolution; making, or sending notice of an intended bulk sale; mortgage or pledge of any property; suspension or liquidation of their usual business; failure, after demand, to furnish financial information or to permit inspection of any books or records; default in payment or performance of this mortgage or any other obligation to, or acquired in any manner by payee, or if the condition or affairs of any of them shall change as in the opinion of the Mortgagee or other legal holder thereof, shall increase its credit risk- -this mortgage and all other obligations, direct or contingent, of any maker or endorser hereof to payee shall become due and payable immediately without notice or demand. That in case default shall be 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, assessment, 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 the Mortgagee, although the period above limited for the payment thereof may not have expired, anything hereinbefore or in said Note contained to the contrary notwithstanding, and any failure to exercise said option shall not constitute a waiver of the right to exercise the same at any other time, and it shall be lawful for the 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 above described premises, at public venue, for cash, according to 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 moneys expended or advanced by the Mortgagee pursuant to the provisions of paragraph 5 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 the Mortgagee on demand, to the Mortgagors. There shall be included in any or all such proceedings, a reasonable attorney's fee. In case the Mortgagee shall fail promptly to foreclose upon the happening of any default, it shall not thereby be prejudiced in its right of foreclosure at any time thereafter during which such default shall continue and shall not be prejudiced in its foreclosure rights in case of further default or defaults. 8. That in case of any default whereby the right of foreclosure occurs hereunder, the Mortgagee shall at once become entitled to exclusive possession, use, and enjoyment of all property aforesaid, 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 there by, and such possession, rents, issues and profits shall at once be delivered to the Mortgagee on request, and on refusal, the delivery of such possession, rents, issues, and profits may be enforced by the Mortgagee by any appropriate civil suit or proceeding, including action or actions in ejectment, or forcible entry or unlawful detainer, and the Mortgagee shall be entitled to a Receiver for said 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 any there be, and shall be entitled thereto as a matter of right without regard to the solvency or insolvency of the Mortgagors, or the then owner of said property, and without regard to the value of said property, or the sufficiency thereof to discharge the mortgage debt and foreclosure costs, fees, and expense, and such Receiver may be appointed by any court of competent jurisdiction upon 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 the Mortgagors on the Mortgagors' own behalf), and 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. 9. No failure by the Mortgagee or any legal holder hereof to enforce any right set forth 2 3 000197 herein nor the granting of any extension of time nor taking of additional security, nor partial release of security or the making of future advances, shall act to constitute a waiver of the right to enforce any and all remedies provided herein nor shall it act to discharge or release the collateral. 10. That 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. 11. Mortgagors are not aware of any Hazardous Substance installed, stored, disposed of or otherwise located on or in the property. 12. Mortgagors shall not allow any Hazardous Substance to be brought onto, installed, used, stored, treated, disposed of or transported over the property without prior written consent from Mortgagee. 13. All activities and conditions on the property are currently in compliance with any applicable law. Mortgagors covenant and agree that all activities on the property shall at all times comply with any applicable law. 14. Five days after receipt or completion of any report, citation, or, other written or oral communication concerning the property from any government agency empowered to enforce, investigate, or oversee compliance with any applicable law, Mortgagors shall notify Mortgagee in writing of the contents of such communication, and shall provide Mortgagees with a copy of all relevant documents. 15. Notwithstanding any other provision of this Mortgage, upon discovery of any Hazardous Substance on or in the property, Mortgagors shall immediately notify Mortgagee thereof. Mortgagors shall immediately take all actions necessary (i) to comply with laws requiring notification of government agencies concerning such Hazardous Substance, (ii) to remedy or correct the condition, and (iii) to remove from the property all such Hazardous Substances. Mortgagors shall handle and dispose of such substances in accordance with any applicable law. Mortgagors shall take any and all actions necessary to obtain reimbursement or compensation from persons responsible for the presence of any Hazardous Substance on the site. Mortgagee shall be subrogated to Mortgagors' rights in all such claims. 16. Mortgagors agree to indemnify Mortgagee, defend with counsel acceptable to Mortgagee, and hold Mortgagee harmless from and against any claims, legal and administrative proceedings, judgments, damages, punitive damages, penalties, fines, costs, liabilities, interest or losses, attorneys' fees, consultant fees, and expert fees that arise directly or indirectly from or in connection with the presence, suspected presence, release or suspected release of any Hazardous Substance whether into the air, soil, surface water or ground water at the property, or any other violation of any applicable law whether by negligent or intentional activities of Mortgagors or any third party; or any breach of the foregoing representations and covenants. The indemni ties desc ri bed above specifically include but are not limited to the direct obligation of Mortgagors to promptly perform any remedial or other activities required, ordered or recommended by any administrative agency, government official, or third party, or otherwise necessary to avoid injury or liability to any person or property, to prevent the spread of any pollution or Hazardous Substance. 17. Mortgagee shall have the right to enter and inspect the condition of the property at any time and to conduct, or to designate a representative to conduct such inspection, testing, environmental audit or other procedures which mortgagee believes are necessary to determine current compliance with the covenants and representations contained herein. 18. Nothing contained in this Mortgage shall obligate Mortgagee to take any action with respect to the property or to take any action against any person with respect to such substances, condition or activity. 19. The term "Hazardous Substance" as used herein shall mean any substance which at any time shall be listed as "hazardous "toxic" or "carcinogenic" in any applicable law or regulation implementing such applicable law including but not limited to the Comprehensive Environmental Response, Compensation and Liability Act "CERCLA 42 U.S.C. Sections 9601 et seq.; the Resource Conservation and Recovery Act "RCRA 42 U.S.C. Section 6901 et seq.; and the Atomic Energy Act of 1954 as amended, 42 U.S.C. Sections 3011, et seq. 20. Due on Sale. Mortgagee may, at its option, declare the entire balance of the Secured Debt to be immediately due and payable upon the creation of or contract for the creation of, any transfer or sale of all or any part of the Property. This right is subject to the restrictions imposed by federal law (12 C.F.R. 591), as applicable. 21. Authority to Perform. If Mortgagors fail to perform any duty or any of the covenants Q 000198 contained in this Security Instrument, Mortgagee may, without notice, perform or cause them to be performed. Mortgagors appoint Mortgagee as attorney in fact to sign Mortgagors' name or pay any amount necessary for performance. Mortgagee's right to perform for Mortgagors will not create an obligation to perform, and Mortgagee's failure to perform will not preclude Mortgagee from exercising any of Mortgagee's other rights under the law or this Security Instrument. If any construction on the Property is discontinued or not carried on in a reasonable manner, Mortgagee may take all steps necessary to protect Mortgagee's security interest in the Property, including completion of the construction. 22. Collection Expenses and Attorneys' Fees. On or after Default, to the extent permitted by law, Mortgagors agrees to pay all expenses of collection, enforcement or protection of Mortgagee's rights and remedies under this Security Instrument or any other document relating to the Secured Debts. Mortgagors agrees to pay expenses for Mortgagee to inspect and preserve the Property and for any recordation costs of releasing the Property from this Security Instrument. Expenses include, but are not limited to, reasonable attorneys' fees after default and referral to an attorney not a salaried employee of the Mortgagee. These expenses are due and payable immediately. If not paid immediately, these expenses will bear interest from the date of payment until paid in full at the highest interest rate in effect as provided for in the terms of the Secured Debts. In addition, to the extent permitted by the United States Bankruptcy Code, Mortgagors agree to pay the reasonable attorneys' fees incurred by Mortgagee to protect Mortgagee's rights and interests in connection with any bankruptcy proceedings initiated by or against Mortgagors. 23. Insurance. Mortgagors agree to keep the Property insured against the risks reasonably associated with the Property. Mortgagors will maintain this insurance in the amounts of at least the unpaid balance due and owing to Mortgagee. This insurance will last until the Property is released from this Security Instrument. What Mortgagee requires pursuant to the preceding two sentences can change during the term of the Secured Debts. Mortgagors may choose the insurance company, subject to Mortgagee's approval, which will not be unreasonably withheld. All insurance policies and renewals will include a standard "mortgage clause" and, where applicable, "loss payee clause." Mortgagors will give Mortgagee and the insurance company immediate notice of any loss. All insurance proceeds will be applied to restoration or repair of the Property or to the Secured Debts, at Mortgagee's option. If Mortgagee acquires the Property in damaged condition, Mortgagors' rights to any insurance policies and proceeds will pass to Mortgagee to the extent of the Secured Debts. Mortgagors will immediately notify Mortgagee of cancellation or termination of insurance. If Mortgagors fail to keep the Property insured, Mortgagees may obtain insurance to protect Mortgagee's interest in the Property and Mortgagors will pay for the insurance on Mortgagee's demand. Mortgagee may demand that Mortgagors pay for the insurance all at once, or Mortgagee may add the insurance premiums to the balance of the Secured Debts and charge interest on it at the rate that applies to the Secured Debts. This insurance may include coverages not originally required of Mortgagors, may be written by a company other than one Mortgagors would choose, and may be written at a higher rate than Mortgagors could obtain if Mortgagors purchased the insurance. Mortgagors acknowledge and agree that Mortgagee or one of Mortgagee's affiliates may receive commissions on the purchase of this insurance. 24. Escrow for Taxes and Insurance. Mortgagors will not be required to pay to Mortgagee funds for taxes and insurance in escrow. 25. Waivers. Except to the extent prohibited by law, Mortgagors waive all homestead exemption rights relating to the Property. 26. Applicable Law. This Security Instrument is governed by the laws of Wyoming, the United States of Americas, and to the extent required, by the laws of the jurisdiction where the Property is located, except to the extent such state laws are preempted by federal law. 27. Joint and Individual Liability and Successors. Each Mortgagors' obligation under this Security Instrument are independent of the obligations of any other Mortgagor. Mortgagee may sue each Mortgagor individually or together with any other Mortgagor. Mortgagee may release any part of the Property and Mortgagors will still be obligated under this Security Instrument for the remaining Property. If this Security Instrument secures a guaranty between Mortgagees and Mortgagors, Mortgagors agree to waive any rights that my prevent Mortgagee from bringing any action or claim against Mortgagors or any party indebted under the obligation. These rights may include, but are not limited to, any anti deficiency or one action laws. Mortgagors agree that Mortgagee and any party to this Security Instrument may extend, modify or make any change in the terms of this Security Instrument or any evidence of debt without Mortgagors' consent. Such a change will not release Mortgagors from the terms of this Security Instrument. The duties and benefits of this Security Instrument will bind and benefit the successors and assigns of Mortgagee and Mortgagors. 28. Amendment, Integration and Severability. This Security Instrument may not be amended or modified by oral agreement. No amendment or modification of this Security Instrument is effective unless made in writing and executed by Mortgagors and Mortgagee. This Security 000199 Instrument and any other documents relating to the Secured Debts are the complete and final expression of the agreement. If any provision of this Security Instrument is unenforceable, then the unenforceable provision will be severed and the remaining provisions will still be enforceable. IN WITNESS WHEREOF, the Mortgagors have caused these presents to be signed this day of November, 2010.' STATE OF WYOMING COUNTY OF LINCOLN B NEUENSCHWANDER NOTARY PUBLIC County of Lincoln State of Wyoming My Commission Expires August 31, 2014 )ss. The foregoing instrument was acknowledged before me by Matthew Steve Clark and Tatum Clark, this 30 day of November, 2010. WITNESS my hand and official seal. Notary P blic