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Lot Ninety (90) in Star Valley Ranch, Plat Nine (9) as
platted and recorded in the Official Records of
Lincoln County, Wyoming.
Together with all and singular the improvements
thereon or thereunto appertaining, (the "Property
MORTGAGOR agrees to pay the indebtedness hereby secured; to pay all
taxes, assessments and charges levied against the Property, as the same become
due and payable; to secure, maintain and furnish MORTGAGEE evidence
thereof, insurance with an insurance carrier or carriers acceptable to
MORTGAGEE, covering the insurable improvements on the Property against
loss by fire, with extended coverage, in an amount not less than the unpaid
balance of the debt hereby secured, or the insurable value of such
improvements, whichever is less, which insurance shall contain an
appropriate loss payable provision protecting MORTGAGOR and
MORTGAGEE as their respective interests may appear from time to time. The
insurance proceeds or any part thereof, shall, at the option of the mortgagor, be
applied either to the reconstruction of improvements on the property or to the
payment of the indebtedness hereby secured. In the event MORTGAGOR fails
to pay such taxes and assessments, or fail to keep and maintain such insurance
as herein provided, MORTGAGEE may pay such taxes and assessments and
may secure and pay for such insurance, and all sums so paid shall be added to
and considered a part of the indebtedness hereby secured and shall draw
interest at the same rate.
In case default shall be made in the payment of the above sums hereby
secured, or in the payment of the interest thereon, or any part of such
principal or interest, when the same shall become due; or in case default shall
be made in any of the covenants and agreements thereof, which default is not
cured within thirty (30) days after notice thereof is given by MORTGAGEE, or
in the event MORTGAGOR sells or conveys the Property, or any part thereof,
or any interest therein, without the prior written consent of the MORTGAGEE
first had and obtained, then the whole indebtedness hereby secured, with
interest thereon, shall become due and payable, at the option of MORTGAGEE,
and MORTGAGEE'S legal representatives and assigns, may proceed by
advertisement and sale and /or as otherwise authorized by governing law, to
foreclose on and sell the Property, and out of the proceeds of such sale,
1
Mike J. Fisher and Rhonda G. Fisher, husband and wife; (hiereinafter
collectively "MORTGAGOR to secure the payment of One Hundred Thirt
Y
Four Thousand Dollars ($134,000.00), with interest thereon, as provided in
and evidenced by a promissory note of even date herewith (the ultimate
maturity date of which is the 51st day of March, 2031) and all renewals,
modifications and extensions thereof, does hereby "mortgage unto William M.
Fisher and Judy L. Fisher (hereinafter collectively "MORTGAGEE the
following described real property, situate in the County of Lincoln, State of
Wyoming, hereby releasing and waiving all rights under and by virtue of the
homestead exemption laws of the State of Wyoming, to -wit:
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