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HomeMy WebLinkAbout958413MUTUAL RELEASE AND AGREEMENT FOR 000502 CONVEYANCE IN LIEU OF FORECLOSURE THIS MUTUAL RELEASE AND AGREEMENT is made this 2014, by and between Noe Perez Garcia, and Eva Zarate Tzompa, hereinafter referred to as "Owner and Daniel M. Hesse, and Daniel M. Hesse, as Trustee of the D Lazy D Revocable Trust dated August 4, 1998, as amended, hereinafter referred to as "Lender RECITALS day of In order to purchase the subject property, Owner borrowed $71,500.00 from Lender, who sold the subject property to Owner and carried back a Promissory Note and Mortgage (Mortgage), hereinafter collectively referred to as "debt for which Mortgage was executed on August 30, 2006 and recorded in the office of the Lincoln County Clerk on September 15, 2006 in Book 633, PR Page 854. The Mortgage covers the following described property: That part of the SE1 /4NE1 /4 of S24, T31N, R119W, 6 P.M., Lincoln County, Wyoming, BEGINNING at a P -K nail on the East line of said SE1 /4NE1 /4 and within the right -of -way of State Highway 241, N00 -10'E, the base bearing of this survey, 641.85 feet from the East one quarter corner of said S24 found as described in the Certified Land Corner Recordation Certificate of record in said Office, thence S89 50.8'W 39.26 feet to a point under a right of -way fence for said highway; thence continuing S89 50.8'W 433.23 feet along an existing fence to a point for the intersection of a North -South existing fence. Thence N01 00.8'E, 149.56 feet along said North-South fence to a point for the intersection of an East -West existing fence; thence N89 48.2'E, 431.07 feet along said East -West fence to a point under said right -of -way fence; thence continuing N89 48.2'E, 39.26 feet to a P -K nail on the said East line within the said right -of -way thence S00 -10'W, 149.89 feet along said East line to the Place of Beginning, Encompassing an area of 1.62 acres more or less. Owner has been unable to make the payments when they became due and therefore is in default under the terms of the Mortgage and Promissory Note. Lender has not commenced foreclosure. RECEIVED 3/10/2011 at 9:46 AM RECEIVING 958413 BOOK: 763 PAGE: 502 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY 000503 In consideration of the recitals, the mutual covenants, agreements and benefits to the parties, it is agreed as follows: 1. Owner shall contemporaneously, with the execution of this Mutual Release and Agreement by them, execute, acknowledge and deliver to Lender a Warranty Deed conveying their interest in the Property. Owner warrants that the property is not subject to subordinate liens, judgments, or attachments. 2. Owner and Lender, with the intention of binding themselves, their legal representatives, successors and assigns, expressly releases and discharges the other and the heirs and legal representatives of the other from all claims, demands, actions, or rights of action, of whatever kind or nature either ever had, or now has, or may have, known or unknown, or that anyone claiming through or under them may have, or claim to have, against the other created by, or arising out of, in consequence of, or on account of, or arising or existing in connection with the Promissory Note and Mortgage dated August 30, 2006 in the original principal amount of $71,500.00 and all other documents or transaction associated therewith, as more particularly described in the Recitals above. Without limiting the generality of the foregoing release language, Lender agrees that in exchange for receiving the Warranty Deed to the property, it is releasing Owner from liability under the Mortgage and Promissory Note only, and not delinquent taxes or assessments, homeowner association dues or assessments, liens, judgments, attachments, mortgages or other encumbrances to which the property may have been subjected during Owner's ownership of the property. As to these, Owner agrees to hold Lender harmless, defend and indemnify Lender against any such claims that may be made in the future, and will not attempt to extinguish such claims via bankruptcy proceedings or otherwise. 2 000504 3. Owner warrants to Lender that they have good and merchantable title to the Property thereby conveyed as evidenced by a title insurance policy, subject only to the Mortgage and Promissory Note in favor of Lender. Owner further acknowledges that it is a material consideration to Lender with respect to the acceptance of conveyance in lieu of foreclosure that the foregoing representations and warranties as to the Property be true in order for Lender to properly realize upon Lender's security. 4. Owner and Lender agree that the conveyance of the Property is absolute and it is intended that any notice due Owner or redemption rights held by Owner under the laws of the State of Wyoming are hereby terminated and there is no intention on the part of Owner to create any mortgage, security agreement or conditional estate of any kind by such conveyance, said conveyance being received in full satisfaction of the Promissory Note and Mortgage. 5. All parties will execute and deliver to the other such additional instruments and documents as may be necessary to carry into effect the provisions of this Mutual Release and Agreement, including any instruments and documents which may be necessary to more specially identify the Property and interest agreed to be conveyed or which may be necessary to establish full and complete title to the subject property in Lender. 6. The subject property is not occupied at present, but Owner has certain building materials and live trees on the property. Owner agrees to timely remove said building materials, deliver keys to Lender or his representative, and vacate the property and leave the same in broom swept condition. Owner will leave -2-spr- b Sf" trees but remove the remainder of the live trees not later than July 1, T 2011. Any ruts or other damage done to the property by virtue of removing the remaining trees will be promptly repaired by Owner. 3 7. The undersigned further acknowledge that they have read this Mutual Release and Agreement, understand its terms, have full power and authority to execute the same, are the real parties in interest and sign the same voluntarily and upon the advice of counsel. This Mutual Release and Agreement shall constitute the full agreement and may not be altered, amended or rescinded except in writing, signed by all parties, and shall be binding upon and inure to the parties, their respective heirs, successors and assigns. 3 3s zo DATED this 1 day of Number, 2630. WITNESS my hand and official seal. JACK D. EDWARDS NOTARY PUBLIC COUNTY OF f r� STATE OF LINCOLN WYOMING MY COMMISSION EXPIRES My commission expires: 010{ 1( it 4 Owner: Noe Perez Garcia Eva Zarate Tzompa STATE OF WYOMING ss. COUNTY OF LINCOLN 1oI( JPvi The foreg instrument was acknowledged before me this Neber, 2619 by Noe Perez Garcia and Eva Zarate Tzompa. Notary Public �3 day of 000505 STATE OF UTAH COUNTY OF WASHINGTON ss. WITNESS my hand and official seal. My commission expires: /W'iq 5 Lender: 000506 f Daniel M. Hesse, individually, and as Trustee of the D Lazy D Revocable Trust dated August 4, 1998, as amended Notary Public The fore oing instrument was acknowledged before me this i 1 day of T' y Daniel M. Hesse, in his individual capacity and as Trustee of the D Lazy D Revocable Trust dated August 4, 1998, as amended. NOTARv PuaUC STANTON ROSEMAN 603579 COMMISSION EXPIRES DECEMBER 11, 2014 STATE OF UTAH