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HomeMy WebLinkAbout959192MORTGAGE (With Power of Sale) 000356 KNOW ALL MEN BY THESE PRESENTS, that Clancy C. Brown and Natayle M. Brown, husband and wife, of P.O. Box 5106, Etna, Wyoming, 83118„ designated as Mortgagor, to secure the payment of the principal sum of ONE HUNDRED FORTY THOUSAND DOLLARS ($140,000.00), amortized over ten (10) years, with interest at six percent (6 per annum, as evidenced by a promissory note of even date payable to the order of Blair Iden of P.O. Box 132, Smoot, Wyoming, 83126, herein designated as Mortgagee, payable as set forth in the promissory note of even date herewith, hereby mortgages to said Mortgagee, the following- described real property, situated in Lincoln County, State of Wyoming, hereby releasing and waiving all rights under and by virtue of the homestead exemption laws of the State, to wit: LOT EIGHTY -FOUR (84) OF PRATER CANYON ESTATE, UNIT FOUR (4), LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT FILED JULY 6, 1970, AS DOCUMENT NUMBER 423838 AND MAP NUMBER 168, IN THE OFFICE OF THE CLERK, LINCOLN COUNTY, WYOMING. including all buildings and improvements thereon (or that may hereafter be erected thereon); together with appurtenances and all other rights thereunto belonging, or in anyway 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 Mortgagor covenants and agrees with the Mortgagee as follows: RECEIVED 5/6/2011 at 10:18 AM RECEIVING 959192 BOOK: 766 PAGE: 386 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY SECTION ONE RENTS, PROFITS AND RECEIVER Page 1 of 7 000387 Mortgagor as further security for this mortgage and the note, hereby assigns, sets over, and conveys to Mortgagee all its interest in and to all rents, issues, and profits from the property. In the event of a default, Mortgagee shall have the right without notice to the Mortgagor, to take possession of the property, including during the pendency of foreclosure, whether judicial or non judicial, and collect the rents, including amounts past due and unpaid, and apply the net proceeds, over and above the Mortgagee's costs, against the indebtedness. In addition, Mortgagee shall have the right to have a receiver appointed to take possession of all or any part of the property, with the power to protect and preserve the property, to operate the property preceding foreclosure or sale and to collect the rents for the property and apply the proceeds, over and above the cost of receivership against the indebtedness. The Receiver may serve without bond, if permitted by law. SECTION TWO PAYMENT OF INDEBTEDNESS Mortgagor will pay the indebtedness as required by the promissory note of even date herewith. SECTION THREE TAXES AND ASSESSMENTS Mortgagor will pay all taxes, assessments, and other governmental or municipal charges, or other lawful charges levied against the property and will promptly deliver the official receipts therefor to Mortgagee upon request. Failure to do so shall constitute an event of default. In default thereof the Mortgagee may, at its option, 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 rate set forth in the promissory note. SECTION FOUR MAINTENANCE OF PROPERTY Nothing shall be done on or in connection with said property which may impair the Mortgagee's security hereunder; the Mortgagor shall not commit waste, impairment Page 2 of 7 SECTION SIX CHARGES; LIENS Page 3 of 7 000388 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 Mortgagor at its expense. SECTION FIVE INSURANCE Mortgagor will keep the improvements now existing or hereinafter erected on the said property, insured as may be required from time to time by the Mortgagee against Toss by fire and other hazards, casualties, and contingencies in an amount that is at least equal to $140,000.00, 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 have attached thereto loss payable clauses in favor of and in form acceptable to the Mortgagee. Mortgagor shall take all steps necessary to assure that notification of renewals are mailed or otherwise delivered by the insurance company to the Mortgagee each year. In event of loss, Mortgagor will give immediate notice to the Mortgagee and the insurance carrier. Mortgagee may make proof of Toss to the insurance carrier if not made promptly by the Mortgagor. Insurance proceeds shall be applied to restoration or repair of the property damaged, if the restoration or repair is economially feasible and Mortgagee's security is not lessened. If the restoration or repair is not economially feasible or Mortgagee's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Mortgage, whether or not then due, with any excess paid to the Mortgagor. In event of foreclosure of this mortgage or other transfer of title to the said premises in extinguishment of the indebtedness secured hereby, all right, title and interest of the Mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee. 400339 In case the Mortgagor defaults in the payment of any, taxes, assessments, 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 any failure on the part of the Mortgagor to comply with the covenants of Section Four hereof, the Mortgagee may effect such repairs as it may reasonably deem necessary to protect the property, at the expense of the Mortgagor. The Mortgagor covenants and agrees to repay such sums so paid and all expenses so incurred by the Mortgagee, 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. SECTION SEVEN ACCELERATION AND FORECLOSURE In the event of a default because of Mortgagor's failure to make payment within ten (10) days after it is due, or any part thereof, or in case of a breach of any other covenants or agreements contained in the Promissory Note or this Mortgage, and such other default or breach is not cured within thirty (30) days after the Mortgagee has mailed written notice of the breach of the other covenants or agreements to the Mortgagor, then the whole of the then indebtedness secured hereby, inclusive of principal, interest, arrearage, late fees, ground rents, taxes, assessments, water charges, expenditures for repairs or maintenance, together with all other sums payable pursuant to the Promissory Note and the provisions hereof, shall become immediately due and payable, at the option of the Mortgagee, and it shall be lawful for the Mortgagee to pursue any legal remedy available under the law against the Mortgagor, Page 4 of 7 SECTION NINE DUE ON SALE Page 5 of 7 000390 including but not limited to, the right to proceed to enforce the provisions of the Promissory Note and this mortgage by suit at law or in equity, the right to foreclose this mortgage by power of sale or advertisement and sale 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 the right to pursue a deficiency judgment against the Mortgagor should the proceeds from a foreclosure by power of sale be insufficient to pay Mortgagor's indebtedness. 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. If Mortgagor remains in possession of the property after the property is sold as provided above, during the redemption period, Mortgagor shall become a tenant at sufferance of the Mortgagee or the purchaser of property and shall, at the Mortgagee's or purchaser's option, either (a) pay a reasonable rental for the use of the property, or (b) vacate the property immediately upon demand of the Mortgagee or purchaser. SECTION EIGHT WAIVER OF RIGHT TO ENFORCE No failure by the Mortgagee or any legal holder to enforce any right set forth 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. Page 6 of 7 000391. Mortgagee may, at its option, declare immediately due and payable all sums secured by this Mortgage upon the sale or transfer, without the Mortgagees's prior written consent, of all or any part of the real property described herein. A "sale" or "transfer" means the conveyance of the real property or any right, title or interest therein; whether legal, beneficial or equitable; whether voluntary or involuntary; whether by outright sale, deed, installment sale contract, land contract, contract for deed, lease- option contract or lease with a term greater than three (3) years. SECTION TEN BINDING EFFECT 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. SECTION ELEVEN NOTICES All notices, demands requests and writings required or permitted to be given to the Mortgagor hereunder shall be deemed duly given if delivered or if mailed by registered or certified mail, postage prepaid and addressed to the following: Clancy C. Brown Natayle M. Brown P.O. Box 5106 Etna, Wyoming, 83118 It shall be the obligation of the Mortgagor to notify the Mortgagee in writing by certified mail of any change in the address set out above. The Mortgagee shall be entitled to rely upon the address set out above for all purposes hereunder, unless written notice of change is received from the Mortgagor. IN WITNESS WHEREOF, Mortgagor has duly executed this Mortgage on the 5 day of 2011. CIa cy C. Brown Natayle THE STATE OF WYOMING COUNTY OF LINCOLN Dyanna Parker Notary Public County of 1 State of Llnooln ti '1. Wyoming My C rnmetion kx I Juno 29, 2011 My Commission Expires: La.a -20 ss Page7of 7 000392 The above and foregoing instrument was acknowledged before me this day of Mr 2011, by Clancy C. Brown and Natayle M. Brown. WITNESS my hand and official seal. %sue► No ari Public