Loading...
HomeMy WebLinkAbout87732411/08/2001 18:27 13B78850G41 ~ObJER~ L~W OFFZCE I~ '- P~GE B4 476 l;,i." .... ..... ...................... MORTGAGE I...~,......,~.., :.~ ~':,'~t...~..~'F'7 ~...,L~:-,.~ ,~.~ ~O~ALL ~NBY THESE ~SE~S, that Brian K. Kirkham and Diane K, Kir~am, husband and wire, (herea~er "Mo~gago(') ct 25 W. Minges ~oad, ~-a~:: ~'~ ..~.., . .... ~ .,, Creek, Michigan 49015, to se~curethe payment of FORTY-SIX THOUSAND, FIVE HUNDRED DOL~S ($46,500.00) a~ evidenced b2 ~ Promi~o~ Not~ d~ted of even date herewith to the.order of ~FERRY MERRI~.an~ NO~ J~N~N of ~8 Happy Valley Lane, Affon, Wyoming, 83110, (h~r~a~er "Mo~gagee") ~ai~ ~mount to be pa~d follows: ~. The undersigned Mb~gsgor promi~e~ to pay to the Mo~g~gee the ~um of fo~y-six thousand, five hundr?d dollar~ ($46,500.00), plu~ intem~t, penalti~ and late charges pu~uant to the'term;~ of thi~ Mo~gage and the Promi~so~ Note of even d~te. 2. Th~ prinoipl~ amount of fo~y-~ix thousand, fiv~ hundred doli~m ($46,500.00) ~hall ~cc~e interest in the aH.~ount of eeven percent (7%) interes~ per annum until paid in full; interest sh~ll begin to ~.~ccru~ on th~ prinoipl~ 8mount on the d~t~ of the execution of thia M~gage.. ~ ~. Beginning Decemb? 1,2001 th~ Mo~g~gor ~h~ll p~ to th~ Mo~g~gee monthly p~yment in ~he. amo~:nt of four hundred, ~eventeen dolla~ and ninetY-~ix cent~ ($417.96) and the Borrower ~hall ~ontlnue to m~ke t~i~ monthly p~yment on the day of each month thereaffe(until the'prin~iple, interest, penalties ~nd I~te ~harges paid in full, subject to'the oth,i'~ term~ of th% Mo~g~ge. 4. On December 1, 2~',06 the Mo~g~gor ~h~ll m~ke final payment of 811 outstanding l~te ~h~rg~s, int0'e~t ~nd principle in full. This ~mount being ~u~ject ~hang~ ba~ed on the paym~.~t~ made, inter~t accrued, penalti~ charged and late chargea allocated to the 5. Monthly p~yment~: 'will be ~pplied first to late ch~[ge~, then interest and then the principle outstanding bal~ nee. The Mo~g~gor may prepay th~ principle amount whole ordn pa~at any time ~ith no penalty p~or to D~o~mber 1, 2006. Any prepayment ~h~ll b~ ~ppli~d ~.~rst to l~ts oh~rges,.then t~ any a~eru~d interest, and then Wyoming 83 IlO · Mortgag~ - - Page 1 of 7 '11/~ B6/2002 10;27 13078850641 .t° the.principle.. .am°unt. . °utsf:anding. : . and shall not postpone the due date. of any " subsequent. . monthly installNents... , or change. . the amount of such. installments, unless the · . M'o~gagee shall othe~ise a~.~ree in writing. 6. If the monthly payr~rSent due on the 1'* day of each month pursuant to the .terms of this agreement is m~de. more than ten (1'0) days after the due'date, the Mo~gagee shall be.entitled t~.) an additional sum of fifty dollars ($50.00)in the form of a late payment charge. Any la~::e charges shall be applied to the principle amount and accrue interest in the amounl of seven percent (7%) per annum. The Mortgagor her~by mortgages to Mortgagee the following described real estate situated in.the Co':,mty, of Lincoln, State. of Wyoming: Commencing at a poJqt which is 771 feet South of the No~hWest corner of the NWNSWN of Sec{~:Jon 11, T33N R118W of the 6~ P.M., Lincoln Count, Wyoming; and running thence Sc~uth 432 feet; thence East 660 feet: thence N0dh 432 feet;;' thence West 660 feet ~'o the point of beginning. including all buildings and im[~irovemen~ thereon or that may hereafter'be erected "lhemon; together with heredit?men~ and appu~enances and all other rights thereunto ,.. belonging,'or in an~is'e now? herea~er appe~ainlng, and the revemion and reversions, remainder and ro~'?naindem, rents, issues, and profits thereof, and all plumbing, heating, and Ilghtin{'3 fi~ures and equipment, herea~er a~ached to or used in connection with the premisesJ Modgagor hereby relin..~uishes and waives all rights under and by vi~ue of the homestead laws of the State ',~)f Wyoming and covenants that he Is la~ully seized of ' the premises,.that they are fr~e fromall encumbrances and hereby covenants to warrant,and defend the title o? the promises agginst the la~ul claims of all pemons ~ . whomsoever. ' · And Mortgagor cow}.:nants with Mortgagee as folloWS.'. 106 Hospital Lan ¢ ~fiOn, ~yommg ~31J0 Mortgage - -Pag¢ 2 of 7 ( 8 6 1. In case of default m any of the payments stipulated in the note, Mortgagor, as further security for this mortgage and the note secured thereby, hereby assigns, sets over, and conveys to Mortga!.;lee all-rents, issues, and profits from the property. 2. To pay promptly, ~!'hen due, the principal and interest and other sums of money provided for in said Ncite and this mortgage, or either; to pay all and singular the taxes, assessments, levies, .ii:abilities, obligations,· and .encumbrances of every nature on said property. ~.: ' 3. To perform, compli', with and abide by each and every term of the - agreements, stipulations coriditions, and covenants, set forth in said Note and this mortgage or either. . 4. Failure by the Mort{.lagee to exercise any of the rights or options herein provide(~ shall not constitute ~!l 'waiver of any rights or options under said Note or the mortgage accrued or thereaf'ti~r, accruing. . 5. NOthing shall be do~'~e on or in connectiOn with'the property that may impair Mortgagee's security hereun~:er, Mortgagor will not commit, permit or suffer any waste, impairment or deterioration of. the property nor. any part thereof, and the property shall be continuously maintained iri' gOod and sightly repair, and condition by Mortgagor at his expense. 6. In case Mortgagor (i efaults in the payment of any taxes, ·assessments, water or other governmental or mudicipal charges, or other lawful charges as herein provided, Mortgagee may without notice, or demand pay the Same and in case of any failure on the part of Mortgagor to com~ly with the covenants of Paragraph 5 hereof, MOrtgagee may effect such repairs as it (l'ay reasonablely deem necessary to protect the property, at the expense of Mortgagor. Mortgagor shall repay such sums so paid and all expenses so incurred by Mort[~agee, with interest thereon from the date of payment, at 10% percent per annum, and ithe same shall be. a lien on the premises and be secured by the fiote and by these pre.~ents; in default of making such repayments the whole amount hereby secured if n°tithen due shall, if Mortgagee so elects, 'become due and payable forthwith, anything h~.rein contained to the contrary notwithstanding. Bower.~ Law Offic~ P, C. . , 106 Hospital Lane 'P.O. Box 1550' ,4flon, }Vyoming 83110 · i Mortgage.. Page $ of 7 ..~1/06/20~1 10:27 13078@50641 80klERS LAN OFFICE PAGE '. 7..In the event the p~perty is sold under foreclosure and the proceeds are :insufficient to pay the total indebtedness secured herebY, Mortgagor binds himself · personally to pay the unpaidibalance, and Mortgagee will'be entitled to a deficiency judgment. : 8. In case default oct[uts due to a nonpayment of an installment, when due, of the indebtedness herebY secured, or of any installment thereof or any part thereof, or in case of breach of any covenfint or agreement herein contained' the whole of the then indebtedness secured herebi.r, inclusive of prinCipal, interest, arrearages, taxes, assessments, water charges?!, expenditures for repairs or maintenanCe, together with. all other sums payable pUrsuanl.to the provisions hereof, shall become immediately due and. payable, at the option of!Mortgagee, although the period above limited for the payment thereof may not ha~ie expired, anything herein before or in the note contained to the contrary notwlthstandidg; any failure to exercise such option Shall not constitute a waiver of the right'to exerciseI the same at any other time; and it shall be lawful for Mortgagee to proceed to enforce ~he provisions of this mortgage either by suit at law or in equity, as it may elect,Or t¢..foreclose this mortgage by advertisement*and sale of the · premises, at public auction fo?cash, according to Wyoming Statutes governing mortgage foreclosures, and cl)use to be executed and delivered to the purchaser or purchasers at any such sale ~ good and sufficient deed or deeds of conveyance of the property so sold, and to appl~ the net proceeds arising from such sale first to the payment of the costs and ex~gnses of such foreclosure and sale, including reasonable attorney fees, and in paymenl!' of all money expended or advanced by Mortgagee pursuant to the provisions of l!.,aragraphs 6 and 8, hereof, and then to the payment of the balance due on accoUnt o?1= the principal indebtedness secured herebY, together with interest thereon and the surplljs if any, shall be paid by Mortgagee on demand to. Mortgagor. In casa Mortgage~ fails promptly to foreclose on the.hapPening of any defaultS, it shall not thereby be!prejudiced in its right to foreclosure at any time thereafter during which such default cor~Ilnues, and shall not be prejudiCediin its forecloSure rights in case of further default, ,~oW~ra Law Offic~ P. C, 1,06 Hospital Lane p.o. Box 1550. Alton, Wyoming 83110 Mortgage -. Page 4 of 7 1i/0672081 18:27 1307885~641 BOWERS LAW OFFICE PAGE 13 864 9. In case of any default wSereby the dght of foreclosure occur* hereunder, Mortgagee shall AFTER 20'I.~AYS become entitled to exclusive possession, use, and enjoyment of all property, to'i'-311 rents, issues, and profits thereofl from the accruing of such right and dudng the pe~i~dency of foreclosure proceedings and the period of redemption, if there is any; ai~d such possession, rents, issues, and profits shall at once be delivered t© Mortgagee ori~ request, and on refusal, the delivery of such possession, rents, issues, and profits ma? be enforced by Mortgagee by any appropriate civil suit or proceeding, including action ~)r actiOns in eje'.ctment, or forceable entry, or unlawful detainer; and Mortgagee sha;lafter. 30 days written notice be entitled to a receiver for the property and all rents,, iss~'Jes,: and profits thereof, after any such. default, including the time covered by foreclos(re proceedings and the period of redemption., if there is . any, an.d shall be entitled thei'eto as a matter of right without regard to the solvency or insolvency of Mortgagor or th!.~, then owner of the' property, and WithoUt regard to the value of the property of the stll.fficiency thereof to discharge the mortgage debt and foreclosure costs;, fees and e!.'penses, and such receiver may be' appointed by any cou.rt of competent juriSdictio~!~ on ex parte application and withoUt notice(notice being hereby expressly waived, anc.::'.the appointment of any such receiver on any such application without notice beiii'~g hereby consented to by Mortgagor on Mortgagors own behalf), and all rents, issues, i.3rofits, income, and reVenue of the..prOperty shall be applied by' such receiver, according to lawand the orders and directions of the court. .. 10. Mortgagor may ns:' convey or transfer any interest in or encumber the described, premises without tl~.e, prior. . written consent of the'Mortgagee. Mortgagor must give Mortgagee written notice'i°f Mortgagor's intent t°. convey or transfer any interest in or to encumber the described... . . premises at least thirty (30)·days prior to the proposed. conveyance or encumbrance,. excluding death of a joint tenant. Such consent by Mortgagee shall not unreasor;iably be withheld. If all or any part of the described premis6s.or an interest thereir] is sold, transferred or encumbered by Mortgagor without Mortgagee,s prior written con~,ent, Mortgagee may, at its option, declare the entire remaining balance due under':this agreement to be immediately due and payable and 2~ower~ I, aw O~ce P. C. 106 Hospital Lane P,o. Box 1550 '/tfton, ~/yornlng 83110 Mortgage - - Page 5 of 7 11/,0~/2001 10:27 1'~078850S41 BQWERS LAW OFFICE PAGE 14 g~ve wri~en notice t0 Mo~ga~or thereof: After receipt of such wri~en notice, Mo~gagor · shall have thJ~y (30) days in'which to pay the entire remaining balance to Mo~gagee. 1~. The covenants h~reJn contained shall bind, and the benefits and advantages shall inure to, the respective'.heirs, executors, administrators, succeSsors, and assigns of the paAies hereto. When~ver used, the singular number shall include the plural, the Plural the singular, and the u~e of any gender shall include all genders, 12. Whenever used h;arein, the;terms "MoAgago~ and "Mo~gagee" include all . the pa~ies to. this inst~ment ~and the helm, legal representativeS., and assigns o~ .individuals,· and·the success~.m and assigns of corporations °r other legal operating 'entities; and the term "Note" ~md "Promisso~ Note" includes all the notes and promJsso~ notes herein des(~dbed if more than one. day of Nowmb~, 2001, ~ B~KN.K [KIRK~ , ' · ~ .56-6385 DIANE K. KIRKHAM SSN: 377-58~2890 STATE OF MICHIGAN . ) ' COUNTY OF CALHOUN ) .The foregoing was acl~.3owledged before my by BRIAN K. KIRKHAM and DIANE K. KIRKHAM husband and w~fe, this-~_ day of'November, 2001. ' · ~ow~rsZaw Offic~t'.C. ' . 106 Hospital £ane · =P,O. Box'IS50 ~0n, ~YOmi~g 831 !0 , Mo~gage , . Page 6 of 7. 11206/2801,~. .18:27 ~ '13078850641 BE~ERS L~ OFFICE P~SE 15 ' WITNESS my hand a;~d official ~eaL ' My commission expireS: ~ ~_~-- NOTARY PUBLIC 'Bowers Law Office P. C. 106 Ho$pttal Lane F.O. Box 1550. Alton, PVyornlng 83110 Mortgage - - Page 7 of 7