HomeMy WebLinkAbout960236Promissory Note
For value received, Kay and Susan Cox (husband and wife) and Disaster Cleanup of Wyoming,
LLC each promise to pay to the order of Joshua Fielding and Kristin Fielding, husband and wife, who
reside at is 2609 240 Street, DeWitt, Iowa 52742 (the "Lender the principal sum of $19,921.19
Nineteen Thousand Nine Hundred Twenty One Dollars and 19/100 ($19,921.19) together with interest
thereon at the rate of 8% per annum compounded daily. The principal and interest shall be paid in
monthly installments of $400.00 with the first payment due on August 1, 2011 and each subsequent
payment due on the 1 st day of each following month until this Note is fully paid, except that the final
payment of both principal and interest (including all past due amounts owed under this Note) if not
sooner paid shall be due on July 1, 2016. All monthly payments on account of the indebtedness
evidenced by this Note shall be first applied to interest on the unpaid principal balance and the
remainder to principal. Payments on this Note shall be made at the Lender's address set forth above or
at such address as the Lender may, from time to time, appoint in writing.
The undersigned shall establish a tax reserve account to be retained in such amount deemed
sufficient by the Lender and shall pay monthly into that reserve account an amount equivalent to one-
twelfth of the annual real estate taxes, as estimated by the Lender, so as to provide sufficient funds for
the payment of each year's taxes one month prior to the date when such taxes become delinquent. The
undersigned shall further pay monthly a pro rata share of all assessments, future hazard insurance, and
any other charges which may accrue against the property securing this indebtedness. If the amount so
estimated and paid shall prove to be insufficient to pay such taxes, insurance, assessments, and other
charges, the undersigned promise to pay the difference on demand.
Nothing in this Note shall be construed as requiring the Lender to advance other moneys for any
other purpose, and the Lender shall not incur any liability for anything it may do or omit to do under
this Note. All amounts in the tax and insurance reserve account are by this Note pledged to further
secure this indebtedness. The Lender is authorized to withdraw and apply such account(s) on this
indebtedness in the event of default.
000015
This Note may be prepaid in whole or in part at any time without penalty. In the event of any
prepayment, this Note shall not be treated as in default at any time so long as the unpaid balance of
principal, additional advances under this Note or the instrument securing the same and interest (and in
such case accruing interest from month to month shall be treated as unpaid principal) is less than the
amount that the indebtedness would have been had the monthly payments been made as first specified
above, provided that monthly payments shall be continued in the event of any credit of any proceeds of
any :insurance or condemnation, and interest shall be calculated at all times on the unpaid balance; and
provided further that regular monthly payments continue to be made for the payment of taxes,
insurance, assessments, and other charges as required in this Note. The Lender shall have the right at
its option to charge against any such prepayment any sum which in the opinion of the Lender is needed
to maintain a tax and insurance account on a current basis as outlined in this Note.
This Note is secured by a Mortgage of even date to the Lender of real estate located in Smoot,
Wyoming. All of the terms and conditions of that Mortgage are incorporated and made part of this
Note. Any default of any provision of the Mortgage shall constitute a default under this Note. Upon
an event of default under the Mortgage, the Lender shall (in addition to all remedies set forth in the
Mortgage) be entitled to pursue all remedies for any event of default as specified in this Note.
In the event of default in the payment of any of the installments, the undersigned shall pay interest
at a rate of the lesser of either 12% per annum or the maximum amount allowed by applicable law so
long as the default shall continue. If default is made in the payment of any of the installments, or in
case of the breach of any of the covenants or agreements stipulated in the Mortgage to be performed by
the undersigned, the principal sum, or any balance that may be unpaid, together with all interest, and
any advances made by the Lender shall, at the option of the Lender, its successors, or assigns, become
immediately due and payable without notice and all of the principal, interest, and advances, together
RECEIVED 7/27/2011 at 11:33 AM
RECEIVING 960236
BOOK: 770 PAGE: 15
JEANNE WAGNER
•w f'I eov UCeeenCoCR V1N
/s/
with interest at the rate provided for in the event of a default in payment shall be collectible
immediately, or at any time after the default.
The undersigned further agree to pay all attorney's fees and costs incurred by Lender to collect
any sums payable under this Note or the Mortgage which secures this Note.
The makers, sureties, guarantors, and endorsers of this Note, if any, jointly and severally, waive
notice of and consent to any and all extensions of this Note or any part of it without notice, and each
waives demand, presentment for payment, notice of nonpayment and protest, and any and all notice of
whatever kind or nature and the exhaustion of legal remedies.
This Note shall be the joint and several obligation of all makers, sureties, guarantors, and
endorsers, and shall be binding on them, their heirs, personal representatives, and assigns.
Each party has caused this agreement to be executed on the date indicated below.
Kay Cox
Brookview Lane
PO Box 78,
Smoot, Wyoming 83126
/s/
Susan Cox
Brookview Lane
PO Box 78,
Smoot, Wyoming 83126
Disaster Qi eanup of Wyoming LLC
195 County Road 148
P.O. Box 78
Smoot, Wyoming 83126
State of Wyoming
County of Lincoln
The foregoing instrument was acknowledged before me by Ka °I' Su sttiz i2a X
this a'"" day of kJ 20
Witness my hand and official seal.
Notary Public
F
My commission expires: wl ,'21 02z) q
Date: 7/2"-/2 °'7
Date: 7 .94
Date:
DEBO A!-I SCHWAB NOTARY PUBLIC
County of
Lincoln
State of
Wyoming
000016
My Commission Expires July 21, 2014