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HomeMy WebLinkAbout960657On August 17, 2011, David G. Turner and Anna C. Turner, "Mortgagors "),whose mailing address is P.O Box 3496, Alpine, WY 83128, grant, convey, warrant, transfer and assign to Geoffrey W. Turner and Marilyn A Turner, "Mortgagees whose address is 129 Ida Ave, Derby, CT. 06418, a mortgage and security interest in property in Lincoln County, State of WY, more particularly described as follows: The following described Note, security documents and any other documents or instruments signed in connection with the Note and security documents and any amendments thereto are collectively called the "Loan Documents." "Advances" shall include any amounts provided to Mortgagors under the terms of the Loan Documents and any amounts expended by Mortgagees to protect the Property or enforce their rights under the Loan Documents. This conveyance is intended to secure performance of the covenants and agreements contained herein, and in any Loan Documents, and payment of the indebtedness under the terms of the Note to the order of Mortgagees, with interest and charges as provided therein and in the Loan Documents, and any extensions, modifications or renewals thereof: Mortgage Note dated August 9, 2011, in the amount of $30,000.00, executed by Mortgagors. Mortgagors acknowledge that that they have granted this Mortgage for good and valuable consideration and waive any claim or defense as to the amount or adequacy of consideration for this Mortgage, date Mortgage shall be due and payable on August 9, 2021. Mortgagors, and each of them, REPRESENT, WARRANT, COVENANT and AGREE: 1. That they have title to the Property free from encumbrances, except as described above; they have good right and lawful authority to convey and encumber the same; they will warrant and defend the same forever against the lawful claims and demands of all persons whomsoever; and they agree this covenant shall not be extinguished by foreclosure or other transfers. Mortgagors authorize Mortgagees to file a financing statement and any continuationsthereof, describing any personal property or fixtures described herein, without further signature by Mortgagors. 2. To keep all buildings and other improvements, now or hereafter existing, in good repair; not to remove or demolish or permit the removal or demolition of any building or other improvement; to restore promptly, in a good and workmanlike manner, any building or improvement which may be damaged or destroyed; to maintain and cultivate the Property in a good and husband -like manner, using approved methods for preserving the fertility and MORTGAGE See Attachment "A" 000502 RECEIVED 8/23/2011 at 11:49 AM RECEIVING 960657 BOOK: 771 PAGE: 502 JEANNE WAGNER I INl'.(lI N CFI INTY C..I FRK KFMMFRFR WY 000503 productivity thereof; not to change or permit change in the use of the Property; and not to do anything which would reduce the value of the Property. 3. Not to apply or enter into any federal, state, local or other program, license, easement or other agreement which limits or restricts the use of the Property, in any way, without prior written consent of Mortgagees. 4. To pay all debts and money, secured hereby, when due; to pay, when due, all taxes, assessments, rents and other charges upon the Property; and to suffer no other encumbrance, charge or lien on the Property which would be superior to this Mortgage, except as stated above. 5. To specifically assign and deliver to Mortgagees all rents, royalties, damages and payments of every kind, including without limitation insurance reimbursements and condemnation awards, at any time accruing, for any transfer, loss or seizure of the Property, any portion thereof or any rights therein; and Mortgagees may, at their option, apply such amounts in any proportion to any of the indebtedness hereby secured; and Mortgagees shall have the right to enter upon the Property to make full inspection of the Property. 6. To comply with all laws, ordinances, regulations, covenants, conditions and restrictions affecting the Property and its use, including without limitation all environmental laws; not to use or permit the use of the Property for any unlawful or objectionable purpose or for any purpose that poses an unreasonable risk of harm, or that impairs or may impair the value of the Property, or any part thereof; not to apply residue from waste water treatment facilities to the Property without prior written notice to Mortgagees; to remedy any environmental contamination or violation of environmental laws that may occur or be discovered in the future; to allow Mortgagees access to the Property to inspect its condition and to test and monitor for compliance with applicable laws (any inspections or tests made by Mortgagees shall be for Mortgagees' purposes only and shall not be construed to create any responsibility or liability on the part of Mortgagees to Mortgagors or to any other person); to forward copies of any notices received from any environmental agencies to Mortgagees; to provide Mortgagees copies of any independent test or inspect reports on the environmental status of the Property; and to indemnify and hold Mortgagees, their successors and assigns, harmless from and against any environmental claims of any kind, and all costs and expenses incurred in connection therewith, including, without limitation, attorney's fees. 7. That neither Mortgagors nor, to the best of the Mortgagors' knowledge, any prior owner has created or permitted conditions on the Property which may give rise to environmental liability; no enforcement actions are pending or threatened; no underground tanks are located on the Property except as already disclosed; any such underground tanks currently or previously located on the Property do not now and never have leaked, and no contaminated soil is located on the Property; and Mortgagors' representations, warranties, covenants and indemnities herein and in the Loan Documents shall survive satisfaction of the Note(s) and Loan Documents, e t17( 0u0504 foreclosure of this Mortgage, acceptance of a deed in lieu of foreclosure or any transfer or abandonment of the Property. 8. That in the event of default in any of the covenants or agreements herein, or in any of the Loan Documents, Mortgagees may, at their option, perform the same, in whole or in part; any advances, including, without limitation, attorney fees or costs, paid or incurred by Mortgagees to protect or enforce their rights under the Loan Documents, in bankruptcy, appellate proceedings or otherwise, shall be payable on demand and shall become a pat of the indebtedness secured by this Mortgage. 9. That the indebtedness and obligations secured by this Mortgage are personal to the Mortgagors and are not assignable by Mortgagors; Mortgagees relied upon the credit of Mortgagors, the interest of Mortgagors in the Property and the financial market conditions then existing when making this loan; if Mortgagors sell, transfer or convey or contract to sell, transfer or convey the Property, or any portion thereof, or if the ownership of any corporation or partnership owning all or any portion of the Property shall be changed either by voluntary or involuntary sale or transfer or by operation of law, without prior written consent of Mortgagees, or if Mortgagors default in the payment of the indebtedness, or with respect to any warranty, covenant or agreement in the Loan Documents, or if a receiver or trustee for any part of the Property is appointed, or if any proceedings under the bankruptcy or insolvency laws is commenced by or against Mortgagors, or if Mortgagors become insolvent, or if any action is commenced to foreclosure or enforce a lien on any portion of the Property, then, Mortgagors shall be in default hereunder. 10. That time is of the essence and in the event of default, at Mortgagees' option, the entire indebtedness secured hereby shall forthwith become due and payable and bear interest at the rate set forth in the Loan Documents for delinquent payments; Mortgagees shall have the right to foreclose the lien of this Mortgage; to have a receiver appointed in any court proceeding; to collect any rents, issues and profits from the Property and apply them against the indebtedness hereby secured; and to exercise ay rights and remedies available under the Uniform Commercial Code for the state in which the property is located; and reasonable notice if required by such Code shall be give (5) days. 11. That the failure of Mortgagees to exercise any right or option provided herein, at any time, shall not preclude Mortgagees from exercising any of such rights at any other time; the covenants and agreements contained herein shall be binding on and inure to the benefit of the parties and their respective heirs, successors and assigns; all rights conferred on Mortgagees are cumulative and additional to any rights conferred by law; and if any provision is found to be invalid or unenforceable, such invalidity or unenforceability shall not affect any other provision hereof, and the Mortgage shall be construed as though such provision had been omitted. 12. That Mortgagors and each of them join in this instrument for the purpose of subjecting each of their right, title and interest, if any, in the Property, whether of record or otherwise, and including any right to possession, to the lien of this Mortgage. JA Dated this I.7 day of 40 4 vJ 20 STATE OF WY County of Lincoln ss. On this I 1 day of Ckik fait 20 before me, a Notary Public, personally appeared G i4 /rey ,s Amok C' ''ur r r known or identified to me to be the persons whose names are subscribed to the within instrument, and acknowledged to me that they executed the same. IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written. MARLENE FISHER NOTARY PUBLIC STATE OF LINCOLN 1!a WYOMING MY COMMISSION EXPIRES JANUARY 10, 2013 NOT Y PUBLIC 0u0505 f'lc -len-e Fi skr- my Coma 's;on e ;rQs (-10-13 ATTACMENT "A" MORTGAGE Mortgagors David G. and Anna C. Turner Mortgagees Geoffrey W. and Marilyn A. Turner August 17, 2011 Legal Address: Part of Sec 10, T35N R119W of the 6th P.M., Lincoln County, Wyoming Commencing at a point 119 1/2 rods North of the Southeast corner of said Section 10 and running thence West 20 Rods; thence South 9 rods to the point of Begining. Less and Except any land contained in Warrent Deed recorded June 25 1979 in the Book 157pr on page 161 of the Lincoln County Clerk. 1. BORROWER'S PROMISE TO PAY In return for a loan that I have received, I promise to pay U.S. $30,000.00, (this amount is called "principal plus interest, to the order of the Lender. The Lender is Geoffrey W Marilyn A Turner. I understand that the Lender may transfer this Note. The Lender or anyone who takes this Note by transfer and who is entitled to receive payments under this Note is called the "Note Holder." 2. INTEREST Interest will be charged on unpaid principal until the full amount of principal has been paid. I will pay interest at a yearly rate of 4% The interest rate required by this Section 2 is the rate I will pay both before and after any default described in Section 6(B) of this Note.This interest rate is variable. 3. PAYMENTS NOTE 600507 August 17, 2011 (A) Time and Place of Payments I will pay principal and interest by making payments every month, with interest beginning August 10, 2011. I will make my monthly payments on the 10th day of each month beginning on September 10, 2011. I will make these payments every month until I have paid all of the principal and interest and any other charges described below that I may owe under this Note. My monthly payments will be applied first to interest, second to any late charges, and the balance to principal. If, on August 10, 2021, I still owe amounts under this Note, I will pay those amounts in full on that date, which is called the "maturity date." I will make my monthly payments at or at a different place if required by the Note Holder. (B) Amount of Monthly Payments My monthly payment will be in the amount of U.S. $304.00 4. BORROWER'S RIGHT TO PREPAY I have the right to make payments of principal at any time before they are due. A payment of principal only is known as a "prepayment." When I make a prepayment, I will tell the Note Holder in writing that I am doing so. I may make a full prepayment or partial prepayments without paying any prepayment charge. The Note Holder will use all of my prepayments to reduce the amount of principal that I owe under this Note. If I make a partial prepayment, there will be no changes in the due date or in the amount of my monthly payment unless the Note Holder agrees in writing to those changes. 5. LOAN CHARGES If a law, which applies to this loan and which sets maximum loan charges, is finally interpreted so that the interest or other loan charges collected or to be collected in connection with this loan exceed the permitted limits, then: (i) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (ii) any sums already collected from me which exceeded permitted limits will be refunded to me. The Note Holder may choose to make this refund by reducing the principal I owe under this Note or by making a direct payment to me. If a refund reduces principal, the reduction will be treated as a partial prepayment. 6. BORROWER'S FAILURE TO PAY AS REQUIRED (A) Late Charge for Overdue Payments If the Note holder has not received the full amount of any monthly payment by the end of 30 calendar days after the date it is due, I will pay a late charge to the Note Holder. The amount of the charge will be 10% of my overdue payment of principal and interest. I will pay this late charge promptly but only once on each late payment. (B) Default If I do not pay the full amount of each monthly payment on the date it is due, I will be in default. (C) Notice of Default If I am in default, the Note Holder may send me a written notice telling me that if I do not pay the overdue amount by a certain date, the Note Holder may require me to pay immediately the full amount of principal which has not been paid and all the interest that I owe on that amount. That date must be at least 30 days after the date on which the notice is delivered or mailed to me. (D) No Waiver By Note Holder Even if at a time when I am in default, the Note Holder does not require me to pay immediately in full as described above, the Note Holder will still have the right to do so if I am in default at a later time. (E) Payment of Note Holder's Costs and Expenses If the Note Holder has required me to pay immediately in full as described above, the Note Holder will have the right to be paid back by me for all of its costs and expenses in enforcing this Note to the extent not prohibited by applicable law. Those expenses include, for example, reasonable attorney's fees. 7. GIVING OF NOTICES Unless applicable law requires a different method, any notice that must be given to me under this Note will be given by delivering it or by mailing it by first class mail to me at the Property Address above or at a different address if I give the Note Holder a notice of my different address. Any notice that must be given to the Note Holder under this Note will be given by mailing it by first class mail to the Note Holder at the address stated in Section 3(A) above or at a different address if I am given a notice of that different address. 8. OBLIGATIONS OF PERSONS UNDER THIS NOTE If more than one person signs this Note, each person is fully and personally obligated to keep all of the promises made in this Note, including the promise to pay the full amount owed. Any person who is a guarantor, surety or endorser of this Note is also obligated to do these things. Any person who takes over these obligations, including the obligations of a guarantor, surety or endorser of this Note, is also obligated to keep all of the promises made in this Note. The Note Holder may enforce its rights under this Note against each person individually or against all of us together. This means that any one of us may be required to pay all of the amounts owed under this Note. 9. WAIVERS I and any other person who has obligations under this Note waive the rights of presentment and notice of dishonor. "Presentment" means the right to require the Note Holder to demand payment of amounts due. "Notice of dishonor" means the right to require the Note Holder to give notice to other persons that amounts due have not been paid. 10. UNIFORM SECURED NOTE This Note is a uniform instrument with limited variations in some jurisdictions. In addition to the protections given to the Note Holder under this Note, a Mortgage, Deed of Trust or Security Deed (the "Security Instrument dated the same date as this Note, protects the Note Holder from possible losses which might result if I do not keep the promises which I make in this Note. That Security Instrument describes how and under what conditions I may be required to make immediate payment in full of all amounts I owe under this Note. Some of those conditions are described as follows: Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person) without Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if exercise is prohibited by federal law as of the date of this Security Instrument. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. WITNESS THE HAND(S) AND SEAL(S) OF THE UNDERSIGNED. David G. Turner Anna C. Turner 0u0508