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HomeMy WebLinkAbout961877MORTGAGE Irwin Richardson and Cindy Richardson as Husband and Wife (hereinafter "MORTGAGOR to secure the payment of Twenty One Thousand Dollars ($21,000.00), as provided in and evidenced by a promissory note of even date herewith (the ultimate maturity date of which is the 1st day of November, 2016) and all renewals, modifications and extensions thereof, does hereby mortgage unto Ivan Myers of 4570 West Winnemucca Blvd., Winnemucca NV 89445 or Anna Myers of 5188 Snowy Mountain Drive, Winnemucca, NV 89445 -4151 (Hereinafter "MORTGAGEE the following described real property situated at 62 Porcupine Road and 94 Porcupine Road in Commissary Ranch Subdivision Unit C -2, Lincoln County, State of Wyoming, hereby releasing and waiving all rights under and by virtue of the homestead C exemption laws of the State of Wyoming, to -wit: W W Lots 87 and 88 of the Commissary Ranch Subdivision Unit C -2, Lincoln County, Tr 2 Wyoming o Ce 2 N. LLj Z Y Subject, however, to all restrictions, reservations, easements and right -of -ways of record 0 (9 or in use. Y Ch n 5w Zi 4t Z MORTGAGOR agrees to pay the indebtedness hereby secured; to pay all taxes, assessments and Q F— charges levied against the property, as the same becomes due and payable; In the event O ui Z MORTGAGOR fails to pay such taxes and assessments, MORTGAGEE may pay such taxes and W W 0 assessments and all sums so paid shall be added to and considered a part of the indebtedness 0 hereby secured and shall draw interest at the same rate. W z y J W O MORTGAGEE agrees to allow MORTGAGOR to pay off all principal and accrued interest at lY Z any time with no prepayment penalty. J IN case default shall be made in the payment of the above sums hereby secured, or in payment of the interest thereon, or any part of principal or interest, when the same shall become due; or in case default shall be made in any of the covenants and agreements thereof, which default is not cured within thirty (30) days after notice thereof is given by MORTGAGEE, or in the event MORTGAGOR sells or conveys the property, or any part thereof, or any interest therein, without prior written consent of the mortgagee first had obtained, then the whole indebtedness hereby secured, with interest thereon, shall become due and payable, at the option of MORTGAGEE, and MORTGAGEE'S legal representatives and assigns, may proceed by advertisement and sale and/or as otherwise authorized by governing law, to foreclose on and sell the Property, and out of the proceeds of such sale, MORTGAGEE shall pay all sums due hereunder, together with all cost of sale, including reasonable attorney's fees. If the proceeds of the foreclosure sale are insufficient to pay the indebtedness hereby secured and foreclosure cost, MORTGAGEE shall be entitled to a deficiency judgement. In the event of any default whereby the right of foreclosure occurs hereunder, MORTGAGEE shall at once become entitled to exclusive possession, use and enjoyment of the property, and to all rents, issues and profits from the accruing of any such right and during the pendency of the foreclosure proceedings, and the period of redemption, if any there be. Any award of damages in connection with any condemnation for public use of or injury to said property or any part thereof is hereby assigned and shall be paid to Mortgagee who apply or release such moneys received by them in the same manner and with the same effect as above provided for the disposition of proceeds of fire or other insurance. By accepting payment of any sum secured hereby after its due date, Mortgagee does not waive their right either to require prompt payment when due of all other sums so secured or to declare default for failure to pay. As additional security, Mortgagor hereby gives to and confers upon Mortgagee the right, power and authority, during the continuance of the Trusts, to collect the rents, issue and profits of said property, reserving unto Mortgagee the right, in the event of default by the Mortgagor in payment of any indebtedness secured hereby or in performance of any agreement hereunder, to ©004 collect and retain such rents, issues and profits as they become due and payable. Upon any such default, Mortgagee may at any time without notice, either in person, by agent, or by a receiver to be appointed by a court, and without regard to the adequacy of any security for the indebtedness hereby secure, enter upon and take possession of said property or any part of said property or any part thereof, in his own name, sue for or otherwise collect such rents, issues and profits, including those past due and unpaid, and apply the same, less costs and expenses of operation and collection, including reasonable attomey's fees, upon any indebtedness secured hereby, and in such order as Mortgagee may determine. The entering upon and taking possession of said property, the collection of such rents, issue and profits and the application thereof as aforesaid, shall not cure or waive any default or notice of default hereunder or invalidate any act done pursuant to such notice. MORTGAGOR warrants title to the Property as to parties claming, by through of under Mortgagor only. Witness my hand this day of November, 2011 Irwin Richardson State of Wyoming) ss. County of Lincoln) The foregoing instrument was acknowledged before me by I kAo11 (0,1Y13 Mb C.-t u 0.-444401.3 this p C5 day of November, 2011. I TNESS my hand and official seal. My commission expires: A414- 40T 2 090105