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HomeMy WebLinkAbout963118RECEIVED 2/8/2012 at 9:33 AM RECEIVING 963118 BOOK: 781 PAGE: 56 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY MORTGAGE 00056 THIS MORTGAGE is made on the h'J day of January, 2012, by LORI TOLAND DAKU, a married woman as her separate property, of Qr l =[p hereinafter referred to as "Mortgagor tl Mortgagor hereby mortgages to MARGERY BALLS, TRUSTEE of the Margery Balls Living Revocable Trust dated October 16, 2008, and her successor Trustee(s) and assigns, of 3936 Bittercreek County Road 140, Afton, Wyoming 83110, hereinafter referred to as "Mortgagee certain real property located in Lincoln County, Wyoming, more specifically described below, upon the terms and conditions set forth below. Mortgagor, for and in consideration of the sum of Ninety -Four Thousand Dollars ($94,000.00) lawful money of the United States and other valuable consideration, loaned to Mortgagor by Mortgagee, evidenced by a Promissory Note of even date herewith, the receipt of which is hereby confessed and acknowledged, does hereby mortgage to Mortgagee forever, the following described real property situate in the County of Lincoln, State of Wyoming: Beginning at the Centerline of Bittercreek Road and North Side of Section Twenty -three (23), which point is 846.5 feet East of the Northwest Section Corner of Twenty -three (23), Township Thirty-one (31) North, Range 119 West, and running thence North 90 °0' East 704.0 feet; thence South 0 °0' East, 709.6 feet; thence South 90 °0' West, 445.5 feet; thence North 17 °15' West along the Centerline of Bittercreek Road to the point of beginning. EXCEPTING: The Eldon Erickson lot described as beginning 997 feet East and 358 feet South of the Northwest Corner of Section Twenty -three (23) and running thence North 90 °0' East, 297 feet; thence South 0 °0' East, 143.8 feet; thence South 90 °0' West, 251.9 feet; thence North 17°15' West, 159 feet to the point of beginning, also known as 3936 Bitter Creek County Road 140, Afton, Wyoming. Together with all improvements and appurtenances thereon. Subject to reservations and restrictions contained in the United States Patent and to easements and rights -of -way of record or in use. Reserving unto Margery Balls a life estate for her use and enjoyment of the property. Together with all buildings and improvements thereon, or which may hereafter be placed thereon; all fixtures now or hereafter attached to said premises; all water and water rights, ditches and ditch rights, reservoirs and reservoir rights, and irrigation and drainage rights; and all easements, appurtenances and incidents now or hereafter belonging or appertaining there to; subject, however, to all covenants, conditions, easements, and right -of -way, and to mineral, mining and other exceptions, reservations and conditions of sight and /or of record. Mortgagor covenants that at the signing and delivery of the Mortgage, said Mortgagor is lawfully seized in fee simple of said property, or has such other estate as is stated herein; has good and lawful right to mortgage, sell and convey all of said property; and that the same is free from all encumbrances. MORTGAGE LORI TOLAND DAKU MARGERY BALLS, TRUSTEE PAGE 1 OF 6 However, this Mortgage is subject to the express condition that if Mortgagor pays, or causes to be paid, to Mortgagee the sum of Ninety -Four Thousand Dollars ($94,000.00), together with interest at the rate of three and four tenths percent (3.4 per annum, until paid, according to the conditions of the Promissory Note of even date, which Promissory Note was executed and delivered by Mortgagor to Mortgagee, which sum or sums of money Mortgagor hereby covenants to pay, and until such payment, performs all of the covenants and agreements herein to be performed by Mortgagor, then this Mortgage and said note shall cease and be null and void. Mortgagor further covenants and agrees as follows: 1. Payment Late Payments. Mortgagor shall pay the indebtedness as herein provided, and the lien of this instrument shall remain in full force and effect during any postponement or extension of time of payment of any part of the indebtedness secured hereby. 2. Prepayments. Mortgagor shall have the privilege of paying any principal sum or sums plus accrued interest, in addition to the payments herein required, at any time without premium or penalty of any kind, and it is understood and agreed that any such prepayment shall be credited first to interest and the balance to principal in the inverse order of when due. 3. Transfer of the Property Due on Sale. If all or any part of the property or any interest herein is sold or transferred by any means by Mortgagor without Mortgagee's prior written consent, which consent may be a partial release of this mortgage as provided herein, excluding the creation of a lien or encumbrance subordinate to this Mortgage or a transfer by devise, descent or by operation of law upon the death of a joint tenant, Mortgagee may, at Mortgagee's option, declare all the sums secured by this Mortgage to be immediately due and payable. Any delay or failure on the part of Mortgagee to demand such payment shall not prejudice Mortgagee's right there to. Mortgagee shall have waived such option to accelerate if, prior to the sale or transfer, Mortgagee at Mortgagee's sole discretion, enters into a written agreement with the person whom the property is to be sold or transferred expressly consenting to such assumption and setting forth any new terms or conditions of this Mortgage as may be requested by Mortgagee in exchange for Mortgagee agreeing to an assumption of the this Mortgage. 4. Taxes and Assessments. Mortgagor shall pay all taxes and assessments levied or assessed against said property. 5. Maintenance of Property. Mortgagor shall not commit or permit waste, nor be negligent in the care of said property, and shall maintain the same in as good condition as at present, reasonable wear and tear excepted, and will do nothing on or in connection with said property which may impair the security of Mortgagee hereunder. Mortgagor shall not cause or permit the presence of any hazardous substances, which shall include any substances so declared under Federal or State law, on said property. Mortgagor shall not permit said property, or any part hereof, to be levied upon or attached in any legal or equitable proceeding, and shall not, except with the consent in writing of Mortgagee, which consent may be a partial release of this mortgage as provided herein, or as is otherwise provided and permitted in this Mortgage, remove or attempt to remove said improvements, or any part thereof, from the premises on which the same are situated. 6. Insurance. As collateral and further security for the payment of the indebtedness hereby secured, Mortgagor shall keep the improvements now existing or hereinafter erected on said premises insured against loss by fire, with extended coverage provisions, to the full insurable value thereof for the term of this Mortgage, and will pay when due all premiums on such insurance. All insurance shall be carried in responsible insurance companies licensed in Wyoming and the policies and renewals thereof shall have attached thereto by rider or otherwise loss payable clauses in favor of Mortgagee. A copy of MORTGAGE LORI TOLAND DAKU MARGERY BALLS,1 RUSTEE PAGE 2 OF 6 00057 said policy or any renewal documents pertaining thereto shall be supplied to Mortgagee within 30 (thirty) days after the date of execution of this Mortgage and thereafter within 10 (ten) days of any renewal of or amendment to such policy. The insurance proceeds, or any part thereof, may, at the option of Mortgagor, be applied either to the reduction of the indebtedness hereby secured or used in reconstruction. In the event of foreclosure of this Mortgage or other transfer of title to the said premises in extinguishments of the indebtedness secured hereby, all right, title and interest of Mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee. 7. Mortgagee Authorized to Make Payments. If Mortgagor defaults in the payment of the taxes, assessments or other lawful charges, including any construction loan payments or fails to keep the improvements on said premises insured as herein provided, Mortgagee may, without notice or demand, pay the same, and if Mortgagor fails to keep said property in good repair, Mortgagee may make such repairs as may be necessary to protect the property, all at the expense of Mortgagor. Mortgagor covenants and agrees that all such sums of money so expended, together with all costs of enforcement or foreclosure, and a reasonable attorney fee, shall be added to the debt hereby secured, and agrees to repay the same and all expenses so incurred by Mortgagee, with interest thereon from the date of payment at the same rate as provided in the note hereby secured, until repaid, and the same shall be a lien on all of said property and be secured by this Mortgage. 8. Default. If Mortgagor defaults in the payment of the indebtedness hereby secured, for a period of 30 (thirty) days after written notice, or if Mortgagor removes or attempts to remove any of said improvements contra ►y to the provisions of this Mortgage, or in case of breach of any covenant or agreement herein contained, the whole of the then indebtedness secured hereby, both principal and interest, together with all other sums payable pursuant to the provisions hereof, shall, at the option of Mortgagee, become immediately due and payable, anything herein or in said note to the contrary notwithstanding, and failure to exercise the same in a default shall not preclude such exercise in the event of any subsequent default. Mortgagee may enforce the provisions of, or foreclose, this Mortgage by any appropriate suit, action or proceeding at law or in equity, and cause to be executed and delivered to the purchases or purchasers at any foreclosure sale a proper deed of conveyance of the property so sold. Mortgagor hereby grants Mortgagee the power to foreclose by advertisement and sale as provided by statute. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity and may be exercised concurrently, independently or successively. Mortgagor agrees to pay all costs of enforcement or foreclosure, including a reasonable attorney's fee. The failure of Mortgagee to foreclose promptly upon a default shall not prejudice any right of said Mortgagee to foreclose thereafter during the continuance of such default or right to foreclose in case of further default or defaults. The net proceeds from such sale shall be applied to the payment of: first, the costs and expenses of the foreclosure and sale, including a reasonable attorney's fee, and all moneys expended or advanced by Mortgagee pursuant to the provisions of this Mortgage; second, all unpaid taxes, assessments, claims and liens on said property, which are superior to the lien hereof; third, the balance due Mortgagee on account of principal and interest on the indebtedness hereby secured; and the surplus, if any, shall be paid to Mortgagor. 9. Insufficiency of Foreclosure Proceeds. If the property described herein is sold under foreclosure and the proceeds are insufficient to pay the total indebtedness hereby secured, Mortgagor executing the note or notes for which this Mortgage is security shall be personally bound to pay the unpaid balance, and Mortgagee shall be entitled to a deficiency judgment. 10. Assignment of Rents. If the right of foreclosure accrues as a result of any default hereunder, Mortgagee shall at once become entitled to exclusive possession, use and enjoyment of all property aforesaid, and to all rents, issues and profits thereof, from the accruing of such right and during the pendency of foreclosure proceedings and the period of redemption, and such possession, rents, issues MORTGAGE LORI 'FOLANA BAKU MARGERY BALLS, TRUSTEE PAGE3OF6 00058 and profits shall be delivered immediately to Mortgagee on request. On refusal, Mortgagee niay enforce the delivery of such possession, rents, issues and profits by any appropriate suit, action or proceeding. Mortgagee shall be entitled to a Receiver for said property and all rents, issues and profit thereof, after any such default, including the time covered by foreclosure proceedings and the period of redemption, and without regard to the solvency or insolvency of Mortgagor, or the then owner of said property, and without regard to the value of said property, or the sufficiency thereof to discharge the Mortgage debt and foreclosure costs, fees and expenses. Such Receiver may be appointed by any court of competent jurisdiction upon ex parte application, notice being hereby expressly waived, and the appointment of any such Receiver on any such application without notice is hereby consented to by Mortgagor. All rents, issues and profits, income and revenue of said property shall be applied by such Receiver according to law and the orders and directions of the court. 11. Inspection. Mortgagee may make or cause to be made reasonable entries upon and inspections of the property, provided that Mortgagee shall give Mortgagor notice prior to any such inspection specifying reasonable cause therefore related to Mortgagee's interest in the property. 12. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the property, or part hereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Mortgagor. In the event of a partial taking of the property, unless Mortgagor and Mortgagee otherwise agree in writing, there shall be applied to the sums secured by this Mortgage such proportions of the proceeds as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the property immediately prior to the date of taking, with the balance of the proceeds paid to Mortgagor. If the property is abandoned by Mortgagor, or if, after notice by Mortgagee to Mortgagor that the condemner offers to make an award or settle a claim for damages, Mortgagor fails to respond to Mortgagee within 30 (thirty) days after the date such notice is mailed, Mortgagee is authorized to collect and apply the proceeds, at Mortgagee's option, either to restoration or repair of the property or to reduce the sums secured by the Mortgage. Unless Mortgagee and Mortgagor otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the installments referred to above or change the amount of such installments. 13. Statement. Mortgagee shall, within ten (10) days upon a request made in person, or within thirty (30) days upon request by mail, furnish a written and duly acknowledged statement of the amount due on this Mortgage and whether any offsets or defenses exist against the mortgage debt. 14. Notices. Any notices, demands, or requests pursuant to this Mortgage shall be in writing and may be served either in person or by certified mail, return receipt requested. Notice shall be deemed given when mailed and shall be addressed as follows or at such other address as either party may from time to time designate in writing: Mortgagor: Mortgagee: Lori Toland Daku Margery Balls, Trustee ,l V 7 t C. 3936 Bittercreek County Road 140 f�il�Gcj ,1, yy& Afton, Wyoming 83110. 15. Headings. The headings used in this Mortgage are for convenience only and are not to be used in its construction. 16. Binding Effect and Construction. The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective heirs, devisees, legatees, executors, administrators, MORTGAGE LORi TOLAND DAKU MARGERY BALLS, TRUSTEE PAGE 4 OF 6 00059 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. The term "note" includes all notes herein described if more than one. The term "foreclosure" and "foreclose" as used herein shall include the right of foreclosure by any suit, action or proceeding at law of in equity, or by advertisement and sale of said premises, or in any other manner now or hereafter provided by Wyoming statutes, including the power to sell. 17. Release. The acceptance by Mortgagee of this Mortgage and the note or notes it secures, shall be an acceptance of the terms and conditions contained therein. Upon payment of all sums secured by this Mortgage, Mortgagee shall release this Mortgage without charge to Mortgagor. Mortgagor shall pay all costs of recordation, if any. 18. Incorporation of Promissory Note. This Mortgage is made to secure a debt evidenced by a Promissory Note signed concurrently herewith, and the terms of said Promissory Note are hereby incorporated herein by reference as if stated herein in full. IN WITNESS WHEREOF, the said Mortgagor and said Mortgagee have hereunto signed and sealed these presents the day and year first above written. MORTGAGOR: MORTGAGEE: STATE OF 1 A) rr^, y-v 4 j COUNTY OF t•, r SS. WITNESS hand and official seal. mmission expires ORI TOLAND DAKU L MARIGERX! BAII.LS, TRUSTEE of The Margery Balls Living Revocable Trust dated October 16, 2008 ACKNOWLEDGED before me on this, the day of January, 2012, by Lori Toland Daku. NOTARY PUBLIC MORTGAGE LORI TOLAND DAKU MARGERY BALLS, TRUSTEE PAGE 5 OF 6 00060 STATE OF WYOMING COUNTY OF LINCOLN SS. ACKNOWLEDGED before me on this, thy- day of January, 2012, by Margery Balls, Trustee of The Margery Balls Living Revocable Trust dated October 16, 2008, acting pursuant to authority provided to her therein. WITNESS my hand and official seal. My Commission expires: I 3 MORTGAGE LORI TOLAND DAKU MARGERY BALLS, TRUSTEE PAGE 6 OF 6 .r NOTARY PUBLI J ANNET ITY NOTARY PUBLIC ANNERE"' �a. STATE OF cLIN OF y WYOMING LINCOLN MY Se N WIRES FEBRUARY 26, 2013 00061