HomeMy WebLinkAbout963583RECEIVE 3J 2012 at 3:11 PM
RECEIVING 963488
BOOK: 782 PAGE: 250
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY MORTGAGE
This Mortgage is made as of the Ili day of N611 2011, between Kip R.
Wilkes as Trustee of the Kip R. Wilkes Trust, dated October 15, 2001 (the "Mortgagor
and Hugh Gardner Soest and Donna Marie Soest, as Trustee of The Green Hills Revocable
Living Trust, f /b /o Hugh Gardner Soest and Donna Marie Soest, dated June 30, 1989 (the
"Mortgagee
WITNESSETH, that to secure the payment of an indebtedness in the sum of
Seventy Two Thousand Five Hundred Ten Dollars and No Cents ($72,510.00), being due
and payable as evidenced by a Promissory Note of even date herewith and all renewals,
modifications and extensions thereof, the Mortgagor hereby mortgages to the Mortgagee
the following described real estate, situated in the County of Teton, State of Wyoming, to-
wit (the "Property
See Exhibit A attached hereto.
Together with and including all oil, gas, and other mineral rights owned by
Mortgagor, and all other appurtenances and hereditaments thereunto
belonging. Subject to taxes and all covenants, conditions, restrictions,
easements, reservations, rights and rights -of -way of sight and /or record.
And the Mortgagor covenants with the Mortgagee as follows:
1. Payment. The Mortgagor shall pay the indebtedness hereby secured.
2. Prepayment. The Mortgagor shall have the privilege of paying principal
sums plus accrued interest, 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 accrued interest
and the balance to principal in the inverse order of when due.
3. Preservation of Property. The Mortgagor shall not do anything on or in
connection with the Property which may impair Mortgagee's security hereunder.
Mortgagor will not commit, permit or suffer any waste, impairment, or deterioration of the
Property and the Property shall be continuously maintained, in good and sightly order,
repair and condition by Mortgagor at its expense.
4. Taxes and Other Charges. The Mortgagor shall pay all ground rents, taxes,
assessments, sewer rents, water rates, all governmental, quasi governmental charges (e.g.,
homeowner association assessments) and other lawful charges on or against the Property.
5. Payments by Mortgagee. In the event Mortgagor defaults in the payment of
any lawful charges against the Property or insurance premiums, Mortgagee, at its sole
option and discretion, may pay same. Mortgagor covenants and agrees to reimburse such
1)0250
00619
sums expended by Mortgagee with interest at the rate of eighteen percent (18 per ®6 'j
annum, and the same shall constitute a lien against the Property with priority as of the date
hereof.
6. Notice. All notices shall be sent by certified mail, shall be deemed given
when mailed, and shall be addressed as follows or at such other place as may be
designated by either party from time to time in writing in the same manner as provided
herein:
Mortgagor: Kip R. Wilkes Trust
P.O. Box 890
Thayne, Wyoming 83127
Mortgagee: Hugh Gardner Soest and Donna Marie Soest
P.O. Box 958
Jackson, Wyoming 83001
7. Warranty. The Mortgagor warrants the title to the Property.
8. Default and Acceleration. The entire indebtedness secured hereby shall
become due and payable at the option of the Mortgagee:
(a) Upon default in the payment of any amount hereby secured or payable
hereunder (regular installments of principal and interest, late charges, lawful
charges against the Property, amounts paid by Mortgagee, attorneys' fees,
collection costs, etc.) and failure to cure such payment default within thirty (30)
days of written notice thereof; or
(b) Upon default in the payment of any amount secured by any lien or
encumbrance that is prior in right to this Mortgage (regular installments of
principal and interest, late charges, lawful charges against the Property,
amounts paid by Mortgagee, attorneys' fees, collection costs, etc.) and failure
to cure such payment default within twenty (20) days of written notice thereof;
or
(c) After failure to exhibit to the Mortgagee, within thirty (30) days after demand,
receipts showing payment of all ground rents, taxes, water rates, sewer rents,
governmental charges, quasi governmental charges and assessments; or
(d) After the assignment of the rents of the Property or any part thereof without the
written consent of the Mortgagee, except as otherwise provided herein; or
(e) If the Mortgagor fails to keep, observe and perform any of the other covenants,
conditions or agreements contained in this Mortgage (not cured within
prescribed time limits); or
(f) After failure to comply with any requirement or order or notice of violation of
law or ordinance issued by any governmental or quasi governmental authority
0'0
claiming jurisdiction over the Property within three (3) months from the() 0 6 2 1
issuance thereof; or
(g) Upon sale or transfer of an interest in the Property without Mortgagee's
consent as herein provided; or
(h) Anything in this Mortgage contained to the contrary notwithstanding, if it shall
be necessary for Mortgagee or Mortgagee's agent to notify Mortgagor in
writing of default under this Mortgage for failure to make the required
payments in a timely manner four (4) times during any twelve month period,
then the Mortgagee shall not be obligated to provide any further notice of
default and the Mortgage will, at the option of Mortgagee, be in default (and all
amounts secured hereby and payable hereunder shall be fully due and payable)
and the Mortgagee shall have all remedies available to it as set forth herein.
9. Foreclosure Upon Default. In the event of default and acceleration as
herein provided, the Mortgagee may proceed, pursuant to the laws of the State of
Wyoming by judicial foreclosure or advertisement and sale, to foreclose on and sell the
Property, and out of the proceeds of such sale shall pay all sums secured hereby, including
all costs and expenses of the foreclosure proceeding.
10. Remedies. 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
which may be exercised concurrently, independently or successively. Any forbearance by
Mortgagee in exercising any right or remedy hereunder, or otherwise afforded by
applicable law, shall not be deemed a waiver or preclude the exercise of any such right or
remedy at any time.
11. Receiver. The holder of this Mortgage, in any action or procedure to
foreclose it (judicial, by power of sale or otherwise), shall be entitled to the appointment of
a receiver. The Mortgagor hereby consents that, in the event a receiver is appointed,
Mortgagee may be the receiver.
12. Attorney and Foreclosure Expenses. If any action or proceeding be
commenced, to which action or proceeding the Mortgagee is made a party due to its
interest in the Property, or in which it becomes necessary to initiate collection of the
indebtedness hereby secured or foreclosure proceedings (whether or not suit is necessary),
all sums paid by the Mortgagee for the expense of any litigation or proceeding to prosecute
or to defend the rights and lien created by this Mortgage or to foreclose this Mortgage or to
collect the indebtedness hereby secured (including reasonable attorneys' fees), shall be
paid by the Mortgagor, together with interest thereon at the rate of eighteen percent (18
per annum, and any such sums and the interest thereon shall be a lien on the Property,
prior to any right, or title to, interest in or claim upon the Property attaching or accruing
00252
subsequent to the lien of this Mortgage, and shall be deemed to be secured by this
Mortgage.
13. Assignment of Rents. The Mortgagor hereby assigns to the Mortgagee the
rents, issues and profits, if any, of the Property as further security for the payment of the
indebtedness secured hereby, and the Mortgagor grants to the Mortgagee the right to enter
upon the Property or any part thereof, and to apply the rents, issues and profits, after
payment of all necessary charges and expenses, on account of the indebtedness hereby
secured. This assignment and grant shall continue in effect until all sums secured by this
Mortgage are paid. The Mortgagee hereby waives the right to enter upon the Property for
the purpose of collecting said rents, issues and profits, and the Mortgagor shall be entitled
to collect and to receive said rents, issues and profits; provided that such right of the
Mortgagor may be revoked by the Mortgagee upon any default (not cured within the
applicable cure period) hereunder, without notice.
14. Deficiency. In the event the Property is sold at foreclosure (judicial, power
of sale, or otherwise according to law) and the proceeds are insufficient to pay the
indebtedness secured hereby, Mortgagor shall remain liable for the unpaid balance and
Mortgagee will be entitled to a deficiency judgment.
15. Due -on- Transfer. If all or any part of the Property or any equitable or
beneficial interest therein is sold or otherwise transferred by Mortgagor without
Mortgagee's prior written consent, which shall not be unreasonably withheld, excluding
(a) the creation of a purchase money security interest for appliances, (b) a transfer by
descent, devise or operation of the law upon the death of any owner, or (c) the grant of any
leasehold interest to the Property of three (3) years or less not containing an option to
purchase, Mortgagee may, at Mortgagee's sole option, declare all sums secured hereby to
be immediately due and payable.
16. Set -Off. Mortgagor shall not be entitled to set -off or any similar rights
against amounts secured hereby.
17. Miscellaneous. This Mortgage may not be changed or terminated orally.
The covenants, agreements and conditions contained in this Mortgage shall run with the
land and bind the Mortgagor, the heirs, successors and assigns of the Mortgagor, and all
subsequent owners, encumbrances, tenants and subtenants of the Property, and shall inure
to the benefit of the Mortgagee, the personal representatives, successors and assigns of the
Mortgagee, and all subsequent holders of this Mortgage. The word "Mortgagor" shall be
construed as if it read "Mortgagors" and the word "Mortgagee" shall be construed as if it
read "Mortgagees" whenever the sense of this Mortgage so requires. Whenever used, the
singular shall include the plural, the plural the singular and the use of any gender shall
00253
00622
include all genders. This Mortgage shall be governed by the laws of the State of
Wyoming.
00254
00623
EXHIBIT A
[see attached]
0®255
00624
Descrtntion:...Corrected Exhibit B (Hoopes to Cazierl and_Exhibit C (60 Foot Easement Description),..,.... U 0 2 5 6
The Property referred to as Exhibit B in the Deed recorded with Document No. 873731, in Book 466PR, 0 0 6 2
on Page 79, and Delineated as the 16.276 Acres on the Plat recorded with Document No.891663, Map
No. 313 -C, all with the Office of the Clerk of Lincoln County, Wyoming, within the SW1 /4NW1/4 of Section
28, T32N, R119W, of the 6 P.M., Lincoln County, Wyoming, the Boundary being more particularly
described as follows:
BEGINNING at the Northwest Corner of said SW1 /4NW1/4, of said Section 28;
thence N89 °13'40 "E, along the North line of said SW1 /4NW1/4, of said Section 28, 1316.46 feet to the
Northeast Corner thereof;
thence S0 °01'07 "E, along the East line of said SW1 /4NW1/4, of said Section 28, 184.13 feet;
thence S73 °44'18 "W 89.82 feet;
thence S0 °05'35 "E 162.62 feet;
thence S89 °20'42 "W 342.98 feet;
thence N0 °39'49 "W 53.46 feet;
thence S51 °40'41 "W 556.79 feet;
thence S47 °27'07 "W 244.38 feet;
thence S88 °24'35 "W 187.74 feet;
thence N64 °03'51 "W 91.27 feet to a Point in the West line of said SW1 /4NW1/4, of said Section 28;
thence N0 °01'07 "W, along said West line, of said SW1 /4NW1/4, of said Section 28, 780.42 feet, to the
Point of Beginning, Encompassing 16.28± Acres of land.
Also
TOGETHER WITH and SUBJECT TO:
The 60 Foot Easement Description, as referred to as Exhibit C in the Deed recorded with Document No.
873731, in Book 466PR, on Page 79, and Delineated as the 60' Wide Easement on the Plat recorded
with Document No.891663, Map No. 313 -C, all with the Office of the Clerk of Lincoln County, Wyoming,
within the SW1 /4NW1/4 of Section 28, T32N, R119W, of the 6 P.M., Lincoln County, Wyoming, the
Southerly line being more particularly described as follows:
BEGINNING at the Southeast corner of the above described property, said Point of Beginning being a
Point in the East line of said SW1 /4NW1/4, of said Section 28, being 1127.26 feet N0 °01'07 "W, along
said East line of said SW1 /4NW1/4, of said Section 28, from the Southeast Corner; of said SW1 /4NW1/4,
of said Section 28;
thence S73 °44'18 "W, along the South line of the above described property, 89.82 feet;
thence S71 °46'07 "W, not along said South line, 361.46 feet to a Point in said South line;
thence S51 °40'41 "W, along said South line, 556.79 feet the End.
TOGETHER WITH and SUBJECT TO: ALL Easements, Exceptions, Restrictions, Reservations,
Rights -of -Way, Improvements, including but not limited to Conditions of sight and or record.
All in accordance with the Plat recorded with Document No.891663, Map No. 313 -C, with the Office of the
Clerk of Lincoln County, Wyoming.
IN WITNESS WHEREOF, this Mortgage has been duly executed by the
Mortgagor, hereby relinquishing and waiving all rights under and by virtue of the
homestead exemption laws of the State of Wyoming.
SF"3r"dOi3' *.a� T
e wymi STATE
COUNTY OC yg A 20
i f�9j.1�2 C 2.,��1a� 14112 20
My Commission Expires: 4 -14--/--0.10/,
Witness my hand and official seal.
Kip Wilkes, as rustee
T /t, dated October 15, 2001
STATE OF Wyo
ss.
COUNTY OF /Lr /7 (di
The foregoing instrument was acknowledged before me b Kip R. Wilkes, as
Trustee of the Kip R. Wilkes Trust, dated October 15, 2001, this i t----day of Fe.J
2f H ao/cR
213