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HomeMy WebLinkAbout964379MORTGAGE 00543 Francisco J. Vega and Elizabeth Ceballos -Vega, husband and wife, 421 Sapphire Street, Kemmerer, Lincoln County, Wyoming 83101 (hereinafter referred to as Mortgagors) hereby mortgage, grant, and convey to Jacob Lozier and Jesica F. Lozier, husband and wife, as tenants by the entireties, with rights of survivorship, 418 Emerald, Kemmerer, Lincoln County, Wyoming 83101 (hereinafter referred to as Mortgagees) the following described real estate, situated in the County of Lincoln, State of Wyoming, to wit: THE WESTERLY 43 FEET OF LOT 1 AND THE WESTERLY 43 FEET OF THE SOUTH 27 FEET OF LOT 2 OF BLOCK 3 TO THE TOWN OF KEMMERER, LINCOLN COUNTY, WYOMING BEING PART OF THE LAND CONTAINED IN WARRANTY DEED RECORDED SEPTEMBER 18, 1973 IN BOOK 107PR ON PAGE 182 OF THE RECORDS OF THE LINCOLN COUNTY CLERK. This mortgage is granted to secure payment of the principal sum of One Hundred Twenty -Three Thousand Five Hundred Dollars ($123,500), as evidenced by a promissory note dated May 1, 2012 payable to the order of Jacob Lozier and Jesica F. Lozier. Said principal amount shall be payable pursuant to said promissory note as follows: Principal and interest shall be amortized in monthly installments of Eight Hundred Sixty -Three Dollars and Fifty -Three Cents ($863.53). The first of said monthly payments shall be due on June 1, 2012 with monthly payments due thereafter on the same day of each and every month through May 1, 2042. Each payment shall be applied first to accumulated interest, then to principal. A final payment in the amount of all unpaid principal and accumulated interest shall be due and payable on May 1, 2042. Any principal and interest remaining unpaid as of that time shall be immediately due and payable on that date. TO HAVE AND TO HOLD said real property forever, the Mortgagors hereby relinquish and waive all rights under and by virtue of the homestead exemption laws of the State of Wyoming. Mortgagors covenant that at the signing and delivery of this Mortgage, said Mortgagors are lawfully seized in fee simple of said real property; have good and lawful right to mortgage, sell and convey all of said property; and warrants and will defend the title to all of said property against all lawful claims and demands. This mortgage is not assumable by any other party or parties. However, this Mortgage is subject to the express condition that if the Mortgagors pay, or cause to be paid, to the Mortgagees the amount of One Hundred Twenty -Three Thousand Five Hundred Dollars ($123,500) according to the terms of the aforementioned promissory note dated of even date herewith, which sum of money the Mortgagors hereby covenant to pay, and until such payment, perform all of the covenants and agreements herein to be performed by Mortgagors, then this Mortgage and said note shall cease and be null and void. RECEIVED 5/3/2012 at 9:55 AM RECEIVING 964379 BOOK: 785 PAGE: 543 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY OO 4 4 purchaser or purchasers at any foreclosure sale a proper deed of conveyance of the property so sold. The Mortgagors agree to pay all costs of enforcement and foreclosure, including a reasonable attorney fee. The failure of the Mortgagees to promptly foreclose upon a default shall not prejudice any right of said Mortgagees 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 (1st) the costs and expenses of the foreclosure and sale, including a reasonable attorney fee, and all moneys expended or advanced by the Mortgagees pursuant to the provisions of this Mortgage; (2nd) all unpaid taxes, assessments, claims and liens on said property, which are superior to the lien hereof; (3rd) the balance due Mortgagees on account of principal on the indebtedness hereby secured; and the surplus, if any, shall be paid to the Mortgagors. 8. If the property described herein is sold under foreclosure and the proceeds are insufficient to pay the total indebtedness hereby secured, the Mortgagors executing the note for which this Mortgage is security shall be personally bound to pay the unpaid balance, and the Mortgagees shall be entitled to a deficiency judgment. 9. If the right of foreclosure accrues as a result of any default hereunder, the Mortgagees 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 and profits shall be delivered immediately to the Mortgagees on request. On refusal, the delivery of such possession, rents, issues and profits may be enforced by the Mortgagees by any appropriate suit, action or proceeding. Mortgagees shall be entitled to a Receiver for said property and all rents, issues and profits 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 the Mortgagors, 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 expense. 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 the Mortgagors. 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. 10. The acceptance of this Mortgage, and the note it secures, by the Mortgagees shall be an acceptance of terms and conditions contained therein; and a duly executed and delivered release of this Mortgage by either one of the Mortgagees or their successors shall be a valid and effective release of said Mortgage. 11. The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective heirs, devisees, legatees, executors, administrators, 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 terms "foreclosure" and "foreclose," as used herein, shall include the right of foreclosure by any suit, action or proceeding at law or in equity, or by advertisement and sale of said premises, or in any other manner now or hereafter provided by Wyoming statues, including the power to sell. Page 3 of 4 Page 2 of 4 ,,,.545 Mortgagors and Mortgagees further covenant and agree as follows: 1. Mortgagors shall pay all indebtedness as herein provided, and the lien of this instrument shall remain in full force and effect during any postponement or extension of the time of payment of any part of the indebtedness secured hereby. 2. Mortgagors shall pay all taxes and assessments levied or assessed against said property for 2012 and subsequent years. Mortgagors shall provide proof of payment to Mortgagees. 3. Mortgagors 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 the Mortgagees hereunder. Mortgagors shall not permit said property, or any part thereof, to be levied upon or attached in any legal or equitable proceeding. 4. At the option of Mortgagees, all sums secured by this Mortgage shall become due and payable in full in the event of sale or transfer of the property either by deed or contract for deed. 5. As collateral and further security for the payment of the indebtedness hereby secured, Mortgagors shall keep the improvements now existing or hereinafter erected on said premises insured against loss by fire or other casualty with extended coverage provisions, in a sum equal to all indebtedness hereby secured, and will pay when due all premiums on such insurance. All insurance shall be carried in responsible, reputable, and solvent insurance companies and the policies and renewals thereof shall have attached thereto loss payable clauses in favor of the Mortgagees. The insurance proceeds, or any part thereof, may, at the option of the Mortgagees, be applied either to the reduction of the indebtedness hereby secured or paid to the Mortgagors. Mortgagors shall provide certificates of insurance to Mortgagees to verify compliance with the requirements of this paragraph. 6. If Mortgagors default in the payment of the taxes, assessments or other lawful charges or fails to keep the improvements on said premises insured as herein provided, the Mortgagees may, without notice or demand, pay the same or effect such insurance, and if the Mortgagors fail to keep said property in good repair, the Mortgagees may make such repairs as may be necessary to protect the property, all at the expense of the Mortgagors. The Mortgagors covenant and agree 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 the Mortgagees, 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 Mortgages. 7. If the Mortgagors default in the payment of the indebtedness hereby secured, for a period of thirty (30) days after the same shall become due and payable, contrary 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, together with all other sums payable pursuant to the provisions hereof, shall, at the option of the Mortgagees, become immediately due and payable, anything herein or in said note to the contrary notwithstanding, and failure to exercise said option shall not constitute a waiver of the right to exercise the same in the event of any subsequent default. The Mortgagees may foreclose this Mortgage either by advertisement and sale of the premises as provided by statute or any appropriate suit, action or proceeding at law or in equity, and cause to be executed and delivered to the IN WITNESS WHEREOF, this Mortgage has been executed by the Mortgagors this c; day of Apr/ l 2012. The State of Wyoming ss. County of Sweetwater The fore oing Mort age was acknowledged before me by Francisco J. Vega this c day of P( l 2012. Witness my hand and official seal. '.ARBARA J. NCKELS -SMITH NOTARY PUBLIC ILINIYOF STATE OF SWEETWATER WYONNG E--;= My Commission Expires a3--19 My Commission Expires: My Commission Expires The State of Wyoming ss. County of Sweetwater The foregoing w tgage s acknowledged before me by Elizabeth Ceballos -Vega this n� M, ?J day of a .�rr 2012. Witness my hand and official seal. vRBARA J. NICKELS -SMITH NOTARY PUBLIC )1.61Y OF SNEETWATER STATE OF -a My Commission Expires: Page 4 of 4 r- c- Francisco J. Vega, M S rtgagor Eli Ceballos Vega, Mort agp 0-05 6