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HomeMy WebLinkAbout964994MORTGAGE THIS MORTGAGE made this day of June, 2012 from Holy Family Church, Inc., a Wyoming Non profit Corporation, hereinafter referred to as "Mortgagor to the Diocese of Cheyenne, a Wyoming Non profit Corporation, hereinafter "Mortgagee The Mortgagor, to secure the payment by the Mortgagor of a Promissory Note given by the Mortgagor to the Mortgagee on the date hereof, in a principal sum not to exceed Two Hundred Fifty Thousand and 00 /100 Dollars ($250,000.00), together with interest thereon, does hereby mortgage the real property situated in Lincoln County, Wyoming described fully in Exhibit 1, which is attached to this instrument and incorporated herein by reference. TO HAVE AND TO HOLD such property forever (any of such property which is subject to the lien of this Mortgage from time to time is referred to as the "property the mortgagor hereby relinquishing and waiving all rights under and by virtue of the homestead exemption laws of the State of Wyoming This Mortgage is subject to the express condition that, if the Mortgagor pays, or causes to be paid, to the Mortgagee the sum set out above and all extensions and renewals thereof and all other amounts due hereunder, then this Mortgage and such Promissory Note shall cease and be null and void. The Mortgagor hereby covenants to pay all such amounts. 1. The Mortgagor further covenants and agrees as follows: (a) The lien of this Mortgage shall remain in full force and effect during any postponement or extension of time of payment of any part of the indebtedness secured hereby. (b) The Mortgagor shall pay or cause to be paid all taxes, insurance and assessments levied or assessed against the property, and shall comply with all recordation and other laws affecting the security of this Mortgage, at the expense of the Mortgagor. (c) The Mortgagor shall not commit or permit waste, nor be negligent in the care of the property, and shall maintain the same in good order and condition, reasonable wear and tear accepted, and will do nothing on or in connection with the property which may impair the security of the Mortgagee. The Mortgagor shall not permit the interest of the Mortgagor in the property or any part thereof to be levied upon or attached in any legal or equitable proceeding, except to the extent such proceeding is being contested in good faith by appropriate proceedings. (d) The Mortgagor agrees to pay the indebtedness hereby secured and to pay all tax and assessments on said premises and to keep any buildings thereon insured in a sum not less than the insurable market value during the life of this Mortgage, in favor of and payable to the Mortgagee. MORTGAGE PAGE 1 of 3 00517 RECEIVED 6/8/2012 at 2:04 PM RECEIVING 964994 BOOK: 787 PAGE: 517 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY 2. If the Mortgagor defaults in the payment of such taxes, insurance, assessments or other lawful charges, the Mortgagee may, without notice or demand, pay the same. The Mortgagor covenants sand agrees that all such sums of money so expended, shall be added to the debt hereby secured, and agrees to repay the same and all expenses so incurred by the Mortgagee, with interest thereon from the date of payment at the interest rate provided in the Promissory Note secured hereby until repaid, and the same shall be a lien on the property and secured by this Mortgage. The Mortgagee is not required by this provision to advance such funds. A failure by Mortgagor to timely pay such taxes, insurance, assessments or other lawful charges shall constitute a default under this mortgage the same as non payment of the sums secured by this Mortgage even if such funds are advanced by Mortgagee. 3. If all or any part of the property described herein, or an interest therein, is sold or transferred by Mortgagor, excluding the creation of a lien or encumbrance subordinate to this Mortgage, Mortgagee may, at Mortgagee's option, declare all the sums secured by this Mortgage to be immediately due and payable. If any Mortgage, senior to this Mortgage, is foreclosed or if the Mortgagor is in default as to the terms of any senior Mortgage or the Promissory Note secured by such senior Mortgage, Mortgagee may, at Mortgagee's option, declare all the sums secured by this Mortgage to be immediately due and payable. 4. The Mortgagee may enforce the provisions of, or foreclose, this Mortgage by any appropriate suit, action or proceeding at law or in equity or by advertisement and sale as provided by Wyoming Statutes. At any foreclosure sale, the Mortgagee may cause to be executed and delivered to the purchaser or purchasers a proper deed or conveyance of the property so sold. The Mortgagor agrees to pay all costs of enforcement and of foreclosure, including reasonable attorney's fees. The failure of the Mortgagee to promptly foreclose following a default shall not prejudice any right to foreclose in case of further default or defaults. The proceeds from such sale shall be applied to the payment of (0) the costs and expenses of the foreclosure and sale, including reasonable attorney's fees, and all money expended or advanced by the Mortgagee pursuant to the provisions of this Mortgage; (2') all unpaid taxes, assessments, claims and liens on the property, which are superior to the lien hereof; (3r the balance due to the Mortgagee on account of principal and interest on the indebtedness hereby secured; and (0) the surplus, if any, shall be paid to the Mortgagor (subject to the rights of any junior lien holder). Provided that no foreclosure action shall be taken by the Mortgagee until thirty (30) days have elapsed since Mortgagee has given written notice to Mortgagor of such default. 5. If the property described herein is sold under foreclosure or otherwise and the proceeds are insufficient to pay the total indebtedness hereby secured, the Mortgagor shall be bound to pay the unpaid balance of the Promissory Note secured hereby and any other indebtedness secured hereby, and the Mortgagee shall be entitled to a deficiency judgment. Entitlement to a deficiency judgment shall also extend to unpaid balances resulting from the redemption of the property described herein in the event the Mortgagor elects to redeem the property from the senior Mortgage holder in the event of foreclosure by the senior Mortgage holder. MORTGAGE PAGE 2 of 3 00518 My commission expires: E.- 13, Z v t3 Notary Public EXHIBIT 1 LEGAL DESCRIPTION Lots 4 5 of Rocky Point Business Park, Lincoln County, Wyoming according to that plat filed January 10, 2002 in the office of the Lincoln County Clerk as Plat No. 2 -E, Instrument No. 878471. Subject to reservations and restrictions contained in the United States Patent and to easements and rights -of -way of record or in use. Together with all improvements and appurtenances thereon. MORTGAGE PAGE 4 of 3 6. The acceptance of this Mortgage, and the Promissory Note which is secured, by the Mortgagee, shall be an acceptance of the terms and conditions contained herein. 7. The covenants and agreements herein contained shall bind, and inure to the benefit of the respective heirs, devisees, legatees, executors, administrators, successors and assigns of the Mortgagor and the Mortgagee. Whenever used the singular number shall include the plural, the plural the singular, and the use of any gender shall include all genders 8. The Mortgagor shall not create, incur or suffer to exist, any other mortgage or lien on the property which is not junior to the lien of this Mortgage. 9. Upon payment of all sums secured by this mortgage, mortgagee shall release this mortgage with Mortgagor to pay any recordation costs. 10. This Mortgage is a purchase money mortgage and time is of the essence. 11. This note is effective only after the Holder confirms that it is satisfied with the number, type, and amount of any encumbrances on the Thayne Church and Afton Church, if any. Said satisfaction is within the sole discretion of Holder. IN WITNESS WHEREOF this Mortgage has been executed by the Mortgagor as of the date first above written. DATED this 3"I day of June 2012, by the following corporate officers in their stated capacities as officers of Holy Family Church, Inc. and not as individuals. Fr. Randy J. Osw as President Holy Family Church, Inc. Jere Ko ach, as Secretary Holy Family Church, Inc. STATE OF WYOMING COUNTY OF O� This instrument was acknowledged before me on June 3 2012 by Fr. Randy J. Oswald, in his capacity as President of Holy Family Church, Inc. and by Jere Kovach in her capacity as Secretary of Holy Family Church, Inc. Witness my hand and official seal. SHARON L. BACKUS- NOTARY PUBUC County of Wy 9 Lincoln My Commission Expires August 13, 2013 MORTGAGE PAGE 3 of 3 00520