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HomeMy WebLinkAbout965869MORTGAGE KNOW ALL PERSONS BY THESE PRESENTS, that Michael J. Christensen and Amanda Lynn Christensen, husband and wife, of 1331 Coulson Avenue, Kemmerer, WY 83101,herein referred to as Mortgagor, to secure the payment of the principal sum of one hundred sixty thousand dollars ($160,000), together with interest, as evidenced by a promissory note of even date herewith (the "Note to the order of James W. Leuthard and September Jo Leuthard, husband and wife, of P.O. Box 1297, Kemmerer, WY 83101, herein referred to as Mortgagee, hereby mortgages to Mortgagee, all interest in the real property, situate in the County of Lincoln, State of Wyoming, and more particularly described as follows, to -wit: Lot Three (3) of Block Six (6) Lincoln Heights 4t Subdivision to the Town of Kemmerer. Being subject to all rights of way, easements and reservations of record, and also being subject to the Protective and Restrictive Covenants for Lincoln Heights 4t'' Subdivision to the Town of Kemmerer, heretofore filed in the Office of the County Clerk of Lincoln County, Wyoming, in Book 140PR at Page 149. Also known as 1331 Coulson Avenue, Kemmerer, Wyoming including all buildings and improvements thereon or that may hereafter be erected thereon; together with hereditaments and appurtenances and all other rights thereunto belonging, or in any manner now or hereafter appertaining, and the reversion and reversions, remainder and remainders, rents, issues, and profits thereof, and all fixtures now or hereafter attached to the premises. Mortgagor covenant that Mortgagor is lawfully seized of the premises; that the premises are free from all encumbrances; and hereby covenants to warrant and defend the title of the premises against the lawful claims of all persons whomsoever. Mortgagor covenants with Mortgagees as follows: SECTION ONE RENTS, ISSUES, AND PROFITS SECTION TWO RESTRICTIONS ON TRANSFER; NO FURTHER ENCUMBRANCES Page 1 of 5 00579 In case of default in any of the payments stipulated in the Note, Mortgagor, as further security for this mortgage and the Note secured thereby, hereby assigns, sets over, and conveys to Mortgagee all of Mortgagor's interest in and to the property. The Mortgagor shall not, whether voluntarily or involuntarily by operation of law or otherwise (i) transfer, sell, convey or assign all or any portion of the property, or contract to do any of the foregoing, including without limitation, enter into options to purchase, installment sales contracts, land contracts, real estate contracts or contracts for Deed of Trust, (ii) change the legal possession or use thereof, or (iii) except as provided in this Section, permit the dilution, transfer, pledge, hypothecation or encumbrance of any ownership interest in the property mortgaged herein. Except for easements for drainage or utilities, Mortgagor shall not enter into any easement, rights of way, agreements affecting property lines or similar agreements affecting the property without the prior written consent of Mortgagee. Such consent shall not be unreasonably withheld. Mortgagor shall not without the prior written consent of the Mortgagee, directly or indirectly, further encumber the property, or any part thereof, it being understood by Mortgagor that the property, and all parts thereof, shall remain free and clear of any and all debt instruments or other obligations for repayment of money except those given in connection with the loan evidenced by the Note. RECEIVED 8/1/2012 at 12:49 PM RECEIVING 965869 BOOK: 790 PAGE: 579 JEANNE WAGNER LINCOLN COUNTY CLEF" MERER, WY SECTION THREE PAYMENT OF INDEBTEDNESS SECTION FOUR GROUND RENTS; TAXES AND ASSESSMENTS SECTION FIVE MAINTENANCE OF PROPERTY 0050 Mortgagor will pay the indebtedness as provided in the Note. Mortgagor shall have the right to prepay the principal and all accrued interest without penalty for prepayment. Mortgagor will pay all ground rents, taxes, assessments, water rents, and other governmental or municipal charges, or other lawful charges, and will promptly deliver the official receipts therefor to Mortgagee upon request. Nothing shall be done on or in connection with the property that may impair Mortgagee's security hereunder; Mortgagor will commit, permit or suffer no waste, impairment or deterioration of the property or any part thereof, and the property shall be continuously maintained in good and sightly order, repair and condition by Mortgagor at Mortgagor's expense. Mortgagor shall not remove any buildings, improvements, or appliances located on the property, and Mortgagor shall not change the contour of any lands, without the prior written consent of the Mortgagee. SECTION SIX HAZARD INSURANCE Mortgagor will keep the improvements now existing or hereinafter erected on the premises, insured for fire and extended coverage in an amount equal to at least the full replacement cost thereof. All insurance shall be carried in reputable companies qualified to do business in the State of Wyoming, and the policies and renewals thereof shall have attached thereto loss payable clauses in favor of and in form acceptable to Mortgagee. Mortgagee shall be listed on said insurance as a named beneficiary by reason of that mortgage. Mortgagor will promptly deliver a copy of all insurance policies and proof of premium payment upon request. In the event of loss, Mortgagor will give immediate notice by mail to Mortgagee, who may make proof of loss if not made promptly by Mortgagor, and each insurance company concerned is hereby authorized and directed to make payment for such loss to Mortgagor and Mortgagee jointly; the insurance proceeds or any part thereof may be applied by Mortgagee at Mortgagee's option either to the reduction of the indebtedness hereby secured or to the restoration or repair of the property damage. In event of foreclosure of this mortgage or other transfer of title to the premises in extinguishment 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. Each policy or other contract for such insurance shall contain an agreement by the insurer that, not withstanding any right of cancellation reserved to such insurer, such policy or contract shall continue in force for at least twenty (20) days after written notice to the Mortgagee of such cancellation. SECTION SEVEN CHARGES; LIENS In case Mortgagor shall default in the payment of ground rents, if any, taxes, assessments, water or other governmental or municipal charges, insurance premiums, or other lawful charges as herein provided, Mortgagee may without notice or demand pay the same and in case of any failure on the part of Mortgagor to comply with the covenants of Section Five thereof, Mortgagee may effect such repairs as Mortgagee may reasonably deem necessary to protect the property, at the expense of Mortgagor. Mortgagor shall repay such sums paid and all expenses so incurred by Mortgagee, with interest thereon from the date of payment, at ten percent (10 per annum, and the same shall be a lien on the premises and be secured by the above mentioned note and by these presents; in default of making such repayments the whole amount hereby secured if not then due shall, if Mortgagee so elect, become due and payable forthwith, anything therein contained to the contrary notwithstanding. Page 2 of 5 SECTION EIGHT EVENTS OF DEFAULT AND ACCELERATION 00581 A. Events of Default. The terms "Event of Default" or "Events of Default wherever used in this instrument, shall mean any one or more of the following events: (1) Failure by Mortgagor to pay within thirty (30) calendar days after due, any sum due under the Note, this Mortgage, or any payment of tax or insurance deposit or premium when due; or (2) Failure by Mortgagor to duly observe, comply with or perform within thirty (30) calendar days after written notice of such failure is given to Mortgagor of any term, covenant, condition or agreement of this instrument; or (3) The filing by Mortgagor of a voluntary petition in bankruptcy or adjudication of Mortgagor as bankrupt or insolvent, or the filing by Mortgagor of any petition or answer seeking or acquiescing in any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other law or regulation relating to bankruptcy, insolvency or other relief for debtors, or seeking or consenting to or acquiescing in the appointment of any trustee, receiver or liquidator of Mortgagor or of all or any substantial part of the property or of any of the rents, issues, profits or revenues thereof, or the making by Mortgagor, or either of them, of any general assignment for the benefit of creditors, or the admission in writing by Mortgagor, or either of them, or their inability to pay their debts generally as they become due; or (4) The entry by a court of competent jurisdiction of an order, judgment or decree approving a petition, filed against Mortgagor, or either of them seeking any reorganization, arrangement, composition readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other law or regulation relating to bankruptcy, insolvency or other relief for debtors, which order, judgment or decree remains unvacated and unstayed for an aggregate sixty (60) days (whether or not consecutive) from the date of entry thereof, or the appointment of any trustee, receiver or liquidator of Mortgagor, or of all or any substantial portion of the property or of any of rents, issues profits or revenues t hereof without the consent or acquiescence of Mortgagor, which appointment shall remain unvacated and unstayed for an aggregate sixty (60) days (whether or not consecutive). B. Acceleration. In case of an Event of Default, the whole of the then indebtedness secured hereby, inclusive of principal, interest, arrearages, ground rents, if any, taxes, assessments, water charges, utilities, expenditures for repairs or maintenance, together with all other sums payable pursuant to the provisions thereof, shall become immediately due and payable, at the option of Mortgagee, although the period above limited for the payment thereof may not have expired, anything herein before or in the Note contained to the contrary notwithstanding; any failure to exercise such option shall not constitute a waiver of the right to exercise the same at any other time; and it shall be lawful for Mortgagee to proceed to enforce the provisions of this mortgage either by suit at law or in equity, as Mortgagee may elect, or to foreclose this mortgage by advertisement and sale of the premises, at public auction for cash, according to Wyoming Statutes governing mortgage foreclosures, and cause to be executed and delivered to the purchaser or purchasers at any such sale, good and sufficient deed or deeds of conveyance of the property so sold, and to apply the net proceeds arising from such sale first to the payment of the costs and expenses of such foreclosure and sale and in payment of all monies expended or advanced by Mortgagee pursuant to the provisions of Section Seven hereof, and then to the payment of the balance due on account of the principal indebtedness secured hereby, together with interest thereon, and the surplus if any, shall be paid by Mortgagee to Mortgagor. There shall be included in any or all such proceedings a reasonable attorney's fee. In case Mortgagee fail promptly to foreclose on the happening of any default, Mortgagee shall not thereby be prejudiced in Mortgagee's right to foreclose at any time thereafter during which such Event of Default continues, and shall not be prejudiced in Page 3 of 5 Mortgagee's foreclosure rights in case of further Events of Default. SECTION NINE MORTGAGEE'S RIGHT OF POSSESSION In case of any default whereby the right to foreclosure occurs hereunder, Mortgagee shall at once become entitled to exclusive possession, use and enjoyment of all property, 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, if there is any; and such possession, rents, issues and profits shall at once be delivered to Mortgagee on request, and on refusal, the delivery of such possession, rents, issues and profits may be enforced by Mortgagee by any appropriate civil suit or proceeding, including action or actions in ejectment or forcible entry, or unlawful detainer; and Mortgagee shall be entitled to a receiver for the property and the rents, issues and profits thereof, after any such default, including the time covered by foreclosure proceedings and the period of redemption, if there is any, and shall be entitled thereto as a matter of right without regard to the solvency or insolvency of Mortgagor or the then owner of the property or the sufficiency thereof to discharge the mortgage debt and foreclosure costs, fees and expenses; and such receiver may be appointed by any court of competent jurisdiction, and all rents, issues, profits, income and revenue of the property shall be applied by such receiver, according to law and the orders and directions of the court. SECTION TEN BINDING EFFECT The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective heirs, executors, administrators, successors and assigns of the parties thereto. Whenever used, the singular number shall include the plural, the plural the singular, and the use of any gender shall include all genders. SECTION ELEVEN WAIVER Any waiver by either party hereto of any breach of any kind or character whatsoever by the other party, whether such waiver be direct or implied, shall not be construed as a continuing waiver of or consent to any subsequent breach of this agreement on the part of the other party. SECTION TWELVE NOTICES All notices, demands, requests and other writings required or permitted to be given hereunder shall be deemed duly given if hand delivered or if mailed by certified mail, postage prepaid, if addressed to the parties to their respective addresses stated above. Either party shall have the right to specify in writing in the manner above provided, another address to which subsequent notices or writings to such party shall be given. Any notice given hereunder shall be deemed to have been given as of the date delivered or three (3) days after being mailed. IN WITNESS WHEREOF, Mortgagor has caused this Mortgage to be duly executed on this day of ft,lo,P. 2012. MICHAE CHRISTENSEN Page 4 of 5 STATE OF WYOMING )ss. COUNTY OF LINCOLN The above and foregoing Mortgage was acknowledged before me this ls` day of August 2012 by Michael J. Christensen and Amanda Lynn Christensen. WITNESS my hand and official seal. 190L1 Q L L �l Q Yt/� 0 Notary Public My Commission Expires: 3/24/2015 Page 5 of 5 00583