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HomeMy WebLinkAbout967222CORRECTIVE MORTGAGE !J0588 This mortgage is recorded to correct the description of the mortgage recorded 9 -25 -2012 at Book 794, Page 676. The block number was incorrect. The mortgage is against Lot 6 of Block 25 of the First Addition to Town of Kemmerer, not Lot 6 of Block 31 of the First Addition to Town of Kemmerer, and this document should be abstracted against both properties to reflect such of public record. Jessi J. Combs (hereinafter "MORTGAGOR to secure the payment of Forty Six Thousand Dollars ($46,000.00), as provided in and evidenced by a promissory note of even date herewith (the ultimate maturity date of which is the 30th day of September, 2027) and all renewals, modifications and extensions thereof, does hereby mortgage unto Glen D. Snell and Renae E. Snell, husband and wife, of Kemmerer WY 83101, (Hereinafter "MORTGAGEE the following described real property situated at 314 Ruby Street, Kemmerer, in the County of Lincoln, State of Wyoming, hereby releasing and waiving all rights under and by virtue of the homestead exemption laws of the State of Wyoming, to -wit: Lot 6 of Block 25 of the First Addition to Town of Kemmerer, County of Lincoln, State of Wyoming as surveyed, platted and recorded in the office of the Lincoln County Clerk and Ex- Officio Register of Deeds, together with all improvements and appurtenances thereon situate or in anywise appertaining thereunto. Subject, however, to all restrictions, reservations, easements and right -of -ways of record or in use. MORTGAGOR agrees to pay the indebtedness hereby secured; to pay all taxes, assessments and charges levied against the property, as the same becomes due and payable; to secure, maintain and furnish MORTGAGEE evidence thereof, insurance with an insurance carrier or carriers acceptable to MORTAGEE, covering the insurable improvements on the property against loss by fire, with extended coverage, in the amount not less than the unpaid balance of the debt hereby secured, or the insurable value of such improvements, whichever is less, which insurance shall contain an appropriate loss payable provision protecting the MORTAGOR and MORTGAGEE as their respective interests may appear from time to time. In the event MOTRAGOR fails to pay such taxes and assessments, or fails to keep and maintain such insurance as herein provided, MORTGAGEE may pay such taxes and assessments and may secure and pay for such insurance and all sums so paid shall be added to and considered a part of the indebtedness hereby secured and shall draw interest at the same rate. MORTAGAGEE agrees to allow MORTGAGOR to pay off all principal and accrued interest at any time with no prepayment penalty. IN case default shall be made in the payment of the above sums hereby secured, or in payment of the interest thereon, or any part of principal or interest, when the same shall become due; or in case default shall be made in any of the covenants and agreements thereof, which default is not cured within thirty (30) days after notice thereof is given by MORTAGEE, or in the event MORTAGOR sells or convey the property, or any part thereof, or any interest therein, without prior written consent of the mortgagee first had obtained, then the whole indebtedness hereby secured, with interest thereon, shall become due and payable, at the option of MORTGAGEE, and MORTGAGEE'S legal representatives and assigns, may proceed by advertisement and sale and /or as otherwise authorize by governing law, to foreclose on and sell the Property, and out of the proceeds of such sale, MORTGAGEE shall pay all sums due hereunder, together with all cost of sale, including reasonable attorney's fees. If the proceeds of the foreclosure sale are insufficient to pay the indebtedness hereby secured and foreclosure cost, MORTAGEE shall be entitled to a deficiency judgement. In the event of any default whereby the right of foreclosure occurs hereunder, MORTGAGEE shall at once become entitled to exclusive possession, use and enjoyment of the property, and to all rents, issues and profits from the accruing of any such right and during the pendency of the foreclosure proceedings, and the period of redemption, if any there be. RECEIVED 10/5/2012 at 2:24 PM RECEIVING 967222 BOOK: 795 PAGE: 588 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY Any award of damages in connection with any condemnation for public use of or injury to said property or any part thereof is hereby assigned and shall be paid to Mortgagees who apply of release such moneys received by them in the same manner and with the same effect as above provided for the disposition of proceeds of fire or other insurance. By accepting payment of any sum secured hereby after its due date, Mortgagees does not waive their right either to require prompt payment when due of all other sums so secured or to declare default for failure to pay. As additional security, Mortgagor hereby give to and confer upon Mortgagees the right, power and authority, during the continuance of the Trusts, to collect the rents, issue and profits of said property, reserving unto Mortgagees the right, prior to any default by the Mortgagors in payment of any indebtedness secured hereby or in performance of any agreement hereunder, to collect and retain such rents, issues and profits as they become due and payable. Upon any such default, Mortgagees may at any time without notice, either in person, by agent, or by a receiver to be appointed by a court, and without regard to the adequacy of any security for the indebtedness hereby secure, enter upon and take possession of said property of any part of said property of any part thereof, in his own name sue for or otherwise collect such rents, issues and profits, including those past due and unpaid, and apply the same, less costs and expenses of operation and collection, including reasonable attorney's fees, upon any indebtedness secured hereby, and in such order as Mortgagees may determine. The entering upon and taking possession of said property, the collection of such rents, issue and profits and the application thereof as aforesaid, shall not cure or waive any default or notice of default hereunder of invalidate any act done pursuant to such notice. MORTGAGOR warrants title to the Property as to parties claming, by through of under Mortgagor only. Witness my hand this Ste` day of cc 2012. essi J.'ombs State of Wyoming) ss. County of Lincoln) My commission expires: r.b,ER A ,2c.14- A pTAq To y ocourn21 our ��O 0 OF WO °S %thiniiiiito 00589 The foregoing instrument was acknowledged before me by Jessi J. Combs, this day of 2012. WITNESS my hand and official seal.