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HomeMy WebLinkAbout871425+l MORTGAGE DEED WITH RELEASE OF IIOMESTEAD Orri c `,T 'MM'ri 1 ym Pngt Mortgagor(s), of Davis County, State of Jii to secure the payment of Fcxi't 1 Thousand Q 1 ars 14,175.00 due I\bstiler 15, 2010 iax with interest from N ter 14, 000 at the rate of 1131 per cent per annum payable monthly, evidenced by Promissory Note of even date herewith; in monthly installments of QM Ilittlred Eighty Sewn 32/100 Dollars (S 187.32 each, including interest, commencing on the 15th day of N ierr 2000 and continuing on the same day of each month thereafter, does hereby mortgage and warrant to LEISURE VALL INC., a Nevada 'Corporation,' Mortgagee, of Lincoln County, Wyoming, the following described real property In the County of Lincoln, State of Wyoming: Star Valley Ranch RV Park Plat 1 Lot 350 RELEA This, Mort gage SEF Eteek /1 /.,7OF J nu PASE Mortgagor(s) agree to pay the indebtedness according to the terms and conditions of that Promissory Note hercinabovo described, executed by Mortgagor(s) to LEISURE VALLEY, INC., and during lite life of this mortgage to pay all taxes and assessments against the premises. If Mortgagor(s) fail to pay such taxes or assessments, Mortgagee may pay the same, and all sums paid by Mortgagee for such purpose shall be added to and considered as a part of the indebtedness and shall draw interest at the same rate; If default occurs in the payment of the indebtedness or in the payment of any installment thereof, or if default occurs in any of the covenants and agreements hereof or under the aforesaid Promissory Note, then the whole indebtedness shall, at Mortgagee's option, become due and payable forthwith, and Mortgagee may foreclose this mortgage either by advertisement and sale of the premises as provided by the statutes of the State of Wyoming, or by an action in equity. This will be Mortgagee's sole remedy against Mortgagor(s) in case of default by Mortgagor(s). Out of the proceeds of any foreclosure the Mortgagee shall retain or receive all sums due to it hereunder and costs of foreclosure and sale, including attorneys' fees in an amount equal to Ten Pcrccnt (10 of the indebtedness remaining unpaid at the time of such sale, and the same shall be taxed is costa in any equitable action brought to foreclose this mortgage. To fully assure Mortgagee the benefits of the security interest in the premises granted to it hereunder, Mortgagor(a) hereby assign to Mortgagee all rents hereafter payable for the use and occupancy of the premises by any person in possession thereof with Mortgagor's consent. If default occurs in any of the covenants and agreements herein contained or under the aforesaid Promissory Note, whether or not Mortgagee elects to foreclose tl►ia mortgage on account thereof, Mortgagor(s) hereby authorize Mortgagee to collect the rents from the premises and to apply the samc to the payments on the indebtedness secured hereby until such default is remedied. In the event of foreclosure of this mortgage upon default, Mortgagee shall be entitled to the possession and enjoyment of the premises and rents and profits thereof from the time of such default and during the pendency of foreclosure proceedings and period of redemption, if any. If Mortgagor(s) shall fail to surrender such possession to Mortgagee promptly upon Its request therefdr, Mortgagee may compel delivery thereof by ejectment action or other civil proceedings appropriate for that purpose. Furthermore, in addition to the remedies otherwise provided for in this mortgage and by law, and as a matter of right without regard to the solvency or insolvency of Mortgagor(s) or the value of the premises or the insufficiency thereof to discharge tho indebtedness and costs of foreclosure and sale, Mortgagee shall be entitled to receive from the premises the rents, Issues, and profits thereof from the, time of default to the expiration of any redemptive period provided by law. A receiver may be appointed by any court of competent jurisdiction upon ex parte application without notice, noticc being hereby waived and appointment of a receiver upon such application being hereby consented to by the Mortgagor(s). MORTGAGOR(S) HEREBY RELINQUISH AND WAIVE all rights under and by virtue of the homestead exemption laws of the State of Wyoming. DATED thl 7 a h day of November, 2000 D a^30IC PR PAGE ta STATE OP WYOMING ss: 17,E COUNTY OP LINCOLN r, 11 i MORTCfi R(S): LIN On this 7th day of November, 2000 Vfi before me personally appeared t1xrric ,T. PFlst and Marilyn Post to be the person(s) described in and who executed the foregoing instrument and acknowledged that they executed the samc as their free act and deed, including the release and waiver of the right of homestead. WITNESS my liand nnU{ VICKIE J. JEPPE Nary a County at Mabel Unfelt) i WI IWO My Commission Expires 16 My Commission Expires: 4, 0 S- O l 1 Ott u I C)‘.3 \Ln iti)017\ NOTARY PUBLIC in and for said County and State .Recorded at the Request of: LEISURE VALLEY, INC.