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HomeMy WebLinkAbout871439MORTGAGE DEED WiTiI RELEASE OF HOMESTEAD Tpster 'R Hhel a• R Betty Mortgagor(s), of Bannock County, State of Idaho. ,to secure the payment of Eight Thousand Seven' Hundred eicatrllars 8, 780.00. due October 1, 2010, with interest from October 1. 2000 btx at this rate of 10% per cent per annum payable monthly, evidenced by Promissory Note of even date herewith; in Monthly installments of c)np Himrlrpcl Si xt n 1/ 1 nn Dollars (S 1 16 03 each, including interest; commencing on the 1 day of ()rt nhPr, 2000 xk9 and continuing on the same day of each month thereafter, does hereby mortgage and warrant to LEISURE VALLEY, INC., a Nevada 'Corporation; Mortgagee, of Lincoln County, Wyoming, the following described real property In the County of Lincoln, State of Wyoming: Star Valley Rancy RV Park Plat 1,i_:2nd Filing Lot 2003 Mortgagor(s) agree to pay the indebtedness according to Uie terms and conditions of that Promissory Note hereinabovo described, executed by Mortgagor(s) to LEISURE VALLEY, INC., and during the 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. It 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 Mortgagcc 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 Mortgagcc 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 Percent (10%) of the indebtedness remaining unpaid at the time of such sale, and the same shall be taxed is costs 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(s) s hereby assign to Mortgagee aU rents hereafter payable for the use and occupancy of the remises by an P Y P y y person in possession n 1 thereof with Mortgagor's consent. If default occurs in any of the covenants and agreements herein contained or under the s aforesaid Promissory Note, whether or not Mortgagcc elects to foreclose this mortgage on account thereof, Mortgagor(s) hereby 1 t authorize Mortgagcc to collect the rents from the premises and to apply the same to the payments on the indebtedness secured cs gY vy hereby until such default is remedied. 0tA Pit r 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 possession to Mortgagee rom tl u on its request po promptly Y P f therefdr, Mortgagcc may compel delivery thereof by ejectment action or other civil proceedings appropriate for that purpose. and period of redemption, if any. If Mortgagor(s) shall fail to surrender such 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 tiie premises 'or the insufficiency thereof to discharge the Indebtedness and costs of foreclosure and sale, Mortgagcc 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, notice being hereby waived and it 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 this 6th day of Asgust, 2000 19 MORTGAGR(S): BOOK t 6 PR PAGE 4 8 9 t u J STATE O ss: COUNTY OP LINCOLN On this 6th day of August 200 i 1g before me personally appeared Lester R. Betty and Shela R-1. Betty known to me to be the person(s) described in and who executed the foregoing instrument and acknowledged that same as -°i-- p J p free act and deed, including the release and waiver of tie right of homestea d. executed the V ITNPSS my hand and .,rnl_ VICKIE J. JEPPERSON Notary Pablio County of '1 sweat Linoohn i n Wysarne My Commission Expire 10• os -W! My Commission Expires: r t County and State .6,c J /o- V -�J NOTARY PUBLIC in and for said .Recorded at the Request of LEISURE VALLEY, INC.