Loading...
HomeMy WebLinkAbout970329M 0 W W w N M O Q! e LLI (9 d 0 0 0 O 0 CO W Z (9 MORTGAGE (With Power of Sale) KNOW ALL MEN BY THESE PRESENTS, that Travis M. Norman of P.O. Box 449, Smithfield, Utah, 84335, designated as Mortgagor, to secure the payment of the principal sum of FIFTY EIGHT THOUSAND TWO HUNDRED DOLLARS, ($58,200.00) plus interest accruing at a yearly rate of 12.5%, as evidenced by a Revolving Line of Credit Balloon Note, (the "Promissory Note of even date herewith, payable to the order of American Funding, LLC, a Utah limited liability company of P.O. Box 17703, Salt Lake City, Utah, 84117, herein designated as Mortgagee, and payable as set forth in the Promissory Note, hereby mortgages to said Mortgagee, the following- described real property and premises, situated in Lincoln County, State of Wyoming, hereby releasing and waiving all rights under and by virtue of the homestead exemption laws of the State, to wit: Lot 2B of Block 2 of the Lincoln Heights 5` Addition, Second Filing, to the City of Kemmerer, Lincoln County, Wyoming as described on the official plat filed on May 2, 1985 as instrument No. 634485 of the records of the Lincoln County Clerk. and all buildings and improvements thereon (or that may hereafter be erected thereon); together with appurtenances and all other rights thereunto belonging, or in anyway now or hereafter appertaining, and the reversion and reversions, remainder and remainders, heating and attached to "Property The Mortgagor follows: rents, issues, and profits thereof, and all plumbing, lighting fixtures and equipment now or hereafter or used in connection with said premises, (the covenants and agrees with the Mortgagee as SECTION ONE RENTS, PROFITS AND RECEIVER Mortgagor as further security for this Mortgage and the Promissory Note, hereby assigns, sets over, and conveys to Mortgagee all its interest in and to all rents, issues, and profits from the Property. In the event of a default, Mortgagee shall have the right without notice to the Mortgagor, to take possession of the Property, including during the pendency of foreclosure, whether judicial or non judicial, and collect the rents, including amounts past due and unpaid, and apply the net proceeds, over and above the Mortgagee's costs, against the indebtedness. In addition, Mortgagee shall have the right to have a receiver appointed to take possession of all or any part of the Property, with the power to protect and preserve the Property, to operate the Property preceding foreclosure or sale and to collect the rents for the Page 1 of 5 !��J 4 21 Property and apply the proceeds, over and above the cost of receivership against the indebtedness. The Receiver may serve without bond, if permitted by law. SECTION TWO PAYMENT OF INDEBTEDNESS Mortgagor will pay the indebtedness as required by the Promissory Note of even date herewith. SECTION THREE TAXES AND ASSESSMENTS Mortgagor will pay all taxes, assessments, and other governmental or municipal charges, or other lawful charges levied against the Property and mobile home and will promptly deliver the official receipts therefor to Mortgagee upon request. Failure to do so shall constitute an event of default. In default thereof the Mortgagee may, at its option, pay the same, and all sums so paid shall be added to and considered a part of the above indebtedness hereby secured, and shall draw interest at the rate set forth in the Promissory Note. SECTION FOUR MAINTENANCE OF Property Nothing shall be done on or in connection with said Property which may impair the Mortgagee's security hereunder; the Mortgagor shall not commit waste, impairment or deterioration of said Property nor any part thereof, and said Property shall be continuously by condition Mortgagor will hereinafter erected maintained in good and sightly order, repair the Mortgagor at their expense. SECTION FIVE INSURANCE keep the improvements on the said Property, pay promptly, when due, any insurance shall be carried in and the policies and renewals In event of loss, Mortgagor will Mortgagee and the insurance carrier. loss to the insurance carrier if Mortgagor. Insurance proceeds shall Page 2 of 5 and now existing or insured as may be required from time to time by the Mortgagee against loss by fire and other hazards, casualties, and contingencies in an amount that is at least equal to the amount of the Promissory Note, and will premiums on such insurance. All companies approved by the Mortgagee thereof shall have attached thereto loss payable clauses in favor of and in form acceptable to the Mortgagee. Mortgagor shall take all steps necessary to assure that notification of renewals are mailed or otherwise delivered by the insurance company to the Mortgagee each year. give immediate notice to the Mortgagee may make proof of not made promptly by the be applied to restoration or repair of the Property damaged, if the restoration or repair is 00422 economially feasible and Mortgagee's security is not lessened. If the restoration or repair is not economially feasible or Mortgagee's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Mortgage, whether or not then due, with any excess paid to the Mortgagor. In event of foreclosure of this Mortgage or other transfer of title to the said premises in extinguishment of the indebtedness secured hereby, all right, title and interest of the Mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee. SECTION SIX CHARGES; LIENS In case the Mortgagor defaults in the payment of any, taxes, assessments, or other governmental or municipal charges, or other lawful charges, as herein provided, the Mortgagee may, without notice or demand, pay the same and in case of any failure on the part of the Mortgagor to comply with the covenants of Section Four hereof, the Mortgagee may effect such repairs as it may reasonably deem necessary to protect the Property, at the expense of the Mortgagor. The Mortgagor covenants and agrees to repay such sums so paid and all expenses so incurred by the Mortgagee, with interest thereon from the date of payment, at the same rate as provided in the Promissory Note herein described, and the same shall be a lien on the said premises and be secured by the said Promissory Note and by these presents and in default of making such repayments, the whole amount hereby secured, if not then due, shall, if the said Mortgagee so elects, become due and payable forthwith, anything herein contained to the contrary notwithstanding. SECTION SEVEN ACCELERATION AND FORECLOSURE In the event of a default because of Mortgagor's failure to timely make payments as required by the Promissory Note, or in case of a breach of any other covenants or agreements contained in the Promissory Note or this Mortgage, and such other default or breach is not cured within the time specified in the Promissory Note, then the whole of the then indebtedness secured hereby, inclusive of principal, interest, arrearage, late fees, penalties, ground rents, taxes, assessments, water charges, expenditures for repairs or maintenance, together with all other sums payable pursuant to the Promissory Note and the provisions hereof, shall become immediately, due and payable, at the option of the Mortgagee, and it shall be lawful for the Mortgagee to pursue any legal remedy available under the law against the Mortgagor, including but not limited to, the right to proceed to enforce the provisions of the Promissory Page 3 of 5 004 "23 Promissory Note and this Mortgage by suit at law or in equity, the right to foreclose this mortgage by power of sale or advertisement and sale according to Wyoming statutes governing mortgage foreclosures, and cause to be executed and delivered to the purchaser or purchasers at any such sale or deeds of conveyance of the Property pursue a deficiency judgment against proceeds from a foreclosure by power of sale be insufficient to pay Mortgagor's indebtedness. There shall be included in any or all such proceedings, a reasonable attorney's fee. In case the Mortgagee shall fail promptly to foreclose upon the any default, it shall not thereby be prejudiced in foreclosure at any time thereafter during which such default shall continue and shall not be prejudiced in its foreclosure rights in case of further default or defaults. If Mortgagor remains in possession of the Property after the Property is sold as provided above, during the redemption period, Mortgagor shall become a tenant at sufferance of the Mortgagee or the purchaser of the Property and shall, at the Mortgagee's or purchaser's option, either (a) pay a reasonable rental for the use of the Property, or (b) vacate the Property immediately upon demand of the Mortgagee or purchaser. SECTION EIGHT WAIVER OF RIGHT TO ENFORCE No failure by the Mortgagee or any legal holder to enforce any right set forth herein nor the granting of any extension of time nor taking of additional security, nor partial release of security or the making of future advances, shall act to constitute a waiver of the right to enforce any and all remedies provided herein nor shall it act to discharge or release the collateral. SECTION NINE DUE ON SALE Mortgagee may, at its option, declare immediately due and payable all sums secured by this Mortgage upon the sale or transfer, without the Mortgagees's prior written consent, of all or any part of the real Property described herein. A "transfer" means the conveyance of the real Property or title or interest therein; whether legal, beneficial or whether voluntary or involuntary; whether by outright sale, deed, installment sale contract, land contract, contract for deed, lease option contract or lease with a term greater than three (3) years. SECTION TEN BINDING EFFECT The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective heirs, executors, Page 4 of 5 a good and sufficient deed so sold, and the right to the Mortgagor should the happening of its right of "sale" or any right, equitable; x0424 administrators, successors, and assigns of the parties hereto. 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 NOTICES All notices, demands requests and writings required or permitted to be given to the Mortgagor hereunder shall be deemed duly given if delivered or if mailed as specified in the Promissory Note. IN WITNESS WHEREOF, Mortgagor has duly executed this Mortgage 11 L 2013. on the I day of an STATE OF l.l 114 COUNTY OF C kCN C this The s s above and foregoing instrument was acknowledged before me day of 2013, by Travis M. Horman. WITNESS my hand and official seal. My Commission Expires: P12..k i_ 1 zo i xj No ry P is Page 5 of 5 NOTARY PUBLIC JOSH D JOHNSON 808863 COMMISSION EXPIRES APRIL 18, 2015 STATE OF UTAH 104V