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HomeMy WebLinkAbout970746MORTGAGE Daniel A. Schwab and Kristi R. Schwab, as individuals whose address is P.O. Box 1297, Afton, Wyoming 83110, "Mortgager," to secure the payment of One Hundred Thousand Dollars ($100,000.00) as evidenced by a Promissory Note (hereinafter the "Note of even date herewith, and all other amounts due thereunder and all extensions and renewals thereof, when and as the same shall become due and payable hereby mortgages and warrants to Bucato LLC, "Mortgagee" and Mortgagee's successors and assigns, the real property in Lincoln County, Wyoming described as: See attached Exhibit TOGETHER WITH all easements and rights of way appurtenant thereto, all buildings, structures, improvements, fixtures, appliances, equipment, and other articles of real property of every kind and nature physically attached or affixed to said property and now or hereafter installed or placed thereon. THE MORTGAGOR HEREBY COVENANTS AND AGREES WITH THE MORTGAGEE AS FOLLOWS: 1. This Mortgage is given to secure payment and the Mortgagor promises to pay to Mortgagee the amount of One Hundred Thousand Dollar ($100,000.00) as evidenced by a Promissory Note of even date herewith, and all other amounts due thereunder and all extensions and renewals thereof, when and as the same shall become due and payable. Each such payment shall be applied first to the payment of interest and any balance remaining after the payment of interest shall be applied to the reduction of the unpaid principal balance. 2. Time is of the essence and if any amount shall not have been paid when due as provided in this Note, the entire indebtedness may become due and payable at once at the option of the holder and without notice; failure to exercise this option howsoever often shall not constitute a waiver of the right to exercise it thereafter. If any other event of default shall occur as provided in the Note or this Mortgage, and if Mortgagor after receiving written notice from Mortgagee demanding cure of such default fails to cure the same within 15 days after such notice, the entire indebtedness may become due and payable at once at the option of the Mortgagee and without notice; failure to exercise this option howsoever often shall not constitute a waiver of the right to exercise it thereafter. 1 (O41 RECEIVED 4/30/2013 at 4:32 PM RECEIVING 970746 BOOK: 810 PAGE: 411 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY u041.12 3. Mortgagor will pay the indebtedness hereby secured promptly and in full compliance with the terms of said Note and this Mortgage. The time of payment of said indebtedness, or any portion thereof, may be extended or renewed, and any portions of the Premises herein described may, without notice, be released from the lien hereof, without releasing or affecting the liability for the payment of said indebtedness then remaining unpaid. No change m the ownership of said Premises shall release, reduce or otherwise affect any such liability for the lien hereby created. It is further agreed that the taking of additional security of any nature shall not impair or release this Mortgage; and as a further security this Mortgage shall become due and payable in full at the option of the Mortgagee if the Mortgagor, or Mortgagor's legal representatives, successors or assigns shall convey the mortgaged Premises or if legal or equitable title thereto shall become vested in any other person or persons in any manner whatsoever excepting those conveyances approved In writing by Mortgagee. The acceptance of any payment on the Note by the Mortgagee shall not constitute a waiver of this option, and consent to any one such conveyance shall not constitute consent to any subsequent conveyance or a waiver of this option, 4. Mortgagor shall pay or cause to be paid all taxes and assessments levied or assessed against the Premises, and shall comply with all recordation and other laws affecting the security of this Mortgage at the expense of Mortgagor. 5. Mortgagor will not commit or permit waste on the Premises and will keep and maintain the Premises in good repair. 6. Mortgagor will pay all expenses and attomey's fees incurred by the Mortgagee, successors or assigns, for the protection of the lien of this Mortgage or for the collection of any amount due on the instrument which this Mortgage secures or for the preservation of the Premises mortgaged. 7. Mortgagor will comply promptly, at the expense of the Mortgagor, with all laws, statutes, ordinances and regulations affecting the Premises in any manner whatsoever. 8 In case of the failure of the Mortgagor to do so, the Mortgagee may make any payment or perform any covenant herein to be made or performed by the Mortgagor, and any payment so made or expense incurred in connection therewith by the Mortgagee shall bear interest at a rate of 1 0% per annum, and shall be immediately repayable by the Mortgagor and shall be impressed as an additional lien upon the mortgaged Premises, and this Mortgage shall thereupon secure the repayment of such advances with interest. 2 04i t 9. In case an event of default shall occur in making payments or performing any other covenants or agreement required of Mortgagor as provided in the Note or this Mortgage, the Mortgagor hereby authorizes and empowers the Mortgagee, and Mortgagee's successors and assigns to foreclose this Mortgage by advertisement and sale as provided by the statutes of the State of Wyoming or to foreclose this Mortgage by judicial proceedings and convey the same to the purchaser in accordance with the statutes of the State of Wyoming, and out of the monies arising from such sale to retain all sums secured hereby with interest and all legal costs and charges of such foreclosure and actual attorney's fees incurred by Mortgagee (or such other amount as shall be fixed by the Court in the event of judicial foreclosure or receivership), which costs, charged and fees the Mortgagor agrees to pay. In case of the foreclosure of this Mortgage, the Mortgagor hereby authorizes and empowers the Mortgagee, Mortgagee's successors and assigns, to effect insurance upon any buildings and fixtures on the Premises for a period covering the time for redemption for the sale of the Premises under such foreclosure, and to pay the premium therefore and the amount so paid shall be impressed as an additional lien upon the Premises and shall be secured by and be collectible as a part of this Mortgage and bear interest at the rate of 10% per annum, from the date said amount is paid. In the event of a foreclosure, Mortgagor hereby authorizes and empowers Mortgagee, Mortgagee's successors and assigns, to bring an action against any person who claims an adverse estate or interest therein for the purpose of determining such adverse estate or interest, and to pay costs and expenses thereof together with actual attorney's fees which amount shall be impressed as an additional lien upon said Premises and shall be secured by and collectible as a part of this Mortgage. 10. Upon commencement of any foreclosure, or at any time thereafter, and prior to the expiration of the time for redemption from any sale of the premises on foreclosure, any court of competent jurisdiction, upon application of the Mortgagee, or the purchaser at such sale, shall, at once and without notice to the Mortgagor or any other person, appoint a receiver for said Premises to take possession thereof, to collect rents, issues and profits of said Premises during the pendency of such foreclosure and until the time to redeem the same from the foreclosure sale shall expire, and out of rents, issues, and profits to keep the Premises in good repair and condition and to pay all taxes, assessments, and special assessments, and to redeem from sale for taxes, assessments, and special assessments, and to pay insurance premiums necessary to keep the Premises insured at accordance with the provisions of this Mortgage and to pay the expense of the receivership, and said receiver shall apply the net proceeds to the payment of the indebtedness secured hereby, and such receiver shall have all the other usual powers of receivers in such cases. 3 11. Failure to exercise any right, power or options herein granted to the Mortgagee, howsoever often shall not constitute a waiver thereof and shall not estop the Mortgagee from exercising any such right, power or option at any time or upon any subsequent default of the Mortgagor. All rights and remedies given or reserved to the Mortgagee herein shall be cumulative and may be exercised contemporaneously but the exercise of one or more such rights or remedies shall not exclude or prevent the exercise of Mortgagee's other rights or remedies. 12. The Mortgagor specifically warrants that Mortgagor is fully authorized to enter into this Mortgage, and that the acquiescence or approval of no other person is required for Mortgagor to enter into same on the terms found herein. 13. Mortgagor agrees that all of the terms and conditions contained in the Note are incorporated into and made part of this mortgage. 14. All warranties, covenants, promises, undertakings, agreements, rights, powers, privileges, benefits, obligations and remedies imposed upon or granted or reserved unto the said parties by this instrument shall survive the execution, and delivery hereof and shall respectively extend to and be binding upon the respective heirs, executors, administrators, successors and assigns of said parties. 15. This Mortgage shall be construed according to the laws of the State of Wyoming. IN WITNESS WHEREOF, the parties have signed and sealed this Mortgage this 2- day of April, 2013. Daniel A. c wab Mortgagor sti R. Sch ab, Mortgagor STATE OF WYOMING )SS. COUNTY OF LINCOLN On this 2.2- day of April, 2013, the foregoing instrument was acknowledged before me by Daniel A. Schwab, and Krisii R. Schwab as individuals who acknowledges said instrument to be their free act and deed. tress my hand and official seal. f No y Public My commission expires: f,- 2-d 4 LANCE P. ROBINSON N OTARY PUBLIC COUNTY OF STATE OF LINCOLN WYOMING MY COMMISSION EXPIRES MARCH 18, 2016 00414 Exhibit "A" Lot 7 of Valley -Vu Subdivision 2nd Filing Recorded September 4, 2009 at Document No. 949302 in the Office of the Clerk, Lincoln County, Wyoming. 604