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HomeMy WebLinkAbout970799r RECEIVED 5/2/2013 at 4:22 PM RECEIVING 970799 BOOK: 810 PAGE: 639 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY MORTGAGE Know all persons by these presents that this Mortgage (the "Mortgage is executed and delivered as of this liky 2013 by Cynthia L. Bowers (the "Mortgagor with a mailing address of P.O. Box 3634, Alpine, WY 83128, to Alan J. Hirschfield (the "Mortgageee with a mailing address of P.O Box 7443, Jackson, WY 83001: The Mortgagor, to secure payment by Mortgagor of the principal sum of $70,000.00, as evidenced by the Secured Promissory Note between the Mortgagor and Mortgagee of even date herewith (the "Promissory Note does hereby mortgage to the Mortgagee the following described real property situated in Lincoln County, Wyoming (the "Subject Property See Exhibit A attached hereto and by this reference incorproated herein. PIDN: j) /5 /a -A -00-3i The Mortgagor hereby relinquishes and waives all rights arising under and by virtue of the homestead exemption laws of the state of Wyoming with respect to the Subject Property. The Mortgagor covenants and warrants that at the signing and delivery of this Mortgage, the Mortgagor is lawfully seized in fee simple of the Subject Property and has good and lawful right to mortgage, sell, or convey such Subject Property; that the Mortgagor warrants and will defend the title to such Subject Property against all lawful claims and demands; and that the Subject Property is free from all encumbrances not of record. This Mortgage is subject to the express condition that Mortgagor pays, or causes to be paid, to the Mortgagee the principal sum of $70,000.00 and any applicable charges and interest as set forth and according to the provisions contained in the Promissory Note. The Mortgagor hereby covenants and agrees to pay all such amounts. The Mortgagor further covenants and agrees as follows; 1) The Mortgagor shall pay or cause to be paid all taxes and assessments levied or assessed against the Subject Property, and shall comply with all recordation and other laws affecting the security of this Mortgage, at the expense of the Mortgagor. The Mortgagor further agrees a) to maintain all buildings and other structures on the Subject Property in substantially their original condition or better, reasonable wear from the elements excepted and reserving the right to replace buildings and structures with property of at least equal value or utility and b) to maintain fire and extended coverage insurance covering the insurable buildings and structures on the Subject Property, written by sound and reputable insurance companies in the full insurable value of such Subject Property subject to reasonable deductibles, covering the parties as their interest may appear, and Mortgagor shall furnish a copy thereof to the Mortgagee promptly after receipt of written request therefor. Further, the Mortgagor shall not cancel such insurance without providing ten (10) days' advance written notice to the Mortgagee. 2) The Mortgagor shall not permit the interest of the Mortgagor in the Subject Property or any part thereof to be levied upon or attached in any legal or equitable proceeding. 3) If the Mortgagor defaults in the payment of such taxes, assessments or other lawful charges, the Mortgagee may, without notice or demand, pay the same. The Mortgagor covenants and agrees that all such sums of money so expended, together with all costs of enforcement or foreclosure, and reasonable attorneys' fees, shall be added to the debt Mortgage Page 1 of 4 u0639 hereby secured, and agrees to repay the same and all expenses so incurred by the Mortgagee, with interest thereon from the date of payment at the interest rate for overdue amounts provided in the Promissory Note secured hereby until repaid, and the same shall be a lien on the Subject Property and be secured by this Mortgage. 4) Upon an event of default under the Promissory Note, the Mortgagee may enforce the provisions of, or foreclose, this Mortgage by any appropriate suit, action or proceeding at law or in equity or by advertisement and sale as provided by applicable Wyoming statutes. At any foreclosure sale, the Mortgagee may cause to be executed and delivered to the purchaser or purchasers a proper deed of conveyance of the Subject Property, or such portion thereof, so sold. The Mortgagor agrees to pay all costs of enforcement and of foreclosure, including reasonable attorneys' fees. The failure of the Mortgagee to promptly foreclose following a default shall not prejudice any right of the Mortgagee to foreclose thereafter during the continuance of such default or any right to foreclose in case of further default or defaults. The proceeds from such sale shall be applied to the payment of (1st) the costs and expenses of the foreclosure and sale, including reasonable attorneys' fees, and all money expended or advanced by the Mortgagee pursuant to the provisions of this Mortgage; (2nd) all unpaid taxes, assessments, claims and liens on the Subject Property, which are superior to the lien hereof; (3rd) the balance due to the Mortgagee on account of principal and interest and late charges on the indebtedness hereby secured in whole, or in part if there are insufficient funds to pay in full; and (4th) the surplus, if any, shall be paid to the Mortgagor (subject to the rights of any junior lienholders). 5) If the right of foreclosure accrues as a result of any default hereunder, the Mortgagee shall at once become entitled to exclusive possession, use and enjoyment of the Subject Property and to all rents, income and profits thereof, from the accruing of such right and during the pendency of foreclosure proceedings and the period of redemption, and such possession, rents, income and profits shall be delivered immediately to the Mortgagee on request. On refusal, the delivery of such possession, rents, income and profits may be enforced by the Mortgagee by any appropriate suit, action or proceeding. The Mortgagee shall be entitled to a receiver for the Subject Property and all rents, income and profits thereof, after any such default, including the time covered by foreclosure proceedings and the period of redemption and without regard to the solvency or insolvency of the Mortgagor, or the then owner of the Subject Property, and without regard to the value of the property, or the sufficiency thereof to discharge the indebtedness secured hereby and foreclosure costs, fees and expenses. Such receiver may be appointed by any court of competent jurisdiction upon application, and the appointment of any such receiver on any such application is hereby consented to by Mortgagor. All rents, income and profits of the Subject Property shall be applied by such receiver according to law and the orders and directions of the court. The terms "foreclosure" and "foreclose," as used herein, shall include the right of foreclosure by any suit, action or proceeding at law or in equity, or by advertisement and sale of the Subject Property or in any manner now or hereafter provided by applicable Wyoming law, including the power to sell. 6) If the Subject Property described herein is sold under foreclosure or otherwise and the proceeds are insufficient to pay the total indebtedness hereby secured, the Mortgagor shall be personally bound to pay the unpaid balance of the Promissory Note secured Mortgage Page 2 of 4 00640 hereby and any other indebtedness secured hereby, and the Mortgagee shall be entitled to a deficiency judgment. 7) The acceptance of this Mortgage, and the Promissory Note it secures, by the Mortgagee shall be an acceptance of the terms and conditions contained herein. 8) The covenants and agreements herein contained shall bind, and inure to the benefit of, the respective heirs, devisees, legatees, executors, administrators, successors and assigns of the Mortgagor and the Mortgagee. Whenever used the singular number shall include the plural, the plural the singular, and the use of any gender shall include all genders. 9) The Mortgagor shall not be entitled to set -off or any similar rights against any amounts owed hereunder or under the Promissory Note secured hereby. 10) If all or any part of the Subject Property or any interest therein is sold, conveyed or otherwise transferred voluntarily or involuntarily, the Mortgagee may insist upon the immediate repayment in full of the debt secured hereby. The Mortgagor shall give prior written notice to the Mortgagee of any such proposed sale, conveyance or other transfer. 11) Any notice required to be given to any person hereunder or under the Promissory Note secured hereby shall be given by delivery or by mailing the same by certified mail to such persons at the address noted above (or to such other address as shall have been specified in writing), and notice so mailed shall for all purposes hereof be as effectual as though served upon such party in person at the time of depositing such notice in the mail. 12) This Mortgage may be executed in counterparts, each of which will be deemed to be an original copy of this Mortgage and all of which, when taken together, will be deemed to constitute one and the same agreement. Mortgage Page 3 of 4 IN WITNESS WHEREOF, this Mortgage has been executed by the Mortgagor as of the date first set forth above. STATE OF fvy ldv b— r ss. COUNTY OF r� N The foregoing Mortgage was subscribed, sworn and acknowledged before me by Cynthia L. Bowers, who is personally known to me or has established her identity and authority to me by reasonable proof, this 4 2013. Witness my hand and official seal. THOMAS C. STANTON NOTARY PUBLIC COUNTY OF STATE OF TETON WYOMING MY QQMMISSIQN EXPIRES 7 ?v )6/ Mortgage Page 4 of 4 Mortgagor: Cynthia L. Bowers Notary Public for the State of Wyoming My Commission Expires: -7P° /2o /i Description: Parcel B Amended A portion of the property, as referred to in the Deed recorded with Document No. 813208, in Book 378PR, on Page 38, originally conveyed in the Deed recorded with Document No. 704167, in Book 274PR, on Page 686, all with the Office of the Clerk of Lincoln County, Wyoming, located within the SE1 /4NW1/4 of Section 10, T36N, R119W, of the 6 th P.M., Lincoln County, Wyoming, the Boundary and Encumbrances being more particularly described as follows: BEGINNING at the intersection of the Westerly line of U.S. Highway 89 and the South line of the NE1 /4NW1 /4 of said Section 10, said Point being 834.18 feet N89 08'54 "W, along said South line, from the Nelsen Engineering PE /LS 578, 1980 location for the Southeast Corner of said NE1 /4NW1 /4, of said Section 10; thence S3 13'37 "E, along said Westerly line, 486.70 feet; thence S87 23'28 "W 452.21 feet to a Point in the East line of the Watts property, as referred to in the Deed recorded with Receiving No. 955727, in Book 754, on Page 492, with said Office; thence N0 27'20 "E, along said East line, 512.78 feet to Point in said South line of said NE1 /4NW1 /4, of said Section 10; thence S89 08'54 "E, along said South line of said NE1 /4NW1 /4, of said Section 10, 420.32 feet, to the Point of Beginning, Encompassing 5.00± Acres of land. GRANTING and RESERVING: A forty (40) feet wide Right -of -Way Easement for Ingress, Egress, and Underground Utilities, the Center line being more particularly described as follows: BEGINNING at a Point in the South line of the above described Parcel, said Point being 20.00 feet S87 23'28 "W, along said South line, from the Southeast corner thereof; thence S3 13'37 "E, parallel with the East line of the above described Parcel, 262.27 feet; thence N86 46'23 "E 20.00 feet to a Point in the Westerly line of U.S. Highway 89. TOGETHER WITH and SUBJECT TO: ALL Easements, Exceptions, Restrictions, Reservations, Rights -of -Way, Improvements, including but not limited to Conditions of sight and or record.