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HomeMy WebLinkAbout971315RECEIVED 6/6/2013 at 9:14 AM RECEIVING 971315 BOOK: 813 PAGE: 77 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY MORTGAGE THIS MORTGAGE is made this 80 day of May, 2013, between JEREMIAH DANIEL and SARAH DANIEL, husband and wife, the Mortgagor, and ELECTRICAL WHOLESALE SUPPLY, INC. (hereinafter "EWS an Idaho Corporation in good standing and authorized to do business in the State of Wyoming, the Mortgagee. WHEREAS Mortgagor is indebted to Mortgagee in the principal sum of One Hundred Sixty-One Thousand and no /100 DOLLARS ($161,000.00), which indebtedness is evidenced by Mortgagor's Promissory Note and Loan Agreement dated January 29, 2009, (the "Promissory Note providing for annual installments of principal together with accrued interest at 3.57% per annum, interest calculated on the basis of a 365 day year, to be paid as provided in the Promissory Note, with the balance of the indebtedness due and payable on or before January 29, 2029; TO SECURE to Mortgagee the repayment of the indebtedness evidenced by the Promissory Note, with interest thereon and the performance of the covenants and agreements of Mortgagor in this Mortgage, Mortgagor does hereby mortgage, grant and convey to Mortgagee, with power of sale, the following described property located in Lincoln County, State of Wyoming: Lot 65 of RIVER VIEW MEADOWS SECOND ADDITION to the Town of Alpine, within the Southeast Quarter of Section 30, Township 37 North, Range 118 West, Lincoln County, Wyoming, as shown on the official plat thereof filed February 11, 1994, as Receiving No. 778568, in the Office of the Clerk of Lincoln County, Wyoming, as Plat No. 264 -D TOGETHER with all of Mortgagor's right, title, and interest in and to any and all permits, minerals and mineral rights appurtenant to or located on or under the above described property, all water and water rights, easements and rights of way, and all rights, privileges, hereditaments and tenements appertaining or belonging to the property, all of which shall be deemed to be and remain a part of the property covered by this Mortgage (the "Property"). Mortgagor covenants that it is lawfully seized of the estate hereby conveyed and has the right to mortgage, grant and convey the Property, that the Property is unencumbered with the exception of the first mortgage on the Property held by Wells Fargo Bank, N.A., and that Mortgagor will warrant and defend generally the title to the Property against all claims and demands, subject to any declarations, easements or restrictions listed in a schedule of exceptions to coverage in the title insurance policy insuring Mortgagor's interest in the Property. Mortgagor and Mortgagee hereby covenant and agree as follows: i r E WYOMING TITLE g` ESCROW ACCOM MODATION ONLY 1. PAYMENT OF PRINCIPAL AND INTEREST. Mortgagor shall promptly pay when due the principal of and accrued interest on the indebtedness evidenced by the Promissory Note. 60077 2. APPLICATION OF PAYMENTS. Unless otherwise provided by law, all payments received by Mortgagee under the Promissory Note and paragraph 1 above shall be applied first to any late payment fee, second to accrued interest payable on the Promissory Note, and then to the principal of the Promissory Note. 3. CHARGES, LIENS. Mortgagor shall pay all taxes, assessments and other charges, fines and impositions attributable to the Property which may attain a priority over this Mortgage, if any, by Mortgagor making payment, when due, directly to the payee thereof. At Mortgagee's request, Mortgagor shall furnish to Mortgagee receipts for such payments. Mortgagor shall promptly discharge any lien which has priority over this Mortgage, provided that Mortgagor shall not be required to discharge any such lien so long as it shall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to Mortgagee, or shall in good faith contest such lien, or defend enforcement of such lien in legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part of the Property. 4. PROTECTION OF MORTGAGEE'S SECURITY. If Mortgagor fails to perform the covenants and agreements of this Mortgage, or if any action or proceeding is commenced which materially affects Mortgagee's interest in the Property, including, but not limited to, eminent domain, insolvency, code enforcement or arrangements or proceedings involving a bankrupt or decedent, then Mortgagee, at its option, and upon notice to Mortgagor as provided in paragraph 11, below "Notice may make such appearances, disburse such sums and take such action as is necessary to protect Mortgagee's interest, including, but not limited to, reasonable attorney's fees. Any amounts disbursed by Mortgagee pursuant to this paragraph, with interest thereon, shall be additional indebtedness of Mortgagor secured by this Mortgage. Unless Mortgagor and Mortgagee agree to other terms of payment, such amounts shall be payable upon Notice from Mortgagee to Mortgagor requesting payment, and shall bear interest from the date of disbursement at the rate payable from time to time on outstanding principal under the Promissory Note. Nothing contained in this paragraph shall require Mortgagee to incur any expense or take any action. 5. TRANSFER OF THE PROPERTY; TERMINATION OF EMPLOYMENT. In the event the Property or any part thereof, is sold, agreed to be sold, conveyed or alienated by Mortgagor, or by operation of law or otherwise, all obligations secured by this instrument, irrespective of the maturity dates expressed therein, and without demand or notice, shall immediately become due and payable, and Mortgagee may invoke any remedies permitted by paragraph 10 below. In the event that JEREMIAH DANIEL'S employment with EWS is terminated for any reason, by either party, with or without cause, then all obligations secured by the instrument, irrespective of the maturity dates expressed therein, and without demand or notice, shall immediately become due and payable. Mortgage Page 2 of 5 0 0 6. CONDEMNATION. The proceeds (after repayment of the first mortgage) of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Mortgagee. If a total taking of the Property occurs, the proceeds (after repayment of the first mortgage) shall be applied to the sums secured by this Mortgage, with the excess, if any, paid to Mortgagor. If a partial taking of the Property occurs, unless Mortgagor and Mortgagee otherwise agree in writing, the proportion of the proceeds that is equal to the proportion that the amount of the sums secured by this Mortgage on the date of taking bears to the per acre balance of the Promissory Note shall be applied to the sums secured by this Mortgage, and the balance of the proceeds paid to Mortgagor. 7. MORTGAGOR NOT RELEASED. Extension of time for payment or modification of amortization of the sums secured by this Mortgage granted by Mortgagee to any successor in interest of Mortgagor shall not operate to release, in any manner, the liability of the original Mortgagor and its successors in interest. Mortgagee shall not be required to proceed against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage because of any demand made by the original Mortgagor or its successors in interest. 8. FORBEARANCE BY MORTGAGEE NOT A WAIVER. Mortgagee's forbearance in exercising any right or remedy under this Mortgage, or otherwise provided by applicable law, shall not be a waiver of, or preclude the exercise of, any such right or remedy. The payment of taxes or other liens or charges by Mortgagee shall not be a waiver of Mortgagee's right to accelerate the maturity of the indebtedness secured by this Mortgage. 9. TRANSFER OF THE PROPERTY; ASSUMPTION. Any sale or transfer of any part of the Property or an interest therein by Mortgagor without Mortgagee's prior written consent shall be deemed a breach of this Agreement and Mortgagee may, without further notice or demand on Mortgagor, invoke any remedies permitted by paragraph 9 below. 10. ACCELERATION; ATTORNEYS FEES. Except as provided in paragraph 8 above, if Mortgagor breaches any of its covenants or agreements in this Mortgage, including the covenants to pay when due any sums secured by this Mortgage, Mortgagee shall, prior to acceleration, provide Notice to Mortgagor specifying: (1) the breach; (2) the action required to cure such breach; (3) a date not less than 45 days from the date of Notice, by which such breach must be cured; and (4) that failure to cure such breach on or before the date specified in the Notice may result in acceleration of the sums secured by this Mortgage, and sale of the Property. If the breach is not cured by the expiration of the period specified in the Notice, Mortgagee at its sole option may declare all of the sums secured by this Mortgage to be immediately due and payable without further demand, and may invoke the power of sale and any other remedies Mortgage Page 3 of 5 (A "d permitted by applicable law. Mortgagee shall be entitled to collect all reasonable costs and expenses incurred in pursuing the remedies provided in this paragraph, including, but not limited to, its reasonable attorneys' fees and costs. If Mortgagee invokes the power of sale, Mortgagee shall give Notice of intent to foreclose to Mortgagor. Mortgagee shall provide a Notice of sale to Mortgagor. Mortgagee shall publish the notice of sale and the Property shall be sold in the manner prescribed by applicable law. Mortgagee or Mortgagee's designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all reasonable costs and expenses of the sale, including, but not limited to, reasonable attorneys fees and costs of title evidence; (b) to all sums secured by this Mortgage; and (c) the excess, if any, to the person or persons entitled thereto. 11. NO PREPAYMENT BY MORTGAGOR. Mortgagor may prepay any of the amounts due under the Promissory Note. 12. NOTICE. Except for any Notice required under applicable law to be given in another manner, (a) any Notice to Mortgagor provided for in this Mortgage shall be given by mailing such notice by certified mail, return receipt requested, addressed to Mortgagor at the address below, or at such other address as Mortgagor may designate by Notice to Mortgagee; and (b) any Notice to Mortgagee shall be given by certified mail, return receipt requested, addressed to Mortgagee at the address below, or at such other address as Mortgagee may designate by Notice to Mortgagor. Any Notice provided for in this Mortgage shall be deemed to have been delivered when given in this manner. Mortgage Page 4 of 5 Mortgagor: Jeremiah and Sarah Daniel 704 Palisades Lane Alpine, WY 83128 Mortgagee: Electrical Wholesale Supply Co., Inc. c/o Bart M. Davis, Esq. PO Box 50660 Idaho Falls, ID 83405 -0660 13. REMEDIES CUMULATIVE. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively. 14. GOVERNING LAW; SEVERABILITY. The laws of Wyoming shall govern this Mortgage. If any provision or clause of this Mortgage conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage, which can be given effect without the conflicting provision, and to this end, the provisions of the Mortgage are declared to be severable. 15. SUCCESSORS AND ASSIGNS BOUND; CAPTIONS. The covenants and agreements in this Mortgage shall bind, and the rights provided shall benefit, the respective successors and assigns of Mortgagor and Mortgagee. The captions and headings of the 060‘ ,0 A 1 I paragraphs of this Mortgage are for convenience only and are not to be used to interpret or define its provisions. 16. RELEASE. Upon payment of all sums secured by this Mortgage, Mortgagee shall release this Mortgage without charge to Mortgagor. Mortgagor shall pay costs of recordation, if any. 17. WAIVER OF HOMESTEAD. Mortgagor hereby waives all right of homestead exemption in the Property. IN WITNESS WHEREOF, Mortgagor has executed this Mortgage. MORTGAGOR: JEREMIAH DANIEL, Mortgagor SARAH DANIEL, Mortgagor igned) (Signed) STATE OF WYOMING ss. COUNTY OF eke On this 7L day of May, 2013, before me personally appeared Jeremiah Daniel and Sarah Daniel, husband and wife, and executed the within and foregoing instrument. My Commission Expires: Mortgage Page 5 of 5 WITNESS my hand and official seal. Notary Public HR{_I_1I i_ AN1: NOTARY PUBLIC r. ,AiNT\';aG aTAFE01: 'ID ION i 99 VVYOMIN( My C OMM13SION EXPIRES: 05 24 20'16 .a ,.."yr.'.�nnM..�•A;,�..v.. Irv.. aa,.», xaR.. n •a.�+N'�m'A*.°M1✓¢tMh.r.*p,�+pz 00081