HomeMy WebLinkAbout971895MORTGAGE
THIS MORTGAGE, made this .g7 day of J ftv1 e.. 2013 by Star Valley Disposal, Inc., P.O. Box
1006, Afton, Wyoming 83110, hereinafter referred to the "Mortgagor," and Todd Essenmacher, P.O. Box
1368, Orange, CA 92856, hereinafter referred to as the "Mortgagee
The Mortgagor, for and in consideration of the sum of One Hundred Eighty Thousand One
Hundred Sixty —Eight No /100 Dollars ($180,168.00), lawful money of the United States, paid to the
Mortgagor by the Mortgagee, the receipt of which is hereby confessed and acknowledged, does hereby
mortgage to the Mortgagee, the following real property (the "Property") commonly known as 199 W. 2nd
Avenue Afton, Lincoln County, Wyoming and legally described as follows:
That part of the South Half of the Northeast Quarter of Section 25, Township 32 North Range
119 West of the 6th P.M., Lincoln County, Wyoming as described as follows:
BEGINNING at the intersection of the westerly extension of the south line of Block 6 of the
Original Townsite of Afton of record in the Office of the Clerk of Lincoln County as Plat No.
100 with an existing north /south fence line, North 87 °40'26" West, 727.41 feet from the
southwest point of said Block 6, also being North 25 °36'28" West, 282.70 feet from the
southeast corner of the Southwest Quarter of the Northeast Quarter of said Section 25;
thence South 01 °4T08" West, 24.66 feet to a point;
thence South 89 °24'47" West, 493.67 feet to a point on an existing fence line;
thence coursing said fence line as follows:
North 00 °07'50" West, 242.80 feet to a point;
North 89 °24'06" East, 501.44 feet to a point;
South 01 °42'08" West. 218.43 to the POINT OF BEGINNING.
Together with all buildings and improvements thereon, or which may hereafter be placed thereon; all
fixtures now or hereafter attached to said premises and all easements, appurtenances and incidents now or
hereafter belonging or appertaining thereto; subject, however, to all conditions, easements and rights -of-
way, and to mineral, mining and other exceptions, reservations and conditions of record.
Mortgagor covenants that at the signing and delivery of this Mortgage, said Mortgagor is lawfully
possessed of said personal property; is lawfully seized in fee simple of said real property, or has such
other estate as is stated herein; has good and lawful right to mortgage, sell and convey all of said property;
and warrants and will defend the title to all of said property against all lawful claims and demands,
subject, however, to two prior, superior mortgages on the Property for which the Bank of Star Valley is
the mortgagee (the "Bank of Star Valley Mortgages Mortgagee expressly acknowledges that this
Mortgage is subordinate to the Bank of Star Valley Mortgages.
This Mortgage is subject to the express condition that if the Mortgagor pays, or causes to be paid,
to the Mortgagee the sum of One Hundred Eighty Thousand One Hundred Sixty —Eight and No /100
Dollars ($180,168.00), according to the terms and conditions and in the manner as provided in one
promissory note of even date herewith, which promissory note shall be executed and delivered by Star
Valley Disposal, Inc. to the Mortgagee, which sum or sums of money the Mortgagor hereby covenants to
pay, and until such payment, performs all of the covenants and agreements herein to be performed by
Mortgagor, then this Mortgage and said note shall cease and be null and void.
RECEIVED 7/9/2013 at 9:34 AM
RECEIVING 971895
BOOK: 815 PAGE: 261
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
G 1
Mortgagor and Mortgagee further covenant and agree as follows:
1. Mortgagor shall pay the indebtedness as herein provided, and the lien of this instrument
shall remain in full force and effect during any postponement or extension of the time of payment of any
part of the indebtedness secured hereby.
2. Mortgagor shall pay all taxes and assessments levied or assessed against said property.
3. Mortgagor shall not commit or permit waste, nor be negligent in the care of said property,
and shall maintain the same in as good condition as at present, reasonable wear and tear excepted, and
will do nothing on or in connection with said property which may impair the security of the Mortgagee
hereunder.
4. As collateral and further security for the payment of the indebtedness hereby secured,
Mortgagor shall keep the improvements now existing or hereinafter erected on said premises insured
against loss by fire, in a sum not less than the replacement value thereof, for the term of this Mortgage,
and will pay when due all premiums on such insurance.
4. Events of Default triggering Mortgagee's right to foreclose: Any of the following events
shall be an event of default triggering Mortgagee's right to foreclose under paragraph 5:
a. Mortgagor's failure to make any payment when due under the Note;
b. Mortgagor's failure to maintain casualty insurance for the Property;
c. Mortgagor's failure to make plan payments under the terms of the Fourth Amended
Plan of Reorganization in In re Star Valley Disposal, Inc., Case No. 12 -20522 (D.
Bankr. Wyo. 2013).
5. If an event of default specific in Paragraph 4 occurs or if the Mortgagor defaults in the
payment of the indebtedness hereby secured, or of any part or installment of principal or interest, for a
period of fifteen (15) days after the same shall become due and payable, and after Mortgagee has sent
notice by email to guy @starvalleydisposal.com of such default to Mortgagor, which default remains
uncured after ten (10) days after such notice (or to such other email address as Mortgagor may provide to
Mortgagee), both principal and interest, together with all other sums payable pursuant to the provisions
hereof, shall, at the option of the Mortgagee, become immediately due and payable, anything herein or in
said note to the contrary notwithstanding, and failure to exercise said option shall not constitute a waiver
of the right to exercise the same in the event of any subsequent default. The Mortgagee may enforce the
provisions of, or foreclose, this Mortgage by power of sale and advertisement or any appropriate suit,
action or proceeding at law or in equity, and cause to be executed and delivered to the purchaser or
purchasers at any foreclosure sale a proper certificate of sale of the property so sold. The Mortgagor
agrees to pay all costs of enforcement or foreclosure, including a reasonable attorney's fee. The failure of
the Mortgagee to promptly foreclose upon a default shall not prejudice any right of said Mortgagee to
foreclose thereafter during the continuance of such default or right to foreclose in case of further default
or defaults. The net proceeds from such sale shall be applied to the payment of (1st) the costs and
expenses of the foreclosure and sale, including a reasonable attorney's fee, and all monies expended or
advanced by the Mortgagee pursuant to the provisions of this Mortgage; (2nd) all unpaid taxes,
assessments, mortgages and liens on said property, which are superior to the lien hereof; (3rd) the balance
due on any loans secured by mortgages held by the Bank of Star Valley or its successors in interest on the
property; and (4th) the balance due Mortgagee on account of principal and interest on the indebtedness
hereby secured; and the surplus, if any, shall be paid to the Mortgagor.
26
As
6. If the property described herein is sold under foreclosure and the proceeds are insufficient
to pay the total indebtedness hereby secured, the Mortgagor executing the note or notes for which this
Mortgage is security shall be personally bound to pay the unpaid balance and the Mortgagee shall be
entitled to a deficiency judgment.
7. Upon full payment of the note, Mortgagee shall promptly execute and record a full
release of this Mortgage with the County Clerk and Ex- Officio Register of Deeds for Lincoln County,
Wyoming.
IN WITNESS WHEREOF, this Mortgage has been executed by the Mortgagor the date first
above written.
The State of Wyoming
County of Lincoln
:SS
Given under my hand and seal the date first above written.
My commission expires:
Star Valley Disposal I
By: l,
GJac .s +n
President
Acknowledged before me this day of 2013, by Guy Jacobson, a person known
to me personally or who has shown sufficient proo of identity, who executed the foregoing instrument
and acknowledged that he executed the same in his capacity as President of Star Valley Disposal, Inc.
Notary Public
SHELLIE SMITH NOTARY PUBLIC
COUNTY OF :'r)' STATE OF
LINCOLN i?:: 1 WYOMING
MYCOMMISSION EXPIRES MARCH 29, 2014