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HomeMy WebLinkAbout972504MORTGAGE Lot 305 of Poplar Amended Fourth Filing Subdivision, Lincoln County, Wyoming as described on the official plat No. 339 -F filed April 19, 2005 as instrument No 907755 of the records of the Lincoln County Clerk. 0384 Russell E. Reinhart and Charlotte B. Neel- Reinhart of 885 Lincoln County Rd #129, Grover WY 83122 (herein collectively called "MORTGAGOR to secure the payment of $52,646.76, with interest thereon, as provided in and evidenced by a promissory note of even date herewith (the ultimate maturity date of which is May 31, 2028 and all renewals, modification and extensions thereof, do hereby mortgage unto Afton B. Thomas, Trustee of the Kent Thomas Marital Trust, dated July 12, 2005 (herein called "MORTGAGEE the following described real property, situate in the County of Lincoln, State of Wyoming, hereby releasing and waiving all rights under and by virtue of the homestead exemption laws of the State of Wyoming, to -wit: MORTGAGOR agrees to pay the indebtedness hereby secured; to pay all taxes, assessments and charges levied against the property, as the same become due and payable; to secure, maintain and furnish MORTGAGEE evidence thereof insurance with an insurance carrier or carriers acceptable to MORTGAGEE, covering the insurable improvements on the Property against loss by fire, earthquakes, and Flood, with extended coverage, in an amount not less than the unpaid balance of the debt hereby secured, or the insurable value (replacement cost) of such improvements, whichever is less, which insurance shall contain an appropriate loss payable provision protecting MORTGAGOR and MORTGAGEE as their respective interests may appear from time to time. In the event MORTGAGOR fails to pay such taxes or assessments, or fails to keep and maintain such insurance as herein provided, MORTGAGEE may pay such taxes and assessments and may secure and pay for such insurance, and all sums so paid shall be added to and considered a part of the indebtedness hereby secured and shall draw interest at the same rate. In case default shall be made in the payment of the above sums hereby secured, or in the payment of the interest thereon, or any part of such principal or interest, when the same shall become due; or in case of default shall be made in any of the covenants and agreements thereof, or in the event MORTGAGOR sells or conveys the Property, or any part thereof, or any interest therein, without the prior written consent of the MORTGAGEE first had and obtained, then the whole indebtedness hereby secured, with interest thereon, shall become due and payable, at the option of MORTGAGEE, and MORTGAGEE'S legal representatives and assigns, may proceed by advertisement and sale /or as otherwise authorized by governing law, to foreclose on and sell the Property, and out of the proceeds of such sale, MORTGAGEE shall pay all sums due hereunder, together with all costs of sale including reasonable attorney's fees. If the proceeds of the foreclosure sale are insufficient to pay the indebtedness' hereby secured and foreclosure costs, MORTGAGEE shall be entitled to a deficiency judgment. In the event of any default whereby the right of foreclosure occurs hereunder, MORTGAGEE shall at once become entitled to exclusive possession, use, and enjoyment of the Property, and to all rents, issues, and profits from the accruing of any such rights and during the pendency of the foreclosure proceedings, and the period of redemption, if any there be. RECEIVED 8/7/2013 at 11:23 AM RECEIVING 972504 BOOK: 817 PAGE: 384 JEANNE WAGNER 1 !Ki nI KI ('.(lI IMTV (I FRK VPRAAAFRFR WY MORTGAGOR warrants title to the property as to parties claiming, by, through or under the MORTGAGOR only. Witness our hands this D day of Russell E. Reinhart (Mortgagor) Charlotte B. Neel Reinhart (Mortgagor) STATE OF WYOMING COUNTY OF LINCOLN County of L.incoln State of Wyoming My Commission Expires June 20, 2015 ss The foregoing instrument was acknowledged before me this 6_ day of by Russell E. Reinhart and Charlotte B. Neel- Reinhart, the Mortgagors Witness my hand and official seal My Commission Expires: 6 -a o -�O JILL H. LARSON NOTARY PUBLIC .2013 d et441-0 N Public 0385 NOTE (Property's Mw!inpAddress 0386 1. BORROWERS' PROMISE TO PAY In return for a loan that we have received, we promise to pay the principal sum of FIFTY -TWO THOUSAND SIX HUNDRED FORTY -SIX AND 76/100 DOLLARS (U.S. $52,646.76, plus interest, to the order of Lender. The Lender IS Afton G. Thomas, Trustee of the Kent Thomas Martial Trust dated July 12, 2005. We understand the Lender may transfer this note. The Lender or anyone who takes the note by transfer and who is entitled to receive payments under this note is called the "Note Holder 2. INTEREST Interest will be charged on unpaid principal until the full amount of principal has been paid. We will pay interest at the rate of THREE AND THREE QUARTERS percent (3.7500 per year. 3. MANNER OF PAYMENT (A) Time: We will make a payment of interest to Note Holder on the first day of each 2008. Any principal and interest remaining on May 31, 2028, will be due on "Maturity Date." (B) Place: We will make my payments at 2178 E. Bendemere Circle, Salt Lake City, UT if required by the Note Holder. (C) Amount: Each monthly payment of interest will be in the amount of $385.49. 4. BORROWERS' RIGHT TO PREPAY We have the right to make payments of principal at any time before they are due. A payment of principal only is known as a "prepayment When we make a prepayment, we will tell the Note Holder in writing that we are doing so. month beginning on June 1, that date, which is called the 84109, or at a different place We may make a full prepayment or partial prepayments without paying any prepayment charge. The Note Holder will use all of my prepayments to reduce the amount of principal that we owe under this note. If we make a partial prepayment, there will be no changes in the due date or in the amount of my monthly payments unless the Note Holder agrees in writing to those changes. 5. BORROWER'S FAILURE TO PAY (A) Default If we do not pay the full amount of each monthly payment on the date it is due, we will be in default. If we are in default, the Note Holder may send us a written notice telling us that if we do not pay the overdue amount by a certain date, the Note Holder may require us to pay immediately the full amount of principal which has not been paid and all the interest that we owe on that amount. That date must be at least 15 days after the date of which the notice is mailed to us. (B) No Waiver by Note Holder Even if, at a time when we are in default, the Note Holder does not require us to pay immediately in full as described above, the Note Holder will still have the right to do so if we are in default at a later time. (C) Payment of Note Holder's Costs and Expenses If the Note Holder has required us to pay immediately in full as described above, the Note Holder will have the right to be paid back by us for all of Note Holders costs and expenses in enforcing this Note to the extent not prohibited by law. Those expenses expressly include reasonable attorney's fees. Loan Number: FHA Multistate Fixed Rate Note HUD Rev. 10/95 Initial(s) Page 1 of2 Effective 6/96 6. WAIVERS We and any other person who has obligations under this Note waive the rights of presentment and notice of dishonor. "Presentment" means the right to require Note Holder to demand payment of amounts due. "Notice of dishonor" means the right to require Note Holder to give notice to other persons that amounts due have not been paid. 7. GIVING OF NOTICES Unless applicable law requires a different method, any notice that must be given to us under this Note will be given by delivering it or by mailing it by first class mail to us at the property address above or at a different address if we give the Note Holder a notice of my different address. Any notice that must be given to Note Holder under this Note will be given by first class mail to Note Holder at the address stated in Paragraph 3(B) or at a different address if we are given a notice of that different address. 8. OBLIGATIONS OF PERSONS UNDER THIS NOTE If more than one person signs this Note, each person is fully and personally obligated to keep all of the promises made in this Note, including the promise to pay the full amount owed. Any person who is a guarantor, surety, or endorser of this Note is also obligated to do these things. Any person who takes over these obligations, including the obligations of a guarantor, surety, or endorser of this Note, is also obligated to keep all of the promises made in this Note. Note Holder may enforce their rights under this Note against each person individually or against all of us together. This means that any one of us may be required to pay all of the amounts owed under this Note. 9. UNIFORM SECURED NOTE This Note is a uniform instrument with limited variations in some jurisdictions. In addition to the protections given to the Note Holder under this Note, a Mortgage, Deed of Trust, or Security Deed (the "Security Instrument dated the same date as this Note, protects the Note Holder from possible losses which might result if we do not keep the promises which we make in this Note. That Security Instrument describes how and under what conditions we may be required to make immediate payment in full of all amounts we owe under this Note. Some of those conditions are described as follows: If all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may require immediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 15 days from the date the notice is given in which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. BY SIGNING BELOW, I accept and agree to the terms and covenants contained in this Note. Russell E. Reinhart 0387 (Mortgagor) Charlotte B. Neel- Reinhart (Mortgagor) Loan Number: FHA Multistate Fixed Rate Note HUD Rev. 10/95 CPr...ti..e 4104