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MORTGAGE No.
Recorded IIJ(' .4'Q' at
Carl Dec (hereinafter "MORTGAGOR to secure the payment of Two
Hundred Eighty Thousand Dollars ($280,000.00), with interest thereon, as
provided in and evidenced by a promissory note of even date herewith (the
ultimate maturity date of which is the 15th day of November, 2010) and all
renewals, modifications and extensions thereof, does hereby mortgage unto
Thomas Baker, Trustee of the Thomas Baker Living Trust dated May 3, 1990,
(hereinafter "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:
Portions of Section 2, T35N, R119W, 6th Principal
Meridian, Lincoln County, Wyoming, being more
particularly described as follows:
The N1 /2SW1 /4; the South 1010 feet of the
SW1 /4NW1 /4 and beginning at a point 58 rods
West of the center of said Section 2 and running
West 22 rods; thence North 60 rods; thence
Southeasterly to the point of beginning; less land
conveyed to Lincoln County, Book 17 Deeds, page
154 for Wyoming State Highway.
Together with all and singular the improvements
thereon or thereunto appertaining, (the "Property
5 l p Page .5. b.. Kemmerer, WY
in(�s�' Jeanne Wagner, Clerk
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, with extended coverage, in an amount not less than the unpaid
balance of the debt hereby secured, or the insurable value 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. The
insurance proceeds or any part thereof, shall, at the option of the mortgagor, be
applied either to the reconstruction of improvements on the property or to the
payment of the indebtedness hereby secured. In the event MORTGAGOR fails
to pay such taxes and assessments, or fail 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 default shall
be made in any of the covenants and agreements thereof, which default is not
cured within thirty (30) days after notice thereof is given by MORTGAGEE, or
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