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MORTGAGE
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HIS MORTGAGE, is made the 6 day of September, 2000, by and
between W. Keith Goody and Mary Goody, husband and wife, Box 2488,
Jackson, Wyoming 83001, hereinafter referred to as the "Mortgagor
and Joseph M. DiTomaso and Cynthia A. Gauthier, joint tenants,
hereinafter referred to as "Mortgagee
The Mortgagor, for and in consideration of the sum of FIFTEEN
THOUSAND SEVEN HUNDRED DOLLARS, ($15,700.00) lawful money of t h e
United States and other valuable consideration, provided to the
Mortgagor by the Mortgagee, the receipt of which is hereby confessed
and acknowledged, does hereby mortgage to the Mortgagee forever, the
following described real property situated in the County of Lincoln, State
of Wyoming; 4 1
BOOK PR PAGP-
Star Valley Ranch Plat Twenty -Two (22) Lot Thirty -Six (36) as
platted and recorded in the official records of Lincoln County,
Wyoming
Together with all buildings and improvements thereon, or which
may hereafter be placed thereon; all fixtures now or hereafter attached
to said premises; all water and water rights, ditches and ditch rights,
reservoirs and rights, and irrigation and drainage rights; and all
easements, appurtenances and incidents now or hereafter belonging or
appertaining thereto; subject, however, to all covenants, conditions,
easements, and rights -of -way, and to mineral, mining and other
exceptions, reservations and conditions of record.
TO HAVE AND TO HOLD the said real and personal property
forever, the Mortgagor hereby relinquishing and waiving all rights
under and by virtue of the homestead exemption laws of the State of
Wyoming.
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, and that the same is free from all encumbrances.
However, this Mortgage is subject to the express condition that if
the Mortgagor pays, or causes to be paid, to the Mortgagee the sum of
FIFTEEN THOUSAND SEVEN HUNDRED DOLLARS ($15,700.00), together
with interest, until paid, according to the conditions of a Promissory Note
of even date herewith, which Promissory Note was executed and
delivered by the Mortgagor to the Mortgagee, which sum or sums of
money the Mortgagor hereby covenants to pay, and until such payment,
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otherwise provided and permitted in this Mortgage, remove or attempt
to remove said improvements or personal property, or any part hereof,
from the premises on which the same are situated.
6. Insurance. 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 caused by the elements, fire, earthquake, and other
calamities, with extended coverage provisions, to the full insurable value
thereof for the term of this Mortgage, and will pay when due all
premiums on such insurance. All insurance shall be carried i n
responsible insurance companies licensed in Wyoming and the policies
and renewals thereof shall have attached thereto by rider or otherwise
loss payable clauses in favor of the Mortgagee. A copy of said policy or
any renewal documents pertaining thereto shall be supplied to the
Mortgagee within 10 days after the insurance is purchased in accordance
with this paragraph or of any renewal of or amendment to such policy.
7. Mortgagee Authorized to Make Payments. If Mortgagor
defaults in the payment of the taxes, assessments or other lawful
charges, including any construction loan payments or fails to keep t h e
improvements on said premises insured as herein provided, the
Mortgagee may, without notice or demand, pay the same, and if t h e
Mortgagor fails to keep said property in good repair, the Mortgagee m a y
make such repairs as may be necessary to protect the property, all a t
the expense of the Mortgagor. The Mortgagor covenants and agrees that
all such sums of money so expended, together with all costs of
enforcement or foreclosure, and a reasonable attorney fee, shall b e
added to the debt hereby secured, and agrees to repay the same and all
expenses so incurred by the Mortgagee, with interest thereon from t h e
date of payment at the same rate as provided in the note hereby
secured, until repaid, and the same shall be a lien on all of said property
and be secured by this Mortgage.
8. Default. If the mortgagor defaults in the payment of the
indebtedness hereby secured, for a period of thirty (30) days after
written notice, or fails to deep the improvements on said premises
insured as herein provided, or in case of breach of any covenant o r
agreement herein contained, the whole of the then indebtedness secured
hereby, both principal and interest, together will 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 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 deed of
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1 1. Inspection. Mortgagee may make or cause to be made
reasonable entries upon and inspections of the property, provided that
Mortgagee shall give Mortgagor notice prior to any such inspection
specifying reasonable cause therefor related to Mortgagee's interest in
the property.
12. Condemnation. The proceeds of any award or claim for
damages, direct or consequential, in connection with any condemnation
or other taking of the property, or part hereof, or for conveyance in lieu
of condemnation, are hereby assigned and shall be paid to Mortgagee.
In the event of a partial taking of the property, unless Mortgagor and
Mortgagee otherwise agree in writing, there shall be applied to the sums
secured by this Mortgage such proportion of the proceeds as is equal to
that proportion which the amount of the sums secured by this Mortgage
immediately prior to the date of taking bears to the fair market value of
the property immediately prior to the date of taking, with the balance of
the proceeds paid to Mortgagor. If the property is abandoned by the
Mortgagor, or if, after notice by Mortgagee to Mortgagor that the
condemnor offers to make an award or settle a claim for damages,
Mortgagor fails to respond to Mortgagee within thirty (30) days after the
date such notice is mailed, Mortgagee is authorized to collect and apply
the proceeds, at Mortgagee's option, either to restoration or repair of the
property or to reduce the sums secured by this Mortgage. Unless
Mortgagee and Mortgagor otherwise agree in writing, any such
application of proceeds to principal shall not extend or postpone the due
date of the installments referred to above or change the amount of such
installments.
13. Statement. The Mortgagee, within ten (10) days upon
request in person or within thirty (30) days upon request by mail, will
furnish a written statement duly acknowledged of the amount due on
this Mortgage and whether any offsets or defenses exist against the
Mortgage debt.
14. Notices. Any notice and demand or request shall be in
writing and may be served either in person or by certified mail, return
receipt requested. Notice shall be deemed given when mailed and shall
be addressed as follows or at such other address as either party ma y
from time to time designate in writing:
Mortgagor: Box 2488
70 S. Willow
Jackson, Wyoming 83001
Mortgagee: 1109 Petra Court
Davis, CA 95616
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