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HomeMy WebLinkAbout973308MORTGAGE (With Power of Sale) KNOW ALL MEN BY THESE PRESENTS, that Cory Thomas, of P.O. Box 3482, Alpine, Wyoming, 83128, designated as Mortgagor, to secure the payment of the principal sum of THIRTY TWO THOUSAND FOUR HUNDRED DOLLARS, ($32,400.00) amortized over ten (10) years, with interest at five percent (5%) per annum, as evidenced by a promissory note, (the "Note of even date payable to the order of William E. Groves and Elyse Groves, as joint tenants, of 65 E Gold Bullion Way, Washington, Utah, 84780, herein designated as Mortgagee, payable as set forth in the promissory note of even date herewith, hereby mortgages to said Mortgagee, the following described real property, situated in Lincoln County, State of Wyoming, hereby releasing and waiving all rights under and by virtue of the homestead exemption laws of the State, to wit: ALL OF LOT 78 OF STAR VALLEY RANCH PLAT 3, LOCATED IN LINCOLN COUNTY, WYOMING, ACCORDING TO THE OFFICIAL MAP AND PLAT THEREOF FILED MARCH 3, 1971 AS INSTRUMENT NO.428885 IN THE OFFICE OF THE LINCOLN COUNTY CLERK. including all buildings and improvements thereon (or that may hereafter be erected thereon); together other rights thereunto belonging, or appertaining, and the attached to or used in connection with said premises. The Mortgagor covenants and agrees with the Mortgagee follows: reversion and remainders, rents, issues, and profits thereof, and all plumbing, heating and lighting fixtures and equipment now RECEIVED 9/17/2013 at 2:43 PM RECEIVING 973308 BOOK:820 PAGE:451 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY SECTION ONE Page 1 of 9 in 0451 with appurtenances and all anyway now or hereafter reversions, remainder and or hereafter as RENTS, PROFITS AND RECEIVER Mortgagor as further security for this mortgage and the Note, hereby assigns, sets over, and conveys to Mortgagee all its interest in and to all rents, issues, and profits from the property. In the event of a default, Mortgagee shall have the right without notice to the Mortgagor, to take possession of the property, including during the pendency of foreclosure, whether judicial or non judicial, and collect the rents, including amounts past due and unpaid, and apply the net proceeds, over and above the Mortgagee's costs, against the indebtedness. In addition, Mortgagee shall have the right to have a receiver appointed to take possession of all or any part of the property, with the power to protect and preserve the property, to operate the property preceding foreclosure or sale and to collect the rents for the property and apply the proceeds, over and above the cost of receivership against the indebtedness. The Receiver may serve without bond, if permitted by law. SECTION TWO PAYMENT OF INDEBTEDNESS Mortgagor will pay the indebtedness as required by the Note of even date herewith. SECTION THREE ESCROW ITEMS In addition, Mortgagor shall pay on the day the payments are due under the Note, until the Note is paid in full, a sum (the "Funds to provide for payment of amounts due for taxes and assessments and other items which can attain priority over the mortgage on the real property described above, and premiums for any and all insurance required by this Mortgage. These items are called Page 2 of 9 0452 "Escrow Items" and the Escrow Items will be governed by the requirements and restrictions that are imposed by the Federal Real Estate Settlement Procedures Act, "RESPA even though this Note does not qualify as a federally related loan under RESPA. The Escrow Agent identified in the Note, may at any time, collect and hold Funds in an amount (a) sufficient to permit the Escrow Agent to apply the Funds at the time specified under RESPA, and (b) not to exceed the maximum amount the Escrow Agent can require under RESPA. The Escrow Agent shall estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity. The Escrow Agent shall apply the Funds to pay the Escrow Items no later than the time specified under RESPA. The Escrow Agent shall not charge Mortgagor for holding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items. The Escrow Agent shall not be required to pay Mortgagor any interest or earnings on the Funds. The Escrow Agent shall give to Mortgagor, without charge, an annual accounting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defined under RESPA, the Escrow Agent shall account to Mortgagor for the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, the Escrow Agent shall notify Mortgagor as required by RESPA, and Mortgagor shall pay to the Escrow Agent the amount necessary to make up the shortage in accordance with RESPA, but in no more than twelve monthly payments. If there is a deficiency of Funds held in escrow, as defined under RESPA, the Escrow Agent shall notify Mortgagor as Page 3 of 9 0453 required by RESPA, and Mortgagor shall pay to the Escrow Agent the amount necessary to make up the deficiency in accordance with RESPA, but in no more than twelve monthly payments. Upon payment in full of all sums secured by this mortgage, the Escrow Agent shall promptly refund to Mortgagor any Funds held by the Escrow Agent. SECTION FOUR TAXES AND ASSESSMENTS Mortgagor will pay all taxes, assessments, and other governmental or municipal charges, or other lawful charges levied against the property in accord with Section Three of this mortgage. Failure to do so shall constitute an event of default. In default thereof the Mortgagee may, at its option, pay the same, and all sums so paid shall be added to and considered a part of the above indebtedness hereby secured, and shall draw interest at the rate set forth in the Note. SECTION FIVE MAINTENANCE OF PROPERTY Nothing shall be done on or in connection with said property which may impair the Mortgagee's security hereunder; the Mortgagor shall not commit waste, impairment or deterioration of said property nor any part thereof, and said property shall be continuously maintained in good and sightly order, repair and condition by the Mortgagor at its expense. SECTION SIX INSURANCE Mortgagor will keep the improvements now existing or hereinafter erected on the said property, insured as may be required from time to time by the Mortgagee against loss by fire and other hazards, casualties, and contingencies in an amount that Page 4 of 9 0454 is at least equal to $36,000.00, and will pay promptly, when due, any premiums on such insurance as set forth in Section Three above. All insurance shall be carried in companies approved by the Mortgagee and the policies and renewals thereof shall have attached thereto loss payable clauses in favor of and in form acceptable to the Mortgagee. Mortgagor shall take all steps necessary to assure that notification of renewals are mailed or otherwise delivered by the insurance company to the Mortgagee each year. In event of loss, Mortgagor will give immediate notice to the Mortgagee and the insurance carrier. Mortgagee may make proof of loss to the insurance carrier if not made promptly by the Mortgagor. Insurance proceeds shall be applied to restoration or repair of the property damaged, if the restoration or repair is economially feasible and Mortgagee's security is not lessened. If the restoration or repair is not economially feasible or Mortgagee's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Mortgage, whether or not then due, with any excess paid to the Mortgagor. In event of foreclosure of this mortgage or other transfer of title to the said premises in extinguishment of the indebtedness secured hereby, all right, title and interest of the Mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee. SECTION SEVEN CHARGES; LIENS In case the Mortgagor defaults in the payment of any, taxes, assessments, or other governmental or municipal charges, or other lawful charges, as herein provided, the Mortgagee may, without notice or demand, pay the same and in case of any failure on the part of the Mortgagor to comply with the covenants of Section Five Page 5 of 9 0455 hereof, the Mortgagee may effect such repairs as it may reasonably deem necessary to protect the property, at the expense of the Mortgagor. The Mortgagor covenants and agrees to repay such sums so paid and all expenses so incurred by the Mortgagee, with interest thereon from the date of payment, at the same rate as provided in the Note herein described, and the same shall be a lien on the said premises and be secured by the said Note and by these presents and in default of making such repayments, the whole amount hereby secured, if not then due, shall, if the said Mortgagee so elects, become due and payable forthwith, anything herein contained to the contrary notwithstanding. SECTION EIGHT ACCELERATION AND FORECLOSURE In the event of a default because of Mortgagor's failure to make payment by the fifteenth (15t day of the month it is due, or any part thereof, or in case of a breach of any other covenants or agreements contained in the Note or this mortgage, and such other default or breach is not cured within thirty (30) days after the Mortgagee has mailed written notice of the breach of the other covenants or agreements to the Mortgagor, then the whole of the then indebtedness secured hereby, inclusive of principal, interest, arrearage, late fees, Escrow Items, ground rents, taxes, assessments, water charges, expenditures for repairs or maintenance, together with all other sums payable pursuant to the Note and the provisions hereof, shall become immediately due and payable, at the option of the Mortgagee, and it shall be lawful for the Mortgagee to pursue any legal remedy available under the law against the Mortgagor, including but not limited to, the right to proceed to enforce the provisions of the Note and this mortgage by suit at law or in equity, the right to foreclose this mortgage by Page 6 of 9 0456 power of sale or advertisement and sale according to Wyoming 0457 statutes governing mortgage foreclosures, and cause to be executed and delivered to the purchaser or purchasers at any such sale a good and sufficient deed or deeds of conveyance of the property so sold, and the right to pursue a deficiency judgment against the Mortgagor should the proceeds from a foreclosure by power of sale be insufficient to pay Mortgagor's indebtedness. There shall be included in any or all such proceedings, a reasonable attorney's fee. In case the Mortgagee shall fail promptly to foreclose upon the happening of any default, it shall not thereby be prejudiced in its right of foreclosure at any time thereafter during which such default shall continue and shall not be prejudiced in its foreclosure rights in case of further default or defaults. If Mortgagor remains in possession of the property after the property is sold as provided above, during the redemption period, Mortgagor shall become a tenant at sufferance of the Mortgagee or the purchaser of property and shall, at the Mortgagee's or purchaser's option, either (a) pay a reasonable rental for the use of the property, or (b) vacate the property immediately upon demand of the Mortgagee or purchaser. SECTION NINE WAIVER OF RIGHT TO ENFORCE No failure by the Mortgagee or any legal holder to enforce any right set forth herein nor the granting of any extension of time nor taking of additional security, nor partial release of security or the making of future advances, shall act to constitute a waiver of the right to enforce any and all remedies provided herein nor shall it act to discharge or release the collateral. SECTION TEN Page 7 of 9 DUE ON SALE Mortgagee may, at its option, declare immediately due and 0 4 5 8 payable all sums secured by this Mortgage upon the sale or transfer, without the Mortgagees's prior written consent, of all or any part of the real property described herein. A "sale" or "transfer" means the conveyance of the real property or any right, title or interest therein; whether legal, beneficial or equitable; whether voluntary or involuntary; whether by outright sale, deed, installment sale contract, land contract, contract for deed, lease option contract or lease with a term greater than three (3) years. SECTION ELEVEN BINDING EFFECT The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective heirs, executors, administrators, successors, and assigns of the parties hereto. Whenever used, the singular number shall include the plural, the plural the singular, and the use of any gender shall include all genders. SECTION TWELVE NOTICES All notices, demands requests and writings required or permitted to be given to the Mortgagor hereunder shall be deemed duly given if delivered or if mailed by registered or certified mail, postage prepaid and addressed to the following: Cory Thomas P.O. Box 3482 Alpine, Wyoming, 83128 It shall be the obligation of the Mortgagor to notify the Mortgagee in writing by certified mail of any change in the address set out above. The Mortgagee shall be entitled to rely upon the address Page 8 of 9 set out above for all purposes hereunder, unless written notice of 0 4 5 9 change is received from the Mortgagor. IN WITNESS WHEREOF, Mortgagor has duly executed this Mortgage on the /3 day of 2013. Cory Thomas, Mortgagor THE STATE OF WYOMING COUNTY OF LINCOLN Dyanna Parker Notary Public County at '1a state of Lincoln sc-:`?1'' Wyoming My Commission Expires i5 ss The above and foregoing instrument was acknowledged before me this La day of Sp /O,, t 2013, by Cory Thomas. WITNESS my hand__ and official seal. Page 9 of 9