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SUBJECT TO: A 30 foot Right -of -Way Easement, along the North line of the
above described property, being Lost Creek County Road 12 -120 as referred
to n the Right -of -Way Easement filed in Book 169PR, on Page 409.
TO HAVE AND TO HOLD the same together with the tenements,
hereditaments, and appurtenances thereto belonging, and the rents, issues, and profits
thereof, unto the MORTGAGEE in fee simple.
And, the MORTGAGOR covenants with the MORTGAGEE that the
MORTGAGOR is indefeasibly seized of said land in fee simple; that the
MORTGAGOR has good right and lawful authority to convey said land as aforesaid;
that the MORTGAGOR will make such further assurances to perfect the fee simple
title to said land and the MORTGAGEE as may reasonable be required; that the
MORTGAGOR hereby warrants the title to said land and will defend the same against
the lawful claims for all persons whosoever; and that the said land is free and clear of
all encumbrances.
PROVIDED ALWAYS, that if said MORTGAGOR shall pay unto said
MORTGAGEE, the certain Promissory Note in the amount of FIFTY THOUSAND
($50,000) DOLLARS AND NO /100 in yearly payments of SEVEN THOUSAND
EIGHT HUNDRED SIXTY -ONE ($7,861) DOLLARS AND 18/100 with a final
payment of SEVEN THOUSAND EIGHT HUNDRED SIXTY -ONE ($7,861
DOLLARS AND 19/100, plus interest at TEN PERCENT (10 per annum on the
unpaid balance as per SCHEDULE "A attached and made a part hereof, and shall
perform, comply with, and abide by each and every agreement, stipulation, condition,
and covenant thereof, and of this Mortgage, then this mortgage and the estate hereby
created shall cease, determine and be null and void.
AND THE MORTGAGOR shall not destroy, damage, or substantially
change the property or allow the property to deteriorate or commit waste.
AND THE MORTGAGOR shall protect the MORTGAGEE'S rights and
security in the property. MORTGAGOR shall insure, with extended coverage, the
property and improvements against loss, naming the MORTGAGEE as beneficial
interest holders.
MORTGAGE DEED
Page 2 of 5
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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
MORTGAGOR hereby grants to MORTGAGEE, their heirs, and assigns, a Power of
Sale over the property described above which may be exercised by MORTGAGEE
or their heirs and assigns in case of such default as described above, and pursuant to
such Power of Sale, MORTGAGEE, their heirs and assigns may foreclose on said
property and sell and dispose of or cause to be sold or disposed of, the above
property and all rights, title, benefit, and equity of redemption of the
MORTGAGOR, their heirs or assigns, therein, at public auction, for cash according
to Title 34, Chapter 4, Wyoming Statutes, as the same presently exists or may
hereafter be amended.
MORTGAGOR AGREES to deliver peaceful possession upon demand and
notice to the MORTGAGEE, said demand may be exercised after ten (10) days
notice of foreclosure and /or acceleration of the unpaid balance of the note. It is the
intent of this mortgage that the MORTGAGEE shall receive possession during any
foreclosure action. Failure by the MORTGAGEE to exercise any of the rights or
options herein provided shall not constitute a waiver of any rights or options under
said Note or Mortgage accrued or thereafter accruing.
IN WITNESS WHEREOF, the MORTGAGORS have set their hand and
seal the day and year first above written, hereby releasing and waiving all rights
under and by virtue of the homestead exemption laws of the State of Wyoming.
DATED this t, day of August, 2000.
MORTGAGE DEED
Page 4 of 5
WAYNE HESSON
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PROMISSORY NOTE
$50,00011Q August 4, 2000.
Afton, Wyoming
THE UNDERSIGNED, jointly and serverably if more than one, promise
to pay VAL DEE PENDLETON and SHELLEY J. PENDLETON, Husband and
Wife, the principal sum of FIFTY THOUSAND ($50,000) DOLLARS and
NO /100 and interest of TEN (10 PERCENT in yearly amortized payments over
TEN (10) YEARS, of SEVEN TI- IOUSAND EIGI -IT HUNDRED SIXTY -ONE
($7,86111) DOLLARS and 18/100 and a final payment of SEVEN THOUSAND
EIGHT HUNDRED SIXTY -ONE ($7,861 DOLLARS AND 19/100 and unpaid
interest at ten (10 percent, the first payment being due on April 15, 2001, and
each year thereafter, and the final payment of principal and accrued interest with
the full and complete note to be paid by April 15, 2010. Interest to start on
August 30, 2000.
PAYMENT shall be due in the following manner:
1. SEVEN THOUSAND EIGHT HUNDRED SIXTY -ONE ($7,861
DOLLARS and 18/100 on or before April 15, 2001, and
every year thereafter, with a final payment of SEVEN THOUSAND
EIGHT HUNDRED SIXTY -ONE ($7,861) DOLLARS and
19/100, plus interest at TEN PERCENT (10 on unpaid balance
thereafter for TEN (10) YEARS, with the principal and interest to be
paid in full by April 15, 2010, as amortized over ten (10) years.
2. 'In the event any payment is not received by the required date,
a late charge of TWENTY ($20Q) DOLLARS per day shall be
assessed after the third day of non payment.
3. Payments shall be payable to Val Dee Pendleton and Shelley J.
Pendleton at 1620 Muddy String Road, Thayne, WY 83127, or as
otherwise designated by the Pendletons.
PROMISSORY NOTE PENDLETON /HESSON
Page 1 of 3
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G9r.s5'"
STATE OF WYOMING
COUNTY OF LINCOLN
The foregoing Promissory Note was acknowledged before me by Wayne
K. Hesson on this ,_Q_ay of August 2000, declaring it an act of his free will
and deed.
WITNESS my hand and official seal.
WANDA N. NEWMAN NOTARY PUBLIC
COUNTY OF 4 STATE OF
LINCOLN U�'3�' WYOMING
My Commission ExpiresJ�
My Commission Expires:
1 SS
NO
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PROMISSORY NOTE PENDLETON /HESSON
Page 3 of 3
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