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AUG -17 -00 11:29 AM EDW. L. NELSON REALTY 1 307 883 3243
Gary R. Nelson, a married man dealing with his sole and separate
property (hereinafter "MORTGAGOR to secure the payment of Eight
Thousand Dollars ($8,000.00), 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 August, 2005) and all renewals, modifications
and extensions thereof, does hereby mortgage unto Stephen G. Horn, a single
cr. man (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:
MORTGAGE
Lot Forty Three (43) In Star Valley Ranch, Plat Eight
(8) as platted and recorded in the Offidai Records of
Lincoln County, Wyoming.
Together with all and singular the improvements
thereon or thereunto appertaining, (the "Property
MORTGAGOR agrees to pay the indebtedness hereby secured; to pay all
taxes, assessments and charges levied against the Property, as the same become
CD due and payable; to secure, maintain and furnish MORTGAGEE evidence
thereof, insurance with an insurance carrier or carriers acceptable to
F MORTGAGES, covering the insurable improvements on the Property against
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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
1300K MORTGAGEE as their respective interests may appear from time to time. The
_PR PAGE 0 c 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
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 and /or as otherwise authorized by governing law, to
foreclose on and sell the Property, and out of the proceeds of such sate,
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AUG -17 -00 11:30 AM EDW. L. NELSON REALTY
MORTGAGEE shall pay all sums due hereunder, together with all costs of sale;
including reasonable attorney's fees. U the proceeds of the foreclosure sale art
insufficient to pay the indebtedness hereby secured and foreclosure costa
MORTGAGEE shall be entitled to a defidency Judgment.
In the event of any default whereby the right of foreclosure occur
hereunder, MORTGAGEE shall at once become entitled to exclusiv
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 th$
foreclosure proceedings, and the period of redemption, if any there be.
MORTGAGOR warrants title to the Property as to parties claiming, by
through or under MORTGAGOR only,
THE PROPERTY IS NOT AGRICULTURAL PROPERTY AS DEFINED
IN WYO. STAT. 1.18 -103.
WITNESS my hand this 1 day of August, 2000.
STATE OF UTAH j
COUNTY OF '(-M k j
The foregoing instrument was acknowledged before me by GARY R.
NELSON, this (7 day of August, 2000.
WITNESS my hand and official seal.
NOTARY PUBLIC
ROBIN STREET
1053 North Timpvi w Or
American Fork, i1S' 146011
COMMISSION EXPIRES
OCT.
STATE OF UTAH CT. 23, 2003 -16-
Notary Public
My commission expires:
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1 307 883 3245
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