HomeMy WebLinkAbout866984I
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v 866984 547
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 in 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 30 days after the date of execution of this
mortgage and thereafter within 10 days of any renewal of or amendment to such
policy. The insurance proceeds, or any part thereof, may, at the option of the
Mortgagor, be applied either to the reduction of the indebtedness hereby secured or
used in reconstruction. In the 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.
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 the improvements on said premises
insured as herein provided, the Mortgagee may, without notice or demand, pay the
same, and if the Mortgagor fails to keep said property in good repair, the Mortgagee
may make such repairs as may be necessary to protect the property, all at 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 be added to the debt hereby secured, and agrees to repay the same
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 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 keep the
improvements on said premises insured as herein provided, or in case of breach of
any covenant or agreement herein contained, the whole of the then indebtedness
secured hereby, both principal and interest, together with all other sums payable
3
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5 49
any such default, including the time covered by foreclosure proceedings and the
period of redemption, and without regard to the solvency or insolvency of the
Mortgagor, or the then owner of said property, and without regard to the value of
said property, or the sufficiency thereof to discharge the Mortgage debt and
foreclosure costs, fees and expense. Such Receiver may be appointed by any court of
competent jurisdiction upon ex parte application, notice being hereby expressly
waived, and the appointment of any such Receiver on any such application without
notice is hereby consented to by the Mortgagor. All rents, issues and profits, income
and revenue of said property shall be applied by such Receiver according to law and
the orders and directions of the court.
11. 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 total taking of the
property, the proceeds shall be applied to the sums secured by this Mortgage with the
excess, if any, paid to Mortgagor. 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 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 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. That the Mortgagee, within ten (10) days upon request in
person or within thirty (30) days upon request by mail, will furnish a written
5
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0 S S t'% f 99I O
0866934
STATE OF WYOMING
ss.
COUNTY OF TETON
The foregoing instrument was acknowledged before me this 1 V day of July,
2000 by Robert C. Humpherys.
WITNESS my hand and official seal.
E. FitM4 h ,',,.,.t Pu:
Teton Stu: ct
County of
My COMMIS516n Er A;;s^ ^t 1 zpk,
PO4) C g
Robert C. Humpherys
Notary Public
My Commission Expires: 2
551