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HomeMy WebLinkAbout867021MORTGAGE (Participation) This mortgage made and entered into this 17th day of July by and between Paul Philips and Vicky Phillips BOOK 448 PR PAGE S 33 2000 (hereinafter referred to as mortgagor) and First National Bank: West mortgagee), who maintains an office and place of business at (hereinafter referred to as 716 Pine Avenue, Kemmerer, Wyoming WITNESSETH, that for the consideration hereinafter stated, receipt of which is hereby acknowledged, the mortgagor does hereby mortgage, sell, grant, assign, and convey unto the mortgagee, his successors and assigns, all of the following described property situated and being in the County of Lincoln State of Wyoming \R See exhibit "B" attached hereto': for l ege-l..desr r ptic?n. 067021 SBA FORM 928 (11-85) USE 2 -78 EDITION UNTIL EXHAUSTED RECEIVED 00 JUL 17 111 n I If the property described herein should be sold, 1 as r'e than 24 months, or otherwise transferred at voluntary or judicial sale or otherwise, •or if any part thereof should be so transferred, mortgagee reserves the right, at its option, to declare the entire indebtedness secured hereby due and payable. Assumption of the indebtedness shall be allowed only by written consent of mortgagee, who, in its sole judgment may allow or deny it. Together with and including all buildings, all fixtures including but not limited to all plumbing, heating, lighting, ventilating, refrigerating, incinerating, air conditioning apparatus, and elevators (the mortgagor hereby declaring that it is intended that the items herein enumerated shall be deemed to have been permanently installed as part of the realty), and all improvements now or hereafter existing thereon; the hereditaments and appurtenances and all other rights thereunto belonging, or in anywise appertaining and the reversion and reversions, remainder and remainders, all rights of redemption, and the rents, issues, and profits of the above described property (provided, however, that the mortgagor shall be entitled to the possession of said property and to collect and retain the rents, issues, and profits until default hereunder). To have and to hold the same unto the mortgagee and the successors in interest of the mortgagee forever in fee simple or such other estate, if any, as is stated 'herein. The mortgagor covenants that he is lawfully seized and possessed of and has the right to sell and convey said property; that the same is free from all encumbrances except as hereinabove recited; and that he hereby binds himself and his successors in interest to warrant and defend the title aforesaid thereto and every part thereof against the claims of all persons whomsoever. This instrument is given to secure the payment of a promissory note dated ,lull j 2000 in the principal sum of 108, 000.00 signed by in behalf of Paul and Vicky Phillips Paul and Vicky Phillips Said promissory note was given to secure a loan in which the Small Business Administration, an agency of the United States of America, has participated. In compliance with section 101.1(d) of the Rules and Regulations of the Small Business Administration [13 C.F.R. 10I.1(d)), this instrument is to be construed and enforced in accordance with applicable Federal law. 1. The mortgagor covenants and agrees as follows: USti?041 6 3 4 a. He will promptly pay the indebtedness evidenced by said promissory note at the times and in the manner therein provided. b. He will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, or impositions, for which provision has not been made hereinbefore, and will promptly deliver the official receipts therefor to the said mortgagee. c. He will pay such expenses and fees as may be incurred in the protection and maintenance of said property, including the fees of any attorney employed by the mortgagee for the collection of any or all of the indebtedness hereby secured, or foreclosure by mortgagee's sale, or court proceedings, or in any other litigation or proceeding affecting said property. Attorneys' fees reasonably incurred in any other way shall be paid by the mortgagor. d. For better security of the indebtedness hereby secured, upon me request .of the mortgagee, Its successors or assigns, he shall execute and deliver a supplemental mortgage or mortgages covering any additions, improvements, or betterments made to the property hereinabove described and all property acquired by it after the date hereof (all in form satisfactory to mortgagee). Furthermore, should mortgagor fall to cure any default in the payment of a prior or inferior encumbrance on the property described by this instrument, mortgagor hereby agrees to permit mortgagee to cure such default, but mortgagee is not obligated to do so; and such advances shall become part of the indebtedness secured by this instrument, subject to the same terms and conditions. e. The rights created by this conveyance shall remain In full force and effect during any postponement or extension of the time of the payment of the indebtedness evidenced by said promissory note or any part thereof secured hereby. f He will continuously maintain hazard insurance, of such type or types and in such amounts as the mortgagee may from time to time require on the improvements now or hereafter on said property, and will pay promptly when due any premiums thereof. All insurance shall be carried in companies acceptable to mortgagee and the policies and renewals thereof shall be held by mortgagee and have attached thereto loss payable clauses in favor of and in form acceptable to the mortgagee. In event of lose, mortgagor will give immediate notice in writing to mortgagee, and mortgagee may make proof of loss if not made promptly by mortgagor, and each insurance company concerned is hereby authorized and directed to make payment for such loss directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance proceeds, or any part thereof, may be applied by mortgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration or repair of the property damaged or destroyed. In event of foreclosure of this mortgage, or other transfer of title to said property 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 mortgagee or, at the option of the mortgagee, may be surrendered for a refund. g. He will keep all buildings and other improvements on said property in good repair and condition; will permit, commit, or suffer no waste, impairment, deterioration of said property or any part thereof; in the event of failure of the mortgagor to keep the buildings on said premises and those erected on said premises, or improvements thereon, in good repair, the mortgagee may make such repairs as in its discretion it may deem necessary for the proper preservation thereof; and the full amount of each and every such payment shall be immediately due and payable; and shall be secured by the lien of this mortgage. h. He will not voluntarily create or permit to be created against the property subject to this mortgage any lien or liens inferior or superior to the lien of this mortgage without the written consent of the mortgagee; and further, that he will keep and maintain the same free from the claim of all persons supplying labor or materials for construction of any and all buildings or improvements now being erected or to be erected on said premises. 1. He will not rent or assign any part of the rent of said mortgaged property or demolish, or remove, or substantially alter any building without the written consent of the mortgagee. J. All awards of damages in connection with any condemnation for public use of or injury to any of the property subject to this mortgage are hereby assigned and shall be paid to mortgagee, who may apply the same to payment of the installments last due under said note, and mortgagee is hereby authorized, in the name of the mortgagor, to execute and deliver valid acquittances thereof and to appeal from any such award. k. The mortgagee shall have the right to inspect the mortgaged premises at any reasonable time. 2. Default in any of the covenants or conditions of this instrument or of the note or loan agreement secured hereby shall terminate the mortgagor's right to possession, use, and enjoyment of the property, at the option of the mortgagee or his assigns (it being agreed that the mortgagor shall have such right until default). Upon any such default, the mortgagee shall become the owner of all of the rents and profits accruing after default as security for the indebtedness secured hereby, with the right to enter upon said property for the purpose of collecting such rents and profits. This instrument shall operate as an assignment of any rentals on said property to that extent. 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Executedrand de veied in the presence of the following witnesses: State of Wyoming County of LinaDln By E-+ 04 0 F (Add Appropriate Acknowledgment) Given under my hand and official .seal .this.17th day of July, 2000. County of %a `;1 i' d State of Lincoln Wyoming My Commission Expires May 20, 2001 OS(17041 Residing at Cokeville, Wyoming 0 1 ral 1 On this day before me, the undersigned Notary Public personally appeared Paul Phillips and Vicky Phillips, to me known to be the individuals described in and who ex jcuted the Mortgage, and acknowledged that they signed the .Mortgage as their free and Voluntary act and deed, for the uses and purposes therein mentioned. 0 z 1 636 Notary Public in and for the State of Wyoming, My Commission expires fig gyp, c6 0/ uaunu ;suT Ergo .iq paznoas a3oN atp 3o zaproq aqp sr ygs uagm aTgeaozo3ua Sou sr uorge24rgze burzrnbaz quaumoop srgp ur asneTo d'uy •ueo' srgp oq ;oadsaz gpTM tags TO UlreTo .fue gea ;ap zo '2 itozao& 3o uorgebrTgo Xue lfuap oq Aar alegs z0 TeoOT due VHS gsurebe 3zasse z0 UITeTo Arm 2OquezenO z0 zamozzog ON •A; rrrgeTT 20 xe3 'ifgTeuad 'To23uo0 a ;e3s 20 TeooT UIOZ3 ff ;runUIWr Tezapa3 .fue anreM qou saop ygS 'saznpaoozd asagp bursn dg •sasodznd zagfo pue 'suarT bursoToazo3 'aor4ou buTnib 's3uaumoop burpzooaz 'szaded b1ITTT3 se Bons sasodznd zo3 saznpaoozd agegs zo TeooT asn dear ygs zo zapuag (q :suopeTnbaz ygg .zapun uagp '3uaumoop srg3 aozo3ua o3 burxaas sr sa4e3S pa3run •szawMO ssaursnq Trews lsrsse O; szeTTOp xeq sasn gDrg4 uiezbozd apTMu0peu (ygs) u0T1ez ;srurwpy ssaursnq Trews sale3s pa ;run a zapun apeUr SPA uarT srg3 Aq paznoas ueog agy„ I. 9 'met Tezapa3 Emm aouepz000e ur panz3suoo aq TTTri ueoq srgf burznoas zo burpuaprna swaumoop TTe pue ivaUrnoop srtp 'al0N aqf 3o zaproq alp sT ygS uagM ZIgIHX� (e 638 (Otik The West one -half of Lot 3 in the Stoner Kinney First Addition to the Town of Cokeville, Lincoln County, Wyoming being more particularly described as follows: Commencing at the Southwest Corner of said Lot 3, and running thence 170 feet; thence East 73% feet; thence South 170 feet; thence WEst 73% feet to the point of beginning. ALSO That portion of Lot 2 in the Stoner Kinney Addition to the Town of Cokeville, Lincoln County, Wyoming being more particularly described as follows: Beginning at the Southeast Corner of said Lot 2, and running thence West 20 feet; thence North 170 feet to the North boundary line of said Lot 2; thence East 20 feeet to the Northeast Corner of said Lot 2; thence South 170 feet to the Southeast Corner of said Lot 2 to the point of beginning. LESS AND EXCEPT the land contained in Warranty Deed recorded July 26, 1956 in Book 18PR on page 34 of the records of the Lincoln County Clerk.