HomeMy WebLinkAbout866585Form 41/2 es �ti�ti�A6E� RECEIVED
_INCOI c o1 f nr-r y
866585 U0 JUN 22 H,:
l(EMMERER tVYoMI( G
Frederick Albrecht, a Single Person, mortgagor of la,1!;y\ County, State of
Nevada, to secure the payment of Forty Thousand Five Hundred Dollars ($40,500.00), due July
23, 2007 with interest thereon at the rate of Nine and one -half percent (9.5 per year (said
sum, and the interest thereon being referred to as the "indebtedness"), payable in accordance
with the provisions of that certain promissory note, dated June 20, 2000, hereby mortgage and
warrant to mortgagee, South Ridge Development Corporation, a Wyoming Corporation, of
Lincoln County, State of Wyoming the following described real estate, situated in the County
of Lincoln, in the State of Wyoming, to wit:
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BOOK 'S, _PR RAGE 5 2 .1
MORTGAGE DEED
Lot 4 of the South Ridge Ranches Subdivision, Lincoln County, Wyoming as
described on the official plat filed July 21, 1998 as Instrument No. 851982 in the
records of Lincoln County Clerk.
Mortgagors agree to pay the indebtedness according to the terms of said promissory note,
and, during the life of this mortgage, to pay all taxes and assessments on thg premises and to
keep the improvements thereon insured against fire and other hazards in a sum not less than
by such insurance as mortgagee may
approve, with the proceeds thereof made payable to mortgagee. If mortgagors fail to pay such
taxes or assessments or fail to keep the premises insured, mortgagee may pay the same and may
insure the premises, and all sums paid by mortgagee for such purposes shall be added to and
considered as part of the indebtedness and shall draw interest at the same rate.
If default occurs in the payment of the indebtedness or in the payment of any installment
thereof, or if default occurs in any of the covenants and agreements thereof, then the whole
indebtedness shall, at mortgagee's option, become due and payable forthwith, and mortgagee
may foreclose this mortgage either by advertisement and sale of the above described premises
at public vendue according to Wyoming statutes, or by an action in equity. Out of the proceeds
of any foreclosure sale, mortgagee shall retain or receive all sums due to it hereunder, and costs
of foreclosure and sale, including attorney fees in an amount equal to ten percent of the
indebtedness remaining unpaid at the time of such sale, the same to be taxed as costs in any
equitable action brought to foreclose this mortgage.
To fully assure mortgagee the benefit of the security interest in the premises granted to
it hereunder, mortgagors hereby assign to mortgagee all rents hereafter payable for the use and
occupancy of the premises by any person in possession thereof with mortgagors' consent. If
default occurs in any of the covenants and agreements therein contained, whether or not
mortgagee elects to foreclose this mortgage on account thereof, mortgagee shall at once be
entitled, and is hereby authorized to collect the rents from the premises and to apply the same
to the payment of the indebtedness secured hereby until such default is remedied.
In the event of foreclosure of this mortgage upon default, mortgagee shall be entitled to
the possession and enjoyment of the premises and the incident rents, issues and profits thereof
from the time of such default and for and during the pendency of foreclosure proceedings and
the period of redemption, if any. If mortgagors should fail to surrender such possession to
mortgagee promptly upon its request therefor, mortgagee may compel delivery thereof by an
ejectment action or other civil proceeding appropriate to that purpose. Furthermore, and in
addition to the remedies otherwise provided for in this mortgage and by law, and as a matter of
right, without regard to the solvency or insolvency of mortgagors, the value of the premises, or
the sufficiency thereof to discharge the indebtedness and costs of foreclosure and sale, mortgagee
shall be entitled to a receiver for the premises and rents, issues and profits thereof from the time
of default to the expiry of any redemptive period provided by law. Such receiver may be
appointed by any court of competent jurisdiction upon ex parte application, without notice,
notice being hereby waived and the appointment of a receiver upon such application being
hereby consented to by mortgagors.
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