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0866745 843
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.
NOT ASSUMABLE NONTRANSFERABLE MORTGAGE, each Party
to this mortgage shall be bound individually and severably by the terms therein.
If all or any part of the property or any interest in it is sold or transferred
without the MORTGAGEE'S prior written consent, the MORTGAGEE may at their
option, require immediate payment in full of all sums remaining owed under this
Promissory Note and/or Mortgage. The MORTGAGEE shall give the
MORTGAGOR notice of acceleration. MORTGAGOR shall be allowed thirty (30)
days to complete payment thereof; however, not to extend the payoff date of said
note.
AND THE MORTGAGOR hereby further covenants and agrees to pay
promptly, when due, the principal and interest, and other sums of money provided
for in said note and this mortgage, or either; to pay all and singular the taxes,
assessments, levies, liabilities, obligations, and encumbrances of every nature on said
property; to permit, commit, or suffer no waste, impairment, or deterioration of said
property and/or the improvements thereon at any time; to pay all costs, charges, and
expenses including reasonable attorney fees, and title searches, reasonably incurred
or paid by the MORTGAGEE because of the failure of the MORTGAGOR to
promptly and fully comply with, and abide by each and every agreement, stipulation,
condition, and covenant set forth in said Note and this Mortgage, or either.
In the event the MORTGAGOR fails to pay, when due, and tax assessment,
or other sum of money payable by virtue of said Note and this Mortgage, or either,
the MORTGAGEE may pay the same without waiving or affecting the option to
foreclose or any other right hereunder, and all such payments shall bear interest from
date thereof at the highest lawful rate allowed by law.
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
pursuant to the provisions hereof, shall, at the option of the MORTGAGEE or note
holder become immediately due and payable, anything herein or in said note to the
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
MORTGAGE DEED
Page 2 of 3
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8 57499R0
08667251
$9,000
PROMISSORY NOTE
June 2000.
Afton, Wyoming
THE UNDERSIGNED, jointly and serverably if more than one, promise
to pay ANDREW J. ARCHER and JOAN E. ARCHER the principal sum of
NINE THOUSAND ($9000Q) DOLLARS and NO /100 and interest of TEN (10
PERCENT, in monthly amortized payments over FIVE (5) YEARS, of ONE
HUNDRED NINETY ($190 DOLLARS and 42/100 and a final payment of
ONE HUNDRED NINETY ($190 DOLLARS AND 28/100 and unpaid interest
at ten (10 percent, the first payment being due on July 12, 2000, and each
month thereafter, and the final payment of principal and accrued interest with the
full and complete note to be paid by July 12, 2005. Interest to start on June 28,
2000.
PAYMENT shall be due in the following manner:
1. ONE HUNDRED NINETY ($190 DOLLARS and 42/100 on or
before July 12, 2000, and every month thereafter, with a final payment
of ONE HUNDRED NINETY ($190 DOLLARS and 28/100, plus
interest at TEN PERCENT (10 on unpaid balance thereafter for
FIVE (5) YEARS, with the principal and interest to be paid in full by
July 12, 2005 as amortized over 5 years.
2. In the event any payment is not received by the twenty- second (22nd)
day of the month, a late charge of TWENTY ($20Q) DOLLARS and
NO /100 is charged.
3. Payments shall be payable to Andrew J. and Joan E. Archer at 1124
West 1130 North, Farmington, UT 84025, or as otherwise designated
by the Archers.
4. All payments shall first be applied to unpaid interest, late charges, and
then to principal. Said note to be paid in full no later than July 12,
2005. Mortgagor may prepay any amount at any time without penalty.
Additional payments shall be considered early payments unless
specifically noted as prepayments. All unpaid interest and late charges
must be paid prior to principal reduction.
If the OBLIGOR 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
pursuant to the provisions hereof, shall, at the option of the OBLIGEE or note
PROMISSORY NOTE ARCHER/REIS
Page 1 of 2
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