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HomeMy WebLinkAbout975856wit: REAL ESTATE MORTGAGE Clint G. Proffit and Veronica Proffit, husband and wife, and Keith Batista and Jennifer Batista, husband and wife, as tenants in common, each with a 50% undivided interest in the following described real property, mortgagors, of Kemmerer, Lincoln County, Wyoming, to secure the payment of a promissory note of even date herewith, executed by mortgagors in favor of mortgagees, in the principal sum of ONE HUNDRED TWENY FIVE THOUSAND DOLLARS ($125,000.00), (hereinafter "promissory note due and payable in accordance with the provisions of said promissory note, hereby MORTGAGE 440 9,c7,0 woto et> AND WARRANT to James A. Park, mortgagee, whose address is `41. r 3V- 't3 the following described real estate, situate in Lincoln County, Wyoming, to- The Northwest Quarter (NW 1/4) of Section 34, T21 N R115W of the 6 P.M., Lincoln County, Wyoming; EXCEPTING THEREFROM the right -of -way of The Union Pacific Railroad Company as referenced in Deed Recorded in the Lincoln County Clerk's Office in Book 25 of Deeds on page 100 of the records of the Lincoln County Clerk; EXCEPTING THEREFROM the land as contained in the deed to the Oregon Short Line Railroad Company located in the Lincoln County Clerk's Office in Book 136PR on page 620 of the records of the Lincoln County Clerk; EXCEPTING THEREFROM the land as contained in the deed to the State of Wyoming by and through the State Highway Commission from Theodore D. Duthie and Palmira Duthie recorded in the Lincoln County Clerk's Office in Book 22PR on page 48 of the records of the Lincoln County Clerk; EXCEPTING THEREFROM the land contained in the Warranty Deed recorded August 13, 1997, in Book 400PR on page 400 of the Lincoln 975856 4/9/2014 12:13 PM LINCOLN COUNTY FEES: $24.00 PAGE 1 OF 5 BOOK: 830 PAGE: 267 MORTGAGE JEANNE WAGNER, LINCOLN COUNTY CLERK 1111111110111111111111111 1111 11111111111111111111111111111111111111 11 11 11 Page 1 of 5 County Clerk; SUBJECT, however, to all reservations, restrictions, protective covenants, exceptions, easements and rights -of -way of record, in sight, or in use. 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 the premises and to keep the improvements thereon insured against fire and other hazards in the sum of not less than the current market value by such insurance as mortgagees may approve, with the proceeds thereof made payable to mortgagees. If mortgagors fail to pay such taxes or assessments or fail to keep the premises insured, mortgagees may pay the same and may insure the premises, and all sums paid by mortgagees for such purposes shall be added to and considered as part of the indebtedness and shall draw interest under the terms of the agreement to sale real property executed by the parties. 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 hereof, which default continues for more than thirty (30) days, then the whole indebtedness shall, at mortgagees' option, become due and payable forthwith, and mortgagees may foreclose this mortgage either by advertisement and sale of the premises as provided by Wyoming statute, or by an action to foreclose in the Third District Court in and for Lincoln County, Wyoming. Out of the proceeds of any foreclosure sale, mortgagees shall retain or receive all sums due to it hereunder, and costs of foreclosure and sale, including their reasonable attorney fees, the same to be taxed as costs in any equitable action brought to foreclose this mortgage. To fully assure mortgagees the benefit of the security interest in the premises Page 2 of 5 granted to them hereunder, mortgagors hereby assign to mortgagees 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 herein contained, whether or not mortgagees elect to foreclose this mortgage on account thereof, mortgagees shall at once be entitled, and are hereby authorized, to collect the rents from the premises and 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, mortgagees 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 mortgagees promptly upon its request therefor, mortgagees 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, mortgagees shall be entitled to a receiver for the premises and the rents, issues and profits thereof from the time of default to the expiration 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. The failure or delay by mortgagees in exercising any rights under this mortgage shall Page 3 of 5 not constitute a waiver thereof in that or any other instance. Hereby releasing and waiving all rights under and by virtue of the homestead exemption laws of the State of Wyoming. Witness our hands this day of lipid STATE OF WYOMING ss. County of Lincoln Witness my hand and official seal. Page 4 of 5 Clint G. Proffit Veronica Proffit ick Keith Batista Jennifer Batista 2014. (6turtd The foregoing document was acknowledged before me by Clint G. Proffit, Veronica Proffit, Keith Batista, and Jennifer Batista, this 9M day of L 2014. My Commission Expires: ca a4,'ti4 Page 5 of 5