HomeMy WebLinkAbout875122MORTGAGE ASSIGNMENT, ASSUMPTION AND
MODIFICATION AGREEMENT WITH SUBSTITUTION OF LIABILITY
This Agreement is made this /5 71 day of a
2001, between Boyd W. Wilkes and Ione R. Wilkes, as Trustees of the Boyd W.
Wilkes and Ione R. Wilkes Revocable Trust U /T /D March 30th, 1994, herein
referred to as "SELLER Hugh Gardner Soest and Donna Marie Soest, as Trustees
of The Green Hills Revocable Living Trust, f /b /o Hugh Gardner Soest and Donna
Marie Soest, dated June 30th, 1989, herein referred to as "MORTGAGEE and
Valley Market, Inc., a Wyoming corporation, herein referred to as
t "PURCHASER
r7 r The parties recite and declare that:
LO
rr
co
1. Seller is obligated and liable for the payment to Mortgagee of the
debt evidenced by a promissory note in the original principal amount of SIXTY
SEVEN THOUSAND SEVEN HUNDRED N]NTEY TWO DOLLARS ($67,792.00),
1 :---T;9. dated August 15`,1997, and executed by Seller, which promissory note is secured
by a Mortgage Assignment and Modification Agreement dated July 1st, 1999, that
was recorded on May 11, 2000, in Book 445 of Photo, page 503, in the Office of the
Lincoln County Clerk, Lincoln County, Wyoming, and Mortgagee now owns and
holds such promissory note and mortgage.
2. Seller has sold and conveyed or is about to sell and convey to
Purchaser all of the real property described in such mortgage, and both Seller and
Purchaser have requested Mortgagee to release Seller from further liability under
or on account of such promissory note and /or such mortgage.
For the reasons set forth above, and in consideration of the mutual
conveyance and promises of the parties hereto, Seller, Mortgagee and Purchaser
covenant and agree as follows:
SECTION ONE
UNPAID BALANCE OF SECURED OBLIGATION
All monthly installments of principal and interest provided by such
promissory note to be paid on and after the 1S day of Sep i vII-er 2001,
are unpaid.
SECTION TWO
RELEASE FROM LIABILITY
Seller is hereby released from further liability under or on account of such
promissory note and /or such mortgage.
SECTION THREE
ASSUMPTION OF LIABILITY
Purchaser agrees to pay such promissory note in installments at the times,
in ,the manner, and in all other respects as provided in such promissory note; to
perform all of the obligations provided in such mortgage and promissory note to
be performed by Seller at the time, in the manner, and in all respects as therein
provided; and to be bound by all of the terms of such mortgage and promissory
Page 1 of 3
BOOK 4' °l'TZ PAGE 1 6 'f
SECTION FIVE
INTERPRETATION
0875122
note; all as though such promissory note and mortgage, and each of them, had
originally been made, executed and delivered by Purchaser.
SECTION FOUR
NO IMPAIRMENT OF LIEN
All of the real property described in such mortgage shall remain subject to
the lien, charge or encumbrance of such mortgage, and nothing herein contained
or done pursuant hereto shall affect or be construed to affect the lien, charge or
encumbrance of the mortgage or the priority thereof over other liens, charges or
encumbrances, or, except as herein otherwise expressly provided, to release or
affect the liability of any party or parties whomsoever would now or may
hereafter be liable under or on account of such promissory note and /or mortgage.
In this agreement, the singular number includes the plural and the plural
number includes the singular. If this agreement is executed by more than one
person, firm, corporation or other entity as Purchaser, the obligations of each such
person, firm, corporation or other entity hereunder shall be joint and several.
This agreement applies to, inures to the benefit of, and binds all parties
hereto and their respective heirs, legatees, devisees and administrators, executors,
successors and assigns.
IN WITNESS WHEREOF, the parties have executed this agreement at
Jackson, Wyoming, the day and year first above written.
SECTION SIX
LIMITATIONS
The right to plead any statute of limitations as a defense to any obligations
and demands secured by or mentioned in such mortgage is hereby waived by
Purchaser to the full extent permissible by law.
SECTION SEVEN
APPLICATION OF AGREEMENT
ELLER:
est, Trustee
Page 2 of 3
Boyd W. Wilkes, Trustee
Ione R. Wilkes, Trustee
MORTGAGEE:
/L
a Marie Soest, Trustee
16 8
STATE OF WYOMING
ss.
COUNTY OF NGc /1/
The foregoing instrument was acknowledged before me by Boyd W.
Wilkes and Ione R. Wilkes, Trustees of the Boyd W. Wilkes and, Ione R. Wilkes
Revocable Trust U /T /D March 30th, 1994 this /SI' day of
2001.
Witnew i,Ilyliand and n ficial seal.
GERALD L GOULDING
Notary Public, Moto of Wyoming
Lincoln County, Wyoming
Commission Expires Nay 2, 20
My Commission Expires:
STATE OF GL} /orn
COUNTY OF
The foregoing instrument was acknowledged before me by Hugh
Gardner Soest and Donna Marie Soest, as Trustees of The Green Hills Revocable
Living Trust, f /b /o Hugh Gardner Soest and Donna Marie Soest, dated June
30th, 1989, this 1-x- day of (2 f &c s 7 2001.
Witness my hand and official seal.
DEBORAH A. MEAGHER NOTARY PUBLIC
County of -c�• State of
Teton :`.si` Wyoming
My Commteston Ire, Nov 10, 2001
/a
STATE OF ai
ss.
COUNTY OF Z!/VC-694A/
The foregoing instrument was acknowledged before me by Kip Wilkes,
as resident of Valley Market, Inc., a Wyoming corporation this /$7" day of
Ur 7 2001.
icial seal.
Notary Public -State of Wyoming
Lincoln County, Wyoming
<<sl Commission Expires May 2, 2003
My Commission Expires:
r�
ss.
B
tary Public
Notary Public
Page 3 of 3
Notary Public
PURCHASER:
Valley Market, Inc., a Wyoming
corporation
EXHIBIT "A"
A portion of the NW1 /4 SE1 /4 of Section 23, T34N, R119W, 6th P.M., located
in the Town of Thayne, Lincoln County, Wyoming, being more particularly
described as follows:
BEGINNING at a point in the Easterly line of that certain parcel of land
described in Deed No. 815012 from Franklin and McGinnis properties, a
partnership, to Hugh Gardner Soest and Donna Marie Soest, Trustees filed
Feb. 2, 1996 in Book 379 PR at Page 643, said point being 879.67 feet East and
635.97 feet S7 °28'21 "E from the Knowlton's monument marking the Center
Quarter Corner of said Section 23; thence S7 °22'07 "E 65.01 feet; thence
S7 °25'45 "E 191.65 feet; thence S83 °38'54 "W 422.805 feet, more or less, to the
Southeast corner of the Victor W. Arychuk and Waldtraut Arychuk, husband
and wife, property conveyed by Deed No. 831491 filed in Book 392 PR at Page
540; thence North, along the West line of said Arychuk property, 172.08 feet to
the Beginning of a curve concave to the Northwest having a radius of 160
feet; thence running along said curve through an arc distance of 187.037 feet;
thence running N85 °24'05 "E 249.17 FEET to the Point of Beginning.
TOGETHER WITH and SUBJECT TO and reserving unto Grantor, a non-
exclusive easement for Ingress, Egress and Utilities, 30 -feet wide, lying 15 feet
Northerly and Southerly of the North line of the above described property
said line specifically described as N85 °24'05 "E 249.17 feet.
TOGETHER WITH and reserving unto Grantor, a non- exclusive easement
and right -of -way known as the Thayne Village Center Right -of -Way (Village
Parkway): A 60 -foot wide Right -of -Way, 30 feet on each side of the following
described centerline and is a portion of the NW1 /4 SE1 /4 of Section 23, T34N,
R119W, 6th P.M., located in the Town of Thayne, Lincoln County, Wyoming
and more particularly described as follows:
BEGINNING at a Point on the East R/W line of U.S. 89 at Station 1407 +43.24
as shown on sheet #5 of the Wyoming Hwy. Project 010 -3(62) 010 -(67),
which is 704.89 feet S25 °22'12 "E (equals S23 °59'06.4 "E bearing shown on Hwy
Plans) from a Highway R/W Monument found at Station PC 1412 +48.58 in
said R/W line; said Point also being 864.91 feet S28 °30'22 "E from a B.L.M. type
Monument found marking Coon, King and Knowlton's location for the
Center Quarter Corner of said Section 23; thence N64 °37'48 "E 24.13 feet to the
PC of a 130 -foot radius curve to the right (A =20 °38'28 T= 23.67 LC= 46.58');
thence 46.833 feet along said curve to the PT; thence N85 °16'16 "E 93.54 feet to
the PC of a 130 -foot radius curve to the left (A =85 °16'16 T= 119.69',
LC= 176.11'); thence 193.474 feet along said curve to the PT; thence North
560.33 feet to a Point on the South R/W line of Dana Street, said point being
located 40 feet South and 691.84 feet East from the aforementioned Center of
Section 23 monument, and further reserving unto the Grantor the right to
convey the property subject to this easement by gift or otherwise for the
purpose of having said right -of -way established as a publicly dedicated street,
and excluding and reserving unto Grantor the right to connect or allow the
connection of or prohibit the connection to utilities found within the said
Thayne Village Center right -of -way to mains or lines which may provide
utility services to the property which is the subject of this deed.
5 0 ,7
0S751.22 17