HomeMy WebLinkAbout977006 MORTGAGE
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P. j KNOW ALL MEN BY THESE PRESENTS, that Marlowe A. Sche bel, a married man
g iealing in his sole and separate property, herein referred to as mortgagor, o PO Box 725, Afton,
c' INY 83110, to secure the payment of the principal sum of $140,000.00, with nterest as evidenced
y a Promissory Note dated of even date herewith to the order of Lael H. Hoopes, Trustee of the
;Vearl W. Hoopes Family Revocable Trust dated September 16, 1997, of c/o Gaylen H. Hoopes,
o 3489 Wyoming State Highway 241, Afton, WY 83110, herein referred to as mortgagee, principal
ti 8 and interest payable together with interest on the unpaid principal balance .t the rate of five per
00
I.- R cent (5 per annum from June 11, 2014, until paid, as follows:
In equal monthly amortized installments of principal and interest in she amount of
$1,000.00 payable on the 5th day of each month beginning July 5, 2014, and
continuing on the 5th day of each succeeding month until July 5, 2115, when the
entire remaining balance, including principal and accrued interest, sh.II be due and
payable in full. All payments made shall be applied first to any late charges due,
then to unpaid interest on the unpaid balance, and then to principal. P epayments of
principal may be made in any amount at any time without penalty.
hereby mortgages to mortgagee, the following described real estate, situa ed in the County of
Lincoln, State of Wyoming:
That part of the NW'/4SE'/4 of Section 3, T31 N R119W, Lincoln County, Wyoming,
described as follows:
Beginning at a point on the centerline of the Bitter Creek County Road No. 12 -140,
N0 °21.5'E, 1784.00 feet from the South one quarter corner of said Se tion 3 as
described in the Certified Land Corner Recordation Certificate of recor in the Office
of the Clerk of Lincoln County;
thence continuing N0 °21.5'E, 369.15 feet along said centerline of said -oad to a
point;
thence S89 °38.5'E, 30.0 feet to a corner on the east right -of -way line said road;
thence continuing S89 °38.5'E, 118.0 feet to a corner;
thence S0 °21.5'W, 369.15 feet parallel to said centerline to a corner;
thence N89 °38.5'W, 118.0 feet parallel to the north line of the foregoin tract to a
corner on the said east right -of -way line;
thence continuing N89 °38.5'W, 30.0 feet to the point of beginning.
977006 6/12/2014 11:08 AM
LINCOLN COUNTY FEES: $24.00 AGE 1 OF 5
BOOK: 833 PAGE: 846 MORTGAGE
JEANNE WAGNER, LINCOLN COUNTY CLE K
1IMI11III III I11III0II I1I11 III IIIII IIIIIIIII I IIIIIIIIII
Mortgagor hereby relinquishes and waives all rights under and by vi iue of the homestead
laws of the State of Wyoming and covenants that it is lawfully seised of the p emises, that they are
free from all encumbrances and hereby covenants to warrant and defend the title of the premises
against the lawful claims of all persons whomsoever.
And mortgagor covenants with mortgagee as follows:
1. In case of default in any of the payments stipulated in the note, mortgagor, as further
security for this mortgage and the note secured thereby, hereby assigns, sets over, and conveys to
mortgagee all rents, issues, and profits from the property.
2. To pay promptly, when due, the principal and interest and ther 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.
3. To perform, comply with, and abide by each and every the agr-ements, stipulations,
conditions, and covenants, set forth in said Note and this Mortgage or either.
4. Failure by the mortgagee to exercise any of the rights or op ions herein provided
shall not constitute a waiver of any rights or options under said Note or the Mortgage accrued or
thereafter accruing.
5. Nothing shall be done on or in connection with the prop rty that may impair
mortgagee's security hereunder; mortgagor will commit, permit or suffer no waste, impairment or
deterioration of the property nor any part thereof, and the property shall be co tinuously maintained
in good and sightly order, repair, and condition by mortgagor at his expense.
Mortgagor shall obtain, pay for, and continue in force a bla ket insurance policy
consisting of fire and casualty insurance including earthquake coverage on any and all buildings
and fixtures in an amount not less than their full value, and personal injury •omprehensive liability
insurance in an amount not less than $500,000.00, during the life of this c•ntract, for the mutual
benefit and protection of the parties. Mortgagor shall have mortgagee nam-d as first loss payee
on the insurance policies, shall deliver a copy of the policies to mortgagee, -hall pay all premiums
for the insurance and shall provide mortgagee with annual proof that the pre iums have been paid
and that the insurance is in full force and effect. In addition, mortgagor sh.:ll indemnify and hold
mortgagee harmless from any and all liability and damages including attorn: y fees which may be
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awarded or incurred in connection with any losses or injuries suffered on or in connection with the
property during the term of this mortgage.
6. In case mortgagor defaults in the payment of ground ents, if any, taxes,
assessments, water, or other governmental or municipal charges, or other la ul charges as herein
provided, mortgagee may without notice or demand pay the same and in cas of any failure on the
part of mortgagor to comply with the covenants of Paragraph 5 hereof, mortg =gee may effect such
repairs as it may reasonably deem necessary to protect the property, at the xpense of mortgagor.
Mortgagor shall repay such sums so paid and all expenses so incurred by m rtgagee, with interest
thereon from the date of payment, at 10% per annum, and the same shall be lien on the premises
and be secured by the note and by these presents; in default of making such epayments the whole
amount hereby secured if not then due shall, if mortgagee so elects, become due and payable
forthwith, anything herein contained to the contrary notwithstanding.
7. In the event the property is sold under foreclosure and the pr ceeds are insufficient
to pay the total indebtedness secured hereby, mortgagor binds himself perso ally to pay the unpaid
balance, and mortgagee will be entitled to a deficiency judgment.
8. In case default is made in the payment, when due, of the indebtedness hereby
secured, or of any installment thereof or any part thereof, or in case of breach of any covenant or
agreement herein contained, the whole of the then indebtedness securec hereby, inclusive of
principal, interest, arrearages, ground rents, if any, taxes, assessments, water charges,
expenditures for repairs or maintenance, together with all other sums payable pursuant to the
provisions hereof, shall become immediately due and payable, at the option o= mortgagee, although
the period above limited for the payment thereof may not have expired, anyth ng herein before or in
the note contained to the contrary notwithstanding; any failure to exercise such option shall not
constitute a waiver of the right to exercise the same at any other time; and it shall be lawful for
mortgagee to proceed to enforce the provisions of this mortgage either by suit at law or in equity,
as it may elect, or to foreclose this mortgage by advertisement and sale of the premises, at public
auction for cash, according to Wyoming statutes governing mortgage foreclosures, and cause to be
executed and delivered to the purchaser or purchasers at any such sale a goDd and sufficient deed
or deeds of conveyance of the property so sold, and to apply the net proceeds arising from such
sale first to the payment of the costs and expenses of such foreclosure and sale, including a
reasonable attorney fee, and in payment of all moneys expended or advanced by mortgagee
pursuant to the provisions of Paragraph 6 hereof, and then to the payment of the balance due on
account of the principal indebtedness secured hereby, together with interest thereon and the
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surplus if any, shall be paid by mortgagee on demand to mortgagor. In ase mortgagee fails
promptly to foreclose on the happening of any default, it shall not thereby be prejudiced in its right
to foreclosure at any time thereafter during which such default continua s, and shall not be
prejudiced in its foreclosure rights in case of further default.
9. In case of any default whereby the right of foreclosure occur- hereunder and upon
mortgagee becoming entitled to possession of the premises according to la mortgagee shall at
once become entitled to exclusive possession, use, and enjoyment of all pro 'erty, and to all rents,
issues, and profits thereof, from the accruing of such right; and such possess on, rents, issues, and
profits shall at once be delivered to mortgagee on request, and on refusal the delivery of such
possession, rents, issues, and profits may be enforced by mortgagee by an appropriate civil suit
or proceeding, including action or actions in ejectment, or forceable entry, or nlawful detainer; and
mortgagee shall be entitled to a receiver for the property and all rents, issu -s, and profits thereof,
and shall be entitled thereto as a matter of right without regard to the solv -ncy or insolvency of
mortgagor or the then owner of the property, and without regard to the value of the property or the
sufficiency thereof to discharge the mortgage debt and foreclosure costs, fe: s and expenses; and
such receiver may be appointed by any court of competent jurisdiction, and al rents, issues, profits,
income, and revenue of the property shall be applied by such receiver, according to law and the
orders and directions of the court.
10. The covenants herein contained shall bind, and the benefits and advantages shall
inure to, the respective heirs, executors, administrators, successors, and ssigns of the parties
hereto. Whenever used, the singular number shall include the plural, the p ural the singular, and
the use of any gender shall include all genders.
11. Whenever used herein, the terms "mortgagor" and "mortg :gee" include all the
parties to this instrument and the heirs, legal representatives, and assigns of individuals, and the
successors and assigns of corporations; and the term "Note" includes all the notes herein
described if more than one.
12. Mortgagor may not convey or transfer any interest in or en umber the described
premises without the prior written consent of the mortgagee. Mortgagor must give mortgagee
written notice of mortgagor's intent to convey or transfer any interest i or to encumber the
described premises at least thirty (30) days prior to the proposed conveyan•e or encumbrance. If
all or any part of the described premises or an interest therein is sold, tran- ferred or encumbered
by mortgagor without mortgagee's prior written consent, excluding death o a joint tenant or the
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grant of any leasehold interest of three (3) years or less not containing an option to purchase,
mortgagee may, at its option, declare the entire remaining balance due under this agreement to be
immediately due and payable and give written notice to mortgagor thereof. After receipt of such
written notice, mortgagor shall have thirty (30) days in which to pay the entire remaining balance to
mortgagee.
IN WITNESS WHEREOF, Mortgagor has executed this Mortgage as .f the 6th da •f 'ne,
2014.
1 v ,.1%Ar-
Marlowe A. ere -I
STATE OF WYOMING
ss.
COUNTY OF LINCOLN
The foregoing Mortgage was acknowledged before me by Marlowe A. Scherbel, a married
man dealing in his sole and separate property, this 0 day of June, 2014.
Witness my hand and official seal.
SHEHEYSADAII NOTARYPUBUC
LOMO Shall
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NOTARY UB IC
My commission expires: C_. 3
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