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HomeMy WebLinkAbout977523MORTGAGE THIS MORTGAGE, made this 14th day of July, 2104, between SUNWELL PROPERTIES, LLC, a Wyoming limited liability company of 126 Elk Street, Rock Springs, Sweetwater County, Wyoming 82901, hereinafter referred to as the "Mortgagor and RODNEY J. WEATHERMON AND CHRISTY M. WEATHERMON, Husband and Wife of 1019 Wood Haven Drive, Rock Springs, Wyoming, Sweetwater County, Wyoming 82901, hereinafter referred to as the "Mortgagee The Mortgagor for and in consideration of the sum of Forty Thousand and No /100 Dollars ($40,000.00), lawful money of the United States, paid to the Mortgagor by the Mortgagee, the receipt of which is hereby confessed and acknowledged, does hereby grant, bargain, sell and convey to the Mortgagee forever, the following described real and personal property situated in Lincoln County, Wyoming: LOT 94, UNIT C -2, COMMISSARY RANCH SUBDIVISION, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT THEREOF Together with all buildings and improvements thereon, or which may hereafter be placed thereon; all fixtures now or hereafter attached to said premises; all water and water rights, ditches .and ditch rights, reservoirs and reservoir rights, and irrigation and drainage rights; and all easements, appurtenances and incidents now or hereafter belonging or appertaining thereto; subject, however, to all conditions, easements and rights -of -way, and to mineral, mining and other exceptions, reservations and conditions of record. TO HAVE AND TO HOLD the said real and personal property forever, the Mortgagor hereby relinquishing and waiving all rights under and by virtue of the homestead exemption laws of the State of Wyoming. Mortgagor covenants that at the signing and delivery of this Mortgage, said Mortgagor is lawfully possessed of said personal property; is lawfully seized in fee simple of said real property, or have such other estate as is stated herein; have good and lawful right to mortgage, sell and convey all of said property; and warrant and will defend the title to all of said property against all lawful claims and demands, and that the same is free from all encumbrances. This Mortgage is not assumable by any other party or parties unless agreed to, in writing, by the Mortgagee. However, this Mortgage is subject to the express condition that if the Mortgagor pay, or cause to be paid, to the Mortgagee the sum of Forty Thousand and No /100 Dollars ($40,000.00), together with interest thereon at the rate of six percent (6 per annum from the 14th day of July, 2014, until paid, according to the conditions of one promissory note, dated July 14, 2014, the ultimate maturity date of which is July 1, 2019, which promissory note was executed and delivered by Sunwell Properties, LLC, to the Mortgagee, which sum or sums of money the Mortgagor hereby covenants to pay, and until such payment, performs all of the covenants and agreements herein to be performed by Mortgagor, then this Mortgage and said note shall cease and be null and void. Mortgagor and Mortgagee further covenant and agree as follows: 1. Mortgagor shall pay the indebtedness as herein provided, and the lien of this instrument shall remain in full force and effect during any postponement or extension of the time of payment of any part of the indebtedness secured hereby. 2. Mortgagor shall pay all taxes and assessments levied or assessed against said 977523 7/16/2014 11:05 AM LINCOLN COUNTY FEES: $16.00 PAGE 1 OF 3 BOOK: 836 PAGE: 200 MORTGAGE JEANNE WAGNER LINCOLN COUNTY CLERK 1 I II ill I III II II II III I II III I1 11 11 11 11I I1 11 1I III II II property. 3. Mortgagor shall not commit or permit waste, nor be negligent in the care of said property, and shall maintain the same in as good condition as at present, reasonable wear and tear excepted, and will do nothing on or in connection with said property which may impair the security of the Mortgagee hereunder. Mortgagor shall not permit said property, or any part thereof, to be levied upon or attached in any legal or equitable proceeding and shall not, except with the consent in writing of the Mortgagee, or as is otherwise provided and permitted in this Mortgage, remove or attempt to remove said improvements or personal property, or any part thereof, from the premises on which the same are situated. 4. As collateral and further security for the payment of the indebtedness hereby secured, Mortgagor shall keep the improvements now existing or hereinafter erected on said premises insured against loss by fire, with extended coverage provisions, in a sum not less than the replacement value thereof, for the term of this Mortgage, and will pay when due all premiums on such insurance. All insurance shall be carried in responsible insurance companies and the policies and renewals thereof shall have attached thereto loss payable clauses in favor of the Mortgagee. The insurance proceeds, or any part thereof, may, at the option of the Mortgagee, be applied either to the reduction of the indebtedness hereby secured or paid to the Mortgagor. 5. If Mortgagor defaults in the payment of the taxes, assessments or other lawful charges or fail to keep the improvements on said premises insured as herein provided, the Mortgagee may make such repairs as may be necessary to protect the property, all at the expense of the Mortgagor. The Mortgagor covenants and agree that all such sums of money so expended, together with all costs of enforcement or foreclosure, and a reasonable attorney fee, shall be added to the debt hereby secured, and agree to repay the same and all expenses so incurred by the Mortgagee, with interest thereon from the date of payment at the same rate as provided in the note hereby secured, until repaid, and the same shall be a lien on all of said property and be secured by this Mortgage. 6. If the Mortgagor defaults in the payment of the indebtedness hereby secured, or of any part or installment of principal or interest, fora period of ten (10) days after the same shall become due and payable, or if the Mortgagor remove or attempt to remove any of said improvements or personal property contrary to the provisions of this Mortgage, 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, become immediately due and payable, anything herein or in said note to the contrary notwithstanding, and failure to exercise said option shall not constitute awaiver of the right to exercise the same in the event of any subsequent default. The Mortgagee may enforce the provisions of, or foreclose, this Mortgage by any appropriate suit, action or proceeding at law or in equity, and cause to be executed and delivered to the purchaser or purchasers at any foreclosure sale a proper deed of conveyance of the property so sold. The Mortgagor agrees to pay all costs of enforcement or foreclosure, including a reasonable attorney fee. The failure of the Mortgagee to promptly foreclose upon a default shall not prejudice any right of said Mortgagee to foreclose thereafter during the continuance of such default or right to foreclose in case of further default or defaults. The netproceeds from such sale shall be applied to the payment of (1st) the costs and expenses of the foreclosure and sale, including a reasonable attorney fee, and all moneys expended or advanced by the Mortgagee pursuant to the provisions of this Mortgage; (2nd) all unpaid taxes, assessments, claims and liens on said property, which are superior to the Iien hereof; (3rd) the balance due Mortgagee on account of principal and interest on the indebtedness hereby secured; and the surplus, if any, shall be paid to the Mortgagor. 7. If the property described herein is sold under foreclosure and the proceeds are _7_ insufficient to pay the total indebtedness hereby secured, the Mortgagor executing the note or notes for which this Mortgage is security shall be personally bound to pay the unpaid balance and the Mortgagee shall be entitled to a deficiency judgment. 8. If the right of foreclosure accrues as a result of any default hereunder, the Mortgagee shall at once become entitled to exclusive possession, use and enjoyment of all property aforesaid, and to all rents, issues and profits thereof, from the accruing of such right and during the pendency of foreclosure proceeds and the period of redemption, and such possession, rents, issues and profits shall be delivered immediately to the Mortgagee on request. On refusal, the delivery of such possession, rents, issues and profits may be enforced by the Mortgagee by any appropriate suit, action, or proceeding. Mortgagee shall be entitled to a Receiver for said property and all rents, issues and profits thereof, after any such default, including the time covered by foreclosure proceedings and the period of redemption, and without regard to the solvency or insolvency of the Mortgagor, or the then owner of said property, and.without regard to the value of said property, or the sufficiency thereof to discharge the mortgage debt and foreclosure costs, fees and expense. Such Receiver maybe appointed by any court of competent jurisdiction upon ex parte application, notice being hereby expressly waived, and the appointment of any such Receiver on any such application without notice is hereby consented to by the Mortgagor. All rents, issues and profits, income and revenue of said property shall be applied by such Receiver according to law and the orders and directions of the court. 9. The acceptance of this Mortgage, and the note or notes it secures, by the Mortgagee shall be acceptance of the terms and conditions contained therein; and a duly executed and delivered release of this Mortgage by any one or more of the Mortgagees shall be a valid and effective release as to all of said Mortgagees, and of said Mortgage. 10. The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective heirs, devisees, legatees, executors, administrators, successors, and assigns of the parties hereto. Whenever used the singular number shall include the plural, the plural the singular, and the use of any gender shall include all genders. The terms "foreclosure as used herein, shall include the right of foreclosure by any suit, action or proceeding at law or in equity, or by advertisement and sale of said premises, or in any other manner now or hereafter provided by Wyoming Statutes, including the power to sell. IN WITNESS WHEREOF, this Mortgage has been executed by the Mortgagor the date first above written. The State of Wyoming County of Sweetwater The foregoing Mortgage was acknowledged before this 14th day of July, 2014, by Josh Bellamy, known by me to be the managing member of Sunwell Properties, LLC. Given under my hand and seal the date first above written. ss. My commission expires: JENNIFER BOSWELL NOTARY PUBLIC COUNTY OF c,;?4 STATE OF SWEETWATER WYOMING My Commission ExpI SUNWELL PROPERTIES, LLC: 6 9- ash Bellamy, Managing M embhu� -3-