HomeMy WebLinkAbout978324PURCHASE MONEY MORTGAGE
RANDALL NIELSON, P.O. Box 101, LaBarge, Lincoln County, Wyoming 83123 (hereinafter referred
to as Mortgagor) hereby mortgages, grants, and conveys to CROWN OIL GAS COMPANY, INC., a
Wyoming Corporation, whose mailing address is P.O. Box 790, Green River, Sweetwater County, Wyoming
82935 (hereinafter referred to as "Mortgagee the real property and premises more particularly described on
Exhibit "A" attached hereto and by this reference made a part hereof.
This mortgage is granted to secure payment of the principal sum of $525,000, as evidenced by a
promissory note of even date herewith payable to the order of CROWN OIL GAS COMPANY, INC., a
Wyoming Corporation. Principal and interest shall be payable pursuant to said promissory note as follows:
Principal and interest shall be amortized in, and Mortgagor shall make, monthly installments and
payments of $3,852.26, for ten years until August 10, 2024, with a final balloon payment due
and owing in the sum of $459,772.80 on or before September 10, 2024, unless the Mortgagor
and Mortgagee agree otherwise in writing. The first of said monthly payments shall be due on
September 10, 2014 with monthly payments due thereafter on the same day of each and every
month through August 10, 2024, with a final balloon payment due and owing on or before
September 10, 2024 in the amount of $459,772.80, unless otherwise agreed between the
Mortgagor and the Mortgagee in writing. Each payment shall be applied first to accumulated
interest, then to principal. A final payment in the amount of all unpaid principal and
accumulated interest shall be due and payable on September 10, 2024, as is described herein.
Any principal and interest remaining unpaid as of that time shall be immediately due and
payable on that date. Buyer shall incur a late fee of one percent (1 per annum on the
outstanding principal balance for any payment not made on or before five days of the payment's
due date.
TO HAVE AND TO HOLD said real 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 time of signing and delivery of this Mortgage, said Mortgagor is lawfully
seized in fee simple of said real property; has good and lawful right to mortgage, sell and convey all of said
property; and warrants 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.
Mortgagor and Mortgagee further covenant and agree as follows:
However, this Mortgage is subject to the express condition that if the Mortgagor pays, or causes to be
paid, to the Mortgagee the amount of $525,000, together will all interest and late fees, according to the terms of
the aforementioned promissory note dated of even date herewith, which sum 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.
1. Mortgagor shall pay all 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. 978324 9/9/2014 3:10 PM
LINCOLN COUNTY FEES: $21.00 PAGE 1 OF 4
1 BOOK: 839 PAGE: 316 MORTGAGE
JEANNE WAGNER LINCOLN COUNTY CLERK
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2. Real property taxes and special improvement district assessments on said property for the year of
closing shall be pro -rated between .Seller and Buyer as of the date of closing. Mortgagor shall be solely
responsible for any real property taxes and special improvement district assessments in said property for the year
2015 and for every year thereafter. Upon request of the Mortgagor, Mortgagee shall provide proof of payment
for these real property taxes and special improvement district assessments.
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.
4. At the option of Mortgagee, all sums secured by this Mortgage shall become due and payable in full
in the event of sale or transfer of the property either by deed or contract for deed.
5. 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 or
other casualty with extended coverage provisions, in a sum equal to or greater than the fair market value of said
improvements, 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.
Mortgagor shall provide certificates of insurance to Mortgagee to verify compliance with the requirements of
this paragraph.
6. If Mortgagor defaults in the payment of the taxes, assessments or other lawful charges or fails to keep
the improvements on said premises insured as herein provided, the Mortgagee may, without notice or demand,
pay the same or effect such insurance, and if the Mortgagor fails to keep said property in good repair, 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 agrees 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.
7. If the Mortgagor defaults in payment of the obligation hereby secured, or any part of said obligation,
or in the case of breach of any covenant or agreement herein contained, the Mortgagee may foreclose this
Mortgage either by advertisement and sale of the premises as provided by statute or 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 and 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 net proceeds 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
lien; (3rd) the balance due Mortgagee on account of principal and interest on the indebtedness hereby secured;
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and the surplus, if any, shall be paid to the Mortgagor.
8. If the property described herein is sold under foreclosure and the proceeds are insufficient to pay the
total indebtedness hereby secured, the Mortgagor executing the note 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.
9. 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 proceedings 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 may
be 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.
10. The acceptance of this Mortgage, and the note it secures, by the Mortgagee shall be an acceptance of
terms and conditions contained therein; and a duly executed and delivered release of this Mortgage by
Mortgagee shall be a valid and effective release of said Mortgage.
11. 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" and "foreclose," 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 statues, including the power to sell.
IN WITNESS WHEREOF, this Mortgage has been executed by the Mortgagor this I day of
2014.
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RANDALL NIELSON
The State of Wyoming
My Commission Expires:
ss.
County of Sweetwater
The foreg ring Purchase Money Mortgage was
A 7 day of e° /1d 2014.
Witness my hand and official se
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F P UBI.� G 'g
acknowledged before me Sit Nielson on this
EXHIBIT "A"
(Parcel One)
That part of N1/2 W1/2 (Lot 1 and NE 1/4NW1/4) of section 7, Township 26 North, Range 112 West of
the 6th Principal Meridan, Lincoln County, State of Wyoming, lying South of the Southerly right of way line of
the Calpet State Secondary Highway, which tract may also be described as follows: Beginning at a point on
the north -south Mid- section line of said Section 7 which point is northerly, 497 feet more or less, from the
southeast corner of said NE1 /4NW1/4 where is found a granite stone 10" x 17" x 6" marked 1/16 on W, SS
on E; thence southerly, 497 feet, more or less to the said southeast corner of the NE1 /4NW1/4, thence
westerly, 1944 feet, more or less, along the south line of the said N1/2 NW1 /4 of its intersection with the
said southerly right of way line where is found a steel spike 3/8" x 12 thence N75 '-43'E, 2006 feet more or
less, along the said southerly right of way line to the point of beginning. Excepting therefrom .5 acres sold to
G.B. Oldaker and Edna Oldaker on 4-14 -1961, and recorded 4 -14 -1961 in Book 48 of Photostate Records at
page 554.
(Parcel Two)
The part of the S1/2 NW1 /4 of Section 7, T26N, R112W, Lincoln County, Wyoming, described as follows:
Beginning at the Northeast corner of the said S1/2NW1/4 where found a granite stone 10" X17" X6"
MARKED 1/16 on the West, SS on the East; thence West 1341.6 feet along the North line of said S1/2
NW1 /4 to the Southeast point of that tract of record in the Office of the Clerk of Lincoln County, in Book
48 of Photo Records on page 554; thence South 00— 15.3' East, 324.66 feet parallel to the East line of the
said S1/2NW1/4 to a point; thence East 1341.6 feet parallel to the North line of the said S1/2NW1/4;
thence North 0015.3' West, 324.66 feet along the East line of the said S1 /2NW1 /4,to the corner of
beginning.
(Parcel Three)
That part of the NW! ?$NE1 ?4 and SW1 /4NE1/4 of Section 7, TN6N, R112W, Lincoln County, Wyoming
lying and being situated south of the South right -of -way line of State Highway 189; ENCOMPASSING an
area of 59.7 acres, more or less; and that the NW1 /4NE1/4 is within the incorporated limits of the Town of
LaBarge; that no survey nor monuments were set for the north and east line of the foregoing tract and that
the acreage was determined by computations from records and actual surveys of part of the lands; all in
accordance with the map prepared and filed for record in the Office of the Clerk of Lincoln County dated 27
August 1980 and revised 8 September, 1980.
GZ.\