HomeMy WebLinkAbout978529978529 9/24/2014 2:53 PM
LINCOLN COUNTY FEES: $33.00 PAGE 1OF
BOOK: 840 PAGE: 149 MORTGAGE
JEANNE WAGNER, LINCOLN COUNTY CLERK
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This Mortgage is made the 251 day September, 2014, by and between Kim
Gregg, hereinafter referred to as the "Mortgagor and Mark Allan Miles Revocable
Trust, hereinafter referred to as "Mortgagee
The Mortgagor, for and in consideration of the sum of One Hundred Fifteen
Thousand Five Hundred Dollars ($115,500.00) lawful honey of the United States and
other valuable consideration, loaned to the Mortgagor by the Mortgagee, the receipt of
which is hereby confessed and acknowledged, does hereby mortgage to the Mortgagee,
the following described real property situate in the County of Lincoln, State of
Wyoming:
Lot 24 of the Blue Lakes Estates Subdivision, Lincoln County, Wyoming,
according to that plat recorded November 13, 1991 as Instrument No.
740865 in the Office of the County Clerk.
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 there to; subject, however, to all covenants, 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 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 has such other estate as is stated herein; has good and
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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.
However, this Mortgage is subject to the express condition that if the Mortgagor
pays, or causes to be paid, to the Mortgagee the sum of One Hundred Fifteen Thousand
Five Hundred Dollars ($115,500.00) together with interest, until paid, according to the
conditions of a Promissory Note of even date herewith, which Promissory Note was
executed and delivered by the Mortgagor 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. Payment. 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 time of payment of any part of the indebtedness secured
hereby.
2. Prepayments. The Mortgagor shall have the privilege of paying any
principal sum or sums plus accrued interest, in addition to the payments herein
required, at any time without premium or penalty of any kind, and it is understood and
agreed that any such prepayment shall be credited first to interest and the balance to
principal in the inverse order of when due.
3. Transfer of the Property. If all or any part of the property or any interest
herein is sold or transferred by any means by Mortgagor without Mortgagee's prior
written consent, or a transfer by devise, descent or by operation of law upon the death
of a joint tenant, Mortgagee may, at Mortgagee's option, declare all the sums secured by
this Mortgage to be immediately due and payable. Any delay or failure on the part of
the Mortgagee to demand payment shall not prejudice the Mortgagee's right there to.
Mortgagee shall have waived such option to accelerate if, prior to the sale or transfer,
Mortgagee at Mortgagee's sole discretion, enters into a written agreement with the
person whom the property is to be sold or transferred expressly consenting to such
assumption and setting forth any new terms or conditions of this Mortgage as may be
requested by the Mortgagee in exchange for the Mortgagee agreeing to an assumption
of this Mortgage.
4. Taxes and Assessments. Mortgagor shall timely pay all taxes and
assessments levied or assessed against said property.
5. Maintenance of Property. 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 hereof, 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 hereof, from the premises on which the same are situated.
6. Insurance. 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 caused by the elements, fire,
earthquake, and other calamities, with extended coverage provisions, to the full
insurable 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 licensed. in Wyoming and the policies and renewals thereof shall have
attached thereto by rider or otherwise loss payable clauses in favor of the Mortgagee. A
copy of said policy or any renewal documents pertaining thereto shall be supplied to
the Mortgagee within 30 days after the date of execution of this mortgage and thereafter
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within 10 days of any renewal of or amendment to such policy. The policy shall
provide that the same may not lapse or be canceled without at least ten (10) days prior
written notice to Mortgage. In the event of foreclosure of this mortgage or other
transfer of title to the said premises in extinguishment of the indebtedness secured
hereby, all right, title and interest of the Mortgagor in and to any insurance policies then
in force shall pass to the purchaser or grantee.
7. Mortgagee Authorized to Make Payments. If Mortgagor defaults in
the payment of the taxes, assessments or other lawful charges, as herein provided, the
Mortgagee may, without notice or demand, pay the same, 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 agrees 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.
8. Default. If the Mortgagor defaults in the payment of the indebtedness
hereby secured, for a period of twenty (20) days after written notice, or in case of breach
of any covenant or agreement herein contained, the whole of the then indebtedness
secured hereby, together with all other sums payable pursuant to the provisions hereof,
including any prepayment penalties, 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 a waiver 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 hereby grants the Mortgagee the power to foreclose by
advertisement and sale as provided by statute. All remedies provided in this Mortgage
are distinct and cumulative to any other right or remedy under this Mortgage or
afforded by law or equity and may be exercised concurrently, independently or
successively. The Mortgagor agrees to pay all costs of enforcement or foreclosure,
including a reasonable attorney fee. The failure of the Mortgagee to foreclose promptly
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: first, 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; second, all unpaid taxes, assessments, claims and liens on said property,
which are superior to the lien hereof; third, 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.
9. Sufficiency of Foreclosure Proceeds. 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 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.
10. Assignment of Rents. 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
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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.
11. Inspection. Mortgagee may make or cause to be made reasonable entries
upon and inspections of the property, provided that Mortgagee shall give Mortgagor
notice prior to any such inspection specifying reasonable cause therefor related to
Mortgagee's interest in the property.
12. Condemnation. The proceeds of any award or claim for damages,
direct or consequential, in connection with any condemnation or other taking of the
property, or part hereof, or for conveyance in lieu of condemnation, are hereby assigned
and shall be paid to Mortgagee. In the event of a total taking of the property, the
proceeds shall be applied to the sums secured by this Mortgage with the excess, if any,
paid to Mortgagor. In the event of a partial taking of the property, unless Mortgagor
and Mortgagee otherwise agree in writing, there shall be applied to the sums secured
by this Mortgage such proportion of the proceeds as is equal to that proportion which
the amount of the sums secured by this Mortgage immediately prior to the date of
taking bears to the fair market value of the property immediately prior to the date of
taking, with the balance of the proceeds paid to Mortgagor. If the property is
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abandoned by Mortgagor, or if, after notice by Mortgagee to Mortgagor that the
condemnor offers to make an award or settle a claim for damages, Mortgagor fails to
respond to Mortgagee within 30 days after the date such notice is mailed, Mortgagee is
authorized to collect and apply the proceeds, at Mortgagee's option, either to
restoration or repair of the property or to reduce the sums secured by this Mortgage.
Unless Mortgagee and Mortgagor otherwise agree in writing, any such application of
proceeds to principal shall not extend or postpone the due date of the installments
referred to above or change the amount of such installments.
13. Notices. All notices, demands or other writing in this Mortgage
provided to be given, made or sent by either party to the other shall be in writing and
shall be validly given or made only if personally delivered with a receipt obtained from
the person receiving the notice, or sent by certified United States mail return receipt
requested, or if sent by Federal Express or other similar delivery service keeping
records of deliveries and attempted deliveries. Service shall be conclusively deemed
made upon receipt if personally delivered or, if delivered by mail or delivery service, on
the first business day delivery is attempted or upon receipt, whichever is sooner. The
parties mailing addresses are as follows:
Mortgagor:
Mortgagee:
Kim Gregg
P. 0. Box 3954
Alpine, WY 83128
Mark Miles
15263 Moonglow Drive
Ramona, CA 92065
14. Headings. The headings used in this Mortgage are for convenience only
and are not to be used in its construction.
15. Binding Effect and Construction. The covenants herein contained
shall bind, and the benefits and advantages shall inure to, the respective heirs, devisees,
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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 term "note" includes all notes
herein described if more than one. The terms "foreclosures" and "foreclose" as used
herein, shall include the right of foreclosure by any suit, action or proceeding at law of
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.
17. Release. The acceptance of this mortgage and the note or notes it
secures, by the Mortgagee shall be an acceptance of the terms and conditions contained
therein. Upon payment of all sums secured by this Mortgage, Mortgagee shall release
this Mortgage without charge to Mortgagor. Mortgagor shall pay all costs of
recordation, if any.
18. Waiver of Homestead. Mortgagor hereby relinquishes and waives all
rights under and by virtue of the homestead exemption laws of the State of Wyoming.
IN WITNESS WHEREOF, the said Mortgagor has hereunto signed and sealed
these presents the day and year first above wri
STATE OF WYOMING
COUNTY OF 'FED N. Li N t�r, �1
The foregoing instrument was acknowledged before me this 23 day of
September, 2014 by Kim Gregg.
WITNESS my hand and official seal.
c."....,,
L ISA HATCHER NOTARY PUBLIC
My County of State of
L Wyoming
M Comrniaaion Expires: 6 March 2017
N"
Kim regg
Notary Public
My Commission expires: YYku'ti{ (p 7f3 1 7
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