HomeMy WebLinkAbout979640MORTGAGE
John Allen Mundschenk and Jennie Leola Frankus, as joint tenants with rights of
survivorship, mortgagors, 1033 Beech Avenue, Kemmerer, Wyoming 831010, to secure
the payment of a promissory note of even date herewith, executed by mortgagors in favor of
mortgagees, in the principal sum of FORTY -SIX THOUSAND SEVEN HUNDRED ($46,700.00)
DOLLARS, (hereinafter "promissory note providing for monthly installments of principal and
interest, with the balance of the indebtedness, if not sooner paid, together with the interest then
accrued (said sum, and the interest thereon, being hereinafter referred to as the
"indebtedness due and payable on December 1, 2019, and payable in accordance with the
provisions of said promissory note, hereby MORTGAGE AND WARRANT to JCD &N Rentals,
LLC, a Wyoming limited liability company, mortgagee, the following described real estate,
situate in the County of Lincoln, in the State of Wyoming, to -wit:
All of Lot Numbered Ten (10) of Block Numbered Forty -five (45) of the
Second Addition to the Town of Kemmerer, Lincoln County, Wyoming LESS
AND EXCEPT THE FOLLOWING:
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Beginning at the northeasterly corner of said Lot 10, and running thence
southerly along the easterly boundary of said lot, a distance of 4 feet, 2
inches; thence westerly, parallel with the northerly and southerly boundaries
of said lot 10, a distance of 125 feet to the westerly boundary of said lot;
thence northerly 4 feet, 2 inches, to the northwesterly corner of said lot;
thence easterly 125 feet to the northeasterly corner of said lot, the place of
beginning;
TOGETHER WITH all buildings, improvements and appurtenances thereon
situate or in anywise appertaining thereto; and
SUBJECT TO any and all easements, reservations, restrictions and right of
ways of record, of sight or in use.
Mortgagors agree to pay the indebtedness according to the terms of said promissory
note, and, during the life of this mortgage, to pay all taxes and assessments on the
premises and to keep the improvements thereon insured against fire and other hazards in
the sum of not less than the current market value by such insurance as mortgagees may
approve, with the proceeds thereof made payable to mortgagees. Mortgagors shall pay, in
addition to the required payment of principal and interest, ONE HUNDRED SIXTY
($160.00) DOLLARS each month, to be held in escrow by mortgagee, to be used for the
payment of required insurance premiums and payment for assessed property taxes.
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Mortgagee shall pay all insurance premiums and taxes and assessments due in a timely
fashion from funds held in said escrow. Upon satisfaction of the promissory note and
release of this mortgage, mortgagee shall refund to mortgagors any funds remaining in
said escrow.
If default occurs in the payment of the indebtedness or in the payment of any
installment thereof, or if default occurs in any of the covenants and agreements hereof,
which default continues for more than ten (10) days, then the whole indebtedness shall, at
mortgagee's option, become due and payable forthwith, and mortgagee may foreclose this
mortgage either by advertisement and sale of the premises as provided by statute, or by
judicial foreclosure. Out of the proceeds of any foreclosure sale, mortgagee shall retain
or receive all sums due to it hereunder, and costs of foreclosure and sale, including their
reasonable attorney fees, the same to be taxed as costs in any equitable action brought to
foreclose this mortgage.
To fully assure mortgagee the benefit of the security interest in the premises granted
to them hereunder, mortgagors hereby assign to mortgagee all rents hereafter payable for
the use and occupancy of the premises by any person in possession thereof with
mortgagors' consent. If default occurs in any of the covenants and agreements herein
contained, whether or not mortgagee elects to foreclose this mortgage on account thereof,
mortgagee shall at once be entitled, and is hereby authorized, to collect the rents from the
premises and apply the same to the payment of the indebtedness secured hereby until
such default is remedied.
In the event of foreclosure of this mortgage upon default, mortgagee shall be
entitled to the possession and enjoyment of the premises and the incident rents, issues,
and profits thereof from the time of such default and for and during the pendency of
foreclosure proceedings and the period of redemption, if any. If mortgagors should fail to
surrender such possession to mortgagees promptly upon its request therefor, mortgagees
may compel delivery thereof by an ejectment action or other civil proceeding appropriate to
that purpose. Furthermore, and in addition to the remedies otherwise provided for in this
mortgage and by law, and as a matter of right, without regard to the solvency or insolvency
of mortgagors, the value of the premises, or the sufficiency thereof to discharge the
indebtedness and costs of foreclosure and sale, mortgagee shall be entitled to a receiver
for the premises and the rents, issues and profits thereof from the time of default to the
expiration of any redemptive period provided by law. Such receiver may be appointed by
any court of competent jurisdiction upon ex parte application, without notice, notice being
hereby waived and the appointment of a receiver upon such application being hereby
consented to by mortgagors.
The failure or delay by mortgagee in exercising any rights under this mortgage shall
not constitute a waiver thereof in that or any other instance.
Hereby releasing and waiving all rights under and by virtue of the homestead
exemption laws of the State of Wyoming.
Witness our hands this day of December, 2014.
STATE OF WYOMING
ss.
County of Lincoln
The foregoing document was acknowledged before me by John Allen Mundschenk
and Jennie Leola Frankus this €,T day of 2014.
Witness my hand and official seal.
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0140 Notary Public
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John Allen Mundschenk
Jennie Leola Frankus
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