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HomeMy WebLinkAbout979814MORTGAGE Todd Moores, a single person and Westridge Holdings, LLC, a Michigan Limited Liability Company (collectively and separately called "mortgagor to secure the payment of funds stated in a promissory note issued by mortgagor to mortgagee, with interest at the rate of five percent (5.0 per annum until paid with said sum to be amortized over a five year term as evidenced by a promissory note of even date (the "note to the order of Dan Fifelski at 3975 18t Street Dorr, MI 49323 "mortgagee or their successors and assigns, all principal and interest to be payable according to the terms and conditions contained in the note, but no later than a final payment to be due on November 1, 2019, does now mortgage to mortgagee, the following described real estate, situated in Lincoln County, Wyoming: Lot 2 of Westridge Holdings Subdivision, Lincoln County, Wyoming as described in the official plat filed December 8, 2006 as instrument No. 925169 of the records of the Lincoln County,Wyoming Clerk and Recorder. TOGETHER WITH "Roadway Access and Utility Easement "issued on February 1, 2007 and recorded in the Office of the Lincoln County, Wyoming Clerk and Recorder as instrument No. 926468 recorded at Bood 647 and Page 763, Lincoln County, Wyoming, with said easement being appurentant to Lot 2 of Westridge Holdings Subdivision. TOGETHER WITH all improvements, appurtenances, and hereditaments thereunto or anywise appertaining, including all buildings and improvements on the premises or that may be erected on the premises; together with all hereditaments and appurtenances and all other rights belonging to the premises, or in any manner now or later appertaining to the premises, and the reversion and reversions, remainder and remainders, rents, issues, and profits of the same, and all plumbing, heating, and lighting fixtures and equipment now or later attached to or used in connection with the premises. Mortgagor relinquishes and waives all rights under and by virtue of the homestead laws of Wyoming and covenants that mortgagor is lawfully seized of the premises, that they are free from all encumbrances, and covenants to warrant and defend the title of the premises against the lawful claims of all persons. This mortgage is issued and made in contemplation of the fact that Westridge Holdings, LLC will be dissolved and that Todd Moores, being the sole owner and member of Westridge Holdings, LLC shall be transferred the property encumbered hereby by Westridge Holdings, LLC, and Todd Moores agrees that this mortgage shall remain valid and enforceable if such real property is transferred to him subsequent to the issuance of this mortgage. Todd Moores agrees to take the property described herein subject to this mortgage in the event that the subject matter real property is transferred to him by Westridge Holdings. Mortgagor covenants with mortgagee as follows: MooRES-- FrFELSKI MORTGAGE PAGE 1 OF 5 979814 12/22/2014 11:57 AM LINCOLN COUNTY FEES: $24.00 PAGE 1 OF 5 BOOK: 845 PAGE: 157 MORTGAGE JEANNE WAGNER LINCOLN COUNTY CLERK 1 IIIII111111IIII 11111111111 111IIII IIII 11111111111111111 1111 0i 11 SECTION €1 RENTS, ISSUES, AND PROFITS In case of default in any of the payments stipulated in the note, mortgagor, as further security for this mortgage and the note secured by this mortgage, assigns, sets over, and conveys to mortgagee all rents, issues, and profits from the property. SItC.TNON TWO. TRANSFER OF PROPERTY Except as prohibited by law, at the option of mortgagee, this mortgage shall become due and payable in full in the event of the sale or transfer of the property either by deed or contract for deed. SI+;CTION THREE. PAYMENT OF INDEBTEDNESS Mortgagor will pay the indebtedness as provided in this mortgage and the note, with the privilege of prepaying the principal under the note in whole or in part, without penalty or premium at any time, with interest accrued as of the date paid. SECTION FOUR. GROUND RENTS; TAXES AND ASSESSMENTS SECTION FIVE. MAINTENANCE OF PROPERTY SECTION SIX. HAZARD INSURANCE MOORES- FIFELSKI MORTGAGE PAGE 2 OF 5 Mortgagor will pay all ground rents, taxes, assessments, water rents, and other governmental or municipal charges, or other lawful charges, and will promptly deliver the official receipts for the same to mortgagee. If mortgagor fails to make such payments, mortgagee may pay the same. Nothing shall be done on or in connection with the property that may impair mortgagee's security under this mortgage; mortgagor will commit, permit, or suffer no waste, impairment, or deterioration of the property or any part of the property, and the property shall be continuously maintained in good and sightly order, repair, and condition by mortgagor at mortgagor's expense. Mortgagor will keep the improvements now existing or to be erected on the premises insured as may be required from time to time by mortgagee against loss by fire and other hazards, casualties, and contingencies in such amounts and for such periods as may be required by mortgagee and will pay promptly, when due, any premiums on the insurance. All insurance shall be carried in companies approved by mortgagee, and the policies and renewals shall be held by mortgagee and have attached to them loss payable clauses in favor of and in form acceptable to mortgagee. In the event of Loss, mortgagor will give immediate notice by mail to mortgagee, who may make proof of loss if not made promptly by mortgagor. Each insurance company concerned is authorized and directed to make payment for such loss directly to mortgagee instead of to mortgagor and mortgagee jointly; the insurance proceeds or any part of them shall be applied to the restoration or repair of the property damaged. In the event of foreclosure of this mortgage or other transfer of title to the premises in extinguishment of the indebtedness secured by this mortgage, all right, title, and interest of mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee. SECTION SEA CHARGES; LIENS In case mortgagor defaults in the payment of ground rents, if any, taxes, assessments, water, or other governmental or municipal charges, or other lawful charges as provided in this mortgage, mortgagee may without notice or demand pay the same and in case of any failure on the part of mortgagor to comply with the covenants of Section Five, mortgagee may effect such repairs as it may reasonably deem necessary to protect the property, at the expense of mortgagor. Mortgagor shall repay such sums so paid and all expenses so incurred by mortgagee, with interest from the date of payment, at 10 per annum, and the same shall be a lien on the premises and be secured by the note and by this mortgage; in default of making such repayments the whole amount secured by this mortgage if not then due shall, if mortgagee so elects, become due and payable immediately, anything contained in this mortgage to the contrary notwithstanding. SECTION EMIT! DEFICIENCY If the property is sold under foreclosure and the proceeds are insufficient to pay the total indebtedness secured by this mortgage, mortgagor is bound personally to pay the unpaid balance, and mortgagee will be entitled to a denciency judgment. SECTION NINE. ACCELERATION In case "default" is made in the payment, when due, of the indebtedness secured by this mortgage without fully curing as provided by the note, or in case of breach of any covenant or agreement contained in this mortgage, the whole of the then indebtedness secured by this mortgage, 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 of this mortgage, shall become immediately due and payable, at the option of mortgagee, although the period above limited for the payment may not have expired, anything above in this mortgage 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 MOORES -FIFE[ SKI MORTGAGE PAGE 3 OF 5 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 good and sufficient deed or deeds of conveyance of the property so sold, and to apply the net proceeds arising from the sale first to the payment of the costs and expenses of the foreclosure and sale and in payment of all moneys expended or advanced by mortgagee pursuant to the provisions of Section Seven, and then to the payment of the balance due on account of the principal indebtedness secured by this mortgage, together with interest and the surplus if any, shall be paid by mortgagee on demand to mortgagor. There shall be included in any or all such proceedings a reasonable attorney's fee. In case mortgagee fails promptly to foreclose on the happening of any default, it shall not consequently be prejudiced in its right to foreclosure at any later time during which the default continues, and shall not be prejudiced in its foreclosure rights in case of further default. SECTION TEN. MORTGAGEE'S RIGHT OF POSSESSION In case of any default by which the right of foreclosure occurs under this mortgage, mortgagee shall at once become entitled to the exclusive possession, use, and enjoyment of all property, and to all rents, issues, and profits of the same, from the accruing of such right and during the pendency of foreclosure proceedings and the period of redemption, if there is any. Such possession, 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 any appropriate civil suit or proceeding, including action or actions in ejectment, or forcible entry, or unlawful detainer. Mortgagee shall be entitled to a receiver for the property and all rents, issues, and profits of the property, after any such default, including the time covered by foreclosure proceedings and the period of redemption, if there is any, and shall be entitled to the same as a matter of right without regard to the solvency or insolvency of mortgagor or the then owner of the property, and without regard to the value of the property or the sufficiency of the property to discharge the mortgage debt and foreclosure costs, fees, and expenses. The receiver may be appointed by any court of competent jurisdiction on ex parte application and without notice (notice being waived, and the appointment of any such receiver on any such application without notice being consented to by mortgagor on mortgagor's own behalf), and all rents, issues, profits, income, and revenue of the property shall be applied by the receiver, according to law and the orders and directions of the court. SECTION ELEVEN. BINDING EFFECT The covenants contained in this mortgage shall bind, and the benefits and advantages shall inure to, the respective heirs, executors, administrators, successors, and assigns of the parties. Whenever used, the singular number shall include the plural, the plural the singular, and the use of any gender shall include all genders. Mortgagor has signed this mortgage on this day of D e C 2014. MOORFS-- F(FF.ISKI MORTGAGE PAGE 4 OF 5 STATE OF WYOMING COUNTY OF LINCOLN Todd Moores, Sole and Managing Member Westridge Holdings, LLC, a Michigan LLC Todd Moores, individually The foregoin Mortgage was acknowledged before me by Todd Moores on this 11- day of 2014. CHAISTY MISPLAY NOTARY PUBLIC State of County of 4 Wyoming Llneoa "w My Cammission Expires 1 1 11 W' ss doffic:4 1111 FAIR, MOORFS-- F[FELSKI MORTGAGE PAGE 5 OF 5 seal.