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HomeMy WebLinkAbout877657 MORTGAGE DEED WITH RELEASE OF HOMESTEAD ~Rebecca A. Johns Mortgagor(s), of .Teton County, State of of .Fourteen thonsand four hundred - , to secure payment 2011 _, with ~nterest from August 15, 20~tllars ($!4,400.00 _), due .at the rate of 10 .per cent per annum payable monthly, evidence~ by Promissory Note of even date herewith in monthly installments of One Hundred Nine,- d_ollars and 30/100 ' ($~90.30 -- Dollars ) each, including interest, commencing on the. 15th _ day of Seutember ., 2001, and continuing on the same day of each month thereafter, do_ hereby mortgage and warrant to LEISURE VALLEY. INC., a Nevada Corporation Mortgagee,,ofLincoln County, Wyoming, the following described real property in the County of Lincoln, State of Wyoming: Lot 9 of STAR VALLEY RANCH PLAT SIXTEEN (16) Mortgagor(s) agree, to pay the indebtedness according to the terms and conditions of that certain Promissory Note hereinabove described executed by Mortgagor(s).to Leisure Valley, Inc., and during the life of this mortgage to pay all taxes and assessments against the premises. If Mortgagor(s) fail to pay such taxes or assessments, Mortgagee may pay the same, and all sums paid by Mortgagee for such purpose shall be added to and considered as a part of the indebtedness and shall draw interest at the same rate If default occurs in the payment of the indebtedness or in the payment of any installment thereof, or if default occurs in .a, ny of the covenants and agreements herkof or under the aforesaid Promissory Note, 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 the statutes of the State of Wyoming, or by an action in eqmty. This will be Mortgagee's sole remedy against Mortgagor(s) in case ofdefa ult by Mortgagor(s). Out °fthe proceeds ofany foreclosure the Mortgagee shall re at the time t0ain or receive ali sums due to i t hereunder and costs of foreclosure and sale, including attorney fees in an amount equal to Ten Percent ~10 '/0) of the indebtedness remaining unpaid of such sale, and the same shall be taxed as costs in any equitable action brought to foreclose this mortgage. To fully assure Mortgagee the benefits of the security interest in the premises granted to it hereunder, Mortgagor(s) hereby assign to Mortgagee all rents hereafter payable for the use and occupancy of the premises by any person in possession thereof with Mortgagor's consent. If default occurs in any of the the covenants and agreements herein contained or under the aforesaid Promissory Note, whether or not Mortgagee elects to foreclose this mortgage on account thereof, Mortgagor(s) hereby authorize Mortgagee to collect the rents from the premises and to apply the same to the payments on 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 possessi~'n and enjoyment of the premises and rents and profits thereof from the time of such default and during the pendency of foreclosure proceedings and period of redemption, if any. If Mortgagor(s) shall fail to surrender such possession to Mortgagee promptly upon its request therefor, Mortgagee may cdmpel delivery thereof by ejectment action or other civil proceedings appropriate for that purpose. Furthermore, 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 Mortgagor(s). or the value of the premises or the insufficiency thereof to discharge the indebtedness and zosts of forecl'osure and sale, Mortgagee shall be entitled to receive from the premises the rents, issues and profits thereof from the time of default to the expiranon of any redempnve period provided by law. A receiver may be appointed by any court of competent jurisdiction upon ex parte application without notice, notice being hereby waived and appointment of a receiver upon such application being hereby consented to by the Mortgagor(s). MORTGAGORS(S) HEREBY RELINQUISH. AND WAIVE all rights under and by virtue of the homestead exemption laws of the State of Wyoming. Dated this 15th day of Aumsst ,2001. MORTGAGORS: / STATE OF WYOMING ) ) ss. COUNTYOFLINCOLN ) On this __lSth day of ~Au~ust ,2001, before me personally appeared. __ Rebecca A. John.q and known to me to be the person(s) described in and who executed the foregoing instrument, and acknowledged that sheexecuted the same as __her _ flee act and deed, including the release and wa iver of the right of homeste~'d.