Loading...
HomeMy WebLinkAbout885609 RECEIVED · LINCOLN COUNTY CLERK 885609E I: MORTGAG · KNOW ALL MEN BY THESE PRESENTS, that M. Keith Hughes and Tracy Hughes, husband and wife, herein referred to as mortgagor, of 210 Moose Manor Lane, Afton, WY 83110, to secure the payment of the principal sum of One Hundred Fifty-five Thousand Eight Hundred and No/100 Dollars ($155,800.00), with interest as evidenced by a Promissory Note dated of even date herewith to the order of Blair H. Hillstead as Trustee of the Blair H. Hillstead Revocable Trust dated 6/18/97 and Lynette Hillstead as Trustee of the Lynette Hillstead Revocable Trust dated 6/18/97, of 5573 State Highway 238, Afton, WY 83110 ("mortgagee") principal and interest to be payable as follows: With interest on the unpaid principal balance from November 12, 2002, until paid, at the rate of 7% per annum. Principal and interest shall be payable in monthly installments in such amounts as determined by mortgagor on the first day of each month beginning December 1, 2002, and continuing on first day of each succeeding month until December 1, 2012, when the debt shall be paid in full. Accrued interest shall be paid in full annually as of December 31 of each year during the term. Prepayments of principal may be made in any amount at any time without penalty. hereby mortgages to mortgagee, the following described real estate, situated in the County of Lincoln, State of Wyoming ("the property"): Commencing at a point which is 80 rods North of the Southwest corner of 'Section 11, T31N, R119W of the 6th P.M., and running thence East 80 rods; thence South 1 rod; thence West 80 rods; thence North 1 rod to the point of beginning. ALSO The NWI/4SWI/4 of Section County, Wyoming. 11, T31N, R119W of the 6th P.M., Lincoln EXCEPTING THEREFROM any land contained in 'instrument recorded April 23, 1993, in Book 329 PR, page 545, of the records of the Lincoln County Clerk. ¥O~EYHER WlYH all impr°¥eme~t$ a~ appurtenances, all ~ater a~d ~ter right~, a~d all oil, ~a~ a~d other mi~er~ right~ a~ociated ~ith the described real property. TOGETHER WITH a. perpetual, nonexclusive, 60-foot wide right of way easement for ingress and egress and all utilities, for the benefit of grantee and his heirs, successors and assigns, from the Moose Manor Lane County Road No. 416 to the north boundary line of the above-described tract of land described as follows: the South 60 feet of the NEI/4NWI/4 of Section 11, T31N, R119W of the 6th P.M., Lincoln County, Wyoming, from the west right- of-way line of the Moose Manor Lane County Road No. 416 to the east boundary line of the NWI/4NWI/4 of said Section 11; the south 60 feet of the east 60 feet of the NWI/4NWI/4 of said Section 11; and the east 60 feet of the SWI/4NWI/4 of said Section 11. SUBJECT TO all covenants, easements, reservations and rights of way of sight or record. exceptions, restrictions, including all buildings and improvements thereon or that may hereafter be erected thereon; together with hereditaments and appurtenances and all other rights thereunto belonging, or in anywise now or hereafter appertaining, and the reversion and reversions, remainder and remainders, rents, issues, and profits thereof, and all plumbing, heating, and lighting. fixtures and equipment now or hereafter attached to or used in connection with the premises. Mortgagor hereby relinquishes and waives all rights under and by virtue of the homestead laws of the State of Wyoming and covenants that it is lawfully seised of the premises, that they are free from all encumbrances and hereby covenants to warrant and defend the title of the premises against the lawful claims of all persons whomsoever. And mortgagor covenants with mortgagee as follows: 1. In case of default in any of the payments stipulated in the note, mortgagor, as further security for this mortgage and the note secured thereby, hereby assigns, sets over, and conveys to mortgagee all rents, issues, and profits from the property. 2. To pay promptly, when due, the principal and interest and other sums of money provided for in said Note and this Mortgage~ or either; to pay all and singular the taxes, assessments, levies, liabilities, obligations, and encumbrances of every nature on said property. 3. To perform, comply with, and abide by each and every the agreements, stipulations, conditions, and covenants, set forth in said Note and this Mortgage or either. 4. Failure by the mortgagee to exercise any of the rights or options herein provided shall not constitute a waiver of any rights or options under said Note or the Mortgage accrued or thereafter accruing. 5. Nothing shall be done on or in connection with the property that may impair mortgagee's security hereunder; mortgagor will commit, permit or suffer no waste, impairment or deterioration of the property nor any part thereof, and the property shall be continuously maintained in good and sightly order, repair, and condition by mortgagor at his expense. 6. 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 herein provided, 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 Paragraph 5 hereof, 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 thereon from the date of payment, at eighteen percent (18%) per annum, and the same shall be a lien on the premises and be secured by the note and by these presents; in default of making such repayments the whole amount hereby secured if not then due shall, if mortgagee so elects, become due and payable forthwith, anything herein contained to the contrary notwithstanding. 7. In the event the property is sold under foreclosure and the proceeds are insufficient to pay the total indebtedness secured hereby, mortgagor binds himself personally to pay the unpaid balance, and mortgagee will be entitled to a deficiency judgment. 8. In case default is made in the payment, when due, of the indebtedness hereby secured, or of any installment thereof or any part thereof, or in case of breach of any covenant or agreement herein contained, the whole of the then indebtedness secured hereby, 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 hereof, shall become immediately due and payable, at the option of mortgagee, although the period above limited for the' payment thereof may not have expired, anything herein before 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 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 such sale first to the payment of the costs and expenses of such foreclosure and sale, including a reasonable attorney fee, and in payment of all moneys . expended or advanced by mortgagee pursuant to the provisions of Paragraph 7 hereof, and then to the payment of the balance due on account of the principal indebtedness secured hereby, together with interest thereon and the surplus if any, shall be Paid by mortgagee on demand to mortgagor. In case mortgagee fails promptly to foreclose on the happening of any default, it shall not thereby be prejudiced in its right to foreclosure at any time thereafter during which such default continues, and shall not be prejudiced in its foreclosure rights in case of further default. 9. In case of any default whereby the right of foreclosure occurs hereunder, mortgagee shall at once become entitled to exclusive possession, use, and enjoyment of all property, 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, if there is any; and 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 forceable entry, or unlawful detainer; and mortgagee shall be entitled to a receiver for the property and all rents, issues, and profits thereof, after any such default, including the time covered by foreclosure proceedings and the period of redemption, if there is any, and shall be entitled thereto 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 thereof to discharge the mortgage debt and foreclosure costs, fees and expenses; and such receiver may be appointed by any court of competent jurisdiction on ex parte application and without notice (notice being hereby expressly waived, and the appointment of any such receiver on any such application without notice being hereby consented to by mortgagor on mortgagor's own behalf), and all rents, issues, profits, income, and revenue of the property shall be applied by such receiver, according to law and the orders and directions of the court. 10. Except for conveyances to his wife, parents or brothers or sisters, mortgagor may not convey or transfer any interest in or encumber the described premises without the prior written consent of the mortgagee. Mortgagor must give mortgagee written notice of mortgagor's intent to convey or transfer any interest in or to encumber the described premises at least thirty (30) days prior to the proposed conveyance or encumbrance. If all or any part of the described premises or an interest therein is sold, transferred or encumbered by mortgagor without mortgagee's prior written consent, excluding death of a joint tenant or the grant of any leasehold interest of three (3) years or less not containing an option to purchase, mortgagee may, at its option, declare the entire remaining balance due under this agreement to be immediately due and payable and give written notice to mortgagor thereof. After receipt of such written notice, mortgag°r shall have thirty (30) days in which to pay the entire remaining balance to mortgagee. 11. The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective heirs, 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. 12. Whenever used herein, the terms "mortgagor" and "mortgagee" include all the parties to this instrument and the heirs, legal representatives, and assigns of individuals, and the successors and assigns of corporations; and the term "Note" includes all the notes herein described if more than one. 13. Mortgagor and mortgagee understand and agree that mortgagor may desire to divide the property and convey portions thereof 'to members of his family. Mortgagor or such other grantees may elect to sell portions of the property in which event they will need partial releases from this mortgage for the parcels sold prior to the mortgage being paid in full. Mortgagee will grant such partial ireleases on the terms and conditions stated in this paragraph and cooperate with mortgagor in receiving Lincoln County's approval of division of the property for sales as may be required by law. At his option prior to payment of the remaining balance in full, mortgagor or his grantee(s) may obtain the release of one or more parcels sold from the property on condition that the portion of the property remaining subject to this mortgage continues to have a 60-foot wide easement for ingress and egress and all utilities to the Moose Manor Lane and to the irrigation pipeline located on the south boundary line of the property. To obtain the release of a part of the property, mortgagor or his grantee(s) must first obtain mortgagee's prior, written consent, such consent to be given according to the terms of the paragraph and to not be unreasonably withheld or denied, and mortgagor, mortgagor's grantee or the purchaser from mortgagor's grantee, as the case may be, shall pay to mortgagee a sum of money equal to the number of acres and fraction of an acre being so!d times $3,800.00. Such amount shall be paid mortgagee at the closing of any such sale. Mortgagor will provide mortgagee with a copy of the sales contract of any part of the property for which a partial release is desired. The amount paid for the partial release will be applied to the remaining principal balance only; provided, however, that at the time of the closing of any such sale mortgagor shall also pay any and all accrued interest due as of the date of closing. Mortgagor will provide a survey and legal description of any parcel to be sold prepared by a surveyor duly licensed in the State of Wyoming. If mortgagor elects to exercise this option to have any portion of the property released prior to payment having been made in full, he will be responsible for any and all expenses for such release, including without limitation, survey expense, title insurance, recording fees and legal fees for preparation of the necessary documents. IN WITNESS WHEREOF, mortgagor has executed this Mortgage as of the 12th day of November, 2002. STATE OF WYOMING COUNTY OF LINCOLN SS, The foregoing Mortgage was acknowledged before me by M. Keith Hughes and Tracy Hughes, husband and wife, this /,.~2_ ~ day of November, 2002. Witness my hand and official seal. NOTARY PUBLIC'"----~-~ /