HomeMy WebLinkAbout885865PURCHASE MONEY MORTGAGE
THIS MORTGAGE made this 19th day of November, 2002, between KATHI~EEN K.
CHARLES, a single woman, of P.O. Box 2025, Jackson, Wyoming, hereinafter' rcfe:'red to as
the "Mortgagor," and MORITZ BERGMEYER, a single man, of 229 North I4ighway 33,
Driggs, Idaho, 83442 hereinafter referred to as the "Mortgagee,"
The Mortgagor, for and in consideration for the sum of ONE HUNDRED THIRTY SIX
THOUSAND, TWO HUNDRED FIFTY DOLLARS ($136,250.00), lawful money of the United
States, paid to the Mortgagor by the Mortgagee, the receipt of which is hereby confessed and
acknowledged, does hereby grant, bargain, sell and convey to the Mortgagee forever, the
following described real property situate in Lincoln County, Wyoming:
See Attached Exhibit A
Together with all buildings and improvements thereon, or which may hereafter We 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 rigl~ts; and all
easements, appurtenances and incidents now or hereafter belonging or appertaining thereto;
subject, however, to all conditions, easements, and rights-of-way, and to mineral, mining and
other exceptions, reservations and conditions of record. (hereinafter referred to as the Property)
TO HAVE AND TO HOLD the said real property, forever, the Mortg:tgor 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 Mot'tgagor is
lawfully seized in fee simple of said real property, or has such other estate as is stated herein; has
good and lawful right to mortgage, sell and convey all of said property; and warrant and will
defend the title to all of said property against all lawful claims and demands, and thru the same is
free from all encumbrances.
'This Mortgage is not assumable by any other person or parties unless a~reeci to,
writing, by the Mortgagee, and should the property be sold under either a contract or deed, the
obligation secured hereby shall be immediately due and payable upon demand.
Mortgagee may assign this Mortgage, and upon written notice delivered to Mortgagor, all
subsequent payments shall be made to the assignee.
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 Thirty Six Thousand, Two Hundred
Fifty Dollars ($136,250.00), together with interest thereon at the rate of six percer,t (6 %) per
annum from the date hereof, as set forth more SPecifically in the Promissory Note dated
November 19th, 2002 between the parties hereto, until paid, which was executed mid delivered
by Kathleen K. Charles to the Mortgagee, which sum or sums of money the Mortgagor does
hereby covenant to pay, and until such payment, perform 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.
Mortgagee acknowledges that Mortgagor may subdivide or split the Property in
accordance with the laws and regulations of Lincoln County, Wyoming. Mortgagor must obtain
Mortgagee's signed assent to or acknowledgment of the plat map before final app:rox,'al' by the
Lincoln County Board of Commissioners; which assent shall not be unreasonably withheld. This
Purchase Money Mortgage shall remain in full force and effect as to all the lots c.'eatcd by
s~ubdividing or splitting the Property (hereinafter referred to as the Subdivided Lot(s)).
Purchase Money Mortgage
Page 1
In the event that Mortgagor desires to transfer, convey or assign title to a Subdivided Lot
to a child or children, Mortgagee shall consent to such conveyance or assignment, provided that
this Purchase Money Mortgage shall remain in full force and effect as to such Subdi¥ided Lot.
and the child or children shall execute any and all documents necessary to mai~tta..n proper
records, including but not limited to a recordable acknowledgment that this Purchase Money
Mortgage remains in full force and effect, and remains prior to and superior to any other debts or
improvements on the Subdivided Lot.
In the event that Mortgagor desires to sell, transfer or convey title to one or more of the
Subdivided Lots to anyone other than a child, Mortgagee agrees to execute a Partial Release of
Mortgage as to that Subdivided Lot(s) upon payment of the Mortgage Value (as detined below)
of said Subdivided Lot(s). The Mortgage Value shall be Four Thousand Five Hundred Forty
One Dollars mid 66/100. ($4,541.66) multiplied by the total number of acres of the Subdivided
Lot(s) to be released. This figure is derived by taking the full value of the Pron is.,.ory Note
($136,250), dividing it by the Property acreage (36), multiplying by 120%, and mt, Itiplying by
the total acreage of the Subdivided Lot(s) to be sold, and for which a Partial Release of this
Purchase Money Mortgage is sought.
Mortgagor and Mortgagee further covenant and agree as follows:
Mortgagor shall pay the indebtedness as herein provided, and the fien of this
instrument shall remain in full force and effect during any postponement or extension
of the time of payment of any part of the indebtedness secured hereby. This
Mortgage is to secure the payment of the balance due for the purc:~a:;e o.'"
property.
Mortgagor shall pay all taxes and assessments levied or assessed against said
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 expected, 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 thereof, to be levied upon or attached in any legal or
equitable proceeding, and shall not, except with the consent in wr.tii.g ol; thc
Mortgagee, or as is otherwise provided and permitted in the mortgage, remove or
attempt to remove any improvements constructed on the property, or may part
thereof, from the premises on which the same are situated.
As collateral and further security for the payment of the indebtedness hereby secured,
Mortgagor shall keep the improvements hereinafter erected on said premises insured
against fire, with extended coverage provisions, in a sum not less than the amount
due Mortgagee or the full insurable value, whichever is the least, for the term o f this
mortgage, and will pay, when due all premiums on such insurance. All insurance
shall be carded in responsible insurance companies and the policies a ad rcn~.wals
thereof shall have attached thereto loss payable clauses in favor of the Mortgagee.
The insurance proceeds,, or any part thereof, may, at the option of the M~rtgagee, be
paid to the Mortgagor or used to rebuild the improvements insured.
If Mortgagor defaults in the payment of the taxes, assessments or other lawful
charges or fail to keep the improvements on said premises insured as herein
provided, the Mortgagee may, without notice or demand, pay the same or effect such
insurance, 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 covenm~ts and agrees tha'; all suclq
sums of money so expended, together with all costs of enforcement or fo:eclosure,
and a reasonable attorney fee, shall be added to the debt hereby secured, and agree 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 the said property and be secured by
this mortgage.
Purchase Money Mortgage
Page 2
¸7.
o
10.
If the Mortgagor defaults in the payment of the indebtedness hereby secn.'ed, or
any part or installment of principal or interest for a period of thirty (30) days after it
is due, or if the Mortgagor removes or attempts to remove any of said improvements
contrary to the provisions of' this mortgage, or in case of breach of any covenant or
agreement herein contained, the whole of the then indebtedness secured hereby, both
principal and interest, together with all other sums payable pursuant to the provisions
hereof, shall, at the option of the Mortgagee, become immediately due and payable,
anything herein' or in said note t° the contrary notwithstanding, and lhilure 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 p~ovisions of,
or foreclose this mortgage by any appropriate suit, action or proceediag at la v¢ or ir
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
agrees to pay all costs of enforcement or foreclosure, including a reasonable attorney
fee. The failure of the Mortgagee to promptly foreclose upon a default shall not
prejudice any right of said Mortgagee to foreclose thereafter during the coatinuance
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 (1s~) 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 provisio:~s of this
mortgage; (2"~) all unpaid taxes, assessments, claims and liens on said property.
which are superior to the lien hereof; (3~a) the balance due Mortgagee o~t a,~count of
principal and interest on the indebtedness hereby secured; and the surplus, if any,
shall be paid to the Mortgagor.
If the property described herein is sold under foreclosure and the proceeds are
insufficient to pay the total indebtedness hereby secured, the Mortgagee shall be
entitled to a deficiency judgment.
If the right of foreclosure accrues as a result of any default hereunder, thc 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 .lie accrui.tg o:(
such fight and possession, rents, issues, and profits shall be delivered immediately to
the Mortgagee on request. On refusal, the delivery of such possession, .'ents, issues
and profits may be enforced by the Mortgagee by any appropriate sult, action or
proceeding. Mortgagee shall be entitled to a Receiver for said property and all rents,
issues and profits thereof, after m~y 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 ':o :lischarge
the mortgage debt and foreclosure costs, fees and expense. Such Rece,ver may be
appointed by any court of competent jurisdiction upon ex parte app[ict.ticn, 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
and issues and profits, income and revenue of said property shall be app,ied by such
Receiver according to law and the orders and directions of the court.
The acceptance of this mortgage and the Promissory Note or notes it secures, by the
Mortgagee shall be an acceptance of the terms and conditions contained therein; and
a duly executed and delivered release of this mortgage by the Mortgagee shall be a
valid and effective release as to all of said mortgage.
The covenants herein contained shall bind, and the benefits and a(tva ~tt.gcs shaL
inure' to, the respective heirs, devisees, legatees, executors, administrators, s accessers
and assigns of the parties hereto. Whenever used in the singulm- n.tmber shall
include the plural, the plural the singular, and the use of any gender shall include all
genders. The terms "foreclosure" and "foreclose," as used herein, shall include the
right of foreclosure by any suit, action or proceeding at law or in equity, or by
advertisement and sale of said premises, or in any other manner now or hereafter
provided by Wyoming law, including the power to sell.
Purchase Money Mortgage
Page 3
1N WITNESS WHEREOF, this mortgage has been executed by the Mortgagors thc date
. first above written.
Kathleen K Charles
ACKNOWLEDGEMENTS
STATE OF WYOMING )
)ss.
COUNTY OF ~ J )
The foregoing Mortgage was acknowledged by Kathleen K. Charles, before me
this ~_~ay of November, 2002.
WITNESS my hand and official seal.
My Commission Expires:.
Notary Public
Purchase Money Mortgage
Page 4
Legal Description
Exhibit "A"
500
A portion of the.property referred to in the Deed recorded in
Book 352 P..R., on Page 88, being within the Sl/2SE1/4 of
Section 34, T36N, Rll9W, of the 6th P.M., located Northwest
from Etna, Lincoln County, Wyoming, the boundary being more
particularly described as follows:
BEGINNING at the Iron Pipe marking the Southwest corner of the
13 Acres Parcel referred to in the Deed recorded in Book 374
P.R., on Page 248 and represented on Plat 52D, said point being
1,129.20 feet N89o'07,12,W, along the South line of said
S1/2SE1/4 from the B.L.M. type Monument marking the Lloyd B.
Baker PE/LS 698 1979, location for the Southeast COrner of said
Section 34 (S34-S35 'T36N, Rll9W / S3-S2 T35N, Rll9W); thence
N89°07'12"W, continuing along said South line, 488.27 feet to
as Iron Pipe; thence. North 1,310..10 feet to an Iron Pipe
marking a point in the North line of said S1/2SE1/4; thence
S88°54'01"E, along said North line, 1,655.19 feet to the
Referenced Spike marking the Marlowe A. Scherbel PLS 5368 1994,
location for the Northeast Corner of said S1/2SE1/4 (S1/16.
S34-S35); thence S1o39'10,,W, along the East line of said
S1/2SE1/4 803.67 feet to the Iron Pipe marking the Northeast
corner of said 13'Acres; thence N89o07,12,,W~ alonq.._~h~ No~th ...........
....... Iine-bf-~-~id"-~-3'""~Cres, 1,135.95 feet to the Iron Pipe marking
the Northwest corner of said 13 Acres; thence S0o52'48,,W, along
the West line of said 13 Acres, 500.00 feet, to the Point of
Beginning