HomeMy WebLinkAbout886502MORTGAGE DEED WITH RELEASE OF HOMESTEAD
Orric $. Post & Marilyn Post
Mortgagor(s), of .Davis County, State of Utah , to secure Payment of Twelve Thousand
$.even Hundred fifty Six and 89/100 Dollars ($_12,756.89 .), due November 15,
2010 , _wiLh interest from June 15, 2002 at the rate of 10% per cent per annum payable
monthly, evidenced by Promissory Note of even date herewith, in monthly installments of One Hundred Eighty Seven
Dollars and .32/100 Dollars ($ 187.32 ) each, including interest, commencing on the
_15th day of June ., 2002 and continuing on the same day of each month
thereafter, does hereby mortgage and warrant to LEISURE VALLEY, INC., a Nevada Corporation, Mortgagee, of
Lincoln Co ~: nty, Wyoming, the following described real property in the County of Lincoln, State of Wyoming:
Star Valley Ranch Plat 2 Lot 615
Mortgagor(s) agree__ to pay the indebtedness according to the terms and conditions of that certain Promissory Note hereinabove
described, e::ecuted by Mortgagor(s) to Leisure Valley, Inc., and during the life of this mortgage to pay all taxes and assessments against
the premi:;c.~. Il'Mortgagors fails__ to pay such taxes or assessments, Mortgagee may pay the same, and all sums paid by Mortgagee for
such purp, :-~' ::l:all be added to and considered as a part of the indebtedness and shall draw interest at the same rate.
If defaul'. ,;ccurs in the payment of the indebtedness or in the payment of any installment thereof, or if default occurs in any of the
covenants a~,. :~greements hereof or under the aforesaid Promissory Note, then the whole ~ndebtedness shall, at Mortgagee's option,
become due ,~ r;.t payable forthwith, and Mortgagee may foreclose this mortgage either by advertisement and sale of the premises as
provided by l!:.: statutes of the State of Wyoming, or by an action in equity. This will be Mortgagee's sole remedy against Mortgagor(s)
in case of cM~, :,',t by Mortgagor(s). Out of the proceeds of any foreclosure the Mortgagee shall retain or receive all sums due to it hereunder
and costs of !' ,~'cclosure and sale, including attorney fees in an amount equal to Ten Percent (10%) of the indebtedness remaining unpaid
at the tim,. t ',,'t.ich sale, and the same shall be taxed as costs in any equitable action brought to foreclose this mortgage.
To full)' :~ ,;:;t~ re Mortgagee the benefits of the security interest in the premises granted to it hereunder, Mortgagor(s) hereby assign___
to Mortga~,.. I! rents hereafter payable for the use and occupancy of the premises by any person in possession thereof with Mortgagor's
consent. I~' : · ~lt occurs in any of the the covenants and agreements herein contained or under the aforesaid Promissory Note, whether
or not Mort.: 'e elects to foreclose this mortgage on account thereof, Mortgagor(s) hereby authorize Mortgagee to collect the rents
from the l,~-,:: ' cs and to apply the same to the payments on the indebtedness secured hereby until such default is remedied.
In the c' ~f foreclosure of this mortgage upon default, Mortgagee shall be entitled to the possession and enjoyment of the premises
and rents - ...; :ol]ts thereof from the time of such default and during the pendency of foreclosure proceedings and period of redemption,
if any. It' :'; ~;agor(s) shall fail to surrender such possession to Mortgagee promptly upon its request therefor, Mortgagee may compel
delivery ti . "by ejectment action or other civil proceedings appropriate for that purpose. Furthermore, in addition to the remedies
otherwise. ' !cd for in this mortgage and by law and as a matter of right without regard to the solvency or insolvency of Mortgagor(s),
the value t. !: · remises or the insufficiency thereof to discharge the indebtedness and costs of foreclosure and sale, Mortgagee shall be
entitled to ~ .-' f?om the premises the rents, issues and profits thereof from the time of default to the expiration of any redemptive period
provided ! . A receiver may be appointed by any court of competent jurisdiction upon ex parte application without notice, notice
being her~.: ,. · :ired and appointment ora receiver upon such application being hereby consented to by the Mortgagor(s).
MOt :~ ORS(S) HEREBY RELINQUISH AND WAIVE all fights under and by virtue of the homestead
exempti '.',: of the State of Wyoming.
Dater' ~ st day of . June ,2002
STATE
COUNT
On t:'
Post
and who.
inlcuding
' ¥OMING )
) SS.
'LINCOLN )
I st day of June
and Marilyn Post
ted the foregoing instrument, and acknowledged that they
.'lease and waiver of the right of homestead.
MORTGprI[iORS: ·
· 2002 before me personally appea~dJ Orric J.
known to me to be t~e person(s) described in
executed the same as _their free act and deed,
NOT'ARY PUBLIC in and/or said Count anc~rS~ate r."d -- ~ \