HomeMy WebLinkAbout886547 MORTGAGE DEED WITH RELEASE OF HOMRSTEAD
Violet A. Shroder and Gerald M. Schroder Mortgagor(s), of Emery County, State of Utah, to secure payment of twelve
thousand eight hundred twenty-five and no/100 Dollars ($12,825.00), due October 1, 2012, with interest from August 14,
2002 at the rate of _ten_per cent per annum payable monthly, evidenced by Promissory Note of even date herewith, in
monthly installments of one hundred sixty-nine and 48/100 Dollars ($169.48) each, including interest, commencing on the
1st day of October, 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 County, Wyoming, the following described real
property in the County of Lincoln, State of Wyoming:
Star Valley Ranch RV Park Plat I Lot 402
Mortgagors agree to pay the indebtedness according to the terms and conditions of that certain Promissory Note hereinabove described,
executed by Mortgagors to Leisure Valley, Inc. i and during the life of this mortgage to pay all taxes and assessments against the premises.
If Mortgagors 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 any of the
covenants and agreements hereof 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 equity. This will be Mortgagee's sole remedy against Mortgagor(s) in
case of default by Mortgagors. Out of the proceeds of any foreclosure the Mortgagee shall retain or receive all sums due to it hereunder and
costs of foreclosure and sale, including attorney fees in an amount equal to Ten Percent (10%) of the indebtedness remaining unpaid at the
time 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, Mortgagors 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 covenants and agreements herein contained or under the aforesaid Promissory Note, whether or not
Mortgagee elects to foreclose this mortgage on account thereof, Mortgagors 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 possession 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 Mortgagors shall fail to surrender such possession to Mortgagee promptly upon its request therefor, Mortgagee may compel
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 Mortgagors, the
value of the premises or the insufficiency thereof to discharge the indebtedness and costs of foreclosure and sale, Mortgagee shall be entitled
to receive from the premises the rents, issues and profits thereof from the time of default to the expiration of any redemptive 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 Mortgagors.
MORTGAGORS HEREBY RELINQUISH AND WAIVE all rights under and by virtue of the homestead exemption
laws of the State of Wyoming.
Dated this //L//7~4. day of
(,15 '~: , 2002 OO
MORTGAGORS: c..rl
STATE OF WYOMING ) r-
) ss. .,.::.)
COUNTY OF LINCOLN ) '"': ':"-;',.2
~ On this ['Z/~f~,. day d~J2.''~T/7 ''' ;:'t
, 2002 before me personally appeared ~' 0',
(~' e ,'t:t&~X ,-%.. I~fc'cl' ~ r~ ana.. known:~6 ih~ tor~ the
described in and who executed the foregoing instrument, and acknowledged that '~'~...~ executed th~'~.ame a~'., ~ ~ free
act and deed, including the release and waiver of the right of homestead. ,:.:: . ......
WITNESS my hand and seal. :'::; '::''''~
I~\YfP/U~LI ~ ~n ~ d C~0~i; ~!te7d rn
NOTA r sai
My c