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HomeMy WebLinkAbout88715404017218 BOOK -t'~-'.'~{-~PRPAGE 540 MORlt A dE5 This mortgage is made as of the 20th day of 2003, between William S. Frasca (the "Mortgagor"), RECEIVED LINCOLN COUNTY CLERK i:~!:'~ ,, ..... ,,~ ~7,',~'7::,_, :",'F ~q~,. ~.. 3anuary , and Mountain Maple Development Company, a Wyoming corporation, (the "Mortgagee"). WITNESSETH, that to secure the payment of an indebtedness in the sum of Thirty Seven Thousand Four Hundred and Fifty Eight Dollars and Seventy-Five Cents ($37,458.75), together with interest thereon at the rate of seven percent (7%) per annum, being due and payable in forty-eight (48) equal monthly installments of principal and interest, in the amount of Four Hundred Thirty Four Dollars and Ninety Two Cents ($434.92) each (based on a ten (10) year amortization), the first of such installments of principal and interest being due and payable on the 20th day of February, 2003, with like installments being due and payable on the same day of each month for forty-seven (47) months thereafter and with the entire remaining principal balance due together with all the accrued and unpaid interests and costs being due and payable concurrently with the forty-eighth (48th) monthly installment of principal and interest on or before the 20th, day of January, 2007, all as evidenced by a Promissory Note of even date herewith and all renewals, modifications and extensions thereof, the Mortgagor hereby mortgages to the Mortgagee the following described real estate, situated in the County of Lincoln, State of Wyoming, to-wit: Lot 10 of Shooting Star Subdivision, Lincoln County, Wyoming according to that plat filed July 18, 1995 in the Office of the Lincoln County Clerk as Plat No. 364 and Instrument No. 805315. Together with and including all oil, gas, and other mineral rights owned by Grantor, and all other appurtenances and hereditaments thereunto belonging. Subject to taxes and all covenants, conditions, restrictions, easements, reservations, rights and rights-of-way of sight and/or record. And the Mortgagor covenants with the Mortgagee as follows: 1. Payment. The Mortgagor shall pay the indebtedness hereby secured. In the event any payment is not made within ten (10) days of the due date, then there shall be assessed a late payment fee of five percent (5%) of the installment then due. 2. Prepayment. The Mortgagor shall have the privilege of paying principal sums plus accrued interest, at any time without premium or penalty of any kind, and it is understood and agreed that any such prepayment shall be credited first to accrued interest and the balance to principal in the inverse order of when due. 3. Preservation of Property. The Mortgagor shall not do anything on or in connection with the Property which may impair Mortgagee's security hereunder. Mortgagor will not commit, permit or suffer any waste, impairment, or deterioration of the Property and the Property shall be continuously maintained, in good and sightly order, repair and condition by Mortgagor at his expense. 4. Taxes and Other Charges. rents, taxes, assessments, sewer rents, The Mortgagor shall pay all ground water rates, all governmental, quasi- governmental charges (e.g., homeowner association assessments) and other lawful charges on or against the Property. 5. Payments by Mortgagee. In the event Mortgagor defaults in the payment of any lawful charges against the Property or insurance premiums, Mortgagee, at its sole option and discretion, may pay same. Mortgagor covenants and agrees to reimburse such sums expended by Mortgagee with interest at the rate of eighteen percent (18%) per annum, and the same shall constitute a lien against the Property with priority as of the date hereof. 6. Statement. The Mortgagor, within twenty (20) days upon request in person or within thirty (30) days upon request by mail, will furnish a written statement duly acknowledged verifying and acknowledging the amount outstanding on the indebtedness secured by this mortgage. 7. Notice. All notices shall be sent by certified mail, shall be deemed given when mailed, and shall be addressed as follows or at such other place as may be designated by either party from time to time in writing in the same manner as provided herein: Mortgagee: Mountain Maple Development Co. P.O. Box 1943 Jackson, Wyoming 83001 Mortgagor: William S. Frasca 2401 Colington Road Kill Devil Hills, NC 27948 8. Warranty. The Mortgagor warrants the title to the Property. Mortgagor shall furnish and pay for title insurance coverage insuring Mortgagee's interest in the Property to the full amount of the indebtedness secured hereby. 9. Default and Acceleration. The entire indebtedness secured hereby shall become due and payable at the option of the Mortgagee: (a) Upon default in the payment of any amount hereby secured or payable hereunder (regular installments of principal and interest, late charges, lawful charges against the Property, amounts paid by Mortgagee, attorney fees, collection costs, etc.) and failure to cure such payment default within twenty (20) days of written notice thereof; or (b) After failure to exhibit to the Mortgagee, within thirty (30) days after demand, receipts showing payment of all ground rents, taxes, water rates, sewer rents, governmental charges, quasi-governmental charges and assessments; or (c) After the assignment of the rents of the Property or any part thereof without the written consent of the Mortgagee, except as otherwise provided herein; or 2 (d) (e) (f) (g) If the Mortgagor fails to keep, observe and perform any of the other covenants, conditions or agreements contained in this mortgage (not cured within prescribed time limits); or After failure to comply with any requirement or order or notice of violation of law or ordinance issued by any governmental or quasi- governmental authority claiming jurisdiction over the Property within three (3) months from the issuance thereof; or Upon sale or transfer of an interest in the Property without Mortgagee's consent as herein provided; or Anything in this 'mortgage contained to the contrary notwithstanding, if it shall be necessary for Mortgagee or Mortgagee's agent to notify Mortgagor in writing of default under this mortgage for failure to make the required payments in a timely manner four (4) times during any twelve month period, then the Mortgagee shall not be obligated to provide any further notice of default and the mortgage will, at the option of Mortgagee, be in default (and all amounts secured hereby and payable hereunder shall be fully due and payable) and the Mortgagee shall have all remedies available to it as set forth herein. 10. Foreclosure Upon Default. In the event of default and acceleration as herein provided, the Mortgagee may proceed, pursuant to the laws of the State of Wyoming by judicial foreclosure or advertisement and sale, to foreclose on and sell the Property, and out of the proceeds of such sale shall pay all sums secured hereby, including all costs and expenses of the foreclosure proceeding. 11. Remedies. All remedies provided in this mortgage are distinct and cumulative to any other right or remedy under this mortgage or afforded by law or equity which may be exercised concurrently, independently or successively. Any forbearance by Mortgagee in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be deemed a waiver or preclude the exercise of any such right or remedy at any time. 12. Receiver. The holder of this mortgage, in any action or procedure to foreclose it (judicial, by power of sale or otherwise), shall be entitled to the appointment of a receiver. The Mortgagor hereby consents that, in the event a receiver is appointed, Mortgagee may be the receiver. 13. Possession. In the event of default by Mortgagor, the Mortgagee is entitled to possession of the Property during the pendency of any foreclosure proceedings and during any period of redemption, if applicable, under the statutes of the State of Wyoming. 14. Attorney and Foreclosure Expenses. If any action or proceeding be commenced, to which action or proceeding the Mortgagee is made a party due to its interest in the Property, or in which it becomes necessary to initiate collection of the indebtedness hereby secured or foreclosure proceedings (whether or not suit is necessary), all sums paid by the Mortgagee for the expense of any litigation or proceeding to prosecute or to defend the rights and lien created by this mortgage or to foreclose this mortgage or to collect the indebtedness hereby secured (including reasonable attorneys' fees), shall be paid by the Mortgagor, together with interest thereon at the rate of eighteen percent (18%) per annum, 3 and any such sums and the interest thereon shall be a lien on the Property, prior to any right, or title to, interest in or claim upon the Property attaching or accruing subsequent to the lien of this mortgage, and shall be deemed to be secured by this mortgage. 15. Assignment of Rents. The Mortgagor hereby assigns to the Mortgagee the rents, issues and profits, if any, of the Property as further security for the payment of the indebtedness secured hereby, and the Mortgagor grants to the Mortgagee the right to enter upon the Property or any part thereof, and to apply the rents, issues and profits, after payment of all necessary charges and expenses, on account of the indebtedness hereby secured. This assignment and grant shall continue in effect until all sums secured by this mortgage are' paid. The Mortgagee hereby waives the right to enter upon the Property for the purpose of collecting said rents, issues and profits, and the Mortgagor shall be entitled to collect and to receive said rents, issues and profits; provided that such right of the Mortgagor may be revoked by the Mortgagee upon any default (not cured within the applicable cure period) hereunder, without notice. 16. Deficiency. In the event the Property is sold at foreclosure (judicial, power of sale, or otherwise according to law) and the proceeds are insufficient to pay the indebtedness secured hereby, Mortgagor shall remain liable for the unpaid balance and Mortgagee will be entitled to a deficiency judgment. 17. Due-on-Transfer. If all or any part of the Property or any equitable or beneficial interest therein is sold or otherwise transferred by Mortgagor without Mortgagee's prior written consent, which shall not be unreasonably withheld, excluding (a) the creation of a purchase money security interest for appliances, (b) a transfer by descent, devise or operation of the law upon the death of any owner, or (c) the grant of any leasehold interest to the Property of three (3) years or less not containing an option to purchase, Mortgagee may, at Mortgagee's sole option, declare all sums secured hereby to be immediately due and payable. 18. Set-Off. Mortgagor shall not be entitled to set-off or any similar rights against amounts secured hereby. 19. Miscellaneous. This mortgage may not be changed or terminated orally. The covenants, agreements and conditions contained in this mortgage shall run with the land and bind the Mortgagor, the heirs, successors and assigns of the Mortgagor, and all subsequent owners, encumbrancers, tenants and subtenants of the Property, and shall inure to the benefit of the Mortgagee, the personal representatives, successors and assigns of the Mortgagee, and all subsequent holders of this mortgage. The word "Mortgagor" shall be construed as if it read "Mortgagors" and the word "Mortgagee" shall be construed as if it read "Mortgagees" whenever the sense of this mortgage so requires. Whenever used, the singular shall include the plural, the plural the singular and the use of any gender shall include all genders. This mortgage shall be governed by the laws of the State of Wyoming. IN WITNESS WHEREOF, this mortgage has been duly executed by the Mortgagor, hereby relinquishing and waiving all rights under and by virtue of the homestead exemption laws of the State of Wyoming. 4 William S. Frasca 544 COUNTY OF/'U~h_~' ) The foregoing instrur~ent was acknowledged before me Frasca this o2,t'_~ ';L-~l_. day of /l~4~t M.I~ (~.h_~ ,2003. Wimess my hand and official seal. by William S. My Commission Expires: ?