HomeMy WebLinkAbout887225Jan 08 03 02:4~p Ben Patterson 208
52~-3710 p. ?
ESTATE MORTGAGE
RECEIVED
LINCOLN oour, iTY CLERK
THIS MORTGAGE is granted by Cindy C. Mott, A single Woman, as MORTGAGOR, to Mid-
Ohio Secmifies Corp~BO Travis E. Patterson IRA, P.O. Box 1529 Elyria, Ohio 44036 as
MORTGAGEE. O,v,,cAVoCk-Cv(',
Witnesseth:
Mortgagor, for good and valuable considerations, the receipt of which is hereby ac 'knowledged,
does hereby GRANT, BARGAIN, SELL AND CONWEY UNTO the Mortgagee, his successors
and assigns, all of the following described real properly, to wit:
THE LOTS numbered one (1) and two (2) of the block numbered four (4), m the Town
of Diamondville, County of Lincoln Slate of Wyoming.
TOGETI-[ER WITH an), and all hnprovements, water and ditch rights, grazing rio~hts, rights of
ways, and easemcnts, privileges, cooling, ventilating, elevating, and hrigating apparatus and other
equipment and fkxtures of every nature (however exddenced), tenements, hereditaments and
appurtenances thereunto belonging or in anywise appertaining, NOW or hereafter used on said
land or belonging to said Mortgagor, and any reversion, remainder, rents, issues and profits
thereof, hereinafter refen-ed to as the "Property",
This grant is intended as a Mortgage, a FiXtUre Filing and Secmib, Interest for the Purpose of
Securing:
1. Performance of each agreement 'of Mort aeor herein contained, each agreement and
covenant contained in the loan docmnents associated with this mortgage, and any
extension, renewal, modification and/or amendment thereof. "loan documents" shall
include the above described note, tl4s mortgage, and any other documents or instalments
signed in connection with this loan.
2. Payment of the indebtedness evidenced by a promissory note of even date herewith, and
any extension or renewal thereof, in the principal sum of TWENTY THREE
THOUSAND SLX HUNDRED NINETY FIVE DOLLARS AND EIGHTY ONE
CENTS ($23,695.};1), the final payment of principal and interest thereof, ffnot sooner
paid, to be finally due and payable November 1, 2016.
3. Payment of all such furflmr sums as may hereafter be loaned or advanced by the
Mortgagee for any purpose; and any notes, drafts and/or other instrumcnts represenhng
such fmther loans, advances or expenditures shall be optional with the Mortgagee, and
shall become due and payable n° later than the final maturity date of said note secured
hereby; and provided further, that it is the express intention of the parties to this Mortgage
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that' it shall stand as continutng securih., until all such loans, advances or expenditures
together with interest are paid in full.
2. The
Moxtgagor agrees:
1. To keep all bu/ldings and other improvements nmv o,' here,'ffier e.xisting, in good
condition and repair, to not remove or demolish any building or other improvement
thereon; to complete or restore promptly and in a good workananlike manner any
improvement which may be constructed, damaged or destroyed thereon; to pay when due
all claims for labor and materials furnished thereto for therefor; to comply with all laws
affecting said property requiring any alterations or improvements to be made thereon; to
not commit or permit waste thereof or thereon; to maintain, cultivate, irrigate, fertilize.
fumigate, prune, all in a good and husbandry/like maturer, the land and improvements
thereto; to not change or permit change in the usc of the property, to not do any lhing
which would reduce the value of the propert3.,; and do all other act~ which from the
character or use of said property may be reasonably necessau,, the specific enumerations
herein not excluding the general.
2. To pro~/de, maintain and deliver fire, flood, and other hazard insurance satisfactory.
with loss payable to Mortgagee; To maintain liabilig, insurance; to pay all premiums and
cha~es on all such insurance when due; and to provide Mortgagee satisfactory evidence of
such insurance upon request. The amount collected under any fire or other insurance
pohcy may, at mortgagee's option and determination, be applied upon any indebtedness
secured hereby in such order as Mortgagee determines, be released to Mortgagor in whole
or part, or any combination thereof. Such application or release shall Not cure or waive
any default or notice of default hereunder or invalidate any act done pursuant to such
Notice.
3. To pa_,,.' before delhzquency ail taxes, assessments, or rents affecting said properly; to pay
when due all encumbrances, Cha.rges and.liens, with interest, affecling said property which
are or may appear to be prior or suPerior hereto; and t°pay all costS, fees and expenses of
tiffs Mortgage and associated loan documents.
4. To pay immediate~ and without demand all sums expended by Mortgagee pursuant to
the provisions hereof, with interest from date of expenditure, at a rate equal to the interest
rate payable under the promissory, note described above or twelve percent (12%) per
annum, wlfichever is greater.
5. To appear in and defend any action or proceeding pm'porting to affect the security
hereof or the rights or powers of Mortgagee; to pa3', on demand, all costs and expenses.
including without limitations, cost of title evidence, reasonable attorney's fees, advances,
and or costs, paid or incurred by Mm~gagee to protect or enforce its hghts under
bankruptcy, appellate proceeds or otherwise, and all such costs and expenses shall become
a part of the indebtedness seem'ed by this mortgage.
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6. Should Mortgagor thil to make any paymen! or to do any act as herein prox4ded,
Mortgagee, but without obhgation so to do and w/thout notice or demand Upon Mortgagor
and without releasing Mortgagor of any obligation hereof, may m~e or do the same in
such manner and such extent as Modgagee may deem necessary to protect file s¢curily
hereof, Mortgagee being authorized to enter Upon said property' for such purposes; appear
in and defend any action or proceeding purporting to affect the security hereof or the rights
or powers of Mortgagee; pay, purchase, collect or compromise am' encumbrance, charge
or lien which in the judgement of mortgagee appears to be prior oi' superior hereto; and in
exercising any such powers or in enforcing tlfis Mortgage by.judicial foreclosure or
otherwise, pay the necessary expenses, costs and reasonable attorney's fees.
7. To comply with all laws, ordinances, regulation, covenants, conditions and restrictions
affecting the property and its use, including without linfitation all enxdrorunental laws; not
to use or permit the use of the Property for any unlawful o1' objectionable purpose; to
remedy any enviromnental contaminalion or v/olation of environmental law that may occur
or be discovered in the future; to allow Mortgagee access to the propelxy to inspect its
condition and test and monitor for compliance with applicable laws ( any inspections or
tests made by Mortgagee shall be for Mortgagee's purpose only and shall not be construed
to create any responsibility or liability on the part of Mortgagee to Mol~agor or to any
other person); to forward copies of any notices received form ,any envh'onmental agencies
to Mortgagee; and to l. ndemnify and hold Mortgagee, his employees, agents and his
successors, and assigns, harmless fi'om and agah~st any em&onmental claflns of any kind,
and any costs and expenses incm'red in connection therewith, including, without lhnitafion,
attorney's fees.
8. To perfom~ all terms and conditions of each ditch, water company and or irrigation
district, or other contract, ff any, and to promptly pa3.' any stmu due or to become due
under an), dues, assessment, or conh'act so that no delinquency or default will occur
thereunder, not to apply or enter into any federal, state or local Program wllich limits or
restricts the use of the Property, in any way without prior written consent of Mo~lgagee; to
perform any acts necessary to perfect and maintain any water permit, ce~xificate, license or
water interest, however designated, described in or used in conjunction with the propcrty,
any assignment of any such interest, du~/ng the term of tiffs mortgage, nanfing Mortgagee
as an assignee Shall be for security purpose and Shall Not ,alter Mortgagor's obligations
hereunder; and any failure of Mortgagor to preform any such obligation Shall constitute
and event of default.
9. Any award of damages in connection with ail)r condemnation for public use of or injury
of or injury to said property, or any pa~ hereof, is hereby assigned and shall be paid to
Mortgagee who may apply ro release such monies received by. ltim in the same manner and
with the same effect as above prox4ded in disposition of proceeds of fire or other insm'ance
10. The failure of Mortgagee to exercise any right or option provided herein at any time,
Shall not preclude Mortgagee fi'om exercising any of such fights at any other time; by
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accepting payments of any sum secured hereby after/ts due date, Mortgage does not wah,'e
his right either to requkc 1)rompt payment when due of any other sums so secured or to
declare default for Ia[lure so to pay; all rights confcn'ed on mortgagee are cumulative and
additional to any rights conferred by law; and if any prov/sion found to be invahd or
unenforceable, such invalidity or uninforceabiliLy shal/not affect any other provisions
hereof and the mortgage shall construed as though such provision had been omitted.
11. That the term "Grazing Rights", as herein used refers to that portion of the Property, if
any consisting of glazing leases, permits, licenses, privileges, and preferences, or any of
them, which have or will be assigned, mortgaged or waived to Mortgagee, together with
any additions, renewals, replacements or substitutions thereof, if any portion of the Cn'azing
Rights is a leasehold interest is Shall constitute a single operating unit, and in the event of
foreclosure, Mortgage shall have the right to have such leaschold and thc other real
property, sold as a unit and not in parcels; Mo]lgagor has received no notice that the
Grazing Rights have or are to be terminated, canceled or modifies; and any termination or
cancellation of any of the Grazing Rights shall constitute and event of default under this
mortgage.
12. To execute any ~strumcnt deemed nccessaly by the Mollgage to assi~, mortgage or
waive such Grazing Rights; to pay any fees and charges, ant preform any acts Milch would
adversely affect the Crazing Rights, to procure renewals of the Grazing Rights upon 'pr
prior to their expiation date, to operate the lands covered by flee Grazing Rights in
con. junction with the other real estate portion of the Property and not to convey or attempt
to convey either separately; to forward to Mortg~ee copies of any notices received by
Mortgagor regarding the Grazing Rights, and in the event of foreclosure of this mortgage,
to waive any claims for preference in the Crazing R.ights upon demand form the purchaser
of the Property at foreclosure sale, of fi'om any successor to such purchaser.
13. As additional secmity, Mortgagor hereby gives to and confers upon mortgagee thc
right, power and authorih,_', dining the continuance of this mortgage, to collect the rents,
issues ,and profits of property as they become due and payable, reserved however unto
Mortgagee, prior to any defhult by Mortgagor in payment of any indebtedness secured
hereby or in performance of any agreement hereunder, the right to collect and retain suck,
rents, issues and profits. Upon any such default, Mortgagee may at any time without
notice, either in person, or by agent or court appointed receiver, and without regard to the
adequacy of any security for the indebtedness hereby secured, cnter upon and take
possession of said property or any part thereof, in his own name sue for or otherwise
collect such rents, issues and profits, including those past due and unpaid, and apply the
same, less an), costs and expenses of operation and collection, including reasonable
attorney's fees, upon any indebtedness secured hereby, and in such order as Mortgagee
may determine. Enter/ng upon and taking possession of said propen'y, the collection of
rents, issues of profits and the application thereof as afore mentioned, shall not cure or
waive any default hereunder or invalidate any act done pUrSuant to any such default notice.
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14. The indebtedness and obhgalions secured by this morlgagc is personal 1o the
Mortgagor. Mortgagee has rehed upon the credit or Mortgagor, The interest of Mortgagor
in the properly and the fm,'mcial market conditions then existing when making this loan. ff
Mortgagor transfers or contracls to transfer, title to or possession of all or part of the
Property, or any equitable interest herein, whether by deed, contract for deed, assigmnent,
lease for a term in excess of one year, lease an option to purchase, option to purchase, or
sflnilar agreement, or ff the ownership of an),' corporation or partnerskip o~wfing any
portion of the properly shall be changed either by voluntary or involuntary sale or transfer
by operation of law, Mortgagee may declare any sums due under any note, secmity
agreement, and/or loan docmnents associated here with, hnmediately due and payable.
Noncompliance with tlfis covenant Shall constitute and be a default of this obligation wtfich
shall entitle mortgagee to effectuate any and all remedies pro¥ided.
15. Time is of the essence and a material part of this agreement, In the evenl of default, al
Mortgagee's option, the entn'e indebtedness secured hereby shall fodhwith, become due
and payable and bear interest at the highest legll rate permitted by law per' annmn.
Mortgagee shall have the right to foreclose the lien of tiffs mortgage, to have a receiver
appointed in any court proceeding, to collect any rents, issues and profits from the properly
and apply them against the indebtedness hereby secured, to sell the property at foreclosure
en masse, or as one lot or parcel at the option of Mortgagee, and to exercise any r/ghts and
remedies avai/able under the uniform commercial code for the state in which the property
is located; and reasonable notice ff requfl'ed by such code shall be five (5) days.
16. The Mortgagee may at any time, without notice, release portions of said mortgaged
premises form the lien of this mortgage, without affecting the personal liability of any
person for the payment of the said indebtedness then remaining unpaid.
17. Mortgagor and each of them join in tiffs instrument fol' the purpose of subjecting each
of their right, title and interest, ff any, in the property, whether of record or otherwise and
including any right to possession, to the lien of this mortgage.
18. This mortgage, al/loan documents arid the note(s) secured hereby shall be governed
and controlled according to the laws of the State of Wyoming.
Dated
Cind} C. Ivlott !
19. Tiffs mortgage applies to, inures to the benefit of and binds any and ~ parties hereto,
the heirs, devisees, personal representatives, successors and assigns. The tcnn Mortgagee
shall mean the holder and owner' of the note secured hereby, or if the note has been
pledged, the pledgee thereof. In this Mortgage, wherever the context so requires, thc
masculine gender includes the feminine and neuter, and the singular number includes the
plural.
Janumy~, 2003
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'S TA TE OF WTOiVgNG
COb~'NTY OF LFNCOLN
Patterson
)
) ss
)
208 529-3710
ON (date) t-~.J./A~,Ll.h~p~ ~ ,x-'7 ,- -
· ' "--""""~'-~ ~ ~ Before me, tile undersi ed, e, , ·
Cindy C. Mou, KNOWN gr IDE~NT~ be th ........... .,gn .' p !,,sonall3 appealed
" ' ' . ,,~ p~laun~.s) suoscllt~ed to the witlfin instrument,
and acknowledged to me thai he/she/they executed the same
Notmy Public for the State of YVyoming
Iv[v Conmfission expires on ~.
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