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HomeMy WebLinkAbout887858MORTGAGE MORTGAGE TO SECTIRE INDERTEDNESS R.,- C~_IVED LINCOLf"! COL:I',tT'( CLERK .. .... BOOK S~r~ PR PAGE The Borrower is Wayne IL Hesson. The Borrower's mailing ad&'e~s is P.O. Box gg8, A.flon, Wyoming, [13110. The Lender is Call Ready ~fix & Lmnber, Inc., a Wyoming Corporation. The Lender's mailing a&t-ess is 8§500N. Hwy. 89, A.fton, Wyoming, 83110. The Borrower owes the Lender the sum of U.S. $47,694.00 dollars, together with interest at the rate of twelve pet'cent (12%) per annum. This debt is evidenced by a Pramissory Note executed by the Borrower on the same date as this Mortgage. This Mortgage secmes to the Lender: (a) the repayment of the debt, with interest, and late fees, il'applicable, according to the terms of the Promissory Note; and (b) the performance of the Borrower's covenants and agreements under this Mortgage and the Promissory Note. For these purposes, the Bmrower does hereby mortgage, grant and convey to the Lender, with the power of sale, the following Ascribed property located in the County of Lincoln m the State of Wyoming to-wit: (See Exhibit A) TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appmtenances, and fro'utes now or hereafter a part of the property. The foregoing is referred to in this Mortgage as the "Property." 2. Covenm~ t of O~mership The Borrower covenants that he is lawfully seised of the estate hereby conveyed and has the right to mortgage, grm~t, and convey the Property and that the Property is unencumbered, except for encumbrances of record. The Bon'ower warrants and will defend generally the rifle to the Property. agah~t all claims and demands, subject to encmnbrances of record. 3. . COVENANT TO PAY INDEBTEDNESS The Bmrower covenants to pay when due the principal, interest, and late fee.% it' applicable, required under, fl~e.tetms of the Promissory.Note executed contemporaneously herewith and made part hereof by reference. 4. COVEN~ OF PAY TAXES, ASSESSMENTS, ETC. The Borrower covenants to pay when due all taxes, assessments, and other impositions chargeable to the Properly. Page 5. COVENANT TO INSURE PROPERTY The Borrower covenants to keep the Property adequately insured and to maintain the Property m good and useable condition. 6. DEFAULT AND ACCI?I.¥RATION OF DF_RT If the Borrower fails to make tim ely payment at' sums clue under the Promissory Note or fails to keep any covenant contained in this Mortgage, then the Borrower roll be in default. Upon default, the Leader may cause the entire mdebtedi~ess, with intex'est, to become immediately due and payable through Notice of Default procedure. Notice of Default shall specify: (a) the default; (b) the action reqmred to cure the default; (c) a date, at least 30 days for date of Notice of Default, by which to cm'e the dehult; and (d) t hat failure to cure the default by the given date will result in acceleration of the amounts due andes' the Prmnissory Note and Mortgage and sale at'the Property. ltl the event file Borrower faik to cure tile default, the Lenda' shall have the right to fm'eclose this Mmtgage by advertisement and sale, as provided by the statutes of the State o£Wyommg. The Lender' shall distribute the procee& of the sale in the following order: (a) to all expenses of the sale, including reasonable attorneys' fees; (b) to all sums secured by this Mortgage; and (c) any excess to the person c~' persons legally entitled to such. The Borrower agrees that if the Lender does not choose to accelerate the Note as provided above in the event of def~lt, it shall still have the right to do so il' default occurs at a later time. 7. GIVING OF NOTICES Any notice t hat must be given to the Borrower otto the Lender will be given by mailing it to the address of the ro,."pecfive parties noted m paragraph 1, mlless otherwise notifled in writing. 8. NON-ASSUMABLE MORTGAGE This mortgage is non-assumable and all indebtedi~ess secured hereby shall become imm ediately due and payable if the mortgaged property is sold or transferred. Page 2 of 3 BINDING UPON Itl~.IRS This Note shall be binding upon the heirs, representatives, ~ccessors and assigns of both the Borrower and the Lender. 10. WAIVER OF HOMESTEAD The Borrower releases and waives all rights undo' and by virtue of the Homestead laws of the State of Wyoming. 11. RFI,¥ASE OF MORTGAGE The Lender' shall execute and deposit a Release of Mortgage with the Escrow Agent at the Bank of Star Valley. The Escrow Agent will deliver' the Release of Mortgage to the Borrower upon the Borrower's pa.~n ent of all stuns secured by this Mortgage. The Bmrower shall be reSponsible to have the Release of Mmtgage recorded ha the county records and to pay the attendant fee. 12. COSTS FOR NOTE AND SECTIRITY ENFORCEMENT The Bm'rower agrees to pay the Lender's costs of enforcing the default provisions of this Note and correSponding Mortgage, including a reasonable attorney's fee, should sud~ rights be exercised by the Len&a-. [N WITNESs WHEREOF, this Mortgage has been executed tiffs ....,~/ 2-/-, day of ,2003. STATE OF WYOMING ) )SS. COUNTY OF LINCOLN ) The foregoing instmment was acknowledged beI'm'e m e by Wayne K Hesson, on tiffs Witness my hand and affiCial seal. ,2003. My commission expires: Page 3 .of 3 /4) of Sectiofl:l 8, ~ ~, ~'PE}LS'?5~t~'I.97~: 10Cat on for the No:' ,~wes~ ~ :ncr of said S~clion 1, (S12 e',h [:.18, 65~:85'?feetf:~muce SO© 35' 29" % i322..; feet to corner of s: ~ Lot N1/16 S13 ';'S18); ~ ~28., ~7~[:~ilong ~e..West Hne of sam ,ecUon ~, 1322.34:~(5t° .~:.-qe?rct. cn.¢a tom {M.~ght-of-Way Easer. mt file in Book 167PR,"6n P~g=382 alongth'~ ..<~:}~:~bove-d&&ibca"pr0p,ny, being Lost .'reek ( unty Road 12-120 = refcacd 5~' 7.t)j~to in tM'm~tz6~.way Easement filet in boo 169PR. '::}5~.:A pomon'oftho prope"yrefe~ed to Instr:::eat No. ...... 728648, filed m'::.:'7~.',[~,Boog aty W ,ming, ,he notmda~ and" ' . '5"Acreag~ b~ing'mOre paNto~larly desk: !bed a~ .fllov,,s: : .t>.: ro~ th, No,- ,,st ~, ~.g the Marlowe A. Scherbel '~?PLS 5368 1'990, 16~tion for rite Sou: ~east cc ~er of said Lot'l (NWl/16 SI 'i!henc¢ 889.°, 5~'.32";W, along the So~ h lin~ ,, sad Lot I,' 650 ('~ feet 35' 9['~.'q'~,5 ai .h hne orsu,d Lot.l[lhenco?~ ' r ' ~: ' :~ "" ,-= ,:_,,? ....... f,=t,o poi:~ ~, ,h, N, :*, ~o m~ ~o':~'~fn~"~'~q ~nt;tal0ng i'N89~ 56'..08!:~Ei[' 61/g ~aid North lin,: 652.8~ ':et, to me Point'0 'i~:;~<~'''~'~e~'~ rope~;bemg Lost ':reek ( :ultty~R :: 0..~'.~L~gn!fo~ Va]E~ment filed in Boo: 169PR 8O9