HomeMy WebLinkAbout888059MORTGAGE
888059
day of February, 2003,
RECEIVED'
LiNOOLIq ¢_,O{,!~ITY OLERK
This Mortgage, is made the ¢ by and between
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Thomas W. Vanzant and Julie L. Johnston, hereinafter referred to "aiSC!' the : '~'
"Mortgagor", and James E. Bowles, Jr., hereinafter referred to as "Mortgagee".
The Mortgagor, for and in consideration of Forty Three Thousand Dollars
($43,000.00) (the "Loan") lawful money of the United States and other valuable
consideration, loaned to the Mortgagor by the Mortgagee by a Promissory Note, the
receipt of which is hereby confessed and acknowledged, does hereby mortgage to the
Mortgagee until payment of the Loan and all accured interest and other charges
arising under the Promissory Note, the following described real property situate in
the County of Lincoln, State of Wyoming:
A portion of the SE1/4NW1/4 of Section 2, T35N, R119W, of the 6th P.M.,
Lincoln County, Wyoming, being more particularly described as follows:
BEGINNING at a point on the East line of Said SE1/4NW1/4, said point being
120.08 feet, N0°06'41"W from the Southeast corner of said SE1/4NW1/4;
thence West, 1008.41 feet to a point; thence N20°19'21"W, 472.00 feet; thence
N89°23'45"E, 1171.54 feet to a point on said East line; thence S0°06'41"E,
along said East line, 454.972 feet to the POINT OF BEGINNING.
ALSO
A portion of the SE1/4NW1/4 of Section 2, T35, R119W, of the 6th P.M.,
Lincoln County, Wyoming, being more particularly described as follows:
BEGINNING at the Southeast corner of said SE1/4NW1/4; and running
S89°35'26"W, along the South line of said SE~/4NW1/4; 961.67 feet; thence
N20°lg'21"W, 135.38 feet; thence East, 1008.41 feet to the East line of said
SE~/4NW~/4; thence S0°06'41"E, 120.08 feet to the POINT OF BEGINNING.
Together with 'all buildings and improvements thereon, or which may
hereafter be placed thereon; all fixtures 'now or hereafter attached to said premises;
all water and water rights, ditches and ditch rights, reservoirs and reservoir rights,
and irrigation and drah-~age rights; and all easements, appurtenances and incidents
now or hereafter belonging or appertaining there to; subject, however, to all
covenants, conditions, easements, and rights-of-way, and to mineral, mining and
other exceptions, reservations and conditions of record.
TO HAVE AND TO HOLD the said real and personal property forever,, the
Mortgagor hereby relinquishing and waiving all rights under and by virtue of the
homestead exemption laws of the State of Wyoming.
Mortgagor covenants that at the signing and delivery of this Mortgage, said
Mortgagor is lawfully possessed of said personal property; is lawfully seized in fee
simple of said real property, or has such other estate as is stated herein; has good and
lawful right to mortgage, sell and convey all of said property;' and warrants and will
defend the title to ail of said property against all lawful claims and demands, except
those arising through fault of Mortgagee, and that the same is free from any liens.
However, this Mortgage is subiect to the express condition that if the
Mortgagor pays, or causes to be paid, to the Mortgagee the sum of Forty Three
Thousand Dollars ($43,000.00) according to the conditions of a Promissory Note of
even date herewith, which Promissory Note was executed and delivered by the
Mortgagor to the Mortgagee, which sum or sums of money the Mortgagor hereby
covenants to pay, and until such payment, performs ~all of the covenants and
agreements herein to be performed by Mortgagor, then this Mortgage and said note
shall cease and be null and void.
Mortgagor and Mortgagee further covenant and agree as follows:
1. Payment. Mortgagor shall pay the indebtedness as provided in the
Promissory Note and secured herein, and the lien of this instrument shah remain
in full force and effect during any postponement or extension of time of payment of
any part of the indebtedness secured hereby.
2. Prepayments. Mortgagor shall have the privilege of paying any
principal sum or sums plus accrued interest, in addition to the payments herein
required, 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 interest and the
balance to principal in the inverse order of when due.
3. Transfer of the Property. If all or any part of the property or any
interest herein is sold or transferred by any means by Mortgagor without
Mortgagee's prior written consent, excluding the creation of a lien or encumbrance
subordinate to this Mortgage or a transfer by devise, descent or by operation of law
upon the death of a joint tenant, or transfer to an affiliate, Mortgagee may,. at
Mortgagee's option, declare ail the sums secured by this Mortgage to be immediately
due and payable. Any delay or failure on the part of the Mortgagee to demand
payment shall not prejudice the Mortgagee's right there to. Mortgagee shall have
waived such option to accelerate if, prior to the sale or transfer, Mortgagee at
Mortgagee's sole discretion, enters into a written agreement with the person whom
the property is to be sold or transferred expressly consenting to such assumption and
setting forth any new terms or conditions of this Mortgage as may be requested by
the Mortgagee in exchange for the
Mortgage.
4. Taxes and Assessments.
Mortgagee agreeing to an assumption of this
Mortgagor shall pay all taxes and
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assessments levied or assessed against said property.
5. Maintenance of Property. Mortgagor shall not commit or permit
waste, nor be negligent in the care of said property, and shall maintain the same in
as good condition as at present, reasonable wear and tear excepted, and will do
nothing on or in connection with said property which may impair the security of
the Mortgagee hereunder. Mortgagor shall not permit said property, or any part
hereof, to be levied upon or attached in any legal or equitable proceeding, and shall
not, except with the consent in writing of the Mortgagee, or as is otherwise provided
and permitted in this Mortgage, remove or attempt to remove said improvements
or personal property, or any part hereof, from the premises on which the same are
situated.
6. Insurance. As collateral and further security for the payment of
the indebtedness hereby secured, Mortgagor shall keep the improvements now
existing or hereinafter erected on said premises insured against loss caused by the
elements, fire, earthquake, and other calamities, with extended coverage provisions,
to the full insurable value thereof for the term of this Mortgage, and will pay when
due all premiums on such insurance. All insurance shall be carried in responsible
insurance companies licensed in Wyoming and the policies and renewals thereof
shall have attached thereto by rider or otherwise loss payable clauses in favor of the
Mortgagee. A copy of said policy or any renewal documents pertaining thereto shall
be supplied to the Mortgagee within 30 days after the date of execution of this
mortgage and thereafter within 10 days of any renewal of or amendment to such
policy. The insurance proceeds, or any part thereof, may, at the option of the
Mortgagor, be applied either to the reduction of the indebtedness hereby secured or
used in reconstruction. In the event of foreclosure of this mortgage or other transfer
of title to the said premises in extinguishment of the indebtedness secured hereby,
all right, title and interest of the Mortgagor in and to any insurance policies then in
force shall pass to the purchaser or grantee.
Notwithstanding the foregoing, insurance shall not be required as long as
there are no improvements on the property.
7. Mortgagee Authorized to Make Payments. If Mortgagor defaults in
the payment of the taxes, assessments or other lawful charges, or fails to keep the
improvements on said premises insured as herein provided, the Mortgagee may,
without notice or demand, pay the same, and if the Mortgagor fails to keep said
property in good repair, the Mortgagee may make such repairs as may be necessary
to protect the property, all at the expense of the Mortgagor. The Mortgagor
covenants and agrees that all such sums of money so expended, together with all
costs of enforcement or foreclosure, and a reasonable attorney fee, shall be added to
the debt hereby secured, and agrees to repay the same and all expenses so incurred by
the Mortgagee, with interest thereon from the date of payment at the same rate as
provided in the note hereby secured, until repaid, and the same shall be a lien on all
of said property and be secured by this Mortgage.
8. Default. If the Mortgagor defaults in the payment of the
indebtedness hereby secured, for a period of twenty (20) days after written notice, or
fails to keep the improvements on said premises insured as herein provided, or in
case of breach of any covenant or agreement herein contained, the whole of the then
indebtedness secured hereby, both principal and interest, together with all other
sums payable pursuant to the provisions hereof, shall, at the option of the
Mortgagee, become immediately due and payable, anything herein or in said note to
the contrary notwithstanding, and failure to exercise said option shall not constitute
a waiver of the right to exercise the same in the event of any subsequent default.
The Mortgagee may enforce the provisions of, or foreclose, this Mortgage by any
appropriate suit, action or proceeding at law or in equity, and cause to be executed
and delivered to the purchaser or purchasers at any foreclosure sale a proper deed of
Conveyance of the property so sold. The Mortgagor hereby grants the Mortgagee the
power to foreclose by advertisement and sale as provided by statute. All remedies
provided in this Mortgage ar, e distinct and cumulative to any other right or remedy
under this Mortgage or afforded by law or equity and may be exercised concurrently,
independently or successively. The Mortgagor agrees to pay all costs of enforcement
or foreclosure, including a reasonable attorney fee. The failure of the Mortgagee to
foreclose promptly upon a default shall not prejudice any right of said Mortgagee to
foreclose thereafter during the continuance of suCh default or right to foreclose in
case of further default or defaults. The net proceeds from such sale shall be applied
to the payment of: first, the costs and expenses of the foreclosure and sale, including
a reasonable attorney fee, and all moneys expended or advanced by the Mortgagee
pursuant to the provisions of this Mortgage; second, all unpaid taxes, assessments,
claims and liens on said property, which are superior to the lien hereof; third, the
balance due Mortgagee on account of principal and interest on the indebtedness
hereby secured; and the surplus, if any, shall be paid to the Mortgagor.
9. Sufficiency of Foreclosure Proceeds. If the property described
herein is sold under foreclosure and the proceeds are insufficient to pay the total
indebtedness hereby secured, the Mortgagor executing the note or notes for which
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this Mortgage is security shall be bound to pay the unpaid balance, and
Mortgagee shall be entitled to a deficiency judgment.
10. Assignment of Rents. If the right of foreclosure accrues as a
result of any default hereunder, the Mortgagee shall at once become entitled to
exclusive possession, use and enjoyment of all property aforesaid, and to all rents,
issues and profits thereof, from the accruing of such right and during the pendency
of foreclosure proceedings and the period of redemption, and such possession, rents,
issues and profits shall be delivered immediately to the Mortgagee on request. On
refusal, the delivery of such possession, rents, issues and profits may be enforced by
the Mortgagee by any appropriate suit, action or proceeding. Mortgagee shall be
entitled to a Receiver for said property' and all rents, issues and profits thereof, after
any such default, including the time covered by foreclosure proceedings and the
period of redemption, and without regard to the solvency or insolvency of the
Mortgagor, or the then owner of Said property, and without regard to the value of
said property, or the sufficiency thereof to discharge the Mortgage debt and
foreclosure costs, fees and expense. Such Receiver may be appointed by any court of
competent jurisdiction upon ex parte application, notice being hereby expressly
waived, and the appointment of any such Receiver on any such application without
notice is hereby consented to by the Mortgagor. All rents, issues and profits, income
and revenue of said property shall be applied by such Receiver according to law and
the orders and directions of the court..
11. Inspection. Mortgagee may make or cause to be made
reasonable entries upon and inspections of the property, provided that Mortgagee
shall give Mortgagor notice prior to any such inspection specifying reasonable cause
therefor related to Mortgagee's interest in the property.
12. Condemnation. The proceeds of any award or claim for damages,
direct or consequential, in connection with any condemnation or other taking of the
property, or part hereof, or for conveyance in lieu of condemnation, are hereby
assigned and shall be paid to Mortgagor; however, Mortgagor shall not be relieved
of its obligation under the Loan.
13. Statement. That the Mortgagee, within ten (10) days upon
request in person or within thirty (30) days upon request by mail, will furnish a
written statement duly acknowledged of the amount due on this Mortgage and
whether any offsets or defenses exist against the mortgage debt.
14. Notices. All notices, demands or other writing in this
Mortgage provided to be given, made or sent by either party to the other shall be in
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writing and shall be validly given or made
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only if personally delivered with a
receipt obtained from the person receiving the notice, or sent by certified United
States mail return receipt requested, or if sent by Federal Express or other similar
delivery service keeping records of deliveries and attempted deliveries. Service
shall be conclusively deemed made upon receipt if personally delivered or, if
delivered by mail or delivery service, on the first business day delivery is attempted
or upon receipt, whichever is sooner. The parties mailing addresses are as follows:
Mortgagor: P.O. Box 1871
Jackson, WY 83001
Mortgagee: 9323 Cyprus Bend Drive
Tampa, FL 33647
16.
only and are not to be used in its construction.
17. Binding Effect and Construction.
shall bind, and the benefits and advantages
devisees, legatees, executors, administrators,
Headings. The headings used in this Mortgage are for convenience
The covenants herein contained
shall inure to, the respective heirs,
successors and assigns of the parties
hereto. Whenever used the singular number shall include the plural, the plural the
singular, and the use of any gender shall include all genders. The term "note"
includes all notes herein described if more than one. The terms "foreclosures" and
"foreclose" as used herein, shall include the right of foreclosure by any suit, action
or proceeding at law of in equity, or by advertisement and sale of said premises, or in
any other manner now or hereafter provided by Wyoming statutes, including the
power to sell. The acceptance of this mortgage and the note or notes it secures, by
the Mortgagee shall be an acceptance of the terms and conditions contained therein.
18. Release. Mortgagee shall release this Mortgage without charge to
Mortgagor, which release shall be recorded in the Office of the Teton County Clerk.
Mortgagor shall pay all costs of recordation, if any.
19. Waiver of Homestead. Mortgagor hereby relinquishes and
waives all rights under and by virtue of the homestead exemption laws of the State
of Wyoming.
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IN WITNESS WHEREOF, the said Mortgagor has hereunto signed and sealed
Thomas W. Vanzanb.,
Juli~ L. Johnston
STATE OF WYOMING )
COUNTY OF TETON )
The foregoing instrument was acknowledged before me this
February, 2003 by Thomas W. Vanzant and Julie L. Johnston.
WITNESS my hand and offic!~l,, s~ ~j.~ ~.
Notary Public
My Commission Expires: I0-i'/-¢X_~
day of