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HomeMy WebLinkAbout888885BOOK 5~-{~'pR PAGE 88888E MORTGAGE This mortgage is made as of the ~)~4~-day of March, William B. Watega and Marie E. Stilson (the "Mortgagor"), Pendleton and Shelly J. Pendleton (the "Mortgagee"). RECEIVED LI/'~COLN OOUNTY CLERK I ' 7 ~ ' ' ~ ~J ' ,7, . ' .' ' "-'" '~ L i k 2003, b~n "'~:7 and Val Dee WITNESSETH, that to secure the payment of an indebtedness in the sum of Five Hundred Forty Seven Thousand Eight Hundred Fifty Dollars ($547,850.00), together with interest thereon at the rate of seven percent (7%) per annum, being due and payable in due and payable in four (4) equal annual installments, of principal, in the amount of One Hundred Thirty Six Thousand Nine Hundred Sixty Two Dollars and Fifty Cents ($136,962.50) each, plus accrued interest, the first of such installments of principal plus interest being due and payable on the 21st day of March, 2004, with like installments being due and payable on the same day of each year for three (3) years thereafter, with the final installment to include the entire remaining principal balance due, together with all accrued and unpaid interest and costs, being due and payable on the 21st day of March, 2007, and with all payments to be credited first to interest to the date paid and the balance, if any, to be credited against principal, all as evidenced by a Promissory Note of even date herewith (the ultimate maturity date of which is the '21st day of March, 2003) 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: See Exhibit "A" attached hereto and by this reference made a part hereof. 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. 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 shah not do anything on or in connection with the Property which may impair Mortgagee's security hereunder. Mortgagor will not commib 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. The Mortgagor shall pay all ground rents, taxes, assessments, sewer rents, water rates, all governmental, quasi- governmental charges (e.g., homeowner association assessments) and other lawful charges on or against the Property. 5. Partial Release of Mortgage. Mortgagor shall be entitled to'partial releases from this Mortgage for portions of the real property upon the following conditions: (a) (b) (c) (d) (e) All costs of obtaining a partial release, including survey costs, preparation of .documentation, application fees, if any, for lot splits or other governmental approval, and additional costs of any kind attributable to the partial release shall be the responsibility of Mortgagor. It shall be Mortgagor's sole and absolute responsibility to comply with all applicable governmental regulations concerning division or subdivision of parcels. Payment by Mortgagor toward the principal balance due on this Mortgage over and above the down payment shall be due and payable upon closing of a conveyance to any third party as follows: (i) During the period of March 21% 2003 through March 21, 2004, the sum of $4,000.00 per acre for each acre of the parcel for which a release is requested; and (ii) during the period of March 22-d, 2004 through March 21, 2005, the sum of $3,000.00 per acre for each acre of the parcel for which a release is requested; and (iii) during the period of March 22ha, 2005 through March 21, 2006, the sum of $2,000.00 per acre for each acre of the parcel for which a release is requested; and (iv) during the period of March 22ha, 2006 through March 21, 2007, the sum of $'1,500.00 per acre for each acre of the parcel for which a release is requested. Mortgagor shall be given credit against any partial release payment required for principal payments made commencing with the first installment of principal due on or before the 21st day of March 2004. For any transfers that require a partial release payment in excess of the credit available from principal payments made then Mortgagor shall pay at the rate set forth above for the partial release for that portion of the proposed sale and partial release which exceeds the credit available. Notwithstanding the prepayment language set forth herein any payments for partial releases shah be credited against the next principal installment due. No credit against partial releases shall be given for the initial down payment for the property. The remaining portion of the property subject to this Mortgage after the granting of any partial release shall have the benefit of all access, ingress, egress and utility easements available to serve any portion of the property subject to this Mortgage as of the date of execution of the partial release of mortgage and no portion of the property subject to this Mortgage shall under any circumstance be left without legal roadway and utility access. 6. 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 607 rate of eighteen percent (18%) per annum, and the same shall constitute a lien against the Property with priority as of the date hereof. 7. Late Payment Fee. If any default is made in the payment of any of the above installments of principal and interest, and such default is not cured within ten (10) days of when due, then a late fee in the amount of ten percent (10%) of the amount due shah also be due. 8. 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. 9. 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 mamner as provided herein: Mortgagor: William B. Watega 976 Cherry Orchard Loop Hamilton, MT 59840 Marie E. Stilson 1014 Cherry Orchard Loop Hamilton, MT 59840 Mortgagee: Val Dee Pendleton and Shelley J. Pendleton 1620 Muddy String Road Thayne, Wyoming 83127 10. 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. 11. Default and Acceleration. The entire indebtedness secured hereby shall become due and payable at the option of the Mortgagee: (a) (b) (c) (d) 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 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 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 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 608 (e) 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 (0 Upon sale or transfer of an interest in the Property without Mortgagee's consent as herein provided; or (g) 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. 12. 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. 13. 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. 14. 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. 15. 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. 16. 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, and any such sums and the interest thereon shah be a hen 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. 17. 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: 18. 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. 19. 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. 20. Set-Off. Mortgagor shall not be entitled to set-off or any similar rights against amounts secured hereby. 21. 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 exem ~tion laws of the State of Wyoming. William B. Watega /' 5 610 STATE OF Wyoming ) ) SS. COUNTY OF Lincoln ) Marie E. Sfilson The foregoing instrument was acknowledged before me by William B. Watega this 28th day of Hatch , 2003. Witness my hand and official seal. Notary pUblic My Commission Expires: February 2, 2006 ~ ~ · NOtt~t PUBUC STATE OF Wyoming ) ) SS. COUNTY OF Lincoln ) The foregoing instrument was acknowledged before Shlsonthis 28th day of garch ,2003. by her Attorney in fact William B. Watega Witness my hand and official seal. me by Marie E. My Commission Expires: Notary Public ~EU. EY~ NOt, mY P~UC ] February 2, 2006 ~ 6 Exhibit "A" T34N RllSW of the 6th P.M., Lincoln County, Wyoming Section 7: SE~A/qE~; NE~NE~; and SW~NE~; Section 8:NW~/C~W~; ALSO Part of Section 7, T34N Rll8W of the 6th P.M., Lincoln County, Wyoming being more particularly described as follows: COMMENCING at a point which is the Northeast corner of the SW~ of said Section 7 and running thence West 160 rods; thence South 20 feet; thence East 161 rods; thence North 20 feet; thence West l'rod to the POINT OF BEGINNING. ALSO Part of the SW~AIqW~ of Section 8, T34N Rll8W of the 6th P.M., Lincoln County, Wyoming being part of the land referred to in the Warranty Deed recorded in Book 326PR on page 497 in the Office of the Lincoln County Clerk the metes and bounds being more particularly described as follows: BEGINNING at the B.L.M. type monument marking the Lloyd B. Baker PE/LS 698, 2002 location for the Northwest corner of said SW~ANW~ of said Section 8; thence S 89o53'56'' E, along the North line of said SW~ANW~, 1313.70 feet to the B.L.M. type monument marking the Northeast corner of said'SW~/dxFW~; thence S lo00'3i'' W, along the East line of said SW~ANW~, 767.27 feet to an Aluminum Cap on an Iron Pipe; thence N 89o44'49'' W, 1309.56 feet to an Aluminum Cap on an Iron Pipe marking a point in the West line of said SWh~W~; thence N 0042'07'' E, along said West line, 763.75 feet to the POINT OF BEGINNING.