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HomeMy WebLinkAbout889288 RECEIVED LINCOLN COUNTY CLERK 889288 MORTGAGE This mortgage is.made as of the. {~r~'~ day of February 2003, betW6~n'j~mes P, and Judy A. Speck, husband and wife (collectively the "Mortgagor"), and Lester IC and Vickie J. Jepperson husband and wife (the "Mortgagee"). WITNESSETH, that to secure the payment of indebtedness in the sum of SEVENTY FIVE THOUSAND DOLLARS ($75,000.00). Being due in 3 equal installments of principal in the amount of TWENTY FIVE THOUSAND DOLLARS ($25,000.00) each, with the first of such installments being due and payable on the 1st day of July, 2003, and with like installments being due and payable on the 15th day of January, 2004, and the final installment to be due July 1St, 2004 and with all payments to be applied to principal all as evidenced by a Promissory Note of even date herewith(the ultimate maturity date of which is the 1't day of July, 2004) 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: That part of S~tion 21, TJ4N Rll8W of the 6th P.M., I,incoin Cotmty, Wyoming described on Exhibit A prepared by Marlowe A. Scherbel labeled "James P. Speck and Judy A. Speck, Mortgage De.~cription dated February 11, 2003 And the Mortgagor covenants With the Mortgagee as follows: 1. PAYM~,.NT, The Mortgagor shall pay the indebtedness hereby secured. 2. ,PREPAYMENT. The Mortgagor shall have the privilege of paying principal, at any time without premium or penalty of any kind. 3. PAYMENTS BY MORTGA~GEE. 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, and the same shall constitute a lien against the Property with priority as of the date hereof. 4. NOTICE.. All notices shall be sent by certified mail, shall be deemed given when mailed, and shall be addressed as follows or a~ such other place as may be designated by either party from time to time in writing in the same manner as provided herein: Mortgagor: James P. Speck and Judy & Speck P.O. Box 3859 Incline Village, Nv. 89450 Mortgagee: Lester K. Jepperson and Vickie J. Jepperson P.O. Box 312 Thayne, Wyoming 83127 5. WARRANTY. The Mortgagor warrants the title to the Property. 6, DEFAULT AND ACC~LERATI~ON, The entire indebtedness hereby shall become due and payable at the option &the Mortgagee: secured (a) Upon default inthe payment of any amount hereby secured or payable hereunder in regular payments and failure to cure such payment default within fifteen days of written notice thereof; or (b) After failure to exhibit to the Mortgagee, within 15 days aRer demand, receipts showing payment of all taxes, governmental charges, and or assessments; or (c) After failure to comply with any requirement of order or notice of violation of law or ordinance issued by any governmental or quasi- governmental authority claiming jurisdiction over the Property within three months from the issuance thereof; or (d) Upon sale or transfer of interest in Property without mortgagee's consent. 7. FORECLOSUREUPQN. DEF. AULT. 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. 8. DEFIENCY. In the event the Property is sold at foreclosure 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. 9. DUE.:ON-TRA. NSFER.. 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, Mortgagee may, at Mortgagee's sole option, declare all sums secured hereby to be immediately due and payable. 11, MISC.E, LLANEOUS, 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, Mortgagor, the Heirs, successors and assigns of the Mortgagor, and all subsequent owners, encumbrances, 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 so requires. 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. James P. Speck STATE OF WYOMING )ss. COUNTY OF LINCOLN Judy A. Speck The foregoing instrument was acknowledged before me by james P. Speck and Judy A. Speck this I ~ day of February 2003. Witness my hand and official seal. lic My Commission Expires: 10/2~/o~/ Professional Land Surveyors Paul N. Scherbel Wyo. Regislration No. 164 Utah Registration No. 1670 Idaho Regislration No. 3990 Nevada Registralion No. 6805 Scot~ A. Scherbel Wyo. Registralion No. 3889 idaho Registration No. 8026 Utah Registralion No. 372111 MARLOWE A. SCHERBEL Wyo. Regislration No. 5368 Surveyor Scherbel, LTD. Alton, Wyoming Big Piney, Wyoming Jackson, Wyoming Lava Hol Spdngs, Idaho Montpelier, Idaho DESCRIPTION FOR JAMES P. SPECK AND JUDY A. SPECK MORTGAGE DESCRIPTION 043 To-wit: - - That part of the NE¼NE¼ of Section 21, T34N, Rll8W, Lincoln County, Wyoming, being part of that tract of record in the Office of the Clerk of Lincoln County in Book of Photostatic Records on page , described as follows: BEGINNING at the northwest comer of said NE¼NE¼; thence S89°-44'-30"E, 660.08 feet, along the north line of said NE¼NE¼, to the northwest point of that tract of record in said Office in Book 440 of Photostatic Records on page 152; thence SOUTH, 329.80 feet, along the west line of said tract, to its southwest point; thence continuing SOUTH, 330.11 feet, to the southwest spike of Parcel B-1 as shown on that plat. of record in said Office as Plat No. 354-B; thence N89°-46'-06''W, 659.95 feet, to a brass cap on the west line of said NE¼NE¼; thence. N00°-00'-37"W, 660.22 feet, along said west line, to the CORNER OF BEGINNING; ENCOMPASSING an area of 10.00 acres, more or less; the BASE BEARING for this survey is the east line of said Section 21, being NORTH; TOGETHER with a right of ingress and egress and public utilities over and across a strip of land sixty (60) feet in width within the NW¼ and the NEVi of said Section 21, described as follows: the north sixty (60) feet of said NW¼ and the west one hundred (100) feet of the north sixty (60) feet of said NE¼, identical with that fight-of-way easement of record in the Office of the Clerk of Lincoln County in Book 203 of Photostatic Records on page 491; AND the north sixty (60) feet of GLO Lot 1 (NW¼NE¼) of said Section 21; each "comer" found as described in the Comer Record filed in the Office of the Clerk of Lincoln County; each "brass cap', marked by a 2" galvanized steel Pipe with brass cap inscribed, "SURVEYOR SCHERBEL LTD AFTON WY PLS 5368", with appropriate details found; each "point" marked by a 5/8" X 24" steel reinforcing rod with a 2" aluminum cap inscribed, "SURVEYOR SCHERBEL LTD AFTON WY PLS 5368", with appropriate details; all in accordance with the plat prepared to be filed in the Office of the Clerk of Lincoln County titled, "LESTER K. JEPPERSON AND VICKIE J. JEPPERSON AND JAMES P. SPECK AND JUDY A. SPECK BOUNDARY ADJUSTMENT OF PARCEL B-1 AND PARCEL B-2 WITHIN THE NE¼NE¼ SECTION 21 T34N Rll8W LINCOLN COUNTY, WYOMING", date J 2003. terminates liability of the: .'-'