HomeMy WebLinkAbout889416 KNOW ALL MEM BY THESE PRESENTS, that PRONGHORN PROPERTIES, LLC,
a Wyoming State Limited Liability Company, referred to as Mortgagor, of Salli Mine Ranch, six (6)
miles west of LaBarg¢, County of Lincoin, State of Wyoming, to secure payment of the principal
sum of one hundred thousand and no/100 dollars ($100,000.00), with interest at the rate of ten
percent (10%) per annum, as evidenced by a Promissory Note dated of even date, herewith payable
to the order of WILBUR L. BARRY, JR. of LaBarge, Wyoming, herein referred to as Mortgagee.
Mortgagor hereby mortgages to the Mortgagee, the following described real estate, situated
in the Town of LaBarge, County of Lincoln, State of Wyoming, as follows, to-wit:
Lots 1, 2, 3, 4, 5, 6 and 7 of Block 4 of the Town of LaBarge,
:formerly Tulsa, Lincoln County, Wyoming as described on the
official plat thereof, as filed and recorded in the Lincoln County
Clerk's Office, in Kemmerer, Wyoming.
Subj eot to all restrictions, covenants, town ordinances, and easements
of record or vision.
Mortgagor hereby relinquishes and waives all right under and by virtue of the homestead
laws of the State of Wyoming and covenants that he/she/they or it is lawfully seized of the premises,
that they are free from all encumbrances, and hereby covenants to warrant and defend the title of the
premises against the lawful claims of all persons whomsoever.
And the Mortgagor covenants with the Mortgagee as follows:
1. At the option of Mortgagee, this Mortgage shall become due and payable in full in
the event of the sale or transfer of the property either by Deed or Contract for Deed.
2. Mortgagor will pay the indebtedness as herein provided. Mortgagor reserves the
right to pay the debt in. whole, or in part on any date prior to maturity, without
penalty.
3. Mortgagor Will pay all ground rents, taxes, assessments, water rents or costs and
other governmental or municipal charges, or other lawful charges, and will promptly
deliver the official receipts therefor to Mortgagee. In default thereof, Mortgagee may
pay the same.
4. Nothing shall be done on or in connection with the property that may impair
Mortgagee's security hereunder; Mortgagor will not commit, permit Or suffer any
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waste, impairment or deterioration of thc property nor any part thereof, and the
property shall be continuously maintained in good and sightly order, repair, and
condition by Mortgagor at his/her/their or its expense.
Mortgagor will keep thc improvements now existing or hereinafter erected on the
premises insured as may be required fi.om time to time by Mortgagee against loss by
fire and other hazards, casualties, and contingencies in such amounts and for such
)criods as Mortgagor may choose if greater than that required by Mortgagee or as
may be required by Mortgagee, (in an amount of not more than $100,000 nor less
than the balance owed to thc Mortgagee) and the Mortgagor will pay promptly, when
due, any premiums on such insurance. Mortgagor will provide Mortgagee with paid
receipts each year for insurance and will list Mortgagee as a named insured on thc
policy. In event of foreclosure of this mortgage or other transfer of title to thc
premises in extinguishment of thc indebtedness secured hercby, all right, title, and
interest of Mortgagor in and to any insurance policies then in force shall pass to thc
Mortgagee.
In case Mortgagor defaults in the payment of ground rents, or any taxes, assessments,
water, or other governmental or municipal charges, or other lawful charges as herein
provided, Mortgagee may, after providing thirty (30) days written notice or demand,
pay the same and in case of any failure on the part of Mortgagor to comply with the
covenants of Paragraph 5 thereof, Mortgagee may effect such repairs as it may
reasonably deem necessary to protect the property, at the expense of Mortgagor.
Mortgagor shall repay such sums so paid and all expenses incurred by Mortgagee,
with interest thereon from the date of payment, at ten percent (10%) per annum, and
the same shall be a lien on the premises and be secured by the Note and by these
presents; in default of making such repayments the whole amount hereby secured if
not then due shall, if Mortgagee so elects, become due and payable forthwith,
~anytking herein contained to the contrary notwithstanding.
In the event the property is sold under foreclosure and the proceeds are insufficient
to pay the total indebtedness secured hereby, Mortgagor binds itself to pay the unpaid
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balance, and Mortgagee will be entitled to a deficiency judgment.
478
In case default is made in the payment, for a period of thirty (30) days after the same
shall become due and payable, of the indebtedness hereby secured, or of any
installment thereof or any part thereof, or in case of breach of any covenant or
agreement herein contained, the whole of the then indebtedness secured hereby,
inclusive of principal, interest, arrearages, ground rents, if any, taxes, assessments,
water charges, expenditures for repairs or maintenance, together with all other sums
payable pursuant to the provisions hereof, shall become immediately due and
payable, at the option of Mortgagee, although the period above limited for the
payment thereof may not have expired, anything herein before or in the Note
contained to the contrary notwithstanding; any failure to exercise such option shall
not constitute a waiver of the fight to exercise the same at any other time; and it shall
be lawful for Mortgagee to proceed to enforce the provisions of this mortgage either
by suit at law or in equity, as it may elect, or to foreclose this mortgage by
advertisement and sale of premises, at public auction for cash, according to Wyoming
Statutes governing mortgage foreclosures, and cause to be executed and delivered to
the purchaser or purchasers at any such sale a good and sufficient deed 'or deeds of
conveyance of the property so sold, and to apply the net proceeds arising from such
sale first to the payment Of the costs and expenses of such foreclosure and sale and
in payment of all moneys expended or advanced by Mortgagee pursuant to the
provisions of Paragraph 7 hereof, or other appropriate Paragraph hereof, and then to
the payment of the balance due on account of the principal indebtedness secured
hereby, together with interest thereon and the surplus if any, shall be paid by
MOrtgagee to Mortgagor. There shall be included in any or all such Proceedings a
reasonable attorney's fee. In case Mortgagee fails promptly to foreclose on the
happening of any default, it shall not thereby be prejudiced in its right to foreclosure
at any time thereafter during which such default continues, and shall not be
prejudiced in its foreclosure fights in case of further default.
in case of any default whereby the right of foreclosure occurs hereunder, Mortgagee
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10.
11.
12.
479
shall at once become entitled to exclusive possession, use, and enjoyment of all
property, 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,
if there is any; and such possession, rents, issues, and profits shall at once be
delivered to Mortgagee on request, and on refusal, the delivery of such possession,
rents, issues and profits may be enforced by Mortgagee by any appropriate civil suit
or proceeding, including action or actions in ejectment, or forcible entry, or unlawful
detainer or other proper legal action; and Mortgagee shall be entitled to a receiver for
the property and-all rents, issues, and profits thereof, after any such default, including
the time covered by foreclosure proceedings and the period of redemption, if there
is any, and shall be entitled thereto as a matter of right without regard to the
solvency, or insolvency of Mortgagor or the then owner of the property, and without
regard to the value of the property or the sufficiency thereof to discharge the
mortgage debt and foreclosure costs, fees and expenses.
The covenants herein contained shall bind, and the benefits and advantages shall
inure to, the respective heirs, executors, administrators, successors, and assigns of the
parties hereto. Whenever used, the singular shall include the plural, the plural the
singular and the use of any gender shall include all genders.
The Mortgagor hereby releases and forever quitclaims to Mortgagee all its rights of
hOmestead in and to the above-granted or deScribed premises.
Default by Mortgagor. Mortgagee shall have the right to declare the default of the
Mortgagor upon the Mortgagor failure to fulfill its obligation stated in any one or
more of the above Paragraphs, and to proceed pursuant to any one or more of the
The Mortgagee may also declare a default upon any one or more
above Paragraphs.
of the following:
a.
bo
The failure of the Mortgagor to make any payment required in this
Agreement for a period of thirty (30) days after the same shall become due
and payable;
The failure of the Mortgagor to abide by any one of the terms and conditions
of this Agreement;
The filing of a petition for the adjudication of the Mortgagor as a bankrupt.
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13.
The undersigned hereby certify and guarantee and represent they have the right and authority
to sign this mortgage on behalf of Pronghorn Properties, LLC.
Dated this /.5' ,~A / ,2003.
__ dayof
Pronghorn Properties, LLC, Mortgagor, by
Leo E. Hakola, Member
STATE OF WYOMING )
)SS.
COUNTY OF LINCOLN )
The foregoing Real Estate Mortgage was acknowledged before me this /~ ~ k day of
,2003, by Leo E. Hakola, Member of Pronghorn Properties, LLC.
WITNESS my hand and official seal.
Notary Public
MyC°mmissi°nExpires:~7"9~°~2~~ff~.~.... ~~t._~-'. .
P~ghom Propeams, LLC, Moagagor, by
Lauri J. Hakola, Member
STATE OF
CO~TY OF~G~N4~ )
The ~egoi? Real, Estate Mo~gage was ac~owledged before me this /~daY of
~~'~.~ 2003, by Lauri J. Hakola, Member of Pronghorn Properties, LLC.
~T~SS my hand and official seal.
-- -~' , Nota~ublic / g '
My Commission Expires:
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