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HomeMy WebLinkAbout889508BOOK ~'19PRPAGE 057 RECEIVED LIN00LN 00UNTY CLERK KNOW ALL PERSONS BY THESE PRESENTS, that Georg~'C:o~l'~hs :and'!? Betty Collins, husband and wife, of P.O. Box 547, Kemmerer, WY 83101, herein referred to as Mortgagors, to secure the payment of the principal sum of Four Hundred Thousand Dollars ($400,000.00), together with. interest, as evidenced by a promissory note of even date herewith (the "Note"), to the order of Otto D. Peternal, as Trustee of the Otto D. Peternal Revocable Trust dated December 16, 1992, and his successors and assigns, of 621 Topaz Street, Kemmerer, WY 8310, herein referred to as Mortgagee, hereby mortgage to Mortgagee, all interest in the real property, situate in the County of Lincoln, State of Wyoming, and more particularly described as follows, to-wit: T20N Rll2W of the 6th P.M., Lincoln County, Wyoming. Section 20: NWhNEh, N~NWh, S½NWh, SWhNEh, N½SW~, NWhSEh, S½SEh and SEhSWh; EXCEPTING THEREFROM the land described in Warranty Deed recorded December 18, 1997 in book 405PR on page 473 and recorded April 21, 1998 in Book 410PR on page 605 of the records of Lincoln County Clerk. Section 28: WhNWh, SEhNWh, SWhNE~, W½SEh and SWh; EXCEPTING THEREFROM the land described in Warranty Deed recorded June 15, 1966 in Book 74PR on page 312 of the Records of the Lincoln County Clerk. T25N Rll6W of the 6th P.M., Lincoln County, Wyoming. Section 32: NWhNWh. · ncluding all buildings and improvements thereon or that may. hereafter be erected thereon; together with hereditaments and appurtenances and all other rights thereunto belonging, or in any manner now or hereafter appertaining, and the reversion and reversions, remainder and remainders, rents, issues, and profits thereof, and all fixtures now or hereafter attached to the premises. Mortgagors covenant that Mortgagors are lawfully seized of the premises; that the premises are free from all encumbrances; and hereby covenant to warrant and defend the title of the premises against the lawful claims of all persons whomsoever. And Mortgagors covenant with Mortgagee as follows: SECTION ONE RENTS, ISSUES, AND PROFITS In case of default in any of the payments stipulated in the Note, Mortgagors, as further security for this mortgage and the Note secured thereby, hereby assign, set over, and convey to Mortgagee all of Mortgagors' interest in and to all rents, issues, and profits from the property. SECTION TWO RESTRICTIONS ON TRANSFER; NO.FURTHER ENCUMBRANCES The Mortgagors shall not, except to a trust, limited liability company, partnership or limited partnership controlled by Mortgagers, whether voluntarily or involuntarily by operation of law or otherwise (i) transfer, sell, convey or assign all or any portion of the property, or contract to do any of the foregoing, including without limitation, enter into options to purchase, installment sales contracts, land contracts, real estate contracts or contracts for Deed of Trust, (ii) lease all or any portion of the property or change the legal possession or use thereof, or' (iii) except as provided in this Section, permit the dilution, transfer, pledge, hypothecation or encumbrance of any ownership interest in the Mortgagor. Except for easements for electrical transmission lines, pipelines, surface damage agreements, or rights of way for access for mineral production, Mortgagors shall not enter into any easement, rights of way, agreements affecting property lines or similar agreements affecting the property without the prior written consent of Mortgagee. Such consent shall not be unreasonably withheld. Mortgagors shall not without the prior written consent of the Mortgagee, directly or indirectly, further encumber the property, or any part thereof, it being understood by Mortgagor that the property, and all parts thereof, shall remain free and clear of any and all debt instruments or other obligations for repayment of money except those given in connection with the loan evidenced by the Note SECTION THREE PAYMENT OF INDEBTEDNESS Mortgagors will pay the indebtedness as provided in the Note. Mortgagors shall not have the right to prepay the principal balance without the prior written consent of the Mortgagee. 0 5 9 SECTION FOUR GROUND RENTS; TAXES AND ASSESSMENTS Mortgagors will pay all ground rents, taxes, assessments, water rents, and other governmental or municipal charges, or other lawful charges, and Will promptly deliver the official receipts · therefor to Mortgagee upon request. SECTION FIVE MAINTENANCE OF PROPERTY Nothing shall be done on or in connection with the property that may impair Mortgagee's security hereunder; Mortgagors will commit, permft or suffer no waste, impairment or deterioration of the property or any part thereof, and the property shall be continuously maintained in good and sightly order, repair and condition by Mortgagors at Mortgagors' expense. Mortgagors shall not remove any buildings or improvements located on the property, and Mortgagors shall not change the contour of any lands or remove any trees from the property, without the prior written consent of the Mortgagee. SECTION SIX HAZARD INSURANCE Mortgagors will keep the improvements now existing or hereinafter erected on the premises, insured for fire and extended coverage in an amount equal to at least the full replacement cost thereof. Ail insurance shall be carried in reputable companies qualified to do business in the State of Wyoming, and the policies and renewals thereof shall have attached thereto loss payable clauses in favor of and in form acceptable to Mortgagee. Mortgagors. will promptly deliver a copy of all insurance policies and proof of premium payment upon request. In the event of loss, Mortgagors will give immediate notice by mail to Mortgagee, who may make proof of' loss if not made promptly by Mortgagors, and each insurance company concerned is hereby authorized and directed to make payment for such loss to Mortgagors and Mortgagee jointly; the insurance proce'eds or any part thereof may be applied by Mortgagee at Mortgagee's option either to the reduction of the indebtedness hereby secured or to the restoration or repair of the property damage. In event of foreclosure of this mortgage or other transfer of title to the premises in extinguishment of the indebtedness secured hereby, all right, title and interest of Mortgagors in and to any insurance policies then in force shall pass to the purchaser or grantee. Each policy or other contract for such insurance shall contain an agreement by the insurer that, not withstanding any right of cancellation reserved to such insurer, such policy or 06O contract shall continue in force for at least twenty (20) days after written notice to the Mortgagee of such cancellation. SECTION SEVEN CHARGES; LIENS In case Mortgagors shall default in the payment of ground rents, if any, taxes, assessments, water or other, governmental or municipal charges, insurance premiums, or other lawful charges as herein provided, Mortgagee may without notice or demand pay the same and in case of any failure on the part of Mortgagors to comply with the covenants of Section Five hereof, Mortgagee may effect such repairs as Mortgagee may reasonably deem necessary to protect the property, at the expense of Mortgagors. Mortgagors shall repay .such sums to paid and all expenses so 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 above-mentioned 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, anything therein contained to the contrary notwithstanding. SECTION EIGHT EVENTS OF DEFAULT AND ACCELERATION A. Events of Default. The terms "Event of Default" or "Events of Default", wherever used in this instrument, shall mean any one or more of the following events: Failure by Mortgagors to pay within thirty (30 calendar days after due, anY sum due under the Note, this Mortgage, or any payment of tax or insurance deposit or premium when due; or Failure by Mortagors to duly observe, comply with or perform within thirty (30) calendar days after written notice of such failure is given to Mortgagors of any term, covenant, condition or agreement of this instrument; or The filing by Mortgagors, or either of them, of a voluntary petition in bankruptcy or adjudication of Mortgagors, or either of them, as a bankrupt or insolvent, or the filing by Mortgagor of any petition or answer seeking or acquiescing in any reorganization, arrangement, composition readjustment, liquidation, dissolution or similar 06! relief for itself under any present or future federal, state or other law or regulation relating to bankruptcy," insolvency or other relief for debtors, or seeking or consenting to or acquiescing in the appointment of any trustee, receiver or liquidator of Mortgagors or of all or any substantial part of the property or of any of the rents, issues, profits or revenues thereof, or the making by Mortgagors, or either of them, of any general assignment for the benefit of creditors' or the admission in writing by Mortgagors, or either of them, of their inability to pay their debts generally as they become due; or (4 The entry by a court of competent jurisdiction of an order, judgment or decree approving a petition, filed against Mortgagors, or either of them seeking any reorganization, arrangement, composition readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other law or regulation relating to bankruptcy, insolvency or other relief for debtors, which order, judgment or decree remains unvacated and unstayed for an aggregate sixty (60) days (whether or not consecutive) from the date of entry thereof, or the appointment of any trustee, receiver or liquidator of Mortgagor, or of all or any substantial portion of the property or of any of rents, issues profits or revenues thereof without the consent or acquiescence of Mortgagors, which appointment shall remain unvacated and unstayed for an aggregate sixty (60) days (whether or not consecutive). B. Acceleration. In case of an Event of Default, 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 thereof, 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 right 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 Mortgagee may elect, or to foreclose this mortgage by advertisement and sale of the premises, at public 062 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, 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 monies expended or advanced by Mortgagee pursuant to the provisions of Section Seven 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, Mortgagee shall not thereby be .prejudiced in Mort.gagee's right to foreclosure at any time thereafter during which such Event of Default continues, and shall not be prejudiced in Mortgagee's foreclosure rights incase of further Events of Default. SECTION NINE MORTGAGEE'S RIGHT OF POSSESSION In case of any default whereby the right of foreclosure occurs hereunder, Mortgagee 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; and Mortgagee shall be entitled to a receiver for the property and the 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 Mortgagors 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; and such receiver may be appointed by any court of competent jurisdiction, and all rents, issues, profits, income and revenue of the property shall be applied by such receiver, according to law and the orders and directions of the court. 063 SECTION TEN BINDING EFFECT 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 number shall include the plural, the plural the singular, and the use of any gender shall include all genders. SECTION ELEVEN WAIVER Any waiver by either party hereto of any breach of any kind or character whatsoever by the other party, whether such waiver be direct or implied, shall not be construed as a continuing waiver of or consent to any subsequent breach of this agreement on the part of the other party. SECTION TWELVE NOTICES All notices, demands, requests and other writings required or permitted to be given hereunder shall be deemed duly given if hand delivered or if mailed by certified mail, postage prepaid, if addressed to the parties to their respective addresses stated above. Either party shall have the right to specify in writing in the manner above provided, another address to which subsequent notices or writings to such party shall be given. Any notice given hereunder shall be deemed to have been given as of the date delivered or three days after being mailed. IN WITNESS WHEREOF, Mortgagors has,caused this Mortgage to be duly executed on this 22nd day of April, 2003. ~ ~ GEORGE/OLLINS BETTY ?LLI~S O64 THE STATE OF WYOMING ) )ss C'OUNTY OF LINCOLN ) The above and ,~ore~oing instrument was acknowledged before me this ~.day of .~,~[] , 2003, by George Collins and Betty Collins, husband and wife. WITNESS my hand and official seal. ~. ~ ~ ~ Nota~! ~c~ ~~ My. Commission Expires: ~ W~' NOTAI~Y Pt)BUG