HomeMy WebLinkAbout890105MORTGAGE
Angels ................
Melvin Dean Shoell and Colleen Shoell, collectively referred to as
"Mortgagor," to secure the payment of One Hundred Thousand and NO/100 dollars
(t; 100,000.00), with interest, evidenced by a Promissory Note (hereinafter the "No{e") of even
date herewith, and all other amounts due thereunder and all extensions and renewals
thereof, when and as the same shall become due and payable hereby mortgages and warrants
to the acting Trustee of the Doyle Child Family Living Revocable Trust dated June 1, 1992,
whose address is P.O. Box 24:8 Alton, ~,'Vyoming 83110, hereinafter referred to as
"Mortgagee" and Mortgagee's successors and assigns, the real estate in Lincoln County,
Wyoming described as:
See attached Exhibit A
Together with all wells, buildings, structures, improvements, fixtures, and articles of personal
property affixed to or used in connection with the' real estate, to all of which Mortgagor
represents that they have title free and from any prior liens or encumbrances (all of the above
being collectively referred to as the "premises").
THE MORTGAGOR HEREBY COVENANTS AND AGREES WITH THE
MORTGAGEE AS FOLLOWS:
This Mortgage is given to secure payment and the
Mortgagor promises to pay to Mortgagee the amount:of One
Hundred Thousand NO/100 dollars ($100,000.00) ~ with
interest, evidenced by a Promissory Note of even date
herewith, and all other amounts due thereunder and all
extensions and renewals thereof, when and as the same
shall become due and payable. Each such payment shall be
applied first to the payment of interest and any balance
remaining after the payment of interest shall be applied
to the reduction of the unpaid principal balance
Time is of the essence and if any amount shall not have
been paid when due as provided in this Note,.thelentire
indebtedness may become due and payable at once iat the
option of the holder and without notice, and thereafter
the unpaid principal shall bear interest at the rate of
fifteen.percent (15%) per annum; failure to exercise this
option howsoever often shall not constitute a waiver of
the right to exercise it thereafter. In case another
event of default shall occur as provided in the Note or
this Mortgage, and if Mortgagor after receiving written
notice from Mortgagee demanding cure of such default
fails to cure the same within 10 days after such notice,
the entire indebtedness may become due and payable at
once at the option of the Mortgagee and without notice,
and thereafter the unpaid principal shall bear interest
at the rate of fifteen percent '(15%) per annum; failure
to exercise this option howsoever often shall not
constitute a waiver of the right to exercise it
thereafter.
Mortgagor will pay the indebtedness hereby Secured
promptly and in full compliance with the terms ~f said
Note and this Mortgage. The time of payment olf sa~d
indebtedness, or any portion thereof, may be extended or
renewed, and any portions of the premises iherein
described may, without notice, be released from the lien
hereof, without releasing or affecting the liability for
the payment of said indebtedness then remaining Unpaid.
No change in the ownership of said premisesl shall
release, reduce or otherwise affect any such liSbility
for the lien hereby created. It is further agreed that
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the taking of additional security of any nature shall not
impair or release this Mortgage; and as a further
security this Mortgage shall become due and payable in
full at the option of the Mortgagee if the Mortgagor, or
Mortgagor's legal representatives, successors or assigns
shall convey the mortgaged property or if legal or
equitable title thereto shall become vested in any other
person or persons in any manner whatsoever excepting
those conveyances approved in writing by Mortgagee. The
acceptance of any payment on the Note by the Mortgagee
shall not constitute a waiver of this option, and~consent
to any one such conveyance shall not constitute iconsent
to any subsequent conveyance or a waiver of this'option.
Mortgagor shall pay or cause to be paid all taxes and
assessments levied or assessed against the premises, and
shall comply with all recordation and other laws
affecting the security of this Mortgage at the expense, of
Mortgagor.
.5.
Mortgagor will keep the premises free and clear, of all
other liens and encumbrances which may be or become
superior to the lien created hereby and shall not sell,
transfer or subdivide any of the premises until sUch time
as the Note referenced herein and the Promissory Note
made of even date herewith to the John Grey Hi.llstead
Estate are satisfied in full and the Mortgages securing
said Notes are released. ~
Mortgagor will not commit or permit waste on the premises
and will keep and maintain the premises in good ~repair.
Mortgagor will pay all expenses and attorneyls fees
incurred by the Mortgagee, successors or aSsigns, for the
protection of the lien of this Mortgage or for the
collection'of any amount due on the instrument which this
Mortgage secures or for the preservation of the premises
mortgaged.
Mortgagor will comply promptly, at the expense of the
Mortgagor, with all laws, statutes, ordinances and
regulations affecting the premises in any manner
whatsoever.
Mortgagor will pay to or cause to be paid directly to the
Mortgagee, for application upon the indebtedness secured
hereby, the full amount of any award or compensation for
the taking or damaging by condemnation proceedings under
the power of eminent domain of all or any part of the
mortgaged premises.
10.
In case of the failure of the Mortgagor to do so, the
Mortgagee may make any payment or perform any covenant
herein to be made or performed by the Mortgagor, and any
payment so made or expense incurred in connection
therewith by the Mortgagee shall bear interest.at the
rate specified in the Note, and shall be immediately
repayable by the Mortgagor, and shall be impressed as an
additional lien upon the mortgaged premises, and this
Mortgage shall thereupon secure the repayment of such
advances with interest.
11.
In case an event of default shall occur in making
payments or performing any other covenants or agreement
required of Mortgagor as provided in the Note or this
Mortgage, the Mortgagor hereby authorizes and empowers
the Mortgagee, and Mortgagee's successors and assigns to
foreclose this Mortgage by advertisement and Sale as
provided by the statutes of the State of Wyoming or to
foreclose this Mortgage by judicial proceedings and
convey the same to the purchaser in accordance with the
statutes of the State of Wyoming, and.out of the: monies
arising from such sale to retain all sums secured hereby
with interest and all legal costs and charges of such
foreclosure and actual attorney's fees incurred by
Mortgagee (or such other amount as shall be fixedi by the
Court in the event of judicial foreclosure or
receivership), which costs, charges and fees the
Mortgagor agrees to pay. In case of the foreclosure of
this Mortgage, the Mortgagor hereby authorizes and
empowers the Mortgagee, Mortgagee's successors and
assigns, to effect insurance .upon any buildinlgs and
fixtures on the premises for a period covering the time
for redemption for the sale of the premises under such
foreclosure, and to pay the premium therefor and the
amount so paid shall be impressed as an additional lien
upon the premises and shall be secured by and be
collectible as a part of this Mortgage and bear interest
at the rate specified in the Note, from the da~e said
amount is paid. In the event of a foreclosure, Moutgagor
hereby authorizes and empowers Mortgagee, Mortgagee's
successors and assigns, to bring an action against any
person who claims an adverse estate or interest ~herein
for the purpose of determining such adverse est!ate or
interest, and to pay costs and expenses thereof together
with actual attorney's fees which amount shall be
impressed as an additional lien upon said premises and
shall be secured by and collectible as a part of this
Mortgage. ~
12.
Upon commencement of any foreclosure, or at any time
thereafter, and prior to the expiration of the time for
redemption from any sale of the premises on foreclosure,
any court of competent jurisdiction, upon application of
the Mortgagee, or the purchaser at such sale, shall, at
once and without notice to the Mortgagor or anyI other
person, appoint a receiver for said premises to take
possession thereof, to collect rents, issues and Profits
of said premises during the pendency of such foreclosure
and until the time to redeem the same from the
foreclosure sale shall expire, and out of rents, ilssues,
and profits to keep the premises in good repair and
condition and to pay all taxes, assessments, and special
assessments, and to redeem from sale for taxes,
assessments, and special assessments, and tO pay
insurance premiums necessary to keep the premises ~nsured
in accordance with the provisions of this Mortgage ,and to
pay the expense of the receivership, and said receiver
shall apply the net proceeds to the payment of the
indebtedness secured hereby, and such receiver shal~l have
all the other usual powers of receivers in such cases.
13.
In consideration of the sum of ten dollars ($10) and
other valuable consideration, the receipt whereof hereby
is acknowledged, the Mortgagor hereby assigns, transfers
and sets over to the Mortgagee, Mortgagee's successors
and assigns, the rent, profits and income from the
mortgaged property with full and complete authority and
right in the Mortgagee in case of default as provided for
in this Mortgage or the Note to demand, collect, receive
and receipt for the same and to take possession of the
mortgaged property without having a receiver appointed
therefor and to rent and manage the same from time to
time and apply the net proceeds of such upon the
indebtedness. Mortgagor hereby assigns to Mortgagee all
leases of the mortgaged property or any part thereof
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which are now or may be in effect hereafter, such
assignment to take effect immediately in case of such
default. Mortgagee is hereby authorized to take charge
of the rental of the above-described property and is
hereby authorized to collect rents from said property, to
eject tenants for breach of their leases and to enter
into leases with and lease said property or any part
thereof to tenants, to sue for unpaid rents in the name
of the legal holder of said indebtedness, and is to
receive for.services in managing said property th'e usual
and customary fees for such service in effect in !Laramie
County, Wyoming at the time said services are periformed.
Without limiting the generality of the foregoing, the
Mortgagor further agrees as follows: :
a. Notice to Tenants. Mortgagee may send notices to
any and all tenants of the property advising them
of this Assignment and directing all rents to be
paid directly to Mortgagee or Mortgagee's agent.
b. Enter the Premises. Mortgagee may enter uPon and
take possession of the premises; demand, Collect
and receive from the tenants or from any other
persons liable therefor, all of the irents;
institute and carry on all legal proceedings
necessary for the protection of the premises,
including such proceedings as may be necessary to
recover possession of the premises; collect the
rents and remove any tenant or tenants or other
persons from the premises.
c. Maintain t~he Premises. Mortgagee may enter upon
the premises to maintain the premises and keep the
same in repair; to pay the costs thereof and:of all
services of all employees, includingi their
equipment, and of all continuing costs and expenses
of maintaining the premises in proper repa!ir and
condition, and also to pay all taxes, assessments,
and water utilities, and the premiums on f~re and
other insurance .effected by Mortgagor ~n the
premises.
d. Compliance with Laws. Mortgagee may do any and all
things to execute and comply with the laws iof the
State of Wyoming and also all other laws, irules,
orders, ordinances and requirements of alli other
governmental agencies affecting the premises.
e. Lease the Property. Mortgagee may rent orI lease
the whole or any part of the premises for such term
or terms and on such conditions as Mortgagee may
deem appropriate.
Employ Agents. Mortgagee may engage such aglent or
agents as Mortgagee may deem appropriate, either in
Mortgagee's or Mortgagor's name, to rent and imanage
the premises, including the collection and
application of rents.
Other acts. Mortgagee may do all such other things
and acts with respect to the premises as Mortgagee
may deem appropriate and may act exclusively and
solely in the place and stead of Mortgagor and to
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have all of the powers of Mortgagor for the
purposes stated above.
14.
h. No Requirement to Act. Mortgagee shall not be
required to do any of the foregoing acts or ~things,
and the fact the Mortgagee shall have performed one
or more of the foregoing acts or things shall not
require Mortgagee to do any other specific act or
thing.
Failure to exercise any right, power or options herein
granted to the Mortgagee, howsoever often shall not
constitute a waiver thereof and shall not estop the
Mortgagee from exercising any such right, power or option
at any time or upon any subsequent default :of the
Mortgagor. Ail rights and remedies given or reserved to
the Mortgagee herein shall be cumulative and may be
exercised contemporaneously but the exercise of one or
more such rights or remedies shall not exclude or prevent
the exercise of Mortgagee's other rights or remedies.
15.
The Mortgagor specifically warrants that Mortgagor is
fully authorized to enter into this Mortgage, and that
the acquiescence or approval of no other person is
required for Mortgagor to enter into same on the terms
found herein. ~
16.
Mortgagor agrees that all of the terms and conditions
contained in the Note are incorporated into and ma.de part
of this mortgage.
17.
Mortgage this
Ail warranties, covenants, promises, undertakings,
agreements, rights, powers, privileges, benefits,
obligations and remedies imposed upon or granted or
reserved unto the said parties by this instrument shall
survive the execution and delivery hereof and! shall
respectively extend to and be binding upon the respective
heirs, executors, administrators, successors and assigns
of said parties.
IN WITNESS WHEREOF, Mortgagor has signed and sealed this
day of May, 2003.
Melvin Dean Shoell, Mortgagor
STATE OF WYOMING )
)SS.
COUNTY OFLINCOLN )
. The foregoing instrUment was acknowledged before me by Melvin Dean Shoell and
Angela Colleen Shoell this ~ day of May, 2003.
Witness my hand and official seal.
MY c°mmissi°n expires: (~O 5YD ~ ~~
SEAL ~ ~ ~ Nota~Public
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25 ACRE TRACT
LEGAL DESCRIPTION
A tract of land inthe N ½ S ½ SW ¼ of Section 6, T3 IN, R118W, 6TM P.M., Lincoln County,
Wyoming, said tract being more particularly described as follows:
BEGINNING at a point on the North line of said N .½ S ½ SW ¼, said poin~ ofbegim~ing
lying N 89043'30" E, 481.57 feet from the Northwest comer thereof (South one-sixteenth comer),
said Northwest comer being a MAG nail in asphalt with reference monuments S 88°22'05" W, 59.13
feet and N 77002'35'' E, 40.51 feet, each reference monument being a 3¼" brass cap inscribed
"PAUL N. SCHERBEL RLS 164" and appropriate details; :
thence N 89043'30'' E, 1653.68 feet along said North line; '
thence S 00002'23" W, 656.80 feet to a point on the South line of said N ½ S ½ SW ¼;
thence S 89°36'14'' W, 1653.70 feet along said South line;
thence N 00°02'23'' E, 660.29 feet to the POINT OF BEGINNING.
Said tract containing 25.000 acres, more or less.
TOGETHER WITH AN EASEMENT FOR ACCESS AND UTILITIES: across part of
the NW ¼ SW ¼ and the N ½ S ½ SW ¼ of said Section 6, said easement being more particularly
described as follows: ~
BEGINNING at a point on the North line of the said N ½ S ½ SW ~¼, said point of
beginning lying N 89043'30'' E, 39.39 feet from the Northwest comer thereof(South one-sixteenth
comer), said Northwest comer being a MAG nail in asphalt with reference monuments S 88°22'05"
W, 59.13 feet and N 77002'35'' E, 40.51 feet, each reference monument being a 3¼". brass cap
inscribed "PAUL N. S CHERBEL RLS 164" and appropriate details, said point of begirming also
lying on the Easterly right-of-way line of US Highway No. 89;
thence Northerly 11.14 feet along said right-of-way, 50.00 feet Easterly from the centerline of
a 3°00 spiraled curve concave to the Northeast, having a spiral length of 450.00 feet, a Spiral angle of
06°45', and a beginning tangent of S 00°05'02'' W, said spiral curve beginning at a point lying
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217
N 03 °25'56" W, 197.44 feet from said South one-sixteenth comer, with the last stated course along
said right-of-way having a long chord which bears N 01 °08' 12" W, 11.14 feet;
thence S 89°57'37'' E, 104.72 feet; i
thence N 89030'45'' E, 101.17 feet;
thence S 89056'22" E, 131.48 feet;
N½
land described above;
thence S 00002'23'' W, 40.00 feet along the West line thereof;
thence S 89o43'30'' W, 100.03 feet;
thence N 00°16'30'' W, 10.21 feet;
thence S 89012'44" W, 4.67 feet;
thence N 89056'22" W, 131.59 feet;
thence S 89030'49'' W, 101.35 feet to a point on the North boundary of that tract of land
described in the Warranty Deed recorded in Book 74PR, Page 412, of the Lincoln County Records;
thence N 89o57'37'' W, 103.76 feet along the North boundary thereof to a Point on said
Easterly right-of-way line, Easterly 50.00 feet from the centerline of said spiral curve;
thence Northerly 28.87 feet along said right-of-way line, 50.00 feet Easterly from the
centerline of said spiral curve, the long chord of which bears N 01o25'08'' W, 28.87 feet, to the
POINT OF BEGINNING. i
thence N 89°12'44'' E, 44.73 feet to a fence which bears North; ,
thence S 00°16'30" E, 10.57 feet along the prolongation of said fence t° the North line of said
S ½ SW 1/4;
thence N 89043'30'' E, 60.25 feet along said North line to the Northwest comer of the tract of
Said easement covering 0.415 acres, more or less.
03-59Legal25Acre.wp d
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