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MORTG&GF4 c3 -j
TH2S MORTGAGE, made as of the cO~/ day of
RECEIVED
LINCOLN COUNTY' CLERK
........ -,, e,~,'~ ~' ' :.~ '.iiL_i'",
Kevin K. George and Lisa M. George, husband and wife, whose address is 804 Cedar
Avenue, Kemmerer, Wyoming, 83101, hereinafter referred to as "Mortgagor," to
RAYMOND CLARK, a single man, whose address is Big Piney, WY and SPENCER
GEORGE NICHOLS and LOIS NICHOLS, as husband and wife, whose address is
Big Piney, WY 83113, JOSEPH EDMOND FAGNANT and DIANE FAGNANT, as
husband and wife, whose address is 102 Willow Avenue, Kemmerer, WY 83101 as
"Mortgagees", as Tenants in Common, of 102 Willow Avenue, Kemmerer, Wyoming
83101, hereinafter referred to as "Mortgagee".
The 'Mortgagor, fOr and in consideration of the sum of Thirty Thousand and No
($30,000.00) Dollars in lawful money of the United States, to secure certain
indebtedness, evidenced by a Promissory Note of even date herewith, does hereby grant,
bargain, mortgage and convey to the Mortgagee, the real property situated in Lincoln
County, Wyoming, described as follows:
The North half (N1/2) of Lot One (1) of Block Eight (8) of the original Town of
Kemmerer, according to the Official Plat of said Town of Kemmerer, now on file
And of record in the Office of the County Clerk and ExzOfficio Register of Deeds
in and for said Lincoln County, Wyoming; together with all buildings, houses and
improvements thereon or in anywise thereunto appertaining.
SUBJECT TO reservation and restrictions contained in the United states patents or of
record, to easements and rights-of-way of record or in use and to prior mineral
reservations of record.
The indebtedness secured hereby is described as:
A. The principal balance of Thirty Thousand ($30,000.00) Dollars together
with interest at the rate of eight (7%) per annum thereon shall be paid in sixty
(120) equal monthly installments of interest and principa! of $348.33,plus an
additional Thirty Seven dollars ($37.00) for Taxes and Insurance for a Total
Payment of Three Hundred Eighty Five and Thirty Three Cents ($385.33).
Payments of said monthly installments shall begin on 6/1/03 and continue in like
amount on or before the same day of each and every month thereafter. Interest
shall accrue on the principal amount fi:om 6/1/03. All payments shall first be
applied to accrued interest and then to principal as of the date received.
B. Mortgagor shall have the right to make additional cash payments at any
time and may pay the entire balance due, with any interest to date of such
payment, at any time without penalty. A partial payment shall not act to reduce
the amount or change the date of the next monthly payment due but shall act by
reduction of principal owed to reduce the total term of the Mortgage and thus the
total amount of interest pad. Mortgagor may pay an amount of equal to a monthly
payment and specify that it is an advance monthly payment and not a prepayment
and thus have said payment act to satisfy the next respective monthly payment
obligation.
C. It is specifically agreed that late payments accepted by Mortgagee will not
operate to change or modify any of the due dates or other payments due
hereunder. Any payment not received as set out herein shall accrue a late charge
527
o£$15.00 after ten (10) days past the due date. A late payment shall not be
considered cured until said late payment is paid in full together with any accrued
late charge.
TO HAVE AND TO HOLD such property forever (any of such property which is
subject to the lien of this Mortgage from time to time is referred to as the "property"), the
Mortgagor hereby relinquishing and waiving all rights under and by Virtue of the
homestead exemption laws of the State of Wyoming.
1. The Mortgagor further covenants and agrees as follows:
(a) The lien of this Mortgage shall remain in full force and effect
during any postponement or extension of the time of payment of any part of the
indebtedness secured hereby.
(b) The Mortgagor shall pay .in the mOnthly payment all insurance,
taxes and assessments levied or assessed against the property, and shall comply with all
recordation and other laws affecting the security of this Mortgage, at the expense of the
Mortgagor.
(c) The Mortgagor shall not permit the interest of the Mortgagor in the
prOperty or any part thereof to be levied upon or attached in any legal or equitable
proceeding, except to the extent such proceeding is being contested in good faith by
appropriate proceedings.
(d) Mortgagees shall provide at closing and at all time during this
contract period fire and hazard insurance on the improvements on the concerned real
property. These improvements shall be insured at fair market value. This insurance shall
name Mortgagee as an additional loss payee with a "union or standard mortgage clause"
and not a "loss payable or open mortgage clause" and shall provide that the policy shall
not be canceled without prior notice to Mortgagor. It is expressly understood that this
insurance is for the real property only and not contents. Mortgagor must obtain insurance
for the contents of the home. The payment clause shall be made payable to the Mortgagee
and Mortgagor as their interest may appear. In the event of a loss, the proceeds thereof
shall be forthwith applied to payment °fthe balance due under the terms of the
Promissory Note secured hereby, and the application of said insurance funds to the
payment of the remaining balance shall be in addition to the regularly scheduled
payments provided for in said Promissory Note and Mortgage.
2. If the Mortgagor defaults in the payment of such insurance, taxes,
assessments or another lawful charges, the Mortgagee may, without notice or demand,
pay the same. The Mortgagor covenants and agrees that all such sums of money so
expended, shall be added to the debt hereby secured, and agrees to repay the same and all
expenses so incurred by the Mortgagee, with interest thereon from the date of payment at
the interest rate provided in the note secured hereby until repaid, and the same shall be a
lien on the property and be secured by the Mortgage.
'3. The Mortgagee may enforce the provisions of, or foreclose this Mortgage
by any appropriate suit, action or proceeding at law or in equity or by advertisement and
sale as provided by Wyoming Statutes. At any foreclosure sale, the Mortgagee may
cause to be executed and delivered to the purchaser or purchasers a proper deed or
conveyance of the property so sold. The Mortgagor agrees to pay all costs of
enforcement and of foreclosure, including reasonable attorney's fees. The failure of the
Mortgagee to promptly foreclose following a default shall not prejudice any right of the
Mortgagee to foreclose thereafter during the continuance of such default or any right to
foreclosed in case of further default or defaults. The proceeds fi:om such sale shall be
applied to the payment of (1~) the costs and expenses of the foreclosure and sale,
including reasonable attorney's fees, and all money expended or advanced by the
Mortgagee pursuant to the provisions of the Mortgage; claims and liens on the property,
which are superior to the lien hereof; (2nd) the balance due to the Mortgagee on account
of principal and interest on the indebtedness hereby secured; and (3rd) the surplus, if any,
shall be paid to the Mortgager (subject to the rights of any junior lienholder). Provided
that no foreclosure action shall be taken by the Mortgagee until thirty (30) days have
elapsed since Mortgagee has given written notice to Mortgagor of such default and
Mortgagor has failed to cure such default within said thirty (30) days have elapsed since
Mortgagee has given written notice to Mortgagor of such default and Mortgagor has
failed to cure such default within said thirty (30) day period.
4. If the property described herein is sold under foreclosure or otherwise and
the proceeds are insufficient to pay the total indebtedness hereby secured, the Mortgagor
528
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shall be personallY bound to pay the unpaid balance of the note secured hereby and any
other indebtedness secured hereby, and the Mortgagee shall be entitled to a deficiency
judgment.
5. The acceptance of this Mortgage, and the Promissory Note is secures, by
the Mortgagee, shall be an acceptance of the terms and conditions contained herein.
6. : The covenants and agreements herein contained shall bind, and inure to
the benefit of, the respective heks, devisees, legatees, executors, administrators,
successors and assigns of the Mortgagor and the Mortgagee. Whenever used the singular
number shall include the plural, the plural the singular, and the use of gender shall
include all genders.
7. The Mortgagor shall not create, incur or suffer to exist any other mortgage
or lien on the property which is not junior to the lien of this Mortgage.
IN WITNESS WHEREOF, this Mortgage has been executed by the Mortgagor as
of the date first above written.
STATE OF /3~ )
)
COUNTY OF
C/7 I.~ISA M. GEORGd -
GEORGE and LISA M GEORGE, this
Witness my hand and official seal.
The foregoing MORTGAGE was acknowledged before me by KEVIN K.
day of /~ ,20 ~c:~.
- ~,IOTARY~-~U~[~
My Commission Expires:
Susan Gri{~. !',!c,~ary Pubhc
Counb/ot {~g~ State of
Lincoln ~' Wyoming