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Home My WebLink About89026785/28/2883 11:51 3077331014 JACKSON LUMBER PAGE BOOK - .~',~,, .PR PAGE ,:, ~ 9 THIRD .MORTGAGI~ THIS MORTGAGE is made this '_¢7~-/ ~,/~.~/' day of 7003, effective May 14, 2.003 between Jeffr~/y B. Council and ~?~een M. Council, husband and wife, of P.O. Box 8'23,'Thayne, Wyoming, hereina~er referred to as "Mortgagor," and Jackson Lumber, Inc., w~ose mailing address is P.O. Box 1789, Jackson, WY 83001, hereinafter referred to as "Mortgagee". 'The Mortgagor, to secure the payment of Ten thousand eight hundred and twenty-eight dollars and forty-eight cents ($10,8Z8.48) together with interest thereon as set forth in a Promissory Note of even date herewith, and any modifications, extension or renewals thereof, does hereby mortgage to the Mortgagee the following described real property: 02 RECEIVED LINCOLN COUNTY CLERK Lot 57 Block 12 Star Valley Ranch Plat 1 Z, Lincoln County, Wyoming as described on the official plat thereof, and further known as 368 Alpine Way~ Thayne, WY 83177 Together with and including all improvements thereon and all appurtenances and hereditaments thereunto belonging, subject to all covenants, conditions, and restrictions, easements, reservations, rights, and rights of way of sight and/or record. This Mortgage is subject to the'express condition that if the Mortgagor pays or causes to be paid to the Mortgagee the sum of Ten thousand eight hundred and twenty- eight dollars and forty-eight cents ($10,828.48) according to the terms and condition of a Promissory Note of even date herewith, unless prepaid, then this Mortgage and said Note shall cease and be null and void and Mortgagee or Mortgagee's successors and assigns shall execute an appropriate, release in recordable form and deliver the same to the Mortgagor. Mortgagor and Mortgagee further covenant and agree as follows: 1. Mortgagor shall pay the.indebtedness as herein provided and the lien of this instrument shall remain in full force an~f effect during any postponement or extension of the time of payment of any part of the indebtedness secured thereby. Z. Mortgagor shall pay.all taxes and assessments levied or assessed against said property. 3. Mortgagor shall not commit or permit w~ste and will do nothing on or in connection with said property which may impair the security of the Mortgagee hereunder. Mortgagor shall not permit said property or any part thereof to be levied upon or attached in any legal or equitable proceeding. 4. If Mortgagor defaults in. the payment of the taxes, assessments or other lawful charges, the Mortgagee may, without notice or demand, pay the same, and all sums so paid shall be added tO the p~incipal sum of the mortgage debt. Any sums so paid shall draw interest at the rate of twelve (12%) percent per annum. $. If the Mortgagor defaults in the payment of the indebtedness hereby secured or of any part of any installment herein contained, which default is not remedied in accordance with the terms of the promissory note from Mortgagor to Mortgagee, the whole of the then indebtedness secured'hereby, both principal, and interest, together with all sums payable pursuant to the provision hereof, shall at the option of the Mortgagee become immediately due and payable thirty .(30) days after notice has been mailed to Mortgagor by certified mail, return r~ceipt requested, anything herein or in said note to the contrary notwithstanding and failure to exercise said option shall not constitute a waiver of the right to e~ercise the same in the event of any subsequent defaults. 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 authorized by Wyoming statute,'and cause to be executed and delivered to the purchaser or purchasers at .any foreclosure sale a proper deed or conveyance of the properw so sold. The Mortgagor. agrees to pay. all costs of enforcement or foreclosure including reasonable attorneys' fees. The failure of the Mortgagee to promptly foreclose upon a default shall not prejudice any dght: of said Mortgagee to foreclosure thereafter Mortgage Jackson Lumb,~r Inc. Page] of 3 05/20/2003 11: 51 3077331014 JACKSON LUMBER ,!i,. ~ . ' 2:l:',:~~' PAGE during the continuance of such default or right to foreclose in case of further default or defaults. The net proceeds from such sale shall be applied to the payment of first, attorneys' fees and all monies expended or advanced by the Mortgagee pursuant to the provisions of this Mortgage; second, all unpaid taxes, assessments, claims, and liens on said property which are superior t.o the lien thereof; third, the balance due Mortgagee on account of principal and interest on the indebtedness hereby secured; and the surplus, if any, shall be paid to the Mortgagor. 6. If the property described herein is sold under foreclosure, and the proceeds are insufficient to pay the total indebtedness hereby secured, the Mortgagor or their successors or assigns shall be personally bound to pay the unpaid balance and the Mortgagee shall be entitled to a deficiency judgment. 7. if the right of foreclosure accrues as a result ~)f any default hereunder, the Mortgagee shall at once, become entitled to exclusive possession, use and enjoying of all property aforesaid and to all rents, issue~;, arid profits thereof from thirty (30) days after written notice has been mailed to Mo~gagor by Certified mail, return receipt requested, of the occurring of such right and during 'the pendency of foreclosure proceedings and the period of redemption and such possession, rents, issues, and profits shall be delivered immediately to the Mortgagee on request. 'On refusal, the delivery of such possession, rents, issues and profits may be enforced by the Mortgagee by any appropriate suit, action, or proceeding. Mortgagee shall be entitled to a receiver for said property and all rents, issues, and profits thereof after any such default including the time covered by foreclosure proceedings and the period of redemption and without regard to the solvency or insolvency of the Mortgagor or the then owner of said property and without regard to the value of said property or the sufficiency thereof to discharge the Mortgage debt and foreclosure costs, fees and expenses. "Such receiver may be appointed by the Court of competent jurisdiction upon bx parte application, notice being hereby expressly waived and the appointment of any such receiver on any such application without notice, is hereby consented to by the Mortgagor. All rents, issues, and profits income and revenue of said property shall be applied by such receiver according to law and the orders and directions of the Court. 8. Acceptance of this Mortgage and the note it secures by the Mortgagee shall be acceptance of the terms and conditiorls contained herein. 9. As collateral and further security for the payment of the indebtedness hereby secured, Mortgagor shall keep the improvements now existing or hereafter erected on said premises insured against loss by fire, with extended coverage provisions, in a sum not less than the replacement value Of the improvements or the remaining amount due under this Mortgage., whichever is less, for the term of this Mortgage, and will pay when due all premiums on such insurance. All such insurance shall Have attached thereto loss payable clauses in favor of the Mortgagor and Mortgagee as their interest may appear. The insurance pro'ceeds..or any part thereof may, at the option of the Mortgagor, be applied either to the reconstruction of improvements on the property or tO the indebtedness hereby secured. 10. The covenants herein contained shall bind, and the benefit and advantages shall insure to the respective heirs, 'devisees, legatees, 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. The term "foreclosure" and "foreclose", as used herein, shall include the right of foreclosure by any suit, action, proceeding at law or in equity or by advertisement and sale of said premises or in any other manner now or hereafter provided by Wyoming Statutes including the power to sell. 11. Any notice required to be given to any person hereunder or under the note or notes secured hereby shall be given by delivery or by mailing the same by certified mail To such person at the address noted above (or to such other address shall have been specified in writing), and notice so mailed shall for all purposes hereof be as effectual as though served upon such party in person at the time of depositing such notice in the mail. 12. This Mortgage may not b~ subordinated at the request of Mortgagor or their successors or assigns. 0.70 Mortgage. Jackson Lumber Inc. Page 2 of 3 85/28/2883 11:51 3877331814 IN WITNESS WHEREOF, this effective the date first above written. JACKSON LUMBER PAGE 84 071 Mortgage Ooreen M. Council ACKNOWLEDGMENT COUNTY OF LJ~ J/k.(*f']J k) )ss. The foregoing Mortgage was acknowledged before me this '~J%[' - day of _ . 2003 by a person known to me to be Jeffrey B. Council. WITNESS my hand and official seal. -seal- My Commission Expires: The foregoing Mortgage was ackrmwledged before me this"~;'~-'~- day of ~L"~ ,,/~r~-- 2003 by a person known to me to be Doreen M. Council. WITNESS my hand and official seal. My Commission Expires:, ¢(~¢inc Mo~gage Jackson [umberlnc. Page 3 of 3