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HomeMy WebLinkAbout891166'. ~PR PAGE MORTGAGE This MORTGAGE made as of June 10, 2003 and Wendie Renee King, husband and wife, RECEIVED LINCOLFJ C©UNT¥ CLERK - I~, ~ ,~ ..... r' ', ,,.j / ', L_ Ji , of PO Box' 7654, 'Ja'~kson, Wyoming 83002 hereinafter referred to as MORTGAGOR, and Wyoming Collection Services, Inc. of P.O. Box 3093, Jackson, WY 83001 hereinafter referred to as MORTGAGEE; for and in consideration the sum of Thirty Thousand and no/100 dollars ($ 30,000.00) lawful money of the United States, paid to MORTGAGOR by MORTGAGEE the receipt of which is hereby acknowledged, hereby mortgages the following described property. situated in the county of Teton , State of Wyoming; Lot 19 of Star Valley Ranch Plat Five (5) as platted and recorded in the official records of Lincoln County, Wyoming Including and together with all and singular the tenements, hereditaments, appurtenances and improvements thereon or thereunto belonging, and any rights to minerals thereunder, but subject to taxes, assessments, restrictions, covenants, conditions, rights-of-way easements and other similar encumbrances of sight or record as of the date hereof. 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"), MORTGAGOR hereby relinquishing and waiving all rights under and by virtue of the homestead exemption laws of the state of Wyoming. MORTGAGOR covenants that at the signing and delivery of this Mortgage, MORTGAGOR is lawfully possessed of the property and has good and lawful right to mortgage, sell and c'onvey all Of said property; MORTGAGOR warrants and will defend the title to said property against.all claims and demands and warrants that the" same is free from all encumbrances not expressly permitted hereunder. THIS MORTGAGE is subject to the First Mortgage dated December 17, 2002 to .MidFirst Bank "the First Mortgage") and recorded on December 27, 2002, in book 508 Page(s) 287, and recorded in the office of Lincoln County Clerk. THIS MORTGAGE is subject to express condition that if MORTGAGOR pays Or causes to be paid to MORTGAGEE the sum of Thirty Thousand and no/100 dollars ($30,000.00) together with interest thereon and any applicable late charges and prepayment penalties, according to the provisions of a certain promissory note dated the date hereof, the ultimate maturity date of which is June 10, 2008 executed and delivered by MORTGAGOR to MORTGAGEE, and all extensions and renewals thereof and all other amounts due hereunder, then this Mortgage and such note or notes shall cease and be null and void. MORTGAGOR'hereby covenants to pay all such amounts. MORTGAGOR further covenants and agrees as follows: 1) 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. 2) MORTGAGOR shall pay or cause to be paid all 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. 356 MORTGAGOR further agrees 1) to maintain all buildings 'and other structures on the property in substantially their present condition or better, reasonable wear from the elements excepted and reserving the right to replace buildings and structure with property of at least equal value or utility and 2) to maintain fire and extended coverage insurance covering the insurable buildings and structures on the property, written by sound and reputable insurance companies in the full insurable value of such property subject to reasonable deductibles. A copy of all such policies shall be deposited with MORTGAGEE, and shall contain a provision requiring the insurer to notify MORTGAGEE at least ten days prior to cancellation thereof. 3) MORTGAGOR shall not permit the interest of MORTGAGOR in the property or any part thereof to be levied upon or attached in any legal or equitable proceeding, subject to the right to contest in good faith by appropriate proceedings. 4) If MORTGAGOR defaults in the payment of such taxes, assessments or other lawful charges, MORTGAGE may, without notice or demand, pay 'the same. MORTGAGOR covenants and agrees.that all such sums of money so paid, together with all costs of enforcement or foreclosure, and reasonable attorney fees, shall be added to the debt hereby secured, and agrees to repay the same and all expenses so incurred by MORTGAGEE, with interest thereon from the date of payment at the same rate as provided in the note or notes hereby secured until repaid, and the same shall be a lien on the property and be secured by this Mortgage. · 5) If MORTGAGOR defaults in the payment of any principal or interest on the indebtedness secured hereby after the same shall become due and payable, or in case of breach of any covenant or agreement herein contained, in each case for a period of twenty (20) days after notice of such default by or on behalf of MORTGAGEE, the whole of the then outstanding indebtedness secured hereby, both principal and interest, together with all other sums payable pursuant to the provisions hereof, shall, at the option of MORTGAGEE, become immediately due and payable, anything herein or in said note or notes to the contrary notwithstanding, and failure to exercise said option shall not constitute a waiver of the right to exercise the same in the event of any subsequent default. MORTGAGEE may enforce the provisions of, or foreclosure, this Mortgage by any appropriate suit, action or proceeding at law or in equity. At any foreclosure sale, MORTGAGEE may cause to be executed and delivered to the purchaser or purchasers a proper deed of conveyance for the property so sold. MORTGAGOR agrees to pay all costs of enforcement and foreclosure, including reasonable attorney fees. The failure of mortgagee to promptly foreclose following a default shall not prejudice any right of MORTGAGEE to foreclose thereafter during the continuance of such default or any right to foreclose in case of further default. The proceeds from such sale shall be applied to the payment?i0f (lst) the costs and expenses of the foreclosure and sale, including reasonable attorney fees, and all money expended or advanced by MORTGAGEE pursuant to the provisions of this~'Mortgage; (2nd) all unpaid taxes, assessments, claims and liens on the property, which are superior to the lien hereof;. (3rd) ~the balance due to MORTGAGEE on account of principal and interest and late charges on the indebtedness hereby secured; and (4th) the surpl.us, if any, shall be paid to MORTGAGOR (subject to the right of any junior lienholders). 6) If the right of foreclosure accrues as a result of any default hereunder,, and insofar as it is consistent with any 357 senior lien on the property, MORTGAGEE shall at once become entitled to exclusive possession, use and enjoyment of the property and to all rents, income and profits thereof, from the accruing of such right and during the pendency of foreclosure proceedings and the period redemption, and such possession, rents, income and profits may be enforced by MORTGAGEE 'by any appropriate suit, action or proceeding. The MORTGAGEE shall be entitled to a receiver for the property and all rents, income 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 MORTGAGOR, or the then owner of the property, and without regard to the value of the property, or the sufficiency thereof to discharge the indebtedness secured hereby and foreclosure costs, fees and expenses. Such receiver may be appointed by any court of competent jurisdiction upon ex parte application, notice being hereby expressly wa'ived, and the appointment of any such receiver on any such application without notice is 'hereby consented to by MORTGAGOR. Ail rents, income and profits of the property shall be applied by such receiver according to law and the orders and directions of the court. If the property described herein is sold under foreclosure or otherwise and the proceeds are insufficient to pay the total indebtedness hereby secured, MORTGAGOR shall be personally bound to pay the unpaid balance of the note or notes secured hereby and any other indebtedness secured hereby, and the MORTGAGEE shall be entitled to a deficiency judgement. The term "foreclosure" and "foreclose", as used herein, shall include the right of foreclosure by suit, action or proceeding at law or in equity, or by advertisement and sale of the property or in any other manner now or hereafter provided by Wyoming Statues, including the power to sell. 7. The acceptance of this Mortgage, and the' note or notes it secures, by MORTGAGEE shall be an acceptance of the terms and conditions contained herein; and a duly executed and delivered release of this Mortgage by MORTGAGEE shall be a valid and effective release of said Mortgage. 8. The covenants' and agreements herein contained shall bind and inure to the benefit of the respective heirs, devisees, legatees, executors, administrators, successors and assigns of MORTGAGOR and MORTGAGEE. Whenever used the singular number shall include the plural, the plural the singular, and the use of any gender shall include all genders. 9. 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. 10. If all or any part of the property or any interest therein is sold, conveyed, leased, encumbered or otherwise transferred voluntarily or involuntarily, (other than by grant of a leasehold interest of three years or less with no renewal option, which is expressly.made subject to this Mortgage, and other than a transfer by operation of law upon the death of a joint tenant or transfer to a spouse upon death) MORTGAGEE may, in the sole discretion of MORTGAGEE, declare all sums secured by this Mortgage (together with the prepayment premium referred to above) to be immediately due and payable. MORTGAGOR shall give prior written 'notice to MORTGAGEE of such proposed sale, conveyance, lease, encumbrance or other transfer. 11. This Mortgage is executed by the spouse of each Mortgagor, if any. 12. If there are more than one holder of the note or notes Secured hereby at any time, any action with respect to the Mortgage by the holder or holders of 51% or more in unpaid principal amount thereof shall be binding upon all other holders. 13. Each individual executing this Mortgage and the related note or notes shall be personally bound, jointly and severally, to perform and observe all covenants and agreements of Mortgagor contained herein and therein 14. It is understood and agreed by the parties hereto that Wyoming Collection Services, Inc. and its successors shall have the full power and authority to act as agent of MORTGAGEE under this Mortgage, including the right to grant full or partial releases from the lien hereof and the right to reimbursement for reasonable attorney fees and expenses on default or foreclosure, and that neither said agent nor any of its affiliates shall be prohibited from selling or leasing property subject to this Mortgage to or through, or otherwise dealing with MORTGAGOR or MORTGAGEE, and neither MORTGAGOR nor MORTGAGEE shall be entitled to any commission income or other profits of said agent or its affiliates. Any title insurance company or other third party shall be fully entitled to rely upon the authority conferred upon said agent pursuant to this paragraph without the requirement of any further inquiry as to such authority. 15. Any notices required to be given to any person hereunder or under the 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 as shall have been specified in writing),, and notice so mailed shall be all purposes hereof be as effectual as though served upon such party in person at the time of depositing such notice in the mail. IN WITNESS WHEREOF, this Mortgage has been executed by MORTGAGOR as of the date first above written Randall Wade g~ ) ss On this 16~ day of ~TbL , 200~, before me personally appeared ~P.~II ~k]~J~ ~r%O ~ to me known to be the rsons described in and who executed the foregoing Mortgage, and acknowledged that they executed the same as their free act and deed, including the release and waiver of homestead. Given under my hand and seal the date first above written. My Commission Expires: