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HomeMy WebLinkAbout891399Ill RECEIVED "- o LIFq001_N C0LIF!TY CLEI~O~ -,~Jg'g-~R t/'AGE,_,.. ,' 4 .I 8 9 13 9 cJMORTGAGB "' ·-' .. ,_~ fL Jerome C. Donnelly and Diana L. Donnelly, lX, lt~l(~'ii~;r!it0 sect~t!-~'iil~:>e payment of FORTY TWO THOUSAND FOUR HUNDRED FIFTY AND' NO/100 DOELARS '($42,450.00), with interest, evidenced by a Promissory Note (hereinafter tile "NOte'') of even date herewith, and all other amounts due thereunder and all extensions and renexvals thereof, when and as the same s!lall become due and payable hereby mortgages and warrants to Roi William Searles and Georgia Beatrice Searles, Trustees for Searles Family Trust dtd 3/16/92, Mortgagee, and Mortgagee's successors and assigns, the real estate in Lincoln County, Wyoming described as: Lot 33 in Star Valley' Ranch RV Park Plat 1. Lincoln County, Wyoming as described on the official plat thereof Together with alt wells, buildings, structures, improvements, fixtures, and articles ot' personal property affixed to or used in COlmection with the real estate, to all of which Mortgagor represents that it has title fl'ee and fi'om any prior liens or encumbrances (hereinafter collectively referred to as the "premises"). THE MORTGAGOR HEREBY COVENANTS AND AGREES WITH THE MORTGAGEE AS FOLLOWS: This Mortgage is given to secure paylnent and tile Mortgagor promises to pay to Mortgagee the amount of FORTY TWO THOUSAND FOUR HUNDRED FIFTY AND NO/100 DOLLARS ($42,450.00), with interesL evidenced by a Promissory Note of even date herexvith, 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 tile essence and if any amount which this Mortgage secures shall not have been paid within 15 days after due. or in case another event of default Shall occur as provided in tile Note or this Mortgage. and if Mortgagor after receiving written notice fi'om Mortgagee demanding cure of such nompayment default fails to cure the same within 15 days after such notice, the entire indebtedness may become due and payable at once at the option of the Mortgagee and without notice; 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 pl'omptly and in full compliance with the terms of said Note and this Mortgage. The time of payment of said indebtedness, or any portion thereof, may be extended or renewed, and any portions of the prernises herein described may, without notice, be released fi:om the lien hereof, without releasing or affecting the liability fbr the payment of said indebtedness then remaining unpaid. No change in the ownership of said premises shall release, reduce or otherwise affect any such liability lbr the lien hereby created. It is further agreed that tile 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 ill full at the option of the Mortgagee if the.Mortgagor, or Mortgagor's legal representatives, successors or assigns shall convey the lnortgaged 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 itl writing by Mortgagee. The acceptance o1' 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 consent 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. Mortgagor will keep th~ premises fl'ee and clear of all other liens and encmnbrances w!fich may be or becolne superior to the lien created hereby. Mortgagor Will not commit or permit waste oi1 the premises and will keep and mair~tain the premises in good repair. 243 Mortgagor will pay all expenses and attorney's tees 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 cornply promptly, at tile expense of the Mortgagor, with all laws. statutes, ordinances and regulations affecting the premises in any manner whatsoever. 10. 11. 12. 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 damagiug by condenmation proceedings under the power of eminent domain of all or any part of the mortgaged premises. In case of tile failure of the Mortgagor to do' so. tile Mortgagee may make any payment or perform ally covenant herein to be made or perlbrmed 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 tile Mortgagor, and shall be impressed as an additional lien upon the mortgaged premises, and this Mortgage shall thereupon secure tile repayment of such advances with interest. In case all 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, tile Mortgagor hereby authorizes and empowers tile 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 fi'om such sale to retain all sums secured hereby with interest and all legal costs and charges of Such foreclosure and actual attorney's tees incurred by Mortgagee (or such other amount as shall be fixed by the Court in tile event of judicial }breclosure or receivership), which costs, charges and tees the Mortgagor agree to pay. Ill case of the foreclosure of this Mortgage. tile Mortgagor hereby authorizes and empowers tile Mortgagee, Mortgagee's successors and assigns, to effect insurance upon any buildings and fixtures oil the premises tbr 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 all 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 tile Note, fi'om the date said amount is paid. In the event of a foreclosure. Mortgagor hereby authorizes and empowers Mortgagee, Mortgagee's successors and assigns, to bring an action against any person who claims all adverse estate or interest therein for the purpose-of determining such adverse estate 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 secnred by and collectible as a part of this Mortgage. Upon commencement of any foreclosure, or at ally time thereafter, and prior to the expiration of the time for redemption fi'om any sale of the premises on foreclosure, any court of competent jurisdiction, npon application of tile Mortgagee, or the purchaser at such sale, shall, at once and without notice to the Mortgagor or any other person, appoint a receiver for said pl'elnises to take possession thereof, to collect rents, issues and profits of said premises during the pendency of such foreclosure and until the time to l'edeem tile same fi'om the foreclosure sale shall expire, and out of rents, issues, and profits to keep tile premises in good repair and condition and to pay all taxes, assessments, and special assessments, and to redeem fi'om sale for taxes, assessments, and special assessments, and to pay insurance premiums necessary to keep the premises insured in accordance with tine provisions of tlnis Mortgage and to pay the expense of the receivership, and said receiver shall apply tine net proceeds to the payment of the indebtedness secured hereby, and such receiver slnall have all tile otlner usual powers of receivers in sucln cases. 13. In consideration of the sum of ten dollars ($10) and otlner valuable consideration, the receipt whereof hereby is acknowledged, tile Mortgagor lnel'eby assigns. transfers and sets over to tile Mortgagee. Mortgagee's successors and assigns, tine rent, profits and income fi'om tine mortgaged property witln full and complete authority and right in tine Mortgagee in case of default as provided for in this' Mortgage or tine Note to demand, collect, receive and receipt lbr tine same and to take possession of the mortgaged property without having a receiver appointed therefor and to rent and manage the same fi'om time to time and apply tine net proceeds of such upon the indebtedness. Mortgagor lnereby assigns to Mortgagee all leases oftlne mortgaged property or any part thereof v~'hicln are now or may be in effect hereafter, such assignment to take effect ilnmediately in case of sucln default. Mortgagee is lnereby autlnorized to take clnarge of tine rental of the above- described property and is Inel'eby authorized to collect rents fi'om said property, to eject tenants for breach oftlneir leases and to enter into leases witln and lease said property or any part thereof to tenants, to sue for unpaid rents in tine uame of the legal holder of said indebtedness, and is to receive for services in managing said property the usual and customary fees for sucln service in effect in Lincoln County, Wyoming at the time said services are performed. Witlnout limiting tile generality of tine foregoing, tile Mortgagor further agrees as follows: ,2.44 Notice to Tenants. Mortgagee may send notices to any alnd all tenants of the property advising them of this Assignment and directing all rents to be paid directly to Mortgagee or Mortgagee's agent. Enter the Premises. Mortgagee may enter upon and take possession of the Property; demand, collect and receive fi'om tine tenants or from any otlner persons liable tlnerefor, all of tile Rents: institute and carry on all legal proceedings necessary for tile protection of tine 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. Maintain the Premises, Mortgagee lT~ay enter upon tine premises to maintain the Premises and keep the same in repair: to pay tine costs thereof and of all services of all employees, including tlneir equipmelnt, and of all continuing costs and expenses of maintaining tine premises in proper repair and condition, and also to pay all taxes, assessments~ and water utilities, and tine premiunns on fire and other insurance effected by Mortgagor on tine premises. Co~npliance with Laxvs. Mortgagee may do any and all things to execute and comply witln tine laws of the State of Wyoming and also all otlner lax.vs, rules, orders, ordinances and requirements of all other governmental agencies affecting fine premises. -4- 14. 15. 16. 17. eo Lease the Property. Mortgagee may rent or lease the whole or any part of the premises for such term or temps and on such cOnditions as Mortgagee may deem appropriate. Employ Agents. Mortgagee may engage such agent or agents as Mortgagee may deem appropriate, either in Mortgagee's or Mortgagor's name, to rent and manage 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 have all of the powers of Mortgagor for the purposes stated above. h. No Requirement to Act. Mortgagee shall not be required to do any of the foregoing acts or things, and the tact 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 fi'om exercising any such right, power or option at any time or upon any subsequent default of the Mortgagor. All 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. 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. Mortgagor agrees that all of the terms and conditions contained in the Note are incorporated into and rnade part of this mortgage. All 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 Mortgage this day of (7~-~ ,2003. // onnelly ~ Diana L. Donnelly -5- STATE OF WYOMING ) ) SS COUNTY OF LINCOLN ) The foregoing Mortgage was ackn. p¥,ledged before me ?y Jerome C. Donnelly and Diana L. Donnelly, this ~'/4/c, day o~. 200~. Witness my hand and crucial seal. My commission expires: ~'~~~- S E A L Notary Public WAND/',N NEWMAN - NOTARY PUBLIC COUNTY OF ~ STATE OF LINCOLN ~ WYOMING -6-