HomeMy WebLinkAbout891476 ~ LINCOLN COUNTY CLERK
MOR TGA GE
T~S ~DENT~, made as of th% 3bth ~ay of June, 2003, by ~d be~en L~ W. Schgo~r and Kathy A. Schooner,
P.O. Box 292, hveaon, Wyoming 82501 ~o~gagee). .... , : ' .~
AMOUNT OF LIEN:
WHEREAS, Mortgagor is justly indebted to Mortgagee in the sum of Two Hundred Thousand and No/100 Dollars
($200,000.00) and has agreed to pay the same, with interest thereon, according to the terms of a certain note (Note) given
by Mortgagor to Mortgagee.
DESCRIPTION OF PROPERTY SUBJECT TO LIEN:
NOW, THEREFORE, in consideration of the premises and the sum set forth above, and to secure the payment of the
Secured Indebtedness as defined herein, Mortgagor by these presents does grant, bargain, sell and convey unto Mortgagee
the property located at
more particularly described as:
46 Redwood Road, Thayne, Wyoming 83127
Lot 75, Plat 6, Star Valley Ranch, according to that plat of record in the Office of the Lincoln
County Clerk, Lincoln County, Wyoming.
Together with all buildings, structures and other improvements now or hereafter located on, above or below the surface of
the property; and,
Together with all the common elements appurtenant to any parcel, unit or lot which is all or part of the Premises; and,
ALL the foregoing encumbered by this Mortgage' being collectively referred to herein as the Premises;
TO HAVE AND TO HOLD the Premises hereby granted to the use, benefit and behalf of the Mortgagee, for~ver.
Conditioned, however, that if Mortgagor shall promptly pay or cause to be paid to Mortgagee, at its address listed in the
Note, or at such other place, which may hereafter be designated by Mortgagee, its successors or assigns, with interest, the
principal sum of Two Hundred Thousand and No/100 Dollars ($200,000.00) with final maturity, if not sooner paid, as
stated in said Note unless amended or extended according to the terms of the Note executed by Mortgagor and payable to
the order of Mortgagee, then these presents shall cease and be void, otherwise these presents shall remain in full force and
effect.
COVENANTS OF MORTGAGOR
Mortgagor covenants and agrees with Mortgagee as follows:
Secured Indebtedness. This Mortgage is given as security for the Note and also as security for any and all other sums,
indebtedness, obligations and liabilities of any and every kind arising, under the Note or this Mortgage, as amended or ·
modified or supplemented from time to time, and any and all renewals, modifications or extensions of any or ~11 of the
foregoing (all of which are collectively referred to herein as the Secured Indebtedness), the entire Secured Indebtedness
being equally secured with and having the same priority as any amounts owed at the date hereof.
Performance of Note, Mortgage, Etc. Mortgagor shall perform, observe and comply with all provisions hereof and of the
Note and shall promptly pay, in lawful money of the United States of America, to Mortgagee the Secured Indebtedness
with interest thereon as provided in the Note, this Mortgage and all other documents constituting the Secured
Indebtedness.
Extent Of Payment Other Than Principal And Interest. Mortgagor shall pay, when due and payable, (1) all tax~s,
assessments, general or special, and other charges levied on, or assessed, placed or made against the Premises, this
instrument or the Secured Indebtedness or any interest of the Mortgagee in the Premises or the obligations secured hereby;
(2) premiums on policies of fire and other hazard insurance covering the Premises, as required herein; (3) ground rents or
other lease rentals; and (4) other sums related to the Premises or the indebtedness secured hereby, if any, payable by
Mortgagor.
Care of Property. Mortgagor shall maintain the Premises in good condition and repair and shall not commit or suffer any
material waste to the Premises.
Prior Mortgage. ~Vith regard to the Prior Mortgage, MortgagOr hereby agrees to: (1) Pay promptly, when due, all
installments ofprincipa! and ~nterest and all other sums and charges made payable by the Prior Mortgage; (2) Prompt!y'
perform and observe all of the terms, covenants and conditions required to be performed and observed by Mortgagor
under the Prior Mortgage, within the period provided in said Prior Mortgage; (3) Promptly notify Mortgagee of any
default, or notice c!ahning any event of default by Mortgagor in the performance or observance of any term, covenant or
condition to be performed or observed by Mortgagor under any such Prior Mortgage. (4) Mortgagor will not request nor
will it accept any voluntary future advances under the Prior
Mortgage without Mortgagee's prior written consent, which consent shall not be unreasonably withheld.
DEFAULTS
Default. The occurrence of any one of the following events Which shall not be cured within thirty days after written notice
of the occurrence of the event, if the default is monetary, or which shall not be cured within sixty days after written notice,
if the default is non-monetary, shall constitute an Event of Default: (I) Mortgagor fails to pay the Secured Indebtedness,
or any part thereof, or the taxes, insurance and other charges, as herein before provided, when and as the same shall
become due and payable; (2) Any material warranty of Mortgagor herein contained, or contained in the Note, proves
untrue or misleading in any material respect; (3) Mortgagor materially fails to keep, observe, perform, carry out and
execute the covenants, agreements, obligationS and conditions set out in this Mortgage, or in the Note; (4) Foreclosure
proceedings (whether judicial or otherwise) are instituted on any mortgage or any lien of any kind secured by any portion
of the Premises and affecting the priority of this Mortgage.
Upon the occurrence of any Event of Default, the Mortgagee may immediately do any one or more of the following: (1)
Declare the total Secured Indebtedness, including without limitation all payments for taxes, assessments, insurance
premiums, liens, costs, expenses and attorney's fees herein specified, without notice to Mortgagor (such notice being
hereby expressly waived), to be due and payable at once, by foreclosure or otherwise; (2) In the event that Mortgagee
elects to accelerate the maturity of the Secured Indebtedness and declares the Secured Indebtedness to be du, and payable
in full at once as provided for herein, or as may be provided for in the Note, then Mortgagee shall have the right to pursue
all of Mortgagee's rights and remedies for the collection of such Secured Indebtedness, whether such rights and remedies
are granted by this Mortgage, any other agreement, law, equity or otherwise, to include, without limitation, the institution
of foreclosure proceedings against the Premises under the terms of this Mortgage and any applicable state or federal law.
MISCELLANEOUS PROVISIONS
Prior Liens. Mortgagor shall keep the Premises free from all prior liens (except for those consented to by Mortgagee).
Notice, Demand and Request. Every provision for notice and demand or request shall be deemed fulfilled by written
notice and demand or request delivered in accordance with the provisions of the Note relating to notice.
Severability. If any provision of this Mortgage shall, for any reason and to any extent, be invalid or unenforcoable, the
remainder of the instrument in which such provision is contained, shall be enforced to the maximum extent l~rmitted by
taw.
Governing Law. The terms and provisions of this Mortgage are to be governed by the laws of the State of Wyoming. No
payment of interest or in the nature of interest for any debt secured in part by this Mortgage shall exceed the maximum
amount permitted by law.
Descriptive Headings. The descriptive headings used herein are for convenience of reference only, and they are not
intended to have any effect whatsoever in determining the rights or obligations of the Mortgagor or Mortgagee and they
shall not be used in the interpretation or construction hereof.
Attorney's Fees. As used in this Mortgage, attorneys' fees shall include, but not be limited to, fees incurred in all matters
of collection and enforcement, construction and interpretation, before, during and after suit, trial, proceedings and appeals.
Attorneys' fees shall also include hourly charges for paralegals, law clerks and other staff members operating under the
supervision of an attorney.
Exculpation. Notwithstanding anything contained herein to the contrary, the Note which this Mortgage securos is a non-
recourse Note and such Note shall be enforced against Mortgagor only to the extent of Mortgagor's interest in the
Premises as described herein.
IN WITNESS WHEREOF, the Mortgagor has caused this instrument to be~f~he ~above written.
L IN(I~' SCHOONER I~/~(51~'
STATE OF WYOMING
COUNTY OF TETON
Subscribed and sworn before me by Link W. Schooner and Kathy A. Schooner, this the 30th day of June, 2003.
0itn.ess my hang arFNie_al., . '
~ ~ ~Jf~. ~ My commission expires: 0/4 --0t~ - ,:~1.0 VALERIE A. PACHECO~ NOTARY PUBLIC
Notary Public ' ' ~ County of tf,~ State of
} Teton ~ .Wyo. ,mi n_.9_.._