HomeMy WebLinkAbout89200701018069
892007
MORTGAGE
RECEIVED
LINOOLN COUNTy CLERK
03 JU!. 29 Pt'! 2:20
This mortgage is made as of the a~qc4x_ day of ,
2003, between Kip R. Wilkes, Trustee of the Kip R. Wilkes Trust, dated October
15, 2001 (the "Mortgagor"), and Hugh Gardner Soest and Donna Marie Soest, as
Trustees of The Green Hills Revocable Living Trust, f/b/o Hugh GarcLner Soest
and Donna Marie Soest, dated June 30th, 1989 (the "Mortgagee").
WITNESSETH, that to secure the payment of an indebtedness in the sum of
Eighty Thousand Dollars ($80,000.00), together with interest thereon at the rate of
seven percent (7%)per annum, being due and payable in sixty (60) equal monthly
inst~llments of principal and interest in the amount of Nine Htmdred Twenty
Eight Dollars and Eighty Six Cents ($928.86) each, (based on a ten (10) year
amort/zation) the first of such monthly inst~llments of principal and interest being
due and payable on the 17m day of August, 2003, with like installments being due
and payable on the same day of each month for f/fly nine (59) months thereafter,
with the final installment to include the entire remaining principal balance due
together with all accrued and unpaid interest and costs, ("Balloon Payment")
being due and payable concurrently with the sixtieth and final monthly
installment due on the 17th day of June, 2008, and with all payments to be credited
first to interest to the date paid and the balance, if any, to be credited against
principal, all as evidenced by a Promissory Note of even date herewith (the
ultimate maturity date of which is the'lTm day of June, 2008) and all renewals,
mocliRcations and extensions thereof, the Mortgagor hereby mortgages to the
Mortgagee the following described real estate, situated in the County of Lincoln,
State o£ Wyoming~ to-wit:
Parcel 1:5W1/4 NE1/4 of Section 29, T32N, RllgW, 6m, P.M.
Lincoln County, Wyoming.
Parcel 2:
Page 547.
Easement for access as described in Book 305 P,R.,
'Together With and including all oil, gas, and other mineral fights
owned by Grantor, and all other appurtenances and herecUtaments
there~to belonging. Subject to taxes and all covenants, conditions,
restrictions, easements, reservations, rights and rights-of-way of
sight and/or record.
And the Mortgagor covenants with the Mortgagee as follows:
1. Payment. The Mortgagor shall pay the indebtedness
secured.
hereby
Prepayraent.. There shall be no prepayment.
Preservation of Prop.erty. The Mortgagor shall not do anything on
or in connection with the Property which may impair Mortgagee's security
hereunder. Mortgagor will not commit, permit or suffer any waste, impairment,
or deterioration of the Property and the Property shall be continuously
maintained, in good and sightly order, repair and condition by Mortgagor at his
expo..t~e.
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4. Taxes and Other .Ch_arges.. The Mortgagor shall pay all ground
rents, taxes, assessments, sewer rents, water rates, all governmental,
governmental charges (e.g., homeowner association assessments) and other
lawful charges on or against the Property.
5. Pamer~ts by Mortgagee. In the event Mortgagor defaults in the
payment of arty lawful charges against the Property or insurance premiums,
Mortgagee, at its sole option and discretion, may pay same. Mortgagor covenants
a_nd agrees to reimburse such sums expended by Mortgagee with interest at the
rate of eighteen percent (18%) per annum, and the same shall constitute a lien
against the Property with priority as of the date hereof.
6. Statement. The Mortgagor, within twenty (20) days upon request in
person or within thirty (30) days upon request by mail, will furnish a written
statement duly acknowledged verifying and acknowledging the mount
outstanding on the indebtedness secured by this mortgage.
7. Notice. All notices shall be sent by certified mail, shall be deemed
given when mailed, and shall be addressed as follows or at such other place as
may be designated by either party from time to time in writing in the same
manner as provided herein:
Mortgagor:
Kip R. Wilkes, Trustee
]P.O. Box 890
Thayne, Wyoming 83127
Mortgagee:
c/o Ernest Jensen
Merrill, Jensen, Poul$on & Company Chtd.
P.O. Box 50700 :
Idaho Fails, Idaho 83405-0700
8. Warranty. The Mortgagor warrants the title to the Property.
Mortgagor shall furnish and pay fOr title insurance coverage insuring Mortgagee's
interest in the Property to the full amount of the indebtedness secured hereby.
9. Default and Acceleration. The entire indebtedness secured hereby
shall become due and payable at the option of the Mortgagee:
Upon default in the payment of any amount hereby secured or
payable hereunder (regular installments of principal and interest,
late charges, lawful charges against the Property, amounts paid by
Mortgagee, attorney fees, collection costs, etc.) and failure to cure
such payment default within twenty (20) days of written notice
thereof; or
After failure to exhibit to the Mortgagee, within thirty (30) days
after demand, receipts showing payment of all ground rents, taxes,
water rates, sewer rents, governmental charges, quasi-governmental
charges and assessments; or
(¢)
After the assignment of the rents of the Property or any part thereof
without the written consent of the Mortgagee, 'except as otherwise
provided herein; or
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431
(d)
If the Mortgagor fails to keep, observe and perform any of the other
covenants, conditions or agreements' contained in this mortgage (not
cured within prescribed time limits); or
After failUre to comply with any requirement or order or notice of
violation of law or ordinance issued by any governmental or
governmental authority claiming jurisdiction over the Property
within three (3) months from the issuance thereof; or
Upon sale or transfer of an interest in the Property without
Mortgagee's consent as herein provided; or
Anything in this mortgage cont.~J_qed to the contrary
notwithstanding, if it shall be necessary for Mortgagee or
Mortgagee's agent to notify Mortgagor in writing of default under
this mortgage for failure to make the required payments in a timely
manner, four (4) times during any twelve month period, then the
Mortgagee shall not be obligated to provide any further notice of
default and the mortgage will, at the option of Mortgagee, be in
default (and all amounts secured hereby and payable hereunder
shall be fully due and payable) and the Mortgagee shall have all
remedies'available to it as set forth herein,
10. Foreclosure Upon Default. In the event of default and acceleration
as.herein provided, the Mortgagee may pzoceed, pursuant to the laws of the State
of Wyoming by judicial foreclosure or advertisement and sale, to foreclose on and
sell the Property, and out of the proceeds of such sale shall pay all sums secured
hereby, including all costs and expenses of the foreclosure proceeding.
11. Remedies. All remedies provided in this mortgage a_re distinct and
cumulative to any other right or remedy under this mortgage or afforded by law
or equity which may be exercised concurrently, independently or successively.
Any forbearance by Mortgagee in exercising any right or remedy hereunder, or
otherwise afforded by applicable law, shall not be deemed a waiver or preClude
the exercise of any such right or remedY at any time.
12. Receiver.' The holder of this mortgage, in any action' or procedure to
foreclose it 0udicial, by power of sale or otherwise), shall be entitled to the
appointment of a receiver. The Mortgagor hereby consents that, in the event a
receiver is appointed, Mortgagee may be the receiver.
13. Possession. In the event of default by Mortgagor, the Mortgagee is'
entitled to possession of the Property during the pendency of any foreclosure
proceedings and during any period of redemption, ff applicable, under the
statutes of the State of Wyoming.
14. Att0mey and Foreclosure Expenses. If a. ny action or proceeding be
commenced, to which action or proceeding the Mortgagee is made a party due to
its interest in the Property, or in which it becomes necessary to initiate collection
of fl~e indebtedness hereby secured Or foreclosUre proceedings (whether or not
suit is necessary), all sums paid by the Mortgagee for the expense of any litigation
or proceeding to prosecute or to defend the rights and lien created by this
mortgage or to foreclose this mortgage or to collect the indebtedness hereby
secured (including reasonable attorneys' fees), shall be paid by the Mortgagor,
together with interest thereon at the rate of eighteen percent [18%) per annum,
432
and any such sums and the interest thereon sb~1! be a lien on the Property, prior
to any right, or title to, interest in or claim upon the Property attaching or
accruing subsequent to the lien of this mortgage, and shall be deemed to be
Secured by this mortgage.
15. Assignment of Rents. The Mortgagor hereby assigns to the
Mortgagee the rents, issues and profits, ff any, of the Property as further security
for the payment of the indebtedness secured hereby, and the Mortgagor grants to
the Mortgagee the right to enter upon the Property or any part thereof, and to
apply the rents, issues and profits, after payment of all necessary charges and
expenses, on account of the indebtedness hereby secured. This assigrm~ent and
grant shall continue in effect until all sums secured by this mortgage ate paid,
The Mortgagee hereby waives the right to enter upon the Property for the
purpose of collecting said rents, issues and profits, and the Mortgagor shall be
entitled to collect and to receive said rents, issues and profits; provided fi'mt such
right of the Mortgagor may be revoked by the Mortgagee upon any default (not
cured within the applicable cure period) hereunder, without notice.
16. Dedicienqy. In the event the Property is sol'd at foreclosure (judicial,
poWer of sale, or otherwise according to law) and the proceeds are irmuffident to
pay the indebtedness secured hereby, Mortgagor shall remain liable for the
unpaid balance and Mortgagee will be entitled to a deficiency judgment.
17. Due-on-Transfer. If all or any part of the Property or any equitable
or beneficial interest therein is sold or otherwise tramferred by Mortgagor
without Mortgagee's prior written consent, which shall not be unreasonably
withheld, excluding (a) the creation of a purchase money security interest for
appliances, (b) a transfer by descent, devise or operation of the law upon the
death of any owner, or (c) the grant of any leasehold interest to the Property of
three (3) years or less not containing an option to purchase, Mortgagee may, at
Mortgagee's sole option, declare all sums secured hereby to be immediately due
and payable.
18. Set-Off. Mortgagor shall not be entitled to set-off or any similar
rights against mounts secured hereby.
19. Miscellaneous. This mortgage may not be changed or terminated
orally. The covenants, agreements and conditions contained in this mortgage
shall nm with the land and bind the Mortgagor, the heirs, successors and assigns
of the Mortgagor, ' and all subsequent owners, encumbrancers, tenants and
subtenants of the Property, and shall inure to the benefit ti the Mortgagee, the
personal representatives, successors and assigns of the Mortgagee, and all
subsequent holders of this mortgage. The word I'Mortgagor" sh~ll be construed
as if it read "Mortgagors" and the word "Mortgagee', shall be construed as if it
read "Mortgagees" whenever the sense of rids mortgage so requires. Whenever
used, the singular shall include the plural, the plural the singular and the use of
any gender shall include all genders. This mortgage shall be governed by the
laws of the State of Wyoming.
IN WITNESS WHEREOF, this mo.rtgage has been duly executed by the
Mortgagor, hereby relinquishing and waiving all rights under and by virtue of
the homestead eXemption laws of the State of Wyoming.
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433
October 15~ ~001
STATE OF WYOMING )
COUNTY OF )
The foregoing instrument was acknowledged before me b1~.,Kip R. Wilkes,
Tru%ff~ft~theKipR. Wilkes Trust, datedOctoberlS, 2001this~ff day of
{J . ,2003.
Wimess my hand and official seal.
My Commission Expires_ _____~__yarch 25.2007 l{ Notary Public
My Commission Expizes: ~/ff. fi/9.06'7