HomeMy WebLinkAbout892251 . .. RECEIVED' ~4-o,,p ~
LINCOLN COUNTY OLER~~,~,
892251 03AUG-6 PH 2:0a
MORTGAGE DEE~AN~-.~ WAONER BO0~
This Mortgage is given by First Baptist Church .,. hereinafter
called Borrower, of Kemmerer, ~"
to Wyoming .Southern Baptist FoUndation , hereinafter called Lender, which term
includes anY holder of this Mortgage, to secure the payment o'f the PRINCIPAL SUM of
$ 50,000.00 together with interest thereon computed on the 'outstanding balance, all as
provided in a Note having the same date as this Mortgage, and also to secure the performance of
all the terms, covenants, agreements, conditions and extensions of the Note and this Mortgage.
In consideration of the loan made by Lender to Borrower and for the purpose expressed
above, the Borrower does hereby grant and convey to Lender, with MORTGAGE
COVENANTS, the land with the buildings situated thereon and all the improvements and
fixtures now and hereafter a part thereof, being more particularly described in Exhibit A
attached hereto and made a part hereof and having a street address of:
Bar.Nield Addition 2 Lot 3
Attach Property Description
Borrower further covenants and agrees that:
1. No superior mortgage or the note secured by it will be modified without the consent of
Lender hereunder.
2. BorroWer will make with each periodic payment, due under the Note secured by this
Mortgage a payment sufficient to provide a fund from which the real estate taxes, betterment
assessments and other municipal charges which can become a lien against the. mortgaged
premises can be paid by Lender when due. This provision shall be effective only in the event
that a fund for the same purpose is not required to be established by the holder of a senior
mortgage.
3. In the event that Borrower fails to carry out the covenants and agreements set forth
herein, the Lender may do a~d pay fo,r i~ha.~ever~is, necessary to proteCJ the val~e.0f, an~d the
Lender's rights in the mortgaged prope.r_~y' and any amounts so paid'~sh..,al:l he added to t_h_e
Principal Sum due the Lender hereunder. ~- , .. . ,_ ':5-. :-.
4. As additional security hereunder, Borrower hereby assigns to Lender, Borrower's rents of
the mortgaged property, and upon default the same may be collected without the necessity of
making entry upon the mortgaged premises.
5. In the event that any condition of this Mo?t~age..or an¥'gtCnior rhortgag,,e shall be in
default for fifteen (15) daYs, the entire debt shall become immediately due and payable at the
option of the!Lender. Lender shall be entitle_.d to cbllhct ail costs and'expenses; indiuding
reasonable attorney's fees incurre& ' '
690
6. ,In the event that the Borrower transfers ownership (either legal or equitable) or any
security interest in the mortgaged property, whether voluntarily or involuntarily, the Lender may
at its option declare the entire debt due and payable.
7. This Mortgage is also security for all other direct and contingent liabilities of the
Borrower to Lender which are due or become due and whether now existing or hereafter
contracted.
8. Borrower shall maintain adequate insurance on the property in amounts and form of
coverage acceptable to Lender and the Lender shall be a named insured as its interest may
appear.
9. Borrower shall not commit waste or permit others to commit actual, permissive or
constructive waste on the property.
10. Borrower further covenants and warrants to Lender that Borrower is indefeasibly seized
of said land in fee simple; that the Borrower has lawful authority to mortgage said land and that
said land is free and clear of all encumbrances except as may be expressly contained herein.
This Mortgage is upon the STATUTORY CONDITION and the other conditions set forth
herein, for breach of which Lender shall have the STATUTORY POWER OF SALE to the extent
existing under State law.
Executed under seal this
day of ,19
On ~ ~ ~'! ~-o'~'-before -me, '~~~ , personally'appeared
proved to me on the basis of satis~acto~ ~vloence) to De tne p [ ) t )
subscribed to ~e within ins~ment ~d ac~owledged to me that he/she/they executed ~e sine
in ~s~er/their aUthorized capacity(ies), ~d ~at by his~efftheir signature(s) on the instrument
the person(s), or the entiW upon beh~f of wEch the person(s) acted, executed ~e instrument.
Affiant Known Un}mown
ID Produced
WITNESS my hand and offical seal.
(Seal)