HomeMy WebLinkAbout894417, REOEIVED
¥ ..... ~ ,5,..q~p~.p/.c;2,4, 5 4 'LINCOLN COUNTS' CLERK
Michael J. Babbidge and ginda L. Babbidge Mortgagor(s), of Weber X~ ;~¢' ~ ~0 ~,.~,t~ to
secure payment of eleven thousand ~o hundred fifW and no/100 Dollars ($ 11,250.00 ), due October 1~ 2013 ,
with interest from August 9, 2003 at the rate often per cent per annum payable monthly, evidenced by Promissory Note
of even date herewith, in monthly installments of one hundred fo~-eight and 67/100 Do~ars ($_ 148.67 _) each,
including interest, commencing on the 1st day of October ,2003 and continuing on the same day of each month
thereafter, do(es) hereby mortgage and Warrant to LEISU~ VALLEY, ~C., a Nevada Corporation, Mo~gagee, of Lincoln
County, Wyoming, the following described real proper~ in the County of Lincoln, State of Wyoming:
Star Valley Ranch RV Park Plat 2 Lot 630
Mortgagor(s) agree(s) to pay the indebtedness according to the terms and conditions of that certain Promissory Note hereinabove
described, executed by Mortgagor(s) to Leisure Valley, Inc., and during the life of this mortgage to pay all taxes and assessments against the
premises. If Mortgagor(s) fail(s) to pay such taxes or assessments, Mortgagee rnay pay the same, and all st,ms paid by Mortgagee for such
propose shall be added to and considered as a part of the indebtedness and shall draw interest at tile same rate.
If default occurs in the payment of the indebtedness or in the payment of any installment thereof, or if default occurs in any of the
covenants and agreements hereof or under the aforesaid Promissory Note, then the whole indebtedness shall, at Mortgagee's option,
become due and payable forthwith, and Mortgagee may foreclose this mortgage either by advertisement and sale of the pre,nises as
provided by the statutes of the State of Wyoming, orby an action in equity. This will be Mortgagee's sole remedy against Mortgagor(s) in
case of default by Mortgagor(s). Out of the proceeds of any foreclosure the Mortgagee shall retain or receive all sums due to it hereunder
and costs of foreclosure and sale, including attorney fees in an amotmt equal to Ten Percent (10%) of the indebtedness remaining unpaid at
the time of such sale, and the same shall be taxed as costs in any equitable action brought to foreclose this mortgage.
To fully assure Mortgagee the benefits of the security interest in the premises granted to it hereunder, Mortgagor(s) hereby assign(s) to
Mortgagee all rents hereafter payable for the use and occupancy of the premises by any person in possession thereof with Mortgagor's
consent. If default occurs in any ofthe covenants and agreements herein contained or under the aforesaid Promissoi7 Note, whether or not
Mortgagee elects to foreclose this mortgage on account thereof, Mortgagor(s) hereby authorize(s) Mortgagee to collect the rents from the
premises and to apply tile same to the payments on the indebtedness secured hereby until such default is remedied.
In the event of foreclosure of this mortgage upon default, Mortgagee shall be entitled to tile possession and enjoyment of the premises
and rents and profits thereof fi'om the time of such default aud during tile pendency of foreclosure proceedings and period of redemption, if
any. If Mortgagor(s) shall fail to surrender such possession to Mortgagee promptly upon its request therefor, Mortgagee may compel
delivery thereof by ejectment action or other civil proceedings appropriate for that purpose. Furthermore, in addition to the remedies
othet~vise provided for in this mortgage and by law and as a matter of right without regard to the solvency or insolvency of Mortgagor(s),
the value of the premises or the insufficiency thereof to discharge tile indebtedness and costs of foreclosure and sale, Mortgagee shall be
entitled to receive from the premises the rents, issues and profits thereof fi-om the time of default to tile expiration of any redemptive period
provided by law. A receiver may be appointed by any court of competent jurisdiction upon ex parte application without notice, notice
being hereby waived and appointment of a receiver upon such application being hereby consented to by the Mortgagor(s).
MORTGAGOR(S) HEREBY RELINQUISH(ES) AND WAIVE(ES) all rights under and by virtue of the homestead
exemption laws of the State of Wyoming.
Dated this 9th day of August ,2003
MORTGAGOR(S):
STATE OF WYOMING )
)
COUNTY OF LINCOLN )
SS.
On this 9th day of August ,2003 before me personally appeared Michael J. Babbidge
and Linda L. Babbidge known to me to be the person(s) described in and who executed the foregoing instrument, and
acknowledged that they executed the same as their fl'ee act and deed, including the release and waiver of the right of
homestead.
WITNESS my hand and seal.
My commission expires (01~5!o_~
NOTARY PUBLIC in }and~.r;said County and State
N&NCY J~ BROWN - NOTARY PUBLIC
Cou~ly o! f~ State ct
Lincoln~ ~om~ng
My Commission ~plfes 6-25-200~