HomeMy WebLinkAbout894530 RECEIVED
LINCOLN COUNT~( CLERK
03 OCT 17 f~:H I0:31
JEANNE "
~OW~L MENBY THESE PRESENTS, that ROGER A. BROWN, a single
person, of P.O. Box 3114, Alpine, Wyoming, 83128, to secure the Payment of the
principal sum of one hundred six thousand, nine hundred sixty-four dollars and fifty-six
cents ($106,964.56), as evidenced by a Promissory Note dated of even date herewith,
to the order of THE MAXWELL E. AND MARGARET S. BROWN FAMILY TRUST,
MAXWELL E. BROWN and MARGARET S. BROWN, Trustees, dated October. I q,-r~-
2003, of P.O. Box 3146, Alpine, Wyoming, 83128 to be paid as follows:
1. On the date of the execution of this mortgage and the promissory note of
even date, the mortgagor will pay to the mortgagee the remaining balance of the
amount of one hundred six thousand, nine hundred sixty-four dollars and fifty-six
cents ($106,964.56), which shall accrue interest at six percent (6%) per annum
until paid in full. This amount shall start accruing interest on the date of the
execution of the promissory note of even date.
2. The mortgagor shall pay to the mortgagee monthly payments in the sum of
seven hundred, seventy ($770.00) dollars. The first payment to begin on
October 20'h, 2003, and shall continue to be due on the 20~h day'of each month
thereafter until paid in full or for a total of twenty (20) years.
3. Mortgagor may prepay the principal amount in whole or in part at any time
without penalty. Any partial prepayment shall be applied against the principal
amount outstanding and shall, not postpone the due date of any subsequent
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P.O. Box 1550
Afion, Wyoming 83110
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annual installments or change the amount of such installments, unless the
mortgagor shall otherwise agree lc writing.
4. Any and all terms of the promissory note of even date are herein incorporated
and made pad of by reference as if fully set forth herein.
MORTGAGOR hereby mortgages to mortgagee, the following described real
estate, situated in the County of Lincoln, State of Wyoming:
Lot #11, Palisades Heights Subdivision, Alpine, Wyoming
according to that plat recorded in the Office of the Lincoln
County Clerk, Lincoln County, Wyoming.
Excepting therefrom the East 60 feet of said Lot 11.
Together with all improvements and appurtenances thereon.
Mortgagor hereby relinquishes and waives all rights under and by virtue of the
homestead laws of'the State of Wyoming and covenants that it is lawfully seized of the
premises, that they are free from all encumbrances and hereby covenants to warrant
and defend the title of the premises against the lawful claims of all persons
whomsoever.
MORTGAGOR covenants with mortgagee as follows:
1. In case of default in any of the payments stipulated in the note, mortgagor, as
further security for this mortgage and the note secured thereby, hereby assigns, sets
over, and conveys to mortgagee all rents, issues, and profits from the property.
2. To pay promptly, when due., the principal and interest and other sums of
money provided for in said Note and this Mortgage, or either; to pay all and singular the
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taxes, assessments, levies, liabilities, obligations, and encumbrances of every nature
on said property.
3. To perform, comply with and abide by each and every part of the agreements,
stipulations, conditions, and covenants, set forth in said Note' and this Mortgage or
either.
4. Failure by the mortgagee to exercise any of the rights or options herein
provided shall not constitute a waiver of any rights or options under said Note or the
Mortgage accrued or thereafter accruing.
5. Nothing shall be done on or in connection with the property that may impair
mort§agee's secUrity hereunder; mortgagor will commit, permit of suffer no waste,
impairment or deterioration of the property nor any part thereof, and the prOperty shai~
be continuously maintained in good and sightly order repair, and condition by mortgagor
at his expense.
6. Mortgagor and mortgagee agree that there are insurable improvements on
the property. Therefore, mortgagor is required to carry insurance on the premises.
7. In case mortgagor defaults in the payment of ground rents, if any, taxes,
assessments, water or other governmental or municipal charges, or other lawful
charges as herein provided, mortgagee may without notice or demand pay the same
and in case of any failure on the part of mortgagor to comply with the.covenants of
Paragraph 5 hereof, mortgagee may effect such repairs as it may reasonable deem
necessary to protect the property, at the expense of mortgagor. Mortgagor shall repay
such sums so'paid and all expenses so incurred by mortgagee, with interest thereon
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08:94530 794
from the date of payment, at six percent (6%) per annum, and the same shall be a lien
on the premises and be secured by the note and by these presents; in default of
making such repayments the whole amount hereby secured if not then due shall, if
mortgagee so elects, become due and payable forthwith, anything herein contained to
the contrary notwithstanding.
8. In the event the property is sold under foreclosure and the proceeds are
insufficient to pay the total indebtedness secured hereby, mortgagor binds itself
personally to pay the unpaid balance, and mortgagee will be entitled to a deficiency
judgment.
9. In case default is made in the payment, when due, of the indebtedness
hereby secured, or of any installment thereof or any part thereof, or in case of breach of
any covenant or agreement herein contained, the whole of the then indebtedness
secured hereby, inclusive of principal, interest, arrearages, ground rents, if any, taxes,
assessments, water charges, expenditures for repairs or maintenance, together with all
other sums payable pursuant to the provisions hereof, shall become immediately due
and payable, at the option of mortgagee, although the period above limited for the
payment thereof may note have expired, anything herein before or in the note
contained to the contrary notwithstanding; any failure to exercise such option shall not
constitute a waiver of the right to exercise the same at any other time; and it shall be
lawful for mortgagee to proceed to enforce the provisions of this mortgage either by suit
at law or in equity, as it may elect, or to foreclose this mortgage by advertisement and
sale of the premises, at public auction for cash, according to Wyoming Statutes
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061 945 t0 795
governing mortgage foreclosures, and cause to be executed and delivered to the
purchaser or purchasers at any such sale a good and sufficient deed or deeds of
conveyance of the property so sold, and to apply the net proceeds arising from such
sale first to the payment of the costs and expenses of such foreclosure and sale,
including reasonable attorney fee, and in payment of all money expended or advanced
by mortgagee pursuant to the provisions of Paragraph 7 hereof, and then to the
payment of the balance due on account of the principal indebtedness secured hereby,
together with interest thereon and the surplus if any, shall be paid by mortgagee on
demand to mortgagor. In case mortgagee fails promptly to foreclOse on the happening
of any default, it shall not thereby be prejudiced in its right to foreclosure at any time
thereafter during which such default 'continues, and shall not be prejudiced in its
foreclosure rights in case of further default.
10. In case of any default whereby the right of foreclosure occurs hereunder,
mortgagee shall at once become entitled to exclusive possession, use, and enjoyment
of all pror)erty, ad to all rents, issues, and profits thereof, from the accruing of such right
and during the pendency of foreclosure proceedings and the period of redemption, if
there is any; and such possession, rents, issues, and profits shall at once be delivered
to mortgagee on request, and on refusal, the delivery of such possession, rents, issues,
and profits may.be enforced by mortgagee by any appropriate civil suit or proceeding,
including action or actions in ejectment, or forceable entry, or unlawful detainer; and
mortgagee shall be entitled to a receiver for the property and all rents, issues, and
profits thereof, after any such default, including the time covered by foreclosure
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proceedings and the period of redemption, if there is any, and shall be entitled thereto
as a matter of right without regard to the solvency or insolvency of mortgagor or the
then owner of the property, and without regard to the value of the property of the
sufficiency thereof to discharge the mortgage debt and foreclosure costs, fees and
expenses, and such receiver may be appointed by any court of competent jurisdiction
on ex parte application and without notice (notice being hereby expressly waiver, and
the appointment of any such receiver on any such application without notice being
hereby consented to by mortgagor on mortgagor's own behalf), and all rents, issues,
profits, income, and revenue of the property shall be applied by such receiver,
according to law and the orders and directions of the court.
11. Mortgagor may not convey or transfer any interest in or encumber the
described premises without the prior written consent of the mortgagee. Mortgagor must
give mortgagee written notice of mortgagor's intent to convey or transfer any interest in
or to encumber the described premises at least thirty (30)days prior to the proposed
conveyance or encumbrance. If all or any part of the described premises or an interest
therein is sold, transferred or encumbered by mortgagor without mortgagee's prior
written consent, excluding death of a joint tenant or the grant of any leasehold interest
of three (3) years or leSs not containing an option to purchase, mortgagee may, at its
option, declare the entire remaining balance due under this agreement to be
immediately due and payable and give written notice to mortgagor thereof. After receipt
of such written notice, mortgagor shall have thirty (30) days in which to pay the entire
remaining balance to mortgagee.
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P.O. Box 1550
Afion, Wyoming 83110
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797
12. The covenants herein contained shall bind, and the benefits and advantages
shall inure to, the respective heirs, executors, administrators, successors, and assigns
of the parties hereto. Whenever used, the singular number shall include the plural, the
plural the singular, aad the use of any gender shall include all genders.
13. Whenever used herein, the terms "mortgagor" and "mortgagee" include all
the parties to this instrument and the heirs, legal representatives, and assigns of
individuals, and the successors and assigns of corporations; and the term "Note"
includes all the notes herein described if more than one.
IN WITNESS WHEREOF, mortgagor has caused this mortgage to be executed by its
authorizedofficersasofthe I~~O0~~
!
STATE OF WYOMING )
SS.
COUNTY OF LINCOLN
The foregoing was acknowledged before my by ROGER A. BROWN, a single person, this
iL?]"day of October, 2003.
WITNESS my hand and official seal.
NOTARY PUBLIC
My commisston expires: ]~' c~, 5-' f~ ~/
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P.O. Box 1550
Afton, Wyoming83110
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