HomeMy WebLinkAbout894580$60,000.00
RECEIVED
LINCOLN COUNTY CLERK
For value recei',;ed the undersigned (whether one or more, each hereinafter being
referred to as the "Borrower") promises to pay to the order of Pan..____!l M..Stock, Trustee of the
Paul M. Stock Revocable Trust under agreement dated May 9, 1995, as amended, and Nedra
J. Stock, Trustee of the Nedra J. Stock Revocable Trust under agreement dated May 9, 1995,
as amended (the "Lender") at Lender's residence, Afton, Wyoming the sum of Sixty
Thousand Dollars ($60,000.00) with interest at Five (5%) percent per annum payable by
annual payments of $7,770.27 each on the fifteenth day of October beginning October 15,
2004 and payable yearly thereafter until October 15, 2014 when the entire balance of
principal and interest shall be paid in full. Each payment shall be applied first to interest
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upon the unpmd balance of principal and the remainder to principal until the debt shall have
been paid in full.
Prepayments may be made at any time; early payments will not, unless agreed by the
holder in writing, relieve the undersigned of its obligation to continue to make annual
payments as set forth above. Time is of the essence and if any amount shall not have been
paid when due as provided in this Note, the entire indebtedness may beconle due and payable
at once at the option .of the holder and without notice, and thereafter the unpaid principal
shall bear interest at the rate of twelve percent (12%) per annum; failure to exercise this
option howsoever often shall not constitute a waiver of the right to exercise it thereafter. If
this Note or any annual payment or any amount due hereunder shall not be paid when due,
the undersigned BorrOwer agrees to pay a reasonable attorney's fee and all costs of collection.
All makers, endorsers and guarantors hereof severally waive presentment for payment,
demand, protest, notice of protest, notice of dishonor and notice of non-payment of this Note.
ADDITIONAL PROVISIONS. The undersigned Borrower agrees that the
following additional provisions (which shall serve only to expand the rights of Lender and
not to restrict the rights of Lender and obligations of Borrower as set forth above) shall
govern this promissory note:
1. DEFAULT.' Borrower will be in default if any of the following happens:
a. Borrower fails to make any payment when due;
Borrower breaks any promise Borrower has made to Lender, or Borrower
fails to perform promptly at the time and strictly in the manner provided in
this Note or in any other agreement or loan BorrOwer has with Lender;
Any representation or statement made or furnished to Lender by Borrower or
on Borrower's behalf is false or misleading in any material respect;
do
Borrower (or any partner, member or shareholder of Borrower, if Borrower
is not an individual'; all such references to Borrower hereafter to include
reference to each partner, member or shareholder) dies or Borrower becomes
insolvent, a receiver is appointed for any part of Borrower's property,
Borrower makes an assignment for the benefit of creditors, or any proceeding
is conwnenced either by Borrower or against Borrower under any bankruptcy
or insolvency laws;
Any creditor tries to take any of Borrower's property on or in which Lender
has a lien or security interest. This includes a garnishment of any of
Borrower's accounts with Lender; ~
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Any of the events described in this default section occurs with respect to any
guarantor of this Note;
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Borrower conveys, directly or indirectly, through transfer of legal title or
equitable title or otherwise, any interest in anY collateral which is intended to
secure the rights of Lender herein; or
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Each' of the above events shall constitute a default if occurring with respect
to any individual Borrower or any partner, member or shareholder of
Borrower.
LENDER'S RIGHTS. Upon default, Lender may declare the entire unpaid principal
balance on this Note and all accrued unpaid interest immediately due, without notice,
and then Borrower will pay that amount. Upon default, including failure to pay upon
final maturity, Lender, at its option, may also, if permitted under applicable law,
increaselthe rate of interest as provided above. The interest rate will not exceed the
maximum rate permitted by applicable law. Lender may him or pay someone else
to help collect this Note if Borrower does not pay. Borrower also will pay Lender the
costs incurred by Lender in collecting this Note. This includes, subject to any limits
under applicable laW, Lender's reasonable attorneys'fees and legal expenses whether
or not there is a lawsuit, including reasonable attorney's fees and legal expenses for
banlo'uptcy proceedings (including efforts to modify or vacate any automatic stay or
injunction), appeals, and any anticipated post-judgment collection services. If not
prohibited by applicable law, Borrower also will pay any court costs, in addition to
all other sums provided by law. Subject to the provisions on arbitration, this Note
shall be governed by and construed in accordance with the laws of the State of
Wyoming.
COLLATERAL. This Note is secured by, in addition to any other collateral, a
Mortgage dated October 15, 2003, to Lender on real property located in Lincoln
County, State of Wyoming, all the terms and conditions of which are hereby
incorporated and made a part of this Note.
GENERAL PROVISIONS. Lender may delay or forego enforcing any of its rights
or remedies under this Note without losing them. Borrower and any other person
who signs, guarantees or endorses this Note, to the extent allowed by law, waive
presentment, demand for payment, protest and notice of dishonor. Upon any change
in the terms of this Note, and unless otherwise expressly stated in writing, no party
who signs this Note, whether as maker, guarantor, accommodation maker or
endorser, shall be released from liability. All such parties agree that Lender may
renew, extend (repeatedly and for any length of time) or modify this loan, or release
any party or guarantor; or impair, fail to realize upon or perfect Lender's security
interest in the collateral; and take any other action deemed necessary by Lender
without the consent of or notice to anyone.
TIlE UNDERSIGNED ACKNOWLEDGES HAVING READ AND UNDERSTOOD
THE ABOVE PROVISIONS OF THIS PROMISSORY NOTE. THE UNDERSIGNED
AGREES TO THE TERMS OF THIS PROMISSORY NOTE AND ACKNOWLEDGES
RECEIPT OF A COMPLETED COPY OF THIS PROMISSORY NOTE.
Dated: October 15, 2003.
SLEY - NOTARY PUBLIC
Expires ~ep~ember 8, 2006
t: t n Earl Haderhe, Bonower
(_~Tara Haderhe, Bon'ower
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