HomeMy WebLinkAbout894581i;,~,~e-~9 tCP~,aE ,.:0'7 3 RECEIVED
· ' -- ' MORTGAGE LINCOLN COUNTY CLERK
Fermn E~I Haderlie and ' - aaeme, hus5and Mortgagors, to ~ecure thc
payment of Sixty Thousand and NO/100 doll.s ($60,000.00), with interestd(X~Kq~d tb~i'X ~ ~J ~ ~
a Promissory Note (hereinafter the "Note")of even date herewith, and all othet~OSat6~u'~ y(j~.tj~}
thereunder and all extensions and renewals thereof, when and as the same shall become due
and payable hereby mortgages and w~ants to Paul 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, Mortgagees, and Mortgagee's successors and assigns, the real estate in Lincoln
County, Wyoming described as:
Lot 1 Paul Stock 7L7 Ranch Subdivision, Township 32 North
Range 119 West, Lincoln County, Wyoming.
Together with all wells, buildings, structures, improvements, fixtures, and articles of personal
property affixed to or used in connection with the real estate, to all of which Mortgagor
represents that it has title free and from any prior liens or encumbrances hereinafter
collectively referred to as the "premises").
THE MORTGAGOR HEREBY COVENANTS AND AGREES WITH THE
MORTGAGEE AS FOLLOWS:
This Mortgage is given to secure payment and the Mortgagor promises to pay to
Mortgagee the amount of Sixty Thousand and NO/100 dollars ($60,000.00), with
interest, evidenced by a Promissory Note of even date herewith, and all other
amounts due thereunder and all extensions and renewals thereof, when and as the
same shall become due and payable. Each such payment shall be applied first to the
payment of interest and any balance remaining after the payment of interest shall be
applied to the reduction of the unpaid principal balance.
Time is of the essence and if any amount which this Mortgage secUres shall not have
been paid within 15 days after due, or in case another event of default shall occur as
provided in the Note or this Mortgage, and if Mortgagor after receiving written notice
from Mortgagee demanding cure of such non-payment default fails to cure the same
within 15 days after such notice, the entire indebtedness may become due and
payable at once at the option of the Mortgagee and without notice; failure to exercise
this option howsoever often shall not constitute a waiver of the right to exercise it
thereafter.
o
Mortgagor will pay the indebtedness hereby secured promptly and in full compliance
with the terms of said Note and this Mortgage. The time of payment of said
indebtedness, or any portion thereof, may be extended or renewed, and any portions
of'the premises herein described may, without notice, be released from the lien
hereof, without releasing or affecting the liability for the payment of said
indebtedness.then remaining unpaid. No change in the ownership of said premises
shall release, reduce or otherwise affect any such liability fbr the lien hereby created.
It is further agreed that the taking of additional security of any nature shall not impair
or release this Mortgage; :and as a further security this Mortgage shall become due
and payable in full at the option of the Mortgagee if the Mortgagor, or Mortgagor's
· legal representatives, successors or assigns shall convey the mortgaged property or
if legal or equitable title thereto shall become vested in any other person or persons
in any manner whatsoever excepting those conveyances approved in writing by
Mortgagee. The acceptance of any payment on the Note by the Mortgagee shall not
constitute a waiver of this option, and consent to any one such conveyance shall not
constitute consent to any subsequent conveyance or a waiver of this option.
Mortgagor shall pay or cause to be paid all taxes and assessments levied or assessed
against the premises, and shall comply with all recordation and other laws affecting
the security of this Mortgage at the expense of Mortgagor.
Mortgagor will keep the premises free and clear of all other liens and encumbrances
which may be or become superior to the lien created hereby.
°
Mortgagor will not commit or permit waste on the premises and will keep and
maintain the premises in good repair.
074
Mortgagor will pay all expenses and attorney's fees incurred by ti~e' Mortgagee,
successors or assigns, for the protection of the lien of this Mortgage or for the
collection of any amount due on the instrument which this Mortgage secures or for
the preservation of the premises mortgaged.
Mortgagor will comply promptly, at the expense of the Mortgagor, with all laws,
statutes, ordinances and regulations affecting the premises in any manner whatsoever.
10.
Mortgagor will pay to or cause to be paid directly to the Mortgagee, for application
upon the indebtedness secured hereby, the full amount of any award or compensation
for the taking or damaging by condemnation proceedings Under the power of eminent
domain of all or any part of the mortgaged premises.
In case of the failure of the Mortgagor to do so, the Mortgagee may make any
payment or perform any covenant herein to be made or performed by the Mortgagor,
and any payment so made or expense incurred in connection therewith by the
Mortgagee shall bear interest at the rate specified 'in the Note, and shall be
immediately repayable by the Mortgagor, and shall be impressed as an additional lien
upon the mortgaged premises, and this Mortgage shall thereupon secure the
repayment of such advances with interest.
11.
In case an event of default shall occur in making payments or performing any other
covenants or agreement required of Mortgagor as provided in the Note or this
Mortgage, the Mortgagor hereby authorizes and empowers the Mortgagee, and
Mortgagee's successors and assigns to foreclose this Mortgage by advertisement and
sale as provided by the statutes of the State of Wyoming or to foreclose tlfis
Mortgage by judicial proceedings and convey the same to the purchaser in
accordance with the statutes of the State of Wyoming, and out of the monies arising
from such sale to retain all sums secured hereby with interest and all legal costs and
charges of such foreclosure and actual attorney's fees incurred by Mortgagee (or such
other amount as shall be fixed by the Court in the event of judicial foreclosure or
receivership), which costs, charges and fees the Mortgagor agrees to pay. In case of
the foreclosure of this Mortgage, the Mortgagor hereby authorizes and empowers the
Mortgagee, Mortgagee's successors and assigns, to effect insurance upon any
buildings and fixtures on the premises for a period covering the time for redemption
for the sale of the premises under such foreclosure, and to pay the premimn therefor
and the amount'so paid shall be impressed as an additional lien upon the premises
and shall be secured by and be collectible as a part of this Mortgage and bear interest
at the rate specified in the Note, from the date said amount is paid. In the event of
a foreclosure, Mortgagor hereby authorizes and eInpowers Mortgagee, Mortgagee's
successors and assigns, to bring an action against any person who claims an adverse
estate or interest therein for the purpose of determining such adverse estate or
interest, and to pay costs and expenses thereof together with actual attorney's fees
which amount shall be impressed as an additional lien upon said premises and shall
be secured by and collectible as a part of this Mortgagel
12.
Upon commencelnent of any foreclosure, or at any time thereafter, and prior to the
expiration of the time for redemption from any sale of the premises on [oreclosure,
any court of competent jurisdiction, upon application of the Mortgagee, or the
purchaser at such sale, shall, at once and without notice to the Mortgagor or any other
person, appoint a receiver for said premises to take possession thereof, to collect
rents, issues and profits of said prenfises during the pendency of such foreclosure and
until the time to redeem the same from the foreclosure sale shall expire, and out of
rents, issues, and profits to keep the premises in good repair and condition and to pay
all taxes, assessments, and special assessments, and to redeem from sale for taxes,
assessments, and special assessments, and to pay insurance premiums necessary to
keep the premises insured in accordance with the provisions of this Mortgage and to
pay the expense of the receivership, and said receiver shall apply the net proceeds to
the payment of the indebtedness secured hereby, and such receiver shall have all the
other usual powers of receivers in such cases.
13.
Failure to exercise any right, power or options herein granted to the Mortgagee,
howsoever often shall not constitute a waiver thereof and shall not estop the
Mortgagee from exercising any such right, power or option at any time or upon any
subsequent default of the Mortgagor. All rights and remedies given or reserved to
the Mortgagee herein shall be cumulative and may be exercised contemporaneously
-2-
:0!'7-5
but the exercise of one or more such rights or remedies shall not exclude or prevent.
the exercise of Mortgagee's other rights or remedies.
14.
15.
16.
The Mortgagor specifically warrants that Mortgagor is fully authorized to enter into
this Mortgage, and that the acquiescence or approval of no other person is required
for Mortgagor to enter into same on the terms found herein.
Mortgagor agrees that all of the terms and conditions contained in the Note are
incorporated into andmade part of this mortgage.
All warranties, covenants, promises, undertakings, agreements, rights, powers,
privileges, benefits, obligations and remedies imposed upon or granted or reserved
unto the said parties by this instrument shall survive the execution and delivery
hereof and shall respectively extend to and be binding upon the respective heirs,
executors, administrators, successors and assigns of said pat'ties.
IN WiTNESS WHEREOF, Mortgagor has signed and sealed this Mortgage this 15th
day of October, 2003.
STATE OF WYOMING )
) SS
COUNTY OF LINCOLN )
The foregoing Mortgage was acknowledged before me by F~en Earl Haderlie and
Tara Haderlie, husband and wife, this /'7 day of October,.2003. Witness my hand and
official seal. My conmfission expires: ~.5.~?_,¢ ~_,~)~Z9 {,,,, .
S E A L Notary Public /
I'AMARA HORSLE¥ - NOTARY PUBLIC
t C°unty °' ~;;~ ~!~i State of
Lincoln ~{ ~;.~i~;~ Wyoming
My Com~2~s~ior, EX~? es,.~ept~rnbor 8, 200,. :, . ..
-3-