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Home My WebLink About894656#02018417 J 74/ . g tlNOOLN COUNTY TH~S HRST MORTGAGg is made effective as of the 15'~ day of Oct~.~Q3,, PETER .B ~S, a single, man, ~NNIFER K. MENOLASCINO, a ma~i~ LEIDY K~ HAGEN, a roamed woman, c/o Peter B. Karns, P.O. Box 391, Jackson, Wyoming'~0t hereina~er collectivelY referred to as the "M'o~gagor", to UNDERGROUND, INC., a Wyoming corporation, of P.O. Box 1027~. Jackson, Wyoming 83001, hereina~er refe~ed to as the "Mo~gagee". The Mortgagor, for and in consideration of FIFTY-TWO THOUSAND AND NO/100 DOLLARS ($52,000) lawful money of the United States, and to secure the indebtedness hereinafter referred to, does hereby mortgage to the Mortgagee the following described real property situated in Lincoln County, WYoming: Lots 401 and 402 River View Meadows Shopping Center, an addition to the Town of Alpine, Lincoln County, Wyoming, according to Plat No. 264F filed October 13, 1994 with the Clerk of Lincoln County, Wyoming, including and together with all and singular the tenements, hereditaments, appurtenances and improvements thereon or thereunto belonging, and any water rights and any rights to minerals thereunder, but subject to taxes, assessments, restrictions, covenants, conditions, rights-of-way, easements and other similar encumbrances of sight or record Any of such Property which is subject to the lien of this mortgage from time to time is referred to as the "property". The Mortgagor hereby relinquishes and waives all rights under and by virtue of the homestead exemption laws of the State of Wyoming for purposes of this mortgage. The Mortgagor covenants and warrants that at the signing and delivery ofthis mortgage, the Mortgagor is lawfully seized in fee simple of the property and has good and lawful right to mortgage, sell and convey such property; that the Mortgagor warrants and will defend the title to such property against all lawful claims and demands; and that the property is free from all encumbrances not permitted hereunder. This Mortgage is subject to the express condition that if the Mortgagor pays, or causes to be paid, to the Mortgagee the sum of FIFTY-TWO THOUSAND AND NO/100 DOLLARS ($52,000), together with interest thereon and any applicable charges according to the provisions of a certain promissory note dated as of the date hereof, the ultimate maturity date of which is October 15, 2013, executed and delivered by the Mortgagor to the Mortgagee, and any extensions and renewals thereof and all other amounts due hereunder, then this mortgage and such note or notes shall · cease and be null and void. The Mortgagor hereby covenants to pay all such amounts. 1. The MortgagOr further covenants and agrees as follows: a. The lien of this mortgage shall remain in full force and effect during any postponement or extension of the time of payment of any part of the indebtedness secured hereby. b. The Mortgagor shall pay or cause to be paid all taxes and assessments levied or assessed against the property, and shall comply with all recordation and other laws affecting the security of this Mortgage, at the expense of the Mortgagor. c. The Mortgagor shall not permit the interest of the Mortgagor in the property or any part thereof to be levied upon or attached in any legal or equitable proceeding, except to the extent such levy or attachment is being contested in good faith by appropriate prOceedings. 2. If the Mortgagor defaults in the payment of such taxes, assessments or other lawful charges, the Mortgagee may, without notice or demand, pay the same. The Mortgagor covenants Underground-Karna lVlortttagc/fe03 and agrees that all such sums of money so expended, together with all costs of enforcement or foreclo.sure, and reasonable attorneys fees, shall be added to the debt hereby secured, and agrees to repay the same and all expenses so incurred by the Mortgagee, with interest thereon from the date of payment at the interest rate provided in the note or notes secured hereby until repaid, and the same shall be a lien on the property and be secured by this mortgage. 3. If the Mortgagor defaults in the payment of any principal or interest on the indebtedness secured hereby after the same shall become due and payable, or if the Mortgagor breaches any covenant or agreement contained herein, which default or breach is not remedied within a period of thirty (30) days after notice thereof is delivered or mailed to the Mortgagor by or on behalf of the Mortgagee, the whole of the then outstanding indebtedness secured hereby, both principal and interest, together with all other sums payable pursuant to the provisions hereof, shall, at the option of the Mortgagee, become immediately due and payable, anything herein or in said note or notes to the contrary notwithstanding, and failure to exercise said option shall not constitute a waiver of the right to exercise the same in the event of any subsequent default. The Mortgagee may enforce the provisions of, or foreclose, this mortgage by any appropriate suit, action or proceeding at law of in equity or by advertisement and sale as provided by Wyoming statutes. At any foreclosure sale, the Mortgagee may cause to be executed and delivered to the purchaser or purchasers a proper deed of conveyance of the property so sold. The Mortgagor agrees to pay all costs of enforcement and of foreclosure, including reasonable attorneys fees. The failure of the Mortgagee to promptly foreclose following a default shall not prejudice any right of the Mortgagee to foreclose thereafter during the continuance of such default or any right to foreclose in case of further default or defaults. The proceeds from such sale shall be applied to the payment of (1 st) the costs and expenses of foreclosure and sale, including reasonable attorneys fees, and all money expended or advanced by the Mortgagee pursuant to the provisions of this mortgage; (2nd) all unpaid taxes, assessments, claims and liens on the property which are superior to the lien hereof; (3rd) the balance due to the Mortgagee on account of principal and interest and charges on the indebtedness hereby secured; and (4th) the surplus, if any, shall be paid to the Mortgagor (subject to the rights of any junior lienholders). 4. If the right of foreclosure accrues as a result of any default hereunder, the Mortgagee shall at once become entitled to exclusive possession, use and enjoyment of the property and to all rents, income and profits thereof, from the accruing of such right and during the pendency of foreclosure proceedings and the period of redemption, and such possession, rents, income and profits shall be delivered immediately to the Mortgagee on request. On refusal, the delivery of such possession, rents, income and profits may be enforced by the Mortgagee by any appropriate suit, action or proceeding. The Mortgagee shall be entitled to a receiver for the property and all rents, income and profits thereof, after such default, including the time covered by foreclosure proceedings and the period of redemption and without regard to the solvency or insolvency of the Mortgagor, or the then owner of the property, and without regard to the value of the property, or the sufficiency thereof to discharge the indebtedness secured hereby and foreclosure costs, fees and expenses. Such receiver may be appointed by any court of competent jurisdiction upon application, and the appointment of any such receiver on any such application is hereby consented to by Mortgagor. All rents, income and profits of the property shall be applied by any such receiver according to law and the orders and directions of the court. The terms "foreclosure" and "foreclose", as used herein, shall include the right of foreclosure by any suit, action or proceeding at law or in equity, or by advertisement and sale of the property or in any other manner now or hereafter provided by Wyoming law, including the power to sell. 5. If the property described herein is sold under foreclosure or otherwise and the proceeds are insufficient to pay the total indebtedness hereby secured, the Mortgagor shall be personally bound to pay the unpaid balance of the note or notes secured hereby and any other indebtedness secured hereby, and the Mortgagee shall be entitled to a deficiency judgment. 6. The acceptance of this mortgage, and the note or notes it secures, by the Mortgagee shall be an acceptance of the terms and conditions contained herein. Underumund-Kam. Mortgage./re03 2 7. The covenants and agreements herein contained shall bind, and inure to the benefit of, the respective heirs, devisees, legatees, executors, administrators, successors and assigns of the Mortgagor and the Mortgagee. Whenever used the singular number shall include the plural, the plural the singular, and the use of any gender shall include all genders. 8. The Mortgagor shall not create, incur or suffer to exist any other mortgage or other similar lien on the property, which is not junior to the lien of this mortgage. 9. The Mortgagor shall not be entitled to set-offor anY similar rights against any amounts owed hereunder or under the note or notes secured hereby. 10. If the mortgaged land is sold, then at the option of the Mortgagee the debt secured hereby shall be repaid in full at or prior to the time of closing such sale (this is a "due on sale" clause). The Mortgage shall give prior written notice to the Mortgagee of any such proposed sale. 11. If there is more than one holder of the note or notes secured heieby at any time, any action with respect to this mortgage by the holder or holders of 50% or more in unpaid principal amount thereof shall be binding upon all other holders. 12. Any notice required to be given to any person hereunder or under the note or notes secured hereby shall be given by delivery or by mailing the same by certified mail to such person at the address noted above (or to such other address as shall have been specified in writing), and notice so mailed shall for all purposes hereof be as effectual as though served upon such party in person at the time of depositing such notice in the mail. IN WITNESS WHEREOF, this mortgage has been duly executed by the Mortgagor as of the date first above written. The undersigned spouses of Mortgagors hereby waive any rights arising under the homestead exemption laws of the State of Wyoming, for purposes of this mortgage. PETER B. KARNS (MBl~agor) JEN~I)FER I~.~Vl]~N~SLASCINO (Mortgagor) MA~ MENOLASCINO (Spouse) Linde- ACKNOWLEDGMENT STATE OF WYOMING COUNTY OF TETON On this~'~ day of Oe_.4-o be '(' ,2003, before me personally appeared PETER B. KARNS, to me known to be the person described in and who executed the foregoing mortgage and acknowledged that such individual executed the same as his free act and deed, including the release and waiver of homestead. Given under my hand and seal the date first above written. My .commission expires: °O. Jl.D.t.-k[ O~7 Notary Public ACKNOWLEDGMENT STATE OF WYOMING COUNTY OF TETON On this,el~ day of ~b,,c' ,2003, before me personally appeared JENNIFER K. MENOLASCINO and MARK MENOLASCINO, to me known to be the persons described in and who executed the foregoing mortgage and acknowledged that such individuals executed the same as their free act and deed, including the release and waiver of homestead. Given under my hand and seal the date first above written. (seal) My commission expires: Notary Public STATE OF WYOMING COUNTY OF TETON On this day of CKNO~ / Z~,//t::,..~ , 2003, before me personally appeared LEIDY K. HAGEN and KYLE HAGEN, to me known to be the persons described in and who executed the foregoing mortgage and acknowledged that such individuals executed the same as their free act and deed, including the release and waiver of homestead. Given under my hand and seal the date first above written. (seal) My commission expires: Underground-Karns Morlgage/reO3 O-7 Notary Public