HomeMy WebLinkAbout894841~ =,~ ¢ z,,~..~.2,/, LiNOOLN. COUNTY CLERK
executed and delivered as of the day of October, 2003, by Brian Ware, a married
man as his sole and separat,e, property, ,o,f PO Box 301, Jackson, Wyoming, d[~j~[~r~na~-¥.~G~E[~
collectively referred to as 'Mortgagor', to PI Alpine, LLC, A Wyomin~,',~,~,~ilii~/y}'~:',.~l:/,~,,
Company, of PO Box 4429, Jackson, Wyoming 83001, hereinafter re?~ed to 'as ~th'~ u~u'i'~
"Mortgagee":
The Mortgagor, to secure payment of the sum of ten thousand dollars ($10,000.00), together with
interest thereon and any accrued penalties, does hereby Second Mortgage to the Mortgagee the
following described real property situate in Lincoln County, Wyoming:
Lot 12, of the Three Rivers Meadows Estates Subdivision A, as platted and recorded in
the Office of the Lincoln County Clerk, Lincoln County, Wyoming.
Together with and including all improvements thereon and all appurtenances and
h¢reditaments thereunto belonging. Subject to all covenants, conditions, restrictions,
easements, reservations, and fights-of-way of sight and/or record.
Mortgagor hereby relinquishes and waives all rights arising under and by virtue of the homestead
exemption laws of the state of Wyoming.
The Mortgagor covenants and warrants that at the signing and delivery of this Second Mortgage,
the Mortgagor is lawfully seized in fee simple of the property and has good and lawful right to
Second Mortgage, sell, or convey such property; that the Mortgagor warrants and will defend the
title to such property against ali lawful claims and demands; and that the property is free from all
encumbrances no/of record.
This Second Mortgage is subject to the express condition that the Mortgagor pays, or causes to
be paid, to the Mortgagee the sum of ten thousand dollars and no cents ($10,000.00) and any
applicable charges and interest as set forth and according to the provisions contained in a certain
Promissory Note executed of even date herewith. The Mortgagor h~reby covenants and agrees
to pay all such amounts.
The Mortgagor further covenants and agrees as follows;
I. The Mortgagor shall pay or Cause to be paid all payments due under the first
mortgage or senior security interests, taxes and assessments levied or assessed against the
property; and shall comply with all recordation and other laws affecting the security of
this Second Mortgage, at the expense of the Mortgagor. The Mortgagor further agrees (i)
to maintain all buildings and other structures on the properS' in substantially their
original condition or better, reasonable wear from the elements excepted and reserving
the right to replace buildings and structures with property of at least equal value or utility
and (ii) to maintain fire and extended coverage insurance covering the insurable buildings
and structures on the property, written by sound and reputable insurance companies in the
full insurable value of such property subject to reasonable deductibles, covering the
parties as their interest may appear, and Mortgagor shall furnish a copy thereof to the
Mortgagee promptly after receipt of"tViitten request therefor;
2, The Mongag0r shall not permit the interest of the Mortgagor in the property or
any pan thereof to be levied upon or attached in any legal or equitable proceeding;
3. . If the Mortgagor defaults in the payment of such payments due under the first
mortgage or senior security interest, taxes, assessments or other lawful charges, the
Mortgagee maY, without notice or demand, pay the same. The Mortgagor covenants and
agrees that all such sums of money so expended, together with all costs ofenforeement or
foreclosure, 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 for overdue amounts provided in the
Second Mortgage
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note or uotes secured hereby uutil repaid, and the same shall be a lies} 0n tile property aud
be secured by this Second Mortgage;
4. 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 in case of
breach of any covenant or agreement herein or contained in any other recorded Second
Mortgage debt on the property, in each case for a period of three (3) days after such
default, the whole of the then outstanding indebtedness secured hereby, both principal
and interest, together with all other sums payable pursuant to the provtsions 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 lo exercise the same in the event of any
subsequent default. The Mortgagee may enforce the provisions of, or foreclose, this
Second Mortgage by any appropriate suit, action or proceeding at law or in eqmty 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 ali costs
of enforcement and af foreclosure, including reasonable attorney fees. The failure of this
Mortgagee to promptly foreclose following a default shall not prejudice any right of the
Mortgagee Io 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 (Ist)the costs and expenses of the foreclosure and sale,
including reasonable attorney fees, and all money egpended or advanced by the
Mortgagee pursuant to the provisions of this Second Mortgage; (2nd) all unpaid first
mortgage, taxes, assessments, claims and liens on the property, which are superior to the
lien hereof; (3rd) the balance due to the Mnrtgagee on account of principal and interest
and late 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);
5. 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 enjoymem 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 any 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 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 mann_er now or hereafter provided by Wyoming law,
including the power to sell;
6. . If the property, described here~n 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;
7. The acceptance of this Second Mortgage, and the note or notes it secures, by the
Mortgagee shall be an acceptance of the terms and conditions contained herein;
3O0
Second Mortgage
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5.40
The covenants and agreements herein contained shall bind, and inure to thc
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;
9. The Mortgagor shall not bc entitlcd to set~off or any similar rights against any
amounts owed hereunder or under the note or notes secured hereby. The Mortgagor and
the Mortgagee have fully settled their accounts for work on the mortgaged property
performed by or on behalf of the Mortgagee as general contractor, and this Second
Mortgage is being given in lieu of any contractor's lien filing;
10. If all or any part of the real property or any interest therein (including any
partnership interest) is sold, conveyed or otherwise transferred voluntarily or
involuntarily, the Mortgagee may insist upon the immediate repayment in full oftbe debt
secured hereby.
The Mortgagor shall give prior written notice to the Mortgagee of any such proposed
sale, conveyance or other transfer;
11. Each individual executing this Second Mortgage and the related note or notes
shall be personally bound, jointly and severally, lo perform and observe all covenanks and
agreements of the Mortgagor contained herein and therein;
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 persons at the address noted above (or to such other address as shall have been
specified in. writing), and notice so mailed shall for ali purposes hereof be as effectual as
though served upon such party in person at the time of depositing such notice in the mail;
and
of this
13. Mortgagors hereby assign their redemption rights under the first mortgage, or any
other senior security interests to Mortgagee.
IN WITNESS WHEREOF, this Second Mortgage has been executed by the Mortgagor as
~ day of October, 2003.
Brian Ware
Brian Ware
STATE OF WYOMING }
SS.
County of Teton }
The foregoing Mortgage was acknowledged before me by Brian Ware, Mortgagor, on
this ~ day of' October, 2003.
Witness my hand and official seal. . ·
M) CommlsslonExplres 0 '.~ o ~---'
301
Second Mortgage
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