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RECEIVED
LINCOL~,I COUNTY CLERK
executed and delivered as of the /~ ~y of October, 2003, by Brian Ware.ia~'d ,~ ~ ~ ~., ~,,:~ N~
Ware, husband and wife, of PO Box 301, Jac~on, Wyoming. g3~l, herei~fler 'c0i~e~iively .... :~;'~;~"
refe~ed to as "Mo~gagor", to PI Alpine, LLC, A Wyo~ng Li~ted Liabili~ Company, of PO
Box 4429, Jac~ Wyoming 83001, hereinafter refe~ed to as the "M0ngagee".
The Mortgagor, to s~e pa~ent of the sum of eighteen tho~nd, ei~t hun&ed sevenW ~ee
dollars and six~ five cents ($1g,873.65), logether ~a interest ~ereon and any accrued
penal'ties, does hereby Third Me.gage to th~ Men.gee the following de~fibed real prope~
situate in Lincoln Count, Wyo~ng:
Lot 12, of the T~ee Rivers Meadows Estates Subdivision A, as pla~ed ~d recorded in
th~ O~ce of the Lincoln Coun~ Clerk, Lincoln Co~, Wyoming.
To~elher with and including all impro~ments ~hereon and all appunen~ees and
hereditaments there~to belonging. Subject to all covenants, conditions, resection,
easements, rese~ations, and rights-of-way of sight an~or r~ord.
Mortgagor hereby rel~quishes and waives all ri~ts arising under and by vi~e of the homestead
exemption laws of the state of Wyoming.
The Mortgagor covenants and wa~ants thal al lhe si~ing and delive~ of lhis Thkd Me.gage,
the Mortgagor is law~lly seized in fee simple of the prope~ ~d has good and la~l dghl to
Third Me.gage, sell, or convey such prope~; ~hat lhe Morlgagor wa~ants and ~11 defend the
title to such prope~ against all la~l claims and demands; and that ~e prope~y is ~ee from all
encumbrances not of record. .
This Third Mongage is subject to the express condition that the Mo~gagor pays, or causes to be
paid, to the Mo~gagee the sum of eight~n ~ousand, eight hun&ed seven~ t~ee dollars and
six~ five cents ($18,873.65) and any applicable charges and interest as set forth and according
to the provisions contained in a ce~ain Promi~o~ Note execumd of even date herewith. The
Mo~gagor hereby covenants and a~ees to pay all such amounm.
The Mo~gagor ~nher covenants and a~ees as follows;
1. The Mo~gagor shall pay or cause to be paid all pa~ents due under the first
mortgage or senior semfi~ interests, taxes and assessments levied or assessed against the
prope~, and s~ll comply Mth all r~ordation and o~er laws affecting the securi~ of
this Third Mo~gage, at the expense of the Mong~or. The Mo~gagor ~nher a~ees (i)
to maintain all buildings and other s~cmres on the prope~y in substantially thek
original condition or be~er, reasonable wear ~om the elements excepted and rescuing
the right to replace buildings and s~emres with prope~ of at least equal value or utili~
and (ii) to maintain f~e and extended coverage insmance coveting the insurable bulldogs
and s~cmres on the prope~, whuen by sound and reputable ins~nce companies in the
~11 ins~able value of such prope~ subject to reasonable deductibles, covering the
panics as their interest may appel, and Mo~gagor shall ~msh a copy ~ereof m the
Mortgagee promptly after receipt of ~en request therefor;
2. The Mo~gagor shall not pe~it the interest of the Mo~gagor in ~e prope~ or
any pa~ thereof to be levied uPon or a~ched in any legal or equitable proceeding;
3. If ~e Mo~gag°r defaults in the pa~ent of such pa~en~ due under the first
mo~gage or senior securi~ interest, taxes, assessmen~ or ~her law~l charges, the
Mo~gagee may, ~thout notice or demand, pay the same. The Mo~gagor coven~ts and
agrees that all such sram of money so expendS, together ~ all costs of enforcement or
foreclosure, and reasonable a~omeys fees, s~ll be added to the debt hereby seemed, and
a~ees to repay the same and all expenses so incu~ed by the Mortgagee, wi~ interest
thereon ~om ~e date of pa~ent at ~e interest rate for overdue amounts provided in the
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note or notes secured hereby until repaid, and the same shall be a lien on the property and
be secured by this Third 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 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 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 Third Mortgage
by any appropriate suit, action or proceeding at law or 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 attorney fees. The failure of this 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 (ls0 the costs and expenses of the foreclosure and sale, including reasonable
'attorney fees, and ali money expended or advanced by the Mortgagee pursuant to the
provisions of this Third Mortgage; (2nd) all unpaid first mortgage, la.xes, 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 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 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 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 manner now or hereafter provided by Wyoming law,
including the power to sell;
6. 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;
7. The acceptance of this Third Mortgage, and the note or notes it secures, by the
Mortgagee shall be an acceptance of the terms and conditions contained herein;
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8. 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;
9, The Mortgagor shall not be entitled 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 Third
Mortgage is being g~ven 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 of the debt
secured hereby.
The Mortgagor shall give prior written notice to the Mortgagee of any such proposed
sale, conveyance or other transfer;
! 1, Each individual executing this Third Mortgage and the related note or notes shall
be personally bound, jointly and severally, to perform and observe all covenants 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 al 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;
and
of this
13. Mortgagors hereby assign their redemption rights under the first mortgage, or any
other senior security interests to Mortgagee.
IN ~/qlTNESS WHEREOF, this Third Mortgage has been executed by the Mortgagor as
! -' day of October, 2003.
Brian and Kathy Ware
Brian Ware Kathy Ware ~
STATE OF WYOMING }
SS.
County of Teton }
The foregoing Mortgage was acknowledged before me by Brian and Kathy Ware,
Mortgagor, on this /.~ '- day of October, 2003.
Witness my hand and official seal.
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