HomeMy WebLinkAbout89552454; 30 REAL
CLERK
ESTATE MORTGA
Tills MORTGAGE is granted'by STEVEN A. TATAREK and MARILYN K. TATAREK, husband attd wife, as MORTGAGOR,
to RANCH HOMES, INC., att Idaho Corporation, as MORTGAGEE.
t'VITNE$SE TH:
Mortgagor, for good and valuable considerations, the receipt of which is hereby acknowledged, does hereby GRANT, BARGAIN, SELL, CONVEY
AND W'ARRANT, and fin'ther releases attd waives all rights under and by virtue of the homestead exemption laws of Wyoming, unto the Mortgagee,
his successors attd assigns, ail of the following described real property, to wit:
Lot 17 Cedar Creek Rancltes Subdivision, according to that plat thereof as recorded itt the Office of County
Clerk, Lincoln CottttO', ~['.l'Olttiltg.
TOGETHER }VITH arty attd all improventents, water and ditch rights, rights of ways, easements, privileges, ventilating, tenements,
hereditaments and appurtenances thereunto belonging or itt anywise appertaining, now or hereafter ased on said land or belonging to
said k[ortgagor,attd any reversion, remainder, rents, issues attd profits thereof, hereinafter referred to as the "ProperO,".
This grant is intended as a 3Iortgt, ge, a Fixture Filbtg attd Security Interest for the Puq~ose of Securing:
1. Performance of each agreement of Mortgagor herein'contained, each agreement attd covenant contained itt the loan clocuments associated with
this mortgage, and arty extension, renewal, modification and/or amendntent thereof. "Loan doc,nnents "shall include the above described note, this
mortgage, and arty other documents or instruntents signed in connection with this loan.
2. Payment of the indebtedness evidenced by a promissory note of even date herewith, and arty extension or renewal thereof, itt the principal sum
of ONE HUNDRED FIFTY EIGHT TIIOUXAND ($158,000. 00), the final payment of principal attd interest thereof, if,tot sooner paid, to be
ftnally due and payable JANUARY 29, 2004. :
3. Payntent of all sucb fitrthersums as may hereafterbe loaned or advanced by the Mortgagee for atty purpose; attd any notes, drafts and/or other
instruments representingsuch fitrther loans, advances or expendituresshall be optional with the Mortgagee, and shall become due and payable no :,
later than the final maturity date of said note secured hereby; attd provided fitrther, that it is the express intention of the parties to this Mortgage that
it shall stand as continuing security until all such loans, advances or expenditures together with interest thereon, are paid in fidl.
A. 1'o protect the security of this Mortgage, Mortgagor warrants, covenants attd agrees:
1. The property is free from all encuntbrances, except as may be described herein, attd that Mortgagor shall warrant and defend the same forever
against the lawfi(l claims attd demands of al! persons whomsoever, and this covenant shall not be extinguished by foreclosure or other transfers.
2. To keep all buildings and other improvements now or hereafter existing itt goo~l condition and repair; to not remove or demolish arty building
or other improvement thereon; to complete or restore promplly and itt a good workmanshiplike tnanner arty improvement which may be constructed,
damaged or destroyed thereon; to pay when due all claims for labor performed and materials fi~rnished thereto or therefor; to comply with all laws
affecting said property or requiring att), alterations or improvements to be made thereon; to not co,nmi* or permit waste thereof or thereon; to
maintain, cultivate,irrigate, fertilize, fiunigate, prune, all in a good attd husbandrylike manner, the land and improvements thereto; to not change or
perntit change in the use of the property; to not do attything which would reduce the value of the property; and do all other acts which from the
character or use of said property may be reasoaably necessary, the specific enumerations herein not excluding the general.
3. To provide, maintain and deliverfire insurance satisfactory attd with loss payable to Mortgagee; to maintain liability insurance; to pay all
premiums and charges on all such insurance when due; and to provide Mortgagee satisfactoryevidence of such insurance upon reqttest. The atnount
collected under atty fire or other insurance policy ma)5 at Mortgagee's option and determination, be applied upon any indebtedness secured hereby itt
sach order as Mortgagee determines, be released to Mortgagor in whole or part, or att), combination thereof. Such application or release shall not
cure or waive any default or notice of default hereunder or invalidate any act done pursuant to such notice.
4. To pay before delinqnency all taxes, assessments~ or rents affecting said property; to pay whet, due all encumbrances, charges and liens, with
interest, rffecting said property which are or may appear to be prior or superior hereto; and to pay all costs, fees and expenses of this Mortgage attd
associated loan documents~
5. To pay imn*ediately attd wilhout demand all sunav expended by Mortgageepursuant to the provisions hereof, with interest from date of
expenditare, at a rate equal to the interest rate payable under the promissory note described above or twelve percent (12%)per. annum, whichever is
greater.
6. To appear itt and defend any action or proceeding purportb,g to affect the securiO, hereof or the rights or powers of Mortgagee; to pa),, on
demand, all costs and expenses, including without limitation, cost of title evidence, reasonable attorney's fees, advances, at,d/or costs, paid or
incurred by 3(ortgagee to protect or enforce its rights under bankruptcy, appellate proceedings or otherwise, attd all such costs and expenses shall
become a part of the indebtedness secured by this mortgage.
7. Should Mortgagor fail to make arty payment or to do any act as herein provided, Mortgagee, but without obligation so to do and without notice
or demand upon Mortgagor and withoat releasing Mortgagor from arty obligation hereof, nmy: make or do the same in such manner attd to such
exteat as Mortgagee may deent necessary to protect the security hereof, Mortgagee being attthorized to enter upon said propertyfor such purposes;
appear in and de. fend any action or proceeding purporting to affect the security hereof or the rights or powers of Mortgagee,'pay, purchase, contest
or co,*promise arty encumbrance, charge or lien which itt the judgment of Mortgagee appears to be prior or superior hereto; and itt exercising any
such powers or in enforcing this Mortgage by judicial foreclosm'e or otherwise, pay the necessary expenses, costs attd reasonable attorney's fees.
8. To ~omply with all laws, ordinances, regulatioas, covenants, conditions and restrictions affecting the Property attd its rise, including without
limitation all environmental laws; not to use or permit the use of the Prqpertyfor arty unlawful or objectionable purpose; to remedy any
environntental contanfination or violation of enviromnental laws that may occur or be discovered in the future; to allow Mortgagee access to the
Property to inspect its condition and to test attd monitor for compliance with applicable laws (any inspections or tests tnade by Mortgagee shall be
for Mortgagee ~purpases only and shall not be construed to create any responsibilityor liabilityon the part of Mortgagee to Mortgagor or to any
other persotO; to forward copies of any notices receivecl from any environmeatal agencies to Mortgagee; and to Indetnnify and hold Morlgagee, his
employees, agents attd his successors and assigns, harndess from and against any enviroamental claims of any kind, and all costs attd expenses
incurred itt connection therewit& including, without limitation, attorney's fees.
9. Any award of damages in connection with any condemnation for public use of or injury to said property or arty part thereof, is hereby resigned
attd shall be paid to Mortgagee who may apply or releasesuch monies receivedby hint itt the same manner and with the same effect as above
provided for disposition of proceeds of fire or other insurance.
lOt The failure of Mortgagee to exerciseany right or option providedherein at arty time, shall not preclude. Mortgageefrom exercisingany of such
rights at any other time; by accepting payment of any sam secured hereby after its due date, Mortgagee does not waive his right either to require
protnl)t payntent when due of all other sums so secured or to declare default for failure so to pay; all rights conferred on Mortgagee are cumulative
and additional to any rights conferred by law; attd if any provision is found to be invalid or unenforceable, such invalidity or unenforceabilityshall
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not affect any other provision hereof and the mortgage shall be construed ax though such provision had been omitted.
I I. As additional security, Mortgagor hereby give~ to attd confers upon Mortgagee the right, power and attthority, during the continnance of this
mortgage, to collect the rents, issues attd profits of said property ar they become du"e and payable; R~erving however unto blortgagor, prior to arty
default by Mortgagor itt payment of any indebtedness secured hereby or itt performance of any agreement herennder, the 'right to collect and retain
such rents, issues and profit& Upon arty such default, Mortgagee may at arty time withont notice, either itt person, by agent or court appointed
receiver, attd without regard to the adequacy of any security for the indebtedness hereby secured, enter upon attd take possession of said property or
atty part thereof, itt ]tis own name sue for or otherwise collect such rents, issues and profits, including those pa, t due attd unpaid, attd apply the
same, less costs attd expenses of operation attd collection, inchtding reasonable attorttey's fees, upon arty indebtedness secured hereby, attd in such
order ax Mortgagee may deterntine. The entering upon attd taking possession of said property, the collection of snch rents, issues and profits attd the
application thereof ax aforesaid, shall not cure or waive arty default hereunder or invalidate any act done pursuant to any such default notice.
12. DUE ON SALE: The indebtedness attd obligations secured by this mortgage is personal to the Mortgagor attd is/tot axsignable by Mortgagor.
b[ortgagee /tax relied upon the credit of Mortgagor, the interest of Mortgagor itt the Property attd the financial ntarket conditions then existing when
tnaking this loan. If Mortgagor transfers or contracts to transfer, title to or possession of, all or part of ihe Property, or arty equitable interest
therein, whether by deed, contract for deed, axsignntent, lease for a term itt excess of one year, lease with att option to purchase, option to purchase,
or similar agreement; or if the ownership of arty corporation or partnership, owning all or any portion of the Property shall be changed either by
vohtntary or in voluntatT sale or transfer or by operation of law, Mortgagee may declare all sums due under any note, security agreement, attd/or
loan documents axsociated herewith, inunediately due attd payable. Noncompliance with this coveuant shall constitute attd be a defanlt of this
obligation which shall entitle 34ortgagee to effectuate any attd all remedi~ i>rovided
13. Time is of the essence and a material part of this agreement. Itt the event of default, at Mortgagee's option, the entire indebtedness secnred
hereby shall forthwith become due attd payable and bear interest at the rate of TWELVE PERCENT (12%) per annunt; Mortgagee shall have the
right to foreclose the lien of this mortgage, to have a receiver appointed itt any court proceeding, to collect any rents, issues attd profits from the
ProperO, and apply them against the indebtedness hereby secnred; to sell the Property at foreclosureen masse, or ax one lot or parcel at the option
of Mortgagee, and to exercise arty rights attd remedies available under the Uniform Commercial Code for the State itt which the property is locate&
attd reasonable notice if reqnired by such Code Shall be five (5) clays.
14. The Mortgagee ntay at arty time, withont notice, release poriions of said mortgaged prends~ from the lien of this mortgage, without affecting
the personal liability of any person for the payment of the said indebtedness or the lien of this mortgage upon the remainder of the mortgaged
premises for the fidl amount of said indebtedness then remaining unpaid.
15. Mortgagor and each of them join itt this instrument for the purpose of subjecting each of their right, title attd interest, if any, itt the Property,
whether of record or otherwise attd inchtding any right to possession, to the lien of this mortgage.
16.' This mortgage, all loan documents and the note{s) secured hereby shall be governed attd construed according to the laws of the State of
Wyoming. Itt the event of default, Mortgagor grants to Mortgagee a Power of Sale to foreclose on attd sell said property at public auction pursuant
to l~yoming Statute Section 34-4-101 et:seq.
17. This mortgage applie,~ to, inures to the benefit of and binds all parties hereto, their heirs, devisees, personal representatives, succexsors and
assigns. The ternt Mortgagee shall ntean the ho/der attd owner of the note secured hereby,. or if the note has been pledge4 the pledgee thereof. In
this 3~ortgage, wherever the context so requires, the masculine gender includes the feminine attd/or neuter, attd the singular number includes the
plural.
Dated: October 29, 2003
Steven A. Tata/ek · /
Marilyn~ek
STATE OF }I~TOMING )
) SS.
COUNTY OF TETON )
The foregoing instrument was acknowledged befor~ my by
Steven A. Tatarek and Maril), K. Tatarek. this day
of November; 2003
~'~]. ~SS my hand and official seal.
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