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This Mortgage is made the 10th day of December, 2003, by and between Larry
T. Rich and Dom-la L. Rich, hereinafter referred to as the "Mortgagor", and Linda R.
McMurdo, hereinafter referred to as "Mortgagee".
The Mortgagor, for and in consideration of Thirty Five Thousand Five Hundred
Dollars ($35,500.00) lawful money of the United States and other valuable consideration,
loaned to the Mortgagor by the Mortgagee, the receipt of which is hereby confessed
and acknowledged, does hereby mortgage to the Mortgagee, the following described
real property situate in the County of Lincoln, State of Wyoming:
In reference to map prepared Ivan L. Call (PE & LS No. 274) dated August 13,
1968.
A portion of the South one-half of Section 12, T33N, R119W, 6th P.M., Lincoln
County, Wyoming, described as follows:
Tract (A) Beginning Point N37°35'W, 2490' Point 8, thence N4°30'E, 125' to (9),
N89°30'E, 400' to (10), S0°30'E, 165' to (12), S85°30'W, 99.1 to (13), N46°20'W,
69.7 to (11), S89°30'W, 260' to (8).
Together with all buildings and improvements thereon, or which may hereafter
be placed thereon; all fixtures now or hereafter attached to said premises; all water and
water rights, ditches and ditch rights, reservoirs and reservoir rights, and irrigation and
drainage rights; and all easements, appurtenances and incidents now or hereafter
belonging or appertaining there to; subject, however, to all covenants, conditions,
easements, and rights-of-way, and to mineral, mining and other exceptions,
reservations and conditions of record.
TO HAVE AND TO HOLD the said real and personal property forever, the
Mortgagor hereby relinqUishing and waiving all rights under and by virtue of the
homestead exemption .laws of the State of Wyoming.
Mortgagor covenants that at the signing and delivery of this Mortgage, said
Mortgagor is lawfully possessed of said ..personal .property; is. lawfully ~eized in fee
simple of said real property, or has such other estate as is stated herein; has good and
lawful right to mortgage, sell and convey all of said property; and warrants and will
defend the title to all of said property against all lawful claims and demands, and that
the same is free from all encumbrances.
However, this Mortgage is subject to the express condition that if the Mortgagor
pays, or causes to be paid, to the Mortgagee the sum of Thirty Five Thousand Five
Hundred Dollars ($35,500.00) together with interest at.7% per mmum, according to the
conditions of a Promissory Note (Promissory Note) of even date herewith with an
ultimate maturity date of December 1, 2008, which Promissory Note was.executed and
delivered by the Mortgagor to the Mortgagee, which sum or sun-ts of money the
Mortgagor hereby covenants to pay, and until such payment, Performs all of the
covenants and agreements herein to be performed by Mortgagor, then this Mortgage
and said note shall cease and be null and void.
Mortgagor and Mortgagee further, covenant and agree as follows:
1. Payment. Mortgagor shall pay the indebtedness as herein provided,
and the lien of this instrument shall remain in full force and effect during any
postponement or extension of time of payment of any part of the indebtedness secured
hereby.
2. Prepayments. Mortgagor shall have the privilege of paying any
principal sum or sun-ts plus accrued interest, in addition to the payments herein
required, at any time without premium or penalty of any kind, and it is understood and
agreed that any such prepayment shall be credited first to interest and the balance to
principal in the inverse order of when due.
3. Transfer of the Property. If all or any part of the property or any
interest herein is sold or transferred by any means by Mortgagor withOut Mortgagee's
prior written consent, excluding, the creation of a lien or encumbrance subordinate, to
this Mortgage or a transfer by devise, descent or by operation of law upon the death of
a joint tenant, Mortgagee may, at Mortgagee's option, declare all the sums secUred by
this Mortgage to be immediately due and payable. Any delay or failure on the part of
the Mortgagee to demand payment shall not prejudice the Mortgagee's right there to.
Mortgagee shall have Waived such option to accelerate if, prior to the sale or transfer,
Mortgagee at Mortgagee's sole discretion, enters into a written agreement with the
person whom the property is to be sold or transferred expressly consenting to such
assumption and setting forth any new tern-ts or conditions of this Mortgage as may be
requested by the Mortgagee in exchange for the Mortgagee agreeing to a~ assumption
of this Mortgage.
4. Taxes and Assessments. Mortgagor shall pay all taxes and
assessments levied or assessed against said property. '
5. Maintenance of Property. Mortgagor shall not commit or permit waste,
nor be negligent in the care of said property, and shall maintain the same in as good
condition as at present, reasonable wear and tear excepted, and will do nothing on or in
cmmection with said property which may ~mpair the security of the Mortgagee
hereunder. Mortgagor shall not permit said property, or any part hereof, to be levied
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upon or attached in any legal or equitable proceeding, and shall not, except with the'
consent in writing of the Mortgagee, or as is otherwise provided and permitted ~ this
Mortgage, remove or attempt to remove said improvements or personal property, or
any part hereof, from the premises on which the same are situated.
6. Insurance. As collateral and further security for tlxe payment of
.the indebtedness hereby secured, Mortgagor shall keep the improvements now
existing or hereinafter erected on said premises insured against loss caused by the
elements, fire, earthquake, and other calamities, with extended coverage provisions, to
the full insurable value thereof for the term of this Mortgage, and will pay when due aH
premiums on such insurance. ~ insurance shall be carried M responsible insurance
companies licensed in Wyoming and the policies and renewals thereof shall have
attached thereto by rider or otherwise loss payable clauses in favor of the Mortgagee.
A copy of said policy or any renewal documents pertaining thereto shall be supplied to
the Mortgagee withN 30 days after the date of execution of this mortgage and
thereafter within 10 days of any renewal of or amendment to such Policy. The
insurance proceeds, or any part thereof, may, at the option of the Mortgagor, be
applied either to the reduction of the indebtedness hereby secured or used M
reconstruction. In the event of foreclosure of this mortgage or other transfer of title to
the said premises in extinguishment of the indebtedness secured hereby, aH right, title
and interest 0f the Mortgagor in and to any insurance policies then in force shall pass t°
the purchaser or grantee.
Notwithstanding the foregoing, insurance shall not be required as long as there
are no improvements on the property.
7. Mortgagee Authorized to Make Payments. If Mortgagor defaults M
the payment of the taxes, assessments or other lawful charges, includMg any
construction loan payments or fails to keep the improvements on said Premises insured
as herein provided, the Mortgagee may, without notice or demand, pay the same, ~d
if the Mortgagor fails to keep said property M good repair, the Mortgagee may make
such repairs as may be necessary to protect the property, all at the expense of the
Mortgagor. 'The Mortgagor covenants and agrees that all such sums of money so
expended, together with aH costs of enforcement or foreclosure, and a reasonable
attorney fee, 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 same rate as provided in the note hereby secured, tmtil repaid, and the
same shall be a lien on all of said property and be secured by this Mortgage.
8. Default. If the Mortgagor defaults in the payment of the
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indebtedness hereby secured, fo]' a period of twenty (20) days after written notice, or
fails to keep the improvements on said premises insured as herein prOvided, or hq case
of breach of any covenant or agreement herein contained, the whole of the then
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 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 or in equity, and cause to be executed and delivered to the purchaser
or purchasers at any foreclosure sale a proper deed of conveyance of the property so
sold. The Mortgagor hereby grants the Mortgagee the power to foreclose by
advertisement and sale as provided by. statute. All remedies provided hq this Mortgage
are distinct and cumulative to any other right or remedy under this Mortgage or
afforded by law or equity and nqay be exercised concurrently, independently or
successively. The Mortgagor agrees to pay all costs of enforcement or foreclosure,
including a reasonable attorney fee. The failure of the Mortgagee to foreclose promptly
upon a default shall not prejudice any right of said Mortgagee to foreclose thereafter
during the continuance of such default or right to foreclose in case of further default or
defaults. The net proceeds from such sale shall be applied to the payment of: first, the
costs and expenses of the foreclosure and. sale, including a reasonable attorney fee, and
· all moneys expended or advanced by the Mortgagee pursuant to the provisions of this
Mortgage; second, all tmpaid taxes, assessments, claims and liens on said property,
which are superior to the lien hereof; third, the balance due Mortgagee on account Of
principal and interest on the indebtedness hereby secured; and the surplus, if any, shall
be paid to the Mortgagor.
9. SufficiencY of Foreclosure Proceeds. If the property described
herein is sold under foreclosure and the proceeds are insufficient to pay the total
indebtedness hereby secured, the Mortgagor executing the note or notes for which this
Mortgage is security shall be personally bound to pay the unpaid balance, and the
Mortgagee shall be entitled to a deficiency judgment.
10. Assignment of Rents. 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 all property aforesaid, and to all rents,
issues 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,
issues and profits shah be delivered immediately to the Mortgagee on request.
refusal, the delivery of such possession, rents, issues and profits may be enforced by the
Mortgagee by any appropriate suit, action or proceeding. Mortgagee shall be entitled
to a Receiver for said property and all rents, issues and profits thereof, after any such
defaultl 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 said property, and without regard to the value of said property, or the
sufficiency thereof to discharge the Mortgage debt and foreclosure costs, fees and
expense. Such Receiver may be appointed by any court of competent jurisdiction upon
ex parte application, notice being hereby expressly waived, and the appointment of any
such Receiver on any such application without notice is hereby Consented to by the
Mortgagor. All rents, issues and profits, income and revenue of said property shall be
appl{ed by Such Receiver according to law and the orders and directions of the court.
11. Inspection. Mortgagee may make or cause .to be made
reasonable entries upon and inspections of the property, provided that Mortgagee shall
give Mortgagor notice prior to any such inspection specifying reasonable cause therefor
related to Mortgagee's interest in the property.
12. Condemnation. The proceeds of any award or claim for damages,
direct or consequential, in connection with any condemnation or other taking of the
property, or part hereof, or for Conveyance in lieu of condemnation, are hereby
assigned and shall be paid to Mortgagee. tn the event of a total taking of the property,
the proceeds shall be applied to the Sums secured by this Mortgage with the excess, if
any, paid to Mortgagor. In the event of a partial taking of tl(e property, unless
Mortgagor and Mortgagee otherwise agree in writing, there shah be applied to the
sums secured by this Mortgage such proportion of the proceeds as is equal to that
proportion which the amount of the sums secured by this Mortgage immediately prior
to the date of taking bears to the fair market value of the property immediately prior to
the date of taking, with the balance of the proceeds paid to Mortgagor. If the property
is abandoned by Mortgagor, or if, after notice by Mortgagee to Mortgagor that the
condemnor offers to make an award or settle a claim for damages, Mortgagor fails to
respond to Mortgagee within 30 days after the date such notice is mailed, Mortgagee is
authorized to collect and apply the proceeds, at Mortgagee's option, either to
restoration or repair of the property or to reduce the sums secured by this Mortgage.
Unless Mortgagee and Mortgagor otherwise agree in writing, any such application of
proceeds to principal shall not extend or pOstpone the due date of the installments
referred to above or change the amount of such installments.
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13. Statement. That the Mortgagee, within
ten (10) days upon
request in person or within thirty (30) days upon request by mail, will furnish a written
statement duly acknowledged of the amount due on this Mortgage and whether any
offsets or defenses exist against the mortgage debt.
14. Notices. All notices, demands or other writing in this
Mortgage provided to be given, made or sent by either party to the other shall be in
writing and shall be validly given or made only if personally delivered with a receipt
'obtained from the person receiving the notice, or sent by certified United States mail
return receipt requested, or if sent by Federal Express or other similar delivery service
keeping records of deliveries and attempted, deliveries. Service shall be conclusively
deemed made upon receipt if perSonally delivered or, if delivered by mail or delivery
service, on the first business day delivery is attempted or upon receipt, whichever is
sooner. The parties mailing addresses are as follows:
Mortgagor: 10480 River Town Road
Fairborn, GA 30213 .
Mortgagee: 4225 S. Central Avenue
Cereo, CA 95307
16. Headings. The headh~gs used in this Mortgage are for convenience
only and are not to be used in its construction.
17. Binding Effect and Construction. The covenants herein contained shall
bind, and the' benefits and advantages shall inure to, the respective heirs, devisees,
legatees, executors, administrators, successors and assigns of the parties hereto.
Whenever used the singular number shall include the plural, the plural the singular, and
the use of any gender shall include all genders. The term "note" includes all notes herein
described if more than one. The terms "foreclosures" and "foreclose" as used herein,
shall include the right of foreclosure by any suit, action or proceeding at law of in
equity, or by advertisement and sale of said premises, or in any other manner now or
hereafter provided by Wyoming statutes, including the power to sell. 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 therein.
18. Release. Upon payment of all sums secured by this Mortgage,
Mortgagee shall release this Mortgage without charge to Mortgagor. Mortgagor shall
pay all costs of recordation, if any.
19. Waiver of Homestead. Mortgagor hereby relinquishes and
waives all rights under and by virtue of the homestead exem ~tion laws of the State of
Wyoming.
IN WITNESS WHEREOF, the said Mortgagor has hereunto signed and sealed
these presents the day and year first above written.
Larry
Dom~a L. Rich
STATE OF WYOMING )
) SS.
COUNTY OF TETON )
The foregoing instrument was ach~owledged before me this t~,~'1~
of December, 2003 by Larry T. Rich and Donna L. Rich.
hand
and
official sealOx ,,~
my,
~:?~..;.:?':~'~:" My Commission Expires: '
day