HomeMy WebLinkAbout896610 r:'-- ' RECEIVED
BOoK ~-'J'-6[,~,p¢~6~ 059' MORTC. AGE LIt"!COLLf COUr'JT'F CLERK
KNOW ALL PERSONS BY THESE PRESENTS, that Richard-.MoKL~rma ,aod I~aisa
McKenna, husband and .wife, of P.O. Box 425, Kenunerer, WY 83101':~..ii~rdi£]~>rEf~rl".~.~f~} as
Mortgagor, t° secure the payment of the Principal sum of ninety
together with interest, as evidenced by a promissory note of even date herewith (the "Note"), to the
order of WRIGHT ENTERPRISES LIMITED LIABILITY COMPANY, of 1206 Garnet Street,
Kemmerer, WY 83101, herein referred to as Mortgagee, hereby mortgages to Mortgagee, all interest
in the real property, situate in the County of Lincoln, State of Wyoming, and more particularly
described as follows, to-wit:
Commencing at the Southeasterly Comer of Parcel 9 of the Town of Diamondville,
Lincoln County, Wyoming, said comer also being on the Westerly Right-of-Way
Boundary line of Wyoming State Highway 30 North;
thence South 78057' West, 45.45 feet along the Northerly Right-of-Way Boundary
line of Wyoming State Highway 30 North and the Southerly Boundary line of said
Parcel 9 of the Town of Diamondvilte, Lincoln County, Wyoming; thence South
2°59' East, 50.50 feet along the Westerly Right-of-Way Boundary line of Wyoming
State Highway 30 North to the Point of Begimfing; thence South 2059' East, 75.75
feet along the Westerly Right-of-Way Boundary line of said Wyoming State Highway
30 North; thence South 78057' West, 139.37 feet; thence North 9040' West, 75.00
feet; thence North 78057' East, 150.00 feet to the point of beginning.
Commencing at the Southeasterly Corner of Parcel 9 of the Town of Diamondville,
Lincoln County, Wyonfing; thence South 78 o57' West, 45.45 feet along the Southerly
Boundary line of said Parcel 9 to a U.S. Highway 30 North Right-of-Way marker;
thence South 2059' East, 126.23 feet along the Westerly Right of Way Boundary line
of U.S. Highway 30 North to the Point of Beginning; thence South 2059' East, 100.00
feet along the Westerly Right-of-Way Boundary line to U.S. Highway 30 North;
thence South 78057' West, 154.72 feet thence North 9°40' West, 174.02 feet; thence
North 78°57' East, 25.19 feet; thence South 9°40' East, 75.00 feet; thence North
78057' East, 141.19 feet to the point of beginning.
Also known as 401 U.S. Highway 30, Diamondville, Wyoming.
Mortgagor covenants that Mortgagor is lawfully seized of the premises; that the premises are
free from all encumbrances; and hereby covenants to warrant and defend the title of the premises
against the lawful claims of all persons whomsoever.
Mortgagor covenants with Mortgagee as follows::~
SECTION ONE
RENTS, ISSUES, AND PROFITS
In case of default in any of the payments stipulated in the Note, Mortgagor, as further security
for this mortgage and the Note secured thereby, hereby assigns, sets over, and conveys to Mortgagee
all of Mortgagor's interest in and to all rents, issues, and profits from the property.
SECTION TWO
RESTRICTIONS ON TRANSFER; NO FURTHER ENCUMBRANCES
The Mortgagor shall not, whether voluntarily or involuntarily by operation of law or
otherwise (i) transfer, sell,.convey or assign all or any portion of the property, or contract to do any
of the foregoing, including without limitation, enter into options to purchase, installment sales
contracts, land contracts, real estate contracts or contracts for Deed of Trust, (ii) change the legal
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possession or use thereof, or (iii.) except as provided in this Section, pm-mit the dilution, transfer,
pledge, h~othecation or encumbrance of any ownership interest in the property mortgaged hereto.
Except for easements for drainage or utilities, Mortgagors shall not enter into any easement, rights
of way, agreements affecting property lines or similar agq'eements affecting the property without the
prior written consent of Mortgagee. Such consent shall not be unreaSonably withheld. Mortgagor
shall not without the prior written consent of the Mortgagee, directly or indirectly~' further encumber
the property, or any part thereof, it being understood by Mortgagor that the property, and all parts
thereof, shall remain fi'ee and clear of any and all debt instruments or other obligations for repa3qnent
of money except those given in connection xvith the loan evidenced by the Note.
SECTION THREE
PAYMENT OF INDEBTEDNESS
Mortgagor will pay the indebtedness as provided in the Note. Mortgagor may at any time
pay.the principal balance and accrued interest in full, thereby satisfying and discharging the lien of
this mortgage and the indebtedness secured thereby, on giving to the holder of the mortgage and of
the accompanying note not less than thirty (30) days prior written notice by certified or registered
mail of mortgagor's intention to do so, and by paying in addition to interest then accrued the
following sums:
Fifteen thousand dollars ($15,000.00) if paid before one (1) full year has passed fi'om the date
of issuance of the Note and mortgage.
Twelve thousand dollars ($12,000.00) if paid after one (1) year has passed ffo~n the date of
issuance of the Note and mortgage but before two (2) years have passed from the date of issuance
of the Note and mortgage.
Nine thousand dollars ($9,000.00) if paid after two (2) years have passed from the date of
issuance of the Note and mortgage but before three (3) years have passed fi'om the date of issuance
of the Note and mortgage.
Six thousand dollars ($6,000.00) if paid after three (3) years have passed fi'om the date of
issuance of the Note and mortgage but before four (4) years have passed from the date of issuance
of the Note and mortgage.
Three thousand dollars ($3,000.00) if paid after four (4) years have passed from the date of
issuance of the Note and mortgage but before five (5) years have passed from the date of issuance
of the Note and mortgage.
SECTION FOUR
GROUND RENTS i TAXES AND ASSESSMENTS
Mortgagor will pay all ground rents, taxes, assessme'nts, water rents, and other governlnental
or municipal charges, or other lawfitl charges, and will promptly deliver the official receipts therefor
to Mortgagee upon request.
SECTION FIVE
MAINTENANCE OF PROPERTY
Nothing shall be done on or in connection with the property that may impair Mortgagee's
security hereunder; Mortgagor will commit, pemfit or suffer no waste, impairment or deterioration
of the property or any part thereof, and the property shall be continuously maintained in good and
sightly order, repair and condition by Mortgagor at Mortgagor's expense. Mortgagor shall not
remove any buildings or improvements located on the property.
SECTION SIX
HAZARD INSURANCE
Mortgagors will keep the improvements now existing or hereinafter erected on the premises,
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insured for fire aa~d extended coverage in an amount equal to at least the full replacement cost thereof
with a deductible of not more than five thousand dollars ($5,000.00). All insurance shall be carried
in reputable companies qualified to do business in the State of Wyoming, and the policies and
renewals thereof shall have attached thereto loss payable clauses in favor of and in a form acceptable
to Mortgagee. Mortgagor will prOmptly deliver a copy of all insurance policies and proof of
premium payment upon request, h~ the event of loss, Mortgagor will give immediate notice by mail
to Mortgagee, who may make proof of loss if not made promptly by Mortgagor, and each insurance
company concerned is hereby authorized and directed to make payment for such loss to Mortgagor
and Mortgagee jointly; the insurance proceeds or any part thereof may be applied by Mortgagee at
Mortgagee's option either to the reduction of the indebtedness hereby secured or to the restoration
or repair of the property dalnage. In event o f foreclosure of this mortgage or other transfer of title
to the premises in extinguislunent of the indebtedness secured hereby, all right, title and interest of
Mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee. Each
policy or other contract for such insurance shall contain an agreement by the insurer that, not
withstanding any right of cancellation reserved to such insurer, such policy or contract shall continue
in force for at least twenty (20) days after written notice to the Mortgagees of such cancellation.
SECTION SEVEN
CHARGES; LIENS
In case Mortgagor shall default in the payment of ground rents, if any, taxes, assessments,
water or other govenunental or municipal charges, insurance premiums, or other lawful charges as
herein provided, Mortgagee may without notice or demand pay the same and in case of any failure
on the part of Mortgagor to comply xvith the covenants of Section Five thereof, Mortgagee may effect
such repairs as Mortgagee may reasonably deem necessary to protect the property, at the expense of
Mortgagor. Mortgagor shall repay such sums paid and all expenses so incmTed by Mortgagee, with
interest thereon from the date of payment, at ten percent (10%) per annum, and the same shall be a
lien on the premises and be secured by the above-mentioned note and by these presents; in default
of making such repayments the whole .amount hereby secured if not then due shall, if Mortgagee so
elects, become due and payable forthwith, anything therein contained to the contrary
notwithstanding.
SECTION EIGHT
EVENTS OF DEFAULT AND ACCELERATION
Events of Default. The terms "Event of Default" or "Events of Default", wherever
used in this instrument, shall mean any one or more of the following events:
(1)
Failure by Mortgagor to pay within thirty (30) calendar days after due, any
sum due under the Note, this Mortgage, or any payment of tax or insurance
deposit or premium when due; or
(2)
Failure by Mortgagor to duly observe, comply with or perfom~ within thirty
(30) calendar days after xvritten notice of such failure is given to Mortgagor
of any terns, covenant, condition or agreement of this instrument; or
(3)
The filing by Mortgagor o fa voluntary petition in bankruptcy or adjudication
of Mortgagor as a bankrupt or insolvent, or the filing by Mortgagor of any
petition or answer seeking or acquiescing in any reorganization, arrangement,
composition, readjustment, liquidation, dissolution or similar relief for itself
under any present or future federal, state or other law or regulation relating
to bankruptcy, insolvency or other relief for debtors, or seeking or consenting
to or acquiescing in the appointment of any trustee, receiver or liquidator of
Mortgagor or of all or any substantial part of the property or of any of the
rents, issues, profits or revenues thereof, or the making by Mortgagor, or
either of them, of any general assignment for the benefit of creditors, or the
admission in writing by Mortgagor, or either of them, of their inability to pay
their debts generally as they become due; or
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062
(4) The entry by a COUlt of competent jurisdiction of an order, jndgment or decree
approving a petition, filed against Mmntgagor, or either of them seeldng any
reorganization, arrangement, composition readjustment, liquidation,
dissolution or similar relief for itself under any present or future federal, state
or other law or regulation relating to bankruptcy, insolvency or other relief for
debtors, which order, judgment or decree remains unvacaled and unstayed for
an aggregate sixty (60) days (whether or not consecutive) from the date of
entry thereof, or the appointment of any trustee, receiver or liquidator of
Mortgagor, or of alt or any snbstantial portion of the property or of any of
rents, issues profits or revenues thereof without the consent or acqniescence
of Mortgagor, which appointment shall remain unvacated and unstayed for
an aggregate sixty (60) days (whether or not consecutive).
Acceleration. !In case of an Event of Default, the whole of the then indebtedness
secured hereby:, inclusive of principal, interest, early payment penalty, arrearages,
ground rents, if any, taxes, assessments, water charges, utilities, expenditures for
repairs or mai.ntenance, together with all other sums payable pursuant to the
provisions thereof, shall becmne immediately due and payable, at the option of
Mortgagee, although the period above limited for the payment thereof may not have
expired, anything herein before or in the Note ~ontained to the contrary
notwithstanding; any failure to exercise such option, shall not constitute a waiver of
the right to exercise the same at any other time; and it shall be lawful for Mortgagee
to proceed to enforce the provisions of this mortgage either by suit at law or in
equity, as Mortgagee may elect, or to foreclose this mortgage by advertisement and
sale of the premises, at public auction for cash, according to Wyoming Statutes
governing mortgage foreclosures, and canse to be executed and delivered to the
purchaser or purchasers at any such sale, good and sufficient deed or deeds.of
conveyance of the property so sold, and to apply the net proceeds arising fi-om such
sale first to the'payment of the cost s and expenses of such foreclosure and sale and
in payment of'~all monies expended or advanced by Mortgagee pursuant to the
provisions of Section Seven hereof, and then to the payment of the balance due on
account of the principal indebtedness secured hereby, together with interest thereon,
and the surplus if any, shall be paid by Mortgagee to Mortgagor. There shall be
included in any or all such proceedings a reasonable attorney's fee. In case
Mortgagee fails promptly to foreclose on the happening of any default, Mortgagee
shall not thereby be prejudiced in Mortgagee's right to foreclose at any time
thereafter during which such Event of Default continues, and shall not be prejudiced
in Mortgagee'sl foreclosure rights in case of further Events of Default.
i S,E, CTION NINE
MOkTGAGEE S RIGHT OF POSSESSION
I
ere t
In case of any default v~h by he right to foreclosure occurs hereunder, Mortgagee shall at
once become entitled to exclusive possession, use and enjoyment of all property, and to all rents,
issues and profits thereof, fro*m, the accruing of such right and during the pendency of foreclosure
proceedings
and the period ot~ redemption, if there is auy; and such possession, rents, issues
and
profits shall at once be delivered~ to Mortgagee on request, and on refusal, the delivery of such
possession, rents, isstles and p~ofits may be enforced by Mortgagee by any appropriate civil suit or
proceeding, including action or actions in ejectment or forcible entry, or unla~vful detainer; and
t t ·
Mortgagee shall be entitled oia receiver for the property and the rents, issues and profits thereof,
after any such default, including the time covered by foreclosure proceedings and the period of
redemption, if there is any, and shall be entitled thereto as a matter of right without regard to the
solvency or insolvency of Mortgagor or the then oxw~er of the property or the sufficiency thereof to
·
discharge the mortgage debt .,a~d foreclosure costs, fees and expenses; and such receiver may be
appointed by any court of competent jurisdiction, and all rents, issues, profits, income and revenue
of the property shall be appliec
the court.
by such receiver, according to law and the orders and directions of
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063
[ SECTION TEN
· B~---'~ E~T .
The covenants herein Cl;ntained s~all bi'id, an~the ~enefits and advantages shall inure to, the
respective heirs, executors, administrators, successors and assigq~s of the parties thereto. Whenever
used, the singular number shal
shall include all genders.
Any waiver by either p
include the plural, the plural the singular, and the use of any gender
SECTION ELEVEN
WAIVER
arty hereto of any breach of any kind or character whatsoever by the
other party, whether such wai~er be direct or implied, shall not be construed as a continuing waiver
of or consent to any subsequent breach of this agreement on the part of the other party.
SECTION TWELVE
NOTICES
All notices, demands, re~ quests and other writings required or pemfitted to be given hereunder
shall be deemed duly given if hand delivered or if mailed by certified mail, postage prepaid, if
addressed to the parties to their~ respective addresses stated above. Either party shall have the right
to specify in writing in the manner above provided, another address to which subsequent notices or
writings to such party shall bq given. Any notice given hereunder shall be deemed to have been
given as of the date delivered or three (3) days after being mailed.
IN WITNESS WHEREOF, Mortgagor has caused this Mortgage to be duly executed on this
/~0~C~ day of January, 2004.
RICHARD McKENNA
KAISA McKENNA
STATE OF WYOMING )
)SS.
COUNTY OF LINCOLN )
The above and foregoi~ g mortgage was aclmowledged before me this/~ 7t'g~ay of January,
2004, by Richard McKenna and Kaisa McKenna.
WITNESS my hand aqd
official seal.
My Conmfission Expires:
Notary Public
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