HomeMy WebLinkAbout896699546 317
RECEIVED
LINCOLN COUNTY CLER~
,.~EAI'4,".~E ',,':,',r'*, cc,
THIS MORTGAGE, made this ,~[ *'1~ day of December, 200¢, tween'el~ades,E,' Hewms~
and Brandy J. Hewins, husband and wif~ both residing at 92 Hazelnut Circle, Columbus, Mississippi,
39705, hereinafter called the MortgagOrs, and Robert J. Fedell and Janet F. Fedell, residing at 1618 Bill
Nye, Laramie, Wyoming, 82070, hereinafter called the Mortgagees.
WHEREAS the Mortgagors are justly indebted to the Mortgagees in the sum of TEN
THOUSAND DOLLARS AND NO/100 ($10,000.00) with interest thereon as evidenced by a certain
note or obligation bearing even date herewith, conditioned for the payment of said sum to the
mortgagees, .its successors or assigns at 1618 Bill Nye, Larmnie, Wyoming, 82070, said principal and
interest to be payable in monthly installments of TWO HUNDRED NINETY-FIVE DOLLARS AND
24/100 ($295.24) commencing February 17, 2004; and continuing on the seventeenth (17th) day of
each month thereafter until the principal and interest are fully paid.
Now this indenture witnesseth, that the Mortgagor, for better securing the payment of said sum
of money mentioned in the condition of said note or obligation, with interest thereon according to the
true intent and meaning thereof, and also for and in consideration of the Sum of One Dollar to the
Mortgagor in hand paid by the Mortgagees, at or before the ensealing and delivery of these presents,
the receipt whereof is hereby acknowledged, has granted, bargained, sold, aliened, released, conveyed,
assigned and 'confirmed, and by these presents does grant, bargain, sell, alien, release, convey, assign
and confirm unto the said Mortgagees its successors or assigns, forever.
The Mortgagors hereby relinquish and waive all rights under and by virtue of the homestead
laws of the State of Wyoming and covenant and agree that they are lawfully seized of said premises,
that they are free from all encumbi-ances, except a first mortgage in favor of Robert J. Fedell and Janet
F. Fedell, and hereby covenants to warrant and defend the title of said premises against the lawful
claims of all persons whomsoever.
All that certain plot, piece or parcel of land, with the buildings and improvements thereon
erected, situate, lying and being in
Lot 106 of Star Valley Ranch Plat 17. Lincoln County, Wyoming as
described on the official plat thereof.
Being the same premises, conveyed to the Mortgagors by Deed delivered and intended to be
recorded simultaneously herewith; tlfis mortgage being a purchase money Mortgage;
Together with all and singular the tenements, hereditaments, and appurtenances thereunto
belonging or in anywise aPpertaining, 'and the reversion or reversions, remainder and remainders, rents,
issues and profits thereof,
Also all the estate, fight, title, interest, property, possession, claim and demand whatsoever, as
well in law as inequity, of the Mortgagors of, in and to the same and every part and parcel thereof with
the appurtenances;.
And also all the right, title and interest of the Mortgagors in and to any and all equipment and
fiXtUreS now used or hereafter to be used in connection with the operation or enjoyment of the
buildings on the premises or .any part thereof,
To have and to hold the above-granted and described premises with the appurtenances, unto
the Mortgagees, its successors and assigns, to its own proper u. se and benefit forever;
And the Mortgagors do covenant'with the Mortgagees, that the Mortgagors are seized of an
indefeasible estate in fee simple in said premises, and its appurtenances and the equipment and fixtures
aforementioned, and will warrant and forever defend the title thereof unto the said Mortgagees against
all lawful claims;
Provided always, 'and these presents are upon this express condition, that if the Mortgagors
shall sell and t~ly pay to the Mortgagees all moneys secured hereby when the same shall become due
and payable, and the interest thereon without deduction or credit for any amount payable for taxes,
assessments or other 'impositions whatsoever, then these presents and the estate hereby granted shall
cease, terminate and be void.
And the Mortgagors covenant and agree to pay to the Mortgagees the principal and interest
owing on said note or obligation; without any deduction or credit for any amount paid for taxes,
assessments or other impositions assessed or to be assessed upon the mortgaged premises.
And the Mortgagors covenant with the Mortgagees as follows:
1. Insurance. That the Mortgagors shall and will keep the buildings erected or to be
erected upon the mortgaged premises insured against loss or damage by fire, and such other hazards as
may be specified by the Mortgagees, for the benefit of the Mortgagees, and by insurers and in amounts
approved by the Mortgagees, and deliver evidence of such insurance policy Or policies to the
Mortgagees; and have attached thereto loss payable clauses in favor or and in form acceptable to the
Mortgagees and the fire insurance policies shall contain the usual extended coverage endorsement; and
in default thereof, the Mortgagees, may, at its option, effect such insurance, and the premium or
premiums paid therefore shall be a lien on the said mortgaged premises; added to the amount of said
note or obligation and secured by these presents payable on demand with interest at the highest legal
rate from the time of such payment; and in case of loss, any insurance monies payable to the
Mortgagors and/or Mortgagees are to the extent of the interest of the Mortgagors hereby assigned to
the Mortgagees to the end and with the right to so employ such monies as to preserve and protect the
rights of the Mortgagees under this Mortgage and the accompanying note or obligation; or to secure
repayment of its indebtedness; or to rebuild or restore the damaged building or improvements, as the
Mortgagees. in its absolute discretion may deem best; the Mortgagees shall have the absolute right to
settle and compromise, without the consent of the Mortgagors, all claims under said policies of
insurance.
2. Taxes. That the Mortgagors shall pay all taxes, assessments, water rents and other
governmental charges levied upon said premises, within fifteen days after the same shall become due
and payable and will deliver proper receipts therefore to the Mortgagees, and in default thereof, the
Mortgagees may, at its option, pay said taxes, assessments, water rents or other govemmentai charges
and such payments shall be a lien on said mortgaged premises, added to the amount of said debt, and
secured by these presents, and .shall be due and payable on demand, with interest at the highest legal
rate from the time of such payment.
3. Maintain' Improvements. That the Mortgagors shall maintain the buildings on the
mortgaged premises, and all equipment and fixtures used in connection with the' operation and
enjoyment of the buildings, in reasonably good repair, and shall not remove or demolish, or permit the
same to be removed or demolished, or make Such alteration therein or such change in the use thereof,
as to create a fire or other hazard not existing on the date hereof, and the Mortgagors Or the then
owner of the premises ~'~' ·
oi,m~, at all reasonable ' .....
,o~,o, pe,'wdt the Mortgagees or ~ts preoe~,~m~ea, to
inspect the buildings and every part thereof.
4. · Condemnation. In the event said premises or any part thereof shall be taken or
condemned for public or quasi public purposes by the proper authorities, the Mortgagors shall have no
claim against the award for damages superior to that of the Mortgagees, or be entitled to any portion
of the award until the indebtedness secured' hereby shall be paid. All fights of the Mortgagors to such
damages, or such awards are hereby assigned to the Mortgagees to the extent of any indebtedness that
then remains unpaid, the Mortgagors, however, having the fight to appeal said award to the courts of
competent jurisdiction.
5. Mortgagees' Remedies. That if default shall be made in any of the covenants or
conditions contained herein, the Mortgagees shall have the right .forthwith, after any such default, to
enter upon and take possession of said mortgaged premises, and to let said premises, and receive the
rents, issues and profits thereof, and to apply the same, after payment of all necessary charges and
expenses, on account of the amount hereby securedl and said rents and profits are, in the event of any
such default, hereby assigned to the Mortgagees, and the Mortgagees shall also be at liberty
immediately after any such default, upon proceedings being commenced for the foreclosure of this
Mortgage, by judicial foreclosure or power of sale, to apply for the appointment of a receiver of the
rents and profits of said premises, and be entitled to the appointment of such receiver as'a matter of
right, as security for the amounts due the Mortgagees without consideration of the value of the
mortgaged premises or solvency of any person or persons liable for the payment of such amounts.
6. Waiver. That the granting of any extension of time of payment of tiffs mortgage,
or the taking of other or additional security or the payment thereof, or the release of any security, or
changing any of the terms of tiffs mortgage, or the note accompanying this mortgage, or waiver of or
failure to exercise any right to mature the whole debt under any covenant or stipulation herein
contained shall not in anywise affect this mortgage or 'the note or obligation accompanying this
mortgage, nor the fights of the Mortgagees hereunder or thereunder, or operate as a release from any
personal liability upon the note or obligation.
7. Accounting. That the Mortgagors within five days upon request in person or within
ten 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, said notice and
demand or request may be in writing and may be served in person or by mail.
81 Default. That the whole of said principal 'sum and the interest shall become due
at the Option of the Mortgagees: (a) after the default for 15 days in the payment of any installment of
principal or interest (b) after failure to exhibit to the Mortgagees, within fifteen days after demand,
receipts showing payment of all taxes, water rents and assessments; or (c) after the actual or threatened
alteration, demolition or removal of any building on the premises without the written consent of the
Mortgagees; or (d) after the assignment of the rents of the premises or any part thereof without the
written consent of the Mortgagees; or (e) if the buildings on said premises are not maintained in
reasonably good repair; or (f) after failure to comply with any requirement or order or notice of
violation of law or ordinance issued by any governmental department claiming jurisdiction over the
premises within three months from the issuance thereof, or (g) if on application of the Mortgagees two
or more fire insurance companies lawfully doing business in the State of Wyoming refuse to issue
policies insuring the buildings on the premises; or (h) if the Mortgagors fail to keep, observe and
perform any of the other covenants; conditions or agreements contained in this mortgage. Mortgagors
have a 15 day grace period from date of mailing by Sellers of written notice of default by certified mail.
Upon Mortgagors' breach of any covenant or agreement of
Mortgagors in this Mortgage, including the covenants to pay when due any sums secured by this
Mortgage, Mortgagees, prior to acceleration, shall mail notice to Mortgagors specifying: (1) the
breach; (2) the action required to cure such breach; (3) a date, not less than thirty (30) days from the
date of the notice is mailed to Mortgagors, by which such breach must be cured; (4) that failure to cure
such breach on or before the date specified in the notice may result in acceleration of the sums secured
by this Mortgage and sale of the Property. The notice shall further inform Mortgagors of the right to
reinstate after, acceleration and the right to bring a court action to assert the non-existence of a default
or any other defense of Mortgagors to acceleration and sale. If the breach is not cured on or before the
date specified in the notice, Mortgagees and Mortgagees' option may declare all of the sums secured
by tiffs Mortgage to be immediately due and payable without further demand and may invoke the
power of sale and any other remedies permitted by applicable law. Mortgagees shall be entitled to
collect all reasonable costs and expenses incurred in pursuing the remedies provided in this paragraph,
including, but not limited to, reasonable attorney's fees.
If Mortgagees invoke the power of sale, Mortgagees shall give notice
of intent to foreclose to Mortgagors and to the person in possession of the Property, if different, in
accordance with applicable law. Mortgagees shall mail a copy of a notice of s'ale to Mortgagors in the
ma~er provided above. Mortgagees shall publish the notice of sale and the Properti/shall be sold in
the manner prescribed by applicable law. Mortgagees or Mortgagees' designee may purchase the
Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all
reasonable costs and expenses of the sale, including, 'but not limited to, reasonable attorney's fees and
costs of title evidence; (b) to all sums secured by tlfis Mortgage; and (c) the excess, if any, ..to the
person or persons entitled thereto.
9. Mortgagors' Right To Reinstate Notwithstanding, Mortgagees' acceleration of
the sums secured by this Mortgage as provide in the above paragraph, Mortgagors shall have the fight
to have any proceedings begun by Mortgagees to enforce this Mortgage discontinued at any time prior
to the. earlier to occur of 0) the fifth (5) day before sale of the Property pursuant to the power of sale
contmned in this' Mortgage or (ii) entry of a judgment enforcing this Mortgage; if (a) Mortgagors cure
all breaches of any other covenants and agreements of Mortgagors contained, in this Mortgage; (b)
Mortgagors pay all reasonable expenses incurred by Mortgagees in enforcing the covenants and
agreements of Mortgagors contained in this Mortgage and in enforcing Lender's remedies as provide
in the above paragraph, including, but not limited to, reasonable attorney's fees; and (c) Mortgagors
take such action as Mortgagees :may reasonably require to assure that the lien of this Mortgage,
Mortgagees' interest in the Property and Mortgagors' obligation to pay the sums secured by this
Mortgage shall continue unimpaired. Upon such payment and cure by Mortgagors, this Mortgage and
obligations secured hereby shall remain in full force and effect as if no acceleration had occurred.
10. Liability. That if the Mortgagors consist of more than one party, such
MOrtgagors shall be jointly and severally liable under any and all obligations, covenants and agreements
of the Mortgagors contained herein..
11. Non-assumabitity_~. Upon the sale or transfer of the premises described herein, or
any part thereof, the whole of said principal sum and the interest thereon shall, at the option of the
Mortgagees, become immediately due and payable. Any such sale or transfer between Mortgagor and
his spouse shall not fall within the provisions of the paragraph.
12. MiscellaneoUs. This mortgage may not be changed or terminated °rally: The
covenants contained in this mortgage shall run with the land and bind the Mortgagors, the heirs,
personal representatives, successors and assigns of the Mortgagors and all subsequent owners,
encumbrances, tenants, and subtenants of the premises, and shall enure to the benefit of the
Mortgagees, its successor and assigns, and to all subsequent holders of this mortgage. The word
"Mortgagor" shall be construed as if it read "Mortgagors" and the wOrd "Mortgagee" shall be
construed as if it read "Mortgagees" whenever the sense of this mortgage so requires.
13. Receipt. The Mortgagors hereby acknowledge receipt of a true copy of this
mortgage.
14. Purchase Money. This ~s a purchase money mortgage used
repayment of funds used by the Mortgagors to purchase the above described property.
to secure the
STATE OF .~ )
) SS.
COUNTY OF
IN WITNESS WHEREOF this mOrtgage has been duly executed by the Mortgagors.
~ewin~s,~
On this ~/ ay of December, 2003, before me personally appeared to me known to be the
persons described in and who executed the foregoing instrument, and acknowledged that they executed
the same as their free act and deed.
Witness my hand and official seal.
My Commission Expires:
N'b2'a ry Public ~' ",'
CHLOE A. ROSS, TSgt USAF
LAW OFFi~ MANAO.E.R
(X)LIJMB~ AFB, MS 3O710