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HomeMy WebLinkAbout897647 M,qR-02-2004 TUE 06:11 PM ~0~24 NO, 8976t 7 P, O1 RECEIVED LINCOLN COUNTY CLERK Oh M IR ti: 2 ? MORTGAGE This Mortgage is made the 2nd_day of March ,200,~ by and between Robert A. Sweet , hereinafter referred to as the "Mortgagor", ant Sunshine Mortgage Corporation hereinafter referred to as "Mortgagee". Thc Mo:tgagor, for and in consideration of the sum of One Hundred Seventy Thousand and no/100 Dollars ($170,000.00) in lawful money of the United States and other valuable consideration, which Mortgagee has loaned to the Mortgagor, the receipt of whirl 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: See Legal description attached hereto. Together with all buildings and improvements thereon, or wl .ich may hereafter be placed thereon: all fixtures now or hereafter attached to said premise ;; all water and water rights, ditches and ditch rights, reservoirs and reservoir rights, and ir :igation and drainage rights; and all easements, appurtenances and incidents now or h~reafier belonging or appertaining thereto; subject, however, to all covenants, conditi)ns, easements, and rights-of-way, and to mineral, mining and other exceptions, reserv~.tions and conditions of record. TO HAVE AND TO HOLD the said real and personal i~roperty forever, the Mortgagor hereby relinquishing and waiving all fights under and vii rue of the homestead exemption laws of the State of Wyoming. Mortgagor covenants that the signing and delivery of the Mortgage, said Mortgagor is lawfully possessed of said personal property; is la atfully seized in fee simple of said real property, or has such other estate as is stated he] ein; good and lawful right to mortgage, sell and convey all said property; and warrants an t will defend the title to all of said property against all lawful claims and demands, and that the same is free from all encm-nbrances. However, this Mortgage is subject ~o the express condition hat if the Mortgagor pays, or causes to be paid, to thc Mortgagee thc sum of One Hundn~d Seventy Thousand and no/100 Dollars ($170,000.00) together with Interest, until p~id, according to thc conditions of a Promissory Note of even Date herewith, which Promissory Note was executed an:l delivered by the Mortgagor to the Mortgagee, which sum or sums of money th~, Mortgagor hereby covenants to pay, and until M R-02-200 TUE 0 :]2 PM P, 02 such payment, performs all of the covenants and agreements hereir to be perfo~Tned by Mortgagor, then this Mortgage and said note shall cease and be null End void. Mortgagor and Mortgagee [.urther covenant and agree as follo ~vs: 1. po, yment. Mortgagor shall pay the indebtedness as l terein provided, and the lien of this instrument shall remain in full force t nd effect during any postponement or extension of time of payment ~f any part of the indebtedness secured hereby. 2. Prepayments. The Mortgagor shall have the privilege of paying any principal sum or sums plus accrued interest, in addi :ion to the payments herein required, at any time without premium or pen dty of any kind, and it is understood and agreed that any such prepayment ~hall be credited first to interest and the balance to principal in the inverse crder of when due. 3. Transfer of the Property. If all or any part of the prr perty or any Interest herein is sold or transferred by any means by Mortgagor without Mortgagee's prior written consent, excluding the ¢reation of a lien or encumbrance Subordinate to this Mortgage or a tran,~ ['er by devise, decent or by operation of law upon the death of a joint tenar t, Mortgagee may, at Mortgagee's option, declare all the sums secured by this Mortgage to be irmnediately due and payable. Any delay or failm e on the part of the Mortgagee to demand payment shall not prejudice [he Mortgagee's right there to. Mortgagee shall have waived such option :o accelerate if, prior to the sale or transfer, Mortgagee at Mortgagee's s ~le discretion, enters into a written agreement with the person whom the l,roperty is to be sold or transferred expressly consenting to such assumption and setting forth any new terms or conditions of this Mortgage as ma'., be requested by the Mortgagee in exchange for the Mortgagee agreeing to an assumption of this Mortgage. 4. Taxes and Assessments. Mortgagor shall pay all t~ xes and assessments levied or assessed against said property. 5. Maintenance of Property. Mortgage shall not commit or permit waste, nor be negligent in care of said property, and shall m; dntain the same in as good condition as at present, reasonable wear and te ar excepted, and will do nothing on or in connection with said property v'hich may impair the security of the Mortgagee hereunder. Mortgagor ;hall not pemfit said property, or any part hereof, to be levied upon or at~ ached in any legal or equitable proceeding, and shall not, except with the :onsent in writing of the Mortgagee, or as is otherwise provided and permi led in this Mortgage, remove or attempt to remove said improvements 2 MhR-02-2004 TUE 06:12 PM Fh× NO, P, 03 ' 475' or personal property, or any part hereof, from the premises on which the same are situated. 6. Insurance. As collateral and. further security for the payment of the indebtedness hereby secured, Mortgagor shall keep the improvem rots now existing or hereinafter erected on said premises insured against loss caused l~y 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 ~Lll premiums on such insurance. All insurance shall be carried in responsible insurance c 3mpanies licensed in Wyoming and the policies and renewals thereof shall have attache :l thereto by rider or otherwise loss payable clauses in favor of the Mortgagee. A copy 3f said policy or any renewal documents pertaining thereto shall be supplied to the Mort;[agee within 30 days after the date of execution of this mortgage and thereafter within 10 days of any renewal of or anaendment to such policy. The insurance proceeds, or any pa~ ~ thereof, may, at the option of the Mortgagor, be applied either to the reduction of the indebtedness hereby secured or used in reconstruction. In the event of foreclosure of ti.is mortgage or other transfer of title to the said premises in extinguishment of the :ndebtedness secured hereby, all fight, title and interest of the Mortgagor in and to any ir surance policies then in force shall pass to the purchaser or grantee. 7. Mortgagee Authorized to Make Payments. If Mortgagor defaults in the payment of the taxes, assessments or other lawful charges, incluc ing any construction loan payment or fails to keep the improvements on said premk, es insured as herein provided, the Mortgagee may, without notice or demand, pay .he same and if the Mortgagor fails to keep said property in good repair, the Mortgl.gee may make such repairs as may be necessary to protect the property, all at the expe~tse of the Mortgagor. The Mortgagor covenants and agrees that all such sums of money ~.o expended, together with all costs of enforcement or foreclosure, and areasonable attorn ~y fee, shall be added to the debt hereby secured, and agrees to repay the stone and all ex ~enses so incurred by the Mortgagee, with interest thereon fi.om the date of payment at the same rate as provided in the note hereby secured, until repaid, and the same shdl be a lien on all of said property and be secured by this Mortgage. 8. Default. If the Mortgagor defaults in the paymen: of the indebtedness hereby secured, for a period of thirty (30) days after written notic,~, or fails to keep the improvements on said premises insured as herein provided, or in ,:ase 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 p~ yable pursuant to the provisions hereof, shall, at the option of the Mortgagee, become immediately due and N -02-2004 TUE 06:13 PN NO, P, 04 payable, anything herein or in said note to the contrary notwithsta exercise said option shall not constitute a waiver of the right to exe event of any subsequent default. The Mortgagee may enforce ti foreclose, this Mortgage by any appropriate suit, action or proceedin and cause to be executed and delivered to the purchaser or purchas sale a proper deed of conveyance of the property so sold. The Mol the Mortgagee the power to foreclose by advertisement and sale as All remedies provided in thiS Mortgagee are distinct and cumulative remedy under this Mortgage or afforded by law or equity an~ concurrently, independently or successively. The Mortgagor agre enforcement or foreclosure, including a reasonable attorney fee. Mortgagee to foreclose promptly upon a default shall not prejud! Mortgagee to foreclose thereafter during the continuance of sucl foreclose in case of further default or defaults. The net proceeds fi-, applied to the payment of: first, the costs and expenses of the ~ding, and failure to :cise the same in the .e provisions of, or g at law or in equity, .'s at any foreclosure tgagor hereby grants provided by statute. to any other right or I may be exercised. .'s to pay all cost of The failure of the ce any right of said t default or right to ~m such sale shall be !oreclosure and sale, including a reasonable attorney fee, and all moneys expended or advanced by the Mortgagee pursuant to the provisions of this Mortgage; secon:l, all unpaid taxes, assessments, claims and liens on said property, which are superic,r to the lien hereof; third, the balance due Mortgagee on account of principal and intere., t on the indebtedness hereby secured; and the surplus, if any, shall be paid to the Mortgage ,r. 9. Sufficiency of Foreclosure Proceeds. If the proper~ y described herein is sold under foreclosure and the proceeds are insufficient to pay ~e total indebtedness hereby secured, the Mortgagor executing the note or notes for wldch this Mortgage is security shall be personally bmmd to pay the unpaid balance, and tl.e Mortgagee shall be entitled to a deficiency.judgement. 10. Assigmnent of Rents. If the fight of foreclosure accJ ues 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, issu{ s and profits thereof, from the accruing of such right and during the pendency of foreck sure proceedings and the period of redemption, and such possession, rents, issues and pre fits shall be delivered immediately to the Mortgagee on request. On refusal, the deliver ~ of such possession, rents, issues and profits may be enforced by the Mortgagee by any appropriate suit, action or proceeding. Mortgage shall be entitled to a Receiver for said I'roperty and all rents, issues and profits thereof after H~R-02-2004 TUE 08:13'PH FAX NO, P, OB any such default, including the time covered by foreclosure proceedi ags and the period of redemption, and without regard to the solvency or insolvency of tlte Mortgagor, or the then owner of said property, and without regard to the value of :'.aid property, or the sufficiency thereof to discharge the Mortgage debt and forclosure co:its, fees and expense. Such Receiver may be appointed by any court of competent juris~ iction upon ex parte application, notice being hereby expressly waived, and the appo ntment 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 sh111 be applied by such Receiver according to law and the orders and directions of the Court 11. Inspection. Mortgagee may make or cause to be ma te reasonable entries upon and inspections of the property, provided that Mortgagee ,,hall give Mortgagor notice prior to any such inspection specifying reasonable cause therefore related to Mortgagee's interest in the property. 12. Condemnation. The proceeds of any award or clai~ n for damages, direct or consequential, in connection with any condemnation or other taki ag of the property, or part hereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Mortgagee. In the event of a total taking of the property, :he proceeds shall be applied to the sums secured by this Mortgage with 'the excess, if an ?, paid to Mortgagor. In the event of a partial taking of the property, unless Mortgagor and Mortgagee otherwise agree in writing, there shall be applied to the sums secu red by this Mortgage such proportion of the proceeds as is equal to that proportion whi :h the amount of the sums secured by this Mortgage immediately prior to the date of t~ king bears to the fair market value of the property immediately prior to the date of takin. ~, with the balance of the proceeds paid to Mortgagor. If the property is abandoned by I?Iortgagor, or if, after notice by Mortgagee to Mortgagor that the condemnor offers to mal~ e 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 a:~ply the proceeds, at Mortgagee's option, either to restoration or repair of the property Dr to reduce the sums secured by this Mortgage. Unless Mortgagee and Mortgagor other 0vise agree in writing, any such application of proceeds to principal shall not extend or po ;tpone the due date of the installments referred to above or change the amount of such inst ~llments. 13. Statement. That the Mortgagee, within ten (10) days upon request in person or within thirty (30).days upon request by mail, will furnish t written MAR-02-2004 ?UE 06:14 PM FAX NO, P, 06 statement duly acknowledged of the amount due on this Mortgage an d whether any offsets or defenses exist against the mortgage debt. 14. Notices. All notices, demands or other writing in this ~ {ortgage provided to be given, made or sent by either party to the other shall be in writinl; and shall be validly given or made only if personally delivered with a receipt obtain.ed from the person receiving the notice, or sent by certified United States mail return r~ ceipt requested, or if sent by Federal Express or other similar delivery service keeping records of deliveries and attempted deliveries. Service shall be conclusively deemed ~aade upon receipt if personally delivered or, if delivered by mail or delivery service, on :he first business day delivery is attempted or upon receipt, whichever is sooner. The part ies mailing addresses are as follows: Mortgagor: Robert A. Sweet 505 Snake River Dr. Alpine, WY 831 Mortgagee: Sunshine Mortgage Corporation 2401 Lake ParkDrive #300 Smyrna, ~.~A 30080 Headings. The headings used in this Mortgage are ;or convenience only 15. and are not to be used in its construction. 16. Binding Effect and Construction. The covenants h bind, and the benefits and advantages shall inure to, the respe, legatees, executors, administrators, successors and assigns of Whenever used the singular number shall include the plural, the pi the use of any gender Shall include all genders. The tem~ "note" in{ described if more thml one. The terms "foreclosures" and "forec shall include the fight of foreclosure by any suit, action or proceediJ or by advertisement and sale of said premises, or in any other mm provided by Wyoming statutes, including the power to sell. TI mortgage and the note or notes it secures, by the Mortgagee shall b, terms and conditions contained therein :rein contained shall :tive heirs, devisees, the parties hereto. aral the singular, and ludes all notes herein lose" as used herein, ~g at law of in equity, tner now or hereafter te acceptance of this ; an acceptance of the 17. 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. 18. Waiver of Homestead. Mortgagor hereby relinqu shes and waives all rights under and by virtue of the homestead exemption laws of the 5 tate of Wyoming. MRR-02-2004 ?UE 06:14 PM FA× NO, P, O? IN WITNESS WHEREOF, the said Mortgagor has here anto signed and sealed these presents the day and year first above written. (Mortgagor) Robert A. S~veet (Mortgagor) STATE OF WYOMING ) COUNTY OF LINCOLN) The foregoing instrument was acknowledged befo:'e me thi~~, ay of ./~./~CZ~f-~ ,2004by ~ ::'~-:"~_~__-: Robert A. Sweet. Witness my hand and official seal. ~oth~ublic My Commission Expires: Lot 91 of River VieW Meadows Second Addition to the Town of Alpine, Lincoln County, Wyoming within the SE1/4 of Section 30, T37N, R118W, according to that plat filed February 11, 1994, PlatNo. 264-D, Instrument No. 778568.