HomeMy WebLinkAbout897805 RECEIVED
L I I' Ck~I'Ol~'~'~bgLEi:~f'
89'/805 o,::
,,~-, IS I:";'~i 3: '"
MDL PROPERTIES, LLC,~0ffd'~T.,Ol'~._.,,, .. .... L .E.~-]~,S~)~,'fl,... , .. SUE LEWIS, mortgagors, of
Thayne, Lincoln County, Wyoming, to secure the payment One Hundred Thousand
Dollars ($100,000.00) due with-interest thereon at the rate of six percent (6%) per year
(said sum and the interest thereon, being referred to as the indebtedness), payable in
accordance with the provisions of that certain promissory note, dated-Februa~ __L, 2004,
hereby mortgage and warrant t° HAMID NOORANI and CHART LANE, LLC, a
California Limited Liability Company, or there heirs, successors, or assigns, to-wit:
Plat 13, Lot 16 Star Valley Ranch, including all improvements thereto.
If default occurs in the payment of the indebtedness or in the payment of any
installment thereof, or if default occurs in any of the covenants and agreements hereof,
then the whole indebtedness shall, at mortgagee's option, become due and payable
forthwith, and mortgagee may foreclose this mortgage either by advertisement and sale of
the premises as provided by statute, or by an action in equity. Out of the proceeds of any
foreclosure sale, mortgagee shall retain or receive all sums due to it hereunder, and costs
of foreclosure and sale including attorney fees in an amount equal to ten percent of the
indebtedness remaining unpaid at the time of such sale, the same to be taxed as costs in
any equitable action brought to foreclose this mortgage.
To fully assure mortgagee the benefit of the security interests in the premises
granted to it hereunder, mortgagors hereby assign to mortgagee all rents hereafter payable
for the use and occupancy of the premises by an person in possession thereof with
mortgagors' consent. If default occurs in any of the covenants and agreements herein
contained, whether or not mortgagee elects to foreclose this mortgage on account thereof,
mortgagee shall at once be entitled, and is hereby authorized, to collect the rents from the
premises and to apply the same to the payment of the indebtedness secured hereby until
such default is remedied.
In the event of foreclosure of this mortgage upon default, mortgagee shall be
entitled to the possession and enjoyment of the premises and the incident rents, issues,
Mortgage
Lewis / Noorani II
Pno~ I n£ ~.
PROMISSORY NOTE
AMOUNT: $100,000.00 DATE:-F'ebrtwary I ,2004
FOR VALUE RECEIVED, M.D.L. Properties L.L.C., TOM LEWIS and SUE
LEWIS, as tenant by the entiretieS, of Thayne, Lincoln County, Wyoming, (Makers),
promise to pay to the order of HAMID NOORANI and CHART LANE, LLC or their
heirs or assigns, the sum of One Hundred Thousand Dollars ($100,000.00) in accordance
with the following terms and conditions.
INTEREST RATE AND TERM
The Note shall bear interest at the rate of six percent (6%) per annum. The term
of this Note shall be one (1) yem'
PAYMENT OF PRINCIPAL AND INTEREST
The principal together with interest shall be due and payable one year from the
date of this Note. There shall be no penalty for prepayment of the Note. In the event that
the Makers shall elect to prepay, the Interest will be prorated to the date of payment.
DEFAULT
In case the Makers shall fail to pay any installment payment at the time the same
is due, the whole of the principal sum then remaining unpaid, together with the interest
that shall have accrued thereon, shall at the election of the holder of this note become at
once due and payable. Such election to be made at any time after default and with notice
made to the Makers.
CHOICE OF LAW AND VENUE
The parties agree that the provisions of this instrument am to be construed
according to and governed by the laws of the State of Wyoming and the parties agree that
any action relating to the collection of any amounts due and owing under this note may.
be filed in the District Court in and for the County of Lincoln, State of Wyoming and the
undersigned does hereby agree and acknowledge the jurisdiction and venue of the Courts
of the State of Wyoming and does consent thereto.
MODIFICATION
No provision of this Note shall be modified except by a written instrument
expressly refe~Ting to the provisions in this Note and signed by all parties.
M..D.L. Properties L.L.C / Tom and Sue Lewis
Promissory Note II
1 of 2
Dated this / <~ day of ~&
By Tom Le~/~s~or
M.D.L. Properties, L.L.C
,2004.
T O ~,i~LE~//I/g''
0 ,9
SUE LEWIS
STATE OF WYOMING )
) SS.
COUNTY OF LINCOLN )
/~,.~,ez,,tazThe foregoing instrument was acknowledged before me this
2004 by TOM LEWIS M.D.L. Properties L.L.C.
My Commission Exph'es:
STATE OF WYOMING )
) ss,
COUNTY OF LINCOLN )
day of
NOTA~ P'UB LIa'~'
NOTARY PUBL~
STATE OF IDAHO
The foregoing instrument was acknowledged before me this
-Febrtml'y, 2004 by TOM LEWIS.
My Commission Expires: .///&/C~i~
STATE OF WYOMING )
) ss.
COUNTY OF LINCOLN )
day of
~OTARY PUBLIC
SIAl[ OF IDAHO
The foregoing instrument was acknowledged before me this
Tebp~D,, 2004 by SUE LEWIS.
My Commission Expires:
day of
NOTARY PUBU¢
STATE OF IDAHO
M.D.L. Propmties L.L C / Tom and Sue Lewis
Promissory Note II
2 of 2
and profits thereof from the time of such default and for and during the pendency of
foreclosure proceedings and the period of redemption, if any. If mortgagors should fail to
sun'ender such possession to mortgagee promptly upon its request therefore, mortgagee
may compel delivery thereof by an ejectment action or other civil proceeding appropriate
to that purpose.
Furthermore and in addition to the remedies otherwise provided for in this
mortgage and by law, and as a matter of right, without regard to the solvency or
insolvency of mortgagors, the value o} the premises, or the sufficiency thereof to
discharge the indebtedness and costs of foreclosure and sale, mortgagee shall be entitled
to a receiver for the premises and the rents, issues and profits thereof from the time of
default to the expiration of any redemptive period provided by law. Such receiver maY
be appointed by any court of competent jurisdiction upon ex parte application, without
notice, notice being hereby xvaived and the appointment of a receiver upon such
application being hereby consented to by mortgagors.
Hereby releasing and waiving all rights under and by vh'tue of the homestead
exemption laws of the State of Wyoming.
WITNESS our hands this / _.qr ~~.~
day of ,2004.
For MDL PRaOPERTIES, LLC
T6M'LsWi -
SUE LEWIS
STATE OF WYOMING )
) ss.
COUNTY OF LINCOLN )
The foregoing instrmnent was acknowledged before me this
~(.,4~q~'/4-----------~, 2003 by TOM LEWIS, MDL PROPERTIES, LLC.
My Commission Expires:
NOTARY PUBLIC
NOTARY PUBLIC
STATE OF IDAHO
day of
Mortgage
Lewis / Noorani II
STATE OF WYOMING )
) SS.
COUNTY OF LINCOLN )
The foregoing instrument was acknowledged before me this
,&(4~-7~ ~4 ,2003 by TOM LEWIS.
/
day of
My Commission Expires:
STATE OF WYOMING )
) ss,
COUNTY OF LINCOLN )
#OTARY PUSUC
SIAI£ OF IDAHO
'The fore_going instrument was acknowledged before me this
,,C'L,4~W~--'~ , 2003 by SUE LEWIS.
My Commission Expires:
day of
////~/r>?
NOTARY PUBLIC
STATE OF IDAHO
Mortgage
Lewis / Noorani II