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Home My WebLink About898961o Boon. 554 p c a- 078 RECEIVED LINCOLN COUNTY CLERK MORTGA $ 9 Fa i Evan J. simpson and Beverly A. Simpson, Trustees of the Simpson Family Trust$[tinde~:~Ef:', agreement dated March 26, 1997, as amended, Mortgagors, to secure the payment of One Hundred Thirty Eight Thousand Dollars ($138,000.00), with interest, evidenced by a Promissory Note (hereinafter the "Note") of even date herewith, and all other amounts due there under and all extensions and renewals thereot; when and as the same shall become due and payable hereby mortgages and warrants to Paul M. Stock, Trustee of the Paul M. Stock Revocable Trust under agreement dated May 9, 1995, as mnended, and Nedra J'. Stock, Trustee of the Nedra J. Stock Revocable Trust under agreement dated May 9, 1995, as amended, Mortgagees, and Mortgagee's successors and assigns, the real estate in Lincoln County, Wyoming described as: A 40.95 acre parcel of land located in Section 26, T32N R 119W, more particularly described in a Warrantee Deed executed by the Mortgagors and Mortgagees on April 21,2004. Together with all improvements, fixtures, and articles of personal property affixed to or used in connection with the real estate, to all of which Mortgagor represents that it has title free and from any prior liens or enCUmbrances (hereinafter collectively referred to as the "premises"). THE MORTGAGOR HEREBY COVENANTS AND AGREES WYI'H THE MORTGAGEE AS FOLLOWS: This Mortgage is given to secure payment and the Mortgagor promises to pay to Mortgagee the amount of One Hundred Thirty Eight Thousand Dollars ($138,000.00), with interest, evidenced by a Promissory Note of even date hereWith, and all other amounts due there under and all extensions and renewals thereof, when and as the same shall become due and payable. Each such payment shall be applied first to the payment of interest and any balance remaining after the payment of interest shall be applied to the reduction of the Unpaid principal balance. Time is of the essence and if any amount which this Mortgage secures shall not have been paid within 15 days after due, or in case another event of default shall occur as provided in the Note of this Mortgage, and if Mortgagor after receiving written notice from Mortgagee demanding cure of such non-payment default fails to cure the same within 15 days after such notice, the entire indebtedness ]nay become due and payable at once at the option of the Mortgagee and without notice; failure to exercise this option howsoever often shall not co.nstitute a waiver of the right to exercise it thereafter. Mortgagor will pay the indebtedness herby secured prmnptly and in full compliance with the terms of said Note and this Mortgage. The time of payment of said indebtedness, or any portion thereot;, may be extended or renexved, and any portions hereof; without releasing or affecting the liability for the payment of said indebtedness then remaining unpaid. No change in the ownership of said premises shall release, reduce or otherwise affect any such liability for the lien hereby created. It is further agreed that the taking of additional security of any nature shall not impair or release this Mortgage; and as a further security this Mortgage shall become due and payable in full at the option of the Mortgagee if the Mortgagor, or Mortgagor's legal representatives, successors or assigns shall convey the mortgaged property or if legal or equitable title thereto shall become vested in any other person or persons in any manner whatsoever excepting those conveyances approved in writing by Mortgagee. The acceptance of any payment on the Note by the Mortgagee shall not constitute a waiver of this option, and consent to any one such conveyance shall not constitute consent to any subsequent conveyance or a waiver of this option. Mortgagor shall pay or cause to be paid all taxes and assessments levied or assessed against the premises, and shall comply with all recordation and other laws affecting the security of this Mortgage at the expense ofMortgagor. o o ° 10. 11. 12. 13. 14. Mortgagor will keep the premises free and clear of all other liens and encumbrances which may be or become superior to the.lien created hereby, with the exception of a house construction loan and/or mortgage, which house shall be used for the Mortgagors primary residence. MortgagOr will not commit or permit waste on the premises and will keep and maintain the premises in good repair. Mortgagor will pay all expenses and attOrney's fees incurred by the Mortgagee, successors or assigns, for the protection of the lien of this Mortgage or for the collection of any amount due on the instrument which this Mortgage secures or for the preservation of the premises mortgaged. MOrtgagor will comply promptly, at the expense of the mortgagor, with all laws, statutes, ordinances and regulations affecting the premises in any manner whatsoever. Mortgagor will pay to or cause to be paid directly to the Mortgagee, for application upon the indebtedness secured hereby, the full amount of any award or compensation for the ta~ng or damaging bY cOndemnation proceedings under the power of eminent domain of all or any part of the mortgaged premises. In case an event of default shall occur in making payments or performing any other covenants or agreement required of Mortgagor as provided in the Note or this Mortgage, the Mortgagor he[eby authorizes and empowers the Mortgagee, and Mortgagee's successors and assigns to foreclose this .Mortgage by advertisement and sale as provided by the statutes of the State of Wyoming or to foreclose this Mortgage by judicial proceedings and convey the same to the purchaser in accordance with the statutes of the State of Wyoming, and out of the monies arising from such sale to retain all sums secured hereby with interest and all legal costs and charges of such foreclosure and actual attorney's fees incurred by Mortgagee (or such other amount as shall be fixed by the Court in the event of judicial foreclosure or receivership), which costs, charges and fees the MortgagOr agrees to pay. In case of the foreclosure of this Mortgage, the Mortgagor hereby authorizes and empowers the buildings and fixtures on the premises for a period covering the time for redemption 'for the sale of the premises under such foreclosure, and to pay the premium therefore and the mnount so paid shall be impressed as an additional lien upon the prmnises and shall be secured by and be collectible as a part of this Mortgage and bear interest at the rate specified in the NOte, from the date said amount is paid. In the event of a foreclosure, mortgagor hereby authorizes and empowers Mortgagee, Mortgagee's successors and assigns to bring an action against any person who claims an adverse estate or interest therein for the purpose of determining such adverse estate or interest, and to pay costs and expenses thereof together with actual attorney's fees which amount shall be impressed as an additional lien upon said premises and shall be secured by the collectible as a part of this Mortgage. Failure to exercise any right, power or options herein granted to the Mortgagee, howsoever often shall not constitute a waiver thereOf and shall not stop the Mortgagee from exercising any such ~ right, power or option at any time or upon any subsequent default of the Mortgagor. All rights and' remedies given or reserved to the Mortgagee herein shall be cmnulative and may be exercised contemporaneously but the exercise of One or more such rights or remedies shall not exclude or prevent the exercise of Mortgagee's other rights or remedies. The MOrtgagor specifically warrants that Mortgagor is fully authorized t° enter into this Mortgage, and that the acquiescence or approval of no other person is required for Mortgagor to enter into same on the terms found herein. Mortgagor agrees that all of the tern~s and conditions contained in the Note are incorporated into and made part of this mortgage. All warranties, covenants, promises, undertakings, agreements, rights, powers, privileges, benefits, obligations and remedies imposed upon or granted or reserved unto the said parties by this instrument shall survive the execution and delive .ry here°f and shall respectively extend to and be binding upon the respective heirs, executors, administrators, successors and assigns of said parties. IN WITNESS WHEREOF, Mortgagor has signed and sealed this Mortgage this 21st day April, 2004. 2 Evan J. Simpsoh', Borrower Beverly/~sor~ Bo~ov~ STATE OF WYO~G ) ) SS COUNTY OF LINCOLN ) The foregoing Mortgage was ac ~knowledged before me by Evan J. Simpson and Beverly A Simpson, Trustees, this 21st day of April 2004. Witness my hand and official seal. My commission expires: /~ -/X - ~ / SEA NotitO Public 3