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HomeMy WebLinkAbout899385 R~'cFIVED LI NCOL!q C, OU NTY ,.,LERk 8 9 9 3'8 5 MORTGAGE ~- ~. ~.lJ~,~ SIERRA HOMES CONSTRUCTION, IN..C~'.,, ~ U;TAH COPORATI©N' AND JAY STOCKING, OF P.O. BOX 344, TREMONTON, UT 8433~; '(h'e'¢e[n[~'911ecti~el~'e~'lled "MORTGAGOR"), to secure the payment of ONE HUNDRED THOUS~D DO~GARS ($~00,000.00) , with interest thereon, as provided in and evidenced by a promissory note of even date herewith (the ultimate maturity date of which is the 1st day cE February, 2005) and all renewals, modification and extensions thereof, do hereby mortgage unto KENNETH E. RIZZOTT~ AND bINDA H. RIZZOTTI, TRUSTEES OF TH~ KENNETH E. RIZZOTTI FAHIbY TRUST DATED SEPTEMBER ~9, 2003 (herein called "MORTGAGEE"), the following described real property, situate in the County of Lincoln, State of Wyoming, hereby releasing and waving all ~ights under and by virtue of the homestead exemption laws of the State of Wyoming, to-wit: ~o¢ 2~ cE Staz Valley Ranch Plat S, Lincoln County, Nyomin~ as described on ~he o[[icial plat ~he~eo[. MORTGAGOR agrees to pay the indebtedness hereby secured; to pay all taxes, assessments and charges levied against the Property, as the same become due and payable; to secure, maintain and furnish MORTGAGEE evidence thereof, insurance with an insurance carrier or carriers acceptable to MORTGAGEE, covering the insurance improvements on the Property against loss by fire and earthquakes, with extended coverage, in an amount not less than the unpaid balance cE the debt hereby secured, or the insurable value (replacement cost) of such improvements whichever s less. which ~nsurance shall contain an appropriate loss payable provision protecting MORTGAGOR and MORTGAGEE as tf eir respective interests may appear [rom time to time. In the event MORTGAGOR fails to pay such taxes or assessments, or fails to keep and maintain such ~nsura~ce as herein provided, MORTGAGEE may pay such taxes and assessments and may secure and pay for such insurance, and all sums so paid shall be added to and considered a part of the indebtedness hereby secured and shall draw interest at the same rate In case default shall be made in the payment of the above sums hereby secured, or in the payment of the ~nterest thereon or any part of such principal or interest, when the same shall become due; or in case of default shall be made in any cE the covenants and agreements thereof, or in the event MORTGAGOR sells or conveys the Property, or any part thereof, or any interest therein, without the prior written consent of the MORTGAGEE first had and obtained, then the whole indebtedness hereby secured, with interest thereon, shall become due and payable, atthe option of MORTGAGEE, and MORTGAGEE'S legal representatives and assigns, may proceed by advertisement and sale/or as otherwise authorized by governing law, to foreclose on and sell the Property, and out of the proceeds of such sale, MORTGAGEE shall pay aH sums due hereunder, together with all costs of sale including reasonable attorney's fees. If the proceeds of the foreclosure sale are insufficient repay the indebtedness hereby secured and foreclosure costs, MORTGAGEE shal be entitled to a deficiency judgment. In the event of any default whereby the right .o[ foreclosure occurs hereunder, MORTGAGEE shallat once become entitled to exclusive possession, use and enjoyment of the Property, and to all rents, issues and profits from the accruing of any such rights and during the pendency of the foreclosure proceedings, and ~he period of redemption, if any there be. Witness our hands this ~ day of May, 2004. UCTI~, INC. · ig' President J -/ ' ~::::~ y Stocking State of L,/'/-~ ) )SS County of ~ ) The foregoing instrument was acknowledged before me by Jay Stocking this May, 2004. day of Witness my hand and official seal. My Corem ssion Expires: F~ I/ ~-*~! lb ~ Notary Public