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RECEIVED
MORTGAGE DEED WITH RELEA, 'ECOF
KNOWALLMEN BYTHESE PRESENTS, thatJON REXPASSEYANDMELANIE
MARIE PASSEY, (hereinafter designated as "Mortqaq!(~'r:-;~i'.!6f~Affon?.~/hmina Lincoln
County, State of Wyoming, to secure the agreement ~it"h th'~ Pa~;ment °'f;[i~"~ pr ffc~ pal sum
of Two Hundred and Eighty Seven Thousand, Four Hundred and Twelve Dollars
$(287,412.00), with interest commencing June 1, 2004, at Six Percent (6%) per annum
as evidenced by a Promissory Note of even date herewith to the order of: PINECREST
CONSTRUCTION AND GARY JENKINS AND ROXlE H. JENKINS, husband and wife, of
Smoot, Lincoln County, Wyoming, (hereinafter designated as "Mortgagee,") principal and
interest payable as folloWs:
The undersigned have entered into a Contract with Pinecrest Construction
for the purchase of certain land owned by Gary Jenkins and Roxie H.
Jenkins together with Pinecrest Construction, which is a construction
company consisting of Gary Jenkins and Alan Jensen to construct a home
on Lot 3 of the Viewmont Subdivision, Lincoln County, Wyoming. It being
agreed that the total sales price for the land and the home to be constructed
on said property is $287,412.00 and the undersigned has paid Pinecrest
Construction and Gary Jenkins and Roxie H. Jenkins the sum of $30,000.00
receipt of which i§ hereby acknowledged. It is agreed between the parties
that as funds are advanced for the construction of said home by Pinecrest
Construction that the undersigned will pay interest on the funds advanced at
the rate of 6% per annum from the date of said advance and that an interest
only payment on the funds advanced for the construction of the
undersigned's home will be paid'on a monthly basis beginning June 1,2004,
and on the 1st day of each mOnth thereafter. Once the home is completed
and the undersigned takes possession of the same, then the payments on
the total purchase price for the land and the home of the remaining amount
of $257,412.00 will be paid as follows:
A. An interest:rate of 6% per annum will be assessed on the $257,412.00 from
the date that the undersigned takes possession of the home to be
constructed on the above described property. 30 days after taking
possession of the property~the first payment will be due with the $257,
412.00 being payable according to the terms of the Promissory Note of even
date herewith.
hereby mortgages to said Mortgagee, the following described real estate, situated in the
County of Lincoln, State of Wyoming, to-wit:
All of Lot 3, Viewmont Subdivision, Lincoln County, Wyoming according to
the plat filed.
TOGETHER WITH all improvements, appurtenances, hereditaments and all
other things thereunto belonging or in anywise appertaining.
sUBJECT, HOWEVER, to all easements, rights-of-way, reServations and
restrictions now of record or otherwise affecting said lands.
Including all buildings and improvements thereon (or that may hereafter be erected
thereon); together with hereditaments and appurtenances and all other rights thereunto
belonging, or in anywise now or hereafter appertaining, and the reversion and reversions,
remainder and remainders, rents, issues, and profits thereof, and all plumbing, heating and
lighting' fixtures and equipment now or hereafter attached to or used in connection with said
premises.
The Mortgagor hereby cOvenants and agrees that they are lawfully seized of said
premises, that they are free from all encumbrances, and hereby covenants to warrant and
defend the title of said premises against the lawful claims of all persons whomsoever.
And the Mortgagor covenants and agrees with the Mortgagee aS follows:
1. That they will pay the indebtedness, as hereinbefore provided. :Privilege is
reserved to pay the debt in whole, or in an amount equal to one or mOre monthly payments
on the principal that are next due on the note, on any interest paying date prior to maturity.
2. That the Mortgagor will pay all ground rents, taxes, assessments, water rents and
other governmental or municipal charges, or other lawful charges, and will promptly deliver
the official receipts therefor to the said Mortgagee. In default thereof the Mortgagee may
pay the same, and all sums so paid shall be added to and considered a part of the above
indebtedness hereby secUred, and shall draw interest at the same rate.
3. That nothing shall be done on or in connection with said property which may
impair the Mortgagee's security hereunder; the Mortgagor will commit, permit or suffer no
waste, impairment or deterioration of said property nor any part thereof, and said property
shall be continuously maintained in good and sightly order, repair and condition by the
Mortgagor at their expense.
4. That they will keep the improvements now existing or hereinafter erected on the
said premises, insured as may be required from time to time by the Mortgagee, in an
amount not less than the unpaid balance of the Promissory Note, against loss by fire and
other hazards, casualties, 'and contingencies in such amounts and for such periods as may
be required by the Mortgagee and will pay promptly, when due, any premiums on such
insurance. All insurancelshall be carried in companies approved by the Mortgagee and the
policies and renewals the:reof shall be held by the Mortgagee and have attached thereto
loss payable clauses in favor of and in form acceptable to the Mortgagee. In event of loss
it will give immediate notice by mail to the Mortgagee, who may make proof of loss if not
made Promptly by the Mortgagor, and each insurance company concerned is hereby
authorized and directed to make payment for such loss directly to the Mortgagee instead
of to the Mortgagor and the Mortgagee, jointly, and the insurance proceeds, or any part
thereof, may be applied by the Mortgagee at its option either to the reduction of the
indebtedness hereby seCured or to the restoration or repair of the property damages. In
event of foreclosure of this mortgagee or other transfer of title to the said premises in
extinguishment of the ir~debtedness secured hereby, all right, title, and interest of the
Mortgagor in and to any insurance policies then in force shall pass to the purchaser or
grantee. ;
5. That in case the Mortgagor defaults in the payment of ground rents, if any, taxes,
assessments, water, or other governmental or municipal charges, or other lawful charges,
as herein provided, the Mortgagee may without notice or demand pay. the same and in
case of failUre on the part of the Mortgagor to comply with the covenantS of paragraph 3
hereof, the Mortgagee may effect such repairs as it may reasonably deem necessary to
protect the property,-at the expense of the Mortgagor. The Mortgagor covenants and
agrees to repay such sums so paid and all expenses so incurred by the Mortgagee, with
interest thereon from the date of payment, at the same rate as provided in the note herein
described, and the same shall be a lien on the said premises and be secured by the said
note and by these presents and in default of making such repayments, the whole amount
hereby secured, if not then due, shall, if the said Mortgagee so elects, become due and
payable forthwith, anything herein contained to the contrary notwithstanding.
6. That in the event the property covered hereby is sold under foreclosure and the
proceeds are insufficientito pay the total indebtedness secured hereby, the Mortgagor
binds themselves to pay: the unpaid balance, and the Mortgagee will be entitled to a
deficiency judgment.
7. Upon occurrence, with respect to any Mortgagor, Assignee, maker, endorser or
guarantor hereof, of any of the following:
Calling of a meeting of creditors; application for, or appointment of, a receiver of any
of them or their property.; filing of a voluntary or involuntary petition under any of the
provisions of the Bankruptcy Act or amendments thereto; issuance of a warrant or
attachment; entry of a judgment; failure to pay, collect or remit any tax or tax deficiency,
Federal, State or local, when assessed or due; death dissolution; making, or sending notice
of an intended bulk sale; mortgage or pledge of any property; suspension or liquidation of
their usual business; failure, after demand, to furnish financial information or to permit
inspection of any books or records; default in payment or performance of this mortgage or
any other obligation to, or acquired in any manner by payee, or if the condition or affairs
of any of them shall change as in the opinion of the Mortgagee or other legal holder
thereof, shall increase its credit risk--this mortgage and all other obligations, direct or
contingent, of any maker or endorser hereof to payee shall become due and payable
immediately without notice or demand.
That in case defaUlt shall be made in the payment, when due, of the indebtedness
hereby secured, or of any installment thereof, or any part thereof, or in case of breach of
any covenant or agreement herein contained, the whole of the then indebtedness secured
· hereby, inclusive of principal, interest, arrearages, ground rents,.if any, taxes, assessment,
water charges, expenditures for repairs or maintenance, together with all other sums
payable pursuant to the provisions hereof, shall become immediately due an'd payable, at
...... 161
the option of the Mortgagee, although the period above limited for the payment thereof may
not have expired, anything hereinbefore or in said Note contained to the contrary
notwithstanding, and any failure to exercise said option shall not constitute a waiver of the
right to exercise the same at any other time, and it shall be lawful for the Mortgagee to
proceed to enforce the pr'ovisions of this mortgage either by suit at law or in equity, as it
may elect, or to foreclose this mortgage by advertisement and sale of the above-described
premises, at public venue, for cash, according to Wyoming statutes governing mortgage
foreclosures, and cause to be executed and delivered to the purchaser or purchasers at
any such sale a good and sufficient deed or deeds of conveyance of the property so sold
and to apply the net proceeds arising from such sale first to the payment of the costs and
expenses of such foreclosure and sale and in payment of all moneys expended or
advanced by the Mortgagee pursuant to the provisions of paragraph 5 hereof, and then to
the payment of the balande due on account of the principal indebtedness secured hereby,
together with interest theCeon and the surplus, if any, shall be paid by the Mortgagee on
demand, to the Mortgagor. There shall be included in any or all such proceedings, a
reasonable attorney's fee. In case the mortgagee shall fail promptly to foreclose upon the
happening of any default, it shall not thereby be prejudiced in its right of foreclosure at any
time thereafter during which such default shall continue and shall not be prejudiced in its
foreclosure rights in case.of further default or defaults.
8. That in case of;any default whereby the right of foreclosure occurs hereunder,
the Mortgagee shall at once become entitled to exclusive possession, use, and enjoyment
of all property aforesaid, and to all rents, issues and profits thereof, from the accruing of
such right and during the pendency of foreclosure proceedings and the period of
redemption, if any there by, and such possession, rents, issues and profits shall at once
be delivered to the Mortgagee on request, and on refusal, the delivery of such possession,
rents, issues, and profits may be enforced by the Mortgagee by any appropriate civil suit
or proceeding, including action or actions in ejectment, or forcible entry or unlawful
detainer, and the Mortgagee shall be entitled to a Receiver for said property and all rents,
issues, and profits thereof, after any such default, including the time covered by foreclosure
proceedings and the period of redemption, if any there be, and shall be entitled thereto as
a matter of right without regard to the solvency or insolvency of the Mortgagor, or the then
owner of said property, and without regard to the value of said propertY, or the sufficiency
thereof to discharge the mortgage debt-and foreclosure costs, 'fees, and expense, and
such Receiver may be appointed by any court of competent jurisdiction upon ex parte
application, and without notice (notice being hereby expressly waived and the appointment
of any such Receiver on any such application without notice being hereby consented to by
the Mortgagor on the Mortgager's own behalf), and all rents, issues, and profits, income
and revenue of said property shall be applied by such Receiver, according to law and the
orders and directions of the court.
9. No failure by the Mortgagee or any legal holder hereof to enforce any right set
forth herein nor the granting of any extenS on of time nor taking of additional security, nor
partial release of seCurity or the making of future advances, shall act to constitute a waiver
of the right to enforce any and all remedies provided herein nor shall it act to discharge or
release the collateral.
10. That the covenants herein contained shall bind, and the benefit-'s and
advantages shall inure to, the respective he rs, executors, administrators, successors' and
assigns of the parties hereto. Whenever used, the singular number shall include the plural,
the plural the singular, an;:l the use of any gender shall include all genders.
11. Mortgagor is not aware of any Hazardous Substance installed, stored, disposed
of or otherwise located on or in the property.
12. Mortgagor shall not allow any Hazardous Substance to be brought onto,
installed, used, stored, treated, disposed of, or transported over the property without prior
written consent from Mortgagee.
13. All aCtivities and conditions on the property are currently in compliance with any
applicable law. Mortgagor covenants and agrees that all activities on the property shall at
all times comply with any applicable law.
14. Five days after receipt or comPletion of any report, citation, or, other written or
oral communication concerning the property from any government agency empowered to
enforce, investigate, or oversee compliance with any app icable law, Mortgagor shall notify
Mortgagee in writing of the contents of such communication, and shall provide Mortgagee
with a copy of all relevant documents.
15. Notwithstanding any other provision of this Mortgage, upon discovery of any
HaZardous Substance On or in the property, Mortgagor shall immediately notify Mortgagee
thereof. Mortgagor shall immediately take all actions necessary (i) to comply with laws
requiring notification of government agencies concerning such Hazardous Substance, (ii)
to remedy or correct the condition, and (iii) to remove from the property all such Hazardous
Substances. Mortgagor shall handle and dispose of such substances in accordance with
any applicable law. Mortgagor shall take any and all actions necessary to obtain
reimbursement or compensation from persons responsible for the presence of any
Hazardous Substance on the site. Mortgagee shall be subrogated to Mortgagor's rights
in all such claims. ·
16. Mortgagor agrees to indemnify Mortgagee, defend with counsel acceptable to
Mortgagee, and hold .Mortgagee harmless from and against any claims, legal and
administrative proceedings, judgments, damages, punitive damages, penalties, fines,
costs, liabilities, interest or losses, attorneys' fees, consultant fees, and expert fees that
arise directly or indirectly from or in connection with the presence, suspected presence,
release or suspected rel6ase of any Hazardous Substance whether into the air, soil,
surface water or ground water at the property, or any other violation of any applicable law
whether by negligent or intentional activities of Mortgagor or any third party; or any breach
of the foregoing representations' and covenants. The indemnities described above
specifically include but are not limited to the direct obligation of Mortgagor to promptly
perform any remedial or other activities required, ordered or recommended by any
administrative agency, government official, or third party, or otherwise necessary to avoid
injury or liability to any person or property, to prevent the spread of any pollution or
Hazardous Substance.
17. Mortgagee shall have the right to enter and inspect the condition of the property
at any time and to conduct., or to designate a representative to conduct such inspection,
testing, environmental audit or other procedures which mortgagee believes are necessary
to determine current compliance with the covenants and representations contained herein.
18. Nothing contained in this Mortgage shall obligate Mortgagee to take any action
with respect to the property or to take any action against any person with respect to such
substances, condition or activity.
19. The term "Hazardous Substance" as used herein shall mean any substance
which at any time shall be listed as "hazardous", "toxic" or "carcinogenic" in any applicable
law or regulation implementing such applicable law inCluding but not limited to the
Comprehensive Environmental Response, Compensation and Liability Act ("CERCLA"),
42 U.S.C. Sections 960'1 et seq.; the Resource Conservation and RecoVery Act ("RCRA"),
42 U.S.C. Section 6901 et seq.; and the Atomic Energy Act of 1954 as amended, 42
U.S.C. Sections 3011, et seq.
i'
IN WITNESS WHEREOF, the Mortgagor has caused these presents to be signed
this /'~ day of May, 2004.
STATE OF WYOMING
COUNTY OF LINCOLN
MELAN,IE MARIE PASSEY--
The foregoing instrument was acknowledged before me this
2004,. by JON REX PASSEY AND MELANIE MARIE PASSEY.
./¢/¢¢Id ay of May,
WITNESS my hand and official seal.
County of ,¢~ State of
Lincoln ~ Wyoming
~My CommissiOn Expires ~;/~/
Not'ar~ PubliE ~ ~