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MORTGAGE
CIIARLES W. MARTIN and ROSEALIE A. MARTIN as MORTGAGORS, of 1376 Lost
Creek County Road, #120, city of Thayne, County of Lincohl,' Wyoi¢ingI.~ .... .-. ~.("M6~'gag°rs''). ~ .~ to secure
the payment of the pnnc~pal sum of One Hundred E~ghteen l'housand l~ve Hundred E~ghty-
Five Dollars anti Eighty Cents ($118,585.80), together with interest thereon, as evidenced by a
Promissory Note dated June 18, 2004, payable to the order of INVESTORS FINANCIAL
LIMITED PARTNERSHIP, an Idaho Limited Parmership whose address is 210 West
Mallard Drive, Suite B, Boise, Idaho, 83706, hereinafter designated as "Mortgagee", hereby
mortgage to said Mortgagee. the following-described real estate, situated in Lincoln County, State
of Wyoming, to wit:
Lot 1 of HAYSTACK NUMBER 1, Lincoln County, Wyo~ning, as described on the official
plat thereof.
including all buildings, improvements and fixtures 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 Frofits tbereot} and all plumbing, heating and lighting fixtures and
equipment now or hereafter atta,:hed to or used in com~ection with said premises.
The Mortgagors hereby :elinquish and waive all rights under and by virtue of the homestead
laws of the State of Wyorfing and covenant and agree that they are lawfully seized of said
premises, that it is fi'ee from all encmnbrances, and hereby covenant to warrant and defend the title
of said premises against the law~Sul claims of all persons whomsoever.
The Mortgagors furtt er ~ovenant and agree with the Mortgagee as follows:
1. The indebted.neSs of Mortgagors of One Ihmdred Eighteen Thousand iFive
Hundred Eighty-Five Dollars and Eighty Cents, ($118,585.80), as evidenced by the
Promissory Note dated Ju~e 18, 2004, was induced by this Mortgage and was made in
consideration for the granting of such security by said Mortgagors.
2. In case of deihult in any of the payments stipulated in said note, the undersigned, as
further security for this Mmtgage and the note secured thereby, does hereby assign, set over and
convey unto the Mortgagee ~ll rents, issues and profits from the above-described property. In order
to exercise its rights under this assignment, Mortgagee need only send notice of defimlt and
exercise of the right given ky said assignment to Mortgagors and the tenants by certified mail at
their last known address.
3. At the option of the Mortgagee, this mortgage shall become due and payable in full
in the event of the sale or t~ansfer of the within described property either by deed or contract
deed, without the Mortgagee's p:-ior written consent.
4. Privilege is reserved to prepay the debt in whole or in part at any time, but such
payment shall not modify the requirement of monthly payments as called for by the note secured by
this mortgage.
5. The Mortgag,)rs will pay all ground rents, taxes, assessments, water rents and other
govermnental or municipal charges, or other lawful charges, and will promptly deliver the official
receipts therefor to the Mortgagee. In default thereof the Mortgagee may pay the same and add the
cost thereof to the principal amount due under the note secured hereby.
6. Nothing shall'be done on or in com~ection with the mortgaged property which may
impair the Mortgagee's security hereunder; the Mortgagors will connnit, permit or suffer no waste,
impairment or deterioration of said property nor any part thereof, and said property shall be
continuously maintained in goo,t and sightly order, repair and condition by the Mortgagors at their
expense.
7. Mortgagors will keep the improvements now existing or hereinafter erected on the
said premises insured against lc.ss by fire and other hazards, casualties, and contingencies in such
amounts and for such perio&; as' may be required to fully cover the total of all encumbrances of any
nature existing with respect tO the premises, and will pay promptly, when due, any premiums on
such insurance. All insurance shall be carded with companies approved by the Mortgagee and the
policies aud renewals thereof shall be held by the Mortgagee and have attached thereto loss payable
clauses in favor of and in form acceptable to the Mortgagee. In the event of any loss MOrtgagors
will give immediate notice by mail to the Mortgagee, Who may make proof of loss if not made
promptly by the Mortgagors, and each insurance cotnpauy concerned is hereby authorized and
directed to make payment for su,.~h loss directly to the Mortgagee as its interests appear instead of to
the Mortgagors 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 0f tl~,e property dmnaged. In event of foreclosure of this ~nortgage or
other transfer of title to the said i, re~nises in extinguishment or' the indebtedness secured hereby, all
right, title and interest of the Mortgagors in and to any insurance policies then in force shall pass to
the purchaser or bn'antee.
8. In case the *Mo~tgagors defimlts in the payment of ground rents, if any, taxes,
assessments, water or other govennnental or municipal charges, or other lawful charges, as herein
provided, the Mortgagee may w!thout notice or demand pay the same and in case of any failure on
the part of the Mortgagors t0 comply with the covenants of paragraph 6 hereof, the Mortgagee may
effect such repairs as it may reasonably deem necessary to protect the property at the expense of the
MortgagOrs. The Mortgagors covenant and agq'ee to repay such sums so paid and all expenses so
incun'ed by the Mortgagee, With interest thereon from the date of payment, at nine percent (9%) per
mmum, and the same shall b'e a'~lien on said premises and shall 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 Moq'gagce so elects, become due and payable forthwith, anything herein
contained to the contrary notwithstanding.
9. In the event ihe property covered hereby is sold under foreclosure and the proceeds
m'e insufficient to pay the 'total indebtedness secured hereby, the Mortgagors bind themselves
personally to pay the unpaid balf;nce, and the Mortgagee will be entitled to a deficiency judgment.
10. In case default shall be made in the payments, when due, of the indebtedness hereby
secured, or of any installme,~t thereof, or anY part thereot~ or in the case of breach of any covenant
or agreement herein contained 'the whole of the then indebtedness secured hereby, inclusive of
principal, interest, arrearage:;, g-round rents, if any, taxes, assessments, water charges, expenditures
tbr repairs or maintenance, ~:ogether with all other sums payable pursuant to the provisions hereof,
shall become immediately due r-nd payable, at the option of' the Mortgagee, anything hereinbetbre
or in said notes 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 auy other time. It shall be lawful
for the Mortgagee to proceed to enforce the provisions of this mortgage either by suit at law or in
equity, as it may elect, ,)r to foreclose this mortgage by advertisement and sale of the
above-described premises, ~;t public vendue, for cash, according to Wyoming statutes governing
mortgage foreclosures, and caus:¢ tO be executed and delivered to the purchase or purchasers at any
such sale a good and suffici¢:nt d!eed 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 pr. yment of all monies expended or advanced by the Mortgagee
pursuant to the provisions cf paragraph 9 hereof; and then to the payment of the balance due on
account of the principal indebtedness secured hereby, together with interest tbereon and the surplus,
if any, shall be paid by the 'Mortgagee on demand to the Mortgagors. There shall be included in
any or all such proceedings i; reasonable attorney's fee. In case the Mortgagee shall fifil promptly to
foreclose upon the happening of any default, it shall not thereby be prejudiced in its right of
foreclosure at any time therea2er during which such default shall continue and shall not be
prejudiced in its foreclosure.righ!s in case of further defhult or defaults.
12. In case of any }default whereby the right of lbreclosure occurs hereunder, the
Mortgagee shall at once bec:3me entitled to exclusive possession, use, and enjoyment of all property
afbresaid, and to all rents, issues and profits thereof, from the accruing of such fight and during the
pendency of foreclosure proceddings and the period of' redemption, if any there be, 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 ibrcible
entry, or unlawful detainer, and the Mortgagee shall be entitled, at its sale option, 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 Mortgagors,
or the then owner of said property, and without regard to tl~e value of said property, or the
sufficiency thereof to discharge the mortgage debt and foreclosure costs, fees and expenses, 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 Mortgagors on
the Mortgagors' own behalf):, md 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.
13. The covenants herein contained shall bind, and the benefits and advantages shall
inure to, the respective heirs, personal representatives, successors, and assigns of the parties hereto.
Whenever used, the singular number shall include the plural, the plural the singular, and the use of
any gender shall include all genders.
1N WITNESS WI-IEREOF, the Mortgagor have hereunto set their hands this 18~ day of
June 2004.
Mortgagors:____
CHARLES Wi MAR~I'I~I-
ROSEALIE A. MARTIN
STATE OF ~fi,~//fi~-C~ )
On this y e~_~ ,2004, before me personally appeared CHARLES W.
MARTIN and ROSEALIE ½t. i~ART1N, to me personally known, who, being by me duly sworn,
did say that they are the persons identified as Mortgagors in the tbregoing instrument they further
acknowledged said instrumelit to be their free act and deed.
Witness my hand and official seal.
I
My cmmnission expires:
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