HomeMy WebLinkAbout900576 SECOND MORTGAGE
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CHARLES W. MARTI]q:"h~-['d'R'0SEALIE A. MARTIN~aa. MORTGAGORS, of 1376 Lost
Creek County Road, ~120, ~ity~of Thayne, County of Lin~Oin' "W~o[nii~'~"/i'~,,...~"~ .......
the payment of the principal' sum of One Fif~ Thousand F°'t;n: 'l~t,'~nd;;~:'F"~'~'~/~;~¢~li~r~;'~'t~
Twenty Cents ($50,414.2¢); together with interest thereon, as evidenced by a Second Promissory
Note dated June 18, 2004, payable to the order of INVESTORS Eugene C. Shin~e and Jeanne
M. Shinkle, husband and wife whose address is P.O. Box 1048, Thayne, Wyonfing, 83127,
hereinafter designated as "Second Mortgagee", hereby Second Mortgage to said Second
Moagagee, the following-described real estate, situated in Lincoln CounW, State of Wyoming, to
wit:
Lot 1 of HAYSTACK NLMBER 1, Lincoln Connty, ~Vyoming, as described on the official
plat thereof.
including all buildings, impro, vements and fixtures thereon (or that may hereafter be erected
thereon); together with hercditaments 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 att~ched to or used in cmmection with said premises.
The Mortgagors hereby relinquish and wmve all rights under and by virtue of the homestead
laws of the State of Wyo!ning and covenant and agree that they are lawfully seized of said
premises, that it is fi-ce fi-on; all encumbrances, and hereby covenant to warrant and defend the title
of said premises against the lawful claims of all persons whomsoever.
The Mortgagors furt!!er:covenant and agree with the Second Mortgagee as follows:
1, The indebtedness of Mortgagor~ of Fifty Thousand FOur Hundred Fourteen
Dollars and Twenty Cen!~s, ($50,414.20), as evidenced by the Second Promissory Note dated
June 18, 2004, was induce, d by this Second Mortgage and was made in consideration Ibr the
granting of such security by said Mortgagors.
In case of dc£au~t in any of the payments stipulated in said note, the undersigned, as
further security for this Seco nd Mortgage and the note secured thereby, does hereby assign, set over
and convey unto the Second Mortgagee all rents, issues and profits fi'om the above-described
property. In order to exerc:.se ~ts rights under this assignment, Second Mortgagee need only send
notice of defhult and exercise of the right given by said assignment to Mortgagors and the tenants
by certified mail at their last'known address.
3. At the optiot¢ of the Second Mortgagee, this Second Mortgage shall become due and
payable in full in the event ~')f the sale or transfer of the within described property either by deed or
contract for deed, without tl~e Second Mortgagee's prior 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 Second Mortgage.
5. The Mortgagors will pay all ground rents, taxes, assessments, water rents and other
governmental or nmnicipal charges, or other lawful charges, and will promptly deliver the official
receipts therefor to the Second Mortgagee. h~ default thereof the Second Mortgagee may pay the
same and add the cost thereof to the principal amount due under the note secured hereby.
6. Nothing shad be done on or in connection with the Second Mortgaged property
Milch may impair the Second Mortgagee's security hereunder; the Mortgagors will commit, permit
or suffer no waste, i~npainnent 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
Mortgagors at their expense'
7. Mortgagors :,viii keep the improvements now existing or hereinafter erected on the
said premises insured against loss by fire and other hazards, casualties, and contingencies in such
amounts and for such perio~/!s a~,:. 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 premimns on
such insurance. All insur,'mce Shall be carried with companies approved by the Second Mortgagee
and the policies and renewS:Is thereof shall be hel'd by the Second Mortgagee and have attached
thereto loss payable clauseS:in favor of and in fbrm acceptable to the Second Mortgagee. In the
event of any loss Mortgag°i-s will give immediate notice by mail to the Second Mortgagee, who
may make proof of loss if ?~ot made promptly by the Mortgagors, and each insurance company
concerned is hereby authoripSed and directed to make payment ibr such loss directly to the Second
Mortgagee as its' interests al:pear instead of to the Mortgagors and the Second Mortgagee, jointly,
and the insurance proceedS, l.or 'any part thereof, may be applied by the Second Mortgagee at its
option either to the reduction of the indebtedness hereby secured or to the restoration or repair of
the property damaged. In ex'eni of foreclosure of this Second Mortgage or other transfer of title to
the said premises in extingu!slnnent of the indebtedness secured hereby, all fight, title and interest
of the Mortgagors in and to any insurance policies then in force shall pass to the purchaser or
grantee.
8. In case the Mo~-tgagors defaults in the payment of ground rents, if any, taxes,
assessments, water or other ~ovenu~ental or municipal charges, or other lawfUl charges, as herein
provided, the Second Mortgagee may without notice or demand pay the same and in case of any
failure on the part of the Mortgagors to comply with the covenants of paragraph 6 hereof, the
Second Mortgagee may cfr?ct .such repairs as it may reasonably deem necessary to protect the
property at the expense of th'.e Mortgagors. The Mortgagors covenant and agree to repay such stuns
so paid and all expenses so ?ncurred by the Second Mortgagee, with interest thereon from the date
of payment, at nine percent (9%) per ammm, and the same shall be a lien on 'said premises and shall
be secured by the said note and by these presents and in defimlt of making such repayments, the
whole amount hereby secure~l,'i:f not then due, shall, if the Second Mortgagee so elects, become due
and payable forthwith, anythingherein contained to the coutrary notwithstanding.
9. In the event the property covered hereby is sold under foreclosure and the proceeds
are insufficient to pay the total indebtedness secured hereby, the Mortgagors bind themselves
personally to pay the unpaid balance, and the Second Mortgagee will be entitled to a deficiency
judgment. ~.
1.0. In case defau,t shall be made in the payments, when due, of the indebtedness hereby
secured, or of any installmev, t thereof, or any part thereof; or in the case of breach of any covenant
or agreement herein contahed the whole of the then indebtedness secured hereby, inclusive of
principal, interest, arrearages, ~'ound rents, if any, taxes, assessments, water charges, expenditures
for repairs or maintenance, together with all other sums payable pursuant to the provisions hereof,
shall become immediately due and payable, at the option of the Second Mortgagee, anything
hereinbefore or in said notes contained to the contrary notwithstanding, and any fhilure to exercise
said option shall not constitute a waiver of the fight to exercise the same at any other time. It shall
be lawful for the Second Mortgagee to proceed to enforce the provisions of this Second Mortgage
either by suit at law or in eqBity, as it may elect, or to tbreclose tiffs Second Mortgage by
advertisement and sale of tl:e above-described premises, at public vendue, for cash, according to
Wymning statutes governing Second Mortgage foreclosures, and cause to be executed and
delivered to file purchase orl 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 monies
expended or advanced by th.~ Second Mortgagee pursuant to the provisions of paragraph 9 hereol:}
and then to the payment of tl-.~e balance due on account of the principal indebtedness secured hereby,
together with interest thereon and the surplus, if any, shall be paid by the Second Mortgagee on
demand to the Mortgagors.' There shall be included in any or all such proceedings a reasonable
attorney's fee. In case the Second Mortgagee shall fail promptly to foreclose upon the happening of
any default, it shall not tbere~y be prejudiced in its fight of tbreclosure at any titne thereafter during
which such defhult shall continue and shall not be prejudiced in its foreclosure rights in case of
further default or defaults. ,
12. In case of any de'fault whereby the fight of foreclosure occurs hereunder, the Second
Mortgagee shall at once become' entitled to exclusive possession, use, and enjoy~nent of all property
aforesaid, and to all rents, issues and profits thereof, from the accruing of such fight and during the
pendency of foreclosure proceedings and the period of redemption, if any there be, and such
possession, rents, issues and!'prOfits shall at once be delivered to the Second Mortgagee on request,
and on refusal, the deliverylof such possession, rents, issues and profits may be enforced by the
SecOnd Mortgagee by any ilapPropfiate civil suit or proceeding, including action or actions in
ejectment,, or forcible entry, or unlawful detainer, and the Second Mortgagee shall be entitled, at its
sale option, to a Receiver fi)r said property and all rents, ~ssues 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 Mortgagms, or the then owner of said property, and without regard to the value of
said property, or the sufficiency thereof to discharge the Second Mortgage debt and foreclosure
costs, fees and expenses, and sufih Receiver may be appointed by any Court of competent
.jurisdiction upon ex parte appliCation, and without notice (notice being hereby expressly waived
and the appoint~nent of an5, such Receiver on any such application without notice being hereby
consented to by the Mortgagors on the Mortgagors' 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.
13. The covena[:ts herein contained shall bind, and the benefits and advantages shall
inure to, the respective heirs, personal representatives, snccessors, 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.
IN WITNESS WHEREOF, the Mortgagor have hereunto set their hands tiffs 18~' day of
June 2004.
Mortgagors:
CItAILLES W. MARTIN
ROSEALIE A. MARTIN
STATE OF I/',~lp~M_ )
On this~ffq/~]'' day t~f , 2004, before me personally appeared CHARLES W.
MARTIN and ROSEALIE '~k.--MARTIN, to me personally known, who, being by me duly sworn,
did say that they are the pe?ons identified as Mortgagors in the fbregoing instrument they further
acknowledged said instrument to be their flee act and deed.
Notary Public
Witness my hand ,'md official seal.
My cmmnission expires:
SEAL