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HomeMy WebLinkAbout900830JAMES L. SEDEY 5 G '1 ' DONNA-A-sEOEY BO(])& .... ! ro ~,~ t:'AG}~:;' M. 1117 CEDAR AVE (~fl~30' <EMmmEn, wvom c'.sn01 MORTGAGOR ' "I" includes each mortgago? above. ti[JNi~Ii~'.. I ~ k, t. L EMPLOYEES'S CREDIT 1407 W NgaX'H',~EMPLE #120C ~ S~b'~ LX"i~E ':~1~, UTAH 84116 MORTGAGEE "Yotf' nleans the mortgagee, ils successors and assigns. REAL ESTATE MORTGAGE: For value received, I, JAMES L. SEDEY AND DONNA A SEDEY ItUSBAND AND wIFE AS JOINT TENANTS , mortgage, grant and convey to you, ~Mth power of sale on June 28, 2004 the real estate described below and all rights, easements, appurtenances, rents, leases and improvements and fixtnres that may now or at auy time in the future be part of the property (all called the "property"). PROPERTY ADDRESS: 1117 CEDAR AVE KEMMERER, hVYOMING 83101 LEGAL DESCRIPTION: SEE EXIIIBIT "A" located in LINCOLN County, State of WYOMING TITLE: I covenant and warrant title to tbe piropenY, except for encumbrances of record, mt, nicipal mid zoning ordinances, current taxes and assessments not yet due m~d SECURED DEBT: This mortgage secures repayment of the secured debt and the performance of the covenants and agreements contained in tiffs mortgage and in any other document incorpol'ated herein. Secured debt, as used in this mortgage, includes any amom~ts I may at any tithe owe you under this mortgage, the instnnnent or ag(cement described below, any renewal, refinancing, extension or modification of such instrument or agreement, and, if applicable, the future advandes described below. The secured debt is evidenced by (describe the. instrument or agreement secured by ibis mortgage and the date thereof:) The above obligation is due and payable on July 1, 2019, if not paid earlier. The total unpaid balance secured by this mortgage at any one time shall not exceed a maxilnum principal amonnt of TWENTY-FIVE TIIOUSAND and no/100 Dollars ($25,000.00), phis interest, and all other mnounts, plus interest, advanced under the terms of this mortgage to protect the security of this mortgage or to perfcim ar, y of the covenants and agreemeqts contained in this mortgage. [~] Futnre Advances: The above amount is secured even though all or part of it may not yet be advanced. Future advances are contemplated and will be made in accordance with the terms of the note or loan agreement evidencing the secured debt and will have priority to the stone extent as if made on the date this ~nortgage is executed. [-'] Variall~ Rate: The interest rate on the obfigati~'~ secured by this mortgage may vary according to the terms 9fthat obligation. t~l A copy of the loan agreement c0ntaini g the terms under which the interest rate may wiry is attached to this mortgage and made a part bereofi RIDERS: [~] Com,nercial . E~,Construction [--] SIGNATURES: By signing below, I agree to the terms and covenants contained on pages 1 and 2 of this mortgage. In any instrmnents ?~ri~enc~le secured debt and in anyjq~lers descrik:ed above and signed by me. I acknowledge receipt ora copy of this mortgage. ACKq~OWLE1)GEMENTS: STATE OF WYOMING; County of LINCOLN ss: Individual or Corporation with Seal Corporation witli no Seal Witness my band and official seal. My Commission Expires: The foregoing instrument was acknowledged before me by James L. Sedey and Donna M. Sedey 30th Cayof June, 200/4. this The foregoing instrmnent was acknowledged before me by day of tiffs a corporation has no corporate seal. March 12,'2005 Notary Public IDS, Inc. '~D~is document is being meorr!ed Southwest Title Company a c0m'tcsy only. ' COVENANTS : 0 00 30 -- !52 .. Payments. I agree to maxe an paynDents on the secured debt when due. Unless we agree otherwise, any payments you receive from lne or for my benefit will ~e applied first to any mnounts I owe you on the secured debt exclusive of interest or principal, secoud, to interest and then to prinqipal. If partial prepayment of he secured debt occurs for any reason, it will not red,ace or excuse any subsequently scheduled payment until the secured debt is paid in fidl. L Claims against Title. I will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, and other charges relating to the property when lue. You may require me to provide to you copies of all notices that such amounts are due aud the receipts evidencing my paynmnts. 1 will defend title to the woperty against any claims that would impair the lien of ~his mortgage. You may require me to assign any rights, claims or defenses whicb I may bare agaiust ~arties who supply labor or materials to improve or maintain tile property. ;. Insurance. I will keep the property insured under terms acceptable to yon at my expense and for your benefit. This insurance will i,lclude a standard nortgage clause in your favor. You will be nanmd as loss;payee or as the insored on any such insurance policy. Any insurance proceeds may be applied, within 'our discretion, to either the restoratioq or repair of the damaged property or to the secured debt if you require mortgage iusurance. 1 agree to maintain snch nsurance for as long as you require. ;. Property. I will keep the property in good condi :ion and make all repairs reasonably necessary. I will give you prompt notice of any loss or damage to the ,roperty. ;. Expenses· I agree to pay all of the expenses you incur, includiog reasonable at'tomeys' fees, il' 1 breach any covenants in Ihis mortgage or in any obligation ecured by this mortgage, I will pay these anmunts to'you as provided in Covenant 10 of this mortgage. ' Default and Acceleration. If I fail to make an~/payinent wheo due or breacb any covenants under this mortgage, any prior mortgage or any obligation ecured by this mortgage, you may, at your option, ~:ccelerate the maturity of the'secured debt and demand immediate payment, and exercise any other remedy vailable tO you. You may enforce this mortgage by exercising any remedy provided by law, including, but nol limited to, the power of sale. You will be ntitled to a judgment for any deficiently as provided by law. Fyou elect to exercise you power of sale, you will g, ve notice of your intent to tbreclose by advertisement and sale as provided by law. You will publish notice fthe sale and sell the property according to applicable la~i¥. The proceeds of the sale will be applied first to tile costs mid expenses oft le sale including, but not mired to, reasonable attorneys' fe'es~ tben to paymen:: oftlle secured debt, and finally, if there is any surplus, to the person(s) legally entitled to it. · Assignment of Rents and Profits and Leuder in Possession. I assign to you the rents and profits of tide properly. Unless we have agreed otherwise io triting, I may collect and retain the rents as long as I am not in default. If you accelerate this mortgage as provided in paragraph 6 or i fl abmMon the property, ou are entitled to enter upon, take possession and manage tile property, and collect the rents and profits of the property, either in person, by agent or by court ppointed receiver, until the expiration of any period of redemption following judicial sale. Except when otherwise directed by the court, m'~y rents and profits ou collect will be applied first to the costs of managing the property and collecting the rents and profits, iucluding, but not limited to, receivers fees, court osts, and reasonable attorneys' fees, and then to payments of the secured debt as provided in Covenant I. · Prior Security Interest. I will make payments wlien due and perform all other covenants under any mortgage, deed of trust, or other securily agreement that as priority over this mortgage. I will not make or pemfit ~my modification or extension of any mortgage, deed of trust or other security interest that has priority vet this mortgage or any note or agreement secured thereby without your written consent. 1 will promptly deliver to you any notices I receive fi'om any person ~hose rights in the property have priority over your fightsl Leaseholds; Condominiums; Planned Unit DeveloPments. I agree to comply with the provisions of any lease if this mortgage is on a leasehold If this lortgage is on a unit in a condominium or a planned unit develop~nent, 1 will perform all of my duties under tide covenants, by-laws, or regulalions of the ondominium or plmmed unit development. , 0. Authority of M°rtgagee to Perform for Mortgagor, lfI thil to perform any of my duties undo' this mortgage, or any other mortgage, deed of trust, lien or ther security interest that Ires priority over this mortgage, you may perform the duties or cause them to be performed. You may sigu my nanle or pay any mount if necessary for performance. If any construction on the property is discontinued or uot carried on in a reasonable manner, you may do whatever is ecessary to protect your security interest in the property, q'his may include completing the consn-uction. 'our failure to perform will ,lot preclude you from e::erci~ing any of your other rights under the law of this nDortgage. ,ny mnounts paid by your to protect your security interest will be secured by this mortgage. Such amouats will be due on demand and will bear interest fi'om ~e date of the payment until paid in full at the interest rate in effect from time to time on the secured debt. 1. Inspection. You may enter the property to inspect it if.you give me notice beforehand. Thc notice must state the reasonable cause for your inspection. 2. Condemnafion. I assign to you the proceeds of.my award or claim for damages co,mected with the condemuation or other taking of all or any part of the roperty. Such proceeds will be applied as provided iu Covenant 1. This assignmeut is subject lo tide te,'ms of any prior security agreemeut. 3. Waiver. By exercising any remedy available to you, you do not give up your rights to later use any other remedy. By not exercising any remedy, if I efault, you dO not waive your right to later consider the e:/ent a default if it happens again. 4. Joint and Several Liability; Co-Signers; Successors and Assigns Bound, All duties under this mortgage are joint and several. Ill sign this mortgage but o not sign the secured debt I do so only to mortgage my interest in the property to secure paymeut of the secured debt and by doing so, I do not agree to be' :rsonally liable on the secured debt. I also agree that yon and any part), to this mortgage may extend, modify or make aiD), other changes io the terms of this tortgage or the secured debt without my consent. SuCh a change will not release me from tile terms of this mortgage. he duties and benefits of this mortgage shall bind a~ bene, fit the successors and assigns of either or both of us. 5. Notice. Unless otherwise required by taw, any mtice to me shall be given by delivering it or by mailing it by certified mail addressed to me at the Property ddress or any other address that l tell you. I will give any notice to you by certified mail to your address on page I of this mortgage, or to any odDer address hich you have designated. ny notice shall be deemed to have been given to either of ns when given in tile manoer stated above. i. Transfer of the Property or a Beneficial lnterelt in ;be Mortgagor. If all or any part of tide property or any ioterest in it is sokl or transferred w thout you ior written consent, you may demand immediate payment of the secured debt. You may also dcmmld immediate payment if the mortgagor is ,lot a natural :rson and a beneficial interest in the mortgagor is sold or t,'ansferred. However, you may not denDaud payment itl the above situations if it is prohibited by deral law as of the date of this mortgage. ' ?. Release. Pursuant to law, when 1 bare paid the secured debt in full, all underlying agreements bare been terminated, and I have mailed to you a written quest for the release, you will release this mortgage without clDarge to nde within 30 days of)'our receipt of my request for the release, I agree to pay all costs record the release. t. Severability. Any provision or clause of this mortgage or any agreement evidencing tide secured debt which conflicts with applicable law will uot be ~'ective unless that law expressly or impliedly peru;fits variations by agreement. If an), provision or clause of this mortgage or an agreement evidencing the :cured debt cannot be enforced according to its terms, this fact will not affect the enforceability of tile balmlce of the mortgage and the agreement evidcucing e secured debt. }. Waiver of Homestead Exemption. I hereby rele~e mM waive all rights tinder and by virtue of the homestead exemption laws of WYOMING. IDS. lac, ..,..:,... ;?;i::i::;;;Z?i?-- - . ?: :';:! EXHIBIT A Part of Lots 9 and 10 of Block 53 of the Second Addition Eo the Town of Kemmerer, Lincoln County, Wyoming being more particularly described as follows: Beginning at a point S 26°34' E, 124.8 feet from the NortheasE corner of saim Block 53; thence S 26°34 E, 75.2 feet to the Southern boundary of Lot 10; thence S 63°26 W, 99.0 feet; thence N 26°34 W, 75.2 feet; thence N 63°26 E, 99.0 feet to the Eastern Boundary of said Lot 9 to the place of beginninc. ALSO A parcel of land located in Lot 10 of Block 53 of said Second Addition to t~e Town of Kemmerer being described as follows: Beginning aE 6he Southern corner of said Lot 10, said corner being the common corner of Lot 10, Lot 11 and alley as described on the plat of the Second Addition to the Town of Kemmerer, and running thence northwesterly along the lot line of said Lot 10 a distance of 45 feet; thence nort'heasterly parallel to the lot line common to Lots 9 and 10, a distance of 41 feet; thence southeasnerly parallel to the lot line of Lot 10, a distance of 45 feet; thence southwesterly along the lot line common to Lots 10 and 11 a distance of 41 feet to the point of beginning. Said parcel bei~i~g the same property as described in the Warranty Deed recorded June 14, 1993 in Book 330PR on page 428 of Lincoln County public records.