HomeMy WebLinkAbout875328 MORTGAGE DEED WITH RELEASE OF HOMESTEAD
Mou___._ntain Meadow Log Homes, LLC
Mortgagor(s), of _Lincoln __ _County, State of Wyoming , to securepayment
of ~_Thirty thousand six hundred Dollars ($~Q,O0 __), due
~Au~mst 15, 2011 , with interest from ~August 13, 2001 _at the rate of
10 .per cent per annum payable monthly, evidenced by Promissory Note of even date herewith, in monthly
installments of ._Four hundred font dollars and 38/100 Dollars
($. _.404.38 ) each, including interest, commencing on the __35th day of__ S_eeptember _,
200.._!1, and continuing on the same day of each month thereafter, do_. hereby mortgage and warrant to LEISURE
VALLEY, INC., a Nevada Corporation, Mortgagee, of Lincoln County, Wyoming, the following described real property
in the County of Lincoln, State of Wyoming:
, Lot 35 of BlffD GER VIEW RANCHES
Mortgagor(s) agree__ to pay the indebtedness according to the terms and conditions of that certain Promissory Note hereinabove
described, executed by Mortgagor(s) to Leisure Valley, Inc., and during the life of this mortgage to pay all taxes and assessments against
the premises. If Mortgagor(s) fail__ to pay such taxes or assessments, Mortgagee may pay the same, and all sums paid by Mortgagee
for such propose shall be added to and considered as a part of the indebtedness and shall draw interest at the same rate.
If default occurs in the payment of the indebtedness or in the payment of any installment thereof, or if default occurs in any of the
covenants and agreements hereof or under the aforesaid Promissory Note, then the whole indebtedness shall, at Mortgagee's option,
become due and payable forthwith, and Mortgagee may foreclose this mortgage either by advertisement and sale of the premises as
provided by the statutes of the State of Wyoming, or by an action in equity. This will be Mortgagee's sole remedy against Mortgagor(s)
in case of default by Mortgagor(s). Out of the proceeds of any foreclosure the Mortgagee shall retain or receive ali sums due to it hereunder
and costs of foreclosure and sale, including attorney fees in an amount equal to Ten Percent (10%) of the indebtedness ~emaining unpaid
at tile time of such sale, and the same shall be taxed as costs in any equitable action brought to ibreclose this mortgage.
To fully assure Mortgagee the benefits of the security interest in the premises granted to it hereunder, Mortgagor(s) hereby assign__
to Mortgagee all rents hereaker payable for the use and occupancy of the premises by any person in possession thereof with Mortgagor's
consent. If&fault occurs in any of the the covenants and agreements herein contained or under the aforesaid Promissory Note, whether
or not Mortgagee elects to foreclose this mortgage on account thereof, Mortgagor(s) hereby authorize__ Mortgagee to collect the rents
from the premises and to apply the same to the payments on the indebtedness secured hereby until such default is remedied.
In the event of foreclosure of this mortgage upon default, Mortgagee shall be entitled to the possession and enjoyment of the premises
and rents and profits thereof from the time of such defanlt and during the pendency of foreclosure proceedings and period of redemption,
if any. If Mortgagor(s) shall fail to surrender such possession to Mortgagee promptly upon its request therefor, Mortgagee may compel
delivery thereof by ejectment action or other civil proceedings appropriate for that purpose. Furthermore, in addition to the remedies
otherwise provided for in this mortgage and by law and as a matter of right without regard to the solvency or insolvency of Mortgagor(s),
or the value of the premises or the insufficiency thereof to discharge the indebtedness and costs of foreclosure and sale, Mortgagee shall
be entitled to receive from the premises the rents, issues and profits thereof from the time of default to the expiration of any redemptive
period provided by law. A receiver may be appointed by any court of competent jurisdiction upon ex parte application without notice,
notice being hereby waived and appointment of a receiver upon such application being hereby consented to by the Mortgagor(s). '
MORTGAGORS(s) HEREBY RELINQUISH AND WAIVE 'all rights under and by virtue of the homestead
exemption laws of the State of Wyoming. ' ---T.
Dated this 13th day of~_August ,2001.
'aOOK 4 ~0 ~- ,1 MORTGAGORS:
--=--:~ .... PR PaGE .8 5
875328 .................--
COUNTY OF LINCOLN )
On this __ ! 3th day of ~_Aul~ist ,2001, before me ~ersonally appeared
Billy Peterson, Manager and __ ---- known to me to be the person(s)
describedin and who executed the foregoing instrument, and acknowledged that_h_e _ executed the same as his
free act and deed, including the release and waiver of the right of homestead.
WITN',ESS my hand and seal.
NOTARY P~ in~3~d' for sai~ County anti State
My commission expires ~) [I '~ [0 ~ __. '