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HomeMy WebLinkAbout875333 MORTGAGE DEED WITH RELEASE OF HOMESTEAD Mountain Mc,,dow Log Homes, LLC Mortgagor(s), of... Lincoln .County, State of. Wyoming _, to secure payment of __Nineteen thousand eight hundred Dollars ($ 19,800.00 ), due September 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 Two hundred Sixty 9ne dollars and 06/100 Dollars ($ 261.66 . ) each, including interest, commencing on the .... 15th _ day of_.__QOctober ,. ,2001, 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, Wyt;rning, the following described real property in the Coun~ of Lincoln, State of Wyoming: Lot 10 of STAR VALLEY RANCH PLAT TEN (10) 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 purpose 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 all sums due to it hereunder and costs of foreclosure and sale, including attorney fees in an amount equal to Ten Percent (10°/0) of the indebtedness remaining unpaid at the time of such sale, and the same shall be taxed as costs in any equitlible action brought to foreclose 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 hereafter payable for the use and occupancy of the premises by any person in possession thereof with Mortgagor's consent. If default 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 coIIect 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 ossesslon a and rents and profits thereof from the time of such dora..'* ._a a__.. ...... . ~. . P ' nd enjoyment of the premises ,,,~ ~:,u uunng me penaency ot toreclosure 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 receiyer may be appointed by any court of competent jurisdiction upon ex parts application without notice, ,.,. notice being hereby waived and appointment of a receiver upon such application being hereby consente.d to by the Mortgagor(s). MORTGAGORS(S) HEREBY RELINQUISH .... AND WAIVE~all rights hnder and by' virtue of the homestead exemption laws of the State of Wyoming. Dated this ____j3th. day of_ August ,2001. MORTGAGORS: L. INOOL. N COUN'I'f' CLERK COUNTY OF LINCOLN ) k~,MM[f,,ER, WYOMIN(~ On this.. . 13th.... . day of_ August ~ 2001, before me personally appeared BillyPeterson, Manage~ . and - ' - described in and who executed the foregoing instrument, and acknowledged that [he_ known to me to be the pe~s~'n(s) 'executed the same as _his free act and deed, including the release and waiver of the right of homestead. - WITNESS my hand and seal. NOTARY ?~JB'LIf in3,M fc~r said County and State My commission expires ..