HomeMy WebLinkAbout901241MORTGAGE DEED
9012[ 1
This, Mortgage is given by First Baptist Church
called BoITowe~, of Kemmerer, WY
RECEIVED
LINCOLN COUI',ITY CLERK
to "Wyoming Southern Baptist Foundation , hereinafter called Lender, which term
inqlud'es any holder of this Mortgage, to secure the payment of the PRINCIPAL SUM of
$ 50,000.00 together with interest thereon computed on the outstanding balance, all as
provided in a Note having the same date as this Mortgage, and also to secure the performance of
all the terms, covenants, agreements, conditions and extensions of the Note and this Mortgage.
In consideration of the loan made by Lender to Borrower and for the purpose expressed
above, the Borrower does hereby grant and convey to Lender, with MORTGAGE
COVENANTS, the land with the buildings situated thereon and all the improvements and
fixtures now and hereafter a part thereof, being more particularly described in Exhibit A
attached hereto and made a part hereof and having a street address of:
?/-¢z,,=¢-?o ce.
Attach Property Description
BOrrower further covenants and agrees that:
1. No superior mortgage or the note secured by it will be modified without the consent of
Lender hereunder.
2. Borrower will make with each periodic payment due under the Note secured by this
Mortgage a payment sufficient to provide a fund from which the. real estate, taxe. s, betterment
assessments and other municipal charges which can become a lien against the mortgaged
premises can be paid by Lender when due. This provision shall be effective only in the event
that a fund for the same purpose is not required to be established by the holder of a senior
mortgage.
3. In the event that BorroWer fails to carry out the covenants and agreements set forth
herein, the Lender may do and pay for whatever is necessary to protect the value of and the
Lender's rights in the mortgaged property and any amounts so paid shall be added to the
Principal Sum due the Lender hereunder.
4. As additional security hereunder, Borrower hereby assigns to Lender, Borrower's rents of
the mortgaged property, and upon default the same may be collected without the necessity of
making entry upon the mortgaged premises.
5. In the event that any condition of this Mortgage or any senior mortgage shall be in
default f6i:'-;fifteen (15) days, the entire debt shall become immediately due and payable at the
opti~p., of~'the Lender. Lender shall be entitled to collect all costs and expenses, including
rea,:~},n'able afttorney s fees incurred.
6. In the event that the Borrower transfers ownership (either legal or equitable) ;or any
security interest in the mortgaged property, whether voluntarily or involuntarily, the Lender may
at its option declare the entire debt due and payable.
7. This Mortgage is also security for all other direct and contingent liabilities of the
Borrower to Lender which are due or become due and whether now existing or hereafter
contracted. --
8. Borrower shall maintain adequate insurance on the property in amounts and form of
coverage acceptable to Lender and the Lender shall be a named insured as its interest may
appear.
9. Borrower shall not commit waste or permit others to commit actual, permissive or
constructive waste on the property.
10. Borrower further covenants and warrants to Lender that Borrower is indefeasibly seized
of said land in fee simple; that the Borrower has lawful authority to mortgage said land and that
said land is free and clear of all encumbrances except as may be expressly contained herein.
This Mortgage is upon the STATUTORY CONDITION and the other conditions set forth
herein, for breach of which Lender shall have the STATUTORY POWER OF SALE to the extent
existing under State law.
Executed under seal this
'/
day of ,,-, I ,
STATE OF
COUNTY OF
,;t e a
}
before me, ...~?¢)/Q/;{.._~ LA/~ ,/{ ~ _ _ , personally appeared
L~ST~-P~ -, personMly ~own tome (or
proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are
subscribed to the within instrument and acknowledged to me that he/she/they executed the same
in his/her/their authorized capacity(ies), and that by his/her/their Signature(s) on the instrument
the persOn(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
WITNESS my hand and offical seal.
Signature ~~"/~
Affiant .X Known
ID Produced