HomeMy WebLinkAbout902413REAL
r~F' F, C I',IC r~
,.,,..:..~: CLERK
Tills ~IORTGAGE is granted by WESLEY A. CUMMINGS, an unmarried man, as MORTGAG°R, to SALT RIVER HOMES,
LLC, a Wyoming Limited Liability Company, as MORTGAGEE.
Mortgagor, for good and valuable considerations, the receipt of which is hereby acknowledged, does hereby GRANT, BARGAIN, SELL, CONVEY
AND WARRANT, and further releases and waives all rights under and by virtue of the homestead exentption laws of Wyoming, unto the Mortgagee,
his successors and assigns, all of the following described real property, to wit:
Lot 196 in Nordic Ranches Division No. 13, Lincoht County, Wyoming as described on the
official plat thereof
TOGETHER WITH any and all improvements, water and ditch rights, rights of wO~s, ectsements, privileges, ventilating, tenements,
hereditaments and a~purtenances thereunto belonging or in anywise appertaining, now or hereafter used on said land or belonging to
said Mortgagor, and any reversion, remainder, rents, issues and profits thereof, hereinafter referredto as the "Property".
This grant is intended as a Mortgage, a Fixture Filing and Secnrlty Interest for the Purpose of Securing:
1. Performance of each agreement of Mortgagor herein contained, each. agreement and covenant contained in the loan documents associated with
this mortgage, and any extension, renewal, modification and/or amendment thereof "Loan documents"' shall include the above describednote, this
mortgage, and any other documents or instrument~ signed in connection with this loan.
2. Payment of the indebtedness evidenced by a promissory note of even date herewith, and any extension or renewal thereof in the principalsum
of NINETEEN THOUSAND FORTY THREE AND 28/1 O0 DOLLARS ($19,043.28), the`final payment of principal and interest
thereof if not soonerpaid, to be finally due and payable AUGUST 19, 2005.
3. Payment of all such further sums as may hereafter be loaned or advanced by the 2¥[ortgagee for any purpOSe; and any notes, drafts and/or other
instruments representing such further loans, advances or expenditures shall be optional with the Mortgagee, and shall become due and payable no
later than the final maturity date of said note secured hereby; and provided further, that it is the express intention of the parties to this Mortgage that
it shah stand as continuing security until all such loans, advances or expenditures together with interest thereon, are paid in full.
A. To protect the security of this Mortgage, Mortgagor warrants, covenants attd agrees:
I. The property is free from all encumbrances, except as may be described herein, and that Mortgagor shall warrant and defend the same forever
against the lawful claims and demands of all persons whomsoever, and this covenant shah not be extinguished by foreclasure or other transfers.
2. To keep all buildings and other improvements now or hereafter existing in good cm,dition and repair; to not remove or demolish any building
or other improvement thereon; to complete or restorepromptly and in a good workma~tshiplike manner any improvement which may be constructed,
damaged or destroyed thereon; to pay when due all claims for labor performed and materials fi~rnished thereto or therefor; to comply with all laws
affecting said property or requiring any alterations or improvements to be made thereon; to not commit or permit waste thereof or thereon; to
maintain, cultivate, irrigate, fertilize, fumigate, prune, all in a good and husbandr3,like maturer, the land and intprovements thereto; to not change or
permit change in the use of the property; to not do anything which would reduce the value of the property; and do all other acts which from the
character or use of said property may be reasonably necessary, the specific enumerations herein not excluding the general.
3. To provide, maintain and deliver, fire insurance satisfactory and with loss payable to ]~[ortgagee; to maintain liability insurance; to pay all
premiums and charges on all such insurance when due; and to provide Mortgagee satisfactoryevidence of such insurance upon request. The amount
collectedunder any fire or other insurance poliey may, at Mortgagee's option and determination, be applied upon any indebtedness secured hereby in
such order as Mortgagee determines, be released to Mortgagor in whole or part, or any combination thereof Such application or release shall not
cure or waive any default or notice of default here-under or invalidate any act done pursaant to such notice.
4. To pay before delinquency all taxes, assessments, or rents affecting said property; to pay when due all encumbrances, charges and liens, with
interest, affecting said property which are or may appear to be prior or superior hereto; and to pay all costs, fees and expenses of this Mortgage and
associated loan documents.
5. To pay immediately and without demand all sums expended by Mortgagee purs,ant to the provisions hereof with interest from date of
expenditure, at a rate equal to the 'interest rate payable under the promissory note described above or twelve percent (12%) per annum, whichever is
greater.
6. To appear in and defend any action or proceedingpurporting to affect the security hereof or the rights or powers of Mortgagee; to pay, on
demand, all costs and expenses, including without limitation, cost of title evidence, reasonable attorney's fees, advances, and/or costs, paid or
incurred by Mortgagee to protect or enforce its rights under bankruptcy, appellate proceedings or otherwise, and all such costs and expenses shall
become a part of the indebtedness secured by this mortgage.
7. Should Mortgagor fail to make any payment or to do any act as herein provided, ~¢ortgagee, but without obligation so to do and without notice
or demand upon Mortgagor and without releasing Mortgagor from any obligation hereof taco,: make or do the same in such manner and to such
extent as Mortgagee may deem necessary to protect the security hereof Mortgagee beiug authorized to enter upon said property for such purposes;
appear in and defend any action or proceeding purporting to affect the security hereof or the rights or powers of Mortgagee; pay, purchase, contest
or compromise any encumbrance, charge or lien which in the judgment of Mortgagee appears to be prior or superior hereto; and in exercising any
such powers or in enforcing this Mortgage by judicial foreclosure or otherwise, pay the necessary expenses, costs and reasonable attorney's fees.
8.' To cotnPly wit,~ aH laws, ordinances, regulations, cove,,mn'ts, conditions and restrictions affecting the Property and its use, including without
limitation all environmental laws; not to use or perrnit the ase of the Property for atO, mdawful or objectionable purpose; to remedy any
environmental contamination or violation of environmental laws that may occur or be discovered in the future; to allow Mortgagee access to the
Property to inspect its condition and to test and monitor for compliance with applicable laws (any inspections or tests made by Mortgagee shall be
for Mortgagee 's purpases only and shall not be construed to create any responsibilityor liability on the part of Mortgagee to ~lortgagor or to any
other person); to forward copies of any notices received from any environmental agencies to Mortgagee; and to Indemnify and hold Mortgagee, his
employee& agents and his successors and assigns, harmless from and against any environmental claints of any kind, and all costs and expenses
incurred in connection therewith, including, without limitation, attorney's fees.
9. Any award of damages in connection with any condemnation for public use of or i~jury to said property or any part thereof is hereby assigned
and shall be paid to Mortgagee who may apply or release such monies receivedby him in the same manner and with the same effect as above
provided for disposition of proceeds of fire or other insurance.
10. The failure of Mortgagee to exercise any right or option provided herein at any time, shall not preclude Mortgagee from exercising any of such
rights at any other time; by accepting payment of any sum secured hereby after its due date, Mortgagee does not waive his right either to require
prompt payment when due of all other sums so secured or to declare default for failure so to pay; all rights conferred on Mortgagee are cumulative
and additional to any rights conferred by law; and if any provision is found to be invalid or ,menforceable, such invalidity or unenforceabilityshall
not a~ct any other provision hereof and the mortgage shall be construed ~ though such provision had been omined.
11. ~ ~ddition~l ~ec~rit~, Mortgagor bereb~ gi~es to and coafer~ upon Mortgagee ~/~e right, po~er a~d a~tbori% &ring the continuance of chis
mortgage, to collect the rents, i~ues and profit~ of said properf~ ~ they become due and pa~able; Rescuing bogeyer ~nto Mortgagoc prior ~o
default by Mortgagor in payment of any in&bte&ess secured hereby or in performance qf cnW agreement hereun&r, the right to collect and retain
such rents, issues and profits. Upon any such default, Mortgagee may at any time without notice, either in person, by agent or court appointed
receiver, and Mthout regard to the adequacy of any security for the indebtedness hereby secure4 enter upon and take possession of said property or
any part thereof in his own name sue for or othemise collectsuch rents, issues and profits, including those p~t due and unpaid, and apply the
same, l~s costs and expenses of operation and collection, including re~onable attorney, 's fees, upon any indebtedness secured hereby, and in such
order ~ Mortgagee may determine. The entering u~on and raking possession of said property, the collection of such rents, issues and profits and the
application thereof ~ aforesaid shall not cure or waive any default hereunder or invalidate any act done pursuant to any such default notice.
12. DUE ON ~E: The indebtedness and obligations secured by this mortgage is personal to the Mortgagor and is not ~signable by Mortgagor.
Mortgagee h~ relied upon the credit of Mortgagor, the interest of Mortgagor in the Property and the financial market conditions then existing when
making this loan. If Mortgagor transfers or contracts to transfer, title to or possession q~ all or part of the Property, or any equitable interest
therein, whether by deed, contract for deed, ~signment, Ieee for a ter~n in excess of one year, lec~e with an option to purch~e, option to purch~e,
or similar agreement; or ~ the ownership of any corporation or partnership, owning all or any portion of the Property shall be changed either by
voluntary or involuntary sale or transfer or by operation of law, Mortgagee may declare all s~tms due under any note, security agreement, and/or
loan documents ~sociated herewith, immediately due and payable. Noncompliance ~vith this covenant shall constitute and be a default of this
obligation which shall entitle Mortgagee to effectuate any and all remedies provicled
13. Time is of the essence and a material part of this agreement. In the event of deJkndt, at Mortgagee ~ option, the entire indebtedness secured
hereby shall forthwith become due and payable and bear interestat the rate of TWEL~'E PERCENT (12%) per annum; Mortgageeshall have the
right to foreclose the lien of this mortgage, to have a receiver appointed in any court proceedin& to collect any rents, issues and profits from the
Property and apply them against the indebtedness hereby secure& to sell the ProperO? at Jbreclosure en m~se, or ~ one lot or parcel at the option
of Mortgagee, and m exerciseany rights and remedies available under the Un~orm (~mmercial Code for the State in which the property is locate&
and re~onable notice ~ required by such Code shall be five (5) days.
14. ~e Mortgagee may at any time, without notice, rele~e portions of said mortgaged premises from the lien of this mortgage, without c~ecting
the personal liability of any person for the payment of the said indebtedness or the lien of this mortgage upon the remainder of the mortgaged
premises for the full amount of said indebtedness then remaining unpaid.
15. Mortgagor and each of thetn join in this instmment for the purpose of subjecting each of their right, title and interest, ~ any, in the Property,
whether of record or otherwise and including any right to possession, to the lien of this mortgage.
16. ~is mortgage, all loan documents and the note(s) secured hereby shall be governed and construed according m the laws of the State of
Wyoming. In the event of default, Mortgagor grants m Mortgagee a Power of Sale to foreclose on and sell said property at public auction pursuant
to Wyoming Statute Section 34-4-101 et:seq.
17. This mortgage applies to, inures to the benefit of and binds all parties hereto, their heirs, devisees, personal representatives, successors and
~signs. The term Mortgagee shall mean the holder and owner of the note secured hereby; or ~ the note h~ been pledge4 the pledgee thereof In
this Mortgage, wherever the context so requires, the m~culine gender includes the.feminine and/or neuter, and the singular number includes the
plural.
,
On ~ g~ . before me, the undersigned, personally avveared
Wesley A. Cummings
known or ~t~ed to me to be the ~on ~hose name i~ suSseffbed to
the.~~withi st~menh and~~~ac w ed to me t ~t~ executed~ the same.
N~a~Public for Wyoming /
My commission expires: ~ ~ / ~ ~ ~
Real Ea,tate Mortgage (]/99) - Page 2
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