HomeMy WebLinkAbout902913 RECEIVED
MORTGAG '.,,]cot_r, COLINTY CLERK
KNOW ALL PERSONS BY THESE PRESENT~; ,tha[.~S'TEPHE~ ij MALVIN! ~
married man as his sole and separate property, and MIGUEL S."~RTINEZ~-:'a married man,
as his sole and separate property, as tenants in common, c/o 201 John Street, Suite K, Salinas,
California 93901 (hereinafter "Mortgagor"), to secure the payment of Twenty-Nine Thousand
Six Hundred Dollars ($29,600.00), with interest thereon, as provided in and evidenced by a
Promissory Note of even date herewith (with a maturity date of September 1, 2006), and all
renewals, modifications, and extensions thereof, does hereby mortgage unto BHALCHANDRA
R. PATEL and HEMLATA B. PATEL, husband and wife, of 9608 Sunburst Drive, Sunlake,
Arizona 85248-6002 (hereinafter collectively "Mortgagee") the following described real
property, situate in the County of Lincoln, State of Wyoming, hereby releasing and waiving all
rights under and by virtue of the homestead exemption laws of the State of Wyoming, to wit:
Lot 60 in Star Valley Ranch Plat 17, Lincoln County, Wyoming as described on
the official plat thereof.
Together with all and singular the improvemen'~s thereon or thereunto
"Pro e--"'
appertaining (hereinafter the p rty ).
Mortgagor agrees to pay the indebtedness hereby secured; to pay all taxes, assessments,
and charges levied against the Property, as the same become due and payable; to secure,
maintain, and fumish Mortgagee evidence thereof, insurance with an insurance carrier or carriers
acceptable to Mortgagee, covering the insurable improvements on the Property against loss by
fire, with extended coverage, in an amount not less than the unpaid balance of the debt hereby
secured, or the insurable value of such improvements, whichever is less, which insurance shall
contain an appropriate loss payable provision protecting Mortgagor and Mortgagee as their
respective interests may appear from time to time. The insurance proceeds or any part thereof,
shall at the option of the Mortgagor, be applied either to the reconstruction of improvements on
the Property or to the payment of indebtedness hereby secured. In the event Mortgagor fails to
pay such taxes and assessments, or fails to keep and maintain such insurance as herein provided,
Mortgagor may pay such taxes and assessments and may secure and pay for such insurance and
all sums so paid shall be added to and considered a part of the indebtedness hereby secured and
shall draw interest at the same rate.
In case default shall be made in the payment of the above sums hereby secured, or in the
payment of interest thereon, or any part of such principal or interest, when the same shall become
due, or in the case default shall be made in any of the covenants and agreements thereof, which
default is not cured within thirty (30) days after notice thereof is given by Mortgagee, or in the
event that Mortgagor sells or conveys the Property, or any part thereof, or any interest therein,
without the prior written consent of the Mortgagee first had and obtained, then the whole
indebtedness hereby secured, with interest thereon, shall become due and payable, at the option
of Mortgagee, and Mortgagee's legal representatives and assigns, may proceed by advertisement
and sale and/or as otherwise authorized by governing law, to foreclose on and sell the Property,
MORTGAGE
MALVINI & MARTINEZ / PATEL
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and out of the proceeds of such sale, Mortgagee shall pay all sums due hereunder, together with
all costs of sale, including reasonable attorney's fees. If the proceeds of the foreclosure sale are
insufficient to pay the indebtedness hereby secured and foreclosure costs, Mortgagee shall be
entitled to a deficiency judgment.
In the event of any default whereby the right of foreclosure occurs hereunder, Mortgagee
shall at once be entitled to exclusive possession, use, and enjoyment of the Property, and to all
rents, issues, and profits from the accruing of any such rights and during the pendency of the
foreclosure proceedings, and the period of redemption, if there be on.
Mortgagor warrants title to the Property as to parties claiming by or through or under
Mortgagor only.
The Property is not agricultural property as defined in Wyoming Statutes § 1-18-103.
WITNESS our hands this /3~'day of ._~t~//~-~_ . ~.~/fp_.~' ,2004.
· M'I' UEL S. MAR I [EZ
I, CARLA E. MAL¥INI, hereby sign this Mortgage solely for the purpose of releasing
and waiving all rights under and by virtue of the homestead exemption laws of the State of
Wyoming.
I, GRACIELA P. MARTINEZ, hereby sign this Mortgage solely for the purpose of
releasing and waiving all rights under and by virtue of the homestead exemption laws of the
State of Wyoming.
MORTGAGE
MALVINI & MARTINEZ / PATEL
PAGE 2 OF 3
COUNTY oF
ACKNOWLEDGED
MALVINI this ~ day of
)
) ss.
)
before me by
WITNESS my hand and official seal.
STEPHEN J. MALVINI
,2004.
and
CARLA
NOTkT/Y PUBLIC
My Commission expires:
te
STATE OF ~xli-~O"v~ia
COUNTY OF ~/50~4-~¢~
ACKNOWLEDGED before me
MARTINEZ this I~ day of ~~k>e¥
WITNESS my hand and official seal.
)
) ss.
)
by MIGUEL
S. MARTINEZ and GRACIELA P.
,2004.
NOTA ~/~Y PUBLIC
My Commission expires: 5 ,.~v,[~ '-&vt3'-/
MORTGAGE
MALVINI & MARTINEZ / PATEL
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