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HomeMy WebLinkAbout903254 RECEIVED THIS MORTGAGE, made this ~~ - day of W. MCPHERSON and ~S~ M. MCPHERSON, husband and Wife, ~'~6 Ba~ock Drive, Rock Springs, Sweetwater CounW, Wyoming 82901, hereinafter refe~ed to as the "Mo~gagor", and ROB~ H. MAY and LILA J. MAY, husband and wife, of 3532 Monterey Drive, Rock Springs, Wyoming, Swee~ater CounW, Wyoming 82901, hereinafter refe~ed to as the "Mo~gagee". The Mortgagor for and in consideration of the sum of Forty Thousand Five Hundred and No/100 Dollars ($40,500.00), lawful money of the United States, paid to the Mortgagor by the Mortgagee, the receipt of. which is hereby confessed and acknowledged, does hereby grant, bargain, sell and convey to the Mortgagee forever, the following described real and personal property situated in Sweetwater County, Wyoming: Lot 27 of Commissary Ranch, Unit C-1, Lincoln County, Wyoming, Together with all buildings and improvements thereon, or which may hereafter be placed thereon; all fixtures now or hereafter attached to said premises; all water and water rights, ditches and ditch rights, reservoirs and reservoir rights, and irrigation and drainage 'rights; and all easements, appurtenances and incidents now or hereafter belonging or appertaining thereto; subject, however, to all conditions, easements and rights-of-way, and to mineral, mining and other exceptions, reservations and conditions of record. TO HAVE AND TO HOLD the said real and personal property forever, the Mortgagor hereby relinquishing and waiving all rights under and by virtue of the homestead exemption laws of the State of Wyoming. Mortgagor covenants that at the signing and delivery of this Mortgage, said Mortgagor is lawfully possessed of said personal prope_rty; is lawfully seized in fee simple of said rea! property, or has such other'estate as is stated herein; has good and lawful right to mortgage, sell and convey all of said property; and warrants and will defend the title to all of said property against all lawful claims and demands, and that the same is free from all encumbrances. This Mortgage is not assumable by any other party or parties unless agreed to, in writing, by the Mortgagee. However, this Mortgage is subject to the express condition that if the Mortgagor pays, or causes to be paid, to the Mortgagee the sum of Forty Thousand Five Hundred and No/100 Dollars ($40,500.00), tOgether with interest thereon at the rate of six percent (6%) per annum from the 30~ day 'of August, 2004, until paid, according to the conditions of one promissory note, dated August 30, 2004, the ultimate maturity date of which is August 30, 2007, which promissory note was executed and delivered by Kenneth W. McPherson and Misty M. McPherson to the Mortgagee, which sum or sums of money the Mortgagor hereby covenants to pay, and until such payment, performs all of the covenants and agreements herein to be performed by Mortgagor, then this Mortgage and said note shall cease and be null and void. Mortgagor and Mortgagee further covenant and agree as follows: 1. Mortgagor shall pay the indebtedness as herein provided, and the lien of this instrument shall remain in full force and effect during any postponement or extension of the time of payment of any part of the indebtedness secured hereby. 2. Mortgagor shall pay all taxes and assessments levied or assessed against said property. -1- _0646 3. Mortgagor shall not commit or permit waste, nor be negligent in the care of said property, and shall maintain the same in as good condition as at present, reasonable wear and tear excepted, and will do nothing on or in connection with said property which may impair the security of the Mortgagee hereunder. Mortgagor shall not permit said property, or any part thereof, to be levied upon or attached in any legal or equitable proceeding, and shall not, except with the consent in writing of the Mortgagee, or as is otherwise provided and permitted in this Mortgage, remove or attempt to remove said improvements or personal property, or any part thereof, from the premises on which the same are situated. 4. As collateral and further security for the payment of the indebtedness hereby secured, Mortgagor shall keep the improvements now existing or hcreinafter erected on said premises insured against loss 'by fire, with extended coverage provisions, in a sum riot less than the replacement value thereof, for the term of this Mortgage, and will pay when clue all premiums on such insurance. All insurance shall be catri ed in responsible insurance companies and the policies and renewals thereof shall have attached thereto loss payable clauses in favor of the Mortgagee. The insurance proceeds, or any part thereof, may, at the option of the Mortgagee, be applied either to the reduction of the indebtedness hereby secured or paid to the Mortgagor. 5. If Mortgagor defaults in the payment of the taxes, assessments or other lawful charges or fails to keep the improvements on said premises insured as herein provided, the Mortgagee may make such repairs as may be necessary to protect the property, all at the expense of the Mortgagor. The Mortgagor covenants and agrees that all such sums of money so expended, together with all costs of enforcement or foreclosure, and a reasonable attorney fee, shall be added to the debt hereby secured, and agrees to repay the same and all expenses so incurred by the Mortgagee, with interest thereon from the date of payment at the same rate as provided in the note hereby secured, until repaid, and the same shall be a lien on all of said property and be secured by this Mortgage. 6. If the Mortgagor defaults in the payment of the indebtedness hereby secured, or of any part or installment of principal or interest, for a period of thirty (30) days afte~ the sam~ shall become due and payable, or if the Mortgagor removes or attempts to remove any of said improvements or personal property contrary to the provisions of this Mortgage, or in case of breach of any covenant or agreement herein contained, the whole of the then indebtedness secured hereby, both principal and interest, together with all other sums payable pursuant to the provisions hereof, shall, at the option of the Mortgagee, become immediately due and payable, anything herein or in said note to the contrary notwithstanding, and failure to exercise said option shall not constitute a waiver of the right to exercise the same in the event of any subsequent default. The Mortgagee may enforce the provisions of, or foreclose, this Mortgage by any appropriate suit, action or proceeding at law or in equity, and cause to be executed and delivered to the purchaser or purchasers at any foreclosure sale a proper deed of conveyance of the property so sold. The Mortgagor agrees to pay all costs of enforcement or foreclosure, including a reasonable attorney fee. The failure of the Mortgagee to promptly foreclose upon a default shall not prejudice any right of said Mortgagee to foreclose thereafter during the continuance of such default or fight to foreclose in case of further default or defaults. The net proceeds fi'om such sale shall be applied to the payment of(1 st) the costs and expenses of the foreclosure and sale, including a reasonable attorney fee, and all moneys expended or advanced by the Mortgagee pursuant to the provisions of this Mortgage; (2nd) all unpaid taxes, assessmems, claims and liens on said property, which are superior to the lien hereof; (3rd) the balance due Mortgagee on account of principal and interest on the indebtedness hereby secured; and the surplus, if any, shall be paid to the Mortgagor. 7. If the property described herein is sold under foreclosure and the proceeds are insufficient to pay the total indebtedness hereby secured, the Mortgagor executing the note or notes for which this Mortgage is security shall be personally bound to pay the unpaid balance and the Mortgagee shall be entitl ed to a deficiency judgment. -2- o9o3z54 ',- 064 7 8. If the fight of foreclosure accrues as a result of any default hereunder, the Mortgagee shall at once become entitled to exclusive possession, use and enjoyment of all property aforesaid, and to all rents, issues and profits thereof, fi.om the accruing of such right and during the pendency of foreclosure proceeds and the period of redemption, and such possession, rents, issues and profits shall be delivered immediately to the Mortgagee on request. On refusal, the delivery of such possession, rents, issues and profits may be enforced by the Mortgagee by any appropriate suit, action, or proceeding. Mortgagee shall be entitled to a Receiver for said property and all rents, issues and profits thereof, after any such default, including the time covered by foreclosure proceedings and the period of redemption, and without regard to the solvency or insolvency of the Mortgagor, or the then owner of said property, and without regard to the value of said property, or the sufficiency thereof to discharge the mortgage debt and foreclosure costs, fees and expense. Such Receiver may be appointed by any court of competent jurisdiction upon ex parte application, notice being hereby expressly waived, and the appointment of any such Receiver on any such application without notice is hereby consented to by the Mortgagor. All rents, issues and profits, income and revenue of said property shall be applied by such Receiver according to law and the orders and directions of the court. 9. The acceptance of this Mortgage, and the note or notes it secures, by the Mortgagee shall be acceptance of the terms and conditions contained therein; and a duly executed and delivered release of this Mortgage by any one or more of the Mortgagees shall be a valid and effective release as to all of said Mortgagees, and of said Mortgage. 10. The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective heirs, devisees, legatees, executors, administrators, successors, and assigns of the parties hereto. Whenever used the singular number shall include the plural, the plural the singular, and the use of any gender shall include all genders. The terms "foreclosure", as used herein, shall include the fight of foreclosure by any suit, action or proceeding at law or in equity, or by advertisement and sale of said premises, or in any other manner now or hereafter provided by Wyoming Statutes, including the power to sell. IN WITNESS WHEREOF, this Mortgage has been executed by the Mortgagor the date first above written. K~NNETH W. MCPHERSON The State of Wyoming ) : SS. County of Sweetwater ) On this 7_"1 ~ __ day of September, 2004, before me personally appeared KENNETH W. MCPHERSON and MISTY M. MCPHERSON, husband and wife, to me known to be the persons described in and who executed the foregoing instrument, and acknowledged that they executed the same as their free act and deed, including the release and waiver of hom~,s.t~a.~,~..~.  FRANCES GARRIER - NOTARY PO~[IC Given under my hand and seal the date first above written. { c0~0~ ~ s~r[0~ My commission expires: ~ Notary Public -3-