HomeMy WebLinkAbout903782 MORTGAGE DEED WITHILELEASE OF~-I~MESTEAD
903782. or,
Bill Feagin and Sandra Feagin
~-~'~" '"' '" ~NE.q
Mortgagor(s), or County, S~ ~t' ' Utah-.' .. to secure payment of
Twenty-fourthousandtwohundrednJneteendollars Dollars ($_24,219;00, f~4~ ),duc Septemberl, 2014
with interest from Sevtember 1, 2004 at thc rate of 10 per cent per annum payable monthlyl
evidenced by Promissory Note of even date herewith, in monthly installments of Three Hundred twenty dollars and
06/100 .($ 320.06 ) each, including interc.% commencing on the pt day of
October ,2004, and continuing on the same day ofeach month thereafter, do es hereby mortgage
and warrant to LEISURE VALLEY, INC., a Nevada Corporation, Mortgagee, of Lincoln County, Wyoming, the following
described real property in the County of Lincoln, State of Wyoming:
Lot 15 of Brldger View Ranches "'~ ' %. -'
Mortgagor(s) agree to pay the indebtedness according to the terms a nd conditions of that certain Promissory Note hereinabove
described, executed by Mortgagor(s) to Leisure Valley, Inc., and during thc Ii lc o£ this mortgage to pay all taxes and assessments against
the premises. If Mortgagor(s) fail to pay such taxes or assessments, Mo~ tgagee 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 Cf any installment thereof, or if default occurs in any of the
covenants and agreements hereof or under the aforesaid Promissory Note, th~n 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 actionin equity. This will be Mortgagee's sole remedy against Mortgagor(s)
incaseofdefaultbyMortgagor(s). Out oftheproceeds of any foreclosureth¢ Mortgagee shall retain or receive allsums due to it hereunder
and costs of foreclosure and sale, including attorney fees in an amount equal to Ten Percent (10%) of the indebtedness remaining unpaid
at the time of such sale, and the same shall be taxed as costs in any equitable 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 prom}scs by any person in possession thereof with Mortgagor's
consent. Ir'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 collect 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 possession and enjoyment of the premises
and rents and profits thereof from the time of such default and during the pendency of foreclosure 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 withom regard to the solvency or insolvency of Mortgagor(s),
the value of the premises or the insufficiency thereof to discharge the indebwdness and costs of foreclosure and sale, Mortgagee shall be
entided to receive from the premises the rents, issues and profits thereof from lhe time of default to the expiration of any redemptive period
provided by law. A receiver may be appointed by any court of competent jurisdiction upon ex parte application without notice, notice
being hereby waived and appointment of a receiver upon such application being hereby consented to by the Mortgagor(s).
MORTGAGORS(S) HEREBY RELINQUISH AND WAI V E all rights under and by virtue of the homestead
exemption laws of the State of Wyoming.
..q 1
Dated this .~-~-~)Tt- day of
STATE OF-~ )
COUNTY O~)
SS.
'0 ,2004.
~ .~t\\ weeLktt~.l'~ ~ and ' 7K4Jh ;3 ,'_ ~ ? ~'.*O~\P'.---- known to me to be the
person(s) described in and who executed the foregoing instrument, ant2 ackno4,1edged that ~ executed the same as
free act and deed, including the relehse and waiver of the right of homestead. _.}
WITNESS my hand and seal.
My commission expires
NOT"~"R%POB[,IC in arid for 4~i~1 Cou. nty-"an~t State
C_%
~ ..: [r~. I~'OT.~RY PUBLIC
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":~?:;":¥"~'~ APRIL MARSHALL I
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,' i/.;4~'?¥/t, \~! 1240 E 100 S $1
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'.',.":r;}~) ST. GEORGE, UT 04790 I
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