HomeMy WebLinkAbout903784 ,,~.~,EIVED
MORTGAGE DEED WITH ~LLASE 6¢YI~~STEAD
9 0 3 7 8 o I: 28
David L, Sears and Brenda S. Sears
Mortgagor(s), of County, State off:' '!i ida~i:'o&(~NER , to secure payment of
sixteen thousand six hundred fifty dollars D,,lhffs'::($:' 1"6;~)~6!b'~ ), due September 25,
2014 ., with interest from September 25, 2004 ~. _at the rate of 10 per cent per annum payable
monthly, evidenced by Promissory Note of even date herewith, in m~mthly installments of Two hundred twenty dollars
and 03/100 Dollars ($ 220.03 ) each, including interest, commencing on the 25th day of
October ,2004, and continuing on the same day of each 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 Wyomin g:
Lot 38 of STAR VALLEY RANCH PLAT TWF. NTY-TWO (22)
as platted and recorded in the Official Records of Lincoln County, Wyoming.
Mortgagor(s) agree to pay the indebtedness according to the terms and conditions of that certain Promissory Note hereinabove
described, executed by Mortgagor(s) to Leisure Valley, Inc., and during thc l ile of this mortgage to pay all taxes and assessments against
the premises. If Mortgagor(s) fafl_~ to pay such taxes or assessments, Mortgagee 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 thepayment ~f any installment thereof, or if default occurs in any of the
covenants and agreements hereof or under the aforesaid Promissory Note, d~cn the whole' indebtedness shall, at Mortgagee's option,
become due and payable forthwith, and Mortgagee may foreclose this m~a'tgage either by advertisement and sale of the premises as
provided by the statutes of the State of Wyoming, or by an action in equity. This will be Mortgagee's sole remedy against Mortgagor(s)
in case of default by Mortgagor(s). Out of the proceeds of any foreclosure th c ~ lortgagee shall retain or receive all sums due to it hereunder
and costs of foreclosure and sale, including attomey 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 lin'raises by any person in possession thereof with Mortgagor's
consent. Ifdefault occurs in any ofthe 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 indebtedm-ss 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 appropr/ate for that purpose. Furthermore, in addition to the remedies
otherwise provided for in this mortgage and by law and as a matter of right wil hour regard to the solvency or insolvency of Mortgagor(s),
the value of the premises or the insufficiency thereof to discharge the indebled ness and costs of foreclosure and sale, Mortgagee shall be
entitled to receive from the premises the rents, issues and profits thereof from t l~c time of default to the expiration of any redemptive period
provided by law. A receiver may be appointed by any court of competent jut isdiction upon ex parte application without notice, notice
being hereby waived and appointment ora receiver upon such application l,cing hereby consented to by the Mortgagor(s).
MORTGAGORS(S) HEREBY RELINQUISH AND WA IV F.___all rights under and by virtue of the homestead
exemption laws of the State of Wyoming.
Dated this '0'-~)'~ dayof ,~Q-i~_, ? ,l~//~~/'- 2004.
057 .
MORTGAGORS:
. ____ Acknowledgment
State of \ tg~{'~O
County of ~LkL~-[~O'Y/ _ .
On 2o , wa.
personally appeared before me,
who is personally known to me
~ whose identity I proved on the basis of ~9 ~ --~ ~ 9~q [~
~. whose identity I proved on the oath, affirmation of ~k ~.,
a credible witness
k '~ ,~2,~,',, 2004, before me personally appeared
known to me to be the
to be the signer of the above document, and he/she acknowledg? that he/she nstrument, and acknowledged that execut.e,c[ xt~¢.same as
My Com Exp ~ry'Public
~TARY PUBI J C in ~r said Coun~ a~,
My commission expkes