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HomeMy WebLinkAbout903850MORTGAGE KNOW ALL PERSONS BY THESE PRESENTS, that WADE T. NELSON, a single man, of 4847 Hopyard Road #4-42~ Pleasanton, California 9458 §, (hereinafter "Mortgagor"), to secure the payment of Twelve Thousand Dollars ($12,000.00), with interest thereon, as provided in and evidenced by a Promissory Note of even date herewith (with a maturity date of October 15, 2009), and all renewals, modifications, and extensions thereof, does hereby mortgage unto ERNEST H. WESSMAN and ELAINE E. WESSMAN, CO-TRUSTEES of The Ernest H. Wessman and Elaine E. Wessman Family Trust dated July 2, 2001, of 4901 South 4135 West, Kearns, Utah 84118 (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 17 in Star Valley Ranch Plat 21, Lincoln County, Wyoming, as described on the official plat thereof in the Office of the County Clerk, Lincoln County, Wyoming. Together with all and singular the improvements thereon or thereunto appertaining (hereinafter the "Property"). 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 furnish 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 ~s 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 thc 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 covcnams and agreements thereof, which default is not cured within thirty (30) days after notice thercof 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 fi)reclose on and sell the Property, 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 903850 ...-~,.~.,.~ RECEIVED LII'!COLN COUNTY CLERK 0300 insufficient to pay the indebtedness hereby secured and fi~reclosure 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 my hand this [,/7/ day of October, 2004. WADE T, NELSON STATE OF ~ ) ¢OU T THE FOREGOING INSTRUMENT was acknowledged before me by WADE T. NELSON this day of October, 2004. WITNESS my hand and offici al seal. NOTARY PUB] My Commission expires',~'