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Home My WebLink About904827 RECEIVED 11/29/2004 at 10:45 AM RECEIVING # 904827 BOOK: 573 PAGE: 501 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY SECOND MORTGAG g ,' 05O2 JANIS C. CRANFORD, a single woman, of Alton, Wyoming County of Lincoln, Wyoming (herein referred to as "Mortgagor") to secure the payment of Thirty-Five Thousand and no/lO0 DOLLARS ($35,000.00) with interest thereon to commence on May Ist, 2005 at 6% (six percent) per annum, as provided in and evidenced by a Stipulated Judgment filed in the Third Judicial District Court in Lincoln County, does hereby mortgage unto David French and Jana French, husband and wife (hereinafter referred to as "Mortgagee'), that real property located in Lincoln County, Wyoming, more particularly described below, to-wit: A portion of the SWI/4NW1/4 of Section 24, T35N,' Rl lgW, 6th P.M., Lincoln County, Wyoming, being more particularly described as follows: BEGINNING at the Southwest Corner of said SW1/4NWI/4; thence running N 0003'25'' W, along the West line of said SWl/4NWI/4, 665.26 feet; thence N 89059'52'' E, 330.65 feet; thence S 0°03'58" E, 664.65 feet to a point in the South line of said SWl/4NWI/4; thence S 89053'32'' W, along last said South line, 330.76 feet to the point of beginning, containing 5.048 acres of land. TOGETHER WITH a 30-foot wide road easement for ingress, egress and utilities being more particularly described as follows: BEGINNING at a point 665.26 feet S 0o03'25" E. from the Northwest Corner of said SW1/4NWI/4; thence running N 89059'52'' E, :330.65 feet; thence S 0003'58'' E, 30.00 feet; thence S 89059'52" W, 330.66 feet to a point in the West line of said SW1/4NWI/4; thence N 0003'25'' W, along last said West line, 30.00 feet to the point of beginning, containing 0.228 acres of land. SUBJECT TO all easements exceptions, restrictions, reservations and rights of way of sight or record. Together with an including all improvements situated thereon and all water rights and appurtenances belonging thereto. (herein called the "Mortgage Property") MORTAGOR agrees to pay the indebtedness hereby secured; to pay all taxes, assessments, charges, liens and mortgages that may be believed or assessed against the Mortgaged Property, when and as the same become due and payable; Second Mortgage P~f4 and to secure, maintain and furnish MORTGAGEE evidence thereof, insurance with an insurance carrier or carriers acceptable to Mortgagee, covering the insurable improvements on the Mortgage 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 thereof, whichever is less, which insurance shall contain an appropriate loss payable provision protecting MORTGAGEE and MORTGAGOR as their respective interests may appear fi'om time to time. In the event MORTGAGOR fails to pay such taxes, assessments, liens and mortgages, or fails to keep and maintain such insurance, all as herein provided, MORTGAGEE may pay the same, and may secure and pay .for sucll [nsLIrance, and all sums so paid shall be added to and secured as 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 any indebtedness hereby secured, or any part thereof, when the same shall be come due; or in case default shall be made in any of the covenants and agreements hereof and such default shall remain thirty (30) days after receipt by MORTGATOR of notice of such default specifying the nature and extent of the default, then the whole indebtedness hereby secured, with interest thereon, shall be come due and payable, at the option of the MORTGAGEE, and the MORTGAGEE and MORTGAGEE's legal representatives and assigns may proceed, pursuant to law, to foreclose on and sell the Mortgage Property, and out of the proceeds of such sale, they shall pay all sums due hereunder, together with all costs of sale and foreclosure, including reasonable attorneys fees. In the event of any default whereby the right of foreclosure occurs hereunder, MORTGAGEE shall at once become entitled to the exclusive possession, use and enjoyment of the Mortgage Property, and to ali rents, issues and profits from the accruing of any such right, and during the pendency of the foreclosure proceedings and the period of redemption, (subject to the rights of the first Mortgagee) if any there be. Second Mortgage Page 2 of 4 L 0503 MORTGAGOR (subject to the rights of the first Mortgagee) shall have the right to sell all or any portion of the Mortgage Property, by contract for deed or otherwise, with or without MORTGAGEE's approval and consent. In the event MORTGAGOR sells all or any portion of the property to a buyer approved by MORTGAGEE, which approval shall not be unreasonably withheld, MORTGAGEE shall release the portion of the Mortgaged Property sold from the lien of this Mortgage and the MORTGAGOR from the portion of tile obligation secured hereby allocated by the property that is sold, upon receipt by MORTGAGEE of a new Promissory Note and Second Mortgage Deed securing the remaining principal allocated to such portion of the Mortgage Property or upon satisfaction in full of the Promissory Note. This Mortgage.is subordinate to a First Mortgage held by The Bank of Star Valley as MORTGAGOR in the amount of Tlfirty-Two Thousand Dollars ($ 32,000.00). All notices, demands or communications required or permitted under the terms of this Mortgage or the Promissory Note hereby secured shall be sent by U.S. certified mail, return receipt requested to the parties a[ the following addresses or at such other addresses as may be designated by either par[y in tile same manner; MORTGAGOR: ]anis C. Cranford P.O. Box 1090 Alton, Wyoming 83110 MORTGAGEE: David and ]ana French 1656 North 3519 West Rexburg, Idaho 83440 HOMESTEAD INDEMNITY AGREEMENT: In tile event this Mortgage is foreclosed by Mortgagee and Mortgagor's spouse, if Mortgagor is married as of the date of foreclosure, claims a Homestead Right in or to tile Mortgage Property, Mortgagor agrees to defend, indemnify, and hold mortgagee harmless from any Homestead claim asserted by Mortgagor's spouse, whed~er or not such claim is successful. Second Mortgage .... ~ 7=- Page 3 ~ The covenants and agreements contained herein shall bind, and the benefits and advantages shall inure to the benefit of, the parties, their heirs, successors and assigns. IN WITNESS MORTGATOR on this WHEREOF, this Mortgage was ... //_Nwa day of November, 2004. executed by the MORTGAGOR: STATE OF WYOMING ) .' ) SS. COUNTY OF TETON The foregoing instrument was acknowledged before me by ]anis C. Cranford this /_/74^ day of November, 2004. seal. NOTARY PUBLIC My Commission Expires:.q-,,~z3-c~ Second Mortgage Page 4 of 4