HomeMy WebLinkAbout905086MORTGAGE
KNOW ALL PERSONS BY THESE PRE,',;I.iNTS, that KAREN M. DRENNON,
TRUSTOR/TRUSTEE of the Karen M. Drennon Livin~ l'mst dated 16 July, 1991, of P.O. Box
992, Thayne, Wyoming 83127 (hereinafter" ~"
Mortgagt r ). to secure the payment of Twenty-Six
Thousand Dollars ($26,000.00), with interest thereon, as provided in and evidenced by a
Promissory Note of even date herewith (with a maturitx date of December 8, 2005), and all
renewals, modifications, and extensions thereof, docs I~crcby mortgage unto EDWARD B.
WILSON and LINDA E. WILSON, husband and wi fo. ,)1' 5913 East Restin Road, Cave Creek,
Arizona 85331 (hereinafter collectively "Mortgagee") thc lbllowing described real property,
situate in the County of Lincoln, State of Wyoming, hcroby releasing and waiving all rights
under and by virtue Of the homestead exemption laws o1' I I~c Slate of Wyoming, to wit:
Lot 44 in Star Valley Ranch Plat 22, Li,~c~ln County, Wyoming, as described on
the official plat thereof in the Office of the County t'lcrk, Lincoln County, Wyoming.
Together with all and singular thc improvements thereon or thereunto
appertaining (hereinafter the "Property").
Mortgagor agrees to pay the indebtedness herebx seem'ed; to pay all taxes, assessments,
and charges levied against the Property, as the san~c become due and payable; to secure,
maintain, and furnish Mortgagee evidence thereof, insur',~tk'c 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 ~hc tmpnid balance of the debt hereby
secured, or the insurable value of such improvements, xx hichever is less, which insurance shall
contain an appropriate loss payable provision protecting Mortgagor and Mortgagee as their
respective interests may appear from time to time. Thc insurance proceeds or any part thereof,
shall at the option of the Mortgagor, be applied either t~ thc reconstruction of improvements on
the Property or to the payment of indebtedness hereb), scorn'cd. In the event Mortgagor fails to
pay such taxes and assessments, or fails to keep and ma lnt~in such insurance as herein provided,
Mortgagor may pay such taxes and assessments and max secure and pay for such insurance and
all sums so paid shall be added to and considered a part ,,1~ the indebtedness hereby secured and
shall draw interest at the same rate.
In case default shall be made in the payment of ~hc :~bove sums hereby secured, or in the
payment of interest thereon, or any part of such principal ,~r interest, when the same shall become
due; or in the case default shall be made in any of the ct~x cmmts and agreements thereof, which
default is not cured within thirty (30) days after notice thcrool' is given by Mortgagee, or in the
event that Mortgagor sells or conveys the Property, or :m) 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 ;~ssigns, may proceed by advertisement
and sale and/or as otherwise authorized by governing ktxv. lo Ibreclose on and sell the Property,
and out of the proceeds of such sale, Mortgagee shall pa) all sums due hereunder, together with
all costs of sale, including reasonable attorney's fees. 11' thc proceeds of the foreclosure sale are
RECEIVED 12/8/2004 at 3:24 PM
RECEIVING # 905086
BOOK: 574 PAGE: 269
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
insufficient to pay the indebtedness hereby secured and li~rcclosure costs, Mortgagee shall be
entitled to a deficiency judgment.
In the event of any default whereby the right of fo,'ccitt.sure 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 fights and during the pendency of the
foreclosure proceedings, and the period of redemption, it' ~}~crc be on.
Mortgagor warrants title to the Property as to pz,'tics claiming by or through or under
Mortgagor only.
The Property is not agricultural property as defined i~ \Vyoming Statutes § 1-18-103.
~()()4
WITNESS my hand thisc../~ day of December. _ .
l~i!E, n M.' I)l(I,:~q~t, TRUSTORYTRUSTEE
ol~the Karen N I. Drcnnon Living Trust
dated 16 Julx. 1991
STATE OF WYOMING )
) SS.
COUNTY OF LINCOLN )
THE FOREGOING INSTRUMENT was ackt,,xxlcdged before me by KAREN M.
DRENNON, who being duly sworn and under oath, acknowledged further that she did so as
TRUSTOR/TRUSTEE of the Karen M. Drennon Living l'rust dated 16 July, 1991, pursuant to
authority provided to her in said Trust, this ~ ~ day o 1' l)cccmber, 2004.
WITNESS my hand and official seal.
My Commission expires: ~/~,,/ //2~,~
NOT.\ RY PU~IC