HomeMy WebLinkAbout906530MORTGAGE
ERIN E. SUMMERS, LLC, ~ IDA~qO LIMITED LIABILITY COMPDRqY, OF 111
EAST MAIN STREET, RIGBY, ID 83442, (herein collectively ca.led "MORTGAGOR"), to
secure the payment of EIGHTY TWO THOUSAND DOLLARS ($82,000.00) , with interest
thereon, as provided in and evidenced by a promissory note of even date herewith Ithe
ultimate maturity date of which is the lOth day of February, 2007) and all renewals,
modification and extensions thereof, do hereby .~rtg~.~ ]~)to E.M. MARTIN' AN'D JOAN
MARTIN OF P.O. Box 275, Afton, (herein called
"MORTGAGEE"), the following described real property, situate in the County of Lincoln, State
of Wyoming, hereby releasing and waving all rights under and by virtue of the homestead
exemption laws of the State of Wyoming, to-wit:
State of Idaho )
)ss
County of ..~.*['~'c~. )
The foregoing instrument was acknowledged before me by Justin Summers this J~' day
of February, 2005.
Witness my hand and official seal. ~ j/~//~ .,~O~11151511a.
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B~;'~ Public .c,:. ' _. --
C~~n E~ims I0/30/05 % ~ ~UBL~O / ~
SEE ATTACHED EXHIBIT A FOR LEGAL DESCRIPTION.
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 o
carrier or carriers acceptable to MORTGAGEE, covering the insurance improvements on the o
Property against loss by fire and earthquakes, with extended coverage, in an amount not less
than the unpaid balance of the debt hereby secured, or the insurable value (replacement cost)
Of such improvements whichever is less, which insurance shall contain an appropriate loss
payable provision protecting MORTGAGOR and MORTGAGEE as their respective interests may 1~
appear from time to time. In the event MORTGAGOR fails to pay such taxes or assessments, i./,J
or fails to keep and maintain such insurance as herein provided, MORTGAGEE 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 the indebtedness hereby secured and shall draw interest O
at the same rate. I.LI
In case default shall be made in the payment of the above sums hereby secured., or in
the payment of the interest thereon, or any part of such principal or interest, when the same
shall become due; or in case of default shall be made in any of the covenants and agreements
thereof, or in the event 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/or as otherwise authorized by governing law,
to foreclose 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 insufficient to pay the indebtedness hereby
secured and foreclosure 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 become 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 any there be.
MORTGAGOR warrants title to the Property as to parties claiming, by through or under
the MORTGAGOR only.
Witness our hands this /~__ day of February, 2005.
Description: Martin 464PR 889 Adjusted
A portion of the Martin Property, as referred to in the Deed recorded in Book
464PR, on Page 889, and a portion of the Owen property, as referred to in the
Deed recorded in Book 394PR, on Page 173, with the Office of the Clerk of
Lincoln County, Wyoming, within the NWI/4NWI/4 of Section 14, T33N, R118W,
of the 6th P.M., Lincoln County, Wyoming, being more particularly described as
follows:
BEGINNING at the B.L.M. type Monument marking the Paul N Scherbel RLS
164, 1981 location for the Southeast Corner of the NEI/4NEI/4 of Section 15, of
said T33N, R118W;
thence N1°05'40"E, along the East line of said NEI/4NEI/4, 235.70 feet to an
Aluminum Cap on Iron Pipe, said Point being 1,090.71 feet S1°05'40"W from the
B.L.M. type Monument marking the U.S. Department of the Interior Bureau of
Land Management, 1966 location for the Northeast Corner of said Section 15;
thence N89°50'11"E 544.62 feet to an Aluminum Cap on Iron Pipe;
thence S6°22'32"E 240.47 feet to an Aluminum Cap on Iron Pipe marking a Point
in the North line of the SWI/4NWI/4 of said Section 14;
thence N89°49'28"W, along said North line, 575.83 feet, to the Point of
Beginning, containing 3.05+ Acres of land.
SUBJECT TO: That portion of land, along the West line of the above described
property, within the Bedford -Trunerville County Road 12-123, as referred to in
the Right-of-Way recorded in Book 24PR, on Page 137.
SUBJECT TO: That portion of land, along the South line of the above described
property,' within the Willow Creek Canyon County Road 12-177, as referred to in
the Right-of-Way recorded in Book 215PR, on Page 120, with said Office.