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HomeMy WebLinkAbout906559MORTGAGE RECEIVED 2/17/2005 at 4:09 PM RECEIVING # 906559 BOOK: 579 PAGE: 216 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY The undersigned, Bridger Valley Baptist Church, P.O. Box 38, Lyman, Wyoming 82937, ("mortgagor"), to secure the payment of Forty Thousand Seven Hundred Ninety Tkree Dollars and Sixty Cents ($40,793.60), which shall be due and payable in accordance with the provisions of that certain Promissory Note dated August 24, 2004, hereby mortgage and warrant to Wyoming Southern Baptist Foundation, 3925 Casper Mountain Road, Casper, Wyoming 82601, ("mortgagee"), the following described real estate, including the improvements thereon, the rents, issues and profits therefrom, and the benefits and privileges appurtenant thereto (all being referred to herein as the "premises"), situate in Lincoln County, State of Wyoming, to-wit: See Exhibit "A" consisting of one page, attached hereto and made a part hereof. Mortgagor agrees to pay the indebtedness hereby secured, and to pay all taxes and assessments on said premises and to keep the buildings thereon insured in a sum not less than the unpaid principal balance during the life of this mortgage, in favor of and payable to the mortgagee, and if the mortgagor shall fail to pay such taxes and assessments and to keep the premises insured, as aforesaid, the mortgagee may insure said buildings and pay said taxes and assessments, and all snms so paid shall be added to and considered as a part of the above indebtedness hereby secured, and shall draw interest at the same rate. If default occurs in the payment of the indebtedness or in the payment of any installment thereof, or if default occurs in any of the covenants and agreements hereof, then the whole indebtedness shall, at mortgagee's option, become due and payable forthwith, and mortgagee may foreclose this mortgage either by advertisement and sale of the premises as provided by'statute, or by an action in equity. Out of the proceeds of any foreclosure sale, mortgagee shall retain or receive all sums due to it hereunder, and the costs of foreclosure and sale, including reasonable attorney's fees, the same to be taxed as costs in any equitable action brought to foreclose this mortgage. To fidly assure mortgagee the benefit of the security interest in the premises granted to it hereunder, mortgagor hereby assigns to mortgagee all rents hereafter payable for the use and occupancy of the premises by any person in possession thereof with mortgagor's consent. If default occurs in any of the covenants and agreements herein contained, whether or not mortgagee elects to foreclose this mortgage on account thereof, mortgagee shall at once be entitled, and is hereby authorized, to collect the rents front the premises and to apply the same to the payment of the indebtedness 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 the incident rents, issues, and profits thereof from the time of such default and for and during the pendency of foreclosure proceedings and the period of redemption, if any. If mortgagor should fail to sun'ender such possession to mortgagee promptly upon their request therefor, mortgagee may compel delivery thereof by an ejectment action or other civil proceeding appropriate to that purpose. Furthermore, and in addition to the remedies otherwise provided for in this mortgage and by law, and as a matter of right, without regard to the solvency or insolvency of mortgagor, the value of the premises, or the sufficiency thereof to discharge the indebtedness and costs of foreclosure and sale, mortgagee shall be entitled to a receiver for the premises and the rents, issues and profits thereof frmn the time of default to the expiration of any redemptive period provided by law. Such receiver may be appointed by any court of competent jurisdiction upon ex parte application, without notice, notice being hereby waived and the appointment of a receiver upon such application being hereby consented to by mortgagor. Mortgagor, Bridget Valley Baptist Church, covenants that no persons reside on the above described property and do not claim the same as a homestead within the meaning of the Homestead Exemption Laws of the State of Wyoming. DATED this 24'" day of August, 2004. MORTGAGOR: BRIDGER VALLEY BAPTIST CHURCH, a 'Wyoming non- profit corporation ATTEST: Secretary President STATE OF WYOMING ) ) COUNTY OF LINCOLN ) Page 1 of 2 The foregoing instrgment was acknowledged before me this ! A/' dav of A.w,.mxt 2i~:i,a hv ~~ ~,, ~ ~ , r~mdent of Bridget Valley Baptist Church, a Wyoming non-profit Witnessmyhandandofficialseal. I ~g:, :~' '4~ My Commission expires: Page 2 of 2 EXHIBIT "A" That part of Tract 90, T24N Rll9W of the 6th P.M., Lincoln County, Wyoming being part of that tract of record in the Office of the Clerk of Lincoln County in Book 4PR on page 115 described as follows: Commencing at a point on th'e West right,of-way line of State Highway 30 North and running thence N 82015.5' W, 1655.11 feet from Corner No. 2 of said Tract 90 where found a 2" galvanized steel pipe 28" long (BLM type) with brass cap inscribed, "PAUL N. SCHERBEL RLS164 BIG PINEY WYOMING T24N, Rll9W TR90 TR91 1965"; 2 3 1 6 TR74 TR76 identical with the Northeast Corner of that tract of land record in the said Office in Book 72PR on page 389; thence N 11035, W, 92.00 feet along the said right-of-way line to the point of beginning; thence N 11035' W, 137.95 feet along the Said right-of-way line to a point; thence S 80041' w, 211.49 feet to a point; thence S 09056' E, 138.22 feet to a point; thence N 80035, E, 215.47 feet to the point of beginning; ALSO That part of Tract 90, T24N Rll9W of the 6th P.M.~ Lincoln County, Wyoming being part of that tract of record in the Office of the Clerk of Lincoln County in Book 4PR on page 115 described as follows: Beginning at a point on the West right_of_way line of State Highway 30 North, N 82o15.5 , W, 1655.11 feet from Corner No. 2 of said Tract 90 where found a 2" galvanized steel pipe with brass cap inscribed "PAUL N. SCHERBEL RLS164 BIG PINEY WYOMING T24N Rll9W T90 ~91N 1965"; 2 3 1 6 TR74' TR76 identical with the Northeast corner of that tract of land of record in the said Office in Book 72PR on page 389; thence N 11035, W, 92.00 feet along the said right-of-way line to a point; thence S 80035, W, 215.47 feet to a point; thence S 09056, E, 52.54 feet to a point identical with the Northwest corner of the said record tract; thence S 89012, E, 222.0 feet along the North line of said tract to the point of beginning.