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HomeMy WebLinkAbout907387008 3 Mortgage RECEIVED 3/31/2005 at 4:05 PM RECEIVING # 907387 BOOK: 582 PAGE: 83 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, VVY Sterling Trust Company, Custodian FBO David Mark Burne~t, IRA #071014-an undivided half interest, collectively referred to as "Mortgagor", to secure the payment of Thirty Four Thousand Two Hundred Seventy Five Dollars ($34,275.00), with interest, evidenced by a Non- Recourse Promissory Note (hereinafter the "Note") of even date herewith, and all other amounts due thereunder and all extensions and renewals thereof, when and as the same shall become due and payable hereby mortgages and warrants to Elkhom Funding Inc., referred to as "Mortgagee" a interest in real estate in Lincoln County, Wyoming described as: 80 acres in the NW1/4NE1/4 and NE1/4NW1/4 of Section 29, T33N, R118W, 6th P.M. Lincoln County, Wyoming. THE MORTGAGOR HEREBY COVENANTS AND AGREES WITH THE MORTGAGEE AS FOLLOWS: 1 .This Mortgage given to secure payment and the Mortgagor promises to pay to Mortgagee the amount of Thirty Four Thousand Two Hundred Seventy Five Dollars ($34,275.00), with interest, evidenced by a Non- Recourse Promissory Note of even date herewith, and all other amounts due thereunder and all extensions and renewals thereof, when and as the same shall become due and payable. Each such payment shall be applied first to the payment of interest and any balance remaining after the payment of interest shall be applied to the reduction of the unpaid principal balance. 2.Time is of the essence and if any amount shall not have been paid when due as provided in this Note, and if Mortgagor after receiving written notice from Mortgagee demanding cure of such default fails to cure the same within 30 days after such notice, the entire indebtedness may become due and payable at once at the option of Mortgagee and without notice, and thereafter the unpaid principal shall bear interest at the rate of eight percent (8%) per annum; failure to exercise this option howsoever often shall not constitute a waiver of the right to exercise if thereafter. 3. Mortgagor will pay the indebtedness hereby secured promptly and in full compliance with the terms of said Note and this Mortgage. The time of payment of said indebtedness, or any portion thereof, may be extended or renewed, and ay portions of the premises herein described may, without notice, be released from the lien hereof, without releasing of affecting the liability for the payment of said indebtedness then remaining unpaid. No change in the ownership of the said premises shall release, reduce or otherwise affect and such liability for the lien hereby created. It is further agreed that the taking of additional security of and nature shall impair or release this Mortgage; and as a further security this Mortgage shall become due and payable in full at the option of the Mortgagee if the Mortgagor, of Mortgagor's legal representatives, successors of assigns shall convey the mortgaged property of if legal or equitable title thereto shall become vested in any other person or persons in any manner whatsoever expecting those conveyances approved in writing by the Mortgagee. The acceptance of any payment on the Note by shall not constitute consent to any waiver of this option. '0084 Mortgagor shall pay or cause to be paid all taxes and assessments levied or assessed against the premis6s, and shall comply with all recordation and other laws affeCting the security of this Mortgage at the expense of Mortgagor. o Mortgagor will keep the premises free and clear of all other liens and encumbrances which may be or become superior to the lien created hereby, unless Mortgagee consents to said lien in writing. Mortgagor will not commit or permit waste on the premises and will keep and maintain the premises in good repair. o Mortgagor will pay all expenses and attorney's fees incurred by the Mortgagee, successors or assigns, for the protection of the lien of this Mortgage or for the collection of any amount due on the instrument which this Mortgage secures Or for the preservation of the premises mortgaged. MortgagOr will comply promptly, at the expense of the Mortgagor, with all laws, statutes, ordinances and regulations affecting the premises in any manner whatsoever. Mortgagor will pay to or cause to be paid directly to the Mortgagee, for application upon the indebtedness secured hereby, the full amount of any award or compensation for the taking or damaging by condemnation proceedings under the power of eminent domain of all or any part of the mortgaged premises. 10. In case of the failure of the Mortgagor to do so, the Mortgagee may make' any payment or perform any covenant herein to be made or performed by the Mortgagor, and any payment so made or expense incurred in connection therewith by the Mortgagee shall bear interest at the rate specified in the Note, and shall be immediately repayable by the Mortgagor, and shall be impressed as an additiOnal lien upon the mortgaged premises, and this Mortgage shall thereupon secure the repayment of such advances with interest. 11. In case an event of default shall 'occur in making payments or performing any other covenants or agreement required of Mortgagor as provided in the Note or this Mortgage, the Mortgagor hereby authorizes and empowers the Mortgagee, and Mortgagee's successors and assigns to forecloge this Mortgage by advertisement and sale as provided by the statutes of the State of Wyoming or to foreclose this Mortgage by judicial proceedings and convey the same to the purchaser in accordance with the statutes of the State of Wyoming, and out of the monies arising from such sale to retain all sums secured hereby With interest 'and all legal costs and charges of such foreclosure and actual attorney's fees incUrred by Mortgagee (or such other amount as shall be fixed by the Court in the event of judicial foreclosure or receivership), which costs, charges and fees the Mortgagor 12. 13. 14. 15. agrees to pay. In case of the f6reclosure of this Mortgage, .the Mortgagor.hereby authorizes and empowers the Mortgagee, Mortgagee's successors and assigns, to effect insurance upon any buildings and fixtures on the premises for a period covering the. time for redemption for the sale of the premises under such foreclosure, and .to pay the premium therefor and the amount so paid .shall be impressed as an additional lien upon the premises and shall be secured b.y-and be collectible as a part of this .Mortgage and bear interest at the rate Specified in .the Note, from the date said amount is paid. In the event of a foreclosure, Mortgagor hereby authorizes and empowers Mortgagee, Mortgagee's'successors and assigns, to bring an action against any person who claims an adverse estate or interest therein for the purpose of determining such adverse estate or interest, and to pay costs and expenses thereof together with actual attorney's fees which amount shall be impressed as an additional lien upon said premises and shall be secured by and collectible as a part of this Mortgage. Upon commencement of any foreclosure, or at any time thereafter, and prior to the expiration of the time for redemption from any sale of the premises on foreclosure, any court of competent jurisdiction, upon application of the Mortgagee, or the purchaser at such sale, shall, at once and without notice to the Mortgagor or any other person, appoint a receiver for said premises to take possession thereof, to collect rents, issues and profits of said premises during the pendency of such foreclosure and until the time to redeem the same from the foreclosure sale shall expire, and out of rents, issues, and profits to keep the premises in good repair and condition and to pay all taxes, assessments, and special assessments, and to redeem from sale for taxes, assessments, and special assessments, and to pay insurance premiums necessary to keep the premises insured in accordance with the provisions of this Mortgage and to pay the expense of the receivership, and said receiver shall apply the net proceeds to the payment of the indebtedness secured hereby, and such receiver shall have all the other usual powers of receivers in such cases. Failure to exercise any right, power or options herein granted to the Mortgagee, howsoever often shall not constitute a waiver thereof and shall not estop the Mortgagee from exercising any such right, power or option at any time or upon any subsequent default of the Mortgagor. All rights and remedies given or reserved to the Mortgagee herein shall be cumulative and may be exercised contemporaneously but the exercise of one or more such rights or remedies shall not exclude or prevent the exercise of Mortgagee's other rights or remedies. The Mortgagor specifically warrants that Mortgagor is fully authorized to enter into this Mortgage, and that the acquiescence or approval of no other person is required for Mortgagor to enter into same on the terms found herein. Mortgagor agrees that all of the terms and conditions contained in the Note are incorporated into and made part of this mortgage. IN WITNESS WHEREOF, Mortgagor has signed and sealed this Mortgage this ., 2005 day of Read and Approved David Mark Burnett By: Sterling Trust Company, FBO David Mark Bumett, IRA #071014 STATE OF ) ) ss. COUNTY OF ) The foregoing instrument was acknowledged before me by ,2005. Witness my hand and official seal. My commission expires: , this day of SEAL Notary Public IN WITNESS WHEREOF, Mortgagor has signed and sealed this Mortgage this.. day of ,2005 Read and Approved By: /~ ~ David Mark Bumett iitg Trust Company, FBO David Mark Bm'net"t, IRA #071014 STATE OF '"]--~(~6 ) ~)~~oing instrument was acknowledged before me byt~Ygly[eco :rye6 ,2005. Witness my hand and official seal. My commission expires:' IO-c~3~ , third'ay of SEAL I~...~l~._.~) STATE OF TEXAS i ~' My Comm. Exp.