HomeMy WebLinkAbout909456.TUN- ! 6-200S 1 ~: 30 B ! SMAR~
Filed for r~ord =t Ne r~lUeSt of:
Bismark Mortgage Company, LLC
10500 NE 5th St., Suite 700
Bellevue, WA 98004
RECEIVED 6/23/2005 at 9:51 AM RECEIVING # 909456
BOOK: 589 PAGE: 195
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
.00!95
Lozn #251635
This Mortgage, made
Sherry L. Medaen
Steven A. Madsen
CONSTRUCTION
Friday, Jun~ 17, 2005
MORTGAGE
between
Grantor(s), whose address is PO Box 1546, Thayne, WY 83 t 27.
,3
Blamatk Mortgage Company, LLC,
Beneficiary, ~'hme~d~'essis 10500 NE 8th St., Suite 700, Bellevue, WA 98084.
W[m~se~: ~antor d~s hereby mortgage, gra~[ and convey to Beneficiary the following d~rib~ real propeay:
$~ a~ched exhibit "A" for i~9al do~crtptton(~), which property is not used principally for agricultural
or brining purpo~, together whh all tenements, hcredJ~mem~, ~nd appurtenances now or hereafter ~ercunto
~longing or in any wise ap~.rtaininl, and ~e renu, i~sue~ and profi~
'[~fis Mor[g~ge is to, th, pu~osc of ~ec~ing ~flormanc¢ of ~ach ag~eem-ra of Gramar~c-n,-:
of construction agr~ment(~) Gl even date hcrcwi~, and paymcm of ~nc sum of~37,2~ with interest, in
accordance wi~ the [cr~s of a promissory nolo of eYen date herewith, payable to Beneficiary or order, and all
renowns, modificabor ~ and cxtellsions [befool, and any adYance(s) or ]O~n(s) as ~e~ri~d in p~agrapi: 88 hereto.
This Moagage shall aim s~m~ ~y amount(s) owed to Bcn,ficia~. or iB assi~ by Grantor an~o~ maker(s) of
note arisin~ from any walden l~ment, duty, ~ubrogalJon, o~rahon of law or any other basis w}'~atsb~ver.
a~a,hed exhlbtt '8' for ~peoial terms.
TO PROTECT THf; SECURITY OF TH~,~ MORTGAGE "~ ' '
GaANTOR COYEN^NTS AND ~GREBS:
i. To p~y, or have Paid, before delinquency ~11 l~wfu[ [~xes and ~s~sm;~s upon ~e p~p~rty; [o ~cep ~he
free and cl~r of ail o~cr ch~ge~, liens or encumbrances impairing ~e s~urity of this Mortgage.
2, To keep thc pro~y in good repair and rendition; to pemit no wa~e ~cr~f: to comple~ any building, s~uctme
Or improvement ~ing built or about to be built thereon within SiX (6) months fi-om the date he, eof or in accord
with other ~cific written aDeemen~ between Grantor and Bcneficixy; to restore promptly any betiding, structure
or improvement thereon which may be damage~ or destroyS; and to cotnply with ali laws, ordinances, regulations,
~venants, condi6ons and rcsmctions aff~fing ~c property.
3. To keep all buildings now or her~fler erected on the property flesci'i~ herein continuo~ly insured against loss
by firc, ea~q~ke, volcanic eruption, flood and other hazards. Benefiei~y may requir~ insurance i~ a~ amoun[
ies~ than ~e original h~ amount of~e debt ~ed hereby, or 1~% of asses~ value, of the impmveraems, or
repla~ment valuation of the improvements, as determined by' the insuan~ c~ier, whichever is the higher
and in such compani~ as the Benefiei~y may approve, and to have loss payable first to thc Benefic~y then
Grantor. It is under6tood and .',greed thai all policies (or approved certified copies thereof) shall be held by
Benefiei~. The mount coll~t~ under any insurance ~lic), may ~ appli~ upon any indebtedness hereby secured
in such ordm- ~ ~e Benefici~ shall detemine. Such applications by ~c Benefici~y shall not caum
of any pr~ings to foreclo~ ~ Mortgage. In ~e eve~,t of foreclosme~ all Grantor's righis in insutar~ce policies
· en in f0r~ shall p~s to ~e purch~er at thc foreclosure sale.
4. To defend any action or pro~eding pu~rting to aff~t ~e security her~f or the ri~ts of Benefici~) ano [o pay
all costs and e~.penses, including cost of litle search ~d attorney's fees in a re~onablc amoull/, in any such action
or pro~ing, and Jn any suit brought by Beneficiary to for~lose thi~ Mortgage. BeneficJ~y shall be enmled to
ch~se ~e lawyer or law lkm lo provklc any defense requk~ herein. ~antor will pay ~e attmn,y fees in a manner
satisfacto~ ~ the s~d attorney ancot firm chosen.
JUN-16-'2005 16:50 BISMARK MOR]'GAGE ,=~'~,-? ~- ' p
0 0945 (.) 0,!. 9 S
5. To pay all costs, ['ecs and expenses incurred in connection with this Mortgage, inclading any ~t!orney's fees,
costs and/or expen~e~ incurrecl, in any activity undertaken to enforce:, protex;t, ensure p~rformance o~ or ~c~ke claim
M~ any o$}i~ation secured hereby. This ~greement shall speciHcally include any such fee(a) ~n~eor ¢,~Fense(s)
ine~A ie ~y Ban~uptcy pr~ing.
{T IS MUTUALLY AGReeD THAT:
6. In ~o ~vent any portion of the prc,~ay is taken or d~mged in an eminent domain proceeding, the eli!ire amount
of the ~.w~d C)r such ~rtion as may ~ ncce.~sary to folly satisfy the obliga~on secured hereby, shall be p~id
Be.nefici~y to t~ appli~ to said obligation,
7. By accepting payment of~y sum secured hereby after its due date, Benefici~y d~ not waive ils figh'; lo require
prompt payment when duc of ail other sums so secwed or to d~lare default Mc failure to so pay.
8. Should Grantor fail to pay when due ~), taxes, ~$$essmeat~, instance premiums, liens, eneumbi'ances, prior
encumbrances (see p~agraph 20), if any, an&'or other c~arge$, f~ or ex.hi;es related m the property herein
descried, Benefici~y may ~ay the same, end each amount so adYanced, including ~vances or extensions of credi~
r~aes~d by L~antor cc the make. ts) of the note, together with co, ts and exmn~ inctudir~g re. enable a~tmmey
in connection therewith, and together w~ $ i0~.~ or 15~ of each amount advanced (whichever sum is greater)
wlucl~ shall be duc Beneficia~ for service and handling costs, may be added to the deb~ s<mea by this Mortgage,
and shall bear interest at the rate s~ified in the note, and all sums so advanced plus tee co,ts and expenses
fles~b~;~ may ~ d~lzed imm~ialcly due and payable and u~n Oran~oc's fa~l~e to re:imbulse Benefic~lry u~r~
demand ~hall constitute an event of default under the ~s of axis Mortgage
9, The nme which Is s~ur~ by ~is Mortgage may contain ~aaities for early payment of principal. During
dine as the a~ve referral prepayment ~nalties are dee, and should Beneficiar~ accelerate the maturity of this
Morigage or note secm'~ hereby, in 8ccurd with P~agraph ~13 herein, then Benefici~y at i:s sole optma may
include in the total ~:ount due. the addilionat ameunh~ to satisfy in full the tequiremem$ of .~id prepayment
~n~tie~. Should Grantor ~nfler payment ¢>f the e~aire indebteflnc~u due prior ~o the foreclosure s~:e said tc~de~-
be d~.m~ a volunt~ prepayment and as such shall ~ inclusive of s~d prepayment ~naltie~.
10. The note secure~ by this Mo~gag~ r~quires the unpaid principal balance to, be repaid by a date cordia, and that
da~ certain may require a final installment (B~l)~n Payment) substantially more dmn the regular instailmem(s) as
s~'~ifi~ in the note ~curcd heroby. Grantor's t~i{ure to tender said fin~i installment by i~ due da~ shall cor~stitu~.
a defatflt in the terms of th~s Mortgage.
Ag$1ONMBNT OF
l 1, Aa additional ~cm'ity hereunder, Or~tor hereby ~;signs to Benefici~y the rents c;f the pro~y, prov:ded thai
Or~tor shall, prior to acceleration in accord witt~ Paragraph ~13 hereir., or ah~do'ament e~ th~ propert'~, have the
right to collar and retain such rent~ as ~¢y become due and payable. Upon acceleration in accord with P~agraph
gl3 herein, or abanOonment of the pror~rty, Beneficiary. ir, ~r~on, by agent, o~ by judici~ly appointed receiver,
shall be entitled lo enter upon, rake ~s~e$$ioa of. ~d manage ~e pro.try and to collect &c rears of the
including any psat due. All rents colI~ by Benefici~ or receiver shall be applied first to payment of costs of
the management of the pxoperty and colI<tion of rents, including bat not limi~d to, receiver's fees and
reasonable attorney f~s, expen$~ of maintaining rental flow, utilities, ta~es, insurmcc, maimenance of the
property, etc. and ~en to the sums secured by this Mortgage. Beneficiary ancot the rece~ve~ sha[l be ~a A. to
~co~t only for those mn~ actu~ly r<eiv~.
!2. Upon payment of all sums ~<ured ~.reby Beneficiary $hnll reco~d n release and satisfaction of th~s Mo~lgage.
IN CA$B OF DEFAULT:
13. U~n default by ~antor in ~e payment ef any indebt~ne~$ secur~ hereby ot in the pert;ormance of any
a~men( contained herein, or rclkm~ ~ he. in, all s~ms seemed heceb) shall immediately ~ome d~e ~nd payable
at the option of ff~e Benefici~y
14-N/A
1.5. N]A
16 Ir~ the event this Mortgage is foreclosed th~n it is furtt~cr agreed with rcslx~ct to taxes, as~ssmcnts, insurance
pr~mi'ams, liens and ~neumbrance~, that th~ Beneficiary may make such ~ddi~ional advances as it may d~em
appropria~ ~e. any pay'meat that may have or may ~ereaf~r ~c,~me due ua any said encumbrance ~d Benefiei~y
shall haw a stomate and f~thcr right to make such a~0itional pt'cpaymen~ as it sh~l deem ~propriate on payment;
it bc!i~ves m~y b~me duc during any period of rcaemption ann alt s~zb ~dvan~s togc¢er with interest at thc rate
sp~ifi~d in ~e note, on each such advanc~ so made shall ~ s~urcd by thi~ agreem,nt and ~ incisded in any
fore~los~r¢ lodgment, and upon compietioa of any forcclvsur, sale whereby B~nefici~y or i~ assigr~s succ~ssfoib,
p~-ch~es at such sale. B~ncficiaD' or im assigns may ~ntiaue to aflvanee funds on. not o~y ~ose mat~r; provided
by applicabl~ rcdcmpfoa statutes, if ~y, but, may also make advances ~or insur~ce, maintenance, upkeep, and
upon any prior ~ncumbrances and that any sams ~;o advance, plus in~rcst at lhe rate s~ified in the judgment oz~
each such advance shall be added to such sums ~at otherwise wo~ld be doe upon redemption under applicabl¢
redemption statutes, if any, in ~e event of s~ch r~emp;ioa. It is agreed ~d stipulated that L% Beneficiary may
inctu~ all such provisions m,ntion~ ia thi~ paragraph in any judgment granted in foreclosure. It is also agreed
that any of ~e rights granted to Beneficiary r~gardiag ~e making ut' advancemems or prepayments m-c ~ptions only
. for the ~nefit of the Beneficiary or its assigns and shall not be c'onstr~ as obligafag Beneficia~ or its assigns
s~ke. any such advance; or pr~aymeat.
17. N/A
18. This Mortgage applies ~, inures to thc benefit of, and is binding not ociy on a~e panics hereto, bul on their
heirs, devils, legatees, administrators, c~.~utors and assigns. The tctm Bcn~fici~ shall m~an th~ hdder and
owner of the no~ s~tw~ hereby, whether or no! named as Benefici~y he. in.
tg, There may ~ unr~otd~ d~um~ats which arc part of ~is transaction, t~e s~cific terms of which are
it~co~ora~ h~ein by reference and may ~ ascc~i~d by ~ontacting the B¢ne~ci~.
~RfOR ~NGUMBRANG~:
20. Th~ T~rms ~d conditions of thc prior ~ncumbranc~% if any, ar, hereby inco~orat~ into ~is Mortgage
~antor agrees to promptly comply with all ut' the terms and condition,s of said prior encumbrances, and upon failure
to so cotaply such failure shall constitute a d~ault under this Mortgage and Benefici~y may at its sole and
eXClusive option: '
~. Perform such t~s ~d conditions of the prioc ~ncmnbranc~ which ~e in default ~nd by ~o doing MI cos~ and
ex, uses incurrzd by ~c Ben~fici~y, including r~son~le attorney fees ~d advan,~ f~ (see P~a~aph .~g), may
ad~d to ~ debt which is secured by ~is Mortgage and shall bear interest as s~ificd in the note. and all s,ms
adva~ pl~ cos~, fe~ and e~g~nscs incun~ may ~ decided immaturely due and payable m~d ~ors faitur~ to
reimburse Ben~fici~y u~ri demand fllcmof shall constitute an event of default under this Mo~agagc, an~cr
b. Foteclo~ this Mortgage in a~ord wi~ applicable
WAIVER OF
21. Grantor hereby waives all rights of homestead and any oth.r exemption(s) in th¢ real pro~rty d~cr~bed herein
under S~ or ~cral law presently existing or her~/ker
22. N/A
23, N/A
Continued next page
JUN- ! 6-~005 16: ~ B i SMARK
0909456
MORTGAGE
00198
Cont~uued from precea~ng page
By sigrdng below I acknowledge that ! have thoroughly rend, understand and agree to all Of the te:rrns outlir~ed in thi~
Mortgage (Page~ I through 6 in¢lusNe). ! further acknowledge and state fi, at there ~re no oral ot "side" agreements
which modify or add to ~my portion of our written agreeme~b contain~ herein and other related written loan
documents of even date.
STATE OF ._W.YOMi N G~, )
COUNTY OF ~ )) ~'~'
O~ firs day ~t~ally ap~ ~fore me She~y L. M~d~en ~d Ste','en A, M~d~n, to ~ known ~ ~ uh~ i~dividuals d~'cfi~,J i~ ~nd who
exccu~d ~e wlflfia ~d fore~oing insuument, ~ acknowledged [hal ~eX ~'igned ~e ~me ~s ~hcir frcc ~d v:4un~9 ac~ ~nd de~d, i~-~r thc
~e~ ~d p~ thet~t~ men~oned.
My Com~s~ion expires~ ~
Continued next page
..l'l_IN-~Fo-~O~35 ~: ~J~ B]SI'd~RK MORT~tISE
Continu~ from pr~ing page
4~5~50~5
EXHIBIT "A"
(legal description(s) cor, tinued from page 1)
1. Lo! 3 of Stewart County Club Estates Phase One, Uncoln County, Wyoming as described on the offlciat plat
thereof. Ail siluate in the County o1' Lincoln~ State et Wyoming; commonly known as 186 Fairway Avenue thew home
under c,o,'~alr~ction), Bedfc, rd, WY 8311 ?- '
Continu~ n~x[ page
JUN-~6~00~ 16~2
B ! SMARK MORTGAGE
Continued from precedin§ page
EXHIBIT "B'
(special ter~$ continued from page l)
I hav~ r~ad and h~rcby acknowledge oxhlbit~ "^" and "B" 'above,
00200
Sherry LO~'~8**n ,