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HomeMy WebLinkAbout91157708/24/2005 02:00 30?8850002 BOSV PAGE 02/05 RECEIVED 9/6/2005 at 4:20 PM RECEIVING # 911577 BOOK: 596 PAGE: 663 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY Sprite Above Thb Line For Recording MORTGAGE (With Future Advance Clause) DATE AND PARTIF_.~, The date of this Mortgage (Security Instrument) is .0.q..1.fl...2.q0,.~ .................................... and the parties, their sdckesses and tax identification numbers, if required, are as follows: MORTGAGOR: JEFF W. CDMPTON A~B SHELLEY COMPTON 568 E. 2000 U. NORTH LOGAN, UT 84341 [] If checked, refer to the attached Addendum incorporated heroin, for additional Moagagors, acknowledgments. LENDER: THE SANK OF STAR VALLEY ORGANIZEO AND EXISTING UNDER THE LAWS OF THE STATE OF WYOMINr; 384 WASHINGTON STREET PO BOX 8007 AFT[IN, WY 831 I0 their signatures and CONVEYANC]~. For good and valuable consideration, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debt (del'meal below) and Mortgagor's performance under this Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with power: of sale, the following described property: SEE SCHE0Utf "A' AttACH[0 Hf~f'C0 ANO MAI]E A PAINT ltEREOI; 4+ The property is located in ............................... .tJ~,~.0. l.N ............................... at .t.0.T..a. 0..~.0..qli~t~!~!~..S.~.~.t!.l.VJ.Sl0~{ ............... (County) .................................................................. . ..................... .6.U.0. ~ ........................ Wyoming ........ !~.1.1~ ........ (Addxeas) (City) ("ZIP Code) Together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, aU water and riparian rights, ditches, and water stock and all existing and famre improvements, structures, fix~res, and replacements that may now, or at any time in the famre, be part of the real estate described above (all referred to as "Property"). MA.XIMI. Fbf OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at any one time shall not exceed $ 7.t?~,.~q ........................................... This limitation of amount does not include interest and other fees and charges validly made pursuant to this Security Instrument. Also, this limitation does not apply to advances made under the terms of this Security Instrument to protect'Lender's security and to perform any of the covenants contained in this Security Instrument. SECURED DEBT AND FUTLYRE ADVANCES. The term "Secured Debt" is defined as follows: A. Debt incurred under the terms of all promissory rlote(s), contract(s), guaranty(s) or other evidence of debt described below and all their extensions, renewals, modificatio~ or substitutions. (When referencing the debts below it is suggested that you include items such as borrowers' names, note amounts, interest rates, maturity dates, etc.) ONE PROMISSORY NOTE DATEO 05-19,0-~ 1N THE AMOUNT OF 071,706.00 WYOMING - MORTGAGE {NOT FOR gNMA, FHLMCo FHA OR VA USEI I~lgg'4 onnkars Systeme. [n~.,. Gl. Claud, MN (1.1~00-397-2345L Form RE-MTG-WY I l/IBIO& ~age I of4l 88/24/2885 82:88 3878858882 BOSV PAGE 03/85 ,,00664 advances from Lender to Mprtgagor pr other future, obligations of Mortgagor to Lender under any promissory B. All. future , .. ,~ ....... ~'!~ ..... ,~,~ b~'~l. MO.'~,a~,or i.n favor of Lender executed after this Security note, contract, guaranty,.or omer e~;tl~e o~e~.~x~ :~.~;-.~, o o · . · . IilsLn, llnen i:3 ...... i~l;.. ¥:h_ ~t~,~;~"wlJi ~nre ~11 fu advances and future obligations c Mort a or a ree":~tbat thii~ec~y{: ,.,.~,~ff.. .............lure . Instrument,. ea h . g g . .g ~i... ~,:,. _, .,aa~ ~"~',~, .:~, ,~v~ ...... ~ne or more Mort~a~or and others. All future that are g~ven to or recurred oy advances and other future obligatiO~l~ii~e s~l~tt by~.Lhis Seo./~ity Instrument even though all or part may not yet be advanced. Ail f~ture advances and other .future obligations are secured as if made on the date of this Security Instrument. Nothing in this Security Instrument shall constitute a commitment to make additional or future loans or advances in any amount. Any such commitment must be agreed to in a separate writing. C. All obligations Mortgagor owes to Lender, wl~ich may later arise, to the extent not prohibited by law, including, but not limited to', liabilities for overdrafts relating to any deposit account agreement between Mortgagor and Lender. D. All additional sums advanced and expenses incurred by Lender for insuring, preserving or otherwise protecting the Property and its value and any other sums advanced and expenses incurred by Lender under the terms of this Security Instrument. This Security Instrument will not secure any other debt if Lender fails to give any reqnired notice of the right of rescission.. 5. pAYMENTS, Mortgagor agrees that all payments under the Secured Debt will 'be paid when due and in accordance with the terms of the Secured Debt and this Security Instrument. PRIOR 53gCURITY INTERESTS. With regard to any other mortgage, deed of trust, security ngreement or other lien document that created a prior security interest or encumbrance on the Property, Mortgagor agrees: A. To make all payments when due and to perform or comply with all covenants. B. To promptly deli.vet to Lender any notices that Mortgagor receives from the holder. C. Not to allow any modification or extension of, nor to request any future advances under any note or agreement secured by the li~n document without Lender's prior written consent. ?. CLAIMS AGAINST TITLE. Mortgago~ will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating tu the Property when due. Lender may require Mortgagor to provide to Lender copies of all notices that such amounts are due and the receipts evidencing Mortgager's payment. Mortgagor will defend title to the Property against any claims that would impair the lien of this Security Instrument. Mor~gagor agrees to assign to Lender, as requested by Lender, any rights, claims or defenses Mortgagor may have against parties who supply lsbor or materials to maintain or improve the Property. 8. DUE ON SALE OR ENCUMBRANCE. Lender may, at its option, declare the entire balance of the Secured Debt to be immediately due and payable upon the creation o'f, or contract for the creation of, ay lien, en. zumbrance, transfer or sale of the Property. This right is s~bjeCt to the restrictions imposed by federal law (12 C.F.R. 591), ss applicable. This covenant shall run with the Property and shall remain in effect until thc Secured Debt is paid in full and this Security Instrument is released. !). PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mortgagor will keep the Property in good condition and matte all repairs that are reasonably necessary. Mortgagor shall not commit or allow any waste, impairment, or deterioration of the Property. Mortgagor will keep the Property free of noxious weeds and grasses. Mortgagor agrees that the nature of the occupancy and usc will not substantially change without Lender's prior written consent. Mortgagor will not permit any change in any license, re~strJctive covenant or easement without Lender's prior written consent. Mortgagor will notify Lender of all demands, proceedings, claims and actions age,st Mortgagor, and of any loss or damage to the Property. Lender or Lender's agents may, at Lender's option, enter the .Property at ~y reasonable time for the purpose of inspecting the Property. Lender shall give Mortgagor notice at the time of or before an inspection specifying a reasonable purpose for the inspection. Any inspection of the Property shall be entirely for Lender's benefit and Mortgagor will in no way rely on Lender's in.~pection. 10. AUTHORITY TO PERFORM. If Mortgagor fails to perform any duty or any of the covenants contained in this Security Instrument, Lender may, without notice, perform or cause them to be performed. Mortgagor appoints Lender as attorney in fact to sign Mortgager's name or pay any amount necessary for performance. Lender's right to perform for Mortgagor shall not create an obligation to perform, and Lender's failure to perform will ~ot preclude Lender from exercising any of Lender's other rights under the law or this Security Instrument. If any construction on ~e Property is discontinued or not carried on in a reasonable manner, Lender may take all steps necessary to protect Lender's security interest in the Property, including completion of the construction. 11. ASSIGNMENT OF LEASES AND RENTS, Mortgagor irrevocably grants, bargains, conveys, mortgages and warrants to Lex~cler as additional security all the right, title and interest in and to any and all existing or future leases, subleases, and any other written or verbal agreements for the use and occupancy of any portion of the Property, including any extensions, renewals, modifications or substitutions of such agreean~ts (all referred to as "Leases") and. rents, issues and profits (all referred to as "Rents"). Mortgagor will promptly provide Lender with true and correct copies of all existing and future Leases. Mortgagor may collect, receive, enjoy and use the Rents so long as Mortgagor is not in default under the terms of this Security Instrument. · Mortgagor agrees that this a,~signment is immediately effective ~tween the parties to this Security Instrumem. Mortgagor agrees that this assignment is effective as'to third parties when Lender takes affirmative action prescribed by law, and that this assignment will remain in effect during any redemption period until the Secured Debt is satisfied. Mortgagor agrees ~at Lender may take actual possession of the property without the necessity of commencing legal action and that actual possession is deemed to occur when Lender, or its agent, notifies Mortgagor of default and demands that any tenant pay all future Rents directly to Lender. On receiving notice of default, Mortgagor will endorse Mortgager's possession and will receive a~y Rents in trust for Lender and will not commingle the Rents with any other funds. Any amounts collected will be applied as provided in this Security Instrument. Mortgagor warrants that no default exists under the Leases or any applicable landlord/tenant law. Mortgagor also agrees to maintain and require any tenant to comply with the terms of the Leases and applicable law. {pm~e 2 ~)1994 Bnnket~ ~¥Bt~ms. Inc.. ~;t, Cloud, MN 04/05 12. LEASEHOLDSI CONDOMINIUM~; PLANNED UNIT DEVI~LOPMENT$, Mortgagor agrees to comply with the provisions of any lease if this Security l~strument is on a leasehold. If the Property includes a unit in a condominium or a plamncd unit development, Mortgagor will perfot'm ail of Mortgager's duties under th.¢ covenants, by-laws, or regulations of the condominium or planned unit development. 13, DEFAULT. Mortgagor will be in default if azly party obligated on the Secured Debt fails to make payment when due. Mortgagor will be in default ii' a breach occttrs under the terms of this Security Instrument or any other document executed for thc purpose of crcathl~, seen_ring or guaramtying the Sccured Debt. A good faith belief by Lender that Lender at any time is iz~cure with respect to any person or entity obligated on the Secured Debt or that thc prospect of ~ny payment or the value of thc Property is impaired shall also constitute an event of default. 14. REMEDIES ON DI~FAULT. In some instances, federal and state law will require Lender to provide Mortgagor with notice of the right to cure or other notices and may establish time schedules for for~losur*, actions. Subject to these limitations, if any, Lender may accelerate the Secured Debt and foreclose this Security Instrument in a manner provided by law if Mortgagor is in default. At the option of Lender, all or any part of the agreed fees ~ charges, accrued interest amd principal shall b~eome imlncdiately due and payable, after giving notice if required by law, upon the occurrc'nce of a default or anytime thereafter. In addition, Lender shall be entitled to all tbe remedies provided by law, thc terms of the Secured Debt, this Security ~strument and any related documer~ts including, without limitation, thc power to sell thc Property. All remedies arc distinct, cumulative and not exclusive, and thc Lender is entitled to ~11 remedies provided at law or equity, whether or not expressly set forth. Thc acccplance by Lender of any sum in payment or partial payment on the Secured Debt after the balance is due or is accelerated or after foreclosure proceedings are fried shall not constitute a waiver of Lender's right to require complete cure of any existing dcfanlt. By not exercising any remedy on Mortgager's default, Lender does not waive Lclxicr's fight to later consider thc event a default if it continues or happens again. 15. EXPENSi~SI ADVANCES ON COVENAN'I~: ATTORNEYSt I~ES; COLLECTION COSTS, Except when prohibited by law, Mortgagor agrees to pay all of Lender's expenses if Mortgagor breaches any covenant in this Security Instrument. Mortgagor will also pay on dc/naiad any amount incurred by L~der for insuring, inspecting, preserving or otherwise protectkng the P~opcrty and Lcncler's security interest. These' expenses will bear interest from the dzt~ of the payment until paid il~ full at thc highest interest rate in effect as provided in thc terms of the Secured D~bt. Mortgagor agrees to pay all costs and expenses incurred by I.~nder in collecting, cnforolng or prot~ting Lender's rights and remedies under this Security Instrument. This amount may include, but is not limited to, reasonable attorneys' fees, court costs, a~d other legal exposes. This amount docs not include attorneys' fees for a salaried ~ploye~ of the LelMer. This Security Instruracnt shall remain i.n effect until released. Mortgagor agrees to pay for my recordation costs of such rele~e. i6, ENVIRONME~AL LAWS AND HAZAP,.DOUS SUBSTANCES, As used hi this scctlon, (1) Envirozunental Law mcan~, without limitation, the Compreherisiv~ ]~nvironmc~tal Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 ct seq.), amd all other federal, state and local laws, regulations, ordinances, court orders, attorney general opinions or h~terpretivc letters concealing the public health, safety, welfare, envil'onment or a hazardous substance; and (2) Hazardous Substance means ally toxic, radioactive or b_sz~rdous material, waste, pollutant or conllLminant which h~s characteristics which render the substance dangerOUS or potentially dangerous to the public health, safety, welfare or environment. The term includcs, without limitation, any substances dc'fined as "hazardous material," "toxic substances," "hazardous waste" or "hazardous Substance" under any Environmental Law. Mortgagor represents, warrants s~d agrees that: A. t~xcept as previously disclosed and acknowledged ~ writing to Lender, no Hazardous Substallcc is or will be located, stored or released on or in the Property. This restriction docs not apply to small quantities of I-Iaz~dous Substances that are generally recognized to be appropriate for the normal use and maintenance of the Property. B. l~xccpt as previously disclosed and acknowledged in writing to Lender, Mortgagor and every t~s_nt have been, arc, and slmll remain in full compliance with any applicable Environmental Law. C. Mortgagor shall immediately notit~ Lender if a release or threatened release of a Hazardous Subsumce occurs on, under or about th~ l:~ropel'ty or there is a violation of any l~nvironm~ntal Law con¢cl'ning the Property. In such an event, Mortgagor shall take all necessary remedial action in accordance with. any Enviromnental Law. D, Mortgagor shall immediately notify Lender in ~.iting ~s soon as Mongagol: has reason to believe there is any p~nding o~ threat~ed i~vestigation, claim, or proceeding relating to th~ release or threat~ed release of a~ Hazardous Subst~ce or the violation of ,ny Environmental Law. 17. CONDEMNATION. Mortgagor will give Lend~ prompt notice of any pending or threatened action, by private or public entities to purchase or take any or all of the Property through condemr~ation, eminent domain, or any other mean~. Mortgagor authorizes Lender to intervene in Mortgager's name i.n any of thc above describccl actions or claims. Mortgagor a. ssigns to Leridcr the proceeds of my award or claim for dalllages coltnected wi.th a condC~Ylnation or other tal~lg Of all or ay part of the P~operty. Such proceeds shall b~ considered payments and will be applied ~s provided in this Security Instrument. This assignment of proceeds is subject to the terms of any prior mortgage, deed o~ trust, security agre~rncrit 0~: other lien docuntent. 18, IN~t.TRANCE. Mortgagor shall keep Property insured against loss by fire, tlood, theft and other hazards and risks reasonably assOCiated with thc Propert~ due to ici type and location. This iusuramc~ shall be maintained in the amounts and for thc periods that Lender requires. Thc irmurince carrier providing thc insura~c shall be chosen by Mortgagor subject to Lender's approval, which shall not be unreasonably witlth¢ld. If Mortgagor fails to maintain the coverage de.~cribed above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Property according to the te~ls of this Security Instrunlcnt. All insurance policies and renewals shall be acceptable to Lender and shall include a standard "morttag¢ clause" and, where applicable, "loss payee clau,~." Mortgagor sl~ll immediately notify Lender of car~ellation or termlnation of the in.~rance. Lcnder shall have thc right to hold the policies and renewals. If Lender requires, Mortgagor shall immediately give to Lender all receipts of paid premiums ~md renewal notices. Upon loss, Mortgagor shall give iznmcdiate noQce to the insurance carrier and Lender. Lc~lcr may make proof of loss if not made immediately by Mortgagor. Unless otherwise lgreed in writing, all insurance proceeds shall be applied to the restoration or repair of the P~opert7 or to the Secured Debt, whcther or not then due, at Ler~ler's option. Any application of proceeds to principal shall not extend or fpage $ ~f 4,1 ~199¢ Banker. Sy;tami, Irl¢,, St. C~oud, MN (1-~00-397-23~I) F.tm RE-MTC~-WY 11/18/~4 08/24/2005 02:00 3070850002 BOSV PAGE 05/05 .:70066G ' a ment nor chang~ thc amount of s.ny payment. Any cxccse w~ ~ pa~d to os o~ thc due ~ate of ~ sche~ul~,~.~.. ~...~ ~, ~ ~v mur~ce ~olicies and precis resul~g from r~ui~d to pay to ~nder ~nds for mxe~ ~ msu~ m e~row. ~. ~ANC~L ~RTS ~ ADDITIONAL DOCk'S, Mo~gagor will pro.de to ~der u~u request, fmmcial s~m~t or ~om~oa L~der ~Y deem t~onably n~eSs~. Mo~gagor a~e~ m si~, d~liver, ~ 'file any addifioaal docm~ or c~fications that ~d~ may comid~ n<cas~ to p~eet, continue, and pr~e~ Moagagor's ob~gadons ~der ~is Sec~iW Im~ent and L~der's lien s~s on ~e Propers. ~1. JO~ A~ ~U~ L~B~[ CO-SlO~RS; SUC~SOR5 A~ A$SIGNS BO~. All duties ~der this Se~W lm~cm z~ joint ~d ind~idu~. If Mo~gagor signs ~s S~dty ~s~t but does not si~ m eviden~ of debt, Mo~gagor d~ ~ oMy to mortgage Mo~gagot's ~terest M ~e Prope~y to s<ure payment of ~e Secur~ Debt ~d Mo~g~gor does not agree to b~ p~so~a~y liable on ~e Se~d Debt, If ~ ~cufiW Ins~cnt ~ecures a ~ty be~een Le~r ~ Mo~g~go~. ~ ~ ~bted under ~e oblig~Uom ~hese r,~, m~.~tu~% ~ut ~ ~ot l~te~ ~,_~ sgazmt Moagagor or ~y . ~ ............. ... T .--~ .... ~ ~a~ tO ~S 8ecurit l~i~mt may eXtCnu, or m~ any ch~ge ~ ~e t~ of ~b Sec~ity ~t or ~y ~id~cz of debt wi~out Mortgager's co~9cnt. Such a ch~e will noi rel~sc Moniagor ~om ~e tc~ of ~ S~uri~ ~e~t. The duties ~ benefits of ~s Security ~mcnt shall b~d ~ ~ncfit ~e ~ec~ssors ann assi~s of M~gagor ma .~.er. 22, A~ICABLE LAW; SE~BIL~y; I~RP~TA~ON. This Security lm~t h govcr~ by ~c laws ~ri~ction ~ which ~der is locat~, e~ept ~ Ee extent o~crw~c req~red by the laws of ~c juri~icfion where Propc~ is locate. T~s S~fity In~cnt is complete ~d ~lty in~at~, This S~cQri~ Ins~m~t may not be ~cnded or sev~ ~ wU1 not affea ~c enf~ability of the ~nder of ~is S~W ~s~t. ~evcr used, ~e s~g~a shall ~cludc ~ plur~ ~ th~ plunl ~ s~lar. The captio~ ~d h~d~s of ~c s~tiom of ~ Security ~s~ent are for co~v~encc oily ~ ge not to be us~ to ~terp~t or dc~ th~ t~s of ~s Security ~ent. T~e is of · is Security ~m~t. l~. NOTICE. Ufless o~rwim r~uir~ by law, ~y notice shall be given by delivering it or by ma~tng it by first class mail. ~e s~ropriate p~'s addr~s on page I of th~ S~urity ~s~ment, or to ~y o~cr sddress designated in writing. NoQc¢ to one mortgagor will be d~med m be notice m all mo~gagors, ~. WA~. Ex.pt ~ ~c exit pmhibit~ by law, Mo~gagor waives ~y right regard~g thc mars~lUng of liens and assets and ri homes~ad ex.priori rights rela~ to ~c Prope~y, 25. O~ER TE~S. It check~, ~ fo~owi~g s~ applicable m ~is S~urity ~stmmmt: U Line ut erst. ~e Scc~ D~bt ~clndcs a r~olving line of c~t pmv~ion. Al~ough ~e Secured Debt may bc rcduc~ to a z~ balance, ~s S~udty ~t~ent w~ r~ ~ effect ~fil U Comtm~on ~sn, T~s S~urity ~ent scums ~ obligation ~ed for ~ ~ns~ction of ~ ~prowmcnt on U Fibre Filing. Mo~gagor g~ to L~g a s~udty ~tcrcst in fll goods ~t Mo~gagor o~s ~w or ~ ~e ~mre ~d ~at ge or w~ become fixmrm rc~t~ to ~ Prope~. ~.is S~d~ ~stmment su~c~ as a f~anc~g statement and any carbon, phom~phic or o~cr r~producfion may ~ filed of rcco~ for ~os~ of Mticle 9 of ~e U~fom Co~emia Code. ~ ~der~. ~ coronets ~nd ~ff~is of each of ~e dde~ ~heck~ below ~e inco~ora~d into ~d s~l~ent ~d ~cnd ~ ~s of ~s Secudw ~tmment. [Check ~ ~pplicable b0X~] ~ eo~~ ~der ~ ~a~ed U~t Develo~cnt ~der ~ O~cr ........................................................ ~ Addiflo~l Terns. SIGNAT~: By signing below, Mortgagor agrees to the terms ~d covenants contained tn this Security Instrument and in any attac, b~ems, Mortgagor also acknowledges receipt of a copy of this Security Instrument on the date stated on page l, (Slgnam~c) SHELLEY' COI/,I:'TON ACKNOWLEDGMENT: STATE OF ~7,...U.~.~.H. ........................ COUNTY OF ~tJ~.,. .... .¢~,flltt!~ .......................... } ss. tb~,t,,,,~ This tnSLrUment was acknowledged before me this .t~.Tlt ....... day of AUiUS,T; by J~.~.w. pt~ .m'. p.N.;.~.H!t.~.~.Y.C.P~,~ ....................................................................................................... ...... ................................ l soumloow r ! LOC trr84 21 I , ~liS94 [~k! ...... ~.. .. m-..a ~,~ ii.sam ........ Y 1 ! ._00667 SCHEDULE A Lot 30 of Rockbridge Meadows First Addition to the Town of Afton, Lincoln County, Wyoming as described on the official plat No. 360-D filed July 14, 2005 as Instrument No. 909983 of the records of the Lincoln County Clerk.