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HomeMy WebLinkAbout913772 50989 (01), .'( " 'j ,r', {~(~ ! " n \" \ . ,,1,._ ~,; ð (ß) WHEN RECORDED, MAIL TO: Bank of Jackson Hole P.O. Box 7000 Jackson, WYOMING 83001 RECEIVED 11/17/2005 at 10:56 AM RECEIVING # 913772 BOOK: 605 PAGE: 108 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY This Instrument wns prepared by: Bank of Jackson Hole P.O. Box 7000 Jackson, WYOMING 83001 307-732-3054 Loan Number: 0031826027 Order Number: 50989 (Space Above This Line For Recorder's Use) MOI~TGAGE nITS MORTGAGE is made this lIth day of November, 2005, between the Mortgagor, Alan W. Maid and Ann W. Maid, husband and wife (herein "Borrower"), and the MOIigngee Bank of Jackson Hole, a corporation organized and existing under the laws of \Vyoming, whose address is P.O. Box 7000, Jackson, WYOMING 83001 (herein "Lender"). WHEREAS, BOl1'ower is indebted to Lender in the principal sum of U.S. $284,900.00, whieh indebtedness is evidenced by Borrower's note dated Novemher 11, 2005 allll extensions and renewals thereof (herein "Note"), providing for monthly installments of principal and interest, with the balance of indebtedness, if not sooner paid, due and payable on December 1,2035. TO SECURE to Lender the repayment of the indebtedness evidenced by the Note, with interest thereon; the payment of all other smns, with inlerest thereon, advanced in accordance herewith to protect the security of this Mortgage; and the perfollllance of the covenants and agreements of Borrower herein contained, BO/TOwer does hereby mortgage, grant and convey to Lender, with lhe power of sale, the following described propeliy located in the County of Lincoln, State of Wyoming: See Exhibit "A" Parcel Idcnlifìcation Number: 36190910000300 which has the address of: 588 McNeel Road Alpine, WYOMING 83128 (herein "Property Address"); J~ It¡' 1 TOGETHER with all the improvements now or hereafter erected on the property, and all easements, rights, appurtenances, and rents, all of which shall be deemed to be and remain a part of the property covered by this Mortgage; and all of the foregoing, together with said property (or the leasehold estate if this Mortgage is on a leasehold) are hereinailer referred to as the "Properly;" Borrower covenants that Borrower is lawfnlly seised of the estate hereby conveyed and has the right (0 mortgage, grant and convey the Property, and that the Properly is unencumbered, cxcept for encumbrances of record. BOI1'ower covcnallts that Borrower warmnts and will defend generally the title to the Property against all claims and demands, subject to encumbrances of record. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: I. Payment of Principal and Interest. Borrower shall promptly pay when due the principal and interest indebtedness evidenced by the Note and late charges as provided in the Note. 2. Funds for Taxes and Insurance. Subject to applicable law or a written waiver by Lender, Borrower shall pay to Lender on the day monthly payments of principal and interest are payable under the Note, until the Note is paid in full, a sum (herein "Funds") equal to one-twelfth of the yearly taxes and assessments (including condominium and planned unit development assessments, if any) which may atlain priority over this Ivrortgage, and ground rents on the Property, if any, plus one-twelfth of yearly premium installments for hazard insurance, plus one-twelfth of yeady premium installments for mortgage insurance, if any, all as reasonably eSlimated initially and tì-om time to time by Lender on the basis of assessments and bills and reasonable estimates thereof. Borrower shall not be obligated 10 make such payments of Funds to Lender to the extent that Borrower makes such payments to the holder of a prior mortgage or deed of trust if such holder is an institutional lender. If Borrower pays Funds to Lender, the Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a federal or state agency (including Lender if Lender is such an instilution). Lender shall apply the Funds to pay said taxes, assessments, insurance premiums and ground rents. Lender may not charge for so holding and applying the Funds, analyzing said account or veril)'ing and compiling said assessments and bills, unless Lender pays BOlTower interest on the Funds and applicable law pelll1its Lender to make such a charge. Bon-ower and Lender may agree in writing at the time of execution of this Mortgagc (hat interesl on (he Funds shall be paid to Borrower, and unless such an agreement is made or applicable law requires such interesl to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and (he purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the Sllll1S secured by (his Mortgage. WYOMING - SECOND MORTGAGE - 1/80 - FNMAlFHLMC UNIFORM INSTRUMENT IDS, Illc. - (800) 554-1872 Page 1 of 4 ItA.AF~~A S""w,,{,) '";U",~_ ~rl ,...., ""')'- ; {",t ~..; (' (1f: ! ,r () "".} " . ~l \.J 'J If the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said laxes, assessments, insurance premiums and ground rents as they fall due, such excess shall be, at BO/Tower's option, either promptly repaid to Borrower or credited 10 Borrower on monthly installments of Funds. If the amount of the Funds held by Lendcr shall not be sufTicient to pay taxes, assessments, insurance premiums and ground rents as they fall due, Borrower shall pay to Lender any amount necessary to make up the ddiciency in one or more payments as Lender may require. Upon payment in full of all sums secured by this Mortgage, Lender shall prolnptly refund to Bon'ower any Funds held by Lender. If, under paragraph 17 hereof the Property is sold or the Property is otherwise acquired by Lender, I.Gllder shall apply, no later than immediately prior 10 the sale of the Property or its acquisition by Lender, any Funds hdd by Lender at the time of application as a credit against the sums secured by this Mortgage. 3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs I and 2 hereof shall be applied by Lender first in payment of amounts payable 10 Lender by Borrower under paragraph 2 hereof, then to interest payable on the Note, and then to the principal of the Note. 4. Prior Mortgages and Deeds of Trust; Charges; Liens. Borrower shall perf 01111 all of Borrower's obligations under any mortgage, deed of trust or other security agreement with a lien which has priority over this Mortgage, including Borrower's covenants to make payments when due. BOITower shall payor cause to be paid all taxes, assessments, and other charges, fines and impositions attribulable to the Prope11y which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any. 5. Hazard Insurance. BOlTower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage," and such other hazards as Lender may require and in such amounts and for such periods as Lender may require. The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provided, that such approval shall not be unreasonably withheld. All insurance policies and renewals thereof shall be in a form acceptable to Lender and shall incJude a standard mortgage clause in favor of and ill a form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereoC subject to the terms of any mortgage, deed of trust or other security agreement with a lien which has priority over lhis Mortgage. tn the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. If the Property is abandoned by Borrower, or if BOITower faiIs to respond to Lender within 30 days from the date notice is mailed by Lender to Bon-ower that lhe insurance can'ier offers to settle a claim for insurance benefits, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property or to the StllnS secured by this Mortgage. 6. Preservation and Maintenance of Property; Leaseholds; Condominiums; Planned Unit Developments. Bon"ower shall keep the Property in good repair and shall not commit waste or permit impainl1ent or deterioration of the Property and shall comply with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a condominium or a planned unit development, Borrower shall perform all of Borrower's obligations under the declaration or covenants creating or governiug the condominium or planned unit development, the by-laws and regulations of the condominium or planned unit development, and constituent documents. 7. Protection of Lender's Security. If Bon'ower fails to perfo1ll1 the covenants and agreements contained in this Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Propeny, then Lender, at Lender's option, upon notice to Borrower, may make such appearances, disburse such sums, including reasonable attorneys' fees, and take such action as is necessary to protect Lender's interest. If Lender required mortgage insurance as a condition of making the loan secured by this Mortgage, Bon'ower shall pay the premiums required to maintain such insurance in effect until such time as lhe requirement for such insurance terminates in accordance with BOll'ower's and Lender's written agreement or applicable law. Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, at the Note rate, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other ten115 of payment, such amounts shall be payable upon notice from Lender to BOlTower requesting payment thereof. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. 8" Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided that Lender shaJ] give Borrower notice prior to any such inspection specifying reasonable cause therefor related 10 Lender's interest in the Property. 9. Condemnation. The proceeds of any award or claim for damages, direct or consequentiaJ, in connection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender, subject to the tell11S of any mortgage, deed of tl1lst or other security agreement with a lien which has priority over this Mortgage. 10. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Bon'ower and Bon'ower's successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modifY amortization of lhe sums secured by this Mortgage by reason of any demand made by the original BOlTower and BOll"OWer's successors in interest. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any slich right or remedy. 11. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower, subject 10 the provisions of paragraph 16 hereof. All covenants and agreements of Borrower shall be joint and several. Any Borrower who co-signs this Mortgage, but does not execute the Note, (a) is co-signing this Mortgage only to grant and convey that BOll'ower's inlcrest in the Properly to Lender WYOMING - SECOND MORTGAGE - 1/80 - FNMA/FHLMC UNtFORM INSTRUMENT IDS, Inc. - (800) 554-1872 Page 2 of 4 fì/: Form 3851 Booow,,(>} ''';u,'f<!~_ ~( . . ',¡ J ~ I' 'j ~ -__~ J fl...;, (' n (' !" (\ '.. ",' \.... ..!.._..4.. U - --,' .~.. .. under the terms of this Mortgage, (b) is not personally liable on the Not.:: or under this Mortgage, and (c) agrees that Lender and any other BOITower hereunder may agree to extend, 1110dit)t, forbear, or make any other accommodations with regard to the terms of this !vfortgage or the Nole, without that Borrower's consent and without releasing that Borrower or modifying this Mortgage as to that Borrower's interest in the Property. 12. Notice. Except for any notice requirecJunder applicable law (0 be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by delivering it or by mailing such notice by cerlitied mail addressed to Borrower at the Properly Address or at such other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail to Lender's address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 13. Governing Law; Severahility. The state and local laws applicable to this !vfortgage shall be the laws of the jurisdiclion in which the Property is ]oeated. The foregoing sentence shall not limit the applieabilily of federal law to this !\fortgage. In lhe event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such connict shall not affect other provisions of this Mortgage or the Note which can be given effect without the contlieting provision, and to this end the provisions of this !vfOrlgage and the Note are declared to be severable. As used herein, "costs," "expenses" and "attorneys' fees" include all sums to the extent not prohibited by applicable law or limited herein. 14. Borrower's Copy. Bon-ower shall be furnished a confonned copy of the Notc and this Mortgage at the time of execution or after recordation hereof. 15. nehabilitation Loan Agreement. Bon-ower shall fulfill all of Bon-ower's obligations under any home rehClbilitation, improvement, repair, or other loan agreement which Borrower enters into with Lender. Lender, at Lender's option, may require BO!Tower to execute and deliver to Lender, in a form acceptable to Lender, an assignment of any rights, claims or defenses which Borrower may have against parties who supply labor, materials or services in connection with improvements made to the Property. 16. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any interest in il is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a nalural person) withoul Lender's prior written consent, Lender may, al its option, require immediate payment in full of all sums secured by this Mortgage. Howcver, this option shall not be exercised by Lender if exercise is prohibited by federal law as of the date of this Mortgage. If Lendcr exercises this option, Lender shall give Borrower notice of Clcceleration. The notice shall provide a perioJ of not less than 30 days Jì'om the date the notice is delivered or mailed within which Borrower must pay all Slllns secured by this rvlorlgage. [1' Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Mortgage without furlher notice or demand on Borrower. NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 17. Acceleration; Remedies. Except as provided in paragraph 16 hereof, upon Borrower's hreach of any covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due any sums secured hy this Mortgage, Lender-, pr-ior to acceleration shall give notice to Borrower as provided in paragraph 12 hereof specifyiug: (1) the hreach; (2) the action required to cure such breach; (3) a date, not less than 10 days from the date the notice is mailed to Borrower, hy which such hreach must be cured; and (4) that failure to cure such hreach on or before the date specified in the notice may result in acceleration of the sllIns secured by this !\lortgage. The notice shall further inform Borrower of the right to reinstate after acceleration and the dght to bring a court action to assert the non-existence of a default or any other defense of Borrower to acceleration and sale. If the breach is not cured on or hefore the dnte specilied in the notice, Lender, at Lender's option, may declare all of the sums secured hy this Mortgage to be immediatcly due and payable without fur-ther demandaud may invoke the power of sale and any other remedies permitted by applicahle law. Lender shall he entitled to collect all reasonahle costs and expenses ineurred in pursuing the remedies provided in tlris paragraph 17, including, but not limited to, reasonahle attorneys' fees. H Lender invokes the power of sale, Lender shall give notice of intent of foreclose to Borrower and to the person in possession of the Property, if different, in accordance with applicable law. Lender shall mail a copy of a notice of the sale to Borrower in the manner provided in paragraph 12 hereof. Lender shall publish the notice of sale and the Property shall he sold in the manner provided in paragraph 12 hereof. Lender shall publish the notice of sale and the Property at any sale, The proCl'l'ds of the sale shall be applied in the following order: (a) to all reasonable costs and expenses of the sale, including, hut not limited to, reasouahle attorneys' fees and costs of title evidence; (b) to all sums secured hy this Mortgage; and (c) tire excess, if any, to the person or persons legally entitled thereto. 18. Borrower's night to neinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgagc due to 8orrower's breach, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior to the earlier to occur or (i) the fifth day befixe the sale of the Property pursuant to the power of sale contained in this fYIortgage or (ii) entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all Stllns which would be then due under this Mortgage and the Note had no acceleration occurred; (b) Borrower cures all breaches of any other covenants or agreements of Borrowcr contained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing lhe covcnants and agreements or Borrower contained in this Mortgage, and in enforcing Lender's remedies as provided in paragraph 17 hereof, including, but not limited to, reasonable attorneys' fees; and Cd) Bon-ower takes such action as Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest in the Property and Borrower's obligation to pay the Sllms secured by this Mortgage shall continue unimpaired. Upon sllch payment and cure by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. WYOMING - SECOND MORTGAGE - 1/80 - FNMAfFHLMC UNIFORM INSTRUMENT IDS, Inc. - (600) 554-1672 Page 3 of 4 l1 Forrr:¿.l51 Borrower(s) Initials~j~_ CIs-.l1! ,( '"'()~',j. q J..., r, (~:,!~ 1, ",., l ." \ . .:~_ ._t. ..û. 19. Assignment of Rents; Appointment of Receiver; Lender in Possession. As additional security hercllIHler, Borrower hereby assigns to Lender the rents of the Propeliy, provided that BOITower shall, prior to acceleration under paragraph 17 hereof or abandonment of the Property, have the right to collect and retain such rents as they become due and payable. Upon acceleration under paragraph 17 hereof or abandonl1lent of the Property, and at any time prior to the expiration of any period of redemption following judicial sale, Lender, in person, by agent or by judicially appointed receiver shall be entitled to enter upon, take possession of and manage the Propeliy and to collect the rents of the Property including those past due. All rents collected by Lender or the receiver shall be applied first to payment of the costs of management of the Property and collection of rents, including, but not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorneys' fees, and then to the Slll11S secllred by this Mortgage. Lender and the receiver shall be liable to account only for those rents actually received. 20. Release. Upon payment of all sums secured by this !\101igage, Lender shall release this Mortgage without charge to Borrower. Borrower shall pay all costs of recordation, if any. 21. Waiver of Homestead. BOITower hereby waives all right of homestead exemption in the Property. REQUEST FOR NOTICE OF DEFAULT AND FORECLOSURE UNDER SUPERIOR MORTGAGES OR DEEDS OF TRUST Borrower and Lender request the holder of any mortgage, deed of trust or other encumbrance with a lien which has priority over this Mortgage to give Notice to Lender, at Lender's address set forth on page one of this Mortgage, of any default under the superior encumbrance and of an sale or other foreclosure action, 1as executed this Mortgage. Alan W. Maid a~/( W· IÎLtL-fL' Ann W. Maid (Sea]) -Borrower f) /a5k?0 STATE OF ~ÝVOMING Hnc!1óY a~ f~ Count)" ss: ....J (.c.;ign Original Only) The foregoing instnn11ent was acknowledged before me this I J Alan W. MaId, and Ann W. MaId. Witness my hand and ofíìcial seal. My Commission Expires: 3-Jl-ó1t day of f.JOVL/ìJ:ør\ dQÓ S, --____ by (Seal) . ¡f.~,"iJ· 'J\ ff', ~:: o ~... y \a ¡i""\!U'\{ T ~ {JD ~ '" Io;;.;iUU . "0 . øo 0 . Jr'ri¡ "F~ I',:,., 0 o It'lJt;;lW''''''' Q < '{" f"" t¡,.., ~~;;2I ~,¡:::, < . :~~}~. ~~: .t+~~:'· . . aálÙ.¿, ¡J ~Uk ¡?f,~ ß otary Public ! WYOMING - SECOND MORTGAGE - 1/80 - FNMAlFHLMC UNIFORM INSTRUMENT Form 3851 IDS, Inc. - (800) 554·1872 Page 4 of 4 ;;' 1,~ ._~:. I , ./ V''':~ I":'j ,,-).. . ~ ¡/ .{..., EXHIBIT "A" {': ¡~, :! ~~~ 0 ,/ I.,' _~ .,t, !.. P'r. 0 ( ~"'uon 9. T36N R I ¡ 9W of 111< 6111 p ~I.. linco In C CUnty, W ¡om ing tx:in~; mor~ pilrtìC'..J~ar y d~'crib~d H fol!o'.V~: Eog;""ng". pcint which rio, 5 "oJ9,8" W, 12;~.32 I.'~I frem rhe NOflh lOr); iroo p ip<- bras, C3 p CO",", b"w,," S'CI,O", 9 and 10 of said D6'! R 119 W 'nd '" om n g !hc:1c~ N ~9·59·18· E, t070 fee¡ to ¡ilt: W¡;:¡( bdnk of ¡he Saj¡ Rivc;; ch~nc~ southward along 3aid riv~r bani: ch~ fol!olJ,1in~ CQur.::cs: cht:nc:: ~.4943Q· WI 215 feet; ¡honc¡: S 63 -30' W, 150 feet; rheI1(~~: S 46 ~ W 280 fect; (J¡cr~:::: 5 13 "30' W, 4JU (e<:t; (hcn(:~: S 10411' jO II W, 268.14 feet; (h~nct: S 06 Q30'OO W. 210 feel; .r c.h~nc~ S 01"OO'OO~ F, 146.71 fe~t; thenc:r: N jr33'oo" W 19:5 fete; thence S 31421' W, 186 fect; chene¡: S 54Q44'41" E. 210.62 Fcct to the Wr:S( riKhc-of-way Jjn~ of a sixty fooc roadway; thenc~ ~outhw~tcrly on a 210 foot r.diu.q CUrv~ ;¡Iong said righc-of-way ]j::~, 97.67 (e~t. (long chard b~af: S 21 °55'53H W, 96.79 (~~t); chencð S 87Q)0' W, 203_27 feet; th~nc: N 23 °24' WI 250 fect; Clìenc~ N 12 4 W, 240 r~c:t: [h~ncc; nOr1hwestl:rly along a 881 fooe radius Curve to the left a distaoce of 489.3 fect: thcnce N 46·1~'20~ E, 24.01 f:c:c; thence: N 42427'10" E, 112.8 fe:t:!; thence northerly IIlunll 11 j)3.0 roO( faú!us cUrv~ (0 (he lert 402.2& (e¡::c; thence aJoni Ii 300 foot radius Curve (long chord N 11'34'04' E, 42:5.36 f~~c) a distance of 471.79 feet 10 the: pointof beginning. This Real Estate Mortgage is second and subject ONLY to a First Real Estate Mortgage recording concurrently herel,vith in favor Bank of Jackson Hole, da ted Novem'ber 11, 2005, in the original amount of $1,230,000.00. .