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Home My WebLink About913782 ,r !ìt">, ",I f') 0 '.- '.) t! J... (~.~ J RECEIVED 11/17/2005 at 12:11 PM RECEIVING # 913782 BOOK: 605 PAGE: 133 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY ---- State of Wyoming Space Above This Line For Recording Data ~~-_._,~ lVIORTGAGE (With Futurc Advance Clause) 1. DATE AND PARTIES. The date of this Mortgage (Security Instru!nent) is .1.Q·n;z.QQ~........................... parties, their addrcs'ses and tax identification numbers, if required, are as follows: and thc MORTGAGOR: BILL COONEY AND REGINA COONEY, HUSBAND AND WIFE 5381 FOREST RIDGE DR. CLARKSTON, MI 48346 o If checked, refer to the attached Addendum incorporated herein, for additional Mortgagors, their signaturcs and acknowledgments. LENDER: BANK OF JACKSON HOLE ORGANIZED AND EXISTING UNDER THE LA WS OF THE ST ATE OF WYOMING 990 W. BROADWA Y P.O, BOX 7000 JACKSON, WY 83002 2. CONVEYANCE. For good and valuable considcration, the receipt and sufficiency of which is :Icknowledged, and to sccure the Secured Dcbt (defined below) and Mortgagor's performance under this SL:curity Instrumenl, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, Wilh power of sale, the following described property: LOT 67 OF STAR VALLEY RANCH PLAT 16, LINCOLN COUNTY. WYOMING AS DESCRIBED ON THE OFFICIAL PLAT THEREOF. ~ì I~ The property is located in ......................... .... ..LJ~.GO~N .. ... .................. (COHIlly) ?~BP'IV!$!O~..................................................., ...................... JH~YNç......................, Wyoming ..... (Address) (City) . at ~.DT6~,.P~A.T.l.q,.?TM.YA.LL.EYRA~.W..... . . . . . , . . . . . . . . . . . (L.II' Code) Together with all rights, easements, appurtenanccs, royalties, mineral rights, oil and gas rights, all water and riparian rights, ditches, and water stock and all existing and future improvemcnts, struClures, fixtures, and replacements that may now, or at any timc in the fUlure, he part of thc real estate described above (all referred to as "Property"). 3. IHAXIMIJM OBLIGATION Ul\HT. The total principal amount secured by this Security Instrument at anyone time shall not exceed $ .1.6.!j..QQQ..QQ..............................,.......... . This limitation of amount does not include interest alllI olher 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 [his Security Instrument. 4. SECURED DEBT AND Ii'UTURE ADVANCES. The term "Securcd Debt" is defined as follows: A. Debt incurred under the tenus of all promissory note(s), contract(s), guaranty(s) or other evidence of debt described below and all their cxtensions, renewals, modifications or substitutions. (When referencing the debts below it is sllggested that Y()1l inclllde items SIlC/¡ as borrowers' ¡wmes, /late amOll/lts, interest rates, matllrity dates, etc.) PROMISSORY NOTE DATED 1Q·28·2005IN THE AMOUNT OF $165,000,00 WYOMING· MORTGAGE (NOT FOR FNMA. FHLMC, FHA OR VA USE) (Ç)1994 Bankers Systems, Inc., St. Cloud, Mf\J (1-800-397-2341! Form RE-MTG-WY 11/18/94 I / (page 1 of 4) tl{J)(I/ ,. ~:' C ...~. ~;.L_"",__ _~~ ~' t'j:i~ :' /1 {1 ...;! t".. " \. . \'" ·1 . -. J L. 1" ;~,.' _ 1~. B. All fUlure advances from Lem.ler 10 MOrlgagor or olher fulure obligations of MOrlgagor 10 Lcmler under any promissory note, contract, guaraHly, or other evidence of debt executed by Mortgagor in favor of Lender eXl:euted ann this Security Tnslrumenl whether or not this Security Instrument is specifically referenced. If )]lore IhaB one person sigBs this Security Tnstwmenl, each Morrgagor agrees lha( Ihis S\:CU!ily Instrument will secure all fUlure advallces and fUlu!\: obligations that are given to or incurred by anyone or more !v[ongagor, or anyone or more MOrlgagor and olhers. All future advances and other future obligations are sc:cured by this Securify fnstrulllenl even lhough all or part may not yer be advanced. All future advances and other future obligations are secured as if llIade on Ihe date of Ihis Security lllstrumellt. Nothing in this Security Instrument shall conslitule a cOllll1Jilment to make addilional or future loans or advallces in any amount. Any such commitment must be agreed to in a separate writing. C. All obligations Mortgagor owes to Lender, which may laler arise, to the extenl not prohibited by law, including, bur not limited to, liabilities for ovcrdrafls relating to any deposit account "greemenl bLl\Veen Morlgagor and Lender. n. All additional sums advanced and expenses incurred by Leuder for insuring, preserving or otherwise proleCling the ProperlY and its v,due and any other sIJms advanced and expenses incurred by Lender under Ihe terms of this Security Instrument. This Security Instrumenl will not secure any other debt if Lender fails to give any required 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 tenns of Ihe Secured Debt and this Security Instrumeut. 6. PRIOR SECURITY INTERESTS. With regard to any olher mortgage, deed of trust, security agreemenl or other lien document Ihat created it prior security interesl or encumbrance on the Property, :rv.lorlgagor agrees: A. To make all payments when due and to perform or comply wilh all covenants. B. To promptly deliver to Lender any notices that Mortgagor receives from the holder. C. Not to aI!ow any modification or extension or, nor to rcqucst any future advances undcr any note or agrecment securcd by the lien document without Lender's prior writlcn consent. 7. CLAIlVIS AGAINST TITLE. t\fortgagor \ViI! pay aI! taxes, assessments, licns, encnmbrances, lease payments, ground rents, ulilities, and oll1er charges relating to the Property when due. Lemler may require Mortgagor to provirk to Lender copies of all notices that such amounts are due and the receipts evidencing Mortgagor's payment. Mortgagor will defend title to thc ProperlY against any claims that \Vould impair the lien of tllÎs Securily Instrument. Mortgagor agrces to assign to Lender, as requested by Lender, any rights, claims or defenses Mortgagor may have againsl par(Îes who supply labor or materials to maintain or improve the Property, 8. DUE ON SALE OR ENCUMBRANCE. Lender may, al ils option, declare the entire balancc of the Secured Dehl to bc immediately due and payable upon the creal ion of, or contract for the crca(Îon of, any lien, encumbrance, transfer or sale of thc Propcrty. This right is subject to the restrictions Îlnposed by federal law (12 C. F. R. 591), as applicable. This covcnant shall run with the Property and shall remain in effect unlil the Secured Debt is paid in full and this Security .Instrument is relcased. 9. PROPERTY CONDITION, AI,TERATIONS AND INSPECTION. Mortgagor wiI! kcep the Property in good condition and make all repairs that are reasonably neccssary. Mortgagor shaI! nor commit or aI!ow any waste, impairment, or deterioration of the Properly. MOrlgagor \ViI! keep the Property free or noxious weeds and grasses. Mortgagor agree.~ th<1t the nature of the occupancy and lISC will not suhstantially change without Lender's prior writlen consent. Mortgagor will not permit any change in any license, restrictive covenant or easement without Lender's prior \Vritlen consent. Mortgagor wiI! notify Lender or all demands, proceedings, claims and actions against Mortgagor, and or any Joss or damage 10 the Properly. Lender or Lender's agcnts may, at Lender's option, enter Ihe Properly at any reasonable time for the purpose of inspeCling the Property. Lender shall givc Mortgagor notice at the time or or before an inspection specifying a reasonahle purpose for the inspection. Any inspection of the Properly shall be eUlireIy for Lender's benefit and Mortgagor will in no way rely on Lcnder's inspeclion. 10. AUTHORITY TO PERFORM. H' Mortgagor f<1ils to perform any duty or any of the coven<1nts contained in Ihis Security Instrument, Lender may, without notice, perform or cause them to be performed. lvforlgagor appoints Lend\:r as altomcy in fact to sign Mortgagor's name or pay any amount necessary for performance. Lendcr's righl 10 perform for Mortgagor shall not create an ohligation to perfonn, and Lender's failure to perforlll will not preclude Lender from exercising any of Lender's other rights under the law or lhis Securily Instrument. If any construction on Ihe Property is discontinued or not carried on in a reasonable manncr, Lender may take aU steps necessary to proleCl Lender's security interest in the Properly, including completion of thc construction. 11. ASSIGNMENT OF LEASES AND RENTS. Mortgagor irrevocably grants, bargains, conveys, mortgages and warrants to Lender as additional security all the righi, title and intercst in and to any and all existiug or future lcases, suhleases, and any otller wrilten or verbal agreemeIJIs for the use and occupancy of any porlion of the Property, including any extensions, renewals, moditïcations or substitutions of such agreements (aU referred to as "Leascs") and rents, issues and profits (al! referred to as "Rcnts"). Mortgagor will promplly provide Lender with true and correct copies of all existing and future Leascs. Morrg<1gor may collect, receive, enjoy and use the Rents so long as Mortgagor is not in defaul! under Ihe terms or Ihis Sccurity Instrument. Mortgagor agrees that this assignment is immediately effecrive between the parties to this Security Instrument. i\1ortgagor agrees that this assignment is e/Jective as to third panies when Lender lakes allirmative action prescrihed by law, and lhal this assignment will remain in effect during any redemption period until the Secured Debt is satisfied. Morlg[jgor agrees [hat Lender may take actual possession of Ihe property witlJl)ul the necessity of commencing legal aclioIl and that actual possession is deemed to occur when Lender, or its agent, nOlifies Morlgagor of default and demands thai any tenant pay all fUlure Rents directly to Lender. On receiving notice of default, Morlgagor will endorse and deliver 10 Lender any payment of Rents in Mortgagor's possession and will receive any H.enls in lrust for Leuder and will not commingle the Renls with any olher funds. Any amounts collected will be applied as provided in Ihis Security .lnstrumelH. Mortgagor warrants lhat no dcraul! exists under the Leases or any applicable landlord/tenant law. Mortgagor also agrees tomaintaiu and require any tenant to comply willi tIle tenns of the Leases and applicable law. (g)1994 Bankers Systams, Inc" St. Cloud, MN (1-800-397-2341) Form RE-MTG·WY 11/18'94 . I (page) of ;í) t/ /)/ . f. ( (á:L~_ .- r:~--'----'"" t <,_ i.'·' .c. Q¡~ ~~-, ~ J f} ~L :~~: G postpone (he due dale of the schedulcd payment nor change the amount of any payment. Any excess will be paid to the Mortgagor. If'the Property is acquired by Lender, !vlorlgagur's right to any insurance policies and proceeds resulting from damage to the Properly before the acquisilion shall pass 10 Lender [0 (he extent of (he Secured Debt immediately before lhe acquisition. 19. ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided III a separate agreement, Mortgagor will not be required to pay to Lender funds for taxes and insurance in escrow. 20. FINANCIAl, REPORTS AND ADDITIONAL DOCUMENTS. Mortgagor will provide to Lender upon request, any financial sralemellt or informarion Lender may deem reasollably necessary. Mortgagor agrees to sign, deliver, and file any additional documents or cerrificarions lhat Lender may consider necessary to perrect, continue, and preserve !vlnrlgagor's obligarions under [his Sccurity Inslrument and Lender's lien slatus on the Properly. 21. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All dUlies under ¡his Security Instrumenl are joint and individual. If Mortgagor signs this Security [nslrument bul docs not sign an evidence of debt, Morlgagor does so only to mOrl!'age Mortgagor's interest in tile Property to secure payment or (he Secured Debt and Mortgagor does not agree 10 be personally liable on Ihe Secured Deb!. 11' Ihis Securily Instrunle!Jl secures a guaranty between Lender and 1vforrgagor, Mortgagor agrees !u waive any righis that may prevelll Lender from bringing any action or claim against Mortgagor or any party indebted under the ubligation. These rights may include, bUI are not limited to, any anri-deficiency or one-action laws. !vlor!gagor agrccs that Lender and any party to this Security Instrument may eXlend, modify or make any change in the tenns of this Security Instrument or any evidence of debt without Mortgagor's consent. Such a change will not release Mortgagor from the terms of this Security Instrument. The duties and henefits of lhis Security Instrument shall bind and benefit the successors and assigns of Mortgagor and Lender. 22_ APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Security Instrumcnt is governed hy the laws or the jurisdiction in which Lender is located, except to the extelltotherwise required by the laws of the jurisdiction where the Property is localed. This Security Instrument is complete and fully integrated. This Security InstIllment may nOl be amended or modified by oral agreement. Any section in this Security Instrument, attachments, or any agreement related to the Secured Deht that conllius wilh applicable law will not he effective, unless thaI law exprcssly or irnpliedly permits lhe variations by wrirren agreement. If any section of this Security Instrument cannot be enforced according' to its terms, that section will be severed and will not affect (hc enforceahility of the remainder of this Security Iustrumenl. Whenever used, the singular shall include tilt plural and the plural the singular. The captions and headings of the sections or lhis Security Instrument are for convenience only and are not to he used to interpret or define the terms of this Security I nstrument. Time is of' the eSSL'IICC in this Security Instrument. 23. NOTICE. Unless otherwise reqnired by law, any notice shall be given by delivering it or by mailing it hy first class mail to the appropriare party's address on page I of this Security Instrument, or to any other address designated in writing. Notice to one mortgagor will be deemed to be noticc to all mortgagors, 24. WAIVERS. Except to the exteur prohibited by law, Mortgagor waives any right regarding thc marshalling or liens and assets and all homestead exemption rights relating to the Property. 25. OTHER TERMS. If cllCckcd, the following are applicablc to this Security lllstrument: D Line of Credit. The Secured Debt includes a revolving line of credil provision. Although the Secured Deht may be reduced to a zero halance, this Security I nstrumeJll will remain in effcct until relcased. [X] Construction Loan. This Security Instrument secures an ohligation incurred for the construcrion of an improvement on rhe Property. [X] Fixture Filing. Mortgagor grants 10 Lcnder a security interest in all goods that Mortgagor owns now or in rhe future and that are or will becl)]]e fixtures relateLl to the Property. This Security Instrument suffices as a financing statement and any carbon, photographic or othcr reproduction may be filed of record for purposes of Article 9 of' the Unifonn Commercial Code. D Riders. The covenants and agreements of each of the riders checked below are incorporated into and supplement and amend the tenns of Ihis Security Instrument. [Check all applicable boxes] D Condominium Rider 0 Planned Unit Development Rider 0 Other........................................................ o Addilional Terms. SIGNATURES: By signing bclow, Mortgagor agrecs to the tenns and covenants contained in this Security Instrument and in any attachments. Mortgagor also acknowledges receipt of a copy of (!lis Security Instrument on the date stated on page 1. //7 ...","- '/;? /// I' /' r;/ ¡S;2:fB¡f~ll(!j. 7.?~<:t·····,···· ............ 'Ù)~'t~)" /\ . ACKNOWI,~~;~~~T'uWu.uuu, cout¡?:y ()Fâ~C/h\j¡ )" "..",..." ~:¡'u¡~.jJ"f' :"koOW"d 'ed.,JOf~-r u u d"y f :7JQ~~ u uut' d.c.~~ My commt.:~~I~~n exlme.s....:... 9.. -{ ~ò (p d ¿jaJ,¿~. U.:../ ( ! rø iø .. ................. .;::::::.~:.~'";:::.~-::::::::::::::.:-:~J (Nol"'y Public) SALLY L. MAHTIN /-;7), Notary Public ii3'rl~.' 5t t f County of ~:.:.,r"~,,.. a e 0 Lincoln ,\W,~~~~!î p; Wyoming ',." ,~jI- My Comrniósion Expir<,5 S~pl¿¡'nt,er : 3, 20~6 :::,:-,,:~.:::::::,:,:,::,:::::,':':'::::::':':.:;;::::::.::~~ e 'D "~ . '~, C_. (S;~;la:~f~:~'ci;'~co'DNE'Y ~ . . . . ~~·(5':->!!:·{5~· . . . . . . .j \ 0/ ,J" ç---- - Ô r (, .j ................ (Date) (0'994 8alòkars Systems, Inc, St. Cloud, MN (1-800-397·2341 ¡ Form RE-MTG WY 11/18(94 . . (flage 4 of 4) k,".' '-..J ¡t.,¡ r· .11 (~ ~ t ,"~ r~ I., ',/', '1- \,-, t.J 12. LEASEHOLDS; CONDOl\1INITJMS; PLANNED UNIT DEVELOl)l\ŒNTS. Iv1c)[1gagor agrees to comply with thc provisions of any lease if this Security Instrument is on a leasehold. If tile Property includes a unit in a condominium or a planned unit development, Mortgagor will perform all of kIortgagor's duties under the covcnants, by-laws, or regulations of the condominium or planned unit development. 13_ DEFAULT_ Mortgagor will be in default if any party obligated on the Secured Debt fails to make paymelH whcn due. Mortgagor will be in default if a breach occurs under the .lenllS of this Security Instrument or any other ducullleut execmed for (he purpose of creating, securing or guarantying thc Secured Debt. A good faitll belief by Lemler that Lender at any time is insccnre with respect to any person or entity obligated on the Secured Debt or that the prospect of any payment or the value of the Property is impaired shall also constitute an event of default, 14. REMEDillS ON DEFAULT. In some instances, federal and state law will require Lender to provide J\forrgagor with notice of the right to curc or other notices and may establish time schedules for foreclosure actions. Subject to these limitations, if any, Lender may accelerate thc SecureLl Debt anLl foreclose this Security Instrument in a manner provideLl by law if Mortgagor is ill LIefault. At thc option of Lender, all or any part of thc agreed fees and charges, accrueLl interest and principal shall bccome immcLlialely due and payable, after giving notice if requireLl by law, upon the occurrence of a LIefaull or anytime thereafrer. In addition, Lender shall be enlirled to all thc remedies provided by law, the terms of the Secured Debt, this Security I nst rument aIllI any related documents including, without limitation, the power to sell the Property. All remedies are distinct, cumulativc and not exclusive, and the Lender is entitled to all remedies proviLled at law or equity, whcther or not expressly set forth. The acceptance by Lender of any sum in payment or partial payment nn lhe Secured Debt after the balance is due or is accelerated or after foreclosurc proceedings are filed sl1<11l not constitute a waiver of Lender's right tn require complete cure of any existing default. By not exercising any remedy on Mortgagor's default, Lender does not waive Lender's right to later cons iller the event a default if it continues or happens again. 15. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when prohibited by law, Mortgagor agrees to pay all of Lcnder's expenses if Mortgagor breaches any covenant in tllis Security fnstrument. Mortgagor will also pay on demand any amount incurreLl by Lendcr for insuring, inspecting, preserving or otherwise protecting the Property and Lender's security interest. These expenses will bear intercst from the dale of the payment until paid in full at tile highest interest rate in effect as provided in the terms of the Secured Debt. Mortgagor agrees to pay all costs and expenses incurred by Lender in collecling, enforcing or protecting Lender's rights and remedies under this SL'clIrity Instrument. This amount may incluLle, but is not limited to, rcasonable allorneys' fees, court custs, and olher legal expenses. This amount LInes not include altorneys' fecs for a salaried employee of the Lender. This Security Instrument shall remain in effect until released. Mortgagor agrees to pay for any recordation costs oj" such release. 16_ ENVmONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this seclion, (1) Environmental Law means, WitllOut limitation, the Comprehensive Environmental Respollse, Compensation amI Liability Act (CERCLA, 42 U.S.c. 9601 et seq.), and all other feLleral, state and local laws, regulal ions, ordinances, court orders, attorney gener~11 opinions or interpretive letters concerning the public health, safety, welfare, environment or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or contaminant which has cllaracteristics which render the substance LIangerous or potentially dangerous io îÎlt: public health, safely, welfare or enVifOJlJllent. The term includes, without limitation, any substances defined as "hazardous material," "Ioxic substances," "hazardous waste" or "hazardous substance" under any Environmental Law. Mortgagor represents, warrants and agrees that: A. Except as previously disclosed and acknowledged in wntll1g to Lender, no Hazardous Substance is or will be located, stored or released on or in the Property This restriction d,)es not apply to small quantities of Hazardous Substances ¡hat are generally recognized to be appropriate for the nonnal USè and maintelJance of the Property. B. Except as previonsly disclosed and acknowledgeLl in writing to Lender, MIJrtgagor and every tenanl have been, ,Ire, and shall remain in full compliance with any applicable Environmental Law. C. Mortgagor shall immediately notify Lender if a releasc or threatened relcase of a ITazanlous Substance occurs on, under or aboul the Property or there is a violation of any EJlvinHnnental Law concerning the Property. In such an cvent, Mortgagor shall iake all necessary remedial action in accordance with any Environmental Law. D. Mortgagor shall immcdiately notify Lender in writing as soon as Mortgagor iJas reason to believc thcre is any pending or threatened investigation, claim, or proceeLling relating to the release or threatened release of any Hazardous Substance or the violation of any Environmeutal Law. 17. CONDEMNATION. Mortgagor will give Lendcr prompt notice of any pending or threatened action, by private or public cntitics to purchase or take any or all of lhe Propcrty through condemnation, eminent domain, or any onwr me~lns. k!ortgagor authorizes Lender to intervene in Mortgagor's name in any of thc above described actions or claims. klortgagor assigns to Lender the proceeLls of auy award or claim for damages connected willl a condemnation or olher taking of all l)f any part of the ProperlY· Such proceeds shall be considered payments and will be applieLl as provided in this Security I nstrumenl. Thi~ assignlUelll of proceeds is subject 10 the terms of any prior mortgagc, LIeed of Irust, security agreelHent or other lien document. 18. INSURANCE. MOl1gagor shall keep Property insured against loss by fire, Hood, theft and other hazards and risks reasonably associated witlI the Property duc to its type and location. TiJis insurance shall be maintained in Ihe amounts and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen hy Mortgagor suhjecl to Leuckr's approval, which shall not be unreasonably withheld. If Mortgagor fails to maintain ¡he coverage describeLl ahove, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Property according to the terms of this Security Instrument. All insurance policics and rencwals shall be acceptable to LenLler and shall include a standard "mortgage clause" and, wherc applicable, "loss payee clause." Mortgagor shall immeLliately notify Lender of cancellation or termination of the insurance. Lender shall have the right to hold the poÜcies and renewals. If Lender requires, Mortgagor shall immediately give to Lender all receipts of paid premiums and renewal notices. Upon loss, Mortgagor shall give immediate notice to the insurance carrier and Lendcr. Lender may make proof of loss if not made immediately by Mortgagor. Unless olherwise agreed in writing, all insurancc proceeds shall be applied to the restoration or repair of tile Property or to the SecureLl Debt, whether or not then due, at Lender's option. Any application of procceds to principal shall not extend or ([:)1994 Bankers Systams, Inc" 5t, Cloud, MN (1-800..397-2341) Form RE-MTG,WY 11,118/94 .lll I) (f. ~ L_~_~_ _"__ (page 3 of 4) I,~:) (' F:~~