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HomeMy WebLinkAbout913816 (' !Ì 0 ."1, ì.. 'V -' c 1 3 \. . ~ ~ ,\ ;; " RECEIVED 11/17/2005 at 4:27 PM RECEIVING # 913816 BOOK: 605 PAGE: 213 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY State of Wyoming Space Above This Line For Recording Data MORTGAGE (With Future Advance Clause) 1. DA TE Al'm PARTIES. The date of this Mortgage (Security Instrument) is ,1.1...1.1P'QQ~.................................... and the parties, their addresses and tax identification numbers, if required, are as follows: MORTGAGOR: DREW IZATT AND LESlIEAN B.IZATT, HUSBAND AND WIFE 28 SLEEPY HOLLOW RD BEDFORD, WY 83112 o If checked, refer to the attached Addendum incorporated herein, for additional Mortgagors, their signatures and acknowledgments. LENDER: THE BANK OF STAR V ALLEY ORGANIZED AND EXISTING UNDER THE LAWS OF THE STATE OF WYOMING 384 WASHINGTON STREET PO BOX 8007 AFTON, WY 83110 2. CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of which is acknowJedged, and to secure the Secured Debt (defined 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 SCHEDULE A ATTACHED HERETO AND MADE A PART HEREOF '7 ¡be?)~, ;1) Ú / :; I" 3° The property is located in ........"...........".,.............................,........,.,...., at ......,.............,...............,."....".. (County) ,.. ,.. ... ... ... ,.. ... .,. ... ... ...... .., ,..... ... ... ... ,.. ... ..., ... ... '" ... ... ...... ... .., ... ... ". ... ,., ,.. ... ...., Wyoming ... ... ... ... .., ,., ..... (Address) (City) (Zt P Code) Together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, all water and riparian rights, ditches, and water stock and all existing and flllure improvements, structures, fixtures, and replacements that may now, or at any time in the future, be part of the real estate described above (all referred to as "Property"). 3. MAXIlVfUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at anyone time shall not exceed $ .1?!j,.QQ9,Q9..,................................,..... . This limitation of amount does not include interest and other fccs and charges validly made pursuant to this Security Instrument. Also, this limitation does not apply to advances made under the tem1S of this Security Instrument to protect Lender's security and to perform any of the covenants contained in this Security Instrument. 4. SECURED DEBT AND FUTURE ADVANCES. The term "Secured Debt" is defined as follows: A. Debt incurred under the terms of all promissory note(s), contract(s), guaranty(s) or other evidence of debt described below and all their extensions, renewals, modifications or substitutions. (When referencing the debts below it is suggested that you inelude items such as borrowers' names, note amounts, interest rates, maturity dates, etc.) ONE PROMISSORY NOTE DATED 11/15/05 IN THE AMOUNT OF $175,000.00 v)~ WYOMING· MORTGAGE (NOT FOR FNMA. FHLMC, FHA OR VA USE) ~.! (page 1 of 4) ©1994 51. Cloud, MN (1·800-397-2341) Form ~;- ·ü :!j);iL;'~ U j.L G . i'" n () () 14 \., u . ¡;. B. All future advances from Lcnder to Mortgagor or other future obligations of Mortgagor to Lemler under any promissory notc, contract, guaranty, or othcr evidence of dcbt executed by Mortgagor in favor of Lender exccuted after"this Security Instrument whethcr or not this Sccurity Instrument is specifically refcrenced. If more than one person signs this Security Instrument, each Mortgagor agrees that this Security Instrument will secure all future advances and future obligations that arc given to or incurred by any onc or more Mortgagor, or any onc or more Mortgagor and others. All future advances and other future obligations are secured by this Security Instrument even though all or part may not yet be advanced. All future advances and other futurc obligations are secured as if made on the date of this Security Instrument. Nothing in this Security Instrument shall constitute a commitmcnt 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, which may later arise, to the extent not prohibited by law, including, but not limited to, liabilities for overdrafts rclating to any deposit account agreement bctween Mortgagor and Lender. D. All additional sums advanced and expenses incurred by Lender for insuring, preserving or otherwise protecting the Properly and its value and any othcr sums advanced and expenses incurred by Lendcr under the terms of this Security Instrument. This Security Instrument will not secure any other debt if Lcnder fails to give any required notice of the right of rescission, 5. PAYMENTS. Mortgagor agrees that all payments under the Securcd Debt will be paid when due and in accordance with the tCDns of the Secured Debt and t1Ùs Sccurity Instrumcnt. 6. PRIOR SECUIUTY INTERESTS. With regard to any other mortgage, deed of trust, security agrecment or other lien document that created a prior security interest or cncumbrance on thc Property, Mortgagor agrees; A. To make all payments when due and to perform or comply with all covenants. B. To promptly deliver 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 undcr any note or agreement secured by the lien document without Lender's prior written consent. 7. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, asscssments, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to 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 Mortgagor's payment. Mortgagor will defend title to the Propcrty against any claims that wouJd impair the lien of this Security Instrument. Mortgagor agrees to assign to Lender, as requested by Lender, any rights, claims or defenses Mortgagor may have against parties who supply labor or materials to maintain or improve the Propcrty. 8. DUE ON SALE OR ENCUMBRANCE. Lender may, at its option, declare the entire balance of the Secured Debt to be immediately duc and payable upon the creation of, or contract for the creation of, any lien, encumbrancc, transfcr or sale of the Property. This right is subject to the restrictions imposed by federal law (12 C.F.R. 591), as applicablc. This covenant shall run with the Properly and shall remain in effect until the Secured Debt is paid in full and this Security Instrument is releascd. 9. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mortgagor will keep thc Property in good condition and make all repairs that are reasonably necessary. Mortgagor shall not commit or allow any waste, impairment, or deterioration of the Property. Mortgagor will kecp the Property frec of noxious weeds and grasscs. Mortgagor agrees that the nature of the occupancy and use will not substantially change without Lender's prior written consent. Mortgagor will not permit any change in any liccnse, restrictive covcnant or eascment without Lender's prior written wnsent. Mortgagor will notify Lender of all demands, proceedings, claims and actions against Mortgagor, and of any loss or damage to thc Propcrty. Lenúer or Lender's agents may, at Lender's option, enter thc Property at any reasonable time for the purpose of inspecting the Property. Lendcr shall give fvlortgagor notice at the time of or before an inspection specifying a reasonable purpose for the in"'pection. Any inspcction of thc Property shall be entirely for Lender's bcnefit and Mortgagor will in no way rely on Lcnder's inspection. 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 pcrformed. Mortgagor appoints Lender as attorney in fact to sign Mortgagor's name or pay any amount nccessary for performance. Lender's right to perform for Mortgagor shall not create an obligation to perform, and Lender's failure to perform will not preclude Lender from exercising any of Lender's other rights under the law or this Security Instrument. If any construction on the Propcrty is discontinued or not carried on in a reasonable manner, Lender may take all steps nccessary 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, mortgagcs and warrants to Lender as additional security all the right, title and interest in and to any and all existing or future \eases, subleascs, and any other written or verbal agreements fur the use and occupancy of any portion of the Property, including any extensions, renewals, modifications or substitutions of such agreements (a][ referred to as "Leases") and rents, issues and profits (all referrcd to as "Rents"). Mortgagor will promptly provide Lendcr with true and correct copies of a][ existing and future Leases. fvIortgagor may collcct, 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 assignment is immediateJy effective between the parties to this Security Instrument. Mortgagor agrees that this assignment is elTcc1ive as to third parties when Lender takes affirmative action prescribed by Jaw, and that this assignment will remain in effect during any redemption period until the Secured Debt is satisfied. Mortgagor agrees that Lender may take actual possession of the property without the nccessity of commencing legal action and that actual possession is dcemed to occur when Lender, or its agent, notifics Mortgagor of default and demands that any tenant pay all future Rents directly to Lender. On receiving notice of default, Mortgagor will endorse and deliver to Lender any paymcnt of Rents in Mortgagor's possession and will receive any Rents in trust for Lender and will not commingle the Rents with any other funds. Any amounts co][ected will be applied as provided in this Security Instrument. Mortgagur 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 applicablc law. (page 2 of 4J ©1994 Bankers Systems, Inc.. St. Cloud, Iv1N (1·800-387·2341) Form RE·MTG·WY 11118194 (}:3) 1L,] é31L (; , !i r ',~ \. . . ,.... . !ì n t'¡ 1·· F: ,....! ·1:._0 12. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Mortgagor agrees to comply with the provisions of any lease if this Security Instrument is on a leasehold. If the Property includes a unit in a condominium or a planned unit development, Mortgagor will perform all of Mortgagor's duties under the covenants, by-laws, or regulations of the condominium or planned unit devclopment. 13. DEFAULT. Mortgagor will be in default if any party obligated on the Secured Debt fails to make payment when due. Mortgagor will be in default if a breach occurs under the tenns of this Security Instrument or any other document executed tè)r the purpose of creating, securing or guarantying the Secured Debt. A good faith belief by Lender that Lender at any time is insecure 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. REMEDIES ON DEFAULT. 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 foreclosure 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 and charges, accrued interest and principal shall become inmlcdiately due and payable, after giving notice if required by law, upon the occurrence of a default or anytime thereafter. In addition, Lender shall be entitled to all the remedies provided by law, the terms of the Secured Debt, this Security Instrument and any related documents including, without limitation, the power to sell the Property. All remedies are distinct, cumulative and not exclusive, and the Lender is entitled to all remedies provided at law or equity, whether or not expressly set forth. The acceptance by Lender of any sum in payment or partial payment on the Secured Debt al1er the balance is due or is accelerated or after foreclosure proceedings are filed shall not constitute a waiver of Lender's right to 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 consider the event a default if it continues or happens again. 15. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except whcn 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 demand any amount incurred by Lender for insuring, inspecting, preserving or otherwise protecting the Property and Lender's security interest. These expenses will bear interest from the datc of the payment until paid in full at the highest interest rate in effect as provided in the terms of the Secured Debt. Mortgagor agrees to pay all costs and expenscs incurred by Lender in collecting, enforcing or protecting Lender's rights and remedies under this Security Instrument. This amount may include, bllt is not limited to, reasonable attorneys' fees, court costs, and other legal expenses. This amount does not include attorneys' fees for a salaried employee of the Lender. This Security Instrument shall remain in effect until released. Mortgagor agrees to pay for any recordation costs of such release. 16. ENVIROl\TMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law means, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 42 U.S.c. 9601 et seq.), and all other federal, state and local laws, regulations, ordinances, court orders, attorney general opinions or interpretive letters concerning the public health, safety, welfare, environment or a hazardous substancc; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or contaminant which has characteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or environment. The term includes, without limitation, any substances defined as "hazardous material," "toxic substances," "hazardous waste" or "hazardous substance" under any Environmental Law. Mortgagor represents, warrants and agrees that: A. Except as previously disclosed and acknowledged in wntmg to Lendcr, no Hazardous Substance is or will be located, stored or released on or in the Property. This restriction does not apply to small quantities of Hazardous Substances that are generally recognized to be appropriate for the normal use and maintenance of the Property, B. Except as previously disclosed and acknowledged in writing to Lender, Mortgagor and every tenant have been, are, and shall remain in full compliance with any applicable Environmental Law. C. Mortgagor shall immediately notify Lender if a release or threatened release of a Hazardous Substance occurs on, under or about the Property or there is a violation of any Environmental Law conccrning the Property. In such an event, Mortgagor shall take all necessary remedial action in accordance with any Environmental Law. D. Mortgagor shall immediately notify Lendcr in writing as soon as Mortgagor has reason to believe there is any pending or threatened investigation, claim, or proceeding relating to the release or threatened release of any Hazardous Substance or the violation of any Environmental Law. 17. CONDEMNATION. Mortgagor will give Lender prompt notice of any pending or threatened action, by private or public entities to purchase or take any or all of the Property through condemnation, eminent domain, or any other means. Mortgagor authorizes Lender to intervene in Mortgagor's name in any of the above described actions or claims. Mortgagor assigns to Lender the proceeds of any award or claim for damages connected with a condemnation or other taking of all or any part of the Property. Such proceeds shall be considered payments and will be applied as provided in this Security Instrument. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or other lien document. 18. INSURANCE. Mortgagor shall keep Property insured against loss by fire, flood, thef1 and other hazards and risks reasonably associated with the Property due to its type and location. This insurance shall be maintained in the amounts and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Mortgagor subject to Lender's approval, which shall not be unreasonably withheld. If Mortgagor fails to maintain the coverage described above, 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 policies and renewals shall be acceptable to Lender and shall include a standard "mortgagc clause" and, where applicable, "loss payee clause." Mortgagor shall immcdiately notify Lender of cancellation or termination of the insurance. Lender shall have the right to hold the policies 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 Lender. Lender may make proof of loss if not made immediately by Mortgagor. Unless otherwise agreed in writing, all insurance proceeds shall be applied to the restoration or repair of the Property or to the Secured Debt, whether or not then due, at Lender's option. Any application of proceeds to principal shall nOI extend or ... (page 3 of 4) ©1994 51. Cloud, MN (1-800-397-2341 J Form RE-MTG-WY , .r'. " ":~j ,C . ...' ,) ¡c.I''',M" U ~~'p (~~ l.\)\.,~) '--'I r· "{)f'\16 \.' U t.. postpone the due date of thc scheduled paymcnt nor change the amount of any payment. Any excess will be paid to thc Mortgagor. If the Propcrty is acquired by Lender, Mortgagor's right to any insurance policies and proceeds resulting from damage to the Property before the acquisition shall pass to Lender to thc extent of the Secured Debt immediately bcfore the acquisition. 19. ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separate agreement, Mortgagor will not be required to pay to Lender funds for taxes and insurance in escrow. 20. FINANCIAL REPORTS AND ADDITIONAL DOCUI\IENTS. Mortgagor will provide to Lender upon request, any financial statemcnt or information Lender may dcem reasonably necessary. Mortgagor agrees to sign, deliver, and file any additional documents or certifications that Lender may consider necessary to pcrfect, continue, and preserve Mortgagor's obligations under this Security Instrument and Lender's lien status on the Property. 21. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS HOUND. All duties under this Security Instrument are joint and individual. If Mortgagor signs this Security Instrument but does not sign an evidence of debt, Mortgagor does so only to mortgage Mortgagor's interest in the Property to secure payment of the Secured Debt and Mortgagor does not agree to be personally liable on the Securcd Debt. If this Security Instrument secures a guaranty betwcen Lendcr and Mortgagor, Mortgagor agrees to waive any rights that may prevent Lender from bringing any action or elaim against Mortgagor or any party indebted under the obligation. These rights may include, but arc not limited to, any anti-deficiency or one-action Jaws. Mortgagor agrees that Lender and any party to this Security Instrument may extend, modify or make any change in the terms 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 benefits of this Security Instrument shall bind and benefit the successors and assigns of Mortgagor and Lender. 22. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Security Instrumcnt is governcd by the laws of the jurisdiction in which Lender is locatcd, except to the extent otherwise rcquired by the laws of the jurisdiction where the Property is located, This Security Instrument is complete amI fully integrated. This Security Instrument may not be amended or modified by oral agreement. Any section in this Security Instrument, attachments, or any agreement related to the Secured Debt that cont1icts with applicab]e law will not bc effective, unless that Jaw expressly or impliedly permits the variations by written agreement. If any scction of this Security Instrument cannot be enforced according to its terms, that section will be severed and will not affcct the enforceabi]ity of the rcmainder of this Security Instrument. Whcnever used, the singular shall includc the plural and the plural the singular. The captions and headings of the sections of this Security Instrument are for convenicnce only and are not to be used to interpret or define the terms of this Security Instrument. Time is of the cssence in this Security Instrument. 23. NOTICE. Unle,s otherwise required by law, any notice shall be given by dclivering it or by mailing it by first class mail to the appropriate party's addrcss on pagc I of this Security Instrument, or to any other address designated in writing, Notice to one mortgagor will be decmcd to be notice to all mortgagors. 24. WAIVERS. Except to the extent prohibited by law, Mortgagor waivcs any right regarding the marshalling of licns and assets and all homestead exemption rights relating to the Property. 25. OTHER TERMS. If checked, the following are applicable to this Security Instrument: o Line of Credit. The Secured Debt includes a revoJving line of credit provision. Although the Secured Debt may be reduced to a zero balance, this Security Instrument will remain in effect until relcased. lXJ Construction Loan. This Security Instrument secures an obligation incurred for the construction of an improvement on the Property. [XI Fixture Filing. Mortgagor grants to Lender a security interest in all goods that Mortgagor owns now or in the fDture and that are or will become fixtures related to the Property, This Security Instrument suffices as a financing statement and any carbon, photographic or other reproduction may be fiJed of record for purposes of Article 9 of the Uniform Commercia] Code, o Riders. The covenants and agreemcnts of each of the riders checked below arc incorporated into and supplement and amend the tcrms of this Security Instrument. [Check all applicable boxes] o Condominium Rider 0 Planned Unit Dcvclopment Rider 0 Other..............................."....................... o Additional Tcrms. SIGNA TURES: By signing bclow, Mortgagor agrees to the terms and covenants containcd in this Security Instrument and in any attaclmlents. I\lortgagor also acknowledges receipt of a copy of this Security Instrument on the date stated on page I. O~~~~HH/l:::!(~:,f / (Signatlíïe) DREW IZATt~ (Date) ..........!/lti.~,~Q (Dale) ACKNOWLEDGì\fENT: STA. 1.'E OF WYP}y1J~.q............,..,.,..............." COUNTY OF .... .l..~;".<.-p.l!").........,................,..,.} ss. (lmJi\'idu<1l) 1'1 ' I ~ ........ , I ~5 US JI1strUJJlcnt was acknowledged before mc this .....1.\..0........... day of .. .\.':-,\.f;>.\I.~.I(.)~.......,..,.... ....,....... ~y P;:;,~;,;¡¡;:~:~;:~;;;,!¡!~~~~Q~~, ~~ H'" ¿:, HI' j.... ¿~ 7' H: H' H' H' ....... . -- ~ ·,···,····,··y~·(N~larYP;,ll~········,··· CHARLES M CLINGER NOTARi PUBLIC COUNTY OF I)'..... STATE OF LINCOLN . .. >. WYOMING " MY COMMISSION EXPIRES MARCH 14. :arm @1994 Bankers Systems, Inc., SI. Cloud. MN (1·800-397·23411 Form RE·MTG-WY 11/18/94 (page 4 of 4) :., (., ~'1 "ì, í)'ý\ C '<J~J~,:Jjd.U SCHEDULE A C 00217 Lot 2 of Norbess Estatesl Lincoln County, Wyoming as described on the official plat filed February 13, 2003 as Instrument No. 887772 of the records of the Lincoln County Clerk. J.~ '.','t.