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Home My WebLink About913821 50941 !-- (\ 0 " f) 1 \.' \.J . t:, " I ¡ RECEIVED 11/18/2005 at 10:35 AM RECEIVING # 913821 BOOK: 605 PAGE: 221 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY State of Wyoming Space Above This Line For Recording Data lVIORTGAGE (With Future Advance Clause) 1. DA TE AND P ARTlES. The date of this Mortgage (Security Instrument) is .1.Q-n~.OQ~.... parties, their addresses and tax identification numbers, if required, are as follows: ............... .. .. ... amI lhe MORTGAGOR: FLOYD S. SCHELL AND TRUUSJE J SCHELL, HUSBAND AND WIFE 589 STEWART DR. THAYNE, WY 83127 o If checked, refer to the attacbed Addendum incorporated herein, for additional Mortgagors, their signatures and acknowledgments. LENDER: THE BANK OF STAR VALLEY ORGANIZED AND EXISTING UNDER THE LAWS OF THE ST A TE 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 acknowledged, and to secure tile Secured Debt (defined below) and Mortgagor's performance unùer this Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with power of sale, the following described property: LOT 25 OF STEWART COUNTRY CLUB ESTATES PHASE 2 AS PLATTED AND RECORDED IN THE OFFICIAL RECORDS OF LINCOLN COUNTY, WYOMING zCo J The property is located in ............................... .L.lNGQW............................... at ~P1~q .~mV,ð..R.1.GWNTR.X Ç.LW~$TAH~....... (COllllty) (Address) . . . . . . m~YN~. . . . . . . . . . . . . . . . . .. .., Wyoming (City) .......83JP.. (ZIP Code) ..................... .................... ...................., ......... Together with all rights, easements, appurtenances, royalties, mineral rights, oil auù gas righls, all water anù riparian righl s, ditches, anù water stock and all existing and future improvements, structures, fixtures, anù replacements that may nuw, or at any time in tbe future, be part of the real estate described above (all referreù 10 as "Properly"). 3. MAXIMUM OBLIGATION LIMIT. Tbe [otal principal amount secured by this Security Instrument at anyone time shall not exceed $ .1.8Q.QQQ.QQ......................................... This limitation of amount ùoes not include interest and other fees anù charges valiùly maùe pursuaut to this Security Instrument. Also, this limitation does not apply to advances made under the tenns of this Security Instrument to protect Lender's security and to pérfonn any of thé covenants contained in this Security Instrument. 4. SECURED DEBT AND FUTURE ADV AN CES. The term "Secured Debt" is ddineù as follows: A. Debt incurred unùer the tenus of all promissory llote(s), contract(s), guarallty(s) or other evidence of debt described below and all their extensions, renewals, modifications or substitutions. (When referencing the debts be/olii it is suggested that you ine/ude itellls such as borrowers' names, /lote amounts, imerest rates, lIIaturity dates, etc.) ONE PROMISSORY NOTE DATED 10127/05 IN THE AMOUNT OF $180,000.00 WYOMING - MORTGAGE (NOT FOR FNMA, FHLMC. FHA OR VA USE) @1994 (page 1 of 4) Inc.. 51. Cloud, MN (1-800-397-23411 Form RE-MTG --. '\ JJ" 'ó.....h ·<1.1; ".,. r;;¡ ~l'''~ :. . ~_'. '/, !i..., ·~,·.r ......) ... -4 ~.t~ n f\ 0 t' r.\ 2 \., \J . (.., l.., B, All future aUV,lIlCeS from Lenuer to MOrlgagor pr pi her future obligations of Murtgagor to Lendcr unuer any promissory note, contr;lct, guaranty, or other eviuence of uebt exccuteu by !vlorlgagor in favor of Lenuer cxecuteu after this Security Instrument whether pr nut this Security Instrument is specifically rdercnccu, If morc than one person signs this Security Inst rumcnt, each M0I1gagor agrees that th is Security I mtrument will secure all future advances and future obligations that are given to or incurred by anyone or mure Mortgagor, or anyone or JllOre Mor1gagor and others. All future auvances and other future obligations arc secured by this Security Instrulllcnt even though all or pari may not yet be advanceu. All future advances anu other future oblig;\tions are secureu as if made on the uate of this Security lustrument. Nothing in this Sccurify Instrument shall constitutc a comlJlitnlel'( to make auditional or future loans or auvauces iu any alJlOuul. Auy such cOlllmitment must be agreeu to in a scparate writing, C. MI obligations Mortgagor owcs to Lenuer, whicl1 may later arise, to the extent not prohibited by law, incluuiug, hut uot limiteu to, liabilities for overurafts relatiug to any ueposit account agreement between Mortgagor anu Lemler. D. All additional sums auvanceu amI expenses incurred by Lender for insuring, preserviug or otherwise protecting the Property anu its value and any other sums advanced and expenses incurreu by Lender uuder the tenns of this Security Inst rument. This Securily Imtrument willllot secure any other uebt if Lenuer fails to give any requireu notice of the right of rescission. 5. PAYMENTS. !vlortgagor agrees that all payments under the Secureu Debt will be paid when uue and in accordance with the terms of the SecureJ Debt aud this Security Instrument. 6. PRIOR SECURITY INTERESTS. With regard to any other mol1gage, ueed of trusl, security agreement or other lien document tbat created a prior security interest or encumbrance on tbe Propet1y, Mortgagor agrees; A. To make all payments when uue and to perfoon or comply with all covenants, IJ. To promptly deliver to Lenuer any notices that Mortgagor receives from the holuer. C. Not to allow any muuifÏcation or extension of, nor to request any future advances uuder any note or agreement secured by the lien document without Lender's prior wriHen cow.ent. 7. CLAIMS AGAINST TITLE. Mor1gagor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Property when due. Lenuer may recluire Mortgagor to provide to Lenuer copies of all notices that such amounts are uue and the receipts eviuencing Mortgagor's payment. Mortgagor will defenu title to tbe Property <lgainst <lny elaims Ibat woulu impair the lien of this Security Instrument. Mortgagor agrees to assign to Lender, as requested by Lender, any rights, claims or defenses Mortgagor may Ilave against pat1ies who supply labor or materials to maintain or improve the Property. 8. DUE ON SALE OR ENCUMBRANCE. Lender may, at its option, ueclare the entire balance of the Secureu Debt to be inulleùialely due and payable upon the cre<ltion of, or contract for the creation of, any lien, encumbrance, transfer or sale of tlle Property. '['his right is subject to the restriclions imposed by federal law (12 Cr.R. 591), as applicable. This covenant shall run with the Property anu shall remain in effect untiltbe Secureu Debt is paid in [ull anu tbis Security Instrument is released. 9. PROI'ERTY CONDITION, ALTERATIONS AND INSPECTION. MOrlgagor will keep the Property in good condition and make all repairs that are reasonably necessary. !vlortgagor shall not cOJJmit or allow any waste, impairment, or deterioration of the Property. Mortgagor will keep the Property free o[ noxious weeus anu grasses. Mortgagor agrees that tbe nature of tbe occupancy and use will not substantially change without Lender's prior written consent. MOl1gagor will not peonit any change in any license, rest rictive covenant or easeJnent witllout Lender's prior written consent. Mortgagor will notify Lender of all demands, proceedings, c!;1Íms and actions against Mortgagor, anu of any loss or uamage to the Property. Lenuer or Lemler's agenls may, at Lenuer's option, enter the Property at any reasonable time for the purpose of inspecting the Properly. Lenuer shall give Mortgagor notice at the time of or before an inspection specifying a reasonable purpose [or the inspection. Any inspection of the Property shall be etllirely for Lender's benefit and Mortgagor will in no way rely on Lender's inspection. 10. AUTHORITY TO PERFORM. If 1\lortg,lgor fails to perform any uuty ur any of tbe covenants containeu in this Security I nstruJ11ent, Lender m<l}, without notice, perform or cause them to be perfonned, Mortgagor appoints Lender as aHorney in fact to sign IvIorlgagor's name or pay any amount necessary [or performance, Lender's right to perfonll for Mortgagor shall not create an obligation to perform, anu 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 Propel1y is discontinueu or not carried on iu a reasOll<1ble manner, Lender may take all steps necessary to pl'Otect Lender's security interest in the Property, including complel ion of the construction. . 11. ASSIGNl\JENT OF LEASES AND RENTS. MOl1gagor irrevocably grants, bargains, conveys, mortgages and warrants to Lenuer as additional security all Ille righI, ti!le anu inlerest in ami to auy anu all existing or future leases, subleases, anrI any other written or verbal agreements for the use and occupancy of any portion of the Property, including any extensions, renewals, mouifications or substitutions of such agreements (all refeneu 10 as "Leases") and rents, issues and profits (all referred to as "Rents n). MOl1gi1gor will promp!ly provide Lenuer with true amI correct copies of all existing and future Leases. Mortgagor JIIay collect, receive, enjoy anu use !Ill' Renls so long as Mortgagor is not ill default under the tenlls of tbis Security Instrument. Mortgagor ,lgrees that this assignment is iIllJllediately effective between the parties to tbis Security Instrumeut. M0l1gagor agrees tbat this ,1ssiglnllenl is effective as to third palties when Lenuer takes affirmative action prescribed by law, and tbat this assignment will remain in eflecl uuring any reuemption periud until the Secured Debt is s;1Iisfied, Mortgagor agrees that Lcnuer may take actual possession of the property without the nccessity of cl1Illlnencing legal action and that actual possession is deemed 10 occur when Lenuer, or ils agent, notifies Mortgagor of uefault and demands tbat any teuarlt pay all future Rents uirectly to Lender. On receiving notice of uefault, Mor1gagor will endorse and uelivel to Lender any payment of Rents ill MOr!gagor's possession anu will receive any R.ents in!tust ff'Jr Lender anu will not commingle tIll' Rents witb any olller fuuds, Any amounls collecteu will be applicu as provided in this SCCIJlify Instrument. Mortgagor warrants that no uefault exists UtIuer the Lei1ses or any appl icable lanulord/tenant law. M0l1gagor also agrees to maintain auu require any tenant to comply with the tetlllS of the Leases anu applicable law. (page 2 of 4) (.[11994 Bankers Systems, Inc., St. Cloud, MN (1,,800·397-2341) Form RE-MTG·WY 11/18/94 -- ". ' . I, ··'I{) 0'1[, ' U :'J ''it. .,J! C.1 1,.J!Ii . . ' r Ii Or. '.' 3 '., .) . t:.. t., 12. LEASEHOLDS; CONDOl\HNnrMS; PLANNED UNIT DEVELOPMENTS. tvfortgagor agrees to comply with the provisions of any lease if this Security Instrument is on a leasellOJd. If (he Property includes a unit in a condominium or a planned uuit developmelll, Mongagor will perform all of Mongagor's duties under the covenants, by-laws, or regulations of the condominium or planned unit development. 13. DEFAULT. Mortgagor will be in defauH if any party obligated on the Secured Debt fails to make payment when due. Mortgagor will be in defauH if a breach occurs under the terms of this Security Instrulllent or any other document eXLcuted for tbe purpose of crearing, 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 ou the Secured Debt or that the prospect of any payment or the value of the Property is impaired shall also constitute an eveut of default. 14. REMEDIES ON DEFAULT. In some instances, fedtral and state law will require Lender to provide Mortgagor with notice of Ihe rigllt 10 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 JlI<!!lIlLr providl:d by law if tvfortgagor is in default. At the option of Lender, all or any parr of the agreLd fees and charges, accrued interest and principal shall become inunediately due and payable, after giving notice if required by law, upon (he occurrence of a default or anytime therLafter. In addition, Lender shall be entitled to all the remedies providLd by law, the terms of the Secured Ikbt, this Security Instrument and any relaled documents including, without limitatiun, the power to sell tile Properly, All remedies arc dist inct, 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 paymelJl on the Secured Debt after thl:: balance is due or is accelerated or after foreclosure proceedings are filed shall not constitute a waiver of Lender's right to require complete curl: of any existing default. By not exercising any remedy on Mongagor's default, Lender docs not waive Lender's right to later consider the ewnt a default if it continues or happens again. 15. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when prolJibiled 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 protecling the Properly and Lender's security interest. These expenses will hear interest from the date of the payment until paid in full aL the highest interest rate in effect as provided in the terms of the Secured Debt. Mortgagor agrl:l:s to pay all costs and expenses incurred by Lender in collecting, enforcing or protecting Lender's rights and reIlll'dies unLler this Security Instru!lll:nt. This amount may include, but is not limited to, reasonable attorneys' fees, court costs, and other legal expenses. This amount does not include anorneys' fees for a salaried employee of the Lender This Security InstrumelJ{ shall remain in crfect un[il released, Mortgagor agrees to pay for any recordation costs of such rl:kase. 16. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in Ihis section, (I) 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, coun orders, attorney general opinions or interpretive !eitel's concerning the public health, safety, welfare, environment or a hazardous substance; and (2) Hazardous Snbstance means any toxic, radioactive or hazardous material, wasle, pollutant or contaminant which has characterislics which render {he substance dangerous or potentially dangerous to the public heaHh, safely, welfare or enviromnent. The (erm includes, wilhou[ limitation, any substances defined as "hazardous material," "toxic substances," "hazardous waste" or "hazardous substance" under any Environmental Law. Mortgagor represents, warrants and agrees (hat: A, Except as previously disclosed and acknowledged in wntlllg to Lender, no Hazardous Substance is or will be located, stored or released on or in the Propeny. This restriction does not apply to small quamilies of Hazardous Substanœs that are generally recognized to be appropriate for the normal use and maintenance of the Property. B, Except as previously disclosed and acknowledged in wriling {o Lender, t\10rtgagor and every tenant have been, are, and shall remain in full compliance wilh any applicable Environmental Law, C. Mortgagor shall immediately notify Lender if a release or threatened releasL of a Hazardous Substance occurs on, under or about the Property or there is a violation of any Environmental Law concerning the Property. In such an event, Mortgagor shall take all necessary remedial action in accordance with any Environrnemal Law. D. Mortgagor shall immediately notify Lender in writing as soon as Mortgagor has reason to believe (here is any pending or threatened hrv'estigalioll, clai¡n, or proceeding relating to t!~t' rclea~;e Gr threatened ~e!ea~;~ of i~ny !LL.~,arc!ou~ Sub~;(ance or the violation of any Environmental Law. 17. CONDEMNATION. Mortgagor will give Lender prompt notice of any pending or threatened aclion, by private or public entities to purchase or lake any or all of the Property through condemnation, eminent domain, or any other means. Mortgagor aurllOrizes 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 InstrumLut. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, securi1y agreement or olher lien document. 18. INSURANCE. Mortgagor sball keep Property insured against loss by fire, Hood, theft and other hazards and risks reasonably associated with the Property due (0 its type and location. This insurance shall be maintained in rhe amounts and for the periods that Lender requires. The insurance carrier providing tbe insurance shall be chosen by Mortgagur subject [0 Lender's approval, which shall not be unreasonably wi1bbeld. If Mortgagor fails to maintain the coverage described above, Lender may, at Lender's oprion, obtain coverage to protect Lender's rights in the Property according (0 the tenns of this Security Insrrument. All insurance policies and renewals shall be acceptable 10 Lender and shall include a standard "mortgage clause" and, where applicable, "loss payee clause." MOl1gagor shall immediately notify Lender of cancellation or termination of ¡he insurance. Lender shall have the right (0 hold the policies and renewals. If Lender requirl:s, Mortgagor shall immediately give to Lender all receipts of paid premiums and renewal notices. Upon loss, Mortgagor shall give immediate notice to tbe insurance carrier and Leuder. 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 ProperlY or to the Secured Debt, whetber or not then due, at Lender's option, Any application Of proceeds to principal shall nOI extend or ©1994 (page 3 of 4) Inc., St. Cloud, MN (1-800-397-23411 Form ", --' .---,.r'!,;.~~. .' '_, J' ) .-" r·i: ...:,e'l,~4ti< C002~~4 postpone the due date of the scheuull'\1 payment nor change Ihe amount of any payment. Any excess will be paiu to the Mortgagor. If the Property is aU.Juireu by Lender, Mortgagor's right to any insurance policies and proceeus resulting from datwtge to the Property before the acqllisirion shall pass tn Lenuer to the extent of tile Secllreu Debt iuulleuiately before the acquisilion. 19. ESCROW FOR TAXES AND INSURANCE. Unless otherwise proviueu in a separate agreement, Mortgagor will not be required to pay 10 Lenuer funus for taxes anu insurance in escrow. 20. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. MOItgagor will provide to Lenuer upon request, any financial statement or information Lender may deem reasonably necessary. Mortgagor agrees to sign, deliver, anu file any additional documents or certifications thaI Lender lJlay consider necessary to perfect, continue, and preserve Mortgagor's obligations under this Security Instrument and Lenuer's lien status on the Property. 21. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. J\ll duties unuer this Security Instrument are joint and indiviuual. If Mortgagor signs this Security Instrument hut does not sign an evidence of debt, 1\1ortgagor uoes so only to mortgage J\fortgagor's interest in the Propef1y to secure payment of (be Secured Debt and Mortgagor uoes not agree 10 be personally li;1ble on the Secured Debt. If this Security Instrument secures a guaranty between Lenucr amI MOf1gagor, Mortg<lgor agrees to waive any rights thall11ay prevent Lenuer from bringing any action or claim againsl Ivlnttgagnr or any party indebted under the obligation. These rights may include, but are not limited to, any anI i-deficiency or one-action laws. MOf1gagnr agrees that Lender and any party to (his Security Instrument may extend, modify or make any change in the terms of this Security Instrument or any evidence of debt without Mortgrtgor's consent. Such a changc will not release Mortgagor from the lerIm of this Security Instrument. The duties and benefits of this Security InSllumeut shall bind and bencfitlhe SUl:cessors and assigns of l'v10rtgagor and Lenuer. 22. APPLICABLE LAW; SEVERABILITY ; INTERPRETATION. Tbis Secnrity Instrument is governed by the laws of the jurisdil:tion in which Lender is located, except to tbe extent otberwise required by the laws of the jurisdiction where the Property is located. This Security [nstrument is complete and fully iutegrated. This Security Instrument may not be amended or modified by oral agreement. Any seclion in (his Security Instrument, attachments, or rtny agreement related to the Secured Debt that conniets with applicable law will lIot be effective, unless that law expressly or impliedly permits the variations by written agreement. If any section of this Security Instrument canuot be euforceu according to its tenm, that section will be severeu aud will uot arTect the enforceability of thc remainuer of this Security Instrument. Whenever used, Ihe singular shall inc!uue the plural ;wd tile plural the singular. The captions and headings of the sections of this Security Instrulllent arc for convenience only anu arc not to be used to interpret or ucfine the terms of this Security Instrument. Time is of the essence in this Security Instrument. 23. NOTICE. Unless otherwise required by law, any notice s";lIl be given by d.elivering it or hy mailing it by first class mail to tbe rtppropriate party's audress on page 1 of this Security Instrument, or to any other aduress designateu in writing. Notice to one IlH!l1gagor will be ueemed (0 be notice to alllllortgagors. 24. WAIVERS. Except to the extent prohibited by law, Mortgagor waives any right regarding the marshalling of liens and assets and all IJomestead exempt ion rights relating to tbe Property. 25. OTHER TERMS. If checked, the following are applicable to this Security Instrument: o Line of Credit. The Secureu Debt includes a revolving line of credit provision. Although the Secured Debt may be reduced to a zero balance, this Security Instrumeut will remain in eHect until re\cased. ŒJ Construction LOéln. This Security Instrument secures an obligation incurred for the construction of an improvement on the Proper1y. o Fixture Filing. Mortgagor grants to Lender a security inlerest in all goods that Mortgagor owns now or in the future and that are or will become fixtures rel<lted to the Propef1y This Security Iustrument snffices as a financing statement aUlI auy carbon, photogr;1phic or other reproduction may be filed of record for purposes of Article 9 of the Uniform Commercial Coue. o Riders. The eoveuants and agreements of each of the riders checked below amend the terms of this Security I nst rUl11eut. [Check all appl icable boxes] o Condominium Rider 0 Planned Unit Development Rider 0 Other.. o Additional Terms. are incorporated into and supplement and .................................................... SIGN ATURES: By signing below, 1\ h1Jtgagor agrees to the tenns and covenants contained in tbis Security Instrument and in any <lttac!Jments. !\.'lortg;1gor also acknowledges receipt of a copy or thi~ Security Instrument on tile date staled on page I. " " =t" .' tt~ ...... .~';l/¿l/C <.,¿!( (Signaturc) ~luYD S. SCHELL ..../,/~ic.: (Date) \' ClI" <e::~-'---- ...' ). Ç' \/ ~)y\l (S¡~;I~;~0~u0i~~':~sÒjELL\" ¿-<... i/). .~,.~.... '.~./?~.7/QG (Date) tyndivirJu.11) ACKNOWLEDGMENT: STATE OF WYq~!~.Q.......... ....... ........ .., COUNTY OF ~!~çm~................... ............. ... .... ..} ss. Tbis instrument was acknowleugeu before me this .......PTH....... day of qÇTP.BçR..~QQ~.................................... ~y f;~;;;~;;;.:~;';;;i,;:JF¿~C;'~~';;si~DANP Wlf.E............ ......;¡;/................;..... J.... Z" ............. (Seal) ..7..... ..../7auhL~a:..~~.. (Nolary Public) [~~~:;~;:)~:~;. ;~. ; :;-..:.~;.-;~.~.::.r-.~.;.:...;'."..·~I.·.y.;.,.:I~~~,ií)~;~~;;::1 COUi'! iY OF ¡Jt\,\:,·-:'Ì\ SlAilc UF , LlNCOt!'1 \Y\f'h,\jiJ} WYO!',1!JIC ¡ ~.(r··,tn?" MY COM'.\Ié;';!(I(I [):rIRF.-S .JIII'F 14.20'.18 t+'.:::::~ .-;:...-.::;-:;: ~.: :~-_-,::::, : ::..,~;:.~~.:::::~:.:::::..~::':;':::;::::.:::.:~~.:~:;...: :~:-:~.:: .:.:;._ . ©1994 Bankers Systems, Inc., St. Cloud, MN 11·800-397·2341) Form RUvlTG WY 11/18194 (page 4 of 4)