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HomeMy WebLinkAbout917479 ~f.~!~~~~~:f~~ !;;:W~~::;:2;~::[:! ':~':I:fZ~:~~~:~' ,---~-_.__. -_.---'------_._~ RECEIVED 4/13/2006 at 4:36 PM RECBVING#: 917479 BOOK: 616 PAGE 899 JEANNE WAGNER UNCoLN COUNTY CLERK, KEMMERER, WY State or WyomiJJg: Spaœ Above TIüs LIn~ For Recording:Data MORTGAGE (With Future Advance Clause) 1. DATK AND PARTIES. The date of this Mortgage (Security fustrument) is !I.+!I.~mq~................................... and the parties, theiraddresses andtaxidentificationnmnbers, if required, areas fuUows: MORTGAGOR: TIM"GRUft mSUMMITAVE OCnNOMOWm:, WI fi3lJõlf o If checked, refer to the attached Addendum incorporated herem, fur additional Mortgagors, their signatures and acknowledgments. LENDER: THEIJANK OFSTAIfVAllET ORGANIZEII AND" EXISTING UNOElfTHELAWS: OFTHESTATEOFWYOMING 31J4.WASHINGTON STHEEr pa IJGX IJOaT AFTDN, WY 1J3TT Ir z.. CONVEYANCE. FOr good and valuable consideration, the receipt and sufficiency of which is acknowledged,. and to secure the Secured Debt (defined below) and Mortgagor's performance under this Security fnstrument,. Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with power of sale, the foUowing described property: SEESCHEDULEWAW ATTACHIDHEREm AND" M"AOEA PARTHEREDF. The property is located m ...................... ........ ..lJrJ.qg!·!L........................ .>,.. at hIIT.ttf.$T.~If.~~!-!-R(K~~Ç.lfJ~~r.v. ..... ...... (County) .. ..............:. ......... ....... ............................., ...................... rn~YNf.......... ..........., Wyoming ... ......~:fJ7!.... ..... (Address) (City) (ZIP" 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 future improvements, structures, fixtures, and replacements that may now, or at any time irr the future, be part of the real estate described above (all referred to as "Property"). J~ MAXIMUM OBliGATION LIMIT. The total principal amount secured by this Security fustrnment at any one time shall not exceed $ ~+'.Tlf..qq:.......................................... . This limitation of amount does not include: interest and other fees and charges validly made pursuant to this Security fnstrument. Also, this limitation does not apply to advances made under the '<terms of this Security fnstrument to protect Lender's security and to perform any of the covenants contained m this Security fnstrument. 4. SECURED DEBT AND }+'UTURK ADVANCES. The: term: "Secured Debt" is defined as foUows: A. Debt incurred under the terms of aU promissory note(s), contract(s), guaranty(s) or other evidence of debt described below and all their extensions, renewals, modifications or substitutions. (Wherr refererrdng the debt~ below it i~ suggested that you include itern~ such as borroweT'S"' names, note amounts', interest rate~, maturity dates; etc.) ONEf'ROMISSORY NOTEŒATm04-<J!-OIiIN THEAMOUNTOFn4, 1 TihOa WYOMING - MORTGAGE (NOTFOR FNMA, FHLMC. FHA OR V A use ©199,," Banke,s Systems, Inc., St. Cloud, MN 11-800-397'23""11 Form RE-MTG-WY 11/18/9"" (psgu T af 4) /) '091.,7479 í' .....:rqO" (,' V '. , v 13. All futllre lidv.ances from Lender to Mortgagor or other futllre obligations of Mortgagor 10 Lender under li11Y promissory note, L:ontract, guaranty, or other evidence of debt executed by Mortgagor in favor of Lender executed .after this Security Jnstrument whether or not this Security lnstrument is specifically Ieferenced. If more 1han one person signs this Security lnstrument, t:aeh Mortgagor ,agrees that this Security lnstrument will secure lIll future lidvances .and future obligations that life given to or .incurred by .anyone or more Mortgagor, or li11Y one or more Mortgagor .and others. All future lidv.ances .and other future obligations Me secured by this Security lnstrument even :though lIll or part may not yet be lidv.anced. All future lidv.ances.and other future obligations life secured liS if made on the date of this Security lnstrument. Nothing in this Security lnstrument shall constitute li L:ommitment to make .additional or future loans or lidv.ances in .any .amount. Any such L:ommitment must be .agreed to in li sepanùe writing. C. All obligations Mortgagor owes 10 Lender, which may later .arise, to :the extent not prohibited by law, .including, but not limited 10, Jiabilities for overdr.a.fts I.elating 10 li11Y Deposit 1:\.CCount .agreement between Mortgagor .and Lender . D.All .additional sums lidvanced .and expenses .incurred by Lender for insuring, preserving or otherwise protectin¿:the 1'roperty .and its value .and li11Y other sums lidv.anced .and :expenses incurred by Lender under :the 1.eDns of :this Security Instrument. This Security lnstrument will not secure li11Y other debt if Lender fails to £;ive li11Y required notice of:the:right of IesCÍssion. 5. ..PAYMENTS. Mortgagor .agrees thatllll payments 11I1der :the Secured Debt will be paid when.due.and .in .accordance with :the 1.eDns of:the Secured Debt.and this Security Instrument. 6. :PRIOR SECURITY lNTERESTS. With Tegard to .any other mortgage, deed of trust, security .agreement or o:ther lien .document that created .a prior security .interest or encumbrance on :the Property, Mortgagor .agrees: A. To make lill payments when.due.and 10 perfonn or comply with lIll L:ovenanlS. 13. To promptly.deliver to Lender li11Y notices that Mortgagor n:ceives from :the .holder. C. Not 10 lillow li11Y modification or extension of, nor 10 Iequest li11Y future lidv.ances 11I1der li11Y note or .agreement secured by :the lien dOL:ument without Lender's prior written L:onsent. 7. CLAIMS AGAINST TlTLE. Mortgagor will pay lilltaxes, liSsessments, liens, encumbrances, lease payments, ground TenlS, lltilities, .and other cl1arges I.elating to :the Property when due. Lender may Tequire Mortgagor 10 provide to Lender L:opies of lill notices that such .amounts life .due .and :the receipts evidencing Mortgagor's payment. Mortgagor will .defend title to :the 1'roperty .against li11Y claims that WOlùd impair the lien of this Security lnstrument. Mortgagor .agrees to liSSign to Lender, liS Tequested by Lender, li11Y TighlS, claims or .defenses Mortgagor may .have .against pliI1ies w.ho supply labor or materials 10 maintain or mprove the Property. 8. DIlli ON SALE OR ENCUMBRANCE. Lender may, At its option, .declare :the i:Il1ire balance of :the Secured Debt to be immediately .due.and payable upon :the creation of, or L:ontract for :the creation of, li11Y lien, :.encumbrance, trliIlSfer or sale of:the Property. This:right is subject 10 :the Testrictions imposed by federal law (12 C.F.R. 591), liS .applicable. This L:Ovenant shall :run with:the Property .and shall Iemain.in effect until the Secured Debt is paid in full.and this Security lnstrument is Teleased. 9. :PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mortgagor willlœep:the Property .in good condition.and make lill I.epairS that life Teasonably necessary. Mortgagor shall not L:ommit or lillow li11Y wliSte, mpainnent, or .deterioration of :the Property. Mortgagor will.lœep :the Property free of noxious wuds .and grliSses. Mortgagor .agrees that :the nature of:the occupancy.and use will not substantially .change without Lender's prior written consent. Mortgagor will not pennit li11Y .change .in li11Y license, Testrictive L:Ovenant or easement without Lender's prior written consent. Mortgagor will ~otify Lender of lill dP.T1lancl", proceedings, claims .and .actions against Mortgagor, .and of li11Y loss or damage to the Property . Lender or Lender's ,agenlS may, At Lender's option, enter the Property lI.1 .any IeasOnable time for the purpose of inspecting :the Property. Lender shall £;ive Mortgagor notice lit the time of or before li11 inspection specifying li Teasonable purpose for :the inspection. Any inspection of:the Property shall be i:Il1irely for Lender's benefit .and Mortgagor will .in no way Iely on Lender's inspection. 10. AUTHORITY TO 1'ERFORM. If Mortgagor fails to perform li11Y .duty or.any of:the covenanlS contained .in :this Security Jnstrument, Lender may, without notice, perfonn or L:aUSe them 10 be performed. Mortgagor .appoints Lender liS littorney in fact to sign Mortgagor's name or pay li11Y liIIlOunt necessary for performance. Lender's Tight to perform for Mortgagor shall not L:r.eate li11 obligation to perform, .and Lender's failure to perform will not preclude Lender from exercising li11Y of Lender's other Tights 11I1der :the law or this Security lnstrument. If.any L:onstruction on the Property is discontinued or not L:aITied on.in li Ieasonable :manner, Lender may take lill steps necessary 10 protect Lender's security interest in the Property, .including L:ompletion of the L:onstruction. li. ASSIGNMENT OF LEASES .AND 1ŒNTS. Mortgagor .irrevocably gr.an1S, bMgains, L:onveys, mortgages .and warr.an1S tQ lender liS .additional security lill :the Tight, title.and .interest in .and 10 li11Y.and lill existing or future leases, subleases, .and..any other written or verbal .agr~ents for the use .and occupancy of li11yportion of :the Property, ;J1dllclin.t li11Y extensions, Tt:newlils, modifications or lIubstitutions of such .agreements (lIll Teferred 10 liS "Leases").and Tents, issues .and profilS (lIll 'Tcierred to liS "Rents"). Mortgagor will promptly provide Lender with true.and L:orrect L:Opies of lillexisting.and future Leases. Mortgagor may L:ollect, Teceive, .enjoy .and use the Rents so long liS Mortgagor is 110t in .default under:the tenns of this Security lnstrument. Mortgagor .agrees that this liS"iznment is immediately effective between :the parties to :this Security lnstrument. Mortgagor .agrees that :this liSsignment is effective liS 10 third parties when Lender takes affinnative .action prescribed by law, .and that this liSsigmnent will Iemain in dfect .d.uring li11Y Ted.emption period until:the Secured Debt is satisfied. Mortgagor .agrees that Lender:may take .actual possession of:the property without :the necessity of commencin.t .legal.action .and that actual possession is.deemed to occur when Lender, or its ,agent, notifies Mortgagor of default.and rlP.T1lancl" that li11Y tenant pay lill future Rents .directly 10 Lender. On Teceiving notice of .default, Mortgagor will .endorse .and .deliver 10 Lender li11Y payment of Rents in Mortgagor's possession.and will Teceive li11Y RenlS in trust for Lender .and will not L:ommingle the Rents with li11Y other funds. Any.amounts L:ollec1ed will be .applied liS provided in this Security lnstrument. Mortgagor w.an:anIs that no .default t:xists under :the Leases or li11Y lipplicable landlord/tenant law. Mortgagor lilso .agrees to maintain .and Tequir.e li11Y tenant to L:omply with :the term.s of:the Leases .and lipplicable law . (pBge2 Df4) ©UI94 Bankers Systems. Inc,. St. Cloud, MN I1-BOO·397~341) 'Form'RE-MTG-WY 11/18/94 (b31.7479 COC~OI' 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 development. 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 terms of this Security Instrument or any other document executed for 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 immediately 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 after 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 when prohibited by law, Mortgagor agrees to pay all of Lender's expenses if Mortgagor breaches any covenant in this Security Instrument. Mortgagor will also pay on 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 date 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 expenses incurred by Lender in collecting, enforcing or protecting Lender's rights and remedies under this Security Instrument. This amount may include, but 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. ENVIRONMENTAL 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 substance; 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 defmed 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 writing to Lender, 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 releas,e 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 Environmental Law. D. Mortgagor shall immediately notify Lender 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, theft 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 "mortgage clause" and, where applicable, "loss payee clause." Mortgagor shall immediately 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 ~ediately 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 not extend or (page 3 of 4) ©1994 B.nk.ç;,:::;;;¡~~:¡:::;:{,c" St. Cloud, MN (1-800-397-23411 Form RE-MTG-WY .¡;;:;::=;.;'::::;\. r1~~f~-~:;:¡¡;ttL'lL:¡:::::!:k::;::::¡:~~ OS:t7479 COGqo~ postpone the due date of the scheduled pàyment nor change the amount of any payment. Any excess will be paid to the Mortgagor. If the Property 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 the extent of the Secured Debt immediately before 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 DOCUMENTS. Mortgagor will provide to Lender upon request, any [mancial statement or information Lender may deem reasonably necessary. Mortgagor agrees to sign, deliver, and file any additional documents or certifications that Lender may consider necessary to perfect, 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 BOUND. All duties undephis 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 Secured Debt. If this Security Instrument secures a guaranty between Lender and Mortgagor, Mortgagor agrees to waive any rights that may prevent Lender from bringing any action or claim against Mortgagor or any party indebted under the obligation. These rights may include, but are not limited to, any anti-deficiency or one-action laws. 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 Instrument is governed by the laws of the jurisdiction in which Lender is located, except to the extent otherwise required by the laws of the jurisdiction where the Property is located. This Security Instrument is complete and 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 conflicts with applicable law will not be effective, unless that law expressly or impliedly permits the variations by written agreement. If any section of this Security Instrument cannot be enforced according to its terms, that section will be severed and will not affect the enforceability of the remainder of this Security Instrument. Whenever used, the singular shall include the plural and the plural the singular. The captions and headings of the sections of this Security Instrument are for convenience only and are not to be used to interpret or derme the terms of this Security Instrument. Time is of the essence in this Security Instrument. 23. NOTICE. Unless otherwise required by law, any notice shall be given by delivering it or by mailing it by first class mail to the appropriate party's address on page 1 of this Security Instrument, or to any other address designated in writing. Notice to one mortgagor will be deemed to be notice to all mortgagors. 24. WAIVERS. Except to the extent prohibited by law, Mortgagor waives any right regarding the marshalling of liens and assets and all homestead exemption rights relating to the Property. 25. OTHER TERMS. If checked, the following are applicable to this Security Instrument: D Line of Credit. The Secured Debt includes a revolving line of credit provision. Although the Secured Debt may be reduced to a zero balance, this Security Instrument will remain in effect until released. D Construction Loan. This Security Instrument secures an obligation incurred for the construction of an improvement on the Property. D Fixture Filing. Mortgagor grants to Lender a security interest in all goods that Mortgagor owns now or in the future 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 filed of record for purposes of Article 9 of the Uniform Commercial Code. D Riders. The covenants and agreements of each of the riders checked below are incorporated into and supplement and amend the terms of this Security Instrument. [Check all applicable boxes] D Condominium Rider D Planned Unit Development Rider D Other........................................................ D Additional Terms. SIGNATURES: By signing below, Mortgagor agrees to the terms and covenants contained in this Security Instrument and in any attachments. Mortgagor also aclmo ledges receipt of a copy of this Security Instrument on the date stated on page 1. ............................................................................ (Date) (Signature) (Date) ACKNOWLEDGMENT: STATE OF ......................... WY.ow.:f.ng .... .., COUNTY 0';' ........ ..L.:t.]:).¡:;~'~}J~.;. :~.. ............... .} ss. (Individual) This instrument was acknowledged before me this ......... ..cP.i...... day of .~............. flI tJl) (¡? .. .... .. .... ~y·~~~i~~t:~· 9~:.~~.:..... .., ............ ......... ............ ......... ..... ........ .~.~. .J;¡..... ........................ .......... . (Seal) rx¿jt~~ 3/ UV 1 .. .. . .... ...~ .. .. .. .. . .. .. .. .. .. .. .. . '-/' "7 (Notary c) ©1994 8ankers Systems. Inc.. SI. Cloud, MN 11-800-397-2341) Form RE-MTG-WY 11/18/94 ANJI rÁYi.O~ NOrAAY PUBLIC COUNty OF ~ STATE OF LI~ICOLN ~ WYOMING My COMMISSION EXPIRES AUG 3. 2009 (page 4 of 4) ~::::n:i;::'::,::':i.! ',¡'·'I·_i ,."",,~,:!1j i, '~:~'~;~~::~::~L:~.2 ~Jæilimi~~ , .~