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HomeMy WebLinkAbout917967 ¥'r I; ~', '" ,', ' ': 1. \ C004B'9' .; RECEIVED 5/1I2006.at 3:49 PM RECEIVING # 917967 BOOK: 618 PAGE: 469 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY . ---""_.. -.--. -- State of Wyoming Space Above This Line For :Recording Data MORTGAGE (With Future Advance Clause) 1. DATE AND PARTIES. The date of this Mortgage (Security Instrument) is P.'Hq·l.QQL................................_. ID1d'the .parties, their l1ddresses liIld tax identification.numbers, iT required, .are AS follows: MORTGAGOR: WIlliAM lIE filMING AND DDNNA DAVIS filMING, HUSBAND AND WIFE P.D. BDX4244 PAGE, Iù. B6040 :0 If checked, refer to the .attached Addendum incorporated herein, for Mlditional Mortgagors, 1heir signatures ID1d .acknowled J.?11eT1t¡¡. LENDER: ìHE BANK OF STAR VAillYìHA YNE BRANCH ORGANIZED AND EXISTING UNDERìHE lAWS DFìHE STATE OF WYDMING P.O. BOX Ð2B 113PFŒRSENPARKWAY ìHAYNE. WY 1!3127 2. CONVEYANCE. For good ID1d valuable consideration, the receipt ID1d sufficiency of which is .acknowledged, liIld to secure 'the Secured Debt (defined below) ID1d Mortgagor's performance under this Securitylnstrument, Mortgagor grÄintS, bargains, conveys, mortgages liIld W.arTÄintS to Lender, with power of sale, the following described property: lOT 19 OF STAR V AillY RANCH PlAT ß.1INCD1N COUNTY, WYDMING ASlJESCRIBED ONìHE OFfICAl P1ATfllED ON £10711971 AS INSTRUMENT ND.431710 OFìHE RECORDS OFìHElINCD1N r:DUNTY I:1fRK The property is located in ......... ..__.._..... .._....... J..I~.G.QUL..... ............. ........... .at Y.l~I}.WFÂ1~~!VL. ... ...... ......... ......._. (County) ... ........ ....... ......... ......... ........ .... ... ...... ......, ......... ... ......... JJj~Y.~~.................. ...., Wyoming ... ... ...!!~J+:Z ......... (Address) (City) (ZIP Code) Together with llil Tights, easements, .appurtenances, royalties, mineral rights, oil ID1d gas rights, llil water.and riparian rights, .ditches, liIld water stock liIld llil existing .and future 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 "PIOperty"). 3. MAXIMUM OBLIGATION LIMIT. The total principal mnountsecured by this Security lnstrument.at.any one time sball not exceed $ H.P.QQ·.QQ.........................................; . This limitation of mnount does not include interest .and other fees .and charges validly mack pursuant to this Security lnstrument. Also, this limitation does not .apply to .advances made under 'the tenns of this Security lnstrument to protect LeIider's security.and to perfonn .any of the covenants contained in this Security lnstrument. 4. ..sECURED DEBT AND FOTIJRE ADVANCES. The tenn "Secured Debt" is defined AS follows: A. Debt :incurred under the tenns of all promissory note(s), contract(s), guaranty(s) or other evidence of debt described below liIld llil their extensions, renewals, modifications or substitutions. (When referencing 1he debts below it is suggested that you include i!C~ §u.ch as borrowers' names, note amounts, interest rates, maturity daies, etc.) ONE PROMISSORY NOTEDA~!5·DB-INTHE AMOUNT OF $14,000.00, WYOMING - MORTGAGE (NOTFOR FNMA. FHLMC. FHA OR VA USE) (pBge 1 Df 4) .. " 0917,967 (..~~ .> .' ~ . rn0470 I.Þ 'J-t ,: B. All future advances from Lender to Mortgagor or other future obligations of Mortgagor to Lender under any promissory note, contract, guaranty, or other evidence of debt executed by Mortgagor in favor of Lender executed after this Security Instrument whether or not this Security Instrument is specifically referenced. 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 are given to or incurred by anyone or more Mortgagor, or any one or more Mortgagor and others. All future advances and other future obligations are secured by this Security Instrume!lt;eve¡¡ 'though all or part may not yet be advanced. All future advances and other future obligations are secured as if made on the date of this Security Instrument. Nothing in this Security Instrument shall constitute a commitment 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 relating to any deposit account agreement between Mortgagor and Lender. D. All additional sums advanced and expenses incurred by Lender for insuring, preserving or otherwise protecting the Property and its value and any other sums advanced and expenses incurred by Lender under the terms of this Security Instrument. This Security Instrument will not secure any other debt if Lender fails t? give any required notice of the right of ~scission. S. PAYMENTS. Mortgagor agrees that all payments under the Secured Debt will be paid when due and in accordance with the terms of the Secured Debt and this Security Instrument. 6. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, security agreement or other lien document that created a prior security interest or encumbrance on the 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 under any note or agreement secured by the lien document without Lender's prior written consent. 7. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, assessments, 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 Property against any claims that would 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 Property. 8. DUE ON SALK OR ENCUMBRANCE. Lender may, at its option, declare the entire balance of the Secured Debt to be immediately due and payable upon the creation of, or contract for the creation of, any lien, encumbrance, transfer or sale of the Property. This right is subject to the restrictions imposed by federal law (12 C.F.R. 591), as applicable. This covenant shall run with the Property and shall remain in eff~ct until the Secured Debt is paid in full and this Security Instrument is released. 9. PROPERTY CONDmON, ALTERATIONS AND INSPECTION. Mortgagor will keep the 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 keep the Property free of noxious weeds and grasses. Mortgagor agrees that the nature of the occupancy and use will not substantially change without Lender's prior written consent. Mortgagor will not pennit any change in any license, restrictive covenant or easement without Lender's prior written consent~ Mortgagor will notify Lender of all demands, proceedings, claims and actions against Mortgagor, alld of any loss or damage to the Property. Lender or Lender's agents may, at Lender's option, enter the Property at any reasonable time for the purpose of inspecting the Property. Lender shall give Mortgagor notice at the time of or before an inspection specifying a reasonable purpose for the inspection. Any inspection of the Property shall be entirely for Lender's benefit and Mortgagor will in no way rely on Lender's inspection. 10. AUTHORITY TO PERFO~. 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 performed. Mortgagor appoints Lender as attorney in fact to sign Mortgagor's name or pay any amount necessary 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 Property is discontinued or not carried on in a reasonable manner, Lender may take all steps necessary 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, mortgages and warrants to Lender as additional security all the right, title and interest in and to any and all existing or future leases, subleases, and any other written or verbal agreements for the use and occupancy of any portion of the Property, including any extensions, renewals, modifications or substitutions of such agreements (all referred to as "Leases") and rents, issues and profits (all referred to as "Rents"). Mortgagor will promptly provide Lender with true and correct copies of all existing ;µId future Leases. Mortgagor maycollect,i:eceìve;enjoy and usë the Rents· so long as Mortgagor is not in defåult under the terms of this Security . Instrument. " .. .. Mortgagor agrees that this assignment is immediately effective between the parties to this Security Instrument. Mortgagor agrees that this assignment is effective as to third parties when Lender takes affirmative action prescribed by law, 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 necessity of commencing legal action and that actual possession is deemed to occur when Lender, or its agent, notifies 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 payment 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 collected will be applied as provided in this Security Instrument. Mortgagor 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 applicable law. (page 2 of 41 ©i 994 Banker.. System., Inc.. St, Cloud, MN (1-800-397-2341) Form RE-MTG-WY 11/18/94 09195J9~· COC471 ~: . \. ,. \. . '. ' n. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Mortgagor .agrees to comply with the provisions of mlY lease if 1hi&. Security Instrument is on a leasehold. 1f the Property includes .a unit in .a condominium or.a planned unit development, Mortgagor will perf01m all of Mortgagor's duties under the covenants, by-laws, or regulations of the condo.m.iniwD or planned unit development. 13. DEFAULT. Mortgagor will be in default' if mlY party obligated on the SecUred Debt fails .10 make payment when due. Mortgagor will be in default if a breach occurs under the terms of this Security Instrument or illy other document executed for .11}e púrpose of creating, securing or guarantying the Secured Debt. A good faith .belief by Lender that Lender at mlY time is insecure with respect to mlY person or entity obligated on the Secured Debt or that the prospect of mlY payment or the value of the Property is impaired shall also constitute ml 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 mlY, Lender may .acceler.ate 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 ormlY pm of the agreed fees .and charges, accrued interest and. prú)cipal shall become immediately due znd paY2ble, .after giving notice if required by law, upon the occurrence of a default or mlytime thereafter. .In addition, Lender shall be entitled to ¡all the remedies provided by law, the 'terms of th~ Secured Debt, this Security .Instrument .and mlY related documents including, without limitation, the power to sell the Property, All remedies Me 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 LeÌ1der of any sum in payment or partial payment on the Secured Debt .after the balance is due or is .accelerated or after foreclosure proceedings Me filed shall not constitute II waiver of Lender's right to require complete cure of mlY 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 llappens .again. 15. EXPENSES; ADVANCES ON COVENANTS; ATIORNEYS' FEES; COLLECTION COSTS. Exteptwhen prohibited by law, Mortgagor .agrees to pay all of Lender's expenses if Mortgagor breaches mlY covenant in this Security .Instrument. Mortgagor will also pay on dem:md any anlount 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 anlount may include, but is not limited to, reasonable .attorneys' fees, court costs, .and other legal expenses. This anlount 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 mlY recordation costs of such release. 16. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) .Environment:!l Law means, without limitation, the Comprehensive EnvironmentaI 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 l1ealth, safety, welfare, environment or a l1azardous substance; and (2) Hazardous Substance means mlY toxic, radioactive or hazardous material, waste,pollutant or cont:!mimmt which has cl1aracteristics which render the substance dangerous or potentially dangerous to the public .health, safety, welfare or environment. . The teITIl includes, without llinitaûon, IDlY substances defined as "hazardous material," "toxic substances," "hazardous waste" or "hazardous substance" under mlY .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 10 small quantities of Hazardous Substances that Me generally recognized to be .appropriate for the nonnal use .and maintenance of the Property. J3. Except as previously disclosed .and .acknowledged in writing to Lender, Mortgagor and every tenant have been, Me, .and .shall remain in full compliance with any .applicable EnvironmentaILaw. . 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 concerning the Property. .In such ml event, Mortgagor shall take all.necessary remedial .action in accordance with mlY Environmental Law. D. Mortgagor shall immediately notify Lender in writing as soon as Mortgagor has reason to believe there is mlY pending or threatened investigation, claim, or proceeding relating to the release or threatened release of mlY Hazardous Substance or the violation of mlY Environmental Law . 17. CONDEMNATION. Mortgagor will give Lender prompt notice of mlY pending or threatened .action, by private or public entities to purchase or take mlY or all of the Property through condemn:ltion, eminent domain, or mlY other means. Mortgagor .authorizes Lender to intervene in Mortgagor's name in mlY of the .above described 1i.Ctions or.clallns. Mortgagor liSsigns to Lender the proceeds of any .aw.ard or claim for damages COIJI1ected with a condemnation or other taking of all or any pm of the Property. Such proceeds ~ be considered payments and will be .applied liS provided in this Security .Instrument. This liSsignment of proceeds is subject to the terms of mlY prior .mortgage, deed of trust, security agreement or other lien document. 18. .INsURÁNCRMortiág6rsh~ÜJceepProp~rti- insÙr~ .againstlOSŠbyfu~,:flÒ~d,11iclt' .and·ó~rl1azå:tds.andTisks reasonably . .associated with thè PIOperty duero its type .and lOCation. This insUïanœ EfuJ1 be '$ÙIltaini;d in the ~OURts .and for 1heperiods . 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. lf Mortgagor fails to m:tint;¡in the coverage described .above, Lender may, .at Lender's option, obtain coverage to protect Lender's Iights in the Property .according to the teITIlS of this Security.Instrument. All insur.ance policies.and renewÃl.s Sbãll be .acceptable to Lender .and shall include a standard ''mortgage clause" .and, wl1ere .applicable, "loss -payee clause. "~ºrtgagor shall immediately notify Lender of cancellation or termination of the insurance. Lender shallllave the right to llÓldthepolicies and.renewals. lf Lender requires, Mortgagor shall immediately give to Lender all receipts ofpaid-premiumsand Ienewalnotices. Upon loss, Mortg .." . insurance carrier .and Lender. Lender may make proof of loss if not made immediately by o~Gì:) 3141S13HTA) .M· ,.. .~. ~\I . IKlClSn~ _t\)~!~\~~ _ .;41;J..J~ 'iu.'II....~1 . ~)J:t: .0: I .. . - . . _. _ :'rHIU{:.i":- Cl "'!l,,!f)""~""~' \; "'..'.,: .' . Unless otherwise .agreed in writing, all insurance -proceeds shall be .app edMx>lthe ~£aâciii'~f];ep~'Ö~è PIOpertyor10 the Secured Debt, whether or not then due, .at Lender's option, Any.application of proceeds to principal shall not extend or (p£Jge .3 IJf 41 'V'-<IJI..'-..1ur .' '-' \,' -.r ".. ~." ....' '_' postpone the due date' of the scheduled payment nor change the amount of any payment. Any excess will be paid to the Mortgagor. If the Property is acquired by Lender, Mortgagqr's right to any insurance policies and proceeds resulting from damage to the Property before the acquisitioll shall pass to Lender to the extent of the Secured Debt innrrediately before the acquisitioll. . \ . I 19. ESCROW FOR TAXES AND INSURANCE. Unless oth~rwise provided. in. a ~~paratc-"agreement, Mortgagor will not be required to pay to Lende~ funds for taxes and insurance in escrow. . . 20. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Mortgagor }!i11-prevtde to Lender UpOIl request, any financial statement or informatioll Lender may deem reasonably necessary. Mórtgagor 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 liell status Oil the Property. . 21. JOINT AND INDIVIDUAL LIABILITY; CO-BIGNERS; SuCCESSORS AND ASSIGNS BOUND. 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 ÍII 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 betweell Lender and Mortgagor, Mortgagor agrees to waive any rights that may prevent Lender froiD: 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-actioll 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 jurisdictioll ÍII which Lender is located, except to the extent otherwise required by the laws of the jurisdictioll 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 sectiOIl 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 variatiollS' by written agreement. If any sectiOIl of this Security Instrument cannot be enforced according to its terms, that sectioll will be severed and will not affect the enforceability of the remainder of this Security Instroµtent. 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 define the terms of this Security Instrument. TlIDe is of the essence ÍII this Security Instrument. . '.. . . . 23. NOTICE. Unless otherwise required by law, any notice shall be givell by delivering it or by mailing it by first class mail to the appropriate party's address Oil page 1 of this Security Instrument, or to any other address designated ÍII 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 exernptioll rights relating to the Property. 25. OTHER. TERMS. If chec.lçed, the following are applicable to this Security Instrument: o 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.. . . 0 Construction Loan. This Security Instrument secures an obligatioll incurred for the cOnstructiOIl of an.. improvement Oil the Property. Q FIXture Filing. Mortgagor grants to Lender a security interest ÍII 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 reproductioll may be filed of record. for purposes of Article 9 of the Uniform Commertial 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 J Q Condominium Rider 0 Planned Unit Developmerit Rider D Other... ...... ......... ......... ...... .......,............... o Additional Terms. . G\,"""","".c.--..,;.~., SIGNATURES: By signing below, Mortgagor agrees to the terms and covenants contained in this Security Instrument and ÍII any attachments. Mortgagor also acknowledges receipt of a copy of this Security Instrument Oil the. date stated Oil page 1. </ t·~."·."·~""~7·"· ................tfÆøþ ~W/WAM lEEFlE~JNG, (Date) . . . ~ ACKNOWL~=~.. ..tt.r.-.i. f.9..~. ................., COUN:ry, OF '" Cg.~.~.~.~.....: ............ ....} ss. (Individual) This instrument was acknowledged ~re me this ...¡;<~.~....... day of ..~..I~";~'\.."""''''I'''~'9..y.......... ~y·~.·~~~J.,...ires·:,,<,;~. ;::'.'~r....~.. ....:t:..;.~.~...Dn~5¡J£:~. '!;:;.. .t:.:+'''''~t.r:'>-i' ............................... . @' M...CI\.!HERtÑt. '-:~N.Ln " ..,. L.dk..~~,,"",.......... .................. .. ., -~""""c.s....pl-~"· . . '(:O<:þNlP'40 'COÙÑ"rffi;: . M Co"""':· Ir" . 1 O. :2CJ06.. ..~.~.~.~. . ...... .f~....". ..........'i-P.<Y.~6 (SignalT.lIe) DONNAc DAVJS FlEM!NtT '.. G (Date) @,994- Bonk."r5ystems.lnc.. St. Cloud, MN /1-800-397-234-11 Form RE-MTG-WY 11/16/94- (pege 4- of 4J . i¡¡¡¡¡i~~~f¡~¡¡¡r~j: