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HomeMy WebLinkAbout876059 f::~ E C: E I V E D State of Wyoming Sp~i, ::e Above T~s kke For Recor~g Dafa MORTGAGE (With Future Advance ClauseS. 1. DATE A~ PARTIES. The date of this ~Mortgage (Security Instrument) is ~.~'J.~-g.q~l .................................... and ~e parties, their addresses and tax identification~umbers, if required, are as follcws: MORTGAGOR: 80SS MABLE H, ~[ELD, HUSBAND A~D WIFE 65 NIELD AVENUE AFTON, WY 83110 [] If checked, refer to the attached A~tdendum incorporated herein, for additional Mortgagors, their signatures and acknowledgments. LENDER: THE BAIYK OF STAff VALLEY 384 WASHINGTON STREET PO BOX 8007 AFTON, WY 83110 83-0315143 2. CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debt (defined below) and Mor. lgagor's performance under this Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender,'.with power of sale, the followin~ described property: SEE SOHEOULE "0" AIIAOItEO HEflEI0 AND MADE A PART HEREOF. The property is located in ................................ [.1~.6.0..[~. ..... at 85 NIELD AVENUE ~ (County) ......................................... ..... : ................ , . AFTO'r~ · ', 83110 ................................... Wyoming ....................... (Address) (CitT) (ZIP Code) Together with all rights, easements, appurt~mances, royalties, mineral rights, oil and gas rights, all water and riparian rights, ditches, and water stock and all existing ar,.d future improvements, structure, s, fixtures, and replacements that may now, or at any time in the future, be part of the real est~.:e described above. (all referred to as "Property"). 3.~ MAXIMUM OBLIGATION LIMIT. The ':otal principal amount secured by this Security Instrument at any one time shall not exceed $ .s.q pqo.o0. ....................................... This limitation of amount does not include interest and other fees and charges validly made pursuant to this Sem:',}ity Instrument. Also, this limitation does not apply to advances made under the terms of this Security Instrument to protec!: Lender's security and to perform any of the covenants contained in this Security Instrument. ,, ' 4. SECURED DEBT AND FUTURE ADVAI'~CES. The term "Secured Debt; is defined as follows: A. Debt incurred under the terms of al; promissory note(s), contract(sl;, guaranty(s) or other evidence of debt described below and all their extensions, r~newals, modifications or substi::Utions. (When referencing the debts below it is suggested that you include items such as borrowers' names, note amou/?s, interest rates, maturity dates, etc.) PROMISSORY NOTE DATED 9113/2001 IN THE AMOUNT OF ,~9O, OOO.O0 : WYOMING - MORTGAGE (NOT FOR FNMA, FHLMC, FH,:k OR VA USE) . (page I of 4} ~)1994 Bankers Syatems, Inc., St. Cloud, MN (1-800-397-2341) Form RE-MTG-WY 11/18/94 B. All future advances from LenOer. to M~')!rtgagor or other future obligations of Mortgagor to Lender under any pro~nissory note, contract, guaranty, or other evidei~ce of debt executed by Mortgagor in favor of Lender executed after this Security Instrument whether or not this Securit~;i:i!nstrument is specifically referenced. If more than one person signs this Security Instrument, each Mortgagor agrees tha't:;this Security Instrument will secure all future advances and future obligations that are given to or incurred by any one or more Mortgagor, or any one 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 ifuture obligations are secured as if made on the date of this Security Instrument. Nothing in this Security Instrument shai~ constitute a commitment to make additional or future loans or advances in any amount. Any such commitment must be!~greed to in a separate writing. C. All obligations Mortgagor owes tO Leni~er, which may later arise, to the extent not prohibited by law, including, but not limited to, liabilities for overdrafts relati~g to any deposit account agreement between Mortgagor and Lender. D. All additional sums 'advanced and expenses incurred by Lender for i~nsuring, preserving or otherwise protecting the Property and its value and any other g,ms., advanced and expenses incur'red by Lender under the terms of this Security Instrument. This Security Instrument will not secure any oil:zer debt if Lender fails to give any required notice of the right of rescission. 5. PAYMENTS. Mortgagor agrees that all payh~ents under the Secured Debt will be paid when due and in accordance with the terms of the Secured Debt and this Security Ins'trument. 6. PRIOR SECURITY INTERESTS. With' ~:~:gard to any other mortgage, deed of trust, security agreement or other lien document that created a prior security interest:i~rr encumbrance on the Property, Mortgagor agrees: A. To make all payments when due and to i:!~rform or comply with all covenants.' B. To promptly deliver to Lender any noti~;is that Mortgagor receives from the holder. C. Not to allow any modification or exte/~sion of, nor to request any future advances under any note or agreement secured by the lien document without Lender's P:?ior written consent 7. CLAIMS AGAINST TITLE. Mortgagor wi~l:l pay alt 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 impti, ir 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 laboi' or materials to maintain or improve the Property. :. 8. DUE ON SALE OR ENCUMBRANCE. l!i;ender may, at its option, declare the entire balance of the Secured Debt to be immediately dne and payable'upon the creatir:m of, or contract for the creation of, any lien, encumbrance, transfer or sale of the Property. This right is subject to the restrict!!bns imposed by federal law (12 C.F.R. 591), as applicable. This covenant shall run with the Property and shall remain in effeet until the Secured Debt is paid in full and this Security Instrument is released. 9, PROPERTY CONDITION, ALTERATIO15!S 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 Pro~erty free of noxious weeds and grasses. Mortgagor'agrees that the nature of the occupancy and use will not substantially cha!i}ge without Lender's prior written consent. Mortgagor will not permit 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, and of any loss or damage to the Property. Lender or Lender's agents may, at Lender's ~:)ption, enter the Property at any reasonable time for the purpose of inspecting the Property. Lender shall give Mortgagor notit}e 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 PERFORM. If Mortgai:l. or /'ails to perform any duty or any of the covenants contained in this Security Instrument, Lender may, without notice, pe;(form or cause them to be performed. Mortgagor appoints Lender as attorney in fact to sign Mortgagor's name or'pay any a.~nount necessary for performance. Lender's right to perform for Mortgagor shall not create an obligation to pertbrm, and Le~::~er's failure to perform will not preclude Lender from exercising any of Lender's other rights under the law or this Security Insltrument. If any construction on the Property is discontinued or not carried on in a reasonable manner, Lender may take all ~l!eps 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, t~'ile and interest in and to any and all existing or future leases, subleases, and any other written or verbal agreements for thei!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 and future Leases. Mortgagor may collect, receive, enjoy and u:ie the Rents so long as Mortgagor is nt3t-'in default 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 ai:y redemption Period until the Secured Debt is satisfied. Mortgagor agrees that Lender may take actual possession of the p~oPerty, without the necessity of commencing legal action and that actual possession is deemed to occur when Lender, or its age:~.!~!, 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 ans~,' iRents in trust for Lender and will not commingle the Rents with any other funds. Any amounts collected will be applied as pr~,vided in this Security Instrument. Mortgagor warrants that no default exists under the Leases or any applicable landlord/tenant .!aw. Mortgagor also agrees to maintain and require any tenant to comply with the terms of the Leases and applicable law. ' (page 2 of 4) ~)1994 Bankers System~. thC., St. Cloud, MN tl-800-397-234 Form RE-MTG-WY 11/18/94 12. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Mortgagor agrees to comply with the provisions of any lease if this Security Instr'ument is on a leasehold. If the Property includes a unit in a condominS.um or a planned unit development, Mortgfigor will perform all of Mortgagor's duties under the covenants, by-laws, or regulations of the condominium or planned unit development;il 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 occu'~s 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 entit>" Obligated on the Secured Debt or that the prospect of any payment or the value of the Property is impaired.shall also constitute a~ event of default. 14. REMEDIES ON DEFAULT. In some .inst:~[fices, federal and state law will require Lender to provide Mortgagor with notice of the right to cure o.r other notices and m}y establish time schedules for foreclosure actions. Subject to these limitations, if any, Lender may accelerate the Secured De[ff~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 tii'}', agreed fees and charges, accrued interest and principal shall become immediately due and payable, after giving notice if reql).i?ed by law, upon the occurrence of a default or anytime thereafter. In addition, Lender shall be entitled to all the remedies .~i'ovided by law, the terms of the Secured Debt, this Security Instrument and any related documents including, without limitad)n, the power to sell the Property. All exclusive, and the Lender is entitled to ~'i remedies provided at law or equity, remedies are distinct, cumulative and not . whether or not expressly set forth. The acceptance by Lender of any sum in paymer~ii' or partial payment on the Secured Debt after the balance is due or is accelerated or after foreclosure proceedings are.filed' shaill not constitute a waiver of Lender's right to require complete cure of any existing default. By not exercising any remedy on M&:tgagor'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 Lc:nder'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 securit:v!!interest These ex,,enses w i.. *~ ~ · }., ss~ o~cl.t /.I. ZL¢It;5~ l_rom [ne date oi me Davment until paid m full at the lughest interest rate in effect a~ ii~rovided in the terms of the Secured Debt. Mortgagor aerees e~.xpenses incurred by Lender in collecting, ~n~'orcing or protectin~ Lender's riehts and ~,~,~; ........ ~: ,~ ' :Y - . and · · ,'i ~ * c~ ............. ~ UlIUUI tills aecurlty Instrument. ·ms amount may include, but is not limited ~o, reasonable attorneys fees, court costs, and other legal expenses .' This amount does not include attorneys' fees for a salar'idd 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 potenffaiiy 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 Enwronmerltal Law. Mortgagor represents, warrants and agrees thi~'i: A. Except as previously disclosed and_ a~iik:~lowled~,ed in writing to Lender, no Hazardous Substance is or will be located, stored or released on or in the Proper?y; This restriction does not apply to small quantities of Hazardous Substances that are generally recognized to be approprh:('~ for the normal use and maintenance of the Property. B. Except as previously disclosed and adknowledged in writing to Lender, Mortgagor and every tenant have been, are, and shall remain in full compliance with ar~) applicable Environmental Law. C. Mortgagor shall immediately notify l~nder if a release or threatened release of a Hazardous Substance occurs on, nnder or about the Property or there is a :~'i01ation of any Environmental Law concerning the Pi:operty. In such an event, Mortgagor shall take all necessary remed:ial action in accordance with any Environmental Law. D. Mortgagor shall immediately notify L6~ider in writing as soon as Mortgagor has reason to believe there is any pending or threatened investigation, claim, or pr6d!~eding 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 Mortgagc)~is name in any of the above described actions or claims. Mortgagor assigns to Lender the proceeds of any award or claim fo3 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 ~0f 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 io Lender's approval, which shall not be unreasonably withheld. 'If Mortgagor fails to maintain the coverage described above, Lender may, at Lender's optfon, 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 poli,:ies and renewals. If Lender requires, Mortgagor shall immediately give to Lender all receipts of paid premiums and renewal rxotices. Upon loss, Mortgagor shall give immediate notice ~o the insurance carrier and Lender. Lender may make proof of loss ~f. not made immediately by Mortgagor. Unless otherwise agreed in writing, all insm'~ace 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) ©~ 994 Ban~er~ $¥~tem~, Inc., St. Cloud, MN (1-800-397-234! i' ;lSetrn RE-MTG-WY 1 !/18/94 2 5 5 postpone the due date of the scheduled pa3~!:nent nor change the amount of any payment. Any excess will be paid to the Mortgagor. If the Property is acquiied' by Le~der, Mortgagor's right to any insurance policies and proceeds resultir, g from damage to the Property before the acquisitio~i~ :~hall pass to Lender to the extent of the Secured Debt immediately before the acquisition. . !' 19. ESCROW FOR TAXES AND INSURAN,~..E; 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 financial statement or information Lender maY! deem reasonably necessary. Mortgagor agrees to sign, deliver, and file any additional documents or certifications that L~'~!~der may consider necessa~ to perfect, continue, and preserve Mortgagor's obligations under this Security Instrument and L~.mder's lien status on the Property. 21. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. Alt 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 Mortg.~gor's interest in the Property tO secure payment of the Secured Debt and Mortgagor does not agree to be personally liaEle on the Secured Debt. If this Security Instrument secures a guaranty between Lender and Mortgagor, Mortgagor agrees t9 .:iwaive any rights that may prevent Lender from bringing any action or claim against Mortgagor or any party indebted !mlder the obligation. These rights may include, but are not limited to, any anti-deficiency or one-action laws. Mortgago.~ ;.~grees that Lender and any party to this Security Instrument may extend, modify or make any change in the terms of this Sectirity 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; SEYERABiLiTY; 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 ir, ',his 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 Se::::urity Instrument cannot be enforced according to its terms, that section will be severed and will not affect the enforceability: iof the remainder of this Security Instrument. Whenever used, the singular shall include the plural and the plural the singulari, 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. Time is of the essence in this Security Instrument. 23. NOTICE. Unless otherwise required by laW:~ iany 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?}~kis Security Instrument, or to any other address designated in .writing. Notice to one mortgagor will be deemed to be notice to ~;,73 mortgagors. 24. WAIVERS. Except to the extent prohibited ~:~y law, Mortgagor waives any right regarding the marshalling of liens and assets and all homestead exemption rights relating to: !lac Property. 25. OTHER TERMS. If checked, the following ~['are applicable to this Security Instrument: [] Line of Credit. The Secured Debt i~)!!ludes a revolving line of credit ~provision. Although the Secured Debt may be reduced to a zero balance, this Security ]!nstrument will remain in effect until released. [] Construction Loan. This Security Instrument secures an obligation incurred for the construction of an improvement on the Property. . [] 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 ~elated to the Property. This Security Instrument suffices as a financing statement and any carbon, photographic or othili' reproduction may be filed of record for purposes of Article 9 of the Uniform Commercial Code. [] Riders. The covenants and agreemem:i of each of the riders checked below are incorporated into and supplement and amend the terms of this Security Instru::nent. [Check all applicable boxes] [] Condominium Rider [] PlannedtUnit Development Rider [] Other ........................ , ................................ [] Additional Terms. SIGNATURES: By signing below, Mortgagor ~,.grees to the terms and covenants contained in this Security Instrument and in any attachments. Mortgagor also acknowledges recdp~ of a copy of this Security Instrument on the date stated on page 1. (Signature)'ROS$ A. NIELO : i (Date) ( lei (Date) ACKNOWLEDGMENT: ! SZ^Z~ OF .w.y.o.¥l.~ ................................... COUNTY OF ...... ffw.t. ~C,~./.Cl .......................... } ss. o,a~ia,~) This instrument was ac~owledged before me this ........ 1.~T~. ....... day of ~Y~g~.~,.g~.q! ................................. by ROSS A. NIELD~ MABLE H. NIELD, HUSBANd3 AND WIFE . · ......................................... M Commission .... Ex~j~ires June 14 2( '4 II ~1994 Bankers Systeme, Inc., St. Cloud, MN (1-800-397-2341 } Form RE-MTG-WY 11118/94 (page 4 of 4) ALTA COMMITMENT ~ 1982 - WY Commitment No.: FA 8053 M SCHEDULE C The l~d re~rred to in this commitment is,situated in the State of Wyoming, Coun~ of Lincoln, md is described as Allows: Part of Lot 4 of Block $0 of the Afton Townsite, Lincoln County, Wyoming being more particularly'described as follows: BEGINNING at a point 4 rods East of the center of Block 30 and running thence East 7 rods; , thence south 8 rods, more or less, to the right-of-way of the road known as Nield Avenueii and running thence Westerly 7 rods along the said right-of-w~y?; thence North 8 rods, more or less, to the point of beginning. LESS AND EXCEPT any lan:~icontained in Warranty Deed recorded October 2, 1934 in Book 19 of Deeds on page 213 of the records of the Lincoln County Clerk. ALSO BEGINNING at .a point.12. :rods East of the northwest., corner..of..LOt :3~.of:......~:~. said Block 30 and runn]n!:j thence East 14 rods; thence South 8 rods, mo.:![e or less, to the right-cf-way of the road known as Nield Avenu= and running thence 14 rods westerly along the said right-of_way~; thence North 8 rods, more or less, to the point of beginning. LESS AND EXCEPT the land ~'ffontained in Warranty Deed recorded'October 14, 1987 in Book 256PR on page 74 of the records of the Lincoln County Clerk. LESS AND EXCEPT any land contained in Warranty Deed recorded October 2, 1934 in Book 19 of Deeds on page 213 of the records of the Lincoln County Clerk. 11/91