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HomeMy WebLinkAbout874584 /"'Y. o~/ ð fiE-LEASE 0,. for . ';'~ ll- /)/)11/ Tnø ~ørt ge.ge atnt 'Jc . ;{J If lIQiTUUS $R PM{ ~) (- .~ RECEIVED LINCOLN COUNTY CLERK 814584 o ¡ Jut I 6 fd['111: 26 ,.!E;\Ni',IE 'l/þ,GNEH IŒMMEREH, vFrOMING BOOK 4(HiPRPAGE G 4 8 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 Pl.1.~-~.QQ1.................................... and the parties, their addresses and tax identification numbers, if required, are as follows: MORTGAGOR: ROBERT ROBERTS AND KIM ROBERTS, HUSBAND AND WIFE DŒKæŒ COUNTY RD. 148 A1IIIßDm:JŒlXX4Œ. SMOOT, WY 83126 o If checked, refer to the attached Addendum incorporated herein, for additional Mortgagors, their signatures and acknowledgments. LENDER: THE BANK OF STAR VAllEY 384 WASHINGTON STREET PO BOX 8007 AFTON, WY 83110 83-031510 I 2. CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debt (defmed below) and Mortgagor's performance under this Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with power of sale, the following described property: See attached Schedule C for Legal Descriptiop. The property is located in ..,...............................................,....,......,........ at ...... . .. . . . . . , , . . . . . . , . . .. .. . . . . . . . . . . . . . .. . . . . (County) . .. ... .. . ... ... ... ... .. . .., .. . .. . .. , ... ... .. . ... ... '" ... .. , ..., ...................................................., Wyoming ....................... (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 in the future, be part of the real estate described above (all referred to as "Property"). 3. MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at anyone time shall not exceed $ ~.Q,P.QQ,.QQ......."................................. . This limitaÙon of amount does not include interest and other fees and charges validly made pursuant to this Security Instrument, Also, this limitation does not apply to advances made under the terms of this Security Instrument to protect Lender's security ahd to perform any of the covenants contained in this Security Instrument. 4. SECURED DEBT AND FUTURE ADVANCES. The term "Secured Debt" is defined as follows: A. Debt incurred under the terms of all promissory note(s), contract(s), guaranty(s) or other evidence of debt described below and all their extensions, renewals, modifications or substitutions. (When referencing the debts below it is suggested that you include items such as borrowers' names, note amounts, interest rates, maturity dates, etc.) PROMISSORY NOTE DATED 7/13/2001 IN THE AMOUNT OF $40,000,00 WYOMING - MORTGAGE (NOT FOR FNMA, FHLMC, FHA OR VA USE) ©1994 Bankers Systems. Inc., St. Cloud, MN I1-BOO-397-2341) Form RE-MTG-WY 11/1 B/94 - - (page 1 of 4) - (17 }O ~ 96edJ v6/81111 AM-D.lIlll-31! WJO~ II v&1:-L6&-008- L) NIIII 'pnol:> '¡S "~ul"W8¡'ÅS "8~U'a v661@ 1 . Mal aJqa:>ndda pua sasaai alp 10 smla~ alp lp!M Aldwo:J o~ ~mma~ Aua al!nbal pUt! u!a~u!aw o~ saalj'Ja oSIa 10j'Jaj'J~lOW . 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I..." ''',\ , - - - r· I U ~3t7 L\~í~:1f~ G50 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. I 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 defined as "hazardous material," "toxic substances," "hazardous waste" or "hazardous substance" under any Environmental Law. Mortgagor represents, warrants and agrees that: A. Except as previously disclosed and acknowledged in 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 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 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 immediately by Mortgagor. Unless otherwise agreed in writing, all insurance proceeds shall be applied to the restoration or repair of the Property or to the Secured Debt, whether or not then due, at Lender's option. Any application of proceeds to principal shall not extend or (page 3 of 4) ©1994 Bank_Inc., St. Cloud, MN (1-800-397-23411 Form RE-MTG-WY. - (ý )0 ý aBed) 10'6/8 ~n ~ AM- . a¡IAs ".~u.a 10'66 ~@ " .............. .., '.' ... ... ... ...~~!!~'7!.~~~t:I~ rit....... ... ... . ........... ......................... . ..... ,~....... ......... 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C' q-".l.. , {;) l\. t7 r:"~ " J ~ f·_{ \ '') '. , - - - SOUTHUJEST TITLE CO. Jul 12 '01 15: 15 F', 03/03 ALT A COMMITMENT - 1982 - WY ,.... r.: r) uJ!:.. ij, )!\.>~"j I'i.'~' ~)4 di t ~'I:~U ' Commitment No.: FA 7927 OM SCHED{,¡'LE C The 1and referred to in this commitment is situated in the State of Wyoming, County of Lincoln, and is described as follows: A portion of the property referred to in the Deed recorded in Book 399PR on page 525 of the records of the Lincoln County Clerk within the sw~SW~ of Section 31, T31N R118W of the 6th P.M., Lincoln County 1 wyoming being more particularly described as follows: BEGINNING at the B.L.M. type Monument marking the Northwest Corner of said S~~SW1Á; thence S 89"40128" E, along the North line of said SW?{SW;'\, 627.35 feet; thence S 0°45/25" W, 623.04 feet, thence West 627.65 feet to a point in the West line of said S~ÁSW~i thence N 0°46/50" EI along said West line 1 626.61 feet to the POINT OF BEGINNING. LESS AND EXCEPT any land contained in Warr~1ty Deed recorded July 21, 1997 in Book 399PR on page 540 of the records of the Lincoln County Clerk, 11/91 - - -