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HomeMy WebLinkAbout874656 '. tiJ USDA Form RD 1927-1 WY (Rev. 11-97) Position 5 'J (,:,' REAL ESTATE MORTGAGE FOR WYOMING husband and wife Palll J. Etcheverry and Lynne S. Etcheverry, THIS MORTGAGE is made and entered into by Idaho County, WJðmñìg, whose post office . Idaho ' address is 295 South 5th Street, Montpeher ,~rig.: 83254 herein called "Borrower," and the United States of America, acting through the United States Department of Agriculture, herein called the "Government," and: WHEREAS Borrower is indebted to the Government as evidenced by one or more promissory notes or assumption agreements or any shared appreciation or recapture agreement, herein called "note," which has been executed by Borrower, is payable to the order of' the Government, authorizes acceleration of the entire indebtedness at the option of the Government upon any default by Borrower, and is described as follows: residing in Bear Lake Date of Instrument Annual Rate of Interest Principal Amount July 17, 2001 $81,310.00 Due Date of Final Installment 3.75% July 17, 2021 (The interest rate for limited resource farm ownership or limited resource operating loans secured by this instrument may be increased as provided in the Government regulations and the note.) And the note evidences a loan to Borrower, Ilnd the Government, at any time, may assign the note pursuant to the Consolidated Farm and Rural Development Act, or Title V of the Housing Act of 1949 or any other statute administered by the Government; I . And it is the purpose and intent of this instrument that, among other things, at all times when the note is held by the Government, or in the event the Government should assign this instrument, this instrument shall secure payment of the note; And this instrument also secures any amounts due under any Shared Appreciation AgreementJRecapture Agreement entered into pursuant to 7 U.S.C. 2001. NOW, TIlEREFORE, in consideration of the loans and (a) at all times when the note is held by the Government, or in the event the Government should assign this instrument to secure prompt payment of the note and any renewals and extensions thereof and any agreements contained therein, and (b) to secure the prompt payment of ail advances and expenditures made by the Government, with interest, as hereinafter described, and the performance of every covenant and agreement of Borrower contained herein or in any supplementary agreement, Borrower does hereby grant, bargain, sell, convey, mortgage, and assign unto the Government the following property situated in the State of Wyoming, County or Counties of Lincoln . See Exhibit "A" 874656 o>} I\ELIEAS£ 0", f /J j. ..,J.. ); 8 j'-/;//&' Thi. Mqrtg~ge ...!/ ,YkJf MOITtUEi , rr-- ':/, )2 f' 46 (\ (', 0 BOOK_~.:-ª-PR PAGE Ü .J , RECEIVED _INCOLN COUNTY CLERK 01 /lH ¡ 9· f);,; I?· 00 ~"" II !...' ~EA~U\JÇ \"I,'~\GNER hEMME.F;tFi. vVYOMING RD 1927-1 WY (Rev. 11-97) 4 ", :"',\ P"' 1 ' f.' ~ ~'1:,' ?,,¡,<,J (l11i:'(:t~:,,9Ü ~,¡"'¥, ..' ,...... . 'If' ';0", '" 891 ).'. ,'\ together with all rights (including the rights to mining products, gravel, oil, gas, coal or other minerals), interests, easements, hereditaments ;;., 'and appurtenances thereunto belonging, the rents, issues, and profits thereof and revenues, income and insurance proceeds therefrom, all improvements, all water, water rights, water stock and irrigation equipment pertaining thereto, and all payments at any time owing , to Borrower by virtÍJe of any sale, lease, transfer, conveyance, loss by fire or other hazard, or condemnation of any part thereof or interest therein-all of which are herein èalled "the property"; TO HAVE AND TO HOLD the property unto the Government and its assigns forever in fee simple. BORROWER for Borrower's self, Borrower's heirs, executors, administrators, successors and assigns WARRANTS THE TITLE to the property to the Government against all lawful claims and demands whatsoever except any liens, encumbrances, easements, reservations, or conveyances specified hereinabove, and COVENANTS AND AGREES as follows: (1) To pay promptly when due any indebtedness to the Government hereby secured. (2) To pay to the Government such fees and other charges as may now or hereafter be required by Government regulations. (3) If required by the Gövernment, to make additional monthly payments of 1/12 of the estimated annual taxes, assessments, insurance premiums and other charges upon the mortgaged premises. (4) The Government may at any time pay any other amounts including advances for payment of prior or junior liens, required herein to be paid by Borrower and not paid by Borrower when due, as well as any costs and expenses for the preservation, protection, or enforcement of this lien, as advances for Borrower's account. All such advances shall bear interest at the rate borne by the note which has the highest interest rate. (5) All advances by the Government, including advances for payment of prior or junior liens, in addition to any advances required by the terms of the note, as described by this instrument, with interest shall be immediately due and payable by Borrower to the Government without demand at the place designated in the latest note and shall be secured hereby. No such advance by the Government shall relieve Borrower from breach of Borrower's covenant to pay. Any payment made by Borrower may be applied on the note or any indebtedness to the Government secùred hereby, in any order the Government determines. (6) To use the loan evidenced by the note solely for purposes authorized by the Government. (7) To pay when due all taxes, liens, judgments, encumbrances, and assessments lawfully attaching to or assessed against the property, including all charges and assessments in connection with water, water rights, and water stock pertaining to or reasonably necessary to the use of the real property described above, and promptly deliver to the Government without demand receipts evidencing such payments. (8) To keep the property insured as required by and under insurance policies approved by the Government and, at its request, to deliver such policies to the Government. (9) To maintain improvements in good repair and make repairs required by the Government; operate the property in a good and husbandman like manner; comply with such farm conservation practices and fann and home management plans as the Government from time to time may prescribe; and not to abandon the property, or cause or permit waste, lessening or impairment of the security covered hereby, or, without the written consent of the Govemment, cut, remove, or lease any timber, gravel, oil, gas, coal, .or other minerals except as may be neccessary for ordinary domestic purposes. "ij, .' ';) RD 1927-1 WY (11-97), Page 2 \, "".;"," . ,-,.. ............,...;.... ....~... . :~, ~","-r. e2?7/1:f;~~f;' LJ;68 ffii:Xt; '. 892 (10) To comply with all laws, otæ'tiances, and regulatioIis affecting the property. (11) To payor reimburse the Government for ex;p~nses reasonably necessary or incidental to the protection of the lien and priority hereof and to the enforcement of or the compliaµce with, tÞcr,provi~ions hereof and of the note and any supplementary agreement (whether before or after default), including but not limitedtO':çosts of e,vidence of tide to and survey of the property, costs of recording this and other instruments, attorneys fees, trustees' Jees,/coÚri costs, 'and expenses of advertising, selling, and conveying the property. (12) Except as otherwise provided by Go,,~rnmént~egulations, nf~ithei the property nor any portion thereof or interest therein shall be leased, assigned, sold, transferred, or encumberéd~ vqluntlftily or otherwise, without the written consent of the Government. The Government shall have the sole and exclusive:rights ,asÌIipftgågee hçreunder, including but not limited to the power to grant consents, partial releases, subordinations, and satisfaction,and,noins~ie<!,holder shall have any right, title or interest in or to the lien or any benefits hereof. '. . > , " ", ' . -\', . (13) At all reasonable times the Government and its agents may inspect the property to ascertain whether the covenants and agreements contained herein or in any supplementary agreement are being performed. (14) The Government may (a) adjust the interest rate, payment, terms or baìance due on the loan, (b) increase t1)e mortgage by an amount equal to deferred interest on the outstanding principal balance, (c) extend or defer the maturity of, and renew and reschedule the payments on, the debt evidenced by the note or any indebtedness to the Government secured by this instrument, (d) release any party who is liable under the note or for the debt from liability to the Government, (e) release portions of the property and subordinate its lien, and (t) waive any other of its rights under this instrument. Any and all this can and will be done without affecting the lien or the priority of this instrument or Borrower's or any other party's liability to the Government for payment of the note or debt secured by this instrument unless the Government says otherwise in writing. HOWEVER, any forbearance by the Government-whether once or often-in exercising any right or remedy under this instrument, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. (15) If at any time it shall appear to the Government that Borrower may be able to obtain a loan from a production credit association, a Federal land bank, or other responsible cooperative or private credit source, at reasonable rates and tenns for loans for similar purposes and periods of time, Borrower will, upon the Government's request, apply for and accept such loan in sufficient amount to pay the note and any indebtedness secured hereby and to pay for any stock necessary to be purchased in a cooperative lending agency in connection with such loan. (16) Default hereunder shall constitute default under any other real estate, or under any personal property or other security instrument held by the Government and executed or assumed by Borrower, and default under any such other security instrument shall constitute default hereunder. (17) SHOULD DEFAULT occur in the performance or discharge of any obligation in this instrument or secured by this instrument, or should the parties named as Borrower die or be declared incompetent, or should anyone of the parties named as Borrower be discharged in bankruptcy or declared an insolvent, or make an assignment for the benefit of creditors, the Government, at its option, with or without notice may: (a) declare the entire amount unpaid under the note and any indebtedness to the Government hereby secured immediately due and payable, (b) for the account of Borrower incur and pay reasonable expenses for repair or maintenance of and take possession of, operate or rent the property, (c) collect the rentals and other income and profits from the property and apply it against the secured indebtedness, whether or not a receiver shall have been appointed, but shall not be required or be liable for failure to collect rent or other income, and shall be held accountable for only such amounts as are actually received, (d) upon application by it and production of this mortgage, without other evidence and without notice of hearing of said application, have a receiver appointed for the property, with the usual powers of receivers in like cases, (e) foreclose this instrument as provided herein or by law, (f) require Borrower to surrender to the Government any and all abstracts of title then owned by Borrower covering all or any part of the property, and (g) enforce any and all other rights and remedies provided herein or by present or future law. (18) The proceeds of foreclosure sale sh~l be applied in the following order to the payment of: (a) costs and expenses incident to enforcing or complying with the provisions hereof, (b) any prior liens rMuired by law or a competent court to be so paid, (c) the debt evidenced by the note and all indebtedness to the Government secured hereby, (d) inferior liens of record required by law or a competent court to be so paid, (e) at the Government's option, any other indebtedness of Borrower owing to the Government, and (t) any balance to Borrower. At foreclosure or other sale of all of any part of the property, the Government and its agents may bid and purchase as a stranger and may pay the Government's share of the purchase price by crediting such amount on any debts of Borrower owing to the Government, in the order prescribed above. (19) Borrower agrees that the Government will not be bound by any present or future laws, (a) providing for valuation or appraisal of the property, (b) prohibiting maintenance of an action for a deficiency judgment or limiting the amount thereof or the time within which such action may be brought, (c) prescribing any other statute of limitations, (d) allowing any right of redemption or possession following any foreclosure sale, (e) requiring possession of the property or appointment of a receiver before the Government is entitled to rents, or (t) limiting the conditions which the Government may by regulation impose, including the interest rate it may charge, as a condition of approving a transfer of the property to a new Borrower. Borrower expressly waives the benefit of any such State laws. Borrower hereby releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. (20) If any part of the loan for which this instrument is given shall be used to finance the purchase, construction or repair of property to be used as an owner-occupied dwelling (herein called "the dwelling") and if Borrower intends to sell or rent the dwelling and has obtained the Government's consent to do so (a) neither Borrower nor anyone authorized to act for Borrower will after receipt of a bona fide offer, refuse to negotiate for the sale or rental of the dwelling or will otherwise make unavailable or deny the dwelling to anyone because of race, color, religion, sex, handicap, familial status, age or national origin, and (b) Borrower recognizes as illegal and hereby disclaims, and will not comply with or attempt to enforce any restrictive covenants on the dwelling relating to race, color, religion, sex, handicap, familial status, age or national origin. RD 1927-1 WY (11-97), Page 3 ,tr;'... 4 ~.:", .'¡ 1",';1 I.'llr;t~; 4 :,,:) ".-" '.., . ". -..,"..,1 ~ 893 (21) Borrower further agrees that the loan proceeds secured by this instrument will be in default should any loan proceeds be used for a purpose that will contribute to excessive erosion of highly erodible land or to the conversion of wetlands to produce an agricultural commodity, as prohibited by 7 C.F.R. part 1940, subpart G. (22) At the option of the Government this mortgage may be foreclosed by action or advertisement under Power of Sale as provided by law and Statute, and Borrower here irrevocably vests in the Government the statutory Power of Sale. . (23) Borrower hereby assigns to the Government all borrower's rights under Wyoming Statutes 34-4-113 to surplus proceeds and/or surplus money remaining after sale of the property under statutory Power of Sale or any foreclosure sale or similar sale exercised by any foreclosing party or other party and hereby waives any claim against the officer or person making such sale for paying said surplus on demand of the Government. (24) Borrower hereby assigns or waives in favor of the Government all grazing privileges, permits, licenses, or leases appurtenant to or used in connection with said land, and Borrower further covenants and agrees to execute any and all forms and documents that may be necessary and/or required by Government to effect said assignment or waiver and further covenants and agrees to procure renewals thereof prior to their expiration and to pay all fees and charges and to perform all acts and do all things necessary to keep and preserve all said grazing rights and renewals thereof, and in the event of the failure of Borrower to do any of these things the Government may do so on behalf of Borrower, including advancing such sums as may be necessary for this purpose, and such funds advanced shall be secured by this instrument. (25) If any provision of this instrument or application thereof to any person or circumstances is held invalid, such invalidity will not affect other provisions or applications of the instrument which can be given effect without the invalid provision or application, and to that end the provisions hereof are declared to be severable. (26) This instrument shalI be subject to the present regulations of the Government, and to its future regulations not inconsistent with the express provisions hereof. (27) Notices given hereunder shall be sent by certified mail, unless otherwise required by law, and addressed, unless and until some other address is designated in a notice so given, in thecase of the Governmenlto Farm Service Agency PO Box 369, Afton, WY 83110 , and in the case of Borrower at the address shown in the Government's Finance Office records (which nonnally will be the same as the post office shown above). IN WITNESS WHEREOF, Borrower has hereunto set Borrower's hands and se~ July ,JUt 2001 , :,~ r¡ /:;)/-1, " .I VtJcu. 17th day of ," ACKNOWLEDGMENT STATEOF~G Idaho } '" COUNTY OF Bear Lake The foregoing instrument was acknowledged before me by PAUL J. ETHEVERRY and LYNNE S. ~TCHEVERRY, husband and wife , this 17th day of .7111 Y , W ..2..0..0.1 . My commission expires: 17.-01_06 \\\ltllll'"" ", .., 8~ I" ", 'I.Þ.1 c;Q '" ", "-"\'UII,,,, ~ '" ! ..........."'0" T ~~"",,'-,'-' \ ... ~~ -:. øø ::!~ '-" ~ f ~es~ing : \....... i: - -:.~V CJ~ - ~ -.., 8' ,. $ :: -:; ..ft I"" \.II \ ,.............. ~ , "~tr... 'Il \\' 0... <."~ '"1111''''''' ..~ '" , -.,... ....". ,'" ""I 'I: OF ,Or ,,' '" \\' 1IIIIiII\l\\\\ Notary Public. Witness my hand and official seal. (SEAL) RD 1927-1 WY (11-97), Page 4 (;t :~ ~;'I I'~,~ /~ ,~' ,t,~; (';, .,.' ,,_, , ' !t ' ). '-.," 't", Exhibit "A" All lands located in ~incoln county, Wyoming: 894' Parcel 1 Township 26 North, Range 120 West· Sectìon 1: Lots 3 and 4 ~ESS AND EXCEPT that parcel of land deeded to Lincoln County, Wyoming in the Warranty Deed recorded August 4, 1939 in Book 21 of Deeds on page 185 of Lincoln County public records Parcel 2 Township 26 North, Range 120 West Section 12: The NEt LESS AND EXCEPT that parcel of land déeded to Lincoln County, Wyoming in the warranty Deed recorded August 4, 1939 in Book 21 of Deeds on page 186 of Lincoln County public records Parcel 3 Township 26 North, Section 13: Lots deeded to Lincoln August 4, 1939 in public records Range 120 West 1 ,2,3,4 LESS AND EXCEPT that parcel of land County, Wyoming in the Warranty Deed recorded Book 21 of Deeds on page 185 of Lincoln County Parcel 4 Township 27 Section 4: Section 5: Section 8: Also known North, Range 118 West Lots 3 and 4; S~Nwt; Lots 1 and 2; SiNEf; E-!NEt; NEtSEt a~Resurvey Tract 39 NtSwt; swtswt NwtSEii SEisEt Parcel 5 Township 27 North, Range 118 West Section 6: Lot 4 also known as Resurvey Tract 45 Parcel 6 Township 27 North, Range 118 West Section 7: Lot 3 also known as Resurvey Tract 47 Parcel 7 Township 27 North, Range 118 West Section 18: Lot 1} SEtNEti WiNE!; E~Nwt; E!swi; NwtSEti E~SEt Section 19: Lot 1, ~~N~t; NwtNEf; NEfNWi Also known as Resurvey Tract 56 Parcel 8 Township 27 North, Range 118 West Section 8: SEisw!; N~SEtSEt Section 17: NEiNWt; That part of the N~NE..t lying west of the easement to the United states of America as described in the Exclusi ve ~oad Easement recorded April 4, 1973 in Book 104PR on page 117 of the Lincoln County pUblic records Also known. as part of Resurvey Tract 49 (Continued) ~~ . , I"" . "~':(~r.~'~~ Ür:rf,!.:t'(Jì~]\:) Exhibit "A" Continued " ~. Parc.el 9 Township 27 Section 1: Section 12: Section 13: Section 24: North, Range 119 West ~ots 12,13,15,22, s!swt Lots 1,5,7,10,11,12 and 18 Lots 1,8,9 and 16 Lots 1,8,9 and 16 "'19"5 ü Parcel 10 Township 27 North, Range 118 West Section 18:· Lot 2, also known as Resurvey Tract 58 i swtSEt also known as Resurvey Tract 57 Parcel 11 Township 28 North, Range 118 West Section 31: Lot 3, also known as Resurvey Tract 72 Parcel 12 Township 27 North, Range 118 West section 8: N~swii swtswt Section 17: NWiNwt Also known as Resurvey Tract 48 Parcel 13 Township 27 Section 17: (Also' known North, Range 118 West S~NWti E~SW'¡ as Resurvey Tract 54 Parcel 14 Township 27 North, Range 118 West Section 17: ,wiswt ' Section 20: Nwt; Niswt Also known as Resurvey Tract 55 Parcel 15 Township 26 North, Range 120 west Section 12: lots 1,2,3 and 4 LESS AND land deeded to 1:..incoln County, Wyoming recorded Àugust 4, ,1939 in Book 21 of Lincoln County public records EXCEPT that parcel of in the Warranty Deed Deeds on page 185 of ,STATE OF WYOMING - LEASE NO. 3~7717G Township 26 North, Raoge 119 West Section 16: All 'ot ,íJßI ,j!