HomeMy WebLinkAbout932681
RECORDATION REQUESTED BY:
1 st Bank
Pinedale
221 East Pine St.
P.O. Box 1510
Pinedale, WY 82941
RECEIVED 8/31/2007 at 12:17 PM
RECEIVING # 932681
BOOK: 670 PAGE: 695
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
WHEN RECORDED MAIL TO:
1st Bank
Pinedale
221 East Pine St.
P.O. Box 1510
Pinedale, WY 82941
SEND TAX NOTICES TO:
1 st Bank
Pinedale
221 East Pine St.
P.O. Box 1510
Pinedale, WY 82941
000695
SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY
<f- '!
-7 J ' ¡ / ,"¡
..~.-c
CONSTRUCTION MORTGAGE
THIS MORTGAGE dated April 13, 2007, is made and executed between Diann Kleeman, whose address is 341
Monroe Street, Afton, WY 83110 (referred to below as "Grantor") and 1st Bank, whose address is 221 East Pine
St., P.O. Box 1510, Pinedale, WY 82941 (referred to below as "Lender").
GRANT OF MORTGAGE. For valuable consideration, Grantor mortgages and conveys to Lender all of Grantor's right, title, and interest in and to
the following described real property, together with all existing or subsequently erected or affixed buildings, improvements and fixtures; all
easements, rights of way, and appurtenances; all water, water rights, watercourses and ditch rights (including stock in utilities with ditch or
irrigation rights); and all other rights, royalties, and profits relating to the real property, including without limitation all minerals, oil, gas,
geothermal and similar matters, (the "Real Property") located in Lincoln County, State of Wyoming:
LOT 48 OF ROCKBRIDGE MEADOWS FIRST ADDITION TO THE TOWN OF AFTON, LINCOLN COUNTY,
WYOMING AS DESCRIBED ON THE OFFICIAL PLAT FILED ON JULY 14, 2005 AS INSTRUMENT NO. 909983
OF THE RECORDS OF THE LINCOLN COUNTY CLERK.
The Real Property or its address is commonly known as Rock Bridge Subdivision, 1 st Addition, Lot 48, Afton, WY
83110.
Grantor presently assigns to lender all of Grantor's right, title, and interest in and to all present and future leases of the Property and all Rents
from the Property. In addition, Grantor grants to lender a Uniform Commercial Code security interest in the Personal Property and Rents.
THIS MORTGAGE, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY, IS
GIVEN TO SECURE (A) PAYMENT OF THE INDEBTEDNESS AND (B) PERFORMANCE OF ANY AND ALL OBLIGATIONS UNDER THE NOTE,
THE RELATED DOCUMENTS, AND THIS MORTGAGE. THIS MORTGAGE, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY
INTEREST IN THE RENTS AND PERSONAL PROPERTY, 15 ALSO GIVEN TO SECURE ANY AND ALL OF GRANTOR'S OBLIGATIONS UNDER
THAT CERTAIN CONSTRUCTION LOAN AGREEMENT BETWEEN GRANTOR AND LENDER OF EVEN DATE HEREWITH. ANY EVENT OF
DEFAULT UNDER THE CONSTRUCTION LOAN AGREEMENT, OR ANY OF THE RELATED DOCUMENTS REFERRED TO THEREIN, SHALL ALSO
BE AN EVENT OF DEFAULT UNDER THIS MORTGAGE. THIS MORTGAGE IS GIVEN AND ACCEPTED ON THE FOllOWING TERMS:
PA YMENT AND PERFORMANCE. Except as otherwise provided in this Mortgage, Grantor shall pay to lender all amounts secured by this
Mortgage as they become due and shall strictly perform all of Grantor's obligations under this Mortgage.
CONSTRUCTION MORTGAGE. This Mortgage is a "construction mortgage" for the purposes of Sections 9-334 and 2A-309 of the Uniform
Commercial Code, as those sections have been adopted by the State of Wyoming.
POSSESSION AND MAINTENANCE OF THE PROPERTY. Grantor agrees that Grantor's possession and use of the Property shall be governed by
the following provisions:
Possession and Use. Until the occurrence of an Event of Default, Grantor may (1) remain in possession and control of the Property; (2)
use, operate or manage the Property; and (3) collect the Rents from the Property.
Duty to Maintain. Grantor shall maintain the Property in good condition and promptly perform all repairs, replacements, and maintenance
necessary to preserve its value.
Compliance With Environmental Laws. Grantor represents and warrants to lender that: (1) During the period of Grantor's ownership of
the Property, there has been no use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous
Substance by any person on, under, about or from the Property; (2) Grantor has no knowledge of, or reason to believe that there has
been, except as previously disclosed to and acknowledged by lender in writing, (a) any breach or violation of any Environmental laws,
(b) any use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous Substance on, under,
about or from the Property by any prior owners or occupants of the Property, or (c) any actual or threatened litigation or claims of any
kind by any person relating to such matters; and (3) Except as previously disclosed to and acknowledged by lender in writing, (a) neither
Grantor nor any tenant, contractor, agent or other authorized user of the Property shall use, generate, manufacture, store, treat, dispose of
or release any Hazardous Substance on, under, about or from the Property; and (b) any such activity shall be conducted in compliance
with all applicable federal, state, and local laws, regulations and ordinances, including without limitation all Environmental laws. Grantor
authorizes lender and its agents to enter upon the Property to make such inspections and tests, at Grantor's expense, as lender may deem
appropriate to determine compliance of the Property with this section of the Mortgage. Any inspections or tests made by lender shall be
for lender's purposes only and shall not be construed to create any responsibility or liability on the part of lender to Grantor or to any other
person, The representations and warranties contained herein are based on Grantor's due diligence in investigating the Property for
Hazardous Substances. Grantor hereby (1) releases and waives any future claims against lender for indemnity or contribution in the
event Grantor becomes liable for cleanup or other costs under any such laws; and (2) agrees to indemnify, defend, and hold harmless
lender against any and all claims, losses, liabilities, damages, penalties, and expenses which lender may directly or indirectly sustain or
suffer resulting from a breach of this section of the Mortgage or as a consequence of any use, generation, manufacture, storage, disposal,
release or threatened release occurring prior to Grantor's ownership or interest in the Property, whether or not the same was or should
have been known to Grantor. The provisions of this section of the Mortgage, including the obligation to indemnify and defend, shall survive
the payment of the Indebtedness and the satisfaction and reconveyance of the lien of this Mortgage and shall not be affected by lender's
acquisition of any interest in the Property, whether by foreclosure or otherwise.
Nuisance, Waste. Grantor shall not cause, conduct or permit any nuisance nor commit, permit, or suffer any stripping of or waste on or to
the Property or any portion of the Property, Without limiting the generality of the foregoing, Grantor will not remove, or grant to any other
party the right to remove, any timber, minerals (including oil and gasl, coal, clay, scoria, soil, gravel or rock products without lender's prior
written consent.
Removal of Improvements. Grantor shall not demolish or remove any Improvements from the Real Property without lender's prior written
consent, As a condition to the removal of any Improvements, lender may require Grantor to make arrangements satisfactory to lender to
replace such Improvements with Improvements of at least equal value.
Lender's Right to Enter. lender and lender's agents and representatives may enter upon the Real Property at all reasonable times to attend
to lender's interests and to inspect the Real Property for purposes of Grantor's compliance with the terms and conditions of this Mortgage.
Compliance with Governmental Requirements. Grantor shall promptly comply with all laws, ordinances, and regulations, now or hereafter
in effect, of all governmental authorities applicable to the use or occupancy of the Property. Grantor may contest in good faith any such
law, ordinance, or regulation and withhold compliance during any proceeding, including appropriate appeals, so long as Grantor has notified
, J
cK
Loan No: 554002 754
MUH I ûAGE
(Continued)
000696
Page 2
Lender in writing prior to doing so and so long as, in Lender's sole opinion, Lender's interests in the Property are not jeopardized. Lender
may require Grantor to post adequate security or a surety bond, reasonably satisfactory to Lender, to protect Lender's interest.
Duty to Protect. Grantor agrees neither to abandon or leave unattended the Property. Grantor shall do all other acts, in addition to those
acts set forth above in this section, which from the character and use of the Property are reasonably necessary to protect and preserve the
Property.
CONSTRUCTION LOAN. If some or all of the proceeds of the loan creating the Indebtedness are to be used to construct or complete
construction of any Improvements on the Property, the Improvements shall be completed no later than the maturity date of the Note (or suc.h
earlier date as Lender may reasonably establish) and Grantor shall pay in full all costs and expenses in connection with the work. Lender will
disburse loan proceeds under such terms and conditions as Lender may deem reasonably necessary to insure that the .interest created by. this
Mortgage shall have priority over all possible liens, including those of material suppliers and workmen. Lender may require, among other things,
that disbursement requests be supported by receipted bills, expense affidavits, waivers of liens, construction progress reports, and such other
documentation as Lender may reasonably request.
TAXES AND LIENS. The following provisions relating to the taxes and liens on the Property are part of this Mortgage:
Payment. Grantor shall pay when due (and in all events prior to delinquency) all taxes, payroll taxes, special taxes, assessments, water
charges and sewer service charges levied against or on account of the Property, and shall pay when due all claims for work done on or for
services rendered or material furnished to the Property. Grantor shall maintain the Property free of any liens having priority over or equal to
the interest of Lender under this Mortgage, except for those liens specifically agreed to in writing by Lender, and except for the lien of taxes
and assessments not due as further specified in the Right to Contest paragraph.
Right to Contest. Grantor may withhold payment of any tax, assessment, or claim in connection with a good faith dispute over the
obligation to pay, so long as Lender's interest in the Property is not jeopardized. If a lien arises or is filed as a result of nonpayment,
Grantor shall within fifteen (15) days after the lien arises or, if a lien is filed, within fifteen (15) days after Grantor has notice of the filing,
secure the discharge of the lien, or if requested by Lender, deposit with Lender cash or a sufficient corporate surety bond or other security
satisfactory to Lender in an amount sufficient to discharge the lien plus any costs and reasonable attorneys' fees, or other charges that
could accrue as a result of a foreclosure or sale under the lien. In any contest, Grantor shall defend itself and Lender and shall satisfy any
adverse judgment before enforcement against the Property. Grantor shall name Lender as an additional obligee under any surety bond
furnished in the contest proceedings.
Evidence of Payment. Grantor shall upon demand furnish to Lender satisfactory evidence of payment of the taxes or assessments and shall
authorize the appropriate governmental official to deliver to Lender at any time a written statement of the taxes and assessments against
the Property.
Notice of Construction. Grantor shall notify Lender at least fifteen (15) days before any work is commenced, any services are furnished, or
any materials are supplied to the Property, if any mechanic's lien, materialmen's lien, or other lien could be asserted on account of the
work, services, or materials. Grantor will upon request of Lender furnish to Lender advance assurances satisfactory to Lender that Grantor
can and will pay the cost of such improvements.
PROPERTY DAMAGE INSURANCE. The following provisions relating to insuring the Property are a part of this Mortgage:
Maintenance of Insurance. Grantor shall procure and maintain policies of fire insurance with standard extended coverage endorsements on
a replacement basis for the full insurable value covering all Improvements on the Real Property in an amount sufficient to avoid application
of any coinsurance clause, and with a standard mortgagee clause in favor of Lender. Policies shall be written by such insurance companies
é;nd in such form as may be reasonably acceptable to Lender. Grantor shall deliver to Lender certificates of coverage from each insurer
containing a stipulation that coverage will not be cancelled or diminished without a minimum of thirty (30) days' prior written notice to
Lender and not containing any disclaimer of the insurer's liability for failure to give such notice. Each insurance policy also shall include an
endorsement providing that coverage in favor of Lender will not be impaired in any way by any act, omission or default of Grantor or any
other person. Should the Real Property be located in an area designated by the Director of the Federal Emergency Management Agency as
a special flood hazard area, Grantor agrees to obtain and maintain Federal Flood Insurance, if available, for the full unpaid principal balance
of the loan and any prior liens on the property securing the loan, up to the maximum policy limits set under the National Flood Insurance
Program, or as otherwise required by Lender, and to maintain such insurance for the term of the loan,
Application of Proceeds. Grantor shall promptly notify Lender of any loss or damage to the Property if the estimated cost of repair or
replacement exceeds $1,000.00. Lender may make proof of loss if Grantor fails to do so within fifteen (15) days of the casualty. Whether
or not Lender's security is impaired, Lender may, at Lender's election, receive and retain the proceeds of any insurance and apply the
proceeds to the reduction of the Indebtedness, payment of any lien affecting the Property, or the restoration and repair of the Property. If
Lender elects to apply the proceeds to restoration and repair, Grantor shall repair or replace the damaged or destroyed Improvements in a
manner satisfactory to Lender. Lender shall, upon satisfactory proof of such expenditure, payor reimburse Grantor from the proceeds for
the reasonable cost of repair or restoration if Grantor is not in default under this Mortgage. Any proceeds which have not been disbursed
within 180 days after their receipt and which Lender has not committed to the repair or restoration of the Property shall be used first to pay
any amount owing to Lender under this Mortgage, then to pay accrued interest, and the remainder, if any, shall be applied to the principal
balance of the Indebtedness. If Lender holds any proceeds after payment in full of the Indebtedness, such proceeds shall be paid to Grantor
as Grantor's interests may appear.
LENDER'S EXPENDITURES. If Grantor fails (A) to keep the Property free of all taxes, liens, security interests, encumbrances, and other claims,
(S) to provide any required insurance on the Property, or (C) to make repairs to the Property then Lender may do so. If any action or
proceeding is commenced that would materially affect Lender's interests in the Property, then Lender on Grantor's behalf may, but is not
required to, take any action that Lender believes to be appropriate to protect Lender's interests. All expenses incurred or paid by Lender for
such purposes will then bear interest at the rate charged under the Note from the date incurred or paid by Lender to the date of repayment by
Grantor. All such expenses will become a part of the Indebtedness and, at Lender's option, will (A) be payable on demand; (S) be added to
the balance of the Note and be apportioned among and be payable with any installment payments to become due during either (1) the term of
any applicable insurance policy; or (2) the remaining term of the Note; or (C) be treated as a balloon payment which will be due and payable
at the Note's maturity. The Mortgage also will secure payment of these amounts. The rights provided for in this paragraph shall be ,in addition
to any other rights or any remedies to which Lender may be entitled on account of any default, Any such action by Lender shall not be
construed as curing the default so as to bar Lender from any remedy that it otherwise would have had,
WARRANTY; DEFENSE OF TITLE. The following provisions relating to ownership of the Property are a part of this Mortgage:
Title. Grantor warrants that: (a) Grantor holds good and marketable title of record to the Property in fee simple, free and clear of all liens
and encumbrances other than those set forth in the Real Property description or in any title insurance policy, title report, or final title opinion
issued in favor of, and accepted by, 'Lender in connection with this Mortgage, and (b) Grantor has the full right, power, and authority to
execute and deliver this Mortgage to Lender.
Defense of Title. Subject to the exception in the paragraph above, Grantor warrants and will forever defend the title to the Property against
the lawful claims of all persons, In the event any action or proceeding is commenced that questions Grantor's title or the interest of Lender
under this Mortgage, Grantor shall defend the action at Grantor's expense. Grantor may be the nominal party in such proceeding, but
Lender shall be entitled to participate in the proceeding and to be represented in the proceeding by counsel of Lender's own choice, and
Grantor will deliver, or cause to be delivered, to Lender such instruments as Lender may request from time to time to permit such
participation.
Compliance With Laws. Grantor warrants that the Property and Grantor's use of the Property complies with all existing applicable laws,
ordinances, and regulations of governmental authorities.
Survival of Promises. All promises, agreements, and statements Grantor has made in this Mortgage shall survive the execution and delivery
of this Mortgage, shall be continuing in nature and shall remain in full force and effect until such time as Grantor's Indebtedness is paid in
full,
CONDEMNATION. The following provisions relating to condemnation proceedings are a part of this Mortgage:
Proceedings. If any proceeding in condemnation is filed, Grantor shall promptly notify Lender in writing, and Grantor shall promptly take
such steps as may be necessary to defend the action and obtain the award. Grantor may be the nominal party in such proceeding, but
Lender shall be entitled to participate in the proceeding and to be represented in the proceeding by counsel of its own choice, and Grantor
will deliver or cause to be delivered to Lender such instruments and documentation as may be requested by Lender from time to time to
permit such participation.
cK
Loan No: 554 002 754
IVlvn I u,",ua;;
(Continued)
. 000699 Page 5
and assigns.
Environmental Laws. The words "Environmental Laws" mean any and all state, federal and local statutes, regulations and ordinances
relating to the protection of human health or the environment, including without limitation the Comprehensive Environmental Response,
Compensation, and Liability Act of 1980, as amended, 42 U.S.C. Section 9601, et seq. ("CERCLA "). the Superfund Amendments and
Reauthorization Act of 1986, Pub. L. No. 99-499 ("SARA "), the Hazàrdous Materials Transportation Act, 49 U.S.C. Section 1801, et seq.,
the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901, et seq., or other applicable state or federal laws, rules, or
regulations adopted pursuant thereto.
Event of Default. The words "Event of Default" mean any of the events of default set forth in this Mortgage in the events of default
section of this Mortgage.
Grantor. The word "Grantor" means Diann Kleeman.
Guaranty. The word "Guaranty" means the guaranty from guarantor, endorser, surety, or accommodation party to Lender, including
without limitation a guaranty of all or part of the Note.
Hazardous Substances. The words "Hazardous Substances" mean materials that, because of their quantity, concentration or physical,
chemical or infectious characteristics, may cause or pose a present or potential hazard to human health or the environment when
improperly used, treated, stored, disposed of, generated, manufactured, transported or otherwise handled. The words "Hazardous
Substances" are used in their very broadest sense and include without limitation any and all hazardous or toxic substances, materials or
waste as defined by or listed under the Environmental Laws. The term "Hazardous Substances" also includes, without limitation, petroleum
and petroleum by-products or any fraction thereof and asbestos.
Improvements. The word "Improvements" means all existing and future improvements, buildings, structures, mobile homes affixed on the
Real Property, facilities, additions, replacements and other construction on the Real Property.
Indebtedness. The word "Indebtedness" means all principal, interest, and other amounts, costs and expenses payable under the Note or
Related Documents, together with all renewals of, extensions of, modifications of, consolidations of and substitutions for the Note or
Related Documents and any amounts expended or advanced by Lender to discharge Grantor's obligations or expenses incurred by Lender to
enforce Grantor's obligations under this Mortgage, together with interest on such amounts as provided in this Mortgage.
Lender. The word "Lender" means 1st Bank, its successors and assigns. The words "successors or assigns" mean any person or
company that acquires any interest in the Note.
Mortgage. The word "Mortgage" means this Mortgage between Grantor and Lender.
Note. The word "Note" means the promissory note dated Apri/13, 2007, in the original principal amount of $218,275.00 from
Grantor to Lender, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and substitutions for
the promissory note or agreement. The maturity date of this Mortgage is December 18, 2007.
Personal Property. The words "Personal Property" mean all equipment, fixtures, and other articles of personal property now or hereafter
owned by Grantor, and now or hereafter attached or affixed to the Real Property; together with all accessions, parts, and additions to, all
replacements of, and all substitutions for, any of such property; and together with all proceeds (including without limitation all insurance
proceeds and refunds of premiums) from any sale or other disposition of the Property.
Property. The word "Property" means collectively the Real Property and the Personal Property.
Real Property. The words "Real Property" mean the real property, interests and rights, as further described in this Mortgage.
Related Documents. The words "Related Documents" mean all promissory notes, credit agreements, loan agreements, environmental
agreements and documents, whether now or hereafter existing, executed in connection with the Indebtedness.
Rents. The word "Rents" means all present and future rents, revenues, income, issues, royalties, profits, and other benefits derived from
the Property.
GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE. AND GRANTOR AGREES TO ITS TERMS.
GRANTOR:
\
xl/,. J l (',^,^~'-cf;i~
Diann Kleeman
\f\, (~ /h
INDIVIDUAL ACKNOWLEDGMENT
STATE OF \.).. ') \.1 Ü'\'I'ì<ý\,~
\
COUNTY OF ~\.o\...\:::},. ~
) SS
)
On this day before me, the undersigned Notary Public, personally appeared Diann Kleeman, to me known to be the individual described in and
who executed the Mortgage, and acknowledged that he or she signed the Mortgage as his or her free and voluntary act and deed, for the uses
and purposes therein mentioned.
Given under my hand and official seal this ' I S'iY'\ day of ,20 D t.
BL.1r>-J"<Y'\Y'Àd A \ IYì\'\. \\h.!u~ ~ Residing at ~\ý\J1 r\ (\\1
Notary Public In and for the State of \ ^-)d I:)"("{\ ì'<\C", My commission expires
\ .J
LASER PRO L.,..ding. Ver. 5.38.00.004 Copr, H...rand Flrumci. SONt!O"', Inc, 1997. 2007. A Righi
, C I\LPt.\OO3.FC TR·,U80
County" State or
Subletll Wyoming
Commfsslon ExpIres December 19. 2009