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HomeMy WebLinkAbout933229 /Y \ .t<:J¡/ì l.P'i' tI\ ....I RECEIVED 9/18/2007 at 11 :52 AM RECEIVING # 933229 BOOK: 672 PAGE: 612 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY \. l,j ~r- 00061.2 Space Above This Line For Recording Data l35, 'MORTGAGE DATE AND PARTIES. The date of this Mortgage (Security Instrument) is ~eptember I~ 200The parties and their addresses are: MORTGAGOR: Sitivel'1i Etuate Tonga and Julie P. iI'onga 200 Dayton Drive Cokeville, WY 9J" tlc.f LENDER: Sharon R. Dayton and Barbara D. Perry, Co~trustees of the S. Reed and Lois Dayton Family Trust 245 NOrth Vine, #701 Salt Lake City, Utah 84103 , 1. CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debts and Mortgagor's performance under this Security Instrument, Mortgagor grants, b!"rgains, conveys, mortgages and warrants to Lender, with the power of sale, the following, described property: '."" :;, ~ " . - .~ See Exhibit A for Legal Description The P,roperty is located in ~incoln , County at 200 Dayton Drive, Cokeville, ~';Yorning Together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, all water and riparian rights, wells, 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 rea! estate described (all referred to' as Property). This Security Instrument will remain in effect until the Secured Debts and all underlying agreements have been terminated'in writing by Lender. 2. MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at anyone time $135,000.00 limitation of amount does not include interest and other fees and charges validly ma~e 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 and to perform any of thè covenants contained in this . ~éc'urity Instrument: .' , , ' " " ' Inlt al~' ~G..- 7~r 3. SEC~RED DEBTS. This Securitx' Instrument wili secure the,following Secured Debts: , A. ,Specific Debts. The following debts and all exten~ions, renewals, refinanc;i!1gs, modifications and replacements. A promissory note, No. , " dated Sept. ,2007, from Mortgagor to Lender, with a maximum credit limit of;; 135 ,000. OONith an initial interest rate of 5.75% percent per year maturing on 00061.3 September'JO, 2017. B. Sums Advanced. All sums advanced and expenses incurred by Lender under the terms of this Security Instrument. 4. PAYMENTS. Mortgagor agrees that all 'payments under the Secured Debts will be paid when Que and in accordance with the terms of the Secured Debts and this Security Instrument. 5. 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. I C. No! to allow any modification or extension of, nor to, request any future advances under any note or agreement secured by the lien document withqut Leflder's prior written consent. 6. 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 IJmounts 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. 7. DUE ON SALE. lender may, at its option, declare the entire balance of the Secured Debts to be immediately due and payable upon the creation of, or contract for the creation of, a transfer or sale of the Property. This right is subject to the restrictions imposed by federal law governing the preemption of state due-on-sale laws, as applicable. a. WARRANTIES AND REPRESENTATIONS. Mortgagor has the right and authority to enter into this Security Instrument. The execution and delivery of this Security Instrument will not violate any agreement governing Mortgagor or to which Mortgagor-is a party. 9. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mortgagor will keep the Property in good condition and make all repairs that are reasonably necessary. Mortgagor will 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 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 ¡;tgainst Mortgagor, and of any ,loss or damage to the Property. Lender or lender's agents maÝ, at lender's option, entedhe Property at any reasoñable time for the purpose: of inspecting the Property. lender will give Mortgagor notice at the time of or before an, inspection specifying, a re,asönable purpose for the inspection. Any Inspection of the Property will be entirely for Lender's benefit and Mortgagor will in no way rely on lender's inspection. 10. AUTHORITY !fO PERFORM. If Mortgagor fails to perform' any duty or any of the covenants contained in this Security Instrument, Lender may, without notice, perfor,m 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 will not create an obligation to, perform, and lend!9r'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 grants, bargains, conveys, mortgages and warrants to lender as additional security all the right, title and interest in and to any and all: , " " '-!if ..... - - ""'- - . A.' Existing or future leases, subleases, licenses, guaranties and any other written or, verbal agreements for'tha use and occupancy of any 'portion of th.e Property,. il)cluding any extensions" ranewals, modifications or" ¡;uf:Ìs'titutions of such agreements (all referred to as Leases). . B. Rents, issues and profits (~II referreå to as Rents), including ~ut not limited to security deposits, minimum rent, percentage rent, additional rent, common i3rea maintenance charges, parking charges, real eståte taxes, other applicable taxes, insurance premium contributions, liquidated damages following default, cancellation premiums, "loss of rents" insurance, guest receipts, revenues, royalties, proceeds, bonuses, accounts, contract rights, general intangibles, and all rights and claims which Mortgagor may have that in any way pertain to or are on account of the use or occupancy of the whole or any part of the Property. lÌortgagor will promptly provide lender with true and correct copies of all existing and future Leases. Mortgagor lay collect, receive, enjoy and use the Rents so long as Mortgagor is not in default under the terms of this :eçurity ,Instrument. 10rtgågor agrees that this assignment is immediately effective between the parties to this Security Instrument. 1ortgagor. agrees that this assignment is effective as to third parties when' Lender takes affirmative action rescribed by law,. and that this assignment will remain in effect during any redemption period until the Secured lebts are satisfied. Mortgagor agrees that lender may take actual possession of the Property without the ecessity of commencing legal acti~'.1 and that actual possession is deemed to occur when lender, or its agent, otifies Mortgagor of Mortgagor's default and demands that any tenant pay all future Rents directly to Lender. On ¡ceiving notice of default, Mortgagor will endorse and deliver to Lender any payment of Rents in Mortgagor's ossession and will receive any Rents in trust for lender and will not comll)ingle the Rents with any other funds. ny amounts collected will be applied as provided in thi~ Security Instrument. Mortgagor warrants that no 'default dsts under the leases or any applicable landlord/tenant law. Mortgagor also agrees to maintain and require any mant to comply with the terms of the leases and applicable law. . 2. MORTGAGE COVENANTS. Mortgagor agrees that the covenants in this Security Instrument are material Jligations under the Secured Debts and this Security Instrument. If Mortgagor breaches any covenant in this ~curity Instrument, Lender may refuse to make additional extensions of credit or may reduce the credit limit. By )t exercising either remedy on Mortgagor's breach, Lender d~es not waive lender's right to later consider the , 'ent a breach if it happens again. , I ~. DEFAULT. Mortgagor will be in default if any of the following ccur: . A.. Fraud. Mortgagor engages in fraud or material misrepresent ion in connection with the Secured Debts. B. Payments. Any party obligated on the Secured Debts fails t mak~ payment when ,due. C. Property. An.y action or inaction occurs that adversely affac s the Property or lender's rights in the Property. This includes, but is not limited. to, the following: (a) Mortg gor fails to maintain required insurance on the Property; (b) Mortgagor transfers the Property; (c ) Mortgagor c mmits waste or otherwise destructively uses or fails to maintain the Property such that the action or inaction a versely affects Lender's security; (d) Mortgagor fails tõ pay taxes on the Property or otherwise fails to act aïd thereby causes a lien to be filed against the Property that is senior to the lien of this Security Instrument; (e) a sole Mortgagor dies; (f) if more than one Mortgagor, any Mortgagor dies and Lender's security is adverpefy affected; (g) the Property is taken through eminef:ltdomain; (h) a judgment ,is filed against Mortgagor anq subjects Mortgagor and the Property .to ac~ion that adversely affects Lande.r's interest; or (i) a prior lienholqer forecloses on the Property and as a result, Lender's interest is adversely· affected. I D. Executive Officers. Mortgagor is an ex~cutive officer of !Lender or an affiliate and Mortgagor becomes indebted to Lender or another lender in an aggregate amount greater than the amount permitted under federal laWs and regul.Ùions. I . REMEDIES ON DEFAULT. In addition to any other reme1y available· under the terms of this Security trument, .Lender may accelerate the Secured Debts and foreclose this Security Instrument in a manner provided law if Mortgagor ,is in default. In some instances, federal and state law will require Lender to provide Mortgagor :h notice of the right to cure, or other notices and may establish time schedules for foreclosure actions. the option of the Lender, all or. any part of the agreed fees and charges, accrued interest and principal will ~ome immediately due and payable, after giving notice if required by law. upon the occurrence of a default or rtime thereafter. Lender will be entitled to, without limitation, the power to sell the Property,. J acceptal.1ce by Lénder of any sum in payment or partial payment on the Secured Debts a~er the balance is due is 'accel!i!~ated or after foreclosure p~òceedings are filed will n?~ ~onstitute a waiver of L~I)~er's right to require " , I : ': I ': \ . ~" . . : ': : :.( . loW.~ O( _ __5 cort;lplete cure of any existing default. By not exercising any remedy on MortgagÇ1r's default, Lender does 'lot waive lender's right to later consider the event a default if.,it happens again. " , " , 15-: EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. If Mortgagor brèaches any covenant in this Security In'strument,. Mortgagor agrees to pay all expenses Lender incurs in performing such covenants or protecting its security interest in the PropertY. Sueh expenses include, but are not limited to, fees incurred for inspecting, preserving, or otherwise protecting the Property and Lender's security interest~ 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. Expenses include, but are not limited to, reasonable attorneys' fees after ' default and referral to an attorney not a salaried employee of the Lender. These expenses are payabre on demand and will bear interest from the date of payment until paid in full at the highest interest ra~e in effect as provided for in the terms of Secured Debts. To the extent permitted by the United States Bankruptcy Code, Mortgagor agrees to pay the reasonable attorneys' fees Lender incurs to collect the Secured Debts as awarded by any court exercising jurisdiction under the Ba'nkruptcy Code. This Security Instrument will remain in effect until released. Mortgagor agrees tç¡ pay for any recordation costs of such release. 16. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, P) Environmental Law means, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA), all other federal, state and local. laws, regulations, ordinances, court orders, attorney general opiniòns 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, ~afety, welfare or environment. The term includes, without limitation, any substances defined as "hazardous material," "toxic substance," "hazardous Waste, ~ "hazardous substance," or "regulated 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 j writing to Lender; Mortgagor and every tenant have been, are, and will remain in full compliance with any ap licable Environmental Law. c. Mortgagor will immediately notify Lender if a release r threatened release of a Hazardous Substance occurs on, under or about the Property or there is a violation f any Environmental Law concerning the Property. In such an event, Mortgagor will take all necessary remedia action in accordance with any Environmental Law. D. Mortgagor will immediately notify Lender in writing a sòon as Mortgagor has reason to believe there is any pending or threatened investigation, claim, or proceedi g relating to the release or threatened release of any Hazardous Substance or the violation of any Environmen al Law. 17. CONDEMNATION. Mortgagor will give Lender prompt otice of any pending or threatened action by private or !Ublic entities to purchase or take anyer all of the Prope through condemnation, eminent domain, or any other neans. Mortgagor authorizes Lender: to intervene in Mort agor's', name in any of the abovEi"described actions or :Iaims. Mortgagor assigns to Lender the proceeds of ny award or claim for damages connected with a : :ondemnåtlon or other talclng òf all or !:my p!:lrt of tho Pro erty. Such proceeds wìll be considered payments and viii be applied as provided in this Security Instrument. Thi assignment of proceeds is subject to the terms of any 'rior mortgage, deed of trust, security agreement or other Ii n document. . " 8. II\!SURANCE. Mortgagor agrees to keep the Property i sured against the risks reasonably associated. with the 'roperty. Mortgagor will maintain this insurance in the am unts Lender requires. This insurance will last until the 'roperty is released from this Security Instrument. Mort agor may choose the insurance company, subject to ender's approval, which will not be unreasonably withhe d. All insurance policies and renewals will include a tåndard "mortgage clause" and, where applicable, "loss pa ee clause." 10rtgagor will give Lènder and the insurance company im ediate notice of any loss. All insurance proceeds will e applied to restoration or repair of the Property or to the Secured Debts. at Lender's option. If Lender acquires Ie Property in damaged condition, Mortgagor's rights to an insurance policies and proceeds will pass to Lender to Ie extent of,the Secured Debts. . lortgagor Will i,mmediately notify Lender of cancellation or ermination of insurance; If Mortga'gor fails to keep the 'operty ih~ui;ed Lender may obtain 'i~s~rånce to prdtect endél;'~')riterest in the Propertý.:,' 'This insurance may , :,' " '"~.~.' include coverages not originally required of Mortgagor, may be written by a company other than one Mortgagor ,would choose, and may be written at a higher rate than Mortgagor èould obtain if Mortgagor purchased the ',insurance. 19. ESCROW FOR TAXES AND'INSURANCE. Mortgagor will not be required to pay to Lender funds for taxes and insurance in escrow. ' 20. CO-SIGNERS. If Mortgagor signs this Security Instrument but does not sign the Secured Debts, Mortgagor does so only to mortgage Mortgagor's interest in the Property to secure payment of the Secured Debts and Mortgagor does not agree to be personally liable on the Secured Debts. If this Security Instrument secures a guaranty between Lender and Mortgagor, Mortgagor agrees to waive anÿ rights that may prevent Lender from 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-action laws. 21. WAIVERS. Except to the extent prohibited by law, Mortgagor waives all homestead exemption rights relating to the Property. 22. OTHER TERMS. The following are applicable to this Security Instrument: 23. APPLICABLE LAW. This Security Instrument is governed by the laws of Wyoming, except to the extent otherwise requir.ed by the laws of the jurisdiction where the Property is located, and the United States of America. 24. JOINT AND INDIVIDUAL LIABILITY AND SUCCESSORS. Each Mortgagor's obligations under this Security Instrument are independent of the obligations of any other Mortgagor. Lender may sue each Mortgagor individually or together with any other, Mortgagor. Lender may release any part of the Property and Mortgagor will still be obligated under this Security Instrument for the remaining Property. . The duties and benefits of this Security Instrument will bind and benefit the successors and assigns of Lender and Mortgagor. 25. AMENDMENT, INTEGRATION AND SEVERABILITY. This Security Instrument may not be, amended or modified by oral agreement. No amendment or modification of this Seéurity Instrument is effective unless made in writing and, executed by Mortgagor and Lender. This Security Instrument is the complete and final expression of the agreement. If any provision of this Security Instrument is unenforceable, then the unenforceable provision will be severed and the remaining provisions will still be enforceable. ' 26. INTERPRETATION. Whenever used, the singular includes the plural and the plura~ includes the singular. The seption, headings are for convenience only and are not to be used to interpret or define the terms of this Security Instrument. 27. NOTICE, FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Unless otherwise required by law, any notice will be given by delivering it or mailing it by first class mail to the appropriate party's address listed in the DATE AND PARTIES section, or to any other address designated in writing. Notice to one party will be deemed to be notice to all parties. Mortgagor will inform Lender in writing of any change in Mortgagor's name, address or other application information. Mortgagor will provide Lender any financial statements or informati?n Lender requests. All financial statements and information Mortgagor gives Lender will be correct and complete. Mortgagor 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 to confirm Lender's lien status on any Property. Time is of the essence. I SIGNAT~RES. By signing, Mortgagor agrees to the terms and covenants contained in this Security Instrument. Mortgagor also acknowledges receipt of a copy of this Security Instrument. MORTGAGOR ft.L fif'.J! ~~ Sitiveni Etuate T nga ! ~ ~T~ , Julie P. Tonga , , " , " .' ': , " Initials ~1/ BB£;1 ' STATE OF WYOMING COUNTY OF LINCOLN " ACKNOWLEDGEMENT 000617 THE FOREGOING INSTRUMENT WAS ACKNOWLEDGED BEFORE ME TIllS \e:.~ DAY OF ~ ,2007, BY SITIVENI ETUATE TONGA AND JULIE P. TONGA. WITNESS MY HAND AND OFFICIAL SEAL. MYCOMMISSIONEXPIRES:'~lqJ ~O :\\\\\\\"""/f/I/' . '.!,\"\ ~I c lll/, #' ~.'i\'I'i!l;õ f./O ~ t ~~,y.. ............ ~11.9'1c.P. '\ :::~'fI{' ~ ::~ := ª ~COI.Iß!(f~, ê %~ þu;·~\O/!j ~ """'~ .... ..~ ~ ~ ~'..~.. .., 0'" §' ~/ ~ OF ..¡~'{ ~ ;/1/ \\\'\ IIJlllmm\\\\'\\ ::tÆ{~fr~~·m . 000618 EXffiBIT A Lot 14 oftheDayton Third Addition to the Town ofCokevilleLESS the following previously deeded to Corporation of the Presiding Bishop of the Church of Jesus Christ of Latter- Day- Saints: The North Sixty (60) feet of Lot 14 of the Dayton Third Addition to the Town ofCokeville of record in the Office of the Clerk of Lincoln County as Plat No. 212, which Lot is identical to the tract of record in the said Office in Book 86 of Photostatic Records on page 104 and may be secondarily described as follows: Beginning at a point on the east line of Lot 14, NOo040' E, 175.80 feet from the Southeast comer of said Lot 14; thence N 89°15W, 205.70 feet to a point on the west line of said Lot 14; thence N 00°40' E, 60.00 feet, more or less, along the said west line to the northwest comer of said Lot 14 identical with the south line of that tract now belonging to said Church of record in the said Office in Book 27 of Photostatic Records on page 35; thence S 89013' E, 205.70 feet along the said south line to the northeast comer of said Lot 14; thence S 00° 40'W, 60.00 feet more or less, along the east line of said Lot 14 to the point of beginning. f' , " , "