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HomeMy WebLinkAbout935251 , ¡. State of Wyoming ~ .f \ RECEIVED 11/30/2007 at 9:56 AM RECEIVING # 935251 BOOK: 680 PAGE: 32 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY 000032 Space Above ThIs Line For Recording Data . " ¡ MORTGAGE (W ith Future Advance Clause) 1. DATE AND PARTIES. T¡'¡e date of this Mortgage (Security Instrument) is .1NU.QQ7...........,........................ and the parties, their addresses and t:~1( identification numbers, if required, are as follows: \ MORTGAGOR: DERK IZATT ,\ND LEE IZATT, HUSBAND AND WIFE 103470 HW\i:89 FREEDOM, W1 83120 " o If checked, refer to fIe attached Addendum incorporated herein, for additional Mortgagors, their signatures and acknowledgments . LENDER: THE BANK D 'STAR VALLEY ORGANIZED >ND EXISTING UNDER THE LAWS OF THE STATE OF WYOMING 384 WASHlfÚ3TON STREET PO BOX 800~' AFTON, WY 83110 2. CONVEYANCE. For good:, and valuable consideration, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debt (defined t,~low) and Mortgagor's performance under this Security Instrument, Mortgagor grants, bargains, conveys, mortgages and wan2lnts to Lender, with power of sale, the following described property: SEE EXHIBIT A ATTACHED HERETO AND MADE A PART HEREOF . /1/ .' j ¡} The property is located in ..'............,............... .L.I~.GQ~~.............................,.. at ~.~B~~!~~,\,(~Y.......................,........ (COWlty) ....".......,.................... :~............................, .....,......... .~:r:~~.V~.L.L.EX R~~.G~............. ,.., Wyoming ..,..... .~~1~7......... (Addres, ) (City) (ZIP Code) Together with all rights, eaÚ:ments, appurtenances, royalties, mineral rights, oil and gas rights, all water and riparian rights, ditches, and water stock am;:' all existing and future improvements, structures, fixtures, and replacements that may now, or at any time in the future, be par~ 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 $ ß.oß.QQ.~Q............ 'i. . . . . . . . . . . . . . . . . . . " ". . .. .. . This limitation of amount does not include interest and other fees and charges validly made pursw"nt to this Security Instrument. Also, this limitation does not apply to advances made under the terms of this Security Instnr,nent to protect Lender's security and to perform any of the covenants contained in this Security Instrument. -' 4. SECURED DEBT AND F1TURE ADVANCES. The term "Secured Debt" is defined as follows: A. Debt incurred under 'he terms of all promissory note(s), contract(s), guaranty(s) or other evidence of debt described below and all their 'ixtensions, renewals, modifications or substitutions. (When referencing the debts below it is suggested that you inci «ie items such as borrowers' names, note amounts, interest rates, maturity dates, etc.) ONE PROMISSORY NOTE DA" ED 11/27/2007 IN THE AMOUNT OF $60,000.00 WYOMING - MORTGAGE (NOT FOI FNMA, FHLMC, FHA OR VA USE) ©1994 Bankoro Systoms,lnc" St, Cloud,'MN (1-800-397-2341) Form RE-MTG-WY 11118194 (page 1 of 4) ", 000033 B. All future advances from Lender to Mortgagor or other future obligations of Mortgagor t) Lender under any promissory note, contract, guaranty, or other evidence of debt executed by Mortgagor in favor of LeIder executed after this Security Instrument whether or not this Security Instrument is specifically referenced. If more thai lone person signs this Sec~rity Instrument, each Mortgagor agrees that this Security Instrument will secure all future ¡ :dvances and future obligations that are given to or incurred by anyone or more Mortgagor, or any one or more M(,rtgagor and others, All future advances and other future obligations are secured by this Security Instrument even tho .lgh all or part may npt yet be advanced. All future advances and other future obligations are secured as if made on the '¡ate of this Security Instrument. Nothing in this Security Instrument shall constitute a commitment to make additional or future loans or advances in any amount. Any such commitment must be agreed to in a separate writing. C. All obligations Mortgagor owes to Lender, which may later arise, to the extent not prohibited by law, including, but not limited to, liabilities for overdrafts relating to any deposit account agreement between Mortg Igor and Lender. D. All additional sums advanced and expenses incurred by Lender for insuring, preservi)g or otherwise protecting the Property and its value and any other sums advanced and expenses incurred by Lender I:nder the terms of this Security Instrument. ¡ Tb,is Security Instrument will not secure any other debt if Lender fails to give any required notice I:f the right of rescission. 5. PAYMENTS. Mortgagor agrees that all payments under the Secured Debt will be paid when ~jue and in accordance with the terms of the Secured Debt and this Security Instrument. 6. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, se;urity 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. C. Not to allow any modification or extension of, nor to request any future advances under' any note or agreement secured by the lien document without Lender's prior written consent. 7., 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 te' provide to Lender copies of all notices that such amounts are due and the receipts evidencing Mortgagor's payment. MOl,gagor will defend title to the Property against any claims that would impair the lien of this Security Instrument. Mortgagol~ agrees to assign to Lender, as requested by Lender, any rights, claims or defenses Mortgagor may have against parties wLo supply labor or materials to maintain or improve the Property. 8. DUE ON SALE OR ENCUMBRANCE. Lender may, at its option, declare the entire bal~ nce of the Secured Debt to be immediately due and payable upon the creation of, or contract for the creation of, any lien, encl'mbrance, transfer or sale of the Property. This right is subject to the restrictions imposed by federal law (12 C.F.R. 591), as:applicable. This covenant shall run with the Property and shall remain in effect until the Secured Debt is paid in full and this Secu :ity Instrument is released. 9. PROPERTY CONDITION, ALTERATIONS 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 Property free of noxious weeds and grasses. Mortgag',>r agrees that the nature of the occupancy and use will not substantially change without Lender's prior written consent. Mortg~lgor will not permit any change in any license, restrictive covenant or easement without Lender's prior written consent. Mor,gagor will notify Lender of all demands, proceedings, claims and actions against Mortgagor, and of any loss or damage to the POperty. Lender or Lender's agents may, at Lender's option, enter the Property at any reasonable time;:>r the purpose of inspecting the Property. Lender shall give Mortgagor notice at the time of or before an inspection specifyil:g a reasonable purpose for the inspection. Any inspection of the Property shall be entirely for Lender's benefit and Mor:gagor will in no way rely on Lender's inspection. ' 10. AUTHORITY TO PERFORM. If Mortgagor fails to perform any duty or any of the cove '¡ants contained in this Security Instrument, Lender may, without notice, perform 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 shall not create an obligation to perform, and Lender's failure to perform will not preclude Lender··,,·rom exercising any of Lender's other rights under the law or this Security Instrument. If any construction on the Property is dil:continued or not carried on in a reasonable manner, Lender may take all steps necessary to protect Lender's security inteJ;'fst in the Property, including completion of the construction. i 11. ASSIGNMENT OF LEASES AND RENTS. Mortgagor irrevocably grants, bargains, conv'~ys, mortgages and warrants to Lender as additional security all the right, title and interest in and to any and all existing or future leases, subleases, and any other written or verbal agreements for the use and occupancy of any portion of the Pror~rty, including any extensions, renewals, modifications or substitutions of such agreements (all referred to as "Leases") a~Jd rents, issues and profits (all referred to as "Rents"). Mortgagor will promptly provide Lender with true and correct copies ;';f all existing and future Leases. Mortgagor may collect, receive, enjoy and use the Rents so long as Mortgagor is not in default under the terms of this Security Instrument, '; '. Mortgagor agrees that this assignment is immediately effective between the parties to this)ecurity 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 any redemption period until the Secured Debt is (atisfied. Mortgagor agrees that Lender may take actual possession of the property without the necessity of commencing legal .lction and that actual possession is deemed to occur when Lender, or its agent, notifies Mortgagor of default and demands thai" any tenant pay all future Rents directly to Lender. On receiving notice of default, Mortgagor will endorse and deliver to l'~nder any payment of Rents in Mortgagor's possession and will receive any Rents in trust for Lender and will not commingle 'the Rents with any other funds. Any amounts collected will be applied as provided in this Security Instrument. Mortgagor war:,'ants that no default exists under the Leases or any applicable landlord/tenant law. Mortgagor also agrees to maintain and requb,¡: any tenant to comply with the terms of the Leases and applicable law. ©1994 Banke.. Systems, Ino" St, Cloud, MN (1-800-397-2341) Form RE-MTG-WY 11/18/94 .~ ¡i ¡ '11 1; ~ ~¡ (page 2 of 4) ; ':~,~\h f~~: 000034 12. LEASEHOLDS; CONDO:t;flNIUMS; PLANNED UNIT DEVELOPMENTS. Mortgagor agrees to comply with the provisions of any lease if tl'jis Security Instrument is on a leasehold. If the Property includes a unit in a condominium or a planned unit development, I.1ortgagor will perform all of Mortgagor's duties under the covenants, by-laws, or regulations of the condominium or planned ;:init development. 13. DEFAULT. Mortgagor w¡¡\ be in default if any party obligated on the Secured Debt fails to make payment when due. Mortgagor will be in defau1t!~ if a breach occurs under the terms of this Security Instrument or any other document executed for the purpose of creating, sec'¡ring 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 sha!!. also constitute an event of default. ~~ 14. REMEDIES ON DEFAUL;I'. In some instances, federal and state law will require Lender to provide Mortgagor with notice of the right to cure or othei: 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, aU 1)r any part of the agreed fees and charges, accrued interest and principal shall become immediately due and payable, after giviJ~ notice if required by law, upon the occurrence of a default or anytime thereafter. In addition, Lender shall be entitled to £1 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,'s entitled to all remedies provided at law or equity, whether or not expressly set forth. The acceptance by Lender of any} sUÌn in payment or partial payment on the Secured Debt after the balance is due or is accelerated or after foreclosure proceedil';,gs are filed shall not constitute a waiver of Lender's right to require complete cure of any existing default. By not exercising ar:y remedy on Mortgagor's default, Lender does not waive Lender's right to later consider the event a default if it continues or ha¡,pens again. . . 15. EXPENSES; ADV ANCES',:ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when prohibited by law, Mortgagor agrees f) pay all of Lender's expenses if Mortgagor breaches any covenant in this Security Instrument. Mortgagor will also pay <11 demand any amount incurred by Lender for insuring, inspecting, preserving or otherwise protecting the Property and'Jender'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 Lendet in collecting, enforcing or protecting Lender's rights and remedies under this Security Instrument. This amount may include, t,~Jt 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 toi, pay for any recordation costs of such release, !~ 16. ENVIRONMENTAL LAV{S AND HAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law means, without limitation, the ComY,rehensive Environmental Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), and all other fed~fral, state and local laws, regulations, ordinances, court orders, attorney general opinions or interpretive letters concernil;g the public health, safety, welfare, environment or a hazardous substance; and (2) Hazardous Substance means any toxic, :'adioactive or hazardous material, waste, pollutant or contaminant which has characteristics which render the substance dange ousor potentially dangerous to the public health, safety, welfare or environment, The term includes, without limitatiow. any substances defined as "hazardous material," "toxic substances," "hazardous waste" or "hazardous substance" under:':lny Environmental Law. " ~: Mortgagor represents, warral.ts and agrees that: A, Except as previously ]isclosed and acknowledged in writing to Lender, no Hazardous Substance is or will be located, stored or released on ilr in the Property. This restriction does not apply to small quantities of Hazardous Substances that are generally recognizt,d to be appropriate for the normal use and maintenance of the Property, B. Except as previously,:'¡sclosed and acknowledged in writing to Lender, Mortgagor and every tenant have been, are, and shall remain in full cotlpliance with any applicable Environmental Law. C. Mortgagor shall immt diately 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 a) necessary remedial action in accordance with any Environmental Law. ; . D. Mortgagor shall imme Hately notify Lender in writing as soon as Mortgagor has reason to believe there is any pending or threatened investigatio' l, claim, or proceeding relating to the release or threatened release of any Hazardous Substance or the violation of any En,;rironmental Law, t 17. CONDEMNATION. Mortfagor will give Lender prompt notice of any pending or threatened action, by private or public entities to purchase or take (ny 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 ....ward or claim for damages connected with a condemnation or other taking of all or any part of the Property. Such proceeds sl all be considered payments and will be applied as provided in this Security Instrument. This assignment of proceeds is sUI}ect to the terms of any prior mortgage, deed of trust, security agreement or other lien document. 18. INSURANCE. Mortgagor :':baÜ 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 in"¡urance carrier providing the insurance shall be chosen by Mortgagor subject to Lender's approval, which shall not be unreascnably withheld. If Mortgagor fails to maintain the coverage described above, Lender may, at Lender's option, obtain cove ~age to protect Lender's rights in the Property according to the terms of this Security Instrument. All insurance policies and ¡'enewals shall be acceptable to Lender and shall include a standard "mortgage clause" and, where applicable, "loss payee clal, se." Mortgagor shall immediately notify Lender of cancellation or termination of the insurance. Lender shall have the right ,:0 hold the policies and renewals. If Lender requires, Mortgagor shall immediately give to Lender all receipts of paid premiun ,s and renewal notices, Upon loss, Mortgagor shall give immediate notice to the insurance carrier and Lender. Lender may ma æ proof of loss if not made immediately by Mortgagor. Unless otherwise agreed in ,vriting, all insurance proceeds shall be applied to the restoration or repair of the Property or to the Secured Debt, whether or "lot then due, at Lender's option. Any application of proceeds to principal shall not extend or (page 3 of 4) ©1994 Bankors Systoms,lnc.. 5t, CloUd:,"'N (1-800-397-2341) Form RE-Iv1TG-WY 11118/94 000035 postpone the due date of the scheduled payment nor change the amount of any payment. Þ ny excess will be paid to the Mortgagor. If the Property is acquired by Lender, Mortgagor's right to any insurance policil s and proceeds resulting from damage to the Property before the acquisition shall pass to Lender to the extent of the Securf, i Debt immediately before the acquisition. 19. ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separate agnement, 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 agree: to sign, deliver, and file any additional documents or certifications that Lender may consider necessary to perfect, contiJue, and preserve Mortgagor's obligations under this Security Instrument and Lender's lien status on the Property. 21. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Security Instrument are joint and individual. If Mortgagor signs this Security Instrument but do:s not sign an evidence of debt, Mortgagor does so only to mortgage Mortgagor's interest in the Property to secure paYIHent of the Secured Debt and Mortgagor does not agree to be personally liable on the Secured Debt. If this Security Instrun:~nt secures a guaranty between Lender and Mortgagor, Mortgagor agrees to waive any rights that may prevent Lender fron 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. Mortgagor agrees that Lender and any party to this Security Instrument may extend, modify or make any change in the terms of this Security Instrument or any evidence of debt withou: Mortgagor's consent. Such a change will not release Mortgagor from the terms of this Security Instrument. The dutie~, and benefits of this Security Instrument shall bind and benefit the successors and assigns of Mortgagor and Lender. 22. APPLICABLE LAW; SEVERABILITY; 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 lawl of the jurisdiction where the Property is located. This Security Instrument is complete and fully integrated. This Security Ins'rument may not be amended or modified by oral agreement. Any section in this Security Instrument, attachments, or any a{reement related to the Secured Debt that conflicts with applicable law will not be effective, unless that law expressly or imp iedly permits the variations by written agreement. If any section of this Security Instrument cannot be enforced according t( its terms, that section will be severed and will not affect the enforceability of the remainder of this Security Instrument. Wilenever used, the singular shall include the plural and the plural the singular. The captions and headings of the sections of jllis Security Instrument are for convenience only and are not to be used to interpret or define the terms of this Security InstnIuent. Time is of the essence in this Security Instrument. 23. NOTICE. Unless otherwise required by law, any 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 this Security Instrument, or to any other address Jesignated in writing. Notice to one mortgagor will be deemed to be notice to all mortgagors. 24. WAIVERS. Except to the extent prohibited by law, Mortgagor waives any right regarding th( marshalling of liens and assets and all homestead exemption rights relating to the Property. 25. OTHER TERMS. If checked, the following are applicable to this Security Instrument: D Line of Credit. The Secured Debt includes a revolving line of credit provision. Alth,',ugh the Secured Debt may be reduced to a zero balance, this Security Instrument will remain in effect until released. !XI Construction Loan. This Security Instrument secures an obligation incurred for the con:truction of an improvement on the Property. D Fixture Filing. Mortgagor grants to Lender a security interest in all goods that Mortg¡ gor owns now or in the future and that are or will become fixtures related to the Property. This Security Instrument s If'fices as a financing statement and any carbon, photographic or other reproduction may be filed of record for purpos~ of Article 9 of the Uniform Commercial Code. D Riders. The covenants and agreements of each of the riders checked below are incorp""rated into and supplement and amend the terms of this Security Instrument. [Check all applicable boxes] D Condominium Rider D Planned Unit Development Rider D Other.................,...................................... D Additional Terms. SIGNATURES: By signing below, Mortgagor agrees to the terms and covenants contained in this' Security Instrument and in any attaChmentsOo~ also acknowledges receipt of a copy of this Security Inst,~.~ent on the date sta ,ed on page 1. l/ 0' :::... '-'.;;;7~;f //, ð/h/ I / í -X¡/x "2- (ši~~~~;~) Ò·ÉÁK·liÀTT·..······· ,......, .............".. .r(-:.~~:t. (S~~~re ·lri;,Ti(l:~?f.Ú&; /...................... /1¿(~Da~" l / '/' ¡. ACKNOWLEDGMENT: --'/ L (/ " (IOOividual) STATE OF WYPJVIJ~!L............. ..................., COUN'!l~ Qtl..... ... .\.':~ç;..,c::.. \~"...' .....................} ss. This instrument was acknowledged before me this ......~.y.,........ day of .....J.~Ci. ' ;e,... . ,r::...........U~7..... ~y ~~~~¡:i:;;v~M~~;~~~~<···············M·¿.···· .... ................................ S:,~:~INS.NOT=;T:~~I .. .. .. .. .. .. .. .... .. '(No UNCOLN WYOMING Y COMMISStON OPIRES JUNE 17, 2009 (\ ©1994 Bankor. 5ystom',lnc" St, Cloud, MN (1-800-397-2341) Form AE-MTG-WY 11/18/94 ~: (page 4 of 4) , ).: 1~ EXHIBIT A 000036 Lot 55 of Star Valley Ranch Plat 12, Lincoln County, Wyoming as described on the official plat then :of,