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HomeMy WebLinkAbout935490 6010716169 RECEIVED 12/10/2007 at 12:28 PM RECEIVING # 935490 BOOK: 680 PAGE: 790 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, wY 0007,90,'" State of Wyoming Space Above This Line For Recording Data MORTGAGE (With Future Advance Clause) 1. DATE AND PARTIES. The date of this Mortgage (Security Instrument) is .RP.~·f.QQ?.................................... and the parties, their addresses and tax identification numbers, if required, are as follows: MORTGAGOR: SHASHIDHAR MADIWAL AND VEENA KUMARASWAMY, HUSBAND AND WIFE P.O. BOX 5211 ETNA, WY 83118 o If checked, refer to the attached Addendum incorporated herein, for additional Mortgagors, their signatures and acknowledgments. LENDER: THE BANK OF STAR VALLEY THAYNE BRANCH ORGANIZED AND EXISTING UNDER THE LAWS OF THE STATE OF WYOMING P.O. BOX 928 113 PETERSEN PARKWAY THAYNE, WY 83127 2. CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debt (defmed below) and Mortgagor's performance under this Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with power of sale, the following described property: lOT 3 OF CLEARVIEW VILLAGE PHASE I, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT FILED ON NOVEMBER 8, 2006 AS INSTRUMENT NO. 924197 OF THE RECORDS OF THE LINCOLN COUNTY CLERK The property is located in ............................... .L.I~.GQ~N............................... at ~.Q1.~,.Ç~~R~~.Vmv.YI~.~~G~l~.~~~.I............. (County) ... ... ........................... ... ... .................. ... ..., ....................... .~~A. ......... ... ... ... ... ., Wyoming ........ .~~JJ.~ ... ..... (Address) (City) (ZIP Code) Together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, all water and riparian rights, ditches, and water stock and all existing and future improvements, structures, fixtures, and replacements that may now, or at any time in the future, be part of the real estate described above (all referred to as "Property"). 3. MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at anyone time shall not exceed $ ~.~,P.QQ·.QQ.......................................... . This limitation of amount does not include interest and other fees and charges validly made pursuant to this Security Instrument. Also, this limitation does not apply to advances made under the terms of this Security Instrument to protect Lender's security and to perform any of the covenants contained in this Security Instrument. 4. SECURED DEBT AND FUTURE ADVANCES. The, term "Secured Debt" is defmed as follows: A. Debt incurred under the terms of all promissory note(s), contract(s), guaranty(s) or other evidence of debt described below and all their extensions, renewals, modifications or substitutions. (When referencing the debts below it is suggested that you include items such as borrowers I names, note amounts, interest rates, maturity dates, etc.) ONE PROMISSORY NOTE DATED 12·6·07 IN THE AMOUNT OF $~8,800.00 WYOMING· MORTGAGE (NOT FOR FNMA. FHlMC. FHA OR VA USE) ©1994 Bankers Systems. Inc., St. Cloud. MN 11-800·397-23411 Form RE-MTG-WY 11/18/94 )NY'- (page 1 of 4) . VIL 000791 B. All future advances früm Lender to.. Mürtgagür ür üther future übligatiüns of Mürtgagür to' Lender under any promissüry nüte, cüntract, guaranty, or other .~.vidence üf debt executed by Mürtgagor in favür üf Lender executed after this Security Instrument whether ür not tQ.,is ~eclúrfty Instrument is specifically referenced. If müre than üne persün signs this Security Instrument, each Mortgagür agrees that this Security Instrument will secure all future advances and future übligations that are given to' ür incurred by any üne ür müre Mürtgagür, ür any üne ür müre Mürtgagür and üthers. All future advances añd other future übligatiüns are secured by this Security Instrument even though all or part may nüt yet be advanced. All future advances and o.ther future o.bligatio.ns are secured as if made ün the date o.f this Security Instrument. No.thing in this Security Instrument shall cünstitute a co.mmitment to. make additiünal ür future lüans o.r advances in any amüunt. Any such cümmitment must be agreed to' in a separate writing. C. All übligatiüns Mürtgagür üwes to' Lender, which may later arise, to' the extent not prühibited by law, including, but not limited to., liabilities für overdrafts relating to' any depüsit accüunt agreement between Mürtgagür and Lender. D. All additional sums advanced and expenses incurred by Lender für insuring, preserving ür ütherwise prütecting the Property and its value and any üther sums advanced and expenses incurred by Lender under the terms üf this Security Instrument. This Security Instrument will nüt secure any üther debt if Lender fails to' give any required nütice üf the right üf rescissiün. 5. PAYMENTS. Mürtgagür agrees that all payments under the Secured Debt will be paid when due and in accürdance with the terms üf the Secured Debt and this Security Instrument. 6. PRIOR SECURITY INTERESTS. With regard to' any üther mürtgage, deed üf trust, security agreement ür üther lien dücument that created a priür security interest ür encumbrance ün the Prüperty, Mürtgagür agrees: A. To. make all payments when due and to. perfürm ür cümply with all cüvenants. B. To. prümptly deliver to. Lender any nütices that Mürtgagür receives früm the hülder. C. Nüt to. allow any modificatiün ür extensiün üf, nür to. request any future advances under any nüte ür agreement secured by the lien dücument withüut Lender's priür written cünsent. 7. CLAIMS AGAINST TITLE. Mürtgagür will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and üther charges relating to' the Property when due. Lender may require Mürtgagür to' prüvide to' Lender cüpies üf all nütices that such amüunts are due and the receipts evidencing Mürtgagür's payment. Mürtgagür will defend title to' the Property against any claims that wüuld impair the lien üf this Security Instrument. Mürtgagür agrees to' assign to' Lender, as requested by Lender, any rights, claims ür defenses Mürtgagür may have against parties who. supply labür or materials to' maintain ür improve the Prüperty. 8. DUE ON SALE OR ENCUMBRANCE. Lender may, at its üptiün, declare the entire balance üf the Secured Debt to' be immediately due and payable upün the creatiün üf, ür cüntract für the creatiün üf, any lien, encumbrance, transfer ür sale üf the Prüperty. This right is subject to' the restrictiüns impüsed by federal law (12 C.F.R. 591), as applicable. This cüvenant shall run with the Prüperty and shall remain in effect until the Secured Debt is paid in full and this Security Instrument is released. 9. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mürtgagür will keep the Prüperty in goüd cünditiün and make all repairs that are reasünably necessary. Mürtgagür shall nüt cümmit ür allüw any waste, impainnent, ür deteriüratiün üf the Prüperty. Mürtgagür will keep the Prüperty free üf nüxiüus weeds and grasses. Mürtgagür agrees that the nature üf the üccupancy and use will nüt substantially change withüut Lender's prior written cünsent. Mürtgagür will not permit any change in any license, restrictive cüvenant or easement without Lender's prior written consent. Mortgagür will notify Lender of all demands, prüceedings, claims and actiüns against Mürtgagür, and of any lüss ür damage to' the Prüperty. Lender ür Lender's agents may, at Lender's üptiün, enter the Prüperty at any reasünable time für the purpüse üf inspecting the Prüperty. Lender shall give Mürtgagür nütice at the time üf ür befüre an inspectiün specifying a reasonable purpüse für the inspectiün. Any inspectiün üf the Property shall be entirely für Lender's benefit and Mürtgagür will in no. way rely ün Lender's inspectiün. 10. AUTHORITY TO PERFORM. If Mürtgagür fails to' perfürm any duty ür any üf the cüvenants cüntained in this Security Instrument, Lender may, withüut nütice, perfürm ür cause them to' be perfürmed. Mürtgagür appüints Lender as attürney in fact to' sign Mürtgagür's name ür pay any amüunt necessary für perfürmance. Lender's right to' perfürm für Mortgagür shall nüt create an übligatiün to' perfürm, and Lender's failure to' perfürm will nüt preclude Lender früm exercising any üf Lender's üther rights under the law ür this Security Instrument. If any cünstructiün ün the Property is discüntinued ür nüt carried ün in a reasünable manner, Lender may take all steps necessary to' prütect Lender's security interest in the Property, including cümpletiün üf the cünstructiün. 11. ASSIGNMENT OF LEASES AND RENTS. Mürtgagür irrevücably grants, bargains, cünveys, mürtgages and warrants to' Lender as additiünal security all the right, title and interest in and to' any and all existing ür future leases, subleases, and any üther written ür verbal agreements für the use and occupancy üf any pürtiün üf the Prüperty, including any extensiüns, renewals, müdificatiüns ür substitutiüns üf such agreements (all referred to' as "Leases") and rents, issues and prüfits (all referred to' as "Rents"). Mürtgagür will prümptly prüvide Lender with true and cürrect cüpies üf all existing and future Leases. Mürtgagür may cüllect, receive, enjüy and use the Rents sO. lüng as Mürtgagür is nüt in default under the terms üf this Security Instrument. Mürtgagür agrees that this assignment is immediately effective between the parties to' this Security Instrument. Mürtgagür agrees that this assignment is effective as to' third parties when Lender takes affirmative actiün prescribed by law, and that this assignment will remain in effect during any redemptiün periüd until the Secured Debt is satisfied. Mortgagür agrees that Lender may take actual püssessiün üf the property withüut the necessity üf cümmencing legal actiün and that actual püssessiün is deemed to' üccur when Lender, ür its agent, nütifies Mürtgagür üf default and demands that any tenant pay all future Rents directly to' Lender. On receiving nütice üf default, Mürtgagür will endürse and deliver to' Lender any payment üf Rents in Mürtgagür's püssessiün and will receive any Rents in trust für Lender and will nüt cümmingle the Rents with any üther funds. Any amüunts cüllected will be applied as provided in this Security Instrument. Mürtgagür warrants that no. default exists under the Leases ür any applicable landlürd/tenant law. Mürtgagür also. agrees to. maintain and require any tenant to. cümply with the terms üf the Leases and applicable law. (page 2 of 4) V 1'- ©1994 Banke.. Systems, Inc., St. Cloud, MN (I·BOO·397·23411 Form RE-MTG·WY 11/18/94 s\'\!\ O~J()792 12. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Mortgagor· agrees to comply with the provisions of any lease if this Security Instrument is on a leasehold. If the Property includes a unit in a condominium or a planned unit development, Mortgagor will perform all of Mortgagor's duties under the covenants, by-laws, or regulations of the condominium or planned unit development. 13. DEFAULT. Mortgagor will be in default if any party obligated on the Secured Debt fails to make payment when due. Mortgagor will be in default if a breach occurs under the terms of this Security Instrument or any other document executed for the purpose of creating, securing or guarantying the Secured Debt. A good faith belief by Lender that Lender at any time is insecure with respect to any person or entity obligated on the Secured Debt or that the prospect of any payment or the value of the Property is impaired shall also constitute an event of default. 14. REMEDIES ON DEFAULT. In some instances, federal and state law will require Lender to provide Mortgagor with notice of the right to cure or other notices and may establish time schedules for foreclosure actions. Subject to these limitations, if any, Lender may accelerate the Secured Debt and foreclose this Security Instrument in a manner provided by law if Mortgagor is in default. At the option of Lender, all or any part of the agreed fees and charges, accrued interest and principal shall become inunediately due and payable, after giving notice if required by law, upon the occurrence of a default or anytime thereafter. In addition, Lender shall be entitled to all the remedies provided by law, the terms of the Secured Debt, this Security Instrument and any related documents including, without limitation, the power to sell the Property. All remedies are distinct, cumulative and not exclusive, and the Lender is entitled to all remedies provided at law or equity, whether or not expressly set forth. The acceptance by Lender of any sum in payment or partial payment on the Secured Debt after the balance is due or is accelerated or after foreclosure proceedings are filed shall not constitute a waiver of Lender's right to require complete cure of any existing default. By not exercising any remedy on Mortgagor's default, Lender does not waive Lender's right to later consider the event a default if it continues or happens again. 15. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when prohibited by law, Mortgagor agrees to pay all of Lender's expenses if Mortgagor breaches any covenant in this Security Instrument. Mortgagor will also pay on demand any amount incurred by Lender for insuring, inspecting, preserving or otherwise protecting the Property, and Lender's security interest. These expenses will bear interest from the date of the payment until paid in full at the highest interest rate in effect as provided in the terms of the Secured Debt. Mortgagor agrees to pay all costs and expenses incurred by Lender in collecting, enforcing or protecting Lender's rights and remedies under this Security Instrument. This amount may include, but is not limited to, reasonable attorneys' fees, court costs, and other legal expenses. This amount does not include attorneys' fees for a salaried employee of the Lender. This Security Instrument shall remain in effect until released. Mortgagor agrees to pay for any recordation costs of such release. 16. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law means, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), and all other federal, state and local laws, regulations, ordinances, court orders, attorney general opinions or interpretive letters concerning the public health, safety, welfare, environment or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or contaminant which has characteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or environment. The term includes, without limitation, any substances defmed as "hazardous material," "toxic substances," "hazardous waste" or "hazardous substance" under any Environmental Law. Mortgagor represents, warrants and agrees that: A. Except as previously disclosed and acknowledged in writing to Lender, no Hazardous Substance is or will be located, stored or released on or in the Property. This restriction does not apply to small quantities of Hazardous Substances that are generally recognized to be appropriate for the normal use and maintenance of the Property. B. Except as previously disclosed and acknowledged in writing to Lender, Mortgagor and every tenant have been, are, and shall remain in full compliance with any applicable Environmental Law. C. Mortgagor shall inunediately notify Lender if a release or threatened release of a Hazardous Substance occurs on, under or about the Property or there is a violation of any Environmental Law concerning the Property. In such an event, Mortgagor shall take all necessary remedial action in accordance with any Environmental Law. D. Mortgagor shall inunediately notify Lender in writing as soon as Mortgagor has reason to believe there is any pending or threatened investigation, claim, or proceeding relating to the release or threatened release of any Hazardous Substance or the violation of any Environmental Law. 17. CONDEMNATION. Mortgagor will give Lender prompt notice of any pending or threatened action, by private or public entities to purchase or take any or all of the Property through condemnation, eminent domain, or any other means. Mortgagor authorizes Lender to intervene in Mortgagor's name in any of the above described actions or claims. Mortgagor assigns to Lender the proceeds of any award or claim for damages connected with a condemnation or other taking of all or any part of the Property. Such proceeds shall be considered payments and will be applied as provided in this Security Instrument. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or other lien document. 18. INSURANCE. Mortgagor shall keep Property insured against loss by fire, flood, theft and other hazards and risks reasonably associated with the Property due to its type and location. This insurance shall be maintained in the amounts and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Mortgagor subject to Lender's approval, which shall not be unreasonably withheld. If Mortgagor fails to maintain the coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Property according to the terms of this Security Instrument. All insurance policies and renewals shall be acceptable to Lender and shall include a standard "mortgage clause" and, where applicable, "loss payee clause." Mortgagor shall inunediately notify Lender of cancellation or termination of the insurance. Lender shall have the right to hold the policies and renewals. If Lender requires, Mortgagor shall inunediately give to Lender all receipts of paid premiums and renewal notices. Upon loss, Mortgagor shall give inunediate notice to the insurance carrier and Lender. Lender may make proof of loss if not made inunediately by Mortgagor. Unless otherwise agreed in writing, all insurance proceeds shall be applied to the restoration or repair of the Property or to the Secured Debt, whether or not then due, at Lender's option. Any application of proceeds to principal shall not extend or ©1994 Bankers Systems, Inc.. St. Cloud, MN (1·800.397-2341) Form RE·MTG-WY 11/18/84 ~ (page 3 of 4J \)\2.. , dL , 000793 postpone the due date of the scheduled payment nor change the amount of any payment. Any excess will be paid to the Mortgagor. If the Property is acquired by Lender, Mortgagor's right to any insurance policies and proceeds resulting from damage to the Property before the acquisition shall pass to Lender to the extent of the Secured Debt immediately before the acquisition. 19. ESCROW FOR, TAXES AND INSURANCE. Unless otherwise provided in a separate agreement, Mortgagor will not be required to pay to Lender funds for taxes and insurance in escrow. 20. FINANCIAL REPORTS AND ADDmONAL DOCUMENTS. Mortgagor will provide to Lender upon request, any fmandal statement or information Lender may deem reasonably necessary. 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 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 does not sign an evidence of debt, Mortgagor does so only to mortgage Mortgagor's interest in the Property to secure payment of the Secured Debt and Mortgagor does not agree to be personally liable on the Secured Debt. If this Security Instrument secures a guaranty between Lender and Mortgagor, Mortgagor agrees to waive any 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. 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 without Mortgagor's consent. Such a change will not release Mortgagor from the terms of this Security Instrument. The duties 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 laws of the jurisdiction where the Property is located. This Security Instrument is complete and fully integrated. This Sec.urity Instrument may not be amended or modified by oral agreement. Any section in this Security Instrument, attachments, or any agreement related to the Secured Debt that conflicts with applicable law will not be effective, unless that law expressly or impliedly permits the variations by written agreement. If any section of this Security Instrument cannot be enforced according to its terms, that section will be severed and will not affect the enforceability of the remainder of this Security Instrument. Whenever used, the singular shall include the plural and the plural the singular. The captions and headings of the sections of this Security Instrument are for convenience only and are not to be used to interpret or defme the terms of this Security Instrument. 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 designated 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 the 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. Although the Secured Debt may be reduced to a zero balance, this Security Instrument will remain in effect until released. D Construction Loan. This Security Instrument secures an obligation incurred for the construction of an improvement on the Property. D Fixture Filing. Mortgagor grants to Lender a security interest in all goods that Mortgagor owns now or in the future and that are or will become fixtures related to the Property. This Security Instrument suffices as a fmancing statement and any carbon, photographic or other reproduction may be filed of record for purposes of Article 9 of the Uniform Commercial Code. D Riders. The covenants and agreements of each of the riders checked below are incorporated 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 attachments. Mortgagor also acknowledges receipt of a copy of this Security Instrument on the date stated on page 1. (is:Ä~,·~············..·..·..Id.·If!·G·L;l·· ·v ¡¿1,)..~~va(\AÁ'¡ J2--J 0&/01 . .~... ~......... 0.............. .{. .0.......................... (Signature) VEENA KUMARASWAMY (Date) ACKNOWLEDGMENT: L' ( STATE OF WYP.~J~.G.................................., COUNTY OF ... ¡ 4(. DJ/.L........................ ...} SSe (Individual) This instrument was acknowledged before me this ....... Jm 0" ..... day of P'~Ç~Mß.E.~,. ~P.QL.............. ... ... ... ...... ... by ~.~~~.~I.Q~~.~ M~.QI.\Y A1,;. V~~N~ .~~M~.~~~W M!'1Y/.~~.~Q~NQ .~~.Q )Y!~~. . .. . . .. . .. . My commission expires: 0 -1-,/- tJ:? (!::'~~~,;}~=c~:",:;:'~:~n )\ v"'. ' \,V'(;-,.",c,,' .\ ~~~~..:.;~;:.!~~',~~';";:"," ,..~.;;.' ~;~::,;.~ ~:I~;;1.:::L~'.:. :.::~;~;h ......... .~.........., .... ....... 0..... ................... . . ........ ..{~............o... ( otary Public) ©1994 Bankera Systems, Inc., St. Cloud, MN (I·B00-397·2341) Form RE-MTG-WY 11/18/94 (page 4 of 4)