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HomeMy WebLinkAbout939758 STEVEN T SlIMSION GLENNA K SlIMSION liT AH POWER CREDIT lINION 1407 \" NORTH TEMPLE #I20C SALT LAKE, liT AH 84116 U) ,...D. ...u £~ ~'ê \ ~ ~ ' u :;,... ;.; ~t.:Ci blJOO .5, ;!: 'Ç; lìe~ .~ ~ !:1 .. ¡.~ 0 ¡:: "'" t,) I!) ç:: ~ ~ '" :ti g~ ; "t;: '..... I <J: E-t ( .,... '1) , F~ ~ 2026 BASIN DRIVE KEMMERER, WYOMING 83101 MORTGAGOR ")" includes each mortgagor above, MORTGAGEE "You" means the mortgagee, its successors and assigns, (:00133 REAL ESTATE MOlnGAGE: For value received. I, STEVEN T SlIMSlON AND GLENNA K SlIMSI0N, husbanù and wife as tenants by the entireties, mortgage, grant and convey to you, with power of sale on May 28, 2008 the real estate described below and all rights. easements, appurtenances, rents, leases and improvements and fixtures that may no\\' or at any time in the future be part of the property (all called the "property"), PROPERTY ADDRESS: 2026 BASIN DRIVE KEMMERER, WYOMING 83101 LEGAL DESCRIPTION: Lot 33-1.-3 of Rolling Hills 1st Addition to the Town of Kemmerer, Lincoln County, Wyoming as described on the official plat filed on February 25, 1985 as instrument No. 650749 of the records of teh Lincoln County Clerk. i. located in LINCOLN County, State of WYOMING, TITLE: I covenant and warrant title to the property, except for encumbrances of record, municipal and zoning ordinances, current taxes and assessments not yet due and SEClIRED DEBT: This mortgage secures repayment of the secured debt and the performance of the covenants and agreements contained in this mortgage and in any other document incorporated herein, Secured debt. as used in this mortgage, includes any amounts 1 may at any time owe you under this mortgage, the instrument or agreement described below, any renewal, refinancing, extension or modification of such instrument or agreement, and, if applicable, the future advances described below. The secured debt is evidenced by (describe the instrument or agreement secured by this mortgage and the date thereof) The above obligation is due and payable on June 15, 2023, if not paid earlier. The total unpaid balance secured by this mortgage at anyone time shall not exceed a maximum principal amount of SIXTY THOUSAND AND NO/I00 Dollars ($60,000.00), plus interest. and all other amounts, plus interest. advanced under the terms of this mortgage to protect the security of this mortgage or to perform any of the covenants and agreements contained in this mortgage, o Future Advances: The above amount is secured even though all or part of it may not yet be advanced, Future advances are contemplated and will be made in accordance with the terms of the note or loan agrèement evidencing the secured debt and will have priority to the same extent as if made on the date this mortgage is executed. o Vari'liilii Rate: The interest rate on the obligation secured by this mortgage may vary according to the terms ofthat obligation, U A copy of the loan agreement containing the terms under which the interest rate may vary is attached to this mortgage and made a part hereof RIDERS: D Commercial o Construction 0 ~~y~~~~ STEVEN T SUMSION SIGNATURES: By signing below, I agree to the tenllS and covenants contained on pages J and 2 of this mortgage, In any instruments evidencing the secured debt and in any riders described above and signed by me, 1 acknowledge receipt ofa copy of this mortgage. ~huuuK .JL?~ GLENNA K SUMSION \\IIIIHIIII¡ \\\111 ~, '''1111, ACKNOWLEDGEMENTS: STATE OF WYOMING, County of LINCOLN ss: ,....,... \ \) f"'.. \.. L' ,I"" '''l'þ ,''''',1,' .......... t....,' . :? \.;.~': ..::..,~(.~:,\"q\?,~~~;~.. -"..:·rJ/ ~.~:.. Individual .~ ~... ("\ '[ ,\ t',,' \'-:;::'~' or Corporal ion .::: (_) : ~.,J . ;:, I \ )-- ~ \ ',; wllh Seal ~ ~'t·;(~ -2'?:;~ ~:> Jr' ~ Corporation - . r~L"~ L\\J... :: \\1thno ~ .., I ,. " . _ -; tJ'i ;%,.. . I..J .i'.· ...~"' .,: Seal ~~-: "~;;;~.'~~::-'~-'~":;:~~~/:·~.-'~~-S" ,j' , .i:', .r'l ~ '. ";' 0 r.- ,'J....J \... . ..,' .,~ '., ¡ .¡ '. \'''''':'' . """'"'''''''''' Witness my hand and ofticial seal. l' this ~' The foregoing instrument was acknowledged before me by this day of My Commission Expires: ~,;l/J.//~/~ , '!Iff- ~a.~ otary Public , a corporation has no corporate seal. ~ Æ!JLIÁLL~ fDS,lm:. RECEIVED 6/13/2008 at 2:45 PM RECEIVING # 939758 BOOK: 697 PAGE: 133 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY COVENANTS 1. Payments. I agree to make all payments on the secured debt when due. Unless we ah"'ee otherwise, any payments you receive fi'omme or for my benefit will be applied first to any amounts I owe you on the secured debt exclusive of interest or principal, second, to interest and then to Plincipal. Ifpania! prepayment of the secured debt occurs for any reason, it will not reduce or excuse any subsequently scheduled payment until the secured debt is paid in full. 2, CI"ims against Title, I will pay all taxes, assessments, liens, encumbrances, lease payments. b"'Olllld rents. and other charges relating to the property when due, You may require me to provide to you copies of all notices that such amounts are due and the receipts evidencing my payments, I will defend title to the property against any claims that would impair the lien of this,m0l1gage, You may require me to assign any rights, claims or defenses which I may have against pa11ies who supply labor or matelials to improve or maintain the property. 3, Insurance, I will keep the property insured under ten115 acceptable to you at m)' expense and for your benefit This insurance will include a standard mOl1gage clause in YOllr favor. You will be named as 105S payee or as the insured on any slIch insurance policy. i-\ny insurance proceeds may be applied, ,,:ithin your discretion, to either the restoration or repair of the damnged property (11' to the secured debt ¡fyou require 111011gage insurance. r agree to maintain slIch insurance for as long as you require. (;,00'134 ~. Prollert)'. I will keep the propen)' in good condition and make all repairs reasonably necessmy, I will give you prompt notice of any loss or damage to the propert)', 5. Expenses. I agree to pay all of the expenses )'ou incur. including reasonable allome)'s' Ices. if I breach any covenants in this mortgage or in any obligation seclIred by this m0l1gage. I will pay these amounts to YOll as provided in Covenant 10 ofthis 1l1011gage. 6. Default and Acceleration. If I fail to make any payment when due or breach any covenants under this m0l1gage, any prior mOl1gage or any obligation secured by this mongage, you may. at your option. accelerate the maturity of the secured debt and demand immediate payment. and exercise any other remedy available to you. You may enforce this mortgage by exercising any remedy provided by law, including, but not limited to, the power of sale, You will be entitled to a judgment for any deficiency as provided by law. If you elect to exercise you power of sale, you will give notice of your intent to foreclose by advertisement and sale as provided by law, You will publish notice cfthe sale and sell the property according to applicable law, The proceeds ofthe sale will ue applied first to the costs and expenses of the >ale including, but not limited to. reasonable attorneys' fees, then to payment of the secured debt, and finally, if there is any surplus, to the person(s) legally entitled to it 7. Assignment of Rents and Profits and Lender in Possession. 1 assign to you the rents and profits of the property. Unless we have agreed otherwise in writing. I may collect and retain the rents as long as I am not in default If you accelerate this mortgage as provided in paragraph 6 or if I abandon the property, you are entitled to enter upon, take possession and manage the property. and collect the rents and profits of the property, either in person, by ageut 01' by court appointed receiver, until the expiration of any period of redemption following judicial sale, Except when otherwise directed by the coun, any rents and profits you collect will be applied first to the costs of managing the property and collecting the rents and profits. including. but not limited to. receivers fees, court costs, and reasonable attomeys' fees, and then to payments of the secured debt as provided in Covenant I, 8. Prior Security Interest. I will make payments when due and perfonn all other covenants under any m0l1gage. deed oftl1lst, or other security agreement that has priority over this m011gage, I will not make or pemit any modification or extension of any mortgage, deed of tl1lst or other security interest that has pliority over this mortgage or any note or agreement secured thereby without your written consent I will promptly deliver to you any notices I receive trom any person whose rights in the property have priority over your lights, 9, Leaseholds; Condominiums; Planned Unit Developments. I agree to comply with the provisions of any lease if this mongage is on a leasehold. If this mortgage is on a unit in a condominium or a plalIDed unit development. I WIll perfonn all of my duties under the covenants. by-laws, or regulations of the condominium or planned unit development 10, Authority of Mortgagee to Perform for Mortgagor. If I fail to perfonn any of my duties under this m0l1gage, or any other mortgage, deed of trust. lien or other security interest that has priority over this mortgage. you may perfom the duties or cause them to be perfonned, You may sign my name or pay any amount if necessalY for perfonnance, If any construction on the property is discontinued or not carried on in a reasonable manner, you may do whatever is necessary to protect your secnrity interest in the property, This may include completing the consttllction. Your failure to perfonn will not preclude you trom exercising any of your other rights under the law of this mortgage. Any amounts paid by your to protect your security interest will be secured by this mOl1gage, Such amounts will be due on demand and will bear interest trom the date of the payment until paid in full at the interest rate in effect trom time to time on the secured debt. II. Inspection. You may enter the property to inspect it if you give me notice beforehand, The notice must state the reasonable cause for your inspection, 12. Condemnation. I assign to you the proceeds of any award or claim for damages connected with the condemnation or other taking of all or any pan of the property. Such proceeds will be applied as provided in Covenant I. This assignment is subject to the tenns of any prior security agreement 13. Waiver. By exercising any remedy available to you, you do not give up your rights to later use any other remedy. By not exercising any remedy. if I default, you do not waive your right to later consider the event a default ifit happens again, 14. Joint and Several Liability; Co-Signers; Successors and Assigns Bound. All duties under this mortgage are joint and several. If I sign this mortgage but do not sign the secured debt I do so only to mortgage my interest in the property to secure payment of the secured debt and by doing so, I do not agree to be personally liable on the secured debt J also agree that you and any pal1y to this mortgage may extend, modify or make any other changes in the lenTIS of this m0l1gage or the secured debt without my consent. Such a change will not release me from the tenns ofthis mortgage, The duties and benefits of this m0l1gage shall bind an benefit the successors and assigns of either or both of us, 15, Notice. Unless otherwise required by law, any notice to me shall be given by delivering it or by mailing it by certified mail addressed to me at the Property Address or any other address that I tell you, I will give any notice to you by certified mail to your address on page 1 of this mortgage, or to any other address which you have designated. Any notice shall be deemed to have been given to either of us when given in the manner stated above, 16. Transfer of the Property or a Beneficial Interest in the Mortgagor, Ifall or any pan of the property or any interest in it is sold or transferred without you prior written consent, you may demand immediate payment of the secured debt You may also demand immediate payment if the mortgagor is not a natural person and a beneficial interest in the mortgagor is sold or transferred. However, you may not demand payment in the above situations if it is prohibited by federal law as of the date of this mortgage, 17, Release. Pursuant to law. when I have paid the secured debt in full, all underlying agreements have been teminated. and 1 have mailed to you a written request for the release. you will release this mortgage without charge to me within 30 days of your receipt of my request for the release, I agree to pay all costs to record the release, 18. Severability. Any provision or clause of tltis mortgage or any agreement evidencing the secured debt which conflicts with applicable law will not be effective unless that law expressly or impliedly pennits variations by agreement If any provision or clause of tltis mortgage or an agreement evidencing the secured debt calIDot be enforced according to its tenTIS, this fact will not affect the enforceability of the balance of the mongage and the agreement evidencing the secured debt. 19. Waiver of Homestead Exemption. I hereby release and waive all rights under and by vil1ue of the homestead exemption laws of WYOMING, InS, Inc.