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HomeMy WebLinkAbout941230 RECEIVED 8/13/2008 at 10:28 AM RECEIVING # 941230 BOOK: 702 PAGE: 212 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY .,', .~.. \~ ·;)0 f.) 600212 ¡;;;, /'17 Stule or Wyoming Spuce Ahove This Llnc For Recording Dutu MORTGAGE (Wilh Future Advance Clause) 1. DATE AND PARTIES. The date or tbi~ Mortgage (Security Ill~trulllent) i~ P.&·P.q-7.QQ?................................... and the p¡¡rties, their ¡¡ddre~~es and t¡¡X identification l1umber~, ir required, are a~ rollo\V~: MORTGAGOR: JIM R. NEWTON AND TERESA NEWTON, HUSBAND AND WIFE 1163 GROVER NARROWS ROAD GROVER, WY 83122 o If checked, refer to the att¡¡ched Addendum incorporated herein, for additional Mortgagors, their signatures and at:kuowleJglnents. 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, Ihe receipt and sufficiency of which is acknowledged, and to secure tile Secured Debt (defined 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: SEE EXHIBIT 'A' ATTACHED HERE TO AND MADE A PART HERE OF .,v'] \ v j~î' ,3·\ The property i~ located in ............................... .L.I~.GQW............................... at PMYmN~B.~QW~.~P.~Q. ..... .......... ........ (County) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ., ...................... ßHQY.EH . . . . . . . . . . . . . . . . . : , . . ., W yom ing ........ .~~) 7.2. . . . . . . . . (Address) (City) (ZIP Code) Together with all rights, easements, appurtenances, royalties, mineral rigllts, oil and gas rights, all water and riparian rights, ditches. and water slock alld all exil'ting and future improvements, structures, fixtures, and replacements that may now, or at any time in the future, be part of tile 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 $ ?4.?4q·.5.!?......................................... . This limitation of amount does not include interest and other fees and I.:Ílargt:¡; valllÌjy I,¡ade pur~uant [" lili¡; :-;el.:urity InSlrUII"::Ilt. Als", .tj¡i~ iillli¡alioil do,;:; lI"t ,,['ply II) aJvam:es made under the lenm of this Sccurity I nstrulJlent to prolel.:! Lender' s ~ecurilY and 10 perform any or the covcnants contained in this Security I nstrumcnl. 4. SECURED DEBT AND FUTURE ADVANCES. Thc term "Secured Debt" i¡; defined as follows: A. Debt incurrcd under the lerms of all promissory note(s), cont['é\ct(s), guaranty(s) or other evidence of debt described below and all Iheir extensions, renewals, modifications or substitutions. (When referencing the debts below it is suggesled Ihal you include items such as borrovvers' names, /late amounts, interest rates, maturity dates, etc.) ONE PROMISSORY IN THE AMOUNT OF $24,726.55 TO TRAVIS NEWTON @1994 Bank Inc.. St. Cloud. MN 11-800-397·23411 Form RE-MTG·W' /./ (page 10f4) - :.P-1[ . WYOMING· MORTGAGE (NOT FOR FNMA, FHLMC. FHA OR VA USE) '/1 / I r«"- I"·~-·--ì \ _1Jtl..' ~ (' 000213 nder to Mortgagor or other future obligations of Mortgagor to Lender under any promissory other evidcnce of dcbt exccuted by Mortgagor in favor of Lcnder executed after this Sccurity lis Security Instrument is spccifically referenccd. If morc than one person signs this Security ortgago agrees that this Security Instrument will secure all future advances and future obligations . ed by anyone or more Mortgagor, or anyone or more Mortgagor alld others. All future advances an other futurc obligations are secured by this Sccurity Instrument even though all or part may not yet be advanced. All future advanccs and other future obligations are secured as if made on thc date of this Security Instrument. Nothing in this Security Instrument shall constitute a conunitment to make additional or future loans or advances in any r' .~t{.)\slt such conllilitment must be agrccd to in a separate writing. C. All obligations Mortgagor owes to Lender, wuich 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 Mortgagor and Lender. D. All additional sums advanced and expenses incurred by Leuder for insuring, preserving or otherwise protecting the Property and its value and any other sums advanced and expenses incurred by Lender under the tenns of this Security Instrument. This Security Instrument will not secure any otuer debt if Lendcr fails to give any required notice of tbe right of rescission. 5. PAYMENTS. Mortgagor agrees that all payments under the Secured Debt will be paid when due and in accordance with the terms of the Secured Debt and this Security Instrument. 6. PRIOR SECURITY INTERESTS. Witb regard to any other mortgage, dced of trust, security agreement or othcr lien document that created a prior security interest or encumbrance 011 tuc Property, Mortgagor agrees: A. To make all payments when due and to perfonn 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 rcquest any future advances under émy note or agreellient secured by the lien document without Lender's prior written consent. 7. CLAIMS AGAINST TITLE. Mortgagor wi/I pay all taxes, assessmcnts, liens, encumbrances, lease payments, grouud rents, utilities, and other charges relating to Lbe Property whelJ due. Lender may requirc Mortgagor Lo providc to Lendcr copies of all notices that such amounts are due and the receipts cvidenciug Mortgagor's payment. Mortgagor will defcnd title to the Property against any claims that would impair the lien of tuis Security Instrument. Mortgagor agrees to assign to Lendcr, as requested by Lender, any rights, claims or defcnses Mortgagor may have against parties who supply labor or materials to maintain or improve the Property. 8. DUE ON SALE OR ENCUMBRANCE. Lender may, at its option, declare the entire balance of tbe Securcd Debt to be immediately due and payable upon the creation of, or contract for the creation of, any lien, encumbrance, transfcr 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 Dcbt is paid in full and this Security Instrument is released. 9. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mortgagor will keep the Property in good condition and make all repairs tbat are reasonably nccessary, Mortgagor shall not t:Ommit or allow any waste, impairnlent, or deterioration of the Property. Mortgagor will keep tue Propcrty frec of noxious wecds and grasscs. Mortgagor agrees thai tllc nature of the occupancy and use will not substantially change without Lender's prior written consent. Mortgagor will not pel1nit any cllange in any license, restrictive covenant or easement witllout Lender's prior wriuen consent. Mortgagor will notify Lender of all demands, proceedings, claims and actions against Mortgagor, and of any loss or damage to the Property. Lender or Lender's agents may, at Lender's option, enter tile Property at any reasonable time for the purposc of inspecting tile Property. Lender shall give Mortgagor notice at the time of or before an inspection specifying a reasonable purpose for the inspection. Any inspection of the Property shall be entirely for Lender's benefit and Mortgagor will ill no way rely on Lellder's inspection. 10. AUTHORITY TO PERFORM. If Mortgagor fails to perform any duty or any of tile covenants contained in this Security Instrument, Lender may, without notice, perfolln or cause them to be performcd. Mortgagor appoints Lendcr as attorney in fact to sign Mortgagor's name or pay any amount necessary for performancc. Lender's right to perform for Mortgagor shall not create an obligation to perform, and Lender's failure to perform will not precludc Lender from exercising any of Lender's other rights under the law or this Security Jnstrumenl. If any t:Onslruction on the Property is discontinued or not carried on in a reasonable manner, Lender may take all steps necessary to protect Lcnder's security interest in the Property, including completion of the construction. 11. ASSIGNMENT OF LEASES AND RENTS. Mortgagor irrevocably grants, bargains, conveys, mortgages and warrants to Lender as additional security all the right, tiLle and interest in and to any and all existing or future leases, subleases, and any other written or verbal agreements for tbe use and occupancy of any portion of the Property, including any extensions, renewals, modifications or substitutions of such agreements (all referred to as "Leases") and rents, issues and profits (aU referrcd to as ··Rents"). Mortgagor will prornpLiy provide Lender with true and correct copies of 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 tb.is assignment is immedÜltely elTecLÍve between the parties to this Sccurity Instrument. Mortgagor agrees that this assignment is effective as to lhird parties when Lendii:r takes affirmative aclion prescribed by lénv, and that this assignment wiU remain in effect during any redemption period until tile Secured Debt is satisfied. Mortgagor agrees that Lender may take actual possession of tbe property witb.out the necessity of conunencing legal action and that actual possession is deemed to occur when Lender, or its agent, notifies Mortgagor of default and demands that any tenant pay all future Rents directly to Lender. On receiving notice of dcfault, Mortgagor will endorse and deliver to Lender 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 warrants that no default exists under the Leases or any applicable landlordltenant law. Mortgagor also agrees to maintain and require any tenant to comply with the terms of the Leases and applicable law. ©1994 Bankors Systems, Inc.. St. Cloud, MN (1·800·397·23411 Form RE·MTG·WY 11/18!94 It (page 2 of 4) _0-11 .. . \'?,.þ·tý·, '{.'7} ~ " ~~. 'í.. ¡~' ':,} ~~, 0.00214 12. . LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Murtgagor' agrees t(~ co.q¡ply with the provisions of any lease if this Security Instrument is on a leHsehold. If Ihe Property includes a4nit in a. cOiidorniniurn or a planned unit development, Mong¡¡gor will perform all of Mortgagor's duLÌes under the covenants, by-laws, or regulaLÌons of the condominium or p ¡nmed unit development. 13. DEFAULT. Mortgagor will bc in default if any P¡¡¡ty oblig¡¡ted 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 respcct to any person or entity obligated on the Sccured Debt or that the prospect of any payment or the value of the Property is impaired shall also constitutc an event of dcfault. 14. REMEDIES ON DEFAULT. In some in~IHnces, rederal and SLHtc law will requirc Lender to provide Mortgagor with notice lif ¡he riglll 10 cure or lither 1101 ices and may establi~h timc ~cl1edulc~ for f"recllisure actions. Subject to these limitations, if any, Lender may ¡¡ccelerate 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 fces and charges, accrued interest and principal shall become immediately due and payable, after giving notice if required by law, upon the occurrence of a def¡¡ult 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, cumulativc and not exclusive, and the Lender is entitled to ¡¡ll 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 Sccured Debt after the b¡¡lance is due or is accelerated or afler foreclosurc proceedings arc filcd shall not constitute a waiver lif Lender's right to require complcte cure of any existing default. By nol exercising any remedy on Mortgagor\ JeI'ault, Lender does not waive Lender's right to later consider the event ,I ddauli ir iI c"lJtinuc~ or h¡¡ppem agailJ. 15. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when prohibited by law, Mortgagor agrccs to pay all of Lender's expenses if Mortg¡¡gor breaches any covenant in this Security Instrument. Mortgagor will also P¡¡Y on demand any amount incurred by Lender for insuring, inspecting, preserving or otherwise protecting the Property and Lender's security interest. Tbesc expenses will bear interest from the d¡¡te 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 ¡¡nd remedies under this Security Instrument. This amount may ilJclude, but is not limited to, reasolJable ¡¡ttorneys' fees, court costs, and other legal expenses. This amount does not include a!lorueys' fees for a salaried employee of the Lender. This Security Instrument shall remain in effect until released. Mortgagor agrees to pay flir any recordation costs of sucb rele¡¡se. 16. ENVffiONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in thi.~ section, (1) Environmental Law means, without limit¡¡tion, the Comprehensive Environmental Rcsponse, Compens¡¡tion and Liability Act (CERCLA, 42 U.S.C. 9601 el seq.), and all litller I'cderal, slate and llical laws, regulations, ordinances, court orders, attorney general opinions or intcrpretive 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 dangcrous to the public health, safety, welfare or environment. The term includes, without limitation, any substances defined as "hazardous material," "toxic substances," "hazardous waste" or "hazardous substance" undcr any Environmental L¡¡w. Mortgagor represents, warrants and ¡¡grecs that: A. Except as previously disclosed and acknowledged ill wntlOg to Lender, no I-I¡¡zardous Substance is or will be located, stored or released on or in tbe Propcrty. This re~triction does not apply to small quantities of Hazardous Substances that are generally recognized to he arprorri¡¡te for (he nonnrd use and maintenance of the Properly. B. Except as previuu~ly discloscd and ¡¡ckuowlcdged in writing 10 Lender, tl'lurlg¡lgor and every ll:naJ]( have been, are, and shall rcmain in full compliHnce wÌlIl any applicable Environmental Law. C. Mortgagor shall i¡llinediatcly notify Lender if a release or threatened release of a Hazardous Substance occurs on, under or ¡¡bout the Property or there is a violation of allY Environmental Law concerning the Property. In such an event, MortgaglJf shall take aU necess¡¡ry remedial action in ¡¡ccordance with any Environmcntal Law. D. Mortgagor shaU immcdiately notif'y Lender in writing ¡¡s soon as Mortgagor has reason to believe there is any pending or threatellcd illvestigation, claim, or procecding relating to thc 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 lake any Dr all of the ProperlY Ihwugh condemnation, eminenl domain, Dr any Dlhcr means. Mortgagor authorizes Lender to intervene in Mortgagor's name in any of tbl: above described actions or claims. Mortgagor assigns to Lender the proceeds of allY award or claim for d¡¡mages 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 providcd in this Security Instrument. This assignment of proceeds is subject to the terms of ¡¡ny 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 loc¡¡tion. This insurance shall be maint<IÎned in the amounts and for the periods tl1at Lender requircs. 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 tbe terms of this Security Instrument. 1\11 insurance policies ¡¡nd rel1l:wab ~h¡¡1I he ¡¡ccep(¡¡hlc 10 I.ender ¡¡nd sh¡¡1I include a ~Iandard "mortgage clause" and, where applicable, "loss payee clausc." Mortgagor shall immediatdy notify Lender of cancellation or termination of the insurance. Lender shall h¡¡ve the rigbt to hold the policies and renewab. I I' Lender requires, Mortgagor shall immediately give to Lender all receipts of paid premiums and renewal notices. Upon loss, Mortgagor shall give immediate notice'to the insurance carrier and Lender. Lender may make proof of loss if not made immediately by Mortgagor. Unless otberwise agreed in writing, all insurance procceds shall be applied to the restoration or repair of the Property or to the Secured Debt, whether or not [hen due, ¡¡t Lender's option. Any application of proceeds to principal shall not extend or /'l (",9: Qq~ ©1994 Bankers Systems, Inc" St. Cloud, MN I '-800-397·23411 Form RE·MTG·WY 11/18194 -44-- ·' ~!~OOC I 000215 postpone the due date of the scheduled payment nor change the I 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 re~ulting from damage to the Property before the acquisitiou shall pass to Lender 10 the extent of the Secured Debt immediately before the acquisition. 19. ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separate agreement, MOflgagor will not be required to pay to Lender funds for taxes and insurance in escrow. 20. FIN CIAL REPORTS AND ADDITIONAL DOCUMENTS. Mortgagor will provide to Lender upon request, any finan 'aI statement or information Lender may deem reasonably necessary. Mortgagor agrees to sign, deliver, and file any additi nal documents or certifications that Lender may consider necessary to perfect, continue, and preserve Mortgagor's obliga ions under this Security Instrument and Lender's lien status on the Property. 21. JO AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Secur ty Instrument are joint and illdividual. If Mortgagor signs this Security Instrumcnt but does not Sigll an evidence of debt, Mort gor does so only to mortgage Mortgagor's interest in the Propcrty 10 secure payment of the Secured Debt and Mort gor does not agree to be persollally liable on thc Secured Debt. If this Security In~trument secures a guaranty bctween Lend I' and Mortgagor, Mortgélgor agrees to waive any rights that mélY prevent Lendcr from bringing any action or claim agains Mortgagor or any party indebted undcr tbe obligation. These rights may include, but are not limited to, any anti-d ficiency or one-action laws. Mortgagor agrees that Lcnder and any pélrty to this Security Instrument may extend, modify or m e any change in the terms of this Security Instrument or any evidence of debt without Mortgagor's consent. Such éI chang will not release Mortgagor from the teons of this Security Instrument. The duties and benefits of this Security Instr ent shall bind and benefit the successors and élssigns of Mortgagor éllld Lender. 22. APP ICABLE LAW; SEVERABILITY; INTERPRETATION. Tbis Security Instrument is governed by the laws of the jurisd' tion in which Lender is located, except to the cxtent otherwise requircd by the laws of the jurisdiction where the Prope y is located. This Security Instrument is complete élnd fully integrated. This Security Instrument may not be amended or modifjed by oral agreement. Any section in tuis Security I nst rUl1ll: nt, attachments, or élllY agreelllenl relaled to the Secured Debt that conflicts with applicablc law will not be cffcctive, lInles~ that law cxpressly or impliedly pcrmits the vélriations by written agreement. If any section of this Sccurity I nstrument cannot be enforced according to its tenns, that section will he severed and will not alTect the enJorceélbility of tue remainder of this Security J nstrumenl. Whenever used, the singular shélll include the plural and the plural the singular. The captions and heéldings of the sections of tuis Security Instrument are for convenience only and are not to be used to interpret or define the terms of this Security Instrument. Time is of tue 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 mélil to the appropriate party's address on pagc I of this Security Instrument, or to any other address designated in writing. Notice to one mortgagor will be deemed to be notice to élll mortgélgors. 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: o Line of Credit. The Secured Debt includes éI 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. o Construction Loan. This Security Instrument secures an obligéltion incurred for the construction of all improvement on the Property. o 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 Propcrty. This Security Instrument suffices élS éI financing statement and any carbon, photographic or other reproduction may be filed of record for purposes of Article 9 of the Uniform Commercial Code. o Riders. The covenélnts and (lgreements or each of the riders cbecked below are incorporated inlo and supplement and amend tbe tenns of this Security lll.qrumcnl. ¡Check ai' applicahle boxes] o Condominium Rider 0 Planned U nit Development Rider 0 Other........................................................ o Additional Terms. SIGNATURES: By signing below, MOligagor agrees to the terms and covenants contained in this Security Instrumcnt and in any attachments. Mortgagor also acknowledges receipt of éI copy of [his Security Instrument on tue date stated on page 1. ,¡ ·'~RN~·J/~···.1%~;·~c77J ';i;;';~6i·-:?~Jf~·······t~t:i;j·ÓS- (Individual) ACKNOWLEDGMENT: STATE OF YVYP.¥!~.q.................................., COUNTY OF ~!~ç.QW........................................} ss. This instrument was acknowledged before me this ........ ßJ.~.. .. .... day of AVß.~~T. .~QQß.. ........ . .. .. . .. .. .. .... ..... ...... ~y ~~~~(~~;;I~;::;;:~~·~~~;~~~;~·~BA.~P.~~QW.lfÇ.......... .~.... ...... ....... .......;{: ..}......;1............................. . ypOBUC . ................ ~~ ......... SHARON WALKE.R NOT:ATE OF (Nol,ory 1'11111;<) cOUNTY Of wYOMING lINCOLN Oi2 ,\ MY COMMISSION IXPlRØ JUNE ~ 2 ©1994 Bankers Systems, Inc., St. Cloud, MN (1·800-397-2341) Form RE-MTG·WY 11/18/94 (page 4 of 4) EXHIBIT" A" '000216 A portion of the East Half (E ~) of Section 31, Township 33 North, Range 118 West, 6th P.M., near Grover, Lincoln County, Wyoming, being more particularly described as follows: Beginning at the Northwest comer of the Southeast Quarter of the Northeast Quarter (SE ~ NE ¥.I) of said Section 31 and running thence East, along the North line of said SE ~ NE ¥.I, 292.00 feet, to the Northwest comer of the Jim R. and Teresa Newton property as described in Warranty Deed No. 732702, recorded May 10, 1991, in Book 296 P.R., Page 402; thence South along the West boundary of said Newton property, 768.71 feet; thence East, along the South boundary of said Newton property, 170.00 feet; thence South 00°19'12" East, 480.92 feet; thence North 71 °04'45" West, 435.33 feet; thence North 04°49'56" West, 402.47 feet; thence South 84~4'26" West, 533.64 feet; thence North 14°27'52" West, 371.24 feet; thence North 89°37'35" East, 607.17 feet; thence North 00° 19'59" West, 396.00 feet, to the point of beginning. Land TiUe Company Underwriter· Stewart Title OuaranIy Company Commitment - Schedule A