HomeMy WebLinkAbout872759RECORDING REQUESTED BY AND
WHEN RECORDED, MAIL TO:
Morgan Stanley Dean Witter Credit Corporation
4909 East 26th Street,
Sioux Falls, SD 57110
Loan Number: 940 -2- 390 433095
THIS Mortgage, is made
among the Mortgagor, (herein "Borrower
with the Property Vesting /Relationship of
whose mailing address is
and the Mortgagee (herein "Lender
872759
(SPACE ABOVE THIS LINE FOR RECORDER'S USE ONLY)
LINCO N COUNTY CLERK
QI PPR 20 filth: 42
JEANNE i•'r A NEB
KEMMERER. iv YOMJNG
BOOK 4b2 PR PAGE 7 4 2
Morgan Stanley Dean Witter
Credit Corporation
WYOMING
MORTGAGE
(THIS MORTGAGE SECURES A LINE OF CREDIT AGREEMENT WHICH PROVIDES,
SUBJECT TO CERTAIN CONDITIONS, FOR OBLIGATORY ADVANCES AND FOR A
VARIABLE INTEREST RATE)
April 16, 2001
ROBERT E. KRONE gRA J.�T(
Mortoge
PO BOX 934
Thayne, WY
Morgan Stanley Dean WI
10681 Foothill Blvd. Suite 380-,
Rancho Cucamonga, CA 91730
which has the address of: 176 Bear Lake Drive
Thayne, WY 83127
oration
AMOUNT SECURED: Fifty Thousand and 00 /100 Dollars ($50,000.00) the outstanding balance of
which, if not paid sooner, is due and payable on May 16, 2011.
ADVANCE MADE AT TIME OF MORTGAGE Five Thousand and 00/100 Dollars ($5,000.00).
WHICH TOGETHER WITH OTHER ADVANCES WILL NOT EXCEED AT ANYTIME THE MAXIMUM AMOUNT
TO BE SECURED, THE OUTSTANDING BALANCE OF WHICH, IF NOT SOONER PAID, IS DUE AND
PAYABLE ON May 16, 2011.
BORROWER, in the consideration of the indebtedness herein recited mortgages, warrants, grants and
conveys to Lender the following described property located in the County of Lincoln, State of Wyoming:
LOT 68 OF STAR VALLEY RANCH PLAT 21, LINCOLN COUNTY, WYOMING AS
DESCRIBED ON THE OFFICIAL PLAT THEREOF. APN# 12- 3418- 05 -3 -06- 019.00
(herein "Property Address
TOGETHER with all the improvements now or hereafter erected on the property, and all easements, rights,
appurtenances, rents (to the extent allowed by law and subject to the rights and authorities given herein
to Borrower to collect and apply such rents), royalties, mineral, oil and gas rights and profits, water, water
rights and water stock, and all fixtures now or hereafter attached to the property, all of which, including
replacements and additions thereto, shall be deemed to be and remain a part of the property covered by
this Mortgage; and all of the foregoing, together with said property (or the leasehold estate if this Mortgage
is on a leasehold) are herein referred to as the "Property."
TO SECURE to Lender (a) the repayment of all indebtedness due and to become due under the terms and
conditions of the Agreement and Disclosure Statement (the `Agreement executed by Borrower and dated
the same day as this Mortgage, and all modifications, extensions and renewals thereof, which Agreement
provides that Lender shall make advances to Borrower of a revolving nature and that such advances may
be made, repaid and remade from time to time, subject to the limitation that the total outstanding principal
balance owing at any one time under the Agreement (not including finance charges thereon at a rate which
will vary from time to time, and any fees and charges which may from time to time be owing under the
Agreement) shall not exceed the Maximum Amount Secured designated on the first page of this Mortgage;
(b) the payment of all other sums advanced in accordance herewith to protect the security of this Mortgage,
with finance charges thereon at the applicable rate described in the Agreement (c) the performance of the
covenants and agreements contained herein and in the Agreement.
IT IS THE intention of the Borrower and the Lender that this Mortgage secures the Borrower's obligation
to repay the balance outstanding and to be outstanding under the Agreement from time to time from zero
up to the Maximum Amount Secured designated on the first page of this Mortgage and any intermediate
balance. Unless paid sooner, any unpaid balance is due ten (10) years from the date of this Mortgage.
848 WY-LOC Mortgage 01/21/00 Page 1 of 6
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744
Account No.: 940 -2- 390 433095
Unless Lender and Borrower otherwise agree in writing, such application of proceeds to principal shall
not extend or postpone the due date of the payments referred to in paragraph 1 hereof or change the
amount of such payments. If under paragraph 21 hereof the Property is acquired by Lender, all rights, title
and interest of Borrower in any insurance policies and in and to the proceeds thereof resulting from damage
to the Property prior to the sale or acquisition shall pass to Lender to the extent of the sums secured by this
Mortgage immediately prior to such sale or acquisition.
If all or part of the Property is damaged or destroyed by a third party and sums are due from that 'party
or its insurer as a result, whether due to judgment, settlement or other process, those sums shall be applied
in the same manner as insurance proceeds under this clause.
6. Preservation and Maintenance of Property; Leaseholds; Condominiums; Planned Unit
Developments. Borrower shall keep the Property in good repair and shall not commit waste or permit
impairment or deterioration of the Property and shall comply with the provisions of any lease if this Mortgage
is on a leasehold. If this Mortgage is on a unit in a condominium or a planned unit development, Borrower
shall perform all of Borrower's obligations under the declaration or covenant creating or governing the
condominium or planned unit development, the bylaws and regulations of the condominium or planned
unit development, and constituent documents. If a condominium or planned unit development rider is
executed by Borrower and recorded together with this Mortgage, the covenants and agreements of such
rider shall be incorporated into and shall amend and supplement the covenants and agreements of this
Mortgage as if the rider were a part hereof.
7. Protection of Lender's Security. If Borrower fails to perform the covenants and agreements
contained in this Mortgage, or if any action or proceeding is commenced which materially affects Lender's
interest in the Property, including, but not limited to, eminent domain, insolvency, code enforcement, or
arrangements or proceedings involving a bankrupt or decedent, then Lender, at Lender's option, upon
notice to Borrower, may make such appearances, disburse such sums and take such action as is necessary
to protect Lender's interest, including, but not limited to, disbursement of reasonable attorney's fees and
entry upon the Property to make repairs. If Lender required mortgage insurance as a condition of making
the loan secured by this Mortgage, Borrower shall pay the premiums required to maintain such insurance
in effect until such time as the requirement for such insurance terminates in accordance with Borrower's
and Lender's written agreement or applicable law.
Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become
additional indebtedness of Borrower secured by this Mortgage unless otherwise provided in the
Agreement. Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable
upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the date of
disbursement at the rate payable from time to time on the outstanding principal under the Agreement unless
payment of interest at such rate would be contrary to applicable law, in which event such amounts shall
bear interest from that date of disbursement at the highest rate permissible under applicable law. Nothing
contained in this paragraph 7 shall require Lender to incur any expense or take action hereunder. Any action
taken by Lender under this paragraph 7 shall not cure any breach Borrower may have committed of any
covenant or agreement under the Mortgage. Borrower agrees that any notification to Borrower required
by law when Lender performs duties of the Borrower shall be satisfied if mailed to Borrower's address as
provided in this Mortgage within sixty (60) days after Lender performs the duties.
8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the
Property, provided that Lender shall give Borrower notice prior to any such inspection specifying
reasonable cause therefore related to Lender's interest in the Property.
9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in
connection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu
of condemnation, are hereby assigned and shall be paid to Lender.
In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this
Mortgage, with the excess, if any, paid to Borrower. In the event of a partial taking of the Property, unless
Borrower and Lender otherwise agree in writing, there shall be applied to the sums secured by this
Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the sums
secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the
Property immediately prior to the date of taking, with the balance of the proceeds paid to Borrower.
If the Property is abandoned by Borrower, or if after notice by Lender to Borrower that the condemnor
offers to make an award or settle a claim for damages, Borrower fails to respond to Lender within thirty (30)
days after the date such notice is mailed, Lender is authorized to collect and apply the proceeds, at Lender's
option, either to restoration or repair of the Property or to the sums secured by this Mortgage.
Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal
shall not extend or postpone the due date of the monthly payments referred to in paragraph 1 hereof or
change the amount of such payments.
10. Borrower not Released. Extension of the time for payment or modification of amortization of the sums
secured by this Mortgage or release of any security for the obligations secured hereby, or any other
amendment to the Agreement or this Mortgage granted by Lender to Borrower or to any successor in
interest of Borrower, shall not operate to release, in any manner, the liability of Borrower or Borrower's
successors as the case may be. Lender shall not be required to commence proceedings against any
successor in interest of Borrower or refuse to extend time for payment or otherwise modify amortization of
the sums secured by this Mortgage by reason of any demand made by the original Borrower or Borrower's
successor in interest.
848 WY-LOC Mortgage 01/21/00 Page 3 of 6
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746
Account No.: 940 -2- 390 433095
Any advances made by the Lender after a judgment is entered on the Note or in an action of mortgage
foreclosure, including, but not limited to payments of insurance premiums and real estate taxes, shall
become additional indebtedness of the Borrower until the indebtedness is paid in full.
21. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any
covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due any sums
secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in
paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not
Tess than thirty (30) days from the date the notice is mailed to Borrower, by which such breach must be
cured; and (4) that failure to cure such breach on or before the date specified in the notice may result in
acceleration of the sums secured by this Mortgage and the sale of the Property. The notice shall further
inform Borrower of the right to reinstate after acceleration and the right to bring court action to assert the
non existence of a default or any other defense of Borrower to acceleration and sale. If the breach is not
cured on or before the date specified in the notice, Lender at its option may require immediate payment
in full of all sums secured by this Mortgage without further demand, and thereafter, Lender may foreclose
this Mortgage either by advertisement and sale of the Property (the power of sale provided for by statute
being hereby expressly granted to Lender by Borrower) or by an action in equity, and may invoke any other
remedies provided in this paragraph 21, including, but not limited to, reasonable attorney's fees and costs
of title evidence.
If Lender elects to invoke the power of advertisement and sale granted to it in this paragraph 21, Lender
shall give notice of its intent to foreclose this Mortgage to Borrower and to the person in possession of the
Property, if different, in accordance with applicable law. Lender shall give notice of its intent to foreclose to
Borrower by certified mail, return receipt, in the manner provided in this paragraph 21. Lender shall publish
the notice of sale, and the Property shall be sold in the manner prescribed by applicable law. Lender or its
designee may purchase the Property at any sale. The proceeds of any sale of the Property, or any part
thereof, whether under the power of advertisement and sale herein granted to Lender or by virtue of judicial
proceedings, together with any other sums that may then be held by Lender or by any receiver appointed
in any judicial proceeding for the enforcement of this Mortgage, or otherwise, shall be applied in the
following order: (a) to the payment of all costs, fees, charges and expenses incurred in connection with any
breach hereunder, the exercise of any of the rights and remedies of Lender hereunder and any such sale
of the Property, including, but not limited to, reasonable attorney's fees, receivers' fees, and all expenses
of such sale, including advertisement and publication costs, title evidence and recording fees and charges;
(b) to all sums secured by this Mortgage; and(c) any excess to the person or persons legally entitled to it.
To the extent applicable law affords the Borrower a right to a hearing before sale of the Property under
power of sale or the appointment of a receiver, BORROWER WAIVES THE RIGHT TO A HEARING except
as Borrower may secure the order of a court of competent jurisdiction prior to sale or appointment at
Borrower's own initiative and expense ordering a hearing.
22. Assignment of Rents; Appointments of Receiver; Lender in Possession. As additional security
hereunder, Borrower to the extent permitted by law assigns to Lender the rents of the Property, provided
that Borrower shall, prior to acceleration under paragraph 21 hereof or abandonment of the Property, have
the right to collect and retain such rents as they become due and payable.
To fully assure Lender the benefit, of the security interest in the Property, granted to it under this
Mortgage, Borrower does hereby assign to Lender all rents hereafter payable for the use and occupancy
of the Property by any person in possession thereof with Borrower's consent, upon acceleration or
abandonment of the Property and at any time prior to the expiration of three (3) months following the
foreclosure sale of the Property, or any part thereof, whether under the power of advertisement and sale
herein granted to Lender or by virtue of judicial proceedings. Lender, wlpgrnct'releasing Borrower from any
obligation under this Mortgage and Without waiving any default, shall be entitled, and is hereby authorized
to enter upon, take possession of and manage the Property and to collect the rents of the Property including
those past due. If, upon Lender's election to enter upon and take possession of the Property, Bbrrowlr
should fail to surrender such possession to Lender promptly upon its request therefor, Lender may compel
delivery thereof by an ejectment action or other civil proceeding appropriate to that purpose.
In addition to the other remedies already provided for in this instrument and by law, as a matter of right,
without regard to solvency or insolvency of Borrower, the value of the Property or the sufficiency thereof to
discharge the sums secured by this instrument and costs of foreclosure and sale, Lender, upon
acceleration, shall be entitled to a receiver for the Property and the rents, issues and profits thereof from
the time of acceleration to expiration of any redemptive period as provided by law. Such receiver may be
appointed by any court of competent jurisdiction upon ex parte application, without notice, notice being
hereby waived and the appointment of a receiver upon such application being hereby consented to by the
Borrower.
Any rents collected by Lender or the receiver pursuant to this paragraph 21 shall be applied first to the
payment of costs of management of the Property and collection of rents, including, but not limited to,
receivers' fees, premiums or receivers' bonds and reasonable attorney's fees, and then to the sum secured
by this Mortgage.
23. Release. Upon payment of all sums secured by this Mortgage and the termination of the Agreement,
Lender shall provide a release of this Mortgage.
24. No Merger. There shall be no merger of the interest or estate created by this Mortgage with any other
interest or estate in the Property at any time held by or for the benefit of Lender in any capacity, without the
prior written consent of Lender.
848 WY-LOC Mortgage 01/21/00 Page 5 of 6
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