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HomeMy WebLinkAbout872302P".* C b c3 0 ri aa ••••4 E ra =3 Ey PD RECORDATION REQUESTED BY: First Security Bank, N.A. DEPT. QUALITY REVIEW P.O. BOX 37 BOISE, ID 83707 WHEN RECORDED MAIL TO: First Security Bank. NA. DEPT. QUALITY REVIEW P.O. BOX 37 BOISE, ID 83707 boa RELEASE I This 'Mort gage SE# IDOL. 6F 1ORTgAgES FACE First Security Bank. MORTGAGE THIS MORTGAGE IS DATED MARCH 22, 2001, between KENNETH L CRAM and APRIL CRAM, whose address is 300 HEINER SUITER RD CR 127, BEDFORD, WY 83112 (referred to below as "Grantor and FIRST SECURITY BANK, N.A., whose address is 785 WASHINGTON, AFTON, WY 83110 (referred to below as "Lender GRANT OF MORTGAGE. For valuable consideration, Grantor mortgages and conveys to Lender all of Grantor's right, title, and interest in and to the following described real property, together with all existing or subsequently erected or affixed buildings, improvements and fixtures; all easements, rights of way, and appurtenances; all water, water rights, watercourses and ditch rights (including stock in utilities with ditch or irrigation rights); and all other rights, royalties, and profits relating to the real property, including without limitation all minerals, oil, gas, geothermal and similar matters, located in LINCOLN County, State of Wyoming (the "Real Property SEE ATTACHED EXHIBIT A The Real Property or its address is commonly known as 300 HEINER SUITER RD CR 127, BEDFORD, WY 83112. Grantor presently assigns to Lender all of Grantor's right, title, and interest in and to all leases of the Property and all Rents from the Property. In addition, Grantor grants to Lender a Uniform Commercial Code security Interest in the Personal Property and Rents. DEFINITIONS. The following words shall have the following meanings when used in this Mortgage. Terms not otherwise defined in this Mortgage shall have the meanings attributed to such terms in the Uniform Commercial Code. All references to dollar amounts shall mean amounts in lawful money of the United States of America. Credit Agreement. The words "Credit Agreement" mean the revolving line of credit agreement dated March 22, 2001, between Lender and Grantor with a credit limit of S24,000.00, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and substitutions for the Credit Agreerent. Existing Indebtedness. The words "Existing Indebtedness" mean the indebtedness described below in the Existing Indebtedness section of this Mortgage. Grantor. The word "Grantor" means KENNETH L CRAM and APRIL CRAM. The Grantor is the mortgagor under this Mortgage, Guarantor. The word "Guarantor" means and includes without limitation each and all of the guarantors, sureties, and accommodation parties in connection with the Indebtedness. Improvements. The word "Improvements" means and includes without limitation all existing and future improvements, buildings, structures, mobile homes affixed on the Real Property, facilities, additions, replacements and other construction on the Real Property. Indebtedness. The word "Indebtedness" means all principal and interest payable under the Credit Agreement and any amounts expended or advanced by Lender to discharge obligations of Grantor or expenses incurred by Lender to enforce obligations of Grantor under this Mortgage, together with interest on such amounts as provided in this Mortgage. Specifically, without limitation, this Mortgage secures a revolving line of credit, which obligates Lender to make advances to Grantor so long as Grantor compiles with all the terms of the Credit Agreement. Such advances may be made, repaid, and remade from time to time, subject to the limitation that the total outstanding balance owing at any one time, not including finance charges on such balance at a fixed or variable rate or sum as provided In the Credit Agreement, any temporary overages, other charges, and any amounts expended or advanced as provided in this paragraph, shall not exceed the Credit Limit as provided in the Credit Agreement. It is the Intention of Grantor and Lender that this Mortgage secures the balance outstanding under the Credit Agreement from time to time from zero up to the Credit Limit as provided above and any Intermediate balance. The lien of this Mortgage shall not exceed at any one time $24,000.00. Lender. The word "Lender" means FIRST SECURITY BANK, N.A., its successors and assigns. The Lender is the mortgagee under this Mortgage. Mortgage. The word "Mortgage" means this Mortgage between Grantor and Lender, and includes without limitation all assignments and security interest provisions relating to the Personal Property and Rents. Personal Property. The words "Personal Property" mean all equipment, fixtures, and other articles of personal property now or hereafter owned by Grantor, and now or hereafter attached or affixed to the Real Property; together with all accessions, parts, and additions to, all replacements of, and all substitutions for, any of such property; and together with all proceeds (including without limitation all insurance proceeds and refunds of premiums) from any sale or other disposition of the Property. Property. The word "Property" means collectively the Real Property and the Personal Property. Real Property. The words "Real Property" mean the property, interests and rights described above In the "Grant of Mortgage" section. Related Documents. The words "Related Documents" mean and include without limitation all promissory notes, credit agreements, loan agreements, environmental agreements, guaranties, security agreements, mortgages, deeds of trust, and all other instruments, agreements and documents, whether now or hereafter existing, executed in connection with the Indebtedness. Rents. The word "Rents" means all present and future rents, revenues, income, issues, royalties, profits, and other benefits derived from the Property. MAR :03 ni 1 THIS MORTGAGE, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY, IS GIVEN TO SECURE (1) PAYMENT OF THE INDEBTEDNESS AND (2) PERFORMANCE OF ALL OBLIGATIONS OF GRANTOR UNDER THIS MORTGAGE AND THE RELATED DOCUMENTS. THIS MORTGAGE IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS: PAYMENT AND PERFORMANCE. Except as otherwise provided in this Mortgage, Grantor shall pay to Lender all amounts secured by this Mortgage as they become due, and shall strictly perform all of Grantor's obligations under this Mortgage. POSSESSION AND MAINTENANCE OF THE PROPERTY. Grantor agrees that Grantor's possession and use of the Property shall be governed by the following provisions: 572302 1 1 1 11 I 1t II RECEIVED CLERK t 1._IN OLN COUN t Y CLERK 2 I' 00 KENI.Not E 1" WYOMING BOOK 461 PR PAGE 3 9 c_ SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY RightFAX .10 Z aBed bt 30Hd XHAINI t8 t :LT fie, EE dtiW nedeJ pue uo!leJolsei of speeooid eyi Aidde o1 sloeie Jepuel tl •Auedoid eyi to J!edai pue uo!leiolsei mil Jo 'Auedoid eyi Bu!loette ua!! 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Auedoid 0141 u!eiu!ew Heys 1olue10 •u)e;uleyy o; A ;nC .Auedoid eyi unlit slues mil 100(100 pue Auedoid ey1 ebeuew pue eleied° pue to loiw00 pue uo!ssessod u! u!eweJ Aew 1olue19 'iinetep u! )!sun *esn pus uo(ssossod (panuguo3) 3DVD Zr 01716609 oN ue01 �Z-EO 03 -22 -2001 n Loan No 609174 MORTGAGE Page 3 (Continued) Grantor shall repair or replace the damaged or destroyed Improvements in a manner satisfactory to Lender, Lender shall, upon satisfactory proof of such expenditure, pay or reimburse Grantor from the proceeds for the reasonable cost of repair or restoration if Grantor is not in default under this Mortgage. Any proceeds which have not been disbursed within 180 days atter their receipt and which Lender has not committed to the repair or restoration of the Property shall be used first to pay any amount owing to Lender under this Mortgage, then to pay accrued Interest, and the remainder, If any, shall be applied to the principal balance of the Indebtedness. If Lender holds any proceeds after payment in full of the Indebtedness, such proceeds shall be paid to Grantor. Unexpired Insurance at Sale. Any unexpired insurance shall inure to the benefit of, and pass to, the purchaser of the Property covered by this Mortgage at any trustee's sale or other sale held under the provisions of this Mortgage, or at any foreclosure sale of such Property. Compliance with Existing Indebtedness. During the period in which any Existing Indebtedness described below is in effect, compliance with the insurance provisions contained in the instrument evidencing such Existing Indebtedness shall constitute compliance with the insurance provisions under this Mortgage, to the extent compliance with the terms of this Mortgage would constitute a duplication of insurance requirement. If any proceeds from the insurance become payable on loss, the provisions in this Mortgage for division of proceeds shall apply only to that portion of the proceeds not payable to the holder of the Existing Indebtedness. EXPENDITURES BY LENDER. If Grantor fails to comply with any provision of this Mortgage, including any obligation to maintain Existing Indebtedness in good standing as required below, or if any action or proceeding is commenced that would materially affect Lender's Interests In the Property, Lender on Grantor's behalf may, but shall not be required to, take any action that Lender deems appropriate. Any amount that Lender expends in so doing will bear interest at the rate provided for in the Credit Agreement from the date incurred or paid by Lender to the date of repayment by Grantor. All such expenses, at Lender's option, will (a) be payable on demand, (b) be added to the balance of the credit line and be apportioned among and be payable with any installment payments to become due during either (i) the term of any applicable insurance policy or (ii) the remaining term of the Credit Agreement, or (c) be treated as a balloon payment which will be due and payable at the Credit Agreement's maturity. This Mortgage also will secure payment of these amounts. The rights provided for in this paragraph shall be in addition to any other rights or any remedies to which Lender may be entitled on account of the default, Any such action by Lender shall not be construed as curing the default so as to bar Lender from any remedy that it otherwise would have had. WARRANTY; DEFENSE OF TITLE. The following provisions relating to ownership of the Property are a part of this Mortgage. Title. Grantor warrants that: (a) Grantor holds good and marketable title of record to the Property in fee simple, free and clear of all liens and encumbrances other than those set forth in the Real Property description or in the Existing Indebtedness section below or in any title insurance policy, title report, or final title opinion issued in favor of, and accepted by, Lender in connection with this Mortgage, and (b) Grantor has the full right, power, and authority to execute and deliver this Mortgage to Lender, Defense of Title. Subject to the exception in the paragraph above, Grantor warrants and will forever defend the title to the Property against the lawful claims of all persons, In the event any action or proceeding is commenced that questions Grantor's title or the interest of Lender under this Mortgage, Grantor shall defend the action at Grantor's expense. Grantor may be the nominal party in such proceeding, but Lender shall be entitled to participate in the proceeding and to be represented in the proceeding by counsel of Lender's own choice, and Grantor will deliver, or cause to be delivered, to Lender such instruments as Lender may request from time to time to permit such participation, Compliance With Laws. Grantor warrants that the Property and Grantor's use of the Property complies with all existing applicable laws, ordinances, and regulations of governmental authorities. EXISTING INDEBTEDNESS. The following provisions concerning existing indebtedness (the "Existing Indebtedness are a part of this Mortgage. Existing Lien. The lien of this Mortgage securing the Indebtedness may be secondary and inferior to an existing lien, Grantor expressly covenants and agrees to pay, or see to the payment of, the Existing Indebtedness and to prevent any default on such indebtedness, any default under the instruments evidencing such indebtedness, or any default under any security documents for such indebtedness, No Modification. Grantor shall not enter into any agreement with the holder of any mortgage, deed of trust, or other security agreement which has priority over this Mortgage by which that agreement is modified, amended, extended, or renewed without the prior written consent of Lender, Grantor shall neither request nor accept any future advances under any such security agreement without the prior written consent of Lender, CONDEMNATION. The following provisions relating to condemnation of the Property are a part of this Mortgage. Application of Net Proceeds. If all or any part of the Property is condemned by eminent domain proceedings or by any proceeding or purchase In lieu of condemnation, Lender may at its election require that all or any portion of the net proceeds of the award be applied to the Indebtedness or the repair or restoration of the Property. The net proceeds of the award shall mean the award after payment of all reasonable costs, expenses, and attorneys' fees incurred by Lender in connection with the condemnation. Proceedings. If any proceeding in condemnation is filed, Grantor shall promptly notify Lender in writing, and Grantor shall promptly take such steps as may be necessary to defend the action and obtain the award. Grantor may be the nominal party in such proceeding, but Lender shall be entitled to participate in the proceeding and to be represented in the proceeding by counsel of its own choice, and Grantor will deliver or cause to be delivered to Lender such instruments as may be requested by it from time to time to permit such participation. IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relating to governmental taxes, fees and charges are a part of this Mortgage: Current Taxes, Fees and Charges. Upon request by Lender, Grantor shall execute such documents in addition to this Mortgage and 'take whatever other action Is requested by Lender to perfect and continue Lender's lien on the Real Property, Grantor shall reimburse Lender for all taxes, as described below, together with all expenses incurred in recording, perfecting or continuing this Mortgage, including without limitation all takes, fees, documentary stamps, and other charges for recording or registering this Mortgage. Taxes. The following shall constitute taxes to which this section applies: (a) a specific tax upon this type of Mortgage or upon all or any part of the Indebtedness secured by this Mortgage; (b) a specific tax on Grantor which Grantor Is authorized or required to deduct from payments on the Indebtedness secured by this type of Mortgage; (c) a tax on this type of Mortgage chargeable against the Lender or the holder of the Credit Agreement; and (d) a specific tax on all or any portion of the Indebtedness or on payments of principal and interest made by Grantor, Subsequent Taxes. If any tax to which this section applies is enacted subsequent to the date of this Mortgage, this event shall have the same effect as an Event of Default (as defined below), and Lender may exercise any or all of its available remedies for an Event of Default as provided below unless Grantor either (a) pays the tax before it becomes delinquent, or (b) contests the tax as provided above in the Taxes and Liens section and deposits with Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender. SECURITY AGREEMENT; FINANCING STATEMENTS. The following provisions relating to this Mortgage as a security agreement are a part of this Mortgage, Security Agreement. This instrument shall constitute a security agreement to the extent any of the Property constitutes fixtures or other personal property, and Lender shall have all of the rights of a secured party under the Uniform Commercial Code as amended from time to time, Security Interest. Upon request by Lender, Grantor shall execute financing statements and take whatever other action is requested by Lender to perfect and continue Lender's security Interest in the Rents and Personal Property. In addition to recording this Mortgage in the real property records, Lender may, at any time and without further authorization from Grantor, file executed counterparts, copies or reproductions of this Mortgage as a financing statement, Grantor shall reimburse Lender for all expenses incurred in perfecting or continuing this security interest. Upon default, Grantor shall assemble the Personal Property in a manner and at a place reasonably convenient to Grantor and Lender and make it available to Lender within three (3) days after receipt of written demand from Lender. Addresses. The mailing addresses of Grantor (debtor) and Lender (secured party), from which information concerning the security interest granted by this Mortgage may be obtained (each as required by the Uniform Commercial Code), are as stated on the first page of this Mortgage, FURTHER ASSURANCES; ATTORNEY -IN -FACT. The following provisions relating to further assurances and attorney -in -fact are a part of this Mortgage, Further Assurances. At any time, and from time to time, upon request of Lender, Grantor will make, execute and deliver, or will cause to be made, executed or delivered, to Lender or to Lender's designee, and when requested by Lender, cause to be filed, recorded, refiled, or rerecorded, as the case may be, at such times and in such offices and places as Lender may deem appropriate, any and all such mortgages, deeds of trust, security deeds, security agreements, financing statements, continuation statements, instruments of further assurance, certificates, and other documents as may, in the sole opinion of Lender, be necessary or desirable in order to effectuate, complete, perfect, continue, or preserve (a) the obligations of Grantor under the Credit Agreement, this Mortgage, and the Related Documents, and (b) the liens and security interests created by this Mortgage on the Property, whether now owned or hereafter acquired by Grantor, Unless MAR 2.117 06 RightFAX Ilia 12 £ti'391id XFidlNbld LO:LT TO, EE ?kW 6u!pue44o ew 4! 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'e1ge1!sep to A1BSS8000 eq Aew se 96u1y1 leylo He 611!op pue '6u!plo0al 'Bw14 'Bu!lanpep '6u!ln0exe '6u!new 4o esodind ey1 lot 1084- u4- Aewolle s,101ue19 se lepuel siu!odde Algeooneln Ageley 101U81O 'sesodlnd yens 103 •9suedxe s,lo1ue1O 1e pue 101Ue19 10 eweu eyi u! pue lot os op Aew lepuel '1del6eled 6ulpe0eld 0141 u! of penet91 56wy1 ey1 to Aue op 02 suet 1ow819 41 '30ej- ul-Aaulo3V •ydel6eled x141 ul 01129119491 sleuew ey1 yl4M uoll0euuoa 114 pe11n0u! sesuedxe pue 91900 lle lot lepuel esingwlel Heys lolue19 '6u!1!lM u! lepuel Aq Alelluoo ey1 01 peel6e 10 men Aq pellglyold •V aged i6C (panui ;uo3) 3Jt/IE111 '6u!MoIIol 041 4 (4003 '11fVd3O P''�0E7,4S© t'LL ON ueo1 -ZZ -EO 03 -22 -2001 0S740a Loan No 609174 provision cannot be so modified, it shall be stricken and all other provisions of this Mortgage in all other respects shall remain valid and enforceable. Successors and Assigns. Subject to the limitations stated in this Mortgage on transfer of Grantor's interest, this Mortgage shall be binding upon and inure to the benefit of the parties, their successors and assigns. If ownership of the Property becomes vested in a person other than Grantor, Lender, without notice to Grantor, may deal with Grantor's successors with reference to this Mortgage and the Indebtedness by way of forbearance or extension without releasing Grantor from the obligations of this Mortgage or liability under the Indebtedness. Time Is of the Essence. Time is of the essence in the performance of this Mortgage. Waiver of Homestead Exemption. Grantor hereby releases and waives all rights and benefits of the homestead exemption laws of the State of Wyoming es to all Indebtedness secured by this Mortgage. Waivers and Consents. Lender shall not be deemed to have waived any rights under this Mortgage (or under the Related Documents) unless such waiver is in writing and signed by Lender. No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such right or any other right. A waiver by any party of a provision of this Mortgage shall not constitute a waiver of or prejudice the party's right otherwise to demand strict compliance with that provision or any other provision. No prior waiver by Lender, nor any course of dealing between Lender and Grantor, shall constitute a waiver of any of Lender's rights or any of Grantor's obligations as to any future transactions. Whenever consent by Lender is required in this Mortgage, the granting of such consent by Lender in any instance shall not constitute continuing consent to subsequent instances where such consent is required. EACH GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE, AND EACH GRANTOR AGREES TO ITS TERMS. GRANTOR: X EN H L CRAM STATE OF �Y yeaMi ss COUNTY OF Linr.���n MAR 7:08 MORTGAGE Page 5 (Continued) X INDIVIDUAL ACKNOWLEDGMENT 396 On this day before me, the undersigned Notary Public, personally appeared KENNETH L CRAM and APRIL CRAM, to me known to be the individuals described in and who executed the Mortgage, and acknowledged that they signed the Mortgage as their free and voluntary act and deed, for the uses and purposes therein mentioned. n� Given under m ha official seal this day of M ark_ 200 1 BY Residing at A c.fCS r „yti Notary Public In and for the State of iyi My commission expires T LASER PRO, Reg. U.S. Pat. T.M. 011., Ver. 3.29e IC) Concentrex 2001 All rights reserved. [WY -G03 E3.29 F3.29 LP927730.LN L2.OVLI 003 HAL R. ROBINSON NOTARY PUBLIC County ©t State of �Y Uncoln Wyoming My Commission oL.4,ires August 7, 2003 RightFAX .14 MAR 22 '01 12:35 FR FEB DOC PREP 0874 302 EXHIBIT "A" 2083934629 TO 913078869488 P.02'02 That part of the NE;4SE4 and the SE %NE of Section 4, T33N R118W of the 6th P.M., Lincoln County, Wyoming being more particularly described as follows: BEGINNING at the rebar found marking a bend in the centerline of Heiner -Suter Connry Road 12 -127, said point being 753.50 feet N 89 °42'04" W, along the North line of said NE VASE% from the B.L.M. type moruunent (spike on surface) marking the northeast corner of said NE thence South 1120.95 feet to an iron pipe set; thence N 25 °58'09" W, 698.57 feet to an iron pipe found; thence North 500.00 feet to a rebar found marling a point in the north line of said NE14SE!/r; thence N 0 °01'40" E, 112.44 feet CO a rebar found marking a point in the center line of said county road 12 -127; thence S 70 °11'30" E, along said center line 336.68 feet, to the point of beginning. LESS AND EXCEPT the land contained in Quitclaim Deed recorded January 13, 1995 in Book 363PR on page 470 of the records of the Lincoln County Clerk. TGE.