Loading...
HomeMy WebLinkAbout959777c FSA 1927 -1 WY (10- 28 -03) Position 5 UNITED STATES DEPARTMENT OF AGRICULTURE Farm Service Agency MORTGAGE FOR WYOMING %00359 THIS MORTGAGE "instrument is made on June 22 20 11 The mortgagor is Gregory Scott Nate (borrower), Chynell Nate (spouse) "Borrower whose mailing address is Po Box 117, Cokeville, WY 83114 This instrument is given to the United States of America, acting through the Farm Service Agency, United States Department of Agriculture "Government located at 508 N Broadway Avenue Riverton, WY 82501 This instrument secures the following promissory notes, assumption agreements, and /or shared appreciation agreements (collectively called "note which have been executed or assumed by the Borrower unless otherwise noted, are payable to the Government, and authorize acceleration of the entire debt upon any default: Annual Rate Due Date of Final Date of Instrument Principal Amount of Interest Installment 06/22/2011 $197,000.00 2.625% 06/22/2018 06/22/2011 $103,000.00 2.625% 06/22/2018 RECEIVED 6/23/2011 at 3:47 PM RECEIVING 959777 BOOK: 768 PAGE: 359 ,JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY (The interest rate for any limited resource farm ownership or limited resource operating loans secured by this instrument may be increased as provided in Government regulations and the note.) By execution of this instrument, Borrower acknowledges receipt of all of the proceeds of the loan or loans evidenced by the above note. This instrument secures to the Government: (1) payment of the note and all extensions, renewals, and modifications thereof; (2) recapture of any amount due under any Shared Appreciation Agreement entered into pursuant to 7 U.S. C. 2001; (3) payment of all advances and expenditures, with interest, made by the Government, and (4) the obligations and covenants of Borrower set forth in this instrument, the note, and any other loan agreements. In consideration of any loan made by the Government pursuant to the Consolidated Farm and Rural Development Act, 7 U.S.C. 1921 et seq. as evidenced by the note, Borrower irrevocably mortgages, grants and conveys to the Government the following described property situated in the State of Wyoming, County or Counties of Lincoln See attached Exhibit A for legal description. together with all rights (including the rights to mining products, gravel, oil, gas, coal or other minerals), interests, easements, fixtures, hereditaments, appurtenances, and improvements now or later attached thereto, the rents, issues and profits thereof, revenues and income therefrom, all water, water rights, and water stock pertaining thereto, and all payments at any time owing to Borrower by virtue of any sale, lease, transfer, or condemnation of any part thereof or interest therein (collectively called "the property"). This instrument constitutes a security agreement and fmancing statement under the Uniform Commercial Code and creates a security interest in all items which may be deemed to be personal property, including but not limited to proceeds and accessions, that are now or hereafter included in, affixed, or attached to "the property." Borrower COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the property and that the property is unencumbered, except for encumbrances of record. Borrower warrants and will defend the title to the property against all claims and demands, subject to any encumbrances of record. This instrument combines uniform covenants for national use and non uniform covenants with limited variations by jurisdiction to constitute a uniform mortgage covering real property. Initial date a° 1 1 FSA 1927 -1 WY (10- 28 -03) Page 1 of 6 UNIFORM COVENANTS. Borrower COVENANTS AND AGREES as follows: 1. Payment. Borrower shall pay promptly when due any indebtedness to the Government secured by this instrument. 2. Fees. Borrower shall pay to the Government such fees and other charges that may now or later be required by Government ations. 3.'Appl cati :>ai 'f payments. Unless applicable law or Government's regulations provide otherwise, all payments received by Government shall be applied in the following order of priority: (a) to advances made under this instrument; (b) to accrued interest due under the note; (c) to principal due under the note; (d) to late charges and other fees and charges. 4. Taxes, liens, etc. Borrower shall pay when due all taxes, liens, judgments, encumbrances, and assessments lawfully attaching to or assessed against the property and promptly deliver to the Government without demand receipts evidencing such payments. 5. Assignment. Borrower grants and assigns as additional security all the right, title and interest in: (a) the proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or taking by eminent domain or otherwise of any part of the property, or for conveyance in lieu of condemnation; (b) all bonuses, rentals, royalties, damages, delay rentals and income that may be due or become due and payable to the Borrower or Borrower's assigns under any existing or future oil, gas, mining or mineral lease covering any portion of the property; and (c) all rents, issues, profits, income and receipts from the property and from all existing or future leases, subleases, licenses, guaranties and any other agreements for the use and occupancy of any portion of the property, including any extensions, renewals, modifications or substitutions of such agreements. Borrower warrants the validity and enforceability of this assignment. Borrower authorizes and directs payment of such money to the Government until the debt secured by this instrument is paid in full. Such money may, at the option of the Government, be applied on the debt whether due or not. The Government shall not be obligated to collect such money, but shall be responsible only for amounts received by the Government. In the event any item so assigned is determined to be personal property, this instrument will also be regarded as a security agreement. Borrower will promptly provide the Government with copies of all existing and future leases. Borrower warrants that as of the date of executing this instrument no default exists under existing leases. Borrower agrees to maintain, and to require the tenants to comply with, the leases and any applicable law. Borrower will obtain the Government's written authorization before Borrower consents to sublet, modify, cancel, or otherwise alter the leases, or to assign, compromise, or encumber the leases or any future rents. Borrower will hold the Government harmless and indemnify the Government for any and all liability, loss or damage that the Government may incur as a consequence of this assignment. 6. Insurance. Borrower shall keep the property insured as required by and under insurance policies approved by the Government and, at its request, deliver such policies to the Government. If property is located in a designated flood hazard area, Borrower also shall keep property insured as required by 42 U.S. C. 4001 et seq. and Government regulations. All insurance policies and renewals shall include a standard mortgagee clause. 7. Advances by Government. The Government may at any time pay any other amounts required by this instrument to be paid by Borrower and not paid by Borrower when due, as well as any cost for the preservation, protection, or enforcement of this lien, as advances for the account of Borrower. Advances shall include, but not be limited to, advances for payments of real property taxes, special assessments, prior liens, hazard insurance premiums, and costs of repair, maintenance, and improvements. All such advances shall bear interest at the same rate as the note which has the highest interest rate. All such advances, with interest, shall be immediately due and payable by Borrower to the Government without demand. No such advance by the Government shall relieve Borrower from breach of Borrower's covenant to pay. Any payment made by Borrower may be applied on the note or any secured debt to the Government, in any order the Government determines. 8. Protection of lien. Borrower shall pay or reimburse the Government for expenses reasonably necessary or incidental to the protection of the lien and its priority and the enforcement or compliance with this instrument and the note. Such expenses include, but are not limited to: costs of evidence of title to, and survey of, the property, costs of recording this and other instruments; attorneys' fees; trustees' fees, court costs; and expenses of advertising, selling, and conveying the property. 9. Authorized purposes. Borrower shall use the loan evidenced by the note solely for purposes authorized by the Government. 10. Repair and operation of property. Borrower shall: (a) maintain improvements in good repair; (b) make repairs required by the Government; (c) comply with all farm conservation practices and farm management plans required by the Government, and (d) operate the property in a good and husbandlike manner. Borrower shall not (e) abandon the property; (f) cause or permit waste, lessening or impairment of the property; or (g) cut, remove, or lease any timber, gravel, oil, gas, coal, or other minerals without the written consent of the Government, except as necessary for ordinary domestic purposes. 11. Legal compliance. Borrower shall comply with all laws, ordinances, and regulations affecting the property. 12. Transfer or encumbrance of property. Except as provided by Government regulations, the Borrower shall not lease, assign, sell, transfer, or encumber, voluntarily or otherwise, any of the property without the written consent of the Government. The Government may grant consents, partial releases, subordinations, and satisfactions in accordance with Government regulations. Initial ..0 `fate —4_ 1 000360 FSA 1927 -1 WY (10- 28 -03) Page 2 of 6 000361 13. Inspection. At all reasonable times the Government may inspect the property to ascertain whether the covenants and agreements contained in this instrument are being performed. 14. Hazardous substances. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any hazardous substances on or in the property. The preceding sentence shall not apply to the presence, use, or storage on the property of small quantities of hazardous substances that are generally recognized to be appropriate to normal use and maintenance of the property. Borrower covenants that Borrower has made full disclosure of any such known, existing hazardous conditions affecting the property. Borrower shall not do, nor allow anyone else to do, anything affecting the property that is in violation of any federal, state, or local environmental law or regulation. Borrower shall promptly give the Government written notice of any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving the property and any hazardous substance or environmental law or regulation of which Borrower has actual knowledge. If Borrower learns, or is notified by any governmental or regulatory authority, that any removal or other remediation of any hazardous substance affecting the property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with applicable environmental law and regulations. As used in this paragraph, "hazardous substances" are those substances defined as toxic or hazardous substances by environmental law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials. As used in this paragraph, "environmental law" means Federal laws and regulations and laws and regulations of the jurisdiction where the property is located that relate to health, safety or environmental protection. 15. Adjustment; release; waiver; forbearance. In accordance with Government regulations, the Government may (a) adjust the interest rate, payment, terms or balance due on the loan, (b) increase the mortgage by an amount equal to deferred interest on the outstanding principal balance, (c) extend or defer the maturity of, and renew and reschedule the payments on the note, (d) release any party who is liable under the note from liability to the Government, (e) release portions of the property and subordinate its lien, and (f) waive any other of its rights under this instrument. Any and all of this can and will be done without affecting the lien or the priority of this instrument or Borrower's liability to the Government for payment of the note secured by this instrument unless the Government provides otherwise in writing. HOWEVER, any forbearance by the Government whether once or often in exercising any right or remedy under this instrument, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. 16. Graduation. If the Government determines that Borrower may be able to obtain a loan from a responsible cooperative or private credit source at reasonable rates and terms for loans for similar purposes and periods of time, Borrower will, upon the Government's request, apply for and accept such a loan in sufficient amount to pay the note secured by this instrument and to pay for stock necessary to be purchased in a cooperative lending agency in connection with such loan. 17. Forfeiture. Borrower shall be in default if any forfeiture action or proceeding, whether civil or criminal, is begun that in the Government's good faith judgment could result in forfeiture of the property or otherwise materially impair the lien created by this instrument or the Government's security interest. Borrower may cure such default by causing the action or proceeding to be dismissed with a ruling that precludes forfeiture of the Borrower's interest in the property or other material impairment of the lien created by this security instrument or the Government's security interest. 18. False statement. Borrower also shall be in default if Borrower, during the loan application process, gave materially false or inaccurate information or statements to the Government (or failed to provide the Government with any material information) in connection with the loan evidenced by the note. 19. Cross Colllateralization. Default under this instrument shall constitute default under any other security instrument held by the Government and executed or assumed by Borrower. Default under any other such security instrument shall constitute default under this instrument. 20. Highly erodible land; wetlands. Any loan secured by this instrument will be in default if Borrower uses any loan proceeds for a purpose that will contribute to excessive erosion of highly erodible land or to the conversion of wetlands to produce an agricultural commodity as provided in 7 C.F.R. part 1940, subpart G, or any successor Government regulation. 21. Non discrimination. If any part of the loan for which this instrument is given shall be used to finance the purchase, construction or repair of property to be used as an owner occupied dwelling (herein called "the dwelling and if Borrower intends to sell or rent the dwelling and has obtained the Government's consent to do so (a) neither Borrower nor anyone authorized to act for Borrower will, after receipt of a bona fide offer, refuse to negotiate for the sale or rental of the dwelling or will otherwise make unavailable or deny the dwelling to anyone because of race, color, religion, sex, national origin, disability, familial status or age, and (b) Borrower recognizes as illegal and hereby disclaims, and will not comply with or attempt to enforce any restrictive covenants on the dwelling relating to race, color, religion, sex, national origin, disability, familial status or age. Initial giLl CAAate l/ P/ FSA 1927 -1 WY (10- 28 -03) Page 3 of 6 22. Notices. Notices given under this instrument shall be sent by certified mail unless otherwise required by law. Such notices shall le.aadressed, unless and until some other address is designated in a notice, in the case of the Government to the State Executive Director of the Farm Service Agency at the mailing address shown above, and in the case of Borrower at the address shown in the Government's Finance Office records (which normally will be the same as the mailing address shown above). 23. Governing law; severability. This instrument shall be governed by Federal law. If any provision of this instrument or the note or its application to any person or circumstances is held invalid, such invalidity shall not affect other provisions or applications of this instrument or the note which can be given effect without the invalid provision or application. The provisions of this instrument are severable. This instrument shall be subject to the present regulations of the Government, and to its future regulations not inconsistent with the express provisions hereof. All powers and agencies granted in this instrument are coupled with an interest and are irrevocable by death or otherwise, and the rights and remedies provided in this instrument are cumulative to remedies provided by law. 24. Successors and assigns; joint and several covenants. The covenants and agreements of this instrument shall bind and benefit the successors and assigns of Government and Borrower. Borrower's covenants and agreements shall be joint and several. Any Borrower who co -signs this instrument but does not execute the Note: (a) is co- signing this instrument only to mortgage, grant and convey that Borrower's interest in the property under this instrument; (b) is not personally obligated to pay the sums secured by this instrument; and (c) agrees that the Government and any other Borrower may agree to extend, modify, forbear or make any accommodations with regard to the terms of this instrument or the note without that Borrower's consent. 25. No merger. If this instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title to the property, the leasehold and the fee title shall not merge unless the Government agrees to the merger in writing. If the property is conveyed to the Government, title shall not merge (unless the Government elects otherwise) and the lien provided under this instrument shall not be affected by such conveyance. 26. Time is of the essence. Time is of the essence in the Borrower's performance of all duties and obligations under this instrument. NON UNIFORM COVENANTS. Borrower further COVENANTS AND AGREES as follows: 000362 27. Default; death; incompetence; bankruptcy. Should default occur in the performance or discharge of any obligation in this instrument or secured by this instrument, or should the Borrower die or be declared incompetent, or should the Borrower be discharged in bankruptcy or declared an insolvent or make an assignment for the benefit of creditors, the Government, at its option, with or without notice, may: (a) declare the entire amount unpaid under the note and any debt to the Government hereby secured immediately due and payable, (b) for the account of Borrower incur and pay reasonable expenses for repair or maintenance of, and take possession of, operate or rent the property, (c) upon application by it and production of this instrument, without other evidence and without notice of hearing of said application, have a receiver appointed for the property, with the usual powers of receivers in like cases, (d) foreclose this instrument and sell the property as prescribed by law, and (e) enforce any and all other rights and remedies provided herein or by present or future law. 28. State law. Borrower agrees that the Government will not be bound by any present or future State laws, (a) providing for valuation, appraisal, homestead or exemption of the property, (b) prohibiting maintenance of any action for a deficiency judgment or limiting the amount thereof or the time within which such action must be brought, (c) prescribing any other statute of limitations, (d) allowing any right of redemption or possession following any foreclosure sale, or (e) limiting the conditions which the Government may by regulation impose, including the interest it may charge, as a condition of approving a transfer of the property to a new Borrower. Borrower expressly waives the benefit of any such State laws. 29. Assignment of leases and rents. Borrower agrees that the assignment of leases and rents in this instrument is immediately effective on the recording of this instrument. Upon default, the Borrower will receive any rents in trust for the Government, and Borrower will not commingle the rents with any other funds. Any amounts collected shall be applied at the Government's discretion first to costs of managing, protecting and preserving the property, and to any other necessary related expenses. Any remaining amounts shall be applied to reduce the debt evidenced by the note(s). Borrower agrees that the Government may demand that Borrower and Borrower's tenants pay all rents due or to become due directly to the Government if the Borrower defaults and the Government notifies Borrower of the default. Upon such notice, Borrower will endorse and deliver to the Government any payments of rents. If the Borrower becomes subject to a bankruptcy, then Borrower agrees that the Government is entitled to receive relief from the automatic stay in bankruptcy for the purpose of enforcing this assignment. 30. Application of foreclosure proceeds. The proceeds of foreclosure sale shall be applied in the following order to the payment of: (a) costs and expenses incident to enforcing or complying with this instrument, (b) any prior liens required by law or a competent court to be so paid, (c) the debt evidenced by the note and all other debt to the Government secured by this instrument, (d) inferior liens of record required by law or a competent court to be so paid, (e) at the Government's option, any other debt of Borrower to the Government, and (1) any balance to Borrower. If the Government is the successful bidder at foreclosure or other sale of all or any part of the property, the Government may pay its share of the purchase price by crediting such amount on any debts of Borrower owing to the Government in the order prescribed above. Initial 0 4 2- l FSA 1927 -1 WY (10- 28 -03) Page 4 of 6 363 31._Power,of Sale. At the option of the Government this mortgage may be foreclosed by action or advertisement under Power of Sa as'proVided by law and statute, and Borrower here irrevocably vests in the Government the statutory Power of Sale. 32. Surplus Proceeds. Borrower hereby assigns to the Government all Borrower's rights under Wyoming law, or any other legal authority, to surplus proceeds and/or surplus funds remaining after the sale of the security property under statutory Power of Sale procedures or any foreclosure sale, or similar sale, exercised by any foreclosing or other party and hereby waives any claim against any officer or any other person making such sale for paying said surplus to the Government. 33. Grazing Permits. Borrower hereby assigns or waives in favor of the Government all grazing privileges, permits, licenses, or leases appurtenant to or used in connection with said land, and Borrower further covenants and agrees to execute any and all forms and documents that may be necessary and/or required by Government to effect said assignment or waiver and further covenants and agrees to procure renewals thereof prior to their expiration and to pay all fees and charges and to perform all acts and do things necessary to keep and preserve all said grazing rights and renewals thereof, and in the event of the failure of Borrower to do any of these things these the Government may do so on behalf of Borrower, including advancing such sums as may be necessary for this purpose, and such funds advanced shall be secured by the instrument. By signing below, Borrower accepts and agrees to the terms and covenants contained in this instrument and in any rider executed by Borrower and recorded with this instrument. STATE OF WYOMING COUNTY OF rho My commission expires: r P1,91 0 5 Initia ate -1/ ACKNOWLEDGMENTS ss. (Individual). 11 PI f 9 n this A day of ...0.4.-e-- in the year Af?if before me, the undersigned, personally appeared .,et ,d4-4- `i C .cliff 72,019.2 JJ,e rtvt;� 0 'fr 9' o known to me to be same whose name is subscribed to the foregoing instrument, and acknowledged that (he or she) signed and delivered the instrument as (his or her) free and voluntary acts, for the uses and purposes set forth. n'• PUB' NaDene Dana NOTARY PUBLIC County of Lincoln State of Wyo ming My COfilmission Rrm-es May 20, 2013 Note: Page 6 of 6 applies to entities only and will not be recorded for individuals. nis O. Nate, Partner 0. Nate, Individual Q- e1V�.Qi12X� kt.GU✓LCL NOTARY PUBLIC (SEAL) (SEAL) (SEAL) FSA 1927 -1 WY (10- 28 -03) Page 5 of 6 STATE OF WYOMING COUNTY OF The foregoing instrument was acknowledge before me this day of of a corporation, on behalf of the corporation. My commission expires: STATE OF WYOMING COUNTY OF The foregoing instrument was acknowledged before me this My commission expires: (L r=1 v l Initial 4 C:i date ss. (Corporation) President and partnership. Secretary (Partnership) A.9,!(- day of Partners, on behalf of the NaDene Dana NOTARY PUBLIC County of State of 6q Lincoln Wyoming My Comm s ;mss May 20, 2013 by NOTARY PUBLIC a 000364 ,by NOTARY PUBLIC FSA 1927 -1 WY (10- 28 -03) Page 6 of 6 EXHIBIT `A' 0 00365 Parcel 1 North End/DAYTON RANCH That part of Tract 119 embracing Lots 24, 27, 41, and 42 and that part of Tract 123 embracing Lots 22 and 23, Township 25 North, Range 119 West, Lincoln County, Wyoming, lying and being situate southwesterly of the center -line of State Highway. 30 as relocated subsequent to 1979; Encompassing an area of 71.79 acres, more or less. Also together 'with all water and water rights, ditches and ditch rights, reservoirs and reservoir rights. Subject to all reservations, easements, and right -of -ways of vision or record. Parcel 2 DAYTON RANCH That part of Tract No. 121, Tract No. 120, and Tract No. 110 of Township 25 North, Range 119 West, Lincoln County, Wyoming bounded and described as follows: On the East by the East line of said Tract No.121; on the North by the North line of said Tract No. 121 and Tract No. 122; on the Northeast by the Southwesterly right -of -way line of State Highway 30; on the Southwest by the Northeasterly right -of -way line of abandoned State Highway 30 N; Excepting therefrom the following described tract: That part of Tract 120 and Tract 121 of Township 25 North, Range 119 West, Lincoln County, Wyoming described as follows: Beginning at the Northwest corner of said Tract No. 121 found as described in the Corner Record filed in the Office of the Clerk of Lincoln County; thence N 89° 10'W, the Base bearing for this survey, 498.80 feet along the North line of said Tract No. 120 to a point of intersection with the North right -of -way line of abandoned State Highway 30 N.; thence Southeasterly, 155.67 feet along the arc of a circular curve to the left through a central angle of 03° 06'49" with radius of 2864.58 feet; thence S 50 °50'E, 527.17 feet along the said line to a point; thence N 39 °10.3'E, 404.63 feet to a point on the South right -of —way line of State Highway 30; thence Northwesterly, 169.27 feet along the arc of a circular curve to the right through a central angle of 01°15'11" with radius of 7739.44 feet along said line to a point of intersection with the North line of said Tract No. 121; thence N 89 °27.3' W, 156.66 feet along the said North line to the Corner of Beginning; encompassing an area of 4.02 acres, more or less; each point "SURVEYOR SCHERBEL LTD BIG PINEY WY PLS 164" encompassing an area of 34.48 acres, more or less; all in accordance with the plat prepared titled "PLAT TO ACCOMPANY PARCEL DIVISION APPLICATION HARTT WIXOM DAYTON RANCHES, INC. PLAT OF TRACT IN TRACT 120 AND TRACT 121 T 25 N, R 119 W, LINCOLN COUNTY, WYOMING to be filed in the said Office. ALSO: An irrigation ditch easement for the Groo Canyon water which runs through the excepted parcel in this Deed, as said irrigation ditch now exists. 000366 Subject to all reservation, restriction, and easements of record. Together with all improvements and appurtenances thereon situate or in anywise appertaining thereunto. Also together with all water and water rights, ditches and ditch rights, reservoirs and reservoir rights. Parcel 3 DAYTON RANCH Those parts of Tract No. 103, Tract No. 110, Tract No. 120, and Tract No. 121 of resurvey Township 25 North, Range 119 West, Lincoln County, Wyoming lying and being situate between the Southwesterly right -of -way line of abandoned and vacated State Highway 30N to its junction with the extant State Highway 30 in Tract No. 103; and the Westerly right -of -way line of said extant Highway 30 in said Tract No. 103; and the Northeasterly right -of -way line of the A Oregon Short Line Railroad Company (Union Pacific Railroad Company) right- of -way; a o�eehe is of record in the Office oand ike Department s said abandoned and vacated State Highway 30N of Transportation of the State of Wyoming in Cheyenne, Wyoming; Also the two (2) irrigation wheel lines of approximately one quarter (1/4) mile in length each on said property; and two (2) pumps and electric panels appertaining thereto. Encompassing an area of 555 acres, more or less. Together with all improvements and appurtenances thereon situate of in anywise appertaining thereon. Also together with all water and water rights, ditches and ditch rights, reservoirs and reservoir rights.