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HomeMy WebLinkAbout870364State of Wyoming 1. DATE AND PARTIES. The date of this Mortgage is 12.19.2000 are as follows: LENDER: The property is located in AFTON, WY 83110 THE BANK OF STAR VALLEY 384 WASHINGTON STREET PO BOX 8007 AFT0J1,,WY 83110 83-0315143 (Address) 87036 BOOK `v��' PR PAGE 255 REAL ESTATE MORTGAGE (With Future Advance Clause) (e.g., borrower's name, note amount, interest rate, maturity date) REOi_IVED _LINCOLN COUNTY CLERK 00 DEC 20 NI #G 1)0 JEANNE WAGNER KEMMEE ER, WYOMING Space Above This Line For Recording Data and the parties and their addresses MORTGAGOR: DAVID A. DECORIA and ROXANNE A. DECORIA, HUSBAND AND WIFE 94 RICH LANE Refer to the Addendum which is attached and incorporated herein for additional Mortgagors. 2. MORTGAGE. For good and valuable consideration, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debt (hereafter defined), Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with the power of sale, the following described property: SEE EXHIBIT "A" ATTACHED HERETO AND MADE A PART HEREOF. LINCOLN a t 845 S. WASHINGTON STREET (County) AFTON Wyoming 83110 (City) (ZIP Code) J Together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, crops, timber, all diversion payments or third party payments made to crop producers, and all existing and future improvements, structures, fixtures, and replacements that may now, or at any time in the future, be part of the real estate described above (all referred to as "Property The term Property also includes, but is not limited to, any and all water wells, water, ditches, reservoirs, reservoir sites and dams located on the real estate and all riparian and water rights associated with the Property, however established. 3. MAXIMUM OBLIGATION LIMIT. The total principal amount of the Secured Debt (hereafter defined) secured by this Mortgage at any one time shall not exceed 76,650.00 This limitation of amount does not include interest, loan charges, commitment fees, brokerage commissions, attorneys' fees and other charges validly made pursuant to this Mortgage and does not apply to advances (or interest accrued on such advances) made under the terms of this Mortgage to protect Lender's security and to perform any of the covenants contained in this Mortgage. Future advances are contemplated and, along with other future obligations, are secured by this Mortgage even though all or part may not yet be advanced. Nothing in this Mortgage, however, shall constitute a commitment to make additional or future loans or advances in any amount. Any such commitment would need to be agreed to in a separate writing. 4. SECURED DEBT DEFINED. The term "Secured Debt" includes, but is not limited to, the following: A. The promissory note(s), contract(s), guaranty(s) or other evidence of debt described below and all extensions, renewals, modifications or substitutions (Evidence of Debt): PROMISSORY NOTE DATED 1211912000 IN THE AMOUNT $76,650.00 WYOMING AGRICULTURAL /COMMERCIAL MORTGAGE (NOT FOR FNMA, FHLMC, FHA OR VA USE, AND NOT FOR CONSUMER PURPOSES) (page 1 of 6) ©19C stems, Inc., St. Cloud, MN (1- 800 397 -2341) Form AG II. 10/25/93 O (g )o Z aged) Timis JoSmSixoj, •a2t2uow sup Aq paleato lsalalul Aiunoas OM of loafgns patuaap aq !pm Suadold jeuosxad jo luamogidal gons •aoueiqumoua 1aijlo JO 3ua11aa =22 Aiunoas `aOtnap uopualax app Sur mox3 aax3 `riixadoxd jeuosxad paoeidax am 01 amen ui Tenbo lsgaj lm Alxadold jeuosxad xa1110 glim paoejdai si Alxadoxd jeuosxad gons ietp papinold `aiaiosgo 10 UJoM amooaq legs A31ado1d am jo lied a Sujspdmoo Alladoid jeuosxad jo sisal? annual 01 1gSTJ 3111 seg J02011o4\1 iegl 3daoxa luasuoo ualium loud s,xapuaj 1nog1TM paxa2Te Slteualmu JO pagsTjouap `panouax aq !pm A11ado1d agi jo uopiod 0T�I •luasuoo ualium xoud s,xapuai lnoi jTM amp iou !pm asn pue Souedn000 ag13o alnleu am legs saaiSe osjt xoaeSixoj, •Alxadold aq1 jo asn am 01 ioadsai tpiM `alenpd JO oggnd iotp qm `suoppplsa1 pue sluauannba1 legal iIm tplm Siduoo !pm 1o5e2110181 •A31ado1d 3111 jo Souedn000 pue dpTsxaumo `asn 2ulpxe8a1 uoprinSa1 JO Mmi xapun apmu xaumo x31110 Sue 10 102E4101AI 1SU!e E suo?loe pue 'mum `s2u1paa0old `spuemap jj11 3o xapua-i AJPou !pm 1o$t$11oyil •luasuoo ualium xoud s,lapua-1 lnotptM `A31ado1d ag1jo lied Sur 10 S11ado1d ag13o appal aq A11u gptgm sasn 3111 Sups pp 10 SU 1TWl uotloplsal alen?xd 10 o?ignd 131110 JO aoueuipso Suluoz `1ueuanoo anllou1sa1 alenpd Al e uT aSuego Cue 01 luasuoo xo at uiof 'slew! loll rpm J0Th1 11ow •sasseiS pue spaaM sno ?xou jo aax3 Alladold ag1 daa>j !pm xoSeSilo •A1Jadold alp 01 aemep .10 ssoj Sum jo aOpou ldmoxd xapuaZ an!S !pm 102011oyil •A111ssa0au Aigeuoseax axe 111111 snedax jie aajeu pue uoil1puoo pooS ui Auadold am daal HIM 10SRS11oyil •MOIIDadSNI UNIV `MOILIUMOO A,LMIIdO2Id •ii •pagspes sT lgaG paxnoas agi I ?Tun sasllpue13 put sammu open `aueu Sups!xa sii anlasald !pm pue amen 13j10 Aug asn 1ou !pm pue Toll saop 1020110N `luasuoo ua11uM lopd s,Japua'I 3notjl1M •ameu snoppoi xo ape11 xatpo ,Cue pasn loU seg pue s1eaA um lsej am utg3Tm ameu SIT paSuego loU sell 10$0110yN SupuM u? pasopslp uegl 1ag30 3 •Aoua r Ig1uauU1ano2 x0111100 JO 1ap10 10 `mg! 3o uolslnold Aue aleiojn iou !pm pue Ienoxdde jeluauulanoS ,ixessa0au Tit pan1aoal antg `pazuogine ATnp uaaq aneg 'xo2e21101/1 3o xamod 3111 uTgl ?M axe igaa 3o a0uapjna aqi Aq pa0uaptna uopeSTTgo agi pue xoSeSixoyi Aq aSeSllow s ?111 jo aoueu1o31ad pue Alan ?Tap `uopn0axa 311,E •g •salelado 1oSeS ioyv goplm uT a1g1s g0ea lit os op 01 pai3?Ienb sT `aigeo ?gdde se `pue pal0npuoo Supq Mou se ssaujsnq s1T uo Aim 01 pue A11ado1d aqi uMO 01 S1 ?101111111 pue lamod a111 set! 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Lender or Lender's agents may, at Lender's option, enter the Property at any reasonable time for the purpose of inspecting the Property. Any inspection of the Property shall be entirely for Lender's benefit and Mortgagor will in no way rely on Lender's inspection. 12. AUTHORITY TO PERFORM. If Mortgagor fails to perform any of Mortgagor's duties under this Mortgage, or any other mortgage, deed of trust, security agreement or other lien document that has priority over this Mortgage, Lender may, without notice, perform the duties or cause them to be performed. Mortgagor appoints Lender as attorney in fact to sign Mortgagor's name or pay any amount necessary for performance. If any construction on the Property is discontinued or not carried on in a reasonable manner, Lender may do whatever is necessary to protect Lender's security interest in the Property. This may include completing the construction. Lender's right to perform for Mortgagor shall not create an obligation to perform, and Lender's failure to perform will not preclude Lender from exercising any of Lender's other rights under the law or this Mortgage. Any amounts paid by Lender for insuring, preserving or otherwise protecting the Property and Lender's security interest will be due on demand and will bear interest from the date of the payment until paid in full at the interest rate in effect from time to time according to the terms of the Evidence of Debt. 13. ASSIGNMENT OF LEASES AND RENTS. Mortgagor grants, bargains, conveys, and warrants to Lender as additional security all the right, title and interest in and to any and all: A. Existing or future leases, subleases, licenses, guaranties and any other written or verbal agreements for the use and occupancy of any portion of the Property, including any extensions, renewals, modifications or substitutions of such agreements (all referred to as "Leases B. Rents, issues and profits (all referred to as "Rents including but not limited to security deposits, minimum rent, percentage rent, additional rent, common area maintenance charges, parking charges, real estate taxes, other applicable taxes, insurance premium contributions, liquidated damages following default, cancellation premiums, "loss of rents" insurance, guest receipts, revenues, royalties, proceeds, bonuses, accounts, contract rights, general intangibles, and all rights and claims which Mortgagor may have that in any way pertain to or are on account of the use or occupancy of the whole or any part of the Property. Mortgagor will promptly 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. Except for one month's rent, Mortgagor will not collect in advance any Rents due in future lease periods, unless Mortgagor first obtains Lender's written consent. Upon default, Mortgagor will receive any Rents in trust for Lender and Mortgagor will not commingle the Rents with any other funds. Any amounts collected shall be applied at Lender's discretion to payments on the Secured Debt as therein provided, to costs of managing the Property, including, but not limited to, all taxes, assessments, insurance premiums, repairs, and commissions to rental agents, and to any other necessary related expenses including Lender's attorneys' fees and court costs. Mortgagor agrees that this assignment is immediately effective between the parties to this assignment and effective as to third parties on Mortgagor's default when Lender takes an affirmative action as prescribed by the law in the State of Wyoming, and this assignment will remain effective during any redemption period until the Secured Debt is satisfied. Unless otherwise prohibited or prescribed by state law, Mortgagor agrees that Lender may take actual possession of the Property without the necessity of commencing any legal action or proceeding and Mortgagor agrees that actual possession of the Property is deemed to occur when Lender notifies Mortgagor of the default and demands that Mortgagor and Mortgagor's tenants pay all Rents due and to become due directly to Lender. Immediately after Lender gives Mortgagor the notice of default, Mortgagor agrees that either Lender or Mortgagor may immediately notify the tenants and demand that all future Rents be paid directly to Lender. On receiving the notice of default, Mortgagor will endorse and deliver to Lender any payments of Rents. If Mortgagor becomes subject to a voluntary or involuntary bankruptcy, then Mortgagor agrees that Lender is entitled to receive relief from the automatic stay in bankruptcy for the purpose of making this assignment effective and enforceable under state and federal law and within Mortgagor's bankruptcy proceedings. Mortgagor warrants that no default exists under the Leases or any applicable landlord law. Mortgagor also warrants and agrees to maintain, and to require the tenants to comply with, the Leases and any applicable law. Mortgagor will promptly notify Lender of any noncompliance. If Mortgagor neglects or refuses to enforce compliance with the terms of the Leases, then Lender may, at Lender's option, enforce compliance. Mortgagor will obtain Lender's written authorization before Mortgagor consents to sublet, modify, cancel, or otherwise alter the Leases, to accept the surrender of the Property covered by such Leases (unless the Leases so require), or to assign, compromise or encumber the Leases or any future Rents. Mortgagor will hold Lender harmless and indemnify Lender for any and all liability, loss or damage that Lender may incur as a consequence of the assignment under this section. 14. CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. If the Property includes a unit in a condominium or a planned unit development, Mortgagor will perform all of Mortgagor's duties under the covenants, by -laws, or regulations of the condominium or planned unit development. 15. DEFAULT. Mortgagor will be in default if any of the following occur: A. Any party obligated on the Secured Debt fails to make payment when due; B. A breach of any term or covenant in this Mortgage, any prior mortgage or any construction loan agreement, security agreement or any other document evidencing, guarantying, securing or otherwise relating to the Secured Debt; C. The making or furnishing of any verbal or written representation, statement or warranty to Lender that is false or incorrect in any material respect by Mortgagor or any person or entity obligated on the Secured Debt; D. The death, dissolution, or insolvency of, appointment of a receiver for, or application of any debtor relief law to, Mortgagor or any person or entity obligated on the Secured Debt; E. A good faith belief by Lender at any time that Lender is insecure with respect to any person or entity obligated on the Secured Debt or that the prospect of any payment is impaired or the value of the Property is impaired; F. 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Notwithstanding any of the language contained in this Mortgage to the ontra0 rms of this section shall survive any foreclosure or satisfaction of this Mortgage regardless of any passage of title to Lender or any disposition by Lender of any or all of the Property. Any claims and defenses to the contrary are hereby waived. 19. CONDEMNATION. Mortgagor will give Lender prompt notice of any action, real or threatened, by private or public entities to purchase or take any or all of the Property, including any easements, through condemnation, eminent domain, or any other means. Mortgagor further agrees to notify Lender of any proceedings instituted for the establishment of any sewer, water, conservation, ditch, drainage, or other district relating to or binding upon the Property or any part of it. Mortgagor authorizes Lender to intervene in Mortgagor's name in any of the above described actions or claims and to collect and receive all sums resulting from the action or claim. Mortgagor assigns to Lender the proceeds of any award or claim for damages 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 provided in this Mortgage. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or other lien document. 20. INSURANCE. Mortgagor agrees to maintain insurance as follows: A. Mortgagor shall keep the Property insured against loss by fire, theft and other hazards and risks reasonably associated with the Property due to its type and location. Other hazards and risks may include, for example, coverage against loss due to floods or flooding. This insurance shall be maintained in the amounts and for the periods that Lender requires. 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 the terms of this Mortgage. All insurance policies and renewals shall be acceptable to Lender and shall include a standard "mortgage clause" and, where applicable, "lender loss payee clause." Mortgagor shall immediately notify Lender of cancellation or termination of the insurance. Lender shall have the right to hold the policies and renewals. If 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 Lender and Mortgagor otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged if the restoration or repair is economically feasible and Lender's security is not lessened. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the Secured Debt, whether or not then due, with any excess paid to Mortgagor. If Mortgagor abandons the Property, or does not answer within 30 days a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may collect the insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay the Secured Debt whether or not then due. The 30 -day period will begin when the notice is given. Unless Lender and Mortgagor otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of scheduled payments or change the amount of the payments. If the Property is acquired by Lender, Mortgagor's right to any insurance policies and proceeds resulting from damage to the Property before the acquisition shall pass to Lender to the extent of the Secured Debt immediately before the acquisition. B. Mortgagor agrees to maintain comprehensive general liability insurance naming Lender as an additional insured in an amount acceptable to Lender, insuring against claims arising from any accident or occurrence in or on the Property. C. Mortgagor agrees to maintain rental loss or business interruption insurance, as required by Lender, in an amount equal to at least coverage of one year's debt service, and required escrow account deposits (if agreed to separately in writing), under a form of policy acceptable to Lender. 21. NO ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separate agreement, Mortgagor will not be required to pay to Lender funds for taxes and insurance in escrow. 22. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Mortgagor will provide to Lender upon request, any financial statement or information Lender may deem necessary. Mortgagor warrants that all financial statements and information Mortgagor provides to Lender are, or will be, accurate, correct, and complete. Mortgagor agrees to sign, deliver, and file as Lender may reasonably request any additional documents or certifications that Lender may consider necessary to perfect, continue, and preserve Mortgagor's obligations under this Mortgage and Lender's lien status on the Property. If Mortgagor fails to do so, Lender may sign, deliver, and file such documents or certificates in Mortgagor's name and Mortgagor hereby irrevocably appoints Lender or Lender's agent as attorney in fact to do the things necessary to comply with this section. 23. JOINT AND INDIVIDUAL LIABILITY; CO SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Mortgage are joint and individual. If Mortgagor signs this Mortgage but does not sign the Evidence of Debt, Mortgagor does so only to mortgage Mortgagor's interest in the Property to secure payment of the Secured Debt and Mortgagor does not agree to be personally liable on the Secured Debt. Mortgagor agrees that Lender and any party to this Mortgage may extend, modify or make any change in the terms of this Mortgage or the Evidence of Debt without Mortgagor's consent. Such a change will not release Mortgagor from the terms of this Mortgage. The duties and benefits of this Mortgage shall hind and benefit the successors and assigns of Mortgagor and Lender. If this Mortgage secures a guaranty between Lender and Mortgagor and does not directly secure the obligation which is guarantied, Mortgagor agrees to waive any rights that may prevent Lender from bringing any action or claim against Mortgagor or any party indebted under the obligation including, but not limited to, anti deficiency or one action laws. 24. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Mortgage is governed by the laws of the jurisdiction in which Lender is located, except to the extent otherwise required by the laws of the jurisdiction where the Property is located. This Mortgage is complete and fully integrated. This Mortgage may not be amended or modified by oral agreement. Any section or clause in this Mortgage, attachments, or any agreement related to the Secured Debt that conflicts with applicable law will not be effective, unless that law expressly or impliedly permits the variations by written agreement. If any section or clause of this Mortgage cannot be enforced according to its terms, that section or clause will be severed and will not affect the enforceability of the remainder of this Mortgage. 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FROME AND BETTY B. FROMF: FOR GUNNAR OGDEN MOE TRACT A To-wit: June 1997 fromemoe.des 1 EXHIBIT "A" the SectionE311, BEARING Nin 7 n west line of th being NWW Ho each "corner" found as described in the Corner Record filed in the Office of the Clerk of Lincoln County; each "point" marked by a 5/8" x 24" ateel•teinforcing rod with a IL aluminum r.et11 111H,•r11'.d, "SURVLYUR S(;11li1tuj t4 LTD AFFTON WY I'LS 5360 with appropriate detailr3; each "brass cap" marked by a 2" galvanized ateel pipe with braes cap inccribed, "TOWN OF AFTON ROSA,. M. TURNER PE /LS 3514", with appropriate details found; all in accordance with the plat prepared to be filed in the OLtlue of the Clerk of Lincoln County titled, "TED C. FROMF: Awn BETTY B. FROME PLAT OF TRACT IN THE SOUTHEAST AFTON ANNEXATION TO THE TOWN OF AFTON WITHIN THE OIANW SECTION 31 T32N R118W SE;(NW4 SECTION 36 T32N R119W LINCOLN COUNTY, WYOMING dated 11 June 1997. That part of the SWNW3(uf section 31, T32N, R11RW, and that part of the SE3(NEit of Section 36, T32N R119W, Lincoln County, Wyoming, being part•ur those tracts of record in the Office of the Clerk of Lincoln County in Book 54 of Photostatic Records•on page 238, and in Book 6 uC Transcribed Deeda on page 236 described as follower BEGINNING at a point on the west line of said SWNW(, NORTH, 378.45 feet from the southwest corner of said 9i(Ni7W, identical with'the southwest corner of that tract of record in said Office in Book 299 of Photostatic Records on page 385; thence S89 54' -34 "E, 220 feet, along the south line of said tract in Book 299, to a point; thence SOUTH, 165.63 feet;. along a line parallel with said west line, to a point; thence N89 54' -34 "W, 220.00 feet, along a line parallel with raid south line, to a point on said west line; thpncp continuing N89 54' -34 "W, 41.82 feet, to a point on 'the easterly right -of -way line of U.S. Highway 89; thence NO0 49' -12 "W. 165.65 feet, along said easterly right-nf -way line, to a brass cap; thence S89 °.q4' -34 "E, 44.19 feet, alone a westerly extension of said south line to the POINT OF BEGINNING; 26i