HomeMy WebLinkAbout869575State of Wyoming
1. DATE AND PARTIES. The date of this Mortgage is
are as follows:
MORTGAGOR: RANDAI L REES
LENDER:
HUSBAND
PO BOX 261
AFTON, WY 83110
The property is located in LINCOLN
HIW Y 89 NORTH
869575
1 a5 3 94
BOOK PR PAGE 0
THE BANK OF STAR VALLEY
REAL ESTATE MORTGAGE
(With Future Advance Clause)
Refer to the Addendum which is attached and incorporated herein for additional Mortgagors.
ORGANIZED AND EXISTING UNDER THE LAWS OF THE STATE OF WYOMING
P 0 BOX 8007 384 WASHINGTON
AF'IC WY 83110
Space Above This Line For Recording Data
OCTOBER 24, 2000
BRADIE REES
WIFE
PO BOX 261
AFTON, WY 83110
RECEIVED
LtNCO3_ c y
00 NOV -9 E-,: l G
J ANNA ,RoNER KEMrM RER, WYOMING
and the parties and their addresses
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: REFER TO SCHEDULE C' WHICH IS ArJACHED HERETO
AND MADE A PART HEREOF.
(Address)
at
(County)
AFION Wyoming 83110
(City) (ZIP Code)
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 45, 000.00 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 DATE 10/24/00 IN
THE AMOUNT OF $45,000.00
(e.g., borrower's name, note amount, interest rate, maturity date)
WYOMING AGRICULTURAL /COMMERCIAL MORTGAGE (NOT FOR FNMA, FHLMC, FHA OR VA USE, AND NOT FOR CONSUMER PURPOSES) (page 1 of 6)
um ®199stems, Inc., St. Cloud, MN (1- 800.397 -2341) Form AG /C 10/25/93
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not partition or subdivide the Property without Lender's prior written consent. 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. A material adverse change in Mortgagor's business including ownership, management, and financial conditions,
which Lender in its opinion believes impairs the value of the Property or repayment of the Secured Debt; or
C199 rstems, Inc., St. Cloud, MN (1 -800- 397.2341) Form AG /CC 10/25/93
(page 3 of 6)
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0: 3 9 8
L. Notwithstanding any of the language contained in this Mortgage to the contrary, the terms 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 bind 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. Whenever used, the singular shall
a199 items, Inc., St. Cloud, MN (1- 800 397 -2341) Form AG /Cr 40/28/93
(page 5 of 6)
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11/91
1982 WY
SCHEDULE C
400
Commitment No.: FA 7256 OM
The land referred to in this commitment is situated in the State of Wyoming, County of Lincoln, and is described as
follows:
That part of the S %SW�/ of Section 19, T32N R118W, within the North Afton
Water and Sewer District Annexation to the Town of Afton, Lincoln
County, Wyoming being part of Parcel F of record in the Office of the
Clerk of Lincoln County in Book 451PR on page 751, described as follows:
BEGINNING at the Southwest spike of said Parcel F, on the West line of
said S %SWl thence N 00°12'00" W, 673.85 feet, from the SW Corner of
said S%SW
thence N 00 °12'00" W, 79.00 feet along said West line to a spike;
thence S 89 °36'18" E, 196.05 feet to a point;
thence S 00 °12'00" E, 79.00 feet to a point on the South line of
said Parcel F;
thence N 89 °36'18" W, 196.05 feet to the SPIKE OF BEGINNING.