HomeMy WebLinkAbout868410RECORDATION REQUESTED BY:
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First Security Bank, N.A.
O '1› DEPT. QUALITY REVIEW
E c P.O. BOX 37
BOISE, ID 83707
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WHEN RECORDED MAIL TO:
o First Security Bank, N.A.
DEPT. QUALITY REVIEW
P.O. BOX 37
BOISE, ID 83707
`CI 8 8 OP
First
Security
Bank.
RECEIVED
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BOO 4 1 PR PAGE 2 J 2
SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY
MORTGAGE
THIS MORTGAGE IS DATED SEPTEMBER 12, 2000, between ROBERT L MORLEY and SANDRA L MORLEY,
HUSBAND AND WIFE, whose address is 375 BLUEBIRD LANE, THAYNE, WY 83127 (referred to below as
"Grantor and FIRST SECURITY BANK, N.A., whose address is 116 SOUTH MAIN, THAYNE, WY 83127
(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 375 BLUEBIRD LANE, THAYNE, WY 83127.
Grantor presently assigns to Lender all of Granter'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 September 12, 2000, between
Lender and Grantor with a credit limit of $20,000.00, together with all renewals of, extensions of, modifications of, refinancings
of, consolidations of, and substitutions for the Credit Agreement.
Existing indebtedness. The words "Existing Indebtedness" mean the indebtedness described below in the Existing Indebtedness section of
this Mortgage.
Grantor. The word "Grantor" means ROBERT L MORLEY and SANDRA L MORLEY. 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 thls 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 $20,000.00.
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.
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
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09 -12 -2000
Loan No 608468 Ot,i
MORTGAGE
(Continued)
4
or not Lender's security is impaired, Lender may, at its election, apply the proceeds to the reduction of the Indebtedness, payment of any
lien affecting the Property, or the restoration and repair of the Property. If Lender elects to apply the proceeds to restoration and repair,
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 after 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 falls 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 taxes, 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 le 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, reeled, 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,
SEP 11111111:06 RipihtFAX .12
Page 3
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11111-ZL-60
06-12 -2000 (J 8410 MORTGAGE
Loan No 608468 (Continued)
circumstance, such finding shall not render that provision invalid or unenforceable as to any other persons or circumstances. If feasible,
any such offending provision shall be deemed to be modified to be within the limits of enforceability or validity; however, if the offending
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 as 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:
ti
STATE OF i) J ('j 141
8s
COUNTY OF 7 JI G1/4.
INDIVIDUAL ACKNOWLEDGMENT
CLAUDIAANDERSON NOTARY PUBLIC
County of State of
Lincoln Wyoming
My Commission Expires May 25, 2002
On this day before me, the undersigned Notary Public, personally appeared ROBERT L MORLEY and SANDRA L MORLEY, 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.
Given under my hand and official seal this I rf day of E.e,53 I e pvi 64 r 20 cr'
B y C ii L'Lf /.:f /,e -LGd Gz- Residing at 6 Y' C.r 6,-e fr" r V
Notary Public in and for the State of 02 (a c E,i, r t-tC My commission expires C
LASER PRO, Reg. U.S. Pat. T.M. Off., Ver. 3.29e (C) Concentrex 2000 All rights reserved. IWY -G03 E3.29 F3.29 LP938120.LN L2.0VLI
AtAdkk. t
SANDRA L MORLEY
SEP -11 :08 RightFAX 14
Page 5
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o
EXHIBIT "A"
TO 913078033465 P.02/02
A portion of the NFASW4 of Section 8, T34N R118W of the 6th P.M., Lincoln
County, Wyoming and being more particularly described as follows:
BEGINNING at a point in the South line of said NEYaSW54; said point being 650.0
feet, more or less, S 89 °34'13" W from the Southeast cornea of said NEY.SW Y said
point being the SW corner of the Leavitt tract described in Warranty Dee recordeg in
Book 332PR on page 162 of the Lincoln County public records; N.
thence continuing S 89°34'13" W along said South line, 651.15 feet to the SW
corner of said NE 34SW y
thence N 0 °16'57" E, along the West line of said NE'/.SW Y., 1327.95 feet to the
Northwest corner of said NEY4SW;4
thence running N 89 °38'42" E, along the North line of said NEVV. SW
638.59 feet;
thence S 0 °15'33" E, 1327.03 feet to the POINT OF BEGINNING.
TOGETHER with a Right -of -way for IngTess and Egress and public utilities over, under
and through a 60 foot wide strip of land described as follows:
BEGINNING a point 660.00 feet N 0 °24'34" E from the SE corner of the NEY4SWVV4
of Section 8, T34N RI18W of the 6th P.M., Lincoln County, Wyoming; thence running
S 89 59'41" W, 657.71 feet;
thence N 0 15'33" W, 60.00 feet;
thence N 89 °59'41" E, 658.65 feet;
thence S 0 4 '34'11" W, 60.00 feet to the POINT OF BEGINNING.
111111113E.02