HomeMy WebLinkAbout868568THE JACKSON STATE BANK
P.O. BOX 1788
JACKSON, WYOMING 83001
APN
LOAN NO.: 7357797
THIS MORTGAGE is made this 13TH day of
THOMAS R. SOTELO, III, A MARRIED MAN
which has the address of
448 GREYS RIVER LOOP; ALPINE,
Wyoming 83128 (herein "Property Address
(Zip Code)
MORTGAGE
(Street, City)
L WYOMING- SECOND MORTGAGE -1180- FNMA /FHLMC UNIFORM INSTRUMENT
DOCPREP SERVICES, INC. DEEDWY2 1804 Page 1 of 6
ORIGINAL
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RECEIVED
BOOK_ 5 pR PAGE 7 1 1
[SPACE ABOVE RESERVED FOR RECORDER]
SEPTEMBER 2000 between the Mortgagor,
(herein ''Borrower and the Mortgagee,
THE JACKSON STATE BANK, A WYOMING BANKING CORPORATION
a corporation organized and existing under the laws of WYOMING whose address is
P.O. BOX 1788; JACKSON, WYOMING 83001
(herein "Lender
WHEREAS, Borrower is indebted to Lender in the Principal sum of U.S. 20, 000.00 which
indebtedness is evidenced by Borrower's note dated SEPTEMBER 13 2000 and extensions and renewals
thereof (herein "Note providing for monthly installments of principal and interest, with the balance of indebtedness, if
not sooner paid, due and payable on OCTOBER 01 2015
TO SECURE to Lender the repayment of the indebtedness evidenced by the Note, with interest thereon; the payment
of all other sums, with interest thereon, advanced in accordance herewith to protect the security of this Mortgage; and the
performance of the covenants and agreements of Borrower herein contained, Borrower does hereby mortgage, grant and
convey to Lender, with power of sale, the following described property located in the County of
LINCOLN State of Wyoming:
LOT 2, GREYS RIVER VILLAGE ADDITION TO THE TOWN OF ALPINE, WITHIN THE
NW 1/4 SW 1/4 OF SECTION 28 AND NE 1/4 SE 1/4 OF SECTION 29, T37N, R1182,
ACCORDING TO THAT PLAT FILED IN THE OFFICE OF THE COUNTY CLERK, LINCOLN
COUNTY, WYOMING
TOGETHER with all the improvements now or hereafter erected on the property, and all easements, rights,
appurtenances and rents, all of which shall be deemed to be and remain a part of the property covered by this Mortgage;
and all of the foregoing, together with said property (or the leasehold estate if this Mortgage is on a leasehold) are
hereinafter referred to as the "Property." Initials
Form 3851
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The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provided,
that such approval shall not be unreasonably withheld. All insurance policies and renewals thereof shall be in a form
acceptable to Lender and shall include a standard mortgage clause in favor of and in a form acceptable to Lender. Lender
shall have the right to hold the policies and renewals thereof, subject to the terms of any mortgage, deed of trust or other
security agreement with a lien which has priority over this Mortgage.
In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of
loss if not made promptly by Borrower.
If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the date
notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender is
authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property or to
the sums secured by this Mortgage.
6. Preservation and Maintenance of Property; Leaseholds; Condominiums; Planned Unit Developments.
Borrower shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the
Property and shall comply with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit
in a condominium or a planned unit development, Borrower shall perform all of Borrower's obligations under the
declaration or covenants creating or governing the condominium or planned unit development, the by -laws and regulations
of the condominium or planned unit development, and constituent documents.
7. Protection of Lender's Security. If Borrower fails to perform the covenants and agreements contained in this
Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Property, then
Lender, at Lender's option, upon notice to Borrower, may make such appearances, disburse such sums, including
reasonable attorneys' fees, and take such action as is necessary to protect Lender's interest. If Lender required mortgage
insurance as a condition of making the loan secured by this Mortgage, Borrower shall pay the premiums required to
maintain such insurance in effect until such time as the requirement for such insurance terminates in accordance with
Borrower's and Lender's written agreement or applicable law.
Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, at the Note rate, shall become
additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of
payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof. Nothing
contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder.
8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the Property,
provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to
Lender's interest in the Property.
9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any
condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby
assigned and shall be paid to Lender, subject to the terms of any mortgage, deed of trust or other security agreement with a
lien which has priority over this Mortgage.
10. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or
modification of amortization of the sums secured by this Mortgage granted by Lender to any successor in interest of
Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's successors in
interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for
payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the
original Borrower and Bo'rrower's successors in interest. Any forbearance by Lender in excercising any right or remedy
hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the excercise of any such right or
remedy.
11. Successors and Assigns Bound; Joint and Several Liability; Co- signers. The covenants and agreements herein
contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower,
subject to the provisions of paragraph 16 hereof. All covenants and agreements of Borrower shall be joint and several.
Any Borrower who co -signs this Mortgage, but does not execute the Note, (a) is co- signing this Mortgage only to
mortgage,grant and convey that Borrower's interest in the Property to Lender under the terms of this Mortgage, (b) is not
personally liable on the Note or under this Mortgage, and (c) agrees that Lender and any other Borrower hereunder may
agree to extend, modify, forbear, or make any other accommodations with regard to the terms of this Mortgage or the
Note without that Borrower's consent and without releasing that Borrower or modifying this Mortgage as to that
Borrower's interest in the Property.
LOAN NO.: 7357797 Initials
WYOMING- SECOND MORTGAGE -1/80- FNMA /FHLMC UNIFORM INSTRUMENT
DOCPREP SERVICES, INC. DEEDWY2 1804
Page 3 of 6
ORIGINAL
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715
18. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage due
to Borrower's breach, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage
discontinued at any time prior to the earlier to occur of (i) the fifth day before sale of the Property pursuant to the power of
sale contained in this Mortgage or (ii) entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all sums
which would be then due under this Mortgage and the Note had no acceleration occurred; (b) Borrower cures all breaches
of any other covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses
incurred by Lender in enforcing the covenants and agreements of Borrower contained in this Mortgage, and in enforcing
Lender's remedies as provided in paragraph 17 hereof, including, but not limited to, reasonable attorneys' fees; and (d)
Borrower takes such action as Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest in
the Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon such
payment and cure by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if
no acceleration had occurred.
19. Assignment of Rents; Appointment of Receiver; Lender in Possession. As additional security hereunder,
Borrower hereby assigns to Lender the rents of the Property, provided that Borrower shall, prior to acceleration under
paragraph 17 hereof or abandonment of the Property, have the right to collect and retain such rents as they become due and
payable.
Upon acceleration under paragraph 17 hereof or abandonment of the Property, and at any time prior to the expiration
of any period of redemption following judicial sale, Lender, in person, by agent or by judicially appointed receiver shall be
entitled to enter upon, take possession of and manage the Property and to collect the rents of the Property including those
past due. All rents collected by Lender or the receiver shall be applied first to payment of the costs of management of the
Property and collection of rents, including, but not limited to, receiver's fees, premiums on receiver's bonds and
reasonable attorneys' fees, and then to the sums secured by this Mortgage. Lender and the receiver shall be liable to
account only for those rents actually received.
20. Release. Upon payment of all sums secured by this Mortgage, Lender shall release this Mortgage without charge
to Borrower. Borrower shall pay all costs of recordation, if any.
21. Waiver of Homestead. Borrower hereby waives all right of homestead exemption in the Property.
LOAN NO.:
WYOMING- SECOND MORTGAGE -1/80- FNMA /FHLMC UNIFORM INSTRUMENT
DOCPREP SERVICES, INC. DEEDWY2 1804
7357797
Page 5 of 6
ORIGINAL
Initials %S
Form 3851
O GS
Borrower and Lender request the holder of any mortgage, deed of trust or other encumbrance with a lien which has
priority over this Mortgage to give Notice to Lender, at Lender's address set forth on page one of this Mortgage, of any
default under the superior encumbrance and of any sale or other foreclosure action.
IN WITNESS WHEREOF, Borrower has executed this Mortgage.
LOAN NO.: 7357797
STATE OF WYOMING, County ss:
The foregoing instrument was acknowledged before me this \-1 1 13 t
[date]
by THOMAS R. SOTELO, III AND TONI M. SOTELO
WITNESS my hand and official seal.
My Commission expires:.3//O
DOCPREP SERVICES, INC. DEEDWY2 1804
REQUEST FOR NOTICE OF DEFAULT
AND FORECLOSURE UNDER SUPERIOR
MORTGAGES OR DEEDS OF TRUST
_,/f27-r1=1
THOMAS R. SOTELO, III Borrower
TONI M. SOTELO Borrower
[person acknowledging]
JULIE MOSUY NOTARY PUBUn
County of j: State of
Teton Wyoming
Commission Ex has March 2 2002
[Space Below This Line Reserved For Lender and Recorder]
WYOMING- SECOND MORTGAGE -1 /80- FNMA /FHLMC UNIFORM INSTRUMENT
Page 6 of 6
ORIGINAL
716
Borrower
Borrower
Form 3851