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HomeMy WebLinkAbout866770LENDER: BOOK Y4 8 l I5 GE 3 State of Wyoming DATE AND PARTIES. The date of this Mortgage is are as follows: MORTGAGOR: DANIEL G. WILKES A MARRIED PERSON P.O. BOX 252 AFICN, WY 83110 The property is located in LINCOLN PART LICIT 2, BLOCK 20 Refer to the Addendum which is attached and incorporated herein for additional Mortgagors. THE BANK OF STAR VALLEY AFTON, WY 83110 REAL ESTATE MORTGAGE (With Future Advance Clause) 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 ATTACHED HERETO AND MADE A PART HEREOF. 866770 ORGANIZED AND EXISTING UNDER THE LAWS OF THE STATE OF WYOMING P.O. BOX 8007 384 WASHINGTON (Address) (County) AF'IDN Space Above This Line For Recording Data JUNE 27, 2000 MARIE R. WILKES A MARRIED PERSON P.O. BOX 252 AVInN, WY 83110 at (e.g., borrower's name, note amount, interest rate, maturity date) RECEIVED ..INCOUI COUNTY CL E CO JUN 29 P M 3: 0U 1 K ERER. and the parties and their addresses 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 36, 645.00 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): ONE PROMISSORY NOTE DATED JUNE 27, 2000, IN TPE AMOUNT OF $36,645.00 WYOMING AGRICULTURAL /COMMERCIAL MORTGAGE )NOT FOR FNMA, FUIMC, FHA DR VA USE, AND NOT FOR CONSUMER PURPOSES) (page 1 of 6) ©1993 Bankers Systems, Inc., St. Cloud, MN (1.800- 397 -2341) Form AG /Cr)- MTG -WV 10/25/93 (9 Jo Z abed/ hugs ro2e2poj, •a2e2poyAr sigl A parearo lsaialui ,fliznoas alp or roafgns patuaap aq rpm ,fliadoid ieuosiad ;o 1uatuaoerdar trans •aouerqumoua iaglo Jo 111auraaJ8e Alunoas 'aornap uopuapal app Aug wog aa1; `,ivadold iguosrad ironical am of amen ur rent* lseal le Auadoid ieuosiad ratrlo tprm paoerdar sr iCpadold i8uoslad trans rem paprnold `apaiosgo Jo mom atuoaaq rem Apadord 9142 jo pied a 2ursudmoo ,fuadoid reuoslad jo stualt anoura.2 01 114231 alp seg 10 E 11OJA lull ldaoxa luasuoo ualltrM loud s,rapua-i 1notprM paialie ICrreuaIetu .io pagsrrotuap 'panotual aq rpm 'chador,' alp jo uoprod oN •luasuoo ua11iM loud s,Japua' mom!" a2uugo lou rpm asn pug iCouedn000 all jo amieu am rem soar2u osre Jo2e2pow •dpadord alp jo asn am or loadsai gum 'alenud 10 orrgnd Jallagn& 'suopoulsal pue sluatuarrnbal rear tie g11M ifidumo rum 1o2e2poj, 'filmdom 9 njo £ouedn000 pre drlsrauMo `asn 2urpie2ai uotlern2ar r0 Mel lapun apetu Jaun&o ammo Aug ro Jo2e8pow mure8g suopot' pue 'sunuia `s8urpaaoold `spuetuap lie jo Japuari A;tlou rpm ro2e2pow •luasuoo uaupM rood s,aapua-i lnogprM ',fuado1d 9142 ;o Lied ,iuu JO 'Chador,' aq1 jo apeur aq ,feu1 gorgM sasn ag12mugap Jo 2ur1rturl uopor11sa1 aleniad Jo orrgnd Jatpo s0 aouuurpro 8utoa 'lueuanoo 0n11ou1sa:i alunud Sue ui 28uego Cue o1 luasuoo Jo UT mot' `aluprur mu rum 1o2e8poy4r •sassei2 pre spoon& snotxou jo aa1; /Chador atp daax Ilan 102e2poN •Apadold am of a2gtuep Jo SSOj dire ;O aopou ldulold lapua'i and rrrM 1o2e8poJA •Aagssaoau Argeuoseaa are rem saiedai pug uoprpuoo pool ur 'Chador,' am daal rpm Jo2e8po •parjspes sr lgaQ palnoas alp 'pun sasrloue1; pre sax= apgr1 'auieu 2upstxa sr! anlasard rum pug aumu ramp Cue asn you rpm pug l0u soap 1o2e2pow 'luasuoo ualpt1M loud s,1apua -1 lnolpiM •auzeu snocppou Jo ape1l 1allo Aug pasn 1ou suq pug sleaA ual lsei all urglrM aureu spr pa8uelo 10U seq 10 ),10N 2up1M ur pasoiosrp uell ramp •a Aoua2u reluaruulano2 ro ;moo jo lapJ0 Jo 'Mel ;O uotsrnord Aug alelorn loll HIM pug `renordde ieluatuulano8 £IEssaaau 1g panraaal ane1 'pazuoglne Sinp uaaq ant' `ro2e2poy%r jo 1aMod all utllrM aru 1gaU jo aauappng all ,iq paouapina uorlu2rigo all pug 1o2e2poyfr A a2e8poj sill jo aouguuo ;lad pug Aranrrap 'uorinoaxa ags •g •salerado 1o2u2popj gorgn& ur arms loea ur os op or par,;genb sr 'argearrdde se `pug palonpuoo 2uraq Mou se ssaursnq sli uo tilled or pug 'Chador all uMO or dluomne pug aaMOd 011 Reg 10 E 1J0yfi •ssaursnq slaesue1110E110 yir gar1M ur sa1els rre ur 2urpuups poo8 ur sr 1o2u2poynr •(uopezrus 10 Jo) uopsiodlootrr ;o alels s,1o8e2po!4 agl ur Bupsixa tfrprien pug pazrue8lo Amp sr g0rgM Aiwa 11e sr 1o2e8polAr •d :8uipuelslno swum' Iqa( palnoas all se 2uor sg 2uturluo0 aq pegs gorgM suopepuasardar pug sarrue115M 2utn&orro; all 1apuo' 01 swieu11o2u2uoJA '(uopuzru8210 lagpo 10 uorlulodloo e se Ions) uosrad rumen a rem latpo tClpua t1e sr 1o$u21OJ, 3I 'SAIOLLV.LAIaSaUd3II QAIV SaLLArd2I2IVM AILLAi3 '01 •3282poj sill ;o amp affil ;o se Mgr A pa1rgrgord sr pr jr suopsnlrs anoge am ur ivaultfed pueurap 2031 Arm rapua- `Janan&oH •Ailpu° 'Bir111ps 10 u0p810d100 a ;O loom 2upon all ;o luaalad SZ ue111 010111 JO dnislauMo ur a2uula a si alatp (E) 10 :tilr1ua milturs Jo drlsrauped a jo sragtuatu ;o 1aquinu Jo Su all Jag1ta ur a2u'g0 a sr a1aJ2 (Z) :pa11a;sug11 Jo pios sr 1o2u2poN ur psa'alur rgtatpauaq a (I) jr luatmied alerpatutur pueurap tietu Japua-i `(uopuzrue2Jo raw 10 uoperodroo a su lops) uosrad "mum.' a um 1ag10 tfltpua lie sr 10882310 •pasearar sr a2e2uow sup pug iinj ur pied sr mu palnoas atp rpun roajja ur 111511101 HERS pug 'Chador,' atp l31M 11111 [MIS IUSUOAOO SRL •Ahadold 9142 JO 115d tine 10 lie 01 ma'am! 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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 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 ©1993 Bankers stems, Inc., St. Cloud, MN (1- 800 397 -23411 Form AG /CO- M� 10/25/93 (page 5 of 6) (9 Jo 9 abed) •Mpua JO ssaulsnq am jo 31egaq uo VInitg JO ssaupne Jo awe) ((g»n!I) •ss •ss 00 (oll £J mom) goo jo Sep 30 E6 /5Z /O AM /DV WJOJ (L'EZ 008 11 NW'Pno10'is "ou1'sweisAS sieque8 E661 m now J30'30;84)13 c u oo.4N 8 to BIM mm 30 3.Ll/,LS :INHI1I9Qa'I110N1)I Ol/ •s1UatuSpa1mouD(3E pue S 11U USIs 's1ogE2uow jEuopippe Ioj uiaaaq parerodtooat puE patinae st goigm =poppy aril or iaja21 NIo1iirI 30 A.LNflOO Onend ASVMON N3SN3f 008 (teas) �7� :salidxa uolsstunuoo SIN S1lH 7 S3 IIM 2I a d sI S 1114 `J rIIINVQ Sci ((enP(elts+0 el) HILZ slip am aiojaq pa8paimouxau sEm ruaunu sun slgl, (ainieu8!s) (ales) WIW. 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S1l.rnOas E Iapua'I o1 sItre1S 1o2E211o!^! •81lll3 ampga •Auadold ag1 uo luatu3Ao1duu uE jo uotlpnllsuo3 ag1 ioj paunaur uopallgo uE samoas a$E2uow stg •ueo'I uollandlsuop :a8E8poy j sig1. `1?tur 1ou op 1nq 'o1 algEo!ldde are 8 ulmolto3 atll 'papaw 3I 'SNIOISIA02I3 'O'O'fl 'LZ •Suadold atp of &upElal siq p uofdtuaxa pealsatuog ire pus slasse pue snarl 3o 2uIpegs1Etu atp 8um.ruhl 1t 1 Pius sanlum Io8E8uow 'mj ,iq paiglgold 1ualxa atp o1 ldaoxa •S•IaAIvM '9Z 0 0 •s1o8E811our He o1 aopou aq o1 patuaap aq !!!m Io8E211our auo 01 aoilou •8u!lum u! pa2EU2lsap ssalppE raw Sue or JO '08E8uo1AI sup Jo and uo ssalppE sAred a2EUdolddE ail or Hutu ssep 1slt,J iiq r! 2 u!!iEtu ,(q JO 2! 8uuanllap uanl8 aq hugs aopou Sue 'mei Sq palmbal aslmlatpo ssajufl •aDLLON 'SZ •32e2uow sup to aouassa atp Jo s! atU!L •a2E2uow sup Jo sm1a1 atp aurjap so laldzalu! 01 pasn aq o11ou are pee Sluo aouatuanuoa Ioj are a8E2210J4 sup Jo suotloas am 3o s2utpeag pus suopdEO atll, •Iein2uls ag1 Tumid atp pus !mid am apnpu! 04.499!40 osss7 ?o ALTA COMMITMENT 1982 WY The land referred to in this commitment is situated in the State of Wyoming, County of Lincoln, and is described as follows: 11/91 Part of Lot 2 of Block 20 to the Town of Afton, Lincoln County, Wyoming being more particularly described as follows: BEGINNING at a point 160 feet South of the Northwest corner of said Block 20 and running thence South 19 feet; thence East 165 feet; thence North 19 feet; thence West 165 feet to the POINT OF BEGINNING. SCHEDULE C 029 Commitment No.: FA 7018 OM