HomeMy WebLinkAbout866446RECORDATION REQUESTED BY:
FIRST NATIONAL BANK WEST -AFTON BRANCH
314 Washington Street
PO BOX 1620
Afton, WY 83110
WHEN RECORDED MAIL TO:
FIRST NATIONAL BANK WEST -AFTON BRA
314 Washington Street
PO BOX 1620
Afton, WY 83110
SEND TAX NOTICES TO:
FIRST NATIONAL BANK WEST -AFTON B
314 Washington Street
PO BOX 1620
Afton, WY 83110
866446
�E PR. PAGE 2 6 0
RECEIVED
_INC�;LN (C!.!rJT`r
00 JUN 1 6 Ati 3
JEANNE
KEMMERER, WYOMING
SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY
MORTGAGE
THIS MORTGAGE IS DATED JUNE 7, 2000, between VIRGINIA SHUMWAY, a single woman, whose address is
414 LAKER LANE, FREEDOM, WY 83120 (referred to below as "Grantor and FIRST NATIONAL
BANK WEST -AFTON BRANCH, whose address is 314 Washington Street, PO BOX 1620, Afton, WY 83110
(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 at
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
Beginning at a point which is 200 feet South from the Southwest Corner of the SE1 /4NE1/4 of said
Section 27, Township 35 North, Range 119 West of the 6th P.M., and running thence South 17 rods,
thence East 10 rods, thence North 17 rods, thence West 10 rods to the point of beginning. Said tract to
include said home, improvements and out buildings and also a right of way for ingress and egress upon
the existing roadway and to a width of 60 feet along the West boundary of the NE1 /4SE1/4 of Section 27,
Township 35 North, Range 119 West of the 6th P.M., Wyoming.
The Real Property or its address is commonly known as 414 LAKER LANE, FREEDOM, WY 83120.
Grantor presently assigns to Lender all of Grantor'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.
Existing Indebtedness. The words "Existing Indebtedness" mean the indebtedness described below in the Existing Indebtedness section of this
Mortgage.
Grantor. The word "Grantor" means VIRGINIA SHUMWAY. 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 Note 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.
Lender. The word "Lender" means FIRST NATIONAL BANK-WEST-AFTON BRANCH, 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.
Note. The word "Note" means the promissory note or credit agreement dated June 7, 2000, in the original principal amount of
$25,279.62 from Grantor to Lender, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and
substitutions for the promissory note or agreement. The maturity date of this Mortgage is June 25, 2005.
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 the
following provisions:
Possession and Use. Until in default, Grantor may remain in possession and control of and operate and manage the Property and collect the
Rents from the Property.
Duty to Maintain. Grantor shall maintain the Property in tenantable condition and promptly perform all repairs, replacements, and maintenance
necessary to preserve its value.
Hazardous Substances. The terns "hazardous waste," "hazardous substance," "disposal," "release," and "threatened release," as used in this
Mortgage, shall have the same meanings as set forth in the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as
amended, 42 U.S.C. Section 9601, et seq. "CERCLA the Superfund Amendments and Reauthorization Act of 1986, Pub. L. No. 99-499
"SARA the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, et seq., the Resource Conservation and Recovery Act, 42 U.S.C.
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88ZZOOb9 ON ueo
Z-L0-90
06 -07 -2000 MORTGAGE
Loan No 64002288 (Continued) OStXti
2 6 2
Page 3
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 Note 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 Note and be apportioned among and be payable with any
installment payments to become due during either (1) the term of any applicable insurance policy or (ii) the remaining term of the Note, or (c) be
treated as a balloon payment which will be due and payable at the Note'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 the lien securing payment of an existing
obligation with an account number of 64002336 to FIRST NATIONAL BANK described as: Mortgage Loan dated November 19, 1999, recorded
November 30, 1999, Book 438 P.R., Page 822. The existing obligation has a current principal balance of approximately $15,335.71 and Is In the
original principal amount of $16,005.22. 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.
Default. If the payment of any installment of principal or any interest on the Existing Indebtedness is not made within the time required by.the note
evidencing such indebtedness, or should a default occur under the instrument securing such indebtedness and not be cured during any
applicable grace period therein, then, at the option of Lender, the Indebtedness secured by this Mortgage shall become immediately due and
payable, and this Mortgage shall be in default.
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 Note; 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 in 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, refiled, 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, continue, or
preserve (a) the obligations of Grantor under the Note, this Mortgage, and the Related Documents, and (b) the liens and security interests
created by this Mortgage on the Property, whether now owned or hereafter acquired by Grantor. Unless prohibited by law or agreed to the
contrary by Lender in writing, Grantor shall reimburse Lender for all costs and expenses incurred in connection with the matters referred to in this
paragraph.
Attorney —in —Fact. If Grantor fails to do any of the things referred to in the preceding paragraph, Lender may do so for and in the name of
Grantor and at Grantor's expense. For such purposes, Grantor hereby irrevocably appoints Lender as Grantor's attorney —in —fact for the purpose
of making, executing, delivering, filing, recording, and doing all other things as may be necessary or desirable, In Lender's sole opinion, to
accomplish the matters referred to in the preceding paragraph.
FULL PERFORMANCE. If Grantor pays all the Indebtedness when due, and otherwise performs all the obligations Imposed upon Grantor under this
Mortgage, Lender shall execute and deliver to Grantor a suitable satisfaction of this Mortgage and suitable statements of termination of any financing
statement on file evidencing Lender's security interest in the Rents and the Personal Property. Grantor will pay, if permitted by applicable law, any
reasonable termination fee as determined by Lender from time to time.
DEFAULT. Each of the following, at the option of Lender, shall constitute an event of default "Event of Default under this Mortgage:
Default on Indebtedness. Failure of Grantor to make any payment when due on the Indebtedness.
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88ZZOOb9 oN ueo1
E Z-L0-90
06-07 -2000
Loan No 64002288
MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Mortgage:
Amendments. This Mortgage, together with any Related Documents, constitutes the entire understanding and agreement of the parties as to the
matters set forth in this Mortgage. No alteration of or amendment to this Mortgage shall be effective unless given In writing and signed by the
party or parties sought to be charged or bound by the alteration or amendment.
Applicable Law. This Mortgage has been delivered to Lender and accepted by Lender In the State of Wyoming. This Mortgage shall be
governed by and construed in accordance with the laws of the State of Wyoming.
Caption Headings. Caption headings in this Mortgage are for convenience purposes only and are not to be used to interpret or define the
provisions of this Mortgage.
Merger. There shall be no merger of the interest or estate created by this Mortgage with any other Interest or estate in the Property at any time
held by or for the benefit of Lender in any capacity, without the written consent of Lender.
Severability. If a court of competent jurisdiction finds any provision of this Mortgage to be invalid or unenforceable as to any person or
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.
GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE, AND GRANTOR AGREES TO ITS TERMS.
GRANTOR:
STATE OF /Y'�
COUNTY OF
INDIVIDUAL ACKNOWLEDGMENT
88
MORTGAGE
(Continued)
I t) S c ,',.('2
NOTARYPUBUC of
Wyoming Sis
res June 6, 2002
Page 5
On this day before me, the undersigned Notary Public, personally appeared VIRGINIA SHUMWAY, to me known to be the individual described in and
who executed the Mortgage, and acknowledged that he or she signed the Mortgage as his or her free and voluntary act and deed, for the uses and
purposes therein mentioned.
Given under my hand and official seal this 3 day of
By r Residing at
Notary Public in and for the State of My commission expires O p 2
LASER PRO, Reg. U.S. Pat. T.M. Off., Ver. 3.27 (c) 2000 CFI ProServices, Inc. All rights reserved. /WY-003 F3.28b P3.26b VSHUMWAY.LN)
20 6 0