HomeMy WebLinkAbout865861RECORDATION REQUESTED BY:
First Security Bank, N.A.
DEPT. QUALITY REVIEW
P.O. BOX 37
BOISE, ID 83707
WHEN RECORDED MAIL TO:
Rrst Security Bank, N.A.
DEPT. QUALITY REVIEW
P.O. BOX 37
BOISE, ID 83707
First
Security
Bank.
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SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY
MORTGAGE
THIS MORTGAGE IS DATED MAY 8, 2000, between DORNA K NELSON, not personally but as Trustee on behalf
of THE DORNA K NELSON FAMILY TRUST under the provisions of a Trust Agreement dated November 11, 1991,
WITH TITLE VESTED AS: DORNA K NELSON, TRUSTEE OF THE DORNA K NELSON FAMILY TRUST DATED
NOVEMBER 11, 1991, whose address is 38 PORTO PLACE, 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
LOT 67 OF STAR VALLEY RANCH PLAT 18, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE
OFFICIAL PLAT THEREOF.
The Real Property or its address is commonly known as 38 PORTO PLACE, THAYNE, WY 83127.
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.
Credit Agreement. The words "Credit Agreement" mean the revolving line of credit agreement dated May 8, 2000, between Lender and
Grantor with a credit limit of $10,000.00, together with all renewals of, extensions of, modifications of, refinancings of,
consolidations of, and substitutions for the Credit Agreement.
Grantor. The word "Grantor" means DORNA K NELSON, Trustee under that certain Trust Agreement dated November 11, 1991 and
known as THE DORNA K NELSON FAMILY TRUST. 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 complies with all the terms of the Credit
Agreement. The lien of this Mortgage shall not exceed at any one time 810,000.00.
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
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
MAY 15:56 RightFAX 1111111.14
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05 -08 -2000 MORTGAGE
Loan No 607809 [)S65b()j (Continued)
replacement exceeds $1,000.00. Lender may make proof of loss if Grantor fails to do so within fifteen (1 5) days of the casualty. Whether
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.
EXPENDITURES BY LENDER. If Grantor fails to comply with any provision of this Mortgage, 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 (1) 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 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.
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 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 Credit Agreement, this Mortgage, and the Related Documents, and (b) the
liens and security interests created by this Mortgage as first and prior liens 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, terminates the credit line account, 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: (a)
Grantor commits fraud or makes a material misrepresentation at any time in connection with the credit line account. This can include, for
MAY 11111115 :59
55 6
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V °S311l(Vd H3H10 ONV HO1NVHO 01 S3011ON
_i l 608L09 oN ueo
80-90
05 -08 -2000
Loan No 607809
GRANTOR:
X
ORNA K NELSON, as Trusts
NOTARY PUBLIC
RESIDING IN
MY COMMISSIO
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'S LIABILITY. This Mortgage is executed by Grantor, not personally but as Trustee as provided above in the exercise of the power
and the authority conferred upon and vested In it as such Trustee (and Grantor thereby warrants that it possesses full power and authority to
execute this Instrument). It is expressly understood and agreed that with the exception of the foregoing warranty, notwithstanding anything to
the contrary contained herein, that each and all of the warranties. indemnities, representations, covenants, undertakings, and agreements made
in this Mortgage on the part of Grantor. while in form purporting to be the warranties, indemnities, representations, covenants, undertakings,
and agreements of Grantor, are nevertheless each and every one of them made and intended not as personal warranties, indemnities,
representations, covenants, undertakings. and agreements by Grantor or for the purpose or with the intention of binding Grantor personally. and
nothing in this Mortgage or in the Credit Agreement shall be construed as creating any liability on the part of Grantor personally to pay the Credit
Agreement or any interest that may accrue thereon. or any other Indebtedness under this Mortgage. or to perform any covenant, undertaking, or
agreement, either express or implied, contained in this Mortgage, all such liability, if any, being expressly waived by Lender and by every person
now or hereafter claiming any right or security under this Mortgage, and that so far as Grantor and its successors personally are concerned, the
legal holder or holders of the Credit Agreement and the owner or owners of any Indebtedness shall look solely to the Property and to other
assets of the Trust for the payment of the Credit Agreement and Indebtedness, by the enforcement of the lien created by this Mortgage in the
manner provided in the Credit Agreement and herein or by action to enforce the personal liability of any Guarantor.
DORNA K NELSON ACKNOWLEDGES HAVING READ ALL OF THE PROVISIONS OF THIS MORTGAGE AS TRUSTEE AS PROVIDED ABOVE.
for THE DORNA NELSON FAMILY TRUST
STATE OF WYOMING
COUNTY OF LINCOLN
On this cc day of 2000, before me a notary public, personally DORNA K
NELSON known or identified to a to be the person(s) whose name(s) is/are subscribed to within the
instruments as TRUSTEE(S) OF THE DONA K NELSON FAMILY TRUST DATED NOVEMBER 1 I,
1991 and acknowledged to me that they executed the same as TRUSTE
1
4,
ARED B. GLEUE- NOTARY s a B a LI of
Count y Wy
Lincoln
Commission p ices Oct. 24, 2000
ikto t.i.9%
IRES to (%-.t-boo
MORTGAGE
(Continued)
FIDUCIARY NOTARY
LASER PRO, Reg. V.S. Pat. T,M, Off., var. 9.29 ICI Coneentrcx 2000 Alt gnts reserv I LP591920.t.N L2.O
558
rage o
AGE.02