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HomeMy WebLinkAbout976943 976943 6/9/2014 9:11 AM LINCOLN COUNTY FEES: $33.00 PAGE 1 OF 8 BOOK: 833 PAGE: 654 MORTGAGE JEANNE WAGNER, LINCOLN COUNTY IIIIIIIIIIIIIIIII II IIII 111111 IIIII II II1 NMI Space Above This Line For Recording Data MORTGAGE (With Future Advance Clause) DATE AND PARTIES. The date of this Mortgage (Security Instrument) is June 03, 2014. The parties and their addresses are: MORTGAGOR: JAMES E. MAGEE An unmarried individual PO Box 1355 Star Valley Ranch, WY 83127 Sole Owner LENDER: THE BANK OF SCAR VALLEY Organized and existing under the laws of Wyoming 384 Washington P.O. Box 8007 Afton, WY 83110 1. CONVEYANbE. For good and valuable consideration, the receipt and sufficiency of which is acknowledg d, and to secure the Secured Debts and Mortgagor's performance under this Security Instrument, Mortgagor do s hereby grant, bargain, convey, mortgage and warrant to Lender, with the power of sale, the following describ d property: See exhibit A attached hereto and made apart hereof The property is located in Lincoln County at 1545 Co Rd 115, Star Valley Ranch, Wyoming 83127. Together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, all water .nd riparian rights, wells, ditches and water stock and all existing and future improvements, structures, fixtures, .nd replacements that may now, or at any time in the future, be part of the real estate described (all referred to :s James E. Magee Wyoming Mortgage WY/ 4XXXCRICH00000000000674047060214N ti Wolters Kluwer.Financial Services ©1996, 2014 Bankers Systems•" Pare 1 IIIINIIIIINIIIlIINIINIIIIIIII '�IH181 I HI1nIII1I1IIIIIII11IIIIIIIIIINIIIIII11 ill IIIN NIN II y 1 Property). This Security Instrument will remain in effect until the Secured Debts and all underlying agreemeints have been terminated in writing by Lender. 2. SECURED DEBTS AND FUTURE ADVANCES. The term "Secured Debts" includes and this Security Instrument will secure each of the following: A. Specific Debts. The following debts and all extensions, renewals, refinancings, modifications nd replacements. A promissory note or other agreement, No. 0145060803, dated June 3, 2014, from Mortg gor to Lender, with a maximum credit limit of $75,383.00. B. Future Advances. All future advances from Lender to Mortgagor under the Specific Debts executed by Mortgagor in favor of Lender after this Security Instrument. If more than one person signs this Security Instrument, each agrees that this Security Instrument will secure all future advances that are given to Mortgagor either individually or with others who may not sign this Security Instrument. All future advances are secured by this Security Instrument even though all or part may not yet be advanced. All future advances are secured as if made on the date of this Security Instrument. Nothing in this Security Instrument shall constitute a commitment to make additional or future advances in any amount. Any such commitment must be agree to in a separate writing. In the event that Lender fails to provide any required notice of the right of resciss on, Lender waives any subsequent security interest in the Mortgagor's principal dwelling that is created by his Security Instrument. This Security Instrument will not secure any other debt if Lender fails, with respec to that other debt, to fulfill any necessary requirements or conform to any limitations of Regulations Z and X hat are required for loans secured by the Property. C. Sums Advanced. All sums advanced and expenses incurred by Lender under the terms of this Security Instrument. 3. PAYMENTS. Mortgagor agrees that all payments under the Secured Debts will be paid when due and in accordance with the terms of the Secured Debts and this Security Instrument. 4. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, security agreement or other lien document that created a prior security interest or encumbrance on the Property, Mortgagor agrees: A. To make all payments when due and to perform or comply with all covenants. B. To promptly deliver to Lender any notices that Mortgagor receives from the holder. C. Not to allow any modification or extension of, nor to request any future advances under any not or agreement secured by the lien document without Lender's prior written consent. 5. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, assessments, liens, encumbrances, lease paym :nts, ground rents, utilities, and other charges relating to the Property when due. Lender may require Mortgag.r to provide to Lender copies of all notices that such amounts are due and the receipts evidencing Mortga or's payment. Mortgagor will defend title to the Property against any claims that would impair the lien of this Sec rity Instrument. Mortgagor agrees to assign to Lender, as requested by Lender, any rights, claims or defe ses Mortgagor may have against parties who supply labor or materials to maintain or improve the Property. 6. DUE ON SALE. Lender may, at its option, declare the entire balance of the Secured Debt to be immediately due and payable upon the creation of, or contract for the creation of, any transfer or sale of all or any part of the Property. This right is subject to the restrictions imposed by federal law, as applicable. 7. WARRANTIES AND REPRESENTATIONS. Mortgagor has the right and authority to enter into this Sec rity Instrument. The execution and delivery of this Security Instrument will not violate any agreement gover ing Mortgagor or to which Mortgagor is a party. 8. PROPERTY CONDITION, ALTERATIONS, INSPECTION, VALUATION AND APPRAISAL. Mortgagor will kee the Property in good condition and make all repairs that are reasonably necessary. Mortgagor will not commit or allow any waste, impairment, or deterioration of the Property. Mortgagor will keep the Property free of noxious w eds and grasses. Mortgagor agrees that the nature of the occupancy and use will not substantially change wit out Lender's prior written consent. Mortgagor will not permit any change in any license, restrictive covena t or easement without Lender's prior written consent. Mortgagor will notify Lender of all demands, proceedings, claims, and actions against Mortgagor, and of any loss or damage to the Property. James E. Magee Wyoming Mortgage WY/4XXXCRICH000000000006740470602 1 4N Wolters Kluwer Financial Services ®1996, 2014 Bankers Systems'' Page 2 1 1111 1111 1111 1 111 IIII HI 11111 1111 11111 1111 1:1 I I III Hill II 1111 I II I I III 1111 IIIII IIIII 1111011 111 IIII Lender or Lender's agents may, at Lender's option, enter the Property at any reasonable time and frequency for the purpose of inspecting, valuating, or appraising the Property. Lender will give Mortgagor notice at the time of or before an on -site inspection, valuation, or appraisal for on -going due diligence or otherwise specifying a reasonable purpose. Any inspection, valuation or appraisal of the Property will be entirely for Lender's benefit and Mortgagor will in no way rely on Lender's inspection, valuation or appraisal for its own purpose, except as otherwise provided by law. 9. AUTHORITY TO PERFORM. If Mortgagor fails to perform any duty or any of the covenants contained in this Security Instrument, Lender may, without notice, perform or cause them to be performed. Mortgagor appoin us Lender as attorney in fact to sign Mortgagor's name or pay any amount necessary for performance. Lender's rig t to perform for Mortgagor will not create an obligation to perform, and Lender's failure to perform will not preclu•e Lender from exercising any of Lender's other rights under the law or this Security Instrument. If any constructio on the Property is discontinued or not carried on in a reasonable manner, Lender may take all steps necessary t. protect Lender's security interest in the Property, including completion of the construction. 10. ASSIGNMENT OF LEASES AND RENTS. Mortgagor assigns, grants, bargains, conveys, mortgages an. warrants to Lender as additional security all the right, title and interest in the following (Property): existing .r future leases, subleases, licenses, guaranties and any other written or verbal agreements for the use an. occupahcy of the Property, including any extensions, renewals, modifications or replacements (Leases); and rent, issues and profits (Rents). In the event any item listed as Leases or Rents is determined to be personal propert this Assignment will also be regarded as a security agreement. Mortgagor will promptly provide Lender wit copies of the Leases and will certify these Leases are true and correct copies. The existing Leases will b- provided on execution of the Assignment, and all future Leases and any other information with respect to thes Leases will be provided immediately after they are executed. Mortgagor may collect, receive, enjoy and use th- Rents so long as .Mortgagor is not in. default. Upon default, Mortgagor will receive any Rents in trust for Lend:r and Mortgagor will not commingle the Rents with any other funds. Mortgagor agrees that this Security Instrument is immediately effective between Mortgagor and Lender. This Security Instrument will remain effectiv during any statutory redemption period until the Secured Debts are satisfied. As long as this Assignment is i effect, Mortgagor warrants and represents that no default exists under the Leases, and the parties subject to th Leases have not violated any applicable law on leases, licenses and landlords and tenants. 11. MORTGAGE COVENANTS. Mortgagor agrees that the covenants in this Security Instrument are materi I obligations under the Secured Debts and this Security Instrument. If Mortgagor breaches any covenant in this Security Instrument, Lender may refuse to make additional ezteneioris of credit or may redu the credit limit. not exercising either remedy on Mortgagor's breach, Lender does not waive Lender's right to later consider t e event a breach if it happens again. 12. DEFAULT. Mortgagor will be in default if any of the following events (known separately and collectively as a Event of Default) occur: A. Fraud. Mortgagor engages in fraud or material misrepresentation in connection with the Secured Debts. B. Payments. Any party obligated on the Secured Debts fails to make a payment when due. C. Property. Any action or inaction occurs that adversely affects the Property or Lender's rights in t e Property. 13. REMEDIES ON Di= FAULT. In addition to any other retnedy available under the terms Of this Securi Instrument, Lender may accelerate the Secured Debts and foreclose this Security Instrument in a manner provide. by law if. Mortgagor is in default. In some instances, federal and state law will require Lender to provid- Mortgagor with notice of the right to cure, or other notices and may establish time schedules for foreclosu e actions. At the option of Lehder, all or any part of the agreed fees and charges, accrued interest and principal will beco e iimediately due and payable, after giving notice if required by law, upon the occurrence of a default or anyti e thereafter. Lender will be entitled to, without limitation, the power to sell the Property. Upon any sale of t e Property, Lender will make and deliver a special or limited warranty deed that conveys the property sold to t e purchaser or purchasers. Under this special or limited warranty deed, Lender will covenant that Lender has nit caused or allowed a lien or an encumbrance to burden the Property and that Lender Will specially warrant an James E. Magee Wyoming Mortgage WY/ 4XXXCRICH00000000000674047060214N Wolters Kluwer, Financial Services ®1996, 2014 Bankers Systems Page 3 a d111111111111 IIII 1 11111 I6III 111111111 1111 11 defend the Property's title of the purchaser or purchasers at the sale against all lawful claims and demand o= all persons claiming by, through or under Lender. The acceptance by Lender of any sum in payment or partial payment on the Secured Debts after the balanc is due or is accelerated or after foreclosure proceedings are filed will not constitute a waiver of Lender's righ to require complete cure of any existing default. By not exercising any remedy on Mortgagor's default, Lender oes not waive Lender's right to later consider the event a default if it happens again. 14. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. If Mortgagor brea hes any covenant in this Security Instrument, Mortgagor agrees to pay all expenses Lender incurs in performing uch covenants or protecting its security interest in the Property. Such expenses include, but are not limited to, ees incurred for inspecting, valuating, appraising, preserving, or otherwise protecting the Property and Lend is security interest. Mortgagor agrees to pay all costs and expenses incurred by Lender in collecting, enforcin or protecting Lender's rights and remedies under this Security Instrument or any other document relating to the Secured Debts. Expenses include, but are not limited to, reasonable attorneys' fees after default and referral t an attorney not a salaried employee of Lender. These expenses are payable on demand and will bear interest f om the date of payment until paid in full at the highest interest rate in effect as provided for in the terms of Sec red Debts. In addition, to the extent permitted by the United States Bankruptcy Code, Mortgagor agrees to pay the reasonable attorneys' fees incurred by Lender to protect Lender's rights and interests in connection with any bankruptcy proceedings initiated by or against Mortgagor. This Security Instrument will remain in effect ntil released. Mortgagor agrees to pay for any recordation costs of such release. 15. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Environmental aw means, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act (CERILA, 42 U.S.C. 9601 et seq.), all other federal, state and local laws, regulations, ordinances, court orders, atto ney general opinions or interpretive letters concerning the public health, safety, welfare, environment or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollute t or contaminant which has characteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or environment. The term includes, without limitation, any substances define» as "hazardous material," "toxic substance," "hazardous waste," "hazardous substance," or "regulated substa ce" under any Environmental Law. Mortgagor represents, warrants and agrees that: A. Except as previously disclosed and acknowledged in writing to Lender, no Hazardous Substance is or wi I be located, stored or released on or in the Property. This restriction does not apply to small quantitie of Hazardous Substances that are generally recognized to be appropriate for the normal use and maintenanc- of the Property. B. Except as previously disclosed and acknowledged in writing to Lender, Mortgagor and every tenant ave been, are, and will remain in full compliance with any applicable Environmental Law. C. Mortgagor will immediately notify Lender if a release or threatened release of a Hazardous Substance oc urs on, under or about the Property or there is a violation of any Environmental Law concerning the Property In such an event, Mortgagor will take all necessary remedial action in accordance with any Environmental Law. D. Mortgagor will immediately notify Lender in writing as soon as Mortgagor has reason to believe there is any pending or threatened investigation, claim, or proceeding relating to the release or threatened release of any Hazardous Substance or the violation of any Environmental Law. 16. CONDEMNATION. Mortgagor will give Lender prompt notice of any pending or threatened action by priva e or public entities to purchase or take any or all of the Property through condemnation, eminent domain, or any •ther means. Mortgagor authorizes Lender to intervene in Mortgagor's name in any of the above described actio s or claims. Mortgagor assigns to Lender the proceeds of any award or claim for damages connected wi h a condemnation or other taking of all or any part of the Property. Such proceeds will be considered payments and will be applied as provided in this Security Instrument. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or other lien document. 17. INSURANCE. Mortgagor agrees to keep the Property insured against the risks reasonably associated wit the Property. Mortgagor will maintain this insurance in the amounts Lender requires. This insurance will last unti the Property is released from this Security Instrument. What Lender requires pursuant to the preceding two sentences James E. Magee Wyoming Mortgage WY/4XXXCRICH000000000006740470602 1 4N Wolters Kluwer Financial Services ©1996, 2014 Bankers SystemsTM Page 4 1111111111100111 V III V III IIII 01 11111 ICI I 1 111 1111 1110 V III 11111 I I III V IIIV I II V 1111 N III V III VIII IIII IIII can change during the term of the Secured Debts. Mortgagor may choose the insurance company, subject to Lender's approval, which will not be unreasonably withheld. All insurance policies and renewals shall include a standard "mortgage clause" (or "lender loss payable clause endorsement that names Lender as "mortgagee" and "loss payee If required by Lender, all insurance policies and renewals will also include an "additional insured" endorsement that names Lender as an "additional insured If required by Lender, Mortgagor agrees to maintai comprehensive general liability insurance and rental loss or business interruption insurance in amounts and unde policies acceptable to Lender. The comprehensive general liability insurance must name Lender as an additiona insured. The rental loss or business interruption insurance must be in an amount equal to at least coverage of on year's debt service, and required escrow account deposits (if agreed to separately in writing). Mortgagor will give Lender and the insurance company immediate notice of any loss. All insurance proceeds will be applied to restoration or repair of the Property or to the Secured Debts, at Lender's option. If Lender acquire the Property in damaged condition, Mortgagor's rights to any insurance policies and proceeds will pass to Lender to the extent of the Secured Debts. Mortgagor will immediately notify Lender of cancellation or termination of insurance. If Mortgagor fails to keep the Property insured, Lender may obtain insurance to protect Lender's interest in the Property and Mortgagor wil pay for the insurance on Lender's demand. Lender may demand that Mortgagor pay for the insurance all at once, or Lender may add the insurance premiums to the balance of the Secured Debts and charge interest on it at the rate that applies to the Secured Debts. This insurance may include coverages not originally required of Mortgagor, may be written by a company other than one Mortgagor would choose, and may be written at a higher rate than Mortgagor could obtain if Mortgagor purchased the insurance. Mortgagor acknowledges and agrees that Lender or one of Lender's affiliates may receive commissions on the purchase of this insurance. 18. ESCROW FOR TAXES AND INSURANCE. Mortgagor will not be required to pay to Lender funds for taxes and insurance in escrow. 19. WAIVERS. Except to the extent prohibited by law, Mortgagor waives all homestead exemption rights relatinc to the Property. 20. OTHER TERMS. The following are applicable to this Security Instrument: A. Line of Credit. The Secured Debts include a revolving line of credit provision. Although the Secured DebtE may be reduced to a zero balance, this Security Instrument will remain in effect until the Secured Debts and al underlying agreements have been terminated in writing by Lender. B. No Action by Lender. Nothing contained in this Security Instrument shall require Lender to take any action. 21. A LAW. This Security Instrument is governed by the laws of Wyoming, the United States of America, and to the extent required, by the laws of the jurisdiction where the Property is located, except to the extent such state laws are preempted by federal law. 22. JOINT AND INDIVIDUAL LIABILITY AND SUCCESSORS. Each Mortgagor's obligations under this Security Instrument are independent of the obligations of any other Mortgagor. Lender may sue each Mortgagor individually or together with any other Mortgagor. Lender may release any part of the Property and Mortgagor wil still be obligated under this Security Instrument for the remaining Property. Mortgagor agrees that Lender and any party to this Security Instrument may extend, modify or make any change in the terms of this Security Instrumen> or any evidence of debt without Mortgagor's consent. Such a change will not release Mortgagor from the term: of this Security Instrument. The duties and benefits of this Security Instrument will bind and benefit the succes'sors and assigns of Lender and Mortgagor. 23. AMENI3MENT, INTEGRATION AND SEVERABILITY. This Security Instrument may not be amended or modified by oral, agreement. No amendment or modification of this Security Instrument is effective unless made it writing and executed by Mortgagor and Lender. This Security Insfrureht and any other documents relating to the Secured Debts are the complete and final expression of the agreement. If any provision of this Security Instrumen is unenforceable, then the unenforceable provision will be severed and the remaining provisions will still b enforceable. 24. IN'i RPRETATIoN. Whenever used, the singular includes the plural and the plural includes the singular. Th section headings are for convenience only and are not to be used to interpret or define the terms of this Security Instrument. James E. Magee Wyoming Mortgage WY /4XX IInIIIVIIIIIB1IINIIIII�ININ�IIIIIVIIIIIIIIIIIII�IIIIIIII IIIII'ervices ®1996, 2014 Bankers Systems"' Page g 0 1 4 5 0 6 0 8 0 3 1 2 4 4 0 6 0` 3, 2- 0 1 4 I 25. NOTICE, ADDITIONAL DOCUMENTS AND RECORDING FEES. Unless otherwise required by law, any n tice will be given by delivering it or mailing it by first class mail to the appropriate party's address listed in the D TE AND PARTIES section, or to any other address designated in writing. Notice to one Mortgagor will be deeme to be notice to all Mortgagors. Mortgagor will inform Lender in writing of any change in Mortgagor's name, add ess or other application information. Mortgagor will provide Lender any other, correct and complete informa ion Lender requests to effectively mortgage or convey the Property. Mortgagor agrees to pay all expenses, cha ges and taxes in connection with the preparation and recording of this Security Instrument. Mortgagor agrees to ign, deliver, and file any additional documents or certifications that Lender may consider necessary to per ct, continue, and preserve Mortgagor's obligations under this Security Instrument and to confirm Lender's lien st tus on any Property, and Mortgagor agrees to pay all expenses, charges and taxes in connection with the prepar tion and recording thereof. Time is of the essence. SIGNATURES. By signing, Mortgagor agrees to the terms and covenants contained in this Security Instrument. Mortgagor also acknowledges receipt of a copy of this Security Instrument. MORTGAGOR: Date 3 J mes E. Magee /9 Individually LENDER: The Bank Of Star Valley j l,( 1 ate 6 3 Hartwell, VP /SCO ACKNOWLEDGMENT. _e S797F OF 1'Jr6 wt` w,4 OF 0 e ss. This instrument was acknowledge8 before me this ey_ day of �tc- 20 /Si° by James E. Magee an unmarried individual. My commission expires: a (Notary Public) tun 's Ainr S3andx3 NOISSIwwoo Aw —1 STEVEN A HARTWELL N OTAR1fPUBLIC COUNTY OF STATE OF ONIINGAM a,.1' N100NI1 WYOMING d0 alv.,s ,1 y 30 AlNn00 LINCOLN Of 181 i 0,0,1.U1v 713M tlH 11 MANS: MY COMMISSION EXPIRES JULY 8, 2014 James E. Magee Wyoming Mortgage WY/4XXXCRICH000000000006740470602 1 4N Wolters Kluwer Financial Services c1996, 2014 Bankers Systeme"' Page 6 11111 III 00 1101 10 PM HI VIII 11 111 ill IIIII V III VIII 11 III V III III V III IIII bill V III NIII 1111 1 (Lender Acknowledgment) .�ltJ�� OF 4/.1 t- y OF 14 ss. This instrument was ac nowledg before me this day of f J by Steve A. Hartwell as VP /SCO of The Bank Of Star Valley. My commission expires: Jo J (tiry Public) PUBLIC N 07AR`� 11-4-'-f-le." CHERYL OF coUNN o WyoMING L INCOLN 4 2015 MY COMMIssw pIpiRES 11Wg James E. Magee Wyoming Mortgage WY/ 4XXXCRICH00000000000674047060214N Wolters Kluwer Financial Services 0 1996, 2014 Bankers Systems"" Page 7 111111111111111 111111 N 1111 0111 Ill l 1 III IIIII Nill 11111111! EXHIBIT A 1 Lot 92 of Star Valley Ranch Plat 3, Lincoln County, Wyoming as described on the official plat filed with Instrument No. 428885 of the records of the Lincoln County Clerk.