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HomeMy WebLinkAbout977899Space Above This Line For Recording Data MORTGAGE (With Future Advance Clause) 977899 8/8/2014 2:35 PM LINCOLN COUNTY FEES: $33.00 PAGE 1OF 8 BOOK: 837 PAGE: 466 MORTGAGE JEANNE WAGNER LINCOLN COUNTY CLERK 111 111111111111 111111111 1111111111 D 1 DATE AND PARTIES. The date of this Mortgage (Security Instrument) is August 7, 2014. The parties and their addresses are: MORTGAGOR: EARL TERRY LARSON Spouse of Jill Larson PO Box 54 Grover, WY 83122 a married man LENDER: THE BANK OF STAR VALLEY Organized and existing under the laws of Wyoming 384 Washington P.O. Box 8007 Afton, WY 83110 1. CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debts and Mortgagor's performance under this Security Instrument, Mortgagor does hereby grant, bargain, convey, mortgage and warrant to Lender, with the power of sale, the following described property: See Exhibit "A" attached hereto and made a part hereof The property is located in Lincoln County at Sec. 20, TS 33 N, Range 118 West Of The 6th P.M., Grover, Wyoming 83122. Together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, all water and riparian rights, wells, ditches and water stock 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 (all referred to as Earl Terry Larson Wyoming Mortgage WY/ 4XPTOLMAN00000000000675038080614N Wolte s Kluwer Financial Services ©1996, 2014 Bankers Systeme" 111 IftI{1I w M1I II III!1IIIpTANIINpII pIQI1IIII iIIlI I X11. Page 1 Property). This Security Instrument will remain in effect until the Secured Debts and all underlying agreements 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 debt and all extensions, renewals, refinancings, modifications and replacements, A promissory note or other agreement, No. 01704653, dated August 7, 2014, from Mortgagor to Lender, with a loan amount of 105,000.00, 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 otherslwho may not sign this Security Instrument. All future advances are secured by this Security Instrument even tough 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 agreed to in a separate writing. In the event that L nder fails to provide any required notice of the right of rescission, Lender waives any subsequent security in erest in the Mortgagor's principal dwelling that is created by this Security Instrument. This Security Instrurr ent will not secure any other debt if Lender fails, with respect to that other debt, to fulfill any necessary req irements or conform to any limitations of Regulations Z and X that are required for loans secured by the Prone y, C. Sums Advanced. All sums advanced r nd expenses incurred by Lender under the terms of this Security Instrument. 3. PAYMENTS. Mortgagor agrees that all pi accordance with the terms of the Secured Deb 4. PRIOR SECURITY INTERESTS. With regar to any other mortgage, deed of trust, security agreement or other lien document that created a prior security inte est or encumbrance on the Property, Mortgagor agrees: A. To make all payments when due and to I erform or comply with all covenants. B. To promptly deliver to Lender any notice: that Mortgagor receives from the holder. C, Not to allow any modification or exte sion of, nor to request any future advances under any note or agreement secured by the lien document wi hout Lender's prior written consent. 5. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other charges rela ing to the Property when due. Lender may require Mortgagor to provide to Lender copies of all notices that such amounts are due and the receipts evidencing Mortgagor's payment. Mortgagor will defend title to the Pr.perty against any claims that would impair the lien of this Security Instrument. Mortgagor agrees to assign to ender, as requested by Lender, any rights, claims or defenses Mortgagor may have against parties who suppl labor or materials to maintain or improve the Property. 6. DUE ON SALE OR ENCUMBRANCE. Lender may, at its option, declare the entire balance of the Secured Debt to be immediately due and payable upon the c reation of, or contract for the creation of, any lien, encumbrance, transfer or sale of all or any part of the Proper y. This right is subject to the restrictions imposed by federal law, as applicable. 7. WARRANTIES AND REPRESENTATIONS. ortgagor has the right and authority to enter into this Security Instrument. The execution and delivery of t is Security Instrument will not violate any agreement governing Mortgagor or to which Mortgagor is a party. 8. PROPERTY CONDITION, ALTERATIONS, IN PECTION, VALUATION AND APPRAISAL. Mortgagor will keep 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 weeds and grasses. Mortgagor agrees that the natur- of the occupancy and use will not substantially change without Lender's prior written consent. Mortgagor w II not permit any change in any license, restrictive covenant or easement without Lender's prior written con: ent. Mortgagor will notify Lender of all demands, proceedings, claims, and actions against Mortgagor, and of .ny loss or damage to the Property, Earl Terry Larson Wyoming Mortgage WY/ 4XPTOLMAN00000000000676038080614N I IIIIo III I I I I�II I �I IBII ISO IVII I I 410111811111 p IIIII IIIN 0 III 1 �III III 0 1 7 0 4 8 b 3% 2 4 4 0 8 0 2 D 1 4 yments under the Secured Debts will be paid when due and in s and this Security Instrument. otters Kluwer Financial Services ©1996, 2014 Bankers Systems"" Page 2 f 1 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. B. 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 appoints Lender as attorney in fact to sign Mortgagor's name or pay any amount necessary for performance. Lender's right to perform for Mortgagor will 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 Security Instrument. If any construction on the Property is discontinued or not carried on in a reasonable manner, Lender may take all steps necessary to 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 and warrants to Lender as additional security all the right, title and interest in the following (Property): existing or future leases, subleases, licenses, guaranties and any other written or verbal agreements for the use and occupancy of the Property, including any extensions, renewals, modifications or replacements (Leases); and rents, issues and profits (Rents). In the event any item listed as Leases or Rents is determined to be personal property, this Assignment will also be regarded as a security agreement. Mortgagor will promptly provide Lender with copies of the Leases and will certify these Leases are true and correct copies. The existing Leases will be provided on execution of the Assignment, and all future Leases and any other information with respect to these Leases will be provided immediately after they are executed. Mortgagor may collect, receive, enjoy and use the Rents so long as Mortgagor is not in default. Upon default, Mortgagor will receive any Rents in trust for Lender 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 effective during any statutory redemption period until the Secured Debts are satisfied. As long as this Assignment is in effect, Mortgagor warrants and represents that no default exists under the Leases, and the parties subject to the Leases have not violated any applicable law on leases, licenses and landlords and tenants. 11. DEFAULT. Mortgagor will be in default if any of the following events (known separately and collectively as an Event of Default) occur: A. PaVtments. Mortgagor faits to make a payment in full when due. B. Insolvency or Bankruptcy. The death, dissolution or insolvency of, appointment of a receiver by or on behalf of, application of any debtor relief law, the assignment for the benefit of creditors by or on behalf of, the voluntary or involuntary termination of existence by, or the commencement of any proceeding under any present or future federal or state insolvency, bankruptcy, reorganization, composition or debtor relief law by or against Mortgagor, Borrower, or any co- signer, endorser, surety or guarantor of this Security Instrument or any other obligations Borrower has with Lender. C. Death or Incompetency. Mortgagor dies or is declared legally incompetent. D. Failure to Perform. Mortgagor fails to perform any condition or to keep any promise or covenant of this Security Instrument. E. Other D'ocumerits. A default occurs under the terms of any other document relating to the Secured Debts. F. Other Agreements. Mortgagor is in default on any other debt or agreement Mortgagor has with Lender. G. Misrepresentation. Mortgagor makes any verbal or written statement or provides any financial information that is untrue, inaccurate, or conceals a material fact at the time it is made or provided. H. Judgment. Mortgagor fails to satisfy or appeal any judgment against Mortgagor. I. Forfeiture. The Property is used in a manner or for a purpose that threatens confiscation by a legal authority. J. Name Change. Mortgagor changes Mortgagor's name or assumes an additional name without notifying Lender before making such a change. Earl Terry Larson Wyoming Mortgage WY/ 4XPTOLMAN00000000000675038080614N Wolters Kluwer Financial Services 0 1996, 2014 Bankers Systeme" 111111 III 7 Illl�lf� IIN I {II II I I I HI ufll UIN4III IIII I I II IIII IIII (IIII IIII{ 911f IIII{ IIII III Ilu Page 3 K. Property Transfer. Mortgagor transfer condition of default, as it relates to the tr DUE ON SALE section. L. Property Value. Lender determines in g M. Insecurity. Lender determines in goo financial condition from the conditions set of this Security Instrument or that the pr for any reason. 12. REMEDIES. On or after the occurrence has under state or federal law or in any docu power to sell the Property. Any amounts a added to the balance owing under the Secure or refunds that may be available on Mortgago Subject to any right to cure, required time sc and state law, Lender may make all or an immediately due and foreclose this Security Event of Default or anytime thereafter. Upon any sale of the Property, Lender will m property sold to the purchaser or purchasers that Lender has not caused or allowed a lie specially warrant and defend the Property's ti and demand of all persons claiming by, throu prima facie evidence of the facts set forth the All remedies are distinct, cumulative and not equity, whether or not expressly set forth, T on the Secured Debts after the balance is du constitute a waiver of Lender's right to requi any remedy, Lender does not waive Lender's again. 13. COLLECTION EXPENSES AND ATTORNE extent permitted by law, Mortgagor agrees t protection of Lender's rights and remedies u Secured Debts. Mortgagor agrees to pay e Property and for any recordation costs of rele but are not limited to, reasonable attorneys' of Lender. These expenses are due and pay interest from the date of payment until paid i of the Secured Debts. In addition, to the e agrees to pay the reasonable attorneys' fe connection with any bankruptcy proceedings i 14. ENVIRONMENTAL LAWS AND HAZARD means, without limitation, the Comprehensiv 42 U.S.C. 9601 et seq.), all other federal, s general opinions or interpretive letters concer substance; and (2) Hazardous Substance me contaminant which has characteristics whic public health, safety, welfare or environment "hazardous material," "toxic substance," "h under any Environmental Law. Mortgagor represents, warrants and agrees th Earl Terry Larson Wyoming Mortgage WY/ 4XPT0LMAN00000000000675038080614N IIIII IIIIIIIUIIIIIIIIIIIIIIIIIIIIIIHl IIIII11IIIIIIIIIIIIIIIIIIIIIIIII IIIIII all or a substantial part of Mortgagor's money or property. This nsfer of the Property, is subject to the restrictions contained in the od faith that the value of the Property has declined or is impaired. faith that a material adverse change has occurred in Mortgagor's orth in Mortgagor's most recent financial statement before the date pect for payment or performance of the Secured Debts is impaired f an Event of Default, Lender may use any and all remedies Lender ent relating to the Secured Debts, including, without limitation, the vanced on Mortgagor's behalf will be immediately due and may be Debts. Lender may make a claim for any and all insurance benefits 's default. edules or any other notice rights Mortgagor may have under federal part of the amount owing by the terms of the Secured Debts nstrument in a manner provided by law upon the occurrence of an ke and deliver a special or limited warranty deed that conveys the Under this special or limited warranty deed, Lender will covenant or an encumbrance to burden the Property and that Lender will le of the purchaser or purchasers at the sale against all lawful claims h or under Lender. The recitals in any deed of conveyance will be ein, exclusive, and Lender is entitled to all remedies provided at law or e acceptance by Lender of any sum in payment or partial payment or is accelerated or after foreclosure proceedings are filed will not e full and complete cure of any existing default. By not exercising right to later consider the event a default if it continues or happens S' FEES. On or after the occurrence of an Event of Default, to the pay all expenses of collection, enforcement, valuation, appraisal or der this Security Instrument or any other document relating to the penses for Lender to inspect, valuate, appraise and preserve the sing the Property from this Security Instrument. Expenses include, es after default and referral to an attorney not a salaried employee ble immediately. If not paid immediately, these expenses will bear full at the highest interest rate in effect as provided for in the terms tent permitted by the United States Bankruptcy Code, Mortgagor s incurred by Lender to protect Lender's rights and interests in itiated by or against Mortgagor. US SUBSTANCES. As used in this section, (1) Environmental Law Environmental Response, Compensation and Liability Act (CERCLA, ate and local laws, regulations, ordinances, court orders, attorney ing the public health, safety, welfare, environment or a hazardous ns any toxic, radioactive or hazardous material, waste, pollutant or render the substance dangerous or potentially dangerous to the The term includes, without limitation, any substances defined as ardous waste," "hazardous substance," or "regulated substance" t: Wolters Kluwer Financial Services ®1996, 2014 Bankers Systems Page 4 HII IIIII IIIII 11111 IIII IIII 1 A. Except as previously disclosed and acknowledged in writing to Lender, no Hazardous Substance is or will be located, stored or released on or in the Property. This restriction does not apply to small quantities of Hazardous Substances that are generally recognized to be appropriate for the normal use and maintenance of the Property. B. Except as previously disclosed and acknowledged in writing to Lender, Mortgagor and every tenant have 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 occurs 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. 15. CONDEMNATION. Mortgagor will give Lender prompt notice of any pending or threatened action by private or public entities to purchase or take any or all of the Property through condemnation, eminent domain, or any other means. Mortgagor authorizes Lender to intervene in Mortgagor's name in any of the above described actions or claims, 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 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. 16. INSURANCE. Mortgagor agrees to keep the Property insured against the risks reasonably associated with the Property. Mortgagor will maintain this insurance in the amounts Lender requires. This insurance will last until the Property is released from this Security Instrument. What Lender requires pursuant to the preceding two sentences 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 maintain comprehensive general liability insurance and rental loss or business interruption insurance in amounts and under policies acceptable to Lender. The comprehensive general liability insurance must name Lender as an additional insured. The rental loss or business interruption insurance must be 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). 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 acquires 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 will 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. 17. ESCROW FOR TAXES AND INSURANCE. Mortgagor will not be required to pay to Lender funds for taxes and insurance in escrow. 18. WAIVERS. Except to the extent prohibited by law, Mortgagor waives all homestead exemption rights relating to the Property. 19. APPLICABLE 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. Earl Terry Larson Wyoming Mortgage WY/ 4XPT0LMAN00000000000675038060614N Wolters Kluwer Financial Services °1996, 2014 Bankers Systems"' 11 1fompti IlII IitEg III �IanIII���IIII1I t� Page 5 20. 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 will still be obligated under this Security Instrument for the remaining Property. Mortgagor agrees that Lender and any party to this Security Instrument may extend,imodify or make any change in the terms of this Security Instrument or any evidence of debt without Mortgagor's consent. Such a change will not release Mortgagor from the terms of this Security Instrument. The duties anld benefits of this Security Instrument will bind and benefit the successors and assigns of Lender and Mortgagor. arson By Seth Jenkins Vice Presi 21. AMENDMENT, INTEGRATION AND SE modified by oral agreement. No amendment writing and executed by Mortgagor and Lend Secured Debts are the complete and final exp is unenforceable, then the unenforceable pr enforceable. 22. INTERPRETATION. Whenever used, the ingular includes the plural and the plural includes the singular. The section headings are for convenience only an r are not to be used to interpret or define the terms of this Security Instrument. 23. NOTICE, ADDITIONAL DOCUMENTS AN lv RECORDING FEES. Unless otherwise required by law, any notice will be given by delivering it or mailing it by 'rst class mail to the appropriate party's address listed in the DATE AND PARTIES section, or to any other addres designated in writing. Notice to one Mortgagor will be deemed to be notice to all Mortgagors. Mortgagor will i form Lender in writing of any change in Mortgagor's name, address or other application information. Mortgagor will provide Lender any other, correct and complete information Lender requests to effectively mortgage or c• nvey the Property. Mortgagor agrees to pay all expenses, charges and taxes in connection with the preparation .nd recording of this Security Instrument. Mortgagor agrees to sign, deliver, and file any additional documents r certifications that Lender may consider necessary to perfect, continue, and preserve Mortgagor's obligation under this Security Instrument and to confirm Lender's lien status on any Property, and Mortgagor agrees to pa all expenses, charges and taxes in connection with the preparation 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 cop of this Security Instrument. MORTGAGOR: arl T Individually LENDER: Earl T Larson W Mort The Bank •,f Star Vali y alters Kluwer Financial Services 0 1996, 2014 Bankers SystemsT Page 6 11111111111110 11 11 lI 11111 1111 IIII IIIgII 11111111111 III 1111 II 111111 II IIIv1I I1 1111111111111 WY/ 4XPT0LMAN00000000000675038080614N ERABILITY. This Security Instrument may not be amended or r modification of this Security Instrument is effective unless made in r. This Security Instrument and any other documents relating to the ession of the agreement. If any provision of this Security Instrument vision will be severed and the remaining provisions will still be Date r /L/ Date I L( ACKNOWLEDGMENT. OF C OF Lin (p' ss. This instrument was acknowledge tt before me this 1 41 Th day of 1-Nc ck5- &()t Li by Earl Terry Larson spouse of Jill Larson. 3 My commission expires: 313\ a01 (Notary Public) AMBER EDWARDS NOTARY PUBLIC County of Lincoln State of Wyoming My Commission Expires March 3, 2018 (L rldrar Acknowledgme t) l OF .1�qq etx.141.1 OF Ln.N Ah ss. This instrument was ackn wledgeb befor me ths 7 7"1I day of r.Cus /V by J Seth Jenkins as Vice President of The Bank Of Star Valley. 3 1 Y (Notary Public) My commission expires: PAM NESEKER N ARY BUC COUNTY OF STATE OF UNCOLN WYOMING MY COMMISSION EXPIRES MARCH 13,20 Earl Tarry Larson Wyoming Mortgage WY/ 4XP TOLMAN00000000000676038080614N Wolters Kluwer Financial Services 0 1996, 2014 Bankers Systems' ilm Page 7 Parcel 1: The Northeast Quarter Southwest quarter of Section 20, Township 33 North, Range 118 West of the 6th P.M., Lincoln County, Wyoming, together with all appurtenances. EXHIBIT "A" Pa rcel2: A perpetual easement for ingress and egress to said lands over and across present roadway on Southwest Quarter Southeast Quarter of Section 20 Township 33 North, Range 118 West of the 6th P.M., Lincoln County, Wyoming