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HomeMy WebLinkAbout978718FSA 1927 -1 WY (10-28-03) THIS MORTGAGE "instrument is made on October 7 Smith and Tristan Brant Smith, wife and husband Position 5 UNITED STATES DEPARTMENT OF AGRICULTURE Farm Service Agency MORTGAGE FOR WYOMING 2014 ("Borrower") whose mailing address is PO Box 634 Smoot, WY 83126 The mortgagor is Lindsay Louise This instrument is given to the United States of America, acting through the Farm Service Agency, United States Depatt„ient of Agriculture "Government located at 508 N Broadway Avenue Riverton, WY 82501 This instrument secures the following promissory notes, assumption agreements, and /or shared appreciation agreements (collectively called "note which have been executed or assumed by the Borrower unless otherwise noted, are payable to the Government, and authorize acceleration of the entire debt upon any default: Annual Rate Due Date of Final Date of Instrument Principal Amount of Interest Installment 10/07/2014 $206,000.00 3.625% 10/07/2054 978718 10/7/2014 4:34 PM LINCOLN COUNTY FEES: $30.00 PAGE 1OF 7 BOOK: 840 PAGE: 861 MORTGAGE JEANNE WAGNER, LINCOLN COUNTY CLERK 1 I I I 1 11111 1111111 1111 1111111 (The interest rate for any limited resource farm ownership or limited resource operating loans secured by this instrument may be increased as provided in Government regulations and the note.) By execution of this instrument, Borrower acknowledges receipt of all of the proceeds of the loan or loans evidenced by the above note. This instrument secures to the Government: (1) payment of the note and all extensions, renewals, and modifications thereof; (2) recapture of any amount due under any Shared Appreciation Agreement entered into pursuant to 7 U.S. C. 2001; (3) payment of all advances and expenditures, with interest, made by the Government, and (4) the obligations and covenants of Borrower set forth in this instrument, the note, and any other loan agreements. In consideration of any loan made by the Government pursuant to the Consolidated Farm and Rural Development Act, 7 U.S.C. §1921 et seq. as evidenced by the note, Borrower irrevocably mortgages, grants and conveys to the Government the following described property situated in the State of Wyoming, County or Counties of Lincoln See attached Exhibits A B for legal descriptions. together with all rights (including the rights to mining products, gravel, oil, gas, coal or other minerals), interests, easements, fixtures, hereditaments, appurtenances, and improvements now or later attached thereto, the rents, issues and profits thereof, revenues and income therefrom, all water, water rights, and water stock pertaining thereto, and all payments at any time owing to Borrower by virtue of any sale, lease, transfer, or condemnation of any part thereof or interest therein (collectively called "the property"). This instrument constitutes a security agreement and financing statement under the Uniform Commercial Code and creates a security interest in all items which may be deemed to be personal property, including but not limited to proceeds and accessions, that are now or hereafter included in, affixed, or attached to "the property." Borrower COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the property and that the property is unencumbered, except for encumbrances of record. Borrower warrants and will defend the title to the property against all claims and demands, subject to any encumbrances of record. This instrument combines uniform covenants for national use and non uniform covenants with limited variations by jurisdiction to constitute a uniform mortgage covering real property: Initit,l /date I T FSA 1927 -1 WY (10- 28 -03) Page 1 of 6 UNIFORM COVENANTS. Borrower COVENANTS AND AGREES as follows: 1. Payment. Borrower shall pay promptly when due any indebtedness to the Government secured by this instrument. 2. Fees. Borrower shall pay to the Government such fees and other charges that may now or later be required by Government regulations. 3. Application of payments. Unless applicable law or Government's regulations provide otherwise, all payments received by Government shall be applied in the following order of priority: (a) to advances made under this instrument; (b) to accrued interest due under the note; (c) to principal due under the note; (d) to late charges and other fees and charges. 4. Taxes, liens, etc. Borrower shall pay when due all taxes, liens, judgments, encumbrances, and assessments lawfully attaching to or assessed against the property and promptly deliver to the Government without demand receipts evidencing such payments. 5. Assignment. Borrower grants and assigns as additional security all the right, title and interest in: (a) the proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or taking by eminent domain or otherwise of any part of the property, or for conveyance in lieu of condemnation; (b) all bonuses, rentals, royalties, damages, delay rentals and income that may be due or become due and payable to the Borrower or Borrower's assigns under any existing or future oil, gas, mining or mineral lease covering any portion of the property; and (c) all rents, issues, profits, income and receipts from the property and from all existing or future leases, subleases, licenses, guaranties and any other agreements for the use and occupancy of any portion of the property, including any extensions, renewals, modifications or substitutions of such agreements. Borrower warrants the validity and enforceability of this assignment. Borrower authorizes and directs payment of such money to the Government until the debt secured by this instrument is paid in full. Such money may, at the option of the Government, be applied on the debt whether due or not. The Government shall not be obligated to collect such money, but shall be responsible only for amounts received by the Government. In the event any item so assigned is determined to be personal property, this instrument will also be regarded as a security agreement. Borrower will promptly provide the Government with copies of all existing and future leases. Borrower warrants that as of the date of executing this instrument no default exists under existing leases. Borrower agrees to maintain, and to require the tenants to comply with, the leases and any applicable law. Borrower will obtain the Government's written authorization before Borrower consents to sublet, modify, cancel, or otherwise alter the leases, or to assign, compromise, or encumber the leases or any future rents. Borrower will hold the Government harmless and indemnify the Government for any and all liability, loss or damage that the Government may incur as a consequence of this assignment. 6. Insurance. Borrower shall keep the property insured as required by and under insurance policies approved by the Government and, at its request, deliver such policies to the Government. If property is located in a designated flood hazard area, Borrower also shall keep property insured as required by 42 U.S. C. 4001 et seq. and Government regulations. All insurance policies and renewals shall include a standard mortgagee clause. 7. Advances by Government. The Government may at any time pay any other amounts required by this instrument to be paid by Borrower and not paid by Borrower when due, as well as any cost for the preservation, protection, or enforcement of this lien, as advances for the account of Borrower. Advances shall include, but not be limited to, advances for payments of real property taxes, special assessments, prior liens, hazard insurance premiums, and costs of repair, maintenance, and improvements. All such advances shall bear interest at the same rate as the note which has the highest interest rate. All such advances, with interest, shall be immediately due and payable by Borrower to the Government without demand. No such advance by the Government shall relieve Borrower from breach of Borrower's covenant to pay. Any payment made by Borrower may be applied on the note or any secured debt to the Government, in any order the Government determines. 8. Protection of lien. Borrower shall pay or reimburse the Government for expenses reasonably necessary or incidental to the protection of the lien and its priority and the enforcement or compliance with this instrument and the note. Such expenses include, but are not limited to: costs of evidence of title to, and survey of, the property, costs of recording this and other instruments; attorneys' fees; trustees' fees, court costs; and expenses of advertising, selling, and conveying the property. 9. Authorized purposes. Borrower shall use the loan evidenced by the note solely for purposes authorized by the Government. 10. Repair and operation of property. Borrower shall: (a) maintain improvements in good repair; (b) make repairs required by the Government; (c) comply with all farm conservation practices and farm management plans required by the Government, and (d) operate the property in a good and husbandlike manner. Borrower shall not (e) abandon the property; (f) cause or permit waste, lessening or impairment of the property; or (g) cut, remove, or lease any timber, gravel, oil, gas, coal, or other minerals without the written consent of the Government, except as necessary for ordinary domestic purposes. 11. Legal compliance. Borrower shall comply with all laws, ordinances, and regulations affecting the property. 12. Transfer or encumbrance of property. Except as provided by Government regulations, the Borrower shall not lease, assign, sell, transfer, or encumber, voluntarily or otherwise, any of the property without the written consent of the Government. The Government may grant consents, partial releases, subordinations, and satisfactions in accordance with Government regulations. lnitiall 1 (date /O. 7—/V FSA 1927 -1 WY (10- 28 -03) Page 2 of 6 20. Highly erodible land; wetlands. Any loan secured by this instrument will be in default if Borrower uses any loan proceeds for a purpose that will contribute to excessive erosion of highly erodible land or to the conversion of wetlands to produce an agricultural commodity as provided in 7 C.F.R. part 1940, subpart G, or any successor Government regulation. 21. Non discrimination. If any part of the loan for which this instrument is given shall be used to finance the purchase, construction or repair of property to be used as an owner- occupied dwelling (herein called "the dwelling and if Borrower intends to sell or rent the dwelling and has obtained the Government's consent to do so (a) neither Borrower nor anyone authorized to act for Borrower will, after receipt of a bona fide offer, refuse to negotiate for the sale or rental of the dwelling or will otherwise make unavailable or deny the dwelling to anyone because of race, color, religion, sex, national origin, disability, familial status or age, and (b) Borrower recognizes as illegal and hereby disclaims, and will not comply with or attempt to enforce any restrictive covenants on the dwelling relating to race, color, religion, sex, national origin, disability, familial status or age. L FSA 192 -1 WY 10 -28 -03 Page 3 o 6 lnitia� w date g f 13. Inspection. At all reasonable times the Government may inspect the property to ascertain whether the covenants and agreements contained in this instrument are being performed. 14. Hazardous substances. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any hazardous substances on or in the property. The preceding sentence shall not apply to the presence, use, or storage on the property of small quantities of hazardous substances that are generally recognized to be appropriate to normal use and maintenance of the property. Borrower covenants that Borrower has made full disclosure of any such known, existing hazardous conditions affecting the property. Borrower shall not do, nor allow anyone else to do, anything affecting the property that is in violation of any federal, state, or local environmental law or regulation. Borrower shall promptly give the Government written notice of any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving the property and any hazardous substance or environmental law or regulation of which Borrower has actual knowledge. If Borrower learns, or is notified by any governmental or regulatory authority, that any removal or other remediation of any hazardous substance affecting the property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with applicable environmental law and regulations. As used in this paragraph, "hazardous substances" are those substances defined as toxic or hazardous substances by environmental law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials. As used in this paragraph, "environmental law" means Federal laws and regulations and laws and regulations of the jurisdiction where the property is located that relate to health, safety or environmental protection. 15. Adjustment; release; waiver; forbearance. In accordance with Government regulations, the Government may (a) adjust the interest rate, payment, terms or balance due on the loan, (b) increase the mortgage by an amount equal to deferred interest on the outstanding principal balance, (c) extend or defer the maturity of, and renew and reschedule the payments on the note, (d) release any party who is liable under the note from liability to the Government, (e) release portions of the property and subordinate its lien, and (f) waive any other of its rights under this instrument. Any and all of this can and will be done without affecting the lien or the priority of this instrument or Borrower's liability to the Government for payment of the note secured by this instrument unless the Government provides otherwise in writing. HOWEVER, any forbearance by the Government whether once or often in exercising any right or remedy under this instrument, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. 16. Graduation. If the Government determines that Borrower may be able to obtain a loan from a responsible cooperative or private credit source at reasonable rates and terms for loans for similar purposes and periods of time, Borrower will, upon the Government's request, apply for and accept such a loan in sufficient amount to pay the note secured by this instrument and to pay for stock necessary to be purchased in a cooperative lending agency in connection with such loan. 17. Forfeiture. Borrower shall be in default if any forfeiture action or proceeding, whether civil or criminal, is begun that in the Government's good faith judgment could result in forfeiture of the property or otherwise materially impair the lien created by this instrument or the Government's security interest. Borrower may cure such default by causing the action or proceeding to be dismissed with a ruling that precludes forfeiture of the Borrower's interest in the property or other material impairment of the lien created by this security instrument or the Government's security interest. 18. False statement. Borrower also shall be in default if Borrower, during the loan application process, gave materially false or inaccurate information or statements to the Government (or failed to provide the Government with any material information) in connection with the loan evidenced by the note. 19. Cross Collateralization. Default under this instrument shall constitute default under any other security instrument held by the Government and executed or assumed by Borrower. Default under any other such security instrument shall constitute default under this instrument. 31. Power of Sale. At the option of the Government this mortgage may be foreclosed by action or advertisement under Power of Sale as provided by law and statute, and Borrower here irrevocably vests in the Government the statutory Power of Sale. 32. Surplus Proceeds. Borrower hereby assigns to the Government all Borrower's rights under Wyoming law, or any other legal authority, to surplus proceeds and /or surplus funds remaining after the sale of the security property under statutory Power of Sale procedures or any foreclosure sale, or similar sale, exercised by any foreclosing or other party and hereby waives any claim against any officer or any other person making such sale for paying said surplus to the Government. 33. Grazing Permits, Borrower hereby assigns or waives in favor of the Government all grazing privileges, permits, licenses, or leases appurtenant to or used in connection with said land, and Borrower further covenants and agrees to execute any and all forms and documents that may be necessary and/or required by Government to effect said assignment or waiver and further covenants and agrees to procure renewals thereof prior to their expiration and to pay all fees and charges and to perform all acts and do things necessary to keep and preserve all said grazing rights and renewals thereof, and in the event of the failure of Borrower to do any of these things these the Government may do so on behalf of Borrower, including advancing such sums as may be necessary for this purpose, and such funds advanced shall be secured by the instrument. By signing below, Borrower accepts and agrees to the terms and covenants contained in this instrument and in any rider executed by Borrower and recorded with this instrument. ,LA Lindsay L as individual se Smith, STATE OF WYOMING COUNTY OF LINCOLN ss. (Individual) On this V� day of October in the year 2014 before me, the undersigned, personally appeared Lindsay Louise Smith and Tristan Brant Smith to the foregoing instrument, and acknowledged that (he or she) signed and delivered the instrument as (his or her) free and voluntary acts, for the uses and purposes set forth. My commission expires: Note: Page 6 of 6 applies to entities only and will not be recorded for individuals, InitialV"' date f 7J"1 FSA 1927 -1 WY (10- 28 -03) Page 5 of 6 (SEAL) (SEAL) ACKNOWLEDGMENTS Tristan Brant Smith, as individual to be known to me to be same whose name is subscribed NOTARY PUBLIC (SEAL) iLukc,,) EXHIBIT "A" That part of the W1/2SW1/4 of Section 19, T31N R118W, Lincoln County, Wyoming, described as follows: Beginning at the southwest corner of said W %ZSW' /4; thence S89 °55'07 "E, 1325.37 feet, along the south line of said W' /ZSW'/4. to the southeast corner thereof; thence N00 °01'50 "W, 1645.57 feet, along the east line of said W'VSW'A, to the southeast corner of the Viewmont Subdivision of record in the Office of the Clerk of Lincoln County, with Instrument No. 542005; thence N89 °59' 16 "W, 1324.49 feet, along said south line of said Subdivision, to the southwest corner of said Subdivision on the west line of said W' /ZSW' /4; thence South, 153.97 feet, to the northwest corner of that tract of record in said Office in Book 111PR on page 486; thence East, 190.50 feet, along the north line of said tract, to the northeast corner thereof; thence South, 228.00 feet, along said east line of said tract, to the southeast corner thereof; thence West, 190.50 feet, along the south line of said tract to the southwest corner thereof; thence South, 1252.00 feet, along said west line to the corner of beginning. EXHIBIT "B" The land referred to in this document is situated in the State of Wyoming, County of Lincoln, and is described as follows: That part of GLO Lot 3 of Section 5, Township 30 North, Range 118 West of the 6 P.M., Lincoln County, Wyoming it being the intent to more correctly describe a part of that tract of record in the Office of the Clerk of Lincoln County in Book 444PR on page 554 as follows: BEGINNING at a MAG -nail on the west line of said GLO Lot 3, South 00 °15'13" East, 245.93 feet from the northwest corner thereof; Thence North 86 °55'25" East, 163.20 feet to a point on the east line of said tract; Thence South 00 °15'13" East, 147.62 feet, along said east line of said tract; Thence South 87 °38'36" West, 163.11 feet, along the south line of said tract, to a point marked by a hole chiseled in a concrete gutter on the west line of said GLO Lot 3; Thence N 00 °15'13" West, 140.57 feet, along the west line of said GLO Lot3, to the MAG -NAIL OF BEGINNING.