Loading...
HomeMy WebLinkAbout978774978774 10/10/2014 4:05 PM LINCOLN COUNTY FEES: $33.00 PAGE 1OF 8 BOOK: 841 PAGE: 184 MORTGAGE JEANNE WAGNER, LINCOLN COUNTY CLERK DATE AND PARTIES. The date of this Mortgage (Security Instrument) is October 6, 2014. The parties and their addresses are: MORTGAGOR: GALE L. JENSEN Spouse of June A. Jensen 350 Solitude Dr SVR, WY 83127 JUNE A. JENSEN Spouse of Gale L. Jensen 350 Solitude Dr SVR, WY husband and wife 1111111 111111 1111111111 11111 11 11I I I 1 11111 11111 11111 11111 11111 II I III III 1111 V I I I Space Above This Line For Recording Data LENDER: THE BANK OF STAR VALLEY Organized and existing under the laws of Wyoming 113 Petersen Parkway P.O. Box 928 Thayne, WY 83127 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 apart hereof The property is located in Lincoln County at 350 Solitude Dr, SVR, Wyoming 83127. Gale L. Jensen Wyoming Mortgage WY/ 4XXXCRICH0000000000067606510061 1114 11 III I l 111111 III II II 1111 2 1 1,111 I III I 1 MORTGAGE Wolters Kluwer Financial Services 1996, 2014 Bankers Systems'" Page 1 1 1 1,11111 II II Together with all rights, easements, appurt3nances, 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 Property). This Security Instrument will rerrain in effect until the Secured Debts and all underlying agreements have been terminated in writing by Lender. 2. SECURED DEBTS. The term "Secured 0 ;bts" includes and this Security Instrument will secure each of the following: A. Specific Debts. The following deb s and all extensions, renewals, refinancings, modifications and replacements. A promissory note or other agreement, No, 02702800, dated October 6, 2014, from Mortgagor to Lender, with a loan amount of $25,000 00 B. Sums Advanced. All sums advanced and expenses incurred by Lender under the terms of this Security Instrument. 3. PAYMENTS. Mortgagor agrees that all accordance with the terms of the Secured De 4. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, security agreement or other Hen document that created a prior security int3rest 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 ext 'nsion of, nor to request any future advances under any note or agreement secured by the lien document ithout Lender's prior written consent. 5. CLAIMS AGAINST TITLE. Mortgagor wil ground rents, utilities, and other charges rel provide to Lender copies of all notices tha payment. Mortgagor will defend title to the P Instrument. Mortgagor agrees to assign to Mortgagor may have against parties who sups 6. DUE ON SALE. Lender may, at its option, and payable upon the creation of, or contra Property. This right is subject to the restrictio 7. WARRANTIES AND REPRESENTATIONS. Instrument, The execution and delivery of 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 repair 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 nature of the occupancy and use will not substantially change without Lender's prior written consent. Mortgagor ✓ill not permit any change in any license, restrictive covenant or easement without Lender's prior written co sent. Mortgagor will notify Lender of all demands, proceedings, claims, and actions against Mortgagor, and of ny loss or damage to the Property. Lender or Lender's agents may, at Lender's o tion, enter the Property at any reasonable time and frequency for the purpose of inspecting, valuating, or apprai ing the Property. Lender will give Mortgagor notice at the time of or before an on -site inspection, valuation, •r 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 f Security Instrument, Lender may, without no Lender as attorney in fact to sign Mortgagor's to perform for Mortgagor will not create an obll Gale L. Jensen Wyoming Mortgage WY/ 4XXXCRICH00000000000676065 111,1111 II IIII 1 I1. III II,11 2 1 1111,1 III )ayments under the Secured Debts will be paid when due and in )ts and this Security Instrument. pay all taxes, assessments, liens, encumbrances, lease payments, ting to the Property when due. Lender may require Mortgagor to such amounts are due and the receipts evidencing Mortgagor's operty against any claims that would impair the lien of this Security Lender, as requested by Lender, any rights, claims or defenses ly labor or materials to maintain or improve the Property. leclare the entire balance of the Secured Debt to be immediately due t for the creation of, any transfer or sale of all or any part of the is imposed by federal law, as applicable. Mortgagor has the right and authority to enter into this Security his Security Instrument will not violate any agreement governing ails to perform any duty or any of the covenants contained in this ice, perform or cause them to be performed. Mortgagor appoints lame or pay any amount necessary for performance. Lender's right gation to perform, and Lender's failure to perform will not preclude ✓✓ol ers Kluwer Financial Services 1996, 2014 Bankers Systems' Page 2 II I 11 1 1 111 11 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. Payments. Mortgagor fails 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 Documents. 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. K. Property Transfer. Mortgagor transfers all or a substantial part of Mortgagor's money or property. This condition of default, as it relates to the transfer of the Property, is subject to the restrictions contained in the DUE ON SALE section. L. Property Value. Lender determines in good faith that the value of the Property has declined or is impaired. M. Insecurity. Lender determines in good faith that a material adverse change has occurred in Mortgagor's financial condition from the conditions set forth in Mortgagor's most recent financial statement before the date of this Security Instrument or that the prospect for payment or performance of the Secured Debts is impaired for any reason. 12. REMEDIES. On or after the occurrence of an Event of Default, Lender may use any and all remedies Lender has under state or federal law or in any document relating to the Secured Debts, including, without limitation, the power to sell the Property. Any amounts advanced on Mortgagor's behalf will be immediately due and may be Gale L. Jensen Wyoming Mortgage WY/ 4XXXCRICH000000000006760651006 III II II I III IIII I III IIII IIII I, III I I l II III III ,I1,11 II 11111 Wolters Kluwer Financial Services 0 1996, 2014 Bankers Systems'" Page 3 11 added to the balance owing under the Secured Debts. Lender may make a claim for any and all insurance benefits or refunds that may be available on Mortgag.r's default. Subject to any right to cure, required time schedules or any other notice rights Mortgagor may have under federal and state law, Lender may make all or a y part of the amount owing by the terms of the Secured Debts immediately due and foreclose this Security Instrument in a manner provided by law upon the occurrence of an Event of Default or anytime thereafter. Upon any sale of the Property, Lender will ake and deliver a special or limited warranty deed that conveys the property sold to the purchaser or purchaser-. Under this special or limited warranty deed, Lender will covenant that Lender has not caused or allowed a li:n or an encumbrance to burden the Property and that Lender will specially warrant and defend the Property's title of the purchaser or purchasers at the sale against all lawful claims and demand of all persons claiming by, thro gh or under Lender. The recitals in any deed of conveyance will be prima facie evidence of the facts set forth th:rein. All remedies are distinct, cumulative and no exclusive, and Lender is entitled to all remedies provided at law or equity, whether or not expressly set forth. he acceptance by Lender of any sum in payment or partial payment on the Secured Debts after the balance is due or is accelerated or after foreclosure proceedings are filed will not constitute a waiver of Lender's right to requ re full and complete cure of any existing default. By not exercising any remedy, Lender does not waive Lender's right to later consider the event a default if it continues or happens 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 rel: 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 C. Mortgagor will immediately notify Lende on, under or about the Property or there is such an event, Mortgagor will take all nece D. Mortgagor will immediately notify Lende pending or threatened investigation, claim, Hazardous Substance or the violation of an Gale L. Jensen Wyoming Mortgage WY/ 4XXXCR1CH00000000000676065 11 s II I I1 111 II f 1 1 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 asing the Property from this Security Instrument. Expenses include, ees after default and referral to an attorney not a salaried employee lble 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. 14. ENVIRONMENTAL LAWS AND HAZARD US SUBSTANCES. As used in this section, (1) Environmental Law means, without limitation, the Comprehensiv Environmental Response, Compensation and Liability Act (CERCLA, 42 U.S,C. 9601 et seq.), all other federal, sate and local laws, regulations, ordinances, court orders, attorney general opinions or interpretive letters concer ing the public health, safety, welfare, environment or a hazardous substance; and (2) Hazardous Substance me.ns any toxic, radioactive or hazardous material, waste, pollutant or contaminant which has characteristics whic render the substance dangerous or potentially dangerous to the public health, safety, welfare or environment The term includes, without limitation, any substances defined as "hazardous material," "toxic substance," "ha ardous waste," "hazardous substance," or "regulated substance" under any Environmental Law, Mortgagor represents, warrants and agrees th. t: 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 r:.cognized to be appropriate for the normal use and maintenance of the Property. B. Except as previously disclosed and ack iowledged in writing to Lender, Mortgagor and every tenant have been, are, and will remain in full complianc: with any applicable Environmental Law. if a release or threatened release of a Hazardous Substance occurs a violation of any Environmental Law concerning the Property. In sary remedial action in accordance with any Environmental Law. in writing as soon as Mortgagor has reason to believe there is any or proceeding relating to the release or threatened release of any Environmental Law. Wolters Kluwer Financial Services •1996, 2014 Bankers Systems?' Page 4 111,11 I II 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. 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, modify 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 and benefits of this Security Instrument will bind and benefit the successors and assigns of Lender and Mortgagor. 21. AMENDMENT, 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 in writing and executed by Mortgagor and Lender. This Security Instrument and any other documents relating to the Secured Debts are the complete and final expression of the agreement. If any provision of this Security Instrument Gale L. Jensen Wyoming Mortgage W Y /4XXXCRI CH000000000006 7 606 5 1 006 1 4N 11 111 II II 2 11 8 1 11 1111 1,II ,11 1 I1 II 11 I I Wolters Kluwer Financial Services °1996, 2014 Bankers Systems Page 5 11 is unenforceable, then the unenforceable p ovision will be severed and the remaining provisions will still be enforceable. 22. INTERPRETATION. Whenever used, the singular includes the plural and the plural includes the singular. The section headings are for convenience only a d are not to be used to interpret or define the terms of this Security Instrument, 23. NOTICE, ADDITIONAL DOCUMENTS AND RECORDING FEES. Unless otherwise required by law, any notice will be given by delivering it or mailing it by first class mail to the appropriate party's address listed in the DATE AND PARTIES section, or to any other addre 's designated in writing. Notice to one Mortgagor will be deemed to be notice to all Mortgagors. Mortgagor will i iform Lender in writing of any change in Mortgagor's name, address or other application information. Mortgago 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 or certifications that Lender may consider necessary to perfect, continue, and preserve Mortgagor's obligatio s 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 essenca. SIGNATURES. By signing, Mortgagor agrees to the terms and covenants contained in this Security Instrument. Mortgagor also acknowledges receipt of a cosy of this Security Instrument, MORTGAGOR: i Gale L. Jensen i Individually Individually LENDER: ,„,,,t, A ne A. Jensen The Bank Of Star Valley Gale L. Jensen Wyoming Mortgage WY/ 4XXXCRICH0000000000067606510061 II s-/At IIII Ill 111 1 II II I I1 1 Date /0 0(P il Nolter Kluwer Financial Services 1996, 2014 Bankers Systems"" Page 6 f 1 11 ACKNOWLEDGMENT. y, OF This instrument was aM'nowled d before me t day of 4) Gale L. Jensen spouse of June A. Jensen, and, June A. Jensen spouse of Gale L. Jensen. My commission expires: 2 /5" (Lender Acknowledgment) h 0 F This instrument was ac /owled Sharon L. Walker as Vice Presid My commission expires: Loan origination organization The Bank Of Star Valley NMLS ID 460498 Loan originator Sharron )Ia,they- NMLS ID 5 8 3 1 -7 before me this t of The Bank Of tar Valley. Gale L. Jensen Wyoming Mortgage WY/ 4XXXCRICH00000000000676065 II IIIIII JI !J 11111 I1 IIIIIII ij IIIjl I I 1 11 101 II 111 1 III OF OFD iii ota Public) ss day of by D/7 by Wol ers Kluwer Financial Services 0 1996, 2014 Bankers Systems Page 7 EXHIBIT A Lot 18 of Star Valley Ranch Plat 12, Lincoln County, Wyoming as described on the official plat filed on August 10, 1977 as Instrument No. 496703 of the records of the Lincoln County Clerk.