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HomeMy WebLinkAbout979362DATE AND PARTIES. The date of this Mortgage (Security Instrument) is November 10, 2014, The parties and their addresses aro: MORTGAGOR: LINDA S ERGO Spouse of Richard A Ergo HC 82 Box 7321 Star Valley Ranch, WY 83127 RICHARD A ERGO Spouse of Linde S Ergo 2834 Comlatas Dr, Walnut Creek, CA 94598 979362 11/18/2014 10:50 AM LINCOLN COUNTY FEES: $36.00 PAGE 1OF 9 BOOK: 843 PAGE: 547 MORTGAGE JEANNE WAGNER, LINCOLN COUNTY CLERK 1111111111111111111111111111111 H1III111111111111111IIIII111111111111 Space Above This Line For Recording Data MORTGAGE (With Future Advance Clause) husband end wife, as Tenants by the Entireties LENDER: THE BANK OF STAR VALLEY Organized and existing under the laws of Wyoming 113 Peterson Parkway P.O. Box 928 Thsyne, 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, tha following described property: See Exhibit "A' attached hereto and made a parto! The property Is located in Lincoln County at 580 Alta Drive, Star Valley Ranch, Wyoming 83127. /Ind. 3 Ergo Wyoming Ilrtwp WY(axITOlAUN00000000000a7e0671 I 1 I 1014N II Wok..., Mow., FrwrJN Sonic.. 1998. 21014 flanker, n u` By.n. P.p. 1 Together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, all water and riparian rights, walls, ditches and water stock and all existing and future improvements, structures, fixtures, and replacements that may now, or at any tkne in the future, be part of the real estate described (all referred to as 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 debts and all extensions, renewals, refinancings, modifications and replacements. A promissory note or other agreement, No. 245007601, dated November 10, 2014, from Mortgagor to Lender, with a maximum crodit limit of 8100,000.00. B. Future Advances. M 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 ell 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 oven 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 canstitute a commitment to make additional or future advances in any amount. Any such commitment must be agreed to in a separate writing. 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 torms 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 Ilan document that created a prior security interest or encumbrance on the Property, Mortgagor agrees: A. To make ell payments when duo 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 rote or agreement secured by the lion document without Lender's prior written consent. 5. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and otter charges relating to the Property when due. Lender may require Mortgagor to provide to Lander copies of all notices that such amounts are duo and the receipts evidencing Mortgagor's payment. Mortgagor will defend title to the Property against any claims that would impair the lien of this Security Instrument. Mortgagor agrees to assign to Lender, as requested by Lender, any rights, claims or defenses Mortgagor may have against parties who supply labor or materials to maintain or Improve tho Property, 8. DUE ON SALE. Lender may, at Its option, declare the entire balance of tho Secured Debt to be Immediately due and payable upon the creation of, or contract for the creation of, any transfer or sale of ell or any part of the Property. This right Is subject to tho restrictions imposed by federal law, as applicable. 7. WARRANTIES AND REPRESENTATIONS. Mortgagor has the right and authority to enter into this Security Instrument. The execution and delivery of this Security Instrument will not violate any agreement governing Mortgagor or to which Mortgagor is a party. 8. PROPERTY CONDITION, ALTERATIONS, INSPECTION, 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 woods and grasses. Mortgagor agrees that the nature of the occupancy and use will not substantially change without Lender's prior written consent. Mortgagor will not permit any change in any license, restrictive covenant 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. 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 L 5 Ltuo Wyoming I/bri p. WY/ 4XPfOLMAN00000000000e 700671110 Wolter. Kluwer Fkwoclal Services °IOSW, 2074 Banker. Sv.Cm.° 1e Al 1 AP 1 1Al 1 1A11h 11 1 1 APPAAAlAUA1 11n Page 2 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 foils 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 attomey 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 odditional 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 tho 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 Assignmont, and all future Lenses and any other information with respect to these Leases will be provided immediately after they are executed. Mortgagor may collect, receive, enjoy and U30 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 ere satisfied. As long as this Assignment is In affect, 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. MORTGAGE COVENANTS. Mortgagor agrees that the covenants in this Security Instrument are material obligations under the Secured Debts and this Security Instrument. If Mortgagor breaches any covenant in this Security Instrument, Lender may refuse to make additional extensions of credit or may reduce tho credit limit. By not exercising either remedy on Mortgagor's breach, Lender does not waive Lender's right to later consider the event a breach If It happens again. 12. DEFAULT. Mortgagor will be In default if any of the following events (known separately end collectively as an 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 the Property. 13. REMEDIES ON DEFAULT. In addition to any other remedy available under the terms of this Security Instrument, Lander may accelerate the Socurod Debts and foreclose thls Security Instrument in a manner provided by law if Mortgagor is in default. In some instances, federal and state law will require Lender to provide Mortgagor with notice of the right to cure, or other notices and may establish time schedules for foreclosure actions. At the option of Lender, all or any part of the agreed fees and charges, accrued interest and principal will become immediately due and payable, after giving notice If required by law, upon the occurrence of a default or anytime thereafter. Lender will be entitled to, without limitation, the power to sell the Property. Upon any sale of the Property, Lender will make and deliver a special or limited warranty dead that convoys the property sold CO the purchaser or purchasers. Under this special or limited warranty deed, Lender will covenant that Lender has not caused or allowed e lien 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, through or under Lender. Lind. g Ergo Wy.n+ng I&ng•o• WYI4XPTOI .MAn00000000000976067111014N Walley Kluww Fiw,cial S.rv, •1996. 2014 e.nkw. Sys,.,,.' ia111011II!II1 4fl!ti'h!I!I'I P.O. 3 The acceptance by Lender of any sum in payment or partial payment on the Securod Debts after the balance is due or is accelerated or after foreclosure proceedings aro filed will not constitute a waiver of Lender's right to require complete cure of any existing default. By not exercising any remedy on Mortgagor's default, Lender dons 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 broaches any covenant in this Security Instrument, Mortgagor agrees to pay all expenses Lander incurs in performing such covenants or protecting its security interest in the Property. Such expenses include, but are not limited to, toes incurred for inspecting, valuating, appraising, preserving, or otherwise protecting the Property and Lender's security interest. Mortgagor agrees to pay all costs and expanses incuned by Louder in collecting, enforcing, or protecting Lender's rights and remedies under this Security Instrument or any other document relating to the Securod Debts. Expenses include, but are not limited to, reasonebla attorneys' fees after default and referral to an attorney not a salaried employee of Lender. Those expenses are payable on demand and will bear interest from the date of payment until paid in full at the highest Interest rate in effect as provided for in the terms of Securod Debts. In addition, to the extent permitted by the United States Bankruptcy Code, Mortgagor agrees to pay the reasonable attorneys' fees Incurred by Lander 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 until 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 Law means, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 9801 of seq.), all other federal, state and local laws, regulations, ordinances, court orders, attorney 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, pollutant or contaminant which has characteristics which render the substance dangerous or potentially dangerous to the public hoahh, safety, welfare or environment. The term includes, without limitation, any substances defined as "hazardous material," "toxic substance," "hazardous waste," "hazardous substance," or "roguletod substance" 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 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 Lander,. Mortgagor and every tenant have beer, 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 notily 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 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 end 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 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 Lind. 5 Ergo Wy°m:q Mortgage WY/ 4XPTOLMAN00000000000676067111014N Wolters Mow., F'n.ndd 5.Mc.a °1996, 2014 Bankers Sya tame. 1®AI9AAIIJ L!!IA OWAMA!!!1 Page 4 standard "mortgage clause" for "kinder loss payable clause') endorsement that names Lender as "mortgagee' and "loss payee". 11 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 gonoral 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 falls 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 ono 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 relating to the Property. 20. OTHER TERMS. The following are applicable to this Security Instrument: A. Line of Credit. Tho Secured Debts include a revolving lino of credit provision. Although the Secured Debts may be reduced to a zero balance, this Security Instrument will remain in effect until the Secured Debts and all 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. 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. 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 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 successor& and assigns of Lander and Mortgagor. 23. 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 ere the complete and final expression of the agreement. If any provision of this Security Instrument is unenforceable, then the unenforceable provision will be severed and the remaining provisions will still be enforceable. 24. INTERPRETATION. Whenever used, the singular Includes the plural and the plural includes the singular. The section headings aro for convenience only and are not to be used to intorprot or define the terms of this Security Instrument. l S Ego Wyomkq M«Iwa Wy/ 4xPTOtMAN00000000000a7aoa7111014N W dt.r. KIuw.r Financial S.rvic...1990. 2014 Banks. Systems P.u. b 25. NOTICE, ADDITIONAL DOCUMENTS AND RECORDING FEES, Unloss 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 tho DATE AND PARTIES section, or to any other address designated in writing. Notice to one Mortgagor will be deemed to be notice to all Mortgagors. Mortgagor will Inform 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 convoy the Property. Mortgagor agrees to pay all expenses, charges and taxes in connection with the preparation and recording of this Security Instrument. Mortgagor agrees to sign, deliver, and file any additional documents or certifications that Lander may consider necessary to perfect, continue, and preserve Mortgagor's obligations under this Security Instrument and to confirm Lender's lion status on any Property, and Mortgagor agrees to pay 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 els g nowledges receipt of a copy of this Security Instrument. Richard A. MORTGA Individually LENDER: The Bank Of Star Valley Date Ergo CI, 41ioha►dA.Erga Linda S L" go Individually Date Linda S Ergo Wyoming Yulgya W l4XPTOL MAN000000000008790a7111014N Wolter. )(loam Financial Service °1998, 2014 aankara Syatama's IIPPAPPOIPPIPAPPOPPOPPPAPI Paps 8 CALIFORNIA ALL PURPOSE ACKNOWLEDGMENT CIVIL CODE 1189 a •,..-•r;• •.••7• State of California County of-Y On I�D .i [Fate personally appeared QV Signer is Representing: before me, TERE; L. Commission 2010310 Rotary Poteic Calor r Coda Coots Coati 17 C11lOrG` p �i' Signer(s) Other Than Named Above: Capacity(ies) Claimed by Signer(s) Signer's Name: 1.1 Corporate Officer Title(s): I I Individual i� Partner _J Limited .3 General Attorney in Fact LI Trustee El Guardian or Conservator Cl Other: RIGHT THUMBPRINT OF SIGNER Top of thumb here Hore Insert Name and Title of the Officer ame(s) of Signer(s) who proved to me on the basis of satisfactory evidence to be the person()) whose name() is /are subscribed to the within instrument and acknowledged to me that he /sbefthey executed the same in his /her-/their authorized capacity(ies), and that by his /her /their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS m hand and fl "al seal. I1 11J Signature: Place Notary Seal Above ignalure of Notary Public OPTIONAL Though the information below is not required by law, it may prove valuable to persons relying on the document and could prevent fraudulent removal and reattachment of this form to another document. Description of Attached Document Title or Type of Document: Document Date: Number of Pages: Signer's Name: O Corporate Officer Title(s): U Individual n Partner 0 Limited E: General O Attorney in Fact 0 Trustee O Guardian or Conservator 0 Other: Signer Is Representing: RIGHT THUMBPRINT OF SIGNER Top of thumb here 2010 National Notary Association NationalNotary.org 1- 800 -US NOTARY (1-800-876-6827) 'tern #5907 A K OW EDGMENT. OF /J SS. i'(', OF pi. T., u ent was ac 1 •wled •efore me t f day of i ,�9 ?/%Y,r /A,t' 2 f y by This instrument e m 9 Linda S Ergo spouse o ichard A Ergo. My commission expires: LuAnn HydeCorum NOTARY PU -n C COUNTY OF 'T STATE OF LINCOLN WYOMING MY COMMISSION SORES FEBRUARY 7,2016 7/ My commission expires: (Lender A know lodgment) OF OF f_iz,e ss, This instrument was ac, owied!:* before me t /,R day of �690Pym, /eX- ,_27./ y by Sharon L. Walker as Vice President of The Bank Of Star Valley, Linda S Ergo Wyoming Mortgage WY/ 4XPTOLMAN0000000 7 606 7 1 1 1 0 1 4N Wolter! Kluwer Financial Services 0 1996, 2014 Bankers Systems'" ill Page 7 EXHIBIT A Lot 39 of Star Valley Ranch Plat 14, Lincoln County, Wyoming as described on the official plat filed on August 10, 1977 as Instrument No. 496705 of the records of the Lincoln County Clerk.