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MORTGAGE DEED WITH RELEASE OF HOMESTEAD
KNOW ALL MEN BY THESE PRESENTS, that Garry Parker and Marilyn Parker,
husband and wife, (hereinafter designated as "Mortgagors of Afton, Wyoming, Lincoln
County, State of Wyoming, to secure the payment of the principal sum of One Hundred Twenty
Six Thousand Dollars $(126,000.00), with interest commencing December 1, 2014, at Four
Percent (4 per annum, as evidenced by a promissory note of even date herewith to the order of
the Vance and Amanda Welch Family Trust, dated December 10, 2012, Vance Welch and
Amanda Welch, Trustees, of P.O. Box 934, Afton, WY 83110, Lincoln County, Wyoming,
(hereinafter designated as "Mortgagees, principal and interest payable as set forth in said
Promissory Note.
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0 Said Mortgagors do hereby mortgage with the power of sale to said Mortgagees, the
following described real estate, situated in the County of Lincoln, State of Wyoming, to -wit:
Lot 1 of Mount Baldy Estates, Lincoln County, Wyoming as described on the official
plat thereof filed June 18, 2003 as Instrument No. 890908;
TOGETHER WITH the easement described as follows:
A Sixty (60) foot wide, nonexclusive, perpetual right -of -way easement for ingress
and egress and all underground utilities from U.S. Highway 89 described generally
as a parcel of property Sixty (60) foot wide running parallel to the northerly boundary
of Lot 1 of the Mount Baldy Estates in an easterly direction to the east boundary of
said Lot 1 as more fully depicted on Exhibit A, a copy of which is attached hereto
marked Exhibit "A" and by this reference made a part hereof for the area designated
as "Welch Easement."
TOGETHER WITH all improvements, appurtenances, hereditaments and all other
things thereunto belonging or in anywise appertaining.
SUBJECT, HOWEVER, to all easements, rights -of -way, reservations and
restrictions now of record or otherwise affecting said lands.
Including all buildings and improvements thereon (or that may hereafter be erected thereon);
together with hereditaments and appurtenances and all other rights thereunto belonging, or in
anywise now or hereafter appertaining, and the reversion and reversions, remainder and remainders,
rents, issues, and profits thereof, and all plumbing, heating and lighting fixtures and equipment now
or hereafter attached to or used in connection with said premises.
The Mortgagors hereby covenant and agree that they are lawfully seized of said premises, that
they are free from all encumbrances, and hereby covenants to warrant and defend the title of said
premises against the lawful claims of all persons whomsoever.
And the Mortgagors covenant and agree with the Mortgagees as follows:
1. That they will pay the indebtedness, as hereinbefore provided. No prepayments of any
amounts due and owing under this note may be paid without first obtaining the express written
consent of the Vance and Amanda Welch Family Trust, dated December 10, 2012, Vance Welch and
Amanda Welch, Trustees.
2. That the Mortgagors will pay all ground rents, taxes, assessments, water rents and other
governmental or municipal charges, or other lawful charges, and will promptly deliver the official
receipts therefor to the said Mortgagees. In default thereof the Mortgagees may pay the same, and
all sums so paid shall be added to and considered a part of the above indebtedness hereby secured,
and shall draw interest at the same rate.
3. That nothing shall be done on or in connection with said property which may impair the
Mortgagees' security hereunder; the Mortgagors will commit, permit or suffer no waste, impairment
or deterioration of said property nor any part thereof, and said property shall be continuously
maintained in good and sightly order, repair and condition by the Mortgagor at their expense.
4. That they will keep the improvements now existing or hereinafter erected on the said
premises, insured as may be required from time to time by the Mortgagees against loss by fire and
other hazards, casualties, and contingencies in such amounts and for such periods as may be required
by the Mortgagees and will pay promptly, when due, any premiums on such insurance. All insurance
shall be carried in companies approved by the Mortgagees and the policies and renewals thereof shall
be held by the Mortgagees and have attached thereto loss payable clauses in favor of and in form
acceptable to the Mortgagees. In event of loss it will give immediate notice by mail to the
Mortgagees, who may make proof of loss if not made promptly by the Mortgagors, and each
insurance company concerned is hereby authorized and directed to make payment for such loss
directly to the Mortgagees instead of to the Mortgagors and the Mortgagees, jointly and the
insurance proceeds, or any part thereof, may be applied by the Mortgagee at its option either to the
reduction of the indebtedness hereby secured or to the restoration or repair of the property damages.
In event of foreclosure of this mortgagee or other transfer of title to the said premises in
extinguishment of the indebtedness secured hereby, all right, title, and interest of the Mortgagors in
and to any insurance policies then in force shall pass to the purchaser or grantee.
5. That in case the Mortgagors default in the payment of ground rents, if any, taxes,
assessments, water, or other governmental or municipal charges, or other lawful charges, as herein
provided, the Mortgagees may without notice or demand pay the same and in case of failure on the
part of the Mortgagors to comply with the covenants of paragraph 3 hereof, the Mortgagees may
effect such repairs as it may reasonably deem necessary to protect the property, at the expense of the
Mortgagors. The Mortgagors covenant and agree to repay such sums so paid and all expenses so
incurred by the Mortgagees, with interest thereon from the date of payment, at the same rate as
provided in the note herein described, and the same shall be a lien on the said premises and be
secured by the said note and by these presents and in default of making such repayments, the whole
amount hereby secured, if not then due, shall, if the said Mortgagees so elect, become due and
payable forthwith, anything herein contained to the contrary notwithstanding.
6. That in the event the property covered hereby is sold under foreclosure and the proceeds
are insufficient to pay the total indebtedness secured hereby, the Mortgagors bind themselves to pay
the unpaid balance, and the Mortgagees will be entitled to a deficiency judgment.
7. Upon occurrence, with respect to any Mortgagors, Assi gnee, maker, endorser or guarantor
hereof, of any of the following:
Calling of a meeting of creditors; application for, or appointment of, a receiver of any of them
or their property; filing of a voluntary or involuntary petition under any of the provisions of the
Bankruptcy Act or amendments thereto; issuance of a warrant or attachment; entry of a judgment;
failure to pay, collect or remit any tax or tax deficiency, Federal, State or local, when assessed or
due; death dissolution; making, or sending notice of an intended bulk sale; mortgage or pledge of
any property; suspension or liquidation of their usual business; failure, after demand, to furnish
financial information or to permit inspection of any books or records; default in payment or
performance of this mortgage or any other obligation to, or acquired in any manner by payee, or if
the condition or affairs of any of them shall change as in the opinion of the Mortgagee or other legal
holder thereof, shall increase its credit risk -this mortgage and all other obligations, direct or
contingent, of any maker or endorser hereof to payee shall become due and payable immediately
without notice or demand.
That in case default shall be made in the payment, when due, of the indebtedness hereby
secured, or of any installment thereof, or any part thereof, or in case of breach of any covenant or
agreement herein contained, the whole of the then indebtedness secured hereby, inclusive of
principal, interest, arrearages, ground rents, if any, taxes, assessment, water charges, expenditures
for repairs or maintenance, together with all other sums payable pursuant to the provisions hereof,
shall become immediately due and payable, at the option of the Mortgagees, although the period
above limited for the payment thereof may not have expired, anything hereinbefore or in said Note
contained to the contrary notwithstanding, and any failure to exercise said option shall not constitute
a waiver of the right to exercise the same at any other time, and it shall be lawful for the Mortgagees
to proceed to enforce the provisions of this mortgage either by suit at law or in equity, as it may elect,
or to foreclose this mortgage by advertisement and sale of the above described premises, at public
venue, for cash, according to Wyoming statutes governing mortgage foreclosures, and cause to be
executed and delivered to the purchaser or purchasers at any such sale a good and sufficient deed or
deeds of conveyance of the property so sold and to apply the net proceeds arising from such sale first
to the payment of the costs and expenses of such foreclosure and sale and in payment of all moneys
expended or advanced by the Mortgagees pursuant to the provisions of paragraph 5 hereof, and then
to the payment of the balance due on account of the principal indebtedness secured hereby, together
with interest thereon and the surplus, if any, shall be paid by the Mortgagees on demand, to the
Mortgagors. There shall be included in any or all such proceedings, a reasonable attorney's fee. In
case the Mortgagees shall fail promptly to foreclose upon the happening of any default, it shall not
thereby be prejudiced in its right of foreclosure at any time thereafter during which such default shall
continue and shall not be prejudiced in its foreclosure rights in case of further default or defaults.
8. That in case of any default whereby the right of foreclosure occurs hereunder, the
Mortgagees shall at once become entitled to exclusive possession, use, and enjoyment of all property
aforesaid, and to all rents, issues and profits thereof, from the accruing of such right and during the
pendency of foreclosure proceedings and the period of redemption, if any there by, and such
possession, rents, issues and profits shall at once be delivered to the Mortgagees on request, and on
refusal, the delivery of such possession, rents, issues, and profits may be enforced by the Mortgagees
by any appropriate civil suit or proceeding, including action or actions in ejectment, or forcible entry
or unlawful detainer, and the Mortgagees shall be entitled to a Receiver for said property and all
rents, issues, and profits thereof, after any such default, including the time covered by foreclosure
2
proceedings and the period of redemption, if any there be, and shall be entitled thereto as a matter
of right without regard to the solvency or insolvency of the Mortgagors, or the then owner of said
property, and without regard to the value of said property, or the sufficiency thereof to discharge the
mortgage debt and foreclosure costs, fees, and expense, and such Receiver may be appointed by any
court of competent jurisdiction upon ex parte application, and without notice (notice being hereby
expressly waived and the appointment of any such Receiver on any such application without notice
being hereby consented to by the Mortgagors on the Mortgagors' own behalf), and all rents, issues,
and profits, income and revenue of said property shall be applied by such Receiver, according to law
and the orders and directions of the court.
9. No failure by the Mortgagees or any legal holder hereof to enforce any right set forth
herein nor the granting of any extension of time nor taking of additional security, nor partial release
of security or the making of future advances, shall act to constitute a waiver of the right to enforce
any and all remedies provided herein nor shall it act to discharge or release the collateral.
10. That the covenants herein contained shall bind, and the benefits and advantages shall
inure to, the respective heirs, executors, administrators, successors, and assigns of the parties hereto.
Whenever used, the singular number shall include the plural, the plural the singular, and the use of
any gender shall include all genders.
11. Mortgagors are not aware of any Hazardous Substance installed, stored, disposed of or
otherwise located on or in the property.
12. Mortgagors shall not allow any Hazardous Substance to be brought onto, installed, used,
stored, treated, disposed of, or transported over the property without prior written consent from
Mortgagee.
13. All activities and conditions on the property are currently in compliance with any
applicable law. Mortgagors covenant and agree that all activities on the property shall at all times
comply with any applicable law.
14. Five days after receipt or completion of any report, citation, or, other written or oral
communication concerning the property from any government agency empowered to enforce,
investigate, or oversee compliance with any applicable law, Mortgagors shall notify Mortgagees in
writing of the contents of such communication, and shall provide Mortgagees with a copy of all
relevant documents.
15. Notwithstanding any other provision of this Mortgage, upon discovery of any Hazardous
Substance on or in the property, Mortgagors shall immediately notify Mortgagees thereof.
Mortgagors shall immediately take all actions necessary (i) to comply with laws requiring
notification of government agencies concerning such Hazardous Substance, (ii) to remedy or correct
the condition, and (iii) to remove from the property all such Hazardous Substances. Mortgagors
shall handle and dispose of such substances in accordance with any applicable law. Mortgagors shall
take any and all actions necessary to obtain reimbursement or compensation from persons
responsible for the presence of any Hazardous Substance on the site. Mortgagees shall be subrogated
to Mortgagors' rights in all such claims.
16. Mortgagors agree to indemnify Mortgagees, defend with counsel acceptable to
Mortgagees, and hold Mortgagees harmless from and against any claims, legal and administrative
proceedings, judgments, damages, punitive damages, penalties, fines, costs, liabilities, interest or
losses, attorneys' fees, consultant fees, and expert fees that arise directly or indirectly from or in
connection with the presence, suspected presence, release or suspected release of any Hazardous
Substance whether into the air, soil, surface water or ground water at the property, or any other
violation of any applicable law whether by negligent or intentional activities of Mortgagors or any
third party; or any breach of the foregoing representations and covenants. The indemnities described
above specifically include but are not limited to the direct obligation of Mortgagors to promptly
perform any remedial or other activities required, ordered or recommended by any administrative
agency, government official, or third party, or otherwise necessary to avoid injury or liability to any
person or property, to prevent the spread of any pollution or Hazardous Substance.
17. Mortgagees shall have the right to enter and inspect the condition of the property at any
time and to conduct, or to designate a representative to conduct such inspection, testing,
environmental audit or other procedures which mortgagees believes are necessary to determine
current compliance with the covenants and representations contained herein.
18. Nothing contained in this Mortgage shall obligate Mortgagees to take any action with
respect to the property or to take any action against any person with respect to such substances,
condition or activity.
19. The term "Hazardous Substance" as used herein shall mean any substance which at any
time shall be listed as "hazardous "toxic" or "carcinogenic" in any applicable law or regulation
3
implementing such applicable law including but not limited to the Comprehensive Environmental
Response, Compensation and Liability Act "CERCLA 42 U.S.C. Sections 9601 et seq.; the
Resource Conservation and Recovery Act "RCRA 42 U.S.C. Section 6901 et seq.; and the
Atomic Energy Act of 1954 as amended, 42 U.S.C. Sections 3011, et seq.
20. Due on Sale. Mortgagees may, at its option, declare the entire balance of the Secured
Debt to be immediately due and payable upon the creation of, or contract for the creation of, any
transfer or sale of all or any part of the Property. This right is subject to the restrictions imposed by
federal law (12 C.F.R. 591), as applicable.
21. Authority to Perform. If Mortgagors fail to perform any duty or any of the covenants
contained in this Security Instrument, Mortgagees may, without notice, perform or cause them to be
performed. Mortgagors appoint Mortgagees as attorneys in fact to sign Mortgagors' name or pay
any amount necessary for performance. Mortgagees' right to perform for Mortgagors will not create
an obligation to perform, and Mortgagees' failure to perform will not preclude Mortgagees from
exercising any of Mortgagees' 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, Mortgagees
may take all steps necessary to protect Mortgagees' security interest in the Property, including
completion of the construction.
22. Collection Expenses and Attorneys' Fees. On or after Default, to the extent permitted
by law, Mortgagors agrees to pay all expenses of collection, enforcement or protection of
Mortgagees' rights and remedies under this Security Instrument or any other document relating to
the Secured Debts. Mortgagors agrees to pay expenses for Mortgagees to inspect and preserve the
Property and for any recordation costs of releasing the Property from this Security Instrument.
Expenses include, but are not limited to, reasonable attorneys' fees after default and referral to an
attorney not a salaried employee of the Mortgagees. These expenses are due and payable
immediately. If not paid immediately, these expenses 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 the Secured
Debts. In addition, to the extent permitted by the United States Bankruptcy Code, Mortgagors agree
to pay the reasonable attorneys' fees incurred by Mortgagees to protect Mortgagees' rights and
interests in connection with any bankruptcy proceedings initiated by or against Mortgagors.
23. Insurance. Mortgagors agree to keep the Property insured against the risks reasonably
associated with the Property. Mortgagors will maintain this insurance in the amounts of at least the
unpaid balance due and owing to Mortgagees. This insurance will last until the Property is released
from this Security Instrument. What Mortgagees require pursuant to the preceding two sentences
can change during the term of the Secured Debts. Mortgagors may choose the insurance company,
subject to Mortgagees' approval, which will not be unreasonably withheld. All insurance policies
and renewals will include a standard "mortgage clause" and, where applicable, "loss payee clause."
Mortgagors will give Mortgagees 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 Mortgagees' option. If Mortgagees acquire the Property in damaged condition, Mortgagors' rights
to any insurance policies and proceeds will pass to Mortgagees to the extent of the Secured Debts.
Mortgagors will immediately notify Mortgagees of cancellation or termination of insurance. If
Mortgagors fail to keep the Property insured, Mortgagees may obtain insurance to protect
Mortgagees' interest in the Property and Mortgagors will pay for the insurance on Mortgagees'
demand. Mortgagees may demand that Mortgagors pay for the insurance all at once, or Mortgagees
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 Mortgagors, may be written by a company other than one Mortgagors would choose, and may be
written at a higher rate than Mortgagors could obtain if Mortgagors purchased the insurance.
Mortgagors acknowledge and agree that Mortgagees or one of Mortgagees' affiliates may receive
commissions on the purchase of this insurance.
Mortgagors hereby further agree to maintain a credit life insurance policy for Benjamin K. Barnes
in an amount not less than the current unpaid balance due and owing under this Mortgage with a loss
payable to Mortgagees.
24. Escrow for Taxes and Insurance. Mortgagors will not be required to pay to Mortgagees
funds for taxes and insurance in escrow.
25. Waivers. Except to the extent prohibited by law, Mortgagors waive all homestead
exemption rights relating to the Property.
26. Applicable Law. This Security Instrument is governed by the laws of Wyoming, the
United States of Americas, 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.
27. Joint and Individual Liability and Successors. Each Mortgagors' obligation under
this Security Instrument are independent ofthe obligations of any other Mortgagor. Mortgagees may
sue each Mortgagor individually or together with any other Mortgagor. Mortgagees may release any
4
part of the Property and Mortgagors will still be obligated under this Security Instrument for the
remaining Property. If this Security Instrument secures a guaranty between Mortgagees and
Mortgagors, Mortgagors agree to waive any rights that my prevent Mortgagees from bringing any
action or claim against Mortgagors or any party indebted under the obligation. These rights may
include, but are not limited to, any anti deficiency or one action laws. Mortgagors agree that
Mortgagees 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 Mortgagors' consent. Such a
change will not release Mortgagors from the terms of this Security Instrument. The duties and
benefits of this Security Instrument will bind and benefit the successors and assigns of Mortgagees
and Mortgagors.
28. 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 Mortgagors and Mortgagees. 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 is unenforceable, then the
unenforceable provision will be severed and the remaining provisions will still be enforceable.
afrt IN WITNESS EREO the Mortgagors have caused these presents to be signed this
day of tit i 2014.
a
Garry Park
STATE OF 1w
COUNTY OF a 1114-0 Z
and official seal.
e
t a
o
PUBLIC
OF 1
5
Ma lyn Parker
The foregoing instrument was acknowledged fore.me by Garry Parker and Marilyn
Parker, husband and wife, this 90 day of IV 0 1LQ titL 2014.
jklite6W
Notary Public
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