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HomeMy WebLinkAbout8863153?3 886315 RECEIVED 'LINO01._I1 OOU~,IT,Y CLERK State of Wyoming Space Above This Line For Recording Data MORTGAGE (With Future Advance Clause) DATE AND PARTIES. The date of this Mortgage (Security Instrument) is J.2..J.3...2.0.0..2. parties, their addresses and tax identification numbers , if required, are as follows: MORTGAGOR: GREG SEITH AKA GREGORY T. SEITH, A SINGLE PERSON P.O. BOX 782371 WICHITA, KS 67278 ................................... and the e [] If checked, refer to the attached Addendum incorporated herein, for additional MortgagOrs, their signatures and acknowledgments. · LENDER: THE BANK OF 'STAR VALLEY ORGANIZED AND EXISTING UNDER THE LAWS OF THE STATE OF WYOMING 384 WASHINGTON STREET PO BOX 8007 AFTON, WY 83110 83-0315;43 CONVEYANCE, For good and valuable consideration, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debt (defined below) and Mortgagor's performance under this Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with power of sale, the following described property: SEE AITAgHEn SCItEOULE C FOR LEGAL DESCRIPTION e The property is located in .......................... .I~I~I.C.O.LN ........................... at 1894 ROBERTS WO~LEY CR 109 (County) ................................................... ............................................................... , ....................... U..~.a. ..................... , Wyoming. ........ 8.3.!.1.8. ........ (Address) (City) (ZIP Code) Together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, all water and riparian rights, 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 above (all referred to as "Property"). MAXIMUM OBLIGATION LIMIT, The total principal amount secured by this Security Instrument at any one time shall not exceed $ J.5.,.0.0.0...q0. ........................................... This limitation of amount does not include interest and other fees and charges validly made pursuant to this Security Instrument. Also, this limitation does not apply to advances made under the terms of this Security Instrument to protect Lender's security and to perform any of the covenants contained in this Security Instrument. SECURED DEBT AND FUTURE ADVANCES. The term "Secured Debt" is defined as follows: A. Debt incurred under the terms of all promissory note(s), contract(s), guaranty(s) or other evidence of debt described below and all their extensions, renewals, modifications or substitutions. (You must specifically identify the debt(s) secured and you should include the final maturity date of such debt(s).) ONE PROMISSORY NOTE DATED 12/13(02 IN THE AMOUNT OF $15,000.00 WYOMING - HOME EQUITY LINE OF CREDIT MORTGAGE {NOT FOR FNMA, FHLMC, FHA OR VA USE) ©1994 Bani , Inc., St. Cloud, MN Form OCP-REMTG-WY 10/7/98 :r':''', ' ' (page I of 41 B. ^ll future a~an~ [~o~ Le~8~ ~ ~ort~a~o~ o~ o~ ~ obli~ado~ o~ note, contract, guar~ty, or o~er evidence of debt executed by Mo~gagor in favor of Lender execut~ a~er ~is Securi~ hstrument whether or not ~is Security Instrument is specific~ly referenced. If more ~ one ~rson signs ~s Security Instrument, each Mortgagor agrees that ~is Security Inst~ent will secure all ~re advances ~d ~ture obligatiom that are given to or ~curr~ by any one or more Mortgagor, or any one or more Mortgagor ~d o~ers. Ail hmre adv~ces and o~er ~ture obligatiom are secur~ by ~is Security Instment even though all or pa~ may not yet be advanced. All ~ture advances ~d other ~ture obligations are secured ~ if made on ~e date of ~s Security ~t~ent. No~ing in ~s Security Instment sh~l comtitute a co~ent to m~e additional or h~re lo~s or adv~ces ~ ~y 'mount. Any such co~i~ent must be agreed to ~ a sep~am w~ting. C. All o~e~ obligations Mortgagor owes to Lender, which may later arise, to ~e extent not prohibit~ by law, ~cluding, but not limited t~, liabilities for ov~rdraRs, relating to ~y deposit account agreement ~tween Mo~gago~ ~d Lender: · D.'~h' '~dditional 'S~s advanced ~ exp'en~~ '": ..... ' ........ ~ ........... ~ p~ese~ Or~o~Wise protect~g ~e Mcurred by Lendei for M~u~Mg~' ' Property and its value and any o~er sums advanced and expenses Mcurred by ~nder ~der ~e te~s of ~s Security ~s~ment. In the event that Lender fails to provide any necessary notice of the right of rescission with respect to any addition,al indebtedness secured under paragraph B of this Section, Lender waives any subsequent security interest in the Mortgagor s principal dwelling that is created by this Security Instrument (but does not waive the security interest for the debts referenced in paragraph A of this Section). ' MORTGAGE COVENANTS. Mortgagor agrees that the covenants in this section are material obligations under the Secured Debt and this Security Instrument. If Mortgagor breaches any covenant in this section, Lender may refuse to make additional extensions of credit and reduce the 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. Payments. Mortgagor agrees that all payments under the Secured Debt will be pai~ when due 'and in accordance with the terms of the Secured Debt and this Security Instrument. Prior Security Interests. With regard to any other mortgage, deed of trust, security agreement or other lien document that created a prior security interest or encumbrance on the Property, Mortgagor agrees to make all payments when due and to perform or comply with all covenants. Mortgagor also agrees not to allow any modification or extension of, nor to request any future advances under any note or agreement secured by the lien document without Lender's prior written approval. Claims Against Title. Mortgagor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Property when due. Lender may require Mortgagor to provide to Lender copies of all notices that such amounts are due and the receipts evidencing Mortgagor's payment. Mortgagor will defend title to the 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 the Property. Property Condition, Alterations and Inspection. Mortgagor will keep the Property in good condition and make all repairs that are reasonably necessary. Mortgagor shall not commit or allow any waste, impairment, or deterioration of the Property. 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 for the purpose of inspecting the Property. Lender shall give Mortgagor notice at the time of or before an inspection specifying a reasonable purpose for the inspection. Any inspection of the Property shall be entirely for Lender's benefit and Mortgagor will in no way rely on Lender's inspection. Authority to Perform. If Mortgagor fails to perform any duty or any of the covenants contained in this Security Instrument, Lender may, without notice, perform or cause them to be performed. Mortgagor appoints Lender as attorney in fact to sign Mortgagor's name or pay any amount necessary for performance. Lender's right to perform for Mortgagor shall 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. Leaseholds; Condominiums; 'Planned Unit Developments. Mortgagor agrees to comply with the provisions of any lease if this Security Instrument is on a leasehold. If the Property includes a unit in a condominium or a planned unit development, Mortgagor will perform all of Mortgagor's duties under the covenants, by-laws, or regulations of the condominium or planned unit development. 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 shall 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. Insurance. Mortgagor shall keep Property insured against loss by fire, flood, theft and other hazards and risks reasonably associated with the Property due to its type and location. This insurance shall be maintained in the amounts and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Mortgagor subject to Lender's approval, which shall not be unreasonably withheld. If Mortgagor fails to maintain the cov6rage described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Property according to the terms of this Security Instrument. All insurance policies and renewals shall be acceptable to Lender and shall include a standard "mortgage clause" and, where applicable, "loss payee clause." Mortgagor shall immediately notify Lender of cancellation or termination of the insurance. Lender shall have the right to hold the policies and renewals. If Lender requires, Mortgagor shall immediately give to Lender all receipts of paid premiums and renewal notices. Upon loss, Mortgagor shall give immediate notice to the insurance carrier and Lender. Lender may make proof of loss if not made immediately by Mortgagor. Unless otherwise agreed in writing, all insurance proceeds shall be applied to the restoration or repair of the Property or to the Secured Debt, whether or not then due, at Lender's option. Any application of proceeds to fp~ge 2 of 4~ ©1994 Bankers Systems, Inc., St. Ctoud, MN Form OCP-RI~MTG-WY 10/7/98 375 principal shall not extend or postpone the due date of the scheduled payment nor change the amount of any payment. Any excess will be paid to the Mortgagor. If the Property is acquired by Lender, Mortgagor's right to any insurance policies and proceeds resulting from damage to the Property before the acquisition shall pass to Lender to the extent of the Secured Debt immediately before the acquisition. Financial Reports and Additional Documents. Mortgagor will provide to Lender upon request, any financial statement or information Lender may deem reasonably necessary. Mortgagor agrees to sign, deliver, and file any additional documents or certifications that Lender may consider necessary to perfect, continue, and preserve Mortgagor's obligations under this Security Instrument and Lender's lien status on the Property. 6. DUE ON SALE. Lender 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, a transfer or sale of the Property. This right is subject to the restrictions imposed by federal law (12 C.F.R. 591), as applicable. 7. DEFAULT. Mortgagor will be in default if any of the following occur: Fraud. Any Consumer Borrower engages in fraud or material misrepresentation in connection with the Secured Debt that is an ~ open end home equity plan. Payments. Any Consumer Borrower on any Secured Debt that is an open end home equity plan fails to make a payment when due. Property. Any action or inaction by the Borrower or Mortgagor occur~ that adversely affects the Property or Lender's rights in the Property. This includes, but is not limited to, the following: (a) Mortgagor fails to maintain required insurance on the Property; (b) Mortgagor transfers the Property; (c) Mortgagor commits waste or otherwise destructively uses or fails to maintain the Property such that the action or inaction adversely affects .Lender's security; (d) Mortgagor fails to pay taxes on the Property or otherwise fails to act and thereby causes a lien to be filed against the Property that is senior to the lien of this Security Instrument; (e) a sole Mortgagor dies; (f) if more than one Mortgagor, any Mortgagor dies and Lender's security is adversely affected; (g) the Property is taken through eminent domain; (h) a judgmeqt is filed against Mortgagor and subjects Mortgagor and the Property to action that adversely affects Lender's interest; or (i) a prior lienholder forecloses on the Property and as a result, Lender's interest is adversely affect&cl. Executive Officers. Any Borrower is an executive officer of Lender or an affiliate and such Borrower becomes indebted to Lender or another lender in an aggregate amount greater than the amount permitted under federal laws and regulations. 8. REMEDIES ON DEFAULT. In addition to any other remedy available under the terms of this Security Instrument, Lender may accelerate the Secured Debt and foreclose this Security Instrument in a manner provided by law ff 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 the Lender, all or any part of the agreed fees and charges, accrued interest and principal shall become immediately due and payable, after giving notice if required by law, upon the occurrence of a default or anytime thereafter. Lender shall be entitled to, without limitation, the power to sell the Property. The acceptance by Lender of any sum in payment or partial payment on the Secured Debt after the balance is due or is accelerated or after foreclosure proceedings are filed shall 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 does not waive Lender's right to later consider the event a default if it happens again. 9. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. If Mortgagor breaches any covenant in this Security Instrument, Mortgagor agrees to pay all expenses Lender incurs in performing such covenants or protecting its security interest in the Property. Such expenses include, but are not limited to, fees incurred for inspecting, preserving, or otherwise protecting the Property and Lender's security interest. These expenses are payable on demand and will bear interest from the date of payment until paid in full at the highest rate of interest in effect as provided in the terms of the Secured Debt. Mortgagor agrees to Fay all costs and expenses incurred by Lender in collecting, enforcing or protecting Lender's rights and remedies under this Security Instrument. This amount may include, but is not limited to, reasonable attorneys' fees, court costs, and other legal expenses. This mount does not include attorneys' fees for a salaried employee of the Lender. To the extent permitted by the United States Bankruptcy Code, Mortgagor agrees to pay the reasonable attorneys' fees Lender incurs to collect the Secured Debt as awarded by any court exercising jurisdiction under the Bankruptcy Code. This Security Instrument shall remain in effect until released. Mortgagor agrees to pay for any recordation costs of such release. 10. 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. 9601 et seq.), and 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 health, safety, welfare or environment. The term includes, without limitation, any substances defined as "hazardous material," "toxic substances,' hazardous waste" or hazardous substance' under any l~nvlroumental Law. Mortgagor represents, warrants and agrees that: A. Except as previously .disclosed, and acknowledged in writh~g to Lender, no Hazardous Substance is Or will b~'located, stored 6r released 'on.or in the Property. This restriction does not apply to small quantities of Hazardous Substances that are generally recognized to be appropriate for the normal use and maintenance of the Property. B. Except as previously disclosed and acknowledged in writing to Lender, MortgagOr and every tenant have been, are, and shall remain in full compliance with any applicable Environmental Law. C. Mortgagor shall immediately notify Lender if a release or threatened release of a Hazardous Substance occurs on, under ,or,_a.bout th.e .P.r.op. erty., or there is a violation of any Environmental Law concerning the Property. In such an event, tvmrtgagor snmt ta~e ali necessary.remedial action in accordance with any Enviroumeata[Law. D. Mortgagor shall immediately notify Lender in writing as soon as Mortgagor has ~eason 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. (pege 3 of ©1994 Banke nc., St. Cloud, MN Form OCP-REMTG-gVY t0/7/98 .' 11. ESCROW ~FOR TAXES AND INSURANCE. Unless otherwise provided in a separate agreement, Mortgagor will not be required to pa)' to Lender funds for taxes and inzurance in escrow. 12. JOINT AND INDIVIDUAL LIABILITY; GO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Security Instrument are joint and individual. If Mortgagor signs this Security Instrument but docs not sign an evidence of debt, Mortgagor docs so only to mortgage Mortgagor's interest in the Property to secure payment of the Secured Debt and Mortgagor docs not agree to be personally liable on the Secured Debt. If this Security Instrument secures a guaranty between Lender and Mortgagor, Mortgagor agrees to waive any rights that may prevent Lender from bringing any action or claim against Mortgagor or any party indebted under the obligation. These rights may include, but arc not limited to, any anti-deficiency or one-action laws. The duties and benefits of this Security Instrument shall bind and benefit the successors and assigns of Mortgagor and Lender. 13. SEVERABILITY; INTERPRETATION. This Security Instrument is complete and fully integrawxl. This Security Instrument may not be amended or modified by oral agreemeut. Any section in this Security Instrument, attachments, or any agreement related to the Secured Debt that conflicts with applicable law will not be effective, unless that law expressly or impliedly permits thc variations by written agreement. If any section of this Security Instrument cannot be enforced according to its terms, that section will be severed and will not affect the enforceability of the remainder of this Security Instrument. Whenever used, the singular shall include the plural and the plural the singular. The captions and headings of the sections of this Security Instrument are for convenience only and are not to be used to interpret or define the terms of this Security Instrument. Time is of the essence in this Security Instrument. 14. NOTICE. Unless otherwise required by law, any notice shall be given by delivering it or by mailing it by first class mail to thc appropriate party's address on page 1 of this Security Instrument, or to any other' address designated in writing. Notice to one mortgagor will be deemed to be notice to all mortgagors. 15. WAIVERS. Except to thc extent prohibited by law, Mortgagor waives any right regarding the marshalling of liens and assets and all homestead exemption rights relating to thc Property. 16. LINE OF CREDIT. The Secured Debt includes a revolving line of credit. Althougl~ thc Secured Debt may be reduced to a zero balance, this Security Instrument will remain in effect until released. 17. APPLICABLE LAW. This Security Instrument is governed by thc laws as agreed to in the Secured Debt, except to thc extent required by thc laws of the jurisdiction where the Property is located, and applicable federal laws and regulations. 18. RIDERS. The covenants and agreements of each of the riders checked below are incorporated into and supplement and amend the terms of this Security Instrument. [Check all applicable boxes] [] Assignment of Leases and Rents [] Other .................... 19. [] ADDITIONAL TERMS. SIGNATURES: By signing below, Mortgagor agrees to the terms and covenants contained in this Security Instrument and in any attachments. Mortgagor also acknowledges receipt of a copy of this Security Instrument on the date stated on page 1. '-/'-'-'-'"sEiT, AKA G,E O,Y T. Sm, .... ' ......................................................... ACKNOWLEDGMENT: STATE OF W¥0.ryl (~..i~d~) ...................................... COUNTY OF B.~.g..0.L~ ........................................ } ss. This instrument was acknowledged before me this ........ !3..~ ....... day of by GREG SEITH AKA I~REGORY T SE T.H, A SINGLE PERS N ... ' .......................................... (Seal). ....... ' ....... ©1994 Bankers Systems, Inc.,.St. Cloud, MN Form OCP-REMTG-WY I0/7/9B (pege 4 of 4] ALTA COMMITMENT - 1982 - WY · 377 Commitment No.'FA 9454 M SCHEDULEC The land re~rred to in this commitment is situated in We State of Wyoming, Coun~ of Lincoln, md is described as ~llows: The Seith property, as referred to in the Deed recorded in.'Book 497PR on page 283 and a portion of the Hamilton property referred to in the Deed recorded in Book 326PR on page 399 with the Office of the Clerk of Lincoln County, Wyoming for the property located in the NWW of Section 3, T35N RllgW of the 6th P.M., Lincoln County, Wyoming, the metes and bounds being more particularly described as follows: BEGINNING at an Iron Pipe found marking an Southwest co Seith property as referred to.~in the De~d ~~ .... i rner of said .... ~u~ue~ in Book 257PR on page 315 with the Office of the Clerk of Lincoln County, Wyoming, said point being 1,055.00 feet, ~ S 89000,36'. E, from the B.L.M. type monument markin~ the Scott A. Scherbel PLS 3889, 1999 location for the Southwest Corner of said NWW; thence N lO24,49. E, along the West line of the Seith property and the West line of said Hamilton property, 742.68 feet to an Aluminum cap on Iron Pipe; thence S 79015,03', E, 442.48 feet to a Cotton Gin Spike set marking a point in the Center-line of. the Roberts-Wolfley County Road 12-109 as referred to in the Right-of-Way'Easement recorded in Book 225PR on page ~84 and Book 277PR on pa~e 53© with said Office; , thence Southerly, alon~ said'Center line, the following: S 3049,17, W, 5i7.79 feet to a Cotton G' ' 1,614.00 feet radius curv~ ~ ~ ~_ ~n Sp~e found and alon 502:0,40'. · .~ ~ ~ ~ft Ehrou n a g a ~=~ ~ ~ (.chord bears S lO08,57'. W ~ ~ ~ ~ , central angle of , ~u. Du ~eeE) an arc distance of ~u.DD ~eet t° a Cotton G~n Spike found markin~ a point in said South line; thence N 89000,36'. W, along said South line 415 58 feet to the POINT OF BEGINNING. , · 11/91