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HomeMy WebLinkAbout886721 RECEIVED LINCOLN COUNTY CLERK 886721 Do not write/type ebove this line, For filing purposes only. RETURN TO PREPARER: Earm Credit Services of America, 1401 Wilkins Circle, PO Box 878 Jan Holmquist Casper, WY 82602-0878 (800)359-0235 Farm Credit Services of America REAL ESTATE MORTGAGE For the State of Wyoming Open-End To Secure Present and Future Obligations and Advances Date: January 07, 2003 Mortgagor(s): Aaron J Carollo, single /~/~ DeWayne Aaron Carollo, single Mailing Address: 2067 Hams Fork Rd. Kemmerer WY 83101-9604 FORM 5014 IS-2001 ) The above named Mortgagor(s) in consideration of the advance by Mortga~e_e of the principal sum specified below, the receipt of which is hereby acknowledged, and any future, additional or protective advances made atMortgagee's option, hereby sell, convey, and mortgage to Farm Credit Services of America~ FLCA, 5015 S 118th St; PO Box 2409, Omaha~ NE 68103-2409, Mortgagee, its successors and assigns, from the date hereof until all obligations secured hereby are paid in full, the following-described real estate in Lincoln County(les), Wyomin[q, to wit: Tract 38 (Formerly described as the S1/2NE1/4 and the N1/2SE1/4 of Section 35); Tract 45 (Formerly described as the S1/2SW1/4 of Section 26 and N1/2NW1/4 of Section 35) and Tract 46 (Formerly described as the S1/2SE1/4 of Section 26 and the N1/2NE1/4 of Section 35), all in Township 24 North, Range 117 West of the 6th P.M., Lincoln County,Wyoming LESS AND EXCEPTa triangular piece of land, being all of that portion of Tract 38 in Section 35, Township 24 North, Range 117 West 6th P.M., Lincoln County, Wyoming lying easterly of Hams Fork County Road 12-305 together with all Mortgager's right, title, and interest in the property, now or hereafter acquired, including: all buildings, fixtures, crops, and improvements now on or hereafter placed upon the property; all appurtenances, water, irrigation, and drainage rights; all rents, issues; uses, income, p~ofits and rights to possession; all oil, gas, gravel, rock, or other minerals of whatever nature, including geothermal resources; all personal property that may integrally belong to or hereafter become an integral part of the real estate whether attached or detached, including any appurtenances and accoutrements of any structure or residence secured hereby; easements and other, rights and interests now or at any time hereafter belonging to or in any way pertaining to the property, whether or not specifically described herein; all above and below ground irrigation equipment and accessories; and all leases, permits, licenses, or privileges, appurtenant or nonappurtenant to the property, now or hereafter issued, extended, or renewed by Mortgagor(s), any State, the United States, or any department, bureau, instrumentality; or agency thereof. The foregoing is collectively referred to in this document as the "property." It is understood and agreed between Mortgagor(s) and Mortgagee that this mortgage is given to secure the repayment in full of the following described promissory note(s), and all future and additional loans or advances, protective or otherwise, which may be made by Mortgagee, at its option, at the request of, and to or for the account of Mortgagor(s), or any of them, for any purpose, plus interest thereon, all payable according to the terms of the note(s) or other instrument(s) modifying the same. Date of Note Principal Amount 01/07/2003 72,000.00 Provided, however, that th~ total principal indebtedness outstanding and secured hereby at any one time will not exceed the sum of SEVENTY-TWO THOUSAND DOLLARS (8 72~000.00), exclusive of interest and protective advances authorized herein or in the loan agreement(s). NOTHING CONTAINED HEREIN SHALL CONSTITUTE A COMMITMENT TO MAKE FURTHER OR ADDITIONAL ADVANCES IN ANY AMOUNT AT ANY TIME, WHETHER OR NOT THE TOTAL PRINCIPAL INDEBTEDNESS ABOVE HAS BEEN ADVANCED, This mortgage will be due January 01~ 2023. Mortgagor(s) hereby warrants that Mortgagor(s) holds fee simple title to the above described property, that MOrtgagor(s) has good and lawful authority to mortgage the same, that the property is free and clear of all liens and encumbrances, except encumbrances of record, and that Mortgagor(s) will warrant and defend the property at Mortgager's expense against all claimants whomsoever, Mortgagor(s) also hereby waives and relinquishes all rights of dower, homestead, distributive share, and exemption in and to the above described property. , Mortgagor[s) and each of them further covenant and agree with Mortgagee as follows: 1. To pay all liens, judgments, or other assessments against the property, and to pay when due all assessments, taxes, rents, fees, or charges upon the property or under any lease, permit, license, or privilege assigned to Mortgagee as add tional secur ty to this mortgage, including those in or on public domain. ' 2. To insure and keep insured buildings and other improvements, including fixtures and attachments now on or hereafter placed on the property to the satisfaction of Mortgagee. Such insurance will be approved by and deposited with Mortgagee, and endorsed with a mortgage clause with loss payable to Mortgagee. Any sums so received by Mortgagee may be applied in payment of any indebtedness matured or unmatured secured by this mortgage, or at the option of Mortgagee may be used to pay for reconstruction of the destroyed improvements. Such insurance will be in an amount at least equal to the lesser of the loan balance, the actual cash value of the collateral, or the replacement cost of the property, and will at a minimum, cover losses caused by fire, lightning, explosion, riot, aircraft, vehicles, vandalism, civil commotion, smoke, windstorm, and hail. I/We will obtain and keep flood insdrance in force to cover losses by flood as required by Lender and by the National Flood Insurance Act of 1968, as amended, and by regulations implementing the same. I/We further agree that Lender is not and will not be liable for any failure by me/us or by any insurer, for whatever reason, to obtain and keep this insurance in force. Ap #: 00275784; Primary Customer ID #: 00036303; CIF #: 56274 Legal Doc. Date: January 07, 2003 FORM 5014, Real Estate Mortgage Page 3. To keep all buildings, fixtures, attachments, and other improvement~ ~0~ On or hereafter placed on the property occupied andTt~"~ repair, maintenance, and condition and to neither commit nor permit any acts of waste or any impairment of the value of the property. Mortgagee may enter upon the property to inspect the same or to perform any acts authorized herein or in the loan agreement(s). 4. In the event Mortgagor(s) fails to pay any liens, judgments, assessments, taxes rents, fees or charges or maintain any insurance on the property, buildings, fixtures, attachments, or improvements as prov dad herein or in the gan agreement(s), Mortgagee, at its option, may make such payments or provide insurance maintenancb, or reps rs and any amounts paid therefor will become part of the rincipal indebtedness secured hereby, be immediately due and payable and bear nterest at the default rate provided in the note(s) from the datePof payment until paid. The advancement by Mortgagee of any such amounts will in no manner limit the right of Mortgagee to declare Mortgagor(s) in default or exercise any of Mortgagee's other rights and remedies. 5. In the event Mortgagee is a party to any litigation affecting the property or the lien of this mortgage, including any action by Mortgagee to enforce this mortgage or any suit in which Mortgagee is named a defendant (including condemnation and bankruptcy proceedings) Mortgagee may incur expenses and advance payments for abstract fees, attorneys fees (to the extent allowed by law), costs', expenses appraisal fees and other char es ' _a.n?_n~y_,a_m..,o. unt? so ad.v, an, c.ed_,will b?c,o,m? part. of t. he pr[nci,pal indebtedness secured hereby, be immediately ~lue and payabl~ and bear inte;~st a[ [n~ u~f~u~t ra[e provlaea in [ne no[ets/ from the sate cT aavance until paid. 6. Any awards made to Mortgagor(s) or their successors by the exercise of eminent domain are hereby assigned to Mortgagee; and Mortgagee is hereby authorized to collect and apply the same in payment of any indebtedness, matured or unmatured, secured by this mortgage. 7. In the event of default in the payment when due of any sums secured hereby (principal, interest, advancements, or protective advances), or failure to perform or observe any covenants and conditions contained herein, in the note(s), loan agreement(s), or other Instrument(s), or any proceeding is brought under any Bankruptcy laws, Mortgagee, at its option, may declare the entire indebtedness secured hereby to be immed ate y due and payable and the whole will bear interest at the default rate as provided in the note(s) and Mortgagee may immediately foreclose this mortcjage or pursue any other remedy at law or equity, including foreclosure by advertisement with a power of sale in Mortgagee to the extent provided by applicable law. Delay by Mortgagee in exercising ts rights upon default will not be construed as a waiver thereof and any act of Mortgagee waiving any spec f c default will not be construed as a waiver of any future default, if the proceeds under such sale or foreclosure are insufficient to pay the total indebtedness secured hereby, Mortgagor(s) does hereby agree to be personally bound to Pay the unpaid balance, and Mortgagee will be entitled to a deficiency judgment. 8. Upon default, Mortgagee will at onde become entitled to exclusive possession, use, and enjoyment of the property and to ail rents, issues, crops, profits, and income thereof, from the time of such default and during the pendency of foreclosure proceedings and the period of redemption, the delivery of which may be enforced by Mortgagee by any appropriate suit, act on or proceeding. Mortgagee will be entitled to a Receiver for the property and all rents, issues, crops, profits, and income thereof, w thout regard to the value of the property, or the sufficiency thereof to discharge the mortgage debt and the foreclosure costs, fees, and expenses. Such Race var may be appo nted by any court of competent jurisdiction upon ex parte application, notice being hereby express y wa red. The Receiver will apply al/rents, issues, crops, profits, and income of the property to keep the same in good repair and condition, pay all taxes, rents, fees, charges, and assessments, pay insurance premiums necessary to keep the property insured, pay the expense, of the receivership and attorney fees incurred by the Receiver, and apply the: net proceeds to the payment of the indebtedness secured hereby. Such Receiver will have a the other usual powers of receivers authorized by law and es the court may direct. 9. The integrity and responsibility df the Mortgagor(s) constitutes a part of the consideration for the ob gations secured hereby. Should Mortgagor(s) 'sell, transfer, or convey the property descr bed herein without prior written consent of Mortgagee, Mortgagee, at its opt on, may declare the entire indebtedness immediately due and payable and may proceed in the enforcement of ts rights as on any other default. :10. Assignment of Rents including Proceeds of Mineral Leases. Mortgagor(s) hereby assigns, transfers, and conveys to Mortgagee all rents, , royalties, bonuses, and delay moneys or other proceeds that may from time to time become due and payable under any real estate lease o.r under any oil, gas, gravel, rock, or other mineral lease of any k nd including geothermal resources now existin¢ or that may hereafter come into existence, vering the property or any part thereof. All such sums so received by Mortgagee will be applied to the indebtedness secured hereby; or Mortgagee, its option, may turn over and deliver to Mortgagor(s) or their successors in interest, any or ali of such sums without prejudice to any of Mortgagee's rights to take and retain future sums, and without prejudice to any of its other rights under this mortgage. This assignment will be construed to be a provision for the payment or reduction of the mortgage debt, subject to the Mortgagee's option as hereinbefore provided, independent of the mortgage lien on the property. Upon payment in full of the mortgage debt and the release of this mortgage of record, this assignment will become inoperative and of no further force and effect. 11. This Mortgage constitutes a Security Agreement with respect to all the property described herein. 12. The covenants contained in this mortgage will be deemed to be severable; in the event that any portion of this mortgage is determined to be void or unenforceable, that determination will not affect the validity of the remaining portions of the mortgage. COUNTY OF L ~ ~3~ ) O. this 7~ day of ~¢~ INDIVIDUAL BORROWER ACKNOWLEDGMENT SS , ~.00~, before mo, a Notary Public, parsonally appeared to me known to be the person(s) named in and who executed the foregoing instrument, and acknowledged that ~ ~_~ voluntary act and deed. (SEAL) h~- executed the same aa My commission expires (Type name under =ignature) Notary Public in and for said County and State ,, D,V,DUAL BORROWER AC".O .W. LEDG,,,,E,'r ¢':-- ~,O.-O ~, before me, a Notary Public, Personally appeared to me known to be the person(s) named in and who executed the foregoing instrument, and acknowledged that /~ ¢~_ executed the same as voluntary act and deed. My commission expires (Type name under $/gnature) Notary Public in and for said County and state Ap #: 00275784; Primary Customer iD #: 00036303; CIF #: 56274 FORM 5014, Real Estate Mortgage Legal Doc. Date: January 07, 2003 Page 2 -886722 PRPA E 8 2 2 Do not write or type above this line;for recorder use only. RETURN TO Farm Credit Services of America, PO BOX 878, Ca,qpcr WY 82602-0878 CTL 2: 301) CTL 3: 401. CIF: 56274 Note No: 201 Farm Credit Services of America RELEASE OF MORTGAGE Mortgagee: Farm Credit Services of America, FLCA FORM 5113 (8-2002) Mortgagor(s): Aaron Joseph Carollo, individually and Aaron Joseph Carollo, Guardian of the Person and Estate of DeWayne Aaron Carollo, a minor. For valuable consideration, Mortgagee hereby releases and fully discharges the mortgage dated January 3 I, 1990, executed by above named Mortgagor(s) and recorded in the real estate records as follows: County: Lincoln Date Recorded: January 31, 1990 Recorded: in Book 282PR, Page 697, Document #713242 on and as to the real estate described-therein or as more specifically' described as follows: Tract 38 (formerly described as the S1/2NE1/4 and the N1/2SE1/4 of Section 35); Tract 45 (Formerly described as the S1/2SWl/4 of Section 26 and N1/2NW1/4 of Section 35); and Tract 46 (Formerly described as the S1/2 SE1/4 of Section 26 and the N1/2NE1/4 of Section 35), all in Township 24 North, Range 117 West of the 6th P.M., Lincoln County, Wyoming IN WITNESS WHEREOF, Mortgagee has caused this instrument to be executed on the date set out in the acknowledgment. (SEAL) x~Far~ C[edit Services of Americ~LCA Assitant' ~rporate Secretary STATE OF Wyoming ) COUNTY OF Lincoln On this 7th day of January, 2003, before me, a Notary Public, personally appeared Brad Willford, being by me personally known, and duly sworn, did say that he is ~ssistant Corporate Secretary of the above corporation; that the seal affixed to the instrument is the seal of the corporation; that ~ihe instrument was signed and sealed on behalf of the corporation by authority of its board of directors; and acknowledged the execution of the instrument t° be th.e~v~° ~a-ry- a-ct and- dee-d-° f ~e~ °-ra~ti~°n' 1 COUNTY OF .~n~ ' sTATE OF i' . LINCOLN ~!~, _ ~MIN - --[ Notary Public in and for Said County and State My co ,~§¢on exnires 7~tlJ~ J~6t' ~, D060~