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HomeMy WebLinkAbout886862USDA Position 5 Form RD 1927-1 (Rev. 11-97). 4~ 886S62 .. BO0~')~.~ pR PAGE___R___EA__L ESTATE MORTGAGE FOR WYOMING THIS MORTGAGE is made and entered into by ~TFVFN F WQRTQN .JAN!CE WORTON residing in FREMONT County, Wyoming, whose post office address is 8!4 ARROYO RI~gE_RTON , Wyoming.. O~n~ herein called "Borrower," and the United States of America, acting through the United States Department of Agriculture, herein called the "Government," and: WHEREAS Borrower is indebted to tile Government as evidenced by one or more promissory notes or assumption agreements or any shared appreciation or recapture agreement, herei,1 called "note," which has been executed by Borrower, is payable to the order of the Government, authorizes acceleration of the entire indebtedness at the option of the Government upon any default by Borrower, and is described as follows: D. ate of lnstrument . Principal Amount 12131/2002 $155,920.93 06/01/2001 $145,000.00' 06/01/2001 $ 30,000.00 Annual Rate Due Date of Final _ of. Interest lnstalltnent 3.25% 05/01/2008 5.25% 05/01/2002 5.25% 05/01/2008 (The inierest rate for limited resource farm ownership or limited resource operating loans secured by this instrument may be increased as provided in the Government regulations and the note.) And the note evidences a loan to Borrower, and the Govermnent, at any time, lhay assign the note pursuaut to tile Consolidated Farm and Rural Development Act, or Title V of the Housing Act of 1949 or any other statute administered by the Government; And it is the purpose and intent of this instrument that, among other things, at all times when the note is held by the Government, or in the event the Government should assign tiffs instrument, this instrument shall secure payment of the note; And this iustrument also secures any amounts due under any Shared Appreciation Agreemeut/Recapture Agreement entered into pursuant to 7 U.S.C. 2001. NOW, THEREFORE, in consideration of the loans aud (a) at all times when the note is held by the Govermnent, or in the event the Government should assign this instrument tO secure prompt payment of the note and any renewals and extensions thereof and any agreements contained therein, and (b) to secure the prompt payment of all advances and expenditures made by the Government, with interest, as hereinafter described, and the performance of every covenant and agreement of Borrower eon'rained herein or in any supplementary agreement, Borrower does hereby grant, bargain, sell, convey, mortgage, and assign unto the Government the following property situated in the State of Wyoming, County or Counties of LINCOLN Borrower's undivided 17.5% interest in the following property: T33N RI 18W of tile 6th P. M., Lincoln Couuty, Wyoming Section 18: WI/2SE1/4, SEI/4SWl/4; Section 19:' NI/2SE1/4, NE1/4SW1/4, WI/2NE1/4, EI/2NWI/4, Lots 1, 2 mid 3; LESS AND EXCEPT the land contained iu Warranty Deed recorded August 4, 1936 In Book 20 of Deeds on page 208 of the records of Lincoln Couuty clerk. T33N R119W of the 6a P.M., Lincoln County, Wyomiug Section 24: EI/2NE!/4, EI/2SEI/4, SW1/4NE I/4, NW1/4SEI/4, the East 5 acres of the NEI/4SWI/4 RD 1927-I WY (Rev. 11-97) together with all rights (including the rights to mining products, gravel, oil, gas, coal or other mlnerals), interests, easements, heredita~nents and appurtenances thereunto belongihg, the rents, issues, and profits thereof and revenues, incotne and insurance proceeds therefrom, al! improvements, all water, water rights, water stock and irrigation equipment pertaining thereto, aud all payments at any time owing to Borrower by virtue of any sale, lease, transfer, conveyance, loss by fire or other hazard, or condemnation of any part thereof or interest therein-all of which are herein called "the property"; TO HAVE AND TO HOLD the property unto the Government and its assigns forever in fee simple. BORROWER for Borrower's self, Borrower's heirs, executors, administrators, successors and assigns WARRANTS THE TITLE to the property to the Govermnent against all lawful ~iaims and demands whatsoever except any liens, encumbrances, easements, reservations, or conveyances specified hereinabove, and COVENANTS AND AGREES as follows: (I) To pay promptly when due any indebtedness to the Government hereby secured. (2) To pay to the Government such fees and other charges as may now or'hereafter be required by Governmen~ regulations. (3) If required by the Government, to make additional monthly payments of 1/12 of the estimated annual taxes, assessments, insurance premiums and other charges upon the mortgaged premises. (4) The Government may at any time pay any other a~nounts including advances for payment of prior or junior liens, required herein to be paid by Borrower and not paid by Borrower when due, as well as any costs and expenses for the preservation, protection, or enforcement of this lien, as advances for Borrower's account. All such advances shall bear interest at the rate borne by the note which has the highest interest rate. (5) All advances by the Government, including advances for payment 6f prior or junior liens, in addition to any advances required by the terms of tile note, as described by this instrmnent, with iuterest shall be immediately due and payable by Borrower to the Government without demand at the place designated in the latest note and shall be secured hereby. No such advance by the Government shall relieve Borrower from breach of Borrower's covenant to pay. Any payment ~nade by Borrower may be applied on the note or any indebtedness to the Govermnent secured hereby, in any order the Government determines. (6) To use the loan evidenced by the note solely for purposes authorized by the Govermnent. (7) 'lb pay when due all taxes, liens, judgments, encumbrances, and assessments iawfnlly attaching to or assessed against tile property, including all charges and assessments in connection with water, water rights, and water stock pertaining to or reasonably necessary to the use of the real property described above, and promptly deliver to the Government without demand receipts evidencing such payments. (8) To keep the property insured as required by and under insurance policies approved by the Government and, at its request, to deliver such policies to the Government. (9) To maintain improvements in good repair and make repairs required by the Government; operate the property in a good and husbandmanlike manner; comply with such farm conservation practices and farm and home management plans as the Government frotn time to time may prescribe; and not to abandon the property, or cause or permit waste, lessening or in~pairment of the security covered hereby, or, without the written consent of the Government, cut, remove, or lease any timber, gravel, oil, gas, coal, or other minerals except as may be neccessary.for ordinary domestic purposes. i RD 1927-1 WY (I 1-97), Page 2 (10) 'Fo comply with all laws,.ol .... ances, and regulations affecting the property.' (! l) To pay or reimburse the Gover,ment for expenses reasonably necessary or incidental, to the protection of the lien and priority hereof and to the enforcement of or the compliance with the provisions hereof and of the note and any supplementary agreement (whether before or after default), including but not limited to costs Of evidence of title to aud survey of the property, costs of recording this and other instruments, attorneys fees, trustees' fees, court costs, and expenses of advertising, sel}ing, and convey{ng the property. (12) Eicept as otherwise provided by Government regulations, neither the property, nor any portion thereof or interest therein shall be leased, assigned, sold, transferred, or encumbered, voluntarily or otherwise, without tile written consent of the Government. The Government shall have the sole and exclusive rights as mortgagee hereunder, including but not limited to the power to grant consents, partial releases, subordinations, and satisfaction, and no insured holder shall have any right, title or interest in or to the lien or any benefits hereof. (13) At all reasonable times the Government and its agents may inspect the property to ascertain whether the covenants and agreements contained herein or in any supplementary agreement are being performed. (14) The Government may (a) adjust the interest rate, payment, terms or balance due on the loan, (b) increase the mortgage by an amount equal to deferred interest on the outstanding principal balance, (c) extend or defer the maturity of, and renew and reschedule the payments on, the debt evidenced by the note or any indebtedness to the Government secured by this instrument, (d) release any party who is liable under the note or for tile debt from liability to the Government, (e) release portions of the property and subordinate its lien, and (f) waive any other of its rights under this instrument. Any and all this can and will be done without affecting the lien or the priority of this instrument or Borrower's or any other party's liability to the Government for payment of the note or debt secured by this instrument unless the Government says otherwise in writing. HOWEVER, any forbearance by the Government~whether once or often~in exercising any right or remedy under this instrument, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. (15) If at any time it shall appear to the Government that Borrower may be able to obtain a loan from a production credit association, a Federal land bank, or other responsible cooperative or private credit source, at reasonable rates and terms for loans for similar purposes and periods of time, Borrower will, upon the Government's request, apply for and accept such loan in sufficient amount to pay the note and any indebtedness secured hereby and to pay for any stock necessary to be purchasgd in a cooperative lending agency in connection with such loan. " (16) Default hereunder shall constitute default under any other real estate, or under any personal property or other security instrument held by the Government and executed or assumed by Borrower, and default under any such other security instrument shall constitute default hereunder. (17) SHOULD DEFAULT occur in the performance or discharge of any obligation in this instrument or secured by this instrument, or should the parties named as Borrower die or be declared incompetent, or should any one of the parties named as Borrower be discharged in bankruptcy or declared an insolvent, or make an assignment for the benefit of creditors, the Government, at its option, with or without notice may: (a) declare the entire amount unpaid under the note and any indebtedness tO the Government hereby secured immediately due and payable, (b) for the account of Borrower incur and pay reasonable expenses for r~pair or maintenance of and take possession of, operate or rent the property, (c) collect the rentals and other income and profits from the property and apply it against the secured indebtedness, whether or not a receiver shall have been appointed, but shall not be required or be liable for failure to collect rent or other income, and shall be held accountable for only such amounts as are actually received, (d) upon application by it and production of this mortgage, without other evidence and without notice of hearing of said application, have a receiver appointed for the property, with the usual powers of receivers in like cases, (e) foreclose this instrument as provided herein or by law, (f) require Borrower to surrender to the Government any and all abstracts of title then owned by Borrower covering all or any part of the property, and (g) enforce any and all other rights and remedies provided herein or by present or future law. (18) The proceeds of foreclosure sale shall be applied in the following order to the payment of: (a) costs and expenses incident to enforcing or complying with the provisions llereof, (b) any prior liens required by law or a competent court to be so paid, (c) the debt evidenced by the note and all indebtedness to the Government secured hereby, (d) inferior liens of record required by law or a competent court to be so paid, (e) at the Government's option, any other indebtedness of Borrower owing to the Government,.and (f) any balance to Borrower. At foreclosure or other sale of all of any part of the property, the Government and its agents may bid and purchase as a stranger and may pay the Government's share of the purchase price by crediting such amount on any debts of Borrower owing to the Government, in the order prescribed above. (19) Borrower agrees that the Government will not be bound by any present or future laws, (a) providing for valuation or appraisal of the property, (b) prohibiting maintenance of an action for a deficiency judgment or limiting the amount thereof or the time within which such action may be brought, (c) prescribing any other statute of limitations, (d) allowing any right of redemption or possession following any foreclosure sale, (e) requiring possession of the property or appointment of a receiver before the Government is entitled to rents, or (f) limiting the conditions which the Government may by regulation impose, including the interest rate it may charge, as a condition of approving a transfer of the property to a new Borrower. Borrower expressl) waives the benefit of any such State laws; Borrower hereby releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. (20) ... If any part of the loan for which this instrument is given shall be used to finance the purchase, consti:uction or repair of property to be used as an owner-occupied dwelling (herein called "the dwelling") and if Borrower intends to sell or rent the dwelling and has obtained the Government's consent to do so (a) neither'Borrower nor anyone authorized to'act for Borrower will after receipt of a bona fide offer, refuse to negotiate for the sale or rental of the dwelling or will otherwise make unavailable or deny the dwelling to anyone because of race, color, religion, sex, handicap, familial status, age or national origin, and (b) Borrower recognizes as illegal and hereby disclaims, and will not comply with or attempt to enforce any restrictive covenants on the dwelling relating to race, Color, religion, sex, handicap, familial status, age or national origin. ~ ~, RD 1927-1 WY (11-97), Page 3 · (~)i) Borrower further agrees that the loan proceeds secured by this instrument will be in default should any loan proceeds be Used for a purpose that will contribute to excessive erosion of highly erodible land or to the conversion of wetlands to produce a, agricultural coxnmodity, as prohibited by 7 C.F.R. part 1940, subpart G. (22) At the option of the Govermnent this mortgage may be foreclosed by action or advertisement under Pod, er of Sale aD; provided by law and Statute, and BorroWer here irrevocably vests in the Government the statutory Power of Sale. . (23) Borrower hereby assigns tq the Government all borrower's rights under Wyoming Statutes 34-4-113 to surplus proceed,; and/or surplus money relnaining after sale of the property under Statutory Power.of Sale or any foreclosure sale or similar sah~ exercised by any foreclosing party or other party and hereby waives any claim against the officer or person making such sale for payin~ said surplus on demand ofthe Government. . (24) Borrower hereby assigns or waives in favor of the Government all grazing privileges, permits, licenses, or leases appurtenant!. to or used in connection with said land, and Borrower further covenants and agrees to execute any and all forms and documents thai may be necessary and/or required by Government to effect said assignment or waiver and further covenants' and agrees to procut'e renewals thereof prior to their expiration and to pay all fees and charges and to perform all acts and do all things necessary to keep and preserve all said grazing rights and renewals thereof, and in the event of the failure of Borrower to do any of these things the Governmen~ may do so on behalf of Borrower, including advancing such sums as may be necessary for this purpose, and such funds advanced shall be secured by this instrument. (25) If any provision of this instrument or application thereof to any person or circumstances is held invalid, such invalidity will not affect other provisions or applications of the instrument which can be given effect without the invalid provision or application, and to that end the provisions hereof are declared to be severable. (26) This instrument shall be subject to the present regulations of the Govermnent, and to its future regulations not inconsistent with the express provisions hereof. (27) Notices given hereunder shall be sent by certified mail, unless otherwise required by law, and addressed, unless and until some other address is designated in a notice So given, in thecase of the Government to 508 N. Broadway, RIVERTON, WY. , and in the case of Borrower at the address shOwn in the Government':~ Finance Office records (which normally will be the same as the post office shown above). IN WITNESS WHEREOF, Borrower has hereunto set Borrower's hands and seals this DECEMBER 2002 31ST _~ STEVENE. WORTON ,, JANICE WORTON ACKNOWLEDGMENT day of STATE OF WYOMING COUNTY OF FREMONT } ss: The foregoing instrument was acknowledged before me by STEVEN E. WORTON and JANICE WORTON day of Witness my hand and official .seal. (SEAL) My commission expires: c -'- County of ~ State of 1'~, / - .Y ~ "( vremont ~ Wyoming ~. Notary Public. RD 1927-1 WY (l 1-97), Page 4