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HomeMy WebLinkAbout888622USDA Form RD 1927 -1 WY (Rev. 11 -97) BOOK 515 PR PAGE 5 4 7 ly i�-r f +`4 •yd rte X al. a t r�34, gu o' _e{ THIS MORTGAGE is made and entered into by Date of Instrument Principal Amount MARCH 19, 2003 $41,000.00 r� Position 5 RECEIVED LINCOLN COUNTY CLERK 03'.. 2 a, i 06 Royce H. Hoopes and Paula D. Hoopes, husbarid'and wife 888622 EAL ESTATE MORTGAGE FOR WYOMING residing in Lincoln County, Wyoming, whose post office address is 6590 Bitter Creek Road, Afton ,Wyoming 83110 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 the Government as evidenced by one or more promissory notes or assumption agreements or any shared appreciation or recapture agreement, herein 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: Annual Rate Due Date of Final of Interest Installment 4.625% MARCH 1, 2028 (The interest 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 Government, at any time, may assign the note pursuant to the 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 this instrument, this instrument shall secure payment of the note; And this instrument also secures any amounts due under any Shared Appreciation Agreement/Recapture Agreement entered into pursuant to 7 U.S.C. 2001. NOW, THEREFORE, in consideration of the loans and (a) at all times when the note is held by the Government, 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 contained 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 See Exhibit "A" attached hereto and by this reference made a part hereof. RD 1927 -1 WY (Rev. 11 -97) Page 1 of 5 OS8Mb22 548 together with all rights (including the rights to mining products gravel, oil, gas, coal or other minerals), interests, easements, hereditaments and appurtenances thereunto belonging, the rents, issues, and profits thereof and revenues, income and insurance proceeds therefrom, all improvements, all water, water rights, water stock and irrigation equipment pertaining thereto, and 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 Government against all lawful claims and demands whatsoever except any liens, encumbrances, easements, reservations, or conveyances specified hereinabove, and COVENANTS AND AGREES as follows: (1) 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 Government 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 amounts 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 of prior or junior liens, in addition to any advances 'required by the terms of the note, as described by this instrument, with interest 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 made by Borrower may be applied on the note or any indebtedness to the Government secured hereby, in any order the Government determines. (6) To use the loan evidenced by the note solely for purposes authorized by the Government. (7)'''To pay when due all taxes, liens, judgments, encumbrances, and assessments lawfully attaching to or assessed against the iir`operfy, including all,pharges 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 from time to time may prescribe; and not to abandon the property, or cause or permit waste, lessening or impairment of the security covered hereby, or, without the written consent of the Govemment, cut, remove, or lease any timber, gravel, oil, gas, coal, or other minerals except as may be neccessary for ordinary domestic purposes. RD 1927 -1 WY (11 -97), Page 2 of 5 (10) To comply with all laws, or— Lances, and regulations affecting the property. 5 4 9 (11) To pay or reimburse the Government 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 and survey of the property, costs of recording this and other instruments, attorneys fees, trustees' fees, court costs, and expenses of advertising, selling, and conveying the property. (12) Except 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 the 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 the 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 purchased 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 repair 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 hereof, (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 expressly 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, constriction 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 of 5 0888622 550 (21) 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 an agricultural commodity, as prohibited by 7 C.F.R. part 1940, subpart G. (22) At the option of the Government this mortgage may be foreclosed by action or advertisement under Power of Sale as provided by law and statute, and Borrower here irrevocably vests in the Government the statutory Power of Sale. (23) Borrower hereby assigns to the Government all borrower's rights under Wyoming Statutes 34 -4 -113 to surplus proceeds and/or surplus money remaining after sale of the property under statutory Power of Sale or any foreclosure sale or similar sale exercised by any foreclosing party or other party and hereby waives any claim against the officer or person making such sale for paying said surplus on demand of the 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 that may be necessary and/or required by Government to effect said assignment or waiver and further covenants and agrees to procure 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 Government 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 Government, 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 the case of the Government to P.O. Box 369, Afton, WY 83110 and in the case of Borrower at the address shown in the Government's 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 19th day of March 2003 STATE OF WYOMING COUNTY OF Lincoln (SEAL) The foregoing instrument was acknowledged before me by Royce H. Hoopes Paula D. Hoopes this 19th March >2Q03 Witness my hand and official seal. My commission expires: euew ACKNOWLEDGMENT ss: dla e H. Hoopes Paula D. Hoopes a BECKY M. COX NOTARY PUBLIC County of 4 °y' h State 0fW 1 Uinta av Wyoming c ommission Expires February 7, 2006 day of Notary Public. 27 -1 WY (11-97), Page 4 of 5 088SC) Exhibit "A" Page 5 of 5 551 N1SE3 of Section 3, T 31 N, R 119 W of the 6th P.M., Wyoming, containing 80 acres, more or less. EXCEPTING and RESERVING therefrom that part of the NW4SE4 of Section 3, T 31 N, R 119 W, Lincoln County, Wyoming, described as follows: Beginning at a point on the centerlineof the Bitter Creek County Road No. 12 -140, N 0 °21..5' E, 1784.00 feet from the South one quarter corner of said Section 3 as described in the Certified Land.Corner Recordation Certificate of record in the Office of the Clerk of Lincoln County; thence continuing N 0° 21.5 E, 369. 15 feet along said centerline of said road to a point; thence S 89 °38.5' E, 30.0 feet to a corner on the east right -of -way line of said Road; thence continuing S 89 °38.5' E, 118.0 feet to a corner; thence .S 0 °21.5' W, 369. 15 feet parallel to said centerline to a corner; thence N 89 °38. 5' W, 118.0 feet parallel to the north line of the foregoing tract to a corner on the said east right -of -way line; thence continuing N 89 °38.5' W, 30.0 feet to the point of beginning, encompassing an area of 1.25 acres, more or less; Subject to an easement for the west thirty feet of the foregoing tract for the said Bitter Creek County Road No. 12 -140; Subject to an easement for the existing Fairview Canal; that it is specifically noted that Section 3 was not legally subdivided for this survey and that the west line of the SE4 was established as an approximate line, and that the said west line is subject to relocation in accordance with a legal subdivision of said Section 3; that the base bearing for this survey is the south line of the SW4 of Section 3, being West; each "corner" marked by a steel T- shaped stake 24" long with metal cap inscribed "Survey Point Do Not Disturb RLS 164 each "point" marked by a PK nail; all in accordance with the map prepared and filed in the said office.