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HomeMy WebLinkAbout888973Tiffs docurnentisbelng recorded by Southwc Company as a courtesy only. H. DALE BARNES LORA BARNES BOOK ... 125 OAKLEY STREET OAKLEY, WYOMING 83116 MORTGAGOR "1' includes each mortgagor above. ' 837 , }1 {JZPR PAGE ,~¢33'/C ?~ LINCOLhl COUNTy 8'8k8'~ & LIGHT EMPLOY~ES' CREDIT UNIS~ 1407 W NORTIq TEMPLE U~ ~P[¢ _'t pt, ,, SALT LAKE CITY, UTAH84116 ' " ~;~ 3: MORTGAGEE "You" means the mortgagee, its successors and assigns. REAL ESTATE MORTGAGE: For value received, 1, H. DALE BAIINES AND LOLL& BARNES CO-TRUSTEES OF THE 1995 BARNES FAMILY TRUST CREATED BY DECLARATION OF TRUST. DATED FEBRUARY 2, 1995. , mo~Xgage_, grant and convey to you, with power of sale on October 26, 2002 the real estate descnbed below and all rights, easements, appurtenances, rents, leases and improvements and fixtures that may now or at any time in the fim,'e be part of the property (all called the "property"). PROPERTY ADDRESS: 125 OAKLEY STREET OAKLEY, WYOMING 83116 LEGAL DESCRIPTION: Lot I of the Quarry Subdivision, Lincoln County, Wyoming as described on the offici;d plat thereofi ALSO Lot 5 of the Quarry Subdivision, Lincoln County, Wyoming as described on the official plat thereof. LESS AND EXCEPT the following described parceh BEGINNING at theSoutbwest corner of said Lot 5; the,ce East, 177.54 feet slung the South property line of said Lot 5; thence N 18°11'14" E, 127.70 feet; thence N 67°07'54'' W, 235.03 feet to a point on the West property line of said Lot 5; thence S 00°1Y41" W, ;'dong said West property line of said Lot 5,212.66 to the POINT OF BEGINNING. located in LINCOLN County, State of WYOMING. TITLE: 1 covenant and warrant title.to the property, except for encumbrances of record, municipal and zoniag ordinances, current taxes and assessments not yet due and SECURED DEBT: This mortgage secures repayment of the secured debt and the performance of the covenants and agreements contained in tiffs mortgage and in any other document incorporated herein. Secured debt, as used iii this mortgage, includes any amounts I may at any time owe you under tiffs mortgage, tile instrument or agreement described below,,~ny renewal, refinancing, extension or modification of such insmmaent or agreement, and, if applicable, the fi,ture advances described below. The secured debt is evidenced by (describe the instrument or agreement secured by this mortgage and the date thereof:) The above obligation is due and payable on November 15, 2017, if not paid earlier. The total unpaid balance secured by this mortgage at any one time shall not exceed a maximum principal amount of TWENTY- TllOUSAND · and no/100 Dollars ($20,000.00), plus interest, and all other amounts, plus interest, advanced under tile terms of this mortgage to protect the security of this mortgage or to perfm-m any of the covenants and agreements contained in this mmlgage. [~ Future Advances: The above amount is secured even though all or part of it may not yet be advanced. Future advances are contemplated and will be made in accordance with the teens of the note or loau agreement evidencing the secured debt and will bare priority to the same extent as if made on the date this mortgage is executed. [~ Variable Rate: The.ioteresr rate on the obligation secured by this mortgage may vary according to the terms of that obligation. I~A copy of the loan agreement containing the te,'ms under which the interest rate may vm3, is attached to this mortgage and made a part hereof. RIDERS: [--]Commercial [~-1 Construction ~ SIGI~ES:/B~y si.~fi11-~ below, I agree to the tem:~5 sad covenants contained on pages I and 2 or this mortgage. In any insm nents eviflt~t'ng :m rT-e~ad in m~Y riders desc"iDed ab°ye and signed bY n~[~lTdge receipt °~ u c°pY °F this 'n°rtgage- ACKNOWLEDGEMENTS: STATE OF ¥~ \ OM IN G, County of LINCOLN ss: Individual or Corporation with Seal Corporation wilh Seal Tile foregoing instrument was acknowledged before me by H. DAle Barnes and Lore Barnes Trustees of the 1995 Barnes Fam:[l¥ Trust dated February 2, 1995 this 7th day of November, 2002. The foregoing instrument was acknowledged before me by Wimess my hand and official seal. My Commission Expires: this day of FElSzuary 2, 2UU~ ;'~),] , a corporation has.no corporate seal.. COVEN^NTS 83 8 1. Payments. I agree to make all payments on the secured debt When due. Unless we agree otherwise, any payments you receive i?om me or for my benefit will be applied first to any amounts I owe you on the secured debt exclusive of interest or principal, second, to interest and then to principal. If pm'tial prepayment of the secured debt occLlrs Iht' any reason, it will not reduce or excuse any subsequently scheduled paymeut until the secured debt is paid in full. 2. Claims against Title. I will pay all t~es, assessments, liens, en¢umbrances, lease payments, ground rents, and otber charges relating to ,be properly when due. You may require me to provide to you copies of all notices ,bat such amounts are due and the receipts evidencing my payments. I will detknd title to the property against any claims that would impair the lieu of tiffs mo~lgage. You may require me to assign any rights, claims or defenses which I may have against parties who supply labor or nlaterials to improve or main,alu the property. 3. Insurance. I will keep the property insured under tm-ms acceptable to you at nly expense and for your beuefit. This insurance will include a standard mortgage clause in your fhvor. You will be nnmed as loss payee or as the insured on any such insurance policy. Any insurnnce proceeds may be applied, wi,bin your discretioo, to either the restoration or repair of the damaged property or to the secured debt if you require mortgage insurance. I agree to maintain such insurance for as long as you require. 4. Property. 1 will keep the propmgy in good condition and make all repairs reasonably necessary. 1 will give you prompt notice of any loss or damage to the property. 5. Expenses. I agree to pay all of the expenses you incur, including reasonable attorneys' tees, if l breach any covenants in tills mortgage or itl aoy obligation secured by this mortgage, I will pay these amounts to you as provided in Covenant 10 of this mortgage. 6. Defimlt and Acceleration. Ill fail to make any payment when due or breach any covenants under this mortgage, any prior mortgage or any obligatiun secured by this mortgage, you may, at your option, accelerate the maturity of the secured debt and demand immediate payment, and exercise m~y other ,'emedy available lo you. You may enforce this luortgage by exercising any remedy pi'ovidcd by law, includiag, but ,lot limited to, the power of sale. You will be entitled to a judgment for any deficiency as provided by law. If you elect to exercise you power of sale, you will give notice of your intent to foreclose by advertisement and sale as provided by law. You will publish notice of,be sale and sell the prope~-ty according to applicable law. The proceeds of,be sale will be applied first to the costs and expenses of the sale including, but uot limited to, reasonable attorneys' fees, then to payment of the secured debt, and linally, if there is any surplus, to tile person(s) legally enhtled to it. 7. Assignment of Rents and Profits and Lender in Possession. 1 assign to you the rents mid profits of the property. Unless we have agreed otherwise in writing, I ,nay collect and retain the rents as long as 1 am not in default. If you accelerate this mortgage as provided in paragraph 6 or ill abandon the property, you are entitled to enter upon, take possession and manage the property, and collect tile rents and profits of the property, either in person, by agent or by court appointed receiver, until the expiration of any period of redemption following judicial sale. Except when otherwise directed by the court, any rents and profits you collect will be applied first to the costs of managing the property and collecting the rents and profits, including, but not limited to, receivers lees, court costs, and reasonable attorneys' fi~es, and then to payments of the secured debt as. provided m Covenaut I. 8. Prior Security Interest. I will make payments when due and perlbrm all other covenants under auy mortgage, deed of trust, or otber security agreement that bas priority over this mortgage. I will not make or permit any modification or extension of any mortgage, deed of trust or other security interest that bas priority over this mortgage or any note or agreement secured thereby wi,bout your written consent. I will promptly deliver to you any notices I receive from any person whose rights in the property have priority over your rights. 9. Leaseholds; Condominiums; Planned Unit Developments. I agree to comply with the provisions of any lease il' this mortgage is oil a leasehold. If this mortgage is on a unit in a condominium or a planned unit developmeut, i will perform all of my duties under the covenants, by-laws, or regulations of the condominitun or plmmed unit development. 10. Autbo,'ity of Mortgagee to Perform for Mortgagor. Ill hill to perform any of my duties under this mortgage, or any otber mortgage, deed of trust, lien or other security interest that has priority over this mortgage, you may perlbrm the duties or cause them to be performed. You may sign my name or pay any amount if necessary lbr pertbrmance. If any construction on the property is discontioued or not carried oo in a reasonable manner, you may do whatever is necessm-y to protect your security interest in tile property. This may iuclude completing the construction. Your Pailure to perform will not preclude'you fi'om exercising any of your other rights under the law of,bis mortgage. Any amounts paid by your to protect your security interest will be secured by this mortgage. Such amounts will be clue oil demand and will beat' interest fi'onq the date of the payment au,il paid in full at the interest ,-ate ia effect fi'om time to time on the secured debt. I I. Inspection. You may entdr the property to inspect it if you give me notice betbrehand. The notice must state the reasonable cause fb'r your inspection. 12. Conilemnation. I assign to you tile proceeds of any award or claim for damages connected with Ibc condemnation or other taking of all or any part of tile property. Such proceeds will be applied as provided in Covenant 1. This assignment is subject to the terms of any prior security agreement. 13. Waiver. By exercising any remedy available to you, you do not give up yom- rights to later use any other remedy. By ,lot exercising any remedy, if I default, you do not waive your right to later consider the event a defimlt if it happeos again. 14. Joint and Several Liability; Co-Signers; Successors and Assigns Bound. All duties under this mortgage are joint and several. If 1 sigu ,bis moa, gage but do not sign the sucre'ed debt I do so only to mortgage my interest in the properly to secure payment of Ibc secured debt and by doing so, I do not agree to be personally liable on the secured debt. I also agree that you and any party to this mortgage may extend, modify or make any other changes in the terms of this mortgage or the secured debt without my consent. Such a change will not release me fi'om the terms of,bis mortgage. The duties and beuefits of,bis mortgage shall bind an benefit tile successors aod assigns of either or both of us. 15. Notice. Unless otherwise required by law, any notice to me shall be given by delivering it or by mailing it by certified mail addressed to ,ne at the Property Address or any other address that I tell you. I will give any notice to you by certified mail to your address on p,:tge I of this mortgage, or to any other address which you have designated. Any notice shall be deemed to have been given to either of us when given in the manner stated above. 16. Transfe,' of the Property or a Beneficial Interest in the Mortgagor. If all or any pm-t of,be property or any interest in it is sold or transferred wi,bout you prior written consent, you may demand immediate pa).,ment of the secured debt. You may also demand immediate payment if the mortgagor is not a natural person and a beneficial interest in the mortgagor is sold or transferred. However, you may not demand payment in tile above situations if it is prohibited by federal law as of the date of,bis mortgage. 17. Release. Pursuant io law, when 1 have paid the secured debt in lull. all underlying agreements have been terminated, m~d 1 Iqave mailed to you a xvritten request £or thc release, you will release this mortgage wi,bout charge to me wi,bin 30 days of your receipt of my request tot' ,be release, I agree to pay all costs to record the release. 18. Severability. Any provision or clause of tbis mortgage or any agreement evidenciug the secured debt which conflicts with applicable law will not be effective unless that law expressly or impliedly permits variations by agreemeut. If auy provision or clause of this mortgage or an agreelnent evideuciug the secured debt cannot be en/brced according to its terms, tiffs fact will not affect the enforceability of tile balauce of the mortgage and tile agreement evidencing tile secured debt. 19. Waiver of Homestead Exemption. I hereby release aud waive all rights under and by virtue of the homestead exemptiou laws of WYOMING.