HomeMy WebLinkAbout890001 , RECEIVED
LINOOLN COIJNTY OLERK
890001
'BOoK_ .t:Tj ; () pR PAGE 732,
state of Wyoming Space Above T~ la Line For Recording Data
MORTGAGE
(With Future Advance Clause)
DATE AND PARTIES. The date of this Mortgage (Security Instrument) is ~,-09-2003
parties, their addresses and tax identification numbers, if required, are as follows:
MORTGAGOR: TIMOTHY W. HARTNETT AND JACQUES DECOU, A SINGLE MAN, A SINGLE MAN
P.O: BOX 3782
JACKSON, WY 83001
[] If checked, refer to the attached Addendum incorporated herein, for addit~
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
83-0315143
CONVEYANCE. For good and valuable consideration, the receipt and sufficiency
the Secured Debt (defined below) and Mortgagor's performance under this Security
conveys, mortgages and warrants to Lender, with power of sale, the following described
FOURTH ADDITION TO THE. TOWN OF ALPINE, LINCOLN COUNTY, WYOMING, ACCORDING TO THAT PLAT FILED DECEMBER
THE OFFICE OF THE LINCOLN COUNTY CLERK.
and the
onal Mortgagors, their signatures and
.f which is acknowledged, and to secure
Instrument, Mortgagor grants, bargains,
property: LOTS 403 AND 404 PALLS PARK
8, 2000 AS INSTRUMENT NO. 870179 IN
AND
LOTS 507 AND 508 OF PALLS PARK FIFTH ADDITION TO THE TOWN OF ALPINE, LINCOLN COUNTY, WYOMING, ACCORDING TO THAT PLAT FILED MARCH 13, 2001 AS
INSTRUMENT NO. 872094 PLAT NO. 255-A.
The property is located in ........................ .IJ.'.NC..O.~N ................ at .L.O.T..S.4..O.3..&..4.0.4..P.A..Li.S..P.A.B~(..4.T.~j.A..O.Oj.T.'.ON..A.N.O..
(County) !~
LOTS 507 & 508 PALLS PARK 5TH ADDFT ON , . ALP NE Wyoming 83128
(Address) (City) (ZIP Code)
Together with all rights, easements, appurtenances, royalties, mineral rights, oil and rights, all water and riparian rights,
ditches, and water stock and all existing and future improvements, structures, fixtures
any time in the future, be part of the real estate described above (all referred to as "Prope
MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Seeu
exceed $ .2.~...B~.$...0.0. ............ : ..... i ........................ This limitation of amount does
charges validly made pursuant to this Security Instrument. Also, this limitation does
terms of this Security Instrumem to protect Lender's security and to perform any of
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. (lShen referencing the debts below it is
suggested that you include items such as borrowers' names, note amounts, interest 'ates, rtmturity dates, etc.)
ONE PROMISSORY NOTE DATED 519/03 IN THE AMOUNT QF $25,555.00
WYOMING - MORTGAGE (NOT FOR FNMA, FHLMC, FHA OR VA USE)
~1994 Bankers Systems, Inc., St. Cloud, MN (1-800-397-23411 Form R£-MTG WY 11/18/94
,_,..a,n,d replacements that may now, or at
rity Instrument ai any one thne shall not
not include interest and other fees and
nor apply to 'advances made under tke
:he covenants contained in this Security
/page 1 of 4)
08SDO Ol ! ? 33
All future advances from Lender to Mort a or or other future obli ations of ' art a o t ' ' '
B. g g g ~ I g g r o Lenuer under any promissory
note, contract, guaranty, or other evidence of debt executed by Mortgagor in f: vor of Lender executed after this Security
Instrument whether or not this Security Instrument is specifically referenced. I Imore than one person signs this Security
Instrument, each Mortgagor agrees that this Security Instrument will secure all future advances and future obligations
that are given to or incurred by any one or more Mortgagor, or any one or more Mortgagor and others. All future
advances and other future obligations are secured by this Security Instrumem even though all or part may not yet be
advanced. All future advances and other future obligations are secured as if made on the date of this Security Instrument.
Nothing in this Security Instrument shall constitute a commitment to make additional or future loans or advances in any
amount. Any such commitment must be agreed to in a separate writing.
C. All obligations Mortgagor owes to Lender, which may later arise, to the extent not prohibited by law, including, but not
limited to, liabilities for overdrafts relating to anydeposit account agreement betw,:en Mortgagor and Lender
D. All additional sums advanced and expenses in.,,red""~ by Lender for insuring, preserving or otherwise protecting the
Property and its value and any other suins advanced and expenses incurred bYI Lender under the terms of this Security
Instrument. ':
This Security Instrument will not secure any other debt if Lender fails to give any requited notice of the right of rescission.
5. PAYMENTS. Mortgagor agrees that all payments under the Secured Debt will be p;
terms of the SecUred Debt and this Security Instrument.
6. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of
document that created a prior security interest or encumbrance on the Property, Mortgag
A. To make all payments when due and to perform or comply with all covenants.
B. To promptly deliver to Lender any notices that Mortgagor receives from the holder.
Lid when due and in accordance with the
trust, security agreement or other lien
~r agrees:
C. Not to allow any modification or extension of, nor to request any future advan
by the lien document without Lender's prior written consent.
CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, assessments, liens, encu
utilities, and other charges relating to the Property when due. Lender may require MO
notices that such amounts are due and the receipts evidencing Mongagor!s paym
Property against any claims that would impair the lien of this Security Instrument.
requested by Lender, any rights, claims or defenses Mortgagor may have against
maintain or improve the Property.
DUE ON SALE OR ENCUMBRANCE. Lender may, at its option, declare the
immediately due and payable upon the creation of, or contract for the creation of, an
Property. This right is subject to the restrictions imposed by federal law (12 C.F.R.
run with the Property and shall remain in effect until the Secured Debt is paid in full and
PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mortgagor will
make all repairs that are reasonably necessary. Mortgagor shall not commit or allow
the Property. Mortgagor will keep the Property free of noxious weeds and grasses:.
occupancy and use will not substantially change without Lender's prior written consm
:es under any note or agreement secured
mbrances, lease payments, ground rents,
agagor to provide to ~Lender copies of all
ent. Mortgagor will defend title to the
dortgagor agrees to assign to Lender, as
~arties who supply labor or materials to
ntire balance of the Secured Debt to be
lien, encumbrance, transfer or sale of the
591), as applicable. This covenant Shall
this Security Instrument is released.
keep the Property in good condition and
By waste, impairment, or deterioration of
Mortgagor agrees that the nature of the
a. 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.
10.
11.
Lender or Lender's agents may, at Lender's option, enter the Property at any reasonable
Property. Lender shall give Mortgagor notice at the time of or before an inspection
inspection. Any inspection of the Property shall be entirely for Lender's benefit
Lender's inspection.
time for the purpose of inspecting the
specifying a reasonable purpose for the
and Mortgagor will in no way rely on
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, h lortgagor appoints Lender as attorney in
fact to sign Mortgagor's name or pay any amount necessary for performance. Lend{ r's right to perform for Mortgagor shall
not create an obhgaUon to perform, and Lender s failure to perform will not preclud~ Lender from exercising any of Lender s
other rights under the law or this Security Instrument If any construction on the ProPerty is discontinued or not carried on in a
reasonable manner, Lender may take all steps necessary to protect Lender's seCurity interest in the Property, including
completion of the construction.
ASSIGNMENT OF LEASES AND RENTS. Mortgagor irrevocably grants, bargains conveys mortgages and warrants to
Lender as additional security all the right, title and interest in and to any and all ex~stmg or future leases, subleases, and any
other written or verbal agregments for the use and occupancy of any portion of Ithe Property, including any extensions
renewals, modifications or substitutions of such agreements (all referred to as "Leases") and rents, issues and profits (all
referred to as "Ren[s"}.:'M01-tghgor will promptly prOVide Lender With true and corre(t copies of all existing and future Leases.
Mortgagor may collect, receive, enjoy and use the Rents so long as Mortgagor is not in default under the terms of this Security
Instrument.
Mortgagor agrees that this assignment is immediately effective between the parties to this Security Instrument. Mortgagor
agrees that this assignment is effective as to third parties when Lender,~es.' affirmafiye action prescribed by law, and that this
assignment will remain in effect during any redemption period until the SecuredI Debt is satisfied. Mortgagor agrees that
Lender may take actual possession of the property without the necessity of commencing legal acUon and that actual possession
~s deemed to occur when Lender, or ~ts agent, non(les Mortgagor of default and demands that any tenant pay all future Rents
directly to Lender. On receiving notice of default, Mortgagor will endorse and d~liver to Lender any payment of Rents in
Mortgagor's possession and will receive any Rents in trust for Lender and will not commingle the Rents with any other funds
Any amounts collected will be apphed as prowded m th~s Security Instrument Mortgagor warrants that no default exists under
the Leases or any apphcable landlord/tenant law. Mortgagor also agrees to maintain and reqmre any tenant to comply with the
terms of the Leases and applicable law.
(page 2~ of 4)
~..1994 13anl~?~ Inc., St. Cloud, MN (1-B00-397-2341) Form RE-MTG-WY_:
12. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPM2ENTS.
provisions of any lease if this Security Instrument is on a leasehold. If the Propen
planned unit development, Mortgagor will perform all of Mortgagor's duties unclei
the condominium or planned unit development.
13. DEFAULT. Mortgagor will be in default if any party obligated on the Secured
Mortgagor will be in default ff a breach occurs under the terms of this Security Inst,
734
Mortgagor agrees to comply with the
y includes a unit in a condominium or a
the ~oyenants, by-laws, or regulations of
Debt fails to make payment when due.
tment or any other document executed for
the purpose of creating, securing or guarantying the Secured Debt. A good faith Ixlief by Lender that Lender at any time is
insecure with respect to any person or entity obligated on the Secured Debt or that t~e prospect of any payment or the value of
the Property is impaired shall also constitute an event of default.
14. REMEDI]~S ON DEFAULT. In some instances, federal and state law will require ILender to provide Mortgagor with notice
of the right to cure or other notices and may establish.time schedules for forecl6Sure act{0ns. Subject to these limitations if
isanY'in default.Lender may accelerate the Secured Debt and foreclose this Security Instrument in a manner provided by law if Mortgagor
At the option of Lender, all o~ any part of the agreed fees and charges, accrued interest and principal shall become immediately
due and payable, agter giving notice if realuired by law, upon the occurrence of a default or anytime thereafter. In addition,
Lender shall be entitled to all the remedies provided by law, the terms of the Secured Debt, this Security Instrumem and any
related documents including, without limitation, the power to sell the Property. All remedies are distinct, cumulative and not
exclusive, and the Lender is entitled to all remedies provided at law or equity, a, hether or not expressly set forth. The
acceptance by Lender of any sum in payment or partial payment on the Secured Deb after the balance is due or is accelerated
or after foreclosure proceedings are filed shall not constitute a waiver of Lender's rigtt 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 continues or happens again.
15. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLEC'TION COSTS. :Except when prohibited
by law, Mortgagor agrees to pay all of Lender's expenses ff Mortgagor breaches any covenant in this Security Instrument.
Mortgagor will also pay on demand any amount incurred by Lender for tnsurmg, ~nspectmg, preserving or otherwise
protecting the Property and Lender's security interest. These expenses will bear interest from the date of the payment until paid
in full at the highest interest rate in effect as provided in the terms of fl~e Secured Debt. Mortgagor agrees to pay all costs and
expenses incurred by Lender in'collecting, enforcing or protegting Lender's rights anc remedies under this Security Instrument.
This amount may include, but is not limited to, reasonable attorneys' fees, court cosls, and other legal expenses. This amount
does not include attorneys' fees for a salaried employee of the Lender. This Security Instrument shall remain in effect until
released. Mortgagor agrees to pay for any recordation costs of such release.
16. ENVIRONMENTAL LAWS AND ItAZARDOUS SUBSTANCES. As used in thL,I 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, saiety, welfare or environment. The term
includes, without limitation, any substances defined as "hazardous material," "toxic substances," "hazardous waste" or
"hazardous substance" under any Environmental Law.
aZardous
Mortgagor represents, warrants and agrees that:
A. Except as previously disclosed and acknowledged in writing to Lender, no H Substance is or will be located,
stored or released on or in the Property. This restriction does not apply to smal! 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, Mortga or and every tenant have been, are, and
shall remain.in full compliance with any applicable Environmental Law. of a
C. Mortgagor shall immediately notify Lender if a release or threatened release Hazardous SubStance occurs on, uuder
or about the Property or there is a violation of any Environmental Law conCerning the Property. In such an event,
Mortgagor shall take all necessary remedial action in accordance with any Environmental Law.
D. Mortgagor shall immediately notify Lender in writing as soon as Mortgagor has reason.m believe there is any pending or
threatened investigation, claim, or proceeding relating to the release or threatene release of any Hazardous Substance or
the violation of any Environmental Law.
17. CONDEMNATION. Mortgagor will give Lender prompt notice of any pending or :hreatened 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 ~ctions or claims~ Mortgagor assigns to
Lender the proceeds of any award or claim for damages connected with a ~oedemnatiofi or other taldng iof 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.
18. INSURANCE. Mortgagor shall keep Property insure~l 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 Mort~aeor subject to Lender's annrrw~l
which shall not be unreasonably withheld. If Mortgagor fails to maintain the co'v~ra~e~d~scribec~ above Len~le~ %~, ~'t
Len er s opUon, obtain coverage to protect Lender s rights m the Property according to the terms of th~s Security InstrumentI
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 ~ive to Lender
all receipts of prod premiums and renewal nonces. Upon loss, Mortgagor shall g~ve anmedxate notice to the insurance carrier
and Lender. Lender may make proof of loss ff 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 flue, at Lender's option. Any application of pr°Ceeds
L~)1994 Bankers Systems, Inc., St. ~loud, MN (t-800-397-2341) Form RE-MTG-WY 11/18/94
to principal shall not extend or
.... fpage 3 of 4)
19.
postpone the due date of the scheduled payment nor change the amount of any p
Mortgagor. If the Property is acquired bY Lender, Mortgagor's right to any insura
damage to the Property before the acquisition shall pass to Lender to the extent of
acquisition.
ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a se
required to pay to Lender funds for taxes and insurance in escrow.
735
~yment. Any excess will be paid to the
ace policies and proceeds resulting from
:he Secured Debt immediately before the
,arate agreement, Mortgagor will not be
20. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Mortgagor wil: 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 necessa,~, to "erf6ct co-"
· · · . . a 'y t' i , utmuc, anu pleacrve lVlOrtgagor's
obhgattons under this Security Instrument and Lender's lien status on the Property. ' - -
21. JOINT AND INDIVIDUAL LIABILITY; co.SIGNERS; SUCCESSORS AND ~IeSIGNS BOUND All duties under this
Secariry Instrument are joint and individual. If Mortgagor signs this Security Instrum{nt but does not sign an.evidence of debt,
Mortgagor does so only to mortgage' Mortgagor's interest in the Property to secure payment of the Secured Debt and
Mortgagor does 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 ma', include, but are not limited to, any
anti-deficiency or one-action laws. Mortgagor agrees that Lender and any party to this' Security Instrument may extend, modify
or make any change in the terms of this Security Instrument or any evidence of de3t without Mortgagor's consent. Such a
change will not release Mortgagor from the terms of this Security Instrument. ~[he duties and benefits of this Security
Instrument shall bind and benefit the successors and assigns of Mortgagor and Lender.
22. APPLICABLE LAW; SEVERABILITy; INTERPRETATION. This Security Ins:rument is governed by the laws of the
jurisdiction in which Lender is located, except' to the extent otherwise required by the laws of the jurisdiction where the
Property is located. This'Security Instrument is complete and fully integrated. This Se~:urity Instrument may not be amended or
modified by oral agreement. 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 the variations by
written agr,eem..e, nt..If a~ny se. ction of this..Security Instrum. ent cannot be enforced accbrding to its terms, that section will be
severed ann wut not anect ttte enforceabihty of the remainder of this Security Instrument. Whenever used, the singular shall
include, the plural and the plural the singular.. The captions, and headin~s~ of the sections of this Secnritv_.....a Instrument are for
5o.n~men.c.e .only and are not to be used to interpret or define the terms of this Securl, y Instrument. Time is of the essence in
tuts ~ecunty ~nstrument.
23. NOTICE. Unless otherwise required by law, any notice shall be given by delivering it or by mailing it by first class mail to
the 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.
24. WAIVERS. Except to the extent prohibited by law, Mortgagor waives any right rega':ding the marshalling of liens and assets
and all homestead exemption rights relating to the Property.
25. OTHER TERMS. If checked, the following are applicable to this Security Instrument:
[] Line of Credit. The Secured Debt includes a revolving line of credit provisicn. Although the Secured Debt may be
reduced to a zero balance, this Security Instrument will remain in effect until released.
i
[] ConstrucUon Loan. This Security Instrument secures an obligation incurred forI the construction of an improvement on
the Property.
[] Fixture Filing. Mortgagor grants to Lender a security interest in all goods that Mortgagor oWns now or in the future
and that are or wall become fixtures related to the Pro e Th~s Secunt Instr~me t
· ' p ny. ' ' Y I n suffices as a financing statement
Commercialand any carbon,code.photographic, or other reproduction'may be filed of record fo[ purposes of Article 9 of the Uniform
[] 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]
[] Condominium Rider [] Planned Unit Development Rider [] Other ....... ~ .............
[] 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.
(Signature) TIMOTHY W. HARTNETT (Date) i~[~;~'-'i ~1~'~6~$ D'ECOU-' ................. : .......... ! ......
ACKNOWLEDGMENT: . ~ :
(Individual) STATE OF .W,.Yp.M. JB~ ...................................COUNTY ~~ ....... .......... · ....... } ss
This instrument was acknowledged before me this ..~i.'2.'.~jf.'.'.'j.'.' ..... ..... '.'.'.'.' ..... i ............
by .T.I~ .07.~.y.w.."..&~.l..~.[.1.!~ .J^C..O.U.[.S..0..[.C.0..U, .~..8.1~.fi.[..[.MAN., .fi..8.1N.6.[. [..~ ................... k .................... .' .........................
My commission expires: .
STEPHANIE DELI-IVIE~OTAR¥' Ppl3klC ii
COUNTY OF ff/~l~,~,~ sTATE OF ~ (Nola~y PubUc)
T~rO,~ ~i~' WVOM~.G l/
MY COMMISSION EXPIRES JUNE 25.2003...~/
1~)1994 Bankers Systems Inc., St. Cloud, MN (1 800-397-2341) Form RE-MTG-WY 11/18/9~[
......... fpage 4 of 4)