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HomeMy WebLinkAbout89538404018449 RECEIVED LINCOLH C©UI,I'FY CLERK 54,2 O 01 .3 State of Wyoming Space Above This Line For Recording Data MORTGAGE (With Future Advance Clause) DATE AND PARTIES. The date of this Mortgage (security Instrument) is .1.0...2.0.-.2.0.0..3 .................................... and the parties, their addresses and tax identification numbers, if required, are as follows: MORTGAGOR: DUSTY L. SKINNER AND ANONA J. SKINNER, HUSBAND AND WIFE PO BOX 462 AFTON, WY 83110 [] If checked, refer to the attached Addendum incorporated herein, for additional Mortgagors, their signatures and 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 of which is acknowledged, and to secure the Secured Debt (defined below) and Mortgagor's performance under this Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with power of sale, the following described property: SEE EXHIBIT "A" ATTACHED HERETO AND MADE A PART HEREOF o The property is located in .................. .....................................................at ................................................ (County) ................. · ...................................................................... S..~.0..0.1. ..... : ........... ' ...... Wyoming ......... ~.3.! .28 ........ (Address) (City) (ZIP Code) Together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, all water and riparian rights, ditches, and water stock and all existing and future hnprovements, structures, fixtures, and replacements that may now, or at any time in the future, be part of the real estate described above (all referred to as "Property"). MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at any one time shall not exceed $ .2.5.,4.3.3...0.0. .................. ; ........................ This limitation of amount does not include interest and other fees and charges validly made pursuant to this Security Instrument. Also, this limitation does not apply to advances made tinder the terms of this Security Instrument to protect Lender's security and to perform any of the covenants contained in this Security Instrument. SECURED DEBT AND FUT~ 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 alt their extensions, renewals, modifications or substitutions. (When referencing the debts below it is suggested that you include items such as borrowers' names, note amounts, interest rates, maturity dates, etc.) ONE PROMISSORY NOTE DATED 10-20-03 IN THE AMOUNT Of ,~25433.00 WYOMING - MORTGAGE (NOT FOR FNMA, FHLMC, FHA OR VA USE) ©1994 Bank~-r.,-~u.~mo~.s., Inc. SI. Cloud, MN (I-800-397-234U Form RE-MTG-WY~.re,a- (page 1 of 4) B. All future advances from Lender to Mortgagor or other future obligations of Mortgagor to Lender under any promissory note, contract, gnaranty, or other evidence of debt executed by Mortgagor in favor of Lender executed after this Security Instrument whether or not this Security InStrument is specifically referenced. If more 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 Instrument 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 lhnited to, liabilities for overdrafts relating to any deposit account agreement between Mortgagor and Lender. D. All additional sums advanced and expenses incurred by Lender for insuring, preserving or otherwise protecting the. Property aud its value and any other-sums advanced and expenses incurred by Lender under the terms of this.Security Instrument. This Security Instrument will not secure any other debt if Lender fails to give any required notice of the right of rescissiom PAYMENTS. Mortgagor agrees that all payments under the Secured Debt will be paid when due and in, accordance with the terms of the Secured Debt and this Security Instrument. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, security agreement or other lien document that created a prior security interest or encumbrance on the Property, Mortgagor agrees: 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. C. Not tO allow any modification or extension of, nor to request any fnture advances under any note or agreement secured by the lieu docmnentwithout Lender's prior written consent. 7. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Property when due. Lender may require Mortgagor to provide to Lender copies of all notices that such amounts are due and the receipts evidencing Mortgagor's paymeut. Mortgagor will defend title to the Property against any claims that would impair the lien of this Security Instrument. Mortgagor agrees to assign to Lender, as requested by Lender, any rights, claims or defenses Mortgagor may have against parties who supply labor or materials to maintain or improve the Property. 8. DUE ON SALE OR ENCUMBRANCE. Lender may, at its option, declare the entire balance of the Secured Debt to be im~nediately due and payable upon the creation of, or contract for the creation of, any lien, encumbrance, transfer or sale of the Property. This right is subject to the restrictions imposed by federal law (12 C.F.R. 591), as applicable. This covenant shall run with the Property and shall remain in effect until the Secured Debt is paid in full and this Security Instrument is released. 9, PROPERTY. CONDITION,:ALTERATIONS .AND INSPECTION. Mortgagor will keep the Property in good condition and make all repairs that are reasonably necessary. Mortgagor shall not commit or allow any waste, impairment, or deterioration of the Property. Mortgagor will keep the Property free of noxious weeds and grasses. Mortgagor agrees that the nature of the occupancy and use will not substantially change without Lender's prior written consent. 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. Lender or Lender's agents may, at Lender's option, enter the Property at any reasonable time for the purpose of inspecting the Property. Lender shall give Mortgagor notice at the time of or before an inspection specifying a reasonable purpose for the inspection. Any inspection of the Property shall be entirely for Lender's benefit and Mortgagor will in no way rely on Lender's inspection. 10. 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. Mortgagor appoints Lender as attorney in fact to sign Mortgagor's name or pay any amount necessary for performance. Lender's right to perform for Mortgagor shall not create an obligation to perform, and Lender's failure to perform will not preclude Lender from exercising any of Lender's other rights nnder 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 cotnpletion of the construction. 11. 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 existing or future leases, subleases, and any other written or verbal agreements for the use and occupancy of any portion of the Property, inclnding any extensions, renewals, modifications or substitutions of such agreements (all referred to as "Leases") and rents, issues and profits (all referred to as "Rents"). Mortgagor will promptly provide Lender with true and correct 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 takes affirmative action prescribed by law, and that this assigmnent will remain in effect during any redemption period until the Secured Debt is satisfied. Mortgagor agrees that Lender may take actual possession of the property without the necessity of commencing legal action and tbat actual possession is deemed to occur when Lender, or its agent, notifies Mortgagor of default and demands that any tenant pay all future Rents directly to Lender. On receiving notice of default, Mortgagor will endorse and deliver 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 applied as provided in this Security Instrument. Mortgagor warrants that no default exists under the Leases or auy applicable landlord/tenant law. Mortgagor also agrees to maintain and require any tenant to comply with the terms of the Leases and applicable law. ©1994 Bankers $¥sterrts, Inc., St. Cloud, MN (1-800-391-2341} Form RE MTG-WY 1 ~!~,1~4 (page 2 of 4) 12. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Mortgagor agrees to comply with the provisions of any lease if this Security Instrument is on a'leasehold. If the Property includes a unit in a condominium or a plauned unit development, Mortgagor will perform all of Mortgagor's duties tinder the covenants, by-laws, or regulatious of the condominium or planned unit development. 13. DEFAULT. Mortgagor will be in default'if any party obligated on tile Secured Debt fails to make payment when due. Mortgagor will be iii default if a breach occurs under the terms of lifts Security Instrument or any other document executed for the purpose of creating, securing or guarantying the Secured Debt. A good I;aith belief by Lender that Lender at any time is insecure with respect to any person or entity obligated on the Secured Debt or that the prospect of any payment or the value of the Property is impaired shall also constitute au event of default. 14. REMEDIES ON DEFAULT. In some instances, federal and state law will require Lender to provide Mortgagor with notice of the right to cure or other notices anti may establish time schedul/:s for foreclosure actions. Subject to these limitations, if any, Lender may accelerate the Secured Debt and foreclose this Security Instrument iu a maimer provided by law if Mortgagor is in default. ~ At the option of Lender, all or any part of the agreed fees and charges, accrued interest anti principal shall become immediately due and payable, after giving notice if required by'law, upon the occurrence of a default or anytime thereafter. In addition, Lender shall be entitled to all the remedies provided by law, tile terms of the Secured Debt, this Security Instrument and any related documents includiug, without limitation, the power to sell the Property. All remedies are distinct, cumulative and not exclusive, aud the Lender is entitled to all remedies provided at law or equity, whether or not expressly set forth. The acceptance by Lender of any sum in payment or partial payment on the Secured Debt after the balance is due or is accelerated or after foreclosure proceedings are filed shall not constitute a waiver of Lender's right to require complete cnre of any existing delhult. By not exercising any reinedy on Mortgagor's default, Lender does not waive Lender's right to later consider the event a default if it continnes or happens again. 15. EXPENSES; AI)VANCES ON COVENANTS; AWI'ORNEYS' FEES; COLLECTION COSTS. Except when prohibited by law, Mortgagor agrees to pay all of Lender's expenses if Mortgagor breaches any covenant in this Security Instrument. Mortgagor will also pay on demand any mnonnt incurred by Lender for insuring, inspecting, 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 fidl at the highest interest rate in effect as provided ir! the terms of the Secured Debt. Mortgagor agrees to pay all costs and expenses incurred by Lender in collecting, enforcing or protecting Lender's rights and remedies tinder this Security Instrumeut. This amount may include, but is not limited to, reasonable attorneys' fees, court costs, and other legal expenses. This amount does not include attorneys' fees for a salaried employee of the Lender. This Security Iustrument shall remain in effect until released. Mortgagor agrees to pay for any recordation costs of such release. 16. ENVIRONMENTAL' LAWS AND'HAZARDOUS:SUBSTANCES. AS used in this' Section/ (l):Environnmntal 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 conceruing the public health, safety, welfare, environmeut 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, safety, welfare or environment. The term includes, without lhnitation, any substances defined as "hazardous material," "toxic substances," "hazardous waste" or "hazardous substance" under any Environmental Law.' Mortgagor represents, warrants and agrees that: A. Except as previously disclosed anti acknowledged in writing to Lender, no Hazardous Substance is or will be located, stored or released on or in the Property. This restriction does not apply to small quantities of Hazardous Substances that are generally recognized to be appropriate for the normal nsc and maintenance of thc property. B. Except as previously disclosed and acknowledged in writing to Lender, Mortgagor and every tenant have been, are, and shall remain in fxill Compliance with any applicable Euvironmental Law. C. Mortgagor shall immediately notify Lender if a release or threatened release of a Hazardous Substance occurs on, under 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 Enviromnental Law. D. Mortgagor shall immediately notify Lender in writing as soon as Mortgagor has reason to believe there is any pending or threatened iuvestigation, claim, or proceeding relating to the release or threatened release of any ltazardous Substance or thc violation of any Environmental Law. 17. CONDEMNATION. Ivlortgagor will give Lender prompt uotice of any peuding or threatened 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 iu Mortgagor's name in any of the above described actions or claims. Mortgagor assigns to Lender the proceeds of any award or claim for da~nages com~ected with a condenmation or other taking of all or any part of the Property. Such proceeds shall be considered payments and will be applied as provided ill this Security Instrument. This assignment of proceeds is :subject t? the terms.?f anY prior mortgage, deed of trust., security ag[eeme!lt or other lien document; 18. INSURANCE. Mortgagor shall keep Property insured against loss by fire, flood, theft and other hazards and risks reasonably associated with the Property due to its type and Iocatiou. This insurance shall be maintained in the amounts and for the periods that Lender requires. The insurance carrier providing the insurance shall be choseu by Mortgagor subject to Lender's approvall which shall not be unreasonably withheld. If Mortgagor fails to maiutain the coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Property according tO the terms of this Security Instrument. All insurance policies and reuewals 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. Leuder shall bare the right to bold the policies and renewals. If Lender requires, Mortgagor shall immediately give to Lender all receipts of paid pre~niums and reuewal notices. Upon loss, Mortgagor shall give immediate notice to tile insnrauce carrier and Lender. Lender may make proof of loss if not made inunediately by Mortgagor. Unless odmrwise agreed in writing, all insurance proceeds shall be applied to tile restoration or repair of tile Property or Io the Secured Debt, whether or not then due, at keudcr's opti~n ,\ny application of proceeds to principal shall not extend or , ~1994 Ba~ S¥'S'~;is, Inc., SI. Cloud, MN postpone the due date of the scheduled payment nor change the amount of any payment. Any excess will be paid to the Mortgagor. If the Property is acquired by Lender, Mortgagor's right to any insurance policies and proceeds resulting from damage to the Property before the acquisition shall pass to Lender to the extent of the Secured Debt immediately before the acquisition. 19. ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separate agreement, Mortgagor will not be required to pay to Lender funds for taxes and insurance in escrow. 20: FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Mortgagor will 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 necessary to perfect, continue, and preserve Mortgagor's obligations under this Security 'Instrument and Lender's lien status on the Property. 21. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties nnder this Security Instrumel~t are joint and individual. If Mortgagor ~igns this Security Instrument 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 may include, but are not limited to, any auti-deficicncy 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 debt without Mortgagor's consent. Such a change will not release Mortgagor from the terms of this Security Instrument. The 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 Instrument 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 co~nplete and fully integrated. This Security 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 agreement. If any section of this Security Instrument cannot be enforced according to its terms, that section wilt be severed and will not affect the enforceability of the remainder of this Security Instrument. Whenever used, the singular shall include the plural and the plural the singular. The captions and headings of the sections of this Security Instrument are for convenience only and are not to be used to interpret or define the terms of this Security Instrument. Time is of the essence in this Security Instrument. 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 regarding 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 provision. Although the Secured Debt may be reduced to a zero balance, this Security Instrument will re~nain in effect until released. [] Construction Loan. This Security Instrument secures an obligation incurred for 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 iii the future and that are or will become fixtures related to the Property. This Security Instrument suffices as a financing statement and any carbon, photographic or other reproduction may be filed of record for purposes of Article 9 of the Uniform Com~nercial Code. [] 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] ID Condominium Rider [] Planned Unit Developinent Rider [] Other ........................................................ [] Additional Terms. SIGNATURF~: By signing below, Mortgagor agrees to the terms and covenants contained in this Security Instrument and in any attadiments. Mortgagor also acknowledges receipt of a copy of thi~..urity,{nstrument on the date stated on page 1. ACKNOWLEDGMENT: STATE OF .W.y.0.~!~.q ................... COUNTY OF .L!.~.C.0.1:..~ ........ _ "'~': .................. } ss. o.~i~ia.m This instrument was acknowledged before me this ............ ~-. 201.~..~. ~of .~...~.~...o..~. ................................. by DUSTY L. SKINNER; ANONA J. SKINNER, HUSBANO AND WIFE ~~....~. ~ ~ i .................. ............... My commission expires:/O-Jl-~20 ©1994 B~nketsSystems, lnc.,St. Cloud, MN 11-800-397-2341} Fo~rm RE-MTG-WY ~1/~8194 II~l~On2_i~O~4_llII (page 4 of 4) ~x~, "~" 0 0 5 In ~ec~ion 31, Twp. 31, R. llSw, ggh P.M. Lincoln County~ Wyoming. The West 594 feet of the NW1/4NW1/4 of said Section 31. More specifically as follows: Be~innin~ at the NW corner of Section 31, and running thence Eas~ 594 feet, thence South 1320 feet to County Road 151, . thence Ween 594 feet to County road 148, thence North 1320 feet alon~ County road 148 to the point of beginning.