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HomeMy WebLinkAbout878402 State of Wloming Space A~ve This l,i~e For Recording Data- MORTGAGE ~ith Future Advance Clause) 1. DATE AND pARTIES, the date of this Mortgage (Security-Instrument) is ).~'¢~'Zqg] ....................................~d parties, ~eir addresses ~d tax identification numbers, if required, are as follows: MORTGAGOR: ~ LEE SCHWAB AND TERRI L SCHWAB, HUSBAND A~B 353 TWI~ CLIFFS ROAD AHON, WY 83110 [] If checked, refer to the attached Addendum incorporated herein, for additional Mortgagors, their signatures and acknowledgments. LENDER: TIlE BANK OF STAR VALLEY 384 WASHINGTON STREET PO BOX 8007 ,~ AFTON, WY 83110 83-0315143 2. CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debt (defined below) and M0rtgagor's .performance under this Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with power of sale, the following described property: SEE SCHEDULE A ATTACHED HERETO -AND MADE A PA.T ,EREOE 480 R ,AOS 779 The property is located in ............... l NCDLN .............................. at .kqT.~..q~..4~?.v..[a.s.0..~..s.u.~. 0.v..s..q.~ ............... (County) (Address) (City) (ZIP Code) Together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, all water arid riparian rights, ditches, and Water stock and all existing and future improvements, 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"). 3. MAXIMUM OBLIGATION' LIMIT.. The total principal amount secured by this Security instrument at any one time shall not exceed $ ~8 29.4.?.1. ........................................... This limit_ati0u of amount does not include interest and other fees and charges validly made pursuant to this Security Instrument] Als0, th!~; limitation does not apply to advances made under the terms of this Security Instrument to protect Lender's security and to perform any of the covenants contained in tiffs Security Instrument. 4. 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. (WT~en referencing the debts below it is suggested that you include items such as borrowers' names, note amounts, interest rates, maturity dates, etc,) PROMISSORY NOTE DATED 12-03-01 IN THE AMOUNT OF $96264.41 WYOMING - MORTGAGE (NOT FOR FNMA, FHLMC, FHA OR VA USE) (page I of 4) ©1994 Bank---- 'nc., St. Cloud, MN (I-8OO-397-2341} Form RE-MTG-WY ~.':::;~ 7 j-? ~ 78O B. All future advances from Lender to Mortgagor or other future obligations of Mortgagor to Lender under any promissory note, contract, guaranty, or other evidence of debt executed by Mortgagor in favor of Lender executed after this Security Instrument whether or not ~is 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 ~ture obligations · at are given to or hcurred 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 Inst~ment even though all or part may not yet be advanced. All future advances and other ~ture obligations are secured as if made ~n ~e date of this Securi~ Instrument. No~ing in this Security Instrmnent shall constitute a Commitment to make additional or fumre3oans 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.a~'ise, to the extent not prohibited by law, inclffding, but not limited tp, liabilities for overdrafts?elating to any depositaccou~t:agreement between'Mortgagor and Lender. D. All additional sums advanced, and expenses incurred by Lender for insuring;' preserving or otherwise protecting .~e Property. and its value and any off, er sums. advanced and expenses incurred by Lender under file terms of ~is Security [~lstrume~t ' ..... ' :.'::~ ' .'.' ' · This Security Instrument will not secure any other debt if Lender fails to gi~e any required notice of the right of rescission. 5. PAYMENTS. Mortgagor agrees that all payments under the Secured Debt will be paid when due and in accordance wi~ the terms of the Secured Debt and ~is Security Instrument. 6. PRIOR SECURITY INTE~STS. With regard to any o~er mortgage, deed of trust, securiW agreement or o~er Iien document ~at created a prior security interest ov encumbrance on ~e P[0perty, 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 Rom the holder. C. Not }o allow any modification or extension of, nor to request any Mmre advances under any note or agreement secured by the lien document without Lender's prior written consent. 7. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, as~ssments, 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 0f all notices that such amounts are due and the receipts evidencMg Mortgagor's payment. Mortgagor will defend title to the Property against any claims that.would impair the lien of ~is 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 fl~e entire balance of ~e Secured Debt to be immediately 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. ~fis covenant shall mn with ~e Property and shall remain in .effect until ~e Secured Debt is paid in Mll and ~is Security Instrument is released. ..' 9. PROPERTY CO~ITION, ALTE~TIONS AND INSPECTION. Mortgagor will keep ~e Property in good condition and make all repairs that are reasonably necessary. Mortgagor shall not co~mit or allow any waste, impairment, or deterioration of the PrOperty. Mortgagor will keep the Property flee of noxious weeds and grasses. Mortgagor agrees that ~e nature of 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 wil~noti~ Lender.of 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 pu~ose of Mspecting ~e Property. Lender shall give Mortgagor notice at the time of or before an inspection speci~ing 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 PE~O~. If Mortgagor fails to perform any duty or any of the covenants contained in ~is Securi~ 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 under the law or this Security Instrument. If any construction on the Property is discontinued or not carried on in a reasonable :nanner, Lender may take all steps necessary to protect Lender's security interest in the ProperW, includMg completion of the construction. 11. ASSIGNMENT OF LEASES A~ 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 tbr the use and occupancy of any portion of the Property, including ~y 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 tree and correct copies of all existing and Mture Leases. Mortgagor may collect, receive, enjoy and usefl~e Rents so long as Mortgagor is not in default under the terms of ~is Security Instrument. . Mortgagor agrees that tiffs assigment is immediately effective between ~e parties to this Security Instrument. Mortgagor agrees that ~is assigmnent is effective as to third parties when Lendef fakes affirmative action prescribed by law; and that this assigment will remain in effect during any redemption period until the Secured Debt is' satisfied. Mortgagor agrees ~at Lender may take actual possession of the property without the necessity of commencing legal action ~d ~at actual possession is deemed to occur when Lender, or its agent, notifies Mortgagor of default and demands flint any tena~ 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 hnds. Any amounts collected will be applied as provided in ~is Security Instrument. Mortgagor warrants ~at no default exists under the Leases Br any applicable landlord/tenant law. Mortgagor also agrees to maintain and require any tenant to comply wi~ fl~e terms of flxe Leases and applicable law. (page 2 of 4) ©1994 Bal'~ker~ System~, Inc., St, C}oud, MN {I-800-397-2341) Form RE-MTG-WY 11/18/94 4 56 781 12, LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELO'PMENTS. 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 planned unit development, Mortgagor will perlbrm all of Mortgagor's duties under the covenants, by-laws, or regulations of the condominium or planned unit development. 13. DEFAULT. Mortgagor will be in default if any party' obligated on the Secured Debt fails to make payment when due. Mortgagor will be in default if a breach occurs under the terms of this Security Instrument or any ottier document executed for the purpose of creating, securing or guarantying the Secured Debt. A g~d fai~ belief by Lender that Lender at any time is insecure with respect to any ~rson or entity obligated on the Secured Debt or ~at the prospect of any p~yment or the value of the Property is impaired shall also constitute an event of default. 14. ~MEDIES ON DEFAULT. In some instances, federal and state law will require Lender to provide Mortgagor with notice of tl~e right to cure or other notices and may establish time schedules for foreclosure actions. Subject to these limitations, if any, Lender may accelerate ~e Secured Debt and foreclose this Security Instrument in a ma~er provided by law if Mortgagor is in delhult. ' At the option of Lender, all or any part of ~e agreed fees and charges, accrued interest and 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, the terms of the Secured Debt, this Security Instrmnent and any related documents including, without limitation, the power to sell the Property. All remedies are distinct, cumulative a~ not exclusive, and 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 afler foreclosure proceedings are filed shall not constitute a waiver of Lender's right 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 tmppens again. 15. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when prohibited by law, Mortgagor agrees to pay all of Lender's expenses if Mortgagor breaches any covenant ~ this Security Instrument. Mortgagor will also pay on demand any amount incurred by Lender for insuring, inspecting, p're~erving or o~erwise protecting the Property and Lender's security interest. These expenses will ~ar interest from the date.of the payment until paid in full at the highest interest rate in effect as provided in the terms of the Secured Debt. Mortgagor ~grees to pay all costs and expenses incurred by Lender in collecting, enforcing or protecting Lender's rights and remedies under this Security Instrument. 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 Instrument shall remain in effect until released. Mortgagor agrees to pay for any recordation costs of such release. 16. E~IRONMENTAL LAWS A~ HAZA~OUS SUBSTANCES. As used in this section, (1) Enviromental Law means, wi~out 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, enviroment or a hazardous subsunce; and (2) Itazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or contamin~t which has characteristics which render the substance dangerous or potentially dangerous to the public heal~, safety, welfare or environment. The term includes, without limitation, any substances defined as "hazardous material," "toxic substances," "hazardous waste" or "hazardous substance" under any Enviro~m~ental Law. Mortgagor represents, warrants and agrees that: A.'Except as previonsly disclos~ aM acknowledged in writing to Lender, no Hazardous Substance is or xvill be located, stored or released on or in the Pro~rty. This restriction does not apply to small 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 ach~owledg~ in writing to Lender, Mortgagor and eve~ tenant have been, are, and shall remain h full compliance with any applicable Enviromental Law. C. Mortgagor shall immediately notify LeMer if a release or t~eatened release of a Hazardous Substance occurs on, under or about the Property or there is a violation of any Enviromental Law concerning the ProperS. In such an event, Mortgagor shall take all necessary remedial action in accordance with any Enviro~ental Law. D. Mortgagor shall immediately notiI~ Lender in writing as soon as Mortgagor has reason to believe there is any pending or threatened investigation, claim, or proceeding relating to the release or ~reatened release of any Hazardous Substance or fl~e violation of any Enviromnental Law. 17. CONDEMNATION. Mortgagor will give Lender prompt notice of any pending or threatened action, by private or public entities to purchase or take any or all of the Property ~r0ugh condemnation, eminent domain, or any other means. Mortgagor authorizes Lender to intervene in Mortgagor's name in any of the above described actions or claims. Mortgagor assigns to Lender the proceeds of anY award or claim for damages connected with a condemnation or other tak~g of all or any part of the Preperty: St:ch preceeds sl~a!l be 'zen;sidereal ~p'.ayments 'a:i~5 will k.e ~pPl~cd as .~r~vid~d in this Security lno,mme,t. This assignment of Proceeds is snbject to: the terms of any prior mortgage,' d{ ed of trust, sect~Jty agreement or Other lien document. 18. INSU~NCE~ Mortgagor shall keep Pro ~erty insured'against loss bY fire, flood, tl~eft at~ other hazardi-~and risks reasonably associated with the Property due to its typ.:, and location. This insuran;:e shall be mr. bitained in the amounts and for the perils that Lender requires. The insurance carrier providing the insurance S'h'all be chosen' by' Mortgagor subject to Lender's approval, which shall not be unreasonably witl~eld. If Mortgagor lhils to maintain the Coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in ~e Property according to the terms of this Security Instrument. All insurance policies and renewals shall be acceptable to Lender and shall include a staMard "moagage clause" and, where applicable, "loss payee clause." Mortgagor shall immediately noti¢ Lender of cancellation or tern:ination of the insurance. Lender shall have the right to hold the policies and renewals. If Lender requires, Mortgagor shall inm~ediately give to Lender all receipts of paid premiums and renewal notices. Upon loss, Mortgagor shall give immediate notice to the insurance carrier and Lender. Lender may make proof of loss if not made immediately by Mortgagor. Unless otherwise agreed in writing, all insurance proceeds shall be applied to ~e restoration or repair of the Property or to the Secured Debt, whether or.not ~en due, at Lender's option. Any application of process to principal shall not extend or (Ooge 3 o(4) ~1094 Banke,- ........... qt.. St. Cloud, MN (1-800~397-2341) Form RE-MTG-WY 782 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 separal,~. agreement, Mortgagor will not be required to pay to Lender funds for taxes and insurance in escrow. :10. 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 a:4d Lender's lien status on the Property. :11. JOINT AND INDIVIDUAL LIABILITY; CO~SIGNERS; SUCCESSORS AND ASSIGNS BOUND. Ail duties under this Security Instrument are joint and individual. If Mortgagor signs this Security Instrument bnt does not sign an evidence of debt, Mortgagor. does so only t~ mortgage M%rtga~nr'y. .'4!ere!;.: it! the Propc'ty t:) se. cu?.,:~ p~.*..,ment of tlc Sect.red 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 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 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. 11. APPLICABLE LAW; SEVERABILIT¥i INTERPRETATION, This Security Instrument is governed by the laws of the jurisdiction in which Lender is located, except to the extent otherwise required by tile laws of the jurisdiction where the Property is located. This Security Instrument is complete 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 tile 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 will 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. :13. 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. 2~. 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 remain 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 in the future and that are or will become fixtures related to tile 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 Commercial Code. [] Riders. The covenants and agreements of each of the riders checked below are incorporated into and supplement and amend t!~e terms of this Security Instrument. [Check all applicable boxes] [] Condominimn Rider [] Pla~med 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. ,. ..................................... ACKNOWLEDGMENT: STATE OF ~YP.~}~ ................................... COUNTY OF ~)]~(3. b:1 ................................. } ss. · (~a~vi~,~0 This instrument was ac~owledged before me ~is ........ ~.~ ........day of ~.[.~,.~! .................................. My co~nmission expires: /- q,~ . ~ ~" ;""~'"7 ........................................... ............................................ ©1 g94 Banker, Systems. rna., St, Cloud, MN (1-800-397-2341) Form RE-MTG-WY 11/18/94 (pag~e'4 of 4) SCHEDULE A Order Number: 03015491 LEGAL DESCRIPTION PARCEL 1: Lot 5 of the Jepperson Subdivision, according to that plat recorded 'March 22.~ 1995 as Instrument No. 799432, Plat No. 354. PARCEL 2: That part of Lot 2 of Block 20 of the Original Townsite of Alton, Lincoln County, Wyoming, it beinb the intent to more correctly describe part of that tract of record in the Office of the Clerk of Lincoln County in Bo~k 344 P.R , Page 244, 'as follows: Beginning at the northeast corner of said Lot 2; thence N88a14,04,,W, 80.0 feet, along the north line of said Lot 2, to a corner; thence S01o45,56,,W, 61.9 feet to a corner; thence N88o14,04,W, 2.5 fee~, to the southeast corner of that tract of record in said Office in Book 332 P.R. on pa. ge 24; thence S01°45,56,,W, 66.3 feet along the east line of those tracts of record in said Office in Book 155 P.R. on page 342 and in Book 261 P.R. on page 342, to the southeast corner of said tract in Book 155; thence S88o14,04,,E, 82.5 feet, along the north line of ghat tract of record in said Office in Book 338 P.R. on page 37, to a poin~ on the east line of said Lot 2; thence NOlO45,56,,E, 128.2 feet, along said east line, to the corner of beginning.