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HomeMy WebLinkAbout897617897617 RECEIVED LINOOLN COUNTY OLERK 0!-~ H~R -h )~,H lO: I 5 JEANNE ~.r v.',,~,,! E F~E FL 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 9.2.-.22-.2.0.0.4 .................................... and the parties, their addresses and tax identification numbers, if required, are as follows: MORTGAGOR: DEAN ELLIS DEVENY AND JANETTE DEVENY, HUSBAND AND WIFE BOX 1139§ JACKSON, WY 83002 [] If checked, refer to the attached Addendum incorporated herein, for additional acknowledgments. Mortgagors, their signatures and LENDER: BANK OF JACKSON HOLE ORGA rflZED AND EXISTING UI~DER THE LAWS. OF THE STATE OF wy,o. ,MING . .~.. ..... ' 990 W. BROADWAY P.O. BOX 7000 JACKSON, WY 83002 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 ATTACHE0 EXHIBIT A The property is located in ............................... .L!.~.C.0.L~. ............................... at ................................................ (County) ..................................................................................................................... Wyoming ....................... · (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 improvements, structures, fixtures, and'replacements that may now, or at any time ia the future, be part of the real estate described above (all referred to as "Property"). MAXIMUM OBLIGATION LIMIT. The total principal anount secured by this Security Instrument at any one time shall not exceed $ .9.2,.~.8.~...1.4. ............................... · ............ This lhnitation 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 under 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 FUIlIRE ADVANCES. The tem~ "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. (When 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 2127104 WYOMING - MORTGAGE (NOT FOR FNMA. FHLMC, FHA OR VA USE) ~)1994 Bankers Systems. Inc., St. Cloud, MN (1-800-397-23411 Form RE-MTG-WY 11118194 (page I of 4) All future adyauces ifrom Lender to' Mortghg0r or othe~ futUre ob!igati0u~, of Mbrtg~tg°'r {o. Lende~:~under any:Pi6niissory note, contraci, "guaranty; or othe~ evidence of 'debt executed by MOrtgagor in f~vOr 6f"Lender "eXecuted after this S~Chrity 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. Ail future advances and other future obligations are secured as ff made on the date of this Security Instrument. Nothing in this Security Instrument shall constitute a commitment to make ad~litional or future loans or advances in any amount. Any such conunitment must be agreed to in a separate writing. 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 any deposit account agreement between Mortgagor and Lender. All additional sums advanced and expenses incurred by Lender for insuring, preserving or otherwise protecting the Property and its value and any other stnns advanced and expenses incurred by Lender under the terms of this Security Instrument. This Security Instrument will not secure any. other debt ff Lender fails to give any required notice of the right of rescission. 5. PAYiVIENTS. 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. 6. PRIOR SECUR~TY INTERESTS. With regard to any other mortgage, deed of trust, security agreement or othe. r lien document, that created.a Prior,.security interest Or: ~n~umbrance on .the Property, Mortgagor ag~ees.i A. To mal~e all payments when due and to perform or comply with all covenants. . ,~ . . B. To promptly deliver t° Lender any notices that Mortgagor receives from the holderl ' C. N?t to allow .any modificati°n or extension of, nor to request any future advances under any note or agreement secured by the lien do&unent without 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 mnounts are due and the receipts evidencing Mortgagor's payment. Mortgagor will defend title to the Property against any claims that would hnpair 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 humediately 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 hnposed 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 malce all repairs that are reasonably necessary. Mortgagor shall not commit or allow any waste, impairment, or deterioration of the Property. Mortgagor will lceep the Property free of noxious weeds and grasses. Mortgagor agrees that the nature of the occupancy and use will not subs.tantially.~. change without Lender's, prior written consent. Mortgagor will not permit any change in any license, restrictive covenant 0r ~'asement without Lender s prior written consent; Mortgagor will notify Lend.e~' o~' al:! demands', proceedings clhimg 'and 'actionS'against M0rt~agor, and of any 10ss or damage to th~ 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 perfom~ 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 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 talce all steps necessary to protect Lender's security interest in the Property, including completion-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, including 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 proyide Lender with tree 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 talCes affirmative action prescribed by Jaw, and that this assignment will remain ia' ~ffeet during a. ny~.~'i~edempfi°n period! until t~e..,_.S'.ecured DebY' i? satisfied, uortgogor, agr.e.es~.that Lender may talce ~dtual' posSess/0n'~0f the property :withoUt the necessity of c6mmencing legal action and that actual possession ; is deemed to 6'ccUi ~hen Lender, Or lis agentI notifies Mortgagor of defauit'an4'~lemdt~d~ that any tendfit 'pay all future Ren/s directly to Lender. On ~eceiving notice: of default, Mortgagor will endorse and deliver to Lender any payment of Rents in Mortgagor's pbsseSsion and will receive anY Rents in trust for Lender and will not commingle the Rents with any other.funds. Any vanounts collected will be applied as provided in this Security Instrument. Mortgagor warrants that no default exists under the Leases or any applicable landlord/tenant law. Mortgagor also agrees to maintain and require any tenant to comply with the terms of the Leases and applicable law. ?'"'" 405 n. tr~ ,g~o~s. Mo~gagor agrees to comply with ~e provis'[6ns~ ~?fifl~']~se ~~~iS",~en4 is on a leasehold; ffthe Prope~ includes a unit in a condomia~, or a planned unit~e~elo~ment, ~gagb?(wi[[ perfoml all of Mortgagor s duties under ~e covenants, by-laws,' or regnlatio~ of the condo~ini~o~pt~ne~t:developm~t~~: · ~ ' ~ '...~' ' ...; ;. :.~' . 13. EEA~T. ,M.6Rgag6t;.~i!i be in:dehUlt ff any .paay. obligated .on the SecUred Debt ~fa~s to.make paymem When.'due. U0ngag~r ~iil be ia 'defhUf[ if a' brdach.:0~c~rs' under the' te~s' of this SecuritY I~tr~ent dr any ':9ther'd°c~efi~ executed for the purpose of creating, securing. 0r~guarantying the Secured Debt '~good hith .belief bg Lender that Lender at any t~e. is insecure with respect to any person or entity obligated on the Secured Debt or that the prosPect of any payment or the value. 0f the Propeay is ~paired shall also comtitute an event of default. 14. REMEDlES 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 and may establish time schedules for foreclosure actions. Subject to these limitations, ff any, Lender may accelerate the Secured Debt and foreclose this Security Instrument in a manner 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 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 shal[ be.entitled to .all the ren~edies provided by law, the terms of the Secured Debt, this Security Instrument and any related docUments` i/~ciUding~:'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, 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 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 ff it continues or happens 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 in this Security Instrument. Mortgagor will also pay. on demand any, amount incurred, by Lender [or insuring, inspecting, Preserving or otherwise protecting the Property and Lender's secUrity'intereSt. These expense§ will bear interest from the date o£the .payment until paid in full at the highest' interest rate in effect as provided i/i the terms'of the Secured Debt. M0rtgagor agrees 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 inay includd, bui is" not limited to~ teas0nable at[Or%ys' fe~es, C0U~'~coSts, attd other legal expenses. This amount does not include attorneys' fees for a salaried, employee of the Lender'. Thi.s Security Instrument Shall remain in effect until released. Mortgagor agrees to pay for any rec°rdation costs of such release. ' 16. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this 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, safety, 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. Mortgagor represents, warrants and agrees that: A. Except as previously disclosed and 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 use and maintenance of the Property. B. Except as previously disclosed and acknowledged in writing to Lender, Mortgagor and every tenant have been, are, and shall remain, in full compliance with any applicable Environmental Law. C. Mortgagor shall innnediately 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: sha!t.take all ne~e:ssary remedial action in accord.an~e with anY Environmental Law. D. Mortgagor shall..imm~d[a.,tely; notify Lender in writing as.soon as Mortgagor has .reason to believe there is any pending or " ...... threatened investigation,"~laini, or proceeding relating to the release or threatened release of any Hazardous Substance or the violation of any EnVirOnmental Lawl ' 17. CONDEMNATION. Mortgagor will give Lender prmnpt notice of any pending 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 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 dmnages connected with a condemnation or other taking of 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 insured 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 Mortgagor subject to Lender's approval, which shall not be unreasonably withheld. If Mortgagor fails to maintain 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 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 tl/e right to hold the policies and renewals. If Lender requires, Mortgagor shall i~nmediately 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 otherwiS~ agreed 'ia Wrifi'ngi :t{li inSu'rance Proceeds"shail be applied (6:the'rds~t'0rati;n or repaik df ihe Prope~tj o~ to the Secured Debtl :'wh~th~r:'Or 'not 'then due, at Lender's option.' AnY aPpliCation"hr'proceeds to princ{Pai shall' not eXt~nd or ©1994 Bankers Systems, Inc., St. Cloud, MN 1-$00-397-2341} Fofm RE-MTG-WY 11118194 (page 3 of 41 postpone the due .Oa~e?of..the scheduled payment nor change the amount of any payment. Any excess will be Paid to the Mortgagor. If the Propei/y is acquired by Lender · Mortga~°i'S right't0 any insurance policies and proceeds resulting from damage to the Prop6rty 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 [NDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Security InstrUment are joint and individual. If Mortgagor signs 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 ]nay 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. 22. APPLICABLE LAW; SEVERABIL1TY; 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 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 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 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. 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 I of this Security Instrument, or to any other address d.esignated 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. OTEI~R 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 M°rtgagor owns now or in the future and that are or will become fixtures related to the Property. This Security Instrument suffices as a financing statement and any carb, on,',::i3.hotographic or other reproduction may be filed of record for purposes of Article 9 of the Uniform '~ Comme~cialCode ......... , ........ ~.:- ................. - , ' :. , :, ',...~..:,'. :.; j.'~i;~.,.":~:_,.... ~.:.; }.::':'2,£!'::?." ...: ".:'~ ~.'i ,,:; 7<.' .... ~ : :.; . ;. ::;c.-..:. .--'....-~,. .:.. .... ~ [] 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] 5.'. [] 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) DEAN ELLIS DEVENY (Date) (~ffature) JANETTE DEVENY (Date) ACKNOWLEDGMENT: · STATE OF .W..Y.0.M.!.N.q ................................... COUNTY OF.~,.: .... ~..~ ........ 3~ ...... ;~. } ss. (x~i~i~) This instrument was acknowledged before me this ..g~..~.' ?.~.'7 day of ..D{....~A~. .'.c~..~ by p. EA..N..E.L.qS..D..Ey.ENyi .J3.N..E.T.T..E,D..Ey.E.N¥, HU..S.B.A..N.D..A.N..0..W.I.F.E.,, My commission expires: (Seal) K,M. LeVasseur NOTARY PUBLIC TETON COUNTY, WYOMING MY COMMISSION EXPIP. E8 · JUNE 27, 2004 (Notary Public) ~)1994 Bankers Systems, Inc., St. Cloud. MN 11-800-397-2341) Form RE-MTG-WY 11/18/94 (page 4 of 4) 089'76 .,'7 !" "'-' 40'7 EXHIBIT "A" A portion of the property referred to in the Deed recorded in Book 399 P.R., on Page 581 with the Office of the Clerk of Lincoln County, Wyoming, within the W1/2SE1/4 of Section 26, T35N, R119W, of the 6th P.M., Lincoln County, Wyoming, the metes and bounds more particularly described as follows: BEGINNING at the B.L.M. type Monument found marking the Marlowe A. Scherbel PLS 5368, 1993 location for the Southwest Corner of said W 1/2SE1/4; thence N0°42'05"E, along the West line of said W1/2SE1/4, 2,652.48 feet to the B.L.M. type Monument found marking the Northwest Comer of said W 1/2SE 1/4; thence S 89°02'49"E, along the North line of said WI/2SE1/4,659.98 feet to an Aluminum Cap on an Iron Pipe set; thence S0°43'09"W, 2,651.99 feet to a Cotton Gin Spike set at a point in the South line of said W1/2SE1/4; thence N89°05'21"W, along said South line, .659.. 17 feet, to the Point of Beginning. Excepting there, yom that tract of land described in Book 511 P.R., Page 5'56, records of Lincoln