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HomeMy WebLinkAbout899069BOOK 426 LINGOL~! O01JNTY OLERK State of Wymning Space Above This Line For Recording Data MORTGAGE (With Future Advance Ch]use) DATE AND PARTIES. The date of this Mortgage (Security Instrmnent) is .0.6...0.fi...2.0.0.4. .................................... and the parties, their addresses and tax identification numbers, if required, are as follows: MORTGAGOR: DAVID M. BROOKOVER AND YUKO S. BROOKOVER, HUSBAND AND WIFE ' P.O. BOX 4736 JACKSON, WY 83001 [] If checked, refer to the attached Addendum incorporated herein, for additional acknowledgments. LENDER: BANK OF JACKSON HOLE ORGANIZED AND EXISTING UNDER THE LAWS OF THE STATE OF WYOMING 990 W, BROADWAY P.O. BOX 7000 JACKSON, WY 83002 Mortgagors, their signatures and 2o 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 perfommnce under this Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with power of sale, the following described property: [Ol 30 0F IHE BROK[N WHE[L RANCH SUBDIVISION, SAID SUBDIVISION BEING THE SWll4NEll4 Of SECTION I§, TOWNSHIP 38 NORTH, RANGE 119 WEST, 8TH P.M., WYOMING, IN ACCORDANCE WITH THE OFFICIAL PLAT OF SAID SUBDIVISION AS FILED FOR RECORD IN THE OFFICE OF THE COUNTY CLERK AND EX-OFFICIO RECORDER OF DEEDS, LINCOLN COUNTY, WYOMING ON THE 2ND DAY OF FEBRUARY, 1972. The property is located in · LINCOLN at LOT 30 OF THE BROKEN WHEEL RANCH (Comity) SUBDIVISION ALPINE ................... ............................................................... , ................................................... .., Wyoming .... 83128 (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 mnount secured by ~his Security Instrument at any one time shall not exceed $ .4.q,o.0.0...q0. ........................................... This lhnitatioa of mnount does not include interest and other fees and charges validly made pursuant to this Security Instrmnent. 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 ibis Security htstrument. SECUI~D DEBT AND FUTURE ADVANCES. The. tem~ "Secured Debt" is defiued 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 anzottnts, interest rates, tnaturity dates, etc.) WYOMING - MORTGAGE (NOT FOR FNMA, FHLMC, FHA OR VA US/) ©1994 Bankers Systom~, Inc., St. Cloud, MN (1-800-397-2341J Form RE-MTG-WY 11/IB/94 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 this Security Instrument is specifically referenced. If more than one person signs this Security Instrument, each Mortgagor agrees that this Security Instrmnent 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 Ihough 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 connnitment to make additional or future loans or advances iu any mnount. 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 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 and its value and any other sums advanced and expenses incurred by Lender under the terms of lhis Security Instrmnent. This Security Instrument will not secure any other debt if Lender fails to give 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 with the · terms of the Secured Debt and this Security Instrument. 6. 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 encmnbrance 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 Mortgago.r receives from the holder. C. Not to allow any modification or extension of, nor to request any future advances under any note or agreement secured by the lien document without Lender's prior written conse,a. 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 I~ender 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 clahns that would hnpair the lien of this Security Instrmnent. 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 hnprove the Property. 8. DUE ON SALE OR ENCUMBRANCE. Lender may, at its option, declare the entire balance of the Secured Debt to be hmnediately due and payable upon the creation of, or contract for the creation of, any lien, encmnbrance, transfer or sale of the Property. This right is subject to the restrictions imposed by federal law (12 CFR. 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 lnstrmnent 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 c0nmfit or allow any waste, in!pairment' or deterioration of the Properly. 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 cousent. 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 dmnage to the Property. Lender or Lender's agents may, at Lender's option, enter the Property at any reasonable thne for the purpose of inspecting the Property. Lender shall give Mortgagor notice at the thne 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 PERFOIhM. 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 mnount 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 take 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 futu. re 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 provide Lender with true a,~d correct, copies of all existing and future Leases. Mortgagor nmy 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 assigmnent is hnmediately effective between the parties to this Security Instrument. Mortgagor agrees that this assiglm~ent is effective as to third parties when Lender takes affirmative .action prescribed by law, and that this assignment will remain in effect during any redemption period until the Secured Debt is satisfied. Mortgagor agrees that Lender may take actual possession of lbe property without the necessity of commencing legal action and that 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 connningle the Rems with any other funds. Any mnounts 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. ©1994 Bankers Systems, Inc., St. Cloud, MN (1 ~00-397-2341) Form RE-MTG WY 1 ~/18t94 12. LEASEHCL~St'n¢0~bM~~XP~D[ ~IT DE~LOP~NTS. Mortgagor agrees to comply with the provisions ~f a~,i~g~f thi[?'~urityCn~ament i~ on a leasehold If ~he Propeffy includes a unit in a condomi~um or a planned utut dev~loplgeotg~a~g~p,~[~ge~orm ~11 or' Mortgagor s duties under the covenants by-laws or regulations of 13. DEFA~T. 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 temps of this Security Instrument or any other document executed for the purpose of creating, securing or. guarantyi~ the Secured Debt. A good faith belief by Lender that Lender at any time is insecure with respect to any person or enti~ obligated ou the Secured Debt or that the prospect of any payment or the value of the Property is hnpaired shall also constitute an event of default. 14. REMEDHgS ON DEFAULT. In soine instances, federal and state law will require Lender to provide Mortgagor with notice of the right to cure or other notices and may establish thne schedules for foreclosure actions. Subject to these limitations, if any, Lender may accelerate the S6cured Debt and'foreclose this Security Instrunient in a mariner 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 hmnediately due and payable, after giving notice if required by law, upon the occurrence of a default or anythne thereafter. In addition, Lender shall be entitled to all the remedies provided by law, the terms of the Secured Debt, this Security Instrument and any related documents including, without lhnitation, 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 stun 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 eveut a default if 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 mnount incurred by Lender for insuring, inspecting, preserving or otherwise protecting the Property and Lender's security interest. These expenses will bear interest front the date of the payment mail paid in full at the highest interest rate in effect as provided ia 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 reh~edies under this Security Instrument. This amount may include, but is not !dulled to, reasonable attorneys' fees, court COSTS, and other legal expenses. This amoma 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 HAZARDOUS SUBSTANCES. As used in this section, (1) Enviromnental Law means, without lhnitation, the Comprehensive Enviromnental Respouse, 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, enviromnent or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or contantinant which has characteristics which render the substance dangerous or potetitially 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 Enviromnental 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 ia 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 hmnediately ~mtify 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 Euviromnental Law concerning the Property. In such an event, Mortgagor shall take all necessary remedial action in accordance with any Enviromnental Law.' D. Mortgagor shall hnmediately notify Lender in Writing as soon as Mortgagor has reason to believe there is auy pending or threatened investigation, clahn, or proceeding relating to the release or threatened release of any Hazardous Substance or the 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 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 clahns. Mortgagor assigns to Lender the proceeds of any award or claim for damages connected wil:h 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 assigmnent 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 mnounts 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 Instrmnent. 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 hmnediately 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 hmnediately give to Lender all receipts of paid premimns and renewal ~mtices. Upon loss, Mortgagor shall give h~nnediate notice to the insurance carrier and Lender. Lender may make proof of' loss if not made inm~ediately by Mortgagor. Unless otherwise agreed in writingl all insurance proceeds shall be applied to the 'restoration or repair of the Property or to the Secured Debt, whether or not then due, at Lender's option. Any application of proceeds to principal shall not extend or %~__..~ (page 3 of 4) ~)1994 Bankers Systems, Inc., St. Cloud, MN (1-800-397-2341) ~:ofm RIF-MTG-WY 22. postpone the due date of the scheduled payment nor change tile mnount of any payment. Any excess will be paid to tile Mortgagor. If the Property is acquired by Lender, Mortgagor!s right to auy insurance policies and proceeds resulting from dmnage to the Property before the acquisition shall pass to Lender to the extent of the Secured Debt hmnediately 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 itfformation 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 Instrum.ent and Lender's lien status on the Property. 21. JOINT AND INDIVIDUAL 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 attd 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 lhnited 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 lnstrunmnt. The duties and benefits of this Security Instrument shall bind and benefit the successors and assigns of Mortgagor and Lender. 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 complete and fully integrated. This Security Instrument may not be amended or modified by oral agreement. Any section in this Security Instrument, attac[unents, or any agreement related to the Secured Debt that conflicts with applicable law will /tot' be effective, unless that law expressly or hnpliedly pennia 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 lhe remaiuder of this Security Instrument. Whenever used, Ihe singular shall include the plural and the plural the singular. The captions aud 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. Thne is of the essence in this Security Instrument. 23. NOTICE. Unless otherwise required by law, any notice shall be given hy delivering it or by mailing it by first class mail to the appropriate party's address on page 1 of this Security lnstrmnela, 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 auy 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 Instrmnent: [] 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 au obligatiou incurred for the construction of an hnprovement 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 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 Unifomx Connnercial Code. [] Riders. The covenants and agreements of each of the riders checked below are incorporated into and supplement and mnend the temps 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 ackhowledges receipt of a copy of this Security Instrument on the date stated on page 1. (ignat~c) YUK0 S. BR00KOVER (Date) ACKNOWLEDGMENT: STATE OF .W.¥.0.M.!Ig.q... ............................. COUNTY OF ..7~...~4. ................................. } ss. (Individual) ' ' ' ' ' This instrument was acknowledged before me this ........ .5.1'.~ . day of ~¥ 2004 by p.a.¥.0..g..8..n0.0..K.0.¥[gi Y.q .K9..S...~.[30.q~..0.~[.n., .~.U..S.~.a.~.q .~.~. O.W [E ....... ' ..................................... ............. My .connnission ex p ires'. / g~/,_,~/,~;~o~~' '~' ' -~; "~,~ ......'~' ~'~LL~ ..... ,~"'i ................ ..... ' (Seal) t-' t~- '-..' fi/ ~ ~ .... .... ..................... .......... ©19q4 Flankers Systems, inc., St. Cloud, MN (1-800-397-2341) Form RE-MTG-WY 11/18/94 [l~E~_qo 4 of 4) ~: '. 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