HomeMy WebLinkAbout899596~ dooumem Is being ~
by Rocky Mountain Title Insurance REAL
Agency of Lincoln Cowry as e,
CLERK
THI, g MORTG~tGE i~ granted ~), ~COTT ~ BUCK and ~V~DA ~ BUCK, husband and Wg~,~t~'~IORI'GAGOR to
THE BANK OF COMMERCE, as Trustee for the benefit of the LAURENCE B. REINHART i~, m- MORTGAGEE.
,WITNESSE TH:
Mortgagor, for good and valuable considerations, the receipt of which is hereby acknowledged, does hereby GRANT, BARGAIN, SELL, CONVEY
AND WARRANT, and fitrther releases and waive~,: all rtghts under artd by virtue of the homestead exemption laws of Wyoming, unto the Mortgagee,
Iris successors and c~signs, all of the fcdlowing described real property, to wit:
Lot 128 of Nordic Ranches Division No 9, Lincoht County, W),omhtg as described on the official plat thereof.
TOGETHER WITH any and all improve~nents, water and ditc]i rights, rights of ways, e~ements, privileges, ventilatin& tenement&
heredimments and appurtenances thereunto belonging or tn anywise appertaining, nmv or hererq?er used on said land or belonging to
said ~lortgagor, and any reverston, rent, ~inder, rents, issues and profits thereof hereim~erreferred to as the "Property".
This grant is intended as a ~Iortgage, a F~rtu~'e Filing and Security Interest for the PtttI, ose of ~ecaring:
1. Pe~f~rmance ~f each agreement ~f ~rtghg~r herein c~ntained~ each agreentent ar~d c~venant c~ntained in the ~an d~cuments c~s~ciatedwith
this mortgage, and arty extension, renewal, medication and/or amendment thereof "Loan documents" shall include the above described not< this
mortgage, and any other documents or instrume:'nts signed in connection with this loan
2. Payment of the indebtedness evidenced by~'a promissory note of even date herewith, and any extension or renewal thereo~ in the principal aura
of FIVE THOUSAND SEVEN HUNDRED TWENTY EIGHT AND 35/100 DOLLARS ($5,728.35), the final payment of
princtpal and interest thereo/ ~ not sooner pai& to be finally due and payable NO VE 3tB E R 21, 2005.
3. Payment of all such fitrther snms c~ may hereafter be loaned or advanced by the ~lortgagee for any pnrpose; and any notes, clrc~tx and/or other
instrantents representing such filrther loans, advatqces or e,xpenditaresshall be optional with the btortgage< and shall become due and payable no
later than the final maturity date of said nora semtred hereby; and provided fi~rther, that it is the express intention of the parties to this 3lortgage that
it shall stand r~ continuing security tmtil all sach loans, advances or expenditures together with interest thereon, are paid in fidl.
A. 1~ protect the security of this ~lortgage, 3'lortgagor }parrants, covenants ttnd agrees:
1. The proper¢ ia peepom all encambranc~s, except (~ may be described herei,, and that Mortgagor shall warrant and defend the same forever
against the lm,~d aiM,ns and demands of all pera:ons whomsoeven and this covenant xh,II not be extinguished by foreclosnre or other transfers.
2, To keep all buihlings and other improven;jents now or herec(terexisting in good condition and repair; to not remove or demolish any building ·
or other improvement thereon; to complete or restorepromptly and in a good workmanshiplike manner atO, improvement which may be constructe4
damaged or destroyed thereon; to pay when da~ all claims for labor performed and materials fitrnished thereto or therefor; to contp¢ with all laws
t~eeting said properO* or requiring (~'ny alterati~r~s or improvements to be made thereon' to not commit or permit w~te thereof or thereon' to
maintain, cultivate, irrigat< fertilizg fianigrtt< pr,n< all in a good and hasbandrylike manner, the land and improvements thereto; m not change or
permit change in the use of the property; to not do anything which weald reduce the valse of the property; and do all other acts which from the
character or use c~ said property may be re~onably necessary, the spec~c en,merations herein not excl,ding the general.
3. To provide, maintain and deliverfire insu~'once satisfactory and with loss payable to 3lortgagee; to maintain liability insurance; to pay all
premiums and charges on all sztch insurance when dae; and to provide ~[ortgagee satiafactoryevidence of s,ch insurance ~tpon request. The amount
collected under ~any fire or other insurance policy may, at MortgageeS. option and determination, be applied upon any indebtednesa secured hereby in
such order (~ Mortgagee determines, be rele~ed to Mortgagor in whole or part, or any combination thereof Such application or reler~eshall not
cure or waive any default or notice of defaalt hereunder or invalidate any act clone pursuant to such notice.
4. To pay beJbre delinquency all tomes, ca'sea:sments, or rents c(fecting said properO,; to pay when dae all encumbrances, charges and liens, with
interest, c~ecting said proper¢ which are or may appear to be prior or superior hereto; and to pay all costs, fees and expenses of this ~[ortgage and
~sociated loan documents.
5. To pay immediatelyand without demand all sums expended by 3[ortgagee pnrsuant to the provisions hereo~ with interestfi.om date of
expenditure, at a rate equal to the interest rate payable under the promissory note described above or tweh,e percent (12%)per annam, whichever is
greater.
6. To appear in and defend arty action or p/:oceedingpnrporting to c(fect the secnriO, hereof or the rights or powers of bIortgagee; to pc(v, on
demand, all costs and expenses, 'including withoat limitation, cost of title evidence, reas'onable attorneyS fees, advances, and/or costs, paid or
incurred by 3lortgagee to protect or enforce its ?ights under bankraptcy, appellate proceedings or 9therwis< and all such cost{ and expenses shall
become a part of the indebtedness secured by th/s mortgage.
7. Should Mortgagor~dl m make any payment or to do arty act r~ herein provide4 ~[ortgagee, but without obligation so to do and withont notice
or demand npon blortgagor and without rele~ing 3[ortgagor from atO, obligation hereo~ may: make or do the same in s,ch manner and to such
extent c~ 3~ortgagee may deem necessary to pro}ect the securiO, hereo~ ~ortgagee'being attthorized to enter upon amd property for such purposes;
aPPear in and defend any action or proceeding~tn~orting to effect the secari(~ herecf or the rights or powers of b[ortgagee; pay, purch(~< contest
or compromise arty encumbranc< charge or lie~ which in the judgment of Mortgagee appears to be prior or superior hereto; and in exercising any
such powers or in e~orciAg this 3~ortgage by judicial foreclost,'e or otherwis< pay the necessary expenses, costs and rec~onable attorney's~bes.
8. IB comply with all laws, ordinances, regulations, covenants, conditions and restrictio,s c~ecting the Property and its m'< including witho, t
limitation all environmental laws; not to use orpermit the use of the Pr%oerty for any unlmg~d or objectionable purpose; to remedy any
environmental contamination or violation of en?ironmental laws that may occur or be discovered in the fitture; to allow ~[ortgagee ~tcc~ss to the
Property to inspect its condition and to test and monitor for compliance with applicable laws (chO, inspections or tests made by ~lortgagee shall be
for Mortgagee ~'purposes only and shall not be constrtted to create any responsibiliO, or liabiliO, on the part of Mortgagee to b[ortgagor or to arty
other person); to forward copies of any notices ~eceived from am, environntental agencies to 3(ortgagee; and to Indemn~y and hold Klortgagee, his
employees, agents and his successors and ca'signs, harmless from and against any environmental claims of any li)nd, and all costs and expenses ·
incurred in connection therewith, including, without limitation, attorney 5 fees.
9. Any award of damages in connection with any condemnation for public use of or it~ttry to said property or any part thereo~ is hereby c~signed
and shall be paid to Mortgagee who may apply or relec~e such monies received by him in the same manner and with the same effect si' above
provided for disposition of proceeds of fire ok other insurance.
] O. The failure of Mortgagee to exercise any right or option provided herein at any tint< shall not preclude 34ortgageefrom exercising any of such
rights at any other time; by accepting payment of any sum secured hereby ((ter its due date, ~lortgagee does not waive his right either m require
prompt payment when due of all other sums so a'ecnred or to declare defimlt for f}dlnre so to pay; all rights conf~rred on 3lortgagee are camulative
and additional m any rights cot(erred by law; cmd ~any provision is foand m be invalid or nnenforceabl< such invalidity or une~orceabiliO,shall
not (~ect any other provision hereof and the mdrtgage shall be construed ca' though such provision had been omitted.
~ d~ment is being reco~
by Rocky Mountain Title Insurance
11. As additional security iV[orlgagor hereby gives to attd cotters upon ]P/ortgag~e tile right, power and authority during the continuance of this
mortgage, to collect tile rents, issues and profits of said property as they become due and payable; Reserving however ttnlo ]~'[ortgagor, prior to any
default by Mortgagor in payment of an), indebteaness secured hereby or in performance of att), agreement beremlder, the right to collect arid retain
such rents, issues and profits. Upon arty such default, ~/lortgagee may at any time without notice, either irt per'son, by agent or court appointed
receiver, and without regard to the adequacy of c;n)~ security for the indebtedness hereby secured, enter Upon and take possession of said property or
any part thereof in his own name sue for or otherwise collect such rents, issues and profits, including those pc~t ch~e attd unpaid, and apply the
same, less costs and expenses of operation and collection, including reasonable attorney's fees, ~q~on any indebtethtess secured hereby, and in such
order as ]¢[ortgagee may determiue. Tile entering upon and taldng possession of said properO; the collection of such rents, issues and profits and the
application thereof as aforesai4 shall not cure or waive any default hereunder or invalidate any act done parsuant to any such default notice.
12. DUE ON SALE: The indebtedness and obligations secared by this mortgage is personal to the ~¥1ortgagor and is not assignable bk, )lortgagor.
lvlortgagee hca' relied upon tile credit of ]Plortgagbt;. the interest of Mortgagor itl the Property and the financial market conditions theu existing when
making this loan. [f A/[ortgagor tranafers or contrabts to transfer, title to or possession qf, all or part of the Property, or any equitable interest
therein, whether by dee4 contract for dee4 assignment, lease for a term in excess of one ),eat; lease with alt option to purchase, option to purchase,
or similar agreement; or if the ownership of any .~orporation or partnership, owning till or any portion of the ProperO~ shall b~ changed either by
voluntary or involuntary sale or transfer or by operS~tion of law, ]~ortgagee may declare all sums due under ally note, security agreement, and/or
loan documents associated herewith, immediately[due and payable. Noncompliance with this covenant shall constitute and be a default of this
obligation which shall entitle 3~[ortgagee to effectuate arty and all remedies provided.
13. Time is of the essence and a material part of this agreement. In the event of default, at M'ortgagee 's option, the entire indebtedness secured
hereby shall forthwith become due and payable and bear interest at the rate of TWELVE PERCENT (12%) per annunK ~/lortgagee shall have the
right to foreclose the lien of this mortgage, to ha'lc a receiver appointed in any court proceeding, to collect ato~ rents, issaes and profits from the
Property attd ttpply them against the indebtedness hereby secured; to sell the Property at filreclosure en masse, or ac one lot or parcel at the option
of Mortgagee, and to exercise any rights and ren;edies available under the Uniform Connnercial Code for the State in which the properO~ ia' located;
and rec~'onable notice if required by such Code sha.'l be five (5) days.
14. The ]PIortgagee may at any time, without n: rice, release portions of said mortgaged premises from the lien of this mortgage, without affecting
the personal liability of any person for the payment of the said indebtedness or the lien of this mortgage upon the remainder of the mortgaged
premtses fo'r the fidl amount of said indebtedness then remaintng unpaid.
15..~Iortgagor and each of them join in this instrunlentfor the purpose of subjecting each of their right, title attd interest, if any, in the Property,
whether of record or otherwise and including a~ty right to possession, to tile lien of this mortgage.
16. This mortgage, all loan documents and the note(s) secured hereby shall be governed attd construed according to the laws of the State of
V/yoming. In the event of default, 3[ortgagor grants to 3/[ortgagee a Power of Sale to forecloseon attd sell said properO, at public attction pursuant
to Wyoming Statute Section 34-4-101 et:seq.
17. This mortgage applies to, inures to the benefit of and binds all parties hereto, their heirs, devisees, personal representatives, saccessors and
asstgns. The term Mortgagee shall mean tile hold. er and owner of the note secured here&),; or if the note h(~ been pledged, the pledgee thereof In
this Mortgage, wherever tile context so requires, l'he mra'culine gender includes tire feminine and/or neuter, and the singular number includes the
plural.
Dated: f~ ,2 /~ Ocl
Scott K Buck }[zc~r-l~ '). Buc~/
STATE OF IDAHO
County of BONNEVILLE
On May 21, 2004. before me, the undersigned, personally appeared
Scott K Buck and Wanda ~ ~illard. known or identified to me to be the persons
whose names are subscribed to the within instrument, and acknowledged to me that
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