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HomeMy WebLinkAbout875241 State of Wyoming Space Above This Line For Recording Data ,. ~ MORTGAGE (With Future Advance Clause) . 1. DATE AND pARTIES. The date of this Mortgage (Security Instrument) is .0.8.-.1].1.-.2.0o0! ............... ' ..................... and the parties, their addresses and tax identification numbers, if required, are as follows: MORTGAGOR: MATTHEW 0. MILES AND DEBORAH A. MILES, HUSBAND AND WIFE, AS TENANTS BY THE ENTIRETIES PO BOX 2545 - JACKSON, WY 53001 521-84-3482, 518-78-1B 1B [] If checked, refer to the attached Addendum incorporated herein, for additional Mortgagors, their signatures and acknowledgments. LENDER: BANK OF JACKSON HOLE 990 W. BROADWAY P.0, BOX 7000 JACKSON, WY 83002 830-25-7173 2. 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: LOT 28, ALPINE VILLAGE SUB01VISION NO.. 1, PLAT 2, AMENDED, LINCOLN COUNTY, WYOMING, ACCORDING TO THAT PLAT OF RECORD IN THE OFFICE OF THE LINCOLN COUNTY CLERK. The property is located in ............................... U~I.C..0.LN ............................... at I-fiT 2~.. gL. PiNE ~ILL^~.[ ~UR.D.V..8. P.N ............ (County) ............................................................... , ....................... ~..71~.[ ...................... , Wyoming ......... q~..lg.8. ........ (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 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 $ .1.~.000.0 00 .......................................... 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 under the' terms of this Security Instrument to protect Lender's security and to perform any of the covenants contained in this 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. (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 $01/01 IN THE AMOUNT OF M25,000.00 ' WYOMING-MORTGAGE (NOT FOR FNN1A. FHLMC. FHA ORVA USE) ©1994 .... I .... St. Cloud. MN <1-800-307-2341) Form RE-MTG-wY 11/18194 ( 7524"t 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 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. Ail future advances and other future obligation~ 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 limited to, liabilities for overdrafts relating to any deposit account agreement between Mortgagor and Lender. D. Ali 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 0£ this Security Instrument. This Security Instrument will not secure any other debt if Lender fails to give any required notice of tile 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 INTEI/ESTS. 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 modificatkm or exte~asion of, nor to request any future 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, 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 'th6 receipts evidencing Mortgager's payment. Mortgagor will defend title to file 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 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. This covenaut shall run with the Property and shall remain in effect until tile 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 o? allow auy waste, impairment, or deterioration of. the Property. Mortgagor will keep file 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 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, AUTIIORITY 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 Mortgager'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'take all steps necessary to protect Lender's security interest in the Property, including completion of tile construction. 11, ASSIGNMENT OF LEASES AND RENTS. Mortgagor irrevocably grants, bargains, conveys, moagages 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 writteu 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 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 panics to this Security Instrument. Mortgagor agrees that this assignn~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 the property ~vithout 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 Mortgager's possession and will receive any Rents in tmst for Lender and will not commingle the Rents with any other funds. Any amounts collected will be applied as provided in this Security Instrument Mortgag~)r warrants that no default exists under the [,eases 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 taw. ©1994 Bsnkers Systems, Inc,, St, Cloud, MN {1-800-397-2341). Form RE-MTG-WY ~ 1/]8/94- ~ ~ [pa~ 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, Mortgager'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 escroTM. 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, Mortgager'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. Ail 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 0nly to mortgage Mortgager's interest in tile Property to secure payment of the Secured Debt and Mortgagor does not agree to be personally .liable on the Secured Debt. If this Security Instrmnent 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, ally 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 Mortgager'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 tile jurisdiction ill which Leader' 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 0ral 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 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 remain in effect until released. [] Construction Loan. This Security Instrument secures an obligation incurred for the construction of an improvement on the Property. [] Fixtnre Filing. Mortgagor grants to Lender a security interest in all 'goods thai 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 Uniform Commercial 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] [] 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 ill any attachments. Mortgagor also acknowledges receipt of a copy of this Security Instrument on the date stated on page 1.. ........................ .... ' .... . ACKNOWLEDGMENT: STATE OF ~y~jN.q COUNTY ~ ~~-~ ~lv~ual) ~t, , .................. . .............. ) ~1' ......... ~ ~' ' ........... ~ SS ~ms instrument was acknowledged before me this ~'/& ~ da~ o~ AUGUST ~00~ ............ / ' by ~g~U[~.¢, ~1[~$; ~0.8~. ~: .~1~$, .H~N.~ AOP. WI[[,.~. 7[N~$)~Y.T~.[ [NIIOUJe~ ...........~') ........~ .......................... My commission expires: ~/~/~¢ //~. ~ ;._~ . .......... ~ ~ ~Ka~ ..... ~ ..... (Natty Public) ~ Tet~ ~ Wyom~g ~1994 Bookers Systems, Inc,, St. Cloud, MN (1-800.397-234q Form RE-MTG-WY 11118194 (page 4 of 4J 7'5 2 41, 5 5 7 12. t~r~ ,~. ND '~.,~'M ' ~ '~ E UNIT DEVELOPMENTS. Mo~gagor agrees to comply with the provision of if '~."~q~uri~ ent on a leasehold If the Pro ' · pla~ed ~~~ ....... ; _ .. ~e~y. lncludes aumt lnacondomiMum ora ' ' . ... . u~ ~v~ongagor s autles unoer tile covenants _ the eondo~a~~~[ '~ , by laws, or regulations of 13. DEFA~T. Mo~gagor will be in defauR if any party obligated on the Secured Debt fails to make payment when due. Mo~gagor will be in default if a breach occurs under ~e te~s of ~is Security Instment or any other docm~ent executed for the purpose of creating, securing or guarantying the Secured Debt. A good fai~ be~ef by Lender that Lender at any time is insecure wi~ respect to any person or entity obligated on the Secured Debt or that the prospect of any payment o~ the value of the Property is impaired shall also constitute an event of default. 14. ~MED~S ON DEFAULT. In some instances, federal and state law will require Lender to provide Mortgagor with notice of ~e right to cure or other notices and may establish t~e schedules for foreclosure actions. Subject to ~ese limitations, if any, Lender may accelerate fl~e Secured Debt and foreclose this Securi~ Imtmment in a maimer provided by law if Mortgagor . is in default. ~At fl~e option 0f Lender, all or any pan of ~e. agreed'fees and charges, accrued interest and principal shall become ~mediately' due and Payable, 'after giying notice if required by law, upon the occurrence of'a default or anytime ~ereafter. In addition, Lender shall be entitled to all ~e remedies provided by law, the te~s of the Secured Debt, this Security Instrument and any related documents including, Wi~out limitation, the power to sell the Property. All remedies are distinct, cmulatlve 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 sm in poyment or partial payment on ~e 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 Moagagor's default, Lender does not waive Lender's right to later consider the event a default if it continues or happens again. 15. EXPENSES; ~V~CES ON COrNeTS; ATTO~EYS' FEES; COLLECTION COSTS. Except when prohibited by law, Mortgagor agrees to pay all of Lender's expenses if Mortgagor breaches any covenant h this Security Instrment. Mo~gagor will also pay on demand any amount incurred by Lender for insuring, inspecting, prese~ing or otherwise protecting the Property and Lender's securi~ interest. These expemes will bear interest from ~e date of the payment until paid in full at fl~e highest interest rate in effect as provided in ~e terms of ~e 'Secured Debt. Mortgagor agrees to pay all costs and expenses incurred by Lender in collecting, e~orcing or protecting Lender's rights and remedies under ~is Security Instrument. This amount may include, but is not l~ited to, reasonable attorneys' fees, court costs, and other legal expenses. This amount does not include attorneys' fees for a salaried .employee of ~e Lender. This Security Instrument shall remain in effect until released. Mortgagor agrees to pay for any rvc'ordation costs, of such release. 16. E~O~ENTAL LAWS AND HAZ~DOUS S~STANCES. As used ~ this section, (1) Enviromental Law mea~, wilhout l~itation, the Comprehensive Enviromental Response, Compemation and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), and all o~er federal, state and local laws, regulations, ordimnces,~ court orders, attorney general opi~om or inte~retive letters concer~ng the public heal~, safety, welfare, enviroment or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or contaminant which has characteristics which render ~e substance dangeroUs or potentially dangerous to the public heal~, safety, welfare or environment. The te~ includes, without limitation, any substances defined as "hazardous material," "toxic substances," "hazardous waste" or "hazardous substance" under any Enviromental Law. Mortgagor represents, warrants and agrees ~at~ 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 ~e Property. This restriction does not applY to small quantities of Hazardous Substances that are generally recog~fized to be appropriate for the no~al use and maintenance of the Property. B. Except as previously disclosed and acknowledged in writing to Lender, Mortgagor and eve~ tenant have been, are, and shall remain in full compliance with any applicable Enviromental Law. C. Mortgagor shall immediately notify Lender if a release or ~reatened release of a Hazardous Substance occurs on, under or about the Property or ~ere is a violation of any Enviromental Law concerning the Property. In such an event, Mortgagor shall take all necessa~ remedial action in accordance wi~ any Environmental Law. D. Moagagor shall ~ediately notify Lender in writing as soon as Mortgagor has reason to believe there is any pending or fl~reatened investigation, claim, or proceeding relating to ~e release or threatened release of any Hazardous Substance or the violation of any Envk0mental Law. 17. CO~EMNATION. Mortgagor 'w~l give Lender prompt notice of any pending or threatened action, by private or public entities to purchase or take any or all of ~e Property ~ough condemnation, eminent domain, or any other means. Mortgagor authorizes Lender to intemene in Mo~gagor's name in any of ~e above described actions or claims. Mortgagor assigns to Lender the proceeds of any award or cla~ for d~mges.connected wi~ a condemnation or other taking of all or any pan of ~e Prope~y. Such proceeds shall be considered payments and. will be applied as provided in ~is Security Inst~ent. This assigment of proceeds is subject to the te~s of any prior mortgage, deed of trust, security agreement or o~er lien document. 18. INS~CE. Mo~gagor shall keep Property insured against loss by fire, flood, ~eft and o~er hazards and risks reasonably associated wilh the Property due to its type and location. This insurance sha~ be maintained in ~e mounts and for the periods · at Lende(requires. The insurance carrier providing the insurance shall be chosen by Mortgagor subject to Lender's approval, which shall not be u~easonably wit~elfl. If Mongag0r fails to maintain ~e cOverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Property according to ~e temps 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 noti~ Lender of cancellation or te~ination of the insurance. Lender shall have ~e right to hold fl~e policies and renewals.. If Lender requires, Mo~gagor shall imediately give to Lender all receipts of paid premims and renewal notices. Upon loss, Mortgagor shall give i~ediate notice to ~e insurance carrier and Lender. Lender may make proof of loss if not made mediately by Mortgagor. U~ess otherwise agreed in writing, all insurance proceeds shall be applied Io fl~e restoration or repair of Secured Debt, whe~er or not then due, at Lender's option. Any application of proceeds to principal shall not extend or ~1 gg4 Banker. Sy,t .... Inc,, St. Cloud, MN (1-800-397-2341) Form RE-MTG-Wy 11/18/94