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HomeMy WebLinkAbout8997135 5 7., 8 9 9'113 072 State of Wyoming Space Al)ore This Line For Recording Data MORTGAGE (With Future Advance Clause) 1. DATE AND PARTIES. The date of this Mortgage (Security Instru~nent) is 9.5.-.2.4.-.2..0.9.4 .................................... and the parties, their addresses and tax identification numbers, if required, are as follows: MORTGAGOR: JAMES COflT WATKINS AND MELISSA K. WATKINS, HUSBAND AND WIFE P.O. BOX 10036 JACKSON, WY 83002 [] If checked, refer to the attached Addendum incorporated herein, for additional Mortgagors, their stgnatures and acknowledgments. ; LENDER: RANK OF JACKSON HOL~ ORGANIZED ANO EXISTING UNDER THE LAWS OF THE STATE OF WYOMING ' ' ~' gOO W. BROADWAy:" P.O. BOX 7000 JACKSON, WY 83002 CONVEYANCEi 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 riffs Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with power of sale, the following described property: k01 NO. 1 0f lite fRAIL RIB6E SUBDIVISION ACCORDING TO THE OFFICIAL PLAT THEREOF ON FILE IN THE OFfiCE OF THE LINCOLN COUNTY CLERK, LINCOLN COUNTY, WYOMING. The property is located in ............................... .LJ.N.qO..L.N. ............................... at !a..~!L. BIp. G..E.s.V.~.D. ly.I.S. ION. ....................... (Cotmty) ........................................... ] .............. '. ............................ a..[.P!~.~ ........... · ............ Wyoming ........ .8.3. ].2.8. ........ (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 hnprovements, structures, fixture,,;, and replacements that may now, or at any thne in the future, be part of the real estate described above (all referred to as "Property"). MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security instrument at any one thne shall not exceed $ .3.0.,.0.0.0...0.0. ........................................... This limitation of amount doe,,: not include interest and other fees and charges validly made pursuant to this Security Instrumeut. Also, this lhnitation doe:; 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 FU'IX/RE ADVANCES. The term "Secured Debt" is defiue6 as follows: A. Debt incurred under the terms of all prmnissory note(s), contract(s), guaranty'(s) or other evidence of debt described below and all their extensions, renewals, modifications or substitutions. (Vfl~en referet~cing the debts below it is suggested that you include items such as borrowers' names, note amounts, interest rates, maturity dates, etc.) WYOMING - MORTGAGE (NOT FOR FNMA, FHLMC,~:HA OR VA USE) ©1994 Bankers Systems, Inc., St. Cloud, MN (~-B00-397-2341) Form RE-MTG-WY ] ~D8/94 B. All future advances from Lender to Mortgagor or other future obligations of Mortgagor to Lender under auy promissory note, comract, guaranty, or other evidence of debt executed by Mortgagor in favor of Lender executed after this Security Instrmnent 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 6y 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. 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 connnitment 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 betwedn Mortgagor and Lender. All additional sums advanced !and expenses incurred by Lender for insuring, Property and its value and any other stuns advanced and expenses incurred by Instrument. preserving or otherwise protecting the Lender under the terms of this Security This Security Instrument will not secure any other debt if Lender fails to give any require,] 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 docmnent that create~d a prior security !'nterest or encumbrance on the Property, Mortgagor agrees: A. To make all payments when dueiand to perform or comply with all covenants. B. To promptly deliver to Lender a!iy notices that Mortgagor receives front the holder2 C. Not to allow any modification or extension of, nor to request any future advances under auy note or agreement secured by the lien docmnent without Lender's prior written consent. 7. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, assessnreuts, 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 the receipts evidencing Mortgager's payment. Mortgagor will defend title to the Property against any claims that wou~d hnpair the lien of this Security Instrument Mortgagor agrees to assign to Lender, as requested by Lender, auy rights, cla'ilms 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 immediately due and payable upon the creation of, or contract for the creation of, any lieu, 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 make all repairs that are reasonably necessary. Mortgagor shall not commit or allow any waste, impairment, or deterioration of the Property. 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 Leuder'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 Leader of all demands, proceedings, claims and actions against Mortgagor, and of any loss or damage !o the Property. Lender or Lender's agents may, a! Lender's" option, enter the Property at any reasonabie 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. AUTItORITY TO PERFORM. If Mortgagor fails to perform any duty or any of the covenants contained in this Security Instrmnent, 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 uecessary for performance. Lendeffs right to perform for Mortgagor shall not create au obligation to per·form, 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 Leuder's security interest iu the Property, including completion of the construction. 11. ASSIGNM2ENT 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 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 Instrmnent. Mortgagor agrees that this assigmnent is hmnediately effective between tile parties' to this Security Instrument. Mortgagor agrees that this assigmnent is effective as to third parties when Lender takes affirmative action prescribed by law, and that this assigntnent will remain in effect during any redemption period until the Secured Debt is satisfied. Mortgagor agrees that Lender may take actual possession of tile property without the necessity of conm~encing 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 trust for Lender and will not co~mningle the Rents with any other funds. Any amounts collected will be api~!ied as provided in this Security hkqrmnent. 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 (1-800 397-2341) Form RE MTG-WY 11/18/94 074 {[ %'t,~ ~ · 12. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Mortgagor agrees to comply with the prov'[slons 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 perform 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 ~lefault 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 Instrmnent or any other document executed for the purpose of creating, securiug or guarantying the Secured ·Debt. A good faith belief by Lender that Lender at'any time is insecure with respect to any person or entity obligated ou the Secured Debt or that the prospect of any payment or the value of the Property is impaired shall also constitute an event of default. 14. REMEDIES 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 lhnitations, if any, Lender may accelerate the Secured Debt and foreclose this Security Instrumenf in a manner provided by law if Mortgagor is in default. 15. 16. 17. At the option of Lender, all or any part of the agreed fees and charges, accrued interest and principal shall becmne 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 rmnedies 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 r:emedies 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 auy 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 if it continues or happens again. EXPENSES; ADVANCES ON coVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when prohibited by law, Mortgagor agrees to pay alt of Lender's expenses if Mortgagor breaches any covenant in this Security Instrmnent. Mortgagor will also pay on demand any amoum incurred by Lender for insuring, inspecting, preserving or otherwise protecting the Properly and Lender's security interest. These expenses will bear interest from lhe date of the payment until paid in full at the highest interest rate in effect as provided in the temps of the Secured Debt. Mortgagor 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 mnount may'include, but is not lhnited to, reasonable attorneys' fees, court cost& 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. ENVIRONMENTAL LAWS AND HAZARDous SUBSTANCES. As used in this section, (1) Enviromnema[ Law means, without lhnitation, the Comprehenstve Enviromnental Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), and ail other federal, stat~ 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 con::aminant which has characteristics which render the substance dangerous· or potentially dangerous to the public health, safety, welfare or enviromnent. The term includes, without lhnitation, 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 i 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 nomml 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 Enviromnental Law. C. Mortgagor shall hmnediately 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 com:erning the Property. In such an event, Mortgagor shall take all necessary remedial action in.accordance with any Enviro~nental Law. D. Mortgagor shall hmnediately notify Lender in writing as soon as Mortgagor has'reason to believe there is any p~nding or threatened investigation, clahn,, or proceeding relating to the release or threatened release of any Hazardous Substance or the violation of any Euviromnental Law. CONDEMNATION. Mortgagor will give Lender prompt notice of any pending or: threatened action, by private or public entities ~o purchase or take any or all of the Property through condeinnation, eminent domain, or any other means. Mortgagor authorizes Lender to intervene in Mortgagor's name in any of the above described ~tctions or clahns. Mortgagor assigns to Lender the proceeds of any award or claim for damages connected with a condemnati0u or other taking of all or any part of the Property. Such proceeds shall be considered payments and will be applied as progided in this Security Instrument. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or other lieu document. INSURANCE. M6rtga~or shall keep: Property insured' against' loss by fire, flood, 'theft and'0ther hazards and risk~ reasonably associated with the Property due to its type and location. This insurance shall be lnainiained in the mnounts and for the periods that Lender requires. The insurance carrier providing the insurance slmll be chosen by'Mortgagor subject to Lender's approval, which shall not be unreasonably'wilhheld. 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 hmnediately notify Lender of cancellation or temfination of the insurance. Lender shall have the right to hold the policies and renewals. If Lender requires, MoiYtgagor shall /anmediately 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 6f loss if not made hnmediately by Mortgagor. Unless otherwise"agreed 'i'n writingl all insurance proceedS' shall be aPPlied to the rest6ration or repair of the Property or to the Secured Debt, 'whether or" not then ~lue, at Lender's opti°n. Any 'application Of p'roc~eds to' principal ~'l/all not extend or ~ Q ': (page 3 of 4t} ©1994Banker, Syst .... , .... St. Cloud, MN (1-800-397-2341 Fm'm"E-MTG-WY 11,18/94 19. 20. 21. 22. 23. 24. 25. postpone the due da~e.i of tlie Seheduled'phyment nor change the amount of any payment. Any excess will be paid to the Mortgagor. If the ProPertY 'L~'~adquir~ed by Lender, Mortgager's right to any insurance policies and proceeds resulting from damage to the Properly before the aCquisition shall pass to Lender to the extent of the Secured Debt hmnediately before the acquisition. , · ' ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a sepalrate agreement, Mortgagor will not be required to pay to Lender funds for taxes and insurance in escrow. 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. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; sU._CCESSORS AND ASSIGNS BOUND. All duties under this Security Instrument are joint and iudivi~lual. If Mortgagor s{gus this Security Instrmnent but' does not sign att evidence of debt, Mortgagor does so only to mortgage Mortgager'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 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 auy party to this Security Iustrument may extend, modify or make any change in the terms of :this Security Instrument or any evidence of den without Mortgager's consent. Such a change will not release Mortgagor from the terms of this Security Instrument. Tb!e duties and benefits of this Security Instrmnent shall bind and benefit the su'ccessors 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 local!ed, except to the extent otherwise required by ithe 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 Instrmnent, auachments, o? any agreement related to the Secured Debt that. conflicts with applicable law will not be effective, unles~ that law expressly or impli,e, dly permits the variations by written agreement. If any section of this Security Instrument cannot be enforced accdrding 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 sectkms of this Security Instrument are for convenience only and are not to be u~ed to interpret or define the terms of this Securit~ Instrument. Time is of the essence in this Security Instrument. 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 Instrmnent, or to any other address designated in writing. Notice to one mortgagor will be deemed to be notice to all mortgagors. WAIVERS~ Except to tlie extent prol{ibited by law, Mortgagor waives any right regarding the marshalling of liens and assets and alt homestead exemption rights relating to the Property. ' OTffER TERMS. If checked, the fei!owing 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 Instrmnent 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 iuterest 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 Uniform Commercial Code. [] Riders. The covenants and agreements of each of the riders checked below ar~ incorporated into and supplement and amend the terms of this Security Instrument. [Check all applicable boxes] [] Condominimn 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 attaclunents. Mortgagor also acknowledges receipt of a copy of this Security Instrument on the'~date stated on page 1. ~/mrOJAMESC6hTWATKINS ' ........... ~;;~3" / i i~ibk''~ ................................ (Date) AC~OWLEDG~NT: STATE OF ~YP. UJ~B .................................... COUNTY OV...~~!, .............................. } ss. 0,flividufl) This instrument was acknowledged before me this ........ ~l~ ........ day of gfi.~.g0~A ............................... by O~.~.~0B~ ~.~ N~k,~3:~..~r~. ~.~,.8~.~P.~0.W.~ ........................................................ My conmfissionexpires: ¢~73 ~ ~ ~ ~ ~ /~ ~-' ................. E~ ' OF W r (~199~ Bankers Systems, Inc., St. Cloud, MN (1.800 397-2341) Form RE-MTG WY 11/18/94 (pqge 4 of 4) 'J, .'