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HomeMy WebLinkAbout9000779000 RECEIVED .LINCOLN cOUNTY OLERK 554 State of Wyonfing Space Above This Line For Recording Data MORTGAGE (With Future Advance Clause) DATE AND PARTIES. The date o? this Mortgage (Security Instrument) is .0.5:.2.§-.2.0.0..4 .................................... and the parties,' their addresses and tax identification numbers, if required, are as follows: MORTGAGOR: DEE E. JENSEN ,HUSBAND~ PEN E. JENSEN, HUSBAND LOLITA C. ]ENSE~ WIFE VANETTE JENSE~ WIFE 9183 SAXBY PLACE P.O. BOX 115 W. JORDAN, UT 84088 CROVER, WY 83122 o [] If checked, refer to the attacl:ed Addendum incorporated herein, for additional Mortgagors, their signatures and acknowledgments. LENDER: THE BANK OF STAR VALL~eY Organized and existing uncut the laws of the state of Wyoming 384 WASHINGTON STRE['~r PO BOX 8007 AFTON, W! 83110 83.~D315143 CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debt (defined below) ant*, 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 $CHEOUL£ C AIIA£H[0 R[R[10 AND MADE APARI HEREOF NOTE: This serves to correc.: the legal description of that certain mortgage recorded April 7, 2003 in Boo~ 517PR on page 84 of the records of the Lincoln County Clerk. ° 4° The property is located in .............................. .t.I.N.C..O.tN .............................. at ~.[.S.l. ~l.t!..S. .................................... (County) AFTON ............ ................................................................................................................... , Wyoming ... 83110 ........ (Address) (City) (ZIP Code) Together with all rights, easements,'~.ppurtenances, royalties, mineral rights, oil and gas rights, all water and riparian rights, ditches, and water stock and all exisling and future improvements, structures, fixtures, and replacements that may now, or at any time in the future, be part of the re~l estate described above (all referred to as "Property"). MAXIMUM OBLIGATION LIMIT? The total principal am0t:nt-'~ecured~y th~'l~ri¢ ...........Instrument' ..... at-~l~any ...... one tane'~: ....... shall;~'~"~:not exceed $ J.4./.,.0.0.0.~q.0 ......................................... This limitation of amount does not include interest and other fees and charges validly made pursuant to thL,~ 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 pertbrm any of the covenants contained in this Security Instrument. 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 :~uch as borrowers' names, note amounts, interest rates, maturity dates, etc.) ONE PROMISSORY NOTE DATED 3-28-03'1H THE AMOUNT OF $147,000.00 WYOMING - MORTGAGE (NOT FOR FNMA, FH'L.dC, FHA OR VA USE! ©1994 Rankers Syslems, Inc., St. Cloud, MN 11-800-397-2341) Fo.n ItE-MTG-WY 11/1e/94 (Page 1 of 4] B. All furore advances from Lenderq:o Mortgagor or other furore obligations of Mortgagor to Lender under any promissory note, contract, guaranty, or other ievidence of debt executed by Mortgagor in favor of Lender executed after this Security Instrument whether or not this Se',mrity Instrument is specifically referenced. If more than one person signs this Security InStrument, each Mortgagor agri.(~s 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 oblige'lions are secured by this Security Instrument even though all or part may not yet be advanced. All future advances ant other future obligations are secured as if made on the date of this Security Instrument. Nothing in this Security Instrumc:~t shall constitute a .commitment to make additional Or future loans or advances in any amount. Any such commitment m:~st be agreed to in a 'separate writing. C. All obligations Mortgagor owes f(l Lender, which may later arise, to the extent not prohibited by law, including, but not limited to, liabilities for overdrafl~,!, :relating to any deposit account agreement between Mortgagor and Lender. D. All additional ·sums advanced al',td expenses incurred by Lender for insuring, preserving or otherwise protecting the Property and its value and any (ther~ sums advanced and expenses incurred by Lender under the terms of this Security Instrument. This Security Instrument will not secure~;ny other'debt if Lender fails to give any required notice of the right of rescission. 5. PAYMENTS. Mortgagor agrees that ali payments under the Secured Debt will be paid when due and in accordance with the terms of the Secured Debt and this Secu0ty 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 in!Crest or encumbrance on the Property, Mortgagor agrees: A. To make all payments when due'a?~J 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 modification or! extension of, nor to request any future advances under any note or agreement secured by the lien document without LenCir's prior Written consent. 7. CLAIMs AGAINST TITLE. Mortga~br will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to t['~; Property when due. Lender may require Mortgagor to provide to Lender copies of all notices that such amounts are due an?]~ the receipts evidencing Mortgagor's payment. Mortgagor will defend title to the Property against any claims that would' '~mpair the lien of this Security Instrument. Mortgagor agrees to assign to Lender, as requested by Lender, any rights, claim~ or defenses Mortgagor may have against parties who supply labor or materials to maintain or improx(e 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 re.'i~trictions imposed by federal law (12 C.F.R. 591), as applicable. This covenant shall run with the Property and shall remain iP. ieffect 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 nec.~.ssary. 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 Lender's prior written consent. Mortgagor will not permit any change in any license, restrictive covenant or :.~asement without Lender's prior written consent. Mortgagor will notify Lender of all demands, proceedings, claims and actiolS 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 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 M~',)]!tgagor fails to perform any duty or any of the covenants contained in this Security Instrument, Lender may, without notic.~:: perform or cause them to be perfurmed. Mortgagor appoints Lender as attorney in fact to sign Mortgagor's name or pay at~y amount necessary for performance. Lender's right to perform for Mortgagor shall not create an obligation to perform, ant: 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. i1. ASSIGNMENT OF LEASES AND R~ENTS. Mortgagor irrevocably grants, bargains, conveys,.llaortgages an&.warrants to Lender as~additional security all tile righlt title and interest in and to any and all existing or future leases, subleases, and any other written or verbal agreements fo/' '~the use and occupancy of any portion of the Property, ihcluding any extensions, renewals, modifications or substitution; of such agreements (all referred to as "Leases") and rents, issues and profits (all referred to as "Rents"). Mortgagor will ipromptly provide Lender with true and correct copies of all existing and future Leases. Mortgagor 'may collect, receive, enjoy anifl 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 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 th= property without the necessity of commencing legal action and that actual possession is deemed to occur when Lender, or its. ~gent, notifies Mortgagor of default and demands that any tenant pay all future Rents directly to Lender. On receiving notice. '0f 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 commingle the Rents with any other funds. Any amounts 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. (page 2 of 41 ©1994 8anke~ Syslems, Inc., St. Cloud, MN (1-800-397-2~411 Fo~rn RE-MTG-WY11/18/94 ,:q..,:.:: .. ! i ~i ':' '!:: -- }t! !:~' '.i:~' :.,::! c;:::,:,:,:,:~e~:;:~', :"':: ::: :;:. :~ osoOo, ,. .-55 12. LEASEHOLDS; coNDoMINIUMS; PLANNED UNIT DEVELOPMENTS. Mortgagor agrees to comply with the provisions of any lease if this Security qnstrument is on a leasehold. If the Property includes a unit in a condominium or a planned unit development, Mortgagor i~.Jll perform all of Mortgager's duties under the covenants, by-laws, or regulations of the condominium or planned unit development. 13. DEFAULT. Mortgagor will be in d~.f!mlt 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 Instrument or any other document executed for the purpose of creating, securing or g~i~irantying the Secured Debt. A good faith belief by Lender that Lender at any time is insecure with respect to any person or ,Imtity obligated o,n the Secured Debt or that the prospect of any payment or the value of the Property is impaired shall also const:i, tute an event of default. 14. REMEDIES ON DEFAULT. In som~i! instances, federal and state law. will require Lender to provide Mortgagor with notice of the right to cure or other notices a(14 may establish time schedules for foreclosure actions. Subject to these limitations, if any, Lender may accelerate the Secure6~ 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 parl'. 9f the agreed tees and charges, accrued interest and principal shall become immediately due and payable, after giving notice if ~;equired by law, upon the occurrence of a default or anytime 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 lir:~itation, the power to sell the Property. All remedies are distinct, cumulative and not exclusive, and the Lender is entitled :t9 all remedies provided at law or equity, whether or not expressly set forth. The acceptance by Lender of any sum in p~,'~yment or partial payment on the Secured Debt after the balance is due or is accelerated or after foreclosure proceedings are file'~di~,shall not consUtute a waiver of Lender's right to require complete cure of any existing default. By not exercising any remedy ?~i~ Mortgager's default, Lender does not waive Lender's right to later consider the event a default if it continues or happens agair..: 15. EXPENSES; ADVANCES ON COV~ANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when prohibited by law, Mortgagor agrees to pay all 01i Lender's expenses if Mortgagor breaches any covenant in this Security Instrument. .Mortgagor will also pay on demand' any amount incurred by Lender tbr insuring, inspecting, preserving or otherwise Protecting the Property and Lender's security interest. These expenses will bear interest from the date of the payment until paid in full at the highest interest rate in efl~ei.:t as provided in the terms of the Secured Debt. Mortgagor agrees to pay all costs and expenses incurred by Lender in collectilag, enforcing or protecting Lender's rights and remedies under this Security Instrument. This amount may include, but is not lixfited to, reasonable attorneys' fees, court costs, and other legal expenses. This amount does not include attorneys' fees for a isalaried employee of the Lender. This Security Instrument shall remain in effect until release& Mortgagor agrees to pay for an3! recordation 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, cou~ ~orders, attorney general opinions or interpretive letters concerning the pul:li!: health, safety, welfare, environment or a lia~hrdous substance; find (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 Enviror~mental Law. Mortgagor represents, warrants and agr,~s that: A. Except as previously disclosed on~ acknowledged in writing to Lender, no Hazardous Substance is or will be located, stored or released on or in the P;0Perty. This restriction does not apply to small quantities of Hazardous Substances that are generally recognized to be apt' ropriate for the normal use and maintenance of the Property. B. Except as previously disclosed aacl acknowledged in writing to Lender, Mortgagor and every tenant have been, are, and shall remain in full compliance wiff~'any applicable Environmental Law. C. Mortgagor shall immediately no!ify Lender if a release or threatened release of a Hazardous Substance occurs on, under or about the Property or there 'isa violation of any Environmental Law concerning the Property. In such an event, Mortgagor shall take all necessary remedial action in accordance with any Environmental Law. D. Mortgagor shall immediately 'notify Lender in writing as soon as Mortgagor has reason to believe there is any Pending~or threatened investigation, claim, 9r proceeding relating to the release or threatened release of any Hazardous Substance or the violation of any Environmental Law. 17. CONDEMNATION. Mortgagor will sire 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 Mo:;tgagor's name in any of the above described actions or claims. Mortgagor assigns to Lender the proceeds of any award or cla'~m for damages connected with a condemnation or other taking of all or any part of the Property. Such proceeds shall be cons!tdered payments and will be applied as provided in this Security Instrument. This assignment of proceeds is subject to the:tei:!rms of any prior mortgage, deed of trust, security agreement or other lien document. 18. INSURANCE. Mortgagor shall keep ?xloperty insured against loss by fire, flood, theft and other hazards and risks reasonably associated with the Property due to its type and locauon. Tfus insurance Shall be maintained in the amounts and for the periods that Lender requires. The insurance ca;'r!:er providing the insurance shall be chosen by Mortgagor subject to Lender's approval, which shall not be unreasonably witftheld. If Mortgagor fails to maintain the coverage described above, Lender may, at Lender's option, obtain coverage to pro;e:t Lender's rights in the Property according to the terms of this Security Instrument. All insurance policies and renewals si?ail be acceptable to Lender and shall include a standard "mortgage clause" and~ where applicable, "loss payee clause." Mortgagor shall immediately noilly, Lender of cancellation or termination of the insurance. Lender shall have the right to hold the, policies and renewals. If Lender requires, Mortgagor shall immediately give to Lender all receipts of paid premiums and renew'al notices. Upon loss, Mortgagor shall give immediate notice to the insurance carrier and Lender. Lender may make pro0f et loss if not made immediately by Mortgagor. Unless otherwise agreed in writing, alll 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 ©1994 Bankers Systems, Inc., St. Cloud, MN (1-B00-397-2341) Form RE-MTG-WY 11/18/94 · (page 3 of 4) 19. 20. 21. 22. 23. 24. 25. 557 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, Mortgagor's right tO any insurance policies and proceeds resulting from damage to the Property before the acqaisition shall pass to Lender to the extent of the Secured Debt immediately before the acquisition. ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separate agreement, Mortgagor will not be required to pay to Lender funds for taxc{; and insurance in escrow. FINANCIAL REPORTS AND. ADi'8*ITIONAL DOCUMENTS. Mortgagor will provide to Lender upon request, any financial statement or information Lea Jet may deem reasonably necessary. Mortgagor agrees to sign, deliver, and file any additional documents or certifications! ithat Lender may consider necessary to perfect, continue, and preserve Mortgagor's obligations under this Security Instrumen';t and Lender's lien status on the Property. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Security Instrument are joint and indiv.,dual. If Mortgagor signs this Security Instrument but does not sign an evidence of debt, Mortgagor does so only to mortgag~i~Mortgagor's interest in the Property to secure payment of the Secured Debt and Mortgagor does not agree to be perso~i~tlly 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. Mo:tgagor agrees that Lender and any party to this Security instrument may extend, modify or make any change in the terms of tats Security Instrument or any evidence of debt without Mortgagor's consent. Such a change will not release Mortgagor flom 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. APPLICABLE LAW; SEVERABILtTY; INTERPRETATION. This Security Instrument is governed by the laws of the jurisdiction in which Lender is locate:l~, except to the extent otherwise required by the laws of the jurisdiction where the Property is located. This Security Instrfiinent is complete and fully integrated. This Security Instrument may not be amended or modified by oral agreement. Any sectii~n, in this Security Instrument, attachments, or any agreement related to the Secured Debt that conflicts with applicable lawl iwdl not be effective, unless that law expressly or impliedly permits the variations by written agreement. If any section of tt~s Security Instrument cannot be enforced according to its terms, that section will be severed and will not affect the enforce.if.~ility of the remainder of this Security Instrument. Whenever used, the singular shall include the plural and the plural the s:atgular. 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. NOTICE. Unless otherwise required b~ 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: 't of this Security Instrument, or to any other address designated in writing. Notice to one mortgagor will be deemed to be noti~,~ to all mortgagors. WAIVERS. Except to the extent prohib!ted by law, Mortgagor waives any right regarding the marshalling of liens and assets and all homestead exemption rights relat:!~:g to the Property. OTHER TERMS, If checked, the f°llo,~,ing are applicable to this Security Instrument: [] Line of Credit. The Secured Did:)t 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 Securit.ly Instrument secures an obligation incurred for the construction of an improvement on the Property. [] Fixture Filing. Mortgagor grant.; ~'~to Lender a security interest in all goods that Mortgagor owns now or in the futui-e and that are or will become fiXtu~.;s related to the Property. This Security Instrument suffices as a financing statement and any carbon, photographic or. ~ther reproduction may be filed of' record for purposes of Article 9 of the Unitbrm 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 hi., trument. [Check all applicable boxes] [] Condominium Rider [] Plaf:fted Unit Development Rider [] Other [] Additional Terms. ~ .................. : ..................................... SIGNATURES: By signing below, Mortgag:Or agrees to the terms and covenants contained in this Secnrity'Instrument and in any attachments. Mortgagor also acknowledges ret:dlpt of a copy of this Security Instrument on the date stated on page 1. ..... ... ~. d-c~/-09' ; (Signature) DEE g~;~-~'-.j~'~'~}~ ....... ;,:,'~:k~''~ '"';~:'~_~':"'3 .......... //'J~';'"~' '"~' ........... ?7.. ..... ./.. I /..-~ ~ ~ ~, tt.,,~i t~agnat~fey ' / / \ (Date) ' (,-,',ia~o STATE OF ~...~..~..~ ...... ' .................. COUNTY OF .... 5"dj" ~ ]~¢/'t~ } ss This instrument was acknowled~cd before me this ..... tl~...].~.t, day ~)['.~".~'.'.'.~.~.','.'.'.~.'&~..i ............ by -.DEE.. E...-.JEblSEbl. · &..LOL I~T.A.. G ,.. ,I.RblSEbl ........................................................... ! couu. axe,. ©1994 Bankers Systems, lam, St. Cloud, MN il-800-397-23411 Form RE-MYG-WY 11/18/94 (page 4 of 4) scm Duu; C -. 558 The lad referred to in this cormnilment is situated in ~e state of Wyomi~, County of Lincoln, and is described follows: ~r~l 1 Part of Section 30, T32N Rll9W of the 6th P.M., Lincoln County, Wyomin9 being more particularly described as follows: BEGINNING at a point which is 10 rods North from the Southwest corner of the SEW of said Section 30 and running thence East 60 rods; thence North 170 reds; thenceLine; West, appr,~ximately 100 rods to the Wyoming-Idaho. State thence South, along the said State Line, 100 rods; thence East, approximately 38 rods to the West boundary line of the SEW of said Section 30; thenCaBEGiNNiNG.SOuth, along said boundary line 70 rods to the POINT OF Parcel 2 T32N gllgW of'the ~£h P.M., Lincoln County, W¥omin~ Section 19: Lot--~, Lot 4 and the SEW ' Section 30: Lot 2 EXCEPTING THEREFROM the Eouth 20 rods and the EXCEPTING THEREFROM the South 20 rods 11/91 TOTAL P. 02 STATE OF ~VD~4]Wq ) ACKNOWLEDG~NT The foregoing instrument was acknowledged before me by Witness ~ i~and and official seal. / Notary Public