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HomeMy WebLinkAbout9000803O685 i 900080 RECEIVED LINCOLN COUNTY CLERK ,,1_t!'] I!; .¢;H 9:56 State of Wyoming Space Above This Line For Recording Data MORTGAGE (With Furore Advance Clause) DATE AND PARTIES. The date c.f this Mortgage (Security Instrument) is p.q.p.4.-.2.qQ.4 .................................... and the parties, their addresses and tax identification numbers, if required, are as follows: MORTGAGOR: CAROLYN CLEMENT, A 2INGLE WOMAN 650 N. 300 W.//240 SALT LAKE CITY, UT 841'03, o [] If checked, refer to the attacAed Addendum incorporated herein, for additional Mortgagors, their stgnamres and aclmowledgments. LENDER: THE BANK OF STAR VAIJLEY Organized and existing urder lhe laws o! the state ol Wyormng 384 WASHINGTON STRE'ET F'O BOX 8007 AFTON, WY 63110 83-0315143 CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debt (defined below) ard Mortgager's performance tinder this Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lm6er, with power of sale, the following described property: SE[ [XHIBII "A" ATTA£HE0 It[REI0 AND MADE A PART HEREOF o The property is located in ................................ LI.N.C..O.LN ............................... at .LO.T..1.8.C..O.T.T. gN.W..O.O.p..s.u.~p.V.!S..O.N. .............. (County) ....................................................................................... s..M.0..0.T. ....................... Wyoming ......... ~.3. !.2.6. ........ (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 r,~al 'estate described above (all referred to as "Property"). MAXIMUM OBLIGATION LIMIT. ~'he total principal amount secured by this Security Instrument at any one time shall not exceed $ ,2.0., .~fi 0. ..5. ! ........................................... This limitation of amount does not include interest and other fees and charges validly made pursuant to th~s Security Instrument. Also, this limitation does not apply to advances made under the terms of this Security Instrument to prctect Lender's security and to perform any of the covenants contained in this Security Instrnment. SECURED DEBT AND FUTURE ADVANCES. The term "Secured Debt" is defined as follows: A. Debt incurred under the term.' of all promissory note(s), contract(s), guaranty(s) or other evidence of debt described below and all their extensior.s, renewals, modifications or substitutions. (When referencing the debts below it is suggested that you include itemz such as borrowers' names, note amounts, interest rates, maturity dates, etc.) ONE PROMISSORY NOTE DATED 6-4-04 IN TIlE AMOUNT OF $20,960.fil WYOMING - MORTGAGE (NOT FOR FNMA, FHLMC, FHA OR VA USE) ©1994 Bankacs Systems, Inc., Si. Cloud, MN {1-800-397-234 lJ Form RE-MTG WY 11 I18/94 (page I of 4) o O ,000SO ... ,,..- 56 3 B. All fl~ture advances from Lender to Mortgagor or other future obligations of Mortgagor to Lender under any promissory note, contract, guaranty, or otSer evidence of debt executed by Mortgagor in favor of Lender executed after this Security Instrument whether or not this Security Instrument is specifically rel~rcnced. If more than one person signs this Security Instrument, each Mortgagor ~4mes that this Security |nstrumenl will secure all future advances and fl~ture obligations that are given to or incurred b~ 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 furore advances and other furore 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 furore loans or advances in any amount. Any such commitinent must be agreed to in a sep'arate writing. C. All obligations Mortgagor ow~s ~to Lender, which may later arise, to the extent not prohibited by law, including, but not linfited to, liabilities for overdi' fits relatiug to any deposit account agreement between Mortgagor and Lender. D. All additional sums advanced ~ind expenses incurred by Lender for insuring, preserving or otherwise protecting the Property and its value anti.any other sums advanced and expenses incurred by Lender under the terms of this Security Instrument. ' ., This Security Instrument will not sectr6 any other debt if Lender fails to give any required notice of the right of rescission. : i PAYMENTS. Mortgagor agrees thzt all payments under the Secured Debt will be paid when due and in accordance with the terms of the Secured Debt and this Scculrity Instrument. PRIOR SECURITY INTERESTSi. 'With regard to any other mortgage, deed of trust, security agreement or other lien document that created a prior securiiy interest or encumbrance on the Property, Mortgagor agrees: A. To make all payments when due find to perform or comply with all covenants. B. To promptly deliver to Lender ~ny notices that Mortgagor receives from the holder. C. Not to allow any modification 6r extension of, nor to request any fl~ture advances under any note or agreement secured by the lien document without L'ender's prior written consent. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating tb i,he Property when due. Lender may require Mortgagor to provide to Lender copies of all notices that such'amounts are due: apd the receipts evidencing Mortgagor's payment. Mortgagor will defend title to the Property against any claims that would impair the lien of this Secnrity Instrument. Mortgagor agrees to assign to kender, as requested by Lender, any rights; cairns or defenses Mortgagor may have against parties who supply labor or materials to maintain or improve the Property. DUE ON SALE OR ENCUMBRt:~NCE. Lender may, at its option, declare the entire balance of the Secured Debt to be inm~ediately due and payable upon ti~e 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 covenant shall rnn with the Property and shall remain in effect until the Secured Debt is paid in fidl and this Security Instrument is released. 9. PROPERTY CONDITION, ALTI~RATIONS 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 substant!alily 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 I~ender's option, enter the Property at any reasonable time for the purpose of inspecting the Property. Lender shall give Mortgager 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. Ii Mortgagor fails to perform any duty or any of the covenants contained in this Security Instrument, Lender may, without n':~fice, perform or cause them to be performed. Mortgagor appoints Lender as attorney in fact to sign Mortgagor's name or [,ay any amount necessary for performance. Lender's right to perform lbr Mortgagor shall not create an obligation to perform, m:d Lender's failure to perform will not preclude Lender from exercising any of Lender's other rights nnder the law or this Se'entity Instrument. If any construction on the Property is discontinued or not carried on in a reasonable manner, Lender may t::_ke all steps necessary to protect Lender's security interest in the Property, including completion of the construction. 11. ASSIGNMENT OF LEASES AN;) 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 furore leases, subleases, and any other written or verbal agreement., for the use and occupancy of any portion of the Property, including any extensions, ren,ewals, 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 fimire Leases. Mortgagor may collect, receive, .enj0y:and use the Rents so long as Mortgagor is not in default under the terms of this Security lnstrumentl Mortgagor agrees that this assignment is immediately effective between the parties to this Secority Instrument. Mortgagor agrees that this assignment is effect3ve 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 t~f the property without the necessity of commencing legal action and that actual possession is deemed to occur when Lender, or i~;s agent, notifies Mortgagor of default and demands that any tenant pay all furore Rents directly to Lender. On receiving m~tice of default, Mortgagor will endorse and deliver to Lender any paytnent of Rents in Mortgagor's possession and will re,::eiVe any Rents in trust for Lender and will not conuningle the Rents with any other fimds. 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 4) 0:900060 12. LEASEHOLDS; CONDOMINIUMSJ' PLANNED UNIT DEVELOPMENTS. Mortgagor agrees to comply with the prov. isions of any lease if this Securit>. If~strument is on a leasehold. If the Property includes a unit in a condominium or a planned unit development, Mortgagor '~,ill 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 dei'ault if any party obligated on the Secured Debt fails to make payment when due. Mortgagor will be in default if a breack occurs under the terms of this Security Instrument or any other document executed the purpose of creating, securing or guarantying the Secured Debt. A good i:aith belief by Lender that Lender at any time is insecure with respect to any person or christy obligated on the Secured Debt or that the prospect of any payment or the value of the Property is impaired shall also consti~t¢ an event of dofaultl 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 an.~ ~aay establish time schedules for foreclosure actions. SubJect to these limitations, if any, Lender may accelerate the Secured' De. bt aud foreclose this Security Instrument in a manner 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 inunediately 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 reme,lie.:; provided by law, the terms of the Secured Debt, this Security Instrument and any related documents including, without linitation, the power to sell the Property. All remedies are distinct, cumulative and not exclusive, and the Lender is entitled 'o ;all remedies provided at law or equity, whether or not expressly set forth. The acceptance by Lender of any sum in pa?merit or partial payment on the Secured Debt after the balance is due or is accelerated or after foreclosure proceedings are filed sl:~all not constitute a waiver of Lender's right to require complete cure of any existing default. By not exercising any remedy oa Mortgagor's default, Lender does not waive Lender's right to later consider the event 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 o!' k!ender's expenses if Mortgagor breaches any covenaut in this Security Instrument. Mortgagor will also pay on demand any amount incurred by Lender for 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 effect its provided in 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 remedies under this Security Instrument. This amount may include, but is not linfited to, reasonable attorneys' fees, court costs, 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 uutil released. Mortgagor agrees to pay for an9 recordation costs of such release. 16. ENVIRONMENTAL LAWS AND HAZ3~RDOUS SUBSTANCES. As used in this section, (1) Environmental Law means, without limitation, the Comprehensive Env, ironmental Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), and all other federal, state ;.,ndl !ocal laws, regulations, ordinances, court orders, attorney general opinions or interpretive letters concerning the public health, safety, welfare, environment or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive 3r i~azardous material, waste, pollutant or contaminant which has characteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or enviromnent. The term includes, without limitation, any substances defined as "hazardous material," "toxic substances," "hazardous waste" or "hazardous substance" under any Envirormental 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 in the Property. This restriction does not apply to small quantities of Hazardous Substances that are generally recognized to be appr 3priate for the normal use and maiutenance 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 a~?.y applicable Environmental Law. C. Mortgagor shall inunediately notil3, l~ender 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 concerning the Property. In such an event, Mortgagor shall take all necessary remedial action in accordance with any Environmental Law. D. Mortgagor shall inunediately notify Lender in writing as soon as Mortgagor has reason to believe there is any pending or threatened investigation, claim, or proceeding relating to the release or threatened release of any Hazardous Substance or the violation of any Environmental Law 17, CONDEMNATION. Mortgagor will give Lender prompt notice of any pending or threatened action, by private or pnblic entities to purchase or take any or all of the. Property through condemnation, eminent domain, or any other means. Mortgagor authorizes Lender to intervene m Mortgagor's nalne in any of the above described actions or claims. Mortgagor assigns to Lender the proceeds of any award or claim 5or damages connected with 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 assignment 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 Pr3perty 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 amounts and tbr the periods that Lender reqmres. The insurance carrier 2roviding the insurance shall be chosen by Mortgagor subject to Lender's approval, which shall not be unreasonably witlfl~eld. 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 sball be acceptable to Lender and shall include a standard "mortgage clause" and, where applicable, "loss payee clause.'~ Mortgagor shall immediately notify Lender of cancellation or termination of the insurance. Lender shall have the right to hold the l~oli~fies and renewals If Lender requires, Mortgagor shall immediately give to Lender all receipts of paid premiums and renewal wotices. Upon loss, Mortgagor shall give immediate notice to the insurance carrier and Lender. Lender may make proof of lc, ss if not made immediately by Mortgagor. Unless otherwise agreed in writing, all insurance proceeds shall be applied to the restoration or repair of the Properly or to the Secured Debt, whether or not then due, ~tt Lender's option. Any application of proceeds to principal shall not extend or (page 3 of 4) ©1994 I;liinke $ Sy~rns, Inc , S~. Cloud. MN (I-800 397-2341) Fo~m RE-MTG-W¥ I 1/1§/94 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 acquiz~ed by Lender, Mortgagor's right to any insurance policies and proceeds resulting from damage to the Property before the a:quisition shall pass to Lender to the extent of the Secured Debt immediately before the acquisition. ~ 19. ESCROW FOR TAXES AND INs:'uiRANcE. 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 npon 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 Mortgagor's obligations under this Security Instrurr, er~t and Lender's lien status on the Property. 21. JOINT AND INDIVIDUAL LIABIiLI'TY; 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 pers:)nally liable on the Secured Debt. If this Security Instrument secures a guaranty between Lender and Mortgagor, Mortgagor .~grees 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. Morkgagor agrees that Lender and any party to this Security fustrument may extend, modify or make any change in the terms of tliis Security Instrument or any evidence of debt without Mortgagor's consent. Such a change will not release Mortgagor '. frbm the terms of this Security Instrument. The duties and benefits of this Secnrity Instrument shall bind and benefit the ~ac?zessors and assigns of Mortgagor and Lender. 22. APPLICABLE LAW; SEVERABE/ATY; INTERPRETATION. This Security Instrument is governed by the laws of the. jurisdiction in which Lender is loczted, 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 s6cti, on 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 leis Security Instrument cannot be entbrced according to its terms, that section will be severed and will not affect the enfor;:eability 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 Instrutnent are for convenience only and are not to be t..sed to interpret or define the terms of this Security Instrument. Time is of the essence in this Security Instrument. , ~ 23. NOTICE. Unless otherwise requirer 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 pzge, 1 of this Security Instrument, or to any other address designated in writing. Notice to one mortgagor will be deemed to be n)tice to all mortgagors. 24. WAIVERS. Except to the extent prclhi'bited by law, Mortgagor waives any right regarding the marshalling of liens and assets and all homestead exemption rights re?ating 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. Althongh 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. [] Fixture Filing. Mortgagor gr.anB to Lender a secnrity 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 Uniform Commercial Code. [] Riders. The covenams and agireements 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 in any attachments. Mortgagor also acknowledge{ receipt of a copy of this Secnrity Instrument on the date stated on page 1. (Date) (Signature) (Dale) (1~1 v dual) ACKNOWLEDGMENT: STATE OF .W.¥.o.m.i.alt ..................................... COUNTY OF ................................................ } ss. This instrument was ack:nov ledged before me this ........ .4.t.h. ........ day of .J.u.n.e. 2..00.4/ ....................................... O O00SO EIq~IBIT "A" Lot 18 ~f the Cottonwood Subdivision Amended according to plat thereof as recorded in t~e Office of the County Clerk and Ex-Officio Register of Deeds of Lincoln Cohnty, Wyoming.