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HomeMy WebLinkAbout900099BOOK 900099 628 oo REOEIVED ~,\OO.LINCOLN COUNTY OLERK ,JEA[']I ~E ~:iAGNFR State of Wyoming Space Above ']?his Line For Recording Data MORTGAGE (With Future Advance Clause) DATE AND PARTIES. The date of this Mortgage (Security Instrument) is .q~.- .05 - .2.0. 0. .4 .................................... and the parties, their addresses and tax identification umnbers, if required, are as follows: MORTGAGOR: JOANNE MCCAULEY, A SI~JGLE PERSON P.O. BOX 1293 THAYNE, WY 83127 [] If checked, refer to the attached Addendum incorporated herein, acknowledgments. LENDER: BANK OF JACKSON HOLE ORGANIZED AND EXISTIN~'~ UNDER THE LAWS DF THE STATE OF WYOMING 990 W. BROADWAY , P.O. BOX 7000 JACKSON. WY 83002 for add.,tional Mortgagors, their signatures and 2o 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 uuder Ihis Security Instrmnent, Mortgagor grants, bargains, conveys, mortgages and warrants to Let,der, with power of sale, the following described property: t01 63 IN SlAR YAI. LEY RANCH PtAI :3, AS PLATTED AND RECORDED IN THE OFFICIAL R~-_-CORDS OF LINCOLN COUNTY, WYOMING. l/ The property is located in ........... LINCOLN ............................... at 240 CHOKECHERRY DR VE (Cotmty) .............................................. ...... ................................... , ............................................ .T~4yN~. ......................Wyoming ......... ~9. !.27. ........ (Address) (City) (ZiP Code) Together with all rights, easements, ap mrtenances, royalties, mineral rights, oil and 'gas rights, all water and riparian rights, ditches, and water stock and all existing and future unprovexnents, structures, fixture.,:, 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"). MAXIM-tYM OBLIGATION LIlVIIT. The total principal amount secured by this Security Instrument at any one time shall not exceed $ 22330000 ....................... , ............................ This limitation of amount does not include interest and other fees and charges validly made pursuant to this Security Instrmuent. Also, this lhnitation does: not apply to advances made under the terms of this Security Instrument to protect Lender's security and to perform any of lhe 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 o? all promissory note(s), contract(s), guaranty(s) or other evidence of debt described below and all their extensions, renewals, modifications or substitutions. (l;Tten referencing the debts below it is suggested that you [Itc/tide [tetl~$ s~r.?/t as bo/Towers' names, note amottms, interest ,'ates, matttrity dates, etc.) WYOMING - MORTGAGE (NOT FOR FNMA, FHLMC FHA OR VA USE) 1~)1994 Bankers Systems, Inc., St. Cloud. MN (1-S00-397-~341) Form RE-MTG-Wy 11/1a/94 ........... I of 41 10. 11. 09000 ,. B. All future advances from Lender ro Mortgagor or other future obligations of Mortgagor to Lender under any promissory note~ contract, guaranty, or 0thor evidence of debt executed by Mortgagor in favor of Lender executed after this Security Instrument whether or not this Se~:urity Instrument is specifically referenced. If more than oue person signs this Security Instrument, each Mortgagor a,~re~.s that this Security Instrument will secure all future advauces and future obligations that are given to or incurred by 'any one or more Mortgagor, or auy oue or m~re Mortgagor and others. All future advances and other future obligations are secured by this Securily Iustrmnent even though all or 'part may not yet be advanced. All future advances ~md o~her future obligations are 'secured as if made on tile date of this Security Instrmnent. Nothing in this Security Instrument shall constitute a commitmeut to make addidoual or future loans or advances in any amount. Any such conm~itmeut ::nust be agreed to iu a separate writing. C. All obligations Mortgagor owe.; to Lender, which may later arise, to tl~e extent not prohibited by law, inciuding, but not · limited to, liabilities for overdra'~ts 'relating to auy deposit account agreement between Mortgagor and Lender. D. All additional sums advanced 'and expenses incurred by Leuder for insuring, preserving or otherwise protecting the Property and its value and any, other sums advanced and expenses incurred by Lender under the terms of lhis Security Instrument. This Security Instrument will not secu/'e ~riny other debt if Lender fidis to give any required notice of the right of rescission. PAYMENTS. Mortgagor agrees thal al payments under the Secured Debt will be paid when due and in accordance with the terms of the Secured Debt and this Seturity Instrument. PRIOR SECURITY INTERESTS.: V,)th regard to any other mortgage, deed of trust, security agreement or otl]er 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 a'ny 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 Lender's prior written consent. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, assessments, liens, eucmnbrances, 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 an~ounts are due iud the receipts evidencing Morlgagor's pay~nent. Mortgagor will defend title to the Property against any claims that woE'Id 'impair the lien of this Security Instrument. Mortgagor agrees to assign to Lender, as requested by Lender, any rights, cl~:im.s or defenses Mortgagor may have against parties who supply labor or materials to maintain or hnprove the Property.' DUE ON SALE OR ENCUMBRANCE. Lender may? at its option, declare the entire balance of the Secured Debt to be i~mnediately due and payable upon th;.~ creation of, or contract for the creation of, any lien, encumbrance, transfer or sale of the Property. This right is subject to the ret;trictions imposed 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. PROPERTY CONDITION, ALTEP, ATIONS AND INSPECTION. Mortgagor will keep the Property in good condition and make all repairs that are reasonably necei~sary. Mortgagor shall not cmmnit or allow any waste, hnpainnent, 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 easement without Lender's prior wrinen consent. Mortgagor will notify Lender of all demands, proceedings, claims and actions against Mortgagor, and of any loss or damage to th~ Property. Lender or Lender's agents may, at Lind ~-r s option, enter the Property at any reasonable time for the purpose Of inspecting the Property. Lender shall give Mortgag,r notice at the time of or before an inspection specifying a reasonable purpose for the inspection. Any inspection Of the ~roperty shall be entirely for Lender's benefit and Mortgagor will in no way rely on Lender's inspection. ~: : AUTttORITY TO PERFOTM. If Mo~rtgagor fails to perform any duty or any of the covenants contained in this Security Instrument, Lender may, without no,ice, perform or cause them to be performed. Mortgagor appoints Lender as attorney in fact to sign Mortgager's mane or pa? any mnount 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 arty of Lender's other rights under the law or this Sec.~rit~t Instrument. If any construction ou the Property is discontinued or not carried on in a reasonable manner, Lender may take .'dl steps necessary to protect Lender's security interest in the 'Property, including completion of the construction. ASSIGNMENT OF LEASES AND RENTS. Mortgagor irrevocably grants, bargains, conveys, mortgages and warrants to Lender as additional security all the :igkt, 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 substitutii'ms: of such agreements (all referred to as "Leases") and rents, issues and profits (all referred to as "Rents"). Mortgagor ~ill promptly provide Lender with true and correct copies of all existing and future [.eases. 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 inunediately effective between the parlies to this Security Instrument. Mortgagor agrees that this assignment is effective as to third parties when Lender takes affirmative action prescribed by law, a~ld that this ass!gnmeat will re~nain in effect ..du~ip~ any'rede~pPtion .period until the Secured Debt is satisfied. Mortgagor agrees that Lender may take actual possession of the property Without the necessity of c0~mnencing 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 paymem of Rmas in Mortgager's possession and will receive'any Rents in trust for Lender and will not'commingle the Rents with any other funds. Any mnounts collected will be applied a:~ provided in this Security Instrument. Mortgagor warrants that tm default exists under the Leases or auy applicable landlord~te~ant 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-B00-397-2341) Form RE MTG WY 11/18/94 · ~v~, (page 2 of 41 09000 ,9 provlstons oI any le~/g~}~?:- this .aecUr.ty Instrument is on a leasehold. If the Property includes a unit in a condominium or a planned unit developmEfii~':'Mortgago: W:ilI perform all of Mortgagor's duties under the covenants, byJaws, or regulations of the condominiui~:0r pl~un-~d U'dit ~fl~9¢~0pli~ent. 13. DEFAULT.. Mortgagor Will b~ in lehult if any party obligated oh the Secured ' Debt .'fails" to '}ilake Payment when due. Mortgagor Will be in default if ii breach"bC~urs Under the tem~s Of this SecUrity Iustrmnent Or 'auy Other docuineni executed for the purpose of creating, securing or guarantying:the secured Debt. A good faith belief'byl Lender that Lender" at any time is insecure with respect to any person o~' entity obligated on the Secured Debt or that the prospect of any payment or the value of the Property is hnpaired shall also constitute an event of default. 14. REMEDI2ES ON DEFAULT; In some instances, federal and slate 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 limitations, if ally, Lender may accelerate the Secured Debt find fOr¢cJose this Security Instrument in a manner provided by law if Mortgagor is in default. At the option of Lender, all or any p~rt Of the agreed fees and charges, accrued interest and principal shall become itmnediately 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 reined~es provided by law, the terms of the Secured Debt, this Security Instrmnent and any related documents including, withoul liraS/alton, the power to sell the Property. All remedies 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 any 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 Leuder's right to require complete cure of any existing default. By not exercising any remedy, od 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: oft Lender's expenses if Mortgagor breaches any cove,rant in this Security Instrument. Morlgagor will also pay on de,nard a~y mnount 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 as Provided in the terms of tl~e 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 amountmay include, but is' not limited to, reasonable attorneys' fees, court costs, and other legal expenses. This ,'unount does not include attorneys' fees for a salaried employee of the Lender. This Security Instrumetit shall remain in elTect until released. Mortgagor agrees to pay for any'. recordation costs of such release. 16. ENVIRONMENTAL LAWS AND [IAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law means, without lhnitadon, the Comprehensive Enviromnental Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), and all other federal, stare a'~d 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 cr hazardous material, waste, pollutant or contaminant which has characteristics which render the substance dangerous or potfintially dangerous to the public health, safety, welfare or environment. The term includes, without limitation, any S*~bst,mces defined as "hazardous material," "toxic substances," "hazardOus waste" or "hazardous substance" under any Enviromnental Law. Mortgagor represents, warrants and a~:ree,~ that: A. Except as previously disclosed and acknowledged in writing to Lender, no Hazardous Substance is or will be located, stored or released onor in the Property. This restriction does not apply to sinall quantities of ltazardous Substances that are generally recognized to be ai~prcpriate for the normal 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 E,~viromnemal Law. C. Mortgagor Shall inm~ediate!y ri:aliBi 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 Euvironmental Law concerning the Property. In such an event, Mortgagor shall take all necessary rgtnedial action in accordance witl~ any Enviromnental Law. D. MortgagOr shall irmnediately ~,)tif)i. 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 reit:use of any ttazardous Substance or the violation of any Enviromnemal Law. 17. CONDEMNATION. Mortgagor will give 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 condem,~ation, eminent domain, or any other means. Mortgagor authorizes Lender to intervene in IO rtgagor s name m any of the above descrtbed actions or clahns. Mortgagor assigns to Lender the proceeds of any award or clai/n for damages: connected with a condenmation or'other taking of all or any part of the Property. Such proceeds shall be consiilered payments and will be applied as provided in this Security Instrmnent. This assigmnent of proceeds is subject tO the te::ms of any prior mort.gage, deed of trust, security agreemeqt or other, lien document. 18. INSURANCE. Mortgagor shall keep Property insured against loss by fire, flood, theft and other hazards and risks reasonably associated with the Property due to its tyi~e and location. This insurance shall he maintained in the amounts and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Mortgagor subject to Lender's approval, which shall not be unreasonably withheld. If Mortgagor fails to maintain the coverage described above, I. ender 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 :;bali' 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 plolicies and renewals. If Lender requires, Mortgagor shall immediately give all receipts of paid premiums and re!~ew.al notices. Upon loss, Mortgagor shall give immediate notice to the insurance carrier and Lender. Lender may make PrOof ~f 10ss if not made iminediately by Mortgagor. Unless Otherwise agreed in writihg, ~:11 i~UranCe profieeds shall be applied to the restoratton or repair Of tl~ Property or to the Secured Debt, ' whether or'not ilien due:, at Lender's option. Any application of Proceeds to principal Shall not extend or //~. ' (page 3 of 4) ~)1994 Bankers Systama, Inc., St. Cloud. MN {1-800-.t97-2341) Form RE-MTG-WY 11/1B/94 19. 20. 21. 22. 23. 24. 25. postpone the due date of the sChe~/ule~d payment nor change [he amount of any payment. Any excess w/Il be paid to tile Mortgagor. If the Property is hcquired by Lender, Mortgagor's right to any insurance policies and proceeds resulting from damage to [he Property before the acq~fi,:,ition shall pass to Lender to the extent of the Secured Debt innnediateIy before the acquisition. ..- ~ · ESCROW FOR TAXES AND INSUi[G~ICE. Unless otherwise provided in a separate agreement, Morlgagor will no[ be required to pay to Lender funds for taxe.,~ and insurance in escrow. ?NA~. ,CIAL REPORT_S AND ADI~ITIONAL DOCUMENTS. Mortgagor will provide to Lender upon request, any nnancmi statement or intonnation Leetier may deem reasonably necessary. Mortgagor agrees to sign, deliver, and file any additional docmnents or certifications :ithat Lender may consider necessary to perfect, continue, and preserve Mortgagor's obligations under this Security Instrmner~::t ~md Leader's lien status on the Property. JOINT AND INDIVIDUAL '" ' LIABILITir;. CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Security Instrument are joint and indivi~jual. If Mortgagor sigus this Security htstrmnent 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 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 Ihnited to, any anti-deficiency or one-action laws. Mof;:gagor agrees that Lender and any party to this Security Instrument may extend, modify or make any change in the terms of tl;,is~' Security Instrmnent or any evidence of debt without Mortgagor's consent. Such a change will not release Mortgagor frSni the terms of this Security Instrument. The duties and benefits of this Security Instrmnent shall bind and benefit the successors 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 located, 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 mnended or modified by oral agreement. Any section, in this Security Instrument, attachments, or any agreement related to the Secured Debt that conflicts with applicable taw 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 enlbrced according to its terms, that section will be severed and will not affect the enforce;~bitity of the remainder of this Security Instrmnent. Whenever used, the singular shall include the plural and the plural the si. ngular. The captions and headings of the sections of this Security Instrument are for convenience only and are not to be nsc4 ~o interpret or define the ternls of this Security Instrument. Time is of the essence in this Security Instrument. NOTICE. Unless otherwise required b? iaw, 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 Instrument. or ~o any other address designated in writing. Notice to one mortgagor will be deemed to be noti;:e to all mortgagors. WAIVERS. Except to the extent prohibited by law, Mortgagor waives any right regarding the marshalling of liens and asse~s and all homestead exemption rights relati:ng to the Property. OTH]gR TERMS. If checked, the following are applicable to this Security lastrmnent: [] Line of Credit. The Secured D,::bt includes a revolving line of credit prowsion. Although the Secured Debt may be reduced to a zero balance, this Sesurity Instrument will remain in effect until released. [] Construction Loan. This Securi~.y 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 iu the future and that are or will becoLne fixtc'res related to the Property. This Security Instrument suffices as a financing statement and any carbon, photographic o~: other reproduction may be filed of record Ibr purposes of Article 9 of the Unitbrm Connnercial 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 k~s~rument. [Check all applicable boxesi [] Condominium Rider [] Pla. meal Unit Development Rider [] Other [] Additional Terms. SIGNATURES: By.signing below, Mortgago~ agrees to the terms and covenants contained in this Security Instrument and in any attaclnnents. Mortgagor also acknowledges receipt of a copy of this Security Instrument on thedate stated on page 1. STATE OF ~¥.o.M!~.q .................................. COUNTY OF .................... } ss. (kai~) This instrument was acknowlet~ge3:l before me this ........ .q.l.H. ........ day of .J.q..~L.2.Q.0.4 ........................................ by .J.0.a. ~..¥.C.C..A~[.t.y, .t,..S!.~.q[.[. ~t..a~q~. ...................................................................................................... My commission expires: '' ~ ~/~./) ~ //9/7 ~"' ...... !77 ......... . .... ....... : ........ (Nola~y Pubhc) County of ~ State of Lincoln ~ Wyomin~ My Commi.sion Expires Seplember $ 3, 2006 ~)1994 Bankers Systems, Inc., St. Cloud. MN (1-800-397 23~-1) Focm RE-MTG-WY 11/18194 ,: ,,:.::. ':~.: :, . (page 4 of 4)