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HomeMy WebLinkAbout90037330275 BOOK 900373 559 . State of Wyoming Space Above This Line For Recording Data MORTGAGE (With Future Advance Clause) DATE AND PARTIES. The date of this Mortgage (Security Instrument) is .O,~..J.l..2.0. O..~ .................................... and the parties, their addresses and tax identificar:on numbers, if required, are as follows: MORTGAGOR: RON B. MCCUEand KAREN 6~IL.MCCUE, tlUSBAND AND WIFE P.O. BOX 798 THAYNE, WY 83t27 [] If checked, refer to the attached 3:ddendum incorporated herein, for additional Mortgagors, their signatures and aclmowledgmems. LENDER: THE DANK OF STAR VALLEY Organized and existing under !ho 'iaws of the state of Wyoming 384 WASHINGTON STREET PO BOX 8007 AFTON, WY l;31 ;0 83-0315143 CONVEYANCE. For good and valual~le consideration, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debt (defined below) and Mo~:tgagor's performance tinder this Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with power of sale, the following described property: SEE "E×HIBII A" AITACH[D It[Rtl0 AND MADE APART HEREOF The property is located m ............................... .[.I.N.C. ,0.t-N ............................... at J.~/!0.u., P.~.OfP. a.O..cP...~.0. !.2.1 .................... (County) ..................................................................................... 8..~0[0.§P ....................... Wyoming ......... 8.3, ! J.2. ........ (Address) (City) (ZIP Code) Together with all rights, easements, appmtenances, royalties, mineral rights, Oil and gas rights, all water and riparian rights, ditches, and water stock and all existing and thture improvements, structures, fixtures, and replacements that may now, or at any time in the future, be part of the real estate described above (all referred to as "Property"). MAXIMUM OBLIGATION LIMIT, Th:~ total principal amount secured by this Security Instrument at any one time shall not exceed $ .3.5.0.,.0.0..0:0..0 .......................................... This lmdtation of amount does not include interest and other fees and charges validly made pursuant to this Security Instrument Also, this limitation does not apply to advances made under the terms of this Security Instrument to pmte'zt Lender's security and to perform 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 ~11 promissory note(s), contract(s), guaranty(s) or other evMence of debt described below and all their extensions, renewals, modifications or substitutions (When referencing the debts below it is suggested that you include ttems s'tch as borrowers' names, note atnounts, imerest rates, maturity dates, etc.) ONE PROMISSORY NOTE DATED 8-11-04 IN TH[ AMOUNT OF $3fi0,000.00 WYOMING - MORTGAGE (NOT FOR FNMA, FHLIvC, FHA OR VA USE) ©1994 Rankers Sys~ern~. Inc., SI.. Cloud, MN (1-800-397-23-11) Form RE-MTG-WY I 1/18/94 (page 1 of 4) O )OOg,/t B. All ~'uture advances from Lender to IVfortgagor or other future obligations of Mortgagor to Lender under any promtssory note, contract, guaranty, or other evidefice, t . of debt executed by Mortgagor in favor of Lender executed after this Security Instrument whether or not tbis SecurL.y Instrument is specifically referenced. If more than one person signs this Security Instrument, each Mortgagor agrees tha: this Security Instrument will secure all future advances and future obligations that are given to or incurred by any' c~ne or more Mortgagor, or any one or more Mortgagor and others. All future advances and other future obligatiom ;~.re secured by this Security Instrnment 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 si~all constitute a commitment to make additional or future loans or advances in any amount. Any such commitment must be agreed to in a separate ~'riting. C. All obligations Mortgagor owes to Lc!nder, which may later arise, to the extent not prohibited by law, including, but not limited to, liabilities for overdrafts relatirlg to any deposit account agreement between Mortgagor and Lender. D. All additional sums advanced and e~penses incurred by Lender for insuring, preserving or otherwise protecting the Property and its value and any other.sums advanced and expenses incurred by Lender tinder the terms of this Security Instrument. ~, This Security Instrument will not secure any 0tl~.er debt if Lender fails to give any req hired notice of the right of rescission. PAYMENTS. Mortgagor agrees that all payments under the Secured Debt will be paid when due and in accordance with the terms of tl~e Secured Debt and this Security Inslrument. PRIOR SECURITY INTERESTS. With.' regard to any other mortgage, deed of trust, security agreement or other lien document that created a prior security interes' o? encumbrance on the Property, Mortgagor agrees: A. To make all payments when due and to p~;rform 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 eatensJon of, nor to request any future advances tinder any note or agreement secured by the lien document without Lender's crier written consent. CLAIMS AGAINST TITLE. Mortgagor willl pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Propt.~rty when due. Lender may require Mortgagor to provide to Lender copies of all notices that such amounts are due and thc :~'eceipts evidencing Mortgager's payment. Mortgagor will defeud title to the Property against any claims that would imp~it~ the lien of this Security Instrument. Mortgagor agrees to assign to Lender, as requested by Lender, any rights, clahns or defenses Mortgagor may have against parties who supply labor or materials to maintain or improve the Property. "' DUE ON SALE OR ENCUMBRANCE. ,Lender may, at its option, declare tt~e entire balance of the Secured Debt to be immediately due and payable upon the creati)n of, or contract for the creation of, any lien, encumbrance, transfer or sale of the Property. This right is subject to the restric'tions 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, ALTERATIO:.~IS', AND INSPECTION. Mortgagor will keep the Properiy in good condition and make all repairs that are reasonably necessarT. 'Mortgagor shall not conunit or allow any waste, impairment, or deterioration of tim Property. Mortgagor will keep the Prolert. y free of noxious weeds and grasses. Mortgagor agrees that the nature of the occupancy and use will not substantially chalge without Lender's prior written consent. Mortgagor will not permit any change in any license, restrictive covenant or easement without Lender's prior written consent. Mortgagor will notify Lender of all demands, proceedings, claims and actions against Mortgagor, and of any loss or damage to the Property. Lender or Lender's agents may, at Lender'stoption, enter the Property at any reasonable time for the purpose of inspecting the Property. Lender shall give Mortgagor noti':e 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. AUTHORITY TO PERFORM. If Mortgagor fails to perform any duty or any of the covenants contained in this Security Instrument, Lender may, without notice, perform or cause them to be performed. Mortgagor appoints Lender as attorney in fact to sign Mortgager's name or pay any ainount necessary for performance. Lender's right to perform for Mortgagor shall not create an obligation to perform, and Lender's failure to perform will not preclude Lender from exercising any of Lender's other rights under the law or this Security Instr~lment. If any construction on the Property is discontinned or not carried on in a reasonable manner, Lender may take all s,:eps necessary to protect Lender's security interest in the Property, incfuding completion of the construction. ASSIGNMENT OF LEASES AND REN'IS. 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 u~e and occupancy of any portion of tile Property, including any extensions, renewals, modifications or substitutions of sut. h agreements (all referred to as "Leases") and rents, issues and profits (all referred to as "Rents"). 'Mortgagor-will pron~pt!y provide Lender with true and correct copies of all existing and future Leases. Mortgagor may collect, receive, enjoy and u: e ~he Rents so long as Mortgagor is not in default tinder the lerms of this Security Instrument. - Mortgagor agrees that this assigiunent is inunediately effective between the parties to this Security Instrument. Mortgagor agrees that this assignment is effective as to. hird parties when Lender takes affirmative action prescribed by law, and that this assigmnent will remain in effect during any redemption period until the Secured Debt is satisfied. Mortgagor agrees that Lender may take actual possession of the prcpei~'ty without the necessity of commencing legal action and that actual possession is deemed to occur when Lender, or its agent, notifies Mortgagor of default and demands that any tenant pay all future Rents directly to Lender. On receiving notice of del)rolL, 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 conuningle the Rents with any other funds. Any amounts collected will be applied as pro¥i~ed in this Security Instrument. Mortgagor warrants that no default exists uuder the Leases or any applicable landlord/tenant 'aw. Mortgagor also agrees to maintain and require any tenant to comply with the terms of the Leases and applicable law. ©19q4 Bankers Systems, lac., SI, Cloud, MN {1-§00-397 ;2341) Form RE-IVITG-WY 11118194 (page 2 of 4) 2. LEASEItOLDS; CONDOMINIUMS; Y'Li;NNED UNIT DEVELOPMENTS. Mortgagor agrees to comply with the provisions of any lease if this Security Instrument is on a leasehold. If the Property includes a nnit in a condominium or a planned nnit development, Mortgagor will' perform all of Mortgagor's duties under the covenants, by-laws, or regulations of the condominium or planned unit development.. L DEFAULT. Mortgagor will be in defatdi i~ any party obligated on the Secured Debt fails to make payment when due. Mortgagor will be in default if a breach od']Ur's tinder the terms of this Security h~strument or any other document executed tbr tbe purpose of creating, securing or guarantyi~ng ~he Secured Debt. A good faith belief by Lender that Lender at any time is insecure with respect to any person or entity c~bligated on 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. '. REMEDIES ON DEFAULT. In some ins:tun,ecs, federal and state law will require Lender to Provide Mortgagor with notice of the right to cure or other notices and mayi~establish time schedules for foreclosure actions. Subject to these limitations, it' any, Lender may accelerate the Secured Debt and tbreclose 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 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 remedies, provided by law, the terms of thc Secured Debt, this Security Instrument and any related documents including, without limitatida, the power to sell the Property. All remedies are distinct, cumulative and not exclusive, and the Lender is entitled to MI remedies provided at law or equity, whether or not expressly set forth. The acceptance by Lender of any sum in payme:~t 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 M0rtgagor's default, Lender does not waive Lender's right to later consider the event a default if it continues or happens again, i . EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS, Except when prohibited by law, Mortgagor agrees to pay all of L(nd~r's expenses if Mortgagor breaches any covenant in this Security Instrument. Mortgagor will also pay on demand any m,nount incurred by Lender tbr insuring, inspecting, preserving or otherwise protecting the Property and Lender's securit? interest. These expenses will bear interest from the date of tile payment until paid in full at tile highest interest rate in effect as p':ovided in tile 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 Instrnment. This amotmt may include, but is not limited to, reasonable attorneys' fees, court costs, and other legal expenses. This amount does not include attorneys' fees for a salaried, employee of tile Lender. This Security Instrument shall remain in effect until released. Mortgagor agrees to pay for any recordation costs of such release. ENVIRONMENTAL LAWS AND HAZA [IDOUS 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, court orders, attorney general opinions or interpretive letters concerning the public hcaltiL safety, welfare, environment or a hazardous substance; and (2) l-lazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or contaminant which has characteristics which render the substance dangerous or potentially dangerous to tile public health, safety, welfare or enviromnent. The term includes, without limitation, any substanc':s ~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 and acknowledged in writing to Lender, no Hazardous Substance is or will be located, stored or released on or in the Propert? Fhis restriction does not apply to small quantities of Hazardous Substances that are generally recognized to be appropri;tte ~¢or 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 an) applicable Enviromnental Law. C. Mortgagor shall immediately notify L~:nder if a release or threatened release of a Hazardous Substance occurs on, tinder or about the Property or there is a v~olation of any Environmental Law concerning the Property. In such an event, Mc rtgagor shall take all necessary reme;lial action in accordance with any Environmental Law. D. Mortgagor shall inunediately notify Lender in writing as soon as Mortgagor bas 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 o f any Environmental Law CONDEMNATION. Mortgagor will give Let;der 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, entinent domain, or any other means. Mortgagor authorizes Lender to intervene ~n Mortgago:'s-name in any of the above described actions or claims. Mortgagor assigns to Lender the proceeds of any award or claim for damages connected with a condemnation or other taking of all or any part of the Property. Such proceeds shall be considere:l payments and will be applied as provided in this Security Instrument. This assignment of proceeds is subject to the tenns ~f any prior mortgage, deed of trust, security agreement or other lien document. INSURANCE. Mortgagor shall keep Proper!'y insured against loss by fire, flood, theft and other hazards and risks reasonably associated with the Property due to its type a-~d ~ocation. This insurance shall be maintained in the ainounts and for the periods that Lender requires. The insurance carrier p~ovfding the insurance shall be chosen by Mortgagor subject to Lender's approval, which shall not be unreasonably withheld. If Mortgagor fails to maintain thc 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 innnediately notify Lender of cancellation or termination of the insurance. Lender shall have the right to hold the policies ;~nd renewals. If Lender requires, Mortgagor shall immediately give to Lender all receipts of paid premiums and renewal ncdces. Upon loss, Mortgagor shall give innnediate notice to the insurance carrier and Lender. Lender may make proof of loss if not made inunediately by Mortgagor. Unless otherwise agreed in writing, all insura:tce proceeds shall be applied'to the restoration or repair of thc 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 994 tlankors $¥slems, Inc., Si Cloud, MN I 1-800-397-234 ! ) form flE-MIG-WY 11/1 §/94 (page 3 of 4) .... ?. 586 postpone the due date of the schedu~e~l payment nor change the amount of any payment. Any excess will be paid to the Mortgagor. If the Property is acquircd~by Lender, Mortgagor's right to any insurance policies and proceeds resulting from damage to the Property before the ac3uisition shall pass to Lender to the extent of the Secured Debt inunediately betbre the acquisition. 19. ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separate agreement, Mortgagor will not be required to pay to Lender funds for tax Is and insurance in escrow. 20. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Mortgagor will provide to Lender upon request, any financial statement or information Lender may deem reasonably necessary. Mortgagor agrees to sign, deliver, and file any additional documents or certifications ~hat Lender may consider necessary to perfect, continue, aud preserve Mortgagor's ' obligations under this Security Instrum~!n! and Lender's lien status on the Property. 21. JOINT AND INDIVIDUAL LIABILI?Y; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties nnder this Security Instrument are joint and individual. If IVlortgagor 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 perso'nally 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 any party to this Security Instrument may extend, modify or make any change in the terms of this Security Instrument or any evidence of debt without Mortgagor's consent. Such a change will not release Mortgagor :.~rcm the terms of this Security Instrument. The duties and benefits of this Security Instrument shall bind and benefit the svccessors and assigns of Mortgagor and Lender. 22. APPLICABLE LAW; SEVERABI[ITY; 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 Inst::ument is complete and fully integrated. This Security Instrument may not be amended or modified by oral agreement. Any section in this Security Instrument, attachments, or any agreement related to the Secured Debt that conflicts with applicable laW will not be effective, unless that law expressly or impliedly permits the variations by written agreement. If any section of.:his Security Instrument cannot be entbrced according· to its terms, that section will be severed and will not affect the enforceability of the remainder of this Security Instrmnent. Whenever used, the singular shall include the plural and the plural the si~gular. The captions and headings of the sections of this Security Instrument are for convenience only and are not to be used to interpret or define the terms of this Security Instrument. Time is of the essence in this Security Instrument. 23. NOTICE. Unless otherwise required byl 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 Instrument, or to any other address designated in writing· Notice to one mortgagor will be deemed to be nc.dc5 to all mortgagors, 24. WAIVERS. Except to the extent prohib:ited by law, Mortgagor waives any right regarding the marshalling of liens and assets and all homestead exemption rights rel::ti~!g to the Property. 25. OTHER TERMS. If checked, the roi!owing are applicable to this Security Instrument: [] Line of Credit. The Secured OeSt 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 tmtil released. [] Construction Loan. This Security Instrument secures an obligation incurred for the construction of an hnprovement on the Property. [] Fixture Filing..Mortgagor gra,nts: to Lender a security 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 covenants and ag~eeiinents of each of the riders checked below are incorporated into and supplement and amend the terms of this Securityl Instrument. [Check all applicable boxes] [] Condominium Rider [] Plam~ed Unit Developinent 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 acknowledges receipt of a copy of this Security Instrument on the date stated on page 1. . (Date) (Signature) KAREN GAlL MCCU[ t (Date) ' ACKNOWLEDGMENT: STATE OF W¥.minR ................... . ....................... COUNTY OF ...... ./...(7..C. ...................... } ss. (individual) This instrument was acknowmdged before me this ~.,.~... day of June 2004 ~( SHAROI~-~~~ ~ (Notary Public) 1~1994 flankers Systems, Inc., St. Cloud, klm (1-gOO-3/3?-234t} Form R£-MTG-WY 1 t/lB/94 iZ:SZP~ FRO~-L~nd Ti~e Company 58~ p~e 2 of 2 Comm{~mcnl -Schedulc A