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HomeMy WebLinkAbout90074830766 RECEIVED LINCOLH COIJNTY CLERK 5 6 C pAG -. 7 5 6 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 .0.~...3.0...2.0.0..4 .................................... and the parties, their addresses and tax identification numbers, if required, are as follows: MORTGAGOR: BROCK SOTELO ~,nd ELAI'IE SOTELO, HUSBAND AND WIFE P.O. BOX 3045 ALPINE, WY 83128 ° [] If checked, refer to the attached Addendum incorporated herein, for additional Mortgagors, their signatures and acknowledgments. LENDER: THE BANK OF STA ii VALLEY Organized and existing under the laws of the state o1 Wyoming 384 WASHINGTON STREET PO BOX 8007 AFTON, WY 83110 83-0315143 CONVEYANCE. For good and valuable consideration, tire receipt and sufficiency of which is acknowledged, and to secure the Secured Debt (deFined below) and Mortgagor's performance under this Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with power of sale, the following described property: tOT 64 IN STAIq ~ALtEY RANCH PLAT 18, LINCOLN COUNTY, WYOMING AS DESCRIBED 3N THE OFFICIAL PLAT THEREOF. o The property is located in ................................ L.I.N.C..O.L.N. .............................. at J.O. 3..B.H..A.R..D.M..A.N..R.O.Ap. .......................... (County) ....................................................................................... .T.H..Ay.N..E ....................... Wyoming ......... ~.3. !.~./. ........ (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 exist!ng and future 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"). :' MAXDdUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at any one time shall not exceed $ J.~.0..0.0..0..0..0 ............. , ................... This limitation 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 protect 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 all promissory note(s), contract(s), guaranty(s) or other evidence of debt described below and all their extensions, renewals, modifications or substitutions. IWhen referencing the debts below it is suggested that you itlchtde items such as borrowers' names, note amounts, intere~,t rates, maturity dates, etc.) ONE PROMISSORY NOTE DATED 6-30.04 IN THE AMOUNT OF $120,0000.00 WYOMING - MORTGAGE (NOT FOR FNMA, FI-ti MC, FHA OR VA USE) ©1994 Bank[:- e':cV-~* Inc., SI. Cloud, MN 11-800-397-2341J Fm'm RE-MTG-WY (page I of 41 ¸5. B. All furore advances from Lender to Mortgagor or other future obligations of Mortgagor to Lender nnder any proini'ss°ry note, contract, guaranty, or other evidence of debt executed by Mortgagor in favor of Lender executed at~ter this Security Instrument whether or not this Security Instrument is specifically referenced. If more than one person signs this Security Instrument, each Mortgagor ag~:es 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 oblig~.tions are secured by this Security Instrument even though all or part may not yet be advanced. All future advances axld other future obligations are secured as if made on the date of this Security Instrument. Nothing in this Security Ifistrum;::nt shall constitute a commitment to make additional or future loans or advances in any amount. Any such commitment must be agreed to in a"s~parate writing. C. All obligations Mortgagor owes {o Lender, which may later arise, to the extent not prohibited by law, including, but not limited to, liabilities for overdraft~ relating to any deposit account agreement between Mortgagor and Lender. D. Ail additional sums advanced and expenses incurred by Lender for insuring, preserving or otherwise protecting tile Property and its value and any ?ther sums advanced and expenses incurred by Lender under the terms of this Security Instrument. This Security Instrnment Will not secur~i~ any other debt if Lender fails to give any required notice of the right of rescission. PAYI~IENTS. Mortgagor agrees that 'all payments under the Secured Debt will be paid when due and in accordance with the terms of the Secured Debt and this Security Instrument. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, security agreement or other lien docnment that created a prior security i~:.terest 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 any notices that Mortgagor receives from the holder. C. Not to allow any modification or extension of, nor to request any fl~ture advances under any note or agreement secured by the lien document without Lend, er's prior written consent. 7. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Property when due. Lender may require Mortgagor to provide to Lender copies of all notices that such amounts are due and the receipts evidencing Mortgagor's payment. Mortgagor will defend title to the Property against any claims that would impair the lien of this Security Instrument. Mortgagor agrees to assign to Leuder, as requested by Lender, any rights, claim, s or defenses Mortgagor may have against parties who supply labor or materials to maintain or improve 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 restrictions 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. 9. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mortgagor will keep the Property in good condition and make all repairs that are reasonably ne:essary. Mortgagor shall not commit or allow any waste, impairment, o'r 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 ox easement without Lender's prior written consent. Mortgagor will notify Lender of all demands, proceedings, claims and acticns 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 tbr the purpose of inspecting the Property. Lender shall give Mortgago/ notice at the time of or belbre an inspection specifying a reasonable purpose tbr the inspection. Any inspection of the Prdperty shall be entirely for Lender's benefit and Mortgagor will in no way rely on Lender's inspection? 10. 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 Mortgagor's name or pay any amount necessary Ibr pertbrmance. Lender's right to perform lbr Mortgagor shall not create an obligation to perform, aud 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 tak~: all steps necessary to protect Lender's secur.ity interest in tile Property, including completion of the construction. 11. ASSIGNMENT OF LEASES AND RENTS. Mortgagor irrevocably grants, bargains, conveys, mortgages and warrants to Lender as additional security all the r:ght, title and interest in and to any and all existing or future leases, subleases, and any other written or verbal agreements far the use and occupancy of any portion of the Property, including any extensions, renewals, modifications or suBstitutichs of such agreements (all referred to as "Leases") and rents, issues and profits (all referred to as "Rents"). Mortgagor wi!:l promptly provide Lender with true and correct copies of all existing and future Leases. Mortgagor may collect, receive, enjoy and use the Rents so long as Mortgagor is not in default under the terms of this Security Instrument. Mortgagor agrees that this assignment is inm~ediately 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 tf~e property 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 default, Mortgagor will endorse and deliver to Lender any payment of Rents in Mortgagor's possession and will receivi.· any Rents in trust fbr 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 nnder the Leases or any applicable landlord/tenant law. Mortgagor also agrees to maintain and require any tenant to comply with the terms of the Leases and applicable law, : ©1994 Bankers Systems, inc., SI. Cloud, MN {I-800-397'-2341! Form RE-MTG-WY ! 1tl8/94 (pago 2 of 4) 7,58 12. LEASEHOLDS; CONDOMINIUMS:' PLANNED 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 unit in a condominium or a planned unit development, Mortgagor will 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 de'fault if any party obligated on the Secured Debt fails to make payment when due. Mortgagor will be in default if a breacl, ;~ccurs under the terms of this Security Instrument or any other documeut executed for the purpose of creating, securing or gt~a. rantying the Secured Debt. A good faith belief by Lender that Lender at any time is insecure with respect to any person or er~tity obligated on the Secured Debt or that the prospect of any payment or the value of the Property is impaired shall also const'ttitte an event of default. 14. REMEDIES ON DEFAULT. In som~'. !nstances, federal and state law will require Lender to provide Mortgagor with notice of the right to cure or other notices and: may establish time schedules tbr foreclosure actions. Subject to these limitations, if any, Lender may accelerate the Secured 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 par? Of the agreed fees and charges, accrued interest and principal shall become immediately due and payable, after giving notice it' 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 the Secured Debt, this Security Instrument and any related documents including, without limitation, the power to sell the Property. All remedies are distinct, cumulative and not exclusive, and the Lender is entitled t0.all remedies provided at law or equity, whether or not expressly set forth. The acceptance by Lender of any sum in pz. Yment or partial payment ou 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 Mortgager's default, Lender does not waive Lender's right to later consider the event a default if it continues or happens agaip. 15. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when prohibited by law, Mortgagor agrees to pay all ~f Lender's expenses if Mortgagor breaches any covenant 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 ~n full at the highest interest rate in effeCt as 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 limited 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 eftbct until released. Mortgagor agrees to pay for anY! recordation costs of such release. 16. ENVIRONMENTAL LAWS AND HAiZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law means, without limitation, tile 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 concerniug the publi/: health, safety, welfare, environment or a hazardous substance; and (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 Environmental Law. Mortgagor represents, warrants and agrees that: A. Except as previously disclosed a,lad 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 llazardous Substances that are generally recognized to be aplq:r0priate 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 Environmental Law. C. Mortgagor shall inunediatefy no~'~fy Lender if a release or threatened release of a Hazardous Substance occurs on, under or about the Property or there 5s a violation of any Environmental Law concerning the Property. In such an event, Mortgagor shall take all necessary remedial action iii accordance with any Environmental Law. D. Mortgagor shall immediately not':~fy Lender in writing as soon as Mortgagor has reason to believe there is any pending or threatened investigation, claim, or proceeding relating 1o 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 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 Mortgager's name in any of the above described actions or claims. Mortgagor assigns to Lender the proceeds of any award or clai~m for damages connected with a condemnation or other taking of all or any part of the Property. Such proceeds shall be cor:sidered payments and will be applied as provided in this Security Instrument. This assignnlent 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 ~roperty insured against loss by fire, flood, theft and other hazards and risks reasonably associated with the Property due to its fype and location. This insurance shall be maintained in the amounts and for the periods that Lender requires. The insurance catri.er providing the insurance shall be chosen by Mortgagor subject to Lender's approval, which sftall not be unreasonably withheld, lt' Mortgagor fails to maintain the coverage described above, Lender may, at Lender's option, obtain coverage to pro~,~ct 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." Mortga;gor sftall immediately notify 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 proof of less if not made immediately by Mortgagor. [Jnless otherwise agreed in writing, all 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 ©1904 §anke~r~, Systems, Inc., SL Cloud, MN 11-§00-397-7:341} Fearn ItE-MTG-WY 11118194 (page 3 of 4) 19. 20. 21. 22. 23. 24. 25. 759 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, Mortgager's right to any insurance policies and proceeds resulting damage to the Property before the a~quisition shall pass to Lender to the extent of the Secured Debt immediately betbre the acquisition. : , ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separate agreement, Mortgagor will not be required to pay to Lender funds tbr ta:~:es and insurance in escrow. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Mortgagor will provide to Lender upon request, any financial statement or information Lender may deem reasonably necessary. Mortgagor agrees to sign, deliver, and file any additional documents or certifications that Lender may consider necessary to per&ct, continue, and preserve Mortgagor's obligations under this Security Instrument 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:idual. If Mortgagor signs this Secnrity Instrument but does not sign an evidence of debt, Mortgagor does so only to mortgage Mortgagor's interest in the Property to secnre 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 agrees to waive any rights that may prevent Lender from bringing any action or claim against Mortgagor or any party in~iebted 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 ot this Security Instrument or any evidence of debt without Mortgagor's consent. Such a change will not release Mortgagor~ from 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; SEVERABI?'TY; INTERPRETATION. This Security Instrument is governed by the laws of the jurisdiction in which Lender is loc~.~ed, 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 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 this Security Instrument cannot be enforced according to its terms, that section will be severed and will not affect the enforceability of the remainder of this Security Instrument. Wheuever used, the singnlar shall include the plural and the plural the singular. The captions and headings of the sections of this Security Instrument are for convenience only and are not to be nsed to interpret or define the terms of this Security Instrument. Time is of the essence in this Security Instrument. NOTICE. Unless otherwise required ay law, any notice shall be given by delivering it or by mailing it by first class mail to the appropriate party's address on pa. ge 1 of this Security Instrument, or to any other address designated in writing. Notice to one mortgagor will be deemed to be notice to all mortgagors. WAIVERS. Except to the extent proh~ibited by law, Mortgagor waives any right regarding the marshalling of liens and assets and all homestead exemption rights relating to the Property. OTHER TERMS. If checked, the f01[owing are applicable to this Security Instrument: [] Line of Credit. The Secured Debt includes a revolving line of credit provision. Although the Secured Debt may be reduced to a zero balance, this Si~curity 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 giants to Lender a security interest in all goods that Mortgagor owns now or in the future and that are or will become fxtures 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 Unilbnn Commercial Code. [] Riders. The covenants and agr,.~ements of each of the riders checked below are incorporated into and suPplement and amend the terms of this Securj~y~instrument [Check all applicable boxes] [] Condominium Rider [] Planned Unit Development Rider [] Other ........................................................ [] Additional Terms. SIGNATURES: .By signing below, Mo~itgagor 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. ACKNOWLEDGMENT: · w omi ..... } ss. S'IATE OF ..Y .... !1 ......................... COUNTY OF ............ ;. o,~i~i,,~,~ This instrument was acknowledged before me this ........ 3.0.~.h. ........ day of .J.u?.~...2..0.~..y,:"..//Z/. ............................ by .8.R..0.C.K..S. Q .T.E.I..Q:..E .I..A) .N.J. My commission expires: ~.(~ ~.~ (se~. . ©1994 Bankers Syslom~, Inc., Si. Cloud, MN (1-8CK~-377-23411 Form 8E-MTG-WY 1 $/1~1J84 {rO,~.qg 4 0[: 4j - :': :";;?'.;?::,:i :i: ;~ RELEASE OF REAL ESTATE MORTGAGE (BY CORPORATION) KNOWN ALL MEN By THESE PRESENTS, That the Jackson State Bank & Trust; a corporation, of the County oi: Teton, and State of Wyoming, does hereby certify that a certain mortgage bearing date the 15~h day of Januacy, 2002, made and executed by Lynn W. Starkey and Linda J. Starkey, hnsband and wife, as mortgagor, ~,o The Jackson State Bank & Trust, as Mortgagee, conveying certain 'real estate therein mentioned as security for the payment of $36,000.00 as therein stated, which ~nortgage was recorded in the office of the County Clerk and Ex-Officio Register of Deeds of Lincoln County, State of Wyoming, on the 2''a day of January, 2002, in Book 481 of Mortgages, at page 531-535, and mortgaging the following described real estat:~ in said County, to-wit: 5 B 0 cra v^c, ?B-O "ALL ~LANDS DESCRIBED IN SAID MORTGAGE" Document No. 878611 RECEIVED LIr,,JCOLI',., i.'.,Ot. INTY CLERK is, with a note secured thereb), and the~l~r~e~t[fingd debt, fully paid, satistie'd ,li-~leased, and ~h]scl~, ged; and in consideration thereoft he said mortgagee does hereby release and quitclaim unto the said mortgagor the pre~nises lhereby conveyed and mortgaged. , I!:. "' !'1 IN WITNESS WHEREOF, The Jackson State Bank & Trust has caused these Presents to be signed by its Vice President ~nd its Corporate seal to be affixed, this I~ day of July, 2004. Signed, Sealed and Delivere~ in the presence off Seal: ' ' :~g-~Attest c Note: If it is not ~~'~space theretbr~ insert the following: "All lands described in said mo~gage' THE STATE OF ~OM1NG, County 'of Teton On tbis 1st day of July, 2004, before me personally appeared Mary Kay Jonson t0 me personally known, who, being by me duly sworn, did say that she is the Vice President of the Jackson State Bank & Trust and that the seal affixed to said instrument is the corporate seal of said corporation, and that said instrmnent was signed and sealed on behalf of:said corporation by authoriW of i~s Board of Directors and said Mary Kay Johnson ac~owledged said instrmnent to be the fi'ee act and deed of said co~o~ation. Given under my hand and notarial seal this 1st day of July, 2004. COUNW OF l~l'~'~ STATE OF_ MY COMMiSSiON [XP~mS UOVEUa[~ My commission expires on Mary kay J/~hnson Its Vice President / Notary Public