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HomeMy WebLinkAbout900811t~OOK_-- 90081 ! LII,,I(';C,!.f'I C',OLII~'ITY CLERK Slate ut' Wyoming Spuce Ahove Thi~ I,ine For Recording Data MORTGAGE (With Future Advauce Clause) DATE AND PARTIES. The dale of this lvlodgage (Security Instrumen0 is .0.~ - .0.1.- .2.0. 0. ~1 ................. i ................. and lite parties, their addresses and tax identification nmnbers, if required, are as follows: MORTGAGOR: VINCE A. KRAMEfl AND CAROL A. LEIFHEII P.O. BOX 5281 ETNA. WY 83118 [] If checked, refer [o the atiached Addendum incorporated herein, fro' additit~nal acknowledgmems. LENDER: BANK OF JACKSON HOLE ORGANIZED AND EXISTING UNDER THE LAWS OF THE STATE OF WYOMING 990 W. BROADWAY P.O. BOX 7000 JACKSON, WY 83002 lVlortgagors, lheir signatures and CONVEYANCE. For good and wduable c0nsideratioR, the receipt and sufficiency of which is acknowledged, and lo secure the Secured Debt (defined below) and Mortgagor's performance uuder Ibis Security Instrument, Mortgagor grauts, bargains, conveys, mor[gages and warfares to Lender, with power of sale, the tallowing described property: [0T 48 OF SlAR VALLEY RANCH PLAT 8, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT THEREOF. The property is located iii ............................... .LJN.C.O.LN. ...............................al [9.1748..P.L~17..a, ~.174}t. Y.&LI,.[.¥.R..aNc. 0.[.s. .......... (Comay) ..................................................................................................................... Wyoming ....................... (Address) (City) (ZIP Ctxle) Together with all rights, easements, appurtenances, royalties, ~nineral r~ghls, oil and gas rights, all water and riparian rights, ditches, and water stock and all existing and future hnprovemen£s, structures fixlures, and replacements that may now, or at any time in the future, be part of the real estme described above (all referred MAXIMUM OBLIGATION LIMIT. The ~otal principal mnount secured by this Security Instrument at any one lime shall exceed $ .3.q,.0.0.0...qO ........................................... This lhnitation of amouR[ does not include interest and other fees and charges validly made pursuant to this Secu:ity Instrument Also, this limilalion does not apply to advances made under the terms of this Security Instrumenl to protect Lender's security and lo perRmn auy of the covenants contained iii thik Security Inslrument. SECURED DEBT AND FUTURE ADVANCES. The term "Secured Dcbl" is deft,md as follows: A. Debt incurred uuder II~e terms of all promissory note(s), contract(s), guaranty(s) or other evidence of debt described below and all their extensions, renewals, modifications or substitutions. (When referenchig the debts below it ia' suggested that you irtchtde items s~ch ax borrower~" names, note amoutit& interest rates, maturity date& etc.) PROMISSORY NOTE DATED 7-1.2004 IN THE AMOUNT OF ~30,000.00 WYOMING - MORTGAGE (NOT FOR FNMA, FHLMC, FHA OR VA USE) 01994 Ela~xker~ S¥~tem~, inc., St. Cloud, MN {1 800-397-23411 Fo~m RE MTG WY B. All future advances fro1n Lender) to Mortgagor or other future obligations of Mortgagor to Lender under any promissory note, contract, guaranty, or other evidence of debt executed by Mortgagor in favor of Lender executed at'let this Secretly Instrument whether or not fids Security Instrument is specifically referenced, if more than one person.signs this Security Instrument, each Mortgagor agl2es that this Security Iastrmnent will secure all future advances and fulure obligations that are given to or incurred by any,one or more Mortgagor, or any one or ]-]tore Mortgagor and others. All future adwmces and other future obligations'are secured by this Security Instrument even lhough all or part may not yet be advanced. All future advances al~d other future obligations are secured as il' made on the date of this Security Instrument. Nothing in this Security Instrum mt shall constitute a connnitment to ntake additiomd or future loans or advances in auy amount. Any such commimlent nmst be; agreed to in a separate writing. C. All obligations Mortgagor owes to Lender, which may later arise, to tl~e exlent not prohibited by law, including, but not lhnited to, liabilities for overdrafts relating to any deposit account agreement between Mortgagor and Lender. D. All additional sums advanced and expenses incurred by Lender for insuring, preserving or otberwise protecting lite Property and its value and any other stuns advanced and expenses incurred by l~ender under the terms of this Security Instrument. This Security Instrument will not secure any other debt if Leader fails to give auy required notice of the right of rescission. PAYMENTS. Mortgagor agrees that all payments under the Secured Debt will be paid when due and itt accordaace 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 docmnent that created a prior security interest ~r encmnbrance on the Property, Morlgagor agrees: A. To make all payments when due and to perform or comply ·with all covemmts. B. To promptly deliver to Lender an3) notices that Mortgagor receives from the holder. C. Not to allow any modification m extension of, nor to request any fulure advances under any note or agremnent secured by the lien docmnent without LenC:er's prior written consent. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, assessments, liens, encumbrances, lease payments, gronud rents, utilities, and other charges relating to lbe Prooerty 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 lustrument. Mortgagor agrees to assign to Lender, as requested by Lender, any rights, claims or defenses Mortgagor may have against parties who supply labo[, or materials to maintain or hnprove the Property. : DUE ON SALE OR ENCUMBRANCE. Lender maY, m its option, declare Ibc entil-e balance of the Secured Debt to be ilnmediately due and payable upon the t. reation of, or contract for the creution of, any lien, encumbrance, transli~r or sale of the Property. This right is subject to the restrictions huposed by federal law (12 C.F.R. 591), as applicable. This covenant shall run with the Property and shall remain ir:~ effect until the Secured Debt is paid in full and this Security lnstrualem is released. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mortgagor will keep the Property in good condition arid make all repairs that are reasomlbly neo~ssary, lVlortgagor shall not commit or allow any waste, hnpairment, 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 wrillcu consent. Ivlortgagor will not permit any change in any license, restrictive covenant or easement without Lender's prior written couseut. Mortgagor will notify Lender of all demands, proceedings, clahns arid actione; agaifist Mortgagor, and of any loss or damage It) the Property. Lender or Lender's agents may, at Lender's option, enter the Property al: any reasonable lime for the purpose of inspecting the Property. Lender shall give Mortgagor notice tit the time of or before an inspection specifying a reasonable purpose for the inspection. Any inspection of the Property shall tie entirely for Lender's benefit and Mortgagor will irt no way rely oa Lender's inspection. }. AUTHORITY TO PERFORM. If Mortgagor fails to perform arty duty or auy of the covenauts contained iu this Security Instrument, Leuder may, without notice, perform or cause them to be performed. Mortgagor appoints Lender as attorney in fact to sign Mortgagor's lumm or pay any ~unount necessary for performance. 1.euder's right to perform for Mortgagor shall not create an obligation to perform, and Lender's failure to perfom~ will not preclude Lender from exercising any of Lender's other rights under the law or this Security Instrument. If arty coustructio,! on the Property is discontinued or not carried on in a reasonable rammer, Lender may take all sleps necessary to protect Lender's security interest in the Property, including completiou of tile construction.. ASSIGNMENT OF LEASES AND 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 future leases, subleases, and arty other written or verbal agreements for tire use and occupancy of any porliou of tile Property, includiug any extensions, renewals, modifications or substitutions of such agreements (all referred lo as "Leases") and reals, issues and profits (all referred to as "Rents"). Mortgagor will oromptly provide Lender with true and correct: copies of all existing and future Leases. Mortgagor may collect, receive, enjoy and use the Rents so long ;is Mortgagor is uot in default under the lenns of this Security Instrument. Mortgagor agrees that this assiglm~ent is immediately effective between lite parties to this Security Instrmnent. Mortgagor agrees that this assigmnent is effective aq to third parties when Lender takes affirmative action prescribed by law, and that this assignment will remain in effect durinL any redemption period until the Secured Debt is satisfied. Mortgagor agrees that Lender may take actual possession of the property without the necessity of coumteucing legal aclion 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 de:fault, Mortgagor will endorse and deliver to Lender any payment of Rents iu Mortgagor's possession and will receive' any R~ents in trust for Lender and will uot conmfingle lhe Rents with arty other funds. Any mnounts collected will· be applied as provided in this Security Instrument. Mortgagor warrants that no default exisls under the Leases or any applicable landlord/tenara law. Mortgagor also agrees to maintain and require any tenant to cotnply with the terms of the Leases and applicable law. ., ' ©1994 Bankers Syslorn~, Inc., St. Cloud, M~J 11.600-397 2341) Fo~m RE MTG-WY 11118194 LEASEHOLDS; CONDOM~JMS; PLANNED UNIT DEVELOPMENTS. Mtmgagor agrees to comply with the provisions of ally lease ff this':~i.S~:.chr't~ lns~runtent is on a leasehold. If lhe l'roperty includes a unit iii a condoruinium or a planned unit development Mortgagor. will perform all of Mortgagor's dulies under tile covenants, by-laws, or regulations of the condominium or planned unit deve opment. DEFAULT. Mortgagor will be i~ default' if any party obligated on the Secured Debt fidis to make payment when due. Mortgagor will be in default if a bm~.choccurs under the terms of this Security Instrument or any oilier document executed for the purpose of creating, securing or'guarantying the Secured Debt. A good raith belief by Lender that Lender at any rune is insecure with respect to any person or entity obligated on the Secured Debl or that the prospect of any payment or the value of the Property is hnpaired shall also constitute an event of default REMEDIES ON DEFAULT. la some instances, federal and state law will require Lender to provide Mortgagor with notice of the right to cure or other notices ~and nifty establish thne schedules for foreclosure actions. Subject to these limitations, if any, Lender may accelerate the Secur'ed Debt and foreclose this Security htstrumcnt in a manner provided by law il' Mortgagor is ill default. At lhe 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 rettuired by law, upon lite occurrence of a default or anytime thereafter. Itl 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 Properly. All remedies are distinct, cmnulative and not exclusive, and the Lender is entitled to all remedies provided m law or equity, whether or not expressly set forth The acceptance by Lender of any sum ill naymen£ or partial payment' on the Secured Debt after lbe balance is due or is accelerated or ;tiler foreclosure proceedings are filed shall not constitum a waiver of Lender's right to require complcle cure of airy exisling default. By not exercising any reined~. on Mortgagor's default, Leuder does not waive Lender's right to later consider the evem a default if il continues or happens again. EXPENSES; ADVANCES ON CO.VENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when prohibited by law, Moptgagor agrees lo pay alt of Lender's expenses if Mortgagor breaches any covenant in this Security lnstrunrent. Mortgagor will also pay on demand ally. tunoma incurred by Lender for insuring, inspecting, presetwmg or otherwise protecting the Property and Lender's security inierest. These expenses will bear lmerest from the dam of Ihe payment until paid in full at the highesl interest role in effect a,~ provided ill the ten-ns of Ihe Secured Debt Mortgagor agrees to pay all costs and expenses incurred by Lender in collecting, tnforcing or promcting. Lendcrts rights and remedies under this Security /nsrrumem. This amount may include, but is not limitec to, reasonable altorneys' fees, court costs, and other legal expenses. This ;unount does mx include attorneys' fees for a salaried employee of rite Lender. This Security Instrument shall remain ill effect until released Mortgagor agrees to pay for,any recordation costs of such release 16. ENVIRONMENTAL LAWS AND HAZAIGIOUS SUBSTANCES. As used iu this section, (1) Environmental Law means, without lhnitatiou, the Comprebmrsive Enwromnental 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 health, safety, welfare, enviromnent 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 heal;b, safety, welfilre or enviromnem. The term includes, without lhnitation, tiny s~tbstances defined as "hazardous material," "toxic substances," "hazardous waste" or "hazardous substance" under any Envi,~oumental Law. Mortgagor represents, warrants and %,rees tim;: A. Except tis previously disclosed and acklmwledged in writing to Lender, no Hazardous Substance is or will be located, stored or released on or in the Proper~y. This restriction does not apply to small quantities of ltazardous Subslances that are generally recognized to be appropriate 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, lire, and shall remain in full compliance with anl/applicable Environmental Law C. Mortgagor shall immedialely notify i,emler if a release or threatened release of a Hazardous Substance occurs oil, under or about the Property or there is a violation of any Envlromnental Law concerning lhe Properly. In such ;tn event, Mortgagor shall take all necessa'y remedial action ill accordance with any Environulental Law. D. Mortgagor shall inm~ediately notify Lender in writing as soon tis lvlortgagor has reason to believe ibere is any pending or threatened investigation, chdm, or proceeding relating to the release or threatened release of any Hazardous Sul)smnce or the violation of auy Environmental Law. 17. CONDEMNATION. Mortgagor will give Lender prompt notice of any pending or threatened action, by priwlte or public entities to purchase or take any or all o.f the Properly through condemnalion, eminent domain, or any other means. Morlgagor authorizes Lender to intervene in MOrtgagor's name ill any of the above described actions or claims. Mortgagor assigns to Lender the proceeds of any award or clahn 1Bt &refuges 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 lnslrmncnt. This assigmnem of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreemem or other lien docmnent. 18. INSURANCE. Mortgagor shall keep Property insured against loss by fire, flood, theft and other hazards and risks reasonably associated with tile Property due to its type and location. This insurance shall be maintained in the mnounts and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Mortgagor subject m Lender's approval, which shall ilO; be unreasonably wii. hheld. [f Mortgagor fails to maimain the coverage described above, Lender may, at Lender's option, obtain coverage to pr~)tcct Lender's rights in the Property according to thc terms of this Security lnstrmnem. All insurance policies and renewals ~hall be acceptable to Lender and shall include a standard "mortgage clause" and, where applicable, "loss payee clause." Mol[gagor. shall itmnedi}aely notil'y Lender of cancellation or termination of the insurance. Lender shall have the right to hold ;lie policies and renewals. It' Lender requires, Mortgagor shall inmiediately give to Lender all receipts of paid premiums and rmtewal notices. Upon loss, Mortgagor shall give immediate notice to the insurance carrier and Lender. Lender may make proof of toss if not made hmnediately by Mortgagor. Unless otherwise agreed in writing, a'll insm'ance proceeds shall be applied to Ihe restoration or repair of tile Property or to the Secured Debt, whether or not ;ben due, at Lender's option. Any application of proceeds to principal sl~ll not t:xtentl or ';_ {DOg 4 c(g)1994 Bankers Systltm~, Ir~c., St. Cloud, MN {1-800-797-23411 Form RE MTG WY 11/1B/94 ,.. 08 postpone the due date of the schedulad~ payment nor change the amount of anY paymeut. Any excess will be paid m Mo~gagof. If dm Prop~r~ is acquim(~ by Lender, Mo~agor's righ~ to any iusurance pol.icies and proceeds resulting from d~nage ~o ~he Property before tim acq'.aisid0'n shall pass lo Lender ~o dm cxten~ of the Secured Debl in~nedialcly before acquisition. ' · [9. ESCROW FOR T~S ~ ~S~CE. U~ess otherwise provided iu a separale agreement, Mortgagor will ~ol be required to pay to Lender funds for laxe:; and insurance iu escrow. ~0. F~C~ ~PORTS ~ ~DITIONAL DOCk,S. Mortgagor will provide to Lender upon request, any financial stateme~ or i~onnalion Lender may deem reasonably necessary. Mortgagor agrees to sign, deliver, and file any additio~l docmnents or certificatious that Lender may cm~ider necessary m perfect, continue, and preserve Mortgager's obligations under this Security hmtrmnent and Lender's lien status on the Properly. ~1. JOlT ~ ~U~ L~BIL}~TY; CO-SIG~RS; SUCCESSORS ~D ASSIGNS BO~). Alt duties under Security Instrument are joint and individual, ff Mortgagor sig~ this Security Instrument but does not sign aa evidence of debt, Mortgagor does so only to mortgage;' Morq'gagor's interest iu the Property to secure pay~nent of the Secured Debl and Mortgagor does not agree to be personally liable on lite Secured Debl. If dfis Security Instrument secures a guaranty between Lender and Mortgagor, Mortgagor agrees to waive any rights dtat may prevent Lender front bringing any action or claim against Mortgagor or any party indebted ruder the obligation. These rights may include, but are not limited to, any anti-deficiency or one-action laws. Mortgagor agrees ihat Lender and any parly to dds Security Instrument may extend, modi~ or make any change in lhe terms of this Sesurity Instrmnent or any evidence of debt wkhout Mortgager's cm~scnL Such a change will not release Mortgagor frmn die terms of Ibis Security lustrmnenl. The duties and benefits of lhis Security Instmlneut shall bind and benefit the suc~essor.s and assigns of Mortgagor and Lemler. ;2. ~PLIC~LE LAW; SE~RABILITY; ~~TATION. This Security lustrmnent is'governed by dm laws of the jurisdiction in which Lender is located, except to the ex[eat otherwise required by the laws of the jurisdiction where the Property is located. This Security Iusmmtent is complete and f~lty integrated. This Security Instrument may not be mnended or modified by oral agreement. Any section in ibis Security lnstrmnent~ attachments, or any agreement related to the Secured Debl that conflicts with applicable law will not be effeclive, u~ess flint law expressly or impliedly pcmtits the variatio~ by wriUen agreement. If any section of th'is Security 'Instrument camtot be enforced according to its terms, that seclion will be severed and will not affect the enforcehbility of the remainder of.this Securily Instrument. Whenever used, the singular shall include the plural and the plural the singular. The captions and headings of ~he sections of this Security Iuslrument are for convenience o~y and are not to be used to interpret or define the terms of lifts Security lustrument. Time is of the essence in this Security Instrument. ;3. NOTICE. Unless otl~erwise required by law. any notice shall be given by delivering it or by mailing it by first class mail the appropriate party's address on page 1 of this Security Instrument, or to any odmr address designated iu writing. Nolice one mo~gagor will be deemed to be notice to all mortgagors. ,4. WA~RS. Except to the extent prohibited bY law, Mortgagor waives any right regarding the marshalling of liens and assets and all homestead exemption rights feint:ag to :the Property. ,5. OT~R ~S. If checked, the following are applicable [o this Security Instrunmm: ~ Line of Credit. The Secured Debt includes a revolving line of credit provision. Although tl~e Secured Debt may be reduced to a zero balance, this Sezurity l~trumeut will remain iu effect unlil released. ~ Construction Loan. This Secu(ity I~irument secures an obligation incurred f,r the conslruclion of an improvent6ut on the Property. ~ Fixture FiHng.'Mo~gagor grat:~ts to Lender a security interest in all goods thai Mortgagor.owns now or in thc future and that are or will become fixtures related to the Property. This Security Instrument suffices as a financiug slalement and any carbon, pholographic or other reproduction may be filed of record for purposes of Article 9 of the Unih~rm Commercial Code. ~ ~ders. The covenants and agreeme~as of each of the riders checked below are incorporated into and supplement and amend the terms of this Security Instrument. [Check all applicable boxes] ~ Condo~ninium Rider ~ Planned Unit Development Rider ~ Odmr ........................................................ ~ Additional Terms. IGNATURES: By signing below, Mortgagor agrees to ll~e terms and covenants contained in this Security lnstrumeut and in any :tachments. Mortgagor also acknowledges 'receipt of a copy of this Security Instrument ou the date stated on page 1. CKNOWLEDGMENT: (signature) CAROL A. LEIFHEI1 COUNTY OF .. v . '7~. ................... divide) STATE OF .W .Y .0. M ! N .q .......... :. '~ ..................... This instrument was acknowledged before me this ........ J.S.T. ........ day of .J.U.L.¥,.2.0.0.4. ........................................ by .V}.N.C.E..A....K.R.A.M.E.R.~ .C.A.R..0.L..A, .L. EJf.H.~...T. ............................................................. ~ ..................., ...................~... My commission expires: , <'7 //// ~ l'/J~ /]~ .... .. ' ' . .... . ¢iz, /, . t5 ..... : . . .................... ~)1994 Bankers Systems, Inc., SI. Cloud, MN (1 800 39- 2341} Form flE-MTG WY 11/t8/94 [page 4 of