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State ct' 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.~-.0.2.-.2p0..4 .................................... and the
parties, their addresses and tax identification numbers, if required, are as follows:
MORTGAGOR: YUKO S. BROOKOVER AND DAVID M. BROOKOVER, WIFE AND HUSBAND
P.O. BOX 3421
JACKSON, WY 83001
[] If checked, refer to the attached Addendum incorporated herein, for additional
acknowledgments.
LENDER: BANK OF JACKSON HOLE'
ORGANIZED AND EXISTING UNDER THE LAWS OE THE STATE OF WYOMING
990 W. BROADWAY
P.O. BOX 7000 JACKSON, WY 83002
Mortgagors, their signatures and
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 under this Security Instrument, Mortgagor grants, bargains,
conveys, mortgages and warrants to Lender, with power of sale, the following described property: L01 30 0F IHE BROKEN WHEEL RANCH
SUBDIVISION, SAID SUBDIVISION BEING THE SWll4NEll4 OF SECTION 15, TOWNSHIP 36 NORTH, RANGE 119 WEST, 6TH P.M., WYOMING, IN ACCORDANCE WITH IHE
OFFICIAL PLAT OF SAID SUBDIVISION AS FILED FOR RECORD IN THE OFFICE OF THE COUNTY CLERK AND EX-OFFICIO RECORDER OF DEEDS, LINCOLN COUNTY,
WYOMING ON THE 2ND DAY OF FEBRUARY, 1972.
The property is located in LINCOLN at LOT 30 OF THE BROKEN WHEEL RANCH
(Connty)
SUBDIVISION
............................................. , ALPINE ................... , Wyoming ......... ~. ].28. ........
(Address) (City) (ZIP Code)
Together with alt rights, easements, appurtenances, royalties, mineral rights, oil arm gas rights, all water and riparian rights,
ditches, and water stock and all existing and future improvements, structures, fixtures, and replacements that may now, or at
any time in the future, be part of' the real. estate described above (all reft:fred to as "Property").
MAXIMUM OBLIGATION LIMIT. The total principal mnouut secured by this Security Instrument at any one time shall m)t
exceed $ .289.000.00 .......................................... This linfitation of amount does not include inlerest and other fees and
charges validly made pursuant to this Security Instrument. Also, this limitation does not apply to adwmces made under the
terms of this Security Instrument to protect Lender's security and to perform any of the coveuanls contained in this Security
I nstrmnent.
sECURED DEBT AND FUTURE ADVANCES. The tenn "Secured Debt" is defined as follows:
A. Debt incurred under the terms of all promissory note(s), contracl(s), guaranty(s) or other evidence of debt described
below and all their extensions, renewals, modifications or substitutions. (When referencing the debts below it is
suggested that you ii,chide items sttch as borrowers' names, note amounts, interest rates, lllalttrity dates, etc.)
PROMISSORY NOTE DATED 7-2-2004 IN THE AMOUNT Of ~280,000,00
WYOMING - MORTGAGE (NOT FOR FNMA, FHLMC, FHA OR VA USE)
~1994 Bankers Systems, Ina,, St, Cloud, MN (1 B00-397-23411 Form F~E MTG-WY 11/18/94
i~5~¥;:7~] i.?:7:;~ >:.~.::~:, .:,-=
4)
B. All future advances from Lender to Mortgagor or other fulure ohligauons of Mortgagor m Lender under auy promisso~
no[e, contract, ~uaramy, of other evidence of deb~ cxecnted by M'ur[~ago[ iu l~vor of Lender executed alter ~his Security
Ins[rmnem whe[~e[ or n(a this Security lns[mmem ~s specifically referenced. [f mom than one pm-son signs riffs Security
l~trumem, each Mortgagor agrees that this Security Ins[mmcnl will secure all futura advances and fmum obli~a[iuns
that are g~ven to or incurred by any one or more Mortgagor, Ul' ally one or more Mortgagor anti others. All future
advances and other future obligations are secured by this Security lnslrunmnt even though all or parl nlay not yet be
advanced. All future advances dud other future obligatio~ are secured as if made on the date of this Security Instrument.
Nolhing in this Security Instrumenl shall constitute a conmfi/mcnt m make additional or future loans or advances in any
amoum. Any such conmlitment must be agreed to nl a separate writing.
C. All obligations Mortgagor owes to Lender, which may later arise, to tl~e extent not prohibited by law, including, but not
lhnited to, liabilities for overdrafts relating to any deposit account agleenmnt between Mortgagor and Lender.
D. All additional sums advanced and expe~es incurred by Lender for iusuring, prese~ing or otherwise protecting the
Property and its value and arty other sums advanced and expenses recurred by Lender uuder the terms of ii,is Security
lnstrmem.
This Security Instrument will not secure any other debt if Lender fails [o give any required notice of the right of rescission.
PAYM_ENTS. Mortgagor agrees thai all paymems under the Secured Dcbl will be paid when due and in accordauce with the
terms of the Secured Debt and this Security Instrument
6. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, security agremnenl or other lien
docmnem that created a prior security interest or encumbrance on the Pruperty, Mortgagor agrees:
A. To make all paymems when due dud to perform or comply'with all ct)velmnts
·
B. To promptly fleliver to Lender any notices that Mortgagor recetves from thc holder.
C. Not to allow any modification or extension of, nor to request any fulure advances under any note or agreemenl secured
by the lien docmnem without Lender's prior wrinen consent.
7. CLAEVIS AGAINST TITLE. Mortgagor will pay all taxes, assessments, liens, encmnbrances, lease payments, ground rents,
utilities, and other charges relating Io the Property when flue. Lender may require Mortgagor to provide to Lender copies of all
notices Ihat such amounts are due and the receipts evidencing Mongagor's payment. Mortgagor will defeml title to the
Property against any claims that would hnpair the lien of this Security lnsu-ument. Mortgagor agrees to assign to Leuder, as
requested by Lender, any rights, claims 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 tire Secured Debt to be
hmnediately due anfl payable upon the creation of, or contract fi~r the creation of, any lieu, encumbratme, 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 wilh the Property and shall remain in effect until the Secured Debt is paid in full dud Ibis Security lnstrmnent is released.
PROPERTY CONDITION, AiLTERATIONS AND INSPECTION. lVlorlgagor will keep the Property in good coudition and
make all [epairs that are reasonably necessary. Mortgagor shall not couunit 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 thc
occupancy and use will not substantially change without Lender's prior written consent. Mortgagor will ~mt permit any change
in any license, restrictive covenant or easemem without Lender's prior written consent. Morlgag0r will notify Lender of all
demands, proceedings, claims and actions against Mortgagor, and of any loss ur dmnage to the Property.
Lender or Lender's agents may, at Lender's option, enter the Property ;it any reasonable thne for the purpose of inspecting the
Property. Lender shall give Mortgagor notice atthe time of or before an inspection specifying a reasonable purpose for rite
inspection. Any inspection of the Property shall be entirely for Lender's benefit and Mortgagor will in no way rely on
Lender's inspection.
10. AUTHORITY TO PERFORM. If Mortgagor fails to perforn~ 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 mune or pay any amount necessary for performance. Lender's right to perform for Mortgagor shall
not create an obligation to perfomr, and 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 take all steps necessary to protect Lender's security interest in the 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 right, title and interest in and to any and all existing or l'uture leases, subleases, attd any
other written or verbal agreements for the use and occupancy of any portion of the Properly, including auy extensions,
renewals, modifications or substitutions of such agreements (all referred to as "Leases") and rents, issues and profits (all
referred to as "Rents"). Mortgagor will promptly provide Lender with true and correct copies of all existing and future Leases.
Mortgagor may collect, receive, enjoy and use thc Rents so long as M~mgagor is not in default under Ihe feints ol' this Security
Instrument.
Mortgagor agrees that this assigmnent is munediately effective between lite parties to this Security Instrument. Mortgagor
agrees that this assigmnent is effective as to third parties when Lender lakes affirmative action prescribed by law, and thai: Ibis
assignment will remain in effect Quring any redemption period until tire Secured Debt is satisfied. Mortgagor agrees that
Lender may take actual possesst0~ of the property.~"without the necessity of commencing legal action and that actual possession
is deented to occur when Lender, or its ageut, notifies Mortgagor of defimlt and demands that any tenant pay all future Rents
directly to Lender. On receiving notice of default, Mortgagor will endorse and deliver to Lender arty payment of Rents in
Mortgagor's possession and will receive any Rents in trust for Lender and will not cmmningle the Rents with any other funds.
Any amounts collected will be applied as provided in this Security Instrumem. Mortgagor warrants that no default exists under
the Leases or any applicable landlord/tenant law. Mortgagor also agrees to maintain attd require any tenant to comply wiflt the
terms of the Leases and applicable law.
090 LOk;O
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 condorninimn or a
planned unit development, Mortgagor will perform all of Mortgagor's duties under the covenants, by-laws, or regulations of
the condominium or planned unit development.
13. DEFAULT. Mortgagor will be in default if any party obligated on tile Secured Debt fails to make paymeut when due.
Mortgagor Will be in default if a breach occurs under the terms of this Security Instrument or any other document executed for
the purpose of creating, securing or guarantying the Secured Debt. A good fidth belief by Lender that Lender at any dine is
insecure with respect to any person or entity obligated on the Secured Debt or that the prospect of auy payment or the value of
the Property is impaired shall also constitute an event of default.
14. REMEDHZS ON DEFAULT. In some instances, federal and state law will require Lender to provide Mortgagor with notice
of the right to cure or other notices and may establish thne schedules ft)r foreclosure actions. Subject to tl~ese limitations, if
any, Lender may accelerate the Secured Debt and foreclose this Security Instrument in a manner provided by law il! Mortgagor
is in default.
Al the option of Lender, all or any part of the agreed fees and charges, accrued interest and principal shall heroine immediately
due and payable, after giving notice if required by law, upon the occurrence of a default or anytkne thereafter. In addition,
Lender shall be entitled to all the remedies provided by law, the terms of Ihe Secured Debt, tliis Security Instrmnent and any
related documents including, without lflnitation, the power to sell thc Propet~y. All remedies are distinct, curnulative and not
exclusive, and the Lender is entitled to all remedies provided at law or equity, whellter or not expressly set l~rth. The
acceplance by Lender of any sum in payment or partial paymen{ on the Secured Debt alier the balance is due or is accelermcd
or after foreclosure proceedings are filed shall not constitute a waiver of Lender's right to require compleie cure of any existing
defimlt. By not exercising any remedy on Mortgagor's default, Lender does not waive Lender's righl to later consider the event
a default if k co~ainues or happens again.
15. E~ENSES; ~V~CES ON COrNeTS; A~IWO~YS' FEES; COLLECTION COSTS. Except when prohibited
by law, Mortgagor agrees to pay all of Lender's expenses if Mortgagor breaches any covenant in {his Security Instrumem.
Mortgagor will also pay on demand any mnoum incurred by Lender for i~uring, inspecting, preserving or otherwise
protecting the Property and Lender's securiw interest. These expenses will bear interest from the date of the payment until paid
m full at the highest interest rate in effect as provided in the terms of Ihe Secured Deht. Mortgagor agrees to pay all costs and
expenses incurred by Lender in collecting, eMorcing or protecting Lender's rights and remedies under this Security Instrumenl.
This ~munt may i~mlude, but is not lhnited to, reasonable attorneys' fees, cou~ costs, and other legal expenses. This amount
does not include attorneys' fees for a salaried employee of the Lender. This Security Instrmnent shall remain in efl~ct until
released. Mortgagor agrees to pay for any recordation costs of such release.
16. E~O~E~ LAWS ~ HAZ~OUS SUBST~CES. As used in this section, (1) Environmental Law means,
without lhnitation, the Comprehensive Ensironmemal Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601
et seq.), and all other federal, state and local laws, regulations, ordinances, courl orders, attorney general opinions or
interpretive letters concerning the public health, safety; welthre, environment or a h~ardous substance; and (2) Hazardous
Substance mea~ any toxic, radioactive or h~ardous material, waste, pollutan{ or coni;uninant which has characteristics which
render the substance dangerous or potentially dangerous lo the public heal/h, safety, welfare or enviromnent. The term
includes, without lhnitation, any substances defined as "h~ardous material," "toxic substances," "hazardous waste" or
"hazardous substance" under any Enviromnental Law.
Mo~gagor represents, warrants and agrees that:
A. Except as previously disclosed and acknowledged in writing to I.cnder, no Hazardous Substance is or will he located,
stored or released on or in the Property. This restriction does not apply lo small quantities of Hazardous Subslances that
are generally recognized to be appropriate for the normal use and maiultmance of the Property.
B. Except as previously disclosed and acknowledged in writing to Lender, Mortgagor and every tenant have beeu, are, and
shall remain in full compliance with any applicable Environmental Law.
C. Moagagor shall i~nediately notify Lender if a release or threatened release of a I-l:~ardous Substa~me occurs on, under
or about the Property or there is a violation of auy Enviromnental Law concerning tile Properly. Iu such an event,
Mortgagor shall take all necessa~ remedial action in accordance wid~ any Enviromnemal Law.
D. Mortgagor shall innnediately notify Lender in writing as soon as Mortgagor has reason to believe dmre is any pemling or
threatened investigation, clahn, or proceeding relating to the release or threatened release of any H~ardons Substance or
the violation of any Enviromnental Law.
17. CO~E~ATION. Mortgagor will give Lender prompt notice of any pending or threatened action, by private or public
entities to purchase or [a~e any or all of the Property through condemnation, eminent domain, or any other means. Mortgagor
autlmr~es Lender to i~ervene in Mortgagor's n;~e in any of the above described actions or clahns. Mortgagor assigns to
Lender the proceeds of any award or claim tBr damages connected with a conden'mation or other taking of all 0r any part of the
Property. Such proceeds Shall be considered payments and will be applied as provided in this Security Instrument. This
assignment of proceeds is subject to the terms of auy prior mortgage, deed o1: trust, security agreement or other lieu document.
18. ~S~CE. Mo~gagor shall keep Property insured against loss by fire, llood, theft and other hazards and risks reasonably
associated with the Property due to its ~pe and location. This insurance shall be maintained in ihe mnounts and for the periods
that Lender requires. The i~urance carrier providing the insurance shall bc chosen by Mortgagor subject to Lender's approval,
which shall not be unreasonably wkl~held. If Mortgagor hils to maintain the coverage described above, Lemlcr 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 lermination of ihe insurance.
Lender shall have die right to hold the policies and renewals. If Lender requires, Mortgagor shall hmnedialely give to Lender
all receipts of paid premiums and renewal notices. Upon loss, Mo~gagor shall give immediate notice to the insura~me carrier
and Lender. Lender may make proof of loss if not made immediately by Mor{gagor.
U~ess otherwise agreed in writing, all insurance proceeds shall be applied [o 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
postpone the due date of tile scheduled paymenl nor change the anlouut of any payment. Arty excess will be paid to the
Mortgagor.. If the Property is acquired by Lender, Mortgager's right tu any insurance policies and proceeds resulting from
damage to the Property before the acquisition shall pass to Lender to thc extent of the Secured Debt mnnediatcly before file
acquisition.
19. ESCROW FOR TAXES AND INS~CE. Unless otherwise provided iua separate agreement, Mortgagor will not be
required to pay to Lender funds for taxes and insurance in escrow.
20. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Mortgagor will provide to Lender 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 lo perfect, continue, and preserve Mortgager's
obligations under this Security Instrument and Lender's lien status on the Property..
21. JOINT AND INDIVID'UAL LIABILITY; CO-SIGNERs; SUC'CESSORS AND ASSIGNS BOUND. All duties under dss
Security Instrument are joint and individual. If Mortgagor signs this Securily Instrument but does not sign an evidence of debt,
Mortgagor does st) only to mortgage Mortgager's interest in the t'rupcrty to secure payment of the Secured Debt and
Mortgagor does not agree to be personally liable ou the Secured Debt. If this Security Instrument secures a guaranty hetween
Lender at/d Mortgagor, Mortgagor agrees to waive any rights that may prevent Lender from bringing an~ action or clahn
against Mortgagor or any party indebted Under the ohligation. These tights may include, but are not limited to, any
atilt-deficiency or one-action laws. Mortgagor agrees that Lender and any party to this Security Instrument may extend, modilqj
or make any change in the terxns of this Security Instrument or any evidence of debt without Mortgager's consent. Such a
clmnge will not release Mortgagor from the temis of this Security Instrument. The duties and benefits of this Secmity
Instrument shall bind and benefit the successors and assigns of Mortgagor and Lender.
22. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Security Iustrunient is governed by tl~e 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 lnstrmn_ent may not be amended or
modified by oral agreement. Any section in this Security Instrument, attachments, or any agreemeilt related to the Secured
Debt that conflicts with applicable law will not be effective, unless thai law expressly or impliedly permits the wlriations by
written agreement, if any section Of this Security Instrumem cannot be enforced according to its ten:ns, that section will be
severed and will not affect the enforceability of the remainder of this Security instrument. Whenever used, the singular shall
include the plural and the plural the singular. The captions and headings of the sections of this Secmity Instrument are for
convenience o~fly and are not to be used to interpret or define the terms of this Security lnstrumeul. Thne is of the essence in
this Security Instrmnent.
23. NOTICE. Unless otherwise required bY law, any notice shall be given by delivering it or by nmiling it by first class mail to
the appropriate party's address on page 1 of this Security Instrument, or to any oilier address designaled in writing. Notice to
one mortgagor will be deemed to be notice to all mortgagors.
24. WAIVERS. Except to the extent prohibited by law, Mortgagor waives any right regarding the marshalling of liens and assets
and all homestead exemption riglas relating to the Property.
25. OTI{ER TERMS. If checked, the following are applicable to this Security Instrument:
[] Li]ne of Credit. The Secured Debt 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 until released.
[] Constrnction Loan. This Security Instrument secures an obligation incun-ed fur the construction of an hnprovement on
the Property.
[] Fixture Filing. Mortgagor grants to Lender a security interesi 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 Unifonn
Commercial Code.
[] Riders. The covenants and agreements of each of the riders checked below are incorporated into and supplement and
amend the temps of this Security Instrument. [Check all applicable boxes]
[] Condominium Rider [] Planued Unit Development Rider [] Other ........................................................
[]Additional Terms.
SIGNATURES: By signing below, Mortgagor agrees to the terms and covenants contained in this Security Instrument and ill any
attachments. Mortgagor also acknowledges receipt of a copy of this Security Instrument on the date stated t)n page 1.
(Signature) ~'KffS. BROOKOVER (Dale)
ACKNOWLEDGMENT:
ST^:rr .w. ¥.0.M. ................................... COUNq ¥ .............................. } ss.
(h~ividual) This instrument was acknowledged before me this 2ND day of JURY, 2004 '
by X.U.K. 0..S, .B.~.0.0.K..0.V.E.~ 0.A..V!Q.M: .B.R.O.O.~.O.V.~[3, .W.{F.~. AN.O..H.U.%BAN. p ............................................................................
My conmfission expires: (__.~'~ //~// ",~ ///,/]~ ~
Se' l
.. '[.:.( Z l: . ..... /:'l l. Lb'l_C' .(/b :. . ...................
(( COUNTY OF ~"~,~ STATE OF
II LINCOLN I~ wYOMING II '
~)1994 Bankers Systems, Inc., St. Cloud, MN (1 800-397-2341) Form RE-M'FG-WY 11/1~1/94 [.0*7~0 4 of 4)