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HomeMy WebLinkAbout901031nook ..... 901031 State of Wyoming Si)ace Above This Line For Recording Data MORTGAGE (With Future Advance Clause) DATE AND PARTIES. The date of this Mortgage (Security Inslrument) is .0.7.-.0.2.-.2.q.0.4 .................................... and lite parties, their addresses and tax identification nmnbers, if required, are as follows: MORTGAGOR: JAMES CORT WATKINS AND MELISSA K. WATKINS, HUSBAND AND WIFE, AS TENANTS BY THE ENTIRETIES P.Q BOX 10036 JACKSON, WY 83002 [] If checked, refer to the attached Addendum incorporated herein, acknowledgments. 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 for additional Mortgagors, their signatures and CONVEYANCE. For good and valuable consideration, the receipt aud sufficiency of which is acknowledged, and io 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: L0l 1 0E TRAIL RIDGE SUBDIVISION, LINCOLN COUNTY, WYOMING ACCORDING TO THAT PLAT FILED OCTOBER 21, 2003 IN THE OFFICE OF THE LINCOLN COUNTY CLERK AS PLAT NO. 225-E. o The properiy is located in ............................... .t!.NqEkN .................i .............. at .tp.T..IT. 15.~.I.L.BtO.~F..spa. OJVtS. I. QN .................. (eotmty) ..................................................................................................................... Wyoming ....................... (Address) (City) (ZIP C ~x:lc) Together with all rights, easements, appurteEmnces, royalties, mineral rights, oil and gas rights, all water and riparian rights, ditches~ and water stock and all existing and future improvements, struclures, fixtures, and replacements that may now, or al: any thne in the future, be part of the real estate described above (all referred to as "Property"). MAXIMUM OBLIGATION LIMIT. The total principal a~nount secured by this Security Instrument at any oue time shall not exceed $ .2.9,0,.0.0..0..00 .......................................... This limitation of amount does not include interest and other fees aim charges validly made pursuant to this Security Instrument. Also, this liinitation does not apply to advances made under the temrs of this Security Instrument to protect Lender's security aud to perfom:t any of the covenants comained in this Security Instrument, SECURED DEBT AND FIYFURE ADVANCES, The term "Secured Del." is defined as follows: A, Debt recurred under the terms of all promissory mEte(s), coutract(s), guaranty(s) or other evidence of debt described below and all their extensions, renewals, modifications or substilutions. (When referencing the debts below it ix sttggested that you i~ch/de ileznx sttch as borrowers' names, hole a/nout~tx, inlerext rates, .u~tto'ity dates, etc.) PROMISSORY NOTE DATED 7-2-2004 IN THE AMOUNT OF :~290,000.00 WYOMING - MORTGAGE (NOT FOR FNMA, FHLMC, FHA OR VA USE) ~1994 Bank~ra Systams, Inc,, St, Gloud, MN (1-800-397 2341) Forrn FIE-MTG-WY I 1tlB/94 All future advances from 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 after flits Security Instrument whether or not this Security lnstrmnent is specifically refereuced. If more than one person signs this Security Instrument, each Mortgagor agrees 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 obligations are secured by this Security lustrument eveu 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 sliall constitute a comminneut to make additional or future loans or advances irt any amount. Any such commitment nmst be agreed to in a separate writing. All obligations Mortgagor owes to Lender, which may later arise, to tile extent not prollibited by law, ilrcluding, but not limited to, liabilities for overdrafts relating to any deposit account agreement between Mortgagor and Lender. All additional sums advanced and expenses incurred by Lender for insuring, preserving or otherwise protecting the Property and its value and any other sums advanced and expeuses incurred by Lender under the terms of this Security I IlS trlIntent. This Security lustrument will not secure any other debt if Lender fails to give auy required notice of the right of rescission. 5. PAYMENTS. Mortgagor agrees lhat 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. 6. PRIOR SECURITY INTERESTS. With regard to arty other mortgage, deed of trust, security agreement or other lien document that created a prior security interest or encumbrance ou the Property, Mortgagor agrees: A. To make all payments when due and to perfolm or comply with all coveuauts. B. To promptly deliver to Lender any notices that Mortgagor receives front the holder. C. Not to allow any modification or extension of, nor to request any future advauces under any note or agreement secured by the lien document without Lender's prior written consent. 7. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, assessments, liens, encumbrances, lease paymems, ground rents, utilities, and other charges relatiug 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 clahns that would hnpair the lien of this Security Instrument. Mortgagor agrees m assign to Lender, as requested by Lender, any rights, clahns or defenses Mortgagor may have against parties who supply labor or malerials to maintain or hnprove the Property'. ¸9. DUE ON SALE OR ENCUMBRANCE. Lender may, at its option, declare the eutire balance of tile Secured Debt to be hmnediately 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 restrictious 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 iu full and this Security Instrument is released. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mortgagor will keep the Property iu good condition and make all repairs that are reasonably necessary. Mortgagor shall not commit or allow any waste, impairment, or deterioration of the Property. Mortgagor will keep the Property free of noxious weeds and grasses. Mortgagor agrees that the nature of the occupancy and use will not substantially change without Lender's prior written consent. Mortgagor will not permit any change in any license, restrictive covenant or easement without Lender's prior written consent. Mortgagor will notify Lender of all demands, proceedings, claims and actions against Mortgagor, and of any loss or dmnage to the Property. Lender or Lender's agents may, at Lender's optiou, enter the Property at any reasonahle time for tile purpose of inspecting lite Property. Lender shall give Mortgagor notice at the time of or before an inspection specifying a reasonable purpose for tile inspection. Any inspection of the Property shall be entirely for Lender's benefit and Mortgagor will iu no way rely on Lender's inspecfi.on. 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, pert'orm or cause them to be pcrkmued. Mortgagor appoints Leuder as attorney ill fact to sign Mortgagor's mane or pay any amount necessary for performance. Lender's right to perform for Mortgagor shall m)t create an obligation to peal'otto, and Lender's hilurc to perform will not preclude Leuder front exercising any of Lender's other rights under the law or this Security lnstruinent. If arty 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 warrauts to Lender as additional security all the right, title and interest in arid to any and all existing or future leases, subleases, and any other written or verbal agreements for the use and occupancy of any portion of the Property, including any extensions, renewals, modifications or substitu'tions of such agreements (all referred to as "Leases") and rems, issues and profits (all referred to as "Rents"). Mortgagor will promptly provide Lender with true and correct copies of all existing and future I.eases. Mortgagor may collect, receive, enjoy and use the Rents so long as Mortgagor is m)t in default under thc ten-ns of this Security Instrument. Mortgagor agrees that this assigmnent is imniediately effective bdween the parties to this Security Instrumeut. Mortgagor agrees that this assigtm~ent is effective as to third patties when Lender rakes affirmative action prescribed by law, and ti:tat this assigument will remain in effe~i' ' ~'' during any redemphon period uuli[ the Secured Debt is satisfied. Mortgagor agrees that Lender nray take actual possession of the property without 'the necessity of connnencing legal action and that actual possession is deemed to occur when Lender, or its agent, notifies Mortgagor of dcfauh 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 receive any Rents in trust for Leudt:r and will not connningle the Rents with any other funds. Any mnounts collected will be applied as provided in this Security Instrun~ent. Mortgagor warrants that no default exists under the Leases or any applicable landlord/tenant law. Mortgagor also agrees to maintain and require any tenant to comply With ihe terms of the Leases and applicable law. ~)199¢ Ba,,kers Syst .... I .... SI Cloud, MN (1 800-397-23411 F .... FIE MTG-WY ] 1118194 12. i LEAsEHoLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Mortgagor agrees to comply with the provisions of any .i~h~:Af this Security Instrument is on a leasehold. Il5 tile Property includes a unit in a condominium or a planned unit develOpS!tint Mortgagor will perfom~ all of Mortgagor's dudes under ~he covenants by-laws, or regulatkms of the condominium or bi'~nn~d unit development. ' 13. DEFAULT. Mortgagor will be in default if any party obligated on II~e Secured Debt fails to make payment when due. Mortgagor will be in default ff a breach occurs under the terms of d~is Security Instrume,rt or any other document executed for the purpose of creating, securing or guarantying the Secured Debt. A good faith belief by Lender that Eender at any time is insecure with respect to any. person or entity obligated on the Secured Debt or dmt the prospect of any payment or the wdue of the Property is impaired shall also constitute au event of default. 14. REMEDIES ON DEFAULTi In some instances, federal and state law will require Lender to provide Mortgagor wilh notice of the right to cure or other notices and may establish time schedules for foreclosure actions. Subject to these limitations, if any, Lender may accelerate the Secured Debt and foreclose this Securily lnslrumeut in a manner provided by law if Mortgagor is iu delSmlt. At the option o~f Lender, all or any part Of the agreed fees and charges, accrued iuterest and principal shall become immediately due and payable, after giving notice if required by law, upon. the occurreuce of a default or anytime thereafter. In addition, Lender shall be entitled to all the renredies provided by law, the terms of lhe Secured Debt, Ibis Security Instrumen! and any related documents including, without limitation, the power to sell the Property. All remedies are dislinct, cumulative aud uot exclusive, and the Lender is entitled to all remedies provided at law or equity, whether or not' expressly set forlh. The acceptance by Lender of any stun in payment or partial payment on the Secured Debt after the balance is due or is accelerated or after foreclosure proceedings are filed shall not constitute a waiver of Lender's right to require complete cure of auy existing default. By not exercising any remedy on Mortgagor's default, Lender docs not waive Lender's right to later cousider the event a default if it conlinues or happens again. 15. EXPENSES; ADVANCES ON coVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when prohibited by law, Mortgagor agrees to pay all Of Lender's expenses if Mortgagor breaches any covenant in this Security Iastrmnen~. Mortgagor will also pay on demand any amount incurred by Lender for insuring, inspecting, preserving or otherwise protecting the Property dud Lender's security interest. These expenses will bear interest from d~e date of the payment until paid in full at the highest interest rate ia effect as provided in the terms ol' die 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 l,~slrument. This amount may include, but is not lhnited to, reasonable attorneys' fees, court costs, and odmr legal expenses· This mnount does not include attorneys' fees for a salaried employee of the Lender· This Security hrsirument shall remain in effect until released. Mortgagor agrees to pay for any recordation costs of such release. 16. ENVIRONlVIENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in' this seclion, (1) Environntemal Law means, without limitation, the Comprehensive Enviromnental Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 96(11 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, environment or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or contmninant which hns 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 Enviromnental 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 Property. Tiffs restriction does not apply to small quantities of Hazardous Subsiances ~hat are generally recognized to be appropriate for the normal use and mainlenance of the Property. B. Except as previously disclosed and acknowledged in writing to Lender, Mortgagor and eve~ tenant have been, are, and shall remain in full compliance with any applicable Enviro~enlal Law. C. Moffgagor shall hmnediately notify Lender if a release or threateued release of a Hazardous Substance occurs on, under or about the Property or there is a violation of any Enviromnental Law concerning the Property· In such an event, Mortgagor shall take all necessary remedial action in accordance wilh any Envirmm~emal Law. D. Mortgagor shall h~ediately notify Lender in writing as soon as Mortgagor has reason to believe there is any pending or lhreatened investigation, claim, or proceeding relating to the release or threatened release of any Hazardous Substance or the violation of any Enviromnen~l Law. 17. CO~EMNATION. Mortgagor will give Lender prompt notice of any pending or .fllreatened action, by privme or public entities to purchase or take any or all of the Property through condemnation, eminent domain, of any other means. Mortgagor aUt!mr~es Lender to ime~e~e in Mo~gagor's nmne in any of the above described ~ctions or claims. Mortgagor assigns to Lender ~he proceeds of any award' or Clahn t%r fl~mges connected wilh a condemnad0n or other ta~ing of all or any pan of tbe Property. Such proceeds shall be eo~idered payments and will be applied as provided in this Security Instrument. This assigmnent of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or driver lien docmnent. 18. ~S~CE. Mmlgagor shall ~eep PropeaY insured against loss by fire, flood, d~eft and other hazards and ris~s reasonably associated with the Property due to its type and location. This insurance shall be maintained in ihe ~ounts and for the periods that Lender requires. The i~urance carrier providing the i~urance shall be chosen by Moagagor subject to Lender's approval, which shall not be unreasonably withheld. If Mortgagor fails m maimaiu the 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 "red,gage clause" and, where applicable, "loss payee clause." Mortgagor ~shall mnnediately notify Lender of cancellation or termination of the insurance. Lender shall have the right to hold the policies a~ renewals. If Lender requires, Mortgagor shall i~mnediately give to Lender all receipts of paid premiums and renewal notices. Upon loss, Mortgagor shall give immediate notice to the insurance carrier and Lender. Lender may ma~e proof of loss if not made inm~ediately by Mortgagor· Unless otherwise agreed in writing, all i~urance proceeds shall be applied to ~he restoration or repair of the Property or 1o the Secured Debt, whether or not ~hen due, at Lender's option. Any application of proceeds to principal shall not extend or ~ page 3 of 4~ postpone the due date of the scheduled payment nor change the amouut of any payment. Any excess will be paid to the Morlgagor. If the Property is acquired 'by Lender, Mortgager's righl 1o any insurance policies and proceeds resulting from damage to the Property before the acquisition shall pass to Lender Io tl~e extent of the Secured Debt mrmediately before the ~ acquisition. 19. ESCROW FOR T~S ~ ~S~CE. Unless otherwise provided in a separate agreement, Me,sager will not be required to pay to Leuder funds for taxes and i~murance in escrow. 20. F~CI~ ~PORTS ~D ~DITIONAL DOCENTS. Mortgagor will provide to Lender upou request, any financial statement or i~ffommtion Lender may deem reasonably necessary. Mortgagor agrees to sign, deliver, and file any additional documents or certifications Ihat Lender may consider necessary lo peri, ct, continue, and preserve MorlgagoFs obligations under this Security instrument and Lender's lien slatus on the Property. 21. JOlT ~ ~I~U~ L~ITY; CO-SIG~RS; SUCCESSORS A~ ASSIGNS BOI~D. All duties under this Security Instrument are joint ftud individual. ~ Mortgagor signs this Securily lnslrument but does not sign an evidence of debt, Mortgagor does so only to mortgage Mortgager's inlerest in lhe l'ropcrly Io secure payment of the Secured Debt and Mortgagor does not agree to be personally liable on the Secured Debt. If tllis Security Iustrument 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 uo[ timiled to, auy anti deficiency or one-action laws. Mortgagor agrees that Lender and auy party to Ibis Security hmtrumenl may extend, ruodil~ or make auy change in the terms of this Security hmtrmnent or auy evideuce of debl without Mortgager's conseut. Such a change will not releasd Mortgagbr from the terms of this Security Instrument. The duties and benefits o1: lilts Security InstrumenI shall bind and benefit the successors aud assigns of Mortgagor aim Lender. 22. ~PLICABLE LAW; SE~R~ITY; ~TE~TATION. This Security Iustrmnent is governed by the laws of the jurisdiction in which Lender is Iocaled, except to the extent otherwise required by the laws of the jurisdiction where the Property is located. This Security l~trmneta is complete atd fully iutegrated. This Security Instrmnem may not be amended or m6dified by ora[ agreement. Any section in this Security Instrumcut, attaclnnents, o'r any agreement related Io the Secured Debt that convicts with applicable law wilt not be effective, unless that law expressly or [mpliedly permits tim variations by written agreement. If any section of this Security Instrument cannot be enforced according ~o its terms, that section will be severed and will not afl,ct the enforceability of Ihe remainder of this Securi[y I~trument. Whenever used, the siugular shall i~mlude the plural and the plural the singular. The captions and hcadiugs of the sections of this Security h~lrument are for convenience o~y and are not to be used to interpret or define the terms of lhis Security hmtrumenl, qqme is of the essence in this Security hmtrument. 23. NOTICE. U~ess otherwise required by 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 Ihis Security Instrmnent, or to auy other address designated in writing. Notice to one mortgagor will be deemed to be notice io all mortgagors. 24. WA~RS. Except to the extent prohibited by law, Moggagor waives any right regarding the marshalling of liens dud assets and all homeslead exemption rights relating to the Property. 25. OT~R TE~S. If checked, the following are applicable to this Security lnstrmne~: ~ 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 Security Instrmnent will remain in effect uutil released. Constrnction Loan. This Security Instrmnent secures an obligation incurred for the construction of an:improvement on the Property. ~ Fixture Filing. Mortgagor grants to Lender a securily interesl iu all goods that Mortgagor owns now or in the future and that are or w~l become fixtures related to the Property. This Security I~trument suffices as a financing statement and any carbon, photographic or other reproduction may be filed of ~ecord for purposes of Article 9 of the Uuifom~ Cmmnercial CoO& D ~ders. The covenants and agreemems of each of the riders checked below are incorporated into and supplemeut and mnend the te~s of this Security Instrument. [Check all applicable boxes] ~ Condomi~um Rider D Planned Unit Development Rider ~ Other ........................................................ ~ Additional Terms. SIGNATURES: By signing below, Mortgagor agrees to the terms and covenants contained in this Security lnstrumeut aud in any attaclm~ents. Mortgagor also acknowledges receipt of a copy of this Security Instrument on the date stated on page 1. ACKNOWLEDGMENT: ~ ,/~ 0~,~i~) This iustrument was acknowledged before me t~is ..~...'.'.'... d~"'~t~'of '3~(~.'~;~'~ ...................... ~ ' ' by JA~.[~ .qggl ~¢IK.N~; g~k~.4 K..~TK. N.~,. ~g. NO.¢NP.W. [F 3g TENANT3 .RyHEENT. TH T ~ET ~S ................................... : ........ ._., ...... .... .... My commission .... .... .............. ©1994 Bankers Systems, Inc., St. Cloud, MN (1 800-397 23-11) Form RE MTG WY 11118/94 (page 4 of 4)