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HomeMy WebLinkAbout901292 RECEIVED LII',ICOLH COl. NTY CLERK Filed for record at the request 6f: B,sm.rk Mortgage Oompany, LLC 801292 10500 NE 8th St., Suite 700 Bellevue, WA 98004 CONSTRUCTION This Mortgage, made Monday, July 12, 2004 Rex Allan Litchfield Jill Tyler Litchfield , Husband and [41re Grantor(s), whose address is 1035 Tigee Circle, Green River, ,lt.-..'. MORTGAGE between ~!~ 00 K WY 82935, 56 Bismark Mortgage Company, LLC, Beneficiary, whose address is 10500 NE 8th St., Suite 700, Bellevue, WA98004, Witnesseth: Grantor does hereby mortgage, grant and convey to Beneficiary the following described real property: See attached exhibit "A" for legal description(s), which p,-operty is not used principally for agricultural or farming purposes, together with all tenements, hereditaments, and appurtenances now or hereafter thereunto belonging or in any wise appertaining, and the rents, ~ssues and profits thereof. This Mortgage is for the purpose of securing performance of each agreement of Grantor herein contained, the terms of construction agreement(s)of even date herewith, and payment of the sum of $263,000.00 with interest, in accordance with the terms of a promissory note of even date herewith, payable to Beneficiary or order, and all renewals, modifications and extensions thereof, and any advance(s) or loan(s) as described in paragraph #8 herein. This Mortgage shall also secure any amount(s) owed to Beneficiary or its assigns by Grantor and/or maker(s) of the note arising from any written agreement, duty, subrogation, operation of h~w or any other basis whatsoever. See attached exhibit "B" for special terms To PROTECT THE SECURITY OF THIS MORTGAGE GRANTOR COVENANTS AND AGREES: 1. To pay, or have paid. before delinquency all lawful taxes and assessments upon the property; to keep the property fi'ce and clear of all other charges, liens or encumbrances impairing the security of this Mortgage. 2. To keep the property in good repmr and condition; to permit no waste thereof; to complete any building, structure or improvement being built or about to be built thereon within six (6) months fi*om the date hereof or in accord with other specific written agreements between Grantor and Beneficiary; to restore promptly any building, structure or improvement thereon which may be damaged or destroyed; and to comply with all laws, ordinances, regulatious, covenants, conditions and restrictions affecting the property. 3. To keep all buildings now or hereafter erected on the property described herein continuously insured against loss by fire, earthquake, volcanic eruption, flood and other hazards, Beneficiary may require insurance in an amount not less than the original face amount of the debt secured hereby, or 100§~ of assessed value of the improvements, or the replacement valuation of the improvements, as determined by the insurance carrier, whichever is the higher amount, and in such companies as the Beneficiary may approve, and to have loss payable first to the Beueficiary then to Grantor. It is nnderstood and agreed that all policies (or approved certified copies thereof) shall be held by Beneficiary. The amount collected under any insurance policy may be applied upon any indebtedness hereby secured in such order as the Beneficia.ry shall determine. Such applications by the Beneficiary shall not cause discontinuance of any proceedings to foreclose this Mortgage. In the event of foreclosure, all Grantor's rights iii inst, rance policies then in force shall pass to the purchaser at the foreclosure sale. 4. To defend any action or proceeding purporting to affec~ the security hereof or the rights of Beneficiary and to pay all costs and expenses, including cost of title search and attorney's fees in a ,-easonable amount, in any such action or proceeding, and in any suit brought by Beneficiary to foreclose this Mortgage. Beneficiary shall be entitled to choose the lawyer or law firm to provide any defense required hereto. Grantor will pay the attorney lees in a manner satisfactory to the said attorney and/or firm chosen, wg~ ~ 5. To pay all costs, fees and expenses incurred in connection with this Mortgage, including any a!tprney's fees, costs and/or expenses incurred, m any activity undertaken to enforce, protect, enstlre performance of or make claim for any oblieation secured hereby. This agreement shall specifically inchMe any such faa(s) and/or expense(s) incurred in any Ban 'kruptcy proceeding. [T IS MUTUALLY AGREED THAT: 6. In the event any portion of the property is taken or damaged in an eminent domain proceeding, the entire amount of the award or such portion as may be necessary [o fully satisfy the obligation secured hereby, shall be paid to Beneficiary to be applied to said obligations. 7. By accepting payment of any sum secured hereby after its due date, Beneficiary does not waive its right to require prompt payment when due of all other sums so secured or to declare defauh fo,' failur.e to so pay. 8. Should Grantor fail to pay when due any taxes, assessments, insurance premiums, liens, encumbrances, prior encumbrances (see paragraph 20), if any, and/or other charges, fees or expenses related to the property herein described, Beneficiary may pay the same, and each amount so advanced, including advances or extensions of credit requested by Grantor or the maker(s) of the note, together with costs and expenses including reasonable attorney fees in connection therewith, and together with $100.00 or 15% of each amount advanced (whichever sum is greater) which shall be due Beneficiary for service and handling costs, may be added to the debt secured by this Mortgage, and shall bear interest at the rate specified in the note, and all slims so advanced plus the costs and expenses described may be declared immediately due and payable and upon Grantor's failure to reimburse Beneficiary upon demand shall constitute an event of default under the terms of this Mortgage. 9. The note which ~s secured by this Mortgage may contain penalties for early payment of principal. Dm'ing such time as the above referred prepayment penalties are due, and should Beneficiary accelerate the maturity of this Mortgage or note secured hereby, in accord with Paragraph #13 herein, then Beneficiary at its sole option may include in the total amount due, the additional amounts to satisfy in full the requirements of said prepayment penalties. Should Grantor tender payment of the entire indebtedness due prior to the foreclosure sale said tender shall be deemed a voluntary prepayment and as such shall be inclusive of said prepayment penalties. 10. The note secured by this Mortgage requires the unpaid principal bahmce to be repaid by a date certain, and that date certain may require a final installment (Balloon Payment) substantially more than the regular instalhnent(s) as specified in the note secured hereby. Grantor's failure to tender said final installment by its due date shall constitute a default in the terms of this Mortgage. ASSIGNMENT OF RENTS: 11. As additional security hereunder, Grantor hereby assigns to Beneficiary the rents of the property, provided that Grantor shall, prior to acceleration in accord with Paragraph #13 herein, or abandonment of the property, have the right to Collect and retain such rents as they become due and payable. Upon acceleration'in accord with Paragraph #13 herein, or abandonment of the property, Beneficiary, in person, by agent, or by judicially appointed receiver, shall be entitled to enter upon, take possession of, and manage the property and to collect the rents of the property, including any past due. All rents collected by Beneficiary or receiver shall be applied first to payment of costs of the management of the property and collection of rents, including but not limited to, receiver's fees and expeuses, reasonable attorney fees, expenses of maintaining rental flow, utilities,, taxes, insurance, ~naintenance of the property, etc. and then to the sums secured by this Mortgage. Bcaeficim'y and/or the receiver shall be liable to account only for those rents actually received. 12. Upon payment of all sums secured hereby Beneficiary shall record a release and satisfaction of this Mortgage. IN CASE OF DEFAULT: 13. Upon default by Grantor in the payment of any indebtedness secured hereby or in the performance of any agreement contained herein, or refen'ed to herein, all sums secured hereby shall immediately become due and payable at the option of the Beneficiary. Page 2 14. N/A 15. N/A 16. In the event this Mortgage is foreclosed then it is further agreed with respect to taxes, assessments, insm'ance premiums, liens and encumbrances, that the Beneficiary may make such additional advances as it may deem appropriate upon any payment that may have or may therea'fter become due on any said encumbrance and Beneficiary shall have a separate and further right to make such additional prepayments as it shall deem appropriate on payments it believes may become due during any period of redemption and all such advances together with interest at the rate specified in the note, on each such advance so made shall be secured by this agreement and be inclL~ded in any foreclosure judgment, and upon completion of any foreclosure sale whereby Beneficiary or its assigns Successfully purchases at such sale, Beneficiary or its assigns may continue to advance funds on, not only those matters provided by applicable redemption statutes, if any, but, may also make advances for insurance, maintenance, upkeep, and upon any prior encumbrances and that any sums so advanced, plus interest at the tale specified in the judgment on each such advance shall be added to such sums that otherwise would be due upon redemption uader applicable redemption statutes, if any, in the event of such redemption. It is agreed and stipulated that the Beneficiary may include all such provisions mentioned in this paragraph in any judgment granted in foreclosure. It is also agreed that any of the rights granted to Beneficiary regarding the making of advancements or prepayments are options only for the benefit of the Beneficiary or its assigns and shall not be construed as obligating Beneficiary or its assigns to make any such advances or prepayment. 17. N/A 18. This Mortgage applies to, inures to the benefit of, and is binding not early on the parties hereto, but on fl~eir heirs, devisees, legatees, administrators, executors and assigns. The ~crm Beneficiary shall mean the holder and owner of the note secured hereby, whether or not named as Beneficiary herein. 19. There may be unrecorded documents which are part of this transaction, the specific terms of which are incorporated herein by reference and may be ascertained by contacting the Beneficiary. PRIOR ENCUMBRANCES: 20, The Terms and conditions of the prior encumbrances, if any, are hereby incorporated iuto this Mortgage and grantor agrees to promptly comply with all of the terms and conditions of said prior encumbrances, and upon failure to so comply such failure shall constitute a default under this Mortgage and Beneficiary may at its sole and exclusive option: a. Perform such terms and conditions of the prior encumbrances which are in default and by so doing all costs and expenses incurred by the Beneficiary, including reasonable attorney fees and advance fees (see Paragraph #8), may be added to the debt which is secured by this Mortgage and shall bear interest as specified in the note, and all sums so advanced plus costs, fees and expenses incurred may be declared immediately due and payable and Grantors failure to reimburse Beneficiary upon demand thereof shall constitute an event of default under this Mortgage, and/or b. Foreclose this Mortgage in accord with applicable law. WAIVER OF EXEMPTIONS: 21. Grantor hereby waives al! rights of homestead and any other exemption(s) in the real property described herein under State'ea' Federal law presently existing or hereafter enacted. OTHER TERMS: 22. N/A 23. N/A Continuednext page - ;. ;.. :': :7.::;[ !: . .... ! ' ': .'1 .:: '? ,,i. ; Continued from preceding page By signing below I acknowledge that I have thoroughly read, understand and agree to all of the terms outlined ia this Mortgage (Pages 1 through 6 inclusive). I further acknowledge and state that there are no oral or "side" agreements which modify or add to any portion of our written agreements conlained herein and other related written loan documents of even date. Jill I~r L~c¢ield STATE OF W Y O M I N G ) SS. COUNTY OF Q'~D~"k¢'~',('~ ) On this day personally appeared before me Rex Allan Litchfield and Jill Tyler LitchfielcL lo mc known io be the individuals described in and Notary//l~blic in and--~r th~-St;re of WFYi,0MIN~ Residitn4~ at ~~ My &ommission expires that they signed Ih¢ same as dmir free and voluntary acrt and deed, for JAMI . NNEI-[-NOTARY PUBU I COUNTYO ST^T O Continued next page Continued from preceding page EXHIBIT "A" (legal description(s) continued from page 1) 1. Parcel 1: Part of Section 11, T33N R118W of the 6th P.M., Lincoln County, Wyoming being more particularly described as follows: Commencing at a point 53 1/3 rods North from the Southeast corner o[ the SW 1/4 SW 1/4 o~ said Section ~ 1; and, running thence North, 8.89 rods; thence West, 40 rods; thence South, 8.89 rods; thence East, 40 rods to the Place of Beginning. Also, part of Section 11, T33N [:1118W of the 6th P.M., Lincoln County, Wyoming being more particularly described as follows: Commencing at a point which is 293 [eet north and 330 feet east of the Southwest corner of said Section 11; and, running thence North, 873 feet; thence East, 330 feet; thence South, 873 feet; thence West, 330 feet to the Point of Beginning. Parcel 2: The right of access as provided for in instrument recorded October 2t, 2002 in Book 502PR on page 382 of the Lincoln County Clerk. All situate in the County of Lincoln, State of Wyoming; commonly known as 90 Woodland Drive (new home under construction), Bedford, WY 83112 Continued next page Page 5 Continued from preceding page , jO none EXHIBIT "B" (special terms continued from page 1) I have read and hereby acknowledge exhibits "A" and "B" above. Rex ~Aila? Litch~i~ ...... yler Litch~eld-y-- - Page 6