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HomeMy WebLinkAbout901369 Rs document l.q ANN D WETZEL .by Southwest Title 'Corapany 1315 LUPINE ROAD KEMMERER, WYOMING 83101 MORTGAGOR 'T' includes each mortgagor above. UTAIt POWER & LIGHT EMPLOYEES'S CREDIT UNION 8E CE IVED 1407 W NORTItIq~P~'!#i~0iJ?~, ]-'( CLERK SALT LAKE CITY, UTAH 84116 MORTGAGEE; ,., '; :.,.!., "You" means the mortgag~e~'i{ssuccessors[:~and ass,gns.' REAL ESTATE MORTGAGE: For value received, I, ANN D WETZEL , mortgage, grant and convey to yon, with power of sale on July 2, 2004 the real estate described below and all rights, easements, appurtenances, rents, leases aud improvements and fixtures that may now or at any time in the future be part of the property (all called the "property"). PROPERTY ADDRESS: 1315 LUPINE ROAD _ KEMMERER, WYOMING 83101 BOOK 5 g 3.iff LEGAl, DESCRIPTION: LOT 3 OF SECTION 3, T22N Rll6W oF THE 6Ttl P.M., LINCOLN COUNTY, WYOMING. located in 'LINCOLN County, State of WYOMING. TITLE: 1 covenant and warrant title to the property, except for encumbrances of record, municipal and zoning ordinances, cmTent taxes and assessments not yet due and SECURED DEBT: This mortgage secures repayment of the secured debt and the pertbnnance of the covenants and agreements contained in this mortgage and iii any other document incorporated herein. Secured debt, as used in dfis mortgage, includes any amounts I may at any time owe you under this mortgage, the instrument or agreement described below, any renewal, refinancing, extension or modification of such instrument or agreement, and, if applicable, the future advances described below. The secured debt is evidenced by (describe the instrmnent or agreement secured by this mortgage and the date tbereofi) The above obligation is due and payable on July 15, 20i9, if not paid earlier. The total unpaid balance secured by this mortgage at any one time shall not exceed a maximum principal amount of FORTY-TWO THOUSAND and no/100 Dollars ($42,000.00), plus inlerest, and all other amounts, plus interest, advancbd under the terms of this mortgage to protect the security of this ~nortgage or to perform any of the covenants and agreements contained in this mortgage. [~] Future Advances: The above amount is secured even though all or part of it may not yet be advanced. Future advances are contemplated and will be ~nade in accordance with the terms of the note or loan agreement evidencing the secured debt and will have priority to the santo extent as if made on the date this mortgage is executed. r-] VarDlhlq Rate: The interest rate on the obligation secured by this mortgage may vary according to the terms of that obligatioa. L_l A copy of the loan agreement contaiuing the temls under which the interest rate may vary is attached to this mortgage and made a part hereofi RIDERS: F-] Commercial []~] Construction r'-] SIGNATURES: By signing below, I agree to the terms and covenants contained on pages 1 and 2 Of this mortgage. Iu any instruments evidencing the secured de.bt and in any riders.described above and signed by me. I acknowledge receipt ora copy of this mortgage. AN~rb wG"Z~L ~ . ACKNOWLEDGEMENTS: STATE OF WYOMING, County of LINCOLN ss: Individual or Coq~oration with Seal Coq)oration wid~ no Seal The foregoing instnunent was acknowledged betbre me by -- ~rlg0mdg~;~u ment W~'~In~w ,edgea bcx j~i4cF~n~i io3y day of. Witness my hand and official seal. My Commission Expires: tl'iis _this , a COlporation has no coq)orate seal. IDS, Inc. OSO:L G COWN ,NTS 1. Payments. I agree to make all payments on the secured debt when due. Unless we agree otherwise, any payments you redEiv~'fi;on~r my beuefit will be applied first to any ~munts I owe you on the secured debt exclusive of interest or principal, second, to interest and then to principal, lfpm%d prepayment of the secured debt occurs for ~y reason, it will not reduce or excuse any subsequently scheduled paymeot until the secured debt is paid in Mil. 2. Claims against Title. I will pay all taxes, ~sessments; liens, encumbr~ces, Ieee payments, grouud rents, ~d olher charges relating to the property when due. You may require me to provide to you copies of all notices that such ~ounts ~e duc and the receipts evidenciug my payments. I will defend ti,lc to prope~ against any claims that would impair the lien of this mortgage. You may require mc lu assign ~y rights, claims or defenses which I may have agaiust p~ies who supply labor or materials to improve or maintain the prope~. 3. Insurance. I will keep the properW insured under temps acceptable to you at my expense and for your benefit. This insurance will include a standard mo~gage clause in your favor. You will be nmned as loss payee or ~ the insured on ~y such insnrance policy. Any insurance proceeds may be applied, within your discretion, to either the restoration or repair of the d~aged prope~y or to the secured debt if you require mortgage insurance. I agree to maiutain such insur~ce for ~ long as you require. 4. ProperW. I will keep the property in good condition ~d make all repairs re~onably necessaD,. I will give you prompt notice of any loss or dmnage to the prope~y. 5. Expenses. I agree to pay all of the expenses you incur, including reasonable attorneys' thcs, if l breach any covenants in this mortgage or in any obligatiou secured by this mortgage, I will pay these amounts to you as provided in Covenant 10 of this mortgage. 6. Default and Acceleration. If I fail to make any payment when due or breach an), covenauts nnder this mortgage, any prior mortgage ur any obligation secured by this mortgage, you may, at your option, accelerate the matra'try of the secured debt and demand immediate payment, and exercise any other remedy available to you. You may enforce this mortgage by exercising any remedy provided by law, including, but not limited to, the power of sale. YOu will be entitled to a judgment lbr any deficiency as provided by law. If you elect to exercise you power of sale, you will give notice of your intent to foreclose by advertisement a~ld sale as provided by law. You will publish notice of,be sale and sell the property acco,'ding to applicable law. The proceeds of the sale will be applied first to the costs and expenses of the sale including, but not limited to, reasonable attorneys' fees, then to payment of the secured debt, and finally, if there is an3.' surplus, to the person(s) legally entitled to it. 7: Assignment of Rents and Profits and Lender in Possession. I assign to you the rents and profits of the property. Unless we have agreed otherwise in writing, I may collect and retain the rents as long as t mn not in default. If you accelerate this mo,'tgage as provided in paragraph 6 or ill abandon thc property, you are entitled to enter upon, take possession and manage the property, and colle6t tile rents and profits of the property, either in person, by agent or by court appointed receiver, until the expiration of any period of redemption following judicial sale. Except when othdrwise directed by the court, any rents and profits you collect will be applied first to tile costs of managing the property and collecting the rents and profits, including, but not limited to, receivers fees, court costs, and reasonable attorneys' fees, and then to payments of the secured debt as provided in Coveuant 1. 8. Prior Security Interest. I will make payments when due and perform all other coveuants trader any mortgage, deed of trust, or other security agreement that has priority over this mortgage. I will not make or permit any modification or extension of any mortgage, deed of trust or other security interest that has prk)rity over this mortgage or any note or agreement secured thereby without your written consent. 1 will promptly deliver to you any notices I receive fi-om any person whose rights iu the property have priority over your rights. 9. Leaseholds; Condominiums; Planned Unit Developments. I agree to comply with the provisions of any lease if this mortgage is on a leasehokl. If this mortgage is on a unit irt a condominimn or a planned unit development, I will perform all of my duties under tile covenants, by-laws, or regulatious of the condmninium or planned unit develoPment. 10. Authority of Mortgagee to Perform for Mortgagor. ffI fail to pefforln any of my duties uuder 01is mo~tgage, or any other mortgage, deed of trust, lien or other security interest that has priority over lhis mortgage, you may perform the duties or cause them to be per,brined. You may sigu my name or pay any ranount if necessary for performance. If any construction on the property is discontinued or not carried on in a reasonable manner, you may do whatever is necessary to protect your security interest in the property. This may include cmnpleting the consm~ction. Your failure to perform will not preclude you from exercising any of your other rights under the law of this mortgage. Any amounts paid by your to protect your security interest will be secured by this mortgage. Such amounts will be due on demand and will bear interest from the date of the payment until paid in f~ll at the interest rate in effect l¥om time to ti,ne on the secured debt. 11. Inspection. You may enter the property to inspect it if you give me notice beforehand Thc notice nmst state the reasonable cause tbr your iospection. 12. Condemnation. I assign to you the proceeds of any award or claim for damages connected with tile condemnation or other taking of all or any pm-t of the property. Such proceeds will be applied as provided in Covenant 1. This assignment is subject to the terms of any prior security agreement. 13. Waiver. By exercising any remedy available to you, you do not give up your rights to later use any other remedy. By not exercising any remedy, if 1 default, you do not waive your right to later consider the event a default if it happens again· 14. Joint and Several Liability; Co-Signers; Successors and Assigns Bouml. All duties ander this mortgage are joint and several· IfI sigu this mortgage but do not sign the secured debt I do so only to mortgage my interest in the properly to secure payment of the secured debt and by doing so, I do ,lot agree to be personally liable on the secured debt. I also agree that you and any party to this mortgage may extend, modify or make any other chauges in the terms of this mortgage or the secured debt without my consent. Such a change will not release me fi-om lhe temps of this mortgage. The duties and benefits of this mortgage shall bind an benefit the successors and assigus of either or both of us. 15. Notice. unless otherwise required by law, any notice to me shall be given by delivering it or by mailing it by certified mail addressed to me at the Property Address or any other address that I tell you. I will give any notice to you by certified mail to your address on page 1 of th s mortgage or to any other address which you have designated. ' Any notice shall be deemed to have been given to either of us when given in the manner stated above· 16. Transfer of the Property or a Beneficial Interest in the Mortgagor. lfall or any part of the property or any interest in it is sold or transfen-ed without you prior written coBsent, yoo may demand immediate payment of the secured debt. You may also demand immediat6 payment if the mortgagor is not a natural person and a beneficial interest in the mortgagor is sold or transferred. However, you may not demand payment in tile above situations il' it is prohibited by federal law as of the date of this mortgage. 17. Release. Pursuant to law, when I have paid tim secured debt in fidl, all underlying agreements have been temfiuated, and 1 have mailed 1o you a written request for the release, you will release this mortgage without charge to me withiu 30 days of your receipt of my request ibr the release, I agree to pay all costs to record the release. 18. Severability. Any provision or clause of this mortgage or any agreement evidencing tile secured debt which conflicts with applicable law will not be effective unless that law expressly or impliedly pemfits variatious by agreement. If any provision or clause of this mortgage or an agreement evidencing the secured debt cannot be enforced according to its terms, this thct will not affect the enforceability of the balance of the mortgage and the agreement evidencing the secured debt. 19. Waiver °fHomestead Exemption. 1 hereby release and waive all rights under and by virtue of the homestead exemption laws of WYOMiNG. IDS, Inc.