HomeMy WebLinkAbout901450Filed fei' record at the request of:
Bismark Mortgage Company,
10500 NE 8th St., Suite 700
Bellevue, WA 98004
This Mortgage, made
Katrina Dane-Hoxie
CONSTRUCTION
Thursday, July 22, 2004
Grantor(s), whose address is Box
805, Thayne, WY83127.
AND
RECEIVED
I~oan #241477
between
Bismark Mortgage Company, LLC.
Beneficiary, whose address is 10500 NE 8th St., Suite 700. Bellevue, WA 98004.
Witnesseth: Grantor does hereby mortgage, grant and convey [o Be~cl'ici~ry the following described real proper'fy:
See attached exhibit "A" lot legal description(s), which proloe~'ty ts not used principally fo, ~tgricnltural
or farming purposes, together with all tenements, hereditame~]ts, :tr~d appt,rtenances now or hereafler thereunto
belonging or in any wise appertaining, and the rents, issues and profils tllcreof.
This Mortgage is for the ptlrpose of securing perfornrance of each ag~'eement of Grantor herein contained, tile terms
of construction agreement{.s) of even date herewith, and payment of the Stihl of $235,000.00 with interest, in
accordance with the terms of a promissory note of even date herewith, p~tyable ~o Beneficittry or orde,', and all
renewals, modifications and extensions thereof, and any advance(s) o~ loan(s) z~s described m pa~'agraph #8 herein.
This Mortgage shall also sect~re any amot~nt(s) owed to Beneficiary o~ its assig~ls by Grantor and/or maker(s) of the
note arising fi'om any written agl'eement, duty, st~brogation, operation ~i' law or any other basis wl'~atsocver. See
attached exhibit "B" for special terms,
TO PROTECT THE SECURITY OF THIS MOR'I'GAGE GRANTOR COVENAN~I'S AND AGREES:
l. To pay, or have paid, before delinquency all lawful taxes and assessments upon the property; to keep Ihe property
fi'ee and clear of all other charges, lie~s or enctnnb,'ances impairing the security of this Mortgage.
2. To keep the property in good repair and condition' to permtt no waste thee-ecl'; to complete any building, st,-uctt~re
or improvement being bltilt or about to be built thereon wilhi~ six (fi) months fi-om the date hereof or in accord
with other specific written agreements between Grantor and Benefici~H-y; to restore promptly any building, stlt~cture
or improvemellt tl]ereon which may be damaged or destroyed; and to comply with all laws, ordinances, regulations,
covenants, conditions and ,'estrictions affecting the property.
3. To keep all buildings now or hereafter erected on the property described het-ein contintlously insu~-ed ~tgamst loss
by fire, earthqtlake, volcanic ert~ption, ilood and other hazards, Bene['iciary may require insnrance in an itmount not
less than the original face amount of tile debt secured hereby, or 100% ct' ~tssessecl value of the impr~veme,lts, or the
replacement valuation of tile improvements, as' determined by the insttt'imce ca,'rier, whichever is the llighcr amount,
and in such companies as the Beneficiary may approve, and to have It~ss l);lyi~ble first to the Benefici[H'y then to
Grantor. It is tmderstood and agreed that all policies (or approved certil'ied copies thereol") shltll I)c held by
Beneficiary. ~Fhc alnount collecled under any inst~rance policy may be i~l)l)lied ttpon itny indebtedness hereby sectored
in such order as the Beneficia~-y shall determine. Such applications b), th~ Bcneficiary shall not c~ttise discontinuance
of any proceedings to foreclose this Mortgage. In the event of forecl~stH'e, all Gra~ltor's rights m insln-ance l)olicies
then in force shall pass to the ptlrchaser at the foreclost~,'e sale. "
4. 'Po defend any action or proceeding purpo~'ting to ~ffect the security hc~-eof or tile rights' of Beneficiary a~d to pay
all costs and expenses, including/zest of title search and attorney's ['ecs in a reasonable amt)nnt, in itny such action
or proceeding, and in any suit brought by Beneficiary to foreclose this N, loi'tgr~ge. Beneficiary sh~tll be enlitled to
choose the lawyer or law firm to provide any defense reqt, ired herein. Gl'anto~' will pay the attorr~ey lees in a ,nan~ler
satisfactory to the said attor~rey and/or firm chosen. ' ~ t
°00
5. To pay all costs, fees and expenses incurred in connecnon with this Mortgage, including any attorney's fees,
costs and/or expenses incurred, ~n any acnvity undertaken to enforce, protect, ensure performance of or make claim
for any obligation secured hereby. This agreemem shall specifically include any such fee(s) and/or expense(s)
incun'ed in any BanNuptcy proceeding.
IT IS MUTUALLY AGREED TItAT:
6. In the event any pornon 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 to 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 default for fifilnre to so pay.
8. Should Grantor fail to pay when due any taxes, assessments, iusurance premiums, liens, encumbrances, prior
encumbrances (see paragraph 20), if any, and/or other cha,'ges, 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 thc note, together with costs and expenses including reasonable attoruey 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 sums so advanced plus the costs and expenses
described may be declared immediately due and payable and upon Orantor's failure to reimburse Beneficiary upon
demand shall constitute an event of default under the terms of this Mortgage.
9. The note which is secured by this Mortgage may contain penalties fi~r early payment of p,'iucipal. During 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 amonnts to satisfy in l'ull Ihe 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 Mortgagerequires the unpaid principal balance to be repaid by a date certain, and that
date certain may require a final installment (Balloon Payment) substantially more than the regular installment(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. [Jpon acceleration in accord with Paragraph
#13 herein, or abandonment of the property, Beneficiary, itt person, by ageat, 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 et'
the management of the property and collection of rents, including bu! nol limited to, receiver's tees and expenses,
reasonable attorney fees, expenses of maintaining rental flow, utilities, taxes, insurance, maintenance of the
property, etc. and then to the sums secured by this Mortgage. Beneficiary 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 referred to herein, all sams secured hereby shall immediately become due and payable
at the option of the Beneficiary.
[J~ge 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, insurance
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 thereafter 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 redemptmn and all such advances together with interest at the rate
specified in the note, on each such advauce so made shall be secured by this agreement and be included 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 p,-ovided
by applicable redemption statutes, if any, but, may also make advances for insurance, maintenance, upkeep, anti
upon any prior encumbrances and that any sums so advanced, plus imerest at tile rate specified iu tile judgment on
each such advance shall be added to such sums that otherwise would be due upon redemption under applicable
redemption statutes, if any, in the event of such redemption. It is agreed aud stipulated that the Beneficiary may
include all such provisions mentioned itl this paragraph in any judgment granted in foreclosure. It is also agreed
that any of the rights granted to Beneficiary regarding the making of advancetnents or prepayments are options only
for the benefit 0f 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 only on the parties hereto, but on Iheir
heirs, devisees, legatees, administrators, executors and assigns. The term 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 thc Beneficiary.
PRIOR ENCUMBRANCES:
20. The Terms and conditions of the prior encumbrances, if any, are hereby incorporated into this Mortgage and
grantor agrees to promptly comply with all of the terms and conditions of said prior eucmnbrances, and upon fitilure
to so co~nply such failure shall constitute a default under this Ivlortgage 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 incm'red 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 beat' interest as specified in tile note, and all sums so
advanced plus costs, fees and expenses incun'ed may be declared immediately due and payable and Grantors failure lo
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 EXEMFI'IONS:
21. Grantor !lereby waives all rights of homestead and any other exemption(s) in the real property described herein
under State or Federal law presently existing or hereafter enacted.
OTHER TERMS:
22. N/A
23. N/A
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By signing below I acknowledge that I have thoroughly read, understand and agree to all of the terms outlined in this
Mortgage (Pages 1 through 6 inclusive). I further acknowledge and slate that there are no oral or "side" agreements
which modify or add to any portion of our written agreements contained herein and other related wrilteH loan
documents of even date.
at rffta Dane-Hoxie
STATE OF WYOMING )
LINCOLN ) ss.
COUNTY OF ~M~ )
On tiffs day personally appeared before me Katrina Dane-Hoxie. to ]ne known to be the ndividual described in and who cxectlled thc wHhin
and tbregolng ~st~ument, and acknowledged lhat she sigaed the same as her flee ,Hd volumary act and deed. t'or Lhe uses aad purposes
therein menti~ie~
Given unae~ m~hand ann official{~l on~ ~ 23, 2004
Notary Public in and for the S(ate of WYOMING
Residing at Ke~erer, Wyoming
My connnission expires February 2, 2006
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EXHIBIT "A"
(legal description(s) continued from page 1)
1. Lot 37 of Bridger View Ranches, Lincoln County, Wyoming as described on the official plat thereof; All situale in
the County of Lincoln State of Wyoming; commonly known as 26 Yosemite Drive (new home under construction),
Ttmyne, WY 83127
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Pagc 5
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none
EXHIBIT "B"
(special terms continued from page
l)
I have read and hereby acknowledge exhibits "A" an0 "B" above.
· ~~~.~-~
Katr~na ~ane-Hox~e