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HomeMy WebLinkAbout90160330578 901603 RECEIVED LINCOLN COUNTY CLERK ,J [/.,Nh E~ .... ' .... State of Wyoafing Space Above This Line For Recording Data MORTGAGE (With Future Advance Clause) 1. DATE AND PARTIES. The date of this Mortgage (Security Instrument) is .0].-.0.2.-.2.0.0..4 .................................... and the parties, their addresses and tax identification numbers, if required, are as follows: MORTGAGOR: EVAN J. SIMPSON AND BEVERLY A. SIMPSON OR THEIR SUCCESSORS, AS TRUSTEES OF THE SIMPSON FAMILY TRUST DATED THE 26~Pd DAY MARCIt 1997 AS AMENDED P.O. BOX 678 AFTON, WY 83110 [] If checked, refer to the attached Addendum incorporated herein, fi)r additional Mortgagors, their signatures and acknowledgments. LENDER: THE RANK OF STAR VALLEY Organized and existin9 under the laws o! the state of Wyoming 384 WASHINGTON STREET PO BOX 8007 AFTON, WY 83110 83-0315143 2o CONVEYANCE. For good and valuable consideration, the receipt and suffictency of which is acknowledged, and to secure the Secured Debt (defined below) and Mortgager's performance under this Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with power of sale. the following described property: SEt SCHEOUtE a AIIAClt[D AND MADE APART HEREOF 3o The property is located in ............................... .L. INC..0.tN ............................... at .4.!0..t. lp.E:a. Ty. La~[. .............................. (County) ....................................................................................... · a[!QN ....................... Wyoming ......... {~. ].1.0. ........ (Address) (City) (ZIP Code) Together with all rights, easements, appurtenances, royalties, mineral rtghts, oil and gas rights, all water and ripartan 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 referred to as 'Property")J MAXIMUM OBLIGATION LIMIT. The total principal amoun~ secured by this Security Instrument at any one time shall nol exceed $ .3.2.8.,.q0..0:0..0 .......................................... This limitation of amount does not include interest and other lkes and charges validly made pursuant to this Security Instrument. Also, this limitation does not apply to advances made under the terms of this Security Instrument to protect Lender's security and to perform any of the covenants contained in this Sccnrity Instrument. SECURED DEBT AND FUTURE ADVANCES. The term "Secured Debt" is defined as follows: A. Debt incurred under the terms of all promissory note(s), contract(s), guaranty(s) or other evidence of debt described below and all their extensions, renewals, modifications or substitutions. (When referencing the debts below it ts suggested that you include items such as borrowers' names, note ellIOt/titS, interest rates, maturity dates, etc.) ONE PROMISSORY NOTE DATED 7-2-04 IN THE AMOUNT OF ~328.000.00 WYOMING - MORTGAGE (NOT FOR FNMA, FHLMC, FHA OR VA USE) ©1994 Bankers Syslern$, Inc., St. Cloud, MN (1-800-397-2341i Form RE-MTG-WY 11118194 o 10. 11. B. All future advances from Lender to Mortgagor or other future obligations of Mortgagor to Lender under any prpmissory note, contract, guaranty, or other evidence of debt executed by Mortgagor in favor of Lender executed afler this' Securit'~¢ Instrument whether or not this Security Instrument is Specifically referenced. 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 Instrument even though all or part may not yei be advanced. All future advances and oth, er future obligations are secured as if made on the date of this Security Instrument. Nothing in this Security Instrument shall constitute a commitment to make additional or future loans or advances in any amount. Any such cormnitment must be agreed'to in a separate writing. All obligations Morlgagor owes to Lender, which may later arise, to tbe extent not prohibited by law, inch,ding, 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 tbr insuring, preserving or otherwise protecting the Property and its value and any other sums advanced and expenses incurred by Lender under the te~ms of this Security Instrument. This Security Instrument will not secure any other debt if Lender fails to give any required notice of the right of rescission. PAYMENTS. Mortgagor agrees that 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. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, security agreement or other lien document that created a prior security interest or encumbrance on the Property, Mortgagor agrees: A. To make all payments when due and to perform or comply with all covenants. B. To promptly deliver to Lender any notices that Mortgagor receives from the holder. C. Not to allow any modification or extension of, nor to request any future advances nnder any note or agreement secured by the lien docmnent without Lender's prior written consent. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents. utilities, and other charges relating 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 Mortgager's payment. Mortgagor will defend title to the Property against any claims that would impair the lien of this Security Instrument. Mortgagor agrees to assign to Lender, as requested by Lender, any rights, claims or defenses Mortgagor may have against parnes who supply labor or materials to maintain or improve fl~e Property. DUE ON SALE OR ENCUMBRANCE. Lender may, at its option, declare the entire balance of the Secured Debt to be hnmediately 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 restrictions imposed by federal law (12 C.F.R. 591), as applicable. Tfus covenant shall run with the Property and shall remain in effect until the Secured Debt is paid m fidl and this Security Instrument ts released. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mortgagor will keep the Property in good condition and make all repairs that are reasonably necessary. Mortgagor shall not cormnit or allow any wasle, impaiHnent, or delerioratmn of the Property. Mortgagor will keep the Property free of noxious weed~ aud 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 noti~ Lcndc[ of all demands, proceedings, claims and actions against Mortgagor, and of any loss or damage to the Property. Lender or Lender's agents may, at Lender's option, enter the Property at any reasonable lime for the purpose of inspecting the Property. Lender shall give Mortgagor notice at the time of or before an inspection specifying a reasonable purpose for the inspection. Any inspection of the Property shall be entirely for Lender's benefit and Mortgagor will in no way rely on Lender's inspection. AUTHORITY TO PERFORM. If Mortgagor fails to perform 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 Mortgager's name or pay any amount necessary for performance. Lender's right to perform for Mortgagor shall not create an obligation to perform, 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 thc Property is discontinued or not carried on in a reasonable manner, Lender may take all steps necessary to protect Lender's security interest m the Property, including completion of the construction. 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 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 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 ex~sting and fi~tt~re Leases. Mortgagor may collect, receive, enjoy and use the Rents so long as Mortgagor is not in default unde~ the terms of this Security Instrument. Mortgagor agrees that this assignment ~s immediately effective between the parties to this Security Instrument Mortgagor agrees that lhis assignment is effective as to third parties when Lender takes affirmative action prescribed by law, and that this assignment will remain m effect during any redemption period until the Secured Debt is satisfied. Mortgagor agrees that Lender may take actual possession of the property without the necessity of conunencing legal action and that actual possession is deemed to occur when Lender, or its agent, notifies Mortgagor of default 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 Mortgager's possession and will receive any Rents in trust for Lender and will not commingle the Rents with any other funds. Any amounts collected will be applied as provided in this Security Instrument. Mortgagor warrants that no defat, lt exists under the Leases or any applicable landlord/tenant law. Mortgagor also agrees to maintain and require any tenant to comply with the terms of the Leases and applicable law. ©1994 Bankers $¥$1ems, Inc., St. Cloud, MN {1-800-397 23411 Fmrn RF-MTG-WY 11/1 B/94 (page 2 of 4) . : .::!~ 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 iu a condominium 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 the Secured Debt fails to make payment 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 faith belief by Lender that Lender at any time is insecure with respect to any person or entity obligated on the Secured Debt or that the prospect of any payment or the value of the Property is impaired shall also constitute an event of default. 14. REMEDIES ON DEFAULT. In some instances, federal and state law will require Lfnder to provide Mortgagor with notice of the right to cure or other notices and may establish time schedules for tbreclosure actions. Subject to these limitatkms, if any, Lender may accelerate the Secured Debt and foreclose this Security Instrument in a manner provided by law if Mortgagor is in default. At the °ption of Lender, all or any part of the agreed fees and charges, accrued interest and Principal shall become immediately due and payable, ariel' giving notice if required by law, upon the occurrence of a default or anytime thereafter. In addition, Lender shall be entitled to all the remedies provided by law, the terms of the Secured Debt, this Security Instrument and any related documents including, without limitation, the power to sell the Property. All remedies are distinct, cumulative and not exclusive, and the Lender is entitled to all remedies provided at law or equity, whether or not expressly set forth. The acceptance by Lender of any sum 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 any existing default. By not exercising any remedy on Mortgagor's default, Lender does not waive Lender's right to later consider the event a default if it continues or happens again. 15. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when prohibited by law, Mortgagor agrees to pay all of Leuder's expenses if Mortgagor breaches any covenant in this Security Instrument. Mortgagor will also pay on demand any amount h~curred by Lender for insuring, inspecting, preserving or otherwise protecting the Property and Lender's security interest. These expenses will bear interest from the date of the payment until paid in full at the highest iuterest rate in effect as provided in the terms of the 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 Instrument. This amount may include, but is not limited to, reasonable attorneys' fees, court costs, and other legal expenses. This amount does not include attorneys' lees for a salaried employee of the Lender. This Security Instrmnent shall remain in effect until released. Mortgagor agrees to pay for any recordation costs of such release. 16. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law means, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 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 contaminant which has characteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or enviromnent. The term includes, without limitation, any substances defined as "hazardous material," "toxic substances," "hazardous waste'! or "hazardous substance, under any E. nvir0nmental 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 tl'~e Property. This restriction does not apply to small quantities of Hazardous Substances that are generally recognized to be appropriate for the normal use and maintenance ot' the Property. B. Except as previously disclosed and acknowledged in writing to Lender, Mortgagor and every tenant have been, are, and shall remain in full compliance with any applicable Environmental Law. C. Mortgagor shall immediately notify Lender if a release or threatened release of a Itazardons Substance occurs on, under or about the Property or there is a violation of any Envirolmlental Law concerning the Property. In such an event, Mortgagor shall take all necessary remedial action in accordance with ally Environmental Law. D. MOrtgagor shall immediately notify Lender in writing as soon as Mortgagor has reason to believe there is any pending or threatened investigation, claim, or proceeding relating to the release or threatened release of any Hazardous Substance or the violation of any Environmental Law. 17. CONDEMNATION. Mortgagor will give Lender prompt notice of any pending or threatened action, by private or public entities to purchase 'or take any or all of the Property through condemnation, eminent domain, or any other means. Mortgagor authorizes Lender to intervene in Mortgagor's name in any of the above described actions or claims. Mortgagor assigns to Lender the proceeds of any award or claim for damages connected with a condenmation or other taking of all or any part of tile Property. Such proceeds shall be considered payments and will be applied as provided in this Security lnstrun~ent. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or other lien document. 18. INSURANCE. Mortgagor shall keep Property insured against loss by fire, flood, theft and other hazards and risks reasonably associated with the Property due to its type and location. This insurance shall be maintained in the amounts and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Mortgagor subject to Lender's approval, which shall not be u~easonably witlfl~eld. If Mortgagor fails to maintain the coverage described above, Lender ~nay, 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 t° Lender and shall include a standard "mortgage clause" and, where applicable, "loss payee clause." Mortgagor shall immediately notify Lender of cancellation or termination of the insurance. Lender sliall have the right to hold the policies and renewals. If Lender requires, Mortgagor shall immediately give to Lender all receipts of paid Premiums and renewal notices. Upon loss, Mortgagor shall give hmnediate notice to the insurance carrier and Lender. Lender may make proof of loss if not made hnmediately by Mortgagor. Unless otherwise agreed in writing, all insurance pr°ceeds shall be applied to 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 (page 3 of 4) ©1994 Bankers S¥~,lems, Inc., S~. Cloud, MN {1-800-397-23411 Fo~m RE-MIG-WY 11/18/94 postpone the due date of the sche~luled payment nor change the amount of any payment. Any excess will be paid to the Mortgagor. If the Property is acquired by Lender, Mortgager's right to any insurance policies and proceeds resultidg from damage to the Property before lhe acquisition shall pass to Lender to the extent of the Secured Debt inunediately before the~ acquisition. 19. ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a 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 to perfect, continue, and preserve Mortgager's obligations under this Security Instrument and Lender's lien status on the Property. 21. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Security Instrument are joint and individual. If Mortgagor signs this Security Instrument but does not sign an evidence of debt, Mortgagor does so only to mortgage Mortgager's interest in the Property to secure payment of the Secured Debt and Mortgagor does not agree to be personally liable on the Secured Debt. If this Security Instrument secures a guaranty between Lender and M°rtgagor, 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 not limited to, any anti-deficiency or one-action laws. Mortgagor agrees that Lender and any party to this Security Instrument may extend, ~nodify Or make any change in the terms of this Security Instrument or any evidence of debt without Mortgager's consent. Such a change will not release Mortgagor from the terms of this Security lnstrunmnt. The duties and benefits of this Security Instrument shall bind and benefit the successors and assigns of Mortgagor and Louder. 22. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Security Instrument is governed by tile laws of the jurisdiction in which Lender is located, except to the extent otherwise required b.y the laws of the jurisdiction where tile Property is located. This Security Instrument is complete and fully integrated. This Security Instrument may not be ameoded or modified by oral agreement. Any section in this Security Instrument, attachments, or any agreement related to the Secured Debt that conflicts with applicable law will not be effective, unless that law expressly or ixnpliedly permits the variations by written agreement. If any section of this Security Instrument cannot be enlbrced according to its terms, that section will be severed and will not affect the enforceability of the remainder of this Security Instrument. Whenever used, thc singular shall include the plural and the plural the singular. The captions and headings of the sections of this Security Instrument are convenience only and are not to be used to interpret or define the terms of this Security Instrument. Time is of the essence ia this Security h~strument. 23. NOTICE. Unless 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 this Security Instrument, or to any other 0ddress designated in writing. Notice to one mortgagor will be deemed to be notice to all mortgagors. 24. WAIVERS. Except t° the extent prohibited by law, Mortgagor waives any right regarding the inarshalling of liens and assets and all homestead exemption rights relating to the Property: 25. OTHER TERMS. If checked, the following are applicable to this Security Instrument: [] Line of CrediL 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 uutil released. [] Construction Loan. This Security Instrument secures an obligation incurred for the construction of an itnprovemem on the Property. [] Fixture Filing. Mortgagor grants to Lender a security interest in all goods that Mortgagor owns now or in the fire,re 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 purp9ses of Article 9 of the Unilbrm Commercial Code. [] Riders. The covenants and agreements of each of the riders checked below are incorporated into and supplement and amend the terms of this Security Instrument. [Check all applicable boxes] [] Condominium Rider [] Planned Unit Development Rider [] Other ........................................................ [] Additional Terms. SIGNATURES: By signing below, Mortgagor agrees to the terms and covenants contained in this Security Instrument and. in auy attachments. Mortgagor also acknowledges receipt of a copy of this Security Instrument on the date stated on page 1. (Signature) EV~ ~. S~SO~ (TRUSTEE) (Dare) AC~OWLEDGMENT: ~ ~/) ( ~ vidal) · · ~ ....................................... ' Th~s ~trument was ac~o~ledged before me this .... '.~ ............. day of ...~.~...~.~.Qq.~. ..... 2 ............. by .... KV~..J .... fi~OR. ~.:~E.~gLY.. A .... S.I~S.0~ .... A~.. TRtlS.TEES.tDE..~;~..SI~?~OR., J~ll;~. Xpi es: ry-p& ' "' ............. '-" ........................ ©1994 Bankers Sy$1ems, Inc., Si. Cloud, MN 11-800-397-2341) Form RE-MTG-WY 11/18/94 (page 4 of 4) :::' ::::i-; Tirol part of the SW¼ of Section 26, T32N RI l gw, Lincoln County, Wyaming, being part of that tlbaot of roaard in the Offia~ of thc Clerk of Lil~coln CoHnty in Book 371 of Photostatic Records on page 93, do~orihed as [ollow~: BEG~NING ~t the no~we~t oom~r of the E~WK of said Section 26; thence S89°-52'-29"W, 658.16 feet. ~ong tl~e non'h line of said SW~, to the norlhwest comer of/l,e thence S00o-11'-00"E, 524.80 feet, ~lol~g the fence comer; thence ennrsing ~aifi existing fence line: 889'-15'-20"E, 43,30 feet, to a point; S11~-17'-36"E, 193.23 feet, tn a pointl S45%~4'-52"E, 118,26 feet, to a point; S34~-27'-19"E, 154.27 feet, to a point; S07"-55'-13"E, 406,17 feet, to the northwest paint of Lot'l of the Panl Stock 7L7 Ranch Suhdivisian Amended of record in said Office ~s Plat No. 199-G, and lea, ye said fence thence 899~22'-1 g"E, 924.68 feet, along the narth line of said Lot 1, to tho n0rt'he~st point of said Lot 1; tl~enee S01*-46'-34"E, 1303.36 feet, along the east line af said Lat 1, taa spike on the soutl, line or,aid SW~; thence Ngg*-51'.29"E, 113,55 feet, along eaid soutl~ line, to a dpike; flmnee N01%46'.38"W, 1301.84 feet, to a pein[ al a fence come}'; thence NO0~;06'-33"E, 1341.48 Feel, along m~ existing fence line, to ~ ~nint on the north ' line of said SW~;' flmnce sgg'-52'-29"W, 693.i4 feet, alang said nomh' line, to the CO~ER BEGIN~NG; the BASE BEARING l;br this survey is the east line of the SE¼ of Section 26, T32N' R 119W, beihg N00°-32'-06"W; ~aell "corner" found as described irt the Corner Record filed or to be filed in the Office OF tlie Clerk of Lincoln County; 010/~00'd 196-1 9819-~1-10£ xtledmo3 ~ll!l PUel-~lO~J kg:kl DESCRIPTION FOR PAUl, M. STOCK ILEVOCAllLE TRUST, DATED 9 MAY 199£ NEI)PO, J. STOCK ILEVOCABLE TRUST, DATED 9 MAY 1995 EVAN.SIMPSON TIIA~ PAGE TWO each "~pike"'mark,d by a 318" x 12" steel spike referenoed by a 518" x 24" steel reinforcing red with 2" alumlmnn cap inscribed, "SURVEYOR SCHERBEL LTD AFTON WY PLS 52168", with app. rapfiate detailsl AND EASEMENTS ?,, iT3tIN _THE .SW¼ ,qECTION 26 COU, I:qT¥, WY'OM'mO ',.dated"(] 19ovembe~- 2003.. · gl3~ovember 2003 . '~? $3~,g ' all in accordance with the plat prepared to be filed in the Office of the Cleric of Lincoln County titled, :"PAUL M. STOCK REVOCABLE TRUST, DATED 9 MAY 1995 NEDILA J, STOCK REVOCABLE TRUST, DATED 9 MAY 1995 PLAT OF TRACTS "I'32N RI I9W LINCOLN each "point" marked by a $/8" x 24" steel reint'orcing rod with a 2" alumh'ajm cap inscribed, 'SI_,rRVEYOR SCHERBEL LTD AFTON WY PLS $368", with appropriat~ detail~; 077