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HomeMy WebLinkAbout901896 RECEIVED ' INOOL, N OOUNTY CLERK Stale of Wyoming Space Above This Line For Recording Data MORTGAGE (With Future Advance Clause) D r AFE AND PARTIES. The date of this Mortgage (Security Instrumen0 is 08-04-2004 parties, their addresses and tax identification numbers, if required, are as follows: ............................................... and the MORTGAGOR: JAREB I. DIC£ and D0111E N. DICE, husband and ~ife PO BOX 6470 JACKSON, WY 83002 [] If checked, refer to the attached Addendum incorporated herein, fl)r addition~.l Mortgagors, their signatures and acknowledgments. LENDER: THE BANK OF STAR VALLEY THAYNE BRANCH flr~ anized and existing under the laws of the stale of Wyoming P.O. BOX 928 l l3 PETERSEN PARKWAY THAYNE, WY 83127 83-0315143 CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of which is acknowledged, and to 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: Lot ~0 of Star I/all0y Ranch Plat 3, Lincoln County, Wyoming as described on the official plat thereof. The property is located in ....................................................................... at L0T 50 PLT 3 SIAfl VALLEY RANC t (County) ................................................ .................................................................... .l.H. Ry.O .~ ....................... Wyoming .........8.3. J.2]. ........ (Address) (City) ' (ZIP Code) Together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, all water and riparian rights, ditches, anti water stock and all existing and future hnprovements, structures, firX){ures, and replacements that may now, or at any time in the future be part of the real estate described above (all referred to as "I roperty"). MAXIMUM OBLIGATION LIMIT. Thc total principal amoun! secured by this Sectuity instramcrit at any one thne shall not exceed $ 10 o0o.oo .................................................. This limitation of amoum docs not include interest and other tbes attd charges validly made pursuant to this Security Instrument. Also, this limitation does not apply to advances ntade under tile terms of this Security Instrument to protect Lender's security and to perform any of the covenants contained in this Security Instrument. SECURED DEBT AND FUTURE ADVANCES. The term "Secured Debt" is defined as lbllows: A Debt incurred under the terms of all promissory note(s), contract(s), guaranty(s) or other evklence of debt described below and all their extensions, renewals, modifications or subsdluhons. (Hqten referencing rite debts below it is st/ggesled /hat you include items such as borrowers' na/nes, note amotm/s, iii/et'esl rates, maturity da/es, etc.) ONE PROMISSORY NOTE DATED 8-404 IN THE AMOUNT 0F ~10,000.00 ~ WYOMING - MORTGAGE (NOT FOR FNMA, FHLMC, FHA OR VA USE) ~'h994 Bankers S/stems, mc . S~ Cloud. MN 1-8OO-397-234h Fearn RE-MTG-WY 11/18/94 (page 1 of 4) All future advances from Lender to Mortgagor or other flimre obligations of Mortgagor to Lender under any promissory note, contract, guaranty, or other evidence of debt executed by Mortgagor iu favor of Lender executed after Ihis Security Instrument whether or not this Security Instrument is specifically referenced. If more tllan one person signs this Securily Instrument, each Mortgagor agrees that this Security Instrument will secure all future advances and future obligalions that are given to or incurred by any one or more Mortgagor, or any one or more Mortgagor and others. All fluure advances and other future obligations are secured by this Security Instrument even 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 shall constitute a commitment to make additional or Si)utc loans or advances in auy amount. Any such commitment must be agreed to in a separate writing. All obligations Mortgagor owes to Lender, which may later arise, to the extent not prohibited by law, including, 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 lk~r insuring, preserving or otherwise protecting tile Property and its value and any other stuns advanced and expenses incurred by Lender under the terms of this Security Instrument. o This Security Instrumest will not secure any other :lebt if Lender fails to give troy required notice of tile rigtu of rescissi{m. PAYMENTS. Mortgagor agrees that all payments under the Secured Debt will be paid when due and in accordance with tile terms of the Secured Debt and this Security Instrument. o PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trnst, 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 fi'om tile holder. C. Not to allow any modification or extension of, nor to request any l'utnre advances under any note or agreement secured by the lien document without Lender's prior written consent. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rems, utilities, and other charges relating.to the Property when due. Lender may require Mortgagor to provide to Lender COllies of all notices that such amounts are due and the receipts evidencing Mortgager's payment. Mortgagor will defend title to Property against any claims that would impair the lien of this Security Ins)run,cut. Mortgagor agrees to assign to Lender, as requested by Lender, any rights, claims or defenses Mortgagor may have against parties who supply labor or materials to maintain or improve the Property. DUE ON SALE OR ENCUMBRANCE. Lender may, at its option, declare tile entire balance of lhe Secured Debt to be immediately due and payable upon the creation of, or contract for the creation of, any lien, enctunbrance, transfer or sale of the Property. This right is subject to the restrictions 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 in full and this Security lnstrnment is 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 conunit 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 nat)irc of 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 demands, proceedings, claims and action~ against Mortgagor, and of any k~ss or damage to the Property. Lender or Lender's agents may, at Lender's option, enter the Property at any reasonable time for the purpose of iuspectmg file Property. Lender shall give Mortgagor notice at the thne of or before an inspection specifying a reasonable purpose for the inspection. Any inspection of the Property shall be entirely for Lender's l/enefit and Mortgagor will in no way rely on Lender' s inspection. 10. AUTHORITY TO PERFORM. If Mortgagor fails to perform any duty or any of tile covenants coutamed ill tiffs Security lnstrmnent, Lender may, without notice, perform or cause them to be pcrlbrmcd. Mortgagor appoints l~ender 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 fi:om exercising any of Lender's other rights under the law or this Security Instrument. If any construction on the Property is discontinued or not carried on in a reasonable maturer, Lender may take all steps necessary to protect {.curler's security interest in the Properly, including completion of the constn~ction. 11. ASSIGNMENT OF LEASES AND RENTS. Mortgagor irrevocably grauts, 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, sttblcases, and :my other written or verbal agreements for the use and occupancy of ally 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 existing anti future l.eascs. Mortgagor may collect, receive, enjoy and use the Rents so long as Morlgagor is not in default nnder dm terms of this Security Instrument. Mortgagor agrees that this assignment is hnmediately effective between tile parties to this Security [nstrmnent. Mortgagor agrees that this assignment is effective as to third parties when Lender t~tkcs affirmative action prescribed by law, and that this assignment will remain in effect during any redemption period until thc Secured Debt is satisfied. Mortgagor agrees that Lender may take actual possession of the property without the necessity of commencing legal action and that actual possession is deemed to occur when Lender, or its agent, notifies Mortgagor of default and delnands 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 m Mortgager's possession and will receive any Rents in trust for Lender and will not commingle lhe Rents with any other Studs. Any amounts collected will be applied as provided in this Security lnsmnncnt. Mortgagor warrants that no dehult exists nnder the Leases or any applicable landlord/tenant law. Mortgagor also agrees to maintain and require any tenant to comply wilh tile terms of the Leases and applicable law. ©1994 Bankers ~;yslarns, Inc., gl. Cloud, MN (I-800-397-2341) Form RE-MrG-WY 11118194 {page 2 of 4) 12. LEASEttOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPglENTS. Mortgagor agrees to comply with tim provisions of any lease if this Security Instrument is on a leasehold. It' thc Property includes a unit in a condominium or a plamied unit development, Mortgagor will pertbnn all of Mortgagor's duties under the covenants, by-laws, or regulations of the Condom,ri,mn or plamled unit development. 13. DEFAULT. Mortgagor will be in default if any party obligated on thc Secured Debt fa,is to make Paymdnt' wheu due. Mortgagor will be in default if a breach occurs under the terms of this Security Instrument fir any:0tl~er docUfiicnt 'kxecutcd for the purpose of creating, securing or guarantying the Secured Debt. A good faith belief by Lender that Leuder at any ti,ne is insecure with respect to any person or entity obligated on ,be SeCured Debt or that the prospect of any paymeut or the value of thc Property is impaired shall also constitute an event of default. '14. REMEI)IES ON DEFAULT. In some instances, federal aud state law will require Lender to provide Mortgagor with notice of' the right to cure or other notices and may establish thne schedules fi)r foreclostire actions. Subject to these limitations, ii-' any, Lender may accelerate the Secured Debt and foreclose this Security lnstruumnt in a rammer provided by law if Mortgagor is in default. At the option of 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 reqifired 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 thc Secured Debt, this Security Instrument and any related documents including, without limitation, the power to sell the Prvperty. All remedies are distinct, cmnulative and not exclusive, and the Lender is entitled to all remedies provided at law or equity, whether or not expressly set k)rlh. The acceptance by Lender of any sum in paymeut or partial paymeut on the ~ecured Debt after the balance is due or is accelerated or after foreclosure proceedings are filed sball not constitute a waiver of Lcudcr's right to require complete cure of any existiug default. By not exercising any remedy on Mortgagor's default, Lender docs ,lot waive I.ender's right to later conskler thc cvcut a dehult if it continues or happeus again. 15. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLIgCTION COSTS. Except when prohibiied by law, Mortgagor agrees to pay all of Lender's expenses if Mortgagor breaches any coveuaut in this Security lustrument. Mortgagor will also pay on demand any amount incurred by Lender l~r iusuring~ inspecting, preserving or otherwise protecting the Property and Lender's security interest. These expenses will bear interest from the date of thc paymeut unlil paid in lull at the highest interest rate in effect as provided in the terms of the Secured Debt. Mortgagor agrees to pay all costs and expeuses incurred by Lender in collecting, enforciug or protecting Lender's rights and remedies under this Security lnstruuient. This amount may include, but is not lhnited 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 Iustrument shall remain in effect until released. Mortgagor agrees to pay for any recordation costs of such release. 16. ENVIRONMENTAL LAWS AND ItAZARDOUS SUBSTANCES. As used in tliis section, (1) Enviromnental I.aw means, without lhnitation, the Comprehensive Environmental Response, Compensation aud Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), and all other federal, state and local laws, regulations, ordinauccs, court orders, attorney geueral opinions or interpretive letters concerning the public health, safety, welfare, environment or a hazardous substance; and (2) lfazardoas Substance means any toxic, radioactive or hazardous material, waste, pollutant or contaminant which has characteristics which render tile .substance dangerous or potentiqlly .dangerous tn the public health, safety, .welhre or euviroument. The term includes, without liinitation, any substanchs defined as "hazardous material," "toxic substances," "hazardous waste" or "hazardous substance" under any Environmental Law. Mortgagor represents, warrants and agrees that: A. Except as previously disclosed and acknowledged in writing to Leuder, no Hazardous Substance is or will bc located, stored or released on or in the Property. This restriction does uo[ apply to small quantities of Hazardous Substances that are geuerally recognized to be appropriate for the normal use and maintenance of the Property. B. Except as previously disclosed and acknowledged in writing to Lender, Mortgagor and every tenant bare been, are, and shall remain iu lull compliance with any applicable Enviromnental Law. C. Mortgagor shall hnmediately notify Lender if a release or threatened release of a Hazardous Substance occurs on, nnder or about the Property or there is a violation of any Enviromnental Law concerning the Property. hi such an event, Mortgagor shall take all necessary remedial action iii accordance with auy Environmental Law. D. Mortgagor shall immediately notify Lenddr 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 tbrcatened release of any Hazardous Substance or the violation of any Enviromnental 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, cmineut 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 condemnation or other taking of all or any part of die Property. Such proceeds shall be considered payments and will be applied as provided iii this Security lustrument. This assigmnent of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or other lien docmneut. 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 bc maintained in the amounts and for the periods that Lender requires. The insurance carrier providing the insurance shall bc chosen by Mortgagor subject to Lender's approval, which shall not be unreasonably withheld. If Mortgagor fails to maiutaiu the coverage described above, l.ender may, at Lender's option, obtain coverage to protect Lender's rights in the Property according to tile terms of this Security lustrument. All insurance policies and renewals shall be acceptable to Lender and shall include ~ standard'"mo~tgagt~ clause" and, where applicable, "loss payee clause." Mortgagor shall immediately notify Lender of cancellation or term,ua,ion of [he insurance. Lender shall have the right to hold the policies and renewals. If Lender requires, Mortgagor shall:mnnediately give to I.ender all receipts of paid premiums and reuewal notices. Upon loss, Mortgagor shall give immediate notice to the insurauce carrier and Lender. Lender may make proof of loss if not made immediately by Mortgagor. Unless otherwise agreed in writing, all insurance proceeds shall be applied to ibc restoration or repair of the Property or to Ihe Secured Debt, whether or not then due, .at Lender's option. Any application of proceeds to principal shall not extend or ©199zl Bankers SysIems, Inc., St Cloud, MN tD800-397-23411 Form RF-MTG-WY 11/18/94 (page 3 of 4) 19. 20. 21. 22¸. 23. 24. 25. postpone the due date of the scheduled payment nor change the amount of any payment. Any excess will be paid to the Mortgagor. If the Property is acquired by Lender, Mortgagor's right to any insurance policies and proceeds resulting from damage to the Property before the acquisition shall pass to Lender to Ihe extent of the Secured Debt immediately before the acquisition. 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. FINANCIAL REPORTS ANI).ADDITIONAI, DOCUMENTS. Mortgagor will provide to Lender upon requestl any financial statement or information Lender may deem reasonably necessary. Mortgagor agrees to sign, deliver, and file auy additional docunrents or certifications that I.ender may consider necessary to perfect, continne, and preserve Mortgagor's obligations under this Security Instrument and Lender's lien status on thc Property. 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 Mortgagor's interest in the Property to secure paymeut of the Secured Debt and Mortgagor does not agree to be personally liable on the Secured Debt. If this Security Instrument secures a guaranty t)etwecn Lender and Mortgagor, Mortgagor agrees to waive auy rights that may prevent Lender fi'om bringing any action or claim against Mortgagor or any party indebted uuder the obligation. These rights may include, but are not limited to, auy anti-deficiency or one-action laws. Mortgagor agrees that Lender and auy party to this Security Instrument may extend, modil:y or make any change in the te)Tns of this Security Instrument or any evidence of debt without Mortgagor's consent. Such a change will not release Mortgagor from thc te[Tns of this Security lnslrument. The duties and benefits of this Security Instrument shall brad and benefit the successors and assigns of Mortgagor and Lender. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Security Instrmnent is governed by the laws ¢)f the jurisdiction in which Lender is located, except to the extent otherwise required by the laws of the jurisdiclion where thc Property is located. This Security Instrument is complete and frilly integrated. This Security Instrument may not be amended 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 impliedly permits the variations by written agreement. If any section of this Security Instrument cannot be enforced according to its terms, that section will be severed and. will not affect the enforceability of the remainder of this Security Instrument. Whenever used, the 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 thc essence in this Security Instrument. NOTICE. Unless otherwise required by law, any notice shall be given by delivering it or bY mailing it by firs( class mail ~() the appropriate party's address on page I of this Security Instrument, or to any other address designated in writing. Notice to one mortgagor will be deemed to be notice to all mortgagors. WAIVERS. Except to the extent prohibited by lawl Mortgagor waives any right regarding the marshalling of lieus and assets and all homestead exemption rights relating to the Property. OTIIER TERMS. If checked, the following are applicable to this Security Instrument: [] Line of Credit. The Secured Debt includes a revolving line of credil provision. Although tile Secured Debt may be reduced to a zero balance, this Security Instrument will remain in effect until released. [] Construction Loan. This Security Instrument secures an obligation incurred lb[' the construction of an improvement on the Property. [] Fixture Filing. Mortgagor grants to Lender a security interest in all goods that Mortgagor owns now or in tl~c future and that are or will become fiAtures 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 purposes of Article 9 of the /Jniform 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 . [] Plmmed Unit Development Rider [] Other ........................................................ [] Additional Terms. SIGNATURES: By signing below, Mortgagor agrees to the terms and covcnams 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) JARED I. DICE (Sign:roue) DOTTLE N. DICE (Date) ACKNOWLEDGMENT: STATE OF ~¥9.m.i.na .................................... COUNTY OF .... ./~../.~.P.~/A_~ ......................... }ss. (Individual) This instrument was acknowledged before me this ......... 4t.h ........ day of gq~[,.?O~.4 ...................................... by gba~P .,DIg~ DQTTIE N. DICE husban~nd wife "' ~ '7 ' ,..:.: .... . ........ ........... : .................. ...... ....... : .......... : ...................... .................. ©1994 Bankers Systems, Iflc., SI. Cloud, MN {1-800-397-23~i l) FoHn RE-MTG-WY 11/18/94 {page 4 of 4}