Loading...
HomeMy WebLinkAbout90205030956 (03) RECEIVED _Ii',!/,OLN COU.~T CLERK ~c~c~t.: a b a t'~ P'~:g.~ U J_ b b State of Wyomint SI)aCe Above This Line For Recording l)ala MORTGAGE (With Furore Advance Chnlsc) DATE AND PARTIES. The date of this Mortgage (Secnrity Instrument) is .0.8.-.1.2.-.2.Q0..4 .................................... and parties, their addresses and tax identification numbers, if required, arc as fullows: MORTGAGOR: DWAYNE NEAL HAABY and MARIA ANN HAABY, HUSBAND AND WIFE PO BOX 11245 JACKSON, WY 83002 [] If checked, refer to the attached Addendum incorporated herein, for additional Mortgagors, their signamles anti acknowledgments. LENDER: THE BANK OF STAR VALLEY Organized and existing under the laws of the state of Wyoming 384 WASHINGTON STREET PO BOX 8007 AFTON, WY 83110 83-0315143 CONVEYANCE. For good and valuable consideration, the receipt and sulTiciency of which is acknowledged, anti to sccnre 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: SEE SCttEDULE A ATTACItED H[RFT0 AND MAOE A PART HEREOF. The property is located in ............................... .L. IB.C.O. [.N. ............................... at .3.3. 9.( .8.13!8.§.~ y.l.E.W..R..&N.C.!t.E.S. .................. (County) TIIAYNE 83127 ..................................................................................................................... Wyoming ....................... (Address) City) (ZIP Code) Together with all rights, easements, appnrtenances, royalties, mineral rights, ()il and gas rights, all water and riparian rights, ditches, and water stock and all existing and future improvements, structures, fixtures, and replacements ~hat may now, or at any time in the future, be part of the real estate described above (all referred to as "Property"). MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrmnent at any one time shall not exceed $ J.8.4.,.8.0..0:0..0 .......................................... This lixnitation of amount does not include inlerest and other fees aud 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 secnrity and to p~:rfurm any of the covcnartts contained itl riffs Sccurily 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 reJkrencing the debts below it is suggested that you include itetns such as borrowers' names, note tlIItotItlIs, interest rates, matttriO~ tittles, etc.) 1ST REM ON HOME BEING CONSTRUCTED AT 33 BRIgGEfl VIEW RANCHES, THAYNE, WY 83127 WYOMING - MORTGAGE {NOT FOR FNMA, FHLMC, FHA OR VA USE} ©1994 I]al'~k~eA~. lc. St. Cloud, MlY {1-800-397-2341} Form (page Iot 4) All future advances from Lender to Morlgagor or other future obligations of Mortgagor to Lc~der under a~y promissory note, contract, guaranty, or other evidence of debt executed by Mortgagor in favor of Lender executed a~r this Security lnsmunent whether or not this Security Instrument is specifically referenced. If more than one person signs this Security Instrument, each Mortgagor agrees that dfis Security Instrument will secm'e all future advances and future obligations that are given to or incurred by any one m' more Mortgagor, or any one or mo?e Mortgagor and others. All ~ture advances and other fmure obligations are secured by this Security Instrument eveh though all or part may not yet be advanced. All fulure advances and olher flmn'c obligations are secured as if made on the date of this Security Instrument. Nothing in ~his Security Instrument shall cm~stitute a co~itment to :make additional or future loans or advances in any 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 ~o any deposit account agreement between Mortgagor and Lender. D. All additionM snms advanced and expenses recurred by Lender for insuring, preserving or otherwise protecting tire Property and its value and any other sums advanced and expenses incurred by Lender under the terms of this Security hlStrument. This Security Instrument will not secure any ()tiler' 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. 6. I'RIOR SECURITY INTEILESTS. With regard to any other mortgage, deed of trust, security agreement or other lien docunmm that created a prior security interest or encumbrance on the Property, Mortgagor agrees: A. To make all payments when due and Io 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 under any note or agreement secured by tile lien document without Lender's prior written consent. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, ntilities, and other charges relating to tlle Properly when due. Lender may require Mortgagor to provide to Lender copies of all notices that such amounts are due aud the rcccipls evidencing Mortgagor's payment. Mortgagor will defend title to the Property against any claims that would impair lhe lien of this Security Instrument. 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. I)UE ON SALE OR ENCUMBRANCE. Lender may, at its option, declare tile entire balance of tile Secured Debt to be immediately due and payable upon the creation of, or contract for t. he creation of, any lien, encumbrance, transfer or sale of tile Property. This right is subject to the restrictkms imposed by federal law (12 C.F.R. 591), as applicable. This covenant shall mn with the Property and shall remain in effect until Ihe Secured Debt is paid in full and this Security Instrument is released. 9o i'ROI'ERTY CONDITION, ALTERATIONS AND INSPECTION. Mortgagor will keep the Property in good condition and make alt repairs that are reasonably necessary. Mortgagor shall not commit or allow any waste, impairment, or deterioration of ~he l'mperty. Mortgagor will keep the Property free of noxious weeds and grasses. Mortgagor agrees that the nature of the occupancy and nsc will not substantially change widlout Lender's prior written consent. Mortgagor will not permit any change in any license, restrictive covenant or easement wilhout Lender's prior written consent. Mortgagor will notify Lender of all demands, proceedings, claLms and actions against M~,rtgagor, and of any loss or damage to tile Property. l..eudcr or Lender's agents may, 9t Lender's ()ptkm, enter tile Property at ally reasonable time for the purpose of inspecting tile l'roperty. Lender shall give Mortgagor notice at Ihe time of or before an inspection'specifying a reasonable purpose for the inspection. Any inspection of the Properly shall be entirely for Lender's benefit and Mortgagor will in no way rely on Lender's inspection. 10. AUTllORITY TO PERFORM. If Mortgagor fails to perform any duty or any of tile covenants contained in this Security Instrument, Lender may, without notice, perform t)r cause them to be performed. Mortgagor appoints Lender as attorney in fact to sign Mortgagor'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 tile law or this Secnrity lnstrumcnl. If any construction on the Property is discontinued or not carried on in a reasonable manner, Lender may take all sleps necessary to protect Lender's security interest in the Property, including completion of tile construction. 11. ASSIGNMENT OF LEASES AND RENTS. Mortgagor irrevocably grants, bargains, conveys, mortgages and warrants to l.ender as additional secnrity all the right, tillc and interest in and to any and all existing or future leases, subleases, and any odler written or verbal agreements rot the usc and occupancy of any portion of the Property, including any extensions, rencwals, modifications tlr substitntions of such agreements (all referred to as "Leases") and rents, issues and profits (all referred Io as "Renls"). Mortgagor will promptly provide Lender with true and correct copies of al! existing and future Leases. Morlgagor may collect, receive, enjoy and usc Ibc Rents so long as Mortgagor is not in ~lefault under the terms of this Security lnstrumenl. Morlgagor agrees that this assignment is immediately effective between the parties to this Security Instrument. Mortgagor agrees that this assignment is effective as to third parties when Lender takes affirmative action prescribed by law, and that this assignment will remain in effect during any .redemption period until the Secured Debt is satisfied. Mortgagor agrees that Lendcr may take actual possession of the properly wilhout the necessity of commencing legal action and that actual possession is deemed to occur when Lender, or its agent, n~dfies Mortgagor of default and demands that any tenant pay all fllture Rents directly to Lender. On receiving notice of default, Mortgagor will endorse and deliver to Lender any payment of Rents in Modgagor's possession and will receive any Rems in trust for Lender and will not commingle the Rents with any other funds. Any amounls collected wilt be appticd as provided in this Security Instrument. Mortgagor warrants that no default 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 arrd applicable law. O199"i Bankers Systems, Inc., SI Cloud, MN (1-800-397-2341) Form HE-MIG-WY 1 t/18/94 (page 2 of 4) 0:90;8050 68 12. LEASEIIOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMI~NTS. Mortgagor agrees tO comply witli tile provisions of any lease if this Security Instrument is on a leasehold. If the Property includes a unit in a condominium or a planned unit development, Mortgagor will perform all of Mortgagor's duties under thc covenants, by-laws, or regulations of the condominium or planned unit development. 13. DEFAULT. Mortgagor will be in default if any party obligated on tile Secured Debt tails to make payment when due. Mortgagor will be in default if a breach occurs under the terms of this Security Instrument or any mhcr doct,ment executed for thc purpose of creating, securing or guarantying the Secured Debt. A gt)od faith belief by Lender that l.cndcr at any time is insecure with respect to any person or entity obligated on the Secured l)el)i or tl~at tile prospect of any payment or tile 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 Lender ir) provide Mortgagor with notice of the right to cure or other notices and may establish time schedules for foreclosure actions. Subject to these limitations, if any, Lender may accelerate the Secured Debt and foreclose this Security Instrument in a manner provided by law ii' Mortgagor is iu default. At the option of Lender, all or any part of the agreed fees and charges, accrued interest and principal shall I)ecome immediately due and payable, after giving notice if required by law, upon the occurrence of a default or anytime thcrcaticr. In addilion, Lender shall be entitled to all the remedies provided by law, the terms of the Secured Debt, this Security hlstrurnent and any related documents including, without limitation, the power to sell tile Property. All remedies are distinct, cumulative and not exclusive, and the Lender is entitled to all remedies provided at law tlr equity, whether or not expressly set lin'th. The acceptance by Lender of any sum in payment or partial payment on thc Secured Debt after tile 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 d~es not waive Lender's right to later consider thc event a default if it continues or happens again. 15. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' Fi,lES; COLLECTION COSTS. Except when prohibited by law, Mortgagor agrees to pay all of Lender's expenses if Mortgagor breaches any covenant in this Security Instalment. Mortgagor will also pay ou demand any amount incurred by [.elldcr for insuring, inspecting, preserving or otherwise protecting the Property and Lender's security interest. These expenses will bear interest fi'otn the date of the payment until paid in full at the highest interest rate in effect as provided in the terms of the Secured Debt. Morlgagor agrees to pay alt costs and expenses incurred by Lender in collecting, enforcing or protecting Leudcr's rights and remedies imder this Sect,city instrument. This amount may include, but is not limited to, reasonable attorneys' fees, court costs, and other legal expenses. This amouut does not include attorneys' fees ['or a salaried employee of the Lender. This Security Instrument shall remain in eftbc! nntil released. Mortgagor agrees to pay for any recordation costs of such release. 16. ENVIRONMENTAL LAWS AND ttAZARDOUS SUBSTANCES. As used in this section, (l) Environmental l~aw mcaus, without lhnitation, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), and all otber 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 enviroument. TILe tcm~ includes, without linfitation, any substances defined as "hazardous material," "toxic substances," "hazardous waste" or "hazardous substance" under any Environmental Diw. Mortgagor represents, warrants and agrees that: A. Except as previously disclosed and acknowledged in writing to l.ender, no llazardous Substance is or will be located, stored or released on or in the Property. This restriction does not apply to small quantities of ltazardous Substances that are generally recognized to be appropriate tbr the normal nse and maintenance or' the Property. B. Except as previously disclosed and acknowledged in writing ti) l_cndcr, Mortgagor and every tenant have been, are, and shall remain in fi~ll compliance with any applicable Envirorm~ental l.aw. C. Mortgagor shall inunediately notify Lender if a release or threatened release of a llazardous Subsiancc occurs on, nnder or about the Property or there is a violation of any Enviromncntal Law conceruing the Property. In such an event, Mortgagor shall take all necessary remedial action in accordance with any Environmental Law. D. Mortgagor shall immediately notify Lender in writing as soon as Mortgagor has reason to believe there is any peuding 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 auy pending or threatened action, by private or public entities to purchase or take any or all of the Property through condcmnatitm, eminent domain, or any other means. Morlgagor 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 tile Property. Such proceeds shall be considered payments and will bc applied as provided in this Security lnstrmnent. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or other lien docuulent. 18. INSURANCE. Mortgagor shall keep p~ro,peq~, i~ured against loss by fire, llood, theft and other hazards anti risks reasonably associated with the Property clue to its type and location. This insurance shall be maintained in the amounts and for thc periods that Leuder requires. The insurance carrier providing the insurance shall bc chosen by Mortgagor subject to l.ender's approval, which shall not be unreasonably withheld. If Mortgagor fails to maintain the coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the PropcL'ty according to the terms of this Security lnsmmicnt. All insurance policies and renewals shall be acceptable to Lender ami shall include a standard "mortgage clause" and, where applicable, "loss payee clause." Mortgagor shall hnmediately notify Ecndcr of cancellation or termination of tile insurance. Lender shall have the right to hold .the policies and renewals. If Lender requires, Mortgagor shall immediately give tc~ Lender all receipts of paid premiums and renewal notices. Upon loss, Morlgagor shall give innnediale notice to thc insurance carrier and Lender. Lender may make proof of loss il' not made immediately by Mortgagor. ULflesS otherwise agreed in writing, all iusurance proceeds shall be applied to tile restoration or repair of tile Property or to thc Secured Debt, whether or not then due, at Lender's option. Any application of proceeds to principal shall not exlcnd or (page 3 of 41 ¢-~' 1994 B a n k ~,..~2L:,~d~llf~l a c., Cloud, MN poslpone file dne date of the scheduled payment nor change the amount of any payment. Any excess will be paid to the Mortgagor. If tile Properly is acquired by Lender, Mortgagor's right to any insurance policies and proceeds resulting from damage to the Property before tile acquisitiou shall pass to Lender to the 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 fuuds for taxes and insurance iu escrow. 20. FINANCIAl., REPORTS AND ADDITIONAL DOCUMENTTS. Mortgagor will provide to Lender upon request, any fiuancial statcment or information Lender may dccm reasonably necessary. Mortgagor agrees to sign, deliver, and file any additional doctuncnts or certifications that Lcntlcr may consider necessary to perfect, continue, and preserve Mortgagor's obligatious uuder this Security Instrument and Lender's lien status on the Property. 21. JOINT AND INDIVIDUAL LIABIIATY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Security lnm-umeut are joint and individual. If Mortgagor signs this Security Instrument but does not sign an evidence of debt, Mortgagor docs so only to mortgage Mortgagor's interest in the Property to secure payment of tile Secured Debt and Mortgagor does not agree to be personally liable on the Secured Debt. If this Security Instrument secures a guaranty between Lendcr and Mortgagor, Mortgagor agrees to waive any rights that may prevent Lender from bringing any action or claim against Mortgagor or any party indebted under thc 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, modify or make any chauge in the ~crms of this Secnri~y Iustrumcnt or any evidence of debt without Mortgagor's consent. Such a change will not release Mortgagor from the terms of this Security Instrument. The duties and benefits of this Security Instrument shall bind and benefit the successors and assigns of Mortgagor and Lender. 22. APPIJCABLE I,AW; SEVERABILITY; INTERI'IIETATION, This Security Instrument is governed by the laws of the jnrisdiction in which Lender is localed, exccpl to thc extent otherwise required by the laws of the jurisdiction where the Properly is Iocaled. This Security Instrument is complete and fully 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 wid] applicable law will not be effective, unless that law expressly or impliedly permits the variations by written agree~nent. If any section of this Security Instrument caunot be enforced according to its terms, that section will be severed aud will not affect the enforceability of the remainder of this Security Instrument. Whenever used, the singular shall include lhe plural and Ihe plural the singular. Tim captions and headings of the sections of this Security Instrument are for conveuience only anti are not to be used to interpret or define the terms of this Security Instrument. Time is of the essence in this Security Instm~ncnt. 23. NOTICE. lJnless otherwise required by law, any nolice 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 address designated in writing. Notice to oue mortgagor will be deemed to be notice to all mortgagors. 24. WAIVERS. Except to the extent prohibited by law, Mortgagor waives any right regarding the marshalling of liens and assets and all homestead exemption rights relating to thc Property. 25. OTIIER TERMS. If checked, the following arc applicable to this Security Instrument: [3 l,ine of Credlt. 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 until released. lX~ Constructiou Loan. This Security Instrumcnl secures an obligation incurred for the construction of an improvement on Ihe l'roperty. [5] Fixture Filing. Mortgagor granls to Leudcr a security interest in all goods that Mortgagor owns now or in the flJture aud thai are or will become fixtures related to tile Property. This Security Instrument suffices as a financing statement and auy carbon, photographic or other rclm~duction may be filed of record for purposes of Article 9 of the Uniform Couunercial Code. [] Riders. The covenants and agreements of each of the riders checked below are incorporated into and supplement and ameud the terms of this Security Instrument. i Check all applicable boxes] [] Condominium Rider [] Planned Unit Development Rider [] Other ........................................................ UJ Addilional Terms. SIGNATURES: By signing below, Mortgagor agrecs to tile terms and covenants contained in this Security Instrument and in any attachmcms. Mortgagor also acknowledges receipt of a copy of this Security Instrument on the date stated on page 1. (5ig,ature) DWAYNE N[AL IIAABY ~ (Date) (Signature) MARIA ANN HAABY ACKNOWLEDGME~IF: ~. ...~... STATE OF ¢~¥.o.m. ip~ .................................... , COUNTY OF ......... ~.~ ................ } ss. o,,,,~,,~, This iuslrumenl was acknowledged belhre me this ........ ~ ........ day of~....................August 2004 ................................... by ~Y~[N.~[)~OA~Y;~fi aNN H.a~BY HUS~A~p.~p.,~[ ~.................... My commission expires: ~ 't ~ ~J994 Bankers Systems, lng., St. Cloud, MN J1-800-397-2341) Form [1E-MTG-WY I {page 4 of 4} SCHEDULE A Lot 33 of Bridger View Ranches as platted and recorded ill the Official Records of Lincoln County, Wyoming.