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HomeMy WebLinkAbout902659JAY H. JOHNSON BARBARA S. JOHNSON 1338 CANYON COURT KEMMERER, WYOMING 83101 MORTGAGOR "I" includes each mortgagor above. 't'~als document is bm'ng re~rde. A Southwest Title Compaa~ a ~t~m,sy o~y. UTAH POWER & LIGHT E~LOYEES'S CREDIT UNION FF ED "You" means th~ h~;~,ltA ;[u&'dd?d~A ~d assi~s. 'REAL ESTATE MORTGAGE: For value received, I, JAY H. JOHNSON AND BARBARA S. JOHNSON , mortgage, grant and convey to you, with power& sale on August 30, 2004 the real estate described below and all rights, easements, appurtenances, rents, leases and improvements and fixtures that may now or at any time in the future be part of the property (all called the "property"). PROPERTY ADDRESS: 1338 CANYON COURT KEMMERER, WYOMING 83101 059 LINCOLN HEIGHTS 4TH SUBDIVISION TO THE TOWN OF LOT 15 OF BLOCK 8 OF IOgMMERER,L~COLN COUNTY, WYOMING AS DESCRIBED ON TilE OFFICIAL PLAT THEREOF. located in LINCOLN County, State of WYOMING. TITLE: I covenant and warrant title to the property, except for encumbrances of record, municipal and zoning ordinances, current taxes and assessments not yet due and . · SECURED DEBT: This mortgage secures repayment of the secured debt and the performance of the covenants and agreements contained in this mortgage and in any other document incorporated herein. Secured debt, as used in this 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 instrument or agreement secured by this mortgage and the date thereofi) The above obligation is due and payable on September 15, 2019, if not paid earlier. The total unpaid balance secured by this mortgage at any one time shall not exceed a maximum principal amount of FIFTY- THOUSAND and no/100 Dollars ($50,000.00), plus interest, and all other amounts, plus interest, advanced under the terms of this mortgage to protect the security of this mortgage 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 made in accordance with the terms of the note or loan agreement evidencing the secured debt and will have priority to the same extent as if made on the date this mortgage is executed. E~vari~"'~Rate The interest rate on the obli ationsecuredb th~smort a ema v ' ' ~ : g y ' g g y ary accoraing to the terms of that obligation. L_I A copy of the loan agreement containing the terms under which the interest rate may vary is attached to this mortgage and made a part. hereof. RIDERS: E] Commercial F-] Construction E~] SIGNATURES: By s~gmngt below, I agree to the terms and covenants contained on pages 1 and 2 of this mortgage. In any instruments evidQIing the secuq debt;d in any riders described above and signed by me. I acknowledge receipt of a copy of this mortgage. BARBARA S. JOHNSON ACKNOWLEDGEMENTS: STATE OF WYOMING, County of LINCOLN ss: Individual Tl]~foregoing instr~ment~wa~ acknowledged before me by or Corporation '1/-¥~ V ~ ~ ~ Corporation The foregoing instrument was acknowledged before me by with no Sea~ day of Witness my hand and official seal. My Commission Expires: this this ( ~.!J , a corpora[ion has no corporate seal. Notary Public' SqELLEY ,*~.q~DAI. mL - NOTARY PUBLJC { IDS, Inc. Ot O~t, 5:9 covEsaNTs 0 6 0 0 1. Payments. I agree to make all payments on the secured debt when due. Unless we agree otherwise, any payments you receive from me or for my benefit will be applied £Lrst to any amounts I owe you on the secured debt exclusive of interest or principal, second, to interest and then to principal. If partial prepayment of the secured debt occurs for any reason, it will not reduce or excuse any subsequently scheduled payment until the secured debt is paid in full. 2. Claims against Title. I will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, and other charges relating to the property when due. You may require me to provide to you copies of all notices that such amounts are due and the receipts evidencing my payments. I will defend title to the property against any claims that would impair the lien of this mortgage. You may require me to assign any rights, claims or defenses which I may have against parties who supply labor or materials to improve or maintain the property. 3. Insurance. I will keep the property insured under terms acceptable to you at my expeuse and for your benefit. This insurance will include a standard mortgage clause in your favor. You will be named as loss payee or as the insured on any such insurance policy. Any insurance proceeds may be applied, within your discretion, to either the restoration or repai? of the damaged property or to the secured debt if you require mortgage insurance. I agree to maintain such insurance for as long as you require. 4. Property. I will keep the property in good condition and make all repairs reasonably necessary. I will give you prompt notice of any loss or damage to the property. 5. Expenses. I agree to pay all of the eXpenses you incur, including reasonable attomeys' fees, if I breach any covenants in this mortgage or in any obligation 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 any covenants under this mortgage, any prior mortgage or any obligation secured by this mortgage, you may, at your option, accelerate the maturity 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 for 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 and sale as provided by law. You will publish notice of the sale and sell the property according 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 any 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 I am not in default. If you a. ccelerate this mortgage as provided in paragraph 6 or ifI abandon the property, you are entitled to enter upon, take possession and manage the property, and collect the 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 otherwise directed by the court, any rents and profits you collect will be applied first to the 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 Covenant 1. 8. Prior Security Interest. I will make payments when due and perform all other covenants under 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 auy mortgage, deed of trust or other security interest that has priority over this mortgage or any note or agreement secured thereby without your written consent. I will promptly deliver to you any notices I receive from any person whose rights in 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 leasehold. If this mortgage is on a unit in a condominium or a planned unit development, I will perform all of my duties under the covenants, by-laws, or regulations of the condominium or planned unit development. 10. Authority of Mortgagee to Perform for Mortgagor. If I fail to perform any of my duties under this mortgage, or any other mortgage, deed of trust, lien or other security interest that has priority over this mortgage, you may perform the duties or cause them to be performed. You may sign my name or pay any amount 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 completing the construction. 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 full at the interest rate in effect from time to time on the secured debt. 11. Inspection. You may enter the property to inspect it if you give me notice beforehand. The notice must state the reasonable cause for your inspection. 12. Condemnation. I assign to you the proceeds of any award or claim for damages connected with the condemnation or other taking of all or any part 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, ifI 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 Bound. All duties under this mortgage are joint and several. If I sign this mortgage but do not sign the secured debt I do so only to mortgage my interest in the property to secure payment of the secured debt and by doing so, I do not 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 changes in the terms of this mortgage or the secured debt without my consent. Such a change will not release me from the terms of this mortgage. The duties and benefits of this mortgage shall bind an benefit the successors and assigns 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 this 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. If all or any part of the property or any interest in it is sold or transferred without you prior written consent, you may demand immediate payment of the secured debt. You may also demand immediate payment if the mortgagor is not a natural person and a beneficial interest in the mortgagor is sold or transferred. However, you may not detnand payment in the above situations if it is prohibited by federal law as of the date of this mortgage. 17. Release. Pursuant to law, when I have paid the secured debt in full, all Underlying agreements have been terminated, and I have mailed to you a written request for the release, you will release this mortgage without charge to me within 30 days of your receipt of my request for 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 the secured debt which conflicts with applicable law will not be effective unless that law expressly or impliedly permits variations 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 fact will not affect the enforceability of the balance of the mortgage and the agreement evidencing the secured debt. 19. Waiver of Homestead Exemption. I hereby release and waive all rights under and by virtue of the homestead exemption laws of V~OMING. 1DS, Inc.