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HomeMy WebLinkAbout875417 State of Wyonflng Space Above This Line For R~ording Data MORTGAGE ' ~ith Future Advance Clause) 1. DA~ ~ P~T~S. The date of this Me,gage (Security Instrument) is 08.17.2001 ' ' paaies, ~eir addresses and tax identification nmbers, if required, are as folloWs: '"'" ........................................ and tho MORTGAGOR: C~L BOX 3404 JAC~80~, ~y 8~001 034-54.7635, 3~0.~8.~448 ~ If checked, refer to the attached Addendum inco~orated herein, for additioml Mortgagors, their signatures and acknowled~cnts. LENDER: BANK OF JACKSON HOLE 9go W. BROADWAY P.O. BOX 7000 JACKSON. WY 83002 830-254173 2. CO~Y~CE. For good and valuable co~ideration, the receipt and sufficiency of which is acknowledged, and to secure · e Secured Debt (defined below) and Mo~gagOr's perfo~ance under this Securi~ Inst~ent, Mo~gagor grants, bargains, conveys., mo~gages and warrants to Lender, with power of sale, the following described prope~y: LOT 16 OF STAR VALLEY RANCH PLAT TWENTY-TWO (22) AS PLATED AND RECORDED IN THE OFFICIAL RECORDS OF LINCOLN COUNT~, WYOMING. The property is located in ................................ ~).~.C. OL~. .............. at 5.~ [A.$T..r.~..O.~S.T [JJ~ y.~ ........................ (County) (Address) (CRy) (ZIP Code) Together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, all water and riparian 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"). 3. MAXIMUM OBLIGATION LIMIT. Thc total principal amount secured by this Security Instrmnent at an/,- one time shall not exceed $ J 17,8Q0,1~0 ......... ~ .................................... This ]imitatioll of amount does not include illterest and other fees and charges validly made pursuant to this Security Instrument. Also, this limitatibn 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 Security Instnanent. 4. SECURED DEBT AND FUTURE ADVANCES. The term "Secured Debt" is clef'meal 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 is suggested that you include items sttch ~' borrowers' names, note amounts, interest rates, maturity dates, etc.) PROMISSORY NOTE DATED AUGUST 17, 2001 WYOMING- MORTGAGE {NOT FOR FNMA, FHLMC, FHA OR VA USE} Systems, , .... St. Cloud, MN (1-8OO-3@7.234'i1 Form RE-MTG-wY 13/18/94 884. B. All future advances from Lender to Mortgagor or other future obligations of Mortgagor to Lender under any promissory note, contract, guaranty, or other evidence of debt executed by Mortgagor in favor of Lender executed after this Security 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 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 future loans or advances in any amount. Any such conunitment must be agreed to in a separate writing. C. All obligations Mortgagor owes to Lender, which may later arise, to the extent not prohibited by law, inchding, but not limited' to, liabilities for overdrafts relating to any deposit account agreement between Mortgagor and Lender. D. All additional sums advanced and expenses incurred by Lender for insuring, preserving or otherwise protecting the Property and its value aud any other Sums advanced and expenses incurred by Lender under the terms 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. 5. 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. 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 exte~sion of, nor to request any future advances under any note or agreement secured by the lien document without Lender's prior written consent. 7. 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 Mortgagor'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 parties who supply labor or materials to maintain or improve the Property. 8. DUE ON SALE OR ENCUMBRANCE. Lender may, at its option, declare the entire balance of Ihe Secured Debt to be immediately 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. This covenant shall mn with the Property and shall remain in effect until the Secured Debt is paid in full and this Security Instrument is released. 9. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mortgagor will keep the Property in good condition and make all repairs that are reasonably necessa .ry. Mortgagor shall not commit 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 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 notify Lender 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 time 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. 10. 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 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 the law or this Security Instrument. If any construction on the Property is discontinued or not carried on in a reasonable manner, Lender may take all steps necessary to protect Lender's security interest in the Property, including completion of the construction. 11. 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 tree and correct copies of all existing and future Leases. Mortgagor may collect, receive, enjoy and use the Rents so long as Mortgagor is not in default under the terms of this Security Instrument. Mortgagor agrees that this assignment is immediately effective between the parties to this Security Instrument. Mortgagor agrees that this assignment is effective as to third panics when Lender takes affimmtive action prescribed by law, and that this assig~nnent will remain in 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 commencing 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 Mortgagor'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 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 and applicable law. 12. LEASEHOLDs; CONDOMI~f~:~ PL .. ., . , ,~.'~,~ ~,a~ u~rl DEVELOPMENTS. Mo~gagor agrees to comply with the provlslOm of any le~ lf~~:~inst~ent ~s on a leasehold If lhe Pro e, includes a ' ' pla~ed u~t devel0P~ent~~3~iii"/..~rto~:-- ~ .... ; . . ~ y. umt m a condominim or a the condom!mm' · '":'or,.p~ed~"~ ' -'~u~~ment'" ~ttt~attc m ~wongagor s dunes under me covenants, by-laws, or regulations' of 13. DEFA~T. M0~gagor Will be in dehult if any pa~y obligated on the Secured Debt ~fails to make payment when due. Mo~gagor will be in dehult if a breach occ:.:~rs' under the te~s of this Security Instrument or any other docment executed for the pu~ose of creating, securing or guarantying the Secured Debt. A good faith belief by Lender that Lender at a~Y' t~e insecure with respect to any person or entity'obligated on the Secured Debt or '~hat the prospect of any payment or the value of the Prope~y is ~paired shall also constitute an event of default. 14. ~MED~S ON DEFA~T. In some inst:mces, federal and state law will require Lender to provide Mo~gagor with notice of the fight to cure or other notices and may establish t~e schedules for foreclosure actions. Subject to these l~itations, if any, Lender may accelerate the Secured Dekt: and foreclose ~his Security Instrument in a maimer provided by law if Mo~gagor is in dehult. At ~e option of Lender, all or any pa~ of tl~.: agreed fees and charges, accrued interest and phncipal shall become i~ediately' due and payable, after giving notice if req~:ired by law, upon ~he occurrence of a dehult or anytime thereafter. In addition, Lender shall be entitled to all the remedies Provided by law, ~he te~s of the Secured Debt, this Security I~tment and any related docments including, without l~itati',on, ~he power to sell ~e Prope~y. All remedies are distinct, cumulative and not exchsive, and the Lender is entitled to ali remedies provided at law or equity, whether or not expressly set foBh. The acceptance by Lender of any sm in paymen} or pa~ial payment on ~he Secured Debt after ~e balance is due or is accelerated or after foreclosure proceedings are filed sha~l not constitute a waiver of Lender's right to require complete cure of any exis{iag default. By not exercising any remedy on Mo~gagor's dehult, Lender does not waive Lender's right to later consider the event a dehult if it continues or happens again. ' · 15. EXPENSES; ~V~CES ON CO~N~gTS; A~O~YS' ~ES; COLLECTION COSTS. Except when prohibited by law, Mo~gagor agrees to pay all of Le~der's expe~es if Mo~gagor breaches any covenant in this Security Inst~ent. Mo~gagor will also pay on demand any. amount incurred by Lender for i~uring, inspecting, prese~ing, or otherwise protecting ~e Prope~y and Lender's security interest. These expe~es'will bear interest from the date of lhe payment until paid in hH at~e highest interest rate in effect a}. provided in the te~s of the 'SecUre~ Debt. Mo~gagor agrees to pay all costs and expenses incurred by Lender in collecting, e~aforcing or protecting Lender's rights and remedies under fl~is Security Instrument. ~is amount may include, but is not l~ited to, reasonable attorneys' fees, cou~ costs, and other legal expenses. This amount does not inchde attorneys' fees for a salaried employee of the Lender. This Security Instrument shall remain in effect until released. Mo~gagor agrees to pay for any recordation costs of such release. 16. E~O~ENTAL LAWS ~ HAZA:~OUS S~ST~CES. As used in lhis section, (1) Enviromemal Law means, without l~itation, the Comprehensive Env~,romental Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), aM all other federal, state dud 'local laws, regulations, ordinances, cou~ orders, attorney general opinions or inte~retive letters concerning Ihe public h~alth, safety, welfare, enviromcnt or a hazardous substance; and (2) Hazardous Substance mea~ any toxic, radioactive or h.~.zardous material, waste, pollutant or contaminant which has characteristics which render the substance dangerous or potentitdly dangerous to the public health, safety, welfare or enviroment. The te~ inchdes, wi~out l~itation, any substanc~::s defined as "hazardous material," "loxic substances," "hazardous waste" or "hazardous substance" under any Envkomer:':al Law. . Mo~gagor represents, Warrants and agrees A. Except as previously disclosed and a~gnowledged in writing to Lend~r, 'no Hazardous Substance is or will be located; stored or released on or in the Prope~,. This restriction does not apply to small quantities of Hazardous Substances that are generally recog~zed to be appropr :~te for the no~al use and maintenance of the Prope~y. B. Except as previously disclosed and a{:~:nowledged in writing to Lender, Mo~gagor and eve~ tenant have been, are, and shall remain in hll compliance with any applicable Enviromental Law. C. Mo~gagor shall ~ediately notify Lender if a release or threatened release of a Hazardous Subslance occurs on, under · or about the Prope~y or there is a violation of any Enviromental Law concer~ng the Prope~y. In such an event, Mo~gagor shall take all necessau rems:dial action in accordance wi~h any Enviromental Law. D. Mo~gagor shall i~ediately not~y D':Mer in writing as soon as Mo~gagor has reason to believe there is any pending or threatened ~vestigation, cla~, or prm:eeding relating to the release or threatened release of any Hazardous Substance or the violation of any Enviromental Law 17. CO~EMNATION. Mo~gagor will give Lender prompt notice of any pending or ~reatened action, by private or public entities to purchase or take any or all of ~e. Prope~ through condemmtion, eminent domain, or any other men~. Mo~gagor au~orizes Lender ~o inte~ene in Mo~gaggr's name in any of the above described actions or cla~s. Mortgagor assigns to Lender the proceeds of any award or claim for damages cmmected wi~ a condemnation or other taking of all or any pan of the Prope~y. Such proceeds shall be considered payments and will be applied as provided in this Security Instment. This assigmcnt of proceeds is subject to the te~s of any prior mo~gage, deed of trust, security agreement or other lien docment. 18. ~S~CE. Mo~gagor shall keep Prope!xy i~ured against loss by fire, flood, theft and o~her hazards and risks reaso~bly associated with the Prope~y due to its type'/md location. This insurmme shall be maintained in the amounts and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Mo~gagor subject to Lender's approval, which shall not be m~easonably wi~eld.: If Mo~gagor hils to maintain '~he coverage described above, Lender may, at Lender's option, obtain coverage to protect L;::nder's rights in the Properly according to the te~s of this Security Insolent. All i~urance policies and renewals shall bc acceptable to Lender and shall include a standard "mo~gage clause" and, where applicable; "loss payee clause." Mo~gagoi shall ~ediately noti~ Lender of cancellation or te~ination of the insurance. Lender shall have the right to hold the poli¢!.es and renewals. If Lender reqUires, Mo~gagor shall ~ediately give to Lender all receipts of paid premiums and renewal .:r..:tices. Upon loss, M0~gagor shall give ~ediate no,ice to the insurance carrier' and Lender. Lender may make proof of loss 5~' not made ~ediately by Mo~gagor. U~ess o~he~ise agreed in writing, all insurance proceeds shah be applied to the restoration or repair of the Prope~y or to the Secured Debt, whether or not then due, at Lender's option. Any application of proceeds to principal shall not extend or ~1994 Bankers Syatema, Inc., St. Cloud, MN (1-800-39%234! Form RE-MTG-WY 11/18/94 ~' (page 3 of 4) 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 the extent of the Secured Debt immediately betbre 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 Mortgagor?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 Mortgagor'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 Mortgagor, 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, modify or make any change in the terms of this Security Instrument 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. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Security Instrument is governed by the laws of the jurisdiction in which Lender is located, except to the extent otherwise required by the laws of the jurisdiction where the Property is located. 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 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 th~ plural and the plural the singular. The captions and headings of the sections of this Security Instrument are for convenience onlY and are not to be used to interpret or del'me the terms of this Security Instrument. Time is Of the essence in this Security Instrument, 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 address designated in writing. Notice to one 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 the Property. 25. OTHER TERMS, If checked, the following are applicable to this Security Instrument: [] Line o£ Credit. 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. [] Construction Loan, This Security InStnunent secures an obligation incurred for 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 the future 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 purposes of Article 9 of the Uniform 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 any attachments. Mortgagor also acknowledges receipt of a copy of this Security Instrument on the date stated on page 1. ..... ................................. "'-'; (Si~,amro) CARL BROWN ................ ~'it;;' ' (Si~amrc> KSLy BAS AC~OWLED~MENT: STATE OF ~Y ~JNG ........... tins ]~tment was acknowledged before me this 171H by..4~L~fl~:. [f~.k~ B,~, ~s 401~ TEnAnTS b ........................... My co~ission expires: ............................................................... "i ................................. ~*' ~ ~BLIC / (No~y Public) ...... ~~ ~OMING / ~18810N ~P~RES / ~ ~7, 2004 ~1994 Bankers Systems, Inc., St. Cloud, MN (1-800-397-2341) Form RE-MTG.WY 11/18/94 {page 4 of 4)