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HomeMy WebLinkAbout903844ANN MIILS~ 2725 42H AVENUE EAST -- ~ FAT,T,g, ID 83301 MORTGAGOR "1" includes each mortgagor above. REAL ESTATE MORTGAGE: For value received, I,_T~ R. R]{EBANKOF gI~a_RVAT~,Ry 384 ~IZ%SH//~ - p OB OX 8007 AF/E~, WY 83110 MORTGAGEE "You" means the mortgagee, its successors and assigns. · mortgage, grant and convey to you, with power of sale, on APRIL 16__,. 1998 the real estate described below and all rights, easements appurtenances, rents, leases and irnproveme~s a--~-~ix~t~res that may now or at any time in the future be part of the property (all ca ed the "property"). (Street) PROPERTY ADDRESS: 575 S. ~ Wyoming LEGAL DESCRIPTION: lc(fyi 83110.;1 SEE EXHIBIT 'A' A~ HERETO AND MADE A PART HEREOF. d E AN N E ',h'/:, "' NOTE::.,.This Serves to correct the leEal description of that certain Mortgage recorded June 2, 1998 in Book 412PR on paEe 434 of the records 6f the : .... Linc:oln County Clerk. /" Io~ated in 5~ County, Stats of Wyoming. TITLE: I covenant and warrant title to the property, except for encumbrances of record, municipal and zonino ordina~;~ cu(~t assessments not yet due and C) ... I':~. ~ -'~. t a ~e.~ 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 so, cured debt is evidenced by (describe the instrument or agreement secured by this mortgage and the date thereof): P~SSOR¥ NO-I~ DATgD 4-16-98 The above obligation is due a~d payable on ~ 5, 2002 if not paid earlier. The total unpaid balance secured by this mortgage at any one time shall not exceed a maximum principal amount of ~ HUND~ ~ ~'~-[~ ~ NO/100* * * * * Dollars{$ 112,000.00 ), 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. ~ Variable Rate: The interest rate on the Obligation secured by this mortgage may vary according to the terms of that obligation. . ~ 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: ~ Commercial ~Construction ~ SIGNATURES: By signing below, I agree to the terms and covenante contained on pages 1 and 2 of this mortgage· in any instruments evidencing the ~ed debt and~y riders described above and signed by me. I acknowledge receipt of a copy of this mortgage. - ~( · - ' ANN ~ILLER ACK~M. ENT: STATE OF ~, County of~~ }ss ~[ The ...... ' ........... : Individual ] foregoing instrument was acknowledged before me by ~ R. ~T,T.~ ~ ~ ~T.T.~. ~ Corporetlonl' with no Seal this The foregoing instrument was ackno'weldged before me by Witness my hand and official seal. My commission expires: ©1985 BANKERSS~: ,ST. CLOUD, MN66301 1-aOO-397-2341)FORM OCP-I~ ~ 't IIII day of .,,,:, , a COtF~J~ltlbn, h,~n0 'eprpo[':~te sea : 7: .p ' %& ' .~'~, * -' ' (' / / _ a'~,~,,'i.~ r o';i ',- -- ', ~ :. ',~ .. , = ; -~ . ~, ~ - ..~ ~ · ~ :- . / I / J - · : : {Notary Pub~) {, ~ ., ,... :<'..., ' ,:~ I P, ~ ,...,: '(psge ~ of 2J 1. Payments. I agree to make all payments on the secured debt when due. Unless we agree otherwise, any 13ayl~ents you r~csi~/e from me or for my benefit will be applied first to any amounts I owe you on the secured debt exclusive of interest or prin~'ipal, second,, to interest and then to principal. If partial prepayment of the secured debt occurs for any reason, it witl i~ot reduce or excuse any subseqdently schedu!ed payment until the secured debt is paid in full. ' 2. Claims against Title. I w[ll pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, and'0t~i~:h'~rge~ r~lating to the property when due. You may require me to provide to you copies of all notices that such amounts are due and th'e 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 tha property insured under terms acceptable to you at my expense 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 repair 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 attorneys' 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 ~0 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 your 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 accelerate this mortgage as provided in paragraph or if I 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, race[vets fees, court costs, a~d reasonable attorneys' fees, and then to payments on the secured debt as provided in Covenant ~. B. 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 any 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 recieve from a person whosa rights in the property have priority over your rights. 9. Leaseholds; Condominiums; Planned Unit Developments. I agree to comply with tile 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 or this mortgage. Any amounts paid by you to protect your security interest will be secured by tills 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 ~. 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, if I default, you do not waive your right to later consider the event a default if it happens again. 14. Joint and Several Liability; Co-slgnera;'Successors and Assigns Bound. Alt 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 and benefit the successors sod 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 tranfsrred without your 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's sold or transferred. However, you may not c~emand 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 yqu a written request for tha 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. Sevarability. 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 ~greement. If any provision or clause of this mortgage or any agreement evidencing the secured debt cannot ba 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 al rights under and by virtue of the homestead exemption laws of Wyoming. BANKERSSY~, : ~ST CLOUD, MN 56301 (1-800-397*2341] FORM OCP-M' .~.;,~ fpage 2 of 2) ACKNOWLEDGEMENT ATTACHED TO MORTGAGE TO THE BANK OF STAll VALLEY State of Idaho ) )ss County of ) this I D-r~_ day o.,l[,fi~to~/ro, 2004. ,,,"5~ ~;,tv,te %°° W~tnes~.~ seal. %* '..........'T~ ~y Co~issio~ Ex,res: [ 3-/3 ~ ~ The foregoing instrument was acknowledged before me by Ted R. Miller and Ann Miller Nota~ Public 0:303844 O289 EXHIBIT A Part of Lot 3 of Block 29 to the Townsite of Afton, Lincoln County, Wyoming being more particularly described as follows: Beginning at the southwest corner of said Lot 3 and running thence North 11 rods; thence East 10 rods; thence South 11 rods; thence West 10 rods to the place of beginning. LESS AND EXCEPT that part thereof conveyed by Quitclaim Deed, dated September 18, 1950 of the Town of Afton for alley use described as follows: Beginning at a point 10 rods east from the Southwest corner of said Lot 3 and running thence North 11 rods; thence West 161/2 feet; thence South 11 rods; thence East 161/2 feet to the point of beginning. Part of Lot 3 of Block 29 to the Townsite of Afion, Lincoln County, Wyoming being more particularly described as follows: Beginning at a point which is 5 rods South of the Northwest corner of said Lot 3 and running thence South 4 rods; thence East 10 rods; thence North 4 rods; thence West 10 rods to the point of beginning. LESS AND EXCEPT the land contained in Warranty Deed recorded April 1, 1997 in Book 395PR on page 5 i3 of the records of the Lincoln County Clerk.