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HomeMy WebLinkAbout9039129039~2 RECEIVED I.II~!30LN COLI~ITy CLERK State of Wyoming SI~ace Almve This Line For Recording Data MORTGAGE (With Future Advance Clause) DATE AND PARTIES. The date of this Mortgage (Security Instrumcm) is .1.q-.1.2...2.qo..4 .................................... and the parties, their addresses and tax identification numbers, if required, are as MORTGAGOR: BILL COONEY AND REGINA COONEY, HUSBAND AND WIFE §381 FOREST RIDGE DRIVE CLARKSTON, MI 48346 [] If checked, refer to the attached Addendum incorporated herein. acknowledgments. LENDER: BANK OF JACKSON HOLE ORGANIZED AND EXISTING UNDER THE LAWS OF THE STATE OF WYOMING 990 W. BFLOADWAY P,O, BOX 7000 JACKSON. WY 83002 l'or additional Mortgagors, their signatures and 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 ii,is Security Instrument, Mortgagor grams, bargains, conveys, mortgages and warrants to Lender, with power of sale, the foll~wing described property: t01 44, SIAR VALLEY RANCH PLAI 16, ACCORDING TO THAT PLAT OF RECORD IN THE OFFICE OF THE OFFICE OF COUNTY CLERK, LINCOLN COUNTY, WYOMING. '3 The property is located in ............................... .Ll.~.C.0..[~. ............................... at .[~! .C.[..I)Afl..c.~..~.~.K..D. BI.V.~. ........................ (County) ...................................................................................... ~r~!~¥~4[. ....................... Wyoming ........ .8.~. !.2]. ........ (Address) (('it3') (ZIP Code) Together with all rights, easements, appurtenances, royalties, mineral n~hts, oil and gas rights, all water and riparian rights, ditches, and water stock and all existing and future improvements, struclurcs, 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"). MAXIMUM OBLIGATION LIMIT. The total principal mnount secured by this Security Instrument at any one time shall not exceed $ J.3.0.,.q0..0..0.0. .......................................... This limitation nj' ;IIIIOUIiI does not include interest and other fees and 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 security and to pcrftmn any of the covenants contained in this Security Instrument. SECURED DEBT AND FUTURE ADVANCES. The term "Secured l)chl" 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 referencing the debts below it is suggested that you include items such as borrowers' names, note amotmtx, h~terest rates, maturity dates, etc.) PROMISSORY NOTE DATED 10112104 IN THE AMOUNT OF ~130,000.00 WYOMING - MORTGAGE (NOT FOR FNMA, FHLMC, FHA OR VA USE) (~1994 Bankers Systems, Inc., St. Cloud. MN (1 $00-397-2341) Form RE-MTG-WY 11/18/94 " (-, ( B. All future advances froln Lender to Mortgagor or other future ohli~ati~ms of Mortgagor to Lender under any promissory note, contract, guaranty, or other evidence of debt executed by lvhmgagt~r in favor of Lender executed after this Security Instrument whether or not this Security Instrument is specifically rcl'ercnced. 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, m 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 co~nmitmcm [t~ make additional or future loans or advances in any amount. Any such commitment must be agreed to in a separate writing. C. All obligations Mortgagor owes to Lender, which may later arise, m die extent not prohibited by law, including, but not limited to, liabilities for overdrafts relating to any deposit account agrccmcm between Mortgagor and Lender. D. All additional sums advanced and expenses incurred by Lender l't)t' iusuring, preserving or otherwise protecting the Property and its value and 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 ~ivc any required notice of the right of rescission. 5. PAYMENTS. Mortgagor agrees that all payments under the Secured l)cht will be paid when due and in accordance with the terms of the Secured Debt and this Security Instrmnent. 6. PRIOR SECURITY INTERESTS. With regard to any other morlgage, deed of trust, security agreement or other lien document that created a prior security interest or encumbrance on the Pr,perry, Mortgagor agrees: A. To make all payments when due and to perform or comply :with all cra:chants. B. To promptly deliver to Lender any notices that Mortgagor receives I'mm the holder. C. Not to allow any modification or extension of, nor to request a~y I't, ture 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, assessmcms, lie,~s, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Property when due. Lender may ,'cquire Mortgagor to provide to Lender copies of all notices that such amounts are due and the receipts evidencing Mort~agm"s payment. Mortgagor will defend title to the Property against any claims that would impair the lien of this Security lnstrumeut. 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 optiou, declare the entire balance of the Secured Debt to be h~m~ediately due and payable upon the creation of, or contract for the crcaliml 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 run with the Property and shall remain in effect until the Secured Debt is paid in l'ull aud this Security Instrument is released. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mm'tgagt~r will keep the Property in good condition and make all repairs that are reasonably necessary. Mortgagor shall not commit m~ allow any waste, hnpainnent, or deterioration of the Property. Mortgagor will keep the Property free of noxious weeds ami 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 prim- written consent. Mortgagor will notify Lender of all demands, proceedings, claims and actions against Mortgagor, and of any h~ss ~r dalnage to the Property. Lender or Lender's agents may, at Lender's option, enter the Property al 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 ~r auy of the covenants contained in this Security Instrument, Lender may, without notice, perform or cause them to bc pcrl~ormed. Mortgagor appoints Lender as attorney in fact to sign Mortgagor's nmne or pay any amount necessary lc'or perfimnaucc. Lender's right to perform for Mortgagor shall not create an obligation to perform, and Lender's failure to perform will m~t preclude Lender from exercising any of Lender's other rights under the law or this Security Instrument. If any constructim~ ~m Ihe Property is discontinued or not carried on in a reasonable manner, Lender may take all steps necessary to protect I.cndcr's security interest in the Property, including completion of the construction. 11. ASSIGNh4ENT OF LEASES AND RENTS. Mortgagor irrevocably ~.rants, 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 pm'tiou of the Property, including any extensions, renewals, modifications or substitutions of such agree~nents (all referred m as "Leases") and rents, issues and profits (all referred to as "Rents"). Mortgagor will promptly provide Lender with u'uc and correct copies of all existing and future Leases. Mortgagor may collect, receive, enjoy and use the Rents so long as Mt~rt~agor 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 parties when Lender mkcs affimmtive action prescribed by law, and that this assignment will remain in effect during any redemption*period until Ibc Secured Debt is satisfied. Mortgagor agrees that Lender may take actual possession of the property without the necessity ,I' commencing legal action and that actual possession is deemed to occur when Lender, or its agent, notifies Mortgagor of del'null and demands that any tenant pay all future Rents directly to Lender. On receiving notice of default, Mortgagor will tzlltl{~rsc and deliver to Lender any payment of Rents in Mortgagor's possession and will receive any Rents in trust for Lender and will uot 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 It} maiutain and require any tenant to comply with the terms of the Leases and applicable law. (~)1,994 Bankers Systems, Inc,, St. Cloud, MN (1-800-397-23411 Form RE-MTG-WY 11/38/94 ~ ' ' 13. 14. 15. 16. 17. 18. ' ,-0339 LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVEI, OPMENTS. Mortgagor agrees to comply with the provisions of any lease if this Security Instrument is on a leasehold. If file Property includes a unit in a condominium or a planned unit development, Mortgagor will perform all of Mortgager's dudes under the covenants, by-laws, or regulations of the condominium or planned unit development. DEFAULT. Mortgagor will be in default if any party obligated ,.m the Secured Debt fails to make payment when due. Mortgagor will be in default if a breach occurs under the terms of this Security Instrument or any other document executed for the purpose of creating, securing or guarantying the Secured Debt. A gu,d faith belief by Lender that Lender at any time is insecure with respect to any person or entity obligated on the S~cured l)cbt or that the prospect of any payment or the value of the Property is impaired shall also constitute an event of default. REMEDIES ON DEFAULT. In some instances, federal and state law will require Lender to provide Mortgagor with notice of the right to cure or other notices and may establish time schedules fro' foreclosure actions. Subject to these limitations, if any, Lender may accelerate the Secured Debt and foreclose this Securily Instrument in a manner provided by law if Mortgagor is in default. At the option of Lender, all or any part of the agreed fees and charges, accrued interest and principal shall become inunediately due and payable, after giving notice if required 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 uf die Secured Debt, this Security Instrtm~ent and any related documents including, without limitation, the power to sell thc 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 forth. The acceptance by Lender of any sum in payment or partial payment on the Secured Debt after the balance is due or is accelerated or after foreclosure proceedings are filed shall not constitute a waiver rd' I.cnder's right to require complete cure of any existing default. By not exercising any remedy on Mortgager's default, Lender th~es not waive Lender's right to later consider the event a default if it continues or happens again. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when prohibited by law, Mortgagor agrees to pay all of Lender's expenses if Mongagm- breaches any covenant in this Security Instrument. Mortgagor will also pay on demand any amount incurred by Lender for insuring, inspecting, preserving or otherwise protecting the Property and Lender's security interest. These expenses will bear interest from the date of the payment until paid in full at the highest interest rate in effect as provided in the terms of d~c Secured Debt. Mortgagor agrees to pay all costs and expenses incurred by Lender in collecting, enforcing or protecting Lcmlcr's rights and remedies under this Security Instrument. This amount may include, but is not limited to, reasonable attorneys' l'ccs, cuurt costs, and other legal expenses. This amount does not include attorneys' fees for a salaried employee of the Lemlcr. This Security Instrument shall remain in effect until released. Mortgagor agrees to pay for any recordation costs of such release. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law means, without limitation, the Comprehensive Environmental Response, Compcnsalion and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), and all other federal, state and local laws, regulations, ordinances, court orders, attorney general opinions or interpretive letters concerning the public health, safety, welfare, envirmunent or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, p,llulaut or contmninant which has characteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or environment. The term includes, without limitation, any substances defined as "hazardous material," "toxic substances," "hazardous waste" or "hazardous substance" under any Enviromnental Law. Mortgagor represents, warrants and agrees that: A. Except as previously disclosed and acknowledged in writing ~, l.cnder, no Hazardous Substance is or will be located, stored or released on or in the Property. This restriction does n~t apply to small quantities of Hazardous Substances that are generally recognized to be appropriate for the normal use and lnaintcnance of the Property. B. Except as previously disclosed and acknowledged in writing to l.endcr, Mortgagor and every tenant have been, are, and shall remain in full compliance with any applicable Enviroamemal I.aw. C. Mortgagor shall immediately notify Lender if a release or threalcncd release of a Hazardous Substance occurs on, under or about the Property or there is a violation of any Environmental Law concerning the Property. In such an event, Mortgagor shall take all necessary remedial action in accordance wid~ any Enviromnental Law. D. Mortgagor shall immediately notify Lender 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 d~reatened release of any Hazardous Substance or the violation of any Environmental Law. CONDEMNATION. Mortgagor will give Lender prompt notice of any peuding or threatened action, by private or public entities to purchase or take any or all of the Property through condemnatio,~, eminent domain, or any other means. Mortgagor authorizes Lender to intervene in Mortgager's name in any of the ah.vt described actions or claims. Mortgagor assigns to Lender the proceeds of any award or claim for dmnages connected with a condemnation or other taking of all or any part of the Property. Such proceeds shall be considered payments and will bc applied as provided in this Security Instrument. This assignment of proceeds is subject to the terms of any prior mortgage, deed rd' trust, security agreement or other lien document. INSURANCE. Mortgagor shall keep Property insured against loss by fire, fiood, theft and other hazards and risks reasonably associated with the Property due to its type and location. This insurance shall be maintained in the amounts and for the periods that Lender requires. The insurance carrier providing the insurance shall he chosen by Mortgagor subject to Lender's approval, which shall not be unreasonably withheld. If Mortgagor fails to maimam the coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Property accordiug to the terms of this Security Instrmnent. All insurance policies and renewals shall be acceptable to Lender and shall include a standard "mortgage clause" and, where applicable, "loss payee clause." Mortgagor shall inmaediately notil3~ l.cnder of cancellation or termination of the insurance. Lender shall have the right to hold the policies and renewals. If Lender requires, Mortgagor shall hnmediately give to Lender all receipts of paid premiums and renewal notices. Upon loss, Mortgagor shall give hmnediate notice to the insurance carrier and Lender. Lender may make proof of loss if not made immediately by Mtmgagor. Unless otherwise agreed in writing, all insurance proceeds shall be applied to the restoration or repair of the Property 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 Bank*rs Systom$, Inc., St. Cloud, MN (1-800-397-23411 Form R£-MTG-WY 11118194 19. 20. 21. 22. 23. 24. 25. o9oa9 . o34o postpone the due date of the scheduled payment nor change the amounl of any payment. Any excess will be paid to the Mortgagor. If the Property is acquired by Lender, Mortgager's riehl ~o any iusurance policies and proceeds resulting from damage to the Property before the acquisition shall pass to Lender to tl~c extent of the Secured Debt immediately before the acquisition. ESCROW FOR TAXES AND INSURANCE. Unless otherwise pr,~vidcd ill a separate agreement, Mortgagor will not be required to pay to Lender funds for taxes and insurance in escrow. FINANCIAL REPORTS AND ADDITIONAL DOCIJM~NTS. N'h,rlgagor will provide to Lender upon request, any financial statement or infom~ation Lender may deem reasonably necessary. Mortgagor agrees to sign, deliver, and file any additional docmnents or certifications that Lender may consider necessary to perfect, continue, and preserve Mortgager's obligations under this Security Instrmnent and Lender's lien status on thc l'roperty: JOINT AND INDIVn)UAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Security Instrument are joint and individual. If Mortgagor signs this Security Iustrument but does not sign an evidence of debt, Mortgagor does so only to mortgage Mortgager's interest in the l'ropcrly to secure payment of the Secured Debt and Mortgagor does not agree to be personally liable on the Secured Debt. [f this Security Instrument secures a guaranty between Lender and Mortgagor, Mortgagor agrees to waive any rights that may preveut 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. Mortgag~)r agrees that Lender and any party to this Security Instrument may exte~td, modify or make any change in the terms of this Security Instrument or any evidence of debt without Mortgager'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 [.ruder. 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 inlcgratcd. This Security Instrument may not be amended or modified by oral agreement. Any section in this Security Instrumenl, attachments, o~ 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 bc enforced according to its temps, 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 d~e sections of this Security Instrument are for convenience only and are not to be used to interpret or define the terms of this Security Instrument. Thne is of the essence in this Security Instrument. NOTICE. Unless otherwise required by law, any notice shall be given I~y 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. 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. OTI~R TERMS. If checked, the following are applicable [o this Security lustrument: [] Line of 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 cf feet uutil released. [] Construction Loan. This Security Instrument secures an obligalim~ incurred for the construction of an hnprovement 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. qhis 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 mnend the terms of this Security Instrument. [Check all applicable hexes] [] Condominimn Rider [] Planned Unit Development Rider rD Other ........................................................ [] Additional Terms. SIGNATURES: By signing below, Mortgagor agrees to the temps and ctwcnams contained in this Security Instrument and in any attachments. Mortgagor also acknowledges receipt of a copy of this Security lnslrument on the date stated on page 1. .............. ................. (Signature) i) lLL COON[ ' (Date) (Signat,,'c) ~E'(~I'~iqOO'~EY''' t.~ '" ACKNOWLEDGMENT; STATE OF................................... couNyY ,,: ......................... } ss. (~ia~,) This instrument was acknowledged before me this .....~.~ ........ day of .0.c. Tp.I$..E.8,.2.Q.0.4 .................................... by .~.I.[.[.C. 0.qN.EY;.~.[..~!N^ .c.0.0N.~.y, .H.U..S.~A .~ .~.N0..WJ.F.E .......................................................................................... My commission expi_ces: t:~ /');,/~/ '/.,~.' '~  C/ tNo~ary Vubnc) ~1994 Bankers Systems, lnc,, St. Cloud, i~N (1-B00-397-23411 Form RE-MTG-WY 11/18/94 (pagb 4 of 4)