HomeMy WebLinkAbout904512901 512
REOEIVED
LINOOLN COUNTY OLERK
0!~ [!Fl!.! lf"J PH l~: 1 3
Filed for record at thc request of.'
Bismark Mortgage Company,
10500 NE 8th St., Suite 700
Bellevue, WA 98004
LLC
CONSTRUCTION MORTGAGE
This Mortgage, made
Jerry E. Hart
Margaret Hart
Tuesday, October 26, 2004 between
Loan #242989
Grantor(s), whose address is 333 Drycreek Road, Afton,. WY 8311 0,
Bismark Mortgage Company, LLC,
Beneficiary, whose address is 10500 NE 8th St., Suite 700, Bellevue, WA 98004,
Witnesseth: Grantor does hereby mortgage, grant and convey to Beneficiary the following described real property:
See attached exhibit "A" for legal description(s), which property is not used principally for agricultural
or farming purposes, together with all tenements, hereditaments, and appurtenances now or hereafter thereunto
belonging or in any wise appertaining, and the rents, issues and profits d~creof.
This Mortgage is for the purpose of securing performance of each agreement of Grantor herein contained, the terms
of construction agreement(s) of even date herewith, and payment of the sum of $140,000.00 with interest, in
accordance with the terms of a promissory note of even date herewith, payable to Beneficiary or order, and all
)~'"renewals, modifications and extensions thereof, and any advance(s) or loan(s) as described in paragraph #8 herein.
This Mortgage shall also secure any amount(s) owed to Beneficiary or its assigns by Grantor and/or maker(s) of the
note arising from any written agreement, duty, subrogation, operation of law or any other basis whatsoever.
attached exhibit "B" for special terms.
TO PROTECT THE SECURITY OF THIS MORTGAGE GRANTOR COVENANTS AND AGREES:
1. To pay, or have paid, before delinquency all lawful taxes and assessments upon the property; to keep the property
free and clear of all other charges, liens or encumbrances impairing the security of this Mortgage.
2. To keep the property in good repair and condition; to permit no waste thereof: to complete any building, structure
or improvement being built or about to be built thereon within six (15) months from the date hereof or in accord
with other specific written agreements between Grantor and Beneficiary; tu restore promptly any building, structure
or improvement thereon which may be damaged or destroyed; and to ctmqfly with all laws, ordinances, regulations,
covenants, conditions and restrictions affecting the property.
3. To keep all buildings now or hereafter erected on the property descrit~cd herein continuously insured against loss
by fire, earthquake, volcanic eruption, flood and other hazards, Beneficiary may require insurance in an amount not
less than the original face amount of the debt secured hereby, or 100% of assessed value of the improvements, or the
replacement valuation of the improvements, as determined by the insurance carrier, whichever is the higher amount.
and in such companies as the Beneficiary may approve, and to have Ios~ pa)able first to the Beneficiary then to
Grantor. It is understood and agreed that all policies (or approved certified copies thereof) shall be held by
Beneficiary. The amount collected under any insurance policy may be applied upon any indebtedness hereby secured
in such order as the Beneficiary shall determine. Such applications by thc Beneficiary shall not cause discontinuance
of any proceedings to foreclose this Mortgage. In the event of foreclosure, all Grantor's rights in insurance policies
then in force shall pass to the purchaser at the foreclosure sale.
4. To defend any action or proceeding purporting to affect the security hereof or the rights of Beneficiary and to pay
all costs and expenses, including cost of title search and attorney's fees m ;t reasonable amount, in any such action
or proceeding, and in any suit brought by Beneficiary to foreclose thi~ Mortgage. Beneficiary shall be entitled to
choose the lawyer or law firm to provide any defense required herein. Grantor will pay the attorney fees in a manner
satisfactory to the said attorney and/or firm chosen. ~,.~ ~
090451Z
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5. To pay all costs, fees and expenses incurred in connection with this Mortgage, including any attorney's fees,
costs and/or expenses incurred, in any activity undertaken to enforce, prt~tcct, ensure performance of or make claim
for any obligation secured hereby. This agreement shall specifically include any such fee(s) and/or expense(s)
incurred in any Bankruptcy proceeding.
IT IS MUTUALLY AGREED THAT:
6. In the event any portion of the property is taken or damaged in an eminent domain proceeding, the entire amount
of the award or such portion as may be necessary to fully satisfy the tJbligat~on secured hereby, shall be paid to
Beneficiary to be applied to said obligations.
7. By accepting payment of any sum secured hereby after its due date, Beneficiary does not waive its right to require
prompt payment when due of all other sums so secured or to declare defimlt fi~r failure to so pay.
8. Should Grantor fail to pay when due any taxes, assessments, insurance premiums, liens, encumbrances, prior
encumbrances (see paragraph 20), if any, and/or other charges, fees or expenses related to the property herein
described, Beneficiary may pay the same, and each amount so advanced, including advances or extensions of credit
requested by Grantor or the maker(s) of the note, together with costs and t~xpcnses including reasonable attorney fees
in connection therewith, and together with $100.00 or 15% of each am~Junt advanced (whichever sum ~s greater)
which shall be due Beneficiary for service and handling costs, may be acldcd to the debt secured by this Mortgage,
and shall bear interest at the rate specified in the note, and all sums st~ advanced plus the costs and expenses
described may be declared immediately due and payable and upon Grantor's failure to reimburse Beneficiary upon
demand shall constitute an event of default under the terms of this Mortgage.
9. The note which is secured by this Mortgage may contain penalties for early payment of principal. During such
time as the above referred prepayment penalties are due, and should Bcne£iciary accelerate the maturity of this
Mortgage or note secured hereby, in accord with Paragraph #13 herein, then Beneficiary at its sole option may
include in the total amount due, the additional amounts to satisfy in I%11 the requirements of said prepayment
penalties. Should Grantor tender payment of the entire indebtedness due prior to the foreclosure sale said tender shall
be deemed a voluntary prepayment and as such shall be inclusive of said prepayment penalties.
10. The note secured by this Mortgage reqmres the unpaid principal balance to be repaid by a date certain, and that
date certain may require a final installment (Balloon Payment) substantially more than the regular installment(s) as
specified in the note secured hereby. Grantor's failure to tender said final last:aliment by its due date shall constitute
a default in the terms of this Mortgage.
ASSIGNMENT OF RENTS:
11. As additional security hereunder, Grantor hereby assigns to Beneficiary the rents of the property, provided that
Grantor shall, prior to acceleration in accord with Paragraph #13 herein, or abandonment of the property, have the
right to collect and retain such rents as they become due and payable. U?~m acceleration in accord with Paragraph
#13 herein, or abandonment of the property, Beneficiary, in person, by agcat, or by judicially appointed receiver,
shall be entitled to enter upon, take possession of, and manage the property and to collect the rents of the property,
including any past due. All rents collected by Beneficiary or receiver shall be applied first to payment of costs of
the management of the property and collection of rents, including but n~t Ii mi ted to, receiver's fees and expenses,
reasonable attorney fees, expenses of maintaining rental flow, utilities, taxes, insurance, maintenance of the
property, etc. and then to the sums secured by this Mortgage. Beneficiary and/or the receiver shall be liable to
account only for those rents actually received.
12. Upon payment of all sums secured hereby Beneficiary shall record a release and satisfaction of this Mortgage.
IN CASE OF DEFAULT:
13. Upon default by Grantor in the payment of any indebtedness secured hereby or in the performance of any
agreement contained herein, or referred to herein, all sums secured hereby shall immediately become due and payable
at the option of the Beneficiary.
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0904512
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14. N/A
15 N/A
16. In the event this Mortgage is foreclosed then it is further agreed with respect to taxes, assessments, insurance
premiums, liens and encumbrances, that the Beneficiary may make such additional advances as it may deem
appropriate upon any payment that may have or may thereafter become due on any said encumbrance and Beneficiary
shall have a separate and further right to make such additional prepayments as it shall deem appropriate on payments
it believes may become due during any period of redemption and all such advances together with interest at the rate
specified in the note, on each such advance so made shall be secured bv this agreement and be included in any
foreclosure judgment, and upon completion of any foreclosure sale whereby Beneficiary or its assigns successfully
purchases at such sale, Beneficiary or its assigns may continue to advance l'unds on, not only those matters provided
by applicable redemption statutes, if any, but, may also make advances t'or insurance, maintenance, upkeep, and
upon any prior encumbrances and that any sums so advanced, plus interest at the rate specified in the judgment on
each such advance shall be added to such sums that otherwise would be due apon redemption under applicable
redemption statutes, if any, in the event of such redemption. It is agrcccl and stipulafed that the Beneficiary may
include all such provisions mentioned in this paragraph in any judgment gr:tnted in foreclosure. It is also agreed
that any of the rights granted to Beneficiary regarding the making of advzmcements or prepayments are options only
for the benefit of the Beneficiary or its assigns and shall not be construed as obligating Beneficiary or its assigns to
make any such advances or prepayment.
17. N/A
18. This Mortgage applies to, inures to the benefit of, and is binding not only on the parties hereto, but on their
heirs, devisees, legatees, administrators, executors and assigns. The [crm Beneficiary shall mean the holder and
owner of the note secured hereby, whether or not named as Beneficiary herein.
19. There may be unrecorded documents which are part of this transacuon, the specific terms of which are
incorporated herein by reference and may be ascertained by contacting the B one ficiar),.
PRIOR ENCUMBRANCES:
20. The Terms and conditions of the prior encumbrances, if any, are hereby incorporated into this Mortgage and
grantor agrees to promptly comply with all of the terms and conditions o1' said prior encumbrances, and upon failure
to so comply such failure shall constitute a default under this Mortgage and Beneficiary may at its sole and
exclusive option:
a. Perform such terms and conditions of the prior encumbrances which are m default and by so doing all costs and
expenses incurred by the Beneficiary, including reasonable attorney fees and advance fees (see Paragraph #8), may be
added to the debt which is secured by this Mortgage and shall bear interest as specified in the note, and all sums so
advanced plus costs, fees and expenses incurred may be declared immedi~ttcly due and payable and Grantors failure to
reimburse Beneficiary upon demand thereof shall constitute an event of dc fatllt tinder this Mortgage, and/or
b. Foreclose this Mortgage in accord with applicable law.
WAIVER OF EXEMPTIONS:
21. Grantor hereby waives all rights of homestead and any other exemption(s) in the real properly described herein
under State or Federal law presently existing or hereafter enacted.
OTHER TERMS:
22. N/A
23. N/A
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By signing below I acknowledge that I have thoroughly read, understand and agree to all of the terms outlined in this
Mortgage (Pages 1 through 6 inclusive). I further acknowledge and state that there are no oral or "side" agreements
which modify or add to any portion of our written agreements contained herein and other related written loan
documents of even date.
Je/ry E.~Hart
M'argar~'t- Ha~lv- ~ ' ''
STATE OF WYOMING )
COUNTY OF ' F4:I-EMON'T )
On this day personally appeared before me Jerry E. Hart and Margaret Hart, to mc known lo be the individuals described in and who
executed the within and foregoing ins~umeut, and ay,~nowledged that they signed tbe same as their free and voluntary act and deed. for the
uses and purposes therein mentioned. /P ~ /] /
Given under my hand and o, fn'~lcial seal on: [_{~_.,~/
Notar~ Public in ~fl fy~ State of WYOMING
~~My Com,rfission Expires ~ 7
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0S045~.~ ~ 033 3
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EXHIBIT "A"
(legal description(s)continued fi'om page 1)
1. Lot 1 of the Country Vista Subdivision, Lincoln County, Wyoming as described on the official plat No. 122D filed
July 10, 2002 as Instrument No. 882428 of the records of the Lincoln County Clerk Al situate in the County of
Lincoln, State of Wyoming; commonly known as XXX Papworth Lane (new home under construction), Alton, WY
83110
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none
EXHIBIT "B"
(special terms continued from page 1)
I have read and hereby acknowledge exhibits "A" and "B" above.
J e~f~-y F~Hart
~larga~et ~a'rt ' ' '
P~ge 6