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HomeMy WebLinkAbout90466931154 (04) RECEIVED 11118/2004 at 10:14 AM RECEIVING # 904669 BOOK: 573 PAGE: 2-5 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER WY State of Wyoming Sl,:we Ahove This Line For Recording Data MORTGAGE (With Future Advance Chin sc) DATE AND PARTIES. The date of this Mortgage (Security Instrmm, nl~ is .1.!-.0.2.-.2.q0..4 .................................... and the parties, their addresses and 'tax identification numbers, if required, are as I~dh~ws: MORTGAGOR: SHAWN M. BARD AND STACY A. MYERS, HUSBAND AND WIFE P.O. BOX 3773 ALPINE, WY 83128 [] If checked, refer to the attached Addendum incorporated hcrt. i,. ' acknowledgments. LENDER: BANK OF JACKSON HOLE ORGANIZED AND EXISTING UNDER TRE LAWS OF THE STATE OF WYOMING 990 W. BBOADWAY P.O. BOX 7000 JACKSON, WY 83002 additional Mortgagors, their signatures and ° CONVEYANCE. For good and valuable consideration, the receipt and ~ufficicncy of which is acknowledged, and to secure the Secured Debt (defined below) and Mortgagor's performance under ~his Necurity Instrument, Mortgagor grams, bargains, conveys, mortgages and warrants to Lender, with power of sale, the folhm iH~ described property: L01 11, ALPINE R[IREAI NO. 1, LINCOLN COUNTY, WYOMING. ACCORDING TO THAT PLAT OF RECORD IN THE OFFICE. The property is located in LINCOLN ..................................................................... at LOT 11, ALPINE RETREAT NO 1 (County) ................................................................... AtPI~.[ ....................... Wyoming ......... 83.!.2.8. ........ (Address) "'%'~ (ZIP Code) Together with all rights, easements, appurtenances, royalties, mineral r~_,hls..il aud gas rights, all water and riparian rights. ditches, and water stock and all existing and future improvements. StrUClUrch, fixlures, and replacements that nmy now, or at any time in the future, be part of the real estate described above (all referrcd ,,, as "Property"). MAXIMUM OBLIGATION LIMIT. The total principal amount securcd by Ibis Security Instrmnent at any one time shall not exceed $ 2g.0.0.0..0.0. ........................................... This limitation .f ,mt,m, does not include interest and other fees and charges validly made pursuant to this Security Instrument. Also. this limi~:,i.n does not apply to advances made under the terries of this Security Instrument to protect Lender's security and to lwrr,,rm any of the covenants contained in this Security Instrument. SECURED DEBT AND FUTURE ADVANCES. The term "Secured Dcht" is defined as follows: A. Debt incurred under the terms of all promissory note(s), contracl~s~ guaranty(s) or other evidence of debt described below and all their extensions, renewals, modifications or suhslilmimis. (When referencing the debts below it is suggested that you include items such as borrowers' names, note anlotm/.~, interest rates, maturity dates, etc.) PROMISSORY NOTE DATED 11102/04 IN THE AMOUNT Of ~25,000.00 WYOMING - MORTGAGE (NOT FOR FNMA, FHLMC, FHA OR VA USE) (~1994 Bankers Systems, Inc., St. Cloud, MN (1-800-397-2341) Form RE-MTG-WY i 1/18/94 (pa~4) 10. All future advances from Lender to Mortgagor or other future ohli~,mit~ls of Mortgagor to Lender under any promissory note, contract, guaranty, or other evidence of debt executed by Nh,~l~.,a~2~r i,l favor of Lender executed after this Security Instrmnent whether or not this Security Instrument is specifically lclcrcnccd. If more than one person signs this Security Instrument, each Mortgagor agrees that this Security Instrmnem u, ill secure all future advances and future obligations that are given to or incurred by any one or more Mortgagor, ,,s' a,), ,ne or more Mortgagor and others. All future advances and other future obligations are secured by this SecuriIv I,~i,'ument even though all or part may not yet be advanced. All future advances and other future obligations are scctlretl ',IN il' made on the date of this Security Instrument. Nothing in this Security Instrument shall constitute a conmfitmem ~,, make additional or future loans or advances in any amount. Any such commitment must be agreed to in a separate wri~i,u. All obligations Mortgagor owes to Lender, which may later arise, t,~ Ibc cxlent not prohibited by law, including, but not limited to, liabilities for overdrafts relating to any deposit account a.~,'umcnt between Mortgagor and Lender. All additional Sums advanced and expenses incurred by Lendc~ h,r in.~uring, preserving or otherwise protecting the Property and its value and any other sums advanced and expe,~sc~ i,curred by Lender under the terms of this Security Instrument. This Security Instrument will not secure any other debt if Lender fails to ~ivc ally required notice of the right of rescission. PAYMENTS. Mortgagor agrees that all payments under the Secured I~ch~ will be paid when due and in accordance with the terms of the Secured Debt and this Security Instrument. PRIOR SECURITY ENTERESTS. With regard to any other mong:~?, dccd of trust, security agreement or other lien document that created a prior security interest or encumbrance on the Propcrl),, M~rtgagor agrees: A. To make all payments when due and to perform or comply.with all c,,~ ct~:~ms. B. To promptly deliver to Lender any notices that Mortgagor receives f'r,,H thc holder. C. Not to allow any modification or extension of, nor to request att5 Imurc advances under any note or agreement secured by the lien document without Lender's prior written consent. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, assessmcn~, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Property when due. Lender m,v require Mortgagor to provide to Lender copies of all notices that such amounts are due and the receipts evidencing Mo,-t~,~?,"s payment. Mortgagor will defend title to the Property against any claims that would impair the lien of this Security [H~l~Ulnent. Mortgagor agrees to assign to Lender, as requested by Lender, any rights, claims or defenses Mortgagor may h:~ve ;~gainst parties who supply labor or materials to maintain or improve the Property. DUE ON SALE OR ENCUMBRANCE. Lender may, at its option, dr,clare ~lie entire balance of the Secured Debt to be immediately due and payable upon the creation of, or contract for the cre. tli~l! of, atiy lien, encumbrance, transfer or sale of the Property. This right is subject to the restrictions imposed by federal lax~ ~12 (?.F.R. 591), as applicable. This covenant shall run with the Property and shall remain in effect until the Secured Debt is l,:~itl in full and this Security Instrument is released. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Ixl,,rl~,:lgor will keep the Property in good condition and make all repairs that are reasonably necessary. Mortgagor shall not comnfi~ or allow auy waste, hnpairment, or deterioration of the Property. Mortgagor will keep the Property free of noxious weed~ ;~tl ~rasscs. Mortgagor agrees that the nature of the occupancy and use will not substantially change without Lender's prior w~iHen consent. Mortgagor will not permit any change in any license, restrictive covenant or easement without Lender's prior w~iHen c~nsent. Mortgagor will notify Lender of all demands, proceedings, claims and actions against Mortgagor, and of any h,~ ~r damage to the Property. Lender or Lender's agents may, at Lender's option, enter the Property al ;H~y rcasotiable time for the purpose of inspecting the Property. Lender shall give Mortgagor notice at the time of or before ;~t i,spection specifying a reasonable purpose for the inspection. Any inspection of the Property shall be entirely for Lcndcr's benefit and Mortgagor will in no way rely on Lender's inspection. AUTHORITY TO PERFORM. If Mortgagor fails to perform any dm5' ,,r any of the covenants contained in this Security Instrument, Lender may, without notice, perform or cause them to bc i~t'll'ormed. Mortgagor appoints Lender as attorney in fact to sign Mortgagor's name or pay any amount necessary for perfl,,,,~cc, l.e,ider's right to perform for Mortgagor shall not create an obligation to perform, and Lender's failure to perform will nt~ preclude Lender from exercising any of Lender's other rights under the law or this Security Instrument. If any constructi., ,,~ tl~c Property is discontinued or not carried on in a reasonable manner, Lender may take all steps necessary to protect I c'~ltler's security interest in the Property, including completion of the construction. ASSIGNMENT OF LEASES AND RENTS. Mortgagor irrevocably g, rams, bargains, conveys, mortgages and warrants to Lender as additional security all the right, title and interest in and to ~H~y :,~d all existing or future leases, subleases, and any other written or verbal agreements for the use and occupancy of any p,,rii~n of the Property, including any extensions, renewals, modifications or substitutions of such agreements (all referred lo tis "Leases") and rents, issues and profits (all referred to as "Rents"). Mortgagor will promptly provide Lender with Irtw arid correct copies of all existing and future Leases. Mortgagor may collect, receive, enjoy and use the Rents so long as Morl~,:~?r is not in default under the temps of this Security Instrument. Mortgagor agrees that this assignment is immediately effective betwccH II~e parties to this Security Instrument. Mortgagor agrees that this assignment is effective as to third parties when Lender h~kc~ ;~ffirmative action prescribed by law, and that this assignment will remain in effect during any redemption period until the %cured Debt is satisfied. Mortgagor agrees that Lender may take actual possession of the property without the necessity ,,~' o,mnencing legal action and that actual possession is deemed to occur when Lender, or its agent, notifies Mortgagor of dcl';~ull ;md demands that any tenant pay all future Rents directly to Lender. On receiving notice of default, Mortgagor will enth~sc and deliver to Lender any payment of Rents in Mortgagor's possession and will receive any Rents in trust for Lender a,tl will not conmfingle the Rents with any other funds. Any amounts collected will- be applied as provided in this Security Ins~rumem. Mortgagor warrants that no default exists under the Leases or any applicable landlord/tenant law. Mortgagor also agrees ~,, maintain and require any tenant to comply with the terms of the Leases and applicable law. c~3994 Bankers Systems, Inc., St, Cloud, MN (1-B00-397-2341) Form RE-MTG-WY 1 ~/18/94 OOu 12. LEASEItOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPhII~NTS. Mortgagor agrees to comply with the provisions of any lease if this Security Instrument is on a leasehold. If ~hc I'r~perty includes a unit in a condominium or a planned unit development, Mortgagor will perform all of Mortgagor's dmics under the covenants, by-laws, or regulations of the condominium or planned unit development. 13. DEFAULT. Mortgagor will be in default if any party obligated on th~. ~ccured Debt fails to make payment when due. Mortgagor will be in default if a breach occurs under the terms of this Sccm it5, Instrument or any other document executed for the purpose of creating, securing or guarantying the Secured Debt. A g~n}tl I'ailh belief by Lender that Lender at any time is insecure with respect to any person or entity obligated on the Secured I)cht tn' that the prospect of any payment or the value of the Property is impaired shall also constitute an event of default. 14. REMEDIES ON DEFAULT. In some instances, federal and state law will ~cquire Leuder to provide Mortgagor with notice of the right to cure or other notices, and may establish time schedules I'~r I',,rcch~sure actions. Subject to these limitations, if any, Lender may accelerate the Secured Debt and foreclose this Security l~sl~umcnt iu 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, acct m.d imcrest and principal shall become immediately due and payable, after giving notice ff required by law, upon the occur~c~cc {~f a default or anytime thereafter. In addition, Lender shall be entitled to all the remedies provided by law, the terms ~1' Ibc Secured Debt, this Security Instrument and any related documents including, without limitation, the power to sell the Prt~p,:~ly. All re~nedies are distinct, cumulative and not exclusive, and the Lender is entitled to all remedies provided at law t~ Ctluily, whether or not expressly set forth. The acceptance by Lender of any sum in payment or partial payment on the Nccu~cd Debt after the balance is due or is accelerated or after foreclosure proceedings are filed shall not constitute a waiver of [_c, lnlt~r's right to require complete cure of any existing default. By not exercising any remedy on Mortgagor's default, Lender docs m,t waive Lender's right to later consider the event a default if it continues or happens again. 15. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; ('()I~LECTION' COSTS. Except when prohibited by law, Mortgagor agrees to pay all of Lender's expenses if Mortgagt}r hrt.:tches any covenant in this Security Instrument. Mortgagor will also pay on demand any amount incurred by Lender l',,r insuring, inspecting, preserving or otherwise protecting the Property and Lender's security interest. These expenses will hear interest from the date of the payment until paid in full at the highest interest rate in effect as provided in the terms of the Nt.curcd Debt. Mortgagor agrees to pay all costs and expenses incurred by Lender in collecting, enforcing or protecting Lender's s iuhls and remedies under this Security Instrument. This amount may include, but is not limited to, reasonable attorneys' fc. cs, c,mrl costs, and other legal expenses. This amount does not include attorneys' fees for a salaried employee of the Lender. 'Ibis Necurity Instrument shall remain in effect until released. Mortgagor agrees to pay for any recordation costs of such release. 16. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As usc.ti ill this section, (1) Environmental Law means, without limitation, the Comprehensive Environmental Response, Compcns:~i,m and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), and all other federal, state and local laws, regulations, ordin:H~ct:s, court orders, attorney general opinions or interpretive letters concerning the public health, safety, welfare, envirommml or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollul~m~ ~r contmninant which has characteristics which render the substance dangerous or potentially dangerous to the public ht.:dlh, safety, welfare or enviromnent. The term includes, without limitation, any substances defined as "hazardous nim,~ri:d," "toxic substances," "hazardous waste" or "hazardous substance" under any Environmental Law. Mortgagor represents, warrants and agrees that: A. Except as previously disclosed and acknowledged in writing to 1.cndcr, no tlazardous Substance is or will be located, stored or released on or in the Property. This restriction does no~ apply Itl small quantities of Hazardous Substances that are generally recognized to be appropriate for the normal use and maimcn:mcc o1' the Property. B. Except as previously disclosed and acknowledged in writing to I~cmlt.r, Mt}rtgagor and every tenant have been, are, and shall remain ia full compliance with any applicable Environmental Law. C. Mortgagor shall immediately notify Lender if a release or threatened ~clcasc of a Hazardous Substance occurs on, under or about the Property or there is a violation of any Environmcm:d I:tw concerning the Property. In such an event, Mortgagor shall take all necessary remedial action in accordance wilh :my I,hwiromnental Law. D. Mortgagor shall immediately notify Lender in writing as soon as M~,r~?~gor has reason to believe there is any pending or threatened investigation, claim, or proceeding relating to the release ,~ HH'cmcned release of any Hazardous Substance or the violation of any Environmental Law. 17. CONDEMNATION. Mortgagor will give Lender prompt notice of any pt:haling or threatened action, by private or public entities to purchase or take any or all of the Property through condemmuitm, eminent domain, or any other means. Mortgagor author~es Lender to ime~ene in Mo~gagor's nme in any of the above dc'scribed actions or cla~s. Mo~gagor assig~ to Lender the proceeds of any award or cla~ for d~lages connected with a c, mdcmmttion or other taking of all or any pa~ of the Pmpe~. Such proceeds shall be co~idered paymems and will be aplHiCd as provided in this Security Instrument. This assigmem of proceeds is subject to the te~s of any prior mo~gage, deed ~,t' ~rusl, security agree~nem or other lien docume~. 18. ~S~CE. Mo~gagor shall keep Prope~ i~ured agai~t loss by I'irc, Ihn}d, theft and other h~ards and risks reasonably associated with the Prope~y due to its type and location. This i~urancc sh:dl bc maintained in the mounts and for the periods that Lender requires. The i~uraace carrier providing the i~urance shall bc ch,~scn by Mo~gagor subject to Lender's approval, which shall not be uareaso~bly withheld. If Mo~gagor fails to maimain Hic coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Property acc,~rding lo the temls of this Security Instrmem. All i~urance policies and renewals shall be acceptable to Lender and slmll include a standard "mo~gage clause" and, where applicable, "loss payee clause." Mo~gagor shall ~ediately notify l~cndc~ ,~1' cancellation or reliction of the i~uraace. Lender shall have the right to hold the policies and renewals. If Lender rCcluircs, Mo~gagor shall ~ediately give to Lender all receipts of paid premims and renewal notices. Upon loss, Moagagor shall give hmnediate notice to the i~urance carrier and Lender. Lender may rake proof of loss if not made ~ediately by M{,r~gagor. Uffiess otherwise agreed in writing, all i~urance proceeds shall be applied h, thc restoration or repair of the Prope~ or to the Secured Debt', whether or not then due, at Lender's option. Any applic:~ti~m of proceeds to principal shall not extend or ~1994 Bsnkers Systems, Inc.. St. Cloud, MN (1-800-397-2341) Form RE-MTG-WY 11/18/94 ~. 19. 20. 21. 22. 23. 24. 25. postpone the due date of the scheduled payment nor change the am,mm ,,f any payment. Any excess will be paid to the Mortgagor. If the Property is acquired by Lender, Mortgagor's right ~,, :my insurauce policies and proceeds resulting from damage to the Property before the acquisition shall pass to Lender to ~l,. e×~cm of the Secured Debt hnmediately before the acquisition. ESCROW FOR TAXES AND INSURANCE. Unless otherwise prm, idcd in a separate agreement, Mortgagor will not be required to pay to Lender funds for taxes and insurance in escrow. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. iXh,~(s:m()r. _ will provide to Lender upon request, any financial statement or information Lender may deem reasonably neccNs:,y. Mt)ngagor agrees to sign, deliver, and file any additional documents or certifications that Lender may consider hero,Nary it) perfect, continue, and preserve Mortgagor's obligations under this Security Instrument and Lender's lien status on thc JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESS( )lis AND ASSIGNS BOUND. All duties under this Security Instrument are joint and individual. If Mortgagor signs this Seen)~ Inm'ument but does not sign an evidence of debt, Mortgagor does so only to mortgage Mortgagor's interest in the I'r,,pcrly to secure payment of the Secured Debt and Mortgagor does not agree to be personally liable on the Secured Deb~ Il illin Security Instrument secures a guaranty between Lender and Mortgagor, Mortgagor agrees to waive any rights that in:~. prcvenl Lender from bringing any action or claim against Mortgagor or any party indebted under the obligation. Th,.Nc ~ights may include, but are not limited to, any anti-deficiency or one-action laws. Mortgagor agrees that Lender and am parly io this Security Instrument may extend, modify or make any change in the terms of this Security Instrument or any c~'idcnce of debt without Mortgagor's consent. Such a change will not release Mortgagor from the terms of this Security InNllmnCnt. The duties and benefits of this Security Instrument shall bind and benefit the successors and assigns of Mortgagt,~ at,l Icndcr. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This ht.curily Instrument is governed by the laws of the jurisdiction in which Lender is located, except to the extent otherw~w ~cquircd by the laws of the jurisdiction where the Property is located. This Security Instrument is complete and fully intcgr:m,d This Security Instrument may not be amended or modified by oral agreement. Any section in this Security Instrument. :machments, or' any agreement related to the Secured Debt that conflicts with applicable law will not be effective, unless tha~ law expressly or hnpliedly permits the variations by written agreement. If any section of this Security Instrument cannol bc ct}I', reed according to its terms, that section will be severed and will not affect the enforceability of the remainder of this ~ccm'lty hlstrument. Whenever used, the singular shall include the plural and the plural the singular. The captions and headmps ,ff dm sections of this Security Instrmnent are for convenience only and are not to be used to interpret or define the tennN ,,f dfis Security Instrument. Time is of the essence in this Security Instrument. NOTICE. Unless otherwise required by law, any notice shall be given ~ ddivcring it or by mailing it by first class mail to the appropriate party's address on page I of this Security Instrument. ,,, t,, at6, 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 wawcN ,,,, right regarding the marshalling of liens and assets and all homestead exemption rights relating to the Property. OTItER TERMS. If checked, the following are applicable to this Seem il,. luNU'ument: [] Line of Credit. The Secured Debt includes a revolving line m ctt.du provision. Although the Secured Debt may be reduced to a zero balance, this Security Instrument will remain in el loci u m il released. [] Construction Loan. This Security Instrument secures an obligm~,m incurred for the construction of an hnprovement on the Property [] Fixture Filing. Mortgagor grants to Lender a security interesl m ',d g~}t~ds that Mortgagor owns now or in the future and that are or will become fixtures related to the Property This Nccurily Instrument suffices as a financing statement and any carbon, photographic or other reproduction may be filcd ,d' rectu'd for purposes of Article 9 of the Uniform Commercial Code. [] Riders. The covenants and agreements of each of the riders chccl,cd below are incorporated into and supplement and amend the terms of this Security Instrument [Check all applicable h, }xcs l [] Condominium Rider [] Planned Unit Development Rider , ()d~cr ........................................................ []Additional Terms. SIGNATURES: By signing below, Mortgagor agrees to the terms and coven:mis ctmmined in this Security Instrument and in any attachments. Mortgagor also acknowledges receipt of a copy of this Security lnsl rumcnt tin the date stated on page 1. ..... , ................................ '~..~'~'::.~(......w:..:. (Signature) SHAW~ ~ (Date) (Signatu,,: STACY ~ MYERS ACKNOWLEDGMENT: STATE OF .w.¥0.~. !.~a ...................................COUNTY O1. ;~,_.~[Z~.~ ....................... } ss. c~i~m) This instrument was acknowledged before me this ........ .2.t,l.D.. day of ~0. y.E.~..B.E.~...2.q0.4. ...................... by .S.~l .l.~.~ .l~.l. lt0; .S.I..&C.Y. ^ . .U.~.~. 8.S,.I:I..U.S.~..&h!.0.~. ~.~ .W. 1[.~ ..................................... II C ounh/(Seal)of~~~--- ' ' : ........ i" 'ary ' ) ......................... l' ,~k..2ommission Expires September 13 200~: (-~1994 Bankers Systems, Inc., St. Cloud, MN (1-800-397-2341} Form RE-MTG-WY I 1/18/94 [page ~ of 4)