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HomeMy WebLinkAbout904700 RECEIVED 11/19/2004 at 10:50 AM RECEIVING # 904700 BOOK: 573 PAGE: 73-76 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, VVY State of Wyoming Space Above This Line For Recording Data MORTGAGE h I:uture Advance Clause) DATE AND P~TIES. The date of riffs Mm'lg:~ge (Security Instrument) is J.l..J.2...2.qo..4 .................................... and the parties, their addresses and tax identification numhc~ s. if required, are as follows: MORTGAGOR: STEVEN CHICHINSKY AND CAROLYN[;HI{;HINSKY, HUSBAND AND WIFE, AS TENANTS BY THE ENTIRETIES PO BOX 3827 JACKSON, WY 83001 [] If checked, refer to the attached Addcmlum incorporated herein, for additional Mortgagors, their signatures and acknowledgments. LENDER: BANK OFJACKSON HOLE ORGANIZED AND EXISTING UNDER THEtAWS OF THES!AIE OF WYOMING 990 W. BROADWAY .- P.O. 90X 7000 JACKSON. WY 83002 CONVEYANCE. For good and valuable coT~sith.f;,ion, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debt (defined below) and Morlgagm'. performance under this Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, wilh p,,,^'cr of sale. the following described property: LOI 43 OF RI¥ER YEW MEAOOWS ADDITION TO THE TOWN OF ALPINE WITHING THE SE114 OF SECTION 30, T37N, R118W, ACCORDING TO THAT PLAT FILED JULY 2, 1993 AS INSTRUMENT NQ. 787416 3o The property is located in ........ : .....................~!.~.C..O.~.~. ............................... at .[.0.1. .4. 3. glY.[.~. Y.I.E.W..D.[.~.P.0. W.8. ................... ((:ounty) ....................................................................................... ~..t.l'l .N.E ........................ Wyoming ....................... (Address) (City) (ZIP Code) Together with all rights, easements, appurlcn,,cv~, royalties, mineral rights, oil and gas rights, all water and riparian rights, ditches, and water stock and all existing and futu~v improvements, structures, fixtures, and replacements that may now,. or at any time in the future, be part of the real eslatc dcycl ihcd above (all referred to as ~Property"). MAXI;MUM OBLIGATION LIMIT. Thc t.lal p~ mcipal amount secured by this Security Instrument at any one time shall not exceed $ .1.5.,9.q0...0.0. ........................................... This limitation of amount does not include interest and other fees and charges validly made pursuant to this Securily I,s~rument. Also, this limitation does not apply to advances made under the terms of this Security Instrument to protect lxmth'r's security and to perform any of the covenants contained in this Security Instrument. SECURED DEBT AND FUTURE ADVANCES. 'lhe term "Secured Debt" is defined as follows: A. Debt incurred under the terms of all pr~,missory 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 ax b,/'/,;ve/-s' names, note amounts, interest rates, maturity dates, etc.) PROMISSORY NOTE DATED 8111104 AND ALL MODIFICATIONS OF RECORD WYOMING - MORTGAGE (NOT FOR FNMA, FHLMC, FHA 0[~ c(G~1994 Bankers Systems, Inc., St. Cloud, MN (1-800-397-2341) Form I:t MTG-WY 11/18/94 B. All future advances from Lender to Mortgagor or other future ohli~,:d~,ms of Mortgagor to Lender under, any promissory note, contract, guaranty, or other evidence of debt executed by M,,; t~,:~?r iu l'avor of Lender executed after this Security Instrument whether or not this Security Instrument is specifically i t'l't'rcllced. If more than one person signs this Security Instrument, each Mortgagor agrees that this Security Instrumem x,.'~ll secure all future advances and future obligations that are given to or incurred by any one or more Mortgagor, ~, .my {me or more Mortgagor and others All future advances and other future obligations are secured by this Securil) instrument even though all or part may not yet be advanced. All future advances and other future obligations are secured ~s if made on the date of this Security Instrument. Nothing in this Security Instrument shall constitute a commitmem ,} .~akc additional or future loans or advances in any amount, Any such commitment must be agreed to in a separate wrili~ g. C. All obligations Mortgagor owes to Lender, which may later arise, ~,, Ibc extent not prohibited by law, including, but not limited to, liabilities for overdrafts relating to any deposit account agr~'cmcm between Mortgagor and Lender. D. All additional sams advanced and expenses incurred by Lender i~,~ insuring, preserving or otherwise protecting the Property and its value and any other sums advanced and expenses /~currcd by Lender under the terms of this Security Instrument. This Security Instrument will not secure any other debt if Lender fails to g~vc any required notice of the right of rescission. 5. PAYMENTS. Mortgagor agrees that all payments under the Secured l)cb~ 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 mon&,a?, dccd of trust, security agreement or other lien document that created a prior security interest or encumbrance on the Proper ~y, Mm'tgagor agrees: A. To make all payments when due and to perform or comply with all c,,x B. To promptly deliver to Lender any notices that Mortgagor receives I'l,,~ ibc holder. C. Not to allow any modification or extension of, nor to request any Imurc 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, lit,ns, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Property when due. Lender m~5 require Mortgagor to provide to Lender copies of all notices that such amounts are due and the receipts evidencing Mor~?:w,}~'- payment. Mortgagor will defend title to the Property against any claims that would impair the lien of this Security-I~isl~ umcm. Mortgagor agrees to assign to Lender, as requested by Lender, any rights, claims or defenses Mortgagor may h:~vt, against parties who supply labor or materials to maintain or improve the Property. 8. DUE ON SALE OR ENCUMBRANCE. Lender may, at its option, tlt.cl:~rc Ihe entire balance of the Secured Debt to be immediately due and payable upon the creation of, or contract for the crc:~ ,,m el', any lien, encumbrance, transfer or sale of the Property. This right is subject to the restrictions hnposed by federal laxx , 12 t'. I':.R 59 l), as applicable. This covenant shall run with the Property and shall remain in effect until the Secured Debt is paid m I'ull and this Security Instrument is released. 9. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. M,,rl?gm' will keep the Property in good condition and make all repairs that are reasonably necessary. Mortgagor shall not commi~ m all~w any waste, impairment, or deterioration of the Property. Mortgagor will keep the Property free of noxious weeds :tltd ~lasses. Mortgagor agrees that the nature of the occupancy and use will not substantially change without Lender's prior w~ ilh'~ cm~sent. Mortgagor will not permit any change in any license, restrictive .covenant or easement without Lender's prior x,. ~il~cn cm~sent. Mortgagor will notify Lender of all demands, proceedings, claims and actions against Mortgagor, and of any h~ss Lender or Lender's agents may, at Lender's option, enter the Property al :my reasonable time for the purpose of inspecting the Property. Lender shall give Mortgagor notice at the time of or before ;m i,spccdon specifying a reasonable purpose for the inspection. Any inspection of the Property shall be entirely for Lendt.~ 's benefit and Mortgagor will in no way rely on Lender's inspection. 10. AUTHORITY TO PERFORM. If Mortgagor fails to perform any dray ,,' any of the covenants contained in this Security Instrument, Lender may, without notice, perform or cause them to be pt,~ I'~rmcd. Mortgagor appoints Lender as attorney in fact to sign Mortgager's name or pay any amount necessary for perform:~,c~.. I.cnder's right to perform for Mortgagor shall not create an obligation to perform, and Lender's failure to perform will n,,~ preclude Lender from exercising any of Lender's other rights under the law or this Security Instrument. If any construction ~,t~ ~hc Property is discontinued or not carried on in a reasonable manner, Lender may take all steps necessary to protect l.t~lldt, r's security interest in the Property, including completion of the construction. 11. ASSIG~NT'OF LEASES AND RENTS. Mortgagor irrevocably g~:mts, bargains, conveys, mortgages and warrants to Lender as additional security all the right, title and interest in and to auy :md :ill existing or future leases, subleases, and any other written or verbal agreements for the use and occupancy of any i~{~li~m {if the Property, including any extensions, renewals, modifications or substitutions of such agreements (all referrt, tti,, as "Leases") and rents, issues and profits (all referred to as "Rents"). Mortgagor will promptly provide Lender with trut, :ltlt[ cra'feet copies of all existing and future Leases. Mortgagor may collect, receive, enjoy and use the Rents so long as Mol'ig:tm~l is uot in default under the terms of this Security Instrument. Mortgagor agrees that this assignment is immediately effective between ~ht. parties to this Security Instrument. Mortgagor agrees that this assignment is effective as to third parties when Lender takes ~dTirmadve action prescribed by law, and that this assignment will remain in effect during any redemption period until lilt' St.'cured Debt is satisfied. Mortgagor agrees that Lender may take actual possession of the: property without the necessity ~,f ct}mmcncing legal action and that actual possession is deemed to occur when Lender, or its agent, notifies Mortgagor of dt:l':mh alld demands that any tenant pay all future Rents directly to Lender. On receiving notice of default, Mortgagor will enth~rsc and deliver to Lender any payment of Rents in Mortgager's possession and will receive any Rents in trust for Lender anti will not cmmningle the Rents with any other funds. Any amounts collected will be applied as provided in this Security Instrun~,.I. Mm'tgagor warrants that no default exists under' the Leases or any applicable landlord/tenant law. Mortgagor also agrees ~,~ ,~:dnlaiu and require any tenant to cmnply with the terms of the Leases and applicable law. ©1994 Bankers Systems, Inc., St. Cloud, MN (1-800-397-2341) Form RE-MTG-WY l 1/18/94 12. LEASEttO NS: I'i,,\N~E'~ IT DEVELOPMENTS Mortpavor aprees to com l with the .. . la ~..,.. . ,~o o PY provisions ~~.~,r,iy 1,,sl,,m,eflOis Ina leasehold. If the Property includes a unit ina condominium ora tPhleancnoendd~O.~.~g0r Will l,v, fiw~al~of Mortgagor's duties under the covenants, by-laws, or regulations of ~ludl:0r. planned ung. developm c m. ~ 13. DEFAULT. Mortgagor will be in defaol~ il ally party obligated on the Secured Debt fails to make payment when due. Mortgagor will be in default if a breach -ccm~ under the terms.of this Security Instrument or any other document executed for the purpose of creating, securing or guaranl3i.g the Secured Debt. A good faith belief by Lender that Lender at any time is insecure with respect to any person or emily ,,htigated on the Secured Debt or that the prospect of any paYment or the value of the Property is impaired shall also colls|JluIc till c\'eut of default. ' 14. REMEDIES ON DEFAULT. In sonic insl;mccs, federal and state law will require Lender to provide Mortgagor with notice of the right to cure or other notices and m:~v ,'slablish time schedules for foreclosure actions. Subject to these limitations, if any, Lender may accelerate the Secured l)ch( ~,d foreclose this Security Instrument in a manner provided by law ff Mortgagor is in default. 15. 16. 17. 18. At the option of Lender, all or any part o1' IIw ',~greed fees and charges, accrued interest and principal shall become immediately due and payable, after giving notice if retlUi~t,d by law, upon the occurrence of a default or anytime thereafter. In addition, Lender shall be entitled to all the remedies i,,,vided by law, the terms of the Secured Debt, this Security Instrument and any related documents including, without limitati.,, the power to sell the Property. Ail remedies are distinct, cumulative and not exclusive, and the Lender is entitled m all ~cmedies provided at law or equity, whether or not expressly set forth. The acceptance by Lender of any sum in paymcnl ,,r partial payment On the Secured Debt after the balance is due or is accelerated or after foreclosure proceedings are filed shall n,,l constitute a waiver of Lender's right to require complete cure of any existing default. By not exercising any remedy on Mmli:',~gor's default, Lender does not waive Lender's right to later consider the event a default if it continues or happens again. EXPENSES; ADVANCES ON COVENAN'fS; ATTORNEYS' FEES; COLLECTION COSTS. Except when prohibited by law, Mortgagor agrees to pay all of l.c.dt:~ 's expenses ff Mortgagor breaches any covenant in this Security Instrument. Mortgagor will also pay on demand any a~,,unt incurred' by Lender for insuring, inspecting, preserving or otherwise protecting the Property and Lender's sccurily h,crest. These expenses will bear interest from the date of the payment until paid in full at the highest .interest rate in cfi'cci as pl,,vided in the terms of the. Secured Debt. Mortgagor agrees to pay all costs and expenses incurred by Lender in collecting, enl',,~cing or protecting Lender's rights and remedies under this Security Instrument. This amount may include, but is not limilcd h,, reasonable attorneys' fees, court costs, and other legal expenses. This amount does not include attorneys' fees for a salaried employee of the Lender. This Security Instrument shall remain in effect until released. Mortgagor agrees to pay for any rccm th~lion costs of such release. ENVIRONMENTAL LAWs AND HAZARI)()US SUBSTANCES. As used in this section, (1) Environmental Law means, without limitation, the Comprehensive Environmcutal Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), and all other federal, state and h,c,I laws, regulations, ordinances, court orders, attorney general opinions or interpretive letters concerning the public hcal~h, safety, welfare, environment or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive m: h~/;~d~us material, waste, pollutant or contaminant which has characteristics which render the substance dangerous or polcmially 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 Envirtmmcn~:fl I.aw. Mortgagor represents, warrants and agrees ih:~l: A. Except as previously disclosed and ack~,,wledged in writing to Lender, no Hazardous Substance is or will be located, stored or released on or in the Properly. 'lhis restriction does not apply to small quantities of Hazardous Substances that are generally recognized to be appropri;~l~. I',,r the normal use and maintenance of the Property. B. Except as previously disclosed and ~ck~,,'.,.'Icdged in writing to Lender, Mortgagor and every tenant have been, are, and shall remain in full compliance with any :q~plicable Environmental Law. C. Mortgagor shall immediately notify l,cntl['r if a release or threatened release of a Hazardous Substance occurs on, under or about the Property or there is a vM;di,m of any Environmental Law concerning the Property. In such an event, Mortgagor shall take all necessary rcmcdi;d action in accordance with any Environmental Law. D. Mortgagor shall immediately notify 1.cmh r iu writing as soon as Mortgagor has reason to believe there is any pending or threatened investigation, claim, or proceeding relating to the release or threatened release of any Hazardous Substance or the violation of any Environmental l.aw. CONDEMNATION. Mortgagor will give I.c~dcr prompt notice of any pending or threatened action, by private or public entities to purchase or take any or all o1' Ibc Ih~,l,crty through condemnation, eminent domain, or any other means. Mortgagor authorizes Lender to intervene in Morlgag,,r'$ name in any of the above described actions or claims. Mortgagor assigns to Lender the proceeds of any award or claim fl,r d;m~ages connected with a condemnation or other taking of all or any part of the Property. Such proceeds shall be considered i,:~yments and will be applied as provided in this Security Instrument. This assignment of proceeds is subject to the ~crms ,,f :my prior mortgage, deed of trust, security agreement or other lien document. INSURANCE, Mortgagor shall keep t'r,q~crlv insured against loss .by/'ire, flood, theft and other hazards and .risks reasonably associated With the Property due to its lypc ;llld h~cation. This insurance shall be maintained in the amounts and for the periods that Lender requires. The insurance carrier plt~',itling the insurance shall be chosen by Mortgagor subject to Lender's approval, which shall not be unreasonably withheld. 11' M~rtgagor fails to maintain the coverage described above, Lender may, at Lender's option, obtain coverage to protect lxmdvr's rights in the Property according to the terms of this Security Instrument. All insurance policies and renewals shall hc ;tctcplable to Lender and shall include a standard "mortgage clause" and, where applicable, "loss payee clause." Mortgag~r sh:dl mnnediately notify Lender of cancellation or termination of the insurance. Lender shall have the right to hold tilt p~flicics :md renewals. If Lender requires, Mortgagor shall immediately give to Lender all receipts of paid premiums and renewal n,~licc,~. Upon loss, Mortgagor shall give immediate notice to the insurance carrier and Lender. Lender may make proof of I.ss il n, ,I made immediately by Mortgagor. Unless ot.herwi~e agreed in writing, all iu.~uranct: proceeds shall be applied to the restoration or repair of the Property or to the Secured Debt, whether or not then duc, al l.cmlcr's option. Any application of proceeds to principal shall not extend or  · fpdg¢,3 of 41 c~1994 Bankers Systems, lnc.,St. ~loud, MN (1-800-397-23411 ~m,,,hEMTG-WY 11/18/94 ' C, C' postpone the due date of the scheduled payment nor change the van,,,.I ,d' any payment. Any excess will be paid to the Mortgagor. If the Property is acquired by Lender, Mortgager's righl h, a,y insurance policies and proceeds resulting from damage to the Property before the acquisition shall pass to Lender to ~1,. t,;.;iclll of the Secured Debt intmediately before 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. M,,'l,~,agor will provide to Lender upon request, any financial statement or information Lender may deem reasonably necc.~sar~,. Mortgagor agrees to sign, deliver, and file any additional documents or certifications that Lender may consider necchi,fy I. perfect, continue, and preserve Mortgager's obligations under this Security Instrument and Lender's lien status on the lq, ,perry. 21. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCES~ ~!tS AND ASSIGNS BOUND. All duties under this Security Instrument are joint and individual. If Mortgagor signs this Sccm il) Inslrument but does not sign an evidence of debt, Mortgagor does so only to mortgage Mortgager's interest in the I'r,q,c~ly to secure payment of the Secured Debt and Mortgagor does not agree to be personally liable on the Secured Debt. Il' Ihi.~ Security Instrument secures a guaranty between Lender and Mortgagor, Mortgagor agrees to waive any rights that m:~!,' prevent Lender from bringing any action or claim against Mortgagor or any party indebted under the obligation. Thcst, ~i~hls may include, but are not limited to, any anti-deficiency or one-action laws. Mortgagor agrees that Lender and a,,; p:my m this Security Instrument may extend, modify or make any change in the terms of this Security Instrument or any c'vidcHce of debt without Mortgager's consent. Such a change will not release Mortgagor from the terms of this Security I~qltmlelit. The duties and benefits of this Security Instrument shall bind and benefit the successors and assigns of Mortgagor :m,I Icndcr 22. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. Thi~ ~ccurity Instrument is governed by the laws of the jurisdiction in which Lender is located, except to the extent otherwist cquircd by the laws of the jurisdiction where the Property is located. This Security Instrument is complete and fully lntegr:H~'d Ibis Security Instrument may not be amended or modified by oral agreement. Any section in this Security Instrument, ,dlt~cllmcnts, or'any agreement related to the Secured Debt that conflicts with applicable law will not be effective, unless thai h~x~ expressly or impliedly permits the variations by written agreement. If any section of this Security Instrument cannot hc cnlm'ccd according to its terms, that section will be severed and will not affect the enforceability of the remainder of this ~,,.cmily lnstrmnent. Whenever used, the singular shall include the plural and the plural the singular. The captions and headiH~,s ~1' Iht sections of this Security Instrmnent are for convenience only and are not to be used to interpret or define the terms ~,~ dfi.~ Security Instrument. Time is of the essence in this Security Instrument. 23. NOTICE. Unless otherwise required by law, any notice shall be give, hx delivering it or by marling it by first class mail to the appropriate party's address on page I of this Security Instrument, t, i,, ,,y 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 waive~ :~, right regarding the marshalling of liens and assets and all homestead exemption rights relating to the Property. 25. OTItER TERMS. If checked, the following are applicable to this Seem ~,. Instrument: [] Line of Credit. The Secured Debt includes a revolving line o~ , ~c.tlil provision. Although the Secured Debt may be reduced to a zero balance, this Security Instrument will remain in clTccl until released. [] Construction Loan. This Security Instrument secures an obligmi. H ~ncurred for the construction of an improvement on the Property. [] Fixture Filing. Mortgagor grants to Lender a security interest i, d goods Ihat Mortgagor owns now or in the future and that are or will become fixtures related to the Property. This '~'curily lnstrmnent suffices as a financing statement and any carbon, photographic or other reproduction may be filed ,,f it, ct rd for purposes of Article 9 of the Uniform Commercial Code. [] Riders. The covenants and agreements of each of the riders chcc, l, cd hch~w are incorporated into and supplement and amend the terms of this Security Instrument. [Check all applicable h~ ",~'sl [] Condominium Rider [] Planned Unit Development Rider r~hcr ........................................................ [] Additional Terms. SIGNATURES: By signing below. Mortgagor agrees to the terms and covc,::~ls ctmt:~iued in this Security Instrument and in any attachments. Mortgagor also acknowledges receipt of a copy of this Security Insl rumcm on the date stated on page 1. (Signature) 8TEVEN CHICHINSKY (Date) ACKNOWLEDGMENT: Ondividual) STATE OF ~.Y.0.~! .N.6. ................................... COUNTY O1: . C.~, _.q ~x~-....~., ~.r~:..-. ............ ............ } ss. This instrument was acknowledged before me this ........ 1.2.1..H.. day of N0. y.[~.B.[.R.,.2.q0.4. .................................. by .S.I.~¥.[N..c)~[qH. IN..S.[¥;..C^60!.[N.C.~IC..HIN.S.K.¥, HtJ.SR.~.~P. ^N. ~.~.[[~.~..S..1.[~. ~1.¢ [!)'.1.!4.[ .[~1. [~..~r .8 ............................................. My commission expires: · ~'~ ~ k I. (Seal) ~- ' ~, ~ c~1994 Bani(ers Systems, Inc., St. Cloud, MN (1-1300-397-23411 Form RE MTG-WY 11/18/94 (page 4 of 4)