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HomeMy WebLinkAbout904712.31218 ~01) {0095 RECEIVED 11/19/2004 at 12:58 PM RECEIVING # 904712 BOOK: 573 PAGE: 95-98 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, ~ State of Wyoming Space Above This Line For Recording Data MORTGAGE (\rich I:uture Advance Clause) DATE AND PARTIES. The date of this Mor!g;igc (Security Instrument) is .1.1...1.5...2.q0..4 .................................... and the parties, their addresses and tax identification numhcrs, if required, are as follows: MORTGAGOR: JOSEPH SHANAGHY AND LYNETTE K. SH^IJ^GHY, HUSBANDAND WIFE P.O. BOX 9683 JACKSON, WY 83002 [] If checked, refer to the attached Addcmlum incorporated herein, for additional acknowledgments. LENDER: BANK OF JACKSON HOLE ORGANIZED AND EXISTING UNDER T~IE[^WS OF THE STATE OF WYOMING 990 W. BROADWAY P.O. BOX 7000 JACKSON, WY 83002 Mortgagors, their signatures and CONVEYANCE. For good and valuable cm~sidc~:diun, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debt (defined below) and Mortgag,,r's performance under this Security Instrmnent, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, wilh p,,v.'cr of sale, the following described property: LOT 3 DELL CREEK RANCHES, 2ND ADDITION AMENDED, LINCOLN COUNTY, WYOMING ACCORDING TO IHAT PLAT FILED NOVEMBER 10, 2004 IN THE OFFICE OF THE LINCOLN COUNTY CLERK AS PLAT NO. 142-C 3o The property is located in .......... '...' ................... LJ~.q0. L~. ................................. at .t.0J. ~ p.~.t.~ .c.6.~.~g..~^~..CHE..8 ..................... (~ 'ounty) ................................................................................................................... Wyoming ....................... (Address) (City) (ZIP Code) Together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, all water and riparian rights, ditches, and water stock and all existing and fumr~, improvements, structures, fixtures, and replacements that may now, or at any time in the future, be part of the real estate tlc~c~ il,cd above (all referred to as "Property"). MAXIMUM OBLIGATION LIMHL The mia! p~i,cipal amount secured by this Security Instrument at any one time shall not exceed $ .2~0.,.0.0..0:0.0. .......................................... This limitation of amount does not include interest and other fees and charges validly made pursuant to this Securily l~trument. Also, this limitation does not apply to advances made under the terms of this Security Instrument to prolecl l~c'mh.: 's security and to perform any of the covenants contained in this Security Instrument. SECURED DEBT AND FUTURE ADVANCES. I he term "Secured Debt" is defined as follows: A. Debt incurred under the terms of all pr, mdssmy note(s), contract(s), guaranty(s) or other evidence of debt described below and all their extensions, rcl]cWals, ~m)difications or substitutions. (When referencing the debts below it is suggested that you include items such ox I)o/'r~)~w'/'s' names, note amounts, interest rates, matu/~ty dates, etc.) PROMISSORY NOTE DATED 11.15-2004 IN THE AMOLJNI !i)1 3250,000.00 WYOMING - MORTGAGE {NOT FOR FNMA, FHLMC, FHA OR '/~. ,.I f;l C(01994 Bankers Systems, Inc,, St, Cloud, MN (1-800-397-2341} Fwt, ~:~ 1.11G-Wy 11/18/94 · ,. c 0596 All future advances from Lender to Mortgagor or other future ohli~..,tlitms of Mortgagor to Lender under any promissory note, contract, guaranty, or other evidence of debt executed by IXh}~l?,gm- in favor of Lender executed after this Security Instrument whether or not this Security Instrument is specifically ~,4'crt.nccd. If more than one person signs this Security Instrument, each Mortgagor agrees that this Security Instrumem will secure all future advances and future obligations that are given to or incurred by any one or more Mortgagor, ,,~ :my role or Inore Mortgagor and others. All future advances and other future obligations are secured by this Secmh,, Instrument even though all or part may not yet be advanced. All future advances and other future obligations are .sct'lllcd ;ts il' made on the date of this Security Instrument. Nothing in this Security Instrument shall constitute a commitmcm h, make additional or future loans or advances in any amount. Any such commitment must be agreed to in a separate writi~L,. All obligations Mortgagor owes to Lender. which may later arisc, h, Iht extent not prohibited by law, including, but not limited to, liabilities for overdrafts relating to any deposit account a&, ~,.,.mcnl between Mortgagor and Lender. All additional sums advanced and expenses incurred by Lendc~ l,,t' insuring, preserving or otherwise protecting the Property and its value and any other sums advanced and expens,,, i~c:urred by Lender under the terms of this Security Instrument. This Security Instrument will not secure any other debt if Lender fails ti, gl,.,.., ny required notice of the right of rescission. PAYMENTS. Mortgagor agrees that all payments under the Secured 1~ h~ will be paid when due and in accordance with the terms of the Secured Debt and this Security Instrument. PRIOR SECURITY INTERESTS. With regard to any other mortg'~,c, dccd of trust, security agreement or other lien document that created a prior security interest or encumbrance on the Pr,,p[,~y, Mortgagor agrees: A. To make all payments when due and to perform or comply with all c, ,¥t'aants. B To promptly deliver to Lender any notices that Mortgagor receives I~,,~l thc holder. C. Not to allow any modification or extension of, nor to request ;mx ftHtH'e 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, assessmcm,, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Property when due. Lender m:~v rCtluire Mortgagor to provide to Lender copies of all notices that such amounts are due and the receipts evidencing Morl?i~?r s payment Mortgagor will defend title to the Property against any claims that would impair the lien of this Securily IHstrument. Mortgagor agrees to assign to Lender, as requested by Lender, any rights, claims or defenses Mortgagor may h:~x'c against parties who supply labor or materials to maintain or improve the Property. DUE ON SALE OR ENCUMBRANCE. Lender may, at its option, declare fl~e entire balance of the Secured Debt to be immediately due and payable upon the creation of, or contract for the cr~':t~i,,n .f, any lien, encumbrance, transfer or sale of the Property. This right is subject to the restrictions imposed by federal lat~ !.12 ('.F.R. 591), as applicable. This covenant shall run with the Property and shall remain in effect until the Secured Debt is p,tM in full and this Security Instrument is released. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. ,~.h~rlgagor will keep the Property in good condition and make all repairs that are reasonably necessary. Mortgagor shall not co,,,,t ,,' allow any waste, impairment, or deterioration of the Property. Mortgagor will keep the Property free of noxious weed, ;md grasses. Mortgagor agrees that the nature of the occupancy and use will not substantially change without Lender's prim ,,,, ~iHcn consent. Mortgagor will not permit any change in any license, restrictive covenant or easement without Lender's pti,, written consent. Mortgagor will notify Lender of all demands, proceedings, claims and actions against Mortgagor. and of any I~,~s ,,r damage to the Property. Lender or Lender's agents may, at Lender's option, enter the Property :, :my reasonable time for the purpose of inspecting the Property. Lender shall give Mortgagor notice at the time of or before :m inspection specifying a reasonable purpose for the inspection. Any inspection of the Property shall be entirely for Lcmh.r's benefit and Mortgagor will in no way rely on Lender's inspection. 10. AUTItORITY TO PERFORM. If Mortgagor fails to perform any tlmy t,r any of the covenants contained in this Security Instrument, Lender may, without notice, perform or cause them to h~. pcrft~rmed. Mortgagor appoints Lender as attorney in fact to sign Mortgagor's name or pay any amount necessary for perl',,r~:mcc Lender's right to perform for Mortgagor shall not create an obligation to perform, and Lender's failure to perfom~ will m,I preclude Lender from exercising any of Lender's other rights under the law or this Security Instrument. If any constructi,,~ ,,n Ihe Property is discontinued or not carried on in a reasonable manner, Lender may take all steps necessary to protect I t.mlcr's security interest in the Property, including completion of the construction. 11. ASSIGNMENT OF LEASES AND RENTS. Mortgagor irrevocably .,.,~ams, bargains, conveys, mortgages and warrants to Lender as additional security all the right, title and interest in and to a~¥ :md all existing or future leases, subleases, and any other written or verbal agreements for the use and occupancy of an)" pt~rlion of the Property, including any extensions, renewals, modifications or substitutions of such agreements (all refcr~,'d m as "Leases") and rents, issues and profits (all referred to as "Rents"). Mortgagor will promptly provide Lender with ~m. :HId correct copies of all existing and future Leases. Mortgagor may collect, receive, enjoy and use the Rents so long as M,rl,:~_,m is not in default under the terms of this Security Instrument. ~' ~ Mortgagor agrees that this assignment is immediately effective betwcc, the parties to this Security Instrument. Mortgagor agrees that this assignment is effective as to third parties when Lender t:d:cs :fffi,-mative 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 ,d' ctmm~encing legal action and that actual possession is deemed to occur when Lender, or its agent, notifies Mortgagor of dcl';mlt and demands that any tenant pay all future Rents directly to Lender. On receiving notice of default, Mortgagor will c~&,rse and deliver to Lender any payment of Rents in Mortgagor's possession and will receive any Rents in trust for Lender and will not cmmningle the Rents with any other funds. Any mnounts collected will be applied as provided in this Security Inslrm~Cl~l. Mortgagor warrants that no default exists under the Leases or any applicable landlord/tenant law. Mortgagor also agrees I,~ m:fintain and require any tenant to comply with the terms of the Leases and applicz~ble law. c(~1994 Bankers Systems, Inc., St. Cloud, MN (1-800-397-2341) Form RE-MTG~WY 11/18194 4) 12. LEASEIIOLDS;~"~(3~b'~~Si I'LA~,'NI,;I, UNIT DEVELopMENTS. Moagagor agrees to comply wit~ the provisions of an~ ~e'~ ~isC'Sec~rity IHsl 'u c is on a leasehold If the Prore~v includes a u~t m a c planned umt devgl~p~en~ ~O~gagor wdl pc~hum all of Moggagor's duties under the covenants b -laws o ' the condomini~r'plha~ed un~',developmcHI. , y , r regulations of 13. DEFAULT. Moagagor will be in del'null iF ~H~y paay obligated on the Secured Debt fails to make payment when due. Moagagor w~l be in default if a breach occur~ uHdcr the te~s of this Securi~ I~tr~ent or any other doc~ent executed for the pu~ose of creating, securi~ or guaraH~yiH~ ~hc Secured Debt. A good faith belief by LeMer that Lender at any t~e is insecure with respect to any person or en~Hy ~HHi2H~cd on the Secured Debt or that the prospect of any payment or the value of the Propeay is ~paired shall also constHute aH t'~ cH~ of default. 14. REMEDIES ON DEFAULT. In some inslaHcc.~, federal and state law will require Lender to provide Mortgagor with notice of the right to cure or other notices and mHy cslHhlish time schedules for foreclosure actions. Subject to these limitations, if any, Lender may accelerate the Secured Dchl HHd h,reclose this Security Instrument in a manner provided by law if Mortgagor is in default. At the option of Lender, all or any part of HK~ Hg~ccd fees and charges, accrued interest and principal shall become immediately 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 pH,vidcd by law, the terms of the Secured Debt, this Security Instrument and any related documents including, without limihHi~m, Ibc power to sell the Property. All remedies are distinct, cumulative and not exclusive, and the Lender is entitled to all rumcdJcs provided at law or equity, whether or not expressly set forth. The acceptance by Lender of any sum in paymeHl ,r pHrdal payment on the Secured Debt after the balance is due or is accelerated or after foreclosure proceedings are filed shrill H~q c,,nstitute a waiver of Lender's right to require complete cure of any existing default. By not exercising any remedy o,~ lVh,rlg~%,,,r's default, Lender does not waive Lender's right to later consider the event a default if it continues or happens again. 15. EXPENSES; ADVANCES ON COVENANTS: ATTORNEYS' FEES; COLLECTION COSTS. Except when prohibited by law, Mortgagor agrees to pay all of ]~eHth'r's expenses if Mortgagor breaches any covenant in this Security Instrument. Mortgagor will also pay on demaud any :mH,HHt incurred by Lender for insuring, inspecting, preserving or otherwise protecting the Property and Lender's securHy iH~crc~t. These expenses will bear interest from the date of the payment until paid in full at the highest interest rate in effect HS pl~,vidud in the terms of the Secured Debt. Mortgagor agrees to pay all costs and expenses incurred by Lender in collecting, cHl'~,lcmk~ Hr protecting Lender's rights and remedies under this Security Instrument. This amount may include, but is not limHed H,~ rt'H,~onable attorneys' fees, court costs, and other legal expenses. This amount does not include attorneys' fees for a salaried cmph~yee of the Lender. This Security Instrument shall remain in effect until released. Mortgagor agrees to pay for ally rcc~rd:H H~H costs of such release. 16. ENVIRONMENTAL LAWS AND HAZARI)()IIS SUBSTANCES. As used in this section, (I) Environmental Law means, without limitation, the Comprehensive EHvir-HH~cHhd Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), and all other federal, state aiid I~cHI laws, regulations, ordinances, court orders, auorney general opinions or interpretive letters concerning the public huH{th, safety, welfare, environment or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hH/Hrth,u.~ material, waste, pollutant or contaminant which has characteristics which render the substance dangerous or poleHIiHlly ,IHHgerous to the public, health, safety, welfare or environment. The term includes, without limitation, any substaHccs dcFiHed as "hazardous material," "toxic substances," 'hazardous waste" or "hazardous substance" under any EnvironmcH~HI l:,w. Mortgagor represents, warrants and agrees HH(I: A. Except as previously disclosed and ackH,,~lcdged in writing to Lender, no Hazardous Substance is or will be located, stored or released on or in the Propcr~y. '{hi~ restriction does not apply to small quantities of Hazardous Substances that are generally recognized to be appropriHlc I,, thc normal use and maintenance of the Property. B. Except as previously disclosed and ackH~vlcdgcd in writing to Lender, Mortgagor and every tenant have been, are, and shall remain in full compliance with HHy HpIll icHhle Environmental Law. C. Mortgagor shall immediately notify l.eHdt!~ il' a release or threatened release of a Hazardous Substance occurs on, under or about the Property or there ix a vi(,hHi,,, of any Environmental Law concerning the Property. In such an event, Mortgagor shall take all necessary remcdiHI Hcl i-n in accordance with any Environmental Law. D. Mortgagor shall hnmediately notify l~cHtlcl ill writing as soon as Mortgagor has reason to believe there is any pending or threatened investigation, clahn, or pr~)cccdiH,~ relating to the release or threatened release of any Hazardous Substance or the violation of any Environmental Law 17. CONDEM2NATION. Mortgagor will give l.t, Hd~.l prompt notice of any pending or threatened action, by private or public entities to purchase or take any or all of Htc l'Hql~'rly through condemnation, eminent domain, or any other means. Mortgagor authorizes Lender to intervene in Mortgag(,(% H:,Hc in any of the above described actions or claims. Mortgagor assigns to Lender the proceeds of any award or clahH F,r dHIH:~gcs connected with a condemnation or other taking of all or any part of the Property. Such proceeds shall be considered ii:~vmcnts and will be applied as Provided in this Security Instrument. This assignment of proceeds is subject to the terms ~l~ ;~ H!; prior mortgage, deed of trust, security agreement or other lien document. 18. INSURANCE. Mortgagor shall keep Propcr~y iH~,rcd against loss by fire, flood, theft and other hazards and risks reasonably associated with the Property due to its type arid I,,,Hion. This insurance shall be maintained in the amounts and for the periods that Lender requires. The insurance carrier pr~vidJHU the insurance shall be chosen by Mortgagor subject to Lender's approval, which shall not be unreasonably withheld, ti ~,l,u'~gagor fails to maintain the coverage described above, Lender may, at Lender's option, obtain coverage to protec~ l~cmh,I '~ rights in the Property according to the terms of this Security Instrument. All insurance policies and renewals shall bc ;~cc~'p~able to Lender and shall include a standard "mortgage clause" and, where applicable, "loss payee clause." Mortgagor shrill immediately notify Lender of cancellation or termination of the insurance. Lender shall have the right to hold the policies ~Hd renewals. If Lender requires, Mortgagor shall immediately give to Lender all receipts of paid premiums and renewal H~Hicc~ I Ipon loss, Mortgagor shall give immediate notice to the insurance carrier and Lender. Lender may make proof of loss il' H~,t mHde innnediately by Mortgagor. Unless otherwise agreed in writing, all iHsurHHcc I,(~ceeds shall be applied to the restoration or repair of the Property or to the Secured Debt, whether or not then due, a~ I.clHh:r's option. Any application of proceeds to principal shall not extend or Bankers Systems, Inc., St. Cloud, MN (1-800-397 2341) F~;~,~ ,:r ~TG-WY 11/18/94 (page.~3 of 4) postpone the due date of the scheduled payment nor change the an,,um o1' any payment. Any excess will be paid to the Mortgagor. If the Property is acquired by Lender, Mortgager's righ~ I,, any insurance policies and proceeds resulting from damage to the Property before the acquisition shall pass to Lender lu Iht cxlcn{ of the Secured Debt immediately before the acquisition. 19. ESCROW FOR TAXES AND INSURANCE. Unless otherwise prmidt:d iu 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. kl,.~,a~t,- will provide to Lender upon request, any financial statement or information Lender may deem reasonably necc,s:.~ Mortgagor agrees to sign, deliver, and file any additional documents or certifications that Lender may consider ltcc'css;li'y Itl perfect, continue, and preserve Mortgager's obligations under this Security Instrument and Lender's lien status on thc 21. JOINT AND INDIVIDUAL LIABII,ITY; CO-SIGNERS; SUCCES,~a )ItS AND ASSIGNS BOUND. All duties under this Security Instrument are joint and individual. If Mortgagor signs this Sec,rip. htstrmnent but does not sign an evidence of debt, Mortgagor does so only to mortgage Mortgager's interest in the !'~ ~cny m secure payment of the Secured Debt and Mortgagor does not agree to be personally liable on the Secured DeN I ~lus 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. ~lhcs'v ~ghts may include, but are not limited to, any anti-deficiency or one-action laws. Mortgagor agrees that Lender and a,,. l/any to this Security Instrument may extend, modify or make any change in the terms of this Security Instrument or any ,.,. }dy,cc of debt without Mortgager's consent. Such a change will not release Mortgagor from the terms of this Security IHqrumcnt. The duties and benefits of this Security Instrument shall bind and benefit the successors and assigns of MortgaD, ,mi I.cnder. 22. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This .%curity Instrument is governed by the laws of the jurisdiction in which Lender is located, except to the extent otherwiw ~cquircd by the laws of the jurisdiction where the Property is located. This Security Instrument is complete and fully inlc,~:m,d. This Security Instrument may not be amended or modified by oral agreement. Any section in this Security Instrumenl. :Hh~chmcnts, Or any agreement related to the Secured Debt that conflicts with applicable law will not be effective, unless Ihal law expressly or impliedly permits the variations by written agreement. If any section of this Security Instrument cannot h~ vHIm'ccd according to its terms, that section will be severed and will not affect the enforceability of the remainder of this Nvcurity Instrument. Whenever used, the singular shall include the plural and the plural the singular. The captions and headings ~1 Ihe sections of this Security Instrument are for convenience only and are not to be used to interpret or define the terms t}l' dfis Security Instrument. Time is of the essence tn this Security Instrument. 23. NOTICE. Unless otherwise required by law, any notice shall be givc, hv tMivering it or by mailing it by first class mail to the appropriate party's address on page I of this Security Instrument, ~,, ~ any 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 waivc~ a%, right regarding the marshalling of liens and assets and all homestead exemption rights relating to the Property. 25. OTHER TERMS. If checked, the following are applicable to this Sect, il5 InHrument: [] Line of Credit. The Secured Debt includes a revolving line el' ctcdil provision. Although the Secured Debt may be reduced to a zero balance, this Security Instrument will remain in ,'~ iccl until released. [] Construction Loan. This Security Instrument secures an obliga~, ,,, recurred for the construction of an hnprovement on the Property. [] Fixture Filing. Mortgagor grants to Lender a security interesl ,, all goods that Mortgagor owns now or in the future and that are or will become fixtures related to the Property. Thi~ ',ccurity Instrmnent suffices as a financing statement and any carbon, photographic or other reproduction may be filcd t}r record for purposes of Article 9 of the Uniform Commercial Code. [] Riders. The covenants and agreements of each of the riders chcvkcd below are incorporated into and supplement and amend the terms of this Security Instrument. [Check all applicable [] Condominium Rider [] Planned Unit Development Rider {)thor ........................................................ [] Additional Terms. SIGNATURES: By signing below, Mortgagor agrees to the terms and covv.:ml5 contained in this Security Instrument and in any attachments. Mortgagor also acknowledges receipt of a copy of this Security I,a rm ncnt on the date stated on page 1. / / ..£ ............ ............ .......... (Signature) JOSEPH SHANAGHY (I~ate) (Sig~,a,,,'~ LYNE ~'E K. SHANAGHY ~! .......... i~'t~i" ACKNOWLEDGMENT: ........................... ~'"'~."" a-~ .... ~ ss STATE OF .W.¥.O.O}~ ........ COUN~T/y {H. ...... ~ .................................. . . 0~i~iau,~) This instrument was acknowledged before me this .... /.~ ..... day of :.."~....~:te~...~..~s9..O..'.~. ............... by O.o.8..EPH .8.H..A.N.A..G.qy; [YNl~T.l'.E. I(..S..HA.N..AqH. y, .mtu.s.~.A.N.O A.N~ ~t[.~ ............ My connnissiOn(s~.,) expires: ~7 - ,o~-0 S'"' :' ~J2~'~.'~.~ .e:.~.'"-'~Z":~ ............................. ............. .... ..... (~;;.¥ ~;'~;~5 ........................... c(01994 Bankers Systems, Inc., St. CIoue MN [1-800-397-23411 Form RE-MTG-WY 11118194 (page 4 of 4)