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HomeMy WebLinkAbout90491807,8 State of Wyoming Space Above This Line For Recording Data MORTGAGE (With Future Advance Clause) DATE AND PARTIES. The date of this Mortgage (Security Instrument) is .1.!:2..3:.2.0.0..4 ................................... and the parties, their addresses and tax identification numbers, if required, are as follows: MORTGAGOR: KYLE E. ERICKSON AND WENDY O. ERICKSON, HUSBAND AND WIFE PO BOX 82 AUBURN, WY 83111 e [] If checked, refer to the attached Addendum incorporated herein, for additional Mortgagors, their signatures and acknowledgments. LENDER: THE BANK OF STAR VALLEY ORGANIZED AND EXISTING UNDER THE LAWS OF THE STATE OF WYOMING 384 WASHINGTON STREET PO BOX 8007 AFTON, WY 83110 83-0315143 CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debt (defmed below) and Mortgagor's performance under this Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with power of sale, the following described property: SEE SCHEDULE C ATTACHED HERETO AND MADE APART HEREOF RECEIVED 12/1/2004 at 3:49 PM RECEIVING# 904918 BOOK: 573 PAGE: 718 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY The property is located in ............................... .L!N.c..OkN ............................... at .7. 7. .6]. 4. . .H .W. .Y. .8. 9. ................................ (County) ...................................................................................... .S.~.0..0.T. ....................... Wyoming ........ .8.3. ! .2.~. ........ (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 future improvements, structures, fixtures, and replacements that may now, or at any time in file future, be part of file. real estate described above (all referred to as ".Property"). MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at any one time shall not exceed $ ~. ,0. .0.0...0.0. .......................................... This limitation of amount 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 perform any of file covenants contained in this Security Instrument. SECURED DEBT AND FUTURE ADVANCES. The term "Secured Debt" 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 amounts, interest rates, maturity dates, etc.) ONE PROMISSORY NOTE DATED 11-23-04 IN THE AMOUNT OF $55,000.00 WYOMING - MORTGAGE (NOT FOR FNMA, FHLMC, FHA OR VA USE) ©1994 Bar' "~:-;-~;s IncSt. Cloud, MN {1-8OO-397-2341) Form RE-MTG-W~, }, : ' :,.,:,:,;,;,;,;+: (page I of 4) All future advances from Lender to Mortgagor or other future obliga~i{ms of Mortgagor to Lender under any promissory note, contract, guaranty, or other evidence of debt executed by Mortgagor in hvor of Lender executed after this Security Instrument whether or not this Security Imtmment is specifically referenced. If more than one person signs this Security Instrument, each Mortgagor agrees that this Security Imtmmeut will secure all future advances and future obligations that are given to or incurred by any one or more Mortgagor, or ~my 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 cammitmem t~, make additional or future loans or advances in any mount. Any such commitment must be agreed to in a separate writing. C. All obligations Mortgagor owes to Lender, which may later arise, it, tile extent not prohibited by law, including, but not limited to, liabilities for overdrafts relating to any deposit account agreement between Mortgagor and Lender. All additional sums advanced and expenses incurred by Lender t~,r insuring, preserving or otherwise protecting the Property and its value and any other sum~ 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 give any required notice of the right of rescission. 5. PAYMENTS. Mortgagor agrees that all payments under the Secured Dchl 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 mortgage, deed of trust, security agreement or other lien document that created a prior security interest or encumbrance on the Properly. Mortgagor agrees: A. To make all payments when due and to perform or comply with all ct,vcnants. B. To prampfly deliver to Lender any notices that Mortgagor receives frt,m thc holder. C. Not to allow any modification or extension of, nor to request any fu~m'c 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, assessmems, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Property when due. Lender ma3 require Mortgagor to provide to Lender copies of all notices that such mounts are due and the receipts evidencing Mortga~t,r's payment. Mortgagor will defend title to the Property against any clalm~ that would impair the lien of this Security llislrumenl. Mortgagor agrees to assign to Lender, as requested by Lender, any rights, claims or defenses Mortgagor may hex c against parties who supply labor or materials to maintain or improve the Property. o DUE ON SALE OR ENCUMBRANCE. Lender may, at its option, declare the entire balance of the Secured Debt to be immediately due and payable upon the creation of, or contract for the creati{m of, any lien, encumbrance, transfer or sale of the Property. This right is subject to the restrictions imposed by federal law 112 C.F.R. 591), as applicable. This covenant ~hall run with the Property and shall remain in effect until the Secured Debt is paid m full and this Security instrument is released. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mt~rtgagor will keep the Property in good condition and make all repairs that are reasonably necessary. Mortgagor ~hall not commit t}r allow any waste, impairment, or deterioration of the Property. Mortgagor will keep the Property free of noxious weeds aim grasses. Mortgagor agrees that the nature of the occupancy and use will not substantially change without Lender's prior wrmcn consent. Mortgagor will not permit any change in any license, restrictive covenant or easement without Lender's prior wrmen consent. Mortgagor will notify Lender of all demands, proceedings, claim.q and actions against Mortgagor, and of any loss ,~r damage to the Property. ' Lender or Lender's agents may, at Lender's option, enter the Property at any reasonable time for the purpose of inspecting the Property. Lender .qhall give Mortgagor notice at the time of or before an inspection specifying a reasonable purpose for the inspection. Any inspection of the Property ~hall be entirely for Lender's benefit and Mortgagor will in no way rely on Lender's inspection. 10. AUIItORITY TO PERFORM. If Mortgagor fails to perform any duty ~r any of the covenants contained in this Security Instrument, Lender may, without notice, perform or cause them to be pcrfi~rmed. Mortgagor appoims Lender as attorney in fact to sign Mortgagor's name or pay any amount necessary for performance Lender's right to perform for Mortgagor .qhal! not create an obligation to perform, and Lender's failure to perform will nt)t preclude Lender from exercising any of Lender's other rights under the law or this Security Instrument. If any construction tm the Property is discontinued or not carried on in a reasonable manner, Lender may take all steps necessary to protect Lender's security interest in the Property, including completion of the construction. 11. ASSIGNMENT OF LEASES AND RENTS. Mortgagor irrevocably gr~mts, bargains, conveys, mortgages and warrants to Lender as additional security all the right, title and interest in and to an3' 'and all existing or future leases, subleases, and any other written or verbal agreements for the use and occupancy of any p~rtion of the Property, including any extensions, renewals, modifications or substifutions of such agreements (all referred t~} as "Leases") and rents, issues and profits (all referred to as "Rents"). Mortgagor will promptly provide Lender with truc and correct copies of all existing and future Leases. Mortgagor may collect, receive, enjoy and use the Rents so long as Mortga?r is not in default under the terms of this Security Instrument. Mortgagor agrees that this assJgnmem is immediately effective between thc parties to this Security Instrument. Mortgagor agrees that this assignment is effective as to third parties when Lender takes affirmative action prescribed by law, and that this assignment will remain in effect during any redemption period until thc Secured Debt is satisfied. Mortgagor agrees that Lender may take actual possession of the property without the necessity t,f commencing legal action and that actual possession is deemed to occur when Lender, or its agent, notifies Mortgagor of deft,dr and demands that any tenant pay all future Rents directly to Lender. On receiving notice of default, Mortgagor will endorse and deliver to Lender any payment of Rents in Mortgagor's possession and will receive any Rents in trust for Lender and will not commingle the Rents with any other funds. Any amounts collected will be applied as provided in this Security Instrumcm. Mortgagor warrants that no default exists under the Leases or any applicable landlord/tenant law. Mortgagor also agrees tt~ maintain and require any tenant to comply with the terms of the Leases and applicable law. ©1994 Bankers Systems, Inc., St. Cloud, MN 11-800-397-23411 Form BE-MTG*WY 11/18/94 [page < 075,0 12. I.FASF. ROLDS; CONDOMINIUMS; PLANNED UNIT DEVEL¢)I'.~IENTS. Mortgagor agrees to comply with the provisions of any lease if this Security Instrument is on a leasehold, il' thc Property includes a unit in a condominium or a planned unit development, Mortgagor will perform all of Mortgagor's alL, lies 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 ~hc Secured Debt fails to make payment when due. Mortgagor will be in default ifa breach occurs under the terms of ~his Sc~'urity Instrument or any other document executed for the purpose of creating, securing or gunrunning the Secured Debt. A ~'~,d faith belief by Lender that Lender at any time is insecure with respect to any person or entity obligamd on the Secured l)d~ ~r that the prospect of any payment or the value of £he Property is impaired shall also constitute an event of default. 14. REMlqDIES 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 ~r l~rcclosure actions. Subjec~ to these limitations, if any, Lender may accelerate the Secured Debt and foreclose efts Security Instrumem 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, z~ccrucd 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 provided by law, the terms t,~ the Secured Debt, this Security Instrument and any related documents including, without limitation, the power to sell the l'rq)crty. All remedies are distinct, cumulative and not exclusive, and the Lender is entitled to all remedies provided at lax~ tlr equity, whether or not expressly set forth. The acceptance by Lender of any sum m payment or partial payment on thc Secured Debt after the balance is due or is accelerated or after foreclosure proceedings are fried shall not constitute a waiver ol Ixndcr's right to require complete cure of any existing default. By not exercising any remedy on Mortgagor's default, Lender tlt~es not waive Lender's right to later consider the event a default if it continues or happens again. 15. EXPENSES; ADVANCES ON COVENANTS; ATrORNEYS' FEI.3; COLLECTION COSTS. Except when prohibited by law, Mortgagor agrees to pay all of Lender's expenses ff Mortga?r breaches 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 x~ ill 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 mc Secured Debt. Mortgagor agrees to pay all costs and expenses incurred by Lender in collecting, enforcing or protecting Lender's rights and remedies under this Security Instrument. This amount may include, but is not limited to, reasonable auorneys' Ices, 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 ~eleased. Mortgagor agrees to pay for any recordation costs of such eel ease. 16. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law means, without limitation, the Comprehensive Environmental Response, Coml~cn~auon and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), and all other federal, state and local laws, regulations, t)l'dmances, court orders, auoruey general opinions or interpretive letters concerning the public health, safety, welfare, env~r,~nment or a ha?ardons substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, l~t~llutant or contaminant 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 "ha?ardous substance" under any Environmental Law. Mortgagor represents, warrants and agrees that: A. Except as previously disclosed and acknowledged in writing to lxnder, no Hazardous Substance is or will be located, stored or released on or in the Property. This restriction does nt,~ ~pply to small quantifies of Ha?ardous Substances that are generally recognized to be appropriate for the normal use and maintenance of the Property. B. Except as previously disclosed and acknowledged in writing to l.cndcr, Mortgagor and every tenant have been, are, and shall remain in full compliance with any applicable Envirnnmental l~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 Environlncutal Law concerning the Property. In such an event, Mortgagor shall take all necessary remedial action in accordance with any Environmental Law. D. Mortgagor shall immediately notify Lender in writing as soon as ~lortgagor has reason to believe there is any pending or threatened investigation, claim, or proceeding relating to the rclc~tsc or threatened release of any Ha?ardous Substance or the violation of any Environmental Law. 17. CONDEMNATION. Mortgagor will give Lender prompt notice of any pending or threatened action, by private or public entities to purchase or take any or all of the Property through condemnation, eminent domain~ or any other means. Mortgagor authomes Lender to intervene in Mortgagor's name in any of thc ~,,,vc described actions or claims. Mortgagor assigns to Lender the proceeds of any award or claim for damages connected with ,~ condenmanon or other taking of all or any pan of the Property. Such proceeds shall be considered payments and will bc al)plied as provided in this Security Instrument. This assignment of proceeds is subject to the terms of any prior mortgage, dccd of trust, security agreement or other lien document. 18. INSURANCE. Mortgagor shall keep Property insured againgt loss bx ~n'c, flood, 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 sh:tll bc chosen by Mortgagor subject to Lender's approval, which shall not be unreasonably withheld. If Mortgagor fails to m'~tmtain the coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Propcrt3 according to the terms of this Security Instrument. All insurance policies and renewals shall be acceptable to Lender antl shall include a standard "mortgage clause" and, where applicable, "loss payee clause." Mortgagor ghall immediately notify l.ender of cancellation or termination of the insurance. Lender ghall have the right to hold the policies and renewals. If Lender requires, Mortgagor ghall immediately give to Lender all receipts of paid premiums and renewal notices. Upon loss, Mortgagor shall give immediate notice to the insurance carrmr and Lender. Lender may make proof of loss if not made immediately by IXlortgagor. Unless otherwise agreed in writing, all insurance proceeds shall be appl lcd 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 ~hall not extend or ©1994 Bankers Systems, Inc., St. Cloud, MN {1-800-397-2341} Form RE-MTG-WY 11/18/94 [page 3 of 4} postpone the due date of the scheduled payment nor change the am{~uat of any payment. Any excess will be paid to the Mortgagor. If the Property is acquired by Lender, Mortgager's righl ~o any insurance policies and proceeds resulting from damage to the Property before the acquisition shall pass to Lender tt~ thc extent of the Secured Debt immediately 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. lX'h~rtgagor will provide to Lender upon request, any financial statement or information Lender may deem reasonably necessary. Mortgagor agrees to sign, deliver, and file any additional documents or certifications that Lender may consider necessary to perfect, continue, and preserve Mortgagor's obligations under this Security Instrument and Lender's lien stares on the Property 21. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Security Instrument are joint and individual. If Mortgagor signs this Security Instrument but does not sign an evidence of debt, Mortgagor does so only to mortgage Mortgagor's interest in the l%pcrty to secure payment of the Secured Debt and Mortgagor does not agree to be personally liable on the Secured Debt. If this Security Instrument secures a guaranty between Lender and Mortgagor, Mortgagor agrees to waive any rights that may prevent Lender from bringing any action ar 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. Mortgagor agrees that Lender and any party to this Security Instrument may extend, modify or make any change in the terms of this Security Instrument or any evidence of debt without Mortgagor'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 anti Lender. 22. 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 integrated This Security Instrument may not be amended or modified by oral agreement. Any section in this Security Instrument, attachments, Or'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 terms, 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 the sections of this Security Instrument are for convenience only and are not to be used to interpret or define the terms t~l' this Security Instrument. Time is of the essence in this Security Instrument. 23. NOTICE. Unless otherwise required by law, any notice shall be given by delivering it or by mailing it by first class mail to the appropriate party's address on page 1 of this Security Instrument, tlr to 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 waives any 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 Security Instrument: [] 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 effect until released. [] Construction Loan. This Security Instrument secures an obligatl~n incurred for the construction of an improvement 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. This Security Instrument suffices as a f'mancing 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 amend the terms of this Security Instrument. [Check all applicable b{~xes] [] Condominium Rider [] Planned Unit Developmem Rider {3 Other ........................................................ [] Additional Terms. SIGNATURES: By signing below, Mortgagor agrees to the terms and covenants contained in this Security Instrument and in any attachments. Mortgagor also acknowledges receipt of a copy of this Security ln,~tFument on the date stated on page 1. ..............................................(Date) ACKNOWLEDGMENT: STATE OF .W..Y.O.,M.[.N,6.. (Individual) ................................. COUNTY OF ................................................. } ss. This instrument was acknowledged before me this . .2.3..[tq day of .fl..Oy..[~. ER, 20.0.4} by KYLE E. ERICKSON/WENDY D ERICKS0.N, HUSBAND AND WIFE ........................................ ~y commission expires: ,.. .... ~.~,.~_ /~ .~ ' ....................... ................................ ©1994 Bankers Systems, Inc., St. Cloud, MN ll-800-397-2341! Form RE-MTG-WY 11/18/94 [page 4 of 4) SCHEDULE C The land referred to in this commitment is situated in the State of Wyoming, County of Lincoln, and is described as follows: That part of GLO Lot 3. of Section 5, T30N, Rll8W, Lincoln County, Wyoming, it being the intent to more cc~rrectly describe a part of that tract of record in the ~ffice of the Clerk of Lincoln County in Book 44'4PR on page 554, as follows: BEGINNING at the northwest corner Of said tract marked by a MAG-nail,~ on the west line of said GLO Lot 3, S 00°15'13,, E, 107.00 feet from the northwest corner of said GLO Lot 3; thence N 89024'00'' E, 163.00 feet, along the north line of said tract, along a line parallel with the north line of said GLO Lot 3, to the northeast point of said mract; thence S .00o15'13,, E, 131.88 feet, along the east line of said tract, to a point; thence S 86055'25'' W, 16'3.20 feet to a MAG-nail on fhe west line of said tract, identical with the west line of said GLO Lot 3; thence N 00°15'13" W, 138.93 feet, along said west line, to the MAG-NAiL OF BEGINNING. 11/91