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HomeMy WebLinkAbout905273State of Wyoming RECEIVED 12/15/2004 at 10:26 AM RECEIVING # 905273 · ' BOOK: 574 PAGE: 847 ,. ~L. JEANNE WAGNER · -.. !,..~ ,: LINCOLN COUNTY CLERK, KEMMERER. WY '~ :' ~ImCe Above This Line For Recording Data MORTGAGE (With Future Advance C l:m se) DATE AND PARTIES. The date of this Mortgage (Security Insirumcm) is 1.2...1.3.-.2.Qo,.4 .................................... and the parties, their addresses and tax identification numbers, if req.uired, are as tflh)ws: MORTGAGOR: HAROLD R. SANDS AND DORIS E. SANDS, TRUSTEES OF THE SANDS ]RUST. DATED NOVEMBER 22, 1999 P.O. BOX 982 TI-IAYNE, WY 83127 [] If checked, refer to the attached Addendum incorporated hcruin. acknowledgments. LENDER: BANK OF JACKSON HOLE ,. ORGANIZED AND EXISTING UNDER THE LAW~ OF THE STATE OF WYOMING 990 W. BROADWAY P.O. BOX 7000 JACKSON, WY 83002 for additional Mortgagors, their signatures and (ii CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debt (defined below) and Mortgagor's performance under ~his Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with power of sale, the folh,wing described property: L01 77 OF PRATE R CANYON ESIAIES UNIT NO. 4, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT THtEREOE The property is located in ................................ LJ~.C.0..kN ............................... at LO.V. 7.7. PB.&V.a.a..c. GN¥ON.~.s.V..aZ~.s. ............... (County) .................................................................................... (I!~y~E. ....................... Wyoming ......... 8.3.!.2.7. ........ (Address) ( ('ity) (ZIP Code) Together with all rights, easements, appurtenances, royalties, mineral r~ghts, 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 the future, be part of the real estate described above (all refcrrud to as "Property"). MAXIMUM OBLIGATION LIMIT. The total principal amount securt.d hy this Security Instrument at any one time shall not exceed $ J.9.3.,.5.0..0..0..0 .......................................... This limitation uf amuunt 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 i~crl'{u-nl any of the covenants contained in this Security Instrument. SECURED DEBT AND FUTURE ADVANCES. The term "Secured I)cht" is defined as follows: A. Debt incurred under the terms of all promissory note(s), comracl(s), guaranty(s) or other evidence of debt described below and all their extensions, renewals, modifications or .~uhstimtions. (When referencing the debts below it is suggested that you include items such as borrowers' names, note (tultuolls, interest rates, maturity dates, etc.) PROMISSORY NOTE DATED 12-13-2004 IN THE AMOUNT OF ~ 193,500.00 WYOMING - MORTGAGE {NOT FOR FNMA, FHLMC, FHA OR VA USE) c~1994 Bankers Systems. Inc., St. Cloud. MN (1-800-397-2341) Form RE-MTG-WY 11/18/9~ All future advances from Lender to Mortgagor or other future obliga~itms of Mortgagor to Lender under any promissory note, contract, guaranty, or other evidence of debt executed by Mml:~tagm in favor of Lender executed after this Security Instrument whether or not this Security Instrument is specifically ~cft:rcnced. If more than one person signs this Security Instrument, each Mortgagor agrees that this Security Instrument wil secure all future advances and future obligations that are given to or incurred by any one or more Mortgagor, m any ouc or more Mortgagor and others All future advances and other future obligations are secured by this Security lusl,'ument even though all or part may not yet be advanced. All future advances and other future obligations are sccmcd as il' made on the date of this Security Instrument. Nothing in this Security Instrument shall constitute a commitmem ,~ make additional or future loans or advances in any amount. Any such commitment must be agreed to in a separate wnl C. All obligations Mortgagor owes to Lender, which may later arisc, t~ Ibc extent not prohibited by law, including, but not limited to, liabilities for overdrafts relating to any deposit account agl uc~ UCln bclween Mortgagor and Lender. All additional sums advanced and expenses incurred by Lender r,,r insuring, preserving or otherwise protecting the Property and its value and any other sums advanced and expenses mcut'red by Lender under the terms of this Security Instrument. This Security Instrument will not secure any other debt if Lender fails to give ',my required notice of the right of rescission. 5. PAYMENTS. Mortgagor agrees that all payments under the Secured 1)~.11~ 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 mortg:,~c, deed of trust, security agreement or other lien document that created a prior security interest or encumbrance on the Propcrt y. Mortgagor agrees: A. To make all payments when due and to perform or comply, with all c,~vcnants. B. To promptly deliver to Lender any notices that Mortgagor receives t'~,~u iht holder. C. Not to allow any modification or extension of, nor to request a% fulure advances under any note or agree~nent secured by the lien document without Lender's prior written consent, CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, assessmcms, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Property when due. Lender ma,. rcquire Mortgagor to provide to Lender copies of all notices that such amounts are due and the receipts evidencing Mon~ag,~r's payment. Mortgagor will defend title to the Property against any claims that would impair the lien of this Security I~}sIrumcnt. Mortgagor agrees to assign to Lender, as requested by Lender, any rights, claims or defenses Mortgagor may have against parties who supply labor or ~naterials 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 inunedintely due and payable upon the creation of, or contract for the crcati~m of, any lien, encumbrance, transfer or sale of the Property. This right is subject to the restrictions imposed by federal law ~12 ~! F.R. 591), as applicable. This covenant shall run with the Property and shall remain in effect until the Secured Debt is paid in I'ull and this Security Instrument is released. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. rxhmgagor will keep the Property in good condition and make all repairs that are reasonably necessary. Mortgagor shall not cotmni ~' allow any waste, impairment, or deterioration of the Property. Mortgagor will keep the Property free of noxious weeds and grasses. Mortgagor agrees that the nature of the occupancy and use will not substantially change without Lender's prior wriHcn consent. Mortgagor will not permit any change m any license, restrictive covenant or easement without Lender's pri,r wrmcn consent. Mortgagor will notify Lender of all demands, proceedings, claims and actions against Mortgagor, and of any I, ,ss m' dalnage to the Property. Lender or Lender's agents may, at Lender's option, enter the Property ;t~ a,y ,'casonable 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 Lender's benefit and Mortgagor will in no way rely on Lender's inspection. 10. AUTHORITY TO PERFORlVl. If Mortgagor fails to perform any dray o,- any of the covenants contained in this Security Instrument, Lender may, without notice, perform or cause them to be i~c,Tmmed. Mortgagor appoints Lender as attorney in fact to sign Mortgagor's name or pay any amount necessary for perfim~ancc Lender's right to perform for Mortgagor shall not create an obligation to perform, and Lender's failure to perform will m,l 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 I cudcr's security interest in the Property, including completion of the construction. 11. ASSIGNMENT OF LEASES AND RENTS. Mortgagor irrevocably grams, bargains, conveys, mortgages and warrants to Lender as additional security all the right, title and interest in and to any and all existing or future leases, subleases, and any other written or verbal agreements for the use and occupancy of any l~onion of the Property, including any extensions, renewals, modifications or substitutions of such agreements (all referred m as "Leases") and rents, issues and profits (all referred to as "Rents"). Mortgagor will promptly provide Lender with m~c and correct copies of all existing and future Leases Mortgagor may collect, receive, enjoy and use the Rents so long as Mm'tl,:~gm- is not in default under the terms of this Security Instrument. Mortgagor agrees that this assignment is immediately effective between ~l~c 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 hc Secured Debt is satisfied. Mortgagor agrees that Lender may take actual possession of the property withoul the necessity {~r c~mm~encing legal action and that actual possession is deemed to occur when Lender, or its agent, notifies Mortgagor of dcfaull and demands that any tenant pay all future Rents directly to Lender. On receiving notice of default, Mortgagor will e,~dt~sc and deliver to Lender any payment of Rents in Mortgagor's possession and will receive any Rents in trust for Lender and will not conunmgle the Rents with any other funds. Any amounts collected will be applied as provided in this Security Insm,~m.m Mortgagor warrants that no default exists under the Leases or any applicable landlord/tenant law Mortgagor also agrees h, t~aimain and require any tenant to comply with the terms of the Leases and applicable law. ©1994 Bankers Systems, Inc., St. Cloud, MN (1-800-397-2341) Form RE-MTG-WY 11118194 ~ , .~%7', :,:,,~, 12. LEASEItOLDS; CONDOMINIUMS; PLANNED UNIT DEVEI.()I'MENTS. Mortgagor agrees to cotnply with the provisions of any lease if this Security Instrument is on a leasehold~ I1' Iht Property includes a unit in a condominium or a planned unit development, Mortgagor will perform all of Mortgagor'.s thllies under the covenants, by-laws, or regulations of the condominimn or planned unit development. ~ 13. DEFAULT. ,Mortgagor will. be in default if any party obligated m~ Ihe Secured Debt fails to make pa~rment when due. Mortgagor will be in default ff a breach occurs under the terms of this Security li~strmnent Or any other document executed for the purpose of creating;-Securing 'or'gfiarantying the Secured Debt. A )2~tl raid~ belief by Lender that Lender at any time is insecure with respect to any person or entity obligated on the Secured I)ehl or dmt the ptZ0spect of any paymem ~r the value of the Property is impaired shall 'als'o' constitute an event of default. 14. REMEDIES 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 fi~r fm'eclosure actions. Subject to these limitations, if any, Lender may accelerate the Secured Debt and foreclose this Securit5 lnslrument in a manner provided by law if Mortgagor is in default. 15. 16. At the option of Lender, all or any part of the agreed fees and charges. ;~co'ucd 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 ,,r dte Secured Debt, this Security Instrument and any related documents including, without limitation, the power to sell the I'r~pcrty. All remedies are distinct, cumulative and not exclusive, and the Lender is entitled to all remedies provided at law ~,r equity, whether or not expressly set forth. The acceptance by Lender of any sum in payment or partial payment on tl~e .'-it,cured Debt after the balance is due or is accelerated or after foreclosure proceedings are filed shall not constitute a waiver .r lender's right to require complete cure of any existing default. By not exercising any remedy on Mortgager's default, Lendc, th,cs m~t waive Lender's right to later consider the event a default if it continues or happens again. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES: COLLECTION COSTS. Except when prohibited by law, Mortgagor agrees to pay all of Lender's expenses if Mortgag,,r' h,'caches any covenant in this Security Instrument. Mortgagor will also pay on demand any amount incurred by Lc~dcr I'~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 or d~c Secured Debt. Mortgagor agreesto pay all costs and expenses incurred by Lender in collecting, enforcing or protecting Lender's ,'ights and remedies under this Security Instrument. This amount may include, but is not limited to, reasonable attorneys' I'd'es, c,,urt 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 recordation costs of such release. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. ks used ill this section, (I) Environmental Law means, without limitation, the Comprehensive Environmental Response, Colnpe~sad~m and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), and all other federal, state and local laws, regulations, t,rdinances, court orders, attorney general opinions or interpretive letters concerning the public health, safety, welfare, e,Mr,,,mcnt or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, p, 41uhm! or contaminant which has characteristics which render the substance dangerous or potentially dangerous to the public healdh safety, welfare or environment. The term includes, without limitation, any substances defined as "hazardous m',tterial," "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 I~ I c,der, no Hazardous Substance is or will be located, stored or released on or in the Property This restriction does nt~t apply to small quantities of Hazardous Substances that are generally recognized to be appropriate for the normal use and mai,lenance of the Property. B. Except as previously disclosed and acknowledged in writing to [ t'lMer, Mm~tgagor and every tenant have been, are, and shall remain in full compliance with any applicable Environmental C. Mortgagor shall immediately notify Lender if a release or threalc,ed release of a Hazardous Substance occurs on, under or about the Property or there is a violation of any Environnw,hd Law concerning the Property. In such an event, Mortgagor shall take all necessary remedial action in accordance wilh :my Environmental Law. D. Mortgagor shall immediately notify Lender in writing as soon as Nh,'lgagor has reason to believe there is any pending or threatened investigation, claim, or proceeding relating to the release t,r threatened release of any Hazardous Substance or the violation of any Environmental Law. 17. 18. 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 condenmalimh eminent domain, or any other means. Mortgagor authorizes Lender to intervene in Mortgager's name in any of the ah,,vc described actions or claims. Mortgagor assigns to Lender the proceeds of any award or claim for damages connected wilh a cmMcmnation or other taking of all or any part of the Property. Such proceeds shall be considered payments and will bc ,q,plied as provided in this Security Instrument. This assignment of proceeds is subject to the terms of any prior mortgage, dccd ~1~ Irust, security agreement or other lien document. INSURANCE. Mortgagor shall keep Property insured against loss bv rite, llood, 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 shall hc chosen by Mortgagor subject to Lender's approval, which shall not be unreasonably withheld. If Mortgagor fails to maimain tl~e coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Propen3 acorn-ding to the terms of this Security Instrument. All insurance policies and renewals shall be acceptable to Lender and shall include a standard "mortgage clause" and, where applicable, "loss payee clause." Mortgagor shall immediately notify I.ender of cancellation or termination of the insurance. Lender shall have the right to hold the policies and renewals. If Lendc~ requires, Mortgagor shall irmnediately give to Lender all receipts of paid premiums and renewal notices Upon loss, Mortga~/,,r shall give h~maediate notice to the insurance carrier and Lender. Lender may make proof of loss if not made immediately by M~}rlgagor. Unless otherwise agreed in writing, all insurance proceeds shall be applk, d to the restoration 'hr rePair Of'the Property Or to the Secured Debt, whether or not then due, at Lender's option Any application of proceeds to pri.ncipal shall not extend or / ~~. fpage 3of4) c(¢1994 Bank,r, Sy,t .... I .... St. Cloud. MN (1-800-397-2341) Form RE-MTG-WY 11/1B/9~, , 19. 20. 21. 22. 23. 24. 2S. ..L0850 postpone the due date of the scheduled payment nor change the amoum .f ally payment. Any excess will be paid to the Mortgagor. If the Property is acquired by Lender, Mortgagor's right - :m) insurance policies and proceeds resulting from damage to the Property before the acquisition shall pass to Lender to II~. cx~cm of the Secured Debt immediately before the acquisition. 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. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. M,m~,gor will provide to Lender upon request, any financial statement or information Lender may deem reasonably necessarx 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 status on the l'r~,perty. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESS()RS 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 Pr{,l~crty to secure payment of the Secured Debt and Mortgagor does not agree to be personally liable on the Secured Debt. II Ihis Security Instrument secures a guaranty between Lender and Mortgagor, Mortgagor agrees to waive any rights that may prevent Lender from bringing any action or 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 m~y palty 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 I,slrumcnt. The duties and benefits of this Security Instrument shall bind and benefit the successors and assigns of Mortgagor and I,cnder APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Ncct, rity Instrument is governed by the laws of the jurisdiction in Which Lender is located, except to the extent otherwise ~equired by the laws of the jurisdiction where the Property is located. This Security Instrument is complete and fully integraled This Security Instrument may not be amended or modified by oral agreement. Any section in this Security Instrument, ;ttlachn~ents, or any agreement related to the Secured Debt that conflicts with applicable law will not be effective, unless thai law expressly or impliedly permits the variations by written agreement. If any section of this Security Instrument cannot bc c,forccd according to its terms, that section will be severed and will not affect the enforceability of the remainder of this Scctlrily Instrument. Whenever used, the singular shall include the plural and the plural the singular. The captions and headim, s .f the sections of this Security Instrument are for convenience only and are not to be used to interpret or define the terms t,~ dds Security Instrument. Time is of the essence in this Security Instrument. NOTICE. Unless otherwise required by law, any notice shall be given hv delivering it or by mailing it by first class mail to the appropriate party's address on page 1 of this Security Instrument, .r . a.y 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 waives ',m', right regarding the marshalling of liens and assets and all homestead exemption rights relating to the Property. OTFI~.R TERMS. If checked, the following are applicable to this Secmh y In.qruntent: [] Line of Credit. The Secured Debt includes a revolving line of crt.dil provision. Although the Secured Debt may be reduced to a zero balance, this Security Instrument will remain in clTect umil released. [] Construction Loan. This Security Instrument secures an obligation incurred for the construction of an improvement on the Property. [] Fixture Filing. Mortgagor grants to Lender a security interest in all g~ods that Mortgagor owns now or in the future and that are or will become fixtures related to the Property. This s~,curi~y Instrument suffices as a financing statement and any carbon, photographic or other reproduction may be filed ~fi' record for purposes of Article 9 of the Uniform Commercial Code. [] Riders. The covenants and agreements of each of the riders checked hclow are incorporated into and supplement and amend the terms of this Security Instrument. [Check all applicable h~,xcs I [] Condominium Rider [] Planned Unit Development Rider [~] ~)lher ........................................................ [] Additional Terms. SIGNATURES: By signing below, Mortgagor agrees to the terms and covcn,,~ls contained in this Security Instrument and in any attachments. Mortgagor also acknowledges receipt of a copy of this Security h~llUlnCnl t~tl the date stated on page 1. HAROLD R. SANDS AND DORIS E. SANDS, TRUSTEES OF THE SANDS TRUST, DATED NOVEMBER 22. 1999 _?, -.o c7 , ~'r~ ...................... i]~;};3 (Signamr,., ti(IRIS E. SANDS, TRUSTEE (Date) ACKNOWLEDGMENT: , · L' ~ ,, STATE OF....~..~ ................... COUNTX OF ..... t....V~...~...1~.. ......................... .~ ss.. Or,..ai ia,,.~)This ,i~stru~ed~t ~wa~ acknowle~l~ beforeAne ~is ..... I:.~. ........ .t~day.._of ..'~~.~...~.~.... by ...~.~ .... ~~...'"~-......~.,~...ff~.,_,-...~ ..CVI'~..C..~.~ .'.[7 ~.M~...O_-. ~...~, ......... /. .... _. :=.. ........ ' .... My commission expires: ~-~;~ , /~///~/) ~J //fi//'% .4~ ~ ~- (/ (Notary Public) c~1994- Bankers Systems, Inc., Sl Cloud, MN [1-800-397-2341) Form RE-MTG-WY 11/18194- (page 4 of 4)