The URL can be used to link to this page

Home My WebLink About90528412.103/2004 16:25 i3077399590 BAt'lh: OF JACKSON HOLE PAGE 82 i! oooo Ststa oil Wyomln~ RECEIVED 12/15/2004 at 11:10 AM RECEIVING # 905284 BOOK: 574 PAGE: 884 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY spac~ Above 33~tm Ll~e For Reco~ D~ta MORTGAGE (Wi~ Furze A~vance Clause) DATE AND ~ARTIES. T~ dam of this Mortgage (Security Instrmncat) is .1.1..3.0.-~.~Q4 .... . ................................ and flze partly, their addresses and tax identfficati0~l numbers, ff reqaked, arc as follows: MORTGAGOR: JOANNE MCCAULEY, A SINGLE PERSON P.O. BOX 1293 THAYNE, WY93127 [] If checked, refer to the attached Adde~ulum incorporated he[ein, for additiohal aok~owl~gment~, LI~NDt~R: BANK OF JACKSON HOLE OROANIZED AND EXISTING UNDER THE LAWS OF THE STATE OF WYOMING BBn W, BROADWAY P,O, BOX 7000 JACKSON, WY Mortgagors, ~eir signatures and CONArJgYANC~. For good a~d valuable consideration, the receipt and su. fficieacy of which is acloxowledged, a~d to secure ~e Secured Debt (defined below) and Mortgagor's perfonnance u,lder this Security Instrument, Mortgagor grants, bargaills, conveys, mortgages and warrants to Lender. wiflx power of sale, the following described property: LOT 6a IN STAB YALLEY RANCH PEAT 3, AlS PLATTED AND RECORDEO IN THE OFFICIAL RECORD~ OF UNCOLN COUNTY, WYOMINB. ,q TM property is located in ............................... g~l,qO~ ...............................a~ 2-.4O.qH.P.X~G[!I~BB.Y.D~I.VJE. ................ (CO~.~t~) ...................................................................................... 77{A. y~J,E, ....................... Wyomi~ ........ Aa. 1.2.7, ........ (AddLes) (City) (ZIP Ood~) Together with all rights, ease~nents, appurtenance, royalti~, mineral dglas, oll and g~ flgh~, al waer a~ riparian r~ts. dRch~, and wamt st~k a~ ~ ~ti~ a~ ~e ~prov~ms, structures, fix~, and repl~en~ ~ ~y ~ow, or at any t~e iu ~e f~e, be p~ of t~ re~ estate d~c~bed above (att referred to as "Prope~"). ~ OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at any one t~e shall mt exce~ $ J.qO,~O0,OO .......................................... ~is l~itatiol~ of ano~t do~ not i~lude ~ter~t ~d o~er te~ a~ ch~ges vainly m~e p~s~m to this Secur[~ l~trmem. Also, d)is limitation does ~t apply to ~vauces made ~er ~e te~ of ~is S~i~ Ia~r~e~t ~ pwmct ~nder% ~ecurity aM to perfo~ any of ~c cove~ cott~in~d in ~ Secur~ In~t~ent, SECURED DEBT AND 17UTURE ADVANCES. The term "Secured Debt" is defined as follows: A. Debt ktcurred u~d~r the terms of all promissory uote(s), contract(s), guaranty(s) or other c'vldeuce o£ debt described below and all their extensions, renewals, modilications or substitutiotts. (Il'hen referencing th.e debts below it i~ suggested that you include Items such as borrower~' natnes, note amounts, interest rates, maturity dat#~,, vtc.) PROMIBaORY NOTE 11 (]ODD AND ALL MODIFIP. ATIONB AND EXTEN81QN8 DF'RECORD. WYOMHdra · MORTGAGE (NOT PON FNMA, PHLMC, PHA OR VA USE) {~1~4 aanV, ers $¥~0me, lnG,, St. Cl~, MN {1-800-$07-2341) Form RE-MTG4NY 1 Page I of 4) 12/03/2004 i6:25 i307739S890 ~. · J ~ , ...... ~ B~ · · OF JACKSON HOLE :: ~: PAGE t33 B. All future advances from Leuder to Mortgagor .or other future o ~littations of Mortgagor to Lender under any promissory ixote, contract, guaranty, or other evidence of debt executed by Motlgagor ta favor of Lender executed after this Security Iasti'nment whether or not ibis Security Instrument is specifically referenced. If more than one person signs thks Security Instrument, each Mortgagor agre~ that this Security Instrument will secure all future advances and future obligation~ that are given to or Mcarred by any one or more Mortgagor, or any one ot more Mortgagor, and others. All future advances and other futttte obligations are secured by this Security Instrument even though all advanced. All future advances and other future obligations m-e .~ecured ss if made on th.e date of this Security [nstta~0o. ent. Nothing la this Security Instrument shall, constitute a comnritment to make addklonal or future loans or advances ia any amount, Any suck eom,-nltment must be agreed to ia a separate C. All obligatloa~ Mortgagor owes to Leader, which may later afL'ac, to the extent not prohibited by law, it~.¢luding, but not limited to, liabilities for overdrafts relating to any deposit aeeouo.t agreement between Mortgagor anti Leader, D. All. aflfiitlonal sums advanced and expenses incurred by Lender for insuring, preserving o~ otherwise proteetLng the Property and it* value and any other suals advanced a~ expe ~es incurred by Leafier under the terol$ of this Seeuttly Instrument. ' ' Thi~ Security Ia$tmolent will not secure an~, other debt if Leader fails ~o give any required notice of the right of reScisSion. $' PAYMENTS. Mortgagor agrees that all payments under the Secured Debt will be paid when due and in accordance with the terms of die Secured Debt and this Security Instrument. PRIOII 8ECURrrY INTERESTS. With regard to any other mortgage, deed of trust, seeudIy agreement or other lien doctunent.that created a pr[or security Interest or enetunbraaee on the Property, Mortgagor agrees: A. To make all payments when due and to perform or comply wktt alt covenants. B. To pwmpfly deliver to Lender any notices that Mortga~o~ recelve~ from the holder. C. Not to allow any mofiifleation or extension of, nor to request any future advances uttder any note or agreement secured by the lien documeoI wJlhout Leader's prior writum consent. ? CLAIM[$ AGAINST TITLE. Mortgagor will pay all taxes, assessme,~ts, liens, eaeLUalbrances, lease payment,, grotmd rents, utilities, and other charges relating to the Property wb. ea due. Lender may require Mortgagor to provide to Lender eoptes of all notices that such amounts are due and the receipts evidencing M~.~rtgagot's payment. Mortgagor will defend title to the Property against any claims that would impair the lien of this Security Instrument, Mortga~zor agrees to a~siga to Leuder, aa requested b~/ Lender, any rights, claims or defenses Mortgagor may kave against parties who suppl.y labor or materials to malataln or Improve the Property, SJ DLIE ON' SALE OR ENCI.1MBlZANC£. Lender may, at its option, declare the entire balance of tie ~ecured Debt to be immediately due and payable upon the creation of, or contract for the creatio~ o£, any Uen, enctunbrance, tra~fer or sale of the Property. This dgl~t is subject to the re~trietioas imposed by federal law (12 C.F,R, $91), as applicable. This covenant shall run with the Property and shall remain ia effect until, the Secured Debt is paid i~ dill and this Security Instnmxeat is releaaed, ~. PROPERTY CON'DrrlON, ALTERATIONS AND INSPECTION. Motxgagor will keep the Property ia good condition atxl make all. repairs that are reasonably ~ecessary. Mortgagor shall ant cmmmt or allow any waste, impairment, or deterioration of ~e Property. Mortgagor will keep the Property free of noxious weeds at~d g~asse$. Mortgagor agrees that the nature Of the occupancy and use will ant substantially change witlxout Lender's prior written con, eat. Mortgagor wUi not penntt any change ia any license, r~tricdve covenant or easement without Lender's prior writte~ consent. Mortgagor will notify Lender of all demands, proceedings, claims and actio~ agatnst Mortgagor, and of a,y loss or damage to the Property. Leaner or Leader's agents may, at Lender's option, enter the Prope~, at any reasonable time for the purpose of in~pecttng the Property. Lender shall give Mortgagor aottco at the time of or before, a~ i~speetioa specifying a reasonable purpose for the inspection. Any in.~pection of the Property sMll be entirely for L~mdcr's ~enefit and Mortgagor will. in no way rely oa Lender's inspection. 1. i~. ALrrftOR1TY TO PERFO~. If Mortgagor fails to perform any duly or any of the covenams contained In this Security Instrument, Lender may, without notice, perform or cause them to he performed. Mortgagor appoints Lender as attorney in fact to sign Mongagor's name or pay any amount necessary for perfo~t ~a~ce. Leade~:'s dgl~t to perform Ior Mortgagor shall not create aa obligation to perform, and Lender's failure to peffomt will ant preclude Lender fro~ exercising any of Leader's other rights under tlxe law or this Security lnstrmnent, lfany construction on the Property is discontinued or not carried on in a reasonable manner, Lender may take all steps necessary to prolect Le~'tder's Security interest tn the Propet'ty, [~ludlag completion of the e0astruetiou. ' A~$IGNMENT OF LEASES AND 1~27F$. Mortgagor ittevoeab.y gray, ts, bargains, conveys, mortifies and warrantS to Lender as additi. Oilal seedily alt the fight, fide and interest ia and to any and all existing or future leases, subleases, and paly other written or verbal agreements for the use and occupancy of ,ny portion of tb.e Property, including any extensiot~, renewals, modfl'l.cations or substitutions of such agreemeno (all refer~ed to as "Leases~) and renus, issues mad profits (all referred to as 'Rents'). Mortgagor will promptly provide Lender with true and correct copies of all existing and future Leaae.$, Mortgagor may collect, receive, e~joy and rue the Re~t~ so long as Mc~m.,agor is not ia default under the terms of this Security Instrument. ~ Mortgagor agrees tlkat this assignment is immediately effective between the parries to this Securky Instrument. Mortgagor agrees that this as.~lgnmeat b effective aa to third paten when Le~det mk'es affLunative action pteserJ, bed by law, and that tills assignment will remain in effect during any redemplioa period un(ii the Secured Debt is satisfied. Moxtgagor agree~ thai Leader may take actua~ possession of the property without the necessity of commencing legal aetio~ mad that aetu',d possession ts deemed to occur when Leader,. or Its agent, notifies Mortgagor of default and deanands that any ienaut pay all future Renu directly to Lender. Oft reeeiviug notice of default, Mortgagor will endorse and deliver to Le. ader any pa.ymeat of Rents la Mort~agor's possess~a and will reeewe emy Rents in tnmt for Lender ;tad will not commingle the Rents with any nth.er funds. Any amounts collected will be applied as provided la this Security [astra.meat, Mortgagor warrants that no default exists under the Lease~ or any applicable landlord/tenant law. Mortgagor also agrees to maintain ann requ{re any tenattt to comply wUg the tern'ns of the Leases and applicable law. ~1~4 I~an~r$ Sy~tern~, Ir~,, St, CIgud, MN 11-800-3~7-23~,11 Form RE-MTGoWy 11118/94 ,0886 12. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVEI.t)I'iXlENTS. Mortgagor agrees to co]nply with the provisions of any lease if this Security Instrument is on a leasehold. I1' ~ltc I'rt~perty includes a unit in a condominium or a planned unit development, Mortgagor will perform all of Mortgagor's dUliL'S u,tder the covenants, by-laws, or regulations of the condominium or planned unit development. 13. DEFAULT. Mortgagor will be in default if any party obligated o, thc %cured Debt fails to make payment when due. Mortgagor will be in default ff a breach occurs under the terms of this 5;,'ct, ri~y Instrument or any other document executed for the purpose of creating, securing or guarantying the Secured Debt. A ~,,n~d raid~ belief by Lender that Lender at any time is insecure with respect to any person or entity obligated on the Secured t [,.I)l ,,r that the prospect of any payment or the value of the Property is impaired shall also constitute an event of default. 14. REMEDIES ON DEFAULT. In some instances, federal and state law will require Lender to provide Mortgagor with notice of the right to cure or other notices and may establish time schedule~ I',,r rm'cclosure actions. Subject to these limitations, if any, Lender may accelerate the Secured Debt and foreclose this Secunt~ [~trulnent 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. ;~ccrtJcd interest and principal shah become immediately due and payable, after giving notice ff required by law, upon the occurrc~cc tff a default or anytime thereafter. In addition, Lender shall be entitled to all the remedies provided by law, the tenn~ ,,1 ~hc Secured Debt, this Security Instrument and any related documents including, without limitation, the power to sell thc. l'~,,pcriy. All re~nedies 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 stun in payment or partial payment on d~' 5,'cured Debt after the balance is due or is accelerated or after foreclosure proceedings are filed shall not constitute a waiver ,,I Icndcr's right to require complete cure of any existing default. By not exercising any remedy on Mortgagor's default, Lender ,I,,,,~ n,I waive Lender's right to later consider the event a default if it continues or happens again. 15. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES: ('OLLECTION COSTS. Except when prohibited by law, Mortgagor agrees to pay all of Lender's expenses if Mortg:q.,. breaches any covenant in this Security Instrument. Mortgagor will also pay on demand any amount incurred by Lcl~,kq I'~u' insuring, inspecting, preserving or otherwise protecting the Property and Lender's security interest. These expenses ,,,, ill hear iuterest from the date of the payment until paid in full at the highest interest rate in effect as provided in the terms of d~t. St_'cured Debt. Mortgagor agrees to pay all costs and expenses incurred by Lender in collecting, enforcing or protecting Lemk.~ '~ ri~h~s and remedies under this Security Instrument. This amount may include, but is not limited to, reasonable attorneys' r,,,,~, c,,urt costs, and other legal expenses. This amount does not include attorneys' fees for a salaried employee of the Lendc~ This Security Instrument shall re~nain in effect until released. Mortgagor agrees to pay for any recordation costs of such release. 16. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. \s u~cd in this section, (1) Environmental Law means, without limitation, the Comprehensive Environmental Response, Conq*,'~t~atitm and Liability Act (CERCLA. 42 U.S.C. 9601 et seq.), and all other federal, state and local laws, regulations, ~dimmccs, court orders, attorney general opinions or interpretive leuers concerning the public health, safety, welfare, envit,,~,~ca~ or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, l)tdlulanl or contaminant which has characteristics which render the substance dangerous or potentially dangerous to the public' hc:dlh, safety, welfare or enviromnent. The term includes, without limitation, any substances defined as "hazardous ~,:~wrial," "toxic substances," "hazardous waste" or "hazardous substance' under any Environmental Law. Mortgagor represents, warrants and agrees that: A. Except as previously disclosed and acknowledged in writing to I crater, no Hazardous Substance is or will be located, stored or released on or in the Property This restriction does m,~ ,q,pty itl small quantities of Hazardous Substances that are generally recognized to be appropriate for the normal use and ~:~i,~ C'l~a ncc of the Property. B. Except as previously disclosed and acknowledged in writing to I t'lltlt.r, Mortgagor and every tenant have been, are, and shall remain in full compliance with any applicable Envirotm~ental C. Mortgagor shall immediately notify Lender if a release or threal,'~c, release of a Hazardous Substance occurs on, under or about the Property or there is a violation of any Enviromn,.,~,l I.aw concerning the Property. In such an event, Mortgagor shall take all necessary remedial action in accordance with :~t~3' F:nviromnental Law. D. Mortgagor shall immediately notify Lender in writing as soon as ~,l,,rl~agor has reason to believe there is any pending or threatened investigation, claim, or proceeding relating to the relc,~. ,,r d~x'catened release of any Hazardous Substance or the violation of any Environmental Law. 17. CONDEMNATION. Mortgagor will give Lender prompt notice of ,,v pct~diag or threatened action, by private or public entities to purchase or take any or all of the Property through condem,:~i,, ~, eminent domain, or any other means. Mortgagor authorizes Lender to intervene in Mortgagor's nmne in any of the ah,~,.',, described actions or claims. Mortgagor assigns to Lender the proceeds of any award or clann for damages connected wid~ ~ ~',,ndcmnation or other taking of all or any part of the Property. Such proceeds shall be considered payments and will bc :qq)licd as provided in this Security Instrument. This ass~gument of proceeds is subject to the terms of any prior mortgage, deed ~d' lru.q, security agreement or other lien document. 18. INSURANCE. Mortgagor shall keep Property insured against loss by fi~c, llt~t~d, theft and other hazards and risks reasonably associated with the Property due to its type and location. This insurance ~h;dl bc maintained in the amounts and for the periods that Lender requires. The insurance carrier providing the insurance shall hc ch,~scn by Mortgagor subject to Lender's approval, which shall not be unreasonably withheld. If Mortgagor fails to nt',~im'ain Ihe coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Prope% .~cctu'ding to the terms of this Security Instrument. All insurance policies and renewals shall be acceptable to Lender and ~h:dl ittclude a standard "mortgage clause" and, where applicable, "loss payee clause." Mortgagor shall immediately notify I ,.ndcr of cancellation or termination of the insurance. Lender shall have the right to hold the policies and renewals. If Lendc~ ~,.quircs, Mortgagor shall inanediately give to Lender all receipts of paid premiums and renewal notices. Upon loss, Mortga~2,,~ ~hall give immediate notice to the insurance carrier and Lender. Lender may make proof of loss if not made immediately by k l,,rt td a gt~r. Unless otherwise agreed in writing, all insurance proceeds shall be applied tt~ Ibc restoration or repair of the Property or to the Secured Debt, whether or not then due, at Lender's option. Any alqdic',ttitm of proceeds to principal shall not extend or (page 3 of 4) f~1994 Bankers Syaterna, Inc., St. Cloud, MN 1-800-397-23¢1! Form RE-MTG-WY 1 19. 20. 21. 22. 23. 24. 25. postpone the due date of the scheduled payment nor change the am,mm t~ any payment. Any excess will be paid to the Mortgagor. If the Property is acquired by Lender, Mortgagor's ri~h~ , ;~ y insurance policies and proceeds resulting from damage to the Property before the acquisition shall pass to Lender i~ ~ht' c×lcm of the Secured Debt immediately before the acquisition. ESCROW FOR TAXES AND INSURANCE. Unless otherwise pi-, x idcd in a separate agreement, Mortgagor will not be required to pay to Lender funds for taxes and insurance in escrow. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. ,~1, ~t~2'.t?r will provide to Lender upon request, any financial statement or information Lender may deem reasonably neccs~:.". Mortgagor agrees to sign. deliver, and file any additional documents or certifications that Lender may consider ncc'~,s,,rv ~. perfect, continue, and preserve Mortgagor's obligations under this Security InStrument and Lender's lien status on thc JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCES.S< )RS AND ASSIGNS BOUND. All duties under this Security Instrument are joint and individual. If Mortgagor signs this St.curil. Instrument but does not sign an evidence of debt, Mortgagor does so only to mortgage Mortgagor's interest in the I'~,,l)crly lo secure payment of the Secured Debt and Mortgagor does not agree to be personally liable on the Secured Deh~ ~ lhis Security Instrmnent secures a guaranty between Lender and Mortgagor, Mortgagor agrees to waive any rights that max l~rcx'cnl Lender from bringing any action or claim against Mortgagor or any party indebted under the obligation, q'h,',.,: rights may include, but are not limited to, any anti-deficiency or one-action laws. Mortgagor agrees that Lender and ,,. i)arly tt) this Security Instrument may extend, modify or make any change in the terms of this Security Instrument or any cx ~dcncc of debt without Mortgagor's consent. Such a change will not release Mortgagor from the terms of this Securit5 nqrullmnt The duties and benefits of this Security Instrument shall bind and benefit the successors and assigns of Mortgagm ,,.d Icnder. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. q'hi~ Nccurily Instrument is governed by the laws of the jurisdiction in which Lender is located, except to the extent otherwise. ~cquired by the laws of the jurisdiction where the Property is located This Security Instrument is complete and faily intc,~,~ ;ih'd This Security Instrument may not be amended or modified by oral agreement. Any section in this Security Instrumem. ;m;~chmcnts, or any agreement related to the Secured Debt that conflicts with applicable law will not be effective, unless II~;,~ law expressly or impliedly permits the variations by written agreement. If any section of this Security Instrument cannm h~' ~'nl'm-ced according to its terms, that section will be severed and will not affect the enforceability of the remainder of this ~,.~,t'~ty Instrument. Whenever used, the singular shall include the plural and the plural the singular. The captions and head.,,s ~,t the sections of this Security Instrmnent are for convenience only and are not to be used to interpret or define the ter,~, ,, this Security Instrument. Time is of the essence in this Security Instrument. NOTICE. Unless otherwise required by law, any notice shall be givc~ h~ delivering it or by mailing it by first class mail to the appropriate party's address on page 1 of this Security Instrument. ,,~ , ',my odter 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 ;~,x right regarding the lnarshalling of liens and assets and all homestead exemption rights relating to the Property. OTHER TERMS. If checked, the following are applicable to this Secmit, Instrument: [] Line of Credit. The Secured Debt includes a revolving line ,, crcdil provision. Although the Secured Debt may be reduced to a zero balance, this Security Instrmnent will remain ill c,l loci until released. [] Construction Loan. This Security Instrument secures an obligal~,,t i,curred for the construction of an mlprovement on the Property [] Fixture Filing. Mortgagor grants to Lender a security interest ~ :d g~ods that Mortgagor owns now or in the future and that are or will become fixtures related to the Property This Nt,curity Instrument suffices as a financing statement and any carbon, photographic or other reproduction may be llk.d ,d' record for purposes of Article 9 of the Uniform Commercial Code. [] Riders. The covenants and agreements of each of the riders chcc'l, cd below are incorporated into and supplement and amend the terms of this Security Instrument [Check all applicable h,,xcsl [] Condominium Rider [] Planned Unit Development Rider t)ther ........................................................ [] Additional Terms. SIGNATURES: By signing below, Mortgagor agrees to the terms and cox'~,~,ms cmltained in this Security Instrument and in any attachments. Mortgagor also acknowledges receipt of a copy of this Security [~liumcnt till the date stated on page 1. KNowLEDGMENT: (Individual) (Sign:re, c ~ (Date) STATE OF ................................... ....... This instrument was acknowledged before me this ..... ~ .... day of ...- - ~- '.---7 . .-- ~:.-- 't" .~.. ~ ........ by ~ ~¢$~.~Y, ~. $I~B~[ E~85~ ................ My cmmission expires: ............. '~:~ ..... ~/~/"~" '~"-~~'" ' ' ~~~zz~~- -~ ~ ,-~'.. ~ ~ ~:. t,,..: t .... ~ .~o~'~~''' ' ' ~{ Coun~ of ~,B State of ~ / ~ Lin~ln ~ Wyoming ~ c~1994 Bankers Systems, Inc., St. Cloud, MN (1-800-397-2341] Form RE-MTG-WY 11/18/94 [page 4 of 4)