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HomeMy WebLinkAbout90551631266 (04) 0 75 RECEIVED 12/28/2004 at 10:03 AM RECEIVING # 905516 BOOK: 576 PAGE: 75 JEANNE WAGNER LINCOLN COUNTY CLEF~K, KEMMERER, VVY State of Wyoming Space Above This Line For Recording Data MORTGAGE (With Future Advance ¢'htuse) DATE AND PARTIES. The date of this Mortgage (Security InstrtJmcnt) is .1.2.:2..2:.2.0.0..4. .................................. and the parties, their addresses and tax identification numbers, if required, are as f, l lows: MORTGAGOR: IUCAS PEAVLER, A SINGLE PERSON P.O. BOX 1712 AFTON, WY 83110 [] 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 (defined beloW) and Mortgagor's performance under this Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with power of sale, the folh~wing described property: SEE SCHEDULE A ATTACHED HERETO AND MADE APART HEREOF o The property is located in .............................. .[.0.C..0.L.~. ............................... at .1. ! .0.2. 0. . .H fl.Y. .2. 3. .8 ............................... (County) AFTON 83110 ..................................................................................................................... Wyoming ....................... (Address) {City) (ZIP Code) Together with all rights, easements, appurtenances, royalties, mineral ~ights, 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 refer, cd to as "Property"). MAXIMUM OBLIGATION LIMIT. The total principal amount seemed by this Security Instrument at any one time shall not exceed $ 7.0.,0..0.0...0.0. .......................................... This limitation ~' 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 t~t i~crft)rm any of the covenants contained in this Security Instrument. SECURED DEBT AND FUTURE ADVANCES. The term "Secured l)cbt" 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 ~td~stitutions. (When referencing the debts below it is suggested that you include items such as borrowers' names, note ~t/tc, ttttt$, interest rates, maturity dates, etc.) ONE PROMISSORY NOTE DATED 12-22-04 IN THE AMOUNT OF ~70,000.00 WYOMING - MORTGAGE {NOT FOR FNMA, FHLMC, FHA OR VA USE) ©1994 Bank~ ?~, 4nc., Si. Cloud, MN (1-8OO-397-2341} Form RE-MTG-WY (page I of 4) B. All future advances from Lender to Mortgagor or other future obligations of Mortgagor to Lender under any promissory note, contract, guaranty, or other evidence ~l' debt executed by Mortgagor in favor of Lender executed after this Security Instrument whether or not this Security lnstlument is specifically referenced. If more than one person signs this Security Instrument, each MOrtgagor agrees that this ,Security Instrument will secure all future advances and future obligations that are given to or incurred by any one {,r more Mortgagor, or any 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 fult~re obligations are secured as if made on the date of this Security Instrument. Nothing in this Security Instrument shall constitute a commitment to make additional or future loans or advances in any amount. Any such commitment must be agreed t,~ in a separate writing. C. All obligations Mortgagor owes to Lender, which may later arise, to the 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 expcnscs incurred by Lender for insuring, preserving or otherwise protecting the Property and its value and any other snms ~dvanced 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 paymcnls under the Secured Debt will be paid when due and in accordance with the terms of the Secured Debt and this Security Instrumcm. 6. PRIOR SECURITY INTERESTS. With rcgard I(~ any other mortgage, deed of trust, security agreement or other lien document that created a prior security interest or cncmnbrance on the Property, Mortgagor agrees: A. To make all payments when due and to peril,tm or comply with all covenants. B. To promptly deliver to Lender any notices thai Mortgagor receives from the holder. C. Not to allow any modification or extension ,,I'. nor to request any future advances under any note or agreement secured by the lien document without Lender's prior xt rilten consent. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Propcr~y when due. Lender may require Mortgagor to provide to Lender copies of all notices that such amounts are due and the receipls evidencing Mortgagor's payment. Mortgagor will defend title to the Property against any claims that would impair the lien of this Security Instrument. Mortgagor agrees to assign to Lender, as requested by Lender, any rights, claims or defenses Mortgagor may have against parties who supply labor or materials to maintain or improve the Property. o DUE ON SALE OR ENCUMBRANCE. I.cnder may, at its option, declare the entire balance of the Secured Debt to be immediately due and payable upon the creation (ff. {,r contract for the creation of, any lien, encumbrance, transfer or sale of the Property. This right is subject to the restrictions m~posed by federal law (12 C.F.R. 591), as applicable. This covenant shall run with the Property and shall remain in effect nnl il lhe Secured Debt is paid in full and this Security Instrument is released. PROPERTY CONDITION, ALTERATIONS ,\Xl) INSPECTION. Mortgagor will keep the Property in good condition and make all repairs that are reasonably necessary. M{,~Igagor shall not commit or allow any waste, impairment, or deterioration of the Property. Mortgagor will keep the Property tree of noxious weeds and grasses. Mortgagor agrees that the nature of the occupancy and use will not substantially change x~ith(,ut Lender's prior written consent. Mortgagor will not permit any change in any license, restrictive covenant or easemcn~ v.'i~h(mt Lender's prior written consent. Mortgagor will notify Lender of all demands, proceedings, claims and actions against ~ h q'tgagor, and of any loss or 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 shall give Mortgagor notice a~ ~hc time of or before an inspection specifying a reasonable purpose for the inspection. Any inspection of the Property shall bc entirely for Lender's benefit and Mortgagor will in no way rely on Lender' s inspection. 10. AUTHORITY TO PERFORM. If Mortgagor fails to perform any duty or any of the covenants contained in this Security Instrument, Lender may, without notice, perform ,,r cause them to be performed. Mortgagor appoints Lender as attorney in fact to sign Mortgagor's name or pay any amount ~ccessary for performance. Lender's right to perform for Mortgagor shall not create an obligation to perform, and Lender's l'ailure to perform will not preclude Lender from exercising any of Lender's other rights under the law or this Security lnstrumcm. If any construction on 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. M{,rlgagor irrevocably grants, 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 usc :md occupancy of any portion of the Property, including any extensions, renewals, modifications or substitutions of such :?eements (all referred to as "Leases") and rents, issues and profits (all referred to as "Rents"). Mortgagor will promptly l,r, Mde Lender with true and correct copies of all existing and future Leases. Mortgagor may collect, receive, enjoy and use thc Rents so long as Mortgagor is not in default under the terms of this Security Instrument. Mortgagor agrees that this assignment is immcdi:~cly effective between the 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 the Secured Debt is satisfied. Mortgagor agrees that Lender may take actual possession of the properly without the necessity of commencing legal action and that actual possession is deemed to occur when Lender, or its agent, nolilics Mortgagor of default and demands that any tenant pay all future Rents directly to Lender. On receiving notice of del'auld, 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 i~l this Security Instrument. Mortgagor warrants that no default exists under the Leases or any applicable landlord/tenant law. ~h,rtgagor also agrees to maintain 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) ~ orm !:E L1 [G-WY 11/18/~4 {page 2 of 41 !-'. 0'.;:77 12. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVEi.()PMENTS. Mortgagor agrees to comply with the provisions of any lease if this Security Instrument is on a leasehold. If tile Property includes a unit in a condominium or a planned unit development, Mortgagor will perform all of Mortgagor's duties 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 ~,~ thc Secured Debt fails to make payment when due. Mortgagor will be in default if a breach occurs under the terms of this 5;ccurity Instrument or any other document executed for the purpose of creating, securing or guarantying the Secured Debt. A gt~od faith belief by Lender that Lender at any time is insecure with respect to any person or entity obligated on the Secured Debt or that the prospect of any payment or the value of the Property is impaired shall also constitute an event of default. 14. ILEMEDIES ON DEFAULT. In some instances, federal and state lax~ will require Lender to provide Mortgagor with notice of the right to cure or other notices and may establish time schedules lot foreclosure actions. Subject to these limitations, if any, Lender may accelerate the Secured Debt and foreclose this Securit3 Instrument 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 chargc~, accrued interest and principal shall become immediately due and payable, after giving notice if required by law, upon the (}ccurrcnce of a default or anytime thereafter. In addition, Lender shall be entitled to all the remedies provided by law, the terms of the Secured Debt, this Security Instrument and any related documents including, without limitation, the power to sell thc t)mperty. All remedies are distinct, cumulative and not exclusive, and the Lender is entitled to all remedies provided at law or equity, whether or not expressly set forth. The acceptance by Lender of any sum in payment or partial payment on thc Secured Debt after the balance is due or is accelerated or after foreclosure proceedings are filed shall not constitute a waiver ~,1 l.cndcr's right to require complete cure of any existing default. By not exercising any remedy on Mortgagor's default, Lender docs not waive Lender's right to later consider the event a default if it continues or happens again. 15. EXPENSES; ADVANCES ON COVENAbYrS; ATTORNEYS' FI'~ES; COLLECTION COSTS. Except when prohibited by law, Mortgagor agrees to pay all of Lender's expenses if Mortga?r breaches any covenant in this Security Instrument. Mortgagor will also pay on demand any amount incurred by Lender for insuring, inspecting, preserving or otherwise protecting the Property and Lender's security interest. These expenses will 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 ~l~c 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 attorneys' i'ccs, court costs, and other legal expenses. This amount does not include attorneys' fees for a salaried employee of the Lender. This Security Instrument shall remain in effect until released. Mortgagor agrees to pay for any recordation costs of such release. 16. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES..\s used in this section, (1) Environmental Law means, without limitation, the Comprehensive Environmental Response, Coml~cnsation and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), and all other federal, state and local laws, regulations, .rdinances, court orders, attorney general opinions or interpretive letters concerning the public health, safety, welfare, e,~\'ir,)nment or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, wast< l',~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 defmed as "hazardou~ 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 t~ l.cnder, 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 maintenance of the Property. B. Except as previously disclosed and acknowledged in writing to t.cndcr, Mortgagor and every tenant have been, are, and shall remain in full compliance with any applicable Environmental l.aw. C. Mortgagor shall immediately notify Lender if a release or thrcatc,,ed release of a Hazardous Substance occurs on, under or about the Property or there is a violation of any Environmental Law concerning the Property. In such an event, Mortgagor shall take all necessary remedial action in accordance wilh any Environmental Law. D. Mortgagor shall immediately notify Lender in writing as soon as Mortgagor has reason to believe there is any pending or threatened investigation, claim, or proceeding relating to the release or threatened release of any Hazardous Substance or the violation of any Environmental Law. 17. CONDEMNATION. Mortgagor will give Lender prompt notice t~l' ~tny pending or threatened action, by private or public entities to purchase or take any or all of the Property through condetm~:ttion, eminent domain, or any other means. Mortgagor authorizes Lender to intervene in Mortgagor's name in any of the ',b~vc described actions or claims. Mortgagor assigns to Lender the proceeds of any award or claim for damages connected with a condenmation or other taking of all or any part of the Property. Such proceeds shall be considered payments and will bc applied as provided in this Security Instrument. This assignment of proceeds is subject to the terms of any prior mortgage, dccd t)l' trust, security' agreement or other lien document. 18. INSURANCE. Mortgagor shall keep Property insured against loss by lire, Ilood, theft and other hazards and risks reasonably associated with the Property due to its type and location. This insura~cc shall be maintained in the amounts and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Mortgagor subject to Lender's approval, which shall not be unreasonably withheld. If Mortgagor fails to m;tintain the coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Proper~y according 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 l.cnder of cancellation or termination of the insurance. Lender shall have the right to hold the policies and renewals. If Lender requires, Mortgagor shall immediately give to Lender all receipts of paid premiums and renewal notices. Upon loss, Mortga?r shall give immediate notice to the insurance carrier and Lender. Lender may make proof of loss if not made immediately by Mortgagor. Unless otherwise agreed in writing, all insurance proceeds shall be applied to the restoration or repair of the Property or to the Secured Debt, whether or not then due, at Lender's option. Any al,plier,ion of proceeds to principal shall not extend or (page 3 of 4) ©1994 Banl~"~-"'""""'~ Inc., St. Cloud, MN 11-800-397-2341} Form RE-MTG-WY 19. 20. 21. 22. 23. 24. 25. postpone~e~l~,t~.t~C0%the scheduled payment ,,,,r change the amount of any payment. Any excess will be paid to the Mortgago?. If th~"P3ope~[y is acquired by Lcndcr, Mortgagor's right to any insurance policies and proceeds resulting from damage to the Property before the acquisition sh:fil pass to Lender to the extent of the Secured Debt immediately before the acquisition. ESCROW FOR TAXES AND INSURANCE. [ nlcss 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. Mortgagor will provide to Lender upon request, any financial statement or information Lender may dccm 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 status on the Property. JOINT AND INDIVIDUAL LIABILITY; CO-SI{;NERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Security Instrument are joint and individual. If M~mgagor signs this Security Instrument but does not sign an evidence of debt, Mortgagor does so only to mortgage Mortgagm"s interest in the Property to secure payment of the Secured Debt and Mortgagor does not agree to be personally liable {,~ the Secured Debt. If this Security Instrument secures a guaranty between Lender and Mortgagor, Mortgagor agrees to waixc any rights that may prevent Lender from bringing any action or claim against Mortgagor or any party indebted under d~e obligation. These rights may include, but are not limited to, any anti-deficiency or one-action laws. Mortgagor agrees Ihat Lender and any party to this Security Instrument may extend, modify or make any change in the terms of this Security fnstrument or any evidence of debt without Mortgagor's consent. Such a change will not release Mortgagor from thc terms of this Security Instrument. The duties and benefits of this Security Instrument shall bind and benefit the successors and ~ssigns of Mortgagor and Lender. APPLICABLE LAW; SEVERABILITY; INTI~],U'RETATION. This Security Instrument is governed by the laws of the jurisdiction in which Lender is located, except u) the extent otherwise required by the laws of the jurisdiction where the Property is located. This Security Instrument is comlflcte and fully integrated. This Security Instrument may not be amended or modified by oral agreement. Any section in this ,qccurity Instrument, attachments, or any agreement related to the Secured Debt that conflicts with applicable law will not bc effective, unless that law expressly or impliedly permits the variations by written agreement. If any section of this SecuriU Instrument cannot be enforced according to its terms, that section will be severed and will not affect the enforceability of d~c remainder of this Security Instrument. Whenever used, the singular shall include the plural and the plural the singular. Thc captions and headings of the sections of this Security Instrument are for convenience only and are not to be used to intcrprcl or def'me the terms of this Security Instrument. Time is of the essence in this Security Instrument. NOTICE. Unless otherwise required by law, any n,,tice 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 5ccurity Instrument, or to any other address designated in writing. Notice to one mortgagor will be deemed to be notice to all mm'lg',~gors. 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 thc lb~,pcrty. OTHER TERMS. If checked, the following arc al,lff icable 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 obligation 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 rclaled h~ the Property. This Security Instrument suffices as a financing statement and any carbon, photographic or other rcp~{~duction may be filed of record for purposes of Article 9 of the Uniform Commercial Code. [] Riders. The covenants and agreements of c;~ch of the riders checked below are incorporated into and supplement and amend the terms of this Security Instrument. I( 'heck all applicable boxes] [] Condominium Rider [] Planned Unit I)cvclopment Rider [] Other ........................................................ [] Additional Terms. SIGNATURES: By signing below, Mortgagor agrees ~,, ~he terms and covenants contained in this Security Instrument and in any attachments. Mortgagor also acknowledges receipt o f a ct q)y of this Security Instrument on the date stated on page 1. ............... ............................................................................ (Signature) [UCAS FEAVLER / ' (l);tle) (Signature) (Date) ACKNOWLEDGMENT: STATE OF ~y.0..M.!.~ ................................. COUNTY OF ...... ..~.~.O.~.9..~.q~. .......... ~ .... } ss. (Individual) ' ' This instrument was acknowled ed be[crc me this 22 da of DECEMBER, 20,0,..4:~.....//(.../ g .................... y ............. ?..- ........................ by LUCAS PEAVLER, A SINGLE PERSON ...~. / ./.~..../f/f/....'. My commissiOn(s~) expires·' ........... ?-.. , ........ · ~ , , (Notary Public) · Cou}rrYUNC~LNFO f~ S'rA'li' , ,,; ( // ©1994 Bankers Systems, Inc., St. Cloud, MN {1-800-397-23411 Fnrm [U .~1IG-WY 11/18/94 [page 4 of 4) SCffI~ULE A" A p~rtion of that t~act 0frecord referred to as Parcel #1 in that certain Quitclaim Deed dated January 15, 1996 and recorded in the office of the'Lincoln County Clerk in Book 381 PR, Page 72, Recording No. 8165'19, more particularly de§ebbed as follows: Beginning at the NE coruer of said Parcel I/l, said corner being 30 rods West of the NE comer of Section 35, T32N, R1.19W of the 6th PM, Lincoln County, Wyoming, and running thence West along the North boundary of said Parcel #i, 100 feet; thence South parallel to the East boundary line of said Parcel #1,120 feet; thence East parallel to the North boundary line of said Parcel #1, 100 feet, more or lessl to the Ea'st boundary line of said Parcel # 1; thence North along said East boundary line, 120 feetl more or less, to the point of beginning