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HomeMy WebLinkAbout90555031427 RECEIVED 12/29/2004 at 10:28 AM RECEIVING # 905550 BOOK: 576 PAGE: 223 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY State of Wyoming Space Above This Line For Recording Data MORTGAGE (With Future Advance Clause) 1. DATE AND PARTIES. The date of this Mortgage (Security Instrument) is 1.2 23:2004 and the parties, their addresses and tax identification numbers, if required, are as follows: MORTGAGOR: BILLY HOOPES AND SHANEL HOOPES, HUSBAND AND WIFE, AS JOINT TENANTS WITH RIGHTS OF SURVIVORSHIP AND NOT AS TENANTS IN COMMON PO BOX 317 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 2. 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 following described property: SEE SCHEDULE A ATTACHED HERETO AND MADE APART HEREOF 3? The property is located in ...............................LINCOLN............................... at 10750.NIELD AVENUE (County) . AFTON Wyoming 83110........ (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 the future, be part of the real estate described above (all referred to as "Property"). 3. MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at any one time shall not exceed $ A000-00 . . . 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 the covenants contained in this Security Instrument. 4. 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 borrolvers' names, note amounts, interest rates, maturity dates, etc.) ONE PROMISSORY NOTE DATED 12.2304 IN THE AMOUNT OF $30,000.00 WYOMING - MORTGAGE (NOT FOR FNMA, FHLMC, FHA OR VA USE) (page 1 of 4) ©1994 Banker- c•-•^- '-,c., St. Cloud, MN 11-800-397-2341) Form Ftt-MTG-WY iii [1 ~ IS B. All future advances from Lender to Mortgagor or other future ohli~,, itions of Mortgagor to Lender under any promissory note, contract, guaranty, or other evidence of debt executed by ltilortgagor in favor of Lender executed after this Security Instrument whether or not this Security Instrument is specifically iclrrenced. If more than one person signs this Security Instrument, each Mortgagor agrees that this Security Instrument ill secure all future advances and future obligations that are given to or incurred by any one or more Mortgagor, or any one or more Mortgagor and others. All future advances and other future obligations are secured by this Secu, its 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 commitment tr make additional or future loans or advances in any amount. Any such commitment must be agreed to in a separate w r i I i I 11-1. C. All obligations Mortgagor owes to Lender, which may later arks. Io the extent not prohibited by law, including, but not limited to, liabilities for overdrafts relating to any deposit account i f ccment between Mortgagor and Lender. D. All additional sums advanced and expenses incurred by Lendcr for insuring, preserving or otherwise protecting the Property and its value and any other sums advanced and expcw,(, incurred by Lender under the terms of this Security Instrument. This Security Instrument will not secure any other debt if Lender fails to i vc any required notice of the right of rescission. 5. PAYMENTS. Mortgagor agrees that all payments under the Secured I1cht 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 morl`:1`c, deed of trust, security agreement or other lien document that created a prior security interest or encumbrance on the Pn ,pcrty, Mortgagor agrees: A. To make all payments when due and to perform or comply with all covenants. B. To promptly deliver to Lender any notices that Mortgagor receive,) I I i mi the holder. C. Not to allow any modification or extension of, nor to request an) future advances under any note or agreement secured by the lien document without Lender's prior written consent. 7. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, assessment,,, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Property when due. Lender iwi,, ,-eclttire Mortgagor to provide to Lender copies of all notices that such amounts are due and the receipts evidencing Mm i ,agor's payment. Mortgagor will defend title to the Property against any claims that would impair the lien of this Securiy, Instrument. Mortgagor agrees to assign to Lender, as requested by Lender, any rights, claims or defenses Mortgagor ma% lave against parties who supply labor or materials to maintain or improve the Property. 8. 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 rrcation of, any lien, encumbrance, transfer or sale of the Property. This right is subject to the restrictions imposed by federal Lm (12 C.F.R. 591), as applicable. This covenant shall run with the Property and shall remain in effect until the Secured Debt i,, p;iiil in full and this Security Instrument is released. 9. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mortgagor will keep the Property in good condition and make all repairs that are reasonably necessary. Mortgagor shall not commit or allow any waste, impairment, or deterioration of the Property. Mortgagor will keep the Property free of noxious weal; and grasses. Mortgagor agrees that the nature of the occupancy and use will not substantially change without Lender's prior I itten consent. Mortgagor will not permit any change in any license, restrictive covenant or easement without Lender's prig ~i written consent. Mortgagor will notify Lender of all demands, proceedings, claims and actions against Mortgagor, and of an% li,ss or damage to the Property. Lender or Lender's agents may, at Lender's option, enter the Propert} at any reasonable time for the purpose of inspecting the Property. Lender shall give Mortgagor notice at the time of or belilrc .in inspection specifying a reasonable purpose for the inspection. Any inspection of the Property shall be entirely for Lcn lcr's benefit and Mortgagor will in no way rely on Lender's inspection. 10. AUTHORITY TO PERFORM. If Mortgagor fails to perform any i I u I y or any of the covenants contained in this Security Instrument, Lender may, without notice, perform or cause them to he pcrformed. Mortgagor appoints Lender as attorney in fact to sign Mortgagor's name or pay any amount necessary for perfiinnance. Lender's right to perform for Mortgagor shall not create an obligation to perform, and Lender's failure to perform i l l not preclude Lender from exercising any of Lender's other rights under the law or this Security Instrument. 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. Mortgagor irrevocahl_. -rmiis, bargains, conveys, mortgages and warrants to Lender as additional security all the right, title and interest in and to ;mv and all existing or future leases, subleases, and any other written or verbal agreements for the use and occupancy of any portion of the Property, including any extensions, renewals, modifications or substitutions of such agreements (all referred to as "Leases") and rents, issues and profits (all referred to as "Rents"). Mortgagor will promptly provide Lender with I ruc and correct copies of all existing and future Leases. Mortgagor may collect, receive, enjoy and use the Rents so long as INlortL,a,, or is not in default under the terms of this Security Instrument. Mortgagor agrees that this assignment is immediately effective bet~tccn the parties to this Security Instrument. Mortgagor agrees that this assignment is effective as to third parties when Lendcr lakes 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 property without the necessity of commencing legal action and that actual possession is deemed to occur when Lender, or its agent, notifies Mortgagor of dclault and demands that any tenant pay all future Rents directly to Lender. On receiving notice of default, Mortgagor will cn(lorse and deliver to Lender any payment of Rents in Mortgagor's possession and will receive any Rents in trust for Lendcr amyl will not commingle the Rents with any other funds. Any amounts collected will be applied as provided in this Security In~iimi c it. Mortgagor warrants that no default exists under the Leases or any applicable landlord/tenant law. Mortgagor also agrcc,, to maintain and require any tenant to comply with the terms of the Leases and applicable law. (page 2 of 4) ©1994 Bankers Systems, Inc., St. Cloud, MN 0 -800-39 7-234 1) Form RE-MTG-WY 11/18/94 12. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Mortgagor agrees to comply with the provisions of any lease if this Security Instrument is on a leasehold. 11 the Property includes a unit in a condominium or a planned unit development, Mortgagor will perform all of Mortgagor', 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 on the Secured Debt fails to make payment when due. Mortgagor will be in default if a breach occurs under the terms of this Security Instrument or any other document executed for the purpose of creating, securing or guarantying the Secured Debt. A _,ood faith belief by Lender that Lender at any time is insecure with respect to any person or entity obligated on the Secured 1)cht or 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 la%\ ill require Lender to provide Mortgagor with notice of the right to cure or other notices and may establish time schedule, 1()r foreclosure actions. Subject to these limitations, if any, Lender may accelerate the Secured Debt and foreclose this Security 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 charges, accrued interest and principal shall become immediately due and payable, after giving notice if required by law, upon the occurrence of a default or anytime thereafter. In addition, Lender shall be entitled to all the remedies provided by law, the tern„ 01 the Secured Debt, this Security Instrument and any related documents including, without limitation, the power to sell the Property. All remedies are distinct, cumulative and not exclusive, and the Lender is entitled to all remedies provided at h%% or equity, whether or not expressly set forth. The acceptance by Lender of any sum in payment or partial payment on the Sccured Debt after the balance is due or is accelerated or after foreclosure proceedings are filed shall not constitute a waiver of Lender's right to require complete cure of any existing default. By not exercising any remedy on Mortgagor's default, Lender dk cs not waive Lender's right to later consider the event a default if it continues or happens again. 15. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when prohibited by law, Mortgagor agrees to pay all of Lender's expenses if Mortgagor 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 expense, 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 of ibc 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' Ices, court costs, and other legal expenses. This amount does not include attorneys' fees for a salaried employee of the Lend r. This Security Instrument shall remain in effect until released. Mortgagor agrees to pay for any recordation costs of such relc:t,c. 16. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. A, used in this section, (1) Environmental Law means, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), and all other federal, state and local laws, regulations, ordinances, court orders, attorney general opinions or interpretive letters concerning the public health, safety, welfare, em. ironrncnt or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant 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 "hazardou, material," "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 Lcndcr, no Hazardous Substance is or will be located, stored or released on or in the Property. This restriction does n~a 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 I .ender, Mortgagor and every tenant have been, are, and shall remain in full compliance with any applicable Environmental Law. C. Mortgagor shall immediately notify Lender if a release or thrcatcncd release of a Hazardous Substance occurs on, under or about the Property or there is a violation of any Environrltcutal Law concerning the Property. In such an event, Mortgagor shall take all necessary remedial action in accordance It II any Environmental Law. D. Mortgagor shall immediately notify Lender in writing as soon a, :Mortgagor has reason to believe there is any pending or threatened investigation, claim, or proceeding relating to the rclea,e or threatened release of any Hazardous 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 authorizes Lender to intervene in Mortgagor's name in any of the aho%'c described actions or claims. Mortgagor assigns to Lender the proceeds of any award or claim for damages connected with ;t condemnation or other taking of all or any part of the Property. Such proceeds shall be considered payments and will be applied as provided in this Security Instrument. This assignment of proceeds is subject to the terms of any prior mortgage, decd of trust, security agreement or other lien document. 18. INSURANCE. Mortgagor shall keep Property insured against loss by fire, flood, theft and other hazards and risks reasonably associated with the Property due to its type and location. This insuralI e ,hall 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 ul:lintain the coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Propcrt} 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 Lcuder 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, Mort,a,,lr shall give immediate notice to the insurance carrier and Lender. Lender may make proof of loss if not made immediately bN 1\lortgagor. 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 application of proceeds to principal shall not extend or (page 3 of 4) ©1994 Bankers Systems, Inc., St. Cloud, MN 11.800-397-23411 Form RE-MTG-WY 11/18/94 Postpone the due date of the scheduled payment nor change the anll,tint of any payment. Any excess ss a ` will l be Mortgagor. If the Property is acquired by Lender, Mortgagor's n,, ht t„ any insurance policies and proceeds resulting from , damage to the Property before the acquisition shall pass to Lender to the extent o t paid to the acquisition. he Secured Debt ' immediately before the 19. ESCROW FOR TAXES AND INSURANCE. Unless otherwise pr m IdCd in a separate agreement, Mortgagor will required to pay to Lender funds for taxes and insurance in escrow. not be 20. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. financial statement or information Lender may deem reasonably necc~~;u v Mortgagor agrees to sign, deliver, additional documents or certifications that Lender may consider nec~,s;u),~to perfect, rocontinue, and Lender upon preserve request, Mortgagor's obligations under this Security Instrument and Lender's lien status on the 1'r, lpcrty and file any s 21. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND, Security Instrument are joint and individual. If Mortgagor signs this Sep w my Instrument but does not sign an evidence Mortgagor does so only to mortgage Mortgagor's interest in the P1, l,rrty to secure payment of the All duties under this Mortgagor does not agree to be personally liable on the Secured Debt. II [his Security Instrument secures a e debt, Lender and Mortgagor, Mortgagor agrees to waive any rights that ni.i% prevent Lender from bringing an Secured ctio Debt and against Mortgagor or any arty indebted under guaranty between anti-deficiency or one-acti on la s. Mortgagor agrees that Lender and ii i);trty to this Security Instrument y nor claim Alts may include, but are not limited to, any ud, modify or make any change in the terms of this Security Instrument or any c%0cnce of debt without Mortgagor's consent. Such change will not release Mortgagor from the terms of this Security lu,u ument, The duties and benefitsa of th s Instrument shall bind and benefit the successors and assigns of Mortgagor awI I-ender. ch a Security 22. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. Tlti, 1)cc•tirity Instrument is governed b t jurisdiction in which Lender is located, except to the extent otherwis rrlluired by the laws of the jurisdiction where Property is located. This Security Instrument is complete and fully inte-r;uc•d. This Security Instrument may of be laws of the modified by oral agreement. Any section in this Security Instrument, aw;ichnients, or any agreement related to the Sec the Debt that conflicts with applicable law will not be effective, unless th.,l Low expressly or im liedl mended or written agreement. If any section of this Security Instrument cannot br ,•nfurccd according to its terms, that section tired ll severed and will not affect the enforceability of the remainder of this tit, t„ity Instrument. Whenever used, the e singular shall include the plural and the plural the singular. The captions and headier, of the sections of this Security Instrument will be convenience only and are not to be used to interpret or define the term, t this Security Instrument. Time is of the essence this Security Instrument. are for in 23. NOTICE. Unless otherwise required by law, any notice shall be given br, delivering it or by mailing it b first the appropriate party's address on page I of this Security Instrument, m 1,1 any other address designated in writin. N one mortgagor will be deemed to be notice to all mortgagors. Y class mail to g ottce to 24• WAIVERS. Except to the extent prohibited by law, Mortgagor waives ain% right regarding the marshalling of liens and assets and all homestead exemption rights relating to the Property. 25. OTBER TERMS. If checked, the following are applicable to this Securil,, Instrument. ❑ Line of Credit. The Secured Debt includes a revolving line of Clcdit provision. Although the Secured Debt m reduced to a zero balance, this Security Instrument will remain in etlcct until released. M Construction Loan. This Security Instrument secures an obligation incurred for the construction of an improvement be the Property. ❑ Fixture Filing. Mortgagor grants to Lender a security interest in ;III on goods that Mortgagor owns now or in the future and that are or will become fixtures related to the Property. This ;ccurity Instrument suffices as a financing statement and any carbon, photographic or other reproduction may be filed • •I rcct)rd for purposes of Article 9 of the Uniform Commercial Code. ❑ Riders. The covenants and agreements of each of the riders checl;c,I below are incorporated into and supplement amend the terms of this Security Instrument. [Check all applicable ho xcs I ❑ Condominium Rider El Planned Unit Development Rider E 011,cr and 13 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 Instrument on the date stated on page 1. t i1 (Signature) BILLY HOOPES ~~r a (Date) (Signature)SHA(VEL HOOPES 1"• DOIOV D ACKNOWLEDGMENT: (ate) Individual) STATE OF WYOMING This instrument was acknowledged before me this COUNTY R F . X1 E i by BILLY HOOPES; SHANEL HOOPESt HUSBAND AND IFE, AS JOINT TENANTS NlITH RIGHTS 0 MR S M expires: My commission 3 • ,AND.NOT,AS TENANTS IN.COMM( (Seal 7 91 rot's LANCE P. ROBINS STATE OF yp ING (Notary Public) COUN Y OF yy LINCOLN dG NIY C014MISCIONk:"~PIRESt V ©1994 Bankers Systems, Inc., St. Cloud, MN^• nc 11-800-397-23411 Form RE-MTG-Wy 11/18/94 1page 4 of 4) wossao Parcel 1: Beginning at a point which is 507 Feet East and 551.8 feet Soup h of the N114 comer, Section 35, Township 32 North; Range 119 West, 6 h P-M. Wyoming, and unning thence East 318 feet more' or less to an existiztg fence line,Ahence South along said fence ]irnc° 137 feet, thence West 318 feet more or less to an existing fence line, thence North 137 feet ak gin, said existing fence line to the' point of beginning Parcel 2: Beginning at a point which is 507 feet East, and 688.8 feet Souti), of the N114 corner of Section 35, T32N, R1 19W, and running thence East 318 feet, more or l s to a long established fence line, thence South 136.98 feet along said existing fence line, tii~:iwc; West 318 feet, thence North 136.98 feet to the Point of Beginning