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HomeMy WebLinkAbout905886 RECEIVED 1/13/2005 at 4:02 ~)~v~ RECEIVING # 90588(; BOOK: 577 PAGE: JEANNE WAGNER LINCOLN COUNTY CLERK, KEMrutERER, WY ]o State of Wyoming ~,p,.'c Above This Line For Recording Data MORTGAGE (With Future Advance DATE AND PARTIES. The date of this Mortgage (Security Instrumc,t~ is 01-0..4:.2.0.0..5 ............................ and the parties, their addresses and tax identification numbers, if required, are as h ,ll~,ws: MORTGAGOR: WILLIAM P. CflOMPTON AND PAMELA D. CROMPTON, HUSBANtl AND WIFE 923 PERSHING AVE.//105 BREMERTON, WA 98312 [] If checked, refer to the attached Addendum incorporated hcl'ci~t, f~)r additional Mortgagors, their signatures and acknowledgments. LENDER: THE BANK OF STAR VALLEY ORGANIZED AND EXISTING UNDER THE LAWS OF THE STATE tit WYOMING 384 WASHINGTON STREET PO BOX 8007 AFTON, WY 83110 CONVEYANCE. For good and valuable consideration, the receipt ;.ti)~l sttlficicncy of which is acknowledged, and to secure the Secured Debt (defined below) and Mortgagor's performance under tl~is Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with power of sale, the fol}~,¥, i~5 described property: SE[ SCHEDULE A AIIACHED HERETO AND MADE APART HEREOF o LINCOLN ............ at .L.O.T..~..s.u. Ns..E7, .S.U.B.D..V. !S. !g N .A. LLfl. E. p..L^N.E.... The property is located in ...................................................... (County) .S.g.U.T.H..C.g.U..N.T.Y..R..qA. p. 3.9..8 .......................................................... ,!t. i.t)~ .......... . , Wyoming ........ .8.3..1.1.0. ........ (Address) ~ ~ '~l!, ) (ZiP Code) Together with all rights, easements, appurtenances, royalties, mineral ~i~hts, till and gas rights, all water and riparian rights, ditches, and water stock and all existing and future improvements, st~ ,~ t~,'cs, fixtures, and replacements that may now, or at any time in the future, be part of the real estate described above (all rel'c~ ~ ~,~1 t~ as "Property"). MAXIMUM OBLIGATION LIMIT. The total principal amount secut c~d by this Security Instrument at any one time shall not exceed $ 27 914 00. ........................... This limitation ,,I ;tmount does not include interest and other fees and charges validly made pursuant to this Security Instrument. Also, thi~ limitatitm does not apply to advances made under the terms of this Security Instrument to protect Lender's security and tt~ I,,:tlt~l'm any of the covenants contained in this Security Instrument. SECURED DEBT AND FUTURE ADVANCES. The term "Secured I3~.ht" is defined as follows: A. Debt incurred under the terms of all promissory note(s), coxxt~:~ct,~, guaranty(s) or other evidence of debt described below and all their extensions, renewals, modifications or st~t,~timtions. (When referencing the debts below it is suggested that you include items such as borrowers' names, note .~, ,~m.~'. /merest rates, maturity dates, etc.) ONE PROMISSORY NOTE DATED 1-4-05 IN THE AMOUNT OF $27,974.00 WYOMING- MORTGAGE (NOT FOR FNMA, FHLMC, FHA OR VA USE) ©1994 Bankers Systems, Inc., St. Cloud, MN (1-800-397-2341) Form RE-MTG-WY 11118/94 (page I of 4) 'All :future advances from Lender to Mortgagor or other future ,,t,lt?,~t~(,ns of Mortgagor to Lender under any promissory note, contract, guaranty, or other evidence of debt executed by ~1. ,~ t3,:~g()l' in lhvor of Lender executed after this Security Instrument whether or not this Security Instrument is specificall'_ =~'~crcnccd. If more than one person signs this Security Instrument, each Mortgagor agrees that this Security Instrumc~t ,.,. itl secure all future advances and future obligations that are given to or incurred by any one or more Mortgagor. ,,~ :,~lV one or more Mortgagor and others. All future advances and other future obligations are secured by this Seem t~', Instrument even though all or part may not yet be advanced. All future advances and other future obligations are sc, tt~ cd :ts ii' made on the date of this Security Instrument. Nothing in this Security Instrument shall constitute a commitmc~t ~,, make additional or future loans or advances in any amount. Any such commitment must be agreed to in a separate Wl~t~, C. All obligations Mortgagor owes to Lender, which may later arise., t,, ~l~c extent not prohibited by law, including, but not limited to, liabilities for overdrafts relating to any deposit account :,,~CClncnt between Mortgagor and Lender. All additional sums advanced and expenses incurred by Lendc~ l,,r ii~suring, preserving or otherwise protecting the Property and its value and any other sums advanced and expe~l,~, inCul'rcd by Lender under the terms of this Security Instrument. This Security Instrument will not secure any other debt if Lender fails it, ~:~'.. c any required notice of the right of rescission. 5. PAYMENTS. Mortgagor agrees that all payments under the Secured l)cht 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 mc, t!,:q,c, dccd of trust, security agreement or other lien document that created a prior security interest or encumbrance on the Pi', q <.ri5, Mortgagor agrees: A. To make all payments when due and to perform or comply with all ,, ,,, chants. B. To promptly deliver to Lender any notices that Mortgagor receives I~,,m thc holder. C. Not to allow any modification or extension of, nor to request a[~ ltHurc advances under any note or agreement secured by the lien document without Lender's prior written consent. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, assessmc~,,~ liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Property when due. Lender m:t', require Mortgagor to provide to Lender copies of all notices that such amounts are due and the receipts evidencing Mt,ll..~:l,.2~)l"S payment. Mortgagor will defend title to the Property against any claims that would impair the lien of this Secunt,. I~lstrUlnCnt. Mortgagor agrees to assign to Lender, as requested by Lender, any rights, claims or defenses Mortgagor ma'. ]l~t~,c against parties who supply labor or materials lo maintain or improve the Property. o DUE ON SALE OR ENCUMBRANCE. Lender may, at its opti(m. ,toolart the entire balance of the Secured Debt to be immediately due and payable upon the creation of, or contract for the ~,..tt t, m of, any lien, encumbrance, transfer or sale of the Property. This right is subject to the restrictions imposed by federal I.,.. ~ 12 C.F.R. 591), as applicable. This covenant shall run with the Property and shall remain in effect until the Secured Debt i, I'.~i,t in full and this Security Instrument is released. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. :x I, ,r[ga?r will keep the Property in good condition and make all repairs that are reasonably necessary. Mortgagor shall not ct,~t ,,l' allow any waste, impairment, or deterioration of the Property. Mortgagor will keep the Property free of noxious wee,l,, :tlk] grasses. Mortgagor agrees that the nature of the occupancy and use will not substantially change without Lender's pri,~ v. ~mcn consent. Mortgagor will not permit any change in any license, restrictive covenant or easement without Lender's pr~,,~ v.~iucn consent. Mortgagor will notify Lender of all demands, proceedings, claims and actions against Mortgagor, and of all,, 1, ,,~ ,,r damage to the Property. Lender or Lender's agents may, at Lender's option, enter the Propert) ~,~ any reasonable time for the purpose of inspecting the Property. Lender shall give Mortgagor notice at the time of or befi,~. :t~ inspection specifying a reasonable purpose for the inspection. Any inspection of the Property shall be entirely for I.c~,tcr's benefit and Mortgagor will in no way rely on Lender's inspection. 10. AUTHORITY TO PERFORM. If Mortgagor fails to perform any ,tt~t,,' ,~r any of the covenants contained in this Security Instrument, Lender may, without notice, perform or cause them to I,c t,crlbrlned. Mortgagor appoints Lender as attorney in fact to sign Mortgagor's name or pay any amount necessary for per~,,~:lncc, l~ender's right to perform for Mortgagor shall not create an obligation to perform, and Lender's failure to perform v. tll llOt preclude Lender from exercising any of Lender's other rights under the law or this Security Instrument. If any construct~ ,m thc Property is discontinued or not carried on in a reasonable manner, Lender may take all steps necessary to protect I cndcz-'s security interest in the Property, including completion of the construction. 11. ASSIGNMENT OF LEASES AND RENTS. Mortgagor irrevocabl,, ?~:mts, bargains, conveys, mortgages and warrants to Lender as additional security all the right, title and interest in and ti, a~'.. aim all existing or future leases, subleases, and any other written or verbal agreements for the use and occupancy of ~,~'. i)t)rtion of the Property, including any extensions, renewals, modifications or substitutions of such agreements (all rcIc~cd t{) as "Leases") and rents, issues and profits (all referred to as "Rents"). Mortgagor will promptly provide Lender with t~'t~c and correct copies of all existing and future Leases. Mortgagor may collect, receive, enjoy and use the Rents so long as M, ~ *;,:lg~)r is not in default under the terms of this Security Instrument. Mortgagor agrees that this assignment is immediately effective betv. c,.~ thc parties to this Security Instrument. Mortgagor agrees that this assignment is effective as to third parties when Lendc~ ~,l:cs affirmative action prescribed by law, and that this assignment will remain in effect during any redemption period um~i th~. Secured Debt is satisfied. Mortgagor agrees that Lender may take actual possession of the property without the necesst~,. ,,~ C,)lnmencing legal action and that actual possession is deemed to occur when Lender, or its agent, notifies Mortgagor or' ,i~.~,l~l[ and demands that any tenant pay all future Rents directly to Lender. On receiving notice of default, Mortgagor will c~,l,,tsc and deliver to Lender any payment of Rents in Mortgagor's possession and will receive any Rents in trust for Lendc~ :,~,1 will not commingle the Rents with any other funds. Any amounts collected will be applied as provided in this Security Ins t~t~lC~lt. Mortgagor warrants that no default exists under the Leases or any applicable landlord/tenant law. Mortgagor also agree., t,, maintain and require any tenant to comply with the terms of the Leases and applicable law. (page 2 of 4) ©1994 Bankers Syslems, inc., St. Cloud. MN 11-8OO-397-2341) Form RE-MTG-WY 11/18/94 12. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVEi.(~I'\II,:NTS. Mortgagor agrees to comply with the provisions of any lease if this Security Instrument is on a leasehold. II thc l'roperty includes a unit in a condominium or a planned unit development, Mortgagor will perform all of Mortgagor', ,it~tics 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 ,~ tltc ~ccured Debt fails to make payment when due. Mortgagor will be in default if a breach occurs under the terms of this y;,.ctu ity Instrument or any other document executed for the purpose of creating, securing or guarantying the Secured Debt. :\ :,,,,d faith belief by Lender that Lender at any time is insecure with respect to any person or entity obligated on the Secured l)c.l,t ~3r 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 lay. '.,,ill require Lender to provide Mortgagor with notice of the right to cure or other notices and may establish time schedules I,,r t,~rcclosure actions. Subject to these limitations, if any, Lender may accelerate the Secured Debt and foreclose this Securit.. 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, :t,.c~ucd interest and principal shall become immediately due and payable, after giving notice if required by law, upon the occt~cncc of a dehult or anytime thereafter. In addition, Lender shall be entitled to all the remedies provided by law, the tern~s ,,I thc Secured Debt, this Security Instrument and any related documents including, without limitation, the power to sell thc l'~,,pcrt¥. All remedies are distinct, cumulative and not exclusive, and the Lender is entitled to all remedies provided at 1:,',~, ,,r equity, whether or not expressly set forth. The acceptance by Lender of any sum in payment or partial payment on th~. ~ccttrcd Debt after the balance is due or is accelerated or after foreclosure proceedings are filed shall not constitute a waiver ,~ Icndcr's right to require complete cure of any existing default. By not exercising any remedy on Mortgagor's default, Lender ~1,,~.~ n~t waive Lender's right to later consider the event a default if it continues or happens again. 15. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FI.31>;: (:¢)I.I~ECTION COSTS. Except when prohibited by law, Mortgagor agrees to pay all of Lender's expenses if Mort??,,~ breaches any covenant in this Security Instrument. Mortgagor will also pay on demand any amount incurred by L,:n,k.~ l,~r insuring, inspecting, preserving or otherwise protecting the Property and Lender's security interest. These expenses ,.,. t ll bear interest from the date of the payment until paid in full at the highest interest rate in effect as provided in the terms ol ~1~. hccurcd Debt. Mortgagor agrees to pay all costs and expenses incurred by Lender in collecting, enforcing or protecting Len,l~.~ 's rights and remedies under this Security Instrument. This amount may include, but is not limited to, reasonable attorneys' I~.~.,. ctmrt costs, and other legal expenses. This amount does not include attorneys' fees for a salaried employee of the Lendc~ I his Security Instrument shall remain in effect until released. Mortgagor agrees to pay for any recordation costs of such relc:~,.~. 16. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES..\~ t~scd in this section, (1) Environmental Law means, without limitation, the Comprehensive Environmental Response, COnll*V~l',:ttion aud Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), and all other federal, state and local laws, regulations, ,,~,Iin;tnccs, court orders, attorney general opinions or interpretive letters concerning the public health, safety, welfare, enx t~,,nlnCllt or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, l" 'llumnt or contaminant which has characteristics which render the substance dangerous or potentially dangerous to the pul,ii, hcahh, safety, welfare or environment. The term includes, without limitation, any substances defined as "hazardous ~tlcrial," "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,, I cndcr, no Hazardous Substance is or will be located, stored or released on or in the Property. This restriction does n,,t :q~l)ly to s~nall quantities of Hazardous Substances that are generally recognized to be appropriate for the normal use and ~t~m~cnance of the Property. B. Except as previously disclosed and acknowledged in writing to l.~.~dcr, Mortgagor and every tenant have been, are, and shall remain in full compliance with any applicable Environmental I :m~, C. Mortgagor shall immediately notify Lender if a release or threatct~cJ rclcztse of a Hazardous Substance occurs on, under or about the Property or there is a violation of any Environm~'~t,l l.aw concerning the Property. In such an event, Mortgagor shall take all necessary remedial action in accordance x,,~ n :thy linvironmental Law. D. Mortgagor shall immediately notify Lender in writing as soon as :x I,,rtgagor has reason to believe there is any pending or threatened investigation, claim, or proceeding relating to the relc,,,~. ,~r threatened release of any Hazardous Substance or the violation of any Environmental Law. 17. CONDEMNATION. Mortgagor will give Lender prompt notice ol ,~t~x pending or threatened action, by private or public entities to purchase or take any or all of the Property through condem~t.tt~,,n, cmiuent domain, or any other means. Mortgagor authorizes Lender to intervene in Mortgagor's name in any of the al.,,.c described actions or claims. Mortgagor assigns to Lender the proceeds of any award or claim tbr damages connected with :~ c~ndcmnation or other taking of all or any part of the Property. Such proceeds shall be considered payments and will bc ~,l~l,lictl as provided in this Security Instrument. This assignment of proceeds is subject to the terms of any prior mortgage, dccJ ,,~ trust, security agreement or other lien document. 18. INSURANCE. Mortgagor shall keep Property insured against loss bx i~c, llood, theft and other hazards and risks reasonably associated with the Property due to its type and location. This insurancv ',hzlll be maintained in the amounts and for the periods that Lender requires. The insurance carrier providing the insurance shztlt t>c ch~>scn by Mortgagor subject to Lender's approval, which shall not be unreasonably withheld. If Mortgagor fails to nl.,im:tin thc coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Propca,: :tcc~rding to the terms of this Security Instrument. All insurance policies and renewals shall be acceptable to Lender and qt:dl include 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 Len&.~ ~cquires, Mortgagor shall immediately give to Lender all receipts of paid premiums and renewal notices. Upon loss, Mort?., ,~ shall give immediate notice to the insurance carrier and Lender. Lender may make proof of loss if not made immediately by X 1, ,n,~a?r. Unless otherwise agreed in writing, all insurance proceeds shall be applied ~ thc restoration or repair of the Property or to the Secured Debt, whether or not then due, at Lender's option. Any ctl~i~li~:~ttic)ll of proceeds to principal shall not extend or ©1994 Bankers Systems. Inc., St. Cloud, MN (1-8OO-397-2341) Form RE-MTG-WY 11/18/94 (page 3 of 4) ~ '-) ') " 19. 20. 21. 22. 23. 24. 25. postpone the due date of the scheduled payment nor change the ant, ,~l ,~l' any payment. Any excess will be paid to the Mortgagor. If the Property is acquired by Lender, Mortgagor's right ~,, :my insurance policies and proceeds resulting from damage to the Property before the acquisition shall pass to Lender t,, li~. c×tcnt of the Secured Debt irmnediately before the acquisition. ESCROW FOR TAXES AND INSURANCE. Unless otherwise pr,,'~ ~,lcd iu a separate agreement, Mortgagor will not be required to pay to Lender funds for taxes and insurance in escrow. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. 5. h,lteagor will provide to Lender upon request, any financial statement or information Lender may deem reasonably necc~,,:lrv. Mortgagor agrees to sign, deliver, and file any additional documents or certifications that Lender may consider nccc.~,.:d\ tt) perfect, continue, and preserve Mortgagor's obligations under this Security Instrument and Lender's lien status on thc Ih, ,perry. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCES5, t~IIS AND ASSIGNS BOUND. All duties under this Security Instrument are joint and individual. If Mortgagor signs this S~,[~ i~v Instrument but does not sign an evidence of debt, Mortgagor does so only to mortgage Mortgagor's interest in the lh,,pcrty to secure payment of the Secured Debt and Mortgagor does not agree to be personally liable on the Secured Debt ii this Security Instrument secures a guaranty between Lender and Mortgagor, Mortgagor agrees to waive any rights that n~.~' i)rcvcnt Lender from bringing any action or claim against Mortgagor or any party indebted under the obligation. Tl~.,c rights may include, but are not limited to, any anti-deficiency or one-action laws. Mortgagor agrees that Lender and al~,, ixuty h) this Security Instrument may extend, modify or make any change in the terms of this Security Instrument or any ,". Mcncc of debt without Mortgagor's consent. Such a change will not release Mortgagor from the terms of this Securitx l~q~mncnt. The duties and benefits of this Security Instrument shall bind and benefit the successors and assigns of Mortgag,,~ :~J I.cnder. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. ~11~,. 5;courtly Instrument is governed by the laws of the jurisdiction in which Lender is located, except to the extent otherv, i,~. tcquil'cd by the laws of the jurisdiction where the Property is located. This Security Instrument is complete and fully inlc:'l.ttL'd. This Security Instrument may not be amended or modified by oral agreement. Any section in this Security Instrument. ,dtachlllClltS, or any agreement related to the Secured Debt that conflicts with applicable law will not be effective, unless ll~t law expressly or impliedly permits the variations by written agreement. If any section of this Security Instrument cannot },~ ctdorccd according to its terms, that section will be severed and will not affect the enforceability of the remainder of this 5;~ctirity Instrument. Whenever used, the singular shall include the plural and the plural the singular. The captions and headi~:,s ,d' thc sections of this Security Instrument are for convenience only and are not to be used to interpret or defme the tern~ ~,( tilts Security Instrument. Time is of the essence in this Security Instrument. NOTICE. Unless otherwise required by law, any notice shall be givc~ I,,, delivering it or by mailing it by first class mail to the appropriate party's address on page 1 of this Security Instrument, ,,~ ~,, 'any 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 waiw. s ,~}~,, right regarding the marshalling of liens and assets and all homestead exemption rights relating to the Property. OTHER TERMS. If checked, the following are applicable to this Sect,~i~ Instrument: [] Line of Credit. The Secured Debt includes a revolving line ,,t ,~cdit provision. Although the Secured Debt may be reduced to a zero balance, this Security Instrument will remain in ~'l~cct until released. [] Construction Loan. This Security Instrument secures an obligz~t ~,,~ i t~curred fur the construction of an improvement on the Property. [] Fixture Filing. Mortgagor grants to Lender a security interest tit all Mt)ods that Mortgagor owns now or in the future and that are or will become fixtures related to the Property. 'I'hi, '~ccurity Instrument suffices as a financing statement and any carbon, photographic or other reproduction may be fih.,I ,d' record for purposes of Article 9 of the Uniform Commercial Code. [] Riders. The covenants and agreements of each of the riders chc, l.cd below are incorporated into and supplement and amend the terms of this Security Instrument. [Check all applicabl~, t,, ,xcs l [] Condominium Rider [] Planned Unit Development Rider ()lher ........................................................ [] Additional Terms. SIGNATURES: By signing below, Mortgagor agrees to the terms and ct,,. ,.[~:mts contained in this Security Instrument and in any attachments. Mortgagor also acknowledges receipt of a copy of this Security I~,t~ umcnt on the date stated on page 1. (Date) ACKNOWLEDGMENT: t~ . .~T..[? ...... }ss. STATE OF ~i0.6C. L~/~ COUNTY ()1 ',. ,'.,'. (,~ai~a~) This instrument was ac~owle~~~e this ........ ~J.U day of ~A~SJ, ~O~ . . by W][[~*~ e, g~OMP]O~;. P~.~ ~(~*~O.~.~P. ~[~ f. ..........~ . ' ...... ~ ............................ Myco~issionexpires:ff~ .'k~0~ }~4,.d~ll. ~: , , ~ ~ · ~ a~ '~- ~, ,-~ ~', I .............................................. ~ ........................ ~ ~ ~.~C)~/~r~r · ~ (Noisy Public) ~994 y , ., [. Cloud, MN 11-800-397-~MTG-WY 1 ~/~8/94 ~page 4 of 4) SCI~EDULE A Lot 1 of Sunset Subdivision, Lincoln Cou~:t y, Wyoming as described on-the official plat filed November 29, 2001 ~-~ Instrument No. 877621 of the records of the Lincoln County Clerk.