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HomeMy WebLinkAbout908744,.. 00.38 RECEIVED 5/27/2005 at 10:07 AM RECEIVING # 908744 BOOK: 586 PAGE: 381 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY Space Above This Line For Recording Data MORTGAGE": DATE AND PARTIES. The date of this Mortgage (Security. Instrument) is May 25, 2005. The parties and their addresses are: MORTGAGOR: JESSE A HANCOCK po bOX 188 FREEDOM, Wyoming 83120 TIFFANY C HANCOCK PO BOX 188 FREEDOM, wyoming 83120 LENDER: FIRST NATIONAL BANK - WEST Organized and existing under the laws of the United States of America 100 Greys River Road Alpine, Wyoming 83128 TIN: 83-0162601 1. CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debts and Mortgagor's performance under this Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with the power of sale, the following described property: LOT 44 IN STAR VALLEY RANCH PLAT 8/LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT THEREOF. The property is located in LINCOLN County at 484 CEDAR DRIVE, THAYNE, Wyoming 83127. Together With all 'rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, all water and riparian rights, wells, 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 (all referred to as Property).' This Security Instrument will remain in effect until the Secured Debts and all underlying agreements have been terminated in writing by Lender. 2. MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at any one time will not exceed $18,093.00. 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. 3. SECURED DEBTS. This Security Instrument will secure the following Secured Debts: A. Specific Debts. The following debts-ar~l'*'all~-ex't~h~ions, renewals, refinancings, modifications and replacements. A promissory note or other agreement, No. 764002952, dated May 25, 2005, from Mortgagor to Lender, with a loan amount of $18,093.00, with an interest rate of 7.0 percent per year and maturing on AuguSt 25, 2005. B. Sums Advanced. All sums advanced and expenses incurred by Lender under the terms of this Security Instrument. 4. PAYMENTS. Mortgagor agrees that all payments under the Secured Debts will be paid when due and in accordance with the terms of the Secured Debts and this Security Instrument. 5. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, security agreement or other lien document that created a prior security interest or encumbrance on the Property, 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 receives from the holder. JESSE A HANCOCK Wyoming Mortgage Initials WY/4XXEIlenCOO836§OOOO467OO22052505Y ©1996 Bankers Systems, Inc., St. Cloud, MN ~_..(~-"Hi~" P~ge C. Not to allow any modification or extension of, nor to request any future adVances under agreement secured by the lien document without Lender's prior written consent. 6. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Property when due. Lender may require Mortgagor to provide to Lender copies of all notices that such amounts are due and the receipts evidencing Mortgagor's payment. Mortgagor will defend tide 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. 7. DUE ON SALE. 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 creation of, any transfer or sale of all or any part of the Property. This right is subject to the restrictions imposed by federal law (12 C.F.R. 591 ), as applicable. 8. WARRANTIES AND REPRESENTATIONS. Mortgagor has the right and authority to enter into this Security Instrument. The execution and delivery of this Security Instrument will not violate any agreement governing Mortgagor or to which Mortgagor is a party. 9. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mortgagor will keep the Property in good condition and make all repairs that are reasonably necessary. Mortgagor will not commit or allow any waste, impairment, or deterioration of the Property. Mortgagor will keep the Property free of noxious weeds and grasses. Mortgagor agrees that the nature of the occupancy and use will not substantially change without Lender's prior written consent. Mortgagor will not permit any change in any license, restrictive covenant or easement without Lender's prior written consent. Mortgagor will notify Lender of all demands, proceedings, claims, and actions against Mortgagor, 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 will give Mortgagor notice at the time of or before an inspection specifying a reasonable purpose for the inspection. Any inspection of the Property will be 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 or cause them to be performed. Mortgagor appoints Lender as attorney in fact to sign Mortgagor's name or pay any amount necessary for performance. Lender's right to perform for Mortgagor will not create an obligation to perform, and Lender's failure to perform will 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 assigns, grants, bargains, conveys, mortgages and warrants to Lender as additional security all the right, title and interest in the following (Property): existing or future leases, subleases, licenses, guaranties and any other written or verbal agreements for the use and occupancy of the Property, including any extensions, renewals, modifications or replacements (Leases); and rents, issues and profits (Rents). In the event any item listed as Leases or Rents is determined to be personal property, this Assignment will also be regarded as a security agreement. Mortgagor will promptly provide Lender with copies of the Leases and will certify these Leases are true and correct copies. The existing Leases will be provided on execution of the Assignment, and all future Leases and any other information with respect to these Leases will be provided immediately after they are executed. Mortgagor may collect, receive, enjoy and use the Rents so long as Mortgagor is not in default. Upon default, Mortgagor will receive any Rents in trust for Lender and Mortgagor will not commingle the Rents with any other funds. Mortgagor agrees that this Security Instrument is immediately effective between Mortgagor and Lender. This Security Instrument will remain effective during any statutory redemption period until the Secured Debts are satisfied. As long as this 'Assignment is in effect, Mortgagor warrants and represents that no default exists under the Leases, and the parties subject to the Leases have not violated any applicable law on leases, licenses and landlords and tenants. 12. DEFAULT. Mortgagor will be in default if any of the following occur: A. Payments. Mortgagor fails to make a payment in full when due. B. Insolvency or Bankruptcy. The death, dissolution or insolvency of, appointment of a receiver by or on behalf of, application of any debtor relief law, the assignment, for the benefit of creditors by or on behalf of, the voluntary or involuntary termination of existence by, or the commencement of any proceeding under any present or future federal or state insolvency, bankruptcy, reorganization, composition or debtor relief law by or against Mortgagor, Borrower, or any co-signer, endorser, surety or guarantor of this Security Instrument or any other obligations Borrower has with Lender. C. Death or Incompetency. Mortgagor dies or is declared legally incompetent. D. Failure to Perform. Mortgagor fails to perform any condition or to keep'any promise or covenant of this Security Instrument: E. Other Documents. A default occurs under the terms of any other document relating to the Secured Debts. F. Other Agreements. Mortgagor is in default on any other debt or agreement Mortgagor has with Lender. G. Misrepresentation. Mortgagor makes any verbal or written statement or provides any financial information that is untrue, inaccurate, or conceals a material fact at the time it is made or provided. H. Judgment. Mortgagor fails to satisfy or appeal any judgment against Mortgagor. I. Forfeiture. The Property is used in a manner, or for a purpose that threatens confiscation by a legal authority. J. Name Chan2e. Mortgagor changes Mortgagor's name or assumes an additional name without notifying Lender before malting such a change. K. Property Transfer. Mortgagor transfers al! or a substantial part of Mortgagor's money 6r property. This condition of default, as it relates to the transfer of the Property, is subject to the restrictions contained in the DUE ON SALE section. JESSE A HANCOCK Wyoming Mortgage Initials- ' WY/4XXEIlonCOO836500004670022052505Y ~1996 Bankers Svstems Inc., St. Cloud, MN ~. ,~ ' ~e ~ ' L. Property Value. The value of the Property declines or is impaired. 0 0 ['~ 8 ,~ M. Insecurity. Lender reasonably believes that Lender is insecure. ~'~Q)~7~L~' i3. REMEDIES. On or after default, Lender may use any and all remedies Lender has under state or federal law or in any document relating to the Secured Debts, including, without limitation, the power to sell the Property. Any amounts advanced on Mortgagor's behalf will be immediately due and may be added to the balance owing under the Secured Debts. Lender may make a claim for any and alt insurance benefits or refunds that may be available on Mortgagor's default. Subject to any right to cure, required time s~hedules or any other notice rights Mortgagor may have under federal and state law, Lender may make all or any part of the amount owing by the terms of the Secured Debts immediately due and foreclose this Security Instrument in a manner provided by law upon the occurrence of a default or anytifl~e thereafter. Upon any sale of the Property, Lender will make and deliver a special or limited warranty deed that conveys the property sold to the purchaser or purchasers. Under this special or limited warranty deed, Lender will covenant that Lender has not caused or allowed a lien or an encumbrance to burden the Property and that Lender will specially warrant and defend the Property's title of the purchaser or purchasers at the sale against all lawful claims and demand of all persons claiming by, through or under Lender. The recitals in any deed of conveyance will be prima facie evidence of the facts set forth therein. 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 the Secured Debts after the balance is due or is accelerated or after forecloSure proceedings are filed will not constitute a waiver of Lender's right to require full and complete cure of any existing default. By not exercising any remedy, Lender does not waive Lender's right to later consider the event a default if it continues or happens again. 14. COLLECTION EXPENSES AND ATTORNEYS' FEES. On or after Default, to the extent permitted by law, Mortgagor agrees to pay all expenses of collection, enforcement or protection of Lender's rights and remedies under this Security Instrument or any other document relating to the Secured Debts. Mortgagor agrees to pay expenses for Lender to inspect and preserve, the Property and for any recordation costs of releasing the Property from this Security Instrument. Expenses include, but are not limited to, attorneys' fees, court costs and other legal expenses. These expeqses are due and payable immediately. If not paid immediately, these expunses will bear interest from the date of payment until paid in full at the highest interest rate in effect as provided for in the terms of the Secured Debts. In addition, to the extent permitted by the United States Bankruptcy Code, Mortgagor agrees to pay the reasonable attorneys' fees incurred by Lender to protect Lender's rights and interests in connection with any bankruptcy proceedings initiated by or against Mortgagor. 15. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As 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.), all other federal, state and local laws, regulations, ordinances, court orders, attorney general opinions or interpretive letters concerning the public health, safety, welfare, environment 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 "hazardous material," "toxic substance," "hazardous waste," "hazardous substance," or "regulated substance" under any Environmental Law. Mortgagor represents, warrants and agrees that: A. Except as previously disclosed and acknowledged in writing to Lender, no Hazardous Substance is or will be located, stored or released on or in the Property. This restriction does not 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 Lender, Mortgagor and every tenant have been, are, and will remain in full compliance with any applicable Environmental Law. C. Mortgagor will immediately notify Lender if a release or threatened 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 will take all necessary remedial action in accordance with any Environmental Law. D. Mortgagor will 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. 16. 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 above described actions or claims. Mortgagor assigns to Lender the proceeds o'f any award or claim for damages connected with a condemnation or other taking of all or any part of the Property. Such proceeds will 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, deed of trust, security agreement or other lien document. 17. INSURANCE. Mortgag'or agrees to keep the Property insured against the risks reasonably associated with the Property. Mortgagor will maintain this insurance in the amounts Lender requires. This insurance will last until the Property is released from this Security nstrument. What Lender requires pursuant to the preceding two sentences can change during the term of the Secured Debts. Mortgagor may choose the insurance company, subject to Lender's approval, which will not be unreasonably withheld. All insurance policies and renewals will include a standard "mortgage clause" and, where applicable, "loss payee clause:" Mortgagor will give Lender and the insurance company immediate notice of any loss. All insurance proceeds will be applied to restoration or repair of' the Property or to the Secured Debts, at Lender's option. If Lender acquires JESSE A HANCOCK ~ ~ Wyoming Mortgage initials WY/4XXEIlenC00836500004670022052505Y ©1996 Bankers Systems, Inc., St. Cloud, o 0s744 00 o the Property in damaged condition, MortgagoPs rights to any insurance policies and proceeds will pass to Lender to the extent of the Secured Debts. Mortgagor wi:l immediately notify Lender of cancellation or te;mination of insurance, if Mortoa§or fails to keep Prope;t? insufe~ Lender me~ ~bta~n insurance to Dro:ect kendePs imerest in the Prope;t~. This insurance include coverages not originally required of Mortgagor, may be written by a company other than one Moctgagor would choose, and may be written at a.higher rate than Mortgagor could obtain if Mortgagor purchased the insurance. 18. ,ESCROW FOR, TAXES AND ~NSURA~JCE. Mortgagor will not be required to pay to Lender funds for taxes and insurance in escrow. 19. CO-SIGNERS. If Mortgagor signs this Security Instrument but does not sign the Secured Debts, Mortgago~ c~oes so only to mortgage Mortgago?s interest i~ the Property to secure payment of the Secured Debts and Mo~'tgaGo; does not agree to ba persona!iy lieble on the Secured Debts. ~f this Sacurity Instrument secures gueranty between Lender ~nd Mortgagor',. Mortgagor agrees to waive any rights that may prevent ~nde:' ¢ 'from b .... g~ng any action or claim against MortG~go~ or eny party indebted under the obligation. These rights may i~c'.ude, but are not limited tc, a~y ant',-defic'.ency or one-action laws. 2~'. WAWERS.. Except to the extent prohibited by law, Mortgagor waives all homestead exemption rights relating to the 2~:.operty. 2~. APPLICABLE LAW. This Security Instrument is governed by the laws of Wyoming, except to the extent otherwise required by the laws of the jurisdiction where the Property is located, and the United States of America. 22. ~O,N, AND.,~.~ v~ LIAB~L;TY AND SUCCESSORS. Each Mortgagor's obligations under this Security 'instrument sre independen~ of :he obligations of anv other Mortgagor. Lender m~y sue each Mortgagor individua',ly or':ogether with any other Mor:gagor. ~ender may re',ease any 2a-t of the ProperW a~d Mortgagor w~l s:i'd be o5;iGated under, this Security Instrume~ for the remsining Property. The dudes and benefits of this Security ;~strume~: will bind and benefi: ;h3 successors and assigns of Lender and Mortgagor. ' 23. AMENOMENT, iNTEGRATION AND SEVERAB~LITY. This Security Instrument may no~ be amended or modified by oral agreement. No amendment, or modificatio~ of ~his Security lnstrumem is effective unless made in writing and executed 8y Mortgagor and Lender. This SecuriW Instrument and any other documents relating ~o ~he Secured 3ebts a;e ;he complete and final expression of the agreemem. If any provision of this Security Instrument is unenforceable, then the unenforceable provision will be severed and the remaining provisions will still be enforcesb[e. 24. '.NTERF~ETAT[ON. Whenever used, the siagular includes ~he plural and the plural includes ~he singular. The section headings are for convenience only and are not to'be used to interpret or define the terms of this Security Instrument. 25. NOTICE, FINANCIAL REPORTS, ADDITIONAL DOCUMENTS AND RECORDING TAXES. Unless otherwise required by law, any notice will be given by delivering it or mailing i~ by first class mail to the appropriate party's address listed in ~he DATE AND PARTIES section, or to any o~her address designated in writing. Notice to one Mortgagor will be deemed to be notice to all Mortgagors. Mortgagor will inform Lender in writing of any change in Mortgagor's. name, address or other aPplication information. Mortgagor will provide Lender any 'financial s:atements or information Lender requests. All financial s~atements and information Mortgagor gives Lender will be correct and complete. Mortgagor agrees to pay all expenses, charges and taxes in connection with the preparation and recprding of this Security Instrumem. Mortgagor agrees ~o sign, deliver, and file any additional documents, or certifications that Lender may consider necessary to perfect, continue, and preserve Mortgagor's obligations u~der t~s Sec~y Instrument and to confirm Lender's lien status on any Property, and Mortgagor agrees to pay all ex,peases, charges and taxes in connection with the preparation and recording thereof. Time is of the essence. SIGNATURES. By signing, Mortghgo} agrees to t~e terms and covenants contained'in this Security Instr'ume~t. Mortgagor als6 acknoWledges receipt of a copy bf this Security Instrument. Ind~viduall~. L--NDE~: F~rs~. N~ank - Wes, JESSE A HANCOCK Wyoming Mortgage WY/4XXEIlenCO~4670022052505Y ©1996 Ban~ms Inc., St. Cloud, MN ~J¢~" ',,;, ,; ;~., Initials r-'~---']-;~77'' Page 4 ACKNOWLEDGMENT. (Individual) ,,00385 This instrument was ~efore me this, o~,~ day of JESSE A HANCOCK, and TIFFANY C HANCOCK . My commission expires: ~ by ~(Lend'~'r Acknowledgment)oF/~ ),z,~gq'/~ o, This instrument was ac~wledged before me thi~ Penny Jones as Real Estate Loan Officer of First National Bank - West. My commission expires:/~-~ ~ot ary pUblic) My Ccmm~ssion ~ires Ore.er 28, 2006~ JESSE A HANCOCK Wyoming Mortgage WY/~,XXEIlenCO0836500004670022052505Y ©1996 Bankers Systems, Inc., St. Cloud, MN ~(jb-~" Page 5