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HomeMy WebLinkAbout875735 ,~ .,,. '-.,'.1 ,.... .... fi,l OLERK Spaco';Above This Line For Recording Data MORTGAGE DATE AND PARTIES. The date of this M~;~tgage (Security Instrument) ~s August 3~, 2001. The parties and their addresses are: MORTGAGOR: ROGER A. SCHANZENBACH 120 East ~scalones San Clemente, California 92672 LENDER: FIRST NATIONAL BANK OF PINEDALE Organized and existin~ under the laws of Wyoming P.O. Box ~19 61 E. Pine Street Pinedale, Wyoming 8294~ 83020~'3~ 2 1. CONVEYANCE. For ~ood and wluabl~.conside.~a~i0n, the receipt ~nd sufficiency of which is acknowledged, and to secure the Secured Debts and ~ort~agor's performance under this Security Instrument, ~ortga~or grants, bargains, conveys, mortgages and warrants to Lender, with the power of sale, the following described property: Lot 10 of Block 2 of the Second Amended~Plat of Birch Creek Commercial Park Addition in the Town of LaBar~e, formerly Tulsa, Lincoln County, Wyomi~ ~.~ described on the official plat thereof. The property is located in Lincoln County ~292 (A&B)~Symmetry ~rive, LaBarge, Wyoming 83~ 23~ Together with all rights, easements, appu?~enances, royalties, mineral rights, oil and gas rights, crops, timber, all diversion payments or third party payme?.ts made to crop producers and all existin~ and future improvements, structures, fixtures, and replacements th~.~t may now, or at any time ~n the future, be part of the real estate described (all referred to as Property). T~s Security Instrument will remain in effect until the Secured ~ebts and all underlying agreements have been termi~ted in writin~ by Lender. 2. MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at any one time will not exceed ~32,020.00. This limitatic~ of amount does not include interest and other fees and char~es 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 (nstrument. 3. SECURED DEBTS. This Security Instru~ent will secure the following Secured Debts: ' A. Specific Debts. The following ~ebts and all extensions, renewals, refinancings, modifications and .replacements. A promissory note, No. loan amount of ~32,020.00 with an interest rate of B. Sums Advanced. At[ sums advanced and expenses incurred by Lender under the terms of this Security Instrument~ 4. PAYMENTS. ~ort~agor agrees that a~l payments under the Secured Debts will be paid when due and in accordance with the terms of the Secured ~ebts and this Security Instrument. 5. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, security a~reement or other ~len document that created a prior security {nterest or encumbrance on the .Property, ~ort~agor agrees: A. To make a(I payments when due and to perform or comply with all covenants. B. To promptly de(iver to Lender any notices that ~ortga~or receives from the holder. C. Not to allow any modification or ,:~xtension of, nor to request any future advances under any note or agreement secured by the lien documen~ without Lender's prior written consent. Roger A, Schanzenbach Wyoming Me.gage WY/4SGulbranO0505900003326044081501Y 6. CLAIMS AGAINST TITLE. Mortgagor';'Will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other charges ;"eiating to the Property when due. Lender may require Mortgagor to provide to Lender copies of all notices (h~.t Such amounts are due and the receipts evidencing Mortgagor's payment. Mortgagor will defend title to thii:'Property against any claims that would impair the lien of this Security Instrument. Mortgagor agrees to assign;. :!:.o Lender, as requested by Lender, any rights, claims or defei'mes Mortgagor may have against parties who s!..l¢~ply labor or materials to maintain or improve the Property. 7. DUE ON SALE. Lender may, at its optbo.n, declare the entire balance of the Secured Debts to be immediately due and payable upon the creation of, or ool,~tract for the creation of, a transfer or sale of the Property. This right is subject to the restrictions imposed by;.~ederal law governing the preemption of state due-on-sale laws, as applicable. 8. WARRANTIES AND REPRESENTATIONh'~'. 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".i 9. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mortgagor will keep the Property in good condition and make all repairs that are reasonably n~cessary, 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. No portion of the Property will be removed, demolished or materially altered without Lender's prior written consent except that Mortgagor has the right to reFt, ova items of personal property comprising a part of the Property that become worn or obsolete, provided that s:;,mh personal property is replaced with other personal property at least equal in value to the replaced personal preperty, free from any title retention device, security agreement or other encumbrance. Such replacement of perso?,~al property will be deemed subject to the security interest created by this Security Instrument. Mortgagor will?or..: partition or subdivide the Property without Lender's prior written consent. Lender or Lender's agents may, at Lender;iS 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. A~,'~y inspection of the Property will be entirely for Lender's benefit and Mortgagor will in no way rely on Lender's i~.i;ispection. 10. AUTHORITY TO PERFORM. If Mortga,.¢or fails to perform any duty or any of the covenants contained in this Security Instrument, Lender may, w thou~:inotice, perform or cause them to be performed. Mortgagor appoints Lender as attorney in fact to sign Mortgager's name or pay any amount necessary for performance. Lender's right to perform for Mortgagor will not create ar:;~i obligation to perform, and Lender's failure to perform will not preclude Lender from exercising any of Lender's otfi~:ier rights under the law or this Security Instrument. If any construction on the Property is discontinued or 'not carded on in a reasonable manner, Lender may take all steps necessary to protect Lender's security interest inthe Property, including completion of the construction. 11. DEFAULT. Mortgagor will be in defaul'",~ if any of the following occur: A. Payments. Mortgagor fails to make a payment in full when due. B. Insolvency. Mortgagor makes an ::iassignment for the benefit of creditors or becomes insolvent, either because Mortgagor's liabilities exceed Mortgagor's assets or Mortgagor is unable to pay Mortgagor's debts as they become due. 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 transaction document, F. Other Agreements. Mortgagor is in default on any other debt or agreement Mortgagor has with Lender. G. Misrepresentation. Mortgagor mak.~s any verbal or written statement or provides any financial information that is untrue, inaccurate, or conceals ~, material fact at the time it is made or provided. H. Judgment. Mortgagor fails to satisf¢ or appeal any judgment against Mortgagor. I. Forfeiture. The Property is used in a ?r-~nanner or for a purpose that threatens confiscation by a legal authority. J. Name Change. Mortgagor change'~ Mortgagor's name or assumes an additional name without notifying Lender before making such a change. K. Property Transfer. Mortgagor trar~i.,.fers all or a substantial part of Mortgagor's money or property. This condition of default, as it relates to tl-~i~ transfer of the Property, is subject to the restrictions contained in the DUE ON SALE section. L. ProperW Value. The value of the Property declines or is impaired. M. Insecurity. Lender reasonably belie~'ies that Lender is insecure. 12. REMEDIES. Lender may use any and' all remedies Lender has under state or federal law or in any instrument evidencing or pertaining to the Secured D,~bts, 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 ~ilaim for any and all insurance benefits or refunds that may be available on Mortgagor's default. Subject to any right to cure, required time, schedules or 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 Roger A. Schanzenbach lnitials~.~' Wyoming Mortgage WY/4SGulbran00505900003326044081501Y ©1996 B~nkers Systems, inc., St. Cloud, MN ~ ~T)age 2 ' " 220 due and foreclose this Security Instrume~.~t in a manner provided by law upon the occurrence of a default or anytime thereafter. If there is a default, Trustee will, in additio!'~ to any other permitted remedy, at the request of the Lender, advertise and sell the Property as a whole or in separate parcels at public auction to the highest bidder for cash and convey absolute title free and clear of all right, titl~ and interest of Grantor at such time and place as Trustee desigr~ates. Trustee will give notice of sale including ttie time, terms and place of sale and a description of the Property to be sold as required by the applicable law in effect at the time of the proposed sale. Upon sale of the Property and to the ext~nt not prohibited by law, Trustee will make and deliver a deed to the Property sold which conveys absolute title.to the purchaser, and after first paying all fees, charges and costs, will pay to Lender all moneys advanced for repa rs, taxes, insurance, liens, assessments and prior encumbrances and interest thereon, and the principal and inl:erest on the Secured Debts, paying the surplus, if any, to Grantor. Lender may purchase the Property. The..!'ecitals in any deed of conveyance will be prima facie evidence of the facts set forth therein. All remedies are distinct, cumulative and r.~iJt, exclusive, and the Lender is entitled to all remedies provided at law or equity, whether or not expressly set fort~l.. The acceptance by Lender of any sum in payment or partial payment on the Secured Debts after the balance 'ill!i!. due or is accelerated or after foreclosure proceedings are filed will not constitute a waiver of Lender's right to :i:equire complete cure of any existing default. By choosing any one or more of these remedies Lender does not f:;dve up Lender's right to use any other remedy. Lender does not waive a default if Lender chooses not to use a rerr:.~dy. By electing not to use any remedy, Lender does not waive Lender's right to later consider the event a default ~md to use any remedies if the default continues or happens again. 13. COLLECTION EXPENSES AND ATTi!)RNFYS' FI:ES. On or after Default, to the extent permitted by law, Mortgagor agrees to pay all expenses oi: collection, enforcement or protection of. Lender's rights and remedies under this Security Instrument. Mortgagc~ agrees to pay expenses for Lender to inspect and preserve the Property and for any recordation costs of re easim3 the Property from this Security Instrument. Expenses include, but are not limited to, reasonable attorneys' fees after default and referral to an attorney not a salaried employee of the Lender. These expenses are due and p':!Wable immediately. If not paid immediately, these expenses 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. To the extent per..~itted by the United States Bankruptcy Code, Mortgagor agrees to pay the reasonable attorneys' fees Lender incurs to collect the Secured Debts as awarded by any court exercising jurisdiction under the Bankruptcy Code. 14. ENVIRONMENTAL LAWS AND HAZAf.iDOUS SUBSTANCES. As used in this section, (1) Environmental Law means, without limitation, the ComprehenSive Environmental Response, Compensation and Liability Act (CERCLA), all other federal, state and local laws, !regulations, ordinances, court orders, attorney gener,at opinions or interpretive letters concerning the public t:i~alth, 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," "ha,zardous substance," or "regulated substance" under any Environmental Law. ~.., Mortgagor represents, warrants and agrees that: A. Except as previously disclosed and ~cknowledged in writing to Lender, no Hazardous Substance has been, is, or will be located, transported, mar~t~factured, treated, refined, or handled by any person on, under or about the Property, except in the ordinary, course of business and in strict compliance with all applicable Environmental Law. B. Except as previously disclosed and acknowledged in writing to Lender, Mortgagor has not and will not cause, contribute to, or permit the release of ~,ny Hazardous Substance on the Property. C. Mortgagor will immediately notify, Lender if (1) a release or threa,tened release of Hazardous Substance occurs on, under or about the Property or migrates or threatens to migrate from nearby property; or (2) 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 Environmental Law. D. Except as previously disclosed and acknowledged in writing to Lender, Mortgagor has no knowledge of or reason to believe there is any pending or threatened investigation, claim, or proceeding of any kind relating to (1) any Hazardous Substance located t:,n, under or about the Property; or (2) any violation by Mortgagor or any tenant of any Environmental Law. Mortgagor will immediately notify Lender in writing as soon as Mortgagor has reason to believe there is any such pending or threatened investigation, c~aim, or proceeding. In such an event, Lender has the right, but not the obligation, to participate in any such proceeding including the right to receive copies of any documents relatir:g to such proceedings, · F. 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. F. Except as previously disclosed and acknowledged in writing to Lender, there are no underground storage tanks, pri~ate dumps or open wells located on or under the Property and no such tank, dump or well will be added unless Lender first consents in w;-~iting. G. Mortgagor will regularly inspect the Property, monitor the activities and operations on the Property, and confirm that all permits, licenses or api~rovats, required by any applicable Environmental Law are obtained and complied with. ' H. Mortgagor will permit, or cause arr¢ tenant to permit, Lender or Lender's agent to enter and inspect the Property and review all records at any 'reasonable time to determine (1) the existence, location and nature of any Hazardous Substance on, under or ~bout the Property; (2) the existence, location, nature, and magnitude of any Hazardous Substance that has I:.,~en released on, under or aboUt the Property; or (3) whether or not Mortgagor and any tenant are in comp!iance with applicable Environmental Law. Roger A, Schanzenbsch Wyoming Mortgage Init ia,~' WY/4SGulbran00§O5900003326044081~01Y =1996 Bankers Systems, Inc,, St. Cloud, MN ~x~a Page 3 I. Upon Lender's request and at any tm~e, Mortgagor agrees, at Mortgagor's expense, to engage a quahfled environmental engineer to prepare an m~vironmental audit of the Property and to submit the results of such audit to Lender. The choice of the em, i~onmental engineer who will perform such audit is subject to Lender's approval, J. Lender has the right, but not the ob:igation, to perform any of Mortgagor's obligations under this section at Mortgagor's expense. K. As a consequence of any breach :of any representation, warranty or promise made in this section, (1) Mortgagor will indemnify and hold Lard. der and Lender's successors or assigns harmless from and against all losses, claims, demands, liabilities, damages, cleanup, response and remediation costs, penalties and expenses, including without limitation all costs of: t gation and attorneys' fees, which Lender and Lender's successors or assigns may sustain; and (2) at Lender's discretion, Lender may release this Security tnstrument and in return Mortgagor will provide Lender with co:!l,]ateral, of at ~east equal value to the Property secured by this Security , Lender s rights under this Security Instrument. Instrument without prejudice to any of ' L, Notwithstanding any of the languag~: contained in this Security Instrument to the contrary, the terms of this section will survive any foreclosure or s~tisfaction of this Security Instrument regardless of any passage of title to Lender or any disposition by Lende'~"of any or all of the Property. Any claims and defenses to the contrary are hereby waived. 15. 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 i~.~ervene in Mortgagor's name in any of the above described actions or claims. Mortgagor assigns to Lender t~(:e proceeds of any award or claim for damages connected with a condemnation or other taking of all or anyi:part of the Property, Such proceeds will be considered payments and will be applied as provided in this Securit¥.il?,strument. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agr~'ement or other lien document. 16. INSURANCE. Mortgagor agrees to ke~iip the Property insured against the risks reasonably associated with the Property. Mortgagor will maintain this ins~i.lrance in the amounts Lender requires. This insurance will last until the Property is released from this Security IriStrument. Mortgagor may choose the insurance company, subject to Lender's approval, which will not be unrealsonably withheld. All insurance policies and renewals will Inl:;lude a standard "mortgage clause" and, where applicable, "loss payee clause." If required by Lender, Mortgago!i,~agrees to maintain comprehensive general liability insurance and rental loss or business interruption insurance in"amounts and under policies acceptable to Lender. The comprehensive general liability insurance must name Lert,!der as an additional insured. The rental loss or business interruption insurance must be in an amount equal ",':o at least coverage of one year's debt service, and r~quired escrow account deposits (if agreed to separatety ir,~,i writing.) Mortgagor will give Lender and the insura~ce 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 the Property in damaged condition., Mortg,i~gor's rights to any insurance, policies and proceeds will pass to Lender to the extent of the Secured Debts, '.~ Mortgagor will immediately notify Lender ~f cancellation or termination of insurance, if Mortgagor fails to keep the Property insured Lender may obtain insurance to protect Lender's interest in the Property. This insurance may include coverages not originally required i':f Mortgagor, may be written by a company other than one Mortgagor would choose, and may be written at a, higher rate than Mortgagor could obtain if Mortgagor purchased the insurance. 17. ESCROW FOR TAXES AND INSURAN'~E. Mortgagor will not be required to pay to Lender funds for taxes and insurance in escrow. 18. CO-SIGNERS. If Mortgagor signs this Security Instrument but does not sign the Secured Debts, Mortgagor does so only to mortgage Mortgagor's i~nterest in the Property to secure payment of the Secured Debts and Mortgagor does not agree to be person~i~'lly liable on the Secured Debts. If this Security Instrument secures a guaranty between Lender and Mortgagoi", Mortgagor agrees to waive any rights that may prevent Lender from bringing any action or claim against Moi;tgagor or any party indebted under the obligation. These rights may include, but are not limited to, any anti-def.'iciency or one-action laws. 19. WAIVERS. Except to the extent prohibited by law, Mortgagor waives all homestead exemption rights relating to the Property. 20. FIXTURE FILING. Mortgagor gives to :~.ender a security, nterest in all goods that Mortgagor owns now or in the future and that are or will become fixture's,~ related to the Property. 21. APPLICABLE LAW. This Security trt:strument 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. JOINT AND INDIVIDUAL LIABILITY 't~ND SUCCESSORS. Each Mortgagor's obligations under this Security Instrument *~re independent of the ob',!fjations of any other Mortgagor. Lender may sue each Mortgagor individually or together with any other Mo:rtgagor. Lender may release any part of the Property and Mortgagor will still be obligated under this Security In~rument for the remaining Property. The duties and benefits of.this Security Instrument will bind and benefit t.)~e s~ccessors and assigns of Lender and Mortgagor. 23. AMENDMENT, INTEGRATION AND iSEVERABILITY. This Security Instrument may not be amended or modified by oral agreement. No amendment or modification of this Security Instrument is effective unless made in writing and executed by Mortgagor and Lender. This Security Instrument is the complete and final expression of the agreement. If any provision of this Security Instrument is unenforceable, then the unenforceable provision will be severed and the remaining provisions will still be enforceable. Roger A. Schanzanbach Wyoming Mortgage WY/4SGulbranO050§900OO3326044081501Y ~1996 Bankers Systems, Inc., St. Cloud, MN E~-~ Page 4 24. INTERPRETATION. Whenever used, the singular includes the plural and the plural includes the 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 AND?ADDITIONAL DOCUMENTS. Unless otherwise required by laW, any notice will be given by delivering it or mai~ing it by first class mail to the appropriate party's address listed in the DATE AND PARTIES section, or to any other address designated in writing. Notice to one party will be deemed to be notice to all parties. Mortgagor will in!!orm Lender in writing of any change in Mortgagor's name~ address or other application information. Mortgagor: will provide Lender any financial statements or information Lender requests. All financial statements and information Mortgagor gives Lender will be correct and complete. 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 to confirm Lender's lien status on any Property. Time is of the essence. SIGNATURES. By signing, Mortgagor a,cirees to the terms and covenants contained in this Security Instrument. Mortgagor also acknowledges receipt of.a Copy of this Security Instrument. MORTGAGOR: Rog~'r A.' Schanzenb~ch ~/~~ COMM. #1276882 Notepf Pubic C~ornla LENDER: :' a O~NGECOUN~ First~ional Bank of Pinedale Kenneth E. Transtrum, Vice Pr~sident (Attest) ' ? ACKNOWLEDGMENT. This instrument was acknowledged ~efo~;~me this /~~ of ~~ ' , RogerA. Schanzenbach. :~ ~ ) ~' ~ I by MY.c°mmissi°n expires . '~'~'~ (Notar~ p~~~[ . (Lender Acknowledgment)/. . . __ ~ .~ . "T~i; instrument was ac~wled~' befor;~,'.-me t~ J ? day of ~~ ~¢/' by Kenneth E. Transtrum as Vice President ¢' First National B~nk of Pinedale. ~ ' My commission exp res ~~¢~~ ~ }} ~,?y C~mmission Ep~¢es~ Ua~h 2, 2002 ~ " Roger A, Schanzenbach Wyoming Mortgage initials WY/4SGWbranO050§900003326044081501Y ~1996 Bankers Systems, Inc., St. Cloud, MN F_,,x'j~--"~" Page §