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HomeMy WebLinkAbout912527 ~)l!~.., Ð";,,·;,;w;';o;';,, ~~~::~. .'.,I.';I¡I",.,.,I"·1 +.~:;:::::::::::! '"'U ___._______~u_ ._. _ RECEIVED 10/5/2005 at 4:15PM RECEIVING # 912527 BOOK: 600 PAGE: 443 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY 000443 Space Above This Line For Recording Data MORTGAGE , DATE AND PARTIES. The date of this Mortgage (Security Instrument) is SEPTEMBER 23, 2005. The parties and their addresses are: MORTGAGOR: PAMELA L. BRAGG POBOX 78 FAIRVIEW, Wyoming 83119 LENDER: FIRST NATIONAL BANK - WEST Organized and existing under the laws of the United States of America 314 S Washington PO Box 1620 Afton, Wyoming 83110 TIN: 83-0162601 1. CONVEYANCE. For good and valuable consideralion, 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: Part of Section 3, T31N R119W of the 6th P.M., Lincoln County, Wyoming, more particularly described as follows: BEGINNING at the point on the East bounda~y line of the SE1!4SW1j4 of said Section 3 that is 746 feet South of the Northeast corner of said SE1/4SW1/4; and running thence South, along the East boundary line of said SE1/4SW1!4, 208.72 feet; thence West 208.72 feet; thence North 208.72 feet; '''1 ( thence East 208.72 feet, more or less, to the POINT OF BEGINNING. \..; 11 The property is located in LINCOLN County at BITTERCREEK RD, FAIRVIEW, Wyoming 83119. 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 anyone time will not exceed $59,790.66. 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. The term "Secured Debts" includes and this Security Instrument will secure each of the following: A. Specific Debts. The following debts and all extensions, renewals, refinancings, modifications and replacements. A promissory note or other agreement, No. 64003280, dated September 23, 2005, from Mortgagor to Lender, with a loan amount of $59,790.66. B. All Debts. All present and future debts from Mortgagor to Lender, even if this Security Instrument is not specifically referenced, or if the future debt is unrelated to or of a different tYPd than this debt. If more than one person signs this Security Instrument, each agrees tha~ it will secure debts incurred either individually or with others who may not sign this Security Instrument. Nothing in this Security Instrument constitutes a commitment to make additional or future loans or advances. Any such commitment must be in writing. In the event that Lender fails to provide any required n(.'tiGe of the right of rescission, Lender waives any subsequent PAMELA l. BRAGG Wyoming Mortgaga WY /4XXmindyd00836 500004823023092705Y °1996 flankers Systems, Inc., St. Cloud, MN Exf5Ëi?~. Initials~ Page 1 \ : ¡~~¡¡;;¡[jfj;~: ;~~:~ 444 security interest in the Mortgagor's principal dwelling that is created by this Security Instrument. This Security Instrument will not secure any debt for which a non-possessory, non-purchase money security interest is created in "household goods" in connection with a "con&Ulner loan," as those terms are defined by federal law governing unfair and deceptive credit practices. This SecUí~ty Instrument will not secure any debt for which a security interest is created in "margin stock" and lender does not obtain a "statement of purpose," as defined and required by federal law governing securities. C. 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. C. Not to allow any modification or extension of, nor to request any future advances under any note or 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 title to the Property against any claims that would impair the lien of this Security Instrument. Mortgagor agrees to assign to Lender, as requested by lender, any rights, claims or defenses Mortgagor may have against parties who supply labor or matorials 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 màke 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 willliot 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 ~rue 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 leasfJs, 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 jn 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 insolvèncy 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. PAMELA L. BRAGG Wyoming Mortgege WY /4XXmindyd00836500004823023092705Y "'" 11:11996 Bankers Systems. Inc.. St. Cloud, MN ~ Initials ~ Page 2 I \ C. Death or Incompetency. Mortgagor dies or is declared legallyincömpetent. 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 def~ult 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 Change. Mortgagor changes Mortgagor's name or assumes an additional name without notifying Lender before making such a change. K. Property Transfer. Mortgagor transfers al! or a substantial part of Mortgagor's money or 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. ' L. Property Value. lender determines in good faitn that the value of the Property has declined or is impaired. M. Insecurity. Lender determines in good faith that a material adverse change has occurred in Mortgagor's financial condition from the conditions set forth in Mortgagor's most recent financial statement before the date of this Security Instrument or that the prospect for payment or performance of the Secured Debts is impaired for any reason. 13. 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 all insurance benefits or refunds that may be available on Mortgagor's default. Subject to any right to cure, required time schedules 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 S,ecurity Instrument in a mðnner provided by law upon the occurrence of a default or anytime 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 c·r allowed a lien or an encumbrance to burden the Property and that Lender will specially warrant and defend the Property's title of the purchascr 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 nof limited to, reasonable attorneys' fees after default and referral to an attorney not a salaried employee of the lender. These expenses are due and payable immediately. If not paid immediately, thèse expenses will beat 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. " 0.445 ;·0 t! 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 hazardöus 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 fl,lll cOlllp,liance with any applicable Environmental Law. C. Mortgagor will immediately notify Lender jf 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. , PAMELA l, BRAGG Wyoming Mortgaga WY/4XXmlndyd00836500004823023092705Y ~*i::::~::¡:;;:;,::;~ /", ...,....,',..,..,.,""',,' . 1.;....t:t.iLL.LU..l....,<' , r,.;,<ï: Initials ~ Page 3 =1996 Bankers S'{stems, Inc., St. Cloud, MN ~ :ff:¡immm¡¡¡:¡,n : \ âti':~~ 6 D. Mortgagor will immediateiy 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 of 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 a"siunment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or other lien' document. 17. INSURANCE. Mortgagor 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 Instrument. 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 the Property in damaged condition, Mortgagor's rights to any insurance policies and proceeds will pass to Lender to the extent of the Secured Debts. Mortgagor will immediately notify lender of 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 and Mortgagor will pay for the insurance on Lender's demand. lender may demand that Mortgagor pay for the insurance all at once, or lender may add the insurance premiums to the balance of the Secured Debts and charge interest on it at the rate that applies to the Secured Debts. This insurance may include coverages not originally required of 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. Mortgagor acknowledges and agrees that lender or one of lender's affiliates may receive èommissions on the purchase of this insurance. 18. ESCROW FOR TAXES AND INSURANCE. Mortgagor will not be required to pay to lender funds for taxes and insurance in escrow. 19. CO-SIGNERS. If Mortgagor signs this Security Instrumeht but is not otherwise obligated to pay the Secured Debts, Mortgagor does so only to mortgage Mortgagor's interest in the Property to secure payment of the Secured Debts and Mortgagor does not agree by signing this Security Instrument to be personally liable on the Secured Debts. If this Security Instrument secures a guaranty betwf'en lender and Mortgagor, Mortgagor agrees to waive any rights that may prevent lender from bringing any action or claim against Mortgagor or any party indebted under the obligation. These rights may include, but are not limited to, any anti-deficiency or one-action laws. 20. WAIVERS. Except to the extent prohibited by law, Mortgagor waives all homestead exemption rights relating to the Property. 21. 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. JOINT AND INDIVIDUAL LIABILITY AND SUCCESSORS. Each Mortgagor's obligations under this Security Instrument are independent of the obligations of any other Mortgagor. Lender may sue each Mortgagor individually or together with any other Mortgagor. lender may release any part of the Property and Mortgagor will still be obligated under this Security Instrument for the remaining Property. The duties and benefits of this Security Instrument will bind and benefit the successors and assigns of lender and Mortgagor. 23. AMENDMENT, INTEGRATION AND SEVERABILITY. 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 and any other documents relating to the Secured Debts are 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. 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, ADDITIONAL DOCUMENTS AND RECORDING TAXES. Unless otherwise required by law, any notice will be given by delivering it or mailing 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. Nòtice 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 statements or information Lender requests. All financial statements and information Mortgagor gives Lender will be correct and complete. rv10rtgagör agrees to pay all expenses, charges and taxes in connection with the preparation and recording of this Security Instrument. 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, and Mortgagor agrees to pay all expenses, charges and taxes in connection with the preparation and recording thereof. Time is of the essence. PAMELA L. BRAGG Wyoming Mortgege WY 14XXmindyd00836600004823023092705Y t!:>1996 Bankers Systèms. Inc., St. Cloud, MN ~ Initials ')9 ~ / " é ' ,'-:00447 SIGNATURES. By signing, Mortgagor agrees to the terms and covenants contained in this Security Instrument. Mortgagor also acknowledges receipt of a copy of this Security Instrument. 'I' LENDER: FirstN.t~. ~ Tristan Smith, Loan Officer ACKNOWLEDGMENT. (Individual) ~ OF 't)/'I.' ~ L./ OF Lv? C()~ ss. This instrument was acknowled ed b:fore m:~s ..Q~r,{ day of ~k~ PAMELA L. BRAGG. ~ , My commission expires: ,,5(("11 ;<;2 :JJJf-- ~~ (Notary Public) ,~5 by TRISTAN SMITH NOTARY PUBlIC COUNTY OF ~ STATE OF LINCOLN ., WYOMING MY COMMISSION EXPIRES APRIL 22 2009 (Lender Acknowledgment) , ~u~ OF~ ss. This instrument was acknowled ed before me this :;}3~ day of ~ Tristan Smith as Loan Officer of First National Bank - West. My commission expires: g¡'~l ~07 ~ OF (lcn ~- by ~ðJÕð (Notary Public) ~~ Sheila RObertson County of _NOTARY PUBLIC LIncoln . State of WyOming M CommIsSIon Ex .......-.-----=~2, 2007 Lf' " , , ',- ~ PAMELA l. BRAGG Wyoming Mortg.g. WY /4XXmindyd00836500004823023092705Y ~:;:~::::::::;:::::~::i '..'."..'.'..'......."_........i.., ~:~~,1!~I~~,:.:;>:'::g:,' _! ,I,:i,.,..!{, Initials ?, t3 Page 5 <1)1996 Bankers Systems. Inc.. St. Cloud. MN ~"