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HomeMy WebLinkAbout875913 Space Above This Line For Recording Data MORTGAGE (With Future Advance Clause) DATE AND PARTIES. The date of this Mortgage (Security Instrument) is September 12, 2001. The parties and their addresses are: MORTGAGOR: RICHARD P THOMAN FONTENELLE ROUTE KEMMERER, Wyoming 83101 HUSBAND SUSAN L THOMAN FONTENELLE ROUTE KEMMERER, Wyoming 83101 WIFE LENDER: COMMUNITY FIRST NATIONAL BANK Organized and existing under the laws of the United States of America 801 Pine Avenue Kemmerer, Wyoming 83101 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 warran-is to Lender, with the power of sale, .the following described property: REFER TO ATTACHED EXHIBIT"A" - , The property is located in LINCOLN CounW at 2035 LINCOLN-SWEETWATER COUNTY ROAD 31, KEMMERER, Wyoming 83101. Together With all rights, easements, apoi.~rtenances, royalties, mineral rights, oil and gas rights, all water and riparian rights, wells, ditches and water si:,ock and all existing and future improvements, structures, fixtures, and replacements that may now, or at any ti~3e in the future, be part of the real estate described (all referred to as RICHARD P THOMAN Initial~J Wyoming Mortgage wY/4XjpaulsoO0505900003326020091201Y ©1996 Bankers Systems, gTO Property). This Security Instrument will. rernmn 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 $120,000.00. This limitation of amount does not include interest and other fees and charges validly made pursuant to this Security Instru,-nent. Also, this limitation does not apply to advances made under the terms of .this Security Instrument to protec';: 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 d.:s, bts and all extensions, renewals, refinancings, modifications and replacements. A promissory note, No. 7(.!43268, dated September 12, 2001, from Mortgagor to Lender, with a loan amount of $120,000.00 with an inih?rest rate of 8.0 percent per year and maturing on December 1, 2001. One or more of the debts secured by this. Security Instrument contains a future advance provision. B. Sums Advanced. All sums advanc~t'~ and expenses incurred by Lender under the terms of this Security Instrument :, 4. PAYMENTS. Mortgagor agrees that ~17 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 ref;Jard to any other mortgage, deed of trust, security agree~nent or other lien document that created a prior security in~terest or encumbrance on the Property, Mortgagor agrees: A. To make all payments when due and !l::o perform or comply with all covenants. B. To promptly deliver to Lender any not, ices 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'.(ivill pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other charges r~,lating to the Property when due. Lender may require Mortgagor to provide to Lender copies of all no(ices 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 :~o Lender, as requested by Lender, any rights, claims or defenses Mortgagor may have against parties who su.::~ply 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 Debts to be immediately due and payable upon the creation of, or ccntract for the creation of, a transfer or sale of the Property. This right is subject to the restrictions imposed by .federal law governing the preemption of state ,due-on-sale laws, as applicable. :' 8. WARRANTIES AND REPRESENTATIONS. Mortgagor has the right and authority to enter into this Security Instrument. The execution and deliveryi:i'ff this Security Instrument will not violate any agreement governing Mortgagor or to which Mortgagor is a partY5. 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 no.~ify 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 !nspecuon. 10. AUTHORITY TO PERFORM. If Mortga~gor 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 Mortgager's name or pay any amount necessary for performance. Lender's right to perform for Mortgagor wilt not create ar~ obligation ~o 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 Wyoming Mortgage initial WY/4XjpaulsoO0505900003326020091201Y ©1996 Bankers Systems, Inc., St. Cloud, MN F-XlD~L~* Page 2 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 in the ProplerW, including completion of'the construction. 11. A$SI6NMENT OF LEASES AND REN:,'. S. Mortgagor grants, bargains, conveys, mortgages and warrants to Lender as additional security all the right, t:~tie and interest in and to any and all: A. Existing or future leases, subleases, licenses, guaranties and any other written or verbal agreements for the' use and occupancy of any portion o"I: the Property, including any extensions, renewals, modifications or substitutions of such agreements (all referred to as Leases). B. Rents, issues and profits (all referred to as Rents), including but not limited to security deposits, minimum rent, percentage rent, additional rent, common area maintenance charges, parking charges, real estate taxes, other applicable taxes, insurance premlum contributions, liquidated damages following default, cancellation premiums, "loss of rents" insurance, gu(:~st receipts, revenues, royalties, proceeds, bonuses, accounts, contract rights, general intangibles, and all rights and' claims which Mortgagor may have that in any way pertain to or are on account of the use or occupancy of the whole or any part of the Property. Mortgagor will promptly provide Lender with true and correct copies of all existing and future Leases. Mortgagor may collect, receive, enjoy and use the [;Cents so long as Mortgagor is not in default under the terms of this Security Instrument. 'Mortgagor agrees that this assignment is .: ~nmediately effective between the parties to this Security Instrument. Mortgagor agrees that this assignment i!:~':;( effective as to third parties when Lender takes affirmative action prescribed by law, and thatthis assignmei"'~t will remain in effect during any redemption period until the Secured Debts are satisfied. Mortgagor agrees i;.'~at Lender may takeona~;stUdaelePmOeSdS;~Sio°cncu°/ wthh~nPlr°ePn~ry, ~rritiths°~etnhte, necessity of commencing egal action and:ithat actual possessi ' , notifies Mortgagor of Mortgagor's default 'i':ind demands that any tenant pay all future Rents directly to Lender. On receiving notice of default, Mortgagor wii'i endorse and deliver to Lender any payment of Rents in Mortgagor's possession and will receive any Rents in ti;,;ust for Lender and will not commingle the Rents with any other funds. Any amounts collected will be applied as ~l'ovided in this Security Instrument. Mortgagor warrants that no default exists under the Leases or any apPlicab e :;landlord/tenant law. Mortgagor also agrees to maintain and require any tenant to comply with the terms of the LeWiSes and applicable law. 12. DEFAULT. Mortgagor will be in defaul;: if any of the following occur: A. Payments. Mortgagor fails to make i-~ payment in full when due. B. Insolvency or Bankruptcy. Any egal entity obligated on the Secured Debts makes an assignment for the benefit of creditors or become insolven'ih either because its liabilities exceed its assets o? it is unable to 'pay its debts as they become due; or it petitions for protection under federal, state or local bankruptcy, insolvency or debtor relief laws, or is the subject of a petition or action under such laws and fails to have the petition or action dismissed within a reasonable period of time not to exceed 60 days. C. Death or Incompetency. Mortgagors!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 ~efault 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 ;~ material fact at the time it is made or provided. H. Judgment. Mortgagor fails to satis~,y or appeal any judgment against Mortgagor. I. Forfeiture. The Property is used in a manner or for a purpose that threal~ens confiscation by a legal authority. J. Name,Ghange. Mortgagor changi?.s: Mortgagor's name or assumes an additional name without notifying Lender before making such a change. , i K. Property Transfer. Mortgagor transfers all or a substantial part of Mortgagor's money or property. This condition of default, as it relates to ti~e transfer of the Property, is subject to the restrictions contained in the DUE ON SALE section. L. Property Value. The value of the P '~).,~erty declines or is impaired. M. Insecurity. Lender reasonably believi'as that Lender is insecure. 13. REMEDIES. Lender may use any etd;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 RICHARD P THOMAN Initials Wyoming Mortgage WY/4XipaulsoO0505900003326020091201Y 61996 Bankers Systems. Inc., St, Cloud, MN ~x'~-~~ amounts advanced on Mortgager's behalf will be immediately due and may be added to the balance owing under the Secured Debts. Lender may make a cl;~im for any and all insurance benefits or refunds that may be available on Mortgager's default. Subject to any right to cure, required time :~chedules or other notice rights Mortgagor may have under federal and state law, Lender may make all or any pa~,'( of the amount owing by the terms of the Secured Debts immediately 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 additid~:~'to any other permitted remedy, at the request of the Lender, advertise and sell the Property as a whole or in sep'~rate parcels at public auction to the highest bidder for cash and convey absolute title free and clear of all right, tit~ia and interest of Grantor at such time and place as Trustee designates. Trustee will give notice of sale including the time, terms and place of sale and a description of the Property to be sold as required by the applicable law in ef':'ect at the time of the proposed sale. Upon sale of the Property and to the ext,i~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 rei3&irs, taxes, insurance, liens, assessments and prior encumbrances and interest thereon, and the principal and-.inter,eSt, on the Secured Debts, paying the surplus, if any, to Grantor. Lender may purchase the Property. The recitals inilany deed of conveyance will be prima facie evidence ~)f the facts set forth therein. All remedies are distinct, cumulative and ni)ti: exclusive, and the ~_ender is entitled to all remedies provided at law or equity, whether or not expressly set forth.. ;i' The acceptance by Lender of any sum in payment or partial payment on the Secured Debts after the balance is ¢,iue or is accelerated or after foreclosure proceedings are filed will not constitute a waiver of Lender's right to requ;i~e complete cure of any existing default. By choosing any one or more of these remedies Lender does not give u?: Lender's right to use any other remedy. Lender does not waive a default if Lender chooses not to use a reme(.Jiy. By electing not to use any remedy, Lender does not waive Lender's right to later consider the event a default and,. to use any remedies if the default 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 ~!p ection, enforcement or protection of Lender's rights and remedies under this Security Instrument. Mortgagor 81grees to pay expenses for Lender to inspect and preserve the Property and for any recordation costs of releasing tihe Property from this Security Instrument. Expenses include, but are not limited to, reasonable attorneys' fees a':!iter default and referral to an attorney not a salaried employee of the Lender. These expenses are due and pa.y(~ble 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 pr,ovided for in the terms of the Secured Debts. To the extent permitted by the United States Bankruptcy Code, Mortgagor agrees to pay the reasonable attorneys' fees Lender incurs to collect the Secured Debts as awarded by ~ny court exercising jurisdiction under the Bankruptcy Code. . :, 15. ENVIRONMENTAL LAWS AND HAZARDous SUBSTANCES. As used in this section, (1) Environmental Law means, without limitation, the Comprehen,,'dve Environmental Response, Compensation and Liability Act (CERCLA), 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," "h~zardous substance," or "regulated substance" under any Environmental LaTM. Mortgagor represents, warrants and agrees tiat: 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 ~;he Property. This restriction does not apply to small quantities of Hazardous S~Jbstances that are general'ly 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 complianoe with any applicable Environmental Law. C. Mortgagor will immediately not~fy Lender if a release or threatened release of a Hazardous Substance occurs on, under or about the Property or there,lis 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. RICHARD P THOMAN WY/4Xjpaul~o00505900003326020091201Y ©1996 Bankers Systems, inc.. St, Cloud, MN D. Mortgagor will immediately notify L~;nder 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 a'ny Environmental Law. 16. CONDEMNATION. Mortgagor will give il'.ender prompt notice of any pending or threatened action by private or public entities to purchase or take any or at' of the Property through condemnation, eminent domain, or any other means. Mortgagor authorizes Lender to inlervene in Mortgager'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 imrt of the Property. Such proceeds will be considered payments and will be applied as provided in this Security I,!)strument. This assignment 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 keeo the Property insured against the risks reasonably associated with the Property. Mortgagor will maintain this insui'ance in the amounts Lender requires. This insurance will last until the Property is released from this Security Ifi.,itrument. 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 apii~!icable, "loss payee clause." Mortgagor will give Lender and the nsurai'me company immediate notice of any loss. All insurance proceeds will be applied to restoration or repair of the P¥0perty or to the Secured Debts, at Lender's option. If Uender acquires the Property in damaged condition, Mortga:~!:or s rights to any insurance policies and proceeds will pass to Lender to the extent of the Secured Debts. ~'i'~ Mortgagor will immediately notify Lender e'~:~ c~ncellation or termination of insurance, If Mortgagor fails to keep the Property insured Lender may obtain insur~?~nce to protect Lender's interest in the Property. This insurance may include coverages not originally required b,~f Mortgagor, may be written by a company other than one Mortgagor would choose, and may be written at al,. higher rate than Mortgagor could obtain if Mortgagor purchased the insurance. ~, 18. ESCROW FOR TAXES AND INSURANCE. Mortgagor will not be required to pay to Lender funds for taxes and insurance in escrow. ~,i 19. CO-SIGNERS, If Mortgagor signs thi':;~ Security Instrument but does not sign the Secured Debts, Mortgagor does so only to mortgage Mortgager's interest in the Property to secure payment of the Secured Debts and Mortgagor does not agree to be persona!ly liable on the Secured Debts. If this Security Instrument secures a guaranty between Lender and Mortgagor,' Mortgagor agrees to waive any rights that may prevent Lender from bringing any action or claim against Mo~tgagor or any party indebted under the obligation, These rights may include, but are not limited to, any anti-de{iciency or one-action laws. 20. WAIVERS. Except to the extent prohibited by law, Mortgagor waives all homestead exemption rights relating to the Property. ' 21. OTHER TERMS. The following are ap!:dicable to this Security Instrument: A. Construction Loan. This Security .Instrument secures an obligation created for the construction of an improvement on the Property. 22. APPLICABLE LAW. This Security I~strument is governed by the Iaws of Wyoming, except to the extent e~herwise required by the laws of the jurisdiction where the Property is located, and the United States of America. 23. JOINT AND INDIVIDUAL LIABILITY"&ND SUCCESSORS. Each Mortgager's obligations under this Security Instrument are independent of the obligati~s of any other Mortgagor. Lender may sue each Mortgagor individually or together with any other Mortgagor. l~ender may release any part of the:Property and Mortgagor will still be obligated under this Security Instrument i'for the remaining Property. The duties and benefits of this Security Instrument v~ill bind and benefit the S'uccessors and assigns of Lender and Mortgagor. 24. AMENDMENT, INTEGRATION AND sEvERABILITY. This Security Instrument may not be amended or modified by'oral agreement. No amendment or mo, dification 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 Securii:y Instrument is unenforceable, then the unenforceable provision will be severed and the remaining provisions will still be enforceable. 25. INTERPRETATION. Whenever used, -~:he 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 RICHARD P THOMAN Initial Wyoming Mortgage WY/4XjpauisoO0505900003326020091201Y ~1996 5ankers Systems, inc., St. Cloud, MN ~" 26. NOTICE, FINANCIAL REPORTS ANE ADDITIONAL DOCUMENTS. Unless otherwise required by law, any notice will be given by delivering it or maJing 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 iK.;i~orm Lender in writing of any change in Mortgagor's name, address or other application information. Mortgagorr: 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 fi[e; any additional documents or certifications that Lender may consider necessary to perfect, continue, and preserve Mortgagor's obligations under this Secur ty InstrUment and to confirm Lender's lien status on any Property. Tim~' Js of the essence. SIGNATURES. By signing, Mortgagor agr:,ees to the terms and covenants contained in this Security Instrument. Mortgagor also acknowledges receipt of a ~:',~py of this Security Instrument. UORT G :/ RICHARD P THOMA._A._A._A._A._A._~ "SOSAN L THOMAN ACKNOWLEDGMENT. (Individual) This instrument was acknowledged before t:~e this /~h day of .~'t~ , ,~)¢)j by RICHARD P THOMAN, HUSBAND, and SUSAN L THOMAN, WIFE. My commission expires: /'~/~..~.~ ~ STACY A. W'ER~'~ER ~ (No~'ar-~ub 'c) -- a icst teo i.g RICHARD P THOMAN Wyoming Mortgage WY/4Xjpaulso00505900003326020091201Y ©1996 Bankers Systems, Inc., St. Cloud, MN ~,,-1~'~:~~ Page A parcel of land in Tract 39 of the resurvey of T23N,'RlllW of the 6th P.M., Lincoln County, Wyoming,. 'being more particularly described as follows: Commencing at corner number three (3) of Tract 38 of the resurvsy of T23N, Rll~W of the~ 6th P.M., Sweetwater County, Wyoming, said corner number thr~~e (3) also being a point on the easterly boundary line of Tract~39 of the resurvey of said T23N, RlllW; thence N57°34'02"W, a.~distance of 1,'285.33 feet to the point o~ beg~nning, where is~? found a 5/8" rebar with an aluminum cap inscribed "CCI PE&LS .574"; thence N6"24'S3"W~ a distance of 1,163.60 feet where is.: found a 5/8" rebar with an aluminum cap inscribed "CCI PE&5S 574"; thence S83 "35'07''W a distance of 276.~0 feet to a point: on the easterly bank of the Green River, where is found a 5/8" ~i~ebar with an aluminum cap inscribed "CCI PE&LS 574"; thence continuing S83"35'07"W~ a d~stance of 54~.90 feet to a point on an island in the Green River, where is fo6nd a 5/8" rebar with an aluminum cap .inscribed "CCI PE&LS 574"; thence S6e 24' 53"E · , a distance of 384 40 feet to a point on the southerly bank of the ~:Green River, where is found a 5/8" rebar with an aluminum cap inscribed "CCI PE&LS 574"; thence continuing S6"24'53"E, a distance{~<of 779.20 feet to a point where is found a 5/8" rebar with an ~aluminum cap inscribed "CCI PE&LS 574"; thence N83"35'07"E, a distance of 820.00 feet to the point of beginning