Loading...
HomeMy WebLinkAbout876063 SpaCe,~ Above This Line For' Recording Data MORTGAGE DATE AND PARTIES. The date of this Mortgage (Security nstrument) is September 7, 2001. The parties and their addresses are: ' ,,. MORTGAGOR: 'i MICHAEL H CARSON 1563 Beverly Lane El Centro, California 92243 Klm CARSON 1503 Beverly Lane El Centro, California 92243 .', STANLEY W LEGARRA 416 Onyx Street Kemmerer, Wyoming 83101 BETTY LEGARRA 41 6 Onyx Street .i: Kemmerer, Wyoming 83101 ~'~ LENDER: FIRST NATIONAL BANK - WEST Organized and existing under the lairds of the United States of America 716 pine Avenue Kemmerer, Wyoming 83101 83-0162601 1. CONVEYANCE. For good and valuab!e consideration, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debts and Mo?tgagor's performance under this Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrantls to Lender, with the power of sale, the following, described property: The Easterly 1/2 of Lots 5 and 6 of Blocl:: 58 of the Second Addition to the Town of Kemmerer, Lincoln ~ounty, Wyoming being more particularly describe!J as follows: BEGINNING at the Northeasterly corner of said Lot 6 and running .thence Westerly along the Northei!y boundary line of said Lot 6, 'a distance of 70 feet; thence Southerly, at right angles, 100 feet to the Southerly b~?undary line of said Lot 5; thence EasterlY, along the Southerly boundary line of said Lot 5, 70'feet to the line of al!:.ey; thence Northerly, along the Easterly boundary line of said Lots 5 and 6, 100 feet to the POINT OF BEGINNING.'i~ . The property is located in Lincoln. County ~!,~t 416 Onyx Street, Kemmerer, Wyoming 83101. Together with all rights, easements, apFurtenances, 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 p~rt of the real estate described (all referred to as Property). This Security Instrument will~emain 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 $25,678.00. This limitatJ.:m of amount does not include interest and other fees and charges validly made pursuant to this Security instrumen?. Aisc, this limitation does not apply to advances made under the terms of this Security Instrument to protect L~:nder'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 and all extensions, renewals, refinancings, modifications and with a replacements. A promissory note, No;'88511400, dated September 7, 2001, from Mortgagor to Lender, Michael H Carson initials "~. ~.~, Wyoming ~ortgage WY/4XXXarynBO0505900003326028090601¥ ©1996 Bankers Systems. Inc.. St. Cloud. MN ~--~" Pa~e 1 loan amount Of 825,678.00 with an i,'~itial variable interest rate of 7.5 percent per Year until August 23, 2002, after which~time it may change as the Fromissory note prescribes and maturing on September 7, 2016. B. All Debts. All present and future ~iebts from Mortgagor to Lender, even if this Security Instrument is not specifically referenced, or if'the futur~ debt is unrelated to or of a different type than this debt. If more than one person signs this Securit~y Instrument, each agrees that it will secure debts incurred either individually or with others who may not sign' this ~ ' ~;.~cur~ty Instrument, Nothing in this Security Instrument constit~ltes a commitment to make additional or fut:~'e loans or advances. Any such commitment must be in writing. In the event that Lender fails to provide not!ice of the right of rescission, Lender waives any subsequent security interest in the Mortgager's principaf IUwelling 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 conn;~?.i~tion with a "consumer loan," as those terms are defined by federal law governing unfair and deceptive credit,l]ractices. This Security 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 ..~;ecurities. C. Sums AdVanced. .All sums advar!c..ed and expenses incurred by Lender under the terms of this Security Instrument. 4. PAYMENTS, Mortgagor agrees tha~ .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 securit'~:, :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 no~.ices that Mortgagor 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 docume ~i without Lender's prior written consent. 6. CLAIMS AGAINST TITLE. Mortgagok will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other charges ',;elating to the Property when due. Lender may require Mortgagor to provide to Lender copies of all notices :~::hat such amounts are due and the receipts evidencing Mortgager's payment, Mortgagor will defend title to th~ Property against any claims that would impair the lien of this Security Instrument. Mortgagor agrees to assign:,ito 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 opt;on, declare the entire balance of the Secured Debts to be immediately due and payable upon the creation of, or contract for the creation of, a transfer or sale of the Property. This right is subject to the restrictions imposed b,y ;federal law governing the preemption of state due-on,sale laws, as applicable. 8. WARRANTIES AND REPRESENTATIOi~[S. Mortgagor has the right and authority to enter into this Security Instrument. The execution and deliver~/ 'of this Security Instrument will not violate any agreement governing Mortgagor or to which Mortgagor is a parli;Y.: 9. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mortgagor will keep the Property in good condition and' make all repairs that are reasonably riecessary Mortgagor will not commit or ali·ow any waste, impairment, or deterioration of the Property. .Mortgage..., will keep the Property free of noxious weed's and grasses. Mortgagor agrees that the nature of the occupanc':l ,and use will not substantially change without Lender's prior written consent. Mortgagor will not permit any :;hange in any license, restrictive covenant or easement without Lender's prior written consent. Mortgagor will i'~ol!ify. Lender of all demands, proceedings, claims, and actions against Mortgagor, and of any loss or damage to [:he Property, Lender or Lender's agents may, at Lende'r's option, enter the Property at any reasonable time for the purpose of inspe~:ting the Property. Lender will give Mortgagor notice at the time of or before an inspection specifying a reasonable purpose for the inspection. ,&~:y inspection of the Property will be entirely for Lender's benefit and Mortgagor will in no way rely on Lender's irspection. 10. AUTHORITY TO PERFORM. If Mortgagor fails to perform any duty or any of the covenants contained in this Security Instrument, Lender may, withoi..it,notice, perform or cause them to be performed. Mortgagor appoints Lender as attorney in fact to sign Mortgage :"s name or pay any amount necessary for performance. Lender's right to perform for Mortgagor will not Create ;,-.'re.ob gation 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. P~'oFerty, including completion of the construction. 11 ASSIGNMENT OF LEASES AND RENT~3. Mortgagor grants, bargains, conveys, mortgages and warrants to Lender as additional security all the right, title and interest in and to any and all: 'A. Existing or future leases, sub!eases, licenses, guaranties and any other written or verbal agreements for the use and occupancy of any portion of 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 premi*Jm contributions, liquidated damages following default, cancellation premiums, "loss of rents" insurance, cjuest receipts, revenues, royalties, proceeds, bonuses, accounts, contract rights, general intangibles, and all rights ~.~nd 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 ~¢ith true and correct copies of all existing and future Leases. Mortgagor may collect, receive, enjoy and use the Rents so long as Mortgagor is not in default under the terms of this Security Instrument. Michael H Carson ~. ~ Wyoming Mortgage WY/4XXKarynBOOSO5900003326028090601Y ~1996 Bankers Systems, Inc., St. Cloud, MN E,,¢--"~~ InitialSpage 2 Mortgago~ agrees that this assignment ii; immediately effective between the parties to this Security Instrument. Mortgagor agrees that this assignmenti:is effective as to third parties when Lender takes affirmative action prescribed by law, and that this assignment will remain in effect during any redemption period until the Secured Debts are satisfied. Mortgagor .~grees' tt-~t Lender may take actual possession of the Property without the necessity of commencing legal action ani:l ~:hat actual possession is deemed to occur when Lender, or its agent, notifies Mortgagor of Mortgager's default~ a',rid demands that any tenant pay all future Rents directly· to Lender. On receiving notice of default, Mortgagor Will;~'endorse and deliver to Lender any payment of Rents in Mortgager's possession and will receive any Rents in'.tr~st for Lender and will not commingle the Rents with any other funds. Any amounts collected will be applied as~pr'ovided in this Security Instrument. Mortgagor warrants that no default exists under the Leases or any app cab ei lei'indlord/tenant law. Mortgagor also agrees to maintain and require any tenant to comply with the terms of the Leiias:es and applicable law. 12. DEFAULT. Mortgagor will be in defaiilt!iif any of the following occur: A. Payments. Mortgagor fails to make' ~iipayment in full when due. B: insolvency. Mortgagor makes ar[, ~!ssignment for the benefit of creditors or becomes insolvent, either because Mortgager's liabilities eXceedlMorl~gagor's assets or Mortgagor is unable to pay Mortgager's debts as they become due. " C. Death or Incompetency. Morl~gago~ dies or is declared legally incompetent. D. Failure to Perform. Mortgagor fai]"s!to perform any condition or to keep any promise or covenant of this Security Instrument. : ::i ?i E. Other Documents. A default occurs ti~nder the terms of any other transaction document. F. Other Agreements. Mortgagor is. n~default on any other debt or agreement M°rtgagor has with Lender. G. Misrepresentation. Mortgagor makie!s 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 satis~..y 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: Mortgager's name or assumes an additional name without notifying Lender before making such a change, i,.. K. Property Transfer. Mortgagor trar.~iS~ers all or a substantial part of Mortgager's money or property. This condition of default, as it relates to t~e'i transfer of the Property, is subject to the restrictions contained in the DUE ON SALE section. L. Property Value. The value of the Pr0i)erty declines or is impaired. M. Insecurity. Lender reasonably belie~:.F,s that Lender is insecure. 13. REMEDIES. Lender may use any ani:i::all remedies Lender has under state or federal law or in any instrument evidencing or pertaining to the Secured D:ebts, including, without limitation, the power to sell the Property. Any amounts advanced on Mortgager's behal:i~.!~vill be immediately due and may be added to the balance owing under the Secured Debts. Lender may make a:':c!laim for any and all insurance benefits or refunds that may be available on Mortgager's default. :.' Subject to any right to cure, required t~me, schedules or other notice rights Mortgagor may have under federal and state law, Lender may make all or any p~i~t of the amount owing by the terms of the Secured Debts immediately due and foreclose this Security Instrum:~nt in a manner provided by law upon the occurrence of a default or anytime thereafter, If there is a default, Trustee will, in additicin toany 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, ti'i:.le and interest of Grantor at such time and place as Trustee designates. Trustee will give notice of sale including i:he time, terms and place of sale and a description of the Property to be sold as required by the applicable law in e?;fect at the time of the proposed sale. Upon sale of the Property and to the ex::tent not prohibited by law, Trustee will make arid deliver a deed to the Property sold which conveys absolute t tl!~',' to the purchaser, and after first paying all fees, charges and costs, will pay to Lender all moneys advanced for ri~,pairs, taxes, insurance, liens, assessments and prior encumbrances and interest thereon, and the principal and inti,:i:rest on the Secured Debts, paying the surplus, if any, to Grantor. Lender may purchase the Property. The recitalS.' in any deed of conveyance will be prima facie evidence of the facts set forth therein. All remedies are distinct, cumulative and i'~ot exclusive, and the Lender is entitled to alt remedies provided at law or equity, whether or not expressly set fort~h. The acceptance by Lender of any sum in payment or partial payment on the Secured Debts after the balance i:~ due or is accelerated or after foreclosure proceedings are filed will not constitute a waiver of Lender's right to re~uire complete cure of any existing default. By choosing any one or more Of these remedies Lender does not give: up Lender's right to use any other remedy. Lender does not waive a default if Lender chooses not to use a rer~edy. 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. 14. COLLECTION EXPENSES AND ATTORNEYS' FEES. On or after Default, to the extent permitted by law, Mortgagor agrees to pay all expenses c.,~ collection, enforcement or protection of Lender's rights and remedies under this Security Instrument. Mortgag:',r agrees to pay expenses for Lender to inspect and preserve the Property and for any recordation costs of releasir.~:l the Property from this Security instrument. Expenses include, but are not limited to, reasonable attorneys' feer~; after default and referral to an' attorney not a salaried employee of the Lender. These expenses are due and Fayable immediately. If not paid immediately, these expenses wilt bear interest from the date of payment until p~,~id in full at the highest interest rate in effect as provided for in the terms of the Secured Debts. To the extent p.,-~:rmitted by the United States Bankruptcy Code, Mortgagor agrees to pay the reasonable attorneys' fees Lender i"lcurs to collect the Secured Debts as awarded by any court exercising jurisdiction under the Bankruptcy Code. Michael H Carson Wyoming Mortgage initials .~. WY/4XXKarynB00505900003326028090601Y ~1996 Bankers Systems, Inc., St. Cloud, MN F-xib-'-~-~" Page 3 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), all other federal, state and local laws, regulations, ordinances, court orders, attorney general opinions or interpretive letters concerning the public hea th, safety, welfare, environment or a hazardous substance; and (2) Hazardous Substance means anyrtoxic, 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 azaraous material, "toxic substance," "hazardous waste," "h~zardous substance," or "regulated substance" under any Environmental Law. Mortgagor represents, warrants and agre~.;s~ithat: A. Except as previously disclosed and: a~knowledged in writing to Lender, no Hazardous Substance is or will be located, stored or released on or in:the P~operty. This restriction does not apply .to small quantities of Hazardous Substances that are gener~ iy recogn zed 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 comp:liance with any applicable Environmental Law. C. Mortgagor will immediately notify Le;;der 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 .~16'cessary remedial action in accordance with any Environmental Law. D. MOrtgagor will immediately notify i~.e~hder in writing as soon as Mortgagor has reason to believe there is any pending or threatened investigation, ~!laim, or proceeding relating to the 'release or threatened release of any Hazardous Substance or the violation c,f 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 o~I' a:ll of the Property through condemnation, eminent domain, or any other means. Mortgagor authorizes Lender to'in'~:ervene 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 a(~y~'Part of the Property. Such proceeds will be considered payments and will be applied as provided in this Security l~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 keep the Property insured against the risks reasonably associated with the Property. Mortgagor will maintain this in'su~ance in the amounts Lender requires. This insurance will last until the Property is released from this Security i. ln~trument Mortgagor may choose the insurance company, subject to Lender's approval, which will not be unreasonably withheld. All insurance policies and renewa~ls will include a standard "mortgage clause" and, where app cable, "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 thelPr0perty or to the Secured Debts, at Lender's option. If Lender acquires the Property in damaged condition, Mortg~goFs rights to any insurance policies and proceeds will pass to Lender to the extent of the Secured Debts. Mortgagor will !mmediately notify Lender~'of. icancellation or termination of insurance. If Mortgagor fails to keep the Property insured Lender may obtain insu}a~hce to protect Lender's interest in the Property. This insurance may include coverages not originally required~'ot!Mortgagor, may be written by a company' other than one Mortgagor would choose, and may be written at .;:a i~igher rate than Mortgagor could obtain if Mortgagor purchased the insurance. 18. ESCROW FOR TAXES AND INSURANdE. Mortgagor will not be required to pay to Lender funds for taxes and insurance in escrow. 19. CO-SIGNERS. If Mortgagor signs thiS~'iSecurity Instrument but does not sign the Secured Debts, Mortgagor does so only to mortgage Mortgagor's imi:erest in the Property to secure payment of the Secured Debts and Mortgagor does not agree to be person~dl~ liable on the Secured Debts. If this SecuriW 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 M0rt,c.'lagor 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 prol,iit~iited by law, Mortgagor waives all homestead exemption rights relating to the Property. 21. APPLICABLE LAW. This Security Ins~irument is governed by the laws of Wyoming, except to the extent otherwise required by the laws of the jurisdit:tion 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 obligat!ons 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 lnstrumem: for the remaininG Property. Tile duties and benefits of this Security Instrument will bind and benefit the successors and assigns of Lender and Mbrtgagor. 23. AMENDMENT, INTEGRATION AND SEVERABILITY. This Security Instrument may not be amended or modified by oral agreement. No amendment or mod:fication of this Security Instrument is effective unless made in writing and executed by Mortgagor and Lender~.i ?his 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~sti'll be enforceable. 24. INTERPRETATION. Whenever used, th~ singular includes the plural and the plural includes the singular. The section headings are for convenience only ~d are not to be used to interpret or define the terms of this Security Instrument. Michael H Carson Wyoming Mortgage .~-~' ~'~.. Initials WY/4XXKarynBO0505900003326028090601Y ©1996 Bankers Systems, Inc., St. Cloud, MN ~" Page 4 25. NO'lC'E, FINANCIAL REPORTS AN::) ADDITIONAL DOCUMENTS. Unless otherwise required~ Li i] by law, any notice will be given by delivering it or m~iling it by first class mail to the appropriate party's address listed in the DATE AND PARTIES section, or to any ol:her address designated in writing. Notice to one party will be deemed to be notice to all parties. Mortg~agor will 'inform Lender in writing of any change in Mortgagor's name, address or other application information. Mortga[ior 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 ~'' ' ~{le;any additional documents or certifications that Lender may consider necessary to perfect, continue, and pres(~?v'~ Mortgagor's obligations under this Security instrument and to confirm Lender's lien status on any Property. Time ~ of the essence. SIGNATURES. By signing, Mortgagor a~rees to the terms and covenants contained in this Security Instrument. Mortgagor also acknowledges receip~ of ~ COPY of this Security instrument. '.= ,,~ MORTgaGOR=. ~~~ ." ~ Mi?~ Carson . Bet~ ~e~rra / ,:. ~ ' ..:. LENDEr: First Nadonal Bank We~t t~~ ANGELICA BANAGA ~~~ COMM. ~a4ao,, Karyn Black, Kemmerer Loan Officer ~~ NOTARY PUBLIC- CALIFORNIA · ~ ~ ~~~ IMPERIAL COUNTY ' ~ ~ My Comm, Exp, Nov, 23, 2003 (Individual) STATE OF CALIFORNIA , '~OUNTY OF I~ERIAL ss. This instrument was acknowledged bef~]~:e me this 10t~ day of ~ _~001 by ~¢~~ ~ARY PUBLIC. O~LFORNIA ~ ~~ .... I~¢~RIAI. O0~J~:Y~, ~ (~ Public) ' ~~ ~y Comm. Exp. ~'¢,~ ?~2633 ~ (IndMdual) S~ATE OF C~IFORNIA, :~:~ COUNTY OF I~AL ss. This instrument was acknowledged befo:~& me this 10th~ ~ 0f Sep~ , 2001 by Kim Carson, ~~~'~~ -- ' ' -- ~,,~~ NOTARY PUBLIC-OALIEORNIA ~ ~~ IMPERIALCOUN:Y ~ -(N~:~¢¢ 'ubli¢) - (/ (Individual) ~..~.~.~..~*~,',.*.i. State OF Wyoming , County OF Lincoln ss. This instrument was acknowledged befo~]e me this 7th ~y of Septembe~ ~, 20~1 by StanleyWLegarra. :~, ~~~' V . Mv commission expires; 02-02-02 {Indiuidua ). State OF ~yomSng , County OF L~ncoln ss. 7th ~a of Se tember 2001 ThisBetty Legarra.instrument, My WaScommission acknowledged expires:befc~e:~:32-02-02 me this ~" ~ ~~Z,~" y . _~pcemDer . , __ / by ~ ~ ~~~ ~-~ili( : ~otary Public) [ t Michael H Carson Wyoming Mortgage initials __ WY/4XXKarynBOOSO590OOO3326028090601Y ©1996 Bankers Systems, Inc., St. Cloud, MN ,~'-~-'~" Page 5