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HomeMy WebLinkAbout871940o RELEASE Chip_ M ortgage Sit SbO!(:'Af 4RT`iAU$ p 1_ MORTGAGOR: GLENN J DREAD 1807 Highway 241 Afton, Wyoming 83110 811940 LENDER: PRINCIPAL BANK Organized and existing under the laws of Iowa P. 0. Box 9351 Des Moines, Iowa 50306 -9467 42- 1466678 Glenn J Dread Wyoming Mortgage IA/ 3352C10739000000000000000F00000010n4 Space Above This Line For Recording Data MORTGAGE RECEIVED LINCOLN COUNTY CLERK 01 117 -5 1\11 9 13 KE M ER ViYOMING A X66 BOOKya' DATE AND PARTIES. The date of this Mortgage (Security Instrument) is January 23, 2001. The parties and their addresses are: 1. CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debts and Mortgagor's performance under this Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with the power of sale, the following described property: THE FOLLOWING DESCRIBED REAL ESTATE, SITUATED IN LINCOLN COUNTY AND STATE OF WYOMING: PART OF SECTION 24, 131N R1 19W OF THE 6TH P.M., LINCOLN COUNTY, WYOMING, MORE PARTICULARLY DESCIBED AS FOLLOWS: BEGINNING AT A POINT 225 FEET NORTH OF THE SOUTHEAST CORNER OF THE NE 1/4 OF SAID SECTION 24 AND RUNNING THENCE WEST 264 FEET; THENCE NORTH 165 FEET; THENCE EAST 264 FEET; THENCE SOUTH 165 FEET TO THE POINT OF BEGINNING. SUBJECT TO RESTRICTIONS, RESERVATIONS, EASEMENTS, COVENANTS, OIL, GAS OR MINERAL RIGHTS OF RECORD, IF ANY. The property is located in Lincoln County at 1807 Highway 241, Afton, Wyoming 83110. Together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, all water and riparian rights, wells, ditches and water stock and all existing and future improvements, structures, fixtures, and replacements that may now, or at any time in the future, be part of the real estate described (all referred to as Property). This Security Instrument will remain in effect until the Secured Debts and all underlying agreements have been terminated in writing by Lender. 2. MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at any one time will not exceed $10,000.00. This limitation of amount does not include interest and other fees and charges validly made pursuant to this Security Instrument. Also, this limitation does not apply to advances made under the terms of this Security Instrument to protect Lender's security and to perform any of the covenants contained in this Security Instrument. 3. SECURED DEBTS. This Security Instrument will secure the following Secured Debts: A. Specific Debts. The following debts and all extensions, renewals, refinancings, modifications and replacements. A promissory note, No. 51085, dated January 23, 2001, from Mortgagor to Lender, and a loan amount of $10,000.00 with an interest rate of 8.49 percent per year maturing on February 15, 2006. 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 type than this debt. If more than one person signs this Security Instrument, each agrees that 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 notice of the right of rescission, Lender waives any subsequent 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 "consumer loan," as those terms are defined by federal law governing unfaiq and deceptive credit practices. 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A1!1n3as Jol1d 8 14918910 12141 luawnOOp ua!l 10(110 Jo luawaal6e A1un0as '1sn11 10 paap '96e611ow 19y10 Aue 01.p1e691 1 11!M 'S1S31:131NI AIIHf1O3S HOIHd '9 •luawnJlsul A1!Jnoas sly pue slgao pampas 9y1 40 swlal 9y1 y1!nn 90uep40008 u! pue anp uaynn pied aq II!M swap pampas 941 Japun sluawAed Ile 12y1 saa162 Jo6e611oW 'SIN3WAVd 'ti •luawnllsul A1!JnOas sly. 4o sw181 9y1 Japun Japuaq Aq palmou! sasuadxa pue pa0uenpe swns lly •peouenpy swns •0 •sa!1!Jnoas 6u!wano6 me! impel Aq pa1!nbal pue pau!4ap se „'asodind 10 luawalels„ 2 u!elgo 1ou saop Japuaq pue „Tools u!B1ew„ u! pa1ea10 s! 1saIa1u! Al!Jnoas W f.- -4 A. Payments. Mortgagor fails to make a payment in full when due. B. Insolvency. Mortgagor makes an assignment 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 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 all 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. The value of the Property declines or is impaired. M. Insecurity. Lender reasonably believes that Lender is insecure. 13. 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 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 other notice rights Mortgagor may have under federal and state law, Lender may make all or any part of the amount owing by the terms of the Secured Debts immediately due and foreclose this Security Instrument in a manner provided by law upon the occurrence of a default or anytime thereafter. 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 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 remedy. 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 collection, enforcement or protection of Lender's rights and remedies under this Security Instrument. Mortgagor agrees to pay expenses for Lender to inspect and preserve the Property and for any recordation costs of releasing the Property from this Security Instrument. Expenses include, but are not limited to, reasonable attorneys' fees, court costs, and other legal expenses. These expenses are due and payable 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 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 any 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 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 health, safety, welfare, environment or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or contaminant which has characteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or environment. The term includes, without limitation, any substances defined as "hazardous material," "toxic substance," "hazardous waste," "hazardous substance," or "regulated substance" under any Environmental Law. 471 Mortgagor represents, warrants and agrees that: A. Except as previously disclosed and acknowledged in writing to Lender, no Hazardous Substance is or will be located, stored or released on or in the Property. This restriction does not apply to small quantities of Hazardous Substances that are generally recognized to be appropriate for the normal use and maintenance of the Property. B. Except as previously disclosed and acknowledged in writing to Lender, Mortgagor and every tenant have been, are, and will remain in full compliance with any applicable Environmental Law. C. Mortgagor will immediately notify Lender if a release or threatened release of a Hazardous Substance occurs on, under or about the Property or there is a violation of any Environmental Law concerning the Property. In such an event, Mortgagor will take all necessary remedial action in accordance with any Environmental Law. D. Mortgagor will immediately notify Lender in writing as soon as Mortgagor has reason to believe there is any pending or threatened investigation, claim, or proceeding relating to the release or threatened release of any Hazardous Substance or the violation of any Environmental Law. 16. CONDEMNATION. 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A ;Jadwd 941 deal 04 590169 Jo896110 W '33NVaflSNI 'L L ;uawnoop ua!I lay ;o Jo ;UawaaJ6e A ;1lnoas ;sn1; 10 peep '3696 110W loud Aue 40 sw1a; 941 0; ;oafgns s! spaaowd 10 ;uawu6!sse s!yl ;uawnl ;sul A ;unoaS s!y; u! pap!nwd se pa!idde aq li!M pue s ;uawAed palapisuoo eq II!M spaaowd Lions •A ;Jadwd ay; 10 ;Jed Aue Jo Ile 40 Bum; lay ;o Jo uo! ;euwapuoo e y ;!M pa ;oauuoo sa6ewep 101 w!elo Jo pJeMe Aue 1 spaeoold ay; Japua1 01 su6!ss9 10696 110IN 'sumo Jo swipe paquosep anoge ay; 10 Aue u! aweu s,J06e6 ;JOIN u! auanla ;u! 01 Japua saz!1oy ;ne JoBe6 ;JOIN •sueaw gip ,111111 473 out of this Transaction. Any court having jurisdiction may enter a judgment or decree on the arbitrator's award. The judgment or decree will be enforced as any other judgment or decree. Lender and Mortgagor acknowledge that the agreements, transactions or the relationships which result from the agreements or transactions between and among Lender and Mortgagor involve interstate commerce. The United States Arbitration Act will govern the interpretation and enforcement of this section. The American Arbitration Association's Commercial Arbitration Rules, in effect on the date of this Security Instrument, will govern the selection of the arbitrator and the arbitration process, unless otherwise agreed to in this Security Instrument or another writing. 27. WAIVER OF TRIAL FOR ARBITRATION. Lender and Mortgagor understand that the parties have the right or opportunity to litigate any Dispute through a trial by judge or jury, but that the parties prefer to resolve Disputes through arbitration instead of litigation. If any Dispute is arbitrated, Lender and Mortgagor voluntarily and knowingly waive the right to have a trial by jury or judge during the arbitration. NOTICE TO CONSUMER: 1. Do not sign this paper before you read it. 2. You are entitled to a copy of this paper. 3. You may prepay the unpaid balance at any time without penalty and may be entitled to receive a refund of unearned charges in accordance with law. SIGNATURES. By signing, Mortgagor agrees to the terms and covenants containe in this Security Instrument. Mortgagor also acknowledges receipt of a copy of this Security Instrum t. fi MORTGAGO Glenn J Dread ACKNOWLEDGMENT. (Individual) OF This instrument was acknowledged before me this Glenn J Dread. My co min expires: Glenn J Dread Wyoming Mortgage IA/ 3352C10739000000000000000F00000010n4 0F/ 616E.. O eirt clay of 1 ®1996 Bankers Systems, Inc., St. Cloud, MN by Initials Page 5