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HomeMy WebLinkAbout874878 Space Above This Line For Recording Data MORTGAGE DATE AND PARTIES. The date of this Mortgage (Security Instrument) is July 23, 2001 The parties and their addresses are: ' MORTGAGOR: BENJAMIN A CAROTTA P O BOX 344 KEMMERER. Wyoming 83101 A SINGLE PERSON 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 valual~le 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: LOT 25 OF COMMISSARY RANCH UNIT J, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT THEREOF The property is located in LINCOLN County at 368 WILLOW WAY, KEMMERER, Wyoming 83101. 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 $40,400.85. This limitation of amount does not include interest and other fees and charges validly made pursuant to this Security Instrument. Aso, 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. BENJAMIN A CAROTTA Wyoming Mortgags nitials WY/4Xmlively0OS05900003326028072301v ©1996 Bankers Systems. nc.. St. Cloud. MN E~ib--"~'~,~ Page 1 3. SECUFll:D 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; 7043197, dated July 23, 2_001, from Mortgagor to Lender, with a loan amount of $40,400.85 with an initial variable interest rate of 7.11 percent per year until July ZS. 2004, after which time il: may change as the promissory note prescribes and maturing on July :30, 2011 B. 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 agreem,ent or other lien document that created a prior security interest or encumbrance on the Property, Mortgagor agrees: A. Tomakeall payments when due and to perform or comply with al covenants. B. To promptly deliver to Lender any notices that Mortgagor receives from the holder, C. Not to al ow a~y 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 nghts, claims or defenses Mortgagor may haveagamst parties who supply abor 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 contract for the creation of, a transfer or sale of the Property. This right is subject to the restrictions imposed by federa law governing the preemption of state due-on-sale laws, as app icable. 8. WARRANTIES AND REPRESENTATIONS. Mortgagor has the right and authority to enter into this Security Instrument. The execution and deivery 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 make all repairs that are reasonably necessary, Mortgagor will not commit or allow any waste, mpairment, 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 wil 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 will not create an obligation to perform, and Lender's failure to perform wifi 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 securiW interest in the Property, including completion of the construction. 11.'ASSIGNMENT OF LEASES AND RENTS. 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, subleases, licenses, guaranties and any other written or verbal agreements for the use and occupancy of any portion of the Property, including any extens,'ons, renewals, modifications or substitutions of such agreements (all referred to as Leases). BENJAMIN A CAROTTA Wyoming Mortgege lnitiai.s~_ (-,~- WY/4Xrnlively0050B900003326028072301Y ©1996 Bankers Svstems. nc St, Cloud MN ~_~---~-'~.~ Page 2 B. Rents, issues and profits (all referred to as Rents), including but not limited to security deposits, m~nimum rent, percentage rent, additional rent, common area ma ntenance charges, parking charges, real estate taxes, other applicable taxes, insurance premium contributions, liquidated damages following default, cancellation premiums, "loss of rents" insurance, guest receipts, revenues, royalties, proceeds, bonuses, accounts, contract rights, general intangibles, and al 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 al existing and future Leases. Mortgagor may collect, receive, enjoy an(] use the Rents so long as Mortgagor s not in default under the terms of this Security Instrument. Mortgagor agrees that this assignment is immediately effective between the parties to this Security Instrument. Mortgagor agrees that this assignment is effective as to third parties when Lender takes affirmative action prescribed by law, and that this assignment wil remain in effect during any redemption period until tha Secured Debts are satisfied. Mortgagor agrees that Lender may take actual possession of the Property without the necessity of commencing legal action and that actual possession is deemea to occur when Lender, or its agent, notifies Mortgagor of Mortgagor's default and demands that any tenant pay all future Rents directly to Lender. On receiving notice of default, Mortgagor wil endorse and deliver to Lender any payment of Rents in Mortgagor's possession and will receive any Rents in trust for Lender and will not commingle the Rents with any other funds. Any amounts collected will be applied as provided in this Security Instrument. Mortgagor warrants that no default exists under the Leases or any applicable landlorattenant law. Mortgagor also agrees to maintain and require any tenant to comply with the terms of the Leases and applicable law. 12. DEFAULT. Mortgagor will be in defaut if any of the following occur: A. Payments. Mortgagor fails to makea payment in ful 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 concea s 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 byalega 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 substantia part of Mortgagor's money or property This condition Of defau t, 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 ~mpaired. M. Insecurity. Lende- reasonably believes that Lender ~s 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 defau t, 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. If there is a default, Trustee wil, in addition 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 BENJAMIN A CAROTTA Wyoming Mortgage WY/4Xmiively00505900003326028072301Y ©1996 Bankars Systems nc. St Cloud MN E'~D-~"-",",",",~~ fnitiats.~_Page 3 absolute title free and clear of all right, title and interest of Grantor at such time and place as Trustee designate.~. Trustee wil give notice of sale includin§ the 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 extent 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, wil pay to Lender all moneys advanced for repairs, taxes, insurance, liens, assessments and prior encumbrances and interest thereon, and the principal and interest on the Secured Debts, payin§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 not exclusive, and the Lender is entitlec 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 compiete cure of any existing default. By choosing any one or more of these remedies Lender does not 9ire 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 cons der 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 inc ude, 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 payable immediately, f 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 Securec~ Debts as awBrded by any court exercising jurisdiction under the Bankruptcy Code. ]5. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (~) EnvironmeRtal Law means, without limitation, the Comprehensive Environmental Flesponse, Compensation and Liability Act (CERCLA), all other federal, state and local laws, regulations, ordinances, court orders, attorney General opimons or interpretive letters concerniqo 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 imitation, any substances defined as "hazardous material" "toxic substance," "hazardous waste," "hazardous substance," or "regulated substance" under any Environmental Law. M°rtGaGor represents, warrants and agrees that: A. Except as previously disclosed and acknowledged in writing to Lender, no Hazardous Substance is or wil be located, stored or released on or m the Property This restriction does not apply to small quantities of Hazardous Suustances that are Generally recognized to be appropriate for the norma use and maintenance of the Property. B. Except as prev ously 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. Mort§a§or wil Give Lender prompt notice of any pending or threatened action by private or public entities to purchaseor take any or all of the Property through condemnation, eminent doma'n, 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 BENJAMIN A CARO~'-----'~TA Wyoming Mortgage WW4XmlivelyOO50590000332602807230~v ©1996 Bankers Systems, nc, St, Cloud. MN ,~Page 4 will be applied as provided in this Security Instrument. 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 wil maintain this insurance in the amounts Lender requires, This insurance will last until the Property is released from this Security Instrument Mortgagor may choose the insurance company, subject to Lender's approval, which will not be unreasonably withheld. All insurance policies and renewals wil 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 I~ass 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, This ~nsurance 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. 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 Instrument but does not sign 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 to be personally liable on the Secured Debts. If this Security Instrument secures a guaranty betweep 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 ~s 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. 2'2. JOINT AND INDIVIDUAL LIABILITY AND SUCCESSORS. Each Mortga~or's obligations under this Security InStrument are independent of the obligations of any other Mortgagor. Lender may sue each Mortgagor individualy or together with any other'Mor~gagor. Lender may release any part of the Property and Mortgagor will still be ob.gated under this Security Instrument for the remaining Property. The duties and benefits of this Security In:strumen~ wi l bind and benefit the successors and assigns of Lender and Mortgagor, 23. AMENDMENT, INTEGRATIO~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 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 stil 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 AND ADDITIONAL DOCUMENTS. Unless otherwise (equired 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. Noticeto one party will be deemed to be notice to all parties. 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. 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, Timeis of the essence. ' BENJAMIN A CAROTTA Wyoming Mortgage WY/4XmlivelyOOS05900003326028072301Y ¢1996 Bankers Systems, Inc,, St, Cloud, MN ,~' Page SIGNAYURES. By signing, Mortgagor agrees to the terms and covenants contained in this Security Instrument. Mortgagor a~so acknowledges ~eceipt o~ a copy of th~s SecudW ~nst~ument, MORTGAGOR: BENJAMIN A CAROTTA ACKNOWLEDGMENT, (Individual) ~'~ OF_. w~o~e, c ~,t~ OF L~C~U ss. This instrument was acknowledged before me this ~ day of ,'[~y. ~ooI by BENJAMIN A CAROTTA, A SINGLE PERSON. My commission expires: ~, ,~ ~TTA Wyoming Mortgage W¥/4Xml vely0050590000332602807230~v ~'996 Bankers Systems. ,nc,. St Cloud, MN F_x~" Initial.~_.~(L... Page