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HomeMy WebLinkAbout867469SHIRLEY M COOK Wyoming Mortgage WY/ 3 VER01068E000000000000004500000046n3 C `0 9 Boor 45 3 g POL T fl Space Above This Line For Recording Data MORTGAGE LENDER: COMMUNITY FIRST NATIONAL BANK Organized and existing under the laws of the United States of America 801 Pine Avenue Kemmerer, Wyoming 83101 ®1996 Bankers Systems, Inc., St. Cloud, MN RECEIVED 00 r a' 1 1 L' DATE AND PARTIES. The date of this Mortgage (Security Instrument) is August 4, 2000. The parties and their addresses are: MORTGAGOR: SHIRLEY M COOK REVOCABLE TRUST DATED 3/25/97, SHIRLEY M COOK TRUSTEE a Trust 1121 6TH WEST KEMMERER, Wyoming 83101 TRUST Li ,,jIl!G 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: LOT 6 OF BLOCK 7 OF THE LINCOLN HEIGHTS 3RD SUBDIVISION TO THE TOWN OF KEMMERER, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT THEREOF. The Property is located in LINCOLN County at 1 121 6TH WEST, 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 $10,297.00. 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 Initials age 1 aBe rd slel3jul f0T NW 'PnoIO '1S 'swelsAS SJelue9 966 to u9400000094000000000000003890LOH3n /AM e5e63ioyj BulwoAM NOOD W A318IHS 1noy1!M luawasea Jo ;ueuanoo an!lo!J1saJ 'esuaoy Aue u! a6ueyo Aue 1!waad lou II!nn Jo6e61JoIN •wasuo3 u9119M Jopd s,Japuaq 1noy1IM a6ueyo Alle!welsgns lou II!nn asn pue Aouedn000 ay1 ;o aanleu ayl 1991 s29.162 Jo6e61JovJ •sasseJ6 pue spaann snolxou ;o eoJ; AlJadoJd mg deem II!M Jo6261.JOIN 'A1JadoJd ay; ;o uo!leJO!Jalap Jo 'waWJ!edw! 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'Japuaq 01 (JannoJJO81 )1000 0 NIMa3 Pug )1000 IN A3MIIHS W01; '000Z '17 lsn6ny palep '9LLZtOL '91ou AJOss!woJd y •sluawaoeldai pue suo!1eol ;!pow 's6u!oueuy.9J 'sl9Mau9J 'suo!sualxa Ile pue slgap Bu!Mollo; 991 •s1gad o!;!39ds 'y :slgaa pampas 6uiMollo; 3y1 aan9as II!M luawnJlsul A1!lnoas s!91 'S183a a3af103S 'E 6917 9S0 •wawnI1sul A1!Jnoas s!y1 u! pau!e1uoo s1ueuano0 3y1 ;o Aue wao ;lad 01 pue A1!Jnoas s,Japuaq lOaloJd 01 luawnJlsul 4Jno98 sly]. ;o 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. OSt474G9 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. 11. 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 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. 12. 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 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 premium contributions, liquidated damages following default, cancellation premiums, "loss of rents" insurance, guest 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 Rents so long as Mortgagor is 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 will remain in effect during any redemption period until the 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 deemed 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 will 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 landlord /tenant law. Mortgagor also agrees to maintain and require any tenant to comply with the terms of the Leases and applicable law. 13. DEFAULT. Mortgagor will be in default if any of the following occur: A. Payments. Any party obligated on the Secured Debts fails to make payment when due. B. Failure of Condition or Term. Any party obligated on the Secured Debts breaches any term of this Security Instrument or any other document executed for the purpose of creating, securing or guarantying the Secured Debts. C. Insecurity. Anything else happens that causes Lender to reasonably believe that the prospect of payment, performance or the value of the Property is significantly impaired. 14. 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 SHIRLEY M COOK Wyoming Mortgage WY/ 3VER01068E000000000000004500000046n3 Initials 1996 Bankers Systems, Inc., St. Cloud, MN age 3 q eBe Nye 'pno10 3S ''out •swe3sAS sJelue8 96610 SieglUl Eu9170000009V000000000000003890LOH3 'E /AM OWN/ow BulumAM )1000 W AalHIHS „•esnelp aaAed sso!„ 'algeoildde aJayM 'pue „asnelo a6e61row„ prepue ;s e apnpu! 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Jo anp s! aoueleq ay1 rape slgaa pampas 0114 uo luawAed 1911red Jo luawAed u! wns Aue to Japual Aq aouelda03e ayl •q;Jol ;as Aissaadxa Iota Jo 191410gM 'Al!nba Jo Mel le papinord salpaw9J 11e 01 poimua s! Japual ay1 pug 'gn!snpx0 ;nu pue anIlelnwnO '13ul1s!p are se!powaa !iv !U .T n •40 awl ;Aue Jo 1lnelap 9 t0 apuarr O l ears Mef Aq pap!nord Jauuew a u! ;uawnJ ;sul A ;!moos sly; asoparol pug anp Mortgagor will give Lender and the insurance company immediate notice of any Toss. 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. Ub6 7469 Mortgagor will immediately notify Lender of cancellation or termination of insurance. If Mortgagor fails b keep the Property insured Lender may obtain insurance to protect Lender's interest in the Property. 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. 19. ESCROW FOR TAXES AND INSURANCE. Mortgagor will not be required to pay to Lender funds for taxes and insurance in escrow. 20. 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 between 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. 21. WAIVERS. Except to the extent prohibited by law, Mortgagor waives all homestead exemption rights relating to the Property. 22. 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. 23. 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. 24. 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 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 still be enforceable. 25. 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. 26. NOTICE, FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. 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. Notice to 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. Time is of the essence. 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. MORTGAGOR: SHIRL `Authorized Sig COOK REVOCABLE T ST AT SHIRLEY M COOK Wyoming Mortgage WY/ 3VER01068E000000000000004500000046n3 3/25/97, SHIRLEY M COOK TRUSTEE Initia 0 1996 Bankers Systems, Inc., St. Cloud, MN age 5 ACKNOWLEDGMENT. (Business or Entity) OF Lincoln e_ This instrument was acknowledged before me this Authorized Signer as of SHIRLEY M COOK REVOCABLE LAY M COOK TRUSTEE. My commission expires: 8-t� G3 (Seal) SHIRLEY M COOK Wyoming Mortgage WY/ 3VER01068E000000000000004500000046n3 OF (,,(�yclminpl ss. 4/14\- day of ,J 1- TRUST DATED 3/25/97 SH (Notary Public) ,„(:)0(1) by Initials ©1996 Bankers Systems, Inc., St. Cloud, MN Page 6