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HomeMy WebLinkAbout86728103013749 MORTGAGOR: JAMES L. WEBER 114003 SOUTH HIGHWAY 89 ALPINE, Wyoming 83128 A SINGLE MAN 867281 Space Above This Line For Recording Data MORTGAGE (With Future Advance Clause) LENDER: COMMUNITY FIRST NATIONAL BANK Organized and existing under the laws of the United States of America 160 West Pearl Jackson, Wyoming 83001 BOOK_ PR PAGE 4 7 3 RECEIVED LINCOLN C0U...INTY ANNE WAGNER EMMERER, WYOMING 0a AUG -I IAN 9 :09 DATE AND PARTIES. The date of this Mortgage (Security Instrument) is July 21, 2000. 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: SEE ATTACHED EXHIBIT A JAMES L. WEBER Wyoming Mortgage WY/ 3VER07067E000000000000002000000021nD ©1996 Bankers Systems, Inc.. St. Cloud, MN The Property is located in County at 114003 SOUTH HIGHWAY 89, ALPINE, Wyoming 83128. 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 $25,000.00, This limitation of amount does not include interest and other fees and charges validly made pursuant to this Security Instrument. 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WEBER Wyoming Mortgage WY/ 3VER07067E000000000000002000000021nD 1996 Bankers Systems, Inc., St. Cloud, MN 475 '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 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. 12. MORTGAGE COVENANTS. Mortgagor agrees that the covenants in this Security Instrument are material obligations under the Secured Debts and this Security Instrument. If Mortgagor breaches any covenant in this Security Instrument, Lender may refuse to make additional extensions of credit or may reduce the credit limit. By not exercising either remedy on Mortgagor's breach, Lender does not waive Lender's right to later consider the event a breach if it happens again. 13. DEFAULT. Mortgagor will be in default if any of the following occur: A. Fraud. Mortgagor engages in fraud or material misrepresentation in connection with the Secured Debts. B. Payments. Any party obligated on the Secured Debts fails to make payment when due. C. Property. Any action or inaction occurs that adversely affects the Property or Lender's rights in the Property. This includes, but is not limited to, the following: (a) Mortgagor fails to maintain required insurance on the Property; (b) Mortgagor transfers the Property; (c Mortgagor commits waste or otherwise destructively uses or fails to maintain the Property such that the action or inaction adversely affects Lender's security; (d) Mortgagor fails to pay taxes on the Property or otherwise fails to act and thereby causes a lien to be filed against the Property that is senior to the lien of this Security Instrument; (e) a sole Mortgagor dies; (f) if more than one Mortgagor, any Mortgagor dies and Lender's security is adversely affected; (g) the Property is taken through eminent domain; (h) a judgment is filed against Mortgagor and subjects Mortgagor and the Property to action that adversely affects Lender's interest; or (i) a prior lienholder forecloses on the, Property and as a result, Lender's interest is adversely affected. D. Executive Officers. Mortgagor is an executive officer of Lender or an affiliate and Mortgagor becomes indebted to Lender or another lender in an aggregate amount greater than the amount permitted under federal laws and regulations. 14. REMEDIES ON DEFAULT. In addition to any other remedy available under the terms of this Security Instrument, Lender may accelerate the Secured Debts and foreclose this Security Instrument in a manner provided by law if Mortgagor is in default. In some instances, federal and state law will require Lender to provide Mortgagor with notice of the right to cure, or other notices and may establish time schedules for foreclosure actions. Initials Page 3 q a bed NW 'pno13 'JS "out 'swapAS sia3ue9 966 La Ou LZ0000000Z000000000000003L90L01:13A /AM wpm! oBrBpoW BuiwoAM 1:1393M '1 SAW' o; ;oafgns 'Auedwoo aoueinsul 99; asoog3 Aew Jo6e6 ;JOV11 •4uawnJ4sul A;IJnOag sly; woJ4 pasealaJ sl R ;JadOid ay; pun Ise! 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All insurance policies and' renewals will 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 pass 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 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. OTHER TERMS. The following are applicable to this Security Instrument: A. Line of Credit. The Secured Debts include a revolving line of credit provision. Although the Secured Debts may be reduced to a zero balance, this Security Instrument will remain in effect until the Secured Debts and all underlying agreements have been terminated in writing by Lender. 23. 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. 24. 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. 25. 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. 26. 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. 27. 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. JAMES L. WEBER Wyoming Mortgage WY/ 3VER07067E000000000000002000000021no *1996 Banker's Systems, Inc., St. Cloud, MN Initials Page 5 9 OBed NW 'P IM '39 "put 'swelsAS sJa)ue9 96610 spei3iui /tq Jo Rep ss IP AieloN1 30 0 u1Z0000000Z000000000000003L90L0113AC /AM a6e6vovu ButwoAM U393M l S3WVf Nb�W 31DNIS V 'a393M '1 S3WVf slg3 aw ago -q pal ou)loe sem }uewn.q.sul slgl NA/ 30 en '1N31AIDO33MON1OV }21393M 'l S3Vy r :2io9vDl8OW }uawnilsul Aunoes sm. j.o Adoo a i.o ;dlaoei se6peimoure osle Jo6e6;Join quawnJ4sul A4!Jnoes slg4 ul peulewoo s}ueuenoo pue sWJa; eq; saal6e io6e6i.JoW '6uiu61s'9 'S3utllVNDIS LAND TITLE COMP. TEL A portion of the SE 1/4 NW 1/4 of Section 10, T36N, R119W, 6th P.M., Lincoln County, Wyoming and being more particularly described as follows: The True Point of Beginning being a Iron Pipe set at a point in the Wester'! y right -of -Way line of U.S. Highway 89, said point being 834.175 feet S89``52'36 "W along the North line of said SE 1/4 NW 1/4 to a Iron Pipe set at a point in said Westerly line and 521.749 feet S4 °12'40 "E, along said' Westerly line; thence S4' °12'04 "E continuing along said Westerly line, 308.981 feet 't a Irlii Pipe set; thence S89 °48'53 "W 473.769 feet to a In Pipe set at a. point in the Easterly boundary of James H. Watts Jr.'s Tract'A of the Deed filecl in Book 3t4 gee: 614 thence N0 °30'39 "W, along said Easterly boundary, 304.014 feet to a Iron Pipe set; thence N89 °16'57 "E 453.884 feet, to the True' Point of Beginning. Sep 08'00 22:07 No.028 P.05 479