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HomeMy WebLinkAbout865892rOA oiir sAst op This_M or t g age sit MORTtAtU N MORTGAGOR: DAVID M HOFFMAN P 0 BOX 51 FRONTIER, Wyoming 83121 -0051 DAVID M HOFFMAN Wyoming Mortgage WY/ 3VER04063D000000000000002A0000002Bn4 865892 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 m1996 Bankers Systems, Inc., St. Cloud, MN p��t A RECEIVED ..INCO ?....5` C..'( i.'ry r i 00 MAY 1 6 Ail J Atsjj\ i ,,JE KEMMERER, ,i1Y0MlNG BOOK± p R PAGE E q DATE AND PARTIES. The date of this Mortgage (Security Instrument) is May 15, 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: THE LOT NUMBERED FOUR (4) OF THE BLOCK NUMBERED FOUR (4) IN THE WILLOW ADDITION TO THE TOWN OF KEMMERER, LINCOLN COUNTY, WYOMING AS DESCRIBED OF THE OFFICIAL PLAT THEREOF The Property is located in LINCOLN County at 408 ASPEN, 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 $27,000.00. 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. Initial Page 1 �J Z geed ly s1elllul NW 'Pno10 '1S .ouI 'swglsAS slevue8 966L© 1 .ueZ000000 VZ000000000000000E90bOld3nE/AM e6e6poj BuIwoAM NVW3dOH W OI,MO '(saseal se 01 paJJa )LaJ Ile) sluawaaJ6e yons jo suol.nlllsgns ao suo!1eo!Jlpow 's!eMauaJ 'suo!sualxa Aue 6u!pnlou! 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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. 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. 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 after default and referral to an attorney not a salaried employee of the Lender. 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. 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Jo suo!u!do ieJaua6 AauJOUe 'sJapao 1Jnoo 'sa3ueu!pJO 'suo!19In6aJ 'sMe1 18301 pue awls 'impel 101110 lie '(ygaj3O) 1311 Al!I!g8lq pue uo!lesuadwoa 'asuodsall leluawuo1!nu3 an!suagaJdwo3 ay1 'uo!1e1!w!l lnoyl!M 'sueaw Meq !eluawuoJ!nu3 (L) 'uo!13as s!y1 u! pasn sV •S3ONYIS9fS SflOatit/Zt1H aNv SMV1 1VIN31NNO lIAN3 '91. 608 21. 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, 22. 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. 23. 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. 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 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. MORTG3GO�� DAVID M HOFFMAN ACKNOWLEDGMENT. (Individual) c `1 C OF W IJ CO u iV This instrument was acknowledged before me this 19 day of DAVID M HOFFMAN. My commission expires: (Seal) DAVID M HOFFMAN Wyoming Mortgage WY/ 3VER04063D000000000000002A0000002Bn4 STACY A. WElNER NotaryikblicUtittotOWytiMittg CountyVititriodin MyCommission`&Pires ift/16/26W OF Li N Lo y ss. (Notary(Pablic) ©1996 Bankers Systems, Inc., St. Cloud, MN aoOO by Initials 4Ji Page 5