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HomeMy WebLinkAbout886726886726 RECEIVED LINCOLN COUNTY CLERK Space A~ove This Line For Recording Data DATE AND PARTIES, their addresses are: MORTGAGE The date of this Mortgage (Security Instrument) is December 24, 2002. MORTGAGOR: TERESA A. FROMMEL 1136 Canyon Road Kemmerer, Wyoming 83101 The parties and LENDER: ,: FIRST NATIONAL BANK - WEST Organized and existing under the laws i)f the United States of America 716 Pine Avenue Kemmerer, Wyoming 83101 83-0162601 ~ 1. CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debts and Mortgager's performance under this Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants t° Lender, with the power of sale, the following described property: Lot 10 Block 8 of the Lincoln Heights 4th Subdivision to the Town of Kemmerer, Lincoln County, Wyoming as described on the official plat thereof. The property is located in Lincoln County at 1136 Canyon Road, 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 et 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 end 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 $36,000.00. This limitation of amount does not include interest and other fees and charges validly made pursuant to this Security Instrument. Aisc, 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. 88514300, dated December 24,. 2002, from Mortgagor to Lender, with a loan amount of $36,000.00 with an initial variable interest rate of 6'.0 percent per year until December 24, 2007, after which time it may change as the promissory note prescribes and maturing on December 23, 2012. 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 secbre 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 any required notice of the right of rescission, Lender waives any subsequent security interest in the Mortgager'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 unfair and deceptive credit practices. This Security Instrument will not secure any debt for which a security interest is created in "margin stock" and Lender does not obtain a "statement of purpose," as defined and required by federal law governing securities. Terssa A. Frommel Wyoming Mortgage WY/4XX karynb00600000003770020123102Y e1996 Bankers Systems, Inc., St. Cloud, MN Initials Page I C. Sums Advanced. Instrument. All sums advanced 'and expenses incurred by Lender under the terms of this Security 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 agreement or other lien document that created a prior security interest or encumbrance on the Property, Mortgagor agrees: A. To make all payments when due and tO perform or comply with all covenants. B. To promptly deliver to Lender any= notices that Mortgagor receives from the holder. C. Not to allow any 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 rights, claims or defenses Mortgagor may have against parties who supply labor 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 federal law governing the preemption of state due-on-sale laws, as applicable. 8. WARRANTIES AND REPRESENTATIONS. Mortgagor has the 'right and authority to enter into this Security Instrument. The execution and delivery 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, impairment, 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 an,/ 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 ain 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. -...'. ". - ' 10. AUTHORITY TO PERFORM. If Mortgagor fa'ils 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 erform for Mortgagor will not create an obhgatlon to perform, and Lender s failure to parlor will not preclude LenP(;er fr~)m exercmmg any of Lender's other ~ghts ~nder the law or th.~s Security Instrument. If ~ny construction on the Property is discont hUed. o['.not carrie.all o[~ in.a~rea,sonabl, e.ma~.ner, Lender may take all steps necessary to protect I~ender's securit'y interest in the Property, inclUding completion of the construction. 11. ASSIGNMENT. OF LEASES AND RENTS. Mortgagor assigns, grants, bargains, conveys, mortgages and warrants to Lender as additional security all the right, title and interest in the' following (all referred to as Property): existing or future leases, subleases, licenses, guaranties and any other written or verbal agreements for the use and occupancy of the Property, .nc!uding any extensions,. [er)ewals,. modifications or replacements (all referred tO as Leases); and rents, issues and profits (all referred to as Rents). In the event any item listed as Leases or Rents is determined t'8 be per~onal 'property, this AsSignment will als° 'be'regarded ~s a security agreement. Mor'tgagOr will promptly provide Lender with copies of the Leases and will certify these Leases are true and correct copies. The existing Leases will be provided on execution of the Assignment, and all future Leases and any other information with respect to these Leases will be provided immediately after they are executed. Mortgagor may collect, receive, enjoy and use the Rents so long as Mortgagor is not in default. Upon default, Mortgagor will receive any Rents in trust for Lender and Mortgagor will not commingle the Rents with any other funds. Mortgagor agrees that this Security Instrument is immedia, tely ~effective between. Mortgagor and Lender. This Security Instrument Will remain effective during any statutory rede.mption period until the Secured Debts are satisfied. As long as this Assignment is in effect; Mortgagor.' warrants and' represents, that no defaUlt exists Under the Leases, and the parties subject to the Leases have not violated any applicable law' on leases, licenses and landlords and tenants. 12. DEFAULT. Mortgagor will be in default~if.any of the following occur: 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 Mort~agor's 'assets or Mortgagor is unable to pay Mortgagor's debts as they become due° ' '' ......... .-C; De_athor 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. Teresa A. Frommel Wyoming Mortgage WY/4XXkarynb00600000003770020123102Y Initials ©1896 Bankers Systems, Inc., St. Cloud, MN ~x]~-'~~ Page 2 G; MisrePresentatiOn. Mortgag°r makes any Verbal Or written statement or provides any financial information that is untrue, inaccurate, or conceals a materi'a 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 Mortgager'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 Mortgager's J3'ehalf wili 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 Mortgager's default. SubjeCt to any right to cure, required time schedules or any 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 there, after~ ,. ...... Upon any sale of the Property, Lender will make and deliver a special or. limited warranty deed that conveys the property sold to the purchaser or purchasers. Under this special or limited warranty deed, Lender will covenant that Lender has not caused or allowed a lien or an encumbrance to burden the Property and that Lender will specially Warrant and defend the P~oper'ty'S ;dtle'of the'pUr~haser Or PUrchasers at the sale against all lawful claims and demand of all persons claiming by, through or under Lender. 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 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 acc'eleratedor after .foreclosure ~proceedings are filed will not constitute a waiver~ of Le.nder's r ght.to require full.and.complete c~[e. of any e.xisting default. By not exercising any remedy, Lender dOes not waive Lender's..r ght~t.o. ~late[ cori.~ide[, the.event a default if it 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 nstrument,: Mortgagor agreea repay expenses for Lender to in~peqt, and preserve the Property and'fo~ any recordati~)n costs of releasing the Property from this Security Instrument, Expenses include, but are not limited tO, "rea~'o~{~'ble attorneys' fees after default and referral to an attorney not a salaried employee of the Lender, 'These expenses are due and payable immediately.":"lf'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 ~xtent permi.~ted by the United States Bankruptcy Code, Mortgagor.=agrees to pay the reasonable att~Jr~/S" fee'~':'i~e'l~cier 'i~Jr~: t~)"~0iie'ct '{h6=s'ec'~rea 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 inclUdesl without limitation, any substances defined as "hazardous material," ...... Or'"'r~gulated 'substance" ~Under'anY'EnVironmental "toxic 'substance," "hazardous waste, .... hazardous substance," Law, 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 wri.ting-~to.-Lender~~ Mortgagor and every tenant have been, are, and will remain in full .compliance with any applicable Environmental Law, C. Mortgagor will imme'diately notify Lender' i'f a i;eleaSe or threatened release 0fa HaJardous 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, Mortgagor will give Lender prompt notice of any pending or threatened action by private or public entities to purchase or take any or ali of the Property through condemnation, eminent domain, or any other means. Mortgagor authorize~ Lender to intervene in Mortgager'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 el.I or any part of the Property. Such proceeds will be considered payments and Teresa A. Frommel Wyoming Mortgage - WY/4XXkarynb00500000003770020123102Y e1996 Bankers Systems, !nc:, St. Cloud, MN ,~'j~'~" Initials Page 3 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 will maintain this insurance'in the amounts Lender requires. This insurance will last until the Property is released from this Security Instrument. What Lender,requires pursuant tO the preceding two sentences can change during the term of the Secured Debts, Mortgagor may choose the insurance company, subject to Lender's approval, which will";~'o;t be" Unreaso'~blY'~"~Vith'~eld".' Aff'ir{{ur~nce Poli~ies 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 r~ot 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 ,obtaini'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 between Lender'and M°rtgagor, M°rtgagor agrees t~"~/aive'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 °ne-action laws. 20. WAIVERS. Except to the extent prohibited by 'law, Mortgagor waives alI homestead exemption rights relating to the Property. 21, APPLICABLE LAW. This. Security Instrument. i~ goyerned by. tho 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 ahy 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 unenfomeable~ then the unenforceable'provision will be severed and the rema!ning provisions will still be enforceable. 24. INTERPRETAT. ION. Whenever~used, the singularJncludes 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"~°rtgag0r's 0blig~fi0ns '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: Teresa A. Frommel Individually LENDER: First Natio/I Bany~JVest .... B,/.--~,~,~ /! .~------' J~n~s-Jo~ ~-mmerer Branch PreSident Teresa A. Frommel Wyoming Mortgage WY/4XXkarynb0060000000377002012.3102Y initials e1996 Bankers Systems, Inc., St. Cloud, MN ~__,x~--~" Page 4 ACKNOWLEDGMENT. (Individual) STATE OF WYOMING , COUNTY OF LINCOLN ss. This instrument was acknowledged before me this 24th day of December Teresa A. Frommel, (Lender Acknowledgment) STATE OF ~OMING , COUNTY OF LINCOLN ss. This instrument was acknowledged before me this 24th day of December James $oslin as Kemmerer Branch President of First National Bank - West. MY c°mmissi°n expires: ~~~ ~~ . (Nota~ Publ~ , 2002 , 2002 by by Teresa A, Frommel Wyoming Mortgage WY/4XXkarynbO0§OOOOOOO3770020123102Y e1996 Bankers Systems, inc., St. Cloud, MN ,~'/~-"r~" Initials Page 5