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HomeMy WebLinkAbout889940DATE AND PARTIES. addresses are: 8899 0 5 noo O__pRp^o 70 Space Above This Line For Recording Data MORTGAGE The date of this Mortgage (Security Instrument) is April 15, 2003. MORTGAGOR: P & F TRUCKING & SERVICES, INC. A Wyoming Corporation PO Box 1076 Kemmerer, Wyoming 83101 LENDER: COMMUNITY FIRST NATIONAL BANK Organized and existing under the laws of the United States of America 801 Pine Avenue Kemmerer, Wyoming 83101 ~i£CEtVED C 0 U,.."',I T y CLERK 1-he parties and their 1. CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of whi,;h is acknow edged, and to secure the Secured Debts and Mortgagor's performance under this Security Instrumenl, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with the power of sale, the following described property: Lots 14, 15 and the North one-half (being the northerly 15 feet) of Lot 13 of Block 3 to the T¢ ~vn of Diamondville, Lincoln County, Wyoming. The property is located in Lincoln County at 104 Sublete Ave, Diamondville, Wyoming 83116. ' Together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, crops, timber, all diversion payments or third party payments made to crop producers and all existing and future improvements,' structures, fixtures, and replacements that may now, or at any time in the future, be par of the real estate described (all referred to as Property). This Security Instrument will remain in effect until the S. underlying agreements have been terminated in writing by Lender. 2. MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrurr will not exceed $32,000.00. This limitation of amount does not include interest and other fees made pursuant to this Security Instrument. Also, this limitation does not apply to advances m, of this Security Instrument to protect Lender's security and to perform any of the covenan cured Debts and all ent at any one time and charges validly ~de under the terms :s contained in this Security Instrument. P & F Trucking & Services, Inc. Wyoming Mortgage WY/4X XiflutoOf~ROnORf~()03657024041403Y ©1996 Bani, C,- S,,*~ems, Inc., St. Cloud, MN 3. SECURED DEBTS. This Security Instrument will secure the following Secured Debts: 571 A. Specific Debts. The following debts and all extensions, renewals, refinancings, mOdifications and ieplacements. A promissory note, No. 3888601015, dated April :15, 2003, from P & F Truckng & Services, nc., Pamela Russo and Frank Russo (Borrower) to Lender, with a loan amount of $32,000.00 with an interest rate of 6.75 percent per year and maturing on April 14, 2008. 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, securily 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, no.r to request any future advances any note or agreement secured by the lien document without Lender s prior written consent, under 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. Mo'rtgagor will defend title to the Property against any claims that would impair tkeiien 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 :roperty. 7. DUE ON SALE. Lender may, at its option, declare the entire balance of the Secured Del~ts to be immediately due and payable upon the creation of, or contract for the creation of, a transfer or sale of th~ Property. This right is subject to the restrictions imposed by federal law governing the preemption of state due-on-sale laws, as applicable. 8. TRANSFER OF AN INTEREST IN THE MORTGAGOR. If Mortgagor is an entity other than natural, person (such as a corporation or other organization), Lender may demand immediate payment if: A. A beneficial interest in Mortgagor is sold or transferred. B. There is a change in either the identity or number of members of a partnership or similar entity. C. There is a change in ownership of more than 25 percent of the voting stock of a corporation or similar entity. However, Lender may not demand payment in the above situations if it is prohibited by law Is of the date of this Security Instrument. 9. WARRANTIES AND REPRESENTATIONS. Mortgagor makes to Lender the follo~, 'ng warranties and representations which will continue as long as this Security Instrument is in effect: A. Power. Mortgagor is duly organized, and validly existing and in good standing in all urisdictions in which Mortgagor operates. Mortgagor has the power and authority to enter into this transaction and to carry on Mortgagor's business or activity as it is now being conducted and, as applicable, is qualified to do so in each jurisdiction in which Mortgagor operates. B. Authority. The execution, delivery and performance of this Security Instrument and the obligation evidenced by this. Security Instrument are within Mortgagor's powers, have been duly authorized, have received all necessary governmental approval, will not violate any provision of law, or order of c(,urt or governmental agency, and will not violate any agreement to which Mortgagor is a party or to which Mortgagor is or any of Mortgagor's property is subject. C. Name and Place of Business. Other than previously disclosed in writing to Lender Mortgagor has not changed Mortgagor's name or principal place of business within the last 10 years and ha; not used any other trade or fictitious name. Without Lender's prior written consent, Mortgagor does not and ¢ill not use any other name and will preserve Mortgagor's existing name, trade names and franchises. 10. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mortgagor will keep the Property in good .cond!tion and make.all r. epairs that are reasonably necessary. Mortgagor will not commit or allow any w;ste, Hnpa~rment, or deterioration of the Propert Mort a or will kee ' y. g g ' p the Property free of noxious weeds and grasses. I. Mortgagor agrees that the nature of the occupancy and use will not substantially change without Lender's prior P & F Trucking & Services, Inc. Wyoming Mortgage WY/4XXiflutoO0600000003657024041403Y ©1996 Bankers Systems, Inc., St. Cloud, MN F_x-'p--"'~--'ff~.~ written consent. Mortgagor will not permit any change in any license, restrictive covenant Lender's prior written consent. Mortgagor will notify Lender of all demands, proceeding_, against Mortgagor, and of any loss or damage to the Property. No portion of the Property will be removed, demolished or materially altered without Lender'.¢ except that Mortgagor has the right to remove items of personal property comprising a par become worn or obsolete, provided that such personal property is replaced with other pers equal in value to the replaced personal property, free from any title retention device, securi~ encumbrance. Such replacement of personal property will be deemed subject to the securi this Security Instrument. Mortgagor will not partition or subdivide the Property Without consent. Lender or Lender's agents may, at Lender's option, enter the Property at any reasonable tit inspecting the Property. Lender will give Mortgagor notice at the time of or before an in reasonable purpose for the inspection. Any inspection of the Property will be entirely for 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 coven~ Security Instrument, Lender may, without notice, perform or cause them to be performed 5?7 or easement without , claims, and actions prior written consent of the ProPerty that )nal property at least y agreement or other !y interest created by _ender's prior written ~e for the purpose of spection specifying a Lender's benefit and ~nts contained in this Mortgagor appoints Lender as attorney in fact to sign Mortgagor's name or pay any amount necessary for perforn~ance. Lender's right to perform for Mortgagor will not create an obligation to perform, and Lender's failure to per[orm w not preclude Lender from exercising any of Lender's other rights under the law or this Security Instrument]. If any on the Property is discontinued or not carried on in a reasonable manner Lender may take II ste S' construction , p necessary to protect Lender's security interest in the Property, including completion of the construction. 12. DEFAULT. Mortgagor will be in default if any of the following occur: A. Payments. Mortgagor fails or Guarantor fails to makea 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 Mortgagor's assets or Mortgagor is unable to pay vlortgagor's debts as they become due. C. Business Termination. Mortgagor merges, dissolves, reorganizes, ends its business or <istence, ora partner or majority owner 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 hzs with Lender. G. Misrepresentation. Mortgagor makes any verbal or written statement or provides any financial information that iS untrue, inaccurate, or conceals 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 fora purpose that threatens confiscation pya legal authority. J. Name Change. Mortgagor changes Mortgagor's name or assumes an additional nar~e without notifying Lender before making such a change. K. Property Transfer. Mortgagor transfers all or a substantial part of Mortgagor'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. Material Change. Without first notifying Lender, there is a material change in M~rtgagor's business, including ownership, management, and financial conditions. N. 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 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 ~nsurance' benefits' or refunds thatl may be available on Mortgagor's default. . Subject to any right to cure, required time schedules or any other notice rights Mortgagor may have| under federa and state law, Lender may make all or any part of the amount owing by the terms of the Secured Debts Inc. WY/4XX~flutoOO600000003657024041403Y ©1 · 996 Bankers Systems, Inc., St. Cloud, MN immediately due and foreclose this Security Instrument in a manner provided by law upo~ default or anytime thereafter. 573 the occurrence of a Upon any sale of the Property, Lender will make and deliver a special or limited warranty ~ ,~ed 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 Property's title of the purchaser or purchasers at the sale aga nst all lawful claims and demand of all persons claiming by, through or under Lender. The recitals in any deed )f 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 remecies provided at law or equity, whether~r.not e. xpressly set forth. The acceptance by Lender of any sum in payment or partial payment on the Secured uel~ts atter the balance is due or is accelerated or after foreclosure proceedings are filed will not constitute a waiver of Lender's right to require full and compleZe cure of any existing defa~lt. By not exercising any remedy, Lender does not waive Lender's right to later consider 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' rights and remedies under this Security Instrument. Mortgagor agrees to pay expenses for Lender to inspect and )reserve the Property and for any recordation costs of releasing the Property from this Security Instrument. Exp~nses 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, the,~e 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, Mo'tgagor agrees to pay the reasonable attorneys' fees Lender incurs to collect the Secured Debts as awarded by any cou~t exercising jurisdiction under the Bankruptcy Code. 15. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, ( ) 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 hazardot s substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant dr contaminant which has characteristics which render the substance dangerous or potentially dangerous to the )ublic health, safety, welfare or environment. The term includes, without limitation, any substances defined as 'hazardous material," "toxic substance," "hazardous waste," "hazardous substance," or "regulated substance" uno 9r any Environmental Law. Mortgagor represents, warrants and agrees that: A. Except as previously disclosed and acknowledged in writing to Lender, no Hazardous Substance has been, is, or will be located, transported, manufactured, treated, refined, or handled by any person on, under or about the Property, except in the ordinary course of business ' ' ' ~ Law. and in strict compliance with all app icable Environmental B. Except as previously disclosed and acknowledged in writing to Lender, Mortgagor has not and will not cause, contribute to, or permit the release of any Hazardous Substance on the Property. C. Mortgagor will immediately notify Lender if (1) a release or threatened release of Hazardous Substance occurs on, under or about the Property or migrates or threatens to migrate from nearby pr~o. perty; or (2) 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 Environmental Law. D. Except as previously disclosed and acknowledged in writing to Lender, Mortgagor hasI no knowledge of or reason to believe there is any pending or threatened investigation, claim, or proceeding ol any kind relating to (1) any Hazardous Substance located on, under or about the Property; or (2) any violation tenant of any Environmental Law. Mortgagor will immediately notify Lender in writing a: has reason to believe there is any such pending or threatened investigation, claim, or pro event, Lender has the right, but not the obligation, to participate in any such proceeding receive copies of any documents relating to such proceedings. E. Except as previously disclosed and acknowledged in writing to Lender, Mortgagor an been, are and will remain in full compliance with any applicable Environmental Law. P & F Trucking & Services, Inc. Wyoming Mortgage WY/4XXiflutoO0600000003657024041403Y ©1996 Bankers Systems, Inc., St. Cloud, MN by Mortgagor or any soon as Mortgagor :eeding. In such an ncluding the right to every tenant have Initials(~'/~z~ F. Except as previously disclosed and acknowledged in writing to Lender, there are no tanks, private dumps or open wells located on or under the Property and no such tank, added unless Lender first consents in writing. G. Mortgagor will regularly inspect the Property, monitor the activities and operations 5'?4 underground storage dump or well will be on the Property, and confirm that all permits, licenses or approvals required by any applicable Environmental complied with. H. Mortgagor will permit, or cause any tenant to permit, Lender or Lender's agent to Property and review all records at any reasonable time to determine (1) the existence, h any Hazardous Substance on, under or about the Property; (2) the existence, location, nat~ any Hazardous Substance that has been released on, under or about the Property; o~ Mortgagor and any tenant are in compliance with applicable Environmental Law. Law are obtained and ~nter and inspect the ~cation and nature of ~re, and magnitude of (3) whether or not I. Upon Lender's request and at any time, Mortgagor agrees, at Mortgagor's expense, to engage a qualified s I environmental engineer to prepare an environmental audit of the Property and to ubm~t the results of such audit to Lender. The choice of the environmental engineer who will perform such audit is subject to Lender's apprOval. J. Lender has the right; but not the obligation, to perform any of Mortgagor's obligations under this section at Mortgagor's expense. K. As a consequence of any breach of any representation, warranty or promise mad~ in this section, (1) Mortgagor will indemnify and hold Lender and Lender's successors or assigns harmless from and against all losses, claims, demands, liabilities, damages, cleanup, response and remediation costs, pel~alties and expenses, including without limitation all costs of litigation and attorneys' fees, which Lender and Lender's successors or assigns may sustain; and (2) at Lender's discretion, Lender may release this Security Ins!rument and in return Mortgagor will provide Lender with collateral, of at least equal value to the Property secured by this Security Instrument without prejudice to any of Lender s rights under this Security Instrument. L. N~twithstanding any of the language contained in this Security Instrument to the contrary, the terms of this section will survive any foreclosure or satisfaction of this Security Instrument regardless of any passage of title to Lender or any disposition by Lender of any or all of the Property. Any claims and defenses to the contrary are hereby waived. 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 all of the Property through condemnation, eminent domain, 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 damage~ connected with a condemnation or other taking of all or any part of the Property. Such proceeds will be considered payments and 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 w ast unt the Property is released from this Security Instrument. What Lender requires pursuant to the preceding sentences can change during the term of the Secured Debts. Mortgagor may choose the insurance compan,[, subject to Lender's approval! which will not be unreasonably withheld. . , All insurance policies and renewals will include a standard "mortgage clause' and, where al plicable, 'loss payee clause." If required by Lender, Mortgagor agrees to maintain comprehensive general liability insurance and rental loss or business interruption insurance in amounts and under policies acceptable to Lender. The comprehensive general liability insurance must name Lender as an additional insured. The rental loss or ,usiness interruption insurance must be in an amount equal to at least coverage of one year's debt service, and required escrow account deposits (if agreed to separately in writing.) Mortgagor will give Lender and the insurance company immediate notice of any loss. All ins~Jrance 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 termin.ation 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 P & F Trucking & Services, Inc. Wyoming Mortgage WY/4XXif utoOC~n~q3657024041403Y ©1996 Ban"- ".'.=ms Inc., St. Cloud, MN 575 would choose, and may be written at a higher rate than Mortgagor could obtain if Mo tgagor purchased the insurance. 18. ESCROW FOR TAXES AND [NSURANCE. Mortgagor wi]l not be required to pay to Lea, ~r funds for taxes and insurance in escrow. 19. CO-SIGNERS. If Mortgagor signs this Security Instrument but does not sign the Secdred Debts, Mortgagor does so only to mortgage Mortgagor's interest in the Property to secure payment of th!e Secured Debts and Mortgagor does not agree to be personally liable on the Secured Debts. If this Securityllnstrument 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. 20. WAIVERS. Except to the extent prohibited by law, Mortgagor waives all homestead exemption rights relating to the Property. / 21. FIXTURE FILING. Mortgagor gives to Lender a security interest in all goods that Mortgager owns now or in the future and that are or will become fixtures related to the Property. 22. APPLICABLE LAW. This Security Instrument is governed by the laws of Wyomng, 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 Securt~ Instrument will bind and benefit the successors and assigns of Lender and Mortgagor. 24. AMENDMENT, INTEGRATION ANDSEVERABILITY. This Security Instrument may not be amended or modified by oral agreement. No amendment or modification of this Security nstrument is effective'uhless made in writing and executed by Mortgagor and Lender. This Security Instrument is the complete and fir~al expression of the agreement. If any provision of this Security Instrument is unenforceable, then the unenforce]ble provision will be severed and the remaining provisions will still be enforceable. 25. INTERPRETATION. Whenever used, the singular includes the plural and the plural incluJes the singular. The section headings are for convenience only and are not to be used to interpret or define the t~rms of this Security Instrument. 26. NOTICE, FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Unless otherwise, ~equ red by aw, any notice will be given by delivering it or mailing it by first class mail to the appropriate party s address listed n the DATE AND PARTIES section, Or to any other address designated inwriting. 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: P & F T.~ing & S, er~es, Inc. Pamela Russo, President s u ret (Attest) P & F Trucking & Services, Inc. Wyoming MOrtgage WY/4XXiflutoO0600000003657024041403Y ©1996 Bankers Systems, Inc., St. Cloud, MN ~; Initials Page 6 LENDER: Community First Natio, na/I/Ba~nk Ma}y Livel~/~/ t~- (~ (Attest) ACKNOWLEDGMENT. (Business or Entity) OF U'rT , Cod dt- ' OF ss. Th,s instrument was acknowled ed before me this /~ v ~ ~ ~ ~O~ ' ' g "~ da_ of ~f~.. ~ _ Pamela Russo and Frank Russo as President and Secret~asurer of P & F Truckin~ & Services, Inc.. - Mv commission e~pires: ~,~),0~ ~ ~ ,. , ~ ~ ~ SANDR~. F SHEA I ~ ~ ..~ ~ ~NOT~YPUBUC STA~F~I (N taw P bhc) ~ This instrument was acknowledged before me this Mary Lively as /__o~ My commission expires: P & F Trucking & Services, Inc. Wyoming Mortgage WY/4XXiflutoO0600000003657024041403Y OF Lltd CO~/~ ss. /-%-*~ day of of Community First National Bank. (N ora ry~P'u bl;'c) ©1996 Bank,rs ~h,~tems, Inc., St. Cloud, MN ~." by by Initials Page 7