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HomeMy WebLinkAbout889951 RECEIVED INOuL,, CO!...!~,~TY OLERI( ~::?..?~.!?i::.: :,., :~-:,'.:: DATE AND PARTIES. addresses are: BOOK ,.~.~20 PR PAGE (~c,'30 Space Above This Line For Recording Data MORTGAGE (With Future Advance Clause) The date of this Mortgage (Security Instrument)is May 06. 2003. MORTGAGOR: JEFF CLARK Spouse of Shanta¥ M..CI.ark Husband and wife PO Box 5254. Etna, Wyoming 83118 SHANTAY M. CLARK Spouse of Jeff Husband and Wife PO Box 5254 Etna, Wyoming 83118 The parties and their LENDER: FIRST NATIONAL BANK - WEST Organized and existing under the laws of the United States of America 100 Greys River Road Alpine, Wyoming 83128 83-0162601 - of w 1. CONVEYANCE. For good and valuable consideration, the receipt and sufficiency liCh 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 dgscribed property: Lot 29 of Bridger View Ranches As platted and recorded in the Official Records of Lincoln County, WY . The property is located in Lincoln County at Yellowstone Drive, Thayne, Wyoming 83127. Together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas fights, all water and riparian rights, wells, ditches and water stock and all existing and future improvements, strL~ctures, fixtures, and replacements that may now, or at any time in the future, be part of the real estate descril~ed (all referred to as Property). This Security Instrument will remain in effect until the Secured Debts and all u~)derlying agreements have been terminated in writing by Lender. 2. MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instru~nent at any one time will not exceed $200,000.00. This limitation of amount does not include interest and ot[~er 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, refinancing,,; modifications and replacements. A promissory note, No. 764000904, dated May 6, 2003, from Mortgagor t~ Lender, with a loan amount of $200,000.00 with an interest rate of 6.5 percent per year and maturing on Ja3uary 1, 2004. One or more of the debts secured by this Security Instrument contains a future advance provision. 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 thi~ debt. If more than one person signs this Security Instrument, each agrees that it will secure debts incurred either individually or with others who may not sign this Security Instrument. Nothing in this Security Instrlument constitutes a commitment to make additional or future loans or advances. Any such commitment must be in writing. In the Jeff Clark Wyoming Mortgage WY/4Xdore~aq~c~O3872027050603Y ©1996 Bar"- .~' ;'ems, Inc., St, Cloud, MN · Initial~pa g~~ event that Lender fails to provide any required notice of the right of rescission, Lender aiv ubsequent security interest in the Mortgagor's principal dwelling that is created by this Security Ins-I:rument. 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 secur, any debt for which a security interest is created in "margin stock" and Lender does not obtain a "statement o purpose," as defined and required by federal law governing securities, incurred C. Sums Advanced. All sums advanced and expenses by Lender under the ·~rms of this Security Instrument. 4. PAYMENTS. Mortgagor agrees that all payments under the Secured Debts will be ;aid 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, secur ty agreement or other lien document that created a prior security interest or encumbrance on the Property, Mortga or 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 advan~ ~s 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 e'~idencing Mortgagor's payment. Mortgagor will defend title to the Property against any claims that would impair t~e lien of this Security Instrument. Mortgagor agrees to assign to Lender, as requested by Lender, any right~;, 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 Dc~ts 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 e~ter 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 Pror erty 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 an, grasses. Mortgagor agrees that the nature of the occupancy and use will not substantially change without _ender's prior written co. nsent. Mortgagor will not permit any change in any license, restrictive covenant Or easeti¢~ent without Lender's prior written consent. Mortgagor will notify Lender of all demands, proceedings, claimsi, 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 an i~spection specifying a reasonable purpose for the inspection., Any inspection of the Property will be entirely fo~ Lender's benefit and Mortgagor will in no way rely on Lender s inspection. 10. AUTHORITY TO PERFORM. If Mortgagor fails to perform any duty or any of the cover~ants 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 perfonlnance. 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 InstrumenL 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. 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 relerred 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, including any extensions, renewals, 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 to be personal property, this Assgnment will also be regarded as a security' ~a~reement. Mortgagor 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 I~eases and any other information with respect to these Leases will be prov ded mmediately after they are executed. Mortgagor may collect, receive, enjoy and use the Rents so long as Mortgagor is not in default. Upon d~faut, Mortgagor will receive any Rents in trust for Lender and Mortgagor will not commingle the Rents with anyo~her funds Mortgagor agrees that this Security Instrument is immediately effective between Mortgagor and Lender. This Security Instrument will remain effective during any statutory redemption 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 or Bankruptcy. Any legal entity obligated on the Secured Debts makes ~ benefit of creditors or become insolvent, either because its liabilities exceed its assets or debts as they become due; or it petitions for protection under federal, state or local banl Jeff Clark Wyoming Mortgage WY/4XdorettaOO623900003872027050603Y ©1996 Bankers Systems, Inc., St. Cloud, MN z=_.xlb---'~" n assignment for the it is unable to pay its :ruptcy, insolvency or Initials "'~' ~ Page 2 debtor relief laws, or is the subject of a petition or action under such laws and failsto action dismissed within a reasonable period of time not to exceed 60 days. C. Death or Incompetency. Mortgagor dies or is declared legally incompetent. D. Failure to Perform. Mortgagor fails to perform any condition or to keep any promi Security Instrument. E. Other Documents. A default occurs under the terms of any other transaction documen F. Other Agreements. Mortgagor is in default on any other debt or agreement Mortgagor G. Misrepresentation. Mortgagor makes any verbal or written statement or provides an 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 for a purpose that threatens confiscatio~ 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 Mortgagor's money or property. This condition of default, as it relates to the transfer of the Property, is subject to the restrictions c'ont'aine'd in the DUE ON SALE section, fede I L. Property Value. The value of the Property declines or is impaired. M. Insecurity. Lender reasonably believes that Lender is insecure. 13. REMEDIES. Lendermayuse anyandallremedies Lenderhasunderstateor ~rra ~asWe~rt~neanyinstrument evidencing or pertaining to the Secured Debts, including, without limitation, the pow t I Property. Any amounts advanced on Mortgagor's behalf will be immediately due and may be added to th~ balance owing under the Secured Debts. Lender may make a claim for any and all insurance benefits or refunds that may be ava abe on Mortgagor's default. ' Subject to any right to cure, required time schedules or any other notice rights Mortgagor n~ay 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 upo~ the occurrence of a default or anytime.thereafter. - ~ U.Po~n any sale. of the ProPerty, Lender will make and deliver a special or limited warranty deed that conveys the pr perty 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 PropertyI and that Lender will specially warrant and defend the Property's title of the purchaser 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 bf 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 t.h.e balance is due or is accelerated Or after foreclosure proceedings are fi ed will not constitute a waiver of Lender s right to require full and complete cure of any existing default. 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 preserve the Property and for any recordation costs of releasing the Property from this Security Instrument. Expl~nses include, but are not limited to, reasonable attorneys' fees after default and referral to an attorney not a sal~ried 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, Mo'tgagor 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. 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 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 3ublic 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" unc er any Environmental 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 tI small quantities of Hazardous Substances that are generally recognized to be appropriate for the normal usc and maintenance of the Property. B. Except as previously disclosed and acknowledged in wdting to Lender, Mortgagor arid every tenant have been, are, and will remain in full compliance with any applicable Environmental Law. C. MOrtgagor will immediately notify Lender if a release or threatened release of a Hazard ,us Substance occurs on, under or about the Property or there is a violation of any Environmental Law concerldng the Property. In such an event, Mortgagor will take all necessary remedial action in accordance with any En Jeff Clark Wyoming Mortgage WY/4XdorettaOn~ ~r~O3872027050603Y ©1996 BaP' .... :{"'~'ems, Inc., St. Cloud, MN h~ve the petition or ~e or covenant of this t. ~as with Lender. y financial information Page 3 ¢ironmental Law. ~2" !i .' reason D. Mortgagor will immediately notify Lender in writing as soon as Mortgagor has pending or threatened investigation, claim, or proceeding relating to the release or thr Hazardous Substance or the violation of any Environmental Law. 16. CONDEMNATION. Mortgagor will give Lender prompt notice of any pending orthreate~led action by private or public entities to purchase or take any or all of the Property through condemnation, eminer~t domain, or any other means. Mortgagor authorizes Lender to intervene in Mortgagor's name in any of the abo,,e described actions or claims. Mortgagor assigns to Lender the proceeds of any award or claim for dama,,es connected with a I . condemnation or other taking of all or any part of the Property. Such proceeds will be considered payments and w!ll be applied as provided in this Security Instrument. This assignment of proceeds is subject to the terms of anv pnor mortgage, deed of trust, security agreement or other lien document. 17. INSURANCE. Mortgagor agrees to keep the Property insured against the risks reasona.b_ly associated with the Property. Mortgagor will maintain this insurance in the amounts Lender requires. This insulance w ast 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 wilt not be unreasonably withheld. All insurance policies and r]enewals will include a standard "mortgage clause" and, where applicable, "loss payee clause." Mortgagor will §ive 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 opti3n. If Lender acquires the Property in damaged condition, Mortgagor's rights to any insurance policies and proceed: will pass to Lender to the extent of the Secured Debts. Mortgagor will immediately notify Lender of cancellation or termination of insurance. If Morlgagor 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 oth.;r than one Mortgagor 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 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 Mortgagor, Mortgagor agrees to waive any rights that ma/ prevent Lender from bringng any action or claim against Mortgagor or any party indebted under the obligaticn. 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 ex,~mption rights relating to the Property. 21. OTHER TERMS. The following are applicable to this Security Instrument: A. Construction Loan. This Security Instrument secures an obligation created for the construction of an improvement on 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. obh t ] ' 23. JOINT AND INDIVIDUAL LIABILITY AND SUCCESSORS. Each Mortgagor's 'ga ions uneer 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 be~efts of th s Instrument will bind and benefit the successors and assigns of Lender and Mortgagor. / ' Security 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 ~nless 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 ~erms of th s Security Instrument. ' 26. NOTICE, FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Unless otherwise ]required by notice_ will be given by delivering it or mailing it by first class mail to the appropr ate party's address listed aw, in any the DATE AND PARTIES section, or to any other address designated in writing. Notice to one p~l~rty will be deemed to be notice to all parties. Mortgagor will inform Lender in writing of any change in Mortgag~)r's name, address or other application information. Mortgagor will provide Lender any financial statements requests. All financial statements and information Mortgagor gives Lender will be co Mortgagor agrees to sign, deliver, and file any additional documents or certifications that .necessary to perfect, continue, and preserve Mortgagor's obligations under this Security Instr Lender's lien status on any Property. Time is of the essence. Jeff Clark to believe there is any ~atened release of any ,r information Lender rrect and complete. Lender may consider ument and to confirm Initials Page 4 Wyoming Mortgage WY/4XdorettaO0623900003872027050603Y ©1996 Bankers Systems, Inc., St. Cloud, MN SIGNATURES. By signing, Mortgagor agrees to the terms and covenants contained in thi Mortgagor also acknowledges receipt of a copy of this Security Instrument. MORTGAGOR: Jef Cla~/l( ' Individually '~antay M. (~la[k Individually LENDER: Fi r st~W~~~..~ Penny J~~state Loan Officer ACKNOWLEDGMENT. (Individual) This instrument was acl~nowledge~'before me this ~. ~"~- day of Jeff Clark, spouse of Shantay M, Clark, Husban~l and Wife. TN~tary PtJl~li/)' (Individ~a~~e~t.mb.r m, 2oo3 II This instrument was acknowledged/before me this /~ day of Shantay M. Clark, spouse of Jeff, Husband and .Wife. 1~, My commission expires:~,~,~//~_~ ~ ( Le n d e r~:k a-~'~i'e d o m~:~ '" ....... ~,, Security Instrument. , 7z.[__-~) ,3 by , .4~ by Jeff Clark by Page 5 Wyoming Mortgage WY/4XdorettaOO6239OOOO3872027OSO603Y ©1996 BanERr~ F;~?tems, Inc., St. Cloud, MN ~"