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HomeMy WebLinkAbout889979Space Above This Line For Recording Data MORTGAGE (With Future Advance Clause) DATE AND PARTIES. The date of this Mortgage (Security Instrument) is May 8, 2003. addresses are: MORTGAGOR: ' DAVE M. JENKINS Husband and Wife P O BOX 151 THAYNE, Wyoming 83127 SUSAN JENKINS Wife and Husband P O BOX 151 THAYNE, Wyoming 83i 27 LENDER: FIRST NATIONAL BANK - WEST · Organized and existing under the laws of the United States of America 314 S Washington PO Box 1620 Afton, Wyoming 83110 83-0162601 1. CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of wi and to secure the Secured Debts and Mortgagor's performance under this Security Instrume bargains, conveys, mortgages and warrants to Lender, with the power of sale, the following The parties and their ich is acknowledged, nt, Mortgagor grants, escribed property: Lot 2 of the Angel Subdivision, Lincoln County, Wyoming as described on the official plat the eof. The property is located in LINCOLN County at 320 LOST CREEK CO RD 120, THAYNE, Wyonling 83127. 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, strJctures, fixtures, and replacements that may. now, or at any time in the future, be part of the real estate descri[ ;d (all referred to as Property). This Security Instrument will remain in effect until the Secured Debts and all ulnderlying agreements have been terminated in writing by Lender. . 2. MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrulment at any one time will not exceed $139,500.00. 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. 3. SECURED DEBTS. This Security Instrument will secure the following Secured Debts: A. Specific Debts. The following debts and all extensions, renewals, refinancing,s,, modifications and replacements. A promissory note, No. 64002973, dated May 8, 2003, from Mortgagor to Lender, with a loan amount of $139,500.00. 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 Inst'ument constitutes a commitment to make additional or future loans or advances. Any such commitment must be in writing. In tl~e event that Lender fails to provide any required notice of the right of rescission, Lender waives any subsequ~/~tI Wyoming Mortgage © · - Initial~ WY/4brandiemOO623900003872024050803Y 1996 Bankers Systems Inc. St. Cloud MN F_.~'~--~;' F~9~-{ security interest in the Mortgagor's principal dwelling that is created by this Security Instr ~ment. This Security Instrument will not secure any debt for which a non-possessory, non-purchase acne,I 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 andSecuritYrequiredintereStby federaliS Createdlaw ingoverning"marginsecurities.Stock" and Lender does not obtain a "statement of! purpose," as defined C.'Sums Advanced. All sums advanced and expenses incurred by Lender under the terms of this Security Instrument. a 4. PAYMENTS. Mortgagor agrees that all payments under the Secured Debts will be p id when due and in accordance with the terms of the Secured Debts and this Security Instrument. §. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, securit agreement or other lien document that created a prior security interest or encumbrance on the Property, Mortgagc 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 advance 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, encumbra~ es, 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 evidenc ng Mortgagor's payment. Mortgagor will defend title to the Property against any claims that would impair the lien of this Secur ty Instrument. Mortgagor agrees to asmgn to Lender, as requested by Lender, any rightsi clams 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 De 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 applicable,is subject to the restrictions imposed by federal law governing the preemption of state due-on-sale laws, as 8. WARRANTIES AND REPRESENTATIONS. Mortgagor has the right and authority to en[ter into this Security Instrument. The eXecution· and delivery of this Security Instrument will not violate any ~greement governing Mortgagor or to which Mortgagor is a party. P 9. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mortgagor will keep the roperty 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 any license, restrictive covenant or easer~ent 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. / Lend r or Lender s agents may, at Lender s option, enter the Property at any reasonable t~me for the purpose of inspecting the Property. Lender will give Mortgagor notice at the time of or before an 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 fails 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 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 Instrument. If any construction on the Property is discontinued or not carried on in a reasonable manner, Lender may take 'ql 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, bargans, 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 replac~ements (all referred to as Leases); and rents, issues and profits (all referred to as Rents). In the event any item listedm as Leases or Rents is determined to be personal property, this Assignment will also be regarded as a security agreement. Mortgagor will promptly provide Lender with copies of the Leases and will certify these Leases are true and co[rect 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 d~fault, 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 immediately effective between Mortgagor and L~nder. This Security Instrument will remain effective during any statutory redemption period until the Secured D~bts 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 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 a 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 bank debtor relief laws, or is the subject of a petition or action under such laws and fails tc action dismissed within a reasonable period of time not to exceed 60 days. DAVE M. JENKINS Wyoming Mortgage WY/4brandiemO062390OOO3872024050803Y ©1996 Bankers Systems Inc., St. Cloud, MN ~i~--~'r:~,~ and landlords and n assignment for the it is unable to pay its ruptcy, insolvency or have the pet~o~ C. Death or Incompetency. Mortgagor dies or is declared legally incompetent. 6 8 3 D. Failure to Perform. Mortgagor fails to perform any condition or to keep any promis or covenant of this Security Instrument. E. Other Documents. A default occurs under the terms of any other transactiondocumen F. Other Agreements. Mortgagor is in default on any other debt or agreement Mortgagor ~swith 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 fo,r a purpose that threatens confiscation/ by a legal aUthority. J. Name Change. Mortgagor changes Mortgagors 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 morey or property. This condition of default, as it relates to the transfer of the Property, is subject to the restric[~ons 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 lay* or in any instrument evidencing or pertaining to the Secured Debts, .including, without limitation, the power to s~ll the Property. Any amounts advanced on Mortgagor's behalf will be immediately due and may be added to thc 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 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 ~ 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. / 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 PropertyI and that Lender will specially warrant and defend the Property s tide of the purchaser or purchasers at the sa~e 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 th, e balance is due or is accelerated or after foreclosure proceedings are filed will not constitute a waiver of Lenders right to require full and complete cure of any existing default. By not exercising again.any' remedy, Lender does not waive Lender's right, to later consider the. event a default if it continues or happens 14. COLLECTION EXPENSES AND ATTORNEYS' FEES. On or after Default, to the extent permtted 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. 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, the~e expenses wil~ bear interest from the date of payment until paid in full at the highest interest rate in effect as pr(vialed for in the terms of the Secured Debts. To the extent permitted by the United States Bankruptcy Code, Mcrtgagor agrees to pay the reasonable attorneys' fees Lender incurs to collect the Secured Debts as awarded b 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 lability 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 h~zardoJs 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 includes, without limitation, any substances defined as "hazardous material," "toxic substance," "hazardous waste," "hazardous substance," or "regulated substance" un Jer 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 to small quantities of Hazardous Substances that are generally recognized to be appropriate for the normal uae and maintenance of the Property, B. Except as previously disclosed and acknowledged in writing to Lender, Mortgagor and 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 Hazardous Substance occurs on under or about the Property or there s a volation of any Enwronmental Law concerning the Property. In such an event, Mortgagor will take all necessary remedial action in accordance w~th 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. DAVE M. JENKINS Wyoming Mortgage Init WY/4brandiernO06239OOOO3872024050803Y ©1996 Bankers Systems, Inc., St. Cloud, MN ,::i;;:: 16. CONDEMNATION. Mortgagor will give Lender prompt notice of any pending orthreatene~ public entities to purchase or take any or all of the Property through condemnation, eminent means. Mortgagor authorizes Lender to intervene in Mortgagor's name in any of the above claims. Mortgagor assigns to Lender the proceeds of any award or claim for damage condemnation or other taking of all or any part of the Property. Such proceeds will be cons will be applied as provided in this Security Instrument. This assignment of proceeds is subjec prior mortgage, deed of trust, security agreement or other lien document. 17. INSURANCE. Mortgagor agrees to keep the Property insured against the risks reasonabl, 684 action by private or domain, or any other described actions or s connected with a idered payments and to the terms of any 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 ch,ange during the term of the Secured Debts. Mortgagor may choose the insurance ~ompany, subject to Lender s approval, Which will not be unreasonably withheld. 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 Prop,erty or to the Secured Debts, at Lender s optiog. If Lender acquires the Property in damaged condition, Mortgagor s rights to any insurance policies and proceeds ~vill 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 otherI than one Mortgagor would choose, and may be written at a higher rate than Mortgagor could obtain if Mortgagor purchased the insurance. 18. ESCROW FOR TAXES AND INSURANCE. Mortgagor will not be required to pay to Lende 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 nstrument secures a guaranty between Lender and Mortgagor, Mortgagor agrees to waive any rights that may )revent Lender from bringing any action or claim against Mortgagor or any party indebted under the obligatior 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 exe~ ption rights relating to the Property. 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. bi' -" 22. JOINT AND INDIVIDUAL LIABILITY AND sucCESSORS. Each Mortgagor's o ~gauons Under this Security Instrument are independent of the obligations of any other Mortgagor. Lender may sue eachl~ortgagor individually or together with any other Mortgagor. Lender may release any part of the Property and [v~ortgagor will still be obligated under this Security Instrument for the remaining Property. The duties and bem~fits of this Security Instrument will bind and benefit the successors and assigns of Lender and Mortgagor. 23. AMENDMENT, INTEGRATION AND SEVERABtLITY. This Security Instrument may not be amended or modified by oral agreement. No amendment or modification of this Security Instrument is effective u~dess made in writing and executed by Mortgagor and Lender. This Security Instrument is the complete and firal 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 t[erms of this security Instrument. 25. NOTICE, FINANCIAL REpORTs AND ADDITIONAL DOCUMENTS. Unless otherwise ~equired! by law, any notice will be given by delivering it or mailing it by first class mail to the appropriate party'.sI address listed in the DATE AND PARTIES section, or to any other address designated in writing. Notice to one par.t.y 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 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 _ender may consider necessary to perfect, continue, and preserve Mortgagor's obligations under this Security Instrl~ment and to confirm Lender's tien 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. M~ ~,,jAGOR: (/~ SUSAN JENKINS Individually DAVE M. JENKINS Wyoming Mortgage WY/4brandiemOO623900OO3B72024050803Y ©1996 Bankers Systems, Inc., St. Cloud, MN ~cjb---~'~'~" Initials Page 4 LENDER: First Na~iorra4, Bank - West Roxie ~e'nkiqU ~ ACKNOWLEDGMENT. (Individual) This instrument was acknowledged/before me th~s DAVE M. JENKINS , Husband and Wife. My commission expires: z_:/'/~'//~ l( County of ~t(;~[~,'~t state of (Individual) ~t Lincoln ~ Wyomm¢ This instrument was ackhowledg¢O before me thi§ SUSAN JENKINS , Wife and Husband. My commission expires: "~/~z//~.~ County of /lt~llL~.~ State of 'Lincoln ~,[z~ Wyormn~ (Lender AcknowledgmE I). A My t, ommission ~-xp~res ~pdl 4, This instrument was acki owledge~ before me this Roxie Jenkins as ~ /]6~_~4 0 My commission expires: (Notary Pu ~ ~J~)/ OF ss. ~' da¥of /~'~/ , , (Northly Pub ~ct~// - G85 o, day of of First National Bank - West. , ( N'~rr y FublicF ........ ~ cou,-,t,,, o~' by by by DAVE M. JENKINS Wyoming Mortgage WY/4brandiemO0623900003872024050803Y ©1996 Bankers Systems, Inc,, St. Cloud, MN ~" Initials g~e 5/~