HomeMy WebLinkAbout878102 Space Above This Line For Recording Data
MORTGAGE
(With Future Advance Clause)
DATE AND PARTIES. The date of this Mortgage (Security Instrument) is DECEMBER 4, 2001. The parties and
their addresses are:
MORTGAGOR:
CASSIUS W. MIZNER
y? ~52 MAHOGANY
THAYNE, Wyoming 83127
SUSAN M. MIZNER
352 MAHOGANY
THAYNE, Wyoming 83127
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 which is acknowledged,
and to secure the Secured Debts and Mortgagor's performance under this Security Instrument, Mortgagor grants,
bargains, 'conveys, mortgages and warrants to Lender, with the power of sale, the following described property:
LOT EIGHTEEN (18) in STAR VALLEY RANCH PLAT THREE (3) as platted and recorded in the Official Records of
lincoln County, Wyoming.
The property is located in LINCOLN County at ~52 MAHOGANY, THAYNE, Wyoming 831 27.
Together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, all water and
riparian rights, wells, ditches and water stock and air existing and future improvements, structures, fixtures, and
replacements that may now, or at any time in the future, be part of the real estate, described (all referred to as
Property) This Security Instrument will remain in effect until the Secured Debts and all underlying agreements
have been terminated in writing by Lender.
2. MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at any, one time
will not exceed 825,000,00. This I!mitation 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 d(~bts and all extensions, renewals, refinancings, modifications and
replacements. A promissory note, No. 64002458, dated December 4, 2001, from Mortgagor to Lender, with a
maximum credit limit of $25,000.00, One or more of the debts secured by this Security Instrument contains a
futur, f] advance provision.
B. Sums Advanced. All sums advanced and expenses incurred by Lender under the terms of this Security
Instrument.
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 SecuriW, 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:
CASSIUS W, MIZNER ,,
Wyoming Mortgage Ioitials (.~,~v
WY/4BrandieMO050590OOO3326020120401Y ~1996 Bankers Systems, In~., St. Cloud, MN ~" Page 1
A. To make all payments when d~e and to perform or comply with all covenants.
El. 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 [~ote or
agreement secured by the lien document ~ithout Lender's prior written consent.
6. CLAIMS AGAINST TITLE. Mor.tgagor 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 Mortgager'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 tile 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 any 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 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 Mortgager'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 Instr't~ment. If any construction
on the Property is discontinued or not carried on in a reasonable manner, Lender may fake all steps necessary to
protect Lender's security interest in the Property, including completion of the construction.
11. ASSIGNMENT OF LEASES AND RENTS. Mortgagor grants, bargains, conveys, mortgages and warrants to
Lender as additional security all the right, title and interest in and to any and all:
A.. Existing or future leases, subleases, licenses, guaranties and any other written or verbal agreements for the
use and occupancy of any portion of the Property, including any extensions, renewals, modifications or
substitutions of such agreements (all referred to as Leases).
B. Rents, issues and profits (all referred tO as Rents), including but not limited to security deposits, minimum
rent, percentage rent, additional rent, common area maintenance charges, parking charges,, real estate taxes,
other applicable taxes, insurance premium contributions, liquidated damages following default, cancellation
premiums, "loss of rents" insurance, guest receipts, revenues, royalties, proceeds, bonuses, accounts, contract
rights, general intangibles, and all rights and claims which Mortgagor may have that in any way pertain to or are
on account of the use or occupancy of the whole or any part of the Property.
Mortgagor will promptly provide Lender with true and correct copies of all existing and future Leases. Mortgagor
may collect, receive, enjoy and use the Rents' so long as Mortgagor is not in default under the terms of this
Security Instrument.
Mortgagor agrees that this assignment is immediately effective between the parties to this Security Instrument.
Mortgagor agrees that this assignment is effective as to third parties when Lender takes affirmative action
prescribed by law, and that this assignment will remain in effect during any redemption period until the Secured
Debts are satisfied. Mortgagor agrees that Lender may take actual possession of the Property without the
necessity of comm~.ncing legal action and that actual possession is deemed to occur when Lender, or its agent,
notifies Mortgagor of Mortgager's default and demands that any tenant pay all future Rents directly to Lender. On
receiving notice of default, Mortgagor will endorse and deliver to Lender any payment of Rents in Mortgager's
possession and will receive any Rents in trust for Lender and will not commingle the Rents with any other fundsl
Any amounts collected will be applied as provided in this Security Instrument. Mortgagor warrants that no default
exists under the Leases or any applicable landlord/tenant law. Mortgagor also agrees to maintain and require any
tenant to comply With the terms of the Leases and applicable law.
12. MORTGAGE COVENANTS. Mortgagor agrees that the covenants' in this Security Instrument are material
obligations under the Secured Debts and this Security .instrument. If Mortgagor breaches any covenant in this
Security Instrument, Lender may refuse to make additional extensions of credit or may reduce the credit limit. By
not exercising either remedy on Mortgager's breach, Lender does not waive Lender's right to later consider the
event a breach if it happens again.
13. DEFAULT. Mortgagor will be in default if any of the following occur:
A. Fraud. Mortgagor, engages in fraud or material misrepresentation in connection with the Secured Debts.
El. Payments. Any party obligated on the Secured Debts fails to make a payment when due.
C. Property. Any action or inaction' occurs that adversely affects the Property or Lender's rights in tl~e Property.
CASSIUS W, MIZNER
Wyoming Mortgage Initials
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'i4. REMEDIES ON DEFAULT. In addition to any other remedy available under the terms of this Security
Instrument, Lender may accelerate the Secured Debts and foreclose this Security Instrument in a manner provided
by law if Mortgagor is in default. In some instances, federal and state law will require Lender to provide Mortgagor
with notice of the right to cure, or other notices and may establish time schedules for foreclosur-e actions.
At the option of the Lender, all or any part of the agreed fees and charges, accrued interest and principal will
become immediately due and payable, after' giving notice if required by law, upon the occurrence of a default or
anytime thereafter. Lender will be entitled to, without limitation, the power to sell the Property.
The acceptance by Lender of any sum in payment or partial payment on the Secured Debts after the balance is due
or is'accelerated or after foreclosure proceedings are filed will not constitute a waiver of Lender's right to require
complete cure of any existing default. By-not exercising any remedy on Mortgager's default, Lender does not
waive Lender's right to later consider the event a default if it happens again.
15. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. If Mortgagor breaches
any covenant in this Security Instrument, Mortgagor agrees to pay all expenses Lender incurs in performing such
covenants or protecting its security interest in the Property. Such expenses include, but are not limited to, fees
incurred for inspecting, preserving, or otherwise protecting the Property and Lender's security interest. Mortgagor
agrees to pay all costs and expenses incurred by Lender in collecting, enforcing, or protecting Lender's rights and
remedies under 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 payable on demand
and 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 Secured Debts. To the extent permitted by the United States Bankruptcy Code, Mortgagor agrees
to pay the reasonable attorneys' fees Lender incurs to collect the Secured Debts as awarded by any court
exercising jurisdiction under the Bankruptcy Code. This Security Instrt~ment will remain in effect until released.
Mortgagor 'agrees to pay for any recordation costs of such release.
16. 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)
Hazar,¢ous 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" under any Environmental
Law.
Mortgagor represents, warrants and agrees that:
A. Except as previously disclosed and acknowledged in writing to Lender, no Hazarc~'bus 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 th'at are generally recognized to be appropriate for the normal use 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 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.
17. 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 int"ervene 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 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.
18. 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. Mortgagor may choose the insurance company, 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 gi~e 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, Mortgager'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 not 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 obtain if Mortgagor purchased the
insurance.
19. ESCROW FOR TAXES AND INSURANCE. Mortgagor will not be required to pay to Lender funds for taxes and
insurance in escrow.
20. CO-SlGNERSl If Mortgagor signs this Security Instrument but does not sign the Secured Debts, Mortgagor
does so only to mortgage Mortgager's interest in the Property to secure payment of the Secured Debts and
CASSIUS W, MIZNER J.
Wyoming Mortgage . Initials
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Mortga'gor 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 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.
21. WAIVERS. Except to the extent prohibited by law, Mortgagor waives all homestead exemption rights relating
to the Property.
22_. OTHER TERMS. The following are applicable to this Security Instrument:
A. Line of Credit. The Secured Debts include a revolving line of credit provision. Although the Secured Debts
may be reduced to a zero balance, this Security Instrument will remain in effect until the Secured Debts and all
underlying agreements have been terminated in writing by Lender.
23. 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,
24. JOINT AND iNDIVIDUAL LIABILITY AND SUCCESSORS. Each Mortgager'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 Seculi[y 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.
25. 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 w,riting
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.
26. INTERPRETATION. Whenever used, the singular includes the plural and the plural includes the singular. The
section headings are for convenience only and are not to be used to interpret or define the terms of this Security
Instrument.
27. 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 Mortgager's name, address or
other application information. Mor~gagor 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 certificat ons,that Lender may consider
necessary to perfect, continue, and preserve_ Mortgager's obligations under this Security nstrument 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:
S W. M~ZNER
"SUSAN M. MIZNER
LENDER:
First j~lado-n~l Bank - West
Penny J0r~,/~'a~ Estate Loan Officer
ACKNOWLEDGMENT.
(Individual)
This instrument was acknowledged before me t~is
(Individual)
This Instrument was ac~nowleq~ed before me t~ls ~ day of
SUSAN M. MIZNER.
~~~'~~i°n expires: ~,/~'d~ ~p~)
~) Coun~or ~ Stateot {( (Notary ,
CASSIUS W. MIZNER
Wyoming Mortgage : Initials,'~
WY/4BrandieMO0505900003326020120401Y ~1996 Bankers Systems, Inc,, St. C~oud, MN ~ ~g~
(Lende~ Acknowledgment) ~.)~ ~.(j~;~
OF , OF ss.
This instrument was acknowledged before me this q~ day of ~~ , ~/ by
Penny Jones as Real Estate Loan Officer of First National Bank - West,
(Notary Public)
CASSIUS W. MIZNER
Wyoming Mortgage
WY/4BrandieMO0505900003326020120401