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HomeMy WebLinkAbout878446 ' BOOK_4~_.I~PR Space Above This Line For Recording Data MORTGAGE DATE AND PARTIES. The date of this Mortgage (Security Instrumentl is January 3, 2002. The parties and their addresses are: MORTGAGOR: EDWARD J CARLSON 141 1 2nd West Avenue Kemmerer, Wyoming 831 01 SHERRY CARLSON 141 1 2nd West Avenue Kemmerer, Wyoming 83101 _ .LENDER: FIRST NATIONAL BANK - WEST Organized and existing under the laws of th9 United States of America 716 Pine Avenue Ke"nmerer, Wyommg 83101 83-01 62601 1. CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of which is acknowledged, andlto 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: The southerly 22 feet of Lot 7 of Block 5 of the Fairview Addition to the Town of Kemmerer, Lincoln County, Wyoming being more particularly describerJ as follows: COMMENCING at the southeasterly corner of the said Lot 7, and running thence northerly along the easterly boundary line of said lot, a distance of 22 feet to a point; thence westerly at right angles anC parallel to the southerly boundary line of said Lot 7, a distance of 130 feet to the westerly boundary line of said Lot 7; thence southerly along the westerly boundary line~,of said lot, a distance of 22 feet to the southwesterly corner of said Lot 7; t.hence easterly along the southerly boundary line of said Lot 7 to the POINT OF BEGINNING. ALSO Lot 8 of Block 5 of the Fairview Addition to the Town of Kemmerer, Lincoln County, Wyoming as described on the official plat thereof. ALSO The northerly 5 feet of Lot 9of Block 5 of the Fairview addition to the Town of Kemmerer, Lincoln County, Wyoming being more particularly described as follows: COMMENCING at the northeasterly corner of ths said Lot 9, thence westerly along the northerly boundary line of sa~d Lot 9, a distance of 130 feet; thence southerly along the westerly boundary line a distance of 5 feet; thence easterly at right angles and parallel to the northerly boundary line of said Lot 9, a distance of 130 feet to the easterly boundary line of said Lot 9; thence northerly along the easterly boundary line of said Lot 9, a distance of 5 feet to the POINT OF BEGINNING. The property is located in Lincoln County at 141 1 2nd West Avenue, Kemmerer, Wyom~ing 83101. Together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, all water and riparian rights, Wells, ditches and water stock and all existing and future improvement, s, 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). ~-his Security Instrument will remain m effect unti 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 $26,1 38.34. Thislimitation 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 ~ovenants contained in this Security Instrument. [ 3. SECURED DEBTS. This Security Instrument will secure the following Secured Debts:i Edward J Carlson Wyoming Mortgage WY/4XXKarynB00505900003326023010302Y ~1996 Bankers Systems, thC., St. Cloud, MN ~ InitialS page ~- A. Specific Debts. The following debts and all extensions, renewals, refinanc~ngs, modifications and replacements. A promissory note, No 8851 2000, dated January 3, 2002, from Mortgagor to Lender, with a loan amount of $26,1318.34 with an interest rate of 7.5 percent per year and maturing on January 17, 2009. B. All Debts All present and future debts from Mortgagor to Lender, even if this Security Instrument is not specifically referenced, or if the future debt is unrelated to or of a different type than this debt. If more than one person signs this ~ecurity 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 Instrument constitutes a commitment to make ~.dditional or future loans or advances. Any such commitment must be in writing. In the event that Lender fail, to provide notice of the right of rescission, Lender waives any subsequent security interest in the Mortgager's principal dwelling that is created by this Security Instrument. This Security Instrument will not s~cure any debt for which a non-possessory, non-purchase money security interest is created in "household ~loods" in connection with a consumer loan" as those terms are defined by federal law governing unfair and di~ceptive credit practices. This Security Instrument will not secure any debt for which a security interest is created in "margin stock" and Lender does not obtain a "statement of purpose," as defined and required by federal law governing securities C. Sums Advanced. All sums advanced and expenses incurred by Lender under the ,terms of this Security nstrument. 4. PAYMENTS. Mortgagor agrees that all payments under the Secured Debts will be paid when due and in accordance with the termI of the Secured Debts and this Security Instrument. 5. PRIOR SECURITY INT~,RESTS. With regard to any other mortgage, deed of trust, security agreement or other lien document that created a prior security interest or encumbrance on the Property, Mortgagor agrees: A. To make all paymen,ts when due and to perform or comply with all covenants. B. To promptly deliver to Lender any notices that Mortgagor receives from the holder. C. Not to allow any modification or extension of, nor to request any-future advances under any note or agreement secured by the lien d0'cument without Lender's prior written consent. 6. CLAIMS AGAINST TIT!LE. 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 Mortgager's payment. Mortgagorw idefend title to the Property against any claims that would impair the lien of this Security Instrument. Mortgagor agrees to assign to Lender, as requested by Lender, any rights, claims or defenses Mortgagor may have against parties who supply labor or materials to maintain or improve the Property. 7. DUE ON SALE. Lende- 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 CONDTION, 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. Mortga~or will keep the Property free of noxious weeds and grasses. Mortgagor agrees that the nature oI the occupancy and use wil not substantially change without Lender's prior written Consent, Mortgagor will ~.'ot permit any change in any license, reStr ctive covenant or easement without Lender's prior written consent. Mortgagor will notify Lender of all demands, proceed ngs, 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 ~,ely 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 Instrument. f any construction on the Property is disconl~inued or not carried on n 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. Mortg'agor grants, bargains, conveys, mortgages and warrants to Lender as additional securi'ty 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 substitut¢ons of such agreements (all referred to as Leasesl. 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 intangibl'es, and all rights and claims which Mortgagor may have that n any way pertain to or are on account of the use or occupancy of the whole or any part of the Property. Edward J Carlson Wyoming Mortgage WY/4XX K arynaOOSO590000332602aO 10302Y Systems, ~nc., St. Cloud, MN ~ Initia~Spage 2 Bankers Mortgagor will promptly Crovide Lender with true'and correct copies of all existing and future Leases. Mortgagor may collect, receive, enjiy and use the Rents so long as Mortgagor is not in default under the terms of this Security Instrument, ', Mortgagor agrees that thins assignment is immed ately effective between the parties to this Security Instrument, Mor, tgagor agrees that tl~is assignment is effective as to th rd parties when Lender takes affirmative action prescribed by law, and th~at th s ass gnment will remain in effect dUring any redemption period until the Secured Debts are :satisfied, Moltgagor agrees that Lender may take actua possession of the Pro'ert Without necessity of commencingllegal act on and that actual nossession io ~ .... -~ ...... P- y . the notfes Mort a or of Mcr a or' ~ o u~,,,~u Lu uucur wnen Lender, or its agent. g g }g g s default and demands that any tenant pay all future Rents directly to Lender. ~n receiving not ce of default, Mortgagor will endorse and deliver to Lender any payment of Rents in Mcr o ' . , I . tgagor s p ssesslon and w~ll rece~v[e any Rents ~n trust for Lender and will not commingle the Rents wth any other funds. 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. DEFAULT. Mortgagorlwill be in default if any of the following occur: A. Payments. Mortgagor fails to makea payment in full when due. B. InsolVency. Mortglagor makes an assignment for the benefit of creditors or becomes insolvent ether ~ecau, se Mortg, agor's h~bll,t,es exceed Mortgagor.'s assets or Mortgagor is unable to pay Mortgager's debts as mey ~ecome cue. j · C. Death or Incompeter~cy. Mortgagor dies or is declared legally incompetent. D. Failure to Perform. Mortgagor fails to perform any condition or to keep any promise or covenan'~ of this Security Instrument. E. Other Documents. A default occurs under the terms of any other transaction document. F. Other Agreements. Mortgagor is in defaul[ on any other debt or agreement Mortgagor has with Lender. G. Misrepresentation. ]Mortgagor makes any verbal or written statement or provides any financial information that s 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 by a legal authority.' J. Name Change. Mortgagor changes Mortgager's name or assumes an additiona name without notifying Lender before making such a change. K, Property Transfer, Mortgagor transfers all or a substantia' part of Mortgager's money or property. This condition of default, aT it relates to the transfer of the Property, is subject to the restrictions contained in the DUE ON SALE section.~ L. Property Value. TheJ value of the Property declines or is impaired. M. Insecurity. Lender ¢,easonably believes that Lender is insecure. 13. REMEDIES. Lender ~ay use any and all remedies Lender has under state or federa aw or n any instrument evidencing or pertaining t9 the Secured Debts, including, without limitation, the power to sell the Property. Any amounts advanced on M,olrtgagor'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 insurarce benefits or refunds that may be available on Mortgager's default. Subject to any right to cure, required time schedules or other notice rights Mortgagor may have under federal anct state law, Lender may make all or any part of the amount owing by the terms of the Secured Debts immediately due and foreclose this Security Instrument in a manner provided by law upon the occurrence of a default or anytime thereafter. If there is a default, Trustee will, in addition to any other permitted remedy, at the request of the Lender advertise and sell the Property as aiwhole or in separate Parcels at public auction to the highest b dder for cash and convey absolute title free anc~ clear of all right, title and J'nterest of Grantor at such time and place as Trustee designates Trustee will give notice o~sale including the time, termS and place of sale and a description of the Property to be sold as required by the applicable law in effect at the time of the proposed sale. Upon sale of the Property and to the extent not prohibited by law, Trustee wil make and deliver a deed to the Property sold which conveys absolute title ~o the purchaser, and after first paying all fees, charges and costs, will pay to Lender all moneys advanced for repairs, taxes, insurance, liens, assessments and prior encumbrances and interest thereon, and the I~rincipal and interest on the Secured Debts, paying the surplus, if any, to Grantor Lender may purchase the Properl~y, The recitals in any deed of conveyance will be prima facie evidence of the facts set forth therein. Al remedies are distinct, Eumulative and not exclusive, and the Lender is entitled to al remedies provided at law or equity, whether or not exJpressly set forth The acceptance by Lender of any sum in.payment or partial payment on the Secured Debts aft[er the balance is due or is accelerated or after foreclosure proceedings are filed will not constitute a waiver of Leqder's right to require complete cure of any existing default By choosing any one or more of these remedies Lende~ does not give up Le~ei s right to use any other remedy Lender does not waive a default if Lender chooses not to use a remedy. By electing not to use any remedy, Lender does not waive Lender's right to later consider the bvent a default and to use any remedies if the default continues or happens again. 14. COLLECTION EXPENISES AND ATTORNEYS' FEES. On or after Default, to the extent permitted by law, Mortgagor agrees to payraIl expenses of collection, enforcement or protection of Lender's rights and remedies under this Security Instrument. Mortgagor agrees to pay expenses for Lender to inspect and preserve the Property and for any recordation c~osts 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, these expenses will bear interest from the date of I~ayment until paid in full at the highest interest rate in effect as provided for in the terms of the Secured Debts. T~ the extent permitted by the United States Bankruptcy Code, Mortgagor agrees to pay Edward J Carlson Wyoming E,lortgage WY/4XXKarynB005059000033260z']3010302Y ~1996 Bankers Systems, Inc., St. Cloud, MN ~5'~"~L~~ Initials Page 3 the reasona-~e attorneys' fees Lender incurs to collect the Secured Debts as awarded by an¢'-~'~)urt exercising jurisdiction under the Bankruptcy Code. 15. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Environmenta Law means, without limitation, the Comprehensive Environmental Response, Compensat on and L ab ity Act (CERCLA) all other federal, state and local laws, regulations, ordinances, court orders, attorney general opinions or interpretive letters concelning 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 whichrender the substance dangerous or potentially dangerous to the ,p, ublic health, safety,, welfare .or environment, h'he term includes, wthout limitation, an substan ' . . · "toxic substance," "hazatdous wa.~t~ "~, .... .4 ........... ,,Y , _ ,ces. defined, as hazardous material, Law. ---, ,,a:~fuuu~ ~uus~ance, or regulated substance' under any Environmental Mortgagor represents, warrants and agrees that; A. Except as previously disclosed and acknowledged in writing to Lender, no Hazardous Su ' ' ',o,_c_a_t_ex, sto,.re, d .or relca,se.d on or ,n !he Property. Th,s restr,ction does not apply to bsStma~;eq~San°~it~Ve'lsl bol rqazaruOUS buDstances~ that are generahy 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 rem[din in full compliance with any applicable Environmental Law. O. Mortgagor will immediately notify Lender if a release or threatened release of a Hazardous SubsTance occurs on, under or about thC 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 pend ng or threatened investigation, claim, or proceeding relating to the release or threatened release of any Hazardous Substance ~r the violation of any Envirbnmental Law. 16. CONDEMNATION, Mortgagor will give Lender prompt notice of any pending or threatened action by private or pUblic entities to purchase or take any or all of the Property through condemnation, eminent domain, or any other means. Mortgagor autholrizes Lender to intervene in Mortgagors 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 ta~.ing of all or any part of the Property, Such proceeds will be considered payments and will be applied as provide~l in this Security Instrument. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trtJst, security agreement or other lien document. 17, INSURANCE. Mortgagor agrees to keep the Property insured against the rsks reasonably assocated with the Property. Mortgagor.willlmaintain this insurance in the amounts Lender requires. Thi~insurance will last until the Property is released frond this Security Instrument. Mortgagor may choose the insura Lender's approval, whichJ will not be unreasonab y withheld All insurance ,*,,,i~,; .... ~nc.e_~c~.m._p,_an.y.,,,s.ubj,ec.t, to standard "mortgage clause" and, where applicable, "loss paye~ clause." ~. .......... ,uu~vvd~ wHi InClUde a Mortgagor will give Lender and the insurance company immediate notice of any loss All insurance proceeds will be applied to restoration or repair of the Property or to the Secured Debts, at Lender's option. If Lender acquires the Property in damaged condition, Mortgagor's rights to any insurance policies and proceeds wil pass to Lender to the extent of the Secured Debts. Mortgagor will immediately/ notify Lender of cance ation or termin,ation of insurance f Mortgagor fails to keep the Property insUred Lender ~nay 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. lB. ESCROW FOR TAXES AND INSURANCE. Mortgagor will not be required to pay to Lender funds for taxes and insurance in escrow. 19.. CO-SIGNERS. f Mortgagor signs this Security Instrument but does not sign the Secured Debt's, 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 wa ye 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-defic ency or one-action laws. 20, WAIVERS. Except to the extent prohibited by law, Mortgagor waives all homestead exemption rights relating to the Property, 21. APPLICABLE LAW. TThis Security Instrument ~s 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. 22. 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 othe~r Mortgagor. Lender may release any part of the Property and Mortgagor will still be O ' . I bhgated un'der this Security Instrument for the remaining Property. The duties and benefits of this Security Instrument will bind and b~nefit the successors and assigns of Lender and Mortgagor. 23. AMENDMENT, INTEGI~ATION AND SEVERABILITY. This Security Instrument may not be amended or modified by oral agreement. No'an~endment or modification of this Security Instrument is effective unless made in writing and executed'by Mortgag~or and Lender. This Security Instrument is the complete and final expression of the agreement. If any provisio,h of this Security Instrument is unenforceable, then the unenforceable provision will be severed and the remaining provisions will still be enforceable. Edward J Carlson I Wyoming Mortgage WY/4XXKarynBO0505900003326023010302Y ~199(~ Bankers Systems, Inc,, SL Cloud, MN ~o~ Initials Page 4 24. INTERPRETATION. Whenever used, the singular includes the plural and the plural includes the singular. The Instrument,Secti°n headings are for convenience only and are not to be used to interpret or define the terms of this Security 25. NOTICE. FINANCIAl_ REPORTS AND ADDITIONAL DOCUIVIENTS. Unless otherwise required by luw. any notice will be given by aelivering it or mailing it by first class mail to the appropriate party's address listed in the DATE AND PARTIES se(tion, or to any other address designated in writing. Notice to one party will be deemed to be notice to all parties. Mortgagor will inform Lender in writing of any change in Mortgagor's name. address or other application inforrr ation. Mortgagor will provide Lender any financial statements or information Lender requests. All financial statements and information Mortgagor gives Lender will be correct ane complete. Mortgagor agrees to sign. deliver, and file any additional documents or certifications that Lender may consider necessary to perfect, cor~tinue, and preserve Mortgagor's obligations under this Security Instrument and to confirm Lender's lien status on a~yProperty Time is of the essence. MortgagorSIGNATURES. also By signi~g. Mortgagor agrees to the terms and covenants contained in this Security Instrument. acknowled_.ges-r~ceipt of a copy o'f'this Security Instrument MORTGAG~~ Ed~'~arl~ A Sherry Carlso~ ~ LENDER: First ~,~nal Ban~ ~st -~ar~-Bla~', 'Kemmerer'L;a; Officer ACKNOWLEDGMENT. (Individual) STATE OF W~OMING , COUNTY OF LINCOLN ss, This instrument was ack ~owledged before me this 3rd day of January , 2002 by Edward J Carlson, andS~erry Carlson. - ' 5/0 )4- (Lender Acknowledgment STATE OF .. W [OMING COUNTY OF LINCOLN ss. This instrument was ack ~owledgeO before me this 3rd day of January 2002 , by Karyn Black as KemmererLoan Officer of ~irs~ National Bank - ~est. MY commission expires: Edward ~ Carlson Wyoming Mortgage Initials WY/4XXKarynBOOS05900003326023010302Y ©1996 Bankers Systems, nc, St, Cloud, MN ~_,,<,~-~M Page 5