Loading...
HomeMy WebLinkAbout897655 RECEIVED LIN00LN COUNTY CLERK BOOK Space Above This Line For Recording Data MORTGAGE DATE AND PARTIES. The date of this Mortgage (Security Instrument) is February 13, 2004. The parties and their addresses are: MORTGAGOR: DANIEL A. RECLA husband P.O. Box 254 LaBarge, Wyoming 83123 MARY R. RECLA wife P.O. Box 254 LaBarge, Wyoming 83123 LENDER: FIRST NATIONAL BANK OF PINEDALE Organized and existing under the laws of Wyoming P.O. Box 519 61 E. Pine Street Pinedale, Wyoming 82941 1. CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debts and M0rtgagor"s performance under this SecUrity Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with the power of sale, the following described property: Lots 17 and 18 of Bi0ck '28'of 'the '~:i~s~t' ~diti~"~-~ th'e Town 0f'LaB~fg~,'LinColn C0Un~y, Wyoming as des~;ribed on the'6fficia'l"plat thereof. . . .. :. ,, , . . !' ' ;r, '; . . -, . : ... ; ...... The proPerty is located in.Li,ngo.ln County.a.t 421 s. Pine, LaBarge, Wyoming 83123. Together with all rights, easements, appurtenances, royalties, mineral rights,' °il and gas rights, all water and riparian rights, wells, ditches and water stock and all 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 812,160.00. This limi~ation of amount d0es not include interest and other fees and charges validly made pursuant to this Security Instrument. Aisc, this li'rnitation does not apply to advances made under the terms of this Security Instrument to protec~ 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, refinancings, modifications and replacements. A promissory note, No. 1'10057973, dated February. 13, 2004, from Mortgagor to Lender, with a loan amount o.f.$12,160.,0Qw!th an interest rate of 11.0 pe.rcent per year and maturing on February 13, 2007 .... ' B. Sums Advanced. All sums advanced and expenses incurred by Lender under the terms of this Security I nstfurn~htY :~' ...... "'" 4.'PA~'MENT~." ~0:~;'ga~0r"ag:;~'es that' ail: p'aymer~ts under ~the secUred'DSbts Will 'be paid w'l~en dUe-'and 'in accordance with the terms of the Secured Debts and this Security Instrument. Daniel A. Recla Wyoming Mortgage WY14sgulbranO0704400004160044021304Y ©1996 Bankers Systems, Inc;, St. Cloud, MN Initials ~'" <~ .... ~ Pa g~.~,,/ 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 Rrpperty, Mortgagor agrees: A. To make all payments when due and to perform or comply with all co'venants. B. To promptly deliver {o £ender any notices that Mo[tgagor .~'ec~ives fi'om the holder. C, N0t~to all°w'. an~/' modi'fi~a~t'i0'n'~0r'~'xtension 'of, nor to ,request., any future advances under any qote.or "agreement, secured by the lien"docurnent"wit'hout Eender's prior w~ tten consent.. 6. CLAIMS AGAINST, TITLE. 'iMortga'gor:'-will Pay,all.taxes, aSsessments, liens,,'encumbranCes,: lease Payments~, ground rents, utilities, and other bh~rges',relating to,the Property' .when" due. Lender may require Mortgagor to provide to Lender copies of all notices, that such amounts are due and the receipts evidencing Mortgagor's payment. 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 the 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 all or any part 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 Chan~e 'i'n a'ny license, restribtive covenant or easement without Lender's prior written consent. Mortgag0'r' W'ill, notify"Lender of all demands, 'proceedings, claims, and 'actions against. Mo!~tgagor: an~l"of any` loss Or.damage t'~' the" Property. , ' "' · · ' ". ' '. ." · Lender or Lender's agents may,"at Lender's' OptiOn, 'enter the Property at any'reaSon:able time for 'the pUip'ose 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 PERFORMi 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 all steps necessary to protect Lender's security interest in the Property, including completion of the construction. 11. 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. Mortgagor makes an assignment for the benefit of creditors or becomes insolvent, either because Mortgagor's liabilities exceed Mortgagor's assets or Mortgagor is unable to pay Mortgagor's debts as they become due. C. Death or Incompetency..Mortgagor dies or is declared legally incompetent. D. Failure to Perform. iMortgagor fails to perform any condition or to keep any promise or covenant'of this Security Instrument E. Other Documents. A default oc~:urs under the terms of any,other transaction document. F. Other Agreements. MOrtgagor is in default 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 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 confiscation 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 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. 12. REMEDIES, Lender may use any and all remedies Lender has under;§t, ate or federal la, w or in any instrument evidencing or pertaining to the Secured Debts, including, without hm~tatlon, the po,t~er to Ste the Property. Any amounts advanced on Mortgagor's behalf will be immediately due and may be added to the balance owing under the Secured Debts. Lender may make'a cia:m for any 'and all insurance benefi[s or refunds that may be available on Mortgagor's' default. Subject to any right to curel required ti'me ~chedules or any other"not'ice righ'ts M0rtg'a~6r may 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 upon the occurrence of a default or anytime thereafter. Daniel A. Recla Wyoming Mortgage Initials WY/4sgulbranOOTO44OOOO416OO44021304Y ©1996 Bankers Systems, Inc., St. Cloud, MN F__,,<'~" Page 2 . a 90 Upon any sale of the Property, Lender will make and deliver a special or limited warranty'd~ed th conveys the property sold to the purchaser or purchasers. Under this special or limited warranty deed, Lender will covenant that Lender has not caused or allowed a lien or an encumbrance to burden the Property and that Le.nder will SPecial y 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 b¥,.throu§h: or under Lender: The ~ecitals in any deed of conveyance will be Prima Jacie evidence of the facts'set forththerein~ ' ' "' " '. : "' .... ' ' - ~ :' ; " · All remedieS'a~e 'distinctl cumuiative'and 'riot"eXclusive, 'and the Lende~ iS' entitled t© all' remedies ProVided'at law or equity, whether or hot expressly set forth. The acceptance by Lender of any sum in payment or partial payment on the..Se~Ured Debts aftbr the baia'r~e..iS:'.d!]~] o'r is"acc'elerated;:or";afti~:r ?forec!osu~e.'Pr0Ceed n[js a[e'f ed will not constitUte a waiver of Lender's fight 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. 13. 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'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 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, 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, 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. 14. ENVIRONMENTAL LAws AND HAZARDOUS SUBSTANCES,~:~:::A'sU~'~d: 6:'thi'S"~'~b-t~):~il) Env ronmenta Law means,'w~thout hmttat~on, the Comprehensive Environmental ResPonse, Compensation and ~iability Act (CERCLA), - . ~" "~'.~ :ki~ f,i ~ .... ~'.i.'4:'". ;'.',i ' . · ....all other federal, state and local laws, regulations, ord~n~.nce.§,..; ~ -':c°urt"°rders', ',,:.~: ,, .attorne_. . ~ genera opnons or ~nterpret~ve letters concerning the pubhc health, safety, .welfarex, Fnv ron~ent :or ,a, h]z~rd.o, us substance; and (2) Hazardous Substance .means any toxic, radioactive or hazardous':material/'wastb;~l~'oll~[~fi~:or contaminant which has characteristics which render the substance dangerous or potentially dangerous t,o the public health, safety, welfare or environme'nt. The ter'm in'clbdeS; 'withRu~ 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 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 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. 15: CONDEMNATION. Mortgagor' will give :Lender prompt notice of any pending or threatened action by private or public entities to purchase o'r take any' 0r'all of the prOperty thf0ugh Condemnation; eminent domain, or any Other meanSl Mor~agbi:'-authorizes'l'ehd~r "tO i'ntervene, in Mortgagor's name in any of the above described actions or claims. Mortgagor:assigns 'tO'-Lende'r ~t'he..prOceeds': Of any' award or claim J0r damages Connected ~ith a condemnati°r~ or'other taking Of a. II hr' any'Part of the Pr0perty:':: Such Proceeds Will be COnsidered paYments and will be applied as provided in thiS'seau'rity Instrument. This assignment of 'proceeds is subject to the terms of any prior mortgage, deed of trust; security agreement or other lien document. 16. ESCROW FOR TAXES AND INSURANCE. Mortgagor will not be required to pay to Lender funds for taxes and insurance in escrow. 17. 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. I~ 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. 18. WAIVERS. Except to the extent prohibited by law, Mortgagor waives all homestead exemption rights relating to the Property. 19. APPLICABLE LAW. This Security Instrument is governed by the laws of Wyoming, except to the extent .otherwise required by the~law, s. of the jurisdiction where the Property is located, .and the United States of America. · 20. JOINT AND INDIVIDUAL LIABILITY,AND:SUCCESSORS.: Each-Mortgagor's obligations under this Security Inst'rume'nt areindepend~nt'.'0f the'oblig~tions'of any:0ther Mortgagor.' L'ender may'sUe each Mortgagor individually or together:withan, y other.M0[tgagor.: Lender may release:any part of the .Property and Mortgagor will still be obligated under this.Security. Instrument for.lthe..remaining Property. The ~duties and benefits of this Secur ty Instrument Will bind and benefit thes~cceSSors'and'asSigns of Lender and Mort'gag'Or. ' 21. 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 writi,ngr~/,,~,~.. Initials ~/"~, \ \ ©1996 Bankers Systems, Inc., St. (~loud', MN Ex~---~" Page.J~t ' '~;, ~ ~ . Daniel A. Recla Wyoming Mortgage WY/4sgulbran00704400004160044021304Y end executed by Mort§agor and Lender. This Security Instrument is the complete and fina~ expression of the a§reement. ~f any provision of this Security Instrument is unenforceable, then the unenforceable provision wil~ be severed and the remainin9 provisions wil~ still be enforceable. 22. 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. 23. 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 Mortgagor's name, address or other application information. Mortgagor will provide Lender any financial statements or information Lender requests. All financial statements and information Mortgagor gives Lender will be correct and complete. Mortgagor agrees to sign, deliver, and file any additional documents or certifications that Lender may consider necessary to perfect, continue, and preserve MortgagOr's obligations under this Security Instrument and to confirm Lender's lien status on any Property. Time is of the essence. SIGNATURES. By signing, Mortgagor agrees to the terms and covenants contained in this Security Instrument. MOrtgagor also acknowledges receipt Of a copy of this Security Instrument. Daniel A. Recla Individually LENDER: First National l~ank of P~nedale ~ Kennetlt E. Transtrum, Vice/President / (Attest) ACKNOWLEDGMENT. (IndiVidual) . ~ // ? . his instrumen,t was acl~n/oWledged(~efore me this /,~- ' day of '-~~~ , ,~g~y'~ Daniel A Rec ~.', huSband, and Mary R Recla , wife ---~//' -- /Y- -- " comm,ss,on ex p,res'~.//~//~,'~' //f .//~'. / -- .. (Notary Public) by Daniel A. Recla Wyoming Mortgage WY/4sgulbranO0704400004160044021304Y ©1996 Bankers Systems, Inc., St. Cloud, MN · Initials Page 4 ~Lender AcknowIedgmen,, . . ~]." ~ This instrument was ac befo /~ day of ~~ , ~~ Kenneth E, Transtrum as Vice President of First National Ban~ ~ (Notary Public) by Daniel A. Recla Wyoming Mortgage WY/4sgulbran00704400004160044021304Y Initials ©1996 Bankers Systems, Inc., St. Cloud, MN F~" Page 5