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HomeMy WebLinkAbout898268Recording Requested by & When Recorded Return To: US Recordings, Inc, 2925 Country Drive 8te 201 St, Paul, MN 55117 r. Eu,_ VED !POI !,,! LiB ...... ?,I., ,. CLERK 5,5 t' 551 BOOK~ pR p ,~: G~.._ Space Above This Line For Recording Data MORTGAGE (With Future Advance Clause) DATE AND PARTIES. The date of this Mortgage (Security Instrument) is March 19, 2004. The parties and their addresses are: MORTGAGOR: STEVEN J. KING PO Box 223 LaBarge, Wyoming 83123 DEENA KING husband and wife PO Box 223 LaBarge, Wyoming 83123 LENDER: COMMUNITY FIRST NATIONAL BANK Organized and existing under the laws of the United States of America 801 Pine Avenue Kemmerer, Wyoming 83101 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: Lots 31 and 32, Block 18, First Addition to the Town of LaBarge, according to the official plat of record in the Office of the County Clerk, Lincoln County, Wyoming The property is located in Lincoln County at 538 W 5th Ave, LaBarge, Wyoming 831 23. 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 exist'rig 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 al underying agreements have been terminated in writing by Lender. Initia [s~_/ ©1996 Bankers Systems, Inc., St. Cloud. MN ~'~ Steven J. King Wyoming Mortgage WY/4XkzanderO0600000003657021031804Y 2. MAXIMUM OBLIGATION LIMIT. The total principal ~mount-secured by this Security Instrument at any one time will not exceed $76,000.00. This limitation of amount does not include interest and other fees and charges validly made pursuant to this Security Instrument. Alsot 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, refinancings, modificationS and replacements. A promissory note, No. 3888602975, dated March 19, 2004, from Mortgagor to Lender, with a maximum credit limit of $76,000.00 with an interest rate based on the then current index value as the promissory note prescribes and maturing on March 19, 2009. One or more of the debts secured by this Security Instrument contains a future 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 Security 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: 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 advances 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 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 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 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. Steven J. King Wyoming Mortgage Inilial WY/4XkzanderOO600000003657021031804Y~ ©1996 8a~iems Inc., St, Cloud, MN 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 referred to as Property): existing or future leases, subleases, licenses, gu.arantie~ 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 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 correct 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 default, 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 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. 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 Mortgagor'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 misre.presentat on in connection with the Secured Debts. B. Payments. Any party Obligated on the Secured Debts fails to makea payment when due. C. Property. Any action or inaction occurs that adversely affects the Property or Lender's rights in the Property. 14. 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 foreclosure 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. 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 Property 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. · Upon sale of the 'ProPerty and to the extent not prohibited by law and after first' paying all fees, charges and costs, Trustee will pay to Lender all moneys advanced for repairs, taxes, insurance, liens, assessments and prior encumbrances and interest thereon, and the principal and interest on the SeCured Debts, paying the surplus, if any, to Grantor. Lender may purchase the Property. Upon any sale of the Property, Trustee 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, Trustee will covenant that Trustee has not caused or allowed a lien or an encumbrance burden the Property and that Trustee 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 Trustee. The recitals in any deed of conveyance will be prima facie evidence of the facts set forth therein. 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 defaut By not exercising any remedy on Mortgagor'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. Mort ga,~a,r Steven J. King Wyoming Mm'tgage In.~i~ials_ ~=~ff~.~ WY/4XkzanderOO60OOO0003657021031804Y ©1996 Bankers Systems, Inc., St, Cloud, MN 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 atlomeys' lees after default and referral ~o an attorney nol a salaried employee o[ lhe Lender. These expenses are payable on demand and will bear inlerest from the date of paymem ui~tJl paid ia full at the highest interest rate in effect as provided for in the terms of Secured Debts. To lhe extent permiIted by the Uniled States 8ankruptcy Code, Mortgagor agrees to pay the reasonable attorneys' fees Lender incurs to collect the Secured Debts as awarded by any courl exercising jurisdiction under the Bankruptcy Code. This Secudly Inslrumenl will remain in effect until released. Mortgagor agrees to pay for any recordation costs of such release. ~6. ENVIROnMEnTAL LAWS AND HAZARDOUS SUBSTANCES. As used in ~his section, (~) anviroamen~al Law means, without limitation, the Comprehensive EnvJronmemal Response, Compensation and Liability Act (CERCLA), all other federal, state and local laws, regulations, ordinances, cou~t 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, wasle, pollutant or contamiaam which has characteristics which render the substance dangerous or poienfially dangerous to lhe public health, sa[eW, welfare or environment. The term includes, without limitation, any substances defined as "hazardous material," "toxic subslance," "hazardous waste," "hazardous substance," or "regulated substance" under any ~nvironmenta[ 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 Properly. This restriction does not apply to small quantities of Hazardous Substances that are generally recognized ~o be appropriate lot lhe normal use and maintenance the Properly~ B. Except as previously disclosed and acknowledged in writing to Lender, Mortgagor and every tenant have been, are, and will remain in full compliance wilh any applicable Environmental Law. ~. Mortgagor will immediately notify Lender if a release or threatened release o[a Hazardous Subslance occurs on, under or about the Property or there is a violation of any Environmemal Law concerning the Property. In such an event, Morlgagor will take all necessary remedial action in accordance with any Environmemal Law. D. Mortgagor will immediately notify Lender in writing as soon as Mortgagor has reason to believe ~here is any pending or threatened investigation, claim, or proceeding relating to the release or lhreatened release o[ any Hazardous Substance or the violation of any Environmemal Law. 17. CONDEMNATION. Mortgagor will give Lender prompt notice of any pending or threatened ac'lion by private or public entities to purchase, or take any or all of the Property through condemnation, eminen~ domain, or any o~her means. Mortgagor authorizes Lender to intervene in Mortgagor's name in any ol the above described actions or claims. Mortgagor assigns to Lender the proceeds ol any award or claim for damages connected with 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 subiect to tt~e ~erms of any prior mortgage, deed of trusL security agreement or other lien document. ~18. INSURANCE.. Mortgagor agrees to keep lhe Property insured against the risks reasonably associated with lhe Property. Mortgagor will maintain this insurance in the amounts Lender requires'. This insurance willlas~ until Property is released from this Security Instrument. What Lender requires pursuant ~o the preceding senIences can change during the term of the Secured Debts. Mortgagor may choose the insurance company, subieclto 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 Property or to the Secured Debts, at Lender's option. If Lender acquires ~he Property in damaged condition, Mortgagor'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~o 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 o[her than one Mortgagor would choose, and may be wrilten 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. Steven J. King Wyoming Mortgage WY/4XkzanderO0600000003657021031804Y~ ~1996 Bankers,?~r~__.,:. ~emsi,Z.,,;i ' Inc., St. Cloud, MN ~" --~'~- ~ Inilia . _ 20. CO-SIGNERS. If Mortgagor signs this Security Ihstrum~n! 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. z~e 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. dOINT 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 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 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 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. 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 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. Mortgagor also acknowledges receipt of D-eena King By signing, Mortgagor agrees to the terms and covenants contained in this Security Instrument. a copy of this Security Instrument. Steven J. King Wyoming Mortgage WY/4Xkzande¢OO6OOOOOO03657021031804Y ©1996 Bankers Systems, Inc., St. Cloud, MN E..,~~ ACKNOWLEDGMENT. (Individual) , Co ~LIOTx This instrument was acknowledged before me this Steven J. King, and Deena King, husband and wife. My commission expires: I~-~,-a7 OF L.I ~ COCk) ss. Iq~ day of M tlr' Gk-, (Not~y i~uJ01ic) by Steven J. King Wyoming Mortgage WY/4Xkzande~OO6OOOOOOO3657021031804Y ©1996 Bankers Systems, Inc., St. Cloud, MN ~"