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HomeMy WebLinkAbout89956830600 89,9568 RECEIVED LINCOLN COUNTY CLERK' S,pace Above This Line For Recording Data MORTGAGE DATE AND PARTIES. addresses are: The date of this Mortgage (Security Instrument) is MAY 12, 2004. The parties and their MORTGAGOR: TOREN TRUE PO BOX 66O ~ THAYNE, Wyoming 83127 CALLIE TRUE P O BOX 660 THAYNE, Wyoming 83127 LENDER: FIRST NATIONAL BANK - WEST Organized and existing under tile laws of the United States of America 314 S Washington PO Box 1620 Alton, Wyoming 83110 TIN: 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 wa~'rants to Lender, with the power of sale, the following described property: SEE ATTACHED SCHEDULE ~" The property is located in LINCOLN County at 300 HOKANSON LANE, 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 wa'~er stock and all existing and future improvements, structures, fixtures, and replacements that may now, or at ary time in the future, be part of the real estate described (all referred to as Property). This Security Instrument ~vill 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 $35,000.00. 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, refinancings, modifications and 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 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 Sei?red Debts and this Security Instrument. 5. PRIOR SECURITY INTERESTS. Wi~;h 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 doe 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 cia' Mortgagor may have against parties wh,i~ supply labor or materials to maintain o, ~ ........ ~ ~ms or defenses - ,,,,r,,uv~ me ~'roperty 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 thc!; restrictions imposed by federal law governing the preemption of state due-on- sale laws, as applicable. 8. WARRANTIES AND REPRESENT~ATIONS. Mortgagor has 'the right and authority to enter into this Security Instrument. The execution and ddlive~y of this Security Instrument will not violate any agreement governing Mortgagor or to which Mortgagor is ~ pa}ty. 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. Mc~rtgagor 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 damag, e 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 cr,eate 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. 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 (Property): existing or future leases, subleases, licenses, guaranties and occupancy of the Property, including any extensions, any other written or verbal agreements for the use and renewals, modifications or replacements (Leases); and rents, Issues and profits (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 ali future Leases and any other information with respect to these Leases will be ~rovided 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 lot commingle the Rents with any other funds. Mortgagor agrees that this Security Instrument is immediately .'ffective between Mortgagor and Lender. This Security InStrument will remain effective during any statutory edemption period until the Secured Debts are satisfied. As long as this Assignment is in effect, Mortgagor Yarrants and represents that no default exists under the Leases' and the parties subject to the Leases have not 'iolated any applicable law on leases, licenses and landlords and tenants. 2. DEFAULT. Mort.qa~or will h, i, ~.~..,. :, __ G. Misrepresentation. Mortgagor makes any verbal or written statement or provides any financial information that is untrue, inaccurate, or conceals a material ~act 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 c[~anges Mortgager's name or assumes an additional name without notifying Lender before making such a chart.ge. K. Property Transfer. Mortgago~ transfers all or a substantial part of Mortgager'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. 13. REMEDIES. Lender may use any and 'rail remedies Lender has under state or federal law or In any instrument evidencing or pertaining to the Secured Debts, including, without limitation, the power to sell the Property. Any amounts advanced on Mortgager's behalf will be immediately due and may be added to the balance owing under the Secured Debts. Lender may maxe a claim for any and all insurance benefits or refunds that may be available on Mortgager'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 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. · Upon any sale of th.~e Property, Lenc~er will make and deliver a special or limited warranty deed that conveys the property sold to the purchaser or pt~rcha~ers. 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, thr'ough or under Lender. The recitals in any deed of conveyance will be prima facie evidence of the facts set iforth therein. All remedies are distinct, cumulative iand 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 the balance is due or is accelerated or after foreclosure proceedings are filed will not constitute a waiver of Lender's right 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. 14. 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 a~d 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 exter~t 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 Cocle. 15. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law means, without limitation, the Con~prehensive Environmental Response, COmpensation and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), 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) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or contaminant which has characteristids which render the substance'dangerous or potentially dangerous to the public health, safety, welfare or envronment. 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, nc~ 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 cSmpliance with any applicable Environmental Law. ~ · A ........... :~ :~^,4;.~! .... ~if,, I ,~n~l,:,r if ~ r~l~ nr thru. ate. ned release of a Hazardous Substance occurs 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. 17. 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. What Lender requires pursuant to the preceding two sentences can change during the term of the Secured Debts. 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, whe~e !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 ~he Property or to the Secured Debts, at Lender's option. If Lender acquires the Property in damaged condition, Mort!gagor's rights to any insurance policies and proceeds will pass to Lender to the extent of the Secured Debts. Mortgagor Will immediately notify Len~e~ of cancellatiOn or termination of insurance. If Mortgagor fails to keep the Property insUred Lender may obtain i.nsurance to protect Lender's interest in the Property. This insurance may include coverages not originally requil;ed 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. 18. ESCROW FOR TAXES AND INSURANCE. Mortgagor will not be required to pay to Lender 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 per,".~onally 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. 20. WAIVERS. Except to the extent prohibited by law, Mortgagor waives all homestead exemption 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.. 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 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. 23. 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. 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 terms of this Security Instrument. 25. 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. MORTGAGOR: TOREN TRUE ACKNOWLEDGMENT. {Individual) This instrument was acknowle/~ged before me/this TOREN TRUE. My commission expires://~-~4~// OF J ;~,-z~o~v' ss, // :~---~ day of / (N o t~ ry,,~b I~,"' (Individual) CALLIE TRUE. My commission expires: (Lender Acknowledgment) This instrument was ackno~wledge6--~efore me this ~ (~ day of ~ t '. (~i Roger Coles as Afton Branch Vice Pres[dent of First National Bank - West. My commission expire~l~'~ nCOONALD~~ (Notary Public) by A portion of the East ¼ of the §El/4 of Section 23, T34N, R119W, 6'h Principal 1Meridian located Southeast of Thayne, Lincoln CountY, Wyoming, arid being more particularly described as follows: . Beginning at an iron pipe set a~t tile intersection of centerline of a road and the East line of said Section 23, said iron pipe being N0°55'19"W: 444.095 feet from a Brass Cap Monument 'marking the Southeast corner'of said Section 23; thence running Westerly along said road the following courses and distances: N79°24'52'', 51.182 feet, N49°50'59"W, 193.276 feet; S87°21'33'W, 263.719 feet; 858°05'19"W, 325.757 feet, S82°21'25"W, 144.83 feet; N83°36'15"W, 200.88 feet; iX'43°25'59"W, 91.84 feet; N25°36'5T"W, 251.596 feet and Ni 8°06'29"W, 223.866 feet to an iron pipe set in the West line of said SE1/4 of the SEI/4; thence N0°56' 09"W, along last said West line and the West line of the NE1/4SE 1/4 of said Section 23, a'distance of 437.092 feet; thence N89°34'58"E, along last said East line, 878.369 feet to the point of beginning.