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HomeMy WebLinkAbout89988330664 899883 · Space Above This Line For Recording Data MORTGAGE DATE AND PARTIES. The date o¢ this Mortgage (Security Instrument) is May 17, 2004. The parties and their addresses are: MORTGAGOR: SHARON LEHMAN 69 FAIRVIEW SOUTH AFTON, Wyoming 83110 LENDER: FIRST NATIONAL BANK - WL--sTM Organized and existing under the laws of the United States of America 314 S Washington PO Box 1620 Afton, 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 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: Beginning at a point which is 27 rods West of the Northeast corner of the SE1/4NW1/4 of Section 10, T31N, R119W of the 6th P.M., Wyoming, said point being also the Northeast corner of that tract of record in a warranty deed recorded at 114 P.R., page 454 '(CamPbell), and running thence South 500.75 feet; thence East 227.7 feet, more or less, to the West boundary:line of that tract of record in a Warranty Deed recorded at Book 153 P.R., Page 296 (J&W Construction); thence NOrth along said boundary line, 200 feet, more or less, to the Northwest corner of last said tract; thence West 31 faet; thence North 300.75 feet, more or less, to the North boundary line of said SE1/4NW1/4; thence West along s~id North boundary line 196.7 feet, more or less, to the point of beginning. The property is located in LINCOLNi,County at 69 FAIRVIEW SOUTH ROAD, FAIRVIEW, Wyoming 83119. Together with all rights, easemenl,s, .appurtenances, royalties, mineral rights, oil 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 Instrumer't will remain in effect until the Secured Debts and all underlying agreements have been terminated in writing by i_ender. 2. MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at any one time will not exceed $27,363.27. This I(imitation 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 pro(eclI Lender's security and to perform any of the covenants contained in this Security Instrument. 3. SECURED DEBTS. This Security Instrument W'ill secure the following Secured Debts: A. Specific Debts. The following debts and all extensions, renewals, refinancings, modifications and replacements. A promissory note or other agreement, No. 64003121, dated May 17, 2004, from MICKIE LEE LEHMAN (Borrower) to Lender, with a loan amount of $27,363.27. B. All Debts. All present and' future debts from MICKIE LEE LEHMAN to Lender, even if this Security Instrument is not specifically re'~erenced, or if the future debt is unrelated to or of a different type than this debt. If more. than one person~si~ns this Security 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 additional or future loans or advances. Any such commitment must be in writing. In the event that Lender fails to provide any required notice of the right of rescission, Lender waives any subsequent security intere'st in the Mortgagor's principal dwelling that is created by this Security Instrument. This Security Instru~ent will not secure any debt for which a non-possessory, non-purchase money/) MICKIE LEE LEHMAN '[ Wyoming Mortgage WY/4brandiemOO725200004363019052004Y ~ ©1996 Bankers Systems, Inc., St. Cloud, MN security interest is created in 'iFo~..~ehod goods" in connection with a "consumer loan," as those terms are defined by federal law governing!un[air and deceptive credit practices. This Security Instrument will not secure any debt for which a security int'~rest is created in "margin stock" and Lender does not obtain a "statement of purpose," as defined and requireE by federal law governing securities. C. Sums Advanced. All sums ~ldv,~nced and expenses incurred by Lender under the terms of this Security Instrument. ' ' 4. PAYMENTS. Mortgagor agreesl that all payments under the Secured Debts will be paid when due and in accordance with the terms of the Se'cured Debts and this Security Instrument. 5. PRIOR SECURITY INTERESTS.. ~Vith 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 d~lJe and to perform or comply with all covenants. B. To promptly deliver to Lender ~',ny! notices that Mortgagor receives from the holder. C. Not to allow any modificati6n '"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. Moni:gagor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other c~iar,c!es relating to the Property when due. Lender may require Mortgagor to provide to Lender copies of all nQtices that such amounts are due and the receipts evidencing Mortgagor's payment, Mortgagor will defend titl~ te 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 ~f,'or contract for the creation of, a transfer or sale of all or any part of 'the Property. This right is subject to the r~strictions imposed by federal law governing the preemption of state due-on- sale laws, as applicable. 8. WARRANTIES AND REPRESENT'AT~ONS. Mortgagor has the right and authority to enter into this Security Instrument. The execution and ddiw, ry 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 reason~':,'b!y necessary. Mortgagor will not commit or allow any waste, impairment, or deterioration of the Property. Mort,ga,cor will keep the Property free of noxious weeds and grasses. Mortgagor agrees that the nature of the occ~pancy and use will not substantially change without Lender's'prior written consent. Mortgagor will not permit,.anv 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 damacje to the Property. Lender or Lender's agents may, at Len,:ler'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 ~lor'.:gagor 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 Mbrt§agor's name or pay any amount necessary for performance. Lender's right to perform for Mortgagor will not create an obligation to perform, and Londer'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 ::he Property, including completion of the construction. 11. ASSIGNMENT OF LEASES AND ~ENTS. 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 any other written or verbal agreements for the use and occupancy of the Property, including any extensions, renewals, modifications or replacements (Leases); and rents, issues and profits (Rents). In the e,~ent any item listed as Leases or Rents is determined to be personal property, thi.~ Assignment will also be regarde,':l 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 i~xecuted. 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 Eender. 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 de[aul~ 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. DEFAULT. Mortgagor will be in default if any of the following occur: A. Payments. Mortgagor or Borrower fail to make a payment in full when due. B. Insolvency. Mortgagor makes E,n assignment for the benefit of creditors or becomes insolvent, either because Mortgagor's liabilities e>'cee.d Mortgagor's assets or Mortgagor is unable to pay Mortgagor's debts as they become due. C. Death or Incompetency. Mort~']ag0r dies or is declared legally incompetent. D. Failure to Perform. Mortgagor fails to perform any condition or to keep any promise or covenant of this Security Instrument. E. Other Documents. A default o'ccurs under the terms of any other transaction document. MICKIE LEE LEHMAN Wyoming Mortgage i' WY/4brandiemO0725200004363019052004Y ~:i:i..: ©1996 Bankers Systems, Inc., St. Cloud, MN ~ F. Other Agreements. M~rtgago' Jg in default on any other debt or agreement Mortgagor has with Lender. G.' Misrepresentation. Mortgagc r makes any verbal or written statement or provides any financial information that is untrue, inaccurate, or con.:eaJs a material fact at the time it is made or provided. H. Judgment. Mortgagor fails t°i sat"isfy 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!:hanges Mortgagor's name or assumes an additional name without notifying Lender before making such a change. K. Property Transfer. Mortgagc:)r transfers all or a substantial part of Mortgagor's money or property. This condition of default, as it relatei to the transfer of the Property, is subject to the restrictions contained in the DUE ON SALE section. L. Property Value. The value of '~he Property declines or is impaired. M. Insecurity Lender reasonabl~!' believes that Lender is insecure. 13. REMEDIES. Lender may use aily and all 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 Mortgagor's ',beh:a f will be immediately due and may be added to the balance owing under the Secured Debts. Lender may m.~ke a claim for any and all insurance benefits or refunds that may be available on Mortgagor's default. ; Subject to any right, to cure, required tree 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, S~'curitY Instrument in a manner provided by law upon the occurrence of a default or anytime thereafter. Upon any sale of the Property, Lerderi. w 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 all~)we'id a lien .or an encumbrance to burden the Property and that Lender will specially warrant and defend the Pr;i)pe~!:ty's title of the purchaser or purchasers at the sale against all lawful claims and demand of all persons claiming~ byi through or under Lender. The recitals in any deed of conveyance will be prima facie evidence of the facts set forth therein. All remedies are distinct, cumulativ~ and not exclusive, and the Lender is entitled to all remedies provided at law or equity, whether or not expressly s~t forth. The acceptance by Lender of any sum in payment or partial payment on the Secured Debts after the bal.~nce 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 waiw,; Lender's right to later consider the event a default if it continues or happens again. i4. COLLECTION EXPENSES AND ATTORNEYS' FEES. On or after Default, to the extent permitted by law, Mortgagor agrees to pay all expenlses 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 re.ieasing 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 u:nt paid in full at the highest interest rate in effect as provided for in the terms of the Secured Debts. To the ext~.nt permitted by the United States Bankruptcy Code, Mortgagor agrees to pay the reasonable attorneys' fees Ler~der~incurs to collect the Secured Debts as awarded by any court exercising jurisdiction under the Bankruptcy Code. 15. ENVIRONMENTAL LAWS AND HA;ZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law means, without limitation, the Comprei~ensive 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 Sub.,itance means any toxic, radioactive or hazardous material, waste, pollutant or contaminant which has characterist:cs ~/Vhich render the substance dangerous or potentially dangerous to the public health, safety, welfare or enviroBment. The term includes, without limitation, any substances defined as "hazardous material," "toxic subst'~nce," "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 ':ompliance with any applicable Environmental Law. ' C. Mortgagor will immediately notif? 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 n,?tify Lender in writing as soon as Mortgagor has reason to believe there is any pending or threatened investiga!ion claim, or proceeding relating to the release or threatened release of any Hazardous Substance or the violation of any Environmental Law. 16. CONDEMNATION. Mortgagor will 'give Lender prompt notice of any pending or threatened ~ction by private or public entities to purchase or take (my i~or all of the Property through condemnation, eminent domain, or any other means. Mortgagor authorizes Lender to intervene in Mortgagor's name in any of the above described actions or claims. Mortgagor assigns to L~nde:'r the proceeds of any award or claim for damages connected with a. condemnation or other taking of alii or any part of the Property. Such proceeds will be considered payments and/~ MICKIE LEE LEHMAN ': Wyoming Mortgage WY/4brandiemOO725200004363019052004Y ©1996 Bankers Systems, Inc., S~. Cloud, MN ,~---~'r'r'r'r'r~," will be applied as provided in this Se, cur ty Instrument. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security Cgreement 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 ~e ~nreasonably withheld. AI~ 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 the Property in damaged condition, Mo~tgagor's rights to any insurance policies and proceeds will pass to Lender to the extent of the Secured Debts. ' Mortgagor will immediately notify L~nder 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 req~ij red of Mortgagor, may be written by a company other than one Mortgagor wou~d choose, and may be writterll at a higher rate than Mortgagor could obtain if Mortgagor purchased the insurance. 18. ESCROW FOR TAXES AND IN,5. URANCE As provided In a separate agreement, Mortgagor agrees to pay to Lender funds for taxes and insurance,, in. escrow. 19. CO-SIGNERS. If Mortgagor s gns this Security Instrument but does not sign the Secured Debts, Mortgagor does so only to mortgage Mortgagor'is 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 waive any rights that may prevent Lender from bringing any action or claim aga'ins't I~'/Iortgagor or any party indebted under the obligation. These rights may include, but are not ~imited 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 ju'risdiction where the Property is located, and the United States of America. 22. JOINT AND INDIVIDUAL LIABIL. ITY AND SUCCESSORS. Each Mortgagor's obligations under this Security Instrument are independent of the oblig~:~tions 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 stil~ be obligated under this Security Instrument for the remaining Property. The duties and benefits of this Security Instrument will bind and benefit the .';uccessors and assigns of Lende~ 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 Gecurity Instrument is unenforceable, then the unenforceable provision will be severed and the remaining provisions witl stil be enforceable. 24. INTERPRETATION. Whenever used, the singular includes the plural and the plural includes the singular. The section headings are for convenienc,~, only an'd are not to be used to interpret or define the terms of this Security Instrument. 2,5. 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. Mo'tgagor will provide Lender any financial statements or in:formation Lender requests. All financial statement.~, 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 ..'~reserve 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'lnstrument. Mortgagor also acknowledges receip~{ of a copy of this Security Instrument. LENDER: First National Bank - West By ~-' Don Staley, Af["~n Loan O'fficer MICKIE LEE LEHMAN WY/4brandiemO0725200004363019052004Y ' ©1996 Bankers Systems, Inc., St. Cloud, MN ~_x/5~" Wyoming Mortgaga ACKNOWLEDGMENT. (Individual) ~¢,L~ OF SS. fi'? 3 This instrument was acknowledged before me ~his SHARON LEHMAN. My commission exF'ires: /7_~. ~./ day of '~N c~t ary Public) ~.z~o .L/ by (Lender Acknowledgment) ¢'~.,~. o~ /.,.~.,.~..~/~;_, ~.,,.~..~,, OFA~/,,~_-., ~.. This instrument was~~edg~' before me t~s / ~ -day of ~~ , Don Staley as Afton Loan Officer of' First National Bank - W~t~ ~ - ~ My commissiOn ex~ires~/~/~ /c ~ ~ ~-~ ~ ~ [Notary Pub]rc)/ ' - MICKIE LEE LEHMAN Wyoming Mortgage ©1996 Bankers Systems, Inc., St Cloud, MN F_x~~ WY/4 brandiamO0725200004363019052OO4Y