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HomeMy WebLinkAbout899915BOOK 899915 RECEIVED LINCOLN COUNTY CLERK Spm!ie Above This Line For Recording Data MORTGAGE DATE AND PARTIES. addresses are: MORTGAGOR: THEODORE GRIFFIN III 6009 ROBERTSON DRIVE BOlSE, Idaho 83709 The date of l:his Mortgage (Security Instrument) is MAY 24, LENDER: , .FIRST NATIONAL BANK - WEST: Organized and existing tinder the laws of the United States of America 100 Greys River Road ; Alpine, Wyoming 83128 TIN: 83-0162601 ~ 2OO4. The parties and their 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 und.er this Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with the power of sale, the following described property: SEE ATTACHED EXHIBIT "A" The property is located in LINCOLN County at NORTH 2ND WEST, AUBURN, Wyoming 83111. Together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, all water and riparian rights, wells, ditches and w~ter stock and all .existing and future improvements, structures, fixtures, and replacements that may now, or at ~.ny rime 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. 'Fhe :iotal principal amount secured by this Security Instrument at any one time will not exceed $32,011.71. 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 replacements. A promissory note' or other agreement, No. 764001852, dated May 24, 2004, from Mortgagor to Lender, with a loan amount of .~32,011.71. 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 Security Instrument, each agrees that it will secure debts incurred either individually or with others Who may not sign 1his 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 interest in the Mortgagor's principal dwelling that is created by this Security Instrument. This Security Instrument will not secure any -'.debt for which a non-possessory, non-purchase money security interest is created in "household goods" in connection with a "consumer loan," as those terms are defined by federal law governing unfair and deceptive crbdit practices. This Security Instrument will not secure any debt for which a security interest is created in "m~'.rgin stock" and Lender does not obtain a "statement of purpose," as defined and required by federal law goverr)ing securities; C. Sums Advanced. All sums advanced and expenses incurred by Lender under the terms of this Security Instrument. THEODORE GRIFFIN III Wyoming Mortgage WY/4 XOorettaOq~:~,~?~i 363024051804Y ©1996 Bank¢': ? ,:,~,'~, es, Inc., St. Cloud, MN ~," Page 1 4. PAYMENTS. Mortgagor agrees, that all payments under the Secured Debts will be paid when due and in a~cordance with the terms of the Secured Debts and this Security Instrument. 5. PRIOR SECURITY INTERESTS. 'Nithl regard to any other mortgage, deed of trust, security agreement or other lien document that created a prior secur ~ty interest or encumbrance on the Property, Mortgagor agrees: A. To make all payments when due a:,qd to perform or comply with all covenants. B. To promptly deliver to Lender ':~ny ~qotices 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 docum'ent 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 n~i~tice~s tl~at such amounts are due and the receipts evidencing Mortgagor's payment. Mortgagor will defend tit'e tc~.the Property against any claims that would impair the lien of this Security Instrument. Mortgagor agrees to' assign to Ler~der, as requested by Lender, any rights, claims or defenses Mortgagor may have against partiesiwh~ supply labor or materials tO maintain or improve the Property. 7. DUE ON SALE. Lender may, at.;its ~ption, 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 sta~e 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 d,~live~¥ of this Security Instrument will not violate any agreement governing Mortgagor or to which Mortgagor is a party. 9. PROPERTY CONDITION, ALTER~iTIoNs 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. Mor.':gager will keep the Property free of noxious weeds and grasses. Mortgagor agrees that the nature of the occ~.Jpanlcy 'and use will not substantially change without Lender's prior written consent. Mortgagor will not permit,, anyI 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 dama!~je 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 inspect;on. '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 Lend,~r'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 A[JD RENTS. Mortgagor assigns, grants, bargains, conveys, mortgages and warrants to Lender as additional s~:curiW 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, includ n.2 any extensions, renewals, modifications or replacements (Leases); and rents, issues and profits (Rents). In the et/entl.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 thes~ 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 ~'~efault, 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. 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 'mak'gs ~n 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. Mortgager 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 occurs under the terms of any other transaction document. F. Other Agreements. Mortgago[' is in default on any other debt or agreement Mortgagor has with Lender. G. Misrepresentation. Mortgage? makes any Verbal or written statement or provides any financial information that is untrue, inaccurate, or conCea s. a material fact at the time it is made or provided. H. Judgment. Mortgagor fails tolsatisfy 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. THEODORE GRIFFIN Iii Wyoming Morlgage inidal~/~ WY/4XDorettaOO725200004363024051804Y ©~996 Bankers Systems, Inc., Si. Cloud, MN F~5'~u Page 2 J. N~me Change. · ' Lender before making such a char~ge. K. Property Transfer. Mortgago( transfers all or a substantial part of Mortgagor's money or property. This condition of default, as it relates,to t~he transfer of the Property, is subject to the restrictions contained in the DUE ON SALE section. L. Property Value. The value of tl'~e Property declines or is impaired. M. Insecurity. Lender reasonably .believes that Lender is insecure. 13. REMEDIES. Lender may use an"./ acid 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 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 insurance benefits or refunds that may be available on Mortgagor's default. Subject to any right to .cure, requirec! tinie schedules or any other notice rights Mortgagor may have under federal and state law, Lender may make all e.r any part of the amount owing 'by the terms of the Secured Debts immediately due and foreclose this 'SeclJrity Instrument in a manner provided by law upon the occurrence of a default or anytime thereafter. 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 Propert~'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. The recitals in any deed of conveyance will be prima facie evidence of the facts set forth therein. All remedies are distinct, cumulative l~nd ~o~ exclusive, and the Lender is entitled to all remedies provided at law or equity, whether or not expressly set fort;h. 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 expense's oif 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 Securily 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 un':il 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 Cod.~. 15 ENVIRONMENTAL LAWS AND ~AZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law means, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), all other tederal, 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 Subst~mce means any toxic, radioactive or hazardous material, waste, pollutant or contaminant which has characteristic~,~ which render the substance dangerous or potentially dangerous to the public health, safety, welfare or environment. 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 agree'~ 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 o'f 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 cctnpli;ance 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 o~ thbre 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 not!fy Lender in writing as soon as Mortgagor has reason to believe there is any pending or threatened investigatioq, claim, or proceeding relating to the release or threatened release of any Hazardous Substance or the violation of any Environmenta Law. 16. CONDEMNATION. Mortgagor will give Lender prompt notice of any pending or threatened action by private or gublic entities to purchase or take an'../ or .all of the Property through condemnation, eminent domain, or any other means. Mortgagor authorizes Lende[ to intervene in Mortgagor's 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 taking of all oi' an~/ 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 subject to tile terms of any )riot mortgage, deed of trust, security agreement or other lien document. 17. INSURANCE. Mortgagor agrees to k6ep the Property insured against the risks reasonably associated with the Property. Mortgagor will maintain thi~ 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 THEODORE GRIFFIN III :,': ·.·,,700 Mortgagor Chancjes Mortgagor's name or assumes an additional name without n°tifyina._ · ~, Wyoming Morlgal]o WY/4XDorat la0OT~:~" ?363024051804Y ©1996 :. -i, i:';}~ ' Inc., St. Cloud, MN can.change during the term of the. Secured Debts. Mortgagor may choose the insurance company,· subject to L~n'der's approval, which will not !De 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 o..~ 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 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 obtair'~ insurance to protect Lender's. interest in the Property. This insurance may include coverages not originally req~Jired of Mortgagor, may be written by a company other than one Mortgagor would choose, and may be writte~ 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 si,c~ns t';his 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. If this Security Instrument secures a guaranty between Lender and Mortgag~r, Mortgagor agrees to waive any rights that may preven! Lender from bringing any action or claim again,',t M~rtgagor or any party indebted under the obligation. These rights may include, but are not limited to, any aqti-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 th? jurisdiction where the Property is located, and the United States of America. L 22. JOINT AND INDIVIDUAL lABILITY 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 Mortgac~.or. 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 Secudty Instrument is unenforceable, then the unenforceable provision will be severed and the remaining provisions will still be enforceable. 24. INTERPRETATION. Whenever Lised, the singular includes the plural and the plural includes the singular. The Section headings are for convenienc,:~, 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 o~her address designated in wr ting. Notice to one party will be deemed to be notice to all parties. Mortgagor will ~nform 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, ~nd 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 I en 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 ~ copy of this Security Instrument. Individually ,. LENDER: Penny J~~f Estate Loar Officer THEODORE GRIFFIN III Wyoming Mortgage WY/4XDorelta00725200004363024051804Y ©1996 Bankers Systems, Inc., SL Cloud, MN Initials"./~'~'~ Page 4 _..~'~~ oF ~~ ,. ~/~7~ OF ~ ~. THEODoREThis ins[rumentGRiFFiNWaS acknowledgedlll, before me this ~ ~. ~ day of_ .~/ My commission expires:~ ?6° by ~enny Jones as Real ~d'state~oan O~t'rcer iof Firs{NatJ/onal Bank -~ Wes~.) ' / ' {N6'tar¥ Publicl by THEODORE GRIFFIN Wyoming Mortgage WY/4XDore~aO079 , . .3 .~_5_2.QO~Q~ 63024051804'/ ©1996 Banker-~C~ Inc., St. Cloud, MN F~-~'~ Initials Page 5 EXHIBIT '"A" PARCEL 1: A Po:?tion of Lot 1, Block 11, Auburn Townsite, being also a portion of the NE1/4NW1/4 of Section 4, Township 32 North, Range l~t9 West, 6th P.M., Lincoln County, Wyoming and being more par!;icularly described as follows: BEGINNING at the Northeast Corner of said Lot 1 and Block 11 and running thence. South, along the East line of said Lot and Block, 208.71 feetf thence West, parallel with the North line of said Lot and B~_ock, 208.71 feet; thence North, parallel with first said East line of said Lot and Block, 208.71 feet to the North line of said Lot and Block; thence East, along last said No_~q~rth line,_ 20C.71 feet to the Point of Beginning.