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HomeMy WebLinkAbout8999968,99996 RECEIVED LII']OOL. N OOUI',,!TY CLERK ~'i *:- ?, ~ ;;:.: ..... O~'* ~i"~{~ Space Above This Line For Recording Data MORTGAGE DATE AND PARTIES. The date of -Lhis Mortgage (Security Instrument) is MAY 28, 2004. The parties and their addresses are: MORTGAGOR: DAVID JOSEPH TRUAX Spouse of ESPERANZA MON--CYA-TRAUX PO BOX 10191 JACKSON, Wyoming 83002 ESPERANZA MONTOYA TRUAX Spouse of DAVID JOSEPH T~UAX PO BQX 10191 JACKSON, Wyoming 83002 LENDER: FIRST NATIONAL BANK - WES'~ Organized and existing under ::he laws of the United States of America 100 Greys River Road Alpine, Wyoming 83128 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 Vlortgagor's per[ormance under this Security Instrument, Mortgagor grants, bargains, conveys, mortgages and w'arrants to Lender, with the power of sale, the following described property: LOT 2 ASPEN RIDGE ESTATES, LINCOLN COUNTY, WYOMING ACCORDING TO THAT PLAT FILED APRIL 28, 2004 IN THE OFFICE OF THE LINCOLN COUNTY CLERK AS PLAT NO. 237-B The property is located in LINCOLN County at LOT 2 ASPEN RIDGE ESTATES, ALPINE, Wyoming 83128. Together with all rights, easement,,-'.., 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 Instrumen~ will remain in effect until the Secured Debts and all underlying agreements have been terminated in writing by Lander. 2. MAXIMUM OBLIGATION LIMIT. ;]-he total principal amount secured by this Security Instrument at any one time will not exceed ~/100,000.00. This limitation of amount does not include interest and other fees and charges validly made pursuant to this Securify instrument. Also, this limitation does not apply to advances made under the terms of this Security Instrument t0 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 Se_cured Debts: A. Specific Debts. The following~ debts and all extensions, renewals, refinancings, modifications and replacements. A promissory note or other agreement, No. 764001969, dated May 28, 2004, from Mortgagor to Lende..r, with a loan amount of ~$100,000.00. B. All Debts. All present and future debts from Mortgagor to Lender, even if this Security Instrument is not specifically referenced, or if the '.:uture debt is unrelated to or of a different type than this debt. If more than one person signs this Security Irlst,ument, 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 rjr future loans or advances. Any such commitment must be in writing. In the event that Lender fails to provid~ any required notice of the right of rescission, Lender waives any subsequent security interest in the Mortgago["s principal dwelling that is created by this Security Instrument This Securi~ Instrument will not secure any .debt for which a non~possess°ry, non-purchase money security interesJE/is// WY/4XDorettaO(~"~,~'~c~'~4363025052704Y i' ©1996 Ban~,rns nc St C oud MN created in "household goods" in.cbnnection with a "consdmer loan," as those terms are defined by federal law governing unfair and deceptive crhdit practices. This Security Instrument will not secure any debt for which a security interest is created in "margin stock" and Lender does not obtain a "statement of purpose," as defined and required by federal law gove.r~ing securities. C. Sums Advanced. All sums ~a~lvanced and expenses incurred by Lender under the terms of this Security Instrument. 4. PAYMENTS; Mortgagor agree::;~ ithat all payments under the Secured Debts Will be paid when due and in accordance with the terms of the S~.dured 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 s~.~urity interest or encumbrance on the Property, Mortgagor agrees: A. To make' all payments when du~ and to perform or comply with all covenants. B. To promptly deliver to Lender'.a.ny notices that Mortgagor receives from the holder. C. Not to allow any modificat!on or extension of, nor to request any future advances under any note or agreement secured by the lien dc!~ciJment without Lender's prior written consent. 6. CLAIMS AGAINST TITLE. Mo'tgagor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other C~harges relating to the Property when due. Lender may require Mortgagor to provide to Lender copies of all npt:iices that such amounts are due and the receipts evidencing Mortgagor's payment. Mortgagor will defend til:le 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 tt.:~e 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 c~elivery of this Security Instrument will not violate any agreement 'governing Mortgagor or to which Mortgagor is~ a party. 9. PROPERTY CONDITION, ALTER~,YIONS AND INSPECTION. Mortgagor will keep the Property in good condition and make all repairs that are reasorably 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 occ, uf~ancy and use will not substantially change without Lender's prior written consent. Mortgagor will not permii,: 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'L,~nder'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 inspectiom Any inspection of the Property will be entirely for Lender's benefit and Mortgagor will in no way rely on Le~der'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 MoCtgagor's name or pay any amount necessary for performance. Lender's right to perform for Mortgagor will not c,'eate an obligation to perform, and Lender's failure to perform will not preclude Lender from exercising any of LendeFs 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"tt~e Property, including completion of the construction. 11. ASSIGNMENT OF LEASES AND RENTS. Mortgagor assigns, grants, bargains, conveys, mortgages and warrants to Lender as additional sec~urity 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, includirl, g.any extensions, renewals, modifications or replacements (Leases); and rents, issues and profits (Rents). In the ~'.'.,vent any item lis~ed 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 ~ll'future Leases and any other information with respect to these Leases will be provided immediately after they are dxecuted. Mortgagor may collect, receive, enjoy and use the Rents so long as Mortgagor is not in default. Upon ':tefault, Mortgagor will receive any Rents in trust for Lender and Mortgagor will not commingle the Rents with an,, other funds. Mortgagor agrees that this Security Instrument is immediately effective between Mortgagor and L~nder. This Security Instrument will remain effective during' any statutory redemption period until the Secur~,~d. 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 iK default if any of the following occur: A. Payments. Mortgagor failstc make a payment in full when due. B. Insolvency. MOrtgagor malies an assignment for the benefit of creditors or becomes insolvent, either because Mortgagor's liabilities exceed Mortgagor's assets or Mortgagor is unable topay Mortgagor's debts as they become due. C. Death or Incompetency. Morlig~gor dies or is declared legally incompetent. D. Failure to Perform. : Mortga~to~! 'fails to perform any condition or to keep any promise or covenant of this Security Instrument. ' ' // //// E. Other Documents. A default ~ccurs under the terms of any other transaction document. ©r996 Bankers Systems, Inc., St. Cloud, MN ~J~---------"r'r'r'r'rP~~ DAVID JOSEPH TRUAX Wyoming Mortgage WY/4XDore~aO0725200004363025052704y F. Other Agreements. Mortgagor:, s in default on any other debt or agreement Mortgag°r has with Lender. G. Misrepresentation. MortgagorI makes any verbal or written statement or provides any financial information that is untrue, inaccurate, or conegals a material fact at the time it is made or provided. H. Judgment. Mortgagor fails to ~';atisfy or appeal any judgment against Mortgagor. I. Forfeiture. The Property is usec m a manner or for a purpose that threatens confiscation by a legal authority. J. Name Change. Mortgagor chahges Mortgagor's name or assumes an additional name without notifying Lender before making such a cha0ge. K. Property Transfer. Mortgago! transfers all or a substantial part of Mortgag0r's money or property. This condition of default, as it relates ~to~ the transfer of the Property, is subjecl to the restrictions contained in the DUE ON SALE section. L. Property Value. The value of ti~e Property declines or is impaired. M. Insecurity. Lender reasonably ,believes that Lender is insecure. 13. REMEDIES. Lender may use ani~' 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 ~'.ehalf will be immediately due and may be added to the balance owing under the Secured Debts. Lender may ma~e 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 time schedules or any other notice rights Mortgagor may have under federal and state law, Lender may make ~l~ 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 the Property, Lenc.!er 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 allo,'~d a lien or an encumbrance to burden the Property and that Lender will specially warrant and defend the Pro~erty's title of the purchaser or purchasers a~ 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 ~ar'd 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 bal~c,e 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:L~nder'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. Mor-!gagor,agrees to pay expenses for Lender to inspect and preserve the Property and for any recordation costs of relea.~ing the Property from this Security Instrument. Expenses include, but are not limited to, attorneys' fees, court costs and other legal expenses. These expenses are due and payable immediately. If not paid immediatel;,, these expenses will bear interest from the date of payment until paid in full at the highest interest rate in effect ~s provided for in the terms of the Secured Debts. To the extent permitted by the U~ited 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. 15. ENVIRONMENTAL LAWS AND H/~ZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law means, without limitation, the ComFrehensive Environmental Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), ali other fe~Jeral, 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 Substar~ce means any toxic, radioactive or hazardous material, waste, pollutant or contaminant which has characteristics 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 substa~,nce,'' "hazardous waste," "hazardous substance," or "regulated substance" under any Environmental Law. Mortgagor represents, warrants and ag~'ees that: A. Except as previously disclosed.~' and acknowledged in writing to Lender, nO Hazardous Substance is or will be located, stored or released on er in the Property. This res[riction does not apply to small quantities of Hazardous Substances that are g'en.!erally recognized to be appropriate for the normal use and maintenance of the Property. B. Except as previously disclose~'J .and acknowledged in writing to Lender, Mortgagor and every tenant have been, are, and will remain in full compliance with any applicable Environmer~tal Law. C. Mortgagor will immediately no,if,/ Lender if a release or threatened release of a Hazardous Substance occurs on, under or about the Property ~r there is a violation of any Environmental Law concerning the Property. In such an event, Mortgagor will tak~ ,~11 necessary remedial action in accordance with any Environmental Law. D. Mortgagor will immediately no'tlr'/ 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 viola':ioh of any Environmental Law. 16. CONDEMNATION. Mortgagor ~.ill :give Lender prompt notice of any pending or threatened action by private or public entities to purchase or take.ai~y or all of the Property through condemnation, eminent domain, or any other means. Mortgagor authorizes Lender ~o intervene in Mortgagor's name in any of the above described actions or claims. Mortgagor assigns to Lehder the proceeds of any award or claim for damages connected with a condemnationorothertakingofall'br~.any. .. partoftheProperty.. Suchproceedswillbeconsideredpay~/~nts~/yt~// Wyoming Mortgage iii'::;i thi~ will be applied as provided in Se;iuiity Instrument. This assignment of Proceeds is subject to the terms of any prior mortgage, deed of trust, security', ~igreement or other lien document. 17. INSURANCE. Mortgagor agrees toi keep the Property insured against the risks reasonably associated with the Property. Mortgagor will maintain th's']nsurance in the amounts Lender requires. This insurance will last until the Property is released from this Securit'/ Instrument. What Lender requires pursuant to the preceding two sentences can change during the term of the 3e~cured Debts. Mortgagor may choose the insurance company, subject to Lender's approval, which will not b~, unreasonably withheld. All insurance policies and renewals will include a standard "mortgage clause" and, wherel applicable, "loss payee clause." Mortgagor will give Lender and the insurance company immediate notice of any Iossl All insurance proceeds will be applied to restoration or repair oflth'e Property or to the Secured Debts, at Lender's option. If Lender acquires the Property in damaged condition, I~.'ortgagor'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 tg keep the Property insured Lender may obtain lin~urance to protect Lender's interest in the Property. This insurance may include coverages not originally recju?red 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'.'~ interest in the Property to secure payment of the Secured Debts and Mortgagor does not agree itu be personally liable on the Secured Debts. If this Security Instrument secures a guaranty between Lender and Mort.ceca!or, 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,p(ohibited by law, Mortgagor waives all homestead exemption rights relating to the Property, 21. APPLICABLE LAW. This Secur;ty 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 LIABIL'ITY AND SUCCESSORS. Each Mortgager's obligations under this Security Instrument are independent of the ob;igations of any other Mortgagor. Lender may sue each Mortgagor individually or together with any other Mortgag(i)r. Lender may release any part of the Property and Mortgagor will still be obligated under this Security Instru(.~ent for the remaining Property. The duties and benefits of this Security Instrument will bind and benefit the sJc~.essors and assigns of Lender and Mortgagor. 23. AMENDMENT, INTEGRATION ANDSEVERABILITY. 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 u:;ed, the singular includes the plural and the plural includes the singular. The section headings are for convenience, oqly and are not. to be used to interpret or define the terms of this Security Instrument. 25. NOTICE, FINANCIAL REPORTSiAND ADDITIONAL DOCUMENTS. Unless otherwise required by law, any notice will be given by delivering it r~:'r mailing it by first class mail to the appropriate party's address listed in the DATE AND PARTIES section, or to ariy Other address designated in writing. Notice 1~o one party will be deemed to be notice to all parties. Mortgagor will inform Lender in writing of any change in Mortgager's name, address or other application information. Mor';g~gor 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, aqd~ file any additional documents or certifications that Lender may consider necessary to perfect, continue, and preserve Mortgager's obligations under this Security Instrument and to confirm Lender's lien status on any Property. Time is of the essence. SIGNATURES. By signing, Mortgag~)r agrees to the terms and covenants contained in this Security Instrument. Mortgagor also acknowledges receipt of a copy of this Security Instrument. ESPE~FA~NE Individually ~IONTC LENDER: First ~'~Bank- ,~ !, Penny J~ ~ Estate t~'.o~n Officer DAVID JOSEPH TRUAX Wyoming Mo~lgage WY/4XDoretta00725200OO4363025052704Y ©1996 Bankers Systems, Inc., $~. Cloud, MN ACKNOWLEDGMENT. {Individual) - This instrument was .~,nowledg~'before mo this _.,~_~.~/' day of DAVID JOSEPH TRUAX , spouse bf ESPERANZA M~TOYA-TRAUX. a~d~-~ERANZA spouse of DAVID JOSEPH TRUAX. My commission expi:"es: MONTO~TRUAX , ~E~N-¥J~)~II~ - - HOTLY PUBLIC ~OF ~ STATEOF {{ LINCQLN ~ WYOMING '~J ~~_ ~~y ~OM~l~$10N EXPIRES SEPTEU~R 18. 2ffii '~) . This instrument was a~'/~o~'' ' ~/' Penny Jones as Real F~ate LoA~n O~'f!c6r of First I~L~'tio~al B~nk - West,3 My corn ' si xpires: (Not by DAVID JOSEPH TRUAX ?. Wyoming Mortgage ,: WY/4XDore[taO0~ , ~ q363025052704Y ©1996 Bank~'~s, Inc., S~. Cloud, MN