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HomeMy WebLinkAbout90018630725 (04) :900186 RECEIVED LINCOLN COUNTY CLERK Space Above This Line For Recording Data MORTGAGE DATE AND PARTIES. The date of this Mortgage (Security Instrument) is June 7, 2004. The parties and their addresses are: MORTGAGOR: JAMES A. BINGHAM 8705 GRAZING HILL COURT LAS VEGAS, Nevada 89143 MICHELLE BINGHAM 8705 GRAZING HILL COURT LAS VEGAS, Nevada 89143 LENDER: FIRST NATIONAL BANK - WI~$T Organized and existing under 'tl~e laws of the United States of America 314 S Washington PO Box 1620 Afton, Wyoming 83110 TIN: 83-0162601 1. CONVEYANCE. For good and Va!uable 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: Lot 7 of River Ranches Fishing and Equestrian Estates at Freedom, Wyoming, according to that plat filed November 16, 1994 in the Office of County Ch::rk, Linco n County, Wyoming as Instrument No. 793710, Plat No. 351. The property is located in LINCOLN County at RIVER RANCES, FREEDOM, Wyoming 83120. Together with all rights, easement.% 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 ~P.y 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 Lender. 2. MAXIMUM OBLIGATION LIMIT. the total principal amount secured by this Security Instrument at any one time will not exceed $64,411.00. 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 protract Lender's security and to perform any of the covenants contained in this Security Instrument. 3. SECURED DEBTS. This Security :nstrument will secure the following Secured Debts: A. Specific Debts. The following debts and all extensions, renewals, refinancings, modifications and replacements. A promissory not~', or other agreement, No. 64003129, dated June 7, 2004, from Mortgagor to Lender, with a loan amount of $64;411.00. B. All Debts. All present and fut[~re debts from Mortgagor to Lender, even if this Security Instrument is not specifically referenced, or if the ~;:u{ure debt is unrelated to or of a different type than this debt. If more than one person signs this Security Irstrument, each agrees that it will secure debts incurred either individually or with others who may not sign :his Security Instrument, Nothing in this Security Instrument constitutes a commitment to make additional.cr future loans or advances. Any such commitment must be in writing. In the event that Lender fails to provide, ~ny required notice of the right of rescission, Lender waives any subsequent security interest in the Mortgagor'r~, principal dwelling that is created by this Security Instrument. This Security Instrument will not secure any d,~bt for which a non-possessory, non-purchase money security'interest is created in "household goods" in ~,;c~nnection with a "consumer loan," as those terms are defined by federal law JAMES A. BINGHAM Wyoming Mortgage WYI4brandiemO0725200004363019060404Y °!996 Bankers Systems, Inc., St. Cloud, MN ~'j~---------'~" governing unfair and deceptive cr~clit practices. This Security Instrument will not secure any debt for which a security interest is created in "m~,r~jin stock" and Lender does not obtain a "statement of purpose," as defined and required by federa law govemirig securities. C. Sums. Advanced. All sums advanced end expenses incurred by Lender under the terms of this security Instrument. ~ 4. PAYMENTS. Mortgagor agrees th, at all payments under the Secured Debts will be paid when due and in accordance with the terms of the Set;ured Debts and this Security Instrument. 5. PRIOR SECURITY INTERESTs. V~'ith 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 modificatio~ :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. Mort ]agor will pay all taxes, assessments, liens, encumbrances, lease payments~ ground rents, utilities, and other ch,~rges relating to the Property when due. Lender may require Mortgagor to provide to Lender copies of all no',;ices that such amounts are due and the receipts evidencing Mortgagor's payment, Mortgagor will defend tit~, t,~ the Property against any claims that would impair the lien of this Security Instrument. Mortgagor agrees to ,:~ssign to Lender, as requested by Lender, any rights, claims or defenses Mortgagor may have against parties ~.v~o 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 c.f,ior contract for the creation of, a transfer or sale of all or any part of the Property. This right is subject to the r?trictions imposed by federal law governing the preemption of state due-on- sale laws, as applicable~ ~ 8. WARRANTIES AND REPRESENT~TIONS. Mortgagor has the right and authority to enter into this Security Instrument. The execution and del:ivery of this Security Instrument will not violate any agreement governing MOrtgagor or to which Mortgagor is ~ party. 9. PROPERTY CONDITION, ALTERA~IONs AND INSPECTION. Mortgagor will keep the Property in good condition and make all repairs that are reasona)ly 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 occupahcy and use will not substantially change without Lender"s prior written consent. Mortgagor will not permit 'Inly 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~,der's option, enter the Property at any reasonable time for the purpose of inspecting the Property. Lender wili ~live Mortgagor notice at the time of or before an inspection specifying a reasonable purpose for the inspecticn.~I Any inspection of the Property will be entirely for Lender's benefit and Mortgagor will in no way rely on Lender's inspection. ~0. AUTHORITY TO PERFORM. If IVortgag°r 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 Mcrtgagor'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. 11. ASSIGNMENT OF LEASES AND ~RENTS. Mortgagor assigns, grants, bargains, conveys, mortgages and warrants to Lender as additional secui:iity 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 ev]nt 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 ._eases 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 L~;nder. 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 defi~u~t 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 cefault if any of the following occur: A. Payments. Mortgagor fails to make a payment in full when due. B. Insolvency. Mortgagor make,'; an assignment for the benefit of creditors or becomes insolvent, either because Mortgagor's liabilities ex~'eed Mortgagor's assets or Mortgagor is unable to pay Mortgagor's debts as they become due. C. Death or Incompetency. Mortgagor 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. JAMES A. BINGHAM ~ - Wyoming Mortgage WY/4brandiamO0725200004363019060404Y ©i996 Bankers Systems, Inc., St. Cloud, MN ~" F. Other Agreements. Mortgagor is.in default on any other debt or agreement Mortgagor has with Lender. G. Misrepresentation. Mortgagor ~akes any verbal or written statement or provides any financial information that is untrue, inaccurate, Or conc(a!s a material fact at the time it is made or provided. H. Judgment. Mortgagor fails to'.S.~tisfy or appeal any judgment against Mortgagor. I. Forfeiture. The Property is uSe~ !iq a manner or for a purpose that threatens confiscation by a legal authority. J. Name Change. Mortgagor chaqges Mortgagor's name or assumes an additional name without notifying Lender before making such a chan.qel'. K. Property Transfer. Mortgagor tr'ansfers all or a substantial part of Mortgagor's money or property. This condition of default, as it relates lO!the transfer of the Property, is subject to the restrictions contained in the DUE ON SALE section. L. Property Value, The value of tl~,~ Property declines or is impaired. M. Insecurity. Lender reasonably bellieves that Lender is insecure. 13. REMEDIES. Lender may use any ~nd 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 b~;half 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, required tii~e schedules or any other notice rights Mortgagor may have under federal and state law, Lender may make al '~'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, 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 Prop.~r~ty s title of the purchaser or purchasers at the sale against all lawful claims and demand of all persons claiming b.-t,~ through or under Lender. The recitals in any deed of conveyance will be prima facie evidence of the facts set f.)r;th therein. All remedies are distinct, cumulatiVe *',qd not exclusive, and the Lender is entitled to ail remedies provided at law or equity, whether or not expressly set 'io~th. The acceptance by Lender of any sum in payment or partial payment on the Secured Debts after the balan;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 lender's right to later consider the event a default if it continues or happens again, 14. COLLECTION EXPENSES AND /~:TTORNEYS' FEES. On or after Default, to the extent permitted by law, Mortgagor agrees to pay all expense~ ~f collection, enforcement or protection of Lender's rights and remedies under this Security Instrument. M0'rtc.':agor agrees to pay expenses for Lender to inspect and preserve the Property and for any recordation costs of rele~sii3g the Property from this Security Instrument. Expenses include, but are not limited to, reasonable attorneys, :.~e,~s after default and referral to an attorney not a salaried employee of the Lender. These expenses are due an:l 'payable immediately. If not paid immediately~ these expenses will bear interest from the date of payment untl Paid in full at the highest interest rate in effect as provided for in the terms of the Secured Debts. To the extent P.~rmitted 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 H,~2~iARDoUs SUBSTANCES. As used in this section, (1) Environmental Law means, without limitation, the Comprr;h~ns~ve Environmental Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), all other f~deral, 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 Substa;~c.~ means any toxic, radioactive or hazardous material, waste, pollutant or contaminant which has characteristics W, hich render the substance dangerous or potentially dangerous to the public health, safety, welfare or environme~. 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 at-re'es that: A. Except as previously disclosed [~ acknowledged in writing to Lender, no Hazardous Substance is or will be located, stored .or released on or ir~ the Property. This restriction does not apply to small quantities of Hazardous Substances that are get,emily recognized to be appropriate for the normal use and maintenance of the Property. B. Except as previOusly disclosed-~n~d acknowledged in writing to Lender, Mortgagor and every tenant have been, are, and will remain in full co~,qpJiance with any applicable Environmental Law. C. Mortgagor will immediately notif:¢ ~ender if a release or threatened release of a Hazardous Substance occurs on, under or about the Property or tl~ere is a violation of any Environmental Law concerning the Property. In such an event, Mortgagor will take~, inecessary remedial action in accordance with any Environmental Law. D. Mortgagor will immediately notity Lender in writing as soon as Mortgagor has reason to believe there is any pending or threatened investigatior~ claim, or proceeding relating to' the release or threatened release of any Hazardous Substance or the violati0~ of any Environmental Law. 16. CONDEMNATION. Mortgagor will: giVe Lender prompt notice of any pending or threatened action by private or public entities to purchase or take any 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 Lend~,r ~the proceeds of any award or claim for damages connected with a condemnation or other taking of all or any part of the Property. Such proceeds will be considered payme nd JAMES A. BINGHAM n~a Wyoming Mortgage ~l~g WY/4brandiemOO725200004363019060404Y 01996 Bankers Systems, inc., St. Cloud, MN F__,~" Initi wi'il be applied as provided in this Se:u[it¥ Instrument, This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, securit[l ~greement or other lien document. 17. INSURANCE. Mortgagor agreeslto'; keep the Property insured against the risks reasonably associated with the Property. Mortgagor will maintain tl"is 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 Sdcured Debts. Mortgagor may choose the insurance company, subject to Lender's approval, which will not b~: timreasonably withheld. All insurance policies and renewals will include a standard "mortgage clause" and, where' applicable, "loss payee clause." Mortgagor will give Lender and the i,~s~iirance 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, Mortgagor's. rights to any insurance policies and proceeds will pass t° Lender to the extent of the Secured Debts. ~ Mortgagor will immediately notify Lef')'der 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 require~ of Mortgagor, may be written by a company other than.one Mortgagor would choose, and may be written ai a higher rate than Mortgagor could obtain if Mortgagor purchased the insurance. . ' 18. ESCROW FOR TAXES AND INSURANCE. As provided in a separate agreement, Mortgagor agrees to pay to Lender funds for taxes and insurance .!n ,escrow. 19. CO-SIGNERS. If Mortgagor sigris ~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 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 prPhibited 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.TY AND SUCCESSORS. Each Mortgagor's obligations under this Security Instrument are independent of the oblligations of any other Mortgagor. Lender may sue each Mortgagor individually or together with any other Mortgagc~r. i Lender may release any part of the Property and Mortgagor will still be obligated under this Security Instrurqent for the remaining Property. The duties and benefits of this Security Instrument will bind and benefit the s~.iccessors 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 cr modification of this Security Instrument is effective unless made in writing and executed by Mortgagor and Ler~der. This Security Instrument is the complete and final expression of the agreement. If any provision of this S,'~,cUrity 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 or. fly 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 ffmiling it by first class mail to the appropriate party's address listed in the DATE AND PARTIES section, or to ar, ¥ other address designated in writing. Notice to one party will be deemed to be notice to all parties. Mortgagor v/ill '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, a[Id ',file any additional documents or certifications that Lender may consider necessary to perfect, continue, and p~es~rve 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 3f a copy of this Security Instrument. ~ JAMES A.~BI~HA~ /~ [ t In~iduMty~ _~ ~ · ] ~ICHELLE BINGHAM U ~ Individually LENDER: First National Bank - West Roger Coles, Afton Branch '~i ~ President JAMES A. BINGHAM Wyoming Mortgage WYI4brendiemOO7252OO004363019060404Y ©1996 Bankers Systems, Inc., St. Cloud. MN ~ ACKNOWLEDGMENT. t~ ~ ~*~j~ij ~. ~-. ~-. (Individual) ~ OF ~1~4~.., C~n~ OF ~~L This instrument was ~c~n~le~g~ k-efore m~ '~ , day of JAMES A. BINGHAM , and MICHELLE ~INGHAM~ , ~ c ~~ r~ {Notary Public) by (Lender Acknowledgment) OF ,~ OF This instrument was acknowledged before me this day of Roger Coles as Afton Branch Vice Pre.~ident of First' National Bank - West. My commission expirf;s: SS. (Notary Public) by JAMES A. BINGHAM Wyoming Mortgage WY/4brandiamO0725200004363019060404Y ©1996 Bankers Systems, Inc., St. Cloud, MN ~a Initials Page 5