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HomeMy WebLinkAbout900209 9,002O9 Recording Requested ay & When Flecorded IRe~ur ~ To: US Flecordings, Ino. 2925 Countw Drive Ste 2.01 ,St. Paul, MN 55117 RECEIVED LINCOL. N,..~_,d,..,~"*"'," "~"', CLERK Space Above This Line For Recording Data MORTGAGE (With Future Advance Clause) DATE AND PARTIES. The date of this Mortgage (Security Instrument) is May 28, 2004. The parties and their addresses are: MORTGAGOR: KEVlN SIMPSON PO Box 15 Kemmerer, Wyoming 83101 JAMIE SIMPSON husband and wife PO Box 15 Kemmerer, Wyoming 83101 LENDER: COMMUNITY FIRST NATIONAL BANK Organized and existing under thle laws of the United States of America 801 Pine Avenue Kemmerer, Wyoming 83101 1. CONVEYANCE. For good and va:uable consideration, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debts aqd Mortgagor's performance under this Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with the power of sale, the following described property: Lot 13 of Block 1 of Lincoln Heights 2nd Subdivision to the Town of Kemmerer, Lincoln County, Wyoming as described on the official plat thereo~. The property is located in Lincoln Cou(.ty at 1331 Lincoln Heights Drive, Kemmerer, Wyoming 83101. Together with all rights, easements, 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;eqder. Kevin Simpson Wyoming Mortgage osooaos :,?:: ., .. 002 ~. MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at any one time will not. exceed $11,000.00. This IJmi~:ation of amount does not include interest and other fees and charges validly made pursuant to this Security Inst,~ument. 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'lnstrument wilt secure the following Secured Debts: A. Specific Debts. The followirg debts and all extensions, renewals, refinancings, modifications and replacements. A promissory no~e, No. 3888603150, dated May 28, 2004, from Mortgagor to Lender, with a maximum credit limit of $11,000.00 with an interest rate based on the then current index value as the promissory note prescribes and maturing on May 28, 2009. One or more of the debts secured by this Security Instrument contains a future adv:~nce provision. B. Sums Advanced. All sums 'adVanced and expenses incurred by Lender under the terms of this Security Instrument. 4. PAYMENTS. Mortgagor agree.,; fiat al payments under the Secured Debts will be paid when due and in accordance with the terms of the Secu!-ed Debts and this Security Instrument. §. PRIOR SECURITY INTERESTS. With 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 ~ue and to perform or comply with all covenants. B. To promptly deliver to Lender an~ notices that Mortgagor receives from the holder. C. Not to allow any modification or extension of, nor to request any future advances under any note or agreement secured by the lien document without Lender's prior written consent. 6. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other c'~ar!jes relating to the Property when due. Lender may require Mortgagor to provide to Lender copies of all nbtices that such amounts are due and the receipts evidencing Mortgagor's payment. Mortgagor will defend title to the Property against any claims that would impair the lien of this Security Instrument. Mortgagor agrees to assign to Lender, as requested by Lender, ariy 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 the Property. This right is subject to the 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 d.~liv,~,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~blv necessary. Mortgagor will not commit Or allow any waste, impairment, or deterioration of the Property. Mor'~gagor 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 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 ~o the Property. Lender or Lender's agents may, at Lepder's option, enter the Property at any reasonable time for the purpose of inspecting the Property. Lender ~ill ,] ve 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 Lende.-'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, ~Nithout notice, perform or cause them t~) be performed. Mortgagor appoints Lender as attorney in fact to sign IVo'rt,'jagor'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 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. Kevin Simpson Wyoming' Mortgage ©~996 Bankers Systems, Inc., St. Cloud, MN WY/4Xbs~ndb0006OOOOOO03657021052804Y ~1. ASSIGNMENT OF LEASES AI~D RENTS. Mortgagor assigns, grants, bargains, conveys, mortgages and warrants to Lender as additional sec~:int¥ all the right, title and interest in the following (all referred to as Property1: existing or future leases, subleases,' Ii.senses, guaranties and any other written or verbal agreements for the use and occupancy of the Property, inc!]dln§ any extensions, renewals, modifications or replacements (all referred to as Leases}; and rents, issues and profits {all referred to as Rents}. In the event any item listed as Leases or Rents is determined to be personal properli¥, this Assignment wil'l also be regarded as a security agreement. Mortgagor will promptly provide Lender with copies of the Leases and will certify these Leases are true and correct copies. The existing Leases wil be provid, ed on execution of the Assignment, and all future Leases and any other information with respect to these L~ases ~will be provided immediately after they are executed. Mortgagor may collect, receive, enjoy and use the Rents so long as Mortgagor is not n 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 thal this Security Instrume~t 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 lVIortgagor 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. MORTGAGE COVENANTS. M,~rtgagor agrees that the covenants in this Security Instrument are material obligations under the Secured Debt:s and this Security Instrument. If Mortgagor breaches any covenant in this Security Instrument, Lender may ref~s~ to make additional extensions of credit or may reduce the credit limit. By not exercising either remedy on Mortgager's breach, Lender does not waive Lender's right to later consider the event a breach if it happens again. 13. DEFAULT. Mortgagor will be in default if any of the following occur: A. Fraud. Mortgagor engages in fraud or material misrepresentation in connection with the Secured Debts. B. Payments. Any party obligated on the Secured Debts fails to make a payment when due. C. Property. Any action or inaction occurs that adversely affects the Property or Lender's rights in the Property. 14. REMEDIES ON DEFAULT, [n addition to any other remedy available under the terms of this Security Instrument, Lender may accelerate ~.~e Secured Debts and foreclose this Security Instrument in a manner provided by law if Mortgagor is in default. In some instances, federal and state law wifl require Lender to provide Mortgagor with notice of the right to cure, or other notices and may establish time schedules for foreclosure actions. At the option of the Lender, all or any part of the agreed fees and charges, accrued interest and principal will become immediately due and payable, after giving notice if required by law, upon the occurrence of a default or anytime thereafter. Lender will be eqtitled to, without limitation, the power to sell the Property. Upon any sale of the Property, Lender will make and deliver a special or limited warranly 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 encurrbrance to burden the Property and that Lender will specially warrant and defend the Property's title of the purchaser or purchasers at the sale agains! all lawful claims and demand of all persons claiming by, through or under l.ender. Upon sale of the Property and to the extent not prohibited by aw and after first paying all fees, charges and costs, Trustee will pay to Lender all moneys advanced for repairs, taxes, insurance, liens, assessments and prior encumbrances and interest thereon, an:~ the principal and interest on the Secured Debts, paying the surplus, if any, to Grantor. Lender may purchase t~e Property. Upon any sale of the Property, Trustee will make and deliver a special or limited warranty deed tha~ conveys the property sold to the purchaser or purchasers. Under this special or limited warranty deed, Trustee wil covenant that Trustee has not caused or allowed a lien or an encumbrance to burden the Property and that Trust..~,e.will specially warrant and defend the Property's title of the purchaser or purchasers at the sale against all lawfQI claims and demand of all persons claiming by, through or under Trustee. The recitals in any deed of conveyan~e':will be prima facie evidence of the facts set forth therein. The acceptance by Lender of any sum .n payment o~ 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 complete cure of any existing dele,dr. By not exercising any remedy on Mortgager's default, Lender does not waive Lender's right to later conside~ t~e event a default if it happens again. 1§. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. If Mortgagor breaches any covenant in this Security Instrune~,nt, Mortgagor agrees to pay al expenses Lender incurs in performing such covenants or protecting its security in~'erest in the Property. Such expenses include, but are not limited to, fees incurred for inspecting, preserving, er otherwise protecting the Property and Lender's security interest. Mortgagor Kevin Simpson Wyoming Mortgage Inc., St. Cloud, MN agrees to pay all costs and expenses i~curred by Lender in collecting, enforcing, or protecting Lender's rights and remedies under this Security lnstrurrent. 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 payable on demand and will bear interest from the date ~f payment until paid in full at the highest interest rate in effect as provided for in the terms of Secured Debts. To ':he' extent permitted by the United States Bankruptcy Code, Mortgagor agrees to pay the reasonable attorneys' [ee:~ Lender incurs to.collect the Secured Debts as awarded by any court exercising iurisdiction under the Bankruptcy Code. This Security Instrument will remain in effect until released. Mortgagor agrees to ~ay for any recorder on costs of such release. ~6. ENVIRONMENTAL LAWS AND ?IAZARDOUS SUBSTANCES. As used in this section, (~) Environmental Law means, without limitation, the ComF.rehensive Environmental Response, Compensation and Liability Act ICERCLAI, all other federal, state and Io~al laWs, regulations, ordinances, court orders, attorney general op nons or interpretive letters concerning the Fubiic health, safety, welfare, environment or a hazardous substance; and (2) Hazardous Substance means any to~ic, radioactive or hazardous material, waste, pollutant or contaminant which has characteristics which render th~ ~ubstance dangerous or potentially dangerous to the public health, safety, welfare or environment. The term iqcludes, without limitation, any substances defined as "hazardous material," "toxic substance," "hazardous wast;~,''' "hazardous substance," or "regulated substance" under any Environmental Law. Mortgagor represents, warrants and :agrees that: A. Except as previously disclose~ and acknowledged in writing to Lender, no Hazardous Substance is or will be located, stored or released on ~r :in the Property. This restriction does not apply to small quantities of Hazardous Substances that are .qenerally recognized to be appropriate for the normal use and maintenance of the Property. B. Except as previously disclose'J ~;nd acknowledged in writing to Lender, Mortgagor and every tenant have been, are, and will remain in full compliance 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 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 notify Lender in writing as soon as Mortgagor has reason 'to believe there is any pending' or threatened investigat;on, claim, or proceeding relating to the release or threatened release of any Hazardous Substance or the violation of any Environmental Law. 17. 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 lo intervene in Mortgager'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 or !any part of the Property. Such proceeds will be considered payments and will be applied as provided in this S~cu.:ity Instrument. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, secun-:y ~greement Or other lien document. 18. INSURANCE.. Mortgagor agree.~ tc~ keep the Property insured against the risks reasonably associated with the Property. Mortgagor will maintain t~s~msurance 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 sentences can change during the term of the SecmedlDebts. Mortgagor may choose the insurance company, subject to Lender's approval, which will not be unreas..~n~bly withheld. All insurance policies and renewals will include a standard "mortgage clause" and, where applkabi'e, "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'.dr~d of Mortgagor, may be written by a company other than one Mortgagor would choose, and may be written alt a higher rate than Mortgagor could obtain if Mortgagor purchased the insurance. 19. ESCROW FOR TAXES AND INSURANCE. insurance in escrow. Mortgagor will not be required to pay to Lender funds for taxes and ©1996 Bankers Systems, Inc., St. Cloud, MN ~---'~ ,..~.oage 4 Kevin Simpson Wyoming Mo;tgage WY/4XbsundboOO6OOOOOOO3657021052804Y 20. CO-SIGNERS. If Mortgagor signs this Security Instrument but does not sign the Secured Debts, Mortgagor does so only to mortgage Mortgagcr'.'; interest in the Property to secure payment of the Secured Debts and Mortgagor does not agree to be pe(.so.qally liable on the Secured Debts. If this Security Instrument secures a guaranty between Lender and Mortg.~gor 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 an':i-deficiency or one-ac'tibn laws. 21. WAIVERS. Except to the extent prohibited by law, Mortgagor waives all homestead exemption rights relating to the Property. 22. OTHER TERMS. The following are ~pplicable to this Security Instrument: A. Line of Credit. The Secured D~bts include a revolving line of credit provision. Although the Secured Debts may be reduced to a zero balance, this Security Instrument will remain in effect until the Secured Debts and all underlying agreements have been terminated in writing by Lender. 23. APPLICABLE LAW. This Security Instrument is governed by the laws of Wyommg, except to the extent otherwise required by the laws of the jurisdiction where the Property is located, and the United States of America. 24. JOINT AND INDIVIDUAL LIABILTV AND SUCCESSORS. Each Mortgagor's obligations under this Security Instrument are independent of the obi g~tions of any other Mortgagor. Lender may sue each Mortgagor individually or together with any other Mortgagcr. 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 successors and assigns of Lender and Mortgagor. 25. 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 ~iil still be enforceable. 26. INTERPRETATION. Whenever u~.~ed, the singular includes the plural and the plural includes the singular. The section headings are for convenience..only and are not to be used to interpret or define the terms of this Security Instrument. 27. 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 ar;~y 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. Mortga'gor will provide Lender any financial statements or information Lender requests. All financial statements ar',d information Mortgagor gives Lender will be correct and complete. Mortgagor agrees to sign, deliver, and file any additional documents or certifications that Lender may consider necessary to perfect, continue, and preserve Mortgagor's obligations under this Security Instrument and to confirm Lender's lien status on any Property. Time is of the essence. SIGNATURES. By signing, Mortgager figrees to the terms and covenants contained in this Security Instrument. Mortgagor also acknowledges receipt of a copy of this Security Instrument. Kavin Simpson Wyoming Mortgage WY/4XbsundboO0600000003657021052804Y ©1996 Bankers Sy~_e_ms, Inc., St. Cloud, MN Ioi[ia~ ACKNOWLEDGMENT, (Individual) I / This instrument was acknowledged betore me this Kevin Simpson, and Jamie Simpson, husband and wife, My commission exp~-es~ II.-/~-o 7 OF (¢//t)/t(~t-/~] ss. day of '~/~F (N~a'r~/~'blic) ~ OO6 ~o0~ by Kevin Simpson Wyoming Mortgage WY/4XbsundboO0600000003657021052804Y 01996 Bankers Systems, Inc. St Cloud, MN Initials Page 6