Loading...
HomeMy WebLinkAbout90029330287(02) q 0 0 2 9 3 RECEIVED i_INC01..f'.! ,-.,r~,.,~ ,l'.lTv, {,LERI'x Space Above This Line For Recording Data MORTGAGE DATE AND PARTIES. The date of this Mortgage (Security Instrument) is JUNE 14, 2004. addresses are: MORTGAGOR: WAYNE DEVORE, a sin~;le man PO BOX 317 '. THAYNE, Wyoming 83127 The parties and their LENDER: FIRST NATIONAL BANK - WEST Organized and existing under ~':t~e 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 an(i IVlortgagor'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 57 IN STAR VALLEY RANCH'PI_AT EIGHT (8) AS PLATTED AND RECORDED IN THE OFFICIAL RECORDS OF LINCOLN.COUNTY, WYOMING LOT58 IN STAR VALLEY RANCH '~LiAT EIGHT (8) AS PLATTED AND RECORDED IN THE OFFICIAL RECORDS OF LINCOLN COUNTY, WYOMING The property is located in LINCOLN County at 787 CEDAR DRIVE & 765 CEDAR DRIVE, THAYNE, Wyoming 83127. Together with all rights, easemer~ts, appurtenances, royalties, mineral rights, oil and gas rights, all water and riparian rights, wells, ditches and iw.ater stock and all existing 'and future improvements, structures, fixtures, and replacements that may now, or at ~iny time in the future, be part of the real estate described (all referred to as Property). This Security Instrumentl will remain in effect until the Secured Debts and all underlying agreements have been terminated in writing by Li~nder. 2. MAx!MUM OBLIGATION LIMIT. -'-he total principal amount secured by this Security Instrument at any one time will not exceed $10,500.00. This;limitadonof amount does not include interest and other fees and charges validly made pursuant to this Security Ins.trk~ment. Also, this limitation does not apply to advances made under the terms of this Security Instrument to prc~tect Lender's security and to perform any of the covenants contained in this Security Instrument. 3. SECURED DEBTS. This Securit!/h.nstrument will secure the following Secured Debts: A. Specific Debts. The following debts and all extensions, renewals, refinancings, modifications and replacements. A promissory nE.tofor other agreement, No. 764002009, dated June 14, 2004, from MOrtgagor to Lender, with a loan amount of :~10,500.00. B. All Debts. All present and ifu*ure debts from Mortgagor to Lender, even if this Security Instrument is not specifically referenced, or if the f.uture 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 sigr:~ this Security Instrument. Nothing in this Security Instrument constitutes a commitment to make additional o.r 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 an'.; debt for which a non-possessory, non-purchase money security interest is created in "household goods" iu ~onnection with a "consumer loan," as those terms are defined by federal law governing unfair and deceptiveicredit practices. This Security Instrument will not secure any debt for whiclza WAYNE DEVORE "' Wyoming Mortgage initials ~_l~ WY/4XDoretta00725200004363018061204Y ©1996 Bankers System~, Inc., St. Cloud, MN sec'udty interest is created in "margin stock" and Lender does not obtain a "statement of purpose," as defined and required by federal law gow;rning securities. C. Sums Advanced. ~ All sum~.'advanced and expenses incurred by Lender under the terms of this Security Instrument. 4. PAYMENTS. Mortgagor agree~; that all payments under the Secured Debts will be paid when due and in accordance with the terms of the Secured 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 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 Lenderiany notices that Mortgagor receives from the holder. C. Not to allow any modificafi!on or extension of, nor to request any future advances under any note or agreement secured by the lien d:~cument without Lender's prior written consent. 6. CLAIMS AGAINST TITLE. Mc.r. tgagor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other c, lharges relating to the Property when due. Lender may require Mortgagor to provide to Lender copies of all r,i~tices that such amounts are due and the receipts evidencing Mortgagor's payment. Mortgagor will defend ti~.le to the Property against any claims that would impair the lien of this Security Instrument. Mortgagor agrees tc, lassign to Lender, as requested by Lender, any rights, claims or defenses Mortgagor may have against partie~;~ who supply labor or materials to maintain or improve the Property. 7. DUE ON SALE. Lender may,'ax:its option, declare the entire balance of the Secured Debts to be immediately due and payable upon the creatior 'of, or contract for the creation of, a transfer or sale of all or any part of the Property. This right is subject to t!-I: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 delivery of this Security Instrument will not violate any agreement governing Mortgagor or to which Mortgagor i,'-;ia party. 9. PROPERTY CONDITION, ALTER-~',TIONS AND INSPECTION. Mortgagor will keep the Property in good condition and make all repairs that are reasof~ably necessary. Mortgagor will not commit or allow any waste, impairment, or deterioration of the Property. Mo'~:gagor will keep the Property free of noxious weeds and grasses. Mortgagor agrees that the nature of the oc(.upancy and use will not substantially change without Lender's prior written consent. Mortgagor will not perm!t 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 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 inspec':ion. Any inspection of the Property will be entirely for Lender's benefit and Mortgagor will in no way rely on Ler~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 Mprtgagor'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 Lencer'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 iq 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 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, includir~g any extensions, renewals, modifications or replacements (Leases); and rents, issues and profits (Rents). In the event any item listed as Leases or Rents is determined to be personal property, this Assignment will also be regard,,~d as a security agreement. Mortgagor will promptly provide Lender with copies of the Leases and will certify these1 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 ar~,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 Lender. 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 d31[ault exists under the Leases, and the parties subject to the Leases have not violated any applicable law on lease.,l, licenses and landlords and tenants. 12. DEFAULT. Mortgagor will be in idefault if any Of tl~e following occur: A. Payments. Mortgagor fails tc. ~make a payment in full when due. B. Ihsolvency. Mortgagor mat:e.s an 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. Mortgagor dies or is declared legally incompetent. D. Failure to Perform. Mortgailor fails to perform any condition or to keep any promise or covenant of this Security Instrument. E. Other Documents. A default 3'bcurs under the terms of any other transaction document. F. Other Agreements. Mortgag_cr,"is in default on any other debt or agreement Mortgagor has with Lender. WAYNE DEVORE Wyoming Mortgage h~itials WY/4XDoretla~2L)DO0436301806 G. Misrepresentation. Mortgagl)? makes any verbal or written statement or provides any financial information that is untrue, inaccurate, or cori~h, eals a material fact at the time it is made or provided. H. Judgment. Mortgagor fails to,satisfy or appeal any judgment against Mortgagor. I. Forfeiture. The Property is us,~d in a manner or for a purpose that threatens confiscation by a legal authOrity. J. Name Change. Mortgagor ~ihanges Mortgagor's name or assumes an additional name without notifying Lender before making such a char;~ge. ' K. Property Transfer. Mortgag:ar transfers all or a substantial part of Mortgagor's money or property. This condition of default, as it relates'I to the transfer of the Property, is subject to the restrictions contained in the DUE ON SALE section. L. Property Value. The value oflthe Property declines or is impaired. M. Insecurity. Lender reasonabli¢! believes that Lender is insecure. 13. REMEDIES. Lender may use ~ny and all remedies Lender has under state or federal law or in any instrument evidencing or pertaining to the Sect.~red 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 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 time 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 thi3':Security Instrument in a manner provided by law upon the occurrence of a default or anytime thereafter. Upon any sale of the Property, Let!l~ier will make and deliver a special or limited warranty deed that conveys the property sold to the purchaser or i-~drchasers Under this special or limited warranty deed, Lender will covenant that Lender has not caused or a owed a lien or an encumbrance to burden the Property and that Lender will speCially warrant and defend the P~:qperty's title of the purchaser or purchasers at the sale against all lawful claims and demand of all persons claiminglby, through or under Lender. The recitals in any deed of conveyance will be prima facie evidence of the facts s~'t'~ forth therein. All remedies are distinct, cumulative and not exclusive, and the Lender is entitled to all remedies provided at law or equity, whether or not expressly s..~'; forth. The acceptance by Lender of any sum in payment or partial payment on the Secured Debts after the ba~nce is due or is accelerated or after foreclosure proceedings are filed will not constitute a waiver of Lender's rig,'.~t 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 ANE'i~ ATTORNEYS' FEES. On or after Default, to the extent permitted by law, Mortgagor agrees to pay all expeii~es of collection, enforcement or protection of Lender's rights and remedies under this Security Instrument. M(~,rtgagor agrees to pay expenses for Lender to inspect and preserve the Property and for any recordation costs of rbl(~asing the Property from this Security Instrument. Expenses include, but are not lim ted to, reasonable attorney's' fees after default and referral to an attorney not a Salaried employee of the Lender. T'hese expenses are due end payable immediately. If not paid immediately, these expenses will bear' interest from the date of payment ti~nti paid in full at the highest interest rate in effect as provided for in the terms of the Secured Debts. To the exte:~t permitted by the United States Bankruptcy Code, Mortgagor agrees to pay the reasonable attorneys' fees LeFider incurs to collect the Secured Debts as awarded by any court exercising jurisdiction under the Bankruptcy c.)de. 15. ENVIRONMENTAL LAWS AND: HAZARDqUS 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.), 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 Subs!ance means any toxic, radioactive or hazardous material, waste, pollutant or 'contaminant which has characterislk!',s 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 subs;'ance," "hazardous waste," "hazardous substance," or "regulated substance" under any Environmental LaW. i Mortgagor represents, warrants anCt 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 lg'enerally recognized to be appropriate for'the normal use and maintenance of the Property. B. Except as previously disclos.~ii, and acknowledged in writing to Lender, Mortgagor and every tenant have been, are, and will remain in full c, ompliance 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 :;r there is a violation of any Environmental Law concerning the Property. In such an event, Mortgagor will tak9 all necessary remedial action in accordance with any Environmental Law. D. Mortgagor will immediately ~.otify Lender in :writ ng as soon as Mortgagor has reason to believe there is any per'ding or threatened investigation, claim, or proceeding relating to the release or threatened release of any Hazardous Substance or the viol.~;ion of any Environmental Law. ill give Lender prompt notice of any pending or threatened action by private.or 16. CONDEMNATION. Mortgagor ~ public entities to purchase or take .any or all of the Property through condemnation, eminent domain, or any other means. Mortgagor authorizes LemJe~r to intervene in Mortgagor's name in any of the above described actions or claims. Mortgagor assigns to L~;r!.der. the proceeds of any award or claim for damages connected with a condemnation or other taking of ali br any part of the Property. Such proceeds will be considered payments and WAYNE DEVORE Wyoming Mortgage ini rials Ii~l~:~_) WY/4XDoretta00725200004363018061204Y ©1996 Bankers Systems, Inc., St. Cloud, MN '1 ' WJll'be applied as provided Jn this Security Instrument. This assignment of proceeds Js subject to the terms of any prior mortgage, deed of trust, secui'Jty agreement or other lien document. 17. INSURANCE. Mortgagor agre~:s to keep the Property insured against the risks reasonably associated with tbe Property. Mortgagor will maintain'ibis 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.be unreasonably withheld. All insurance policies and renewals will include a standard "mortgage clause" and, wFere applicable, "loss payee clause." Mortgagor wJli 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, Mortgager's rights to any insurance policies and proceeds will pass to Lender to the extent of the'Secured Debts. Mortgagor will immediately notify I:ander of cancellation or termination of insurance. If Mortgagor fails to keep the Property insured Lender may obtairrl insurance to protect Lender's interest Jn the Property. This insurance may include coverages not originally req;JJred of Mortgagor, may be written by a company other than one Mortgagor would choose, and may be wrJtte, h at a higher rate .than Mortgagor could obtain jf Mortgagor purchased the insurance. 18, ESCROW FOR TAXES AND INGURANCE. Mortgagor will not be required to pay to Lender funds for taxes and insurance in escrow. 19. CO-SIGNERS. If Mortgagor sl6ns this Security Instrument but does not sign the Secured Debts, Mortgagor does so only to mortgage Mortgager'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 Mort~gagor, Mortgagor agrees to waive any rights that may prevent Lender from bringing any action or claim agaJrSt Mortgagor or any party indebted under the obligation. These rights may include, but are not limited to, anY .~.~ti-def c ency or one-action laws. 20. WAIVERS. Except to the exte. q't prohibited by law, Mortgagor waives all homestead exemption rights relating to the Property, 21. APPLICABLE LAW. This Secuirity Instrument is governed by the laws of Wyoming, except to the extent otherwise required by the taws of th,? jurisdiction where the Property is located, and the United States of America. 22. JOINT AND INDIVIDUAL LIABILITY AND SUCCESSORS. Each Mortgago['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 Mortg~'gor. Lender may release any part of the Property and Mortgagor will still be obligated under this Security Insuument for the remaining Property. The duties and benefits of tiffs Security Instrument will bind and benefit the' successors and assigns of Lender and Mortgagor. 23. AMENDMENT, INTEGRATION i~ND SEVERABILITY. This Security Instrument may not be amended or modified by oral agreement. No amendmen~:or modification of this Security Instrument is effective unless made in writing and executed by Mortgagor and l.ender. 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 provisior~s will still be enforceable. 24. INTERPRETATION. whenever used, 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. 25. NOTICE, FINANCIAL REPORT'~ AND ADDITIONAL DOCUMENTS. Unless otherwise required by law, any notice will be given by delivering i~ '~r mailing it by first class mail to the appropriate party's address listed in the DATE AND. PARTIES section, or to ~.ny other address designated in writing. Notice to one party will be deemed to be notice to all part es Mortgage',will inform Lender in writing of any change in Mortgager's name, address or other application information. MNtgagor will provide Lender any financial statements or information Lender requests. All financial statemen-.:s and information Mortgagor gives 'Lender will be correct and complete. Mortgagor agrees to sign, deliver,.~gnd 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, Mortg~g0r agrees to the terms and covenants contained in this Security 'Instrument. Mortgagor also 'acknowledges '. receh~ of a copy of this Security Instrument. Individually LENDER: ' First ~ank - West ~ Penny ~,,/~~t~[(.: ~oan Officer WAYNE DEVORE Wyoming Mortgage WY/4XDoret[aO07252~O_D_004363018061204Y [:i;: ::: ::':':':.':: Inc., St. Cloud, MN EX/5~--~'rL~" initial~/-~% ACKNOWLEDGMENT; . O~:~1~{~I~3 ~' [ '-' 31 fl (Individual) This instrument was acknowledged before me th~. /~ day of ~~ WAYNE DEVORE . My commission exFi~es: ~-/~ ~ X Penny Jones as Real/~, ? DORETrA WEBB ~i~i~0TARY PUBLIC' COUNTY OF ~1~ STATE OF ;, WAYNE DEVORE Wyoming Mortgage h~idal$4g~..5 WY/4XDorettaOO7252OOOO4363018061204Y ©1996 Bankers Systems, nc, St. Cloud MN