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HomeMy WebLinkAbout900297q il) 0 _9 'l Sbace Above 1-his Line For Recording Data MORTGAGE DATE AND PARTIES. The date oz tiffs Mortgage (Security Instrument) is JUNE 10, 2004. The 3arties and their addresses are: MORTGAGOR: GARY E WAGGONER 115068 Hwy 89 ALPINE, Wyoming 83128 LENDER: FIRST NATIONAL BANK - WEST Organized and existing under the laws of the United States of America 100 Greys River Road Alpine, Wyoming 83128 TIN: 83-0162601 1. CONVEYANCE. For good and wluable consideration, the receipt and Sufficiency of which is acknowledged, and to secure the Secured Debts anc Mortgagor's performance under this Security Instrument, Mortgagor grants, bargains, conveys, mortgages and walrants to Lender, with tl~e power of sale, the following described property: LOT 1 OF THE MORENO SUBDIV S ON BEING PART OF SEI/4NW1/4 AND NEI/4SWI/4 OF. SECTION 3, T36N, R119W, ACCORDING TO THAT PIT E'ILED IN THE OFFICE OF COUNTY CLERK, LINCOLN COUNTY, WYOMING The property is located in Lincoln County at 115068 Hwy 89, ALPINE, Wyoming 83128. Together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, all water and riparian rights, wel s, ditches and wa~er 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 Instrumez[ Mil 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 $26,762.27. This lira ration of amount does not include interest and other fees and charges validly made pursuant to this Security lns(rument. Also, this limitation does not apply to advances made under the terms of this Security Instrument to protec~ Lender's security and to perform any of the covenants contained in this Security Instrument. 3. SECURED DEBTS. This Securit~ 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. 764002033, dated June 10, 2004, from Mortgagor . to Lender, with a loan amount o:f $26,762.27. B. All Debts. All present and ~:utdre 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 ]nsirument, 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 or .future loans or advances. Any such commitment must be in writing. In the event that Lender fails to provi(?,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" ir connection with a ".consumer loan," as those terms are defined by federal laW governing unfair and deceptive :redit practices. This Security Instrument will not secure any debt for which a security interest is created in "r~argin stock" and Lender does not obtain a "statement of purpose," as defined and required by federal law gov6rning securities. C. Sums Advanced, All sums adzanced and expenses incurred by Lender under the terms of this Security Instrument. Gary E Waggoner Wyoming Mortgage WY/4XDorettaO0725200004363020061604Y ©1996 Bankers Systems, Inc., St. Cloud, MN ~,~ 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. ',Nith regard to any other mortgage, deed of trust, secur ty agreement or other lien document that created a prior S¢cur ty interest or encumbrance on the Property, Mortgagor agrees: A. To make all payments when C~Je and to perform or comply With all covenants. B. To promptly deliver to Lenderi~ny notices that Mortgagor receives from the holder. C. Not to allow any modification or extens'ion 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. Moi~'itgagor will pay all taxes, assessments, liens, encumbrances, lease payments., ground rents, utilities, and other bharges, relating to the Property when due. Lender may require Mortgagor to provide to Lender copies of all ni~tices that such amounts are due and the receipts evidencing Mortgagor's payment. Mortgagor will defend '{ t~t,e 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-.9 restrictions imposed by federal law governing the preemption of state due-on- sale laws, as applicable. 8. WARRANTIES AND REPRESEN-~ATIONS. Mortgagor has the right and authority to enter into this Security Instrument. The execution and d?ilivery .of tiffs Security Instrument will not violate any agreement governing Mortgagor or to which Mortgagor is,.a party. 9. PROPERTY CONDITION, ALTERiiTIONS AND INSPECTION. Mortgagor will keep the Property in good condition and make all repairs that are reason;~bly necessary. Mortgagor will not commit or allow any waste, impairment, or deterioration of the Property. Mor:tgagor will keep the Property free of noxious weeds and grasses. Mortgagor agrees that the nature of the occ!i?~pancy and use will not substantially change without Lender's prior written consent. Mortgagor will not permi'i:;any change inany license, restrictive covenant or easement witl~out Lender's prior written consent. Mortgagor,lw 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 w!i 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 Le'?~der's inspection. 10. AUTHORITY TO PERFORM. If iMortgagor 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 blortgagor'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'ar's other rights under the law or this Security Instrument. If any construction on the Property is discontinued or i~ot 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 A;)JD 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, licensesi: guaranties and any other written or verbal agreements for the use and occupancy of the Property, includin, g any extensions, renewals, modifications or replacements (Leases); and rents, issues and profits (Rents). In the e'¢ent any item listed as Lease's or Rents is determined to be personal property, this Assignment will also be regarde,d as a security agreement. Mortgagor will promptly provide Lender with copies of the Leases and will certify thesb,:: Leases are true and correct copies. The existing Leases will be provided on execution of the Assignment, and ~"1 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 tills Assignment is in effect, Mortgagor warrants and represents that no do'fault exists under the Leases, and the parties subject to the Leases have not violated any applicable law on eas6,,~, licenses and landlords and tenants. 12. DEFAULT. Mortgagor will be ir~default if any of the following occur: A. Payments. Mortgagor fails to make a payment in full when due. B. InsolVency. Mortgagor ma~.~'~s an assignment for the benefit of creditors or becomes insolvent, either because Mortgagor's liabilities e>:ceed Mortgagor's assets or Mortgagor is unable to pay Mortgagor's debts as they become due. , C. Death or Incompetency. Mo(::~lagor dies or is declared legally incompetent. D. Failure to Perform. Mortgar-j,?r 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. F. Other Agreements. Mortgago. r is in default on any other debt or agreement Mortgagor has with Lender. G. Misrepresentation. Mortgag~?r makes any verbal or written statement or provides any financial information that is untrue, inaccurate, or co~:ceals a material fact at the time it is made or provided. H. Judgment. Mortgagor fails tc':~satisfy 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 authori/t,~ Gary E Waggoner .' ' ' . Wyoming Mortgage Initials WY/4XDoretta, ' · ' 004363020061604Y ' ' ©1 B~- 996 · .-~,,¢'~,,- ~:~tems, Inc., St. Cloud, MN J, Name Change. Mortgagor. ::i~an§es Mortga§or's name or assumes an additional name without notifying Lender before making such a change. K. 'Property Transfer. Mortgagor transfers all or a substantial part of Mortgagor's money or property. This condition of default, as it relates to the transfer of the Property, is subject to the restrictions contained in the DUE ON SALE section. L. Property Value. The value of tlhe Property declines or is impaired. M. Insecurity. Lender reasonabl~/I believes that Lender is insecure. 13. REMEDIES. Lender may use ~y and all remedies Lender has under state or federal law or in any instrument evidencing or pertaining to the Se~:~Jred Debts, including, without limitation, the power to sell the Property. Any amounts advanced on M0rtgagor's. i3ehalf 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 Mortgag0r's default. Subject to any right to cure, requir~,d 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 this Security Instrument in a manner provided by law upon the occurrence of a default or anytime thereafter. Upon any sale of the Property, Le~der will make and deliver a special or limited warranty deed that conveys the property Sold to the purchaser or 2.drchasers. Under this special or limited warranty deed, Lender will covenant ~hat Lender has not caused or allowed a lien or an encumbrance to burden the Property and that Lender will specially warrant and defend the P;c!~perty's title of the purchaser or purchasers at the sale against all lawful claims and demand of all persons claimin!:] by, through or under Lender. The recitals in any deed of conveyance will be prima facie evidence of the facts sutl forth therein. All remedies are distinct, Cumulative'r and not exclusive, and the Lender is entitled to all remedies provided at law or equity, whether or not expressly s,e~ forth. The acceptance by Lender of any sum in payment or partial payment on the Secured Debts after the ba, l~nce 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 WaNe Lender's right.to later consider the event a default if it continues or happens 14. COLLECTION EXPENSES AND ATTORNEYS' FEES. On or after Default, to the extent permitted by law,, Mortgagor agrees to pay all expe~,~',.';es of collection, enforcement or protection of Lender's rights and remedies under this Security Instrument. M0~tgagor agrees to pay expenses for Lender to inspect and preserve the Property and for any recordation costs of r,~lgasmg the Property from tills Security Instrument. Expenses include, but are not limited to, reasonable attorne~.s' fees after default and referral to an attorney not a salaried employee of the Lender. These expenses are due ~iind payable immediately. If not paid immediately, these expenses will bear interest from the date of payment jntil 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 Leander incurs to .collect the Secured Debts as awarded by any court exercising jurisdiction under the Bankruptcy C;ode. 15..ENVIRONMENTAL LAWS AND HAZARDOUS 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 othe,r~federal, state and local laws, regulations, ordinances, court orders, attorney general opinions or interpr.etive letters concerning the public health, safety, welfare, environment or a hazardous substance; and (2) Hazardous Substance 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 envirorment. 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, Mortgagor represents, warrants and 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 generally recognized to be appropriate for the normal use and maintenance of the Property. B. Except as previously disclosed and acknowledged in writing to Lender, Mortgagor and every tenant have been, are, and will remain in ful! ~..ompliance with any applicable Environmental Law. C. Mortgag6r will immediately r~ctify Lender if a release or threatened release of a Hazardous Substance occurs on, under or about the Propert:, 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 Witt~ any Environmental Law. D. Mortgagor will immediately ~i~tify 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 vio'.ation 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 a'ny or all of the Property through condemnation, eminent domain, or any other means. Mortgagor authorizes Len~Jer to intervene in Mortgagor's name in any of the above described actions or claims. Mortgagor assigns to L;~nder the proceeds of any award or claim for damages connected with a condemnation or other taking of al :or any 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 the terms of any prior mortgage, deed of trust, secu;i.:y agreement or other lien document. 17. INSURANCE. Mortgagor agrees to. keep the Property insured against the risks reasonably associated with the Property. Mortgagor will maintain"this insurance in the amounts Lender requires. This insurance will last until the Property is released from this SecL-rity Instrument. What Lender requires pursuant to the preceding two sentences Gary E Waggoner' Wyoming Mortgage Ir WY/4XOo~ettaOO725200004363020061604Y ©1996 Rankers Systems, Inc., St. Cloud, MN can change during the term of the Secured Debts. Mortgagor may choose the insurance company, subject to Lender's approval, which will not Le. unreasonably withheld. All insuranCe policies and renewas will include a standard "mortgage clause" and, whel~'e applicable, "loss payee clause." Mortgagor will give Lender and'th~ 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, ~./lortgagor's rights to any insurance policies and proceeds will pass to Lender to the extent of the Secured Debts. Mortgagor will immediately notify L~ni_ter 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 reqi~i~:ed 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,cns this Security Instrument but does not sign the Secured Debts, Mortgagor does so only to mortgage Mortga.c;o;'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 Mor~ga, gor, Mortgagor agrees to waive any rights that may prevent Lender from bringing any action or claim again.~t Mortgagor or any party indebted under the obligation. These rights may include, but are not limited to,. any a ~ti-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 Securrity Instrument is governed by the laws of Wyoming, except to the extent otherwise required by the laws of th.,~ ~urisdiction where the Property is located, and the United States of America. 22. JOINT AND INDIVIDUAL LIABILITY AND SUCCESSORS. Each Mortgager's obligations under this Security Instrument are independent of the obli;lations 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 Instrurrem 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 effect've 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 provis~on wi l be severed and the remaining provision.,, will still be enforceable. 24. INTERPRETATION. Whenever ~sed, the singular includes the plural and the plural includes the singular. The section headings are for convemenc~. 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 wil 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 ~ny other address designated in writing. Notice to one party will be deemed be not~ce to all parties. Mortgagor will inform Lender in writing of any change in Mortgager's name, address or other application information. Mo.rtgagor will provide Lender any financial statements or information Lender requests. All financial statement.,; ~nd 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 perfecL continue, and 0r~serve 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, Mortga,~o~ agrees to the terms and covenants contained in this Security Instrument. Mortgagor also acknowledges receipt of a copy of this Security Instrument. MOR:TGOR: ' 'Gary [~/,/a~goner Individual LENDER: Pen'-~y ~ ~:state.Loan Officer Gary E Waggoner Wyoming Mortgage -. WY/4XDorettaO~:Z~zr~'taa~4363020061604Y ..... 'Z Initial~ ©1996 Ban~,..~.ms, Inc., St. Cloud. MN ~' ACKNOWLEDGMENT. 0'~ 0'('~'~ ~ (Individual) ,(' ~' ;- ment was aCknowledg6:t before me this Gary E Waggoner. My commission expires: COUNTY OF 1~'~,~ STATa CF }) /~/,zz_. day of /.~s.~_ {~otary P~I~ c } by This instrument was a~-J~w e/dge:t ~;efore n~his/~~y/~, Penny Jones as Real E~e k ,an grocer of First N~ional Bank- West/ / ~ (No~r~ Public) by Gary E Waggoae[ Wyoming Mortgage WY/4XDorertaO0725200004363020061604Y ~1996 Bankers S'¢stems, nc.. St Cloud. MN