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HomeMy WebLinkAbout90032530707 (01) 900325 RECEIVED ,LINCOLN COIlf'.l"fY CLERK Space Above This Line For Recording Data MORTGAGE (With Future Advance Clause) DATE AND PARTIES. The date of.th;s Mortgage (Security InstrumenU is JUNE 18, 2004 The parties and their addresses are: MORTGAGOR: RICHARD C BUDGE Spouse of HEATHER L BUDG~ PO BOX 3777 ALPINE, Wyoming 83128 HEATHER L BUDGE Spouse of RICHARD C BUDGe_ PO BOX 3777 ALPINE, Wyoming 83128 LENDER: FIRST NATIONAL BANK - WEST Organized and existing under th3 laws of the United States of America 100 Greys River Road Alpine, Wyoming 83128 TIN: 83-0162601 1. CONVEYANCE. For good and va u~ble consideration, the receipt and sufficiency'of which is acknowledged, and to secure the Secured Debts and'Mortgagor's performance under tills Security Instrument, Mortgagor grants, bargains, conveys, mortgages and w'arrants to Lender, with the power of sale, the following described property: PARCEL 1 LOT 210 RIVER RANoHES FIRSHING AND EQUESTRIAN ESTATES AT FREEDOM, WYOMING SECOND FILING, LINCOLN COUNT~', WYOMING, ACCORDING TO THAT PLAT FILED MARCH 10, 1999 AS PLAT NO. 383 7 383-A i ,-, PARCEL 2 - LOT TWO (2) OF THE RIDGECREST ESTATES SUBDIVISION AS FILED AND RECORDED WITH THE /-LINCOLN cOUNTY CLERK ON THE 10TH DAY OF MARCH 1993. The property is located in LINCOLN Co.unty at LOT 210 RIVER RANCHES LOT 2 RIDGECREST ESTATES, FREE?OM, Wyoming 83120. Together with all rights, easement;, :appurtenances, royalties, mineral rights, oil and gas rights, all water and riparian rights, wells, ditches and wat: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 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 ~200,000.00. 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 Protect Lender's security and to perform any of the covenants contained in this Security Instrument. ~ 3. SECURED DEBTS. This Security n$'trument 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. 764002025, dated June 18, 2004, from Mortgagor to Lender, with a loan amount o~ $;200,000.00. One or more of the debts secured by this Security Instrument contains a future advance provisi'm! r~),.~ RICHARD C BUDGE Initial Wyoming Morlgage WY/4 XOorettaO~7~n~OO4363025061704Y ~ ©1996 aao-k-~ms Inc., Cloud, MN ~r~." ~7=- Page 1 B. All Debts. All present and ~u~ure debts from Mortgagor to Lender, even if this Security Instrument is. not specifically referenced, or if th~: fi2ture debt is unrelated to or of a different type than this debt. If more than one person signs this Security ,In,.i;trument, each agrees that it will secure debts incurred either individually or with others who may not sig~i, this Security Instrument. Nothing in this Security Instrument constitutes a commitment to make additional o(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 Mortgag;gr';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" iri Connection with a "consumer loan," as those terms are defined by federal law governing unfair and deceptive credit practices. This Security Instrument wilt not secure any debt for which a security interest is created in "~n~rgin stock" and Lender does not obtain a "statement of purpose," as defined and required by federal law governing securities. C. Sums Advanced. All sums advanced and expenses incurred by Lender under the terms of this Security Instrument. 4. PAYMENTS. Mortgagor agrees itbat all payments under the Secured Debts will be paid when due and in accordance with the terms of'the ,C:ebured 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 '~ecurity interest or encumbrance on the Property, Mortgagor agrees: A. To make all payments when 'du'.e and to perform or comply with all covenants. B. To promptly deliver to Lende~ a3y notices that Mortgagor receives from the holder. C. Not to allow any modifica;'ioi~ or extension of, nor to request any future advances under any note or agreement secured by the lien qoclument 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 charges 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 t;tle to the Property against any claims that would impair the lien of this Security Instrument. Mortgagor agrees m 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 lis 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 t'i~e!' restrictions imposed by federal law governing the preemption of state due-on- sale laws, as applicable. 8. WARRANTIES AND REPRESEI~'TATIONS. Mortgagor has the right and authority to enter into this Security Instrument. The execution and ~el!ivery of this Security Instrument will not violate any agreement governing Mortgagor or to which Mortgago? i'; d party. 9. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mortgagor will keep the Property in good condition and make all repairs that are reasonably 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 oc.zupancy 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. Mortgago; Will notify Lender of all demands, proceedings, claims, and actions against Mortgagor, and of any loss or damlag~ to the Property. Lender or Lender's agents may, a': Lender's option, enter the Property at any reasonable time for the purpose of inspecting the Property. Lender ',vil:l give Mortgagor notice at the time of or before an inspection specifying a reasonable purpose for the inspeqlion. Any inspection of the Property will be entirely for Lender's benefit and Mortgagor will in no way rely on L~mder'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, w:ithout notice, perform or cause them to be performed. Mortgagor appoints Lender as attorney in fact to sign Mortgagor's name or pay any amount necessary for performance. Lender's right to perform for Mortgagor will not ,;re,ate an obligation to perform, and Lender's failure to perform will not preclude Lender from exercising any of Lende~!'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 AN~3 RENTS. Mortgagor assigns, grants; ·bargains, conveys, mortgages and warrants to Lender as additional :;ecurity all the right, title and interest in the following (Property): existing or futu[e leases, subleases, licenses, guaranties and any other written or verbal agreements for the use and occupancy of the Property, includiqg any extensions, reneWals, modifications or replacements (Leases); and rents, issues and profits (Rents). In the ev'.ent any item listed as Leases or Rents is determined to be personal property, this Assignment will also be regarde~ 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 e, xisting 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~. ~xecuted. 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 Secu?ec~ Debts are satisfied. As long as this Assignment is in effect, Mortgagor warrants and represents that no cefault exists under the Leases, and the parties subject to ~he Leases have not violated any applicable law on leases; licenses and landlords and tenants. 12. DEFAULT. Mortgagor will' be ia default if any of the following occur: A. Payments. Mortgagor fails t) make a payment in full when due. RICHARD C BUDGE Wyoming Mortgage WY/4XDoretta00725200004363025061704Y ©1996 Bankers Systems, Inc., St. C'loud. MN ~,~ h~itial~'~,__~ Page 2 B. Insolvency or Bankruptcy. Anl.y legal entity obligated on the Secured Debts makes an assignment for the benefit of creditors or become i~s'alvent, either because its liabilities exceed its assets or it is unable to pay its debts as they become due; or i-': I~et tions for protection under federal, state or local bankruptcy, insolvency or debtor relief laws, or is the subject of a petition or action under such laws and fails to have the petition or action dismissed within a reasonable period of time not to exceed 60 days. C. Death or Incompetency. MOrtgagor dies or is declared legally incompetent. D. Failure to Perform. Mortgago? fails to perform any condition or to keep any promise or covenant of this Security Instrument. E. Other Documents. A default ~curs under the terms of any other transaction document. F. Other Agreements. Mortgagor is in default on any other debt or agreement Mortgagor has with Lender. G. Misrepresentation. Mortgager!makes any verbal or written statement or provides any financial information that is untrue, inaccurate, or cor 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 usb, d'in a manner or for a purpose that threatens confiscation by a legal authority. J. Name Change. Mortgagor !:h. anges Mortgagor's name or assumes an additional name without notifying Lender before making such a ch~n~e. 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.the Property declines or is impaired. M. Insecurity. Lender reasonably believes that Lender is insecure. 13. REMEDIES. Lender may use ~.m,! and all remedies Lender has under state or federal taw 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 rr'ake a claim for any and all insurance benefits or refunds that may be available on Mortgagor's default. Subject to any righl~ to cure, requirad time schedu es or any other notice rights Mortgagor may have under federal and state laTM, Lender may make' ~11 or any part of the amount owing by the terms of the Secured Debts immediately due and foreclose thi:; !~ecurity Instrument in a manner provided by law upon the occurrence of a default or anytime thereafter. , Upon any sale of the Property, Leander will make and deliver a special or limited warranty deed that conveys the property sold to the purchaser or oufchasers. Under this special or limited warranty deed, Lender will covenant tt~at Lender has not caused or al'~vized a lien or an encumbrance to burden the Property and that Lender will specially warrant and defend the Pr0P. erty's title of the purchaser or purchasers at the sale against all lawful claims and demand of all persons claimin~j F,y, through or under Lender. The recitals in any deed of conveyance will be prima facie evidence of the facts set forth [herein. All remedies are distinct, cumulativa and not exclusive, and the Lender is entitled to all remedies provided at law or equity, whether or not expressly sat forth. The acceptance by Lender of any sum in payment or partial payment on the Secured Debts after' the balar:~ce 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 AN[~ ~:X, TTORNEYS' 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. M('irtgagor agrees to pay expenses for Lender to inspect and preserve the Property and for any recordation costs of r~deasing the PrOperty from this Security Instrument. Expenses include, but are not limited ~o~ attorneys' fees, court costs and other legal expenses. These expenses are due and payable immediately. If not paid immediat,ly', these expenses will bear interest from the date of payment until paid in full at the highest interest rate in effec~ as provided for in the terms of the Secured Debts. To the extent permitted by the United States Bankruptcy Coc.;e,: Mortgagor agrees to pay the reasonable attorneys' fees Lender incurs to collect the Secured Debts as awar~gd by any court exercising jurisdiction under the Bankruptcy Code. 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; ~ederal, state and local laws, regulations, ordinances, court orders, attorney ,general opinions or interpretive let,-ers 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 characteris;:ics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or envirc, n~ent. 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 an(J ~grees that~ A. Except as previously disclosed ~nd acknowledged in writing to Lender, no Hazardous Substance is or will be located, stored or released on,.or in the Property. This restriction does rot apply to small quantities of Hazardous Substances that are genera y 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 full compliance with any applicable Environmental Law. C. Mortgagor will immediately 'r, otify 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 t~ke. all necessary remedial action in accordance With any Environmental Lav~.~ FIICHARD C BUDGE Wyoming Mortgage WY/4XDorett~7-? ¥7~)04363025061704Y Inixials~_~~ Pago 3 D. MOrtgagor will immediately n;sti,fy Lender in writing as soon as Mortgagor has reason to believe there is any pending or threatened investigatioi~, claim, or proceeding relating to the release or threatened release of any Hazardous Substance or the violation 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 Lenc?er, to intervene in Mortgagor's name in any of the above described actions or claims. Mortgagor assigns to Lenaer the proceeds of any award or claim for damages 'connected with a condemnation or other taking of all o!; any part of the Property. Such proceeds will be considered payments and will be. applied as provided in this Sec~drity Instrument. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, securlW~ 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 Security Instrument. What Lender requires pursuant to the preceding two sentences can change during the term of th~. 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, where applicable, "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 c'f the Property or to the Secured Debts, at Lender's option. If Lender acquires the Property in damaged condition, ~ortgagor's rights to any insurance policies and proceeds will pass to Lender to l~he extent of the Secured Debts. . Mortgagor will immediately notify I~snder of cancellation or termination of insurance. If Mortgagor fails to keep the Property insured Lender may obtai~ insurance to protect Lender's interest in the Property. This insurance may include coverages not originally required of Mortgagor, may be written by a company other than one Mortgagor would choose, and may be writt~'n 'at a .higher rate than Mortgagor could obtain if Mortgagor purchased the insurance. 18. ESCROW 'FOR TAXES AND IN,gU;~ANCE. Mortgagor will not be required to pay to Lender funds for taxes and insurance in escrow. '. 19. CO-SIGNERS. If Mortgagor si;ns this Security Instrument but does not sign the Secured Debts, Mortgagor does so only to mortgage Mortga2or'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 [hat 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 .l~rohibited by law, Mortgagor waives all homestead exemption rights relating to the Property. 21. APPLICABLE LAW. This Securi':;y 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 LIABILITY AND SUCCESSORS. Each Mortgagor'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 Mortga~jor. Lender may release any part of the Property and Mortgagor will still be obligated under this Security Instrument 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 Z~Ni3 SEVERABILITY. This Security nstrument may not be amended or modified by oral agreement. No amendmem 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 provisiops will still be enforceable. 24. INTERPRETATION. Whenever' used, the singular includes the plural and the plural includes the singular. The section headings are for convenien,ie 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 will be given by delivering i1~ or mailing it by first class mail to the appropriate party's address listed in the DATE AND PARTIES section, or to ~n'¢ other address designated in writing. Notice to one par~y 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. Mort;jagor will provide Lender any financial statements or information Lender requests. All financial statemenls and 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 p~eserve Mortgagor's obligations under this Security Instrument and to confirm Lender's lien status on any Property. Time is of the essence. Irdlial~ RICHARD C BUDGE Wyoming Morlgage WY/4XOo~et~aO0725200004363025061704Y ©1996 Bankers Systems, Inc., St. Cloud. MN ~ Page 4 4 SIGNATURES. By signino, Mortoaco~' agrees to the terms and covenants contained in this Security Instrument. Mortga0or also acknowledges re.ceip: of a copy of this Security Instrument. MORTCGAGOR: RICHARD C I~0DGE ___[~.~iv i d u a Ily/"~ HEATHER L BUDGE Individual y ,: LENDER: First Nsz~ank - West AOKNOWLEDGMENT. (Individual) This instrument was acl~nowledged.¢efore me this ,,/~" day of RICHARD C BUDGE , spouse of HEATHER L BUDGE, and HEAT~j:IF~ L BUDGEi~spouse of RICHARD C BIJDGE. My commission expires: ,/~. /) ~ . - by (Len,,der Acknowledgment) _ , Th~s tnstrument was ackn~wledgedbgfore me th~s /'~ day of Penny Jones as Real Estate Loan Oflic,~r of First National Bank - West. My commission expires:/~_~ ~¢O ¢~ SS, by RICHARD C BUDGE Wyoming Mortgage WY/4XDorettaO03~r'~flrlOr)4363025061704Y ©1996 BarC~c~orns, Inc., St. Cloud, MN ~1~," Inilials Page 5