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HomeMy WebLinkAbout900388BOOK 650 9 00 :" 88 EC._I .zE[) i:_INCOI...N ,(' ,",,?Y OLERI< Si?ace Above This Line For Recording Data MORTGAGE (With Future Advance Clause) DATE AND PARTIES. addresses are: The date of .tHis Mortgage (Security Instrument) is June 9, 2004. MORTGAGOR: FLOYD SUCHER 1305 E. Riverside Dr'. St. George, Utah 84790 GERALDINE H SUCHER 1305 E. Riverside Dr. St. George, Utah 84790 The parties and their LENDER: FIRST NATIONAL BANK - WEST Organized and existing under ':~'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 valuable 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: ~/t Lot 19 of Star Valley Ranch plat 7, Linceln County, Wyoming as described in ¢t-e official' IL plat thereof. The property is located in Lincoln Co~'mty at 321 Cedar Drl, Thayne, Wyoming 831 '10. Together with all rights, easement.,,' appurtenances, royalties, mineral rights, oil and gas rights, all water and riparian rights, wells, ditches and w~ter stock and all existing and future improvements, structures, fixtures, and replacements that may now, or at ~n.y time in the future, be part of the real estate described (all referred to as Property); This Security Instrument will remain in effect until the Secured Debts and all underlying agreements have been terminated in writing by Lander. 2. MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at any one time will not exceed $125,000.00. Thi~; limitation of amount does not include interest and other fees and charges validly made pursuant to this Securit:z 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 I~strument 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. 64003130, dated June 9, 2004, from Mortgagor to Lender, with a loan amount of $125,000.00. One or more of the debts secured by this Security Instrument contains a future advance provisi¢ n,. B. Sums Advanced. All sums a'd~anced and expenses incurred by Lender under the terms of this Security Instrument. 4. PAYMENTS. Mortgagor agrees ti'~at 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. WiZh ,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. ///. FLOYD SUCHER Wyoming Mo,tgage , r, itials ' -~',~.~..-- WY/4XsherrisO0725200004363026060904 y ©1996 Bankers Systems, Inc., St. Cloud, MN J=~-~'r~" Page ..... 654" B. To ~romptly deliver to Lender any notices that Mortgagor receives from the holder. C. NOt to allow any modificatioq 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!lager will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other chmges relating to the Property when due. Lender may require Mortgagor to provide to Lender copies of all notices 'that such amounts are due and the receipts evidencing Mortgager's payment. Mortgagor will defend title; to the Property against any claims that would impair the lien of this Security Instrument. Mortgagor agrees to ~ssign to Lender, as reques[ed by Lender, any rights, claims or defenses Mortgagor may have against parties ~Jho supply labor or materials to maintain or improve the Property. 7. DUE ON SALE. Lender may, at i~s option, declare the entire balance of the Secured Debts to be immediately due and payable upon the creation ~if, or contract for the creation of, a transfer or sale of all or any part of the Property. This right is subject to theI restrictions imposed by federal law governing the preemption of state due-on- sale laws, as applicable. 8. WARRANTIES AND REPRESENTi:i~TIONS. Mortgagor has the right and authority to enter into this Security Instrument. The execution and del;very 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'01y necessary. Mortgagor will not commit or allow any waste, impairment, or deterioration of the Property. Mortt,!agor will keep the Property free of noxious weeds and grasses. Mortgagor agrees that the nature of the occu0ancy and use will not substantially change without Lender's prior written consent. Mortgagor will not permit .my change in any license, restrictive covenant or easement without Lender's prior written consent. Mortgagor V.!ill notify Lender of all demands, proceedings, claims, and actions against Mortgagor, and of any loss or damag6 to the Property. Lender or Lender's agents may, at Lander's option, enter the Property at any reasonable time for the purpose of inspecting the Property. Lender wif. give Mortgagor notice at the time of or before an inspection specifying a reasonable purpose for the inspection. Any inspection of the Property will be entirely for Lender's benefit and Mortgagor will in no way rely on Leto er's inspection. 10. AUTHORITY TO PERFORM. If N'ortgagor 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 MoYtgagor's. name or pay any amount necessary for performance. Lender's right to perform for Mortgagor will not cre.~te 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 net carried on in a reasonable manner, Lender may take all steps necessary to protect Lender's security interest in tl~e Property, including completion of the construction. 11. ASSIGNMENT OF 'LEASES ANi) 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, includinglany 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 e: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 ~'~ther funds. Mortgagor agrees that this Security Instrument is immediately effective between Mortgagor and D':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 def;~ult 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 or Bankruptcy. An:/ legal entity obligated on the Secured Debts makes an assignment for the benefit of creditors or become ins)lvent, either because its liabilities exceed its assets or it is unable to pay its debts as they become due; or it f:etitions 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 reasona[ le period of time not to exceed 60 days. C. Death or Incompetency. Mortgigor dies or is declared legally incompetent. D. Failure to Perform. Mortgagoi! fails to perform any condition or to keep any promise or covenant of this Security Instrument. E. Other Documents. A default oc:urs 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. Mortgagor 'makes any verbal or written statement or provides any financial information that is untrue, inaccurate, or conc~ als a material fact at the time it is made or provided. H. Judgment. Mortgagor fails to Si~tisfy 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 authority. J. Name Change. Mortgagor changes Mortgager's name or assumes an additional name without notifying Lender before making such a chan,je. FLOYD SUCHER Wyoming Mortgage Initials WY/4XshemsOO725200004363026060904Y ©1996 Bankers Systems, Inc., St. Cloud, MN ,5,x'JS~" Page 2 ~- : ~: "~<',-v,';',~.';i~ :~-~'7~-¥i 7.?, ~" :' ::~ i K. Property TranSfer. Mortgago::. 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 tl-!e Property declines or is impaired. M. Insecurity. Lender reasonably believes that Lender is insecure· 13. REMEDIES. Lender may use an~,. and all remedies Lender has under state or federal law or in any instrument evidencing or pertaining to the Secu?ed Debts, including, without limitation, the power to sell the Property. Any amounts advanced on Mortgagor's t:ehalf will be immediately due and may be added to the balance owing under the Secured Debts. Lender may ma~:e 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 ~11 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, Len(i~.er will make and deliver a special or limited warranty deed that conveys the property sold .to the purchaser or p~;rchasers; 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 Pro~)erty's title of the purchaser or purchasers at the sale against all lawful claims and demand of all persons claiming ili)y, through or under Lender. The recitals in' any deed of conveyance will be prima facie evidence of the facts set forth therein. A remedies are distinct, cumulative and not eXclusive, and the Lender is entitled to all remedies provided at law or equity, whether or not expressly semi forth. The acceptance by Lender of any sum in payment or partial payment on the Secured Debts after the bala,~ce is due or is accelerated or after foreclosure proceedings are filed will not constitute a waiver of Lender's righ:iito require full and complete cure of any existing default. By not exercising any remedy, Lender does not waive ILender's right to later consider the event a default if it continues or happens again. 14. COLLECTION EXPENSES AND ATTORNEYS' FEES. On or after Default, to the extent permitted by law, Mortgagor agrees t° pay all expenses of collection, enforcement or prote.ction of Lender's rights and remedies under this Security Instrument. Mor::gagor agrees to pay expenses for Lender to inspect and preserve the Property and for any recordation costs of reh:ilasing the Property from this Security Instrument. 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 due 8nd payable immediately· If not paid immediately, these expenses will bear interest from the date of payment ur.til 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 Lender incurs to collect the Secured Debts as awarded by any court exercising jurisdiction under the Bankruptcy C.ocle. 15. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this. section, (1) Environmental Law means, without limitation, the Com¢i, ehensive Environmental Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), all other ?ederal, 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 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 environment. The term includes, without limitation, any substances defined as "hazardous material,, "toxic subst~i~Ce," "hazardous waste," "hazardous substance," or "regulated substance" under any Environmental Law. Mortgagor represents, warrants and ~grees that: A. Except as previously disclosed 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 .c~.nerally 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 c::)mpliance 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 ncdfy Lender in writing as soon as MortgagOr has reason to believe there is any pending or threatened investigation, claim, or proceeding relating to the release or threatened release of any Hazardous Substance or the wola' ~on of any Environmental Law. 16. CONDEMNATION. Mortgagor w;ll give Lender prompt notice of any pending or threatened action by private or public entities to purchase or take ai'w or all of the Property through condemnation, eminent domain, or any other means. Mortgagor authorizes Lend~:~ to intervene in Mortgagor's name in any of the above described actions or claims. Mortgagor assigns to Leh:ler the proceeds of any award or claim for damages connected with a condemnation or other taking of all )r 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, securiW agreement or other lien document. 17. INSURANCE. Mortgagor agrees ~o keep the Property insured against the risks reasonably associated with the Property. Mortgagor will mainta n tl-~is insurance in the amounts Lender requires. This insurance will last until the Property is released from this Securi'::y 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 b"¢ unreasonably withheld. All insurance policies and renewals will include a standard "mortgage clause" and, wh,'~re applicable, "loss payee clause." /y, FLOYD SUCHER ~ ~.~..~_ Wyoming Morlgage Ir~itials WY/4XsherrisOO725200004363026060904Y ©1996 Bankers Systems, Inc., SL Cloud. MN ~-~'"~" Page Mortgago'r will give Lender and the i'::surance company immediate notice of any loss. All'insura~be'-proceeds will be applied to restoration or repair of..~he Property or to the Secured Debts, at Lender's option. If Lender acquires the Property in damaged condition, IV ..ortgagor's rights to any insurance policies and proceeds will pass to Lender to the extent of the Secured Debts. Mortgagor will immediately notify Le~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 requ:ed of Mortgagor, may be written by a company other than one Mortgagor would choose, and may be written'"at a higher rate than Mortgagor could obtain if Mortgagor purchased the insurance. 18. ESCROW FOR TAXES AND INSI~RANCE. Mortgagor will not be required to pay to Lender funds for taxes and insurance in escrow. 19. CO-SIGNERS. If Mortgagor sigl,s this Security Instrument but does not sign the Secured Debts, Mortgagor does so only to mortgage Mortgago"s interest in the Property to secure payment of the Secured Debts and Mortgagor does not agree to be pelsonally liable on the Secured Debts. If this Security Instrument secures a guaranty between Lender and Mort.r.'agor, Mortgagor agrees to waive any rights that may prevent Lender from bringing any action or claim againsi:~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'prohibited by law, Mortgagor waives all homestead exemption rights relating to the Property. 21 APPLICABLE~ LAW. This Secu6ty Instrument is governed by the laws of Wyoming, except to the extent otherwise required by the laws of the ;'urisdiction 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 ob;i§ations of any other Mortgagor. Lender may sue each Mortgagor individually or together with any other Mortgage,;'. Lender may release any part of the Property and Mortgagor will still be obligated under-this Security Instrur.Jent for the remaining Property. The duties and benefits of this Security Instrument will bind and benefit the su'ccessors and assigns of Lender and Mortgagor. 23. AMENDMENT, INTEGRATION Aff~D SEVERABILITY. This Security Instrument may not be amended or modified by oral agreement. No amendment ct modification of this Security Instrument is effective unless made in writing and executed by Mortgagor and Lelrder. 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. ~vill still be enforceable. 24. INTERPRETATION. Whenever u?,d, the singular includes the plural and the plural includes the singular. The section headings are for convenience ~n[y 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 cr mailing it by first class mail to the appropriate party's address listed in the DATE AND PARTIES section, or to a~v 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.. Mor'gagor 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, ~qd 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. SIGNATURES. By signing, Mortgag~.~ agrees to the terms and covenants contained in this Security instrument. Mortgagor also acknowledges receipt Of a copy of this Security Instrument. MORTGAGOR: · FLOYD ~SUCI:IER Indiv. i. dually G'-~R~,LDII~E t~ 'SUCHER Individually FLOYD SUCHER Wyoming Mortgage WY/4XsherrisOO7252OOOO4363026060904Y ©1996 Bankers Systems, Inc., SI. Cloud, MN Initials Page 4 ACKNOWLEDGMENT. (Individual) This instrument was ;c~n"owieOg_~l b~foro m; t'hi& FLOYD SUCHER . My commission expr~es: ~//0d My Commission Expire~~A~ 6 5 day of ,...~/~. (Individual) This instr-~ment was'ac~n-o~l;~,~ b',foro GERALDINE H SUCHER . My commission expire's: by (Lender Acknowledgment) This instrument was acl(r;owledJd b~.fo-re me' th'l/s ~/ ' day ~f ~'k.z/~/../7 ~ Roxie Jenkins as Real Estate Loan Olricer of First National Bank - West. My commission expi;'es: ~¢--~. q~ o~e)-'(' .qJ' (Notary Public) DONALD S STALE~~ My Commission Expires Februe~ by FLOYD SUCHER Wyoming Mortgage WY/4XsherrisO0725200004363026060904Y Initials ©1996 Bankers Systems, Inc., St. Cloud, MN ~r~" Page 5