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HomeMy WebLinkAbout90043030709 ._ 5 5 a.. _ _ ~P~ PAGL RECEIVED ['.! ~:7 '5, [ !,'...! i '~ .... c. [, I ( Space Above This Line For Recording Data MORTGAGE DATE AND PARTIES. The date of thi¢ Mortgage (Security Instrument) is January 30, 2003. The parties and their addresses are: MORTGAGOR: MICHAEL D NEUENSCHWANE ~SR P O BOX 1235 AFTON, Wyoming 83110 RECHELLE NEUENSCHWANDr/[1 P O BOX 1235 AFTON, Wyoming 83110 LENDER: FIRST NATIONAL BANK - Organized and existing under t ~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 Mortgager's performance under this Security Instrument, Mortgagor grants, bargains, conveys, mortgages and war'ants to Lender, with the power of sale, the following described property: See attached schedule A The property is located in LINCOLN C.~unty at P O BOX 1235, AFTON, Wyoming 83110. Together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, all water and riparian rights, wells, ditches and w~tar stock and all existing and future improvements, structures, fixtures, and replacements that may now, or at an'/ time in the future, be part of the real estate described (all referred to as Property). This Security Instrument ~ill remain in effect until the Secured Debts and all underlying agreements have been terminated in writing by Lender. 2. MAXIMUM OBLIGATION LIMIT. -[he total principal amount secured by this Security Instrument at any one time will not exceed $55,000.00. This limitation of amount does not include interest and other fees and charges validly made pursuant to this Security. Instru,-ri~ent. 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 Irstrument will secure the following Secured Debts: A. Specific Debts. The following debts and all extensions, renewals, refinancings, modifications and replacements. A promissory note ).- other agreement, No. 64003135, dated June 18, 2004, from Mortgagor to Lender, with a loan amount of $55,000.00. B. Sums Advanced. All sums adx"anced and expenses incurred by Lender under the terms of this SeCurity Instrument. 4. PAYMENTS. Mortgagor agrees ';:t:.~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. Wit, h 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 du~-:.and to perform or comply with all covenant's. B. To promptly deliver to Lender m'y notices that Mortgagor receives from the holder. MICHAEL D NEUENSCHWANDER Wyoming Mortgage ~ initiate?,)/) ..~.~, WY/4stefanieOO7252OOOO4363019061804Y , ©1996 Bankere Systems, Inc., St. Cloud, MN ~---~' Page 1 C; Notto allow any modification or extension of, nor to request any future advances under any note or agreement secured by the lien do('~ument without Lender's prior written consent. 6. CLAIMS AGAINST TITLE. Mort.~i~gor 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 notices 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, 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 it~ option, declare the entire balance of the Secured Debts to be immediately due and payable upon the creation 01, or contract for the creation of, a transfer or sale of all or any part of the Property. This right is subject to the restrictions imposed by federal law governing .the preemption of state due-om sale laws, as applicable, 8. WARRANTIES AND REPRESENT~,TIONS. Mortgagor has the right and authority to enter into this Security Instrument. The execution and deliuery 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 reasonably necessary. Mortgagor will oct 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 occuplancy and use will not substantially change without Lender's prior written consent. Mortgagor will not permit ~ny 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 ~ender's option, enter the Property at any reasonable time for the purpose of inspecting the Property. Lender. W;II. give Mortgagor notice at the time of or before an inspection specifying a reasonable purpose for the inspectign. Any inspeCtion of the Property will be entirely for Lender's benefit and Mortgagor will in no way rely on Lerld.~r's inspection. 10. AUTHORITY TO PERFORM. If blgrtgagor fails to perform any duty or any of the covenants contained in this Security Instrument, Lender may, ~'vi~hout notice, perform or cause them to be performed. Mortgagor appoints Lender as attorney in fact to sign M)rtgagor'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(~r~s other rights under tile law or this Security Instrument. If any construction on the Property is discontinued or r=,oit 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 AND RENTS. Mortgagor assigns, grants, bargains, conveys, mortgages and warrants to Lender as additional s~,curity 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, includin!~l .any 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 Leases are true and correct copies. The existing Leases will be provided on execution of the Assignment, and a!! future Leases and any other information with respect to these Leases will be provided immediately after theyare:executed. Mortgagor may collect, receive, enjoy and use the Rents so long as Mortgagor is not in default, Upon ~e"[ault, 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 ~_~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 d~f~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 dlefault if any of the following occur: A. Payments. Mortgagor fails to n. iake a payment in full when due. B. Insolvency. Mortgagor makes 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. Mortg ~gor dies or is declared legally incompetent. D. Failure to Perform. Mortgagor" 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.' 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 conceals a material fact at the time it is made or provided. H. Judgment. Mortgagor fails to slatisfy 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 (:hanges Mortgagor's name or assumes an additional name without notifying Lender before making such a ch~,nge. K. Property Transfer, Mortgag~rltransfers all or a substantial part of Mortgagor's money or property. This condition of default, as it relate,S '[o 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. MICHAEL D NEUENSCHWANDER Wyoming Mol'lgige WY/4stefanieOO725200004363019061BO4Y ©1996 8ankexs Systems, Inc., SI. Cloud, MN ~" Page 2 'osoo4ao .... · 76 M. Insecurity. Lender reasonably b?lieves that Lender is insecure. 13. REMEDIES. Lender may use an,, :and all remedies Lender has under state or federal law erin any instrument evidencing or pertaining to the Secqc~d Debts, including, without limitation, the power to sell the Property. Any amounts advanced on Mortgager's fiehalf 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 Mortgager'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 al! or any part of tile amount owing by the terms of the Secured Debts immediately due and foreclose this Si~=curity Instrument in a manner provided by law upon the occurrence of a default or anytime thereafter. Upon any sale of the Property, Lende.,' 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 allo~,w~d a lien or an encumbrance to burden the Property and that Lender will specially warrant and defend the Prot)d~rty's title of the purchaser or purchasers at the sale against all lawful claims and demand of all persons claiming !W, through or under Lender. The recitals in any deed of conveyance will be prima facie evidence of the facts set forth therein. All remedies are distinct, cumulative ~r)d not exclusive, and the Lender is entitled to all remedies provided at law or equity, whether or not expressly set f,orth. The acceptance by Lender of any sum in payment or 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 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 AND '~,:i'TORNEYS' FEES. On or after Default, to the extent permitted by law, Mortgagor agrees to pay all expens~m of collection, enforcement or protection of Lender's rights and remedies under this Security Instrument. Mortgagor agrees to pay expenses for Lender to inspect and preserve the Property and for any recordation costs of rel~:~sing the Property from this Security Instrument. Expenses include, but are not limited to, reasonable attorneysl f,ges after default and referral to an attorney not a salaried employee of the Lender. These expenses are due a.".~d payable immediately. If not paid immediately, these expenses will bear interest from the date of payment unit' paid in full at the highest interest rate in effect as provided for in the terms of the Secured Debts. To the exter: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 Coca . 15. ENVIRONMENTAL LAWS AND I-'%ZARDOUS SUBSTANCES. As used in this.section, (1) Environmental Law means, without limitation, the Comp ¢ihensive Environmental Response, Compensation and Liability Act (CERCLA, 42 U,S.C. 9601 et seq.), all other %deral, state and local laws, regulations, ordinances, court orders, attorney general opinions or interpretive lette;s 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 substance," "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 cr in the Property. This restriction does no~ apply to small quantities of Hazardous Substances that are gert'erally 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 not!fy Lender if a release or threatened release of a Hazardous Substance occurs on, under or about the Property C'f there is a violation of any Environmental Law concerning the Property. In such an event, Mortgagor will tak~'a necessary remedial action in accordance with any Environmental Law. D. Mortgagor will immediately nolif;¢ 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 violatioq of any Environmental Law. 16. CONDEMNATION. Mortgagor will give Lender prompt nbtice of any pending or threatened action by private or public entities t° purchase or take a~y,,or all of the Property through condemnation, eminent domain, or any other means. Mortgagor authorizes Lende' ilo intervene in Mortgager's name in any of the above described acdons or claims. Mortgagor assigns to Lender the proceeds of any award or claim for damages connected with a condemnation or other taking of all tr?ny 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, securit,~, 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 ths. insurance in the amounts Lender requires. This insurance will last until the Property is released from this Securit'./ inStrument. What Lender requires pursuant to the preceding two sentences can change during the term of the ;ecured Debts. Mortgagor may choose the insurance company, subject to Lender's approval, which will not b~ !Jnreasonably withheld. All insurance policies and renewals will include a standard "mortgage clause" and, wh~:r~ applicable, "loss payee clause." Mortgagor will give Lender and the ir~Surance company immediate notice of any loss. All insurance proceeds will be applied to restoration or repair of'"t[~e Property or to the Secured Debts, at Lender's option. If Lender acquires the Property in damaged condition~ Mo~!'tgagor's rights to any insurance policies .and proceeds will pass to Lender to the extent of the Secured Debts. " MICHAEL D NEUENSCHWANDER , .! Wyoming Morlo,~Oa initiai~57}2.~. WY/4stet'anieOO725200004363019061804Y :t :; ©1996 Bankers Systems, Inc.. St. Cloud. MN Fo.-l~" Page 3 Mortgagor will immediately notify Lendgr of cancellation or termination of insurance. If Mortgagor fails to keep the Property insured Lender may obtain iin~surance 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 writtenI a:,~ a higher rate than Mortgagor could obtain if Mortgagor purchased the insurance. ' . 18. ESCROW FOR TAXES AND INS0RANCE. As provided in a separate agreement, Mortgagor agrees to. pay to Lender funds for taxes and insurance in escrow. 19. CO-SIGNERS. If Mortgagor signs.this Security Instrument but does not sign the Secured Debts, Mortgagor does so only to mortgage Mortgag0r's interest in the Property to secure payment 'of the Secured Debts and Mortgagor does not agree to be pe~'s.~nally liable on the Secured Debts. If this Security Instrument secures a guaranty between Lender and Mort.(,la~lor, Mortgagor agrees to waive any rights that may prevent Lender from bringing any action or claim agains'i' 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 Secuiit¥ 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 LABILI!:Y AND SUCCESSORS. Each Mortgager's obligations under this Security Instrument are independent of the oblif~ations of any other Mortgagor. Lender may sue each Mortgagor individually or together with any other Mortgag,.~r~ Lender may release any part of the Property and Mortgagor will still be obligated under this Security Instru'nent for the remaining Property. The duties and benefits of this Security Instrument will bind and benefit the .~uccessors and assigns of Lender and Mortgagor. 23. AMENDMENT, INTEGRATION AND SEVERABILITY. This Security Instrument may not be amended 'or modified by 0ral agreement. No amendment orl modification of this Security Instrument is effective unless made in writing and executed by Mortgagor and L~nder. This Security Instrument is the complete and final expression of the agreement. If any provision of this ,~:e;;ur ty Instrument is unenforceable, then the unenforceable provision will be severed and the remaining provisions will still be enforceable. 24. 'INTERPRETATION. Whenever LS~.:~d, the singular includes the plural and the plural includes the singular. The section headings are for convenienc~~, 0nly 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 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 party will be deemed to be notice to all parties. Mortgagor will inform Lender in writing of any change in Mortgager's name, address or other application information. Mortgagor will provide Lender any financial statements or information Lender requests. All financial statement~ '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 .oreserve 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, Mortgage/; agrees to the terms and covenants contained in this Security Instrument. Mortgagor also acknowledges receipt of a copy of this Security Instrument. MliSHAEL D NEUEN[~C~IWANDF_"~ Individually ~LIHELLE NE~ENSCHWANI.)ER -- Individually LENDER: MICHAEL D NEUENSCHWANDER Wyoming Mo~lgaOe WYl4stefanieOO725200004363019061804Y ©1996 Banke[s Systems, Inc., St, Cloud, MN ~x'~--'~" / ni[ials . P~Oe 4 ACK'NOWLEDGMENT. (Individual) ~ o~ <~,~.~,~ ~,_ . r~-?~_..~°~'~'~'~'' This instrument was ~knowle~ged t:,~fore me ~his ~./~ day of MICHAEL~ NEUENSCHWANDER, arid RECHELLE NEUENSCHWANDER. My commiss,on expir:~:/-~~ RO(3ER J. COLI~a~OIAEY PUBLIC COUNTY OF ~1~,~ STATE OF LINCOLN 1~ WYOMING II MY COMMISSION EXPIR"-'.S JANUARy ~, 2~8 770 SS. by (Lender Acknowledgment) This instrument was acknowledged he fore me this .Z/~ day of Roger Coles as Alton Branch Vice President of First National Bank - West, My commission expires: (Notary Public) MICHAEL D NEUENSCHWANDER Wyoming Mortgage WY/4stefanieO0725200004363019061804Y ©1996 Bankers Systems, Inc., St. Cloud, MN ~r~" ! ' ?,,;.',~:,,.N~ Initials Page 5 -- 771 Schedule A Commencing at the NE lerner of Section 14, T31N,Rll9W, 6th P.M., Lincoln County,Wyoming, Thenc~ N90°00'W (Basis of Bearing) along the North Line Sec 14, a distance of 1865.44 to the Point of Beginning; thence S00°00'E a distance of 1320.00'~thence S90°00'E a distance of 409.77; thence N00°00'E a distance of 1320.00';thence N90°00;W, a distance of 409.77' to the Point of Beginning, Except Cou;.lty Road