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HomeMy WebLinkAbout9006295GO o Space Above This Line For Recording Data MORTGAGE (With Future Advance Clause) DATE AND PARTIES. The date of: this Mortgage (Security Instrument) is June 25, 2004. The parties and their addresses are: MORTGAGOR: WILLIAM F. MCGHEE, JR. A single person PO Box 607 Kemmerer, Wyoming 83101 LENDER: COMMUNITY FIRST NATIOI~iAL BANK Organized and existing under the laws of the United States o! America 801 Pine Avenue Kemmerer, Wyoming 83101 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 v~arrants to Lender, with the power of sale, the following described property: Lot 1 of Block 30 of the First Addition to the Town of Kemmerer, Lincoln County, Wyoming as described on the official plat thereof Also A portion of Lot 2 of Block 30 o{ {he 'First Addition to the Town of Kemmerer, Lincoln County, Wyoming, more particularily described as follows: Beginning at the northeast corner o'[ said Lot' 2, thence S26°34'e, along the boundary line between Lot 2 and Lot 1, a distance of 140 feet to the southeast corner of said Lot 2; thence S63°26'W, a distance of 3.50 feet; thence N25°O8'O4"W, a distance'of 140.0. ~ feat, more or less to the point of beginning. The property is located in Lincoln Count;y at 402 Quartz St, Kemmerer, Wyoming 83101. Willia,'n F. McGhee, Jr. , inJdal, '[~. ~'- ~A'''~----_____ Wyoming Mortgage · 403 Together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, all water and riparian rights, wells, ditches and wi'lter stock and all existing and future 'mprovements, structures, fixtures, and replacements that may now, or at any time in the future, be part o! 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 Lender. 2. MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at any one time will not exceed $36,000 00. This limitation of amount does not include interest and other fees and charges validly made pursuant to this Security Instrt'mer,t. 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 h~strument will secure the following Secured Debts: A. Specific Debts. The following debts and all extensions, renewals, refinancings, modifications and replacements. A promissory note, No'. 3888603230, dated June 25, 2004, from Mortgagor to Lender, with a maximum credit limit of $36,000.00 with an interest rate based on the then current index value as the promissory note prescribes and m~.~turiqg on June 25, 2009. One or more of the debts secured by this Security Instrument contains a future advahce prov sion B. Sums Advanced. All sums a::lvanced and expenses incurred by Lender under the terms of this Security Instrument. 4. PAYMENTS. Mortgagor agrees 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 sec. unty interest or encumbrance on the Property, Mortgagor agrees: A. To make all payments when due and to perform or comply with all covenants. B. To promptly deliver to Lender any not ces that Mortgagor receives from the holder. C. Not to allow any modificatio~ 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. Mortgagc. r will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other charge.s 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 ';he Property against any claims that would impair the lien of this Security Instrument. Mortgagor agrees to assicjn to Lender, as requested by Lender, any rights, claims or defenses Mortgagor may have against parties ~,vho supply labor or materials to maintain or improve the Property. 7. DUE ON SALE. Lender may, at ils option, declare the entire balance of the Secured Debts to be immediately due and payable upon the creation o{', or contract for the creation of, a transfer or sale of the Property. This right is subject to the 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 is ~ party. 9. PROPERTY CONDITION, ALTERA~.IONS AND INSPECTION. Mortgagor will keep the Property in good condition and make all repairs that are reasona.~ly necessary. Mortgagor will not commit or allow any waste, impairment, or deterioration of the Property. Mort~.agor will keep the Property free of noxious weeds and grasses. Mortgagor agrees that the nature of the occul)ancy 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 IJender'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 inspection. ,Any inspection of the Property will be entirely for Lender's benefit and Mo~tgagor will in no way rely on Lender's inspection. William F. McGhee, J,. Initials Wyoming Mortgage WY/4XsuolsonO0600000003657017062304Y ©1996 Bankers Systems, Inc., St. Cloud, MN ~--,,~'~---"d~" Page 2 osoo6zs .- 4 0 4 10. AUTHORITY TO. PERFORM. If Mortgagor fails to perform any duty or any of the covenants contained in this Security Instrument, Lender may, witho;dt notice, perform or cause them to be performed. Mortgagor appoints Lender as attorney in fact to sign M0rtgagor's name or pay any amount necessary for performance. Lender's right to perform for Mortgagor will not cre'ate :~n 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 AND RENTs. Mortgagor assigns, grants, bargains, conveys, mortgages and warrants to Lender as additional secL, rity '.all the right, title and interest in the following (all referred to as Property): existing or future leases, subleases, licenses, guaranties and any other written or verbal agreements for the use and occupancy of the Property, inclcding any extensions, renewals, modifications or replacements (all referred to as Leases); and rents, issues and profits (all referred to as Rents). In the event 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 all 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 titents so long as Mortgagor is not in default. Upon default, Mortgagor will receive any Rents in trust for Lender ~nd 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 this Assignment is in effect, Mol~tgagor warrants and represents that no default 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. MORTGAGE COVENANTS. Mortgagor agrees that the covenants in this Security Instrument are material obligations under the Secured Deb.ts and this Security Instrument. If Mortgagor breaches any covenant in this Security Instrument, Lender may refLise to make additional extensions of credit or may reduce the credit limit. By not exercising either remedy on Mo~'tga§or's breach, Lender does not waive Lender's right to later consider the event a breach if it happens again. . 13. DEFAULT. Mortgagor will be in.default if any of the following occur: A. Fraud. Mortgagor engages in fraud or material misrepresentation in connection with the Secured Debts. B. Payments. Any party obligated on she Secured Debts fails to make a payment when due. C. Property. Any action or inactioq occurs that adversely affects the Property or Lender's rights in the Property. 14. REMEDIES ON DEFAULT. in addition to any other remedy available under the terms of this Security Instrument, Lender may accelerate the Secured Debts and foreclose this Security Instrument in a manner provided by law if Mortgagor is in default. In som~ instances, federal and state law will require Lender to provide Mortgagor with notice of the right to cure, or ot~er r~otices and may establish time schedules for foreclosure actions. At the option of the Lender, all or ~,'ny ;)art of the agreed fees and charges, accrued interest and principal will become immediately due and payable, alter giving notice if required by law, upon the occurrence of a default or anytime thereafter. Lender will be er;titled to, without limitation, ~[he power to sell the Property. Upon any sale of the Property, Lender will make and dsliver a special or limited warranty deed that conveys the property sold to the purchaser or purchasers. 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 Property's title of the pu-chaser or purchasers at the sale against all lawful claims and demand of all persons claiming by, through or under Ler. der. Upon sale of the Property and to the extent not prohibited by law and after first paying all fees, charges and costs, Trustee will pay to Lender all motleys advanced for repairs, taxes, insurance, liens, assessments and prior encumbrances and interest thereon, ~nd the principal and interest on the Secured Debts, paying the surplus, if any, to Grantor. Lender may purchase the Pr. operty. Upon any sale of the Property, Trustee will make and deliver a special or limited warranty deed that conveys the property sold to the purchaser or purchasers. Under this special or limited warranty deed, Trustee will covenant that Trustee has not caused or allowed a lien or an encumbrance to burden the Property and that Trustee.will specially warrant and defend the Property's title of the purchaser or purchasers at the sale against all lawful claims and demand of all persons claiming by, through or under Trustee. The recitals in any deed of conveyance will be prima facie evidence of the facts set forth therein. Wyoming Mortgage Initials __ WY/4XsuolsonOO~_Q~657017062304Y ©1996 Bankezs.£~tams, Inc., St. Cloud, MN ,~'j~r~," :; .::~:::~.,;::Page 3 The acceptance by Lender of any su~n in .payment or partial payment on the Secured Debts after the balance is due or is accelerated or after foreclosur~ proceedings are filed will no1 constitute a waiver of Lender's right to require complete cure of any existing default. 'By not exercising any remedy on Mortgagor's default, Lender does not waive Lender's right to later considei' the event a default if it happens again. 15. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. If 'Mortgagor breaches any covenant in this Security Instru~nent, Mortgagor agrees to pay all expenses Lender incurs in performing such covenants or protecting its security interest in the Property. Such expenses include, but are not limited to, fees incurred for inspecting, preserving, ¢,r otherwise protecting the Property and Lender's securny nterest. Mortgagor agrees to pay al costs and expenses incurred by Lender in collecting, enforcing, or protecting Lender's rights and remedies under this Security Instruct ent. 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 payable on demand and will bear interest from the date of payment until paid in full at the highest interest rate in effect as provided for in the terms of Secured Debts. To'~he extent 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 Bar,kruptcy Code. This Security Instrument will remain in effect until released. Mortgagor agrees to pay for any recordation costs of such re ease. 16. 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), all other federal, state and local laws, regulations, ordinances, court orders, attorney general opinions or interpretive letters concerning the p~Jblic 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 incluces, without limitation, any substances defined as "hazardous material," "toxic substance," "hazardous waste," "hazardous substance," or "re§ulated 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 disclose,] 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 no;tify 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 taki~ all ~ecessary remedial action in accordance with any Environmental Law. D. Mortgagor will immediately no:tify [:.ender 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 v o a'. on 0f any Environmental Law. 17. 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 Lender to intervene in Mortgagor's name in any of the above described actions or claims. Mortgagor assigns to Lender .the proceeds of any award or claim for damages connected with a condemnation or other taking of all or any part of the Property. Such proceeds will be considered payments and will be applied as provided in this Secur!t'/ Instrument. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, securily agreement or other lien document. 18. INSURANCE. Mortgagor agrees to k~ep 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 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, where applicable,."loss payee clause." Mortgagor will give Lender and the ;nsurance 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 William F. McGhee, Jr. Wyoming Mortgage WY/~XsuolsonOO6OO000003657017062304Y ©1996 Bankers Systems, Inc., St. Cloud, MN Initials J,A/-~ Page 4 the Property in damaged condition, Mortcjagor's rights to any insurance policies and proceeds wilt pass to Lender to the extent of the' Secured Debts. ; Mortgagor will immediately notify Lender of cancellation or termination of insurance. If Mortgagor fails to keep the Property insured Lender may obtain ;nsurance to protect Lender's interest in the Property. This insurance may include coverages not originally requi, red 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. 19. ESCROW FOR TAXES AND INSURAI~CE. Mortgagor will not be required to pay to Lender funds for taxes and insurance in escrow. ; 20. CO-SIGNERS. If Mortgagor signs tf;~is Security Instrument but does not sign the Secured Debts, Mortgagor does so only to mortgage Mortgagcr's ;interest in the Property to secure payment of the Secured Debts and Mortgagor does' not agree to be person~'flly liable on the Secured Debts. If this Security Instrument secures a guaranty between Lender and Mortgagor, Mortgagor agrees to waive any rights that may prevent Lender from bringing any action or claim against. Mcrtgagor or any party indebted under the obligation. These rights may include, but are not limited to, any an'd-deficiency or one-action laws, 21. WAIVERS. Except to the extent ,prohibited by law, Mortgagor waives all homestead exemption rights relating to the Property. 22. OTHER TERMS. The following are applicable to this Security Instrument: A. Line of Credit. The Secured Debts include.a revolving line of credit provision. Although the Secured Debts may be reduced to a zero balance, this.Security Instrument will remain in effect until the Secured Debts and all underlying agreements have been terminated in writing by Lender. 23. APPLICABLE LAW. This Securi"ty Instrument is governed by the laws of Wyoming, except to the extent otherwise required by the laws of theljurisdiction where the Property is located, and the United States of America. 24. 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 Mortgagor. Lender may release any part of the Property and Mortgagor will still be ob!igated 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. 25. AMENDMENT, INTEGRATION AND $~VERABILITY. This Security Instrument may not be amended or modified by oral agreement. No amendment or mo. dification of this Security Instrument is effective unless made in writing and executed by Mortgagor and LedlderJ 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 provisions will still be enforceable. 26. INTERPRETATION. Whenever used, the singular includes the plural and the plural includes the singular. The section headings are for convenience onlv and are not to be used to interpret or define the terms of this Security Instr. ument. 27. NOTICE, FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Unless otherwise required by law, any notice will be given by delivering it or m~iling it by first class mail to the appropriate party's address listed in the DATE AND PARTIES section, or to any other address designated in writing. Notice to one party willbe 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. Mortgagor 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, arid f.ie any additional documents or certifications that Lender may consider necessary to perfect, continue, and p~.ese~-ve Mortgagor's obligations under this Security Instrument and to confirm Lender's lien status on any Property. Tim~.is of the essence. SIGNATURES. By signing, Mortgago',r ag, rees to the terms and covenants contained in this Security Instrument. Mortgagor also acknowledges receipt of a'copy of this Security Instrument. William F. McGhee, Jr. ~ William F. McGhee, Jr. Wyoming Mortgage ©1996 Bankc-~s Inc., St. Cloud, MN ~ :' :i: ;.;~ Page 5 ACKNOWLEDGMENT, (Individual) S-r~'T~ oF 1,~) ~ ~ , _ ~;~) This instrument was acknowledged before me this William F. McGhee, Jr., A single person. My commission expires: 437 OF L.I/0 £0 ~tO ss. by William F. McGhee. Jr. Wyomin~ Mortgage WY/4XsuolsonO0600000003657017062304Y Initials (~1996 Bankers Systems, Inc., St Cloud, MN ~' Page 6