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HomeMy WebLinkAbout900739Recording Requested by & When Recorded Return To: US Recordings, Inc. 2925 Country Drive Ste 201 St. Paul, MN 55117 900739 h~0,_ IVED LINCOLN ~'~" ',VT', '-"-,-~ , CLERK Spaca Above This Line For Recording Data MORTGAGE DATE AND PARTIES. The date of this Mortgage (Security Instrument) is June 22, 2004. The parties and their addresses are: MORTGAGOR: RONALD C. DAVIS 1130 Canyon Rd Kemmerer, Wyoming 83101 MICHELE E, DAVIS A/K/A Shellie E, Davis husband and wife 1130 Canyon Rd Kemmerer, Wyoming 83101 LENDER: COMMUNITY FIRST NATIONAL BANK Organized and existing under the laws of the United States of 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 warrants to Lender, with the power of sale, the following described property: Lot 60 of Star Valley Ranch Plat 21, Lincoln County, Wyoming as described on the official plat thereof. The property is located in Lincoln County at 189 East St, Thayne, Wyoming 83127 -rogether with all rights, easements, 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 a! any time in the future, be parl of the real estate described (all referred to as Property). This Security Instrument will :emain in effect until the Secured Debts and all underlying agreements have been terminated in writing by Lender.. Ronald C. Davis Wyoming Mortgage WY/4XXkhagenO0600000003657016062204Y ;,:~ ';!74 ! ©1996 Bankers Systems, Inc., St. Cloud, MN ~5-~" -i':-713 2. MAXIMUM OBLIGATION LIMIT. -Chet0talprincipal amount secured by this Security Instrument at any one time will not exceed-$5,273.00. This limitatiqn of amount does not include interest and other fees and charges validly made pursuant to this Security Instrdmem:. Also, this limitatior~ does not apply to advances made under the terms gl this Security Instrument to protect L6nder's security and to perform any of the covenants contained in this Security Instrument. 3. SECURED DEBTS. This Security Instrument will secure the following Secured Debts: A. Specific Debts. The following debts and all extensions, renewals, refinancings, modifications and replacements. A promissory note', No. 3888603220, dated June 22, 2004, from Mortgagor to Lender, with a loan amount of $5,273.00 with an initial variable interest rate of 5.0 percent per year until June 25, 2007, after which time it may change as the promissory note prescribes and maturing on June 25, 2010 B. Sums Advanced. All sums advanced 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 Se~;uredDebts 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 security interest or encumbrance on the Property, Mortgagor agrees: A. To make all payments when dule and to perform or comply with all. covenants. B. To promptly deliver to Lender any notices that Mortgagor receives from tile 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. Mort:jagor 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 ~ssig~ 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 ts option, declare the entire balance of the Secured Debts to be immediately due and payable upon the creation o'~, or ;ontract for the creation of, a transfer or sale of the Property. This right is subject to the restrictions imposed by federal law govermng 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, ALTERATION,'; AND INSPECTION. Mortgagor will keep the Property in good condition and make al repairs that are reasonably n~cessary. Mortgagor will not commit or allow any waste, impairment, or deterioration gl the Property. Mortgagor wil keep the Property free of noxious weeds and grasses. Mortga§of agrees that the nature of the occuoanc!, 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. Mortgagor ~vill notify Lender of all demands, proceedings, claims, and actions against Mortgagor, and of any loss or damag~ 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 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 Mortgagor will in no way rely on Lender'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, Without 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 create 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 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. Ronald C. Davis Wyomir~9 Mortgage WY/4XXkhagenOO6OOOOOO03657016062204Y ©1996 Bankers Systems, Inc., Si. Cloud, FAN ~" Initials 714 11. ASSIGNMENT OF LEASES AND RE~'JTS. Mortgagor assigns, grants, bargains, conveys, mortgages and warrants to Lender as additional security al, 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, including any extensions, renewals, modifications or replacements (all referred to as Leases); and rents, issues and profits (atl referred to as Rents). In the event any ~tem listed as Leases or Rents is determined to be personal property this Assignment will also be regarded as a security agreemenL Mortgagor will promptly provide Lender with COl. es cf the Leases and will certify these Leases are true and correct copies The ex~sting 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 Rents ~so long as Mortgagor is not in default. Upon default, Mortgagor will receive any Rents in trust for Lendera¼d Mortgagor will'not commingle the Rents with any other funds. Mortgagor agrees that this Security Instrument is hlnmediately effective between Mortgagor and Lender. This Security Instrument will remain effective durin'j any statutory redemption period until the Secured Debts are satisfied. As long as this Assignment is in effect, Mortgagor 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. DEFAULT. Mortgagor will be in default if any of the following occur: A. Payments. Mortgagor fails to make a. payment in full when due. B. Insolvency. Mortgagor makes' an assignment for the benefit of creditors or becomes insolvent, eittier because Mortgager's liabilities exceed Mortgager's assets .or Mortgagor is unable to pay Mortgager's debts as they become due. C. Death or Incompetency. Mortgagor 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 occurs 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 make:; any verbal or written statement or provides any financial information that is untrue, inaccurate, or conceals a qnaterial fact at the time it is made or provided. H. Judgment. Mortgagor fails to setisfy'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,. Mortgagor's name or assumes an additional name without notifying Lender before making such a changg. K. Property Transfer. Mortgagor 'transfers all or a substantial part of Mortgager'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 Prop.erty declines or is impaired. M. Insecurity. Lender reasonably b~'~lieves that Lender is insecure. 13. REMEDIES. Lender may use any.and all remedies Lender has under state or federal law or in any instrument ~videncing or Per.taining to the Secur(.d Debts, including, without limitation, the power to sell the Property. Any ~mounts advanced on Mortgager's behalf Will be immediately due and may be added to the balance owing under the Secured Debts. Lender may mak~ a claim for any and all insurance benefits or refunds that may be available )n Mortgager's default. : Subject to any right to cure, [equired time schedules or any other notice rights Mortgagor may have under federal ~nd state law, Lender may make at! or any part of the amount owing by the terms of the Secured Debts mmediately due and foreclose this S, ecuri':y Instrument in a manner provided by law upon the occurrence of a Jefault or anytime thereafter. Jpon any sale of the Property, Lender will make and deliver a special or limited warranty deed that conveys the ~roperty sold to the purchaser or purchasers. 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 ;pecially warrant and defend the Propf'irty's title of the purchaser or purchasers at the sale against all lawful claims md demand of all persons claiming by, through or under Lender. The recitals in any deed of conveyance will be ~rima facie evidence of the facts set forth :therein. ~onald C. Davis ~/yoming Mortgage 5/Y/4XXkhagenOO6OO000OO3657016062204Y ©1996 Banker. s, Inc,, St. Cloud, MN L~E~" initials All remedies are distincl, cumulative and not exclusive, and the Lender s entitled to all remedies provided at law or equity, whether or not expressly set .forth 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 tb later consider the event a default if it continues or happens again. 14. COLLECTION EXPENSES AND /4TTOC~NEYS' 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. Mortgagor agrees to pay expenses for Lende-to inspect and preserve the Property and for any recordation costs of releasing ,the Property from this Security Instrument. Expenses include, but are not limited to, reasonable attorneys' fees nfter default and referra to an attorney not a salaried employee of the Lender. These expenses are due and pa'/able immediately. If not paid immediately, these expenses wi l 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 the Secured Debts. To the exten~ perr.~itted by the United States Bankruptcy Code, Mortgagor agrees to pay the reasonable attorneys' fees Lend~'r incurs to collect the Secured Debts as awarded by any court exercising jurisdiction under the Bankruptcy Cod~',~. 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), al other federal, state and Ioca l,~ws, regulations, ordinances, court orders, attorney genera opinions or interpretive letters concerning the puSlic health, safety, welfare, environment or a hazardous substance; and (2) Hazardous Substance means any rex'c, ra,:tioactive 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 acknow edged in writing to Lender, no Hazardous Substance ~s 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 appropnate 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 notify Le,qder if a release or threatened release of a Hazardous Substance occurs on, under or about the Property o7 there is a violation of any Environmental Law concerning the Property. In such an event, Mortgagor will take. all necessary remedial action in accordance with any Environmental Law. D. Mortgago~ will immediately notify Lehder in writing as soon as Mortgagor has reason to believe there is any pending or threatened investigation, cl~im, or proceeding relating to tl~e release or threatened release of any Hazardous Substance or the violation oflany Environmental Law 16. CONDEMNATION. Mortgagor wi give Lender prompt notice of any pending or threatened action by private or public entities to purchase or take any or ~11 of the Property through condemnation, eminent domain, or any other means. Mortgagor authorizes Lender to r:tervene in Mortgager's name in any of the above described actions or claims. Mortgagor assigns to Lent;er 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 wil be considered payments and will be applied as provided in this SecuriZy Instrument. This assignment et proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or other lien document. 17. ESCROW FOR TAXES AND INSURAI~JCE. Mortgagor will pay to Lender amounts for (a) yearly taxes and assessments on the Property which uqder the law may be superior to this Security Instrument, (b) yearly leasehold payments or ground rents (if any), (c) yearly premiums for hazard or property insurance, (d) yearly premiums for flood insurance (if any), and (e) yearly premiums for mortgage insurance (if any). Mortgagor will pay those amounts to Lender unless Lender tells Mor*gagor, in writing, that Mortgagor does not have to do so, or unless the law requires otherwise. Mortgagor wi'il make those payments at the times required by Lender. Lender will estimate from time to time Mortgager's yearly taxes, assessments, leasehold payments or ground rents and insurance premiums, which will be called the Escrow Items. Lender will use existing assessments and bills and reasonable estimates of future assessments and bills. The amounts that Mortgagor pays to Lender for Escrow Ronald C. Davis Wyomin9 WY/4XXkhapenO0600000003657016062204Y ©1996 Bankers Systems, lr~c., S~. Cloud, MN ~" terns under this section will be called the Funds. Lender will collect and hold Funds in an amount not to exceed he maximum amount a lender for a ledera ly related mortgage loan may require for Mortgagor's escrow account ruder the federal Real Estate Settlement Procedures Act of 1 9?4 {as amended}, unless another law that applies to he Funds sets a lesser amount. If so, Lend~,r will cbllect and ,~old Funds in the lesser amount. .ender will keep the Funds in a sawngs or banking institution which has its deposits or accounts insured or luaranteed by a federal or state agency. If-Lender is such an institution, Lender may hold the Funds Lender will ~se the Funds to pay the Escrow Items. Lender will give Mortgagor, without charge, an annual accounung of the :unds. That accounting must show' all a~ditions to and deductions from the Funds and the reason for each leduction. .ender may not charge Mortgagor for'holding or keeping the Funds, for using the Funds to pay Escrow Items, for nalyzing Mortgagor's payments of Fuqds, or for receiving, verifying and totaling assessments and bills. However, 'ender may charge Mortgagor for these services if Lender pays Mortgagor nterest on the Funds and if the law ermits Lender to make such a charge: Lender may require Mortgagor to pay a one-time charge for an independent ~al estate tax reporting service used by Lender in accordance w~th the Secured Debts, unless applicable law rovides otherwise. Lender wil not be reouired to pay Mortgagor any interest or earnings on the Funds unless ither (i) Lender ane Mortgagor agree in writing, at the time Mortgagor s gned this Security Instrument, that Lender ¢ill pay interest on the Funds; or (ii) the law,requires Lende~ to pay interest on the Funds. : the Funds held by Lender exceed the amounts permitted to be held by applicable law, Lender will account to .orrower for the Excess Funds in accordance with the requirements of applicable law. Ii the amount of the funds eld by Lender at any time is not su~[icien~ to pay the Escrow terns when due, Lender may notify Borrower in ~riting, and, in such case, Borrowe.' will pay to Lender the amount necessary to make up the shortage or eficiency. Borrower shall make up the.shortage or deficiency as Lender directs, subject to the requirements of pplicable law. Vhen Mortgagor has paid all of the sums secured, Lender wil promptly refund to Mortgagor any Funds that are eing held by Lender. If, as a result of the exercise by Lender of any of its rights under this Security Instrument, ither Lender acquires the Property or the P,'operty is sold, then immediately before the acqmsiuon or sale, Lender till use any Funds which Lender is holding at the time to reduce the sums secured. 8. CO-SIGNERS. If Mortgagor signs this Security Instrument but does not sign the Secured Debts, Mortgagor oes so only to mortgage Mortgagoi"s interest in the Property to secure payment of the Secured Debts and ~ortgagor does not agree to be personally liable on the Secured Debts. tf this Security Instrument secures a uaranty between Lender and Mortgagor, Mortgagor agrees to waive any rights that may prevent Lender from ringing any action or claim against Mortgagor or any party indebted under the obligation. These rights may ~clude, but are not limited to, any ant:'-deficiency or one-action laws. 9. WAIVERS. Except to the extent prohibited by law, Mortgagor waives all homestead exemption rights relating ) the Property. 0. APPLICABLE LAW. This Securit¢ Instrument is governed by the laws of Wyoming, except to the extent therwise required by the laws of the jurisdiction where the Property is located, ane the United States of America. 1. JOINT AND-INDIVIDUAL LIABILI'~Y AND SUCCESSORS. Each Mortgagor's obligauons under this Security mtrument are independent of theobligation:~ of any other Mortgagor. Lender may sue each Mortgagor individually r together with any other Mortgagor. Let.der may release any part of the Property and Mortgagor will still be bligated under this Security Instrument for the remaining Property. The duties and benefits of this Security ~strument will bind and benefit the successors and assigns of Lender and Mortgagor. 2. AMENDMENT, INTEGRATION AND $EV~RABILITY. This Security Instrument may not be amended or modified y oral agreement. No amendment o~' modification of this Security Instrument is effective unless made in writing nd executed by Mortgagor and Lender. This Security Instrument is the complete and final expression of the greement. If any provision of this Security Instrument is unenforceable, then the unenforceable provision will be ~vered and the remaining provisions will stil~ be enforceable. 3. INTERPRETATION. Whenever used, the singular includes the plural and the plural includes the singular. The ~ction headings are for convenience bnly aqd are not to be used to interpret or define the terms of this Security ~strument. 4. NOTICE, FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Unless otherwise required by law, any ~tice will be given by delivering it o¢ mailir, g it by first class mail to the appropriate party's address listed in the ATE AND PARTIES section, or to any other, address designated in writing. Notice to one party will be deemed to ,nald C. Davis ~ yoming Morlgage Y/4X X khagenO0600000003657016062204Y ©1996 Bankers S_~Atems, Inc., 5:1 .::ii~, St. Cloud, MN ~ID---'~T'F~~ be notice to all parties. Mortgagor will inform Lender in writing of any change in Mortgager's name, address or ~ther application information. Mortgagorl 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, ahd file; any ac~dilSona~ documents or certifications that Lender may consider necessary to perfect, continue, and pxeservle Mortgager's obligations under this Security Instrument and to confirm Lender's lien status on any Property. Time is of the essence. SIGNATURES. Mortgagor also acknowledges receipt of a c~opy of this Security Instrument. By signing, Mortgagor agrees to the terms and covenants contained in this Security Instrument. MORTGA~O~{: ,,,~ Ronald C. Davis Michele E. Davis t~CKNOWLEDGMENT. ',Individual) ~:OA'c~ OF l~ oM~ ~ ~ , CO~ ~T,! OF [his instrument was acknowledged beforeime this :~onald C. Davis, and Michele E. Davis,, husband and wife. My commission expires: ~) t ~ ~-~ ss. day of ~J~a6, , ~O0L} by Ionald C. Davis ¥¥oming Mortgage VY/4XXkhagenO0600000003657016062204Y ©1996 flankeis Sys[erns, Inc., Si. Cloud, MN f~'~¢'~~