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HomeMy WebLinkAbout900788900788 RECEIVED LI"'""'~.~,,.,, -, '~, (:0UHTY CLERK Space Above This Line For Recording Data MORTGAGE (Wid~ Future Advance Clause) DATE AND PARTIES. The date of tills Mortgage (Security Instrument) is JULY 2, 2004. The parties and their addresses are: MORTGAGOR: LEE R HANSEN Spouse of LINDA L. HANSEN 430 EVANS DRIVE GREEN RIVER, Wyoming LINDA L HANSEN Spouse of LEE R. HANSEN 430 EVANS DRIVE GREEN RIVER, Wyoming 82£'35 LENDER: FIRST NATIONAL BANI( - WEST Organized and existing under the laws of the United States of America 100 Greys River Road Alpine, Wyoming 83128 TIN: 83~0162601 1. CONVEYANCE. For good and valuableconsideratmn, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debts and Mortgagor's performance uncler this Security Instrument, Mortgagor grants, bar§ains, conveys, mortgages and warrants to Lender, with the power of sale, the following described property: PLAT 18 LOT 87 OF STAR VALLEY RANCHES AS RECORDED IN THE OFFICE OF LINCOLN COUNTY CLERK, LINCOLN COUNTY, WYOMING. The property is located in LINCOLN County at 35 HARDMAN PLACE, THAYNE, Wyoming 83127. Together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, all water and riparian rights, wells, ditches and water stock and all ex~sting 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 Instrumem will remain in effect until the Secured Debts and all underlying agreements have been terminated m writing by Lender. 2. MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at any one time will not exceed $100,000.00 Th;s 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~nade undertbe 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 Instrument 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. 764002090, dated July 2, 2004, from Mortgagor to Lender, with a loan amount of .qlO0,000.00. One or more of the debts secured by this Security Instrument contains a future advance provlsrolr. B. All Debts. All present and future debts from Mortgagor to Lender, even if this Security Instrument is not specifically referenced, or if the future debt is unrelated to or of a different type than this debt. II more than one person signs this Security Instrument, each agrees that it will secure debts incurred either individually or with others who may noz sigh'this Security nstrument Nothing in this Security Instrument constitutes a commitment to make additional or future oans or advances. Any such commitment must be in writing. In the event tlmt Lender fai s to provide any required notice of the r ght of rescission, Lender waives any subsequent LEE R HANSEN Wyoming Mortgage I~ security interest, in the Mortgagor's principal dwelling that is created by this Security Instrunnent. This Security Instrument will not secure ant debt for which a non-possessory, non-purchase money security interest is created in "household goods" in connection with a "consumer loan," as those terms are defined by federal law governing unfair and deceptive credit practices. This Security Instrument will not secure any debt for which a security interest is created in "n'~argin stock" and Lender does not obtain a "statement of purpose," as defined and required by federal aw governing securities. C. 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 o~ the Secured Debts and [l~is Security Instrument. 5, PRIOR SECURITY INTERESTS. With regard to any othe~ mortoage, 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 wl~en due and to perform or comply with all covenants. B. To prompdy deliver to Lender any no[ices that Mortgagor receives from the holder. C. Not to allow any modification or extension of, nor to 'equest any future advances under any note or agreement secured by the lien docur~ent without Lender's prior written consent. 6. CLAIMS AGAINST TITLE. Mortgagor will pay al 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 cop~es of all notices that such amounts are due and the receipts evidencing Mortgagor's payment. Mortgagor will defend ti':le 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 partie~ who supply labor or materials to maintain 0r improve the Property. 7. DUE ON SALE. Lender may, a] i~;s opuon, declare the entire balance of the Secured Debts to be immediately due and payable upon [l~e creation of, or contract for the creation of, a transfer or sale of all or any part of tl~e Property. This right is subject to tl.~e restrictions imposed by federal law governing the preemption of state due-on- sale aws, as applicable. 8. WARRANTIES AND REPRESENfATIONS. Mortgagor has the right and authority to enter into rids Security Instrument. The execution and delivery of this Security Instrument will not violate any agreement governing Mortgagor otto which Mortgagor s 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 not commit orallow any waste, impairment, or deterioration of the Property. MortCagor will keep the Property free of noxious weeds and grasses. Mortgagor agrees that the nature of the occupancy and use will not substamially 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 will notify Lender of all demands, proceedings, claims, and actions against Mortgagor, and of any loss or dam~ge 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 L~nder's inspection. 10. AUTHORITY TO PERFORM. If Mortgagor fails to perform any duty or any of the covenants containod in this Security Instrument, Lender may, 'without notice, perform or cause them to be performed. Mortgagor appoints Lender as attorneyin fac[to sign Mortgagor's nameor pay any amount necessary for performance. Lender's right to perform for Mortgagor will not create an obligation to perform, and Lender's failure [o perform will not preclude Lender from exercising any of Lender's other rights under ~he law or tt~is Security Instrument. If any construction on the Property is discontinued or 'not carried on in a reasonable manner, Lender may take elf 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 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, including any extensions, renewals, modifications or replacements (Leases); and rents, issues and profits (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 thes~ Leases are true and correct copies. The existing Leases will be provided on execution of the Assignment, and all future Leases and any oilier irdormation 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 d~,fault, Mortgagor will receive any Rents in trust for Lender and Mortgagor will not commingle the Rents with an~, 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, 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 occu~ : A. Payments. Mortgagor fails to make a payment in fulI when due. B. Insolvency or Bankruptcy. Any legal entity obligated on the Secured Debts makes an assignment for the benefit of creditors or become i~'~solvent, either because its liabilities exceed its assets or it is' unable to pay its debts as they become due; or it petitions 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 reaSor~abte period of time not to exceed 60 days. LEE R HANSEN Wyoming Morlgage WY/4XDore[[aO07252OO004363023070104Y ~1996 Bankers Systems, h',c, St Cloud, MN ~J,~ C Death or Incompetency Mor~c. iagordies or is declared legally incompetent. D. Failure to Perform. Mort0a0or fails to perform any condition or to keep any promise or covenant of this Security [nstrument. E. Other Documents. A default occurs under the terms of any other transaction document. F. Other Agreements. Mortgagor is in d~tault on an~ othe~ debt or a0teement Mott0a0or has with Lender. G. Misrepresentation. Mort0a0or makes any verbal or wdtten statement or provides any financial infom~ation that is untrue, inaecuram, or eon'reals a material fact al the dine it is made or provided. H. dud0ment. Mort0a0or fai[s to satisfy or appeal any iud0ment a0ainst Morl~a0or. I. Forfeiture. The P~'op~rtyis usedin a manneror fo~ a purpose that threatens confiscation b~ ale0a[authodty. d. Nam~ Chan~e. Mort~a0or 8han0es Mort~a0ot's name o~ assumes an additional name without notifyin0 Lender before making such a charge. K. Property Transfer. MortgagOr transfers all or a subsmmial part of Mortgagor's money or property. This condition of default, as it relams [o the transfer of the Properw, is subject ~o the restrictions conlained in DUE ON SALE section. L. Property Value. The valueof'the Properw declines or is impaired. M. Insecurity. Lender reasonabl~ believes~hat Lender is ~nsecure 13. REMEDIES. Lender may use any and al remedies Lender has under state or federal Jaw or in any instrument evidencing or pertaining ~o the Secured Debts, including, without limitation, the power to sell the Proper~y. Any amounts advanced on Mor~gagor's behalf will be immediately due and may be added [o the balance owing under the Secured Debts. Lender may ma~e a claim for any and all insurance benefits or refunds ~ha~ may be available on Mortgagor's defaulI. Subject to any right ~o cure, required time schedules or any omer notice rights Mortgagor may have under federal and state law, Lender may make all or any part of the amount owing by the mrms 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, Lender will make and deliver a special or limited warranty deed that conveys the properw sold to ~he purchaser or purchasers. Under this special o~ limited warranty deed, Lender will covenant that Lender has no~ caused or allowed a lien or an encumbrance to burden the Proper~y and that Lender will specially warrant and defend the Pro,Jerry's title of the purchaser or purchasers at the sate aga~ns~ all lawful claims and demand of all persons claiming by, through or under Lender. The recitals in any deed of conveyance will be prima facie evidence of the facts sec forth therein. All remedie~ are distinct, cumulative 'and not exclusive, and the Lender s entitled to all remedies provided a~ law or equity, whether or not expressly s~t 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 no~ waive Lender's righ~ m later consider the even[ a default if [ continues or happens again. 14. COLLECTION EXPENSES AND ATTORNEYS' FEES. On or after Default. to the extant permitted by law, Mortgagor agrees to pay all expenses of collection, enforcement o~ protection of Lender's rights and remedies under this Security Instrument. Mortgagor agrees to pay expenses for Lender[o inspect and preserve[Ira Property and for any recordation costs of releasing the Property from this SecuriW Instrument. Expenses include, but are not limited to, reasonable attorney~', fees after default and referral m an a~torney not a salaried employee of the Lender. These expenses are due and payable immediately. If not paid immediamly, these expenses will bear interes~ from the date of payment until paid in. full at tl~e highesl i~terest rate in effect as provided for in the terms of the Secured Debts. To the extent permitted by the United States Bankrupmy 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 Cc. de, 15. ENVIRONMENTAL LAWS AND,HAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law means, without lirnitation, ~he Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), all other federal, sram and local laws, regulations, ordinances, court orders, attorney general opinions or interpretive lett]rs 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 dm 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 b'e located, stored' or released on or in ~he ProperW. This restriction does not apply to small quantities of Hazardous Substances that are generally recognized to be appropriate for the normal use and mainmnance of [l~e Property. B. Except as previously disclos[,c 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 Lender if a release or threamned 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 evenL Mortgagor will ta!m ail necessary remedial action in accordance with any Environmental Law. D. Mortgagor will immediately notify Lender in writing as soon as Mortgagor has reason to believe there is any pending or threatened investigation, claim, or proceeding relating ~o the release or threatened release of any Hazardous Substance or the violation of any Environmental Law. LEE R HANSEN Wyoming Mortgage Init 16, CONDEMNATION. Mortgagor will give Lender prompt notice of any pending or threatened action by pi'irate 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 Mortgager'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 aud will be applied as provided in this Security Instrument. This assignment of proceeds is subject to the te~ms of any prior mortgage, deed of trust, securiW 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 Secdrity 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'. be unreasonably witlaheld. All insurance policies and renewals will include a standard "mortgage clause" and, wl~ere applicable, "loss payee clause." Mortgagor will give Lender and thl,~'insurance 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 the Property in darnaged condition,, Mortgager's rights to any insurance policies and proceeds will pass to Lender to the extent of tl~e Secured Debts. Mortgagor willimn~ediately nod. fy Eender of cancellation or termination of insurance. If Mortgagor fails to keep the ProPerty insured Lender may obta. iFl insurance to protect Lender's interest in the Property. This insurance may include coverages not originally recuired of Mortgagor, may be written by a company other than one Mortgagor would choose, and may be writteh at a higher rate than Mortgagor could obtain if Mortgagor purchased the insurance. ~ 18. ESCROW FOR TAXES AND INSURANCE. Mortgagor. will not be required to payto 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 Mortgager's interest in the Property to secure payment of the Secured Debts and Mortgagor does not agree to be aL, rsonally liable on the Secured Debts. If this Security Instrument secures a guaranty between Lender and Mo~tgagor, Mortgagor agrees to waive any rights that may prevent Lender from bringing any action or claim agaimc, t Mortgagor or any party indebted under the obligation. These rights may include, but are not limited to, any ant--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. OTHER TERMS. The following are applicable to this Security Instrument: A. Construction Loan. This Security Instrument secures an obligation created for the construction or an improvement on the Property. 22. APPLICABLE LAW. This Security Instrument 'is governed by the laws of Wyoming, except to the extent otherwise required by the laws of th~ jurisdiction where the Property is located, and the United St.ares of Arnerica. 23. JOINT AND INDIVIDUAL LIABILITY AND SUCCESSORS. Each Mortgager'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 Mortg~gor. Lender may release any part of tile 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. 24. AMENDMENT, INTEGRATION AND SEVERABILITY. This Security Instrument may not be amended or modified by oral agreement. No amendment;or modification of this Security Instrument is effective unless made in writing and executed by Mortgagor and Lender. This Security Instrument is the col~plete 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. 25. INTERPRETATION. Whenever. used, the singular includes the plural and the plural includes the singular, The section lieadings are for convenience only and are not to be used to interpret or define the terms of this Security Instrument. 26. 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, otto ¢,nyother address designated in writing. Notice to one party will be deemedto 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 statements 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 preserve Mortgager's obligations under this Security Instrument and to confirm Lender's lien statuson any Property. Time is of the essence. LEE R HANSEN Wyoming Morlgag~ WY/4XDorettaO07252OO004363023070104Y ~1996 Bankers Systems, Ir~c., St. Cloud, MN ~'~." $1GNATLIRE~. 13y signing, Mortgagor agrees to the terms and covenants contained in this Security Instrument. [Vlort§agor also acknowledges receipt of a copy of this Security Instrument. Individually LENDER: First N,,~,~ank - We~ Penny J~ e~/~ea~ate Loan Officer ACKNOWLEDGMENT. (Individual). This instrumen't was acknowle~ed before me this ~~ day of LEE R HANSEN , spouse of LINDA L. HANSEN, and LINDA L~JA~SEN , spous~of L~E My commission+xpires: y , ) /-/~ ~ ' (Not~r~ P~.~ R. HANSEN by l~irst J~aUona Bank - V~ sL // // ~', · STATE OF 'H Initials Page 5