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HomeMy WebLinkAbout90080730709 RECEIVED !~ ,r,, ,!..,w" CLE[-'~I~ St]ace Above This Line For Recording Data MORTGAGE DATE AND PARTIES. addresses are: The date of this Mortgage (Security Instrument) is.~. The pames and their MORTGAGOR: MICHAEL D NEUENSCHWANDER P O BOX 1235 AFTON, Wyoming 83110 RECHELLE NEUENSCHWANDER P O BOX 1235 AFTON, Wyoming 83110 RECEIVED LII',ICOLfl (':OL.1i',ITY OLERK LENDER: FIRST NATIONAL BANK - WEST Organized and exmting under tLe laws of the United States of America 314 S Washington PO Box 1620 Alton, Wyoming 83110 TIN: 83-0162601 1. CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debts and Mortgagor's performance under this Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with the power of sale, the following described property: See attached schedule A The property is located in LINCOLN Ct 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 water stock and all existing and future improvements, structures, fixtures, and replacements that may now, or at any time in the future, be part o! the rea estate described (al 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 $55,000.00. This limitation of amount does not include interest and other fees and charges validly made pursuant to this Security Instrument. Aisc, this limitation does not apply to advances made under the ~erms of this Security Instrument to protect Lender's security and to perform any of the covenants conta'ned 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. 64003135, dated June 18, 2004, from Mortgagor to Lender, with a loan amount of $55.000.00. B. Sums Advanced. All sums advanced and expenses incurred by Lender under the terms of this Security Instrument. ¢. PAYMENTS. Mortgagor agrees taat all payments under the Secured Debts will be paid when due and in ~ccordance 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 ien document that created a prior security interest or encumbrance on the Property, Mortgagor agrees: A. To make all payments when due' and to perform or comply with all covenants. B. To promptly deliver to Lender any notices that Mortgagor recmves from the holder. vIICHAEL D NEUENSCHWANDER N¥oming IMorl§tlOe NY/4s[eranieO07252000043630 ! 9061804Y ©1996 Bankers Svslems, Inc. SI. Cloud, MN F__,x~:~." C; Not to :allow ~ny modification or extension of, nor to request any future advances under any note or agreement secured by the lien documer!t witi~Out Lender's prior written consent. 6. CLAIMS AGAINST TITLE. Mortqagor 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 no~'ices :that such amounts are due and the receipts evidencing Mortgager's payment. Mortgagor will defend title to the Property against any claims that would impair the lien of this Security Instrument. Mortgagor agrees to a, ssign 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 its opdon, declare the entire balance of the Secured Debts to be immediately due and Payable upon the creation of, or contract for the creation of, a transfer or sale of all or any part of the Property. This right is subject to the:restriictions imposed by federal law governing the preemption of state due-on- sale laws, as applicable. 8. WARRANTIES AND REPRESENTA. TIONS. 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 ~! paCty. 9. PROPERTY CONDITION, ALTERAYIONS AND INSPECTION. Mortgagor will keep the Property in good condition and make all repairs that are reasona~aly n6cessary. Mortgagor will not 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 occu!3ancy and use will not substantially change without Lender's prior written consent. Mortgagor will nol~ permit any change in any license, restrictive covenant or easement without Lender's ~rior written consent. Mortgagor ~vill notify Lender of all demands, proceedings, claims, and actions against Mortgagor, and of any loss or damage to the Property. _ender 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 ai the time of or before an inspection specifying a reasonable purpose for the inspectien. 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, ~,ithout notice, perform or cause them to be performed. Mortgagor appoints Lender as attorney in fact to sign Mortgager'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 .Lendet'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 t~e 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 usa 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 these 'Leases are true and correct copies. The existing Leases will be provided on execution of the Assignment, and all futu~:e Leases and any other information with respect to these Leases will be arovidedimmediately 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 Lender and Mortgagor will not commingle the Rents with any other'.funds. Mortgagor agrees that this Security Instrument is immediately effective between Mortgagor and L'ander. This Security Instrurnent will remain effective during any statutory redemption period until the Secured Deb~ts 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 fa storqakea payment in full when due. B. Insolvency. Mortgagor makes an assignment for the benefit of Creditors or becomes insolvent, either because Mortgager's liabilities exceed Mortgager's assets or Mortgagor is unable to pay Mortgager's debts as they become duo. C. Death or Incompetency. Mortgagor dies or is declared legally incompetent. D. Failure to Perform. Mortgagor fail-~ 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 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 ~atisfy or appeal any judgment against Mortgagor. I. Forfeiture. The Property is used in a manner or fora purpose that threatens confiscation by a legal authority. J. Name Change. Mortgagor changes Mortgager's name or assumes an additional name without notifying Lender before making such a change. 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 Property declines or is impaired. MICHAEL O NEUENSCHWANDER Wyoming Mortgage WY/4 stefanieO0725200004363019061804Y ©1996 Bankers Systems, Inc., SI. Cloud, MN F~'~i~-t~u initials~l/]. Page 2 M. Insecurity. ke/~der reasonably oedeYes tlS'_~tlkg:nder is insecure. la. REMEDIES. Lender may use any and all remedies Lender has under state or federal law or in any instrument evidencing or pertaining to the Secured Debts, including, without limitation, the power to sell the Property. Any amounts advanced on Mortgager's b:~half 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 De available on Mortgager's default. Subject to an~ right to cure, reqmred time schedules or any other notice rights. Mortgagor may have under federa and State I~w, Lender may make all or_ any part ct the amount owing by the terms of the Secured Debts immediately due and foreclose this Secur,ity Instrument n a manner provided By law upon the occurrence ct 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 property sold to the purchaser or purchasers. Under this special or limited warranty deed, Lender wil~ 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 purchaser or purchasers at the sale against all lawful claims and demand of all persons claiming by, through or under Lender. The rectals in any deed o! conveyance will be facie evidence of the facts set forth therein. All remedies are distinct, cumulative and hot exclusive, and the Lender is 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 ~s due or is accelerated or after foreclosure proceedings are filed will not constitute a waiver of Lender's right to r~quire 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 ATTORNEYS' 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 Lender to .inspect and preserve the Property and for any recordation costs of rele~;,sing the Property from this Security Instrument Expenses include, but are not limited to, reasonable attorneys' fees after default and referral to an attorney not a salaried employee of the Lender. These expenses are due apd payable immediately. If not paid immediately, these expenses will bear interest from the date of payment until pai,d in full at the highest interest rate in effect as provided for in the terms of the Secured Debts. To the 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 Bankruptcy Code. 15. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law means, without imitation, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 42 U.S.C, 9601 et seq.), all other federal, state and local laws, regulations, ordinances, court orders, attorney general opinions or interpretive letters concerning the public health, safety, welfare, environment or a hazardous 'substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or contaminant which has characteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or environment. The term includes, without limitation, any substances defined as "hazardous material," "toxic 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 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 disclosed and acknowledged in writing to Lender, Mortgagor and every tenant have been, are, and will remain in full compliz, nce with any applicable Environmental Law. C. Mortgagor will immediately noti'!y Lender if a release or threatened release of a Hazardous Substance occurs on, under or about the Property el 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. 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 to the release or threatened release of any Hazardous Substance or the violation of .any Environmental Law. 16. CONDEMNATION. Mortgagor wil: 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 Mortgager's name in any of the above described actions or claims. Mortgagor assigns to Len~ar the proceeds of any award or claim for damages connected with a condemnation or other taking of all o~ any' part of the Property. Such proceeds will be considered payments and will be applied as provided in this Security ;Instrument. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security 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 thi:~, insurance in the amounts Lender requires. This insurance will last until the Property is released from this Security Inst,'ument. 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 withheld. All insurance policies and [enewals will include a standard "mortgage clause" and, where applicable, "loss payee clause." Mortgagor will give Lender and the in.sUrance 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 damaged condition, Mortgager's rights to any insurance policies and proceeds will pass to Lender to the extent of the Secured Debts. MICHAEL D NEUENSCHWANDER Wyoming Mortgage W Y /4 staf anieO0 7 2 5 200004 36 3019061804 Y ©1996 Bankers Systems, Inc., St. Cloud, MN Page 3 .ix__ Mort{la§or will immediately notify Lender o! canc-e,auon or termination of insurance. If Mort{la{lot fails to keep the Property insured Lender may obtain insurance to protect Lender's interest in the Property. This insurance may include coverages not ori§inally required of Mort{la{lot, may be written by a company other than one Mort§a{lor wOuld choose, and may be written at a hi§her rate than Mort{la§or could obtain if.Mortgagor purchased insurance. 18. ESCROW FOR TAXES AND INSURANCE. As provided in a separate a§reement, Mort{la{lot agrees to pay to lender funds for taxes and insurance in escrow. 19. CO-SIGNERS. If Mort{laoor si{l~:;s this Security Instrument but does not si§n the Secured Debts, Mort{la{lot does so only to mort§afle Mort{la{lot's interest in the Property to secure payment of the Secured Debts and Mortga{lor does not a§ree to be per. sene!Iv liable on the Secured Debts. It this Security Instrument secures a guaranty between lender and Mortoagori Mortga§or a{lrees to waive any ri{lhts that may prevent Lender from brin{lin§ any action or claim against Mort{la{lot or any party indebted under the oblioation. These ri{lhts may include, but are not limited to, an,/ and-deficiency or one-action laws. 20. WAIVERS. Except to the extent prohibited by law, Mort{la{lot waives all homestead exemption rights relatin§ to the Property. 21. APPLICABLE LAW. This Secur;W Ir, strument is {loverned by the laws of Wyomin{l, except tO the extent otherwise required by the laws of the iurisdiction where the Property is located, and the United States of America. 22. JOINT AND INDIVIDUAl_ LIABILITY AND SUCCESSORS. Each Mort~a§or's obli§ations under this Security Instrument are independent of the obii§ations of any other Mort{la{lot. Lender may sue each Mortflagor individually or to{tether with any other Mort{la{lc, r. Lender may release any part of the Property and Mort{la{lot will still be obli§ated under this Security Instrument for the remainin{l Property. The duties and benefits of this Security Instrument will Mhd and benefit the w'.mceSsors and assi§ns of Lender and Mortga{lor. 23. AMENDMENT, INTEGRATION AND SEVERABILITY. This S~curit,/ Instrument may not be amended or modified by oral a{lreement. No amendment or modification of this Security Instrument is effective unless made in writin§ and eX'oeUfed by Mortga{lor and lender. This Security Instrument is the complete and final expression of the agreoment. If any provision of thiS'.Securit¥ Instrument is unentorceable, lhen the unenforceable provision will be sovat,d and the remainin{l provisions will still be enforceable. 141.iNTERPRETATION. Whenever used, the sin{lular includes the plural and the.plural includes the singular. The 'section headings are for convenience only and are not to be used to interpret or define the terms of this Security Instrument. ~fi. NOTICE, FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Unless otlierwise required by law, any notice will be {liven by deliverin{l it er mailin{l it by first class mail to the appropriate party's address listed in the DATE AND PARTIES sedtion, or to any other address desi{lnated in writin{l. Notice to one party will be deemed to be notice to all parties. Mortfla{lor will inform Lender in wdtin§ of any chan§e in Mort{la{lot's name, address or other application information. Mort§a§or will provide Lender any financial statements or information Lender requests. All financial statements' and information Mort{la{lot {lives Lender will be correct and complete. Mort{la{lot a{lrees to si{in, deliver, and file any additional documents or certifications that Lender may consider necessary to perfect, continue, and preserve Mort{la{lot's obli§ations under this Security Instrument and to confirm Lender's lien status on any Property. Time is of the esserice. SIGNATURES. By sioning, Mort§a{lor a{l~ees tothe terms and covenants contained in this SecuriW Instrument. Mort{la§or also acknowled{les receipt.of a copy of this Security Instrument. MICHAEL D NEUEN~CI~WANC~I~R Individually E C ~'EL-L-E' NE~IENSCHWAND::R -- in~dividually ', LENDER: Rogr~r,~, ~ 'l~rar~c-h Vice President MICHAEL D NEUENSCHWANDER Wyoming Mortgage WY/4 ste fanieO0725200004363019061804Y ©1996 Bankers Systems, inc., St. Cloud, MN / / Initials ' P,~ge 4 ACKNOWLEDGMENT' 0.~0 0~0'~'; (Individual) This instrument was a6'knowle_,d'ged b~fore me ~this D NEUEN$CHWANDEB, and RECHELLE My commission expires://-.9 ~%~?~/z RO(31=I~ J. COLI~II,~i~OTARY PUBLIC COUNTY OF L~Jr<~ STATE OF LINCOLN ~ ~OMING MY COMMISSION EXPIRE~ JANU~Y~. 2~8 ~ .... 07G OF ~;' ~'~'~/ ss. NEUENSCHWANDER . ?70 Lender Acknowledgment) o, . o, ss. this instrument was acknowledged before me this .~/~ day of ~-.~.,~c.~-~ , :{oger Coles as Alton Branch Vice Pres:dent of First National Bank - West. My commission expires: (Notary Public) olVlA ~Nota ry P ublic ~---~ f ~,~ State of ~ {..~___?y Commission Expires June 8, ~ IICHAEL D NEUENSCHWANDER ~yoming Mo~tgaga ~Y/4stefanieOO725200004363019061804Y ©1996 Bankers Systems, Inc., St. Cloud, MN Initials Page 5 O O04aO 077 Schedule A Commencing at the NE Corner of Section 14, T31N,Rll9W, 6th P.M., Lincoln County,Wyoming, Thence N90°00'W (Basis of Bearing) along the North Line Sec 14, a distance of 186!5.44 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 County Road