Loading...
HomeMy WebLinkAbout900938900938 RECEIVED (INCOLN COUNTY CLERK Space Above Tills Line For Recording Data MORTGAGE DATE AND PARTIES. The dale ct this IVlortgage (Security Instru,nont) is JUL"/ 8 2004. '['Fie partie~ ~r~d It',air addresses are: MORTGAGOR: DAVID JEI'~KINS PO BOX 3001 ALPINE, Wyoming 83128 LENDER: FIRST NATIONAL BANK - W,~$T Organized arid existing unde~ the laws of the United States of America '100 Greys River Road Alpine, Wvorning 83128 TIN: 83-0162601 1, CONVEYANCE, For good and wduable consideration, lhe receipt and sufficiency of which Is ~cknowledged, and ~o secure the Secured Debts and IVlortgago~'s performance under this Securi'ty Instrument, Mortga~jor ,qr'an~s, bargains, conveys, rnortgagesand warrants Io Lender, with the power of sale the followingdescdbedpropertv. LOT 8 OF SALT RIVER COVE DIVI,";IC)N NO, 1, LINCOLN COUN'TY, WYOMING AS DESCRIBED ON THE OFFIth,,- ~' ~L PLAT THEREOF The property is located in LINCOLN County at , ALPINE, Wyoming 831 Together with ail rights, easemen',s,i appurtenances, royalties, mln,aral rights, oil and gas rights, ail wa[er and riparian r~ghts~ wells, ditches and wa:te~ stock and alt existing an,J '[un4re Improvements, Stl'UClUreS, fixtures, ami replacements ~ha~ may now, or at a~y [line in ~he futura, be part of the regl estate described (all referred [o as Property), 'This Security Instrument will remain in effect until the Secured Debts and ~11 uadedyIng agreements have been terminated in writing by bender, 2, ~AXIMUM OBLIGATION LIMIT. 'The total principal amount secured by this Security Instrument at any oqe dr'ne will not exceed f81,000,00. This limitation ct amount does not include interest and cd, er fees and charges va!idly made pursuant to this $ecurlw Instrument, Also, [his limitation does no~ apply to advances made under th'e terms of this Security Instrument to prote6t Lender's securiW and to perform any of d~e covenants contained in this Security instrument. 3. SECURED DEB'rs. Thi~ Security ln'~trument will ~ecure ~he following Secured Deb~s: A, Specific Debts, The following debts and all extersons renewals, mfinancings, modifications ~nd replacements', A promissory note or other agreement, No. 764.002058, dated July 8, 2004, from Mortqago,. t'o Lender, with a loan amount of ~81~000.00. ' ' B. All Debt~, All present and future debts hem Mortgagor to Lender. even if this Security InsIrument is not specifically referenced, o~ it the ~utUre debt is unrelamd to or of ~di'terem [ype d~an this debt, I[ more one pe~son signs this Security Instrument, each agrees that it will secure debts incurred eithermd~v,~uall,' ' ' - ~, or wilh others who may not sign. zhis Securi'Iy Instrument, Nothing in t[iis Security Instrument consti'[ums a commitment to make additional or future loans or advances, Any such commi~rnent must be in w~idng, la event that Lender tails to provid~ any required notice of the right o[ ~escbsion, Lender waives m'W subsequent security inte~es~ in Ihe Mortgagor% principal dwelling that Is created by this Securlw Instrument, This Security Instrument will not secure any dgbt for which a non-possossory, non-purchase money security interest created in "household goods" tn con~ect Oll wiIl~ a "consumer loan," as those terms are defined by federQI I~,v governing unlair and deceptive credit practices, This Security Instrument will no~ secure any debt for which security interes~ is created in "ma~gin ~tock'~ and Lender does not obtain a "stalement of purpose," as defin~d and required by federal law governing securities, DAVID J~NKIN$ W .~o ¢r. ~in [I MerliJa~j~ W'¥'/4XDarat[atlO? 2§ 200004363016070804Y ~,]§96 Banke[,; Systems, Ir~c., S(. Cloud. MN ~,1~.~' 4. PAYMENTS. Mortgagor agrees th,~t! all payments under the Secur~d{-~'eb be. pr~i~..:,when due and in accordance with the terms of the Secured Debts and this Security Instrument. ~,~::~,.~lL~_~,-~J ' 5. PRIOR SECURITY INTERESTS. Wi~h ~egard to any other mortgage, deed of trust, securiW agreement or other lien document that created a prior secur;t'/ interest or"encumbrance on the ProperW, Mortgagor agrees: A. To make all payments when due and ~o perform or comply with all covenants. B. To promptly deliver ~o Lender any.notices that Mortgagor receives from the holder. C. Not to allow any modification or, extension of, nor to request any future advances under any note or ~greement secured by the lien documeht Without Lender's prior wdtten consent. 6. CLAIMS AGAINST TITLE. Mortgago:r 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 receipis evidencing Mortgagor's payment. Mortgagor will defend title tothe Property against any claims that would impair the lien of this Security Instrument. Mortgagor agrees to assign ~o Lender, as requesled by Lender, any rights, claims or defenses Mortgagor may have against parries who supply labor or materials to maintain or improve the Property. 7. DUE ON SALE. Lender may, at i~s option, declare the entire balance of the Secured Debts to be immediately due and payable Upon the creation of, ~r contract for the creation of, a transfer or sale of all or any part of the Property. This right is subject to the restrictions imposed by federal law governing the preemption of state due-on- sale laws, as applicable. 8. WARRANTIES 'AND REPRESENTATIONS. Mortgagor has the right and authoriw to enter into this SecuriW Instrument. The execution and deliwry of this Security Instrument will not violate any agreemem governing Mortgagor or [o which Mortgagor is..a party. 9. PROPERTY CONDITION, ALTERATIONS AND INSPECTION.' Mortgagor will keep the Property in good condition and make all repairstha~ are reasonably' necessary. Mortgagor will not commi[or allow any waste, impairmenL or deterioration of the Property. Mortgagor will keep the ProperW free of noxious weeds and grasses. Mortgagor agrees that the nature of the occupar,cy and use will not substantially change wilhout Lender's prior writ[en consent. Mortgagor will no~ permit any ~l~ange in any license, restrictive covenant or oasernent without Lender's prior written consent. Mortgagor will' notify Lender of all demands, proceedings, claims, and actions.agains~ Mortgagor, and of any loss or damage [o the Property. Lender or Lender's agents may, a~ Lende, r's option, enter the Property at any reasonable time for the purpose inspecting ~he Property. Lender will ~v'a Mortgagor notice at the time of or before an inspection specifying a reasonable purpose for the inspection. Any inspection of ~he Property will be entirely for Lender's benefit and Mortgagor will in no way rely on Lenderts.inspection. 10. AUTHORITY TO PERFORM. If Mor':gagor 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 zo perform will not preclude Lender from exercising any of Lender's other rights under the law or [bis 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 security, all the right, title and interest in the following (Property): existing or future leases, subleases, licenses, guaranZies and any other written or verbal agreements for tl~e use and occupancy of the ProperW, including any ~xtensions, reneWals, modifications or replacements (Leases); and rents, issues and profits (Rents). In the event any item listed as Leases or Ren~s 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 ozher information with respect [o these Leases will be provided immediately aRer riley are executed. Mortgagor may collect, receive, enjoy and use the Rents so long as Mortgagor is not in default. Upon defa~dt, Mortgagor will receive any Rents in ~rus[ for Lender and Mortgagor will not commingle the Rents with any other~funds, Mortgagor agrees that ~his Security Instrument is immediately effective between Mortgagor and LenGer; This Security Instrument will remain effective during any statutory redemption period until the Secured De,ts are satisfied. As long as this Assignment is in elfec[, Mortgagor warrants and represents that no default exists under the Leases, and ~he parties subject to the Leases have violated any applicable law on leases, licenses and landlords and tenants. 12. DEFAULT. Mo~tgagor will be in def,~ult if any of the following occur: A. Payments. Mortgagor fails to make a payment in full when clue. B. Insolvency. Mortgagor makes ~m.assignment for the benefit ol creditors or becomes insolvent, either because Mor[gagor's liabilities exceffd Mortgagor's assets or Mortgagor is unable ~o pay Mor[gagor'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 [o keep any promise or covenant of this Security Instrument. E. Other Documents. Adefaultoccu s under the termsof any other transaction documenL F. Other Agreements. Mortgagor is in defauRon any other debtor 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 [he time it is made or provided. H. Judgment. Mor[gagor fails to satisfy or appeal any judgment against Mortgagor. I. Forfeiture. The Propertyis usedin;~a manner or f. ora purpose that threatens confisca[ion by alegal authority. DAVID J~NKINS Wyolni,~g MortOaOO Initials WY/4XDo~ettaOO725~O1607OTO4Y ~1996 Bankers ~,:,,,~-,--.:Inc , St. Cloud, MN ~" : -:':-~:~q P~ 2 J. Name Change. Mortgagor chaQges Mortgagor's name or assumes an additional name without notifying Lender before making such a change,. 0~0~)~ K. Property Transfer. Mortgagor tra:nsfers all or a substantial part o[ Mortgagor's money or property. This condition of default, as it relates to the transfer of the Property, is subject to the restrictions contained in tile DUE ON SALE section. L. Property Value. The value of the P?opertY declines or is impaired. M. Insecurity. Lender reasonably believes tim[ Lender is insecure. 13. REMEDIES. Lender may use any 'arm all remedies Lender has under state or federallaw or in any instrument evidencing or pertaining to the Secured,Debts, including, witlmut limitation, the power to sell the Property. Any amounts advanced on Mortgagor's behalf will be immediately due and may be added to the balance owing under the Secured Debts. Lender may make a claim for any and all insurance benefits or refunds that may be available on Mortgagor's default. , Subject to any right to cure, required 'ti~ne schedules or any other notice rigl~ts Mortgagor may have under federal and state law, Lender may make a'] or any part of the amount owing by the terms of the Secured Debts immediately due and forecose 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 property sold [o the purchaser or pu;chasers. Under this special or limitecl warranty deed, Lender will covenant that Lender has not caused Or allowed a lien or an encumbrance to burden ti~e Property and that Lender will specially warrant and defend the ProFerty's tide of the purchaser or purchasers at the sale against all lawful claims and demand of all persons claiming by, through or under Lender. ~he recitals in any deed of conveyance will be prima [acie evidence of the facts set ~orth therein. All remedies are distinct, cumulative and not exclusive, and the Lender is entitled to all remedies p¢ovided at law or equity, whether or not expressly set .forth. The acceptanCe'by Lender o[ 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 tight't9 require full and complete cure of any existing default. By not exercising any remedy, Lender does not waive .Lender's right to later consider the event a default if it continues or happens again. ' 14. COLLECTION EXPENSES AND ;'ATTORNEYS' . FEES. On or after Default, to 1Lbe extent permitted by law, Mortgagor agrees ~o 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 releasing the Property from this Security Instrument. Expenses include, but are not limited to, attorneys' fees, court:' costs and other legal expenses. These expenses are due and payable immediately. If not paid immediately, :these expenses will bear interest from the date of payment until paid in full at the highest interest rate in effect ~s!Pr0vided for in the terms of the Secured Debts. To the extent permitted by the Un ted States Bankruptcy Code, Mortgagor agrees to pay the reasonable attorneys' less Lender incurs to collect the Secured Debts as awardet by any court exercising jurisdiction under the Bankruptcy Code. 15. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (11 Environmental Law means, wil:hout limitation, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), all oilier federal, state and local laws, regulations, ordinances, court orders, attorney general opinions or interpretive letters concerning the public heald~, safety, welfare, environment or a hazardous substance; and {2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or contaminant which I~as characteristics..which render tile substance dangerous or potentially dangerous to the public health, safety, welfare or environment. The term includes, widmut limitation, any,, substances,, defined as "hazardous material," "toxic substa, nce, I~azardous waste," "hazardous substance, or regulated substance" under any Environmental Law. Mortgagor represents, warrants and agrees that: A. Except as previously disclosed ~ind 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 disclosod and acknowledged in writing to Lender, Mortgagor and every tenant have been, are, and will remain in full so:mpliance with any applicable Environmental Law. C. Mortgagor will immediately notify Lender if a release or threatened release of a Hazardous Subsiance 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 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 nvestigation, claim, or proceeding relating to the release or threatened release of any Hazardous Substance or the violation of any Environmental Law. 16. CONDEMNATION. Mortgagor 'will give Lender prompt notice of any pending or d~reatened 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 o[ the above described actions or claims. Mortgagor assigns to Lender tile proceeds of any award or claim for damages connected with a .condemnation or other taking of al or any part of the Property. Such proceeds will be considered payments and will be applied as provided in this ~ecurity Instrument. This assignment of proceeds is subject [othe terms of any prior mortgage, deed of trust, security agreement or other lien document. 17. INSURANCEi Mortgagor agre,~,s to keep the Property insured against the risks reasonably associated with the Property. Mortgagor will maintain this insurance in tile amounts Lender requires. This insurance will last until the Pfopertyis released from this Security Instrument. What Lender requires pursuant to tile preceding two sentences can change during the term of d.e'Secured Debts. Mortgagor may choose the insurance company, subject to DAVID JENKINS Initials ~'~' Wyoming Merlgage WYl4XDorettaOO725200004363016070704Y ©1996 Bankers Systems, Inc., St. Cloud, MN Page 3 Lender's approval, which will not I:ie unreasonably withheld. All insurance policies and renewals will include a Mortgagor will give Lender and rtle insurance company immediate notice of any loss. All insura,sce proceeds Will be applied to restoration or repair o~f tile Property or to the Secured Debts, at Lender's option. If Lender acquires tile Property in damaged condition, Mortgagor's rights to any insurance policies and proceeds will pass to Lender to the extent of the Secured Debts. Mortgagor will immediately notify Lehder of cancellation or termination of insurance. If Mortgagor fails to keep tile Property insured Lender may obtain insurance to protect Lender's i~terest in the Property. This insurance may include coverages not originally requir'ed of Mortgagor, may be written by a company other than one Mortgagor would choose, and may be written ~i~t a higher rate than Mortgagor could obtain if Mortgagor purchased the insurance. ,. 18. ESCROW FOR TAXES AND INs'JRANcE. As provided in a separate agreement, Mortgagor agrees to pay to Lender funds for taxes and insurance'ii~ escrow. 19. CO-SIGNERS. I[ Mortgagor sigi~s'this Security Instrument but does not sign the Secured Debts, Mortgagor does so only to mortgage Mortgagor's interest in the Property to secure payment of tile Secured Debts and Mortgagor does not agree to be personally 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 Mortgagor or any party indebted under the obligation. These rights may include, but are not limited to, any anti-deficiency or one-action laws. 20. WAIVERS. Except to the extent p¢ohibited by law, Mortgagor waives all homestead exemption rights relating to the Property. 21, APPLICABLE LAW. This Security Instrument is governed by the laws of Wyoming, except to the extent otherwise required bY the laws 0~' the :jurisdiction where the Property is located, and the United States of America. 22. JOINT AND INDIVIDUAL LIABILIT'¢ AND SUCCESSORS. Each Mortgago~'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 otl~er Mortgagor. Lender may release any part of [t~e Property and Mortgagor will still be obligated under this Security Instrum'ent for tile remaining Property. The duties and benefits of this Security Instrument will bind and benefit the successors and assigns of Lender and Mortgagor. .23. AMENDMENT, INTEGRATION AND SEVERABILITY. This Security Instrument may not be amended or modified by oral agreement. No amendme'nt o' modification of this Security Instrument is effective unless made in writing and executed by Mortgagor and Lender. 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 provisio.n§ will still be enforceable. 24. INTERPRETATION. Whenever us?d, the singular includes the plural and the plural includes tile singular. The section headings are for convenience only and are not to be usod to interpret or define tile ~erms of this Security Instrument. 25. NOTICE, FINANCIAL REPORTS /~ND 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 tile DATE AND PARTIES section, or to an~ Other address designated in writing. Notico to one party will be deemed to be notice to 'all parties. Mortgagor W;ll inform Lender in writing o1' any change in Mortgagor's name, address or other application information. Mortga~jor will provide Lender any financial statements or information Lender requests. All financial statements ~;nd i.nformation 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 Mortgagor's obligations under this Security Instrument and to confirm Lender's lien status on any Property. Time is of the essence. SIGNATURE/~. By signing, Mortgagor:agrees to the terms and covenants contained in Security Instrument. o acknowledges receipt o':'a copy of this Security Instrument. this U°rtgag°r Ill OR: Individually LENDER: Penny J~ate Loan Officer DAVID JENKINS Wyoming Morlgage WY/4XD°re~aOO726200004363016070704Y [?-~: -: !::::': :!,'-:.: !~ ;.i:::: hi ©1996 Bankers Systems, Inc,, St. Cloud, MN ~--~" ACKNOWLEDGMENT. (Individual) · DAVID JENKINS. My commission expiws: by (Lender Acknowledgment) , ~'-"~~/-- Penny Jones as Real Estate Loan-Officer o! First National Bank - West. My commission expires: (Notary Public) by DAVID JENKINS Wyoming Morlgage WY/4XOore[ta007252000043630 ] 6070704Y ©1996 Bankers Systems, h~c., St. Cloud, MN I-~