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HomeMy WebLinkAbout9009409009L 0 LI/~ICOI--r'., COIJi,,ITy Spa.ce Above This Line For Recording Data MORTGAGE DATE AND PARTIES. The date of this Mortgage (Security Instrument} is JUNE 28, 2004. The parties and their addresses are: MORTGAGOR: SHERILYN ANN COATES P O BOX 162 COKEVILLE, Wyoming 83114 LENDER: FIRST NATIONAL BANK - WEST Organized and existing under the 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 EXHIBIT "A" The property is located in LINCOLN County at 120 THIRD STREET, COKEVILLE0 Wyoming 83114. Together with all rights, easements, ~.ppurtenances, 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 of the real estate described (all referred to as Property). This Security Instrument will remain in effect until tile Secured Debts and all underlying agreements have been terminated in writing by Lender. 2. MAXIMUM OBLIGATION LIMIT. Th~ total principal amount secured by this Security Instrument at any one time will not exceed $16,736.06. 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 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, modificauons and replacements. A promissory note or:other agreement, No. 64003138, dated June 28, 2004, from Mortgagor to Lender, with a loan amount of ~16,7'36.06. B. All Debts. All present and futura debts from Mortgagor to Lender, even if this Security Instrument is not specifically referenced, or if the futL..re debt is unrelated to or of a different type than this debt. If more than one person signs this Security Instrument, each agrees that it will secure debts incurred either individually or with others who may not sign this Security Instrument. Nothing in this Security Instrument constitutes a commitment to make additional or fliture loans or advances. Any such commitment must be in writing. In the event that Lender fails to provide any i'equired notice of the right oi rescission, Lender waives any subsequent security interest in the Mortgagor's principal dwelling that is created by this Security Instrument. This Security Instrument will not secure any debt for which a non~possessory, non-purchase money security interest is created in "household goods" in conqection with a "consumer loan," as those terms are defined by federal law governing unfair and deceptive credit I~ractices. This Security Instrument will not secure any debt for which a security interest is created in "margiq stock" and Lender does not obtain a "statement of purpose," as defined and required by federal law governing securities. C. Sums Advanced. All sums adwmced and. expenses incurred by Lender under the terms of this Security Instrument. SHERILYN ANN COATES , Wyoming Morlga0e W¥/4brandiemO0725200004363022062804 y ©1996 Bankers Systems, Inc., St. Cloud, Mi'l ~n~.~ Initials _.~ · Page 1 ,,. " 488 4. PAYMENTS. Mortgagor agrees -~hat all payments under the Secured. Debts will be~ p, ajd .wh%n due and in accordance with the terms of the Secured Debts and this Security Instrument. O~:j~:OO~::j~:~ §. PRIOR SECURITY INTERESTS..With regard to any other mortgage, deed of trust, security agreement or other lien document that Created a prior ~ecurity 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 receives from the holder. C. Not to allow any modification or extension of, nor to request any }uture advances under any note or agreement secured by the lien do~:Ument without Lender's prior written consent. 6. CLAIMS AGAINST TITLE. Mor~:gagor 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 Mortga§or's payment. Mortgagor will defend tit[~ ,to the Property against any claims that would impair the lien of this Security Instrument. Mortgagor agrees to .a~si§n 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. ?. DUE ON SALE. Lender may, at 'it~ option, declare the entire balance of the Secured Debts to be immediately due and payable upon the creation afi, o.r contract for the creation of, a transfer or sale of all or any part of the Property. This right is subject to th~; f:estrictions 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 deli~;'ery of this Security Instrument will not violate any agreement governing Mortgagor or to which Mortgagor is a Party. 9. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mortgagor will keep the Property in good condition and make all repairs that are reasonablly necessary. 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 OCCL~pancy 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 ~vilil notify Lender of all demands, proceedings, claims, and actions against Mortgagor, and of any loss or dama.ce 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 w!ll give Mortgagor notice at the time of or before' an inspection specifying a reasonable purpose for the inspectioni Any inspection of the Property will be entirely for Lender's benefit and Mortgagor will in no way r'ely on Lender's inspection. 10. AUTHORITY TO PERFORM. If Mo'rtgagor 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 ~'he 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 an.y extensions, renewals, modifications or replacements (Leases); and rents, issues and profits (Rents). In the e~,ent any item listed as Leases or Rents is determined to be personal property, this Assignment will also be regarded as a securi,ty 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 ali future Leases and any other information with respect to these Leases will be provided immediately after they are axecuted. Mortgagor may collect, receive, enjoy and use the Rents so long as Mortgagor is not in default. Upon dMault, 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 I.en~ler. 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 defau t if any of the following occur: A. Payments. Mortgagor fails to ~ake a payment in full when due. B. Insolvency. Mortgagor mak~is an assignment for the benefit of creditors or becomes insolvent, either because Mortgagor's liabilities eXceed Mortgagor's assets or Mortgagor is unable to pay Mortgagor's debts as they become due. C. Death or Incompetency. Mort(, ag0r 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 o ;cu~'s 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 mekes any verbal or written statement or provides any financial information that is untrue, inaccurate, or conceal~ 'a material fact at the time it is made or provided. H. Judgment. Mortgagor' fails to satisfy or appeal any judgment against Mortgagor. I. Forfeiture. The P(operty is used in a manner or for a purpose that threatens confiscation by a legal authority. SHERILYN ANN COATES Wyoming Mortgaga WY/4brandiamO0725200004363022062804Y ©1996 Bankers Systems, Inc., St. Cloud, MN Initials Page 2 J. Name Change. Mortgagor changes Mortgagor's name or assumes an additional name without notifying Lender before making such a change. I(. Property Transfer. Mortgagor transfers all or a substantial part of Mortgagor's money or property. This condition of default, as it relates to the transfer of the Property, is subject to the restrictions contained Jn the DUE ON SALE section. L. Property Value. The value of the Property declines or is impaired. M. Insecurity. Lender reasonably believes that Lender is insecure. 13. 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 imitation, 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 t~me schedules or any other notice rights Mortgagor may have under federal and state law, Lender may make all or any part of the amount owing by the terms of the Secured Debts immediately due and foreclose this Security Instrument in a manne~ provided by law upon the occurrence of a default ot anytime thereafter. Upon any sale of the Praperty, Lender will make and deliver a special or limited warranty deed that conveys the property sold to the purchaser or pt'~rc~asers. Under this special or limited warranty deed, Lender will covenant that Lender has not caused or allowe~d a lien or an encumbrance to burden the Property and that Lender will specially warrant and defend the Pro?city'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 recitals in any deed of conveyance will be prima la'cie evidence of the facts set:forth therein. All remedies are distinct, cumulative.and not exclusive, and the Lender is entitled to all remedies provided al 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 balaDc~ is due or Js 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 wa ye. Le;nder'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 permitled 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 rel~asJng the Property fiom Zhis Security Instrument. Expenses include, but are not limited to, reasonable attorneys' f~,es after default and referral to an attorney not a salaried employee of ~he Lender. These expenses are due ~nd,, payable immediately. If not paid immediately, these expenses will bear interest from the date of payment u~til paid in full at the highest interest rate in effect as provided for in [he 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 limitation, 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 environme~nt. 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 ar~ 9'enerally recognized to be appropriate for the ~ormal use and maintenance of the Property. B. Except as previously d sc osed and acknowledged in writing to Lender, Mortgagor and every tenant have been, ace, and will remain in full com'pliance with any applicable Environmental Law. C. Mortgagor will immediately noZifY Lender if a release or threatened release of a Hazardous Substance occurs on, under or about the Pr.operty or there is a violation of any Environmental Law concerning the Property. In such an event, Mortgagor will tak~ all necessary remedial action in accordance with any Environmental Law. D.'Mor~gagor will immediately notify Lender in writing as soon as Mortgagor has reason to believe ~here is any pending or threatened investigation, claim, or proceeding relating to ~he release or threatened release of any Hazardous Substance or the viola'Jon of any Environmental Law. 16. CONDEMNATIOn. Mortgagor ~ill 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 giber means. Mortgagor authorizes Lender t,o intervene in Mortgagor's name in any of the above described actions or claims. Mortgagor assigns to Ler.'der the proceeds of any award or claim lor damages connected with a condemnation or o~her taking of all ~r ~ny 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 ~o 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 tills ,insurance in the amounts Lender requires. This insurance will last until the Property is released from this Security I~nstrument. What Lender requires pursuant to ~he preceding two sen[ences SHERILYN ANN COATES Wyoming Mortgage WY/4 brandiemO0725200004363022062804Y ©1996 Bankers Systems, Inc., SI. Cloud, MN ~" Initials Z.~.~-? ~ge 3 can 'change during the term of the Secured Debts. Mortgagor may choose the insurance company, subject to Lender's approval, which will not belunreasonably withheld. All insurance policies And renewals will include a standard "mortgage clause" and, whom applicable, "loss payee claUse." Mortgagor will give Lender and thelinsurance 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, Mertgagor's rights to any insurance policies and proceeds will 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'[ihsurance to protect Lender's interest in the Property. This insurance may include coverages not originally reqmrled of Mortgagor, may be written by a company other than one Mortgagor would choose, and may be writter, at a higher rate than Mortgagor could obtain if Mortgagor purchased the insurance, 18. ESCROW FOR TAXES AND INSi~IRANCE. Mortgagor will not be required to pay to Lender funds for taxes and insurance in escrow. 19. CO-SIGNERS. If Mortgagor sig:~s this Security Instrument but does not sign the Secured Debts, Mortgagor does so only to mortgage Mortgag3~'s interest in the Property to secure payment of the Secured Debts and Mortgagor does not agree to be p~irsonally liable on the Secured Debts. If this Security Instrument secures a guaranty between Lender and Mortqagor, Mortgagor agrees to waive any rights that may prevent Lender from bringing any action or claim agains~ 'Mortgagor or any party indebted under the obligation. These rights may ir~clUde, but are not limited to, any al~ti-deficiency or one-action laws. 20. WAIVERS. Except to the exten',: prohibited 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 of the jurisdiction where the Property is located, and the United States of America. 22. JOINT AND INDIVIDUAL LIABI.'.'.I,TY AND SUCCESSORS, Each Mortgager's obligations under this Security Instrument are independent of the o1~ gat OhS 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 obligated under this Security Instrunent for the 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 amendment 0~ 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 provisions will still be enforceable. 24. INTERPRETATION. Whenever Used, the singular 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. 25. NOTICE, FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Unless otherwise required by law, any notice will be given by delivering it Orl mailing, 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 will be deemed to be notice to all parties. Mortgagor Will inform Lender in writing of any change in Mortgager's name, address or other application information, Mo!t(!agor will provide Lender any financial statements or information Lender requests. All financia! statementg' and information Mortgagor gives Lender Will be correct and complete. Mortgagor agrees to sign; deliver, an:l file any additional documents or certifications that Lender may consider necessary to perfect, continue, and l~reserve Mortgager's obligations under this Security Instrument and to confirm Lender's lien status on any Property. Time is of the essence. SIGNATURES. By signing, Mortgac~'o~ agrees to the terms and covenants contained in this Security Instrument. Mortgagor also acknowledges receipt, of a copy of this Security Instrument. MORTGAGOR: ' ~. '!~HERILYN/~N COATES .. ' Individually ;' LENDER: First National Bank - West Don Staley, Afton Loan O~ficer SHERILYN ANN COATES Wyoming Mortgage WYI4b~andiemO0725200004363022062804Y ©1996 Bankers Systems, Inc., SI. Cloud, MN ~x~-~" hlJtials Page 4 AcKNowLEDGMENT. (Individual) i.V~ o~ ~-.~...;.~ ~, , (~o,.P_X, This instrument was acknowledged b~fore me this SHERILYN ANN COATES . My commission expires: OF L/-~. ~ ~ day of County of ~,"~ State ol Lincoln ~ Wyoming (Notary Public) by (Lender Acknowledgment) v - ~.v '~-' '-~ .... " -~ .c"~.)l " ~ SS, This instrument was acknowledged.~before me this ' (~Lt-~ day of Don Staley as Alton Loan Officer of. First National Bank --West. - My commission expir (Not~r¥ Public) by SHERILYN ANN COATES W,yoming Mortgage WY/4brandiernO072520OOO4363022062804Y ©1996 Bankers Systems, lac., St. Cloud, MN Page 'J~ Exhibit "A" Lot 12 in Block 2 in tile Town of Cokeville, Lincoln County, Wyoming less and except the Northerly 21.70 feet thereof And Part of Third Street of the Original Townsite of Cokeville, Lincoln County, Wyoming, more particularly described as follows' Beginning at the Southeast Corner of Lot 11, Block 2 of said Townsite; running thence S0°50'W, 30.00 feet; thence N89°10'W 140.00 feet; thence N0°50'E, 30.00 feet to the Southwest Corner of Lot 11, BIocl.'. 2; thence S89°10'E, 140.00 feet to the point of beginning And Beginning at the Southeast Corner of Lot 10, Block 2 in the Town of Cokeville, Wyoming, thence Sou'ih 30 feet; thence West 86 feet to the edge of Front Street; thence Northwesterly 32 1/~ feet to a point which is the Southwest Corner of Lot 10 in said Block 2 thence East 97 feet to the point of beginning