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HomeMy WebLinkAbout90125590125S BOOK PR PAGE_ . _ . . RECEIVED I LIr',l~OLh, COUN%¥ CLERK Space Above This Line For ReeD'ding Data I'iODIFIEAT[ON ' 0¥ ' IVlORTGAGE DATE AND PARTIES. addresses are: The date of this Mortgage (Security Instrument) is July 19, 2004. The parties and tl~eir MORTGAGOR: DONALD STEVEN STALEY Spouse of KRISTI CALL STALEY P 0 BOX 847 AFl-ON, Wyoming 83110 KRISTI CALL STALEY Spouse of DONALD STEVEN STALEY P 0 BOX 847 AFTON, Wyoming 83110 LENDER; FIRST NATIONAL BANK - WEST Organized and existing under the laws of the United States of America 1001 Main Street Evanston, Wyoming 82930 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 .qranlts' bargains, conveys, mortgages and warrants to Lender, with the power of sale, the following described property' Part of Lot 1 of Block 26 of the Town of Afton, Lincoln County, Wyoming as described on the official plat therdof. Beginning at a point which is 220 feet South of the Northeast Corner of said Lot 1 and running thence West'99 feet; thence South 110 feet to the Soulh boundary of Lot 1; thence East, along the South boundary, 99 feei to the Southeast corner of said Lot 1; thence North, along the East boundary, 110 feet, to the point of beginning. Property includes a 2002 Nashua Manufactured Home Vin #'s NNID39367 A & B. The property is located in LINCOLN County a1542. ~4ORRO~, . 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 improvernents, structures, fixtures, ~nd replacements that may now, or at any time in the future, be part of the real estate described (all referred td as Property)~ This Security Instrument will remain in effect until the Secured Debts and all underlying agreemer~ts have been terminated in writing by London 2. MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this SecUri~ Instrument at any one drne will not exceedS96,000 This limitation of amount does not include interest and other fees and charges validly m~de pursuant ~o this Security Instrument. Aisc, this limitation does not apply to advances made under ~he terms of Security Instrument to protect Lender's security arid to perform any of the covenants contained in this SecL~rity Instrument. 3. SECURED DEBTS. This Security Instrument will secure the following Secured Debts: A, Sp~clfic Debts, The folloWing debts and all extensions, renewals, refinancings, modifications replacements. A promissory note or other agreement, No. 88004304, dated March 1 (5, 2004, from Morzga. Gor to Lender, with a loan amount of ~ 96,000.00 B. Sums Advanced. All ~ums advanced and expenses incurred by Lender under the terms of this Secdrity Instrument. 4. PAYMENTS. Mertga9or agrees that all payments under the Secured Debts will be paid ~vhen due and in accordance with the terms of the Secured Debts and this Security Instrument. -~. PRIOR SECURITY INTERESTS. With regard to any other mortgagej deed of trust, security agreement or other lien document that created a prior security interest or encumbrance on the Proper~y, Mortgagor agrees; A. To make all payments when due and to perform or comply With all covenants. B, To prompdy deliver to Lender any notices that Mortgagor receives from the holde'r, C. Not to allow any modification or extension of, nor to request any future advances under any note ior ag~eemen~ secured by the lien document without Lender's prior written consent. 6. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, assessrrlents, liens, 'encumbrances, lease payments, ground ren~s, utilities, and other charges relating to the Property when due. Lender may require Mortgagor provide to Lender copies of all notices 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. Mortga,~jor agrees to assign to Lender, as requested by Lender, any rights, cairns or defenses Mortgagor may have against parties who supply labor or materials to maintain or improve the Properw, 7, DUE ON SALE, Lender may, at its option, declare ~he 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 Property. This right is subject to the restrictions imposed by federal law governing the preemption of state due-bn- sale laws, as applicable. 8. wARRANTIES AND REPRESENTATIONS. Mortgagor has the righ~ and authority to enter into tr, Js Security Instrument. The execution and delivery of this Security Instrument will not violate any agreement governihg Mortgagor or to which Mortgagor is a party. 9. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mortgagor will keep the Property in good condition end make all repairs that are reasonably necessary. Mor~gagor will not commit or allow any waste, impai~rnent,'or deterioration of the Property. Mortgagor will keep the Property free of noxious Weeds and grasses. Mortgagor agrees that the nature of the occupancy and use will no~ substantially change without Lender's prior wri~-uen consent, Mortgagor will not permit any change in any license, restrictive covenant or easement witl~out Lender's prior written consent. Mortgagor will notify Lender of all demands, proceedings, claims, ~nd actions agair~st Mortgagor, and of any loss or damage 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 ~he time of or before an inspection speci~yin~ a re, asonable purpose for the inspection Any inspection of the Property will be entirely for Lender's benefit a~d 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 d~is SecUrity Instrument, Lender may, without notice, perform or cause them to be performed. Mort§agor appoints Lender as attorney in fact ~o sign Mortgager's name or pay any amourJt 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 preclL~de Lender from exercising any of Lender's other rights under the law or this Security Instrument. If any construcd.bn on the Property is discontinued or not carried on in a reasonable manner, Lender may take all steps necessary protect Lender's security interest in the Property, including completion of the construction. 11. ASSIGNMENT OF LEASES AND RENTS, Mortgago'r assigns, grants, bargains, conveys, mortgages a~nd warran1:s to Lender as additional security all the right, title end interest in the follo~ving IProperty): existing.or future leases, subleases, licenses, guaranties and any other written or verbal agreements for the use ahd occupancy of the Property, including any extensions, renewals, modifications or replacements (Leases); and ren,~s, issues and profits (Rents). In the event any item listed as Leases or Rents is determined to be personal proper,~y, this Assignment will also be regarded as a security agreement. Mor~gagor will prompdy provide Lender witl~ coples of the Leases and will certify these Leases are true and correct copies. The existing Leases will be provided on execution of t~,e Assignment, and ali future Leases and any other ir,formation with respect to t~,ese Leases will !be provided immediately after they are executed. Mortgagor may collect, receive, enjoy and use the Ren~s so long Mortgagor is not in default. Upon default, Mortgagor will receive any Rents in trust for Lender and Mortgagor ~vill not commingle ~he Rents with any other funds. Mortgagor agrees ~hat this Security Instrument is immediately effective between Mor~gagor and Lender. This Security Instrument will remain effective during any statut~)ry redemption period until [he Secured Debts are satisfied. As long as this Assignment is in effect, Mor~ga¢or warran~:s and represents that no default exists under the Leases, and the parties subject ~e the Leases have violated any applicab e 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 because Mor~§agor's liabilities exceed they become due. assignment for the benefit of creditors or becomes insolvent, either Mortgager's assets or Mortgagor is unable to pay Mortgager's debts', as 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 ~his Security Instrument. E. Other Documents, A default occurs under the terms of any othe~ transaction document, F, Other Agreements. Mortgagor is in default on any °t~er debt or ~9reement Mortgagor has wid-, Lender. G, Misrepresentation, Mor~gagor 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 satisfy or appeal any judgment against Mortgagor. I. For~eitureJ The Property is used in a manner or for a purpose that threatens confiscation by a legal authoriw. J. Name Change. Mortgagor changes Mortgagor's name or assumes an additional name without notifying Lender before making such a change. K, Property Transfer, Mortgago~ transfers all or a substantial par[ of Mortgagor's money or property. Tills condition of default, as it relates to the transfer of the Property, is subject to the restrictior~s contained in DUE ON SALE section. L. Property Value. The value of the Pro~arty declines or is impaired. M. Insecurity. Lender reasonably believes that Lender is in'secure. 13, REMEDIES. Lender may use any and all remedies Lender has under state or federal law or in any instrumej~t evidencing or pertaining to the Secured Debts, including, without limitation, the power to sell the Property. AOy amounts advanced on Mortgagor's behalf will be immediately due and may be added to the balance owing unc~er the Secured Debts. Lender may make a claim for any and all insurance benefits or refunds that may be availal~le on Mortgagor's default. : Subject to any right to cure, required time 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 Del~ts immediately due and foreclose this Security Instrument in a manner provided by law upon the occurrence afl 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 will corena{hr that Lender has not caused or allowed a lien or an encumbrance to burden the Property and that Lender w II specially warrant and defend the Property's title of the purchaser or purchasers az the sale against all lawful clair~s and demand.of all persons claiming by, through or under Lender. The recitals in any deed of oonveyance will be prima facie evidence of the facts set forth therein. All remedies are distinct, cumulative and not exc usive, 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 paymer~t on the Secured Debts after the balance is due or is accelerated or after foreclosure proceedings are filed will riot constitute a waiver of Lender's right to require full and complete cure of any existing default. By not exercisihg 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 remediles under this Security Instrument. Mortgagor agrees to pay 'expenses for Lender to inspect and preserve the Prope~.ry and for any recordation costs of releasing 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 and payable immediately. If not paid immediately, these expenses will b~ar interest from the date of payment until paid in full at the highest interest rate in effect as provided for in the torres of the Secured Debts. To the extent permitted by the United States Bankruptcy Code, Mortgagor agrees to p,ay the reasonable attorneys' fees Lender incurs to collect the Secured Debts'as awarded by any court exorcisihg 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 ICERCL~A, 42 U.5.C. 9601 et seq.), all other federal, stal~e and local laws, regulations, ordinances, oourt orders, attorney general opinions or interpretive letters concerning the public health, safety, welfare, environment or a hazardo~us 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 pul~lic health, safety, welfare or environment. The term includes, without limitation, any substances defined !as "hazardous material," ';toxic substance," "hazardous waste," "hazardous substance," or "regulated substandc" 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 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 compliance with any applicable Environmental Law. C, Mortgagor will immediately notify Lender if a release or threatened release of a Hazardous Substance occ~urs 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 Environn~er, tal Lav~. 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 will give Lender prompt notice of any pending or threatened action by privet6 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 of the above described actions'or claims. Mo~gagor assigns to Lender the proceeds of any award or claim for damages connected witl~ a condemnation or other taking of all or 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 agreementor other lien document. 17, INSURANCE. Mortgagor agrees to keep the Property insured against the risks reasonablv associated with Property. Mortgagor-will maintain this insurance in the amounts Lender requires. This insurance will last until Property is released from this Security Instrument. What Lender requires pursuant to the preceding two sentences can change ~Ji~i~ir~g'the term of '~he Secured Debts. Mortgagor may choose the insurance company, subject t Lender's approval, which will not be unreasonably withheld, All insurance policies and renewals will include standard "mcr[gage clause" and, where applicable, "loss payee clause." Mortgagor will give Lender and the insurance company immediate notice o]' any loss. All insurance proceeds wiil be applied to restoration or repair of the Property or to the Secured Debts, at Lender's option. If Lender acquire~ the Properw in damaged condition, Mor~gagor's rights to any insurance policies and ~roceeds will pass to Lender tb the exten~: of the Secured Debts. Mortgagor will immediately notify Lender Of cancellation or termination of insurance If Mortgagor fails to keep thee ProperW insured Lender may obtain insurance to protect Lender's interest in the Property. This insurance maJv include coverages not originally required of Mortgagor, may be written by a company other than one Mo~[gago~r would choose, and may be written at a higher rate than Mortgagor could obtain if Mortgagor purchased insurance. 18, ESCROW FOR TAXES AND INSURANCE. As provided in a separate agreement, Mortgagor agrees to pay tb Lender funds for taxes and insurance in escrow. 19. CO-SIGNERS, If Mortgagor signs this Security Ins~rumen~ but docs not sign the Secured Debts, Mor~gag~r does so only to mortgage Mor~gagor's interest in ~he Properly to secure paymen~ of the Secured Debts Mortgagor does not agree to be personally liable on the Secured D~bts. If this Security Instrumen~ secures,a guaranty between Lender and Mor[gagor, Mortgagor agrees ~o waive any rights that may preven~ Lender frozen bringing any action or claim against Mortgagor or any party indebted under the obligation. These rights m~y in¢lude~ but are not limited to, any anti-deficiency or one-action laws. 20. WAIVERS. Except to the exten~ prohibited by law, Mortgagor waives all horr~estead exemption rights relating to the Property. : 2.1, APPLICABLE LAW. This Security Instrument is governed by ~he laws of Wyomino, except to the otherwise required by the laws of the jurisdiction where the Property is located, and the United States of An,erica; 22.. JOINT AND INDIVIDUAL LIABILITY AND SUCCESSORS. Each Mor~gagods Obligations under this Seeuri~.y Instrument are independent of the obligations of any other Mortgagor. Lender may sue each Mortgagor individually or together with any other Mortgagor. Lender may release any pan of the Properw and Mortgagor will still be oblioated 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. 2.3. AMENDMENT, INTEGRATION AND SEVERABILITY, This Security Instrurnen~ may not be amended or modified by oral agreemen[. No amendment or modifiCation of this Security lnstrumen~ is effective unless made in writing and executed by Mor[gagor and Lender, This Securiw Instrument is the complete and final expression of agreement. If any provision of this SeCurity Instrument is unenforceable, then the unenforceable provision will severed and the remaining provisions will still be enforceable. 24. INTERPRETATION. Whenever used~ the singular includes the plural and the plural includes the singular. Tl~e section headings are for conveni'ence 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, notice will be given by delivering it or mailing ir'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 be notice to all parties. Mortgagor will inform Lender in writing of any change in Mortgagor's name, address other application information. Mortgagor will provide Lender any financial statements or information Lend;er reques[s. All financial statements and information Mor[gagor gives Lender will be correct and complete. Mortgagor agrees to sign, de~iver, and file any additional documents or certifications tha~ Lender may consider necessary ~o perfect, continue, and preserve Mor~gagor's obligations under this Security Instrument and to confirm Lender's lien s~atus on any PmperW. Time is of ~he essence. : SIGNATURES. By signing, Mortgagor agrees to the terms and covenants contained in this Security Instrument. Mortgagor also acknowledges receipt of a Copy of this Security Instrument. DONALD STEVEN STALEY Individually KRISTI CALL STALEY Ihdividually ACKNOWLEDGMENT. (Individual) , ,~ ',~ This instrument was ackf[owledged before me this ,2-0 ~ day of ~ , ~---E)~ ~ by DONALD STEVEN STALEY , spouse of KRISTI CA~-~ i~usband ~'nd wife, ;md KRIS71 eAL----~-ST~LEY ', spouse of DONALD 5TEVEN 5TALEY, husband and wife. My commission expires: county of ~jl~l,~ state of (( Lincoln I~ Wyorning II My Co.~mmisslon Expires Ju~8, 2006 J{ (Notary Public)