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HomeMy WebLinkAbout902067902067 RECEIVED ,,,.,,._,,~?" CO .it',,q'Y OLERK Space Above This Line For Recolding Data MORTGAGE DATE AND PARTIES. The date of this Mortgage (Security Instrurnent) is August 12, 2004. Tile parties and their addresses are: MORTGAGOR: MARK A QUINN 617 Emerald Street Kemmerer, Wyoming 83101 LENDER: FIRST NATIONAL BANK - WEST Organized and existing under the laws of the United States of America 716 Pine Avenue Kemmerer, Wyoming 83101 TIN: 83-0162601 1. CONVEYANCE. For good and valuable consideration, the receipt ~md sufficiency of which is acknowledged, and to secure the Secured Debts and Mortgagor's performance under tiffs Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with the power of sale, the followi~g described property: Lot 8 of Block 37 of First Addition to the Town of Kemmerer, Lincoh~ County, Wyoming '~ T~hhe property is located in LINCOLN County at 617 Emerald Street, K~¢f~mlerer, Wyoming 83101. Together with all rights, easements, appurtenances, royalties, n~ineral 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 par[ of the real estate described (all refened to as Property). This Security Instrument~ will remain in effect until tl~e 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 ~8,508.08. This limitation of amount does not include interest and other fees arid charges validly made pursuant to this Security Instrument. Also, this limitation does not apply to advances made under ~he terms of this Security Instrument to protect Lender's security and to pelfolm any of the covenants contained in [his Security Instrument. 3. SECURED DEBTS. This Security Instrument will secure the following Secured Debts: A. Specific Debts. The following debts and all extensio~m, renewals, refinancings, modifications and replacements. A promissory note or other agreement, No. 85165000, dated August 12, 2004, lmm Mortgagor to Lender, with a loan amount of $8,508.08 and maturing on August 26, 2009. 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. I[ more [l~an 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 future loans or advances. Any such commitment must be in wridng. In the event that Lender fails to provide any required notice of the rigl~t of 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 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 "margin stock" and Lender does not obtain a "statement of purpose," as defined and required by federal law governing securities. C. Sums Advanced. All sums advanced and expenses incurled by Lender under the terms of this Security Instrument. MARK A QUINN Wyo~ling Mortgage WY/4X Xgrar~sOO725200004363020081104Y ©1996 Bankers Systems. Inc, St. Cloud, MN _F~.~ Ir~id als/~f ~.2, 0902067 '. 0 ';' 0 6 4. PAYMENTS. Mortgagor agrees that all payments under the Secured Debts will be paid when due and in accordance with the te~ms of the Secured Debts ~nd this SecudW Instlument. 5. PBIOH SECURITY INTERESTS. With regard lo any othe~ mo~lgage, deed of trust, securiw agreement or olho~ Lien document that crealed a p~ior secudW intefes~ or encumbrance on lhe P~operW, Mortgagor agrees: A. To make all payments when due and ~o perform or comply will~ all covenants. B. To promptly deliver to Lender any nodces that Mort~ago~ receives from the holder. C. Not to allow any modification or extension of, no~ to request any future advances under any note o~ agreement secured by the lien document without Lender's prior wlitlen consent. 6. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, assessments, liens, encurnbrances, lease payments, ground rents, utilities, and other charges relating to ~he Property when due. Lender may require Mor[gagor m provide to Lender copies of all notices that such amounts are due and ~he receipts evidencing Mortgagor's payment. Mortgagor will defend title to the Property against any claims that would impair the lien of this SecurJW Inslrument. Mortgagor agrees to assign to Lender, as requesmd by Lender, any righm, clairns or defenses Mortgagor may have against parties who supply labor or materials m maintain or improve ~he Property. 7. DUE ON SALE. Lender may, at its option, declare the en[i~e balance of tt~e Secured Deb[s [o be immediately due and payable upon the creation of, or contract for the crea[ion of, a transfer or sale of all or any part of [he Property. This right is subject to the restrictions imposed by federal law governing the preemption o[ sram due-on- sale laws, as applicable. 8. WARRANTIES AND REPRESENTATIONS. Mortgagor has the rigl~t and authority to enter into this Sectuity Instrument. The execution and delivery 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 reasonably necessary. Mortgagor will ~ot commit pt 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 occupancy 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 will notify Lender of all demands, proceedings, claims, and actions against Mortgagor, and pi 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 tl~e time of or before an inspection specitying a reasonable purpose for the inspection. Any inspection of the P~ope~ty 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, without notice, perform or cause them to be performed. Mortgagor appoints Lender as attorney in fact 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 to perform will not preclude Lender from exercising any of Lender's other rights under the law o~ this Security Instrument. If any construction on the Property is discontinued or not carried on in a reasonable manner, Lender may take ~11 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 inmrest in the following (Property): existing or future leases, subleases, licenses, guaranties and any other vwitten or verbal agreements for the use and occupancy of the Property, including any extensions, renewals, n~odiiications 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 future Leases and any other information with respect to these Leases will be provided immediately after they are executed. Mortgagor may collect, receive, enjoy and use the Rents solong 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 Lender. This Security Instru~r~ent 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, arid 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 anyof the following occur: A. Payments. Mortgagor fails to make a payment in full when due. B. Insolvency. Mortgagor makes 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 lncompetency. Mortgagor diesoris declared legally i~competent. D. Failure to Perform. Mortgagor fails to perform any condition o~ to keep any promise or covenant of this Security Instrument. E. Other Documents. A default occurs under the termsof 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 failsto satisfyor appeal any judgment against Mortgagor. I. Forfeiture. The Propertyis usedina manner or for a purpose that threatens confiscation by a legal authority. MARK A QUINN Wyoming Mortgage WY/4XXgramsO072§200004363020081104Y ©1996 Bankers Systems, Ir~c., St. Cloud, MN F F~~ J. Name Change. Mortgagor changes Mortgagor'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 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 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 insecLne. 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 limitation, the power to sell the Property. Any amounts advanced on Mortgagor's behalf will be immediately due al~d may be added to the balance owing under the Secured Debts. Lender may make a claim for any and all insulance benefits or refunds that may be available on Mortgagor's default. Subject to any right to cure, required time schedules or any other ilotice rights Mortgagor may have under federal and state law, Lender may make all or any part of the amount owing by the terms gl the Secured Debts immediately due and foreclose this Security Instrument in a manl~el 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 tl~at conveys the property sold to the purchaser or purchasers. Under this special or lil~lited warranty deed, Lender will covenant that Lender has not caused or allowed a lien or an encumbrance to burden the Pro~)erty 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 recitals in any deed of conveyance will be prima facie evidence of the facts set forth therein. All remedies are distinct, cumulative and not exclusive, and the Lender is entitled to all remedies provided at law or equity, whether or not expressly set forth. The acceptanc'e by Lender of any sum in payment or partial payment on the Secured Debts after the balance is due or is accelerated u~ ~dter foreclosure proceedings are filed will not constitute a waiver of Lender's right to require full and complete cu~e 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 arid preserve the Property 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 bear interest from the date of paymer~t until paid in full at the highest int~.~rest 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 exercisir~g jurisdiction under the Bankruptcy Code. 15. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Environmen'tal Law means, without limitation, the Comprehensive Environmental Response, Compensation arid Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), all other federal, state and local laws, ~egulations, ordinances, court orders, attorney general opinions or interpretive letters concerning the public health, safety, welfare, environmel~t 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 tl~e public health, safety, welfare or environment. The term includes, without limitation, any substances defined as "hazardous material," "toxic substance," "hazardous waste," "l~azardous 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 apl~rol~riate for the normal use and mainteqance gl the Property. B. Except as previously disclosed and acknowledged in writi~lg 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 occurs on, under or about the Property or there is a violation of any Environmental Law concerning the Property. h'l such an event, Mortgagor will take all necessary remedial action in accordance.with any Envilonmental Law. D. Mgrtgagor 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 aIw pending or threatened action by private or public entities to purchase or take any or all of the Property through cor~demnation, eminent domain, or a~/y oilier means. Mortgagor authorizes Lender to intervene in Mortgagor's n~m~e 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 alt or any part of the Property. Such proceeds will be considered payments arid will be applied as provided in this Security Instrument. This assignment of proceeds is subject to tile 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 this insurance in tile amounts Le~/der requires. This insurance wilt last until the Property is released from this Security Instrument. What Lender ~ecluires pursuant to the preceding two sentences MARK A QUtNN Wyo~rfiflg Mortgage WY/4XXgrantsOO725200004363020081104Y ©1996 Bankers Systems, h~c., St Cloud, MN J~ ~D-'~-~r~_~ I can change during the term of the Secured Debts. Mortgagor may choose the ~nsue&nce company, sub,ecl Lender's approval, which w~H not be unreasonably w~thheid. AH h~surance po]~c]es a~d renewals w~[[ h~clude standard "mortgage clause" and, where applicable, "]oss p&yee clause." Moetfl&9or will 9~ve Lender and the ~su~ance comp&ny immediate nodce o( any loss. All h~su~&nce proceeds be applied to restorat~o~ or rep&~ of the P~opertv or ~o the Secur(~d Deb[s, al Leader's option. H [ende~ acquhes the Property in damaged condition, Mortflaflor's rights to any insurance policies and proceeds will pass Io Lende~ to the extent of the Secured Debts. Mortgagor will immediately notify Lenderof cancellation or termination of insurance. If Mortgagor fails to keep the Property insured Lender may obtain insurance to protect Lender's interest in the Property. This insurance may include coverages not originally required of Mortgagor, may be w~itten by a company oH~er than one Mortgagor would choose, and may be written 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 pay to Lende~ funds for taxes and insurance in escrow. 19. CO-SIGNERS. If Mortgagor signs riffs 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 the Secured Debts and Mortgagor does not agree to be personally liable on the Secured Debts. I~ 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 prohibited by law, Mortgagor waives all homestead exemption rights retadng to the Property. 21. APPLICABLE LAW. This Security Instrument is governed by the laws of Wyoming, except to zl~e extent otherwise required by the laws of the jurisdiction where the Property is located, and the United States of America. 22. JOINT AND INDIVIDUAL LIABILITY AND SUCCESSORS. Each Mortgagor'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 Mortgagor. Lender may release any part of the Property and Mortgagor will sull be obligated under ~his Security Instrument for the remaining Property. The duties and benefits of ~his 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 or 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 unenforceuble, 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 tt~is Security Instrument. 25. 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 ti~e appropriate party's address listed in the DATE AND PARTIES section, or to any other address designated m writing. Noticeto one party will be deerned to be notice to all parties. Mortgagor will inform Lender in writing gl any change in Mo~tgagor'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 correc~ 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 confin-n Lender's lien status on any Property. Time is of the 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. MORTGAGOR: .~t~R'~ A"~UINN Individually LENDER: First Nati~'~'l~ Bank - Wesj[ ~'_ __ By//'",~'~-~--- /~ J G~ant Sitler, Keminerer President MARK A QUlNN Wyoming Mortgage WY/4XXgran[sOO72520000436302OO81104Y ©1996 Bankers Systems, Inc., Si. Cloud, MN /~ ~-~ : ,, ACKNOWLEDGMENT. (Individual) STATE OF WYOMING COUNTY This instrument was acknowledged before me this MARK A QUINN. My commission expires: 5/9/06 OF LINCOLN ss. 12th (lay of AUGUST (Notary Public) 0 2 3 9 2004 by (Lender Acknowledgment) STATE OF WYOMING , COUNTY OF LINCOLN This instrument was acknowledged before me this 12th clay of Grant Sider as Kemmerer President of First National Bank - West. My commission expires: 5/9/06 SS. AUGUST 2004 (Notary Public) by MARK A QUINN Wyoming Mortgage WY/4XXgrantsOO7252OOOO436302OO81104Y ©1996 Bankers Systems, Inc., St. Cloud, MN ~.~ Inidats Page 5