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HomeMy WebLinkAbout903685903685 RECEIVED LINCOLN COUNTY CLERK OCT 1 3 ~H I0: I h Space Above This Line For Recording Data MORTGAGE (With Future Advance Clause) DATE AND PARTIES. The date of this Mortgage (Security Instrument) is OCTOBER 4, 2004. The parties and their addresses are: MORTGAGOR: LENNIE J SORENSON An unmarried individual P O BOX 3292 ALPINE, Wyoming 83128 LENDER: FIRST NATIONAL BANK - WEST Organized and existing under the laws of the United States of America 100 Greys River Road Alpine, Wyoming 83128 TIN: 83-0162601 AN UNMARRIED FEMALE VESTED IN THE FOLLOWING MANNER: A SINGLE WOMAN 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: LOT 62 ALPINE VILLAGE SUBDIVISION AMENDED, ACCORDING TO THAT PLAT RECORDED IN THE OFFICE OF THE LINCOLN COUNTY CLERK, LINCOLN COUNTY, WYOMING. The property is located in LINCOLN County at 621 ELKHORN DRIVE, ALPINE, Wyoming 83128. Together with all rights, easements, appurtenances, royalties, minbral rights, oil and gas rights, all water and riparian rights, wells, ditches and water stock and all existing a~M future improvements, structures, fixtures, and replacements that may now, or at any time in the future, be t)ar~ of the real estate described (all referred 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 $100,000.00. This limitation of amount does no~ include interest and other fees and charges validly made pursuant to this Security Instrument. Also, this limitation does not apply to advances made under the terms of this Security Instrument to protect Lender's security arKJ 1:o 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 extenskms, renewals, refinancings, modifications and replacements. A promissory note or other agreement, No. 764002421, dated October 5, 2004, from Mortgagor to Lender, with a maximum credit limit of $100,000.00. One or more of the debts secured by this Security Instrument contains a future advance provision. B. Sums Advanced. All sums advanced and expenses incurred by Lender under the terms of this Security Instrument. 4. PAYMENTS. Mortgagor agrees that all payments under ~l~e Secured Debts will be paid when due and in accordance with the terms of the Secured Debts and this Security Insuument. 5. PRIOR SECURITY INTERESTS. With regard to any other mor~jage, deed of trust, security agreement or other lien document that created a prior ~ecurity interest or encumbrance on the Property, Mortgagor agrees: LENNIE J SORENSON Wyoming Mortgage WY/4XXEIlen~~04558018100604Y ©1996 S~tems, Cloud, MN Initials ~ Page 1 A. To make all payments when due and to perform or comp,¥ with all covenants. '- 08 B. To promptly deliver to Lender any notices that Mortgagor receives from the holder. (3. Not to allow any modification or extension of, nor to r~quest any future advances under any note or agreement secured by the lien document without Lender's prior written consent. 6. CLAI[VIS AGAINST TITLE. Mortgagor will pay all taxes, assessments, li~ns, encumbrances, ~ase payments, ground rents, utilities, and o~her charges relating to lh~ Property when due. Lender may require Mortgagor provide to Lender copies o~ all notices that such amounts are due and the receipts evidencing ~orIgagor's payment. Mortgagor will de~end tille to the Property against any claims that would impair the lien o~this Security Instrument. Mortgagor agrees to assign to Lender, as requested by Lender, any dghts, claims or defenses Mortgagor may have against parties who supply labor or materials ~o maintain or improve the Property. 7. DUEON SALE. Lender may, at its option, declarelhe entire balanceolthe Secured Debtto be immediately due and payable upon the creation o~, or contract for the creation o~, any transfer or sale o~ all or any pa[l Property. This right is subj~ct to th~ mstrictions imposed by ~ederal law {12 C.F.~. ~1}, as applicabl~. 8. ~A~ANT~ES AND ~EP~ESENTATIONS. Mortgagor has the right and authority ~o enter-into INs security Instrument. The execution and delivery o~ lhis SecudW Inslru~nent will not violate any agreement governing Mortgagor or to which Mortgagor is a party. ~. P~OPE~TY CONDITION, ALTERATIONS AND INSPEOTION. Mortgagor will keep the property in good condition and make all repairs that are reasonably necessary. Mortgagor will not commit or allow any waste, impairment, detetio[ation o~ the ProperW, Mortgagor will keep the Property ~tee o~ noxious weeds and grasses. Moftgagor agrees that the nature o~ the occupancy and use will not substa~tialIy change without Lender's pdor written consent. Mortgagor will not permit any change in any license, restrictive covenant or easement without Lender's pdor writlen consent. Mo[tgagor wiil notify Lender o~ all demands, proceedings, claims, and actions against Mortgagor, and o~ any loss or damage to the Property. L~nder ct L~nder's agents may, at Lender's option, enter th~ Property at any reasonable time ~o~ the purpose inspecting the Property. Lender will give Mortgagor notice at the time of or before an inspection specifying a reasonable purpose for the inspection. 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, without notice, perform or cause them to be performed. Mortgagor appoints Lender as attorneyin facttosign Mortgagor's nameorpay any amount necessary for performance. Lender's right ~o 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 ProperW is discontinued or not carried on in a reasonable manner, Lender may take all steps necessary to protect Lender's security inmrest 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 lhe 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 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 ~o be personal property, tNsAssignmen~ will also be regarded as a security agreemenL Mortgagor will promp~ly provide Lender with copies of the Leases and will certify ~hese Leases are true and correct copies. The existing Leases will be provided on execution of the AssignmenL 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 so long as Mortgagor is not in default. Upon default, Mortgagor will receiw~ any Rents in trust for Lender and Mortgagor will not commingle the Rents with any o~her funds. Mortgagor agrees ~hat lhis Security Instrument is immediately effective between Mortgagor and Lender. This Security Instalment will remain effective during any statutory redemption period until the Secured Debts are satisfied. As long as this Assignmen~ 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. MORTGAGE COVENANTS. Mortgagor agrees that the covenants in this Security Instrument are material obligations under the Secured Debts and this Security Instrument. If Mortgagor breaches any covenant in this Security Inslrument, Lender may refuse to make additional extensions of credit or may reduce the credit limit. By no~ exercising eilher remedy on Mortgagor's breach, Lender does not waive Lender's right to later consider ~he evem a breach if it happens again. 13. DEFAULT. Mortgagor will be in default if any of the following occur: A. Fraud. Mortgagor engages in fraud or material misrepresentation in connection wi~h the Secured Debts. B. Payments. Any party obligated on Ihe Secured Debts fails to make a payment when due. C. Property. Any action or inaction occurs that adversely affects ~he Property or Lender's rights in the Property. 14. REMEDIES ON DEFAULT. In addition to any other remedy available under the terms' 'of this Security Instrument, Lender may accelerate the Secured Debts and foreclose this Security Instrumen~ in a.manner provided by law if Mortgagor is in default. In some instances, federal and s~ate taw will require Lender to provide Mortgagor with notice of the right m cure, or other notices and may esmblisl~ time schedules for foreclosure actions. Al the option of the Lender, all or any part of the agreed fees and charges, accrued interest and principal will become immediately due and payable, after giving notice if required by law, upon the occurrence of a default or anytime thereafter. Lender will be entitledlo, without limitaIion, ~he power to selllhe Property. Upon any sale of the Properw, 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 covenant that Lender has not caused or allowed a lien or an encumbrance to burden the Property and that Lender will specially warran~ and LENNIE J SORENSON Wyoming Mortgage WY/4XXEIlenC00815100004558018100604Y ©1996 Bankers Systems, lnc., St. Cloud, MN ~M Initials _~ Page 2 0903 ;S5 ,.. 086 5 defend the Property's title of the purchaser or purchasers at the sale against ali lawful claims and demand of atl persons claiming by, through or under Lender. The acceptance by Lender of 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 right to require complete cure of any existing default. By not exercising any remedy on Mortgagor's default, Lender does not waive Lender's right to later consider the event a default if it happens again. 15. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. If Mortgagor breaches any covenant in this Security Instrument, Mortgagor agrees to pay all expenses Lender incurs in performing such covenants or protecting its security interest in the Property. Such expenses include, but are not limited to, fees incurred for inspecting, preserving, or otherwise protecting the Prol}erty and Lender's security interest. Mortgagor agrees to pay all costs and expenses incurred by Lender in collecting, enforcing, or protecting Lender's rights and remedies under 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 payable on demand and will bear interest from the date of payment until paid in full ~t the highest interest rate in effect as provided for in the terms of Secured Debts. To the extent permitted by the U~lited 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. This Security h~strument will remain in effect until released. Mortgagor agrees to pay for any recordation costs of such release. 16. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this sec'don, (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 ~ubstance dangerous or potentially dangerous to the public health, safety, welfare or environment. The term inbludes, without limit:ation, 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 writi~fl 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 a~y Environmental Law concerning the Property. In such an event, Mortgagor will take all necessary remedial actiu~ 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 relatil~g to the release or threatened release of any Hazardous Substance or the violation of any Environmental Law. 17. CONDEMNATION. Mortgagor will 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 Mortgagor's name 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 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 agreement or other lien document. 18. INSURANCE. Mortgagor agrees to keep the Property insured against the risks reasonably associated with the Property. Mortgagor will maintain this insurance in the amounts Lender requires. This insurance will last until the Property is released from this Security Instrument. 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 renewals will include a standard "mortgage clause" and, where applicable, "loss payee chruse." Mortgagor will give Lender and the insurance company immediate notice of any loss. All insurance proceeds will be applied to restoration or repair of the Property or to the Securec: Debts, au Lender's option. If Lender acquires the 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 Lender of cancellation or term~-dio~] of insurance. If Mortgagor fails [o keep the Property insured Lender may obtain insurance [o protect Lender's interest in the Property. This ~nsurance may include coverages not originally required of Mortgagor, may be wn[~en by a company other than one Mortgagor would choose, and may be written at a higher rate than Morttiagor could obtain if Mortgagor purchased the insurance. 19. ESCROW FOR TAXES AND INSURANCE. Mortgagor will not be required to pay to Lender funds for taxes and insurance in escrow. 20. CO-SIGNERS. If Mortgagor signs this Security Instrument but does not sign the Secured Debts, Mortgagor does so only to mortgage Mortgagor's interest in the Property to secure paymen~ of the 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 r'ghts 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 aws. LENNIE J SORENSON Wyoming Mortgage Initials ~ WY/4XXEIlenC0.~04558018100604Y ©1996Ba~,~ustems ,,c SI Cloud MN F_x~-'-~.~ Page 3 21. WAIVERS, Except to the extent prohibited by law, Mortgagor waives all homestead exemption rights relating to the Property. 22. OTHER TERMS. The following are applicable to this Security Instrument: A. Line of Credit. The Secured Debts include a revolving line of credit provision. Although the Secured Debts may be reduced to a zero balance, this Security Instrument will remain in effect until the Secured Debts and all underlying agreements have been terminated in writing by Lender. 23. 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. 24. 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 still be obligated 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[5. 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 unenforceable, then the unenforceable provision will be severed and the remaining provisions will still be enforceable. 26. 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. 27. 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 mai to the appr6priate party's address listed in the DATE AND PARTIES section, or to any other address designated m writing. Notice to one party will be deemed to be notice to all parties. Mortgagor will inform Lender in wr'ting of any change in Mortgagor'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 correct and complete. Mortgagor agrees to sign, deliver, and file any additional doculnerlts 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. 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. LENNIE J SORENSON Individually LENDER: First N~4OT~I Bank - West ACKNOWLEDGMENT. (Individual) _ LENNIE J SORENSON , an unmarried individual. My commission expires: (Notary PL~..,~ ' LENNIE J SORENSON Wyoming Mortgage WY/4X XEIlenCO08 ' 5100004558018100604 Y ©1996 Bankers Svstems ~ c St Cloud, MN ~ Initials ~'~ Page 4 (Lender Acknowledgment) 0~0~5~_.~' This instrument was acknl;~vl~dged ~efore me this Penny Jones as Real Estate Loan Officer of First National Bank - Wust My commission expires: /~-~.o~-D~ .~_~t./.(Notar¥ Public) IL'''/ 0867 by LENNIE J SORENSON Wyoming Mortgage WY/4XXEIlenCO0815100004558018100604Y nc St Cloud MN Initiala ~ ..... Page