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HomeMy WebLinkAbout904713 RECEIVED 11/19/2004 at 12:58 PM RECEIVING # 904713 BOOK: 573 PAGE: 99-103 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY Space Above This Line For Recording Data MORTGAGE (With Future Advance Clause) DATE AND PARTIES. The date of this Mortga,r.~e (Security Instrument) is NOVEMBER 8, 2004. The parties and their addresses are: MORTGAGOR: GERALD W OTT 4453 WEST PARK HOLLOW LANE RIVERTON, Utah 84065 DENI OTT 4453 WEST PARK HOLLOW LANE RIVERTON, Utah 84065 LENDER: FIRST NATIONAL BANK - WEST Organized and existing under the laws of Ihe 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',% performance under this Security Instrument, Mortgagor grants, bargains, conveys, mortgages, and._, warrants to L~;nder, with the power of sale, the following described property: LOT 26 IN STAR VALLEY RANCH PLAT 21, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT THEREOF. The property is located in LINCOLN County at l~JO BUTTE DRIVE, THAYNE, Wyoming 83127, Together with all rights, easements, appurte~l~,lces, r. oyalties, 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 remai~ in effect until the Secured Debts and all underlying agreements have been terminated in writing by Lender. 2. MAXIMUM OBLIGATION LIMIT. The total p~irlcipal amount secured by this Security Instrument at any one time will not exceed ~144,000.00. This limitadol~ .f amount does not include interest and other fees and charges validly made pursuant to this Security Instrum~;~l. Also, this limitation does not apply to advances made under the terms of this Security Instrument to protect Le~der 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 deb[,~ and all extensions, renewals, refinancings, modifications and replacements. A promissory note or oth~r agreement, No. 64003183, dated November 8, 2004, from Mortgagor to Lender, with a loan amount of ~144,000.00. One or more of the debts secured by this Security Instrument contains a future advance provisi~. B. Sums Advanced. All sums advanced a~d expenses incurred by Lender under the terms of this Security Instrument. 4. PAYMENTS. Mortgagor agrees that all payments under the Secured Debts will be paid when due and in accordance with the terms of the Secured Debt,'~ ~,~d this Security Instrument. 5. PRIOR SECURITY INTERESTS. With regard ~,~ any other mortgage, deed of trust, security agreement or other lien document that created a prior security intcr~,~t or encumbrance on the Property, Mortgagor agrees: GERALD W OTT Wyoming Mortgage WY/4XroxiejeO0815100004558026110804Y Bankers Systems, Inc., St. Cloud, MN ~,x~--'~~ Initials~ ~.~). Pii'g e 1 A. To make all payments when due and to perform or comply wi,I, all covenants. "': ~-.' 0 J~ 0 0 B. To promptly deliver to Lend6r any notices that Mortgagor rec,:ives from the holder. C. 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. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, ass~::;~';ments, 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 Mortgagor's payment. Mortgagor will defend title to the Property against any t:hdtns that would impair the lien of this Security Instrument. Mortgagor agrees to assign to Lender, as reques~,~l by Lender, any rights, claims or defenses Mortgagor may have against parties who supply labor or materials t~> maintain or improve the Property. 7. DUE ON SALE. Lender may, at its option, declare the entire bal~u~ce of the Secured Debt to be immediately due and payable upon the creation of, or contract for the creation of, any transfer or sale of all or any part of the Property. This right is subject to the restrictions imposed by fede~l htw (12 C.F.R. 591 ), as applicable. 8. WARRANTIES AND REPRESENTATIONS. Mortgagor has the ~ight and authority to enter into this Security Instrument. The execution and delivery of this Security Instru~,;nt will not violate any agreement governing Mortgagor or to which Mortgagor is a party. 9. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. M.~tgagor will keep the Property in good condition and make all repairs that are reasonably necessary. Mortgagor will not commit or allow any waste, impairment, or deterioration of the Property. Mortgagor will keep the Property h~;e of noxious weeds and grasses. Mortgagor agrees that the nature of the occupancy and use will not sub,,~t~u~tially change without Lender's prior written consent. Mortgagor will not permit any change in any license, re,~;t~ictive covenant or easement without Lender's prior written consent. Mortgagor will notify Lender of all dem~.~ds, proceedings, claims, and actions against Mortgagor, and of any loss or damage to the Property. Lender or Lender's agents may, at Lender's option, enter'the Propu~ty at any reasonable time for the purpose of inspecting the Property. Lender will give Mortgagor notice at tim, time of or before an inspection specifying a reasonable purpose for the inspection. Any inspection of the P~¢q~erty 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 cau.,,~.~ them to be performed. Mortgagor appoints Lender as attorney in fact to sign Mortgagor's name or pay any an~otmt necessary for performance. Lender's right to perform for Mortgagor will not create an obligation to perform, ~,~d Lender's failure to perform will not preclude Lender from exercising any of Lender's other rights under the law ~. this Security Instrument. If any construction on the Property is discontinued or not carried on in a reasonable ~nmmer, Lender may take all steps necessary to protect Lender's security interest in the Property, including completi~n of the construction. 11. ASSIGNMENT OF LEASES AND RENTS. Mortgagor assig~.~, grants, bargains, conveys, mortgages and warrants to Lender as additional security all the right, title and i~lmest in the following (Property): existing or future leases, subleases, licenses, guaranties and any other w~itten 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 ~, Rents is determined to be personal property, this Assignment will also be regarded as a security agreement. Mo~ IHagor 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 H~formation with respect to these Leases will be provided immediately after they are executed. Mortgagor may colh;ct, receive, enjoy and use the Rents so long as Mortgagor is not in default. Upon default, Mortgagor will receive m~y Rents in trust for Lender and Mortgagor will not commingle the Rents with any other funds. Mortgagor agret~ that this Security Instrument is immediately effective between Mortgagor and Lender. This Security Instrun~t.u~t will remain effective during any statutory redemption period until the Secured Debts are satisfied. As Icu~cj 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 tenm'~ts. 12. DEFAULT. Mortgagor will be in default if any of the following ~ccur: A. Payments. Mortgagor fails to make a payment in full when due, B. Insolvency or Bankruptcy. The death, dissolution or insolve~;y of, appointment of a receiver by or on behalf of, application of any debtor relief law, the assignment for ti,; benefit of creditors by or on behalf of, the voluntary or involuntary termination of existence by, or the commencement of any proceeding under any present or future federal or state insolvency, bankruptcy, reorg~ization, composition or debtor relief law by or against Mortgagor, Borrower, or any co-signer, endorser, surety or guarantor of this Security Instrument or any other obligations Borrower has with Lender. C. Death or Incompetency. Mortgagor dies or is declared legally i~competent. D. Failure to Perform. Mortgagor fails to perform any condilku~ or to keep any promise or covenant of this Security Instrument. E. Other Documents. A default occurs under the terms of any otl,;r transaction document. F. Other Agreements. Mortgagor is in default on any other debt u~ agreement Mortgagor has with Lender. G. Misrepresentation. Mortgagor makes any verbal or written '.;~atement or provides any financial information that is untrue, inaccurate, or conceals a material fact at the timu it is made or provided. H. Judgment. Mortgagor fails to satisfy or appeal any judgmenl against Mortgagor. I. Forfeiture. The Property is used in a manner or for a purpose tl~t threatens confiscation by a legal authority. J. Name Change. Mortgagor changes Mortgagor's name or ~t,~sumes an additional name without notifying Lender before making such a change. GERALD W OTT ~ Wyoming Mortgage Initials WY/4XroxiejeO0815100004558026110804Y ©1996 Bankers Systems, Inc., ~k Cloud, MN ~ 'P~age 2 K. Property Transfer. Mortgagor transfers Cdl or a substantial part of Mortgager's money or property. This condition of default, as it relates to the tranr;h~,r of the Property, is subject to the restrictions contained in the DUE ON SALE section. L, Property Value. The value of the Property dr, clines or is impaired. L; ~ 0 1 0.11. M. Insecurity. Lender reasonably believes th;,t Lender is insecure. 13. REMEDIES. Lender may use any and all ~c~mdies Lender has under state or federal law or in any instrument evidencing or pertaining to the Secured Debts, il~:luding, without limitation, the power to sell the Property. Any amounts advanced on Mortgager's behalf will I.; immediately due and may be added to the balance owing under the Secured Debts. Lender may make a claim h)r any and all insurance benefits or refunds that may be available on Mortgager's default. Subject to any right to cure, required time sclmd~Jles 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 h~:~rument in a manner provided by law upon the occurrence of a default or anytime thereafter. Upon any sale of the Property, Lender will mak,~, and deliver a special or limited warranty deed that conveys the property sold to the purchaser or purchasers, th~der this special or limited warranty deed, Lender will covenant that Lender has not caused or allowed a lien <, an encumbrance to burden the Property and that Lender will specially warrant and defend the Property's title; <if the purchaser or purchasers at the sale against all lawful claims and demand of all persons claiming by, throurjh or under Lender. The recitals in any deed of conveyance will be prima facie evidence of the facts set forth thereil~. All remedies are distinct, cumulative and not ex(:h~sive, and the Lender is entitled to all remedies provided at law or equity, whether or not expressly set forth, Th~; ~cceptance 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 full and complete cure of any existing default. By not exercising any remedy, Lender does not waive Lender's ri!iht 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 colh;(:lion, enforcement or protection of Lender's rights and remedies under this Security Instrument. Mortgagor acjr(;~,'; to pay expenses for Lender to inspect and preserve the Property and for any recordation costs of releasing tim r~r~perty from this Security Instrument. Expenses include, but are not limited to, reasonable attorneys' fees after (Jefault 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 payment until paid in hdl at the highest interest rate in effect as provided for in the terms of the Secured Debts. To the extent permitt(;(I hy the United States Bankruptcy Code, Mortgagor agrees to pay the reasonable attorneys' fees Lender incurs t~ 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 ~-nvironmental Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), all other federal, sta~e and local laws, regulations, ordinances, court orders, attorney general opinions or interpretive letters concerni~cj the public health, safety, welfare, environment or a hazardous substance; and (2) Hazardous Substance mea~; any toxic, radioactive or hazardous material, waste, pollutant or contaminant which has characteristics which rc~der the substance dangerous or potentially dangerous to the public health, safety, welfare or environment. Tim term includes, without limitation, any substances defined as "hazardous material," "toxic substance," "haz¢.dous 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 rec(~(jnized to be appropriate for the normal use and maintenance of the Property. B. Except as previously disclosed and ack~)wledged 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 il a release or threatened release of a Hazardous Substance occurs on, under or about the Property or there is ;~ violation of any Environmental Law concerning the Property. In such an event, Mortgagor will take all neces,'~ry remedial action in accordance with any Environmental Law. D. Mortgagor will immediately notify Lender h) writing as soon as Mortgagor has reason to believe there is any pending or threatened investigation, claim, ~,I proceeding relating to the release or threatened release of any Hazardous Substance or the violation of any [i~vironmental Law. 16. CONDEMNATION. Mortgagor will give Lenci(;r prompt notice of any pending or threatened action by private or public entities to purchase or take any or all o[ ~l~e Property through condemnation, eminent domain, or any other means. Mortgagor authorizes Lender to intervc~e in Mortgager's name in any of the above described actions or claims. Mortgagor assigns to Lender the pr~)~;eeds of any award or claim for damages connected with a condemnation or other taking of all or any part o[ the Property. Such proceeds will be considered payments and will be applied as provided in this Security InstJt~r~ent, This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreemo.t or other lien document. 17. INSURANCE. Mortgagor agrees to keep tl~; Property insured against the risks reasonably associated with the Property. Mortgagor will maintain this insurm~c~~. in the amounts Lender requires. This insurance will last until the Property is released from this Security Instrum<~,~t. What Lender requires pursuant to the preceding two sentences can change during the term of the Secured Del)ts. Mortgagor may choose the insurance company, subject to Lender's approval, which will not be unreaso,;d)ly withheld. All insurance policies and renewals will include a standard "mortgage clause" and, where applical)h~, "loss payee clause." GERALD W OTT ~ Wyoming Mortgage Initials WY/4XroxiejeOO815100004558026110804Y I~age 3 ~'19,96 Bankers Systems, Inc., St. Cloud, MN :. i ~::;':";:":;?'....,,.×.,,. ~ Mortgagor will give Lender and the insurance company immediate ~otice of any loss. All insurance proceeds will be applied to restoration or repair of the Property or to the Secuf(~<l Debts, at Lender's option. If Lender acquires the Property in damaged condition, Mortgagor's rights to any insu~,)ce 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 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 other than one Mortgagor would choose, and may be written at a higher rate than Mort(,I,=g~r could obtain if Mortgagor purchased the insurance. 18. ESCROW FOR TAXES AND INSURANCE, Mortgagor will not h~; required to pay to Lender funds for taxes and insurance in escrow. 19. 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 Io secure payment of the Secured Debts and Mortgagor does not agree to be personally liable on the Secured D(-;bts. If this Security Instrument secures a guaranty between Lender and Mortgagor, Mortgagor agrees to w~ive any rights that may prevent Lender from bringing any action or claim against Mortgagor or any party ind~d)ted 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, Mortgago~ w~dves 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 Propel ty is located, and the United States of America. 22. JOINT AND INDIVIDUAL LIABILITY AND SUCCESSORS. Ea(:h Mortgagor's obligations under this Security Instrument are independent of the obligations of any other.Mortgag,)r. Lender may sue each Mortgagor individually or together with any other Mortgagor. Lender may release any I~t of the Property and Mortgagor will still be obligated under this Security Instrument for the remaining Prop~,[ty. 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 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 unenforc(~'able, then the unenforceable provision will be severed and the remaining provisions will still be enforceable. 24. INTERPRETATION. Whenever used, the singular includes the I)lural 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 or 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 ~l m~y change in Mortgagor's name, address or other application information. Mortgagor will provide Lender ~,~y financial statements or information Lender requests. All financial statements and information MortgagoJ gives Lender will be correct and complete. Mortgagor agrees to sign, deliver, and file any additional docum~nts or certifications that Lender may consider necessary to perfect, continue, and preserve Mortgagor's obligatio~ 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 Insl~urnent. Individua!ly DENI OTT Individually LENDER: First N~ank- ~/f'e~St , Roxie~J~nl~e~[~taie Loan Officer GERALD W OTT Wyoming Mortgage WY/4XroxiejeO0815100OO4558026110804Y ©1996 Bankers Systems, Inc, St. Cloud, MN ~" Initials Page 4 ACKNOWLEDGMENT, (Individual) This instrument was acknowledged before GERALD W OTT. My commission expires: __ OF (,L~ ~ ss. day of (N~ry P6~ic) , ZoO ¢ by (Individual) This instrument was acknowledged before mc this DENI OTT. My commission expires: OF (J~ ~ ss. day of /~ ti , TOby by STATE OF UTAH ~y Commission Expirs.~ January 23.2005 9260 Sot~h ..... cas[ Sandy, Utah 84070 (Len der Acknowledgment) ss. This instrument was ~c~owledg~d before Roxie Jenkins as Real Estate Loan Officer of Firr;t National Bank - West. My commission expires: 4/-..) -~ (Notary Pubic) ...... by GERALD W OTT Wyoming Mortgaga WY/4XroxiejeO081510OOO4558026110804Y "1996 Bankers Systems, Inc., St. Cloud, MN ~ .:,'.,:,~?,t?,;i ! : Initials Page 5