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HomeMy WebLinkAbout904728.344 RECEIVED 11/22/2004 at 10:5] RECEIVING # 904728 BOOK: 573 PAGE: 204 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMi- i.:i R. WY Space Above This Line For R(.',:,,r~li~,9 Data MORTGAGE (With Future Advance (/I.,,~;u) DATE AND PARTIES. their addresses are: The date of this Mortgage (Security Instru~ .... ~,~) is NOVEMBER 12, 2004. The parties and MORTGAGOR: HENDRIK H. DRENTH Spouse of LISA A FRIST-DRENTH PO BOX 3349 ALPINE, Wyoming 83128 LISA A FRIST-DRENTH Spouse of HENDRI~K H. DRENTH PO BOX 3349 ~k~ ALPINE, Wyoming 83~28 LENDER: FIRST NATIONAL BANK - WEST Organized and existing under the laws of the United States ,,i AIncrica 100 Greys River Road Alpine, Wyoming 83128 TIN: 83-0162601 1. CONVEYANCE. For good and valuable consideration, the receil,l ..~(t sufficiency of which is acknowledged, and to secure the Secured Debts and Mortgager's performance u~(t, [ tiffs Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with the p,:)~,.,~[ <~f sale, the following described property: SEE ATTACHED EXHIBIT "A" The property is located in LINCOLN County at 176 DELL CREEK,, f INA, Wyoming 83118. Together with all rights, easements, appurtenances, royalties, ~,~1 rights, oil and gas rights, all water and riparian rights, wells, ditches and water stock and all existing a~l(I II,lure improvements, structures, fixtures, and replacements that may now, or at any time in the future, be pa~ ,~I the real estate described (all referred to as Property). This Security Instrument will remain in effect until tl~,; ~;,~cured Debts and all underlying agreements have been terminated in writing by Lender. 2. MAXIMUM OBLIGATION LIMIT. The total principal amount se~:t~,~,l by this Security Instrument at any one time will not exceed $123,000.00. This limitation of amount does ~,I i~dude interest and other fees and charges validly made pursuant to this Security Instrument. Also, this limit;,[~, ,~) does not apply to advances made under the terms of this Security Instrument to protect Lender's security a~,t ~,) i)~.rform any of the covenants contained in this Security Instrument. 3. SECURED DEBTS. This Security Instrument will secure the follo~.. ~!j Secured Debts: A. Specific Debts. The following debts and all extensi(~, r(mewals, refinancings, modifications and replacements. A promissory note or other agreement, No. /~;.1002520, dated November 12, 2004, from Mortgagor to Lender, with a maximum credit limit of $123,00o il/). One or more of the debts secured by this Security Instrument contains a future advance provision. B. All Debts. All present and future debts from Mortgagor t~ ! ~der, even if this Security Instrument is not specifically referenced, or if the future debt is unrelated to or ,~l ~ (lilferent type than this debt. If more than one person signs this Security Instrument, each agrees that i~ ..,ill ,~;ecure debts incurred either individually or with others who may not sign this Security Instrument. N,,~t,i~!l in this Security Instrument constitutes a commitment to make additional or future loans or advances. A~,~ ~uch commitment must be in writing. In the event that Lender fails to provide any required notice of the ri!tt~ ~l rescission, Lender waives any subsequent security interest in the Mortgager's principal dwelling that is c~, ,,~,~(I t)V this Security Instrument. This Security HENDRIK H. DRENTH Wyoming Mortgage WY/4XDorettaO08~.t~"-..Q~;V~,558023111204Y Initials _~ Instrument will not secure any debt for which a non-po~:,,:..;,,y, non-purchase money security interest is created in "household goods" in connection with a "consun~, ~ h,;,~," as those terms are defined by federal law governing unfair and deceptive credit practices. This Secum, t~.;trument will not secure any debt for which a security interest is created in "margin stock" and Lender do,:. ~,,~ obtain a "statement of purpose," as defined and required by federal law governing securities. C. Sums Advanced. All sums advanced and expenses inc~, ,,~1 by Lender under the terms of this Security Instrument. 4. PAYMENTS. Mortgagor agrees that all payments under ~1, t;~.~cured Debts will be paid when due and in accordance with the terms of the Secured Debts and this Securi~ 5. PRIOR SECURITY INTERESTS. With regard to any other m~.,~t,!;~!ju, deed of trust, security agreement or other lien document that created a prior security interest or encumbra~, ,: ,,~ the Property, Mortgagor agrees: A. To make all payments when due and to perform or comply ,, ,iit~ all covenants. B. To promptly deliver to Lender any notices that Mortgagor ~, .:.;iv~,u from the holder. C. Not to allow any modification or extension of, nor to ~,:,It~;,~t any future advances under any note or agreement secured by the lien document without Lender's pti,, .:~it ten consent. 6. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, as,. :,:,~ems, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Propc,,.,' when due. Lender may require Mortgagor to provide to Lender copies of all notices that such amounts ,,,.. ,h,.~ and the receipts evidencing Mortgager's payment. Mortgagor will defend title to the Property against a~,..' , I;~ims that would impair the lien of this Security Instrument. Mortgagor agrees to assign to Lender, as requ,.,~,:d hy Lender, any rights, claims or defenses Mortgagor may have against parties who supply labor or materi~d:. ~,, ~aintain or improve the Property. 7. DUE ON SALE. Lender may, at its option, declare the entire I. ~l.,~;e of the Secured Debt to be immediately due and payable upon the creation of, or contract for the c'reatio~ .,i ~r~1, transfer or sale of all or any part of the Property. This right is subject to the restrictions imposed by fert,:~ :,1 h~w (12 C.F.R. 591), as applicable. 8. WARRANTIES AND REPRESENTATIONS. Mortgagor has ti,: ~i~jh[ and authority to enter into this Security Instrument. The execution and delivery of this Security Inst~,,~,,nt will not violate any agreement governing Mortgagor or to which MortgagOr is a party. 9. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. l.l.,r~jagor will keep the Property in good condition and make all repairs that are reasonably necessary. Mortgagor v,,~ll ~ot commit or allow any waste, impairment, or deterioration of the Property. Mortgagor will keep the Propers,,. I~,~; of noxious weeds and grasses. Mortgagor agrees that the nature of the occupancy and use will not sui,,:~;,~dally change without Lender's prior written consent. Mortgagor will not permit any change in any license, r,:~.~ictive covenant or easement without Lender's prior written consent. Mortgagor will notify Lender of all d~;~,,~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 F'~.,I,,ty at any reasonable time for the purpose of inspecting the Property. Lender will give Mortgagor notice at ~t,,~ time of or before an inspection specifying a reasonable purpose for the inspection. Any inspection of the i'~,,l~.~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 ~.,..' ~hny or any of the covenants contained in this Security Instrument, Lender may, without notice, perform or ,:;,~,;,~, them to be performed. Mortgagor appoints Lender as attorney in fact to sign Mortgager's name or pay any ;,,,.t,~t necessary for performance. Lender's right to perform for Mortgagor will not create an obligation to perfou~, ~,~d Lender's failure to perform will not preclude Lender from exercising any of Lender's other rights under the lev. ,,¢ tiffs Security Instrument. If any construction on the Property is discontinued or not carried on in a reasonabh, ~,mer, Lender may take all steps necessary to protect Lender's security interest in the Property, including comtd,:~ i,,~ of the construction. 11. ASSIGNMENT OF LEASES AND RENTS. Mortgagor as~,..l~:;, grants, bargains, conveys, mortgages and warrants to Lender as additional security all the right, title a~l ,~l,,r~;st in the following (Property): existing or future leases, subleases, licenses, guaranties and any other ,,:~il~on or verbal agreements for the use and occupancy of the Property, including any extensions, renewals, ~ ..... li lications or replacements (Leases); and rents, issues and profits (Rents). In the event any item listed as Lea,.;~::. ~,~ t~onts is determined to be personal property, this Assignment will also be regarded as a security agreement. I i,,~!lmjor will promptly provide Lender with copies of the Leases and will certify these Leases are true and corre{:~ , ~qm;s. The existing Leases will be provided on execution of the Assignment, and all future Leases and any otl, ~ i~l,~rmation with respect to these Leases will be provided immediately after they are executed. Mortgagor may t;,.Ih.:l, receive, enjoy and use the Rents so long as Mortgagor is not in default. Upon default, Mortgagor will receiv, .,~y Rents in trust for Lender and Mortgagor will not commingle the Rents with any other funds. Mortgagor a!j~ .... :~ tibet this Security Instrument is immediately effective between Mortgagor and Lender. This Security Inst~t,~,,~t will remain effective during any statutory redemption period until the Secured Debts are satisfied. A.~; !:,~!1 as this Assignment is in effect, Mortgagor warrants and represents that no default exists under the Leas~,:. ;,~d the parties subject to the Leases have not violated any applicable law on leases, licenses and landlords and 12. MORTGAGE COVENANTS. Mortgagor agrees that the c,¢',:~m~ts in this Security Instrument are material obligations under the Secured Debts and this Security Instru~,:~l. If Mortgagor breaches any covenant in this Security Instrument, Lender may refuse to make additional ext,~ .~,,~ of credit or may reduce the credit limit. By not exercising either remedy on Mortgager's breach, Lender d,..; ~,.~t waive Lender's right to later consider the event a breach if it happens again. 13. DEFAULT. Mortgagor will be in default if any of the followi~!~ A. Fraud. Mortgagor engages in fraud or material misreprese~i,,~i,~ in connection with the Secured Debts. B. Payments. Any party obligated on the Secured Debts fail~ t,, ~ke a payment when due. C. Property. Any action or inaction occurs that adversely aff~:~ ~, lho Property or Lender's rights in the Prope?~y. HENDRIK H. DRENTH Wyoming Mortgage WY/4XDorettaO0815100004558023111204Y ©1996 Bankers System~, ~ 14. REMEDIES ON DEFAULT. In addition to any other ret~, !,,' available under the terms of this Security Instrument, Lender may accelerate the Secured Debts and forect .... : ~lds Security Instrument in a manner provided by law if Mortgagor is in default. In some instances, federal and ..~,,i,, law will require Lender to provide Mortgagor with notice of the right to cure, or other notices and may establi: I~ t~e schedules for foreclosure actions. At the option of the Lender, all or any part of the agreed fee .... ~,1 charges, accrued interest and principal will become immediately due and payable, after giving notice if re~it~,:~l t)y law, upon the occurrence of a default or anytime thereafter. Lender will be entitled to, without limitations, ~1~,~ power to sell the Property. Upon any sale of the Property, Lender will make and deliver a special or limited w,,~,.~y deed that conveys the property sold to the purchaser or purchasers. Under this special or limited warrant., ,I,,~M, Lender will covenant that Lender has not caused or allowed a lien or an encumbrance to burden the Pr,,I,,,~tV and that Lender will specially warrant and defend the Property's title of the purchaser or purchasers at tl~,; .;&.~ against all lawful claims and demand of all persons claiming by, through or under Lender. The acceptance by Lender of any sum in payment or partial payt,,, ~i c,n the Secured Debts after the balance is due or is accelerated or after foreclosure proceedings are filed will ~,,,~ ,:~n~stitute a waiver of Lender's right to require complete cure of any existing default. By not exercising any ~, ~,~,.~dy on Mortgagor's default, Lender does not waive Lender's right to later consider the event a default if it hal,t~,:~:~ again. 15. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' F[:t :;; COLLECTION COSTS. If Mortgagor breaches any covenant in this Security Instrument, Mortgagor agrees to I,.,', all expenses Lender incurs in performing such covenants or protecting its security interest in the Property. St,. t, ~xpenses include, but are not limited to, fees incurred for inspecting, preserving, or otherwise protecting the I'~,,l~ty and Lender's security interest. Mortgagor agrees to pay all costs and expenses incurred by Lender in coil,., ~!1, enforcing, or protecting Lender's rights and remedies under this Security Instrument. Expenses include, but ;,~, ~t;t limited to, attorneys' fees, court costs and other legal expenses. These expenses are payable on demand a~,] .:All bear interest from the date of payment until paid in full at the highest interest rate in effect as provided f,,~ ~ the terms of Secured Debts. To the extent permitted by the United States Bankruptcy Code, Mortgagor a0~ :; ~o pay the reasonable attorneys' fees Lender incurs to collect the Secured Debts as awarded by any court e ~:i,~;ing jurisdiction under the Bankruptcy Code. This Security Instrument will remain in effect until released. M~,~,ta~jt)r agrees to pay for any recordation costs of such release. 16. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCE.~;. /\.'; used in this section, (1) Environmental Law means, without limitation, the Comprehensive Environmental R~::,l,,,~.~;e, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), all other federal, state and local law.;. ~egulations, ordinances, court orders, attorney general opinions or interpretive letters concerning the public he:,l~i~, safety, welfare, environment or a hazardous substance; and (2) Hazardous Substance means any toxic, radi,,.~,:tive or hazardous material, waste, pollutant or contaminant which has characteristics which render the substan,:,: ,ta~lgerous or potentially dangerous to the public health, safety, welfare or environment. The term includes, ~.~l~out limitation, any substances defined as "hazardous material," "toxic substance," "hazardous waste," "i~,,.~';,~dous substance," or "regulated substance" under any Environmental Law. Mortgagor represents, warrants and agrees that: A. Except as previously disclosed and acknowledged in ~vritit~tl ~,) Lender, no Hazardous Substance is or will be located, stored or released on or in the Property. This ~,: .~i~:tio~ does not apply to small quantities of Hazardous Substances that are generally recognized to be aI,l,t,,l~riate for the normal use and maintenance of the Property. B. Except as previously disclosed and acknowledged in wri~,l to Lender, Mortgagor and every tenant have been, are, and will remain in full compliance with any applical,l,: I ~wironmental Law. C. Mortgagor will immediately notify Lender if a release or th~:.~l~ed release of a Hazardous Substance occurs on, under or about the Property or there is a violation of an;, t ~vironmental Law concerning the Property. In such an event, Mortgagor will take all necessary remedial acti~,~ i~ accordance with any Environmental Law. D. Mortgagor will immediately notify Lender in writing as so~,~ .,,.~ Mortgagor has reason to believe there is any pending or threatened investigation, claim, or proceeding rel,,~,~tl [o the release or threatened release of any Hazardous Substance or the violation of any Environmental La,, 17. CONDEMNATION. Mortgagor will give Lender prompt notic,~ ,,! any pending or threatened action by private or public entities to purchase or take any or all of the Property thr,,~,!l~ ~:ondemnation, eminent domain, or any other means. Mortgagor authorizes Lender to intervene in Mortgago~'~. ~a~ne in any of the above described actions or claims. Mortgagor assigns to Lender the proceeds of any ;,'.:~d or claim for damages connected with a condemnation or other taking of all or any part of the Property. :,t~,:l~ proceeds will be considered payments and will be applied as provided in this Security Instrument. This assi,,~,r,~,;nt of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or other lien do, 18. INSURANCE. Mortgagor agrees to keep the Property insure,l .,!lai,~st the risks reasonably associated with the Property. Mortgagor will maintain this insurance in the amountt, t, ~Mf;r requires. This insurance will last until the Property is released from this Security Instrument. What Lende~ ~, ,l~dre, s pursuant to the preceding two sentences can change during the term of the Secured Debts. Mortgago~ ~t, choose the insurance company, subject to Lender's approval, which will not be unreasonably withheld. ,tl i~:;urance policies and renewals will include a standard "mortgage clause" and, where applicable, "loss payee ~:1,,~ Mortgagor will give Lender and the insurance company immediai,: ~,~ice of any loss. All insurance proceeds will be applied to restoration or repair of the Property or to the Sector, ,I t)ebts, at Lender's option. If Lender acquires the Property in damaged condition, Mortgagor's rights to any ins~ ~.,~ ~:u policies and proceeds will pass to Lender to the extent of the Secured Debts. Mortgagor will immediately notify Lender of cancellation or termly,, t ~,~ of insurance. If Mortgagor fails to keep the Property insured Lender may obtain insurance to protect Lend,:~', i~erest in the Property. This insurance may include coverages not originally required of Mortgagor, may be . ~i~le~ by a company other than one Mortgagor HENDRtK H. DRENTH Wyoming Mortgage WY/4X D or ett aO~r~ c-':~,~¢~ 945580231 11204Y ©1996 Ban~"~9.~ ~' ~. n~ s ',l tnitial~ would choose, and may be written at a higher rate than Motl,},tpn could obtain if Mortgagor purchased the insurance. 19. ESCROW FOR TAXES AND iNSURANCE. Mortgagor will no~ l,,. ~equired to pay to Lender funds for taxes and insurance in escrow. 20. CO-SIGNERS. If Mortgagor signs this Security Instrument t,,,t d~)es not sign the Secured Debts, Mortgagor does so only to mortgage Mortgagor's interest in the Propert,, t,, s;ecure payment of the Secured Debts and Mortgagor does not agree to be personally liable on the Secul,.,l l)ebts. If this Security Instrument secures a guaranty between Lender and Mortgagor, Mortgagor agrees to ~,.,~iw; any rights that may prevent Lender from bringing any action or claim against Mortgagor or any party il,~l, i~I~;¢1 under the obligation. These rights may include, but are not limited to, any anti-deficiency or one-action 21. WAIVERS. Except to the extent prohibited by law, Mortgatp,~ ':,,aires all homestead exemption rights relating to the Property. 22. OTHER TERMS. The following are applicable to this Security I~ ~,,l~ument: A. Line of Credit. The Secured Debts include a revolving lin~: ,~I ~:~.Mit provision. Although the Secured Debts may be reduced to a zero balance, this Security Instrument will ~,,~ain in effect until the Secured Debts and all underlying agreements have been terminated in writing by 23. APPLICABLE LAW. This Security Instrument is governed I,.. II~e laws of Wyoming, except to the extent otherwise required by the laws of the jurisdiction where the Prop,.~ t,.. i,.~ located, and the United States of America. 24. JOINT AND INDIVIDUAL LIARILITY AND SUCCESSORS. t :,,:1~ Morlgagor's obligations under this Security Instrument are independent of the obligations of any other Mort~j~,tl,,t. Lender may sue each Mortgagor individually or together with any other Mortgagor. Lender may release an,,' l,,t~t ol the Property and Mortgagor will still be obligated under this Security Instrument for the remaining PmI,,:~IV. The duties and benefits of this Security Instrument will bind and benefit the successors and assigns of Let ,~ !, ,i alld Mortgagor. 2.5. AMENDMENT, INTEGRATION AND SEVERABILITY. This Se~ ~ il,,, ]l~strument may not be amended or modified by oral agreement. No amendment or modification of this Secu~,~, h~.~;i~ument is effective unless made in writing and executed by Mortgagor and Lender. This Security Instrun,,:~ is the complete and final expression of the agreement. If any provision of this Security Instrument is unenl,,~,::ub[e, ihen the unenforceable provision will be severed and the remaining provisions will still be enforceable. 26. INTERPRETATION. Whenever used, the singular includes ti,,. [,h~a] and the plural includes the singular. The section headings are for convenience only and are not to be ust, l t~, i~erpret or define the terms of this Security Instrument. 27. NOTICE, FINANCIAL REPORTS AND ADDITIONAL DOCUM~ wrs. Unless otherwise required by law, any notice will be given by delivering it or mailing it by first class n,;~il I~ the appropriate party's address listed in the DATE AND PARTIES section, or to any other address designated ~,, w~iting. Notice to one party will be deemed to be notice to all parties. Mortgagor will inform Lender in writin!l ~I a~y change in Mortgagor's name, address or other application information. Mortgagor will provide Lender :,~.. fi~)ancial statements or information Lender requests. All financial statements and information Mortgagr,~ ~lives Lender will be correct and complete. Mortgagor agrees to sign, deliver, and file any additional docu~,.~,~; or certifications that Lender may consider necessary to perfect, continue, and preserve Mortgagor's obliga~i,,~ ~:. ~HMer 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 ,,,,:,:m, nts contained in this Security Instrument. Mortgagor also acknov)/ledges receipt of a copy of this Security h ~..t~t~t.~nt. :ISA A FRIST-DRENTH Individually LENDER: First ~l~i~l Bank - We~ Penny~_~e~sta{e Loan Officer HENDRIK H. DRENTH Wyoming Mortgage WYf4XDorettaO0815100004558023111204Y ©1996 Bankers Systems InitialF/~') ' Ch.~ud MN E.~" ACKNOWLEDGMENT. (Individual) ~fhis instrument was aC~nowledge~ before me this/ HENDRIK H. DRENTH , spouse of LISA A FRIST-DRENTH, and DRENTH, My commission expires: .,_ (Notar,, COUNTY. OF i~ STATE OF LINCOLN ~ WYOMING ))~ON EXPIRES ........... SEPTEMBER 18,200t~,~.,,_~ \ A FRIST-DRENTH , spouse of HENDRICK II)IICI ,~ by H. (Lender~//~ Acknowledgment) /(- ) z-~ ./~Z,~"~'~- ~//-~¢ "~ ~ _ . . OF , OF.~. This instrument was ack~ledged before me this /,~ ~L ~v of Penny Jones as Real Estate Loan Officer of First National Bank - My commission expires: /0_ ~E (Notaf, r~ ELLEN' ~ '..-.% ~ M ~Om'n,~*,e" E,.'~ -"' ~-:~c~[ 28, 2005 by HENDRIK H. DRENTH Wyoming Mortgage WY/4X DorettaO~345580231 11204Y EXHIBIT "A" A parcel of land in the SE1/4 of Se'c'tion 15, T36N, RI 19W. more particularly described as follows: COMMENCING at the section comer common to the Secti, .. Thence N89°57'53"W, 1704.14 feet to the true point of be Thence N00°08'lS.5,,E, 1278.91 feet; thence N87°17'40.3, Thence S02°21 '43.4"W, 1314.94 feet; Thence S89°57'53',E, 629.02 feet more or less To the true I' .M.. Lincoln County, Wyoming, 1.1. 15, 22, 23; ;:<.55 feet; [' c)t- BEGINNING.