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HomeMy WebLinkAbout904735 RECEIVED 11/22/2004 at 1:1 RECEIVING # 904735 BOOK: 573 PAGE: 240 JEANNE WAGNER LINCOLN COUNTY CLERK. KEMMi i::F~R. WY Space Above This Line For Ri,, ,,~ling Data MORTGAGE DATE AND PARTIES. The date of this Mortgage (Security Instru~,~,,~t) is NOVEMBER 19, 2004. The parties and their addresses are: MORTGAGOR: DALE R. CLARK P O BOX 152 SMOOT, Wyoming 83126 CAROL CLARK P O BOX 152 SMOOT, Wyoming 83126 LENDER: FIRST NATIONAL BANK - WEST Organized and existing under the laws of the United States ,~ 314 S Washington PO Box 1620 Afton, Wyoming 83110 TIN: 83-0162601 1. CONVEYANCE. For good and valuable consideration, the receipi ~..f .~ufficiency of which is acknowledged, and to secure the Secured Debts and Mortgagor's performance und.~ ~t~is Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with the pov., ~ .fl sale, the following described property: SEE ATTACHED "EXHIBIT A" The property is located in LINCOLN County at 282 SMOOT-AFTON~;t~ 12-148, SMOOT, Wyoming 83126. Together with all rights, easements, appurtenances, royalties, ~,,,,.~i r~ghts, oil and gas rights, all water and riparian rights, wells, ditches and water stock and all existing and ~m~e improvements, structures, fixtures, and replacements that may now, or at any time in the future, be part ~,i tl~e real estate described (all referred to as Property). This Security Instrument will remain in effect until ti~ ~;~:~:ured Debts and all underlying agreements have been terminated in writing by Lender. 2. MAXIMUM OBLIGATION LIMIT. The total principal amount sec~,,,,l hy this Security Instrument at any one time will not exceed $57,296.64, This limitation of amount does not in~,h~j, i~)terest and other fees and charges validly made pursuant to this Security Instrument. Also, this limitation d(,,, ~,:~t apply to advances made under the terms of this Security Instrument to protect Lender's security and to l),.~l,,l~ any of the covenants contained in this Security Instrument. 3. SECURED DEBTS. This Security Instrument will secure the follov,~,~!l Secured Debts: A. Specific Debts. The following debts and all extensio~,,, ~,~ewals, refinancings, modifications and replacements. A promissory note or other agreement, No. (;-~()()3189, dated November 19, 2004, from Mortgagor to Lender, with a loan amount of $57,296.64. B. Sums Advanced. All sums advanced and expenses incurr~,i h;~ Lender under the terms of this Security Instrument. 4. PAYMENTS. Mortgagor agrees that all payments under the ~i,~(:~red Debts will be paid when due and in accordance with the terms of the Secured Debts and this Security h~,,~ 5. PRIOR SECURITY INTERESTS. With regard to any other mort~j,tj,:, d(:ed of trust, security agreement or other lien document that created a prior security interest or encumbrance ~,~ ~1,~, Property, Mortgagor agrees: A. To make all payments when due and to perform or comply wit!, ,,11 (:ovenants. B. To promptly deliver to Lender any notices that Mortgagor rec(:iv~::~ from the holder. DALE R. CLARK Wyoming Mortgage WY/4XroxiejeOO815100004558027111804Y ©1996 Bankers Systems, Inc. Initials Page 1 C. Not to allow any modification or extension of, nor to t~.,~,~::~ any future advances under any note or agreement secured by the lien document without Lender's prio~ ,...~ i~ ~;n consent. 6. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, as.~:':..~,~nts, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Propef~v .... ,l~n due. Lender may require Mortgagor to provfde to Lender copies of all notices that such amounts a~, ,1~; and the receipts evidencing Mort§agor's payment. Mortgagor will defend title to the Property against any , ~,,t~s that would fmpair the lfen of this Secudtv Instrument. Mortgagor agrees to assign to Lender, as requez~.~:,t bv Lender, any rights, claims or defenses Mortgagor may have against partfes who supply labor or materials I,, ~mntain or improve the Property. ?. DUE ON SALE. Lender may, at its option, declare the entire hal ,,:~: of the Secured Debt to be immediately due and payable upon the creation of, or contract for the creation Property. This right is subject to the restrictions imposed by fede~;~l ~v transfer or sale of all or any part of the I,~w (12 C.F.R. 591), as applicable. 8. WARRANTIES AND REPRESENTATIONS. Mortgagor has the ~i!ll~t and authority to enter into this Security Instrument. The execution and delivery of this Security Instrm,,,;~t will not violate any agreement governing Mortgagor or to which Mortgagor is a party. 9. PROPERTY CONDITION. ALTERATIONS AND INSPECTION. M~,, ~, ;,Ior will keep the Property in good condition and make all repairs that are reasonably necessary. Mortgagor will~,,,~ commit or allow any waste, impairment, or deterioration of the Property. Mortgagor will keep the Property 1~,, of noxious weeds and grasses. Mortgagor agrees that the nature of the occupancy and use will not sub.-,~.,~,li,dly change without Lender's prior written consent. Mortgagor will not permit any change in any license, re.,,~,:tive covenant or easement without Lender's prior written consent. Mortgagor will notify Lender of all der~,,~,l~;, 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 Prol,,.~¥, ,~t any reasonable time for the purpose of inspecting the Property. Lender will give Mortgagor notice at ~l,,: I~,; of or before an inspection specifying a reasonable purpose for the inspection. Any inspection of the P~,,l,,,iy 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 ,J~, or any of the covenants contained in this Security Instrument, Lender may, without notice, perform or c~ ~i~cm to be performed. Mortgagor appoints Lender as attorney in fact to sign Mortgagor's name or pay any ar~,,,~, ~ecessary for performance. Lender's right to perform for Mortgagor will not create an obligation to perform, ,,,l I ,;nder's failure to perform will not preclude Lender from exercising any of Lender's other rights under the law ,;, ~l~i.,, Security Instrument. If any construction on the Property is discontinued or not carried on in a reasonable ,'~,.,~,;r, Lender may take all steps necessary to protect Lender's security interest in the Property, including comple[i, .~, ,,i the construction. 11. ASSIGNMENT OF LEASES AND RENTS. Mortgagor assig~ ~l~*~us, bargains, conveys, mortgages and warrants to Lender as additional security all the right, title and ~,,, ~,;~.~ in the following (Property): existing or future leases, subleases, licenses, guaranties and any other vv~,~,:~ or verbal agreements for the use and occupancy of the Property, including any extensions, renewals, mo,~,~i,;~dons or replacements (Leases); and rents, issues and profits (Rents). In the event any item listed as Leases ,,~ ti,~ls is determined to be personal property, this Assignment will also be regarded as a security agreement. Mo~ ~, t.,,t*,r will promptly provide Lender with copies of the Leases and will certify these Leases are true and correct c,,,,~,,:,. The existing Leases will be provided on execution of the Assignment, and all future Leases and any other i~!,,~adon with respect to these Leases will be provided immediately after they are executed. Mortgagor may colh;, i ~*~ceive, enjoy and use the Rents so long as Mortgagor is not in default. Upon default, Mortgagor will receive ,~,.. It,~,s in zrust for Lender and Mortgagor will not commingle the Rents with any other funds. Mortgagor agre,,. ~1,~ this Security Instrument is immediately effective between Mortgagor and Lender. This Security Instrum,~,~ will remain effective during any statutory redemption period until the Secured Debts are satisfied. As Io~!~ .~:; ~his Assignment is in effect, Mortgagor warrants and represents that no default exists under the Leases, ,,,,~ ~1~,.~ parties subject to the Leases have not violated any applicable law on leases, licenses and landlords and teYm,, 12. DEFAULT. Mortgagor will be in default if any of the following A. Payments. Mortgagor fails to make a payment in full when B. Insolvency or Bankruptcy. The death, dissolution or nsolvem.;. ,~l ~q~pointment of a receiver by or on behalf of, application of any debtor relief law, the assignment for th, l,,:~,~fi~ of creditors by or on behalf of, the voluntary or involuntary termination of existence by, or the c,,*,,~,;ncement of any proceeding under any present or future federal or state insolvency, bankruptcy, reorgarm ,~li,~l~, composition or debtor relief law by or against Mortgagor, Borrower, or any co-signer, endorser, surety ,,~ ,l~* ~antor of this Security Instrument or any other obligations Borrower has with Lender. C. Death or Incompetency. Mortgagor dies or is declared legally D. Failure to Perform. Mortgagor fails to perform any conditio~ ,,, !o keep any promise or covenant of this Security Instrument. E. Other Documents. A default occurs under the terms of any otl,,., ~nsaction document. F. Other Agreements. Mortgagor is in default on any other debt o~ .~t~.'ement Mortgagor has with Lender. G. Misrepresentation. Mortgagor makes any verbal or written s~,~l~,]~(;~)t or provides any financial information that is untrue, inaccurate, or conceals a material fact at the time i~ [: i~,,~de or provided. H. Judgment. Mortgagor fails to satisfy or appeal any judgment a0,,~l~:;[ Mortgagor. I. Forfeiture. The Property is used in a manner or for a purpose th~,~ ~l~r,.~tens confiscation by a legal authority. J. Name Change. Mortgagor changes Mortgagor's name or a.',,,;,~r~,.~.,: an additional name without notifying Lender before making such a change. K. Property Transfer. Mortgagor transfers all or a substantial p,,I <~i Mortgagor's money or property. This condition of default, as it relates to the transfer of the Property. ~.~ '.~l~ject to the restrictions contained in the DUE ON SALE section. DALE R. CLARK Wyoming Mortgage WY/4Xroxieje00815100004558027111804Y ©1996 Bankers Systems, Inc., [,~ ! ~;, MN ~:x~--"-r~" Initials ~'~M~ Page 2 L. Property Value. The value of the Property declines or is M. Insecurity. Lender reasonably believes that Lender is insect~,~. 13. REMEDIES. Lender may use any and all remedies Lender h~.. ~l~del state or federal law or in any instrument evidencing or pertaining to the Secured Debts, including, withoul I~it~ttion, the power to sell the Property. Any amounts advanced on Mortgagor's behalf will be immediately d~,: .,~(l may be added to the balance owing under the Secured Debts. Lender may make a claim for any and all ir~.,~[.~[~(:(~, benefits or refunds that may be available on Mortgagor's default. Subject to any right to cure, required time schedules or any othe~ ,~,,tice rights Mortgagor may have under federal and state law, Lender may make all or any part of the amo~,~l ~wing by the terms of the Secured Debts immediately due and foreclose this Security Instrument in a rm.~,~:~ provided by law upon the occurrence of a default or anytime thereafter. Upon any sale of the Property, Lender will make and deliver a ~t)~.<:i,~l or limited warranty deed that conveys the property sold to the purchaser or purchasers. Under this speci~d ,,[ ii~)ited warranty deed, Lender will covenant that Lender has not caused or allowed a lien or an encumbran~:,~ I<~ burden the Property and that Lender will specially warrant and defend the Property's title of the purchaser (,~ I,t,(:basers at the sale against all lawful claims and demand of all persons claiming by, through or under Lender. !t~,; 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 Lt~,l~ i..~ entitled to all remedies provided at law or equity, whether or not expressly set forth. The acceptance by [~,,t,:~ of any sum in payment or partial payment on the Secured Debts after the balance is due or is accelerated (,~ ;,[ler foreclosure proceedings are filed will not constitute a waiver of Lender's right to require full and complete ,.~, of any existing default. By not exercising any remedy, Lender does not waive Lender's right to later consi(J,, ~(: event a default if it continues or happens again. 14. COLLECTION EXPENSES AND ATTORNEYS' FEES. On or ;,l[~..~ Default, to the extent permitted by law, Mortgagor agrees to pay all expenses of collection, enfo~cemer, i ~, f)~(:)tection Of Lender's rights and remedies under this Security Instrument. Mortgagor agrees to pay expense..; i,,r l (;nder to inspect and preserve the Property and for any recordation costs of releasing the Property from this .' .... ;{,it¥ Instrument. Expenses include, but are not limited to, reasonable attorneys' fees after default and refer~,l I,, ~n attorney not a salaried employee of the Lender. These expenses are due and payable immediately. If ~,~ t)¢~i(t immediately, these expenses will bear interest from the date of payment until paid in full at the highest i~l, I,~;t rate in effect as provided for in the terms of the Secured Debts, To the extent permitted by the United St~,~, [~nkruptcy Code, Mortgagor agrees to pay the reasonable attorneys' fees Lender incurs to collect the Secure. L~ebts as awarded by any court exercising jurisdiction under the Bankruptcy Code. 15. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. ~', ~sed in this section, (1) Environmental Law means, without limitation, the Comprehensive Environmental Resp,,~,,.~:, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), all other federal, state and local laws, ~!l~lations, ordinances, court orders, attorney general opinions or interpretive letters concerning the public heahl~ ~;,:~fety, welfare, environment or a hazardous substance; and (2) Hazardous Substance means any toxic, radioa(:~,~,,; or hazardous material, waste, pollutant or contaminant which has characteristics which render the substance (I,,~ ~!j~:;~ ous or potentially dangerous to the public health, safety, welfare or environment. The term includes, w~l.,~[ limitation, any substances defined as "hazardous material," "toxic substance," "hazardous waste," "1-~.' ~J~us substance," or "regulated substance under any Environmental Law. " Mortgagor represents, warrants and agrees that: A. Except as previously disclosed and acknowledged in writing ~ ! ,~'~(ler, no Hazardous Substance is or will be located, stored or released on or in the Property. This re~.:ii,~ does not apply to small quantities of Hazardous Substances that are generally recognized to be appl,~i~i,,~e for the normal use and maintenance of the Property. B, Except as previously disclosed and acknowledged in writin!~ ~,, lender, Mortgagor and every tenant have been, are, and will remain in full compliance with any applicable I ~",.,'~o~mental Law. C. Mortgagor will immediately notify Lender if a release or thre~l, ~t release of a Hazardous Substance occurs on, under or about the Property or there is a violation of any E~,,'i[,',~)rnental Law concerning the Property. In such an event, Mortgagor will take all necessary remedial action .~ ,.:~;(~dance with any Environmental Law. D. Mortgagor will immediately notify Lender in writing as soon ;?,, I','l,)~tgagor has reason to believe there is any pending or threatened investigation, claim, or proceeding relat,~! I~ 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 ,~, i)ending or threatened action by private or public entities to purchase or take any or all of the Property throu.~l~ ,:~,~)demnation, eminent domain, or any other means. Mortgagor authorizes Lender to intervene in Mortgagor's ~-,;,~,~, i~ any of the above described actions or claims. Mortgagor assigns to Lender the proceeds of any aw;.~ ~)r claim for damages connected with a condemnation or other taking of all or any part of the Property. S.,t~ t.oceeds will be considered payments and will be applied as provided in this Security Instrument. This assignr~,-~l ~f proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or other lien docu[~]~:~ 17. INSURANCE. Mortgagor agrees to keep the Property insured a~j;.,i t~;[ ~he risks reasonably associated with the Property. Mortgagor will maintain this insurance in the amounts Lel~l,:~ ~(~quires. This insurance will last until the Property is released from this Security Instrument. What Lender req~:; l)ursuant to the preceding two sentences can change during the term of the Secured Debts. Mortgagor m~,,, ~:l~oose the insurance company, subject to Lender's approval, which will not be unreasonably withheld. All h~'~.;,~ce policies and renewals will include a standard "mortgage clause" and, where applicable, "loss payee claus(~. Mortgagor will give Lender and the insurance company immediate nc~.:~: of any loss. All insurance proceeds will be applied to restoration or repair of the Property or to the Secured l~ ~1~1~ at Lender's option. If Lender acquires DALE R. CLARK ©1996 Bankers Systems, Inc., .%~ ~ ~,.~d. MN ~-r'~" Wyoming Mortgage WY/4Xroxieje00815100004558027111804Y Initials the ProPerty in damaged condition, Mortgagor's rights to any ins~., ~:~: policies and proceeds will pass to Lender to the extent of the Secured Debts. Mortgagor will immediately notify Lender of cancellation or termi~,,~,~l of insurance. If Mortgagor fails to keep the Property insured Lender may obtain nsurance to protect Lend~;~'. ~ ~'rest nclude coverages not originaly required of Mortgagor, may be ','.,~l,,~ by in the Property. This insurance may a company other than one Mortgagor would choose, and may be written at a higher rate than Mol~.~.~l~, could obtain if Mortgagor purchased the insurance. 18. ESCROW FOR TAXES AND INSURANCE. Mortgagor will no~ t,,~ ~;quired to pay to Lender funds for taxes and insurance in escrow. 19. CO-SIGNERS. If Mortgagor signs this Security Instrument ~ ~es not sign the Secured Debts, Mortgagor does so only to mortgage Mortgagor's interest in the Property ~,, ,'~'cure payment of the Secured Debts and Mortgagor does not agree to be personally liable on the Secur~,t l~,,,l~ts. If this Security Instrument secures a guaranty between Lender and Mortgagor, Mortgagor agrees ~o ,,~.',~v~; ~ny rights that may prevent Lender from bringing any action or claim against Mortgagor or any party ir~j,,f~,d under the obligation. These rights may include, but are not limited to, any anti-deficiency or one-action 20. WAIVERS. Except to the extent prohibited by law, Mortgag,-,, .....~i¥~;s all homestead exemption rights relating to the Property. 2.1. APPLICABLE LAW. This Security Instrument is governed ~,, ~l~, laws of Wyoming, except to the extent otherwise required by the laws of the jurisdiction where the Prope~, ~,. located, and the United States of America. 2.2. JOINT AND INDIVIDUAL LIABILITY AND SUCCESSORS. £,~ t~ Mor'tgagor's obligations under this Security Instrument are independent of the obligations of any other Mortga~i.,~. I ~,~nder may sue each Mortgagor individually or together with any other Mortgagor. Lender may release any I, ~ of the Property and Mortgagor will still be obligated under this Security Instrument for the remaining Prof,,,,,,,,', The duties and benefits of this Security Instrument will bind and benefit the successors and assignsof Len~l. ~ ,~d Mortgagor. 23. AMENDMENT, INTEGRATION AND SEVERABILITY. This Sec~i.~, hls~rument may not be amended or modified by oral agreement. No amendment or modification of this Securi~ I~,~rument is effective unless made in writing and executed by Mortgagor and Lender. This Security Instrume~,~ i~ the complete and final expression of the agreement. If any provision of this Security Instrument is unenfo~ t,l~, then the unenforceable provision will be severed and the remaining provisions will still be enforceable. 24. INTERPRETATION. Whenever used, the singular includes the t.t~l and the plural includes the singular. The section headings are for convenience only and are not to be used ~,~ ~rpret or define the terms of this Security Instrument. 25. NOTICE, FINANCIAL REPORTS AND ADDITIONAL DOCUMEi..i'~;. Unless otherwise required by law, any notice will be given by delivering it or mailing it by first class mail ~,, ~11~ appropriate party's address listed in the DATE AND PARTIES section, or to any other address designated in ,. ,.~i~,~j. Notice to one party will be deemed to be notice to all parties. Mortgagor will inform Lender in writing ~.~ .,~, change in Mortgagor's name, address or other application information. Mortgagor will provide Lender a~,.: I~ancial statements or information Lender requests. All financial statements and information Mortgagor ~ii.,,,,,,~; Lender will be correct and complete. Mortgagor agrees to sign, deliver, and file any additional docum~,~., o~ certifications that Lender may consider necessary to perfect, continue, and preserve Mortgagor's obligations,, ,~d~;r this Security Instrument and to confirm Lender's lien status on any Property, Time is of the essence. SIGNATURES. B, signing, Mortgagor agrees to the terms and co,..,~,~s contained in this Security Instrument. Mortgagor/~ MOR~ DALE C CAROL CLARK Individually ;nowledges receipt of a copy of this Security LENDER: First~ank-~e~t oxie Jenkins,/~al E~t,~te Loan Offic-er / DALE R. CLARK Wyoming Mortgage WY/4Xroxie.~eO0815100004558027111804Y ©1996 Bankers Systems, Inc.. Initials ~ ~.,~.) /3 Page 4 :. ACKNOWLEDGMENT. DALE R. CLARK. My commission expires: {Indi)/idual) ~'f~/~.~'.~. OF This instrument was acknowledged b~f CAROL CLARK. M~ian expires: Zoo7 (Notary (Ler~der Acknowledgment) ~ ?is. in,str,u.ment was acknowl~ged bef~ / noxm JenKins as Real Estate Loan Ofhcer of First National B~nk - My commission expires: DALE R. CLARK Wyoming Mortgage WY/4XtoxiejeO0815100004558027111804Y ©1996 Bankers Systems, nc. Si Initials Page EXHIBIT "A" 0£'43 That part of the SW~SE~ of Section 2 Lincoln County, Wyoming, it being the ~ that tract of record in the Office of Book 193PR on page 319, as follows: Beginning at the southwest corner of th~ line of said SW~SE~, marked by a brass from the southeast corner of said SW~S~ thence S 89o54,00,, W, 369 67 feet spike; ' , al thence N 00o59,11', W, 268.70 feeE, alonc part, to a point under an existing ~ thence N 89005,47,, E, 220.94 feet, al- p°iht at a fence corner; thence S 01o04,56,, E, 112.44 feet, along a point at a fence corner; thence N 89OLS,34,, E, 151.36 feet, along part, to a point on the west boundary thence S 00o04,05, W, 161 04 feet corner of beginning. ' , along '/"SIN Rl18~ of the 6th P.M., uo more correctly described Clerk of Lincoln County in · ~.'ns~Ee of Smoot, on the south S 89o54,00,. W, 82.50 feet, :.;aid south line, to a "xlSting fence line, in wesn fence line; :~ald fence line, to a ":':is~ing~fence line, to ~.':~:~s~ing fence line, in the Townsite of SmOOE; ~ wesn boundary, to the