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HomeMy WebLinkAbout904874 RECEIVED 11/30/2004 at 3:47 PM RECEIVING # 904874 BOOK: 573 PAGE: 614 JEANNE WAGNER LINCOLN COUNTY CLERK. KEMMERER WY Space Above This Line For Re(:o~ding Data MORTGAGE DATE AND PARTIES. The date of this Mortgage (Security Instru~ent) is November 29, 2004 The parties and their addresses are: MORTGAGOR: ROBERT K CLARKE 915 Sorenson Dr Kemmerer, Wyoming 83101 JENNY CLARKE husband and wife 915 Sorenson Dr Kemmerer, Wyoming 83101 LENDER: COMMUNITY FIRST NATIONAL BANK Organized and existing under the laws of the United States of America 801 Pine Avenue I(emmerer, Wyoming 83101 1. CONVEYANCE. For good and valuable consideration, the re~:, lit and sufficiency of which is acknowledged, and to secure the Secured Debts and Mortgagor's performance u~de~ this Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with the pow~:~ of sale, the following described property: Lot 4 of the Ninth West Avenue Addition to the City of Kemmerer. Lincoln County, Wyoming as described on Plat No, 794006 filed November 23, 1994 in the records of Lincoln Coul~ty Clerk. The property is located in Lincoln County at 1430 9th West Ave., K(,~mmerer, Wyoming 83101. Together with all rights, easements, appurtenances, royalties, r~dneral rights, oil and gas rights, all water and riparian rights, wells, ditches and water stock and all existing a~ fu[ure improvements, structures, fixtures, and replacements that may now, or at any time in the future, be pa~[ ol [he real estate described (all referred to as Property). This Security Instrument will remain in effect until tt.,; Secured Debts and all underlying agreements have been terminated in writing by Lender. Robert K Clarke Wyoming Mortgage WY/4XXcboyerO06000OOOO3657018112404Y ©1996 Bankers Systems ,, ~.:~ Cloud MN ~" Q9048"74 0615 2. MA'Xll~IUM OBLIGATION LIMIT. The total principal amount sectu~(I [)y this Security Instrument at any one time will not exceed $] 2~276.00. This limitation of amount does not in~h~de interest and other fees and charges validly made pursuant to this Security Instrument Also, this limitation dot~ uot apply to advances made under the terms of this Security Instrument to protect Lender's security and to pt,ufom~ any of the covenants contained in this Security Instrument. 3. SECURED DEBTS. This Security Instrument will secure the fotlowim3 Secured Debts: A. Specific Debts. The following debts and all ~xtensiom, renewals, ~efinancings, modifications and replacements. A promissory note, No. 38886036§0, dated Nuvcmber 29, 2004, from Mortgagor to Lender, with a loan amount of $]2,276.00 with an interest rate of 6.5 pu~cent pe~ year and maturing on December 1, 2014. B. Sums Advanced. All sums advanced and expenses incurr~,d hy Lender under the terms of this Security Instrument. 4. PAYMENTS. Mortgagor agrees that all payments under the S~cured Debts wil be paid when due and in accordance with the terms of the Secured Debts and this Security I~muument. 5. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, security agreement or other lien document that created a prior security interest or encumbrance on the Property, Mortgagor agrees: A. To make all payments when due and to perform or comply witl~ all covenants. B. To promptly deliver to Lender any notices that Mortgagor receiw~s from the holder. C. Not to allow any modification or extension of, nor to re(luUSt any future advances under any note or agreement secured by the lien document without Lender's prior wruten consent. 6. CLAIMS AGAINST TITLE. Mortgagor wil pay all taxes, assesrmumts, 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 Mortgager's payment. Mortgagor will defend title to the Property against any cl,ims that would impair the lien of this Security Instrument. Mortgagor agrees to assign to Lender, as requestud hy Lender, any rights, claims or defenses Mortgagor may have against parties who supply labor or materials u~ maintain or improve the Property, 7. DUE ON SALE. Lender may, at its option, declare the entire balance of the Secured Debts to be immediately due and payable upon the creation of, or contract for the creation o[, a transfer or sale o~ the Property. This right is subject to the restrictions imposed by federal law governing tim preemption of state due-on-sale laws, as applicable. 8. WARRANTIES AND REPRESENTATIONS. Mortgagor has the ri~jId and authority to enter into this Security Instrument. The execution and delivery of this Security Instrumunt 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 or allow any waste, impairment, or deterioration of the Property. Mortgagor will keep the Property frue of noxious weeds and grasses. Mortgagor agrees that the nature of the occupancy and use will not subsumtially 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 dema~uts, 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 thu tithe of or before an inspection specifying a reasonable purpose for the inspection. Any inspection of the Propurty 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 Mortgager's name or pay any amou~[ 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 or ~lfis Security Instrument. If any construction on the Property is discontinued or not carried on in a reasonable n'uume[, Lender may take all steps necessary to protect Lender's security interest in the Property, including completiu~ uf the construction. Robert K Clarke Wyoming Mortgage WY/4XXcboyerOO60OO00003657018112404Y ©1996 Banke,~s, Inc St Cloud, MN 0.9048"?4 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 the following (all referred to as 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, renewah; modifications or replacements (all referred to as Leases); and rents, issues and profits (all referred to as Rents). h) 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 wil promptly provide Lender with copies of the Leases and. will cu~tify these Leases are true and correct copies. The existing Leases will be provided on execution of the Ass ~j~unent, and all future Leases and any other information with respect to these Leases will be provided immedialely 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 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 ~mmediately effective between Mortgagor and Lender. This Security Instrument will remain effective during any statutory redemption period unti the Secured Debts are satisfied. As long 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 applicahle law on leases, licenses and landlords and tenants, 12. DEFAULT. Mort'gagor will be in default if any of 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 Mortgager's liabilities exceed Mortgager's assets or Mo~tgagor is unable to pay Mortgager's debts as they become due. C. Death or Incompetency. Mortgagor dies or is declared legally incompetent. D. Failure to Perform. Mortgagor fails to perform any condition or to keep any promise or covenant of this Security Instrument, E. Other Documents. A default occurs under the terms of any()ll~;r transaction document. F. Other Agreements. Mortgagor is in default on any other debt or agreemen~ Mortgagor has with Lender. G. Misrepresentation. Mortgagor makes any verbal or written ~;~a~ement or provides any financial information that is untrue, inaccurate, or conceals a material fact at the t~me i~ ~ made or provided. H. Judgment. Mortgagor fails to satisfy or appeal any judgment mjau)s~ Mortgagor. I. Forfeiture. The Property is used in a manner or for a purpose that threatens confiscation by a legal authority. J. Name Change. Mortgagor changes Mortgager's name or assumes an additional name without notifying Lender before making such a change. K. Property Transfer. Mortgagor transfers all or a substantial I)ar[ of Mortgager's money or property. This condition of default, as it relates to the transfer of the Property s 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 insecure. 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 Mortgager's behalf will be ~mmediately due and may be added to the balance owing under the Secured Debts. Lender may make a claim for any and all nstHa~ce benefits or refunds that may be available on Mortgager's default. Subject to any right to cure, required time schedules or any other n~)[ ce rights Mortgagor may have under federal and state law, Lender may make all or any part of the amoun~ owing by the terms of the Secured Debts immediately due and foreclose this Security Instrument in a manne~ provided by law upon the occurrence of a default or anytime thereafter. Upon any sale of the Property, Lender will make and deliver a spin;iai or limited warranty deed that conveys the property sold to the purchaser or purchasers. Under this specia 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 warrant and defend the Property's title of the purchaser o I)urchasers at the sale against all lawful claims and demand of all persons claiming by, through or under Lender. Tl~e recitals in any deed of conveyance will be prima facie evidence of the facts set forth therein. Robert K Clarke Wyoming Mortgage WY/4XXcboyerO0600000003657018112404Y ©1996 Bankers Systems nc St Cloud MN 0. 04874 ' ',- O 61 7 All remedies are distinct, cumulative and not exclusive, and the Lendm is entitled to all remedies provided at law or equity, whether or not expressly set forth The acceptance by Lendc~ gl any sum in payment or partial payment on the Secured Debts after the balance is due or is accelerated o~ aller foreclosure proceedings are flied will not constitute a waiver of Lender's right to require full and complete t:tlie of any existing default. By not exercisin§ any remedy, Lender does not waive Lender's right to later conside~ tile event a default if it continues or happens again. 14. COLLECTION EXPENSES AND ATTORNEYS' FFF$. .On or altm Default, to the extent permitted by law, Mortgagor agrees to pay all expenses of collection, enforcemenl o~ protection of Lender's rights and remedies under this Security Instrument. Mortgagor agrees to pay expenses to~ Lender to 'nspect and preserve the Property and for any recordation costs of releasing the Property from this $~:curity Instrument. Expenses include, but are not limited to, reasonable attorneys' fees after default and referral n~ 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 full at the highest interest rate in effect as provided for in the terms of the Secured Debts. To the extent permitted by the United Status Bankruptcy Code, Mortgagor agrees to pay the reasonable attorneys' fees Lender incurs to collect the Securud Debts as awarded by any court exercising jurisdiction under the Bankruptcy Code. 15. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. A,,; used in this section, (1) Environmental Law means, without limitation, the Comprehensive Environmental Respo~.~m Compensation and Liability Act (CERCLA), 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 m~telia, waste, pollutant or contaminant which has characteristics which render the substance dangerous or potu~tiall¥ dangerous to the public health, safety, welfare or environment. The term includes, without limitation, any substances defined as "hazardous material," "toxic substance," "hazardous waste," "hazardous substance," or "~egulated substance" under any Environmental Law. Mortgagor represents, warrants and agrees that: A. Except as previously disclosed and acknowledged in writing n~ Lender, no Hazardous Substance is or will be located, stored or released on or in the Property. This resniction 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 writing ~o Lender, Mortgagor and every tenant have been, are, and will remain in full compliance with any applicable E~vironmental Law. C. Mortgagor will immediately notify Lender if a release or threattmed release of a Hazardous Substance occurs on, under or about the Property or there is a violation of any Environmental Law concerning the Property, In such an event, Mortgagor wil take all necessary remedial action m accordance with any Environmental Law. D. Mortgagor will immediately notify Lender in writing as soon a,~ Mortgagor has reason to believe there is any pending or threatened investigation, claim, or proceeding relati~!j 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 ,~y pending or threatened action by private or public entities to purchase or take any or all of the Property througl~ condemnation, eminent domain, or any other means. Mortgagor authorizes Lender to intervene in Mortgagor's ~ame 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. Su¢:h proceeds will be considered payments and will be applied as provided in this Security Instrument. This assignt~tmt of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or other lien doctmmnt. 17. INSURANCE. Mortgagor agrees to keep the Property insured a~jamst the risks reasonably associated with the Property. Mortgagor will maintain this insurance in the amounts Leander requires. This insurance will last until the Property is released from this Security Instrument. What Lender re~ltmes pursuant to the preceding sentences can change during the term of the Secured Debts. Mortgagor may choo,,;t,, the insurance company, subject to Lender's approval, which will not be unreasonably withheld. All insurance ~olicies and renewals will include a standard "mortgage clause" and, where applicable, "loss payee clause." Mortgagor will give Lender and the insurance company immediate m~fice of any loss. All insurance proceeds will be applied to restoration or repair of the Property or to the Secured De,~ts, at Lender's option. If Lender acquires Robert K Clarke Wyoming Mortgage WY/4XXcboyerOO6OOOO0003657018112404Y ©1996 Bankers Systems, Cloud MN FJ(~'"~~' Parle a,~ the Property in damaged condition, Mortgagor's rights to any insural~t;~; policies and proceeds will pass to Lender to the extent of the Secured Debts. Mortgagor will immediately notify Lender of cancellation or terminat~ol at insurance. If Mortgagor fails to keep the Property insured Lender may obtain insurance to protect Lender's r~terest in the Property. This insurance may include coverages not originally required of Mortgagor, may be writtun by a company other than one Mortgagor would choose, and may be written at a higher rate than Mortg~,j~ could obtain if Mortgagor purchased the insurance. 18. ESCROW FOR TAXES AND INSURANCE. Mortgagor will not ]~: rt~qui~ed 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 to ,~;cure payment of the Secured Debts and Mortgagor does not agree to be personally liable on the Secured D~,bts. f 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 al homestead exemption rights relating to the Property. 21. APPLICABLE LAW. This Security Instrument is governed by tho laws of Wyoming, except to the extent otherwise required by the laws of the jurisdiction where the Property ~,~; located, and the United States of America. 22. JOINT AND INDIVIDUAL LIABILITY AND SUCCESSORS. Eacl~ Mottgagor'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 Lende~ 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 I~,~t~ument is effective unless made in writing and executed by Mortgagor and Lender. This Security Instrument ~ the complete and final expression of the agreement. If any provision of this Security Instrument is unenforcu~b t~. 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 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 w~iting. Notice to one party will be deemed to be notice to all parties. Mortgagor will inform Lender in writing of any change in Mortgagor's name, address or other application information. Mortgagor will provide Lender any financia 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 documents 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 tothe terms and cow,,~nts contained in this Security Instrument. Mortgagor also acknowledges receipt of a copy of this Security Instrun~ent. MORTGAGOR:. ~. Robert K Clarke Robert K Clarke Wyoming Mortgage WY/4XXcboyerO0600000003657018112404Y ©1996 Bankers Systems, nc St 2loud FAN ~ Initial ACKNOWLEDGMENT. (Individual) This instrument was ackhowlec'~ed before me this Robert K Clarke, and Jenny Clarke, husband and wife. My commission expires: OF L l'V'lcf)/~, ss. (Notarv Public) Robert K Clarke Wyoming Mortgage WY/4XXcboyer00600000003657018112404Y ©1996 Bankers Systems, ~nc St Cloud MN Ex'~-'~" · ...... ~ Pag~ 6