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HomeMy WebLinkAbout905844' 0102 RECEIVED 111212005 at 3:29 PM RECEIVING # 9(}5844 BOOK: 577 p/~GE: 102 JEANNE W/~,GNER LINCOLN cOUNTY CLEP, K, KEMMERER, WY Space Above This Line For Reco[di,)g Data MORTGAGE (With Future Advance DATE AND PARTIES. The date of this Mortgage (Security Instrun~,~t) is December 16, 2004. The parties and their addresses are: MORTGAGOR: JAMES E PETERSON 425 Tulsa PO Box 387 LaBarge, Wyoming 83123 TONI M PETERSON Husband and Wife 425 Tulsa PO Box 387 LaBarge, Wyoming 83123 Recording Requested by & When Recorded Return To: US Recordings, Inc. 2925 Country Drive Ste St. Paul, MN 55117 LENDER: BANK OF THE WEST Organized and existing under the laws of the United States of/\~[~erica 440 Budd Avenue Big Piney, Wyoming 83113 1. CONVEYANCE. For good and valuable consideration, the receipt a~d sufficiency of which is acknowledged, and to secure the Secured Debts and Mortgagor's performance und~;~ this Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with the powe~ ~f sale, the following described property: Lots 4, 5 and 6 of Block I of Red Bluff Addition Phase I to the Tow~ of LaBarge, Lincoln County, Wyoming as described on the official Plat thereof. The property is located in Lincoln County at 425 Tulsa, LaBarge, Wyo~m)g 83123. Together with all rights, easements, appurtenances, royalties, min,.,~.l ~ights, oil and gas rights, all water and riparian rights, wells, ditches and water stock and all existing and futt~re 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 a~{ James E Peterson ©1996 Bankers Systems, Inc., Wyoming Mortgage WY/4XpvanberOO600000003657021121504Y Property). This Security Instrument will remain in effect until tim Secured Debts and all underlying agreements have been terminated in writing by Lender. 2. MAXIMUM OBLIGATION LIMIT. The total principal amount secul~;d by this Security Instrument at any one time will not exceed $115,000.00. This limitation of amount does ~o~ hmlude interest and other fees and charges validly made pursuant to this Security Instrument. Also, this limita[i~a does not ap'ply to advances made under the terms of this Security Instrument to protect Lender's security and ~o perform any of the covenants contained in this Security Instrument. 3. SECURED DEBTS. This Security Instrument will secure the follov..,,Ig Secured Debts: A. Specific Debts. The following debts and all extensio~m, renewals, refinancings, modifications and replacements. A promissory note, No. 826000028, dated Decc~d~e~ 16, 2004, from Mortgagor to Lender, with a maximum credit limit of $115,000.00 with an interest rat~, I~a.sed on the then current index value as the promissory note prescribes and maturing on December 16, 20~J. One or more of the debts secured by this Security Instrument contains a future advance provision. B. Sums Advanced. All sums advanced and expenses incur~,~l by Lender under the terms of this Security Instrument. 4. PAYMENTS. Mortgagor agrees that all payments under the ~;~.cured Debts will be paid when due and in accordance with the terms of the Secured Debts and this Security I~l.%~ument. 5. PRIOR SECURITY INTERESTS. With regard to any other mort.9~le, deed of trust, security agreement or other lien document that created a prior security interest or encumbrance ~,~ lt~e Property, Mortgagor agrees: A. To make all payments when due and to perform or comply with all covenants. B. To promptly deliver to Lender any notices that Mortgagor recc.~v,;s from the holder. C. Not to allow any modification or extension of, nor to req~est any future advances under any note or agreement secured by the lien document without Lender's prior v~,~nten consent. 6. CLAIMS AGAINST TITLE. Mortgagor will Pay all taxes, asse~cnts, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Propen,, ..... ,dm~n due. Lender may require Mortgagor to provide to Lender copies of all notices that such amounts are ~h~e and the receipts evidencing Mortgagor's payment. Mortgagor will defend title to the Property against any claims that would impair the lien of this Security Instrument. Mortgagor agrees to assign to Lender, as requesu.~d by Lender, any rights, claims or defenses Mortgagor may have against parties who supply labor or materials t~ ~aintain or improve the Property. 7. DUE ON SALE. Lender may, at its option, declare the entire b~d~,~ce of the Secured Debts to be immediately due and payable upon the creation of, or contract for the creation ~1, ~ [ransfer or sale of the Property. This right is subject to the restrictions imposed by federal law governing tl~e preemption of state due-on-sale laws, as applicable. 8. WARRANTIES AND REPRESENTATIONS. Mortgagor has the ~i~jId and authority to enter into this Security Instrument. The execution and delivery of this Security Instru~I will not violate any agreement governing Mortgagor or to which Mortgagor is a party. 9. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mo~ t~jagor will keep the Property in good condition and make all repairs that are reasonably necessary. Mortgagor will ~t commit or allow any waste, impairment, or deterioration of the Property. Mortgagor will keep the Property he~; of noxious weeds and grasses. Mortgagor agrees that the nature of the occupancy and use will not sub$~a~ti~lly change without Lender's prior written consent. Mortgagor will not permit any change in any license, re~mtive covenant or easement without Lender's prior written consent. Mortgagor will notify Lender of all derrm~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 Proi~;~¥ at any reasonable time for the purpose of inspecting the Property. Lender will give Mortgagor notice at th~; ume of or before an inspection specifying a reasonable purpose for the inspection. Any inspection of the P~ul~u~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 any d~t¥ or any of the covenants contained in this Security Instrument, Lender may, without notice, perform or ca~,.;~; them to be performed. Mortgagor appoints Lender as attorney in fact to sign Mortgagor's name or pay any ar~m~[ necessary for performance. Lender's right to perform for Mortgagor will not cre,ate an obligation to perform, a~d Lender's failure to perform will not preclude~i~ Lender from exercising any of Lender s other rights under the law o~ this Security Instrument. If any constructioa ~;,., James E Peterson Wyoming Mortgage WY/4XpvanberO0600000(~0 657021 ,-, 0104 on the Property is discontinued or not carried on in a reasonable ~mner, Lender. may take all steps necessary to protect Lender's security interest in the Property, including compleu(~ of the construction. 11. ASSIGNMENT OF LEASES AND RENTS. Mortgagor assisl~, §rants, bargains, conveys, mortgages and warrants to Lender as additional security all the right, title and in~t;f~¢st 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, renewt,l~, modifications or replacements lall referred to as Leases}; and rents, issues and profits lall referred to as Rents). I~ tl~e event any item listed as Leases or Rents is determined to be personal property, this Assignment will also l)e ~egarded as a security agreement. Mortgagor will promptly provide Lender with copies of the Leases and will ctz~titv these Leases are true and correct copies. The existing Leases will be provided on execution of the As:ml~ne~t, and all future Leases and any other information with respect to these Leases will be provided immedi;~lely 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 comn~i~.(lle the Rents with any other funds. Mortgagor agrees that this Security Instrument is immediately effective l)~..tween Mortgagor and Lender. This SecUrity Instrument will remain effective during any statutory redemption pt.~iod until 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 applicable law on leases, licenses and landlords and tenants. 12. MORTGAGE COVENANTS. Mortgagor agrees that the covt:~ants in this Security Instrument are material obligations under the Secured Debts and this Security Instrume~t. I~ Mortgagor breaches any covenant in this Security Instrument, Lender may refuse to make additional exten:;i{~s of credit or may reduce the credit limit. By not exercising either remedy on Mortgagor's breach, Lender dot-~t~ not 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 followin.~.~ ~ccur: A. Fraud. Mortgagor engages in fraud or material misrepresemalion in connection with the Secured Debts. B. Payments. Any party obligated on the Secured Debts fails m ~ake a payment when due. C. Property. Any action or inaction occurs that adversely affected; ~l~e 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 foreclo.,~, ~l~is Security Instrument in a manner provided by law if Mortgagor is in default. In some instances, federal and .';isle law will require Lender to provide Mortgagor with notice of the right to cure, or other notices and may establisl~ ~i~e schedules for foreclosure actions. At the option of the Lender, all or any part of the agreed fees a~d charges, accrued interest and principal will become immediately due and payable, after giving notice if requh~:~.d by law, upon the occurrence of a default or anytime thereafter. Lender will be entitled to, without limitation, ~1~ power to sell the Property. Upon any sale of the Property, Lender will make and deliver a special or limited wa~n~W deed that conveys the property sold to the purchaser or purchasers. Under this special or limited warranty d~.,ud, Lender will covenant that Lender has not caused or allowed a lien or an encumbrance to burden the Prop~;~W and that Lender will specially warrant and defend the Property's title of the purchaser or purchasers at the .'~ale against all lawful claims and demand of all persons claiming by, through or under Lender. Upon sale of the Property and to the extent not prohibited by law a~d after first paying all fees, charges and costs, Trustee will pay to Lender all moneys advanced for repairs, ~a×~.~s, insurance, liens, assessments and prior encumbrances and interest thereon, and the principal and interest ~ the Secured Debts, paying the surplus, if any, to Grantor. Lender may purchase the Property. Upon any sale ~1 H~e Property, Trustee will make and deliver a special or limited warranty deed that conveys the property sold m ~l~e purchaser or purchasers. Under this special or limited warranty deed, Trustee will covenant that Trustee has ~ caused or allowed a lien or an encumbrance to burden the Property and that Trustee will specially warrant and ~h;tend the Property's title of the purchaser or purchasers at the sale against all lawful claims and demand of all Iw,~sons claiming by, through or under Trustee. The recitals in any deed of conveyance will be prima facie evidence: ~,I d~e facts set forth therein. The acceptance by Lender of any sum in payment or partial paym~;~t ot~ the Secured Debts after the balance is due or is accelerated or after foreclosure proceedings are filed will no~ ~:~stitute a waiver of Lender's right to require complete cure of any existing default. By not exercising any ~.~d¥ on Mortgagor's default, Lender does not waive Lender's right to later consider the event a default if it happ,.~.,; again. 15. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES: COLLECTION COSTS. If Mortgagor breaches any covenant in this Security Instrument, Mortgagor agrees to pw,, all expenses Lender incurs in performing such ~ , James E Peterson Wyoming Mortgage WY/4XpvanberO060000000365702112 ~ 504Y ©1996 Bankers Systems, h, !;~ Cloud, MN ~" Initials/~ ~ge 3 o9o5844 t 0 ! 65 covenants or protecting its security interest in the Property. Sucl~ ts×penses include, but are not limited to~ f~a incurred lot inspecting, preserving, or oth~rwia~ prot~ctin~ th~ Propriety ~d ~nd~r's security i~ter~st. Mortgagor a~ra~s to pay all costa and ~xp~naaa incurred by Eonder in collecti~, entorci~, or protoctin~ ~ndor's rights and remedies under this Security Instrument. ~xpans~a include, but att~ ~ot limited to, r~aaonable attorneys' t~ea after default and referral to an attorney not a salaried employee of the L~der. These expenses are payable on demand and will bear interest from the date of payment until paid in full at ~1~ highest interest rate in effect as provided for in the terms of Secured Debts. To the extent permitted by the U~i~cd States Bankruptcy Code, Mortgagor agrees to pay the reasonable attorneys' fees Lender incurs to collec~ [t~ Secured Debts as awarded by any court exercising jurisdiction under the Bankruptcy Code. This Securi[v i~[rument will remain in effect until released. Mortgagor agrees to pay for any recordation costs of such release. 16. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. A,,~ used in this section, (1) Environmental Law means, without limitation, the Comprehensive Environmental Respc~r;e, 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, c~vironment or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous ~,~rial, waste, pollutant or contaminant which has characteristics which render the substance dangerous or pote~tially dangerous to the public health, safety, welfare or environment. The term includes, without limitation, a~y substances defined as "hazardous material," "toxic substance," "hazardous waste," "hazardous substance," or "~gulated substance" under any Environmental Law. Mortgagor represents, warrants and agrees that: A. Except as previously disclosed and acknowledged in writing ~ Lender, no Hazardous Substance is or will be located, stored or released on or in the Property. This res~,:~ion does not apply to small quantities of Hazardous Substances that are generally recognized to be approl~ia~e for the normal use and maintenance of the Property. B. Except as previously disclosed and acknowledged in writin~j to Lender, Mortgagor and every tenant have been, are, and will remain in full compliance with any applicable [~vironmental Law. C. Mortgagor will immediately notify Lender if a release or thre~ed release of a Hazardous Substance occurs on, under or about the Property or there is a violation of any E~vi~onmental Law concerning the Property. In such an event, Mortgagor will take all necessary remedial actio~ i~ ~ccordance with any Environmental Law. D. Mortgagor will immediately notify Lender in writing as soon ,~; Mortgagor has reason to believe there is any pending or threatened investigation, claim, or proceeding rela~"~j 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 oi ~ny pending or threatened action by private or public entities to purchase or take any or all of the Property throu~j~ condemnation, eminent domain, or any other means. Mortgagor authorizes Lender to intervene in Mortgagor's ~,~e in any of the above described actions or claims. Mortgagor assigns to Lender the proceeds of any a~d or claim for damages connected with a condemnation or other taking of all or any part of the Property. S~ch proceeds will be considered payments and will be applied as provided in this Security Instrument. This assig~c~t of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or other lien docu~. 18. INSURANCE. Mortgagor agrees to keep the Property insured ,~j,i~s~ [he risks reasonably associated with the Property. Mortgagor will maintain this insurance in the amounts L~d~:r requires. This insurance will last until the Property is released from this Security Instrument. What Lender ~c~l~i~us pursuant to the preceding sentences can change during the term of the Secured Debts. Mortgagor may cho~r~ the insurance company, subject to Lender's approval, which will not be unreasonably withheld. All insuranc,¢ policies and renewals will include a standard "mortgage clause" and, where applicable, "loss payee clause." Mortgagor will give Lender and the insurance company immediate ~tice of any loss. All insurance proceeds will be applied to restoration or repair of the Property or to the Secured [)ebbs, at Lender's option. If Lender acquires the Property in damaged condition, Mortgagor's rights to any insur,~,:~ policies and proceeds will pass to Lender to the extent of the Secured Debts. Mortgagor will immediately notify Lender of cancellation or termina~i~ of insurance. If Mortgagor fails to keep the Property insured Lender may obtain insurance to protect Lender:~ ~[eres[ in the Property. This insurance may include coverages not originally required of Mortgagor, may be w~t~n by a company other than one Mortgagor would choose, and may be written at a higher rate than Mortg~jor could obtain if Mortgagor purchased th~ insurance. ~ James E Pete,son ~: --,~, .......... ~ ~ Wyoming MoflOageL~::~:~:::~:~ "~ "' ~''''' ~ WY/4Xpvanber0OdO0000003657021121504Y e1996 Bankers Systems, lnc :,l Cloud, MN ~" IRana 4':: 19. ESCROW FOR TAXES AND INSURANCE. Mortgagor will not be ~,~q~i~ed to pay to Lender funds for taxes and insurance in escrow. 20. GO-SIGNERS. If Mortgagor signs this Secudlv Instrumen~ bu[ ~t~,~:,.; no~ sign ~he Secu[ed Debts, Mortgagor does so only ~o mortgage Motivator's inle~es~ in the P~oper~y to ~,~<;u~e payment of the Secured Debts and Mo~Iga~or does nol a~r~e to b~ p~rsonally liable on ~he Secured D,:~,~s. If [his Securi[y Instrument secures a ~uaranIy beZween Lender and Mortgagor, Mort~aDo~ agrees to waive: ~]~V ri9hIs thai may p~evenI Lender f~om brin~in9 any action or claim a~ainsl MorI~aDor or any pa~ty indeh~:d under the obligation. These riDhts may include, bu~ are not limited to, any an~i-d~ficiencv o[ on~-action laws. 21. WAIVEB~. Except to Ih~ extenl prohibited by law, MortDagor v,,mvcs all homes[ead exemption dghts relaIin~ to the Property. 22. OTHER TERMS. The following are applicable to this Security Ins~,~t: A. Line of Credit. The Secured Debts include a revolving line of ~,~tit provision. Although the Secured Debts may be reduced to a zero balance, this Security Instrument will r~,~i~ h~ 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 ~t~, bws of Wyoming, except to the extent otherwise required by the laws of the jurisdiction where the Property ~, h~c~ted, and the United States of America. 24. JOINT AND INDIVIDUAL LIABILITY AND SUCCESSORS. Eacl~ ~.k)~tgagor's obligations under this Security Instrument are independent of the obligations of any other Mortgago~ I ~dor may sue each Mortgagor individually or together with any other Mortgagor. Lender may release any part ~t th~ Property and Mortgagor will still be obligated under this security Instrument for the remaining Propert~, lhe duties a~d benefits of this Security Instrument will bind and benefit the successors and assigns of Lende~ ,,~ ,d Mortgagor. 25. AMENDMENT, INTEGRATION AND SEVERABILITY. This Securil~, l~..,t~ument may not be amended or modified by oral agreement. No amendment or modification of this Security l~,~,t~ment is effective unless made in writing and executed by Mortgagor and Lender. This Security Instrument ~., tl~u complete and final expression of the agreement. If any provision of this Security Instrument is unenforce,,hh:, then the unenforceable provision will be severed and the remaining provisions will still be enforceable. 26. INTERPRETATION. Whenever used, the singular includes the pk~;,I and the plural includes the singular. The section headings are for convenience only and are not to be used [o ~,t~pret 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 ~ail t,, tl~ appropriate party's address listed in the DATE AND PARTIES section, or to any other address designated in v.[~t~[)g. Notice to one party will be deemed to be notice to all parties. Mortgagor will inform Lender in writing ol ,~,~, change in Mortgagor's name, address or other application information. Mortgagor will provide Lender an~. I,~u~cial statements or information Lender requests. All financial statements and information Mortgagor gi.~,~:; Lender will be correct and complete. Mortgagor agrees to sign, deliver, and file any additional documen~; ~[ certifications that Lender may consider necessary to perfect, continue, and preserve Mortgagor's obligations t~d,~ ~his 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 cov,:~.,~ts contained in this Security Instrument. Mortgagor also acknowledges receipt of a copy of this Security James £ Peterson ACKNOWLEDGMENT. ~i:~*L) ~L-'~~k (Individual) his instrument'was acknd~edged before- me thi-~ ? ~ James E Peterson, and Toni M Peterson, Husband and Wife. My commission expires: (Notary i;iiblici' ' ,,.,0o ~ d by U2311313B-81C086 MORTGAGE LO~N# 8860000;~8 US Recordingm James E Peterson Wyoming Mortgage WY/4XpvanberO0600000003657021121504Y ©1996 Bankers Systems, h JL Cloud, MN ~ initials.z~._~ ,,¢ · P~ge 6 '