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HomeMy WebLinkAbout907209 RECEIVED 3/23/2005 at 10:24 AM RECEIVING # 907209 BOOK: 581 PAGE: 351 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 Mortgage (Security Instrument) is MARCH 18, 2005. The parties and their addresses are: MORTGAGOR: THEODORE R LOYD Spouse of Nancy S. Loyd PO Box 5250 Etna, Wyoming 83118 NANCY SUE LOYD Spouse of Ted Loyd PO Box 5250 Etna, Wyoming 83118 LENDER: FIRST NATIONAL BANK - WEST Organized and existing under the laws of the United States of America 100 Greys River Road Alpine, Wyoming 83128 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's performance under this Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with the power of sale, the following described property: LOT 21, TRAIL RIDGE SUBDIVISION, LINCOLN COUNTY, WYOMING, ACCORDING TO THAT PLAT FILED OCTOBER 21, 2003 AS PLAT NO 225-E. The property is located in Lincoln County at LOT 21 TRAIL RIDGE SUB, ALPINE, Wyoming 83128. Together with all rights, easements, appurtenances, royalties, 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 remain in effect until the Secured Debts and all underlying agreements have been terminated in writing by Lender. 2. MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at any one time will not exceed $248,000.00. This limitation of amount does not include interest and other fees and charges validly made pursuant to this Security Instrument. Also, this limitation does not apply to advances made under the terms of this Security Instrument to protect Lender'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 debts and all extensions, renewals, refinancings, modifications and replacements. A promissory note or other agreement, No. 764002768, dated March 18, 2005, from Mortgagor to Lender, with a loan amount of $248,000.00. 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 to Lender, even if this Security Instrument is not specifically referenced, or if the future debt is unrelated to or of a different type than this debt. If more than one person signs this Security Instrument, each agrees that it will secure debts incurred either individually or with others who may not sign this Security Instrument. Nothing in this Security Instrument constitutes a commitment to make additional or future loans or advances. Any such commitment must be in writing. In the event that Lender fails to provide any required notice of the right of rescission, Lender waives any subse,~luent, THEODORE R LOYD Y/-~ ' Wyoming Mortgage I~ WY/4XOore~taO~4670025031705Y ©1996 Ban~'-?.ms Inc., St. Cloud, MN E.,,,~,~ :': i ~ security interest in the Mortgagor's principal dwelling that is created by this Security Instrument. This Security Instrument wi[[ not secure any debt for which a noa-possessory, non-purchase money security interest is created in "househoLd goods" ia connection with a "consumer loan," as those terms are defined by federal [aw governing unfair and deceptive credit practices. This Security Instrument wi[[ not secure any debt for which a security interest is created ia "margin stock" and Lender does not obtain a "statement of purpose," as defined and required by federal [aw governing securities. C. Sums Advanced. ALl sums advanced and expenses incurred by Lender under the terms of this Security Instrument. 4. PAYMENTS. Mortgagor agrees that all payments under the Secured Debts wi[[ be pa~d when due and ~n accordance with the terms of the Secured ~ebts and tb~s Security Instrument. 5. PRIOR S~CUR[YY INTERESTS. W~th ~egard ~o any other mo~gage, deed of ~rust, security agreemen~ or other ~iea documen~ tha~ crea~ed a pdor security ~nte~est or encumbrance on the Property, Mortgagor agrees: A. To make aLL payments when due and to perform or comply with aLL covenants. B. To promptly de[~ver to Lender any notices that Mortgagor receives from the holder. C. Not to aLLow any modification or extension of, nor to request any future advances under any note or agreement secured by the [~en document w~thout Lender's pdor written consent. 6. CLAIMS AGAINST TITLE. Mortgagor w~[[ pay a~[ taxes, assessments, [~eas, encumbrances, lease payments, ground rents, utilities, and other charges re~afia9 to the Property when due. kende~ may require Mortgagor to provide to Lender cop~es of aLL notices that such amounts are due and the receipts evidencing Mortgagor's paymenL Mortgagor w~l[ defend d~[e to the Property against any c~a~ms ~hat wou~d impair the Lien of th~s Security Instrument. Mortgagor agrees to assign to Leader, as requested by Leader, any rights, claims or de~eases Mortgagor may have against parries who supply Labor or materials to maharaja or ~mprove the Property. 7. DUE ON SALE. Leader may, at ~ts option, declare the entire balance of the Secured ~eb~ to be ~mmediate[y due and payable upon ~he creation of, or contract fo~ the creation of, any ~ransfer o~ sale of aLL or any part of ~he ~roperty. Th~s dgh~s subiecttotherestdcfions~mposed by federaL[aw (~2 C.~.R. 59~), as appLicabLe. 8. WARRANT[ES ~ND REPRESENTATIONS. Mortgagor has the dght and authority to enter ~nto th~s Secudty Instrument. The execution and delivery o~ this Secudty ~ast~ument w~l[ not v~o[ate any agreement governing Mortgagor or to which Mortgagor ~s a party. 9. ~ROPERTY CONDITION, ALTERATIONS AND [NSP~CT[ON. Mo~tgago~ will keep the Property ~n 9ood condition and make all repairs that a~e reasonably necessary. Mortgagor w~[[ not commit or allow any waste, ~mpa~rment, deterioration of the Property. Mor~gago~ w~[[ keep the Property free of noxious weeds and 9~asses. Mortgagor agrees that the nature of the occupancy and use will not substantiaLLy change without Leader's pdor written consent. Mortgagor w~[[ not permit any change ~n any [~cease, restrictive covenant or easement w~hout Leader's prior written consent. Mortgagor w~[[ aot~fy Leader of al~ demands, proceedings, claims, and actions against Mortgagor, and of any Loss or damage to the Property. Lender or Leader's agents may, at Leader's option, eater the Property at any reasonable dine for the purpose of ~aspecda9 the ~roperty. Leader w~[I g~ve Mortgagor notice a~ the dine of or before an ~aspecdon specifying a reasonable purpose for the ~aspecdoa. Any ~aspec~ion of the Property w~[[ be entirely for Leader's benefit and Mortgagor w~[l ~n ao way rely oa Lender's ~aspecfion. 30. AUTHORITY TO ~ERFORM. If Mortgagor fa~[s to perform any duty or any of the covenants contained Security Instrument, Lender may, w~hout aot~ce, perform or cause them to be performed. Mortgagor appoints Lender as a~tomey ~n fact to s~ga Mo~tgagor's name or pay any amount necessary for performance. ~ender's to perform for Mortgagor w~[[ not create an oM~gafioa to perform, and [eadeds failure to perform w~[[ not p~eclude Lender from exercising any of [eadeds other rights under the law or th~s Security Instrument. [f any construction oa the ~roperty is discontinued or not carded on ~a a ~easonab[e manner, Lender may take ali steps necessary protect Leader's security ~aterest ia ~he Property, ~ac[ud~a9 completion o[ the construction. ~. ASSIGNMENT OF [EASES ~ND RENTS. Mortgagor assigns, grants, bargains, conveys, mortgages and warrants to Leader as additional security aLL the dghL title and interest ~a the foLLow,ag (Proper~y): ex~stin9 or future [eases, suMeases, Licenses, 9uaraat~es and any other written or verbal agreements for the use and occupancy of the Property, ~ac[ud~a9 any extensions, renewals, modifications o~ replacements (~eases); and rents, ~ssues and profits (Ren~s). ~n the event any ~tem [~sted as [_eases or ~eats ~s determined to be personal property, th~s Assignment w~[[ also be regarded as a security agreement. Mortgagor w~[ p~omp~y provide Lender wkb copies of the Leases and will certify ~hese [eases are true and correct copies. The existing [eases w~[[ be provided execution of the Assignment, and aLI future Leases and any other ~aforma~oa with respect to these Leases will be provided ~mmed~ate[y after they are executed. Mortgagor may collect, receive, enjoy and use the ~eats so Long as Mortgagor ~s not ~a default. Upon default, Mortgagor w~[[ receive any Rents ~n trus~ for [eade~ and Mortgagor not commingle the Rents w~th any othe~ funds. Mortgagor agrees that th~s Security Instrument ~s ~mmed~ate[y effective between Mortgagor and Lender. Th~s Secudty Instrument w~l~ remain effective during any statutory redemption period until the Secured Debts are satisfied. As Long as th~s Assignment is ia effect, Mortgagor warrants and represents that ao default exists under the Leases, and the parries subject to the Leases have not v~o[ated any appLicabLe ~aw oa leases, [~censes and landlords and tenants. ~2. DEFAULT. Mortgagorw~[[be~adefau[t~f any of the fo[[owiag occur: A. Payments. Mortgagor fa~[s to make a payment ~a fuLL when due. 8. InsoLvency or Bankruptcy. The death, d~ssolutioa or ~asolvency of, appointment of a receiver by or oa behalf of, application of any debtor relief law, the assignment for the benefit of creditors by or on behalf of, the voluntary or ~avoluntary term~nadoa of existence by, or the commencement of any proceeding under any present or future federal or state ~aso[veacy, bankruptcy, reorganization, composition or debtor relief Law by or against Mortgagor, 8orrower, or any co-s~gae~, endorser, surety or gua~aa~o~ of tb~s Security ~astrument o~ other obligations Borrower has w~th Leader. THEODORE R LOYO '~~ Wyoming Mortgage Initi WY/4XDorettaOO836500004670025031705Y ~1996 Bankers Systems, Inc., St. Cloud, MN ~" 09o 0035 3 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. Adefault occurs under the terms of any other document relating to the Secured Debts. F. Other Agreements. Mortgagor is in default on any other debt or agreement Mortgagor has with Lender. G. Misrepresentation. Mortgagor makes any verbal or written statement or provides any financial information that is untrue, inaccurate, or conceals a material fact at the time it is made or provided. H. Judgment. Mortgagor fails to satisfy or appeal any judgment against 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 Mortgagor's name or assumes an additional name without notifying Lender before making such a change. K. Property Transfer. Mortgagor transfers all or a substantial part of Mortgagor's money or property. This condition of default, as it relates to the transfer of the Property, is 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. On or after default, Lender may use any and all remedies Lender has under state or federal law or in any document relating to the Secured Debts, including, without limitation, the power to sell the Property. Any amounts advanced on Mortgagor's behalf will be immediately due and may be added to the balance owing under the Secured Debts. Lender may make a claim for any and all insurance benefits or refunds that may be available on Mortgagor's default. Subject to any right to cure, required time schedules 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 Instrument in a manner provided by law upon the occurrence of a default or anytime thereafter. Upon any sale of the Property, Lender will make and deliver a special or limited warranty deed that conveys the property sold to the purchaser or purchasers. Under this special 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 or purchasers at the sale against all lawful claims and demand of all persons claiming by, through or under Lender. The 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 Lender is entitled to all remedies provided at law or equity, whether or not expressly set forth. The acceptance 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 right 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 collection, enforcement or protection of Lender's rights and remedies under this Security Instrument or any other document relating to the Secured Debts. Mortgagor agrees to pay expenses for Lender to inspect and preserve the Property and for any recordation costs of releasing the Property from this Security Instrument. Expenses include, but are not limited to, attorneys' fees, court costs and other legal expenses. 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. In addition, to the extent permitted by the United States Bankruptcy Code, Mortgagor agrees to pay the reasonable attorneys' fees incurred by Lender to protect Lender's rights and interests in connection with any bankruptcy p~oceedings initiated by or against Mortgagor. 15. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law means, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 et seq,), 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 material, waste, pollutant or contaminant which has characteristics which render the substance dangerous or potentially 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 "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 recognized to be appropriate for the normal use and maintenance of the Property. B. Except as previously disclosed and acknowledged 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 if a release or threatened 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 will take all necessary remedial action in accordance with any Environmental Law. D. Mortgagor will immediately notify Lender in writing as soon as Mortgagor has reason to believe there is any pending or threatened investigation, claim, or proceeding relating to the release or threatened release of any Hazardous Substance or the violation of any Environmental Law. a~~ THEODORE R LOYD ~. Wyoming Mortgage .... Initi WY/4XDore'taO0~ ,"~¢'~4670025031705Y ©1996 Bank~':~s, I .... St. Cloud, MN ~.~ k.,,,~ge 3 '~'~ 16. CONDEMNATION. Mortgagor will give Lender prompt notice of any pending or threatened action by private or public entities to purchase or take any or all of the Property through condemnation, eminent domain, or any other means. Mortgagor authorizes Lender to intervene in Mortgagor's name 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. Such proceeds will be considered payments and will be applied as provided in this Security Instrument. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or other lien document. 17. INSURANCE. Mortgagor agrees to keep the Property insured against the risks reasonably associated with the Property. Mortgagor will maintain this insurance in the amounts Lender requires. This insurance will last until the Property is released from this Security Instrument. What Lender requires pursuant to the preceding two sentences can change during the term of the Secured Debts. Mortgagor may choose the insurance company, subject to Lender's approval, which will not be unreasonably withheld. All insurance policies and renewals will include a standard "mortgage clause" and, where applicable, "loss payee clause." Mortgagor will give Lender and the insurance company immediate notice of any loss. All insurance proceeds will be applied to restoration or repair of the Property or to the Secured Debts, at Lender's option. If Lender acquires the Property in damaged condition, Mortgagor's rights to any insurance 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 written by a company other than one Mortgagor would choose, and may be written at a higher rate than Mortgagor could obtain if Mortgagor purchased the insurance. 18. ESCROW FOR TAXES AND INSURANCE. Mortgagor will not be 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 to secure payment of the Secured Debts and Mortgagor does not agree to be personally liable on the Secured Debts. If 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 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 Property is located, and the United States of America. 22. JOINT AND INDIVIDUAL LIABILITY AND SUCCESSORS. Each Mortgagor'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 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 and any other documents relating to the Secured Debts are the complete and final expression of the agreement. If any provision of this Security Instrument is unenforceable, 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, ADDITIONAL DOCUMENTS AND RECORDING TAXES. 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 Mortgagor will be deemed to be notice to all Mortgagors. Mortgagor will inform Lender in writing of any change in Mortgagor's name, address or other application information. Mortgagor will provide Lender any financial statements or information Lender requests. All financial statements and information Mortgagor gives Lender will be correct and complete. Mortgagor agrees to pay all expenses, charges and taxes in connection with the preparation and recording of this Security Instrument. 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, and Mortgagor agrees to pay all expenses, charges and taxes in connection with the preparation and recording thereof. Time is of the essence. Initia~ THEODORE R LOYD Wyoming Mortgage WY/4XDorettaO0836500004670025031705Y ©1996 Bankers Systems, Inc., St. Cloud, MN ~." 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 Instrument. MORTGAGO, R: ~-TFIEODORE R LOYD / Individually LENDER: F i r s t~ a.~.~,,~ kj - ~,,~.~.~ ACKNOWLEDGMENT. (Individual) STATE OF WYOMING , COUNTY This instrument was acknowledged before me this OF LINCOLN ss. 18th day of MARCH THEODORE R LOYD, spouse of Nancy S. Loyd, and NANCY SUE LOYD, spouse of Ted Loyd. My commission expires: 09/18/07 ~~ ~ , 2005 by (Lender Acknowledgment) STATE OF WYOMING , COUNTY OF LINCOLN ss. This instrument was acknowledged before me this 18th .~day of MARCH Penny Jones as Real Estate Loan Officer of First National 'Bank - ~st. -- M ycommissionexpires:02/20/06 /~~J ~o~a~ Public) , 2005 by THEODORE R LOYD Wyoming Mortgage ©1996 Banke~::s Inc., St. Cloud, WY/4XDorettaO08:~i~670025031705Y Initials