HomeMy WebLinkAbout9082753-05; 13:55 ;First National BenK
0004°
50316
RECEIVED 5/10/2005 at 10:28 AM
RECEIVING # 908275
BOOK: 585 PAGE: 43
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 April 23, 2005. The parties end their
addresses are:
MORTGAGOR:
JAMES ALDERS
Spouse of BONNIE B. ALDERS
842 WEST MUSTANG CIRCLE
SARATOGA SPRINGS, Utah 84043
BONNIE B ALDERS
Spouse of JAMES ALDERS
842 WEST MUSTANG CIRCLE
SARATOGA SPRINGS,, Utah 84043
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: 83-01§2§01
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:
PRATER CANYON ESTATES UNIT FOUR' (4) LOT TWO (2) AS PLATTED AND RECORDED IN THE OFFICIAL
RECORDS iN LINCOLN COUNTY, WYOMING
~The properly is located in UNCOLN County at 38 W. ELKHORN,-THAYNE, Wyoming 83127.
Together with all rights, easements, appurtenances, royalties, mineral rights, oil end 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 lall 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 0~IT. The total principal amount secured by this Secur ty nstrument at any one time
will not exceed(,.,~ This limitation of amount does not include interest and other fees and charges
validly made pursua'Ei~'t'T13"f~s 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. 764002816, dated April 23, 2005. from Mortgagor
to Lender, with a loan amount of $150,000.00, with an interest rate of 7.0 percent per year and maturing on
December 10, 2005. 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 nd viduslly 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~'~
JAMES ALDERS -,[~', ~"'
WY/4XDc>rar~00838500C~4670020050305Y e1996 Banke~-s System~, Inc., St. Cloud, MN F____~'~~
5- 3-05;t3:55 ;First NaTiOnal Bank ;3076543623 ~ 3/
event that Lender fails to provide any required notice of the right of rescission, Lender waives any subsequent
security interes~ in the Mo~gagor's principal dwelling ~hat is created by this Security Instrument. This Security
Instrument will not secure any debt for which a non-possessory, non-purchase money security interest is
created in "house~ld goods" in con~ction with a "consumer loan," as those terms are defined by federal law
governing unfair and deceptive credit practices. This Security Instrument will not secure any debt for which a
securJW interest is created in "margin stock" and Lender does not obtain a "statement of purpose," as defined
and required by federal law governing s~urities.
C. Sums Advanced. All sums advanced and expenses incurred by Lender under the terms of this Security
instrument.
4. PAYM~TS. Mo~gagor agrees that all payments under the Secured Debts will be paid when due and in
accordance with the terms of the Secured Debts and this SecuriW Instrument.
5. PRIOR SECURI~ INTERESTS. With regard to any other me,gage, deed of trust, security agreement Or other
lien document that created a prior securiw interest or encumbrance on the PropeAy, Mo~gagor agrees: A. To make all payments when due and to pedorm or comply with all covenants.
B. To promptly deliver to Lander any notices that Mo~gagor 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 lien document without Lender's prior wriEen consent,
6. C~IMS AGAINST TI~E. Mo~gagor will pay all taxes, assessments, liens, encumbrances, lease payments,
ground rents, utilities, and other charges relating to the Prope~y when due. Lender may require Mo~gagor to
provide to Lender copies of all notices that such amounts are due and the receipts evidencing Mo~gagor's
payment. MoAgagor will defend title to the Prope~y against any claims that would impair the lien of this Security
Instrument. Mo~gagor agrees to assign to Lender, as reque~ed by Lender, any rights, claims or defenses
Uo~gagor may have against patios who supply labor or materials to ~aintain or improve ~e Prope~y.
7. DUE ON SALE. Lender may, at its option, declare the entire balance of the Secured Debt to be immediately due
and payable upon the creation of, or contract for the creation of, any ~ansfer or sale of all or any paA of the
Prope~y. This right is subject to the restrictions imposed by federal law (12 C.F.R. ~91 ), as applicable.
8. WARRANTIES AND REPRESENTATIONS, Mo~gagor has the right and authoriw to enter into this Securi~
Instrument. The execution and delive~ of this Security Instrument will not violate any agreement governing
Mortgagor or to which Mo~gagor is a pa~.
9. PROP~TY CONDITION, ALTE~TIONS AND INSPECTION. Mo~gagor will keep ~e ~ope~y in good condition
and make all repairs that are reasonably necessaw. Mo~gagor will not comma or allow any waste, impai~ent, or
deterioration of the Prope~y. Mo~gagor will keep the Proper~ free of noxious weeds and grasses. Uo~gagor
agrees that the nature of the occupancy and use will not substantially change without Lender's prior written
consent. Mo~gagor will not ~rmit any change in any license, restrictive covenant or easement w~hout Lender's
prior wri~en consent. Mo~gagor will noti~ Lender of all demands, proceedings, claims, and actions against
Mortgagor, and of any loss or damage to the Prope~y.
Lender or Lender's agents may, at Lender's option, enter the Prope~y at any reasonable time for the purpose of
inspecting the Prope~, Loner will give Mo~gagor notice at the time of or before an inspection sp~ifying a
reasonable purpose for the inspection. Any i~pection of the Pro~ will be entirely for Lender's benefit and
Mo~gagor will in no way rely on Lender's inspection.
10. AUTHORITY TO PERFORM. If Mo~gagor fails to pedorm any du~ or any of t~ covenants contained in this
SecuriW Instrument, Lender may, without notice, ~dorm or cause them to be ~dormed. Mo~gagor appoints
Lender as a~orney in fact to sign Mo~gagor's name or pay any amount necessa~ for pedormance. Lender's right
to perform for Mo~gagor will not create an obligation to perform, and Lender's failure to pedorm will riot preclude
Lender from exercising any of Loner's other rights under the law or this Security Instrument. If any construction
on the Prope~y is discontinued or not ca~ed on in a reachable manner, Lender may take all steps necessary to
protect Lender's secur~y interest in the Prope~y, including completion of the con,ruction.
11. ASSIGNM~T OF ~SES AND RENTS. Me~gagor assigns, grants, bargains, conveys, me,gages and
warrants to Lender as additional security all the right, title and interest in the following (Pro~y): existing or
future leases, subleases, licenses, guaranties and any other wri~en or verbal agreements for the use and
occupancy of the Prope~, including any e~ensions, renewals, modifications or replacements (Leases); and rents,
issues and profits (Rents). In the event any item listed as Leases or Rents is determined to be personal prope~y,
this Assignment will also be regarded as a security agreement. Mo~gagor will promptly provide Lender with copies
of the Leases and will ce~i~ these Leases are true and correct copies. The exi~ing.Leases will be provided on
execution of the Assignment, and all future Leases and any other information wl~ resp~t to these Leases will be
provided immediately after they are executed. Mo~gagor may collect, receive, enjoy and use the Rents so long as
Mortgagor is not in default. Upon default, Mo~gagor will receive any Rents in trust for Lender and Mo~gagor will
not commingle the Rents with any other funds. Mo~gagor agrees that ~is ~ur~ Instrument is immediately
effective between Mo~gagor and Lender. This Securhy Instrument will remain effective during any statutory
redemption period until the Secured Debts are satisfied. As long as this Assignment is in effect, Mo~gagor
warrants and represents that no default exists under the Leases, and the patios subject to the Leases have not
~iolated any applicable law on leases, licenses and landlords and tenants.
12. D~AULT. Mo~gagor will be in default if any of the following occur:
A. Payments. Mo~gagor fails to make a payment in full when due.
B. Insolvency or Bankruptcy. The death, dissolution or insolvency of, ~ppointment of a receiver by or on behalf
of, application of any~ebtor relief law, t~ assignment for the benefit of creditors by or on ~half of, the
volunta~ or involunfa~ termination of existe~e by, or the commencement of any proceeding under any
present or future federal or state insolvency, bankruptcy, reorganization, composition or debtor relief law by or
against Uo~gagor, Borrower, or any co-signer, endorser, surety or guarantor of this Security Instrument or ~yx~
o~er obligations ~rrower has with Loner.
JAMES ~S :~. ~ [ ~ ~
WY/4XDofo~OO8365~7~50305Y e1~96 ~kerl 5yitema, Inc., St. Cloud, MN ~ '
C. Death or Incompetency. Mortgagor dias or is declared legally incompalent.
D. Failure to Perform. Mortgagor fails to p~dorm 8nV condition or to kae~ any ~romise or covonant o~ this
Seeuriw Instrument.
[. Other Document,. ~ dofault oeeur~ under th~ t~rm~ o~ any oth~r documont r~latin~ to th~ S~eumd D~bt~.
F. Other ~m~nt~. Mofl~a~or i~ in default on ~ng oth~r dobI or ~r~om~nt Mort~Oor has with k~ndor.
~. ~i~r~m,ent~tlon. Men,after makes any v~r~&l or wrinon ~tatem~nt or Drovidos ~nV financial information
that is untrue, inaccurate, or conceals a mat~ri~l f~ at tho tim~ it i~ m~de or provided.
H. Judgment. Moffgagor fails to satisfy or appeal any judgment against Mo~gagor.
I. FoHeiture. The Prope~ is used in a manner or for a purpose that threatens confiscation by a legal authority.
J. Name Change. Mo~gagor changes Mo~gagor's name or assum~ an additional name without notifying
Lender before making such a change.
K. Prope~y Tran~er. Mo~gagor transfers all or a substantial pa~ of Mo~gagor's money or prope~. This
condi~on of default, as it relates to the transfer of the Property, is subject to the restrictions contained in the
DUE ON SALE section.
L. Prope~y Value. The value of the Prope~y declines or is impaired.
M. Insecurity. Lender reasonably believes that Lender is insecure.
13. REMEDIES. On or a~er 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 Prope~y. Any
amounts advanced on Mo~gagor'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 Mortgager's default.
Subject to any right to cure, required time schedules or any other notice rights Mo~gagor may have under federal
and state law, Lender may make all or any pa~ 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 an~ime therea~er.
Upon any sale of the Prope~, Lender will make and deliver a special or limited warranW deed that conveys the
prope~y sold to the purchaser or purchasers. Under this special or limited warranw deed, Lender will covenant
that Lender has ~t caused or allowed a lien or an encumbrance to burden lhe Pmpeny and thal Lender will
specially warrant and defend the Prope~'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 facia evidence of the facts set forth therein.
All remedies are distill, cumulates and not exclusive, and the Lender is entitled to all remedies provided at law or
equity, whether or not expressly set foffh. The acceptance by Lender of any sum in payment or partial payment
on the Secured Debts a~er the balance is due or is accelerated or after foreclosure proceedings are filed will not
consxit~e a waiver of Lender's right to require full and complete cure of any existing default. By ~t exercising
any remedy. Lender does not waive Lender's right to later consider ~e event a default if it continues or happens
again.
14. COLLECTION ~PENSES AND ATTORN~S' FEES. On or a~er Default, to the ement permitted by law,
Mongagor agrees to pay all expenses of collection, enforcement or prolection of Lender's rights and remedies
under this Security Instrument or any other document relating to the Secured Debts. Mongagor agrees to pay
expenses for Lender to inspect and presets the ProperW and for any recordation costs of releasing the Prope~y
from this Security Instrument. Expenses include, but are not limited to, a~orneys' fees, couff costs and other legal
expenses. These expenses are due and payable immediately. If no~ paid immediately, lhese 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 ps.inet by the United States Ban~uptcy Code. Mo~gagor
agrees to pay the reasonable a~orneys' fees incurred by Lender to protect Lander's rights and interests in
connection with any bankruptcy proceedings initiated by or against Mo~gagor.
15. ENVIRONMENTAL ~WS AND H~ARDOUS SUBSTANCES. As used in this section, (1) Environmental Law
means, without limita~on, the Comprehensive Environmental Response, Compensation and Liabiliw Act (CERC~,
42 U.S.C. 9601 et seq.}, all other federal, state and local laws, regulations, ordinances, cou~ orders, attorney
general ~pinions or interpretive lepers concerning the public health, safety, welfare, environment or a hazardous
substance; and (2) Hazardous Substance means any toxic, radioactive or hazar~us material, wasze, pollutant or
contaminant which has characteristics which render the substance dangerous or potentially dangerous to the public
health, safeW, 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 Subslance is or will be
located, stored or released on or in the Prope~. This restriction does no~ apply to small quantities of
Hazardous Substances that are generally recognized to be appropriate for ~e normal use and maintenance of
lhe Property.
B. Except as previously disclosed and acknowledged in writing to Lender, Moffgagor and every tenant have
been, are. and will remain in full compliance with any applicable Environmental Law.
C. Moffgagor will immediately noti~ Lender if a release or threatened release of a Hazardous Substance occurs
on, under or abo~ the Prope~y or there is a violation of any Environmental Law concerning the Property. In
such an event, Mo~gagor will take all necessary remedial action in accordance with any Environmental Law.
D. Mo~gagor will immediately notify Lender in writing as soon as Mo~gagor has reason to believe there is any
pending or zhreatened investigation, claim, or proceeding relating to the release or threatened release of any
Hazardous Substance or the violation of any Environmental Law.
JAMES ALDERS
WY/4 XDore t*,aOO836600004670020050305y
Wyoming
00045
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 Deb[s, Mortgagor
does so only to mortgage Mortgagor's interest in the ProperW 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. OTHER TERMS. The following are applicable to this Security Instrument:
A. Construction Loan. This Security Instrument secures an obligation created for the construction of an
improvement on the Property.
22. 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.
23. 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 Securiw
Instrument will bind and benefit the successors and assigns of Lender and Mortgagor.
24. AMENDMENT, INTEGRATION AND SEVERABILITY. This Security Instrument may not be amended or modified
by oral agreement. No amendment or modification of this Securiw 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.
25. INTERPRETATION. Whenever used, the singular includes the plural and the plural includes the singular. The
sec[ion 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 m
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 Uor[gagor'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.
JAMES ALDERS
WY/4XDo~et~taOOS3650OOO4670020oe030eY e1996 Bankers Systems. inc.. St. Cloud. MN ~
SIGNATURES. By signing, Mor~.agQr_ag?es to the terms and covenants contained in this
Mortgagor also acknowled~ges~eceip! of a ~opy of this Security Instrument. Security instrument.
BONNIE ~ALb~S t ,
Individually
LENDER:
First ~'~'~ank - West~
Penny Jon~_~f~e Loan Officer
ACKNOWLEDGMENT.
JAMES ALDERS, spouse of BONNIE B. ALDERS, and ~NNiE ~&~DERS , .s'p~.u~AMES Al' DE~S.
My commission e,xpires: / ~J
b ' [Notary ~Jq~c~r
by
i ~~t;~ My Commission Expires
. ~?' ~UgUS124 2005
00::47
JAMES ALDERS
Wyoming Mortgal~ Ir~tlals
WYI4XDorotta0083650OOO41570020050305Y ·1996 Bankers Systems, Inc.. St. Cloud. MN E-.~" Page 5