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HomeMy WebLinkAbout875546 ',,//., ,, ' CLERK ":': ~:7 /','5' 3' 99 Space Above This Line For Recording Data MORTGAGE DATE AND PARTIES. The date o,f this Mortgage (Security Instrument) is March 27, 2001 The parties and their addresses are: ~ ' MORTGAGOR: EARNEST A YOUNT PO BOX244 LABARGE, Wyoming 83123 ANNABELLE L YOUNT PO BOX 244 LABARGE, Wyoming 83113 COMMUNITY FIRST NATIONAL BANK- Organized and existing under the laws of the United. Stat(m of America 440 Budd Avenue Big Piney, Wyoming 83113 .............. 1. CONVEYANCE. For good and valuable co"fi--:sidemtion,, t~e" ;e~ipt 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 24, 25, 26 AND PT. LOT 23 BLOCK 2 LABARGE, LINCOLN COUNTY The property Is located in LINCOLN County at PO BOX244, LABARGE, Wyoming 831 23. 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 $22,144.35. This limitation of amounf does n0i~;in~lude 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 EARNEST A YOUNT Wyoming Mortgage Initials WY/3VER37077AOOOOOO000000005300000054nD ~1996 Bankers Systems,· inc~; st; Cloud, MN Page 1 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 f¢ll0wing Secured Debts: A, Specific Debts. The following debts and all extensions, renewals, refinancings, modifications and replacements. A promissory note, No. 7143149, dated March 27, 2001, from Mortgagor to Lender, and a loan amount of $22,144.35 with an interest rate &f'9'.5 percent ~'year maturing on March 28, 20061 B. Sums Advanced. All sums advanced and expense's incur'red by Lender under the terms of this Security I'nstrument. 4.. PAYMENTS. Mortgagor 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 Security Instrument. 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 anb to perform or comply with .all covenants· B. To promptly deliver 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 lien documen~t without Lender's prior written consent. 6. CLAIMS AGAINST TITLE. Mortgag0~ will 'pay '~1'1 taxes; a~-~'sments, 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 su'~h~,amounts~.a~e .due and the receipts evidencing Mortg,agor's payment. Mortgagor will defend t)tle to the Proper~y against an.y:.c!aims that would impair the lien of this Security Instrument. Mortgagor agrees to assign to 'Lender,. ,as req,u.~s, ted by Lender, any rights, claims or defenses Mortgagor may have against parties who supply la'b0~.o,r, mat~ri?S to maintain or improve the Property. ~7. DUE ON SALE. Lender may, at its option, d'eclar'e, the. entire:~alance of the Secure~l Debts to be immediately due and payable upon the creation of, or contract for the creation of, a transfer or sale of the Property. This right is Subject to the restrictions imposed by federal law governing the preemption of state due-on-sale laws, as 8. WARRANTIES AND REPRESENTATIONS. Mortgagor has, the right and authOrity to enter nto th s Security Instrument. The execution and delivery of th~s Security nstrument w I not v o ate 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 necessa'¢¥;: Mortgag~ ~iil not commit or allow any Waste, impairment, or deterioration of the Property. Mortgagor will keep. the ProPerty 'free of noxious weeds and grasses. Mortgagor agrees that the nature of the occupancy and' use will' not ~s'Ub'stantially change without Lender's prior written consent, Mortgagor will not permit any change.!~, a~y license,~i,restrictive covenant or easement without Lender's prior written consent, Mortgagor will notify Lender of all demands, proceedings, claims, and actions against Mortgagor, and of any loss or damage to the Propcr~ty. Lender or Lender's agents may, at Lender's option~, enter the Property at any reasonable time for the purpose of inspecting the Property. Lender will give Mortgagor notice .at,::.,the time of or before an inspection specifying a reasonable purpose for the inspection. Any inspection,of the;Property will be entirely for Lender's benefit and Mortgagor will in no way rely on Lender's inspecl~ion., 10. AUTHORITY TO PERFORM. If Mortgagor fails tO perform ~ny,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 Mortgag0r's name or pay any am'cunt necessaw for performance· Lender's right to perform for Mortgagor will not create a~ obligation to peEform, and Lender's failure to perform will not preclude Lender from exercising any of Lender's other rights;under th'e;la~!(Jr'this Security Instrument. If any construction on the Property is discontinued or not carried on in a ?eason'abl~',manner, Lender may take all steps necessary to protect Lender's security interest in the Property, including comp etion of the construction. 11. ASSIGNMENT OF LEASES AND RENTS. Mbrtgagor gi'ant'Sll bargains, conveys, mortgages and warrants to Lender as additional security all the right, title ah~l interest in:~ihd"(O..any and all: EARNEST A YOUNT ......... . WY/3VER37077AOOOO00000000005300000054nD Sl'~)6 Banker's Systems'Linc.~ St. Cloud, MN A. Existing or futura leases, subleases, lice,nses, guaranties and any other written or verbal agreements for the use and occupancy of any portion of the Property, including any extensions, renewals, modifications or substitutions of such agreements {all referred :to as Leases}. B. Rents, issues and profits (all referred to as Rents}, including but not limited to security deposits, minimum rent, percentage rent, additional rant, Common area maintenance charges, parking charges, real estate taxes, other applicable taxes, insurance premium cOntributiOns~,::i[iquidated damages following default, cancellation premiums, "loss of rents" insurance, guest receipts, reVe'nu~e:s, 'royalties, proceeds, bonuses, accounts, contract rights, general intangibles, and all rights and claims which:MO:rtgagor may have that in any way pertain to or are on account of the use or occupancy of the whole or any part of the Property. Mortgagor.will promptly provide Lender wi(h true and.'.correc.t copies of all existing and future Leases. Mortgagor may collect, receive, enjoy and use the Rents so long as Mortgagor is not in default under the terms of this Security Instrument. '' ' Mortgagor agrees that this assignment is. immediately effective, between the parties to this Security Instrument. Mortgagor agrees that this assignment 'is effective as to third parties when Lender takes affirmative action prescribed by law, and that this assignment will'remain in effect-during any redemption period 'until the Secured Debts ara satisfied. Mortgagor agrees that Lender may taka actual possession of the Property without the necessity of commencing legal action and that actual possession is deemed to occur when Lander, or its agent, notifies Mortgagor of Mort§agor's default and demands that any tenant pay all future Rents directly to Lender. On receiving notice of default, Mortgagor will endorse !_and deli.ver.~ to Lender any payment of Rants in Mortgagor's possession and will receive any Rents in trust .f. or~- hender and,.'V~ilI~not commir~gle the Rents with any other funds. Any amounts collected will be applied as provided' in?~this Security Instrument. Mortgagor warrants that no c}afault exists under the Leases or any applicable landlord/tenant law.., Mortgagor also agrees to maintain and require any tenant to comply with the terms of. the LeaSes a'nd applicable: ia.~i .~. 12. DEFAULT. Mortgagor will be in defaull~ if any!of A. Payments. Mortgagor fails to makes payment in full w."~'~'~e.. · . B. Insolvency. Mortgagor makes an assigrlr~ent for th~i"l~e~fit .of creditors or becomes insolvent either because Mortgagor's liabilities exceed Mortgag0r's assets o~ Mortgagor' is unab e to pay Mortna~or's d~bts as they become due, . ....... , C. Death or Incompetency. Mortgagor dies or is declared legallY'incompetent. D. Failure to Perform. Mortgagor fails to per, form any Condition or 'to keep any promise or covenant of this Security Instrument. ............. ' .;; ; ', -' , ,- E. Other Documents. A default occurs under'.the.terms of any other transaction document. F. Other Agreements. Mortgagor is in default on.'ahy bther dbbt:or agreement Mortgagor has with Lender. G. Misrepresentation. Mortgagor makes an~/'~r[~'al or w:ri~h' 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 appea ~apy.ju~lgmc~t aga nst 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 Mort~agOr's nan~e, cJ~,~:assumes an additional name without notifying Lender before making such a change. K. Property Transfer. Mortgagor transfers all' Or a subs;ta~"ti~J(.'part of Mortgagor's money or property. This . condition of default, as it relates to the transfer, of the P~g:P'~r.t."~, .is subject to the restrictions contained in the DUE ON SALE section. · ! !.! ~.. . L. Property Value. The value of the Property d~clinesor is ir~paired. M. Insecurity. Lender reasonably believes tha~'Len'der is inSeC~Jm~ 13. REMEDIES. Lender may use any and all remedi~s: Lender h;aiS under state or federal law or in any instrument' evidencing or pertaining to the Secured Debts,.,inC[uding, wit'hOut~,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 o'r'other notice rights MortgagOr may have under federal and state law, Lender may make all or any part of the. a,mgunt o'Wir~g, by the terms of the Secured Debts immediately EARNEST A YOUNT ,'. Wyoming Mo,tgege ': .... :',,:~;-i. ~,' : Initie~~ WY/3VER37077AOOO000OOOOO0005300000054nD ~1996 Bankers Systems~ I,n~., St. Cloud, MN Pagc~r ' dua and foreclose this Security Instrument in a manner provid'ed by law upon the occurrence of a default or anytime thereafter. 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 complete cure of any .existing default. By choosing any one or more of these remedies Lender does not give up Lander's right to. use. any other remedy. Lender does not waive a default if Lender chooses not to use a remedy. By electing not to use any remedy, Lender does not waive Lender's right t° later consider the event a default and to use any remedies if the default continues or happens again. 14. COLLECTION EXPENSES AND ATTORNEYS' FEES. Op~.c~r. ,after Default, to the extent permitted by law, Mortgagor agrees to pay all expenses of collection, en'forcement: or protection of Lender's rights and remedies under this Security Instrument. Mortgagor agrees to PaY expenses for Lender to inspect and preserve the Property and for any recordation costs of releasing the":Pr~'p'~rt~ fron~ ;d~i's!Security Instrument. Expenses include, but are not limited to, reasonable attorneys' fees after default and refers'al to an attorney not a salaried employee of the Lender. These expenses are due and p~yable Jmm.ediatey, .If.not paid immediately, these expenses will bear interest from the date of payment until pa!d Jn full. at the:.highes~ interest rate in effect as provided for in the terms of the Secured Debts. To the extent permitted.by the United States Bankruptcy Code, Mortgagor agrees to pay the reasonable attorneys' fees Lender incurs to:-.CO oct the Secured Debts as awarded by any court exercising jurisdiction under the Bankruptcy Code. ;: ':~, ,',' :: ......... " 15. ENVIRONMENTAL LAWS AND HAZARDOUS~SUBSTANCES:: .As used in this Section, (1) Environmental Law means, without limitation, the Comprehensive Enwronmenta Re~0nse, Compensation and Liability Act (CERCLA), all other federal, state and local laws,/ regulatiOn's; brdinances, court orders, attorney general opinio'ns .or interpretive letters concerning the public health~¥~afet~Y?we~lTa:F~;~:~'n'virohment or a hazardous substance; and (2) Hazardous Substance means any toxic, radioa~ti'~:e or hazardOus'.'material, waste, pollutant or contaminant which has characteristics which render the substance dangerou~ ~'r ~'b'tentially dangerous to 'the public health, safety, welfare or environment. The term includes, with.oat limitation'?any' substances defined as "hazardous material," "toxic substance," "hazardous waste," "hazardous Substanc~?'.:..'0r :"~e'gulated substance" under any Environmental Law, Mortgagor represents, warrants and agrees that: ~.. A. Except as previously disclosed and ackn0:wl~dged', n W~i~i~g~o Lender, no Hazardous Substance is or will be located, stored or released on or in the P~'pe~y. Th~is~":reS~:riction does not apply to small quantities of Hazardous Substances that are generally recogni2ed to be;.ia:pbropriate for the normal use and maintenance of the Property.' ,~ :..,; : .?J ,~, - , . B. Except as previously disclosed and acknoWl'~'dged in W~i~ to Lender, Mortgagor and every tenant have been, are, and will remain in full compliance with"~ny, applicable' Env ronmental Law. .... ;,; · C, Mortgagor. will immediately notify Lender i~ a.,release or ,threatened release of a Hazardous Substance occurs on, under or about the Property or there is ~ violation of a~Y:'Environmental Law concerning the Property. In such an event, Mortgagor will take all necess~y)~e~iali~:~0'n in accordance with any EnVironmental Law. D. Mo~gagor will immediately notify Lenoer !n wnt~ng a~..sq~..as Mo~gagor has reason to believe there is any pending or threatened investigation, claim,,~'r.-:~'rSc'~din~'l~t~ing to the release or threatened release of any Hazardous Substance or the violation of any'Envi'r0'n~enta - :? ? ' i6, CONDEMNATION Mortgagor will give LendeY prompt nSti~?:-bf any pending or threatened action by private or public entities to purchase or take any or all of the Property.th.rbugh condemnation, eminent domain, or any other means. Mortgagor authorizes Eender to intervene in Mo~gagor.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 Propelty~ 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' ~r'~he~ 17. INSURANCE. Mo~gagor agrees to keep the ~roPe~y insu~ed.: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 Instrumep~;..Mg~gagOe;may choose the insurance company, subject to Eender's approval, which will not be unreasonpM~ withheld: :/~l':insurance policies and renewals will include a standard "mortgage clause" and, where applicable; "lOs~: payee:Clause" .EARNEST A YOUNT ' Wyoming Mo~goge 'L{:'~: [ ?'"~ · · ';~" ::~ initial WYI3VER37077AOOO000000000005300000054nD ~ 996'B~k'e~S Sys~em¢:.In~; St. Cloud, MN Pa~4 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 anydnsurance policies and proceeds will pass to Lender to the extent of the Secured Debts. Mortgagor will immediately notify Lender of cancellation or terminat:ion of insurance. If Mortgagor fails to keep the Property insured Lender may obtain insurance tb"p. rotect Lender,s interest in the Property. This insurance may include coverages not originally required Of Mbr~g'agor., ma~?l~ie ;~v~'itten by a company other titan 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. '.M'dr(gagor will'd'0t'~be required to pay to Lender funds for taxes and insurance in escrow. ' .:.,, , : .:..'~' 19. CO-SIGNERS. If Mortgagor signs this Sec~rity"idstrumen;~". I~at does not sign the Secured Debts, Mortgagor does so only to mortgage Mortgagor's interest..,:i.n ',(he. Pro, party~ to secure payment of the Secured Debts and Mortgagor does not agree to be personally liable bn'the SecUred' Debts. If this Security Instrument secures a guaranty between Lender and Mortgagor,, Mortgagor .agreesi,~o ;waive any rights that may prevent Lender from bringing any action or claim against Mortgagor, or any. party:'.ndebted under the obligation. These rights may include, but are not limited to, any anti-deficiency,or one-action 'laws. 2_0. WAIVERS. Except to the extent prohibited by.lav~, Mor, l~gagor~waives all homestead exemption rights relating to the Property. 21. APPLICABLE LAW. This Security Instrument is governeS,~y'"'~tJ~e laws of Wyoming, except to the extent otherwise required by the laws of ~he jurisdiction where the P¢opert~ is located, and the United States of America. 22. JOINT AND INDIVIDUAL LIABILITY AND $,UC,,CESSOR~.i....,;.Eaph Mortgagor's obligations under this Security Instrument are independent of the obligations of i'a": ..,. ~.¥":e~h;r.,,.,., . M!;~;~;r,,. ,; . Lender may sue each Mortgagor individually or together with any other Mortgagor. Lender ma'yi ~e[~ase i,an,y;,' Bart 'of the Property and Mortgagor will still be obligated under this Security Instrument for t~'~.' r:eHn:ai~ing:"Pr~l~;:~ty . The duties and 'benefits of this Security Instrument will bind and benefit the successors 'an8 assigns o~ l:~nder and Mortgagor. 23. AMENDMENT, INTEGRATION AND SEVERA'i~¢~I~V:' t'This Security instrument may not be amended or modified by oral agreement. No amendment or, modifical~ion of ith, is S~ur?y Instrument is effective'unless made in writing and executed by Mortgagor and Lender. This'seBbii~y!Instrument is the complete and final expression of the agreement. If any provision of this Security ln~tru'me'nt.is uneh¢0'rdeable, then the unenforceable provision will be severed and the remaining provisions will still be;~nfo~ce~ible?;:':~:J:. 24. INTERPRETATION.' Whenever used, the singular, .... .... ,. includes,, .,.t~le..-P ural 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. . '," ' . ,. '.~:~;~ft~:-. ',., 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, c assm~i'i:'.:to, the appropr ate party's address listed in the ' DATE AN'D PARTIES section, or to any other address des~gn'ate'd in, writing. Notice to one party will be deemed to be notice to all parties. Mortgagor will inform' Lender in w'rh~ing~of any change in Mortgagor's name, address or other application information. Mortgagor wiii:i ¢ide finance statements or information Lender requests. All financial statements and info.,~..a.~i'e'.'~i'i M0r~'g~ii~"!gives Lender will be correct and complete. Mortgagor agrees to sign, deliver, and file an¥?~'~d!~li'~i?al' ~i~"~nts or certificat ons that Lender may consider necessary to perfect, continue, and preserve M0~:t'~o~ ~ 0bii~:~i&r~s Under this Security Instrument and to confirm Lender's lien status on any Property. Time is of the essence. IGNATURES. By signing, Mortgagor agrees tS;'-~l~e'¢"terms :and':~bvenants contained in this Security Instrument. Mortgagor als~ acknowledges receipt of a copy '6¥,'tl~i~ secur t~/ h'~¢ument. MORTGAGOR: . .~. EA ~,NNABI~LLE L YOUN~/~ -~"' - ~ :' ~ "': ~:" ' -.,! EARNEST A YOUNT Wyoming Mortgage ' : ;[',~:.'~ ::,.: Initials WY/3VER37077AOOOO00OOOOO000530OOOOOg4nD ©1998 Bankers Systems: In'c , St. Cloud, MN Page 5 LENDER: ..... Communi First National Bank "" '~''''~'' Loan l~fficer (Attest) ~ -: .'~ ?~" '~";~ '?i,.:.:' : r,:,,:); i ":.~ ~., . , '.,i~ ;,...: ...:. "' u, '::' , , -:~ . , ',,~:~_, 4 (:',' '; " ' ~, Wayne Ooun ...... :"'" " t~- :r M~ml~n ~ires May 9, 2~5 .' .-- ~: - , . _~ . .~ . . ~:....,~t. jt.~ ... ;;.' :.-.- ,. · . State ..'.'.',: - ,.,.,:':' The [o~esoi~g Young, bhls 27~h day o~ Had.ch',.', :2001 ' ' ~lt~ess ~~~~.~ ' ~. ..; ./ ~ · . ~. SUBLE?E ~ WYOMING ~ ,~,,;. :.i),,:-: ..... , ~:- .~?.,.,~..:, . " ' EARNEST A YOUNT Wyoming Mortgage : WY/3VER37077AOOOO0000OOOOO0530000005~nD ~1996 Bankers Systems, Inc., St. Cloud, MN Initials ' Page 6