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HomeMy WebLinkAbout90889300050 **This mortgage is being re-recorded to correct the mortgagee in that mortgage recorded on May 24, 2005 in Book 586, Page 67. WHEN RECORDED, MAIL TO: Bani{ of Jackson Hole Post Office Box 7000 Jackson, WYOMING 83002 This Instrument was prepared by: Bank of Jackson Hole Post Office Box 7000 Jackson, WYOMING 83002 307-732-3050 Loan Number: 92953051 Escrow/Closing Number: MIN: 100015700051115018 DOC ID #: RECEIVED 6/3/2005 at 10:52 Arvl RECEIVING # 908893 I~OOK: 587 PAGE: 50 JEANNE WAGNER LINC, )LN COUNTY CLERI(, KEMMERER, WY (Space Above This Line for Recording Data) MORTGAGE (Line of Credit) THIS MORTGAGE, dated May 20, 2005, is between Gordon L. Stokes and Susan J. Stokes, husband and wife residing at Post Office Box 3668, Eagle, COLORADO 81631, the person or persons signing as "Mortgagor(s)" below and hereinafter referred to as "we" or "us" and Bank of Jackson Hole, with an address at Post Office Box 7000, Jackson, WYOMING 83002, and hereinafter referred to as "you" or the "Mortgagee." MORTGAGED PREMISES: In consideration of the loan hereinafter described, we hereby mortgage, grant and convey to you the premises located at: 238 Saddle Drive (Street) Etna, Lincoln, WYOMING 83118 (Municipality, County, State ZIP) (the "Premises"), Parcel Ideotification Number: 36192640016900 aod further described as: Lot 35 of Nordic Ranches Division No. 3, Lincoln County, Wyoming, according to that plat flied April 6, 1993 as Plat No. 311-B. The Premises includes all buildings and other improvements now or in the futnre on the Premises and all rights and interests which derive from our ownership, use or possession of the Premises and all appurtenances thereto. LOAN: The Mortgage will secure your loan in the principal amount of $28,500.00 or so much thereof, as may be advanced and readvanced from time to time to Susan J. Stokes, and Gordon L. Stokes, the Borrower(s) under the Home Equity Credit Line Agreement and Disclosure Statement (the "Note") dated May 20, 2005, plus interest and costs, late charges and all other charges related to the loan, all of which sums are repayable according to the Note. This Mortgage will also secure the performance of all of the promises and agreements made by us and each Borrower and Co-Signer in the Note, all of our promises and agreements in this Mortgage, any extensions, renewals, amendments, supplements and other modifications of the Note, and any amounts advanced by you under the terms of the section of this Mortgage entitled "Our Authority To You." Loans under the Note may be made, repaid and remade from tilne to time in accordance with the temps of the Note and subject to the Credit Limit set forth in the Note. OWNERSHIP: We are the sole owner(s) of the Pre~nises. We have the legal right to mortgage the Premises to you. BORROWER'S IMPORTANT OBLIGATIONS: (a) TAXES: We will pay all real estate taxes, assessments, water charges and sewer rents relating to the Premises when they become due. We will not claim any credit on, or make deduction from, the loan under the Note because we pay these taxes and charges. We will provide you with proof of payment upon request. (b) MAINTENANCE: We will maintain the building(s) on the Premises in good condition. We will not make major changes in the building(s) except for normal repairs. We will not tear down any of the building(s) on the Premises without first getting your consent. We will not use the Premises illegally. If this Mortgage is on a unit in a condo~ninium or a planned unit development, we shall perform all of our obligations under the declaration or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the condominium or plmmed unit development and constituent documents. HELOC WY Mortgage ,~'>~)/-~"~'-~'~I(VVY)~"' Page 1 of 3 Borrower(s) Initials~ ~' .... 00©51 (c) INSURANCE: We will keep the building(s) on the Premises insured at all times against loss by fire, flood and any other hazards you may specify. We may choose the insurance company, but our choice is subject to your reasonable approval. The policies must be for at least the amounts and the time periods that you specify. We will deliver to you upon your request the policies or other proof of the insurance. The policies must name you as "mortgagee" and "loss-payee" so that you will receive payment on all insurance claims, to the extent of your interest under this Mortgage, before we do. The insurance policies must also provide that you be given not less than 10 days prior written notice of any cancellation or reduction in coverage, for any reason. Upon request, we shall deliver the policies, certificates or other evidence of insurance to you. In the event of loss or damage to the Premises, we will irmnediately notify you in writing and file a proof of loss with the insurer. You may file a proof of loss on our behalf if we fail or refuse to do so. You may also sign our name to any check, draft or other order for the payment of insurance proceeds in the event of loss or damage to the Premises. If you receive payment ora claim, you will have the right to choose to use the money either to repair the Premises or to reduce the amount owing Oil_ the Note. (d) CONDEMNATION: We assign to you the proceeds of any award or claim for damages, direct or consequential, in connection with any condenmation or other taking of the Premises, or part thereof, or for conveyance in lieu of condemnation all of which shall be paid to you, subject to the terms of any Prior Mortgage. ' (e) SECURITY INTEREST: We will join with you in signing and filing documents and, at our expense, itl- doing whatever you believe is necessary to perfect and continue the perfection of your lien and security interest in the Premises. (f) OUR AUTHORITY TO YOU: If we fail to perform our obligations under this Mortgage, you may, if you choose, perform our obligations and pay such costs and expenses. You will add the amounts you advance to the sums owing on the Note, on which you will charge interest at the interest rate set forth in the Note. If, for example, we fail to honor our promises to maintain insurance in effect, or to pay filing fees, taxes o,' the costs necessary to keep the Premises in good condition and repair or to perfoml any of our other agreements with you, yon may, if you choose, advance any sums to satisfy any of our agreements with you and charge us interest on such advances at the interest rate set forth in the Note. This Mortgage socures all such advances. Your payments on our behalf will not cure our failure to perform our promises in this Mortgage. Any replacement insurance that you obtain to covet' loss or damages to the Premises may be limited to the amount owing on the Note plus the amount of any Prior Mortgages. (g) PRIOR MORTGAGE: if the provisions of this paragraph are completed, this Mortgage is subject and subordinate to a prior mortgage dated and given by us to mortgagee, in the original amount of $ (the" ' - as Prior Mortgage ). We shall not increase, amend or modify the Prior Mortgage without your prior written consent and shall upon receipt of any written notice from the holder of the Prior Mortgage promptly deliver a copy of such notice to you. We shall pay and perfoml- all of our obligations under the Prior Mortgage as and when required under the Prior Mortgage. (h) HAZARDOUS SUBSTANCES: We shall not cause or penNt the presence, use, disposal, storage, or release of any Hazardous Substances on or in the Premises. We shall not do, nor allow anyone else to do, anything affecting the Premises that is in violation of any Environmental Law. The preceding two sentences shall not apply to the presence, ose, or storage on the Premises of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Premises. As nsed in this paragraph, "Hazardous Substances" are those substances defined as toxic or hazardou~ substances by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials. As used in this paragraph, "Environmental Law" means federal laws and laws of the jurisdiction where the Premises are located that relate to health, safety or enviromnental protection. (i) SALE OF PREMISES: We will not sell, transfer ownership of, mortgage or otherwise dispose of our interest itl- the Premises, in whole or in part, or permit any other lien or claim against the Premises without your prior written consent. (j) INSPECTION: We will permit you to inspect the Premises at any reasonable time. NO LOSS OF RIGHTS: The Note and this Mortgage may be negotiated or assigned by you without releasing us or the Premises. You may add or release any person or property obligated under the Note and this Mortgage without losing your rights itl the Premises. DEFAULT: Except as may be prohibited by applicable law, and subject to any advance notice and cure period if required by applicable law, if any event or condition described in Paragraph 12.A of the Note occurs, you may foreclose upon this Mortgage. This means that you may arrange for the Premises to be sold by advertisement and sale or by judicial foreclosure, at your option, as provided by law, in order to pay off what we owe on the Note and under this Mortgage. If the money you receive from the sale is not enough to pay off what we owe you, we will still owe you the difference which you may seek to collect from us in accordance with applicable law. In addition, you may, in accordance with applicable law, (i) enter on and take possession of the Premises; (ii) collect the rental payments, including over-due rental payments, directly from tenants after simply notifying them by first class mail to make rental payments to you; (iii) manage the Premises; and (iv) sign, cancel and change leases. We agree that the interest rate set forth itl- the Note will continue before and after a default, entry of a judgment and foreclosure. In addition, you shall be entitled to collect all reasonable fees and costs actually incurred by you in proceeding to foreclosure, including, but not limited to, reasonable attorneys' fees and costs of documentary evidence, abstracts and title reports. ASSIGNMENT OF RENTS; APPOINTMENT OF RECEIVER: As additional security, we assign to you the rents of the Premises. You or a receiver appointed by the courts shall be entitled to enter upon, take possession of and manage the Premises and collect tile rents of the Premises including those past due after simply notifying them by first class mail to make rental payments to you. HELOC WY Mortgage F~ (WY) (~..~-' Page2of3 '-: . . , ~ Borrower(s) Initia~ ~ 0OO52 WA1VERS: To the extent pem~itted by applicable law, we waive and release any eh'or or defects in proceedings to enforce this Mortgage and hereby waive the benefit of any present or future laws providing for stay of execution, extension of time exemption from attacl'unent, levy and sale and homestead exemption. BINDING EFFECT: Each of us shall be fully responsible for all of the promises and agreements in this Mortgage. Until the Note has been paid in full and your obligation to make further advances under the Note has been terminated, the provisions of this Mortgage will be binding on us, our legal representatives, our heirs and all future owners of the Premises. This Mortgage is for your benefit and for the benefit of anyone to whom you may assign it. Upon payment in full of all amounts owing to you under the Note and this Mortgage, and provided any obligation to make further advances under the Note has terminated, this Mortgage and your rights in the Premises shall end. NOTICE: Except for any notice required under applicable law to be given in another manner, (a) any notice to us provided for in this Mortgage shall be given by delivering it or by mailing such notice by regular first class mail addressed to tls at the last address appearing in your records or at such other address as we may designate by notice to you as provided herein, and (b) any notice to you shall be given by certified mail, return receipt requested, to your address at: Bank of Jackson Hole Post Office Box 7000, Jackson, WYOMING 83002 or to such other address as you may designate by notice to us. Any notice provided for in this Mortgage shall be deemed to have been given to us or you when given in the manner designated herein. RELEASE: Upon payment of all sums secured by this Mortgage and provided your obligation to make further advances tinder the Note has terminated, you shall discharge this Mortgage without charge to tis, except that we shall pay any fees for recording of a satisfaction of this Mortgage. GENERAL: You can waive or delay enforcing any of your rights under this Mortgage without losing them. Any waiver by you of any provisions of this Mortgage will not be a waiver of that or any other provision ~m-apy other occasion. THIS MORTGAGE has been signed by each of ns under seal on the date firl. t ab~ve/~itten.~ ~ ,C~~~.~~2 ..... -Mortgagor Witness ~.~o nTL.~o ~ ...... Witnes'-~--~ Susan J. St~es ' (Seal) -Mortgagor STATE OF WYOMING, County ss: The foregoing instrument was acknowledged before me this Gordon L. Stokes, and Susan J. Stokes. Witness my hand and official seal. My Con~nission Expires: ~ c~',~l~l~:~ (Seal) u of Simon, ton ~ wy°mino / Notary Public HELOC VVY Mortgage Page 3 of 3 FE-3131(WY) (0303)