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HomeMy WebLinkAbout875689 333 B~OAD~AY PO BOX ~80 ROCK SPRINGS, WY 82g02-~'88 LOAN ~; 6 0 - 0 0 8 8 - 9 , by Southwest '?iflo , MORTGAGE (Line of Credit) THIS MORTGAGE, dated a u ~ u s::t2 z, ~ o o ] , is be~een O~AINE K[~EY and DIANE L. KENNEY, ~USBANO AND ~IFE residingat 235 BONDURANT ROAD, LABARGE, WY 83123 the person or parsons signing as "Mortgagor(s)" below and hereinafter referred to as "we" or "us" and ROOK SPRINGS NATIONAL BANK with an address at ~333 Broadway, PO Box 880. Rock Springs, WY 82902-0880 and hereinafter referred to as "you" or the "Mortgagee."I MORTGAGED PREMISES: In consideration of the loan hereinafter described, we hereby mortgage, grant and convey to you the premises located at: 235 BONDURANT ROAD Street LABARGE .. LIN!COLN ~/Y 83123 Municipality County State ZiP (the Premises) and further described as: LOT 13 OF THE EUBANK FooTHILL ESTATES SUBDIVISION, LINCOLN COUNTY, WYOMING DESCRIBED ON THE OFFICIAiL PLA THEREOF. The Premises includes all buildings and other improvements now or in the future on the Premises and all rights and interests which derive from our ownersliip, use or possession of the Premises and all appurtenances thereto. LOAN: The Mortgage will secure your loan In the principal amount of $ 3 0, 0 0 0. 0 0 or so much thereof as may be advanced and readvanced from time to time to the Borrower(s) under the Home Equity Credit Line Agreement and Disclosure Statement (the "Note") dated 0 8 / z z / 2 0 0 1 , plus interest and costs, late charges and all other 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 agreemerits 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 time to time in accordance with th!~ terms of the Note and subject to the Credit Limit set forth in the Note. OWNERSHIP: We are the sole owner(s) Of the Premises. We have the legal right to mortgage the Premises to you. ! , Page 1 of 3 HELOO - WY Mortgage INTIAL$ 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 condominium or a planned unit development, we shall perform all of our obligat ons under the declaration or covenants creating or governing the condominium or planned unit development, and constituent documents. (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 reductic~,n 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 immediately notify you in writing and file a proof of IO~s 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 nameiio any check, draft or other order of payment of insurance proceeds in the event of loss or damage to the Premises;: f you receive payment of a claim, you will have the right to choose to use the money either to repair the Premises or i:~ reduce the amount owing on the Note. (d) CONDEMNATION: We assign to' You the proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation'0r other taking of the Premises, or part thereof, or for conveyance in lieu of condemnation, all of which shall be pai~l to you, subject to the terms of any Prior Mortgage. (e) SECURITY INTEREST: We will,j0in with you in signing and filing documents and, at our expense, in 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 c°sts 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 or the costs necessary to keep the Premises in good condition and repair or to perform any of our other agreements wth you, you 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 secures all such advances. Your payments on our behalf will .not cure our faiiure to perform our promises ih this Mortgage. Any replacement insurance that you obtain tO cover 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 ¥~RCH 15, 2001 and given by us to ROCK SPRINGS NATIONAL BANK as mortgagee, in the original amount of $ 70,000.00 (the" Prior Mortgage"). We shall not increase, amend or modify the Prior Mortgage without your prior 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 perform' all of our · obligations under the Prior Mortgage as. and when required under the Prior Mortgage. (h) HAZARDOUS SUBSTANCES: we shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances on or in the Bremises. 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, use, or storage on the Premises of smi~ll quanties of Hazardous Substances that are generally recognized to be appropriate to normal residential uses, and to maintain the Premises. As used in this paragraph, "Hazardous Substances" are those substances defined as toxic or hazardous substances by Environmental Law and the following substances: gasoline, kerosene, other flamable 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 law,s and laws of the jurisdiction where the Premises are located that relate to health, safety or environmental protection. (i) SALE OF PREMISES: We will not sell, transfer ownership of, mortgage or otherwise dispose of our interest in 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 in the Premises. DEFAUL:F: 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 Page 2 o[ 3 HELOC - WY Modgage INTIALS: the difference which you may seek to. co lect 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 the tenants after simply notifying them by first class mail to make rental payments to you; (iii) manage th~ Prem ses; and (iv) sign, cancel and change leases. We agree that the interest rate set foAh in the Note will continue before and a~er a default, entry of a judgment and foreclosure. In addition, you shall be entitled to collect all reasonab e 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 repoas. 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 coups shall be entitled to enter upon, take possession of and manage the Premises and collect the rents of the Premises including those past due after simply notifying them by first class mail to make rental payments to you. WAIVERS: To the e~ent permitted by applicable law, we waive and'release any error or defects in proceedings to enforce this MoAgage and hereby waive the benefit of any present or future laws providing for stay of execution, e~ension of time, exemption from atta:C:hment, levy and sale and homestead eXernption. BINDING EFFECT: Each of us shall be ;l:ully responsib/e for all of the promises and agreements in this Mo~gage. Until · the Note has been paid in full and your obligation to make fu~her advances under the Note has been terminated, the provisions of this MoAgage will be binding on us, our legal representatives, 'our heirs and all future owners of the Premises. This Modgage 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 Mo~gage, and provided any obligation to make fu~her advances under the Note has terminated, this Mo~gage 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 MoAgage shall be given by delivering it or by mailing such notice by regular first class mail addressed to us 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 ceAified mail, return receipt requested, to your address at 333 Broadway, PO Box 880, Rock Springs, ~ 82902-0880 or to such other address as you may designate by notice to us. Any notice provided for in this Mo~gage 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 Mo~gage and provided your obligation to make fu~her advances under the Note has terminated, you shall discharge this Mo~gage without charge to us, except that we shall · pay'any fees for recording Qf a satisfaction of this Mo~gage. GENERAL: You can waive or delay enf~rcing any of your rights under this Mo~gage without losing them. Any waiver by you of any provisions of this Mo~ga~e will not be a waiver of that or any other provision on any other occasion. THIS MORTGAGE has been signed by each of us under sea[ on the date first above written. Mortgagor D~A ~ N~ ~NN~ Mortgagor: Mortgagor: Mortgagor: STATE OF WYOMING, Sweetwater County ss: The foregoing instrument was acknowledged before me this A (date) 'by DWAINE KLNNEY and DIANE L. KENNEY. HUSBAND AN'D WIFE (person acknowledging) My Commission Expires: a u n e 1 0 , 2 0 0 4 ,, Notary Public TAMARA A . S PAN N Of ~ State (';f ission Expires June 10, 2004 Page 3 ol a HELOC - WY Mo~tgaBe