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HomeMy WebLinkAbout913512 {if) 0.,\" 7. \.,\. .l:U ';)0 When Recorded Return To: HOMECOMINGS FINANCIAL NETWORK, INC. One Meridian Crossing, Sle. 100 Minneapolis MN 55423 RECEIVED 11/7/2005 at 3:30 PM RECEIVING # 913512 BOOK: 604 PAGE: 7 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY State of Wyoming Space Above This Line For Recording Data MORTGAGE (With Future Advance Clause) MIN: 100062604260967809 1. DATE AND PARTffiS. The date of this Mortgage (Security Instrument) is ...~~T.9!?~~..~??:~.(..~~~.~............ and the parties, their addresses and tax identification numbers, ifrequired, are as follows: MORTGAGOR: JASON WILLIAM HOOPES AND LISA MARIE HOOPES, HUSBAND AND WIFE o If checked, refer to the attached Addendum incorporated herein, for additional Mortgagors, their signatures and acknowledgments. LENDER: HOMECOMINGS FINANCIAL NETWORK, INC. 1687 114TH AVE., SE, SUITE 100 BELLEVUE, WA 98004 "MERS" is Mortgage Electronic Registration Systems, Inc. MERS is a separate corporation that is acting solely as a nominee for Lender and Lender's successors and assigns. MERS is the mortgagee under this Security Instrument. MERS is organized and existing under the laws of Delaware, and has an address and telephone number of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS. 2. CONVEYANCE. For good and valuable consideration, the receipt. and sufficiency of which is acknowledged, and to secure the Secured Debt (defined below) and Mortgagor's perforn1aI1ce under this Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to MERS (solely as nominee for Lender and Lender's successors and assigns) and to the successors and assigns of MERS, with power of sale, the following described property: Legal description attached hereto and made a part hereof ~/ ./ The property is located in ... .!-!J.~~Q!-!t:J....................................................... at .. ..~~~.. .$y!;J;f.T.. ~R~.I;:.J5:.................. (County) . .J;l.~.J;)(~....................................................., .... . Af.T.QN ............................. ........., Wyonling ....~.~ ;1..1-.9........... (Address) (City) (ZIP Code) Together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, all water and riparian rights, ditches, and water stock and all existing and future improvements, structures, fixtures, and replacements that may now, or at any tinle in the future, be part of the real estate described above (all referred to as "Property"). Mortgagor understands and agrees that MERS holds only legal title to the interests granted by Mortgagor in this Security Instrument; but, if necessary to comply with law or custom, MERS (as nominee for Lender and Lender's successors and assigns) has the right: to exercise any or all of those interests, including, but not limited to, the right to foreclose and sell the Property; and to take any action required of Lender including, but not limited to, releasing and canceling this Security Instrument. 3. MAXIMUM OBLIGATION LIMIT. The total principal anlowlt secured by this Security Instrument at anyone time shall not exceed $ .................~.?,.?P.9...qfL...............;..... . This limitation of amount does not include interest and other fees and charges validly made pursuant to this Security Instrunlent. Also, this linlitation does not apply to advances made under the ternlS of this Security Instrument to protect Lender's security and to perfolll any of the covenants contained in this Security lIlStrument. 4. SECURED DEBT AND FUTURE ADVANCES. The ternl "Secured Debt" is defined as follows: A. Debt incurred under the terms of all pronlissory note(s), contract(s), guaranty(s) or other evidence of debt described below and all their extensions, renewals, modifications or substitutions. (You must specifically identify the debt(s) secured and you should include the final maturity date of such debt(s).) Borrower(s) Home Equity Line of Credit Agreement and Promissory Note to Lender dated OCTOBER 27TH, 2005 in the principal sum of U.S. $ 52,500.00 ,with interest thereon, providing for monthly installments of principal and interest, with the balance of indebtedness, if not sooner paid, due and payable on OCTOBER 27TH, 2020 . WYOMING - HOME EQUITY LINE OF CREDIT MORTGAGE (NOT FOR FNMA. FHLMC. FHA OR VA USE) ~ ~ 1994 Bankers Systems. Inc., St. Cloud, MN Form RFCOCPRMTGWY 1/11/2001 MFWY7696 (1/021 1 042-609676-0 g~~;~~ml1@ :.,' ":'~;:~,~:':i;~?' _ :':::"\>":i'~".. .,.;(j. ..f <r)' C"~ j(; ~_'J~~~~.L ;::I~~~11~mf~j!;;-~; t"\ (\ ,"\ (I 8 .'.- \.J ~.1 \.J .1 B. All future advances from Lender to Mortgagor or other future obligations of Mortgagor to Lender under any promissory note, contract, guaranty, or other evidence of debt executed by Mortgagor in favor of Lender executed after this Security Instrument whether or not this Security Instrument is specifically referenced. If more than one person signs this Security Instrument, each Mortgagor agrees that this Security Instrument will secure all future advances and future obligations that are given to or incurred by anyone or more Mortgagor, or anyone or more Mortgagor and others. All future advances and other future obligations are secured by this Security Instrument even though all or part may not yet be advanced. All future advances and other future obligations are secured as if made on the date of this Security Instrument. Nothing in this Security Instrunlent shall constitute a conunitment to make additional or future loans or advances in any anlount. Any such conmutment must be agreed to in a separate writing. C. All other obligations Mortgagor owes to Lender, which may later arise, to the extent not prohibited by law, including, but not linuted to, liabilities for overdrafts relating to any deposit account agreement between Mortgagor and Lender. D. All additional sunlS advanced and expenses incurred by Lender for insuring, preserving or otherwise protecting the Property and its value and any other sunlS advanced and expenses incurred by Lender under the terms of this Security Instrument. In the event that Lender fails to provide any necessary notice of the right of rescission with respect to any additional indebtedness secured under paragraph B of this Section, Lender waives any subsequent security interest in the Mortgagor's principal dwelling that is created by this Security Instrument (but does not waive the security interest for the debts referenced in paragraph A of this Section). 5. MORTGAGE COVENANTS. Mortgagor agrees that the covenants in this section are material obligations under the Secured Debt and this Security Instrument. If Mortgagor breaches any covenant in this section, Lender may refuse to make additional extensions of credit and reduce the credit limit. By not exercising either remedy on Mortgagor's breach, Lender does not waive Lender's right to later consider the event a breach if it happens again. Payments. Mortgagor agrees that all payments under the Secured Debt will be paid when due and in accordance with the teTI1lS of the Secured Debt and this Security Instrument. 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 to make all payments when due and to perfoTIn or comply with all covenants. Mortgagor also agrees 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 written approval. Claims Against Title. Mortgagor will pay all taxes, assessments, liens, encunlbrances, 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 such anlOunts are due and the receipts evidencing Mortgagor's payment. Mortgagor will defend title to the Property against any clainlS that would impair the lien of this Security Instrument. Mortgagor agrees to assign to Lender, as requested by Lender, any rights, clainlS or defenses Mortgagor may have against parties who supply labor or materials to maintain or improve the Property. Property Condition, Alterations and Inspection. Mortgagor will keep the Property in good condition and make all repairs that are reasonably necessary. Mortgagor shall not connnit or allow any waste, inlpairment, or deterioration of the Property. Mortgagor agrees that the nature of the occupancy and use will not substantially change without Lender's prior written consent. Mortgagor will not pernrit any change in any license, restrictive covenant or easement without Lender's prior written consent. Mortgagor will notify Lender of all demands, proceedings, clainlS and actions against Mortgagor, and of any loss or danlage to the Property. Lender or Lender's agents nlaY, at Lender's option, enter the Property at any reasonable time for the purpose of inspecting the Property. Lender shall give Mortgagor notice at the time of or before an inspection specifying a reasonable purpose for the inspection. Any inspection of the Property shall be entirely for Lender's benefit and Mortgagor will in no way rely on Lender's inspection. Authority to Perform. If Mortgagor fails to perfornl any duty or any of the covenants contained in tlris Security Instrument, Lender nlaY, without notice, perfornl or cause them to be perfornled. Mortgagor appoints Lender as attorney in fact to sign Mortgagor's nanle or pay any anlOunt necessary for perfornlance. Lender's right to perfornl for Mortgagor shall not create an obligation to perform, and Lender's failure to perfornl will not preclude Lender from exercising any of Lender's other rights under the law or this Security InstfW11ent. Leaseholds; Condominiums; Planned Unit Developments. Mortgagor agrees to comply with the provisions of any lease if tlris Security InstfW11ent is on a leasehold. If the Property includes a unit in a condonriniunl or a planned unit development, Mortgagor will perfornl all of Mortgagor's duties under the covenants, by-laws, or regulations of the condonuluunl or planned unit development. 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, enrinent domain, or any other means. Mortgagor authorizes Lender to intervene in Mortgagor's name in any of the above described actions or clainlS. 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 shall be considered payments and will be applied as provided in this Security Instrument. This assigmnent of proceeds is subject to the ternlS of any prior mortgage, deed of trust, security agreement or other lien document. Insurance. Mortgagor shall keep Property insured against loss by fire, flood, theft and other hazards and risks reasonably associated with the Property due to its type and location. This insurance shall be maintained in the anlounts and for the periods that Lender requires. The insurance carrier providing the lllSurance shall be chosen by Mortgagor subject to Lender's approval, which shall not be unreasonably withheld. If Mortgagor fails to nlaintain the coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Property according to the ternlS of this Security InstfW11ent. All insurance policies and renewals shall be acceptable to Lender and shall include a standard "mortgage clause" and, where applicable, "loss payee clause." Mortgagor shall inmlediately notify Lender of cancellation or ternlination of the insurance. Lender shall have the right to hold the policies and renewals. If Lender requires, Mortgagor shall immediately give to Lender all receipts of paid premiums and renewal notices. Upon loss, Mortgagor shall give inmlediate notice to the insurance carrier and Lender. Lender nlaY make proof of loss if not nlade immediately by Mortgagor. Unless otherwise agreed in writing, all insurance proceeds shall be applied to the restoration or repair of the Property or to the Secured Debt, whether or not then dUe, at Lender's option. Any application of proceeds to . lL- (pay! :l'/tJ > ~ <Sl 1994 Bankers Systems, Inc., St. Cloud, MN Form RFCOCPRMTGWY 1/11/2001 MFWY7696 (1/021 / 042-609678-0 ~ ~ ') C'''f 4'>, r:;::"'- .--" ,.l_t" 0 ~t..~ t-ifJ:L~ C n n"', 1". 9 -' u \,/ 'v' lJ principal shall not extend or postpone the due date of the scheduled payment nor change the anlount of any payment. Any excess will be paid to the Mortgagor. If the Property is acquired by Lender, Mortgagor's right to any insurance policies and proceeds resulting from damage to the Property before the acquisition shall pass to Lender to the extent of the Secured Debt inmlediately before the acquisition. Financial Reports and Additional Documents. Mortgagor will provide to Lender upon request, any fInancial statement or infomlation Lender may deem reasonably necessary. Mortgagor agrees to sign, deliver, and fIle any additional documents or certifIcations that Lender nlaY consider necessary to perfect, continue, and preserve Mortgagor's obligations under this Security Instrument and Lender's lien status on the Property. 6. 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, a transfer or sale of the Property. This right is subject to the restrictions imposed by federal law (12 C.F.R. 591), as applicable. 7. DEFAULT. Mortgagor will be in default if any of the following occur: Fraud. Any Consunler Borrower engages in fraud or material misrepresentation in connection with the Secured Debt that is an open end home equity plan. Payments. Any Consumer Borrower on any Secured Debt that is an open end home equity plan fails to make a payment when due. Property. Any action or inaction by the Borrower or Mortgagor occurs that adversely affects the Property or Lender's rights in the Property. This includes, but is not limited to, the following: (a) Mortgagor fails to nlaintain required insurance on the Property; (b) Mortgagor transfers the Property; (c) Mortgagor conunits waste or otherwise destructively uses or fails to nlaintain the Property such that the action or iIlaction adversely affects Lender's security; (d) Mortgagor fails to pay taxes on the Property or otherwise fails to act and thereby causes a lien to be fIled against the Property that is senior to the lien of this Security Instrument; (e) a sole Mortgagor dies; (t) if more than one Mortgagor, any Mortgagor dies and Lender's security is adversely affected; (g) the Property is taken through eminent donlain; (h) a judgment is fIled against Mortgagor and subjects Mortgagor and the Property to action that adversely affects Lender's interest; or (i) a prior lienholder forecloses on the Property and as a result, Lender's interest is adversely affected. Executive Officers. Any Borrower is an executive offIcer of Lender or an affIliate and such Borrower becomes indebted to Lender or another lender in an aggregate anlount greater than the anlOunt pemritted under federal laws and regulations. 8. REMEDIES ON DEFAULT. In addition to any other remedy available under the temlS of this Security Instrument, Lender nlaY accelerate the Secured Debt and foreclose this Security Instrument in a manner provided by law if Mortgagor is in default. In some instances, federal and state law will require Lender to provide Mortgagor with notice of the right to cure, or other notices and nlaY establish time schedules for foreclosure actions. At the option of the Lender, all or any part of the agreed fees and charges, accrued interest and principal shall become inmlediately due and payable, after giving notice if required by law, upon the occurrence of a default or anytime thereafter. Lender shall be entitled to, without limitation, the power to sell the Property. The acceptance by Lender of any sum in payment or partial payment on the Secured Debt after the balance is due or is accelerated or after foreclosure proceedings are fIled shall not constitute a waiver of Lender's right to require complete cure of any existing default. By not exercising any remedy on Mortgagor's default, Lender does not waive Lender's right to later consider the event a default if it happens again. 9. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. If Mortgagor breaches any covenant in this Security Instrument, Mortgagor agrees to pay all expenses Lender incurs in perfomring such covenants or protecting its security interest in the Property. Such expenses include, but are not limited to, fees incurred for inspecting, preserving, or otherwise protecting theProperty and Lender's security interest. These expenses are payable on demand and will bear interest from the date of payment until paid in full at the highest rate of interest in effect as provided in the temlS of the Secured Debt. Mortgagor agrees to pay all costs and expenses incurred by Lender in collecting, enforcing or protecting Lender's rights and remedies under this Security Instrument. This amount nlaY include, but is not limited to, reasonable attomeys' fees, court costs, and other legal expenses. TIlis anlount does not include attomeys' fees for a salaried employee of the Lender. To the extent permitted by the United States Bankruptcy Code, Mortgagor agrees to pay the reasonable attomeys' fees Lender incurs to collect the Secured Debt as awarded by any court exercising jurisdiction under the Bankruptcy Code. This Security IIlStrument shall renlain in effect until released. Mortgagor agrees to pay for any recordation costs of such release. 10. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law means, without linritation, the Comprehensiv~ Enviromllental Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), and all other federal, state and local laws, regulations, ordinances, court orders, attomey general opinions or interpretive letters conceming the puplic health, safety, welfare, environment or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or contanrinant 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 nlaterial," "toxic substances," "hazardous waste" or "hazardous 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 snlall quantities of Hazardous Substances that are generally recognized to be appropriate for the nomlal use and nlaintenance of the Property. B. Except as previously disclosed and acknowledged in writing to Lender, Mortgagor and every tenant have been, are, and shall renlain in full compliance with any applicable Environmental Law. C. Mortgagor shall inmlediately 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 Environnlental Law conceming the Property. In such an event, Mortgagor shall take all necessary remedial action in accordance with any Environmental Law. D. Mortgagor shall inmlediately 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. ~ Systems, Inc., St. Cloud, MN Form RFCOCPRMTGWY 1/1 t/2001 mmllimJ~mW!? MFWV7696 111021 I 042-609678-0 <1J"",,<~ {P~ ~..:';; ,:!ffi;i~~I !:1;:I: ~:~ m:WH'<'\I8 .-. r ~. '~;, ",..r:;;''it ~ t)::~ .:.;~~J.L :8r:I;~ill~~r: (' (\ n 1'1 -;; 0 \..,) '.,/ l..: .1. 11. ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separate agreement, Mortgagor will not be required to pay to Lender funds for taxes and insurance in escrow. 12. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Security Instrument are joint and individual. If Mortgagor signs this Security Instrument but does not sign an evidence of debt, Mortgagor does so only to mortgage Mortgagor's interest in the Property to secure payment of the Secured Debt and Mortgagor does not agree to be personally liable on the Secured Debt. 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. The duties and benefits of this Security Instrument shall bind and benefit the successors and assigns of Mortgagor and Lender. 13. SEVERABILITY; INTERPRETATION. This Security Instrument is complete and fully integrated. This Security Instrument may not be amended or modified by oral agreement. Any section in this Security Instrument, attachments, or any agreement related to the Secured Debt that conflicts with applicable law will not be effective, unless that law expressly or impliedly penuits the variations by written agreement. If any section of this Security Instnmlent cannot be enforced according to its ternlS, that section will be severed and will not affect the enforceability of the remainder of this Security Instnmlent. Whenever used, the singular shall include the plural and the plural the singular. The captions and headings of the sections of this Security Instrument are for convenience only and are not to be used to interpret or define the ternlS of this Security Instnmlent. Time is of the essence in this Security Instnmlent. 14. NOTICE. Unless otherwise required by law, any notice shall be given by delivering it or by mailing it by first class mail to the appropriate party's address on page 1 of this Security Instrunlent, or to any other address designated in writing. Notice to one mortgagor will be deemed to be notice to all mortgagors. 15 . WAIVERS.. Except to the extent prohibited by law, Mortgagor waives any right regarding the marshalling of liens and assets and all homestead exemption rights relating to the Property. 16. LINE OF CREDIT. The Secured Debt includes a revolving line of credit. Although the Secured Debt may be reduced to a zero balance, this Security Instrunlent will remain in effect until released. 17. APPLICABLE LAW. This Security Instnmlent is governed by the laws as agreed to in the Secured Debt, except to the extent required by the laws of the jurisdiction where the Property is located, and applicable federal laws and regulations. 18. RIDERS. The covenants and agreements of each of the riders checked below are incorporated into and supplement and anlend the ternlS of this Security Instnmlent. [Check all applicable boxes] o Assignment of Leases and Rents 0 Other............................................................................;..................... 19. 0 ADDITIONAL TERMS. SIGNATURES: By signing below, Mortgagor agrees to the ternlS and covenants contained in this Security Instrument and in any attachments. Mortgagor also acknowledges receipt of a copy of this Security Instnmlent on the date stated on page I. i$i,;";;; HAsoiiH 1Li;i 'HHOOPiiSHHHjQ:.;~.q)(~;;-~ ~ ~OP'SHHHH...J~ ~/ OWLEDGMENT: STATE OF ..... WYRlJP..n.g.........................., COUNTY OF ...... ..r,.~n~.QJn.............................} ss. This instrunlent was acknowledged before me this .....2 7.th........ day of ... Qc.t.obe.r.,.. 20.0.S......................... by ..... .L.i::i a. .M(n:~~e_. HQoJ?e:'i....................................................................................................... . My commission expires: 9-15-07 ~ I.) 6Jr'''' J'oo. - / (Seal) I.Y" . ;...e/ V~ ... .... ........ .............. (N~~;; P-';bli~)'" ............................ AC (Individual) GLORIA K. BYERS - NOTARY PUBLIC County of ~ State of Lincoln ~ Wyoming My CommIssIon Expires Sept. 15, 2007 This STATE OF WYOMING instrument was acknowledged before p':Jason William Hoopes My commission expires: COUNTY OF LINCOLN me this 1st day of November, 2005 by 9-15-07 .. >Ateo-Ucv A/. #y~ Gloria K. Byers, Notary rm RFCOCPRMTGWY 1/11/2001 MFWY7696 11/021 / 042-609678-0 (page 4 of 4) '"l.. -0. r""). c:: l' ";;' i_' <-' ~!..",..;,...!:, ~ LEGAL DESCRIPTION rli'" \....., .il.....1011 \.,1 \.J l...l Part of Section 30, T32N R118W of the 6th P.M., Lincoln County, Wyoming being more particularly described as follows: Commencing at the Northeast Comer of the SE1,4SE1,4 of said Section 30 and running thence Westerly 375 feet, more or less, along the North boundary of the said SE1,4SE1,4 of Section 30, to the boundary of property conveyed to Glayd W. Chadwick in Book 312PR on page 281 of the records of the Lincoln County Clerk; thence Northwesterly along the boundary line of the G1ayd W. Chadwick property as described in the Deed recorded in Book 312PR on page 281 of the records of the Lincoln County Clerk to the boundary of the Prank Brog property as described in the Deed recorded in Book 80PR on page 497 of the records of the Lincoln County Clerk; thence Easterly a distance of 140 feet, more or less, along the South boundary of the Prank Brog property as described in the Deed recorded in Book 80PR on page 497 of the records of the Lincoln County Clerk to the boundary of the Swift Creek, as described on the recorded plat of the Swift Creek Canyon Subdivision on file in the office of the Lincoln County Clerk; thence Southeasterly along the Swift Creek as described on the said recorded plat of the Swift Creek Canyon Subdivision to a point on the East Section line of said Section 30, said point being 200 feet north, more or less, of the said Northeast comer of the SE1,4SE1,4 of said Section 30; thence South along the East Section line of said Section 30 to the point of beginning. LESS AND EXCEPT the land contained in Warranty Deed recorded September 4, 1990 in Book 289PR on page 335 of the records of the Lincoln County Clerk. I [ji~Em~~~mi:)