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HomeMy WebLinkAbout914917 dbl.8 h; I.' -. :. i ; '. . .... ".' {:, 00680 51352 RECEIVED 1/3/2006 at 10:42 AM RECEIVING # 914917 BOOK: 608 PAGE: 680 JEANNE WAGNER _ n_~~~:~:~ _:~UNTY CLERK, KEMMERER, WY State of Wyoming Space Above This Line For Recording Data MORTGAGE (With Future Advance Clause) 1. DATE AND PARTIES. The date of this Mortgage (Security Instrument) is J.2:)?:?P.q~................................................ . The parties and their addresses are: MORTGAGOR: MITCHEll OWEN MILES AND SHERRI B. MILES, HUSBAND AND WIFE PO BOX 186 AFTON, WY 83110 o If checked, refer to the attached Addendum incorporated herein, for additional Mortgagors, their signatúres and acknowledgments. LENDER: THE BANK OF STAR VALLEY ORGANIZED AND EXISTING UNDER THE LAWS OF THE STATE OF WYOMING 384 WASHINGTON STREET PO BOX 8007 AFT ON, WY 83110 2. CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debt (defmed below) and Mortgagor's perfonnance under this Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with power of sale, the following described property: SEE EXHIBIT "A" ATTACHED HERETO AND MADE APART HEREOF --L The property is located in . ~I.~ÇP.~~. .. ... ... ... ... .. . ... ... ... ... ... . .. ... .. . ... . .. ... .. . ... ..... at . ?P. ~" ?~.q .~W~.~~.. .. . ... ... ... . .. ... ... ... . .. (County) .. . ... ... ... . .. . .. .. . .. . ... ... ... . .. ... ... ... . .. . .. .. . .. . . .. . .., . ~f!.q~, . .. . ... ... . , . .. . ... ... . .. .. . , .. ... .. . ... ... ., Wyoming . ~~.1.1 Q.. .. . ... .. . . .. .. (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 time in the future, be part of the real estate described above (all referred to as "Property"). 3. MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at anyone time shall not exceed $ . ~MP.q,P.q. .. . ... . .. ... ... .. . ... ... . .. ... ... ... .... . This limitation of amount does not include interest and other fees and charges validly made pursuant to this Security Instrument. Also, this limitation does not apply to advances made under the tenns of this Security Instrument to protect Lender's security and to perfonn any of the covenants contained in this Security Instrument. 4. SECURED DEBT AND FUTURE ADVANCES. The tenn "Secured Debt" is defmed as follows: A. Debt incurred under the tenns of all promissory note(s), contract(s), guaranty(ies) 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).) ONE PROMISSORY NOTE DATED 12·15·05 IN THE AMOUNT OF $90,000.00 WYOMING· HOME EQUITY LINE OF CREDIT MORTGAGE (NOT FOR FNMA, FHlMC, FHA OR VA USE) (page 1 of 4) ~~;;,~~£!~jt:;.~,~!nkers Systems, Inc.. St. Cloud, MN Form OCP.REMTG.WYr;,;t;,~.1,;1:[?:æ5 !lG~\\m" ::i~:~,íj~;±: :;:::::::i::!:::i;~:l;~; 900l/Il/g AM-!)lVH!I'd:>O WJO~ NI^4 'pooL:> 'IS "'U 'SW31SAS SJ3~u.B t>66L@ (j~ (þ JO l aOed) O! Spd;¡:>old )0 UOplqldde Áuy 'uopdo S,l;¡PU;¡'l !e ';¡np U;¡q! !OU 10 l;¡q!;¡qM '!q;¡O P;¡ln:>;¡S ;¡q! a! lO Á!l;¡dOld ;¡q! )0 l!ed;¡l 10 UOpelO!Sdl ;¡q! a! p;¡ndde ;¡q neqs Sp;¡;¡:>old d:>uelnSU! ne '~UppM II'! pddl~e dS!Mldq!O SSdrun 'lO~e~!lOW Áq Áld!e!pdWlli1 dpew !OU )! 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Áq Pdln:>dS dle suopeänqo aln!11J ldq!O pue Sd:>ueApe dlO!I1J nv 'Sldq10 pue 10äe~)10W alOW lO dUO Áue 10 'lO~e~)lOW dlOW 10 dUO Áue Áq palln:>II'! 10 0) UaA!~ ale )eq! suope~nqo dlT\111J pue Sd:>ueApe alT\111J nl! dln:>dS II!M )UdWlU)SUI Á!pn:>dS s¡q) !eq! sdaläe 10~e~!lOW q:>e;¡ ')UdWlU)SUI Á)pn:>as S!q! SU~!S uosldd dUO ueq! alOW JI 'pa:>UdlaJal Áne:>Y¡:>dds S! )uaWlU)SUI Á1pn:>as S!q1 )OU 10 ldq!aqM !UdWlU!SUI Á!pn:>dS S!q! ldije laPUd'l )0 10AeJ U! 10~e~!10W Áq pd!n:>dXd !qdP JO d:>UaP!Ad ldq10 10 'Á!Uelen~ 'pel!UO:> 'd!OU Á10SS!WOld Áue ldpun ldPUd'l a! 10~e~!10W)0 SUOpl!~nqo aln!11J ldq!O 10 lo~e~uow a! ldPUd'l W01J Sd:>URApR dlT\111J nv 'a ~ 189jOJ :_.~.: ('. .~.: ~~..¡ , 'T~:>h7,"'n. ~.... ¡¡¡..IO ¡'.,¡ I}-<'}f<; OQ.,-fl 8~."17 <:J~"'1.-..:'Y '.' ~. '..' f"'\ \...'nrS8'1 \~ " /" - principal shall not extend or postpone the due date of the scheduled payment nor change the amount of any payment. Any excess will be paid to the Mortgagor. If $tWr.rope~"!~~ ac b~!,Le.i.iôer, Mortgagor's right to any insurance policies and proceeds resulting from damage to the I1,þpë'Hy b~tore¡¡~'the itiijb, ,jhall pass to Lender to the extent of the Secured Debt immediately before the acquisition. ~~ ~ili fi~ '~~i¡jf ~~. ~:: :~~¡ ~m¡: ~~. ~inanci~l Reports and Additional Dociî!i~ts. N!tw~~~go ill projde t~ Lende~ upon request, any fmancial statement or mformatIon Lender may deem reasonably rrecessary..'Mortgagor agrees to sign, deliver, and file any additional documents or certifications that Lender may 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 all or any part 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 Consumer 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 maintain required insurance on the Property; (b) Mortgagor transfers the Property; (c) Mortgagor commits waste or otherwise destructively uses or fails to maintain the Property such that the action or inaction 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 domain; (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 amount greater than the amount permitted under federal laws and regulations. 8. REMEDIES ON DEFAULT. In addition to any other remedy available under the terms of this Security Instrument, Lender may 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 may 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 immediately 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 performing 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 the Property 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 terms 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 may include, but is not limited to, reasonable attorneys' fees, court costs, and other legal expenses. This amount does not include attorneys' fees for a salaried employee of the Lender. To the extent permitted by the United States Bankruptcy Code, Mortgagor agrees to pay the reasonable attorneys' fees Lender incurs to collect the Secured Debt as awarded by any court exercising jurisdiction under the Bankruptcy Code. This Security Instrument shall remain 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 limitation, the Comprehensive Environmental 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, attorney general opinions or interpretive letters ~o~ce!ßÏ1lg !hep,ublic ~ealth, safety, ",:,elfare, environment or a haz~rdous s~bstanc~;~.£l~"'2p~~,~ard~us Substance means any tOXIC, radIOactive or hàzardöus matenal, waste, pollutant or èontammant which håš éharactenstIcs 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 material," "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 small quantities of Hazardous Substances that are generally recognized to be appropriate for the normal use and maintenance of the Prope~y. B. Except as previously disclosed and acknowledged in writing to Lender, Mortgagor and every tenant have been, are, and shall remain in full compliance with any applicable Environmental Law. C. Mortgagor shall immediately 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 Environmental Law concerning the Property. In such an event, Mortgagor shall take all necessary remedial action in accordance with any Environmental Law. D. Mortgagor shall immediately 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. (page 3 of 4J ~œ>:",!,?;::.7?~~;;.7,~:-~ker5 Systems, Inc., St. Cloud, MN Form OCp·REMTG-WY '~1~i1~,~,:.~9.?!' tl~lli~f:lt~~_¿j;: :~~§. , . :, ;,i 03'(, 4917 ..... () 68 L\JO 3 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 amt¡iibsur ,esc '~¡~¡, lit- !f:~:" .:~~! :~~! ¡~!~: ~~~.. 12. JOINT AND INDIVIDUAL LIABILI ,:;'" ; CO- NÊRs; cdsbRS AND ASSIGNS BOUND. All duties under this Security Instrument are joint and individ M gag~r si ' 's S¡;urity Instrument but does not sign an evidence of debt, Mortgagor does so only to mortgage go' "ere~ in the 'roperty to secure payment of the Secured Debt and Mortgagor does not agree to be personally able on e Seétlred 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 permits the variations by written agreement. If any section of this Security Instrument cannot be enforced according to its terms, that section will be severed and will not affect the enforceability of the remainder of this Security Instrument. 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 terms of this Security Instrument. Time is of the essence in this Security Instrument. 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 Instrument, 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 Instrument will remain in effect until released. ,i 17. APPLICABLE LAW. This Security Instrument 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 amend the terms of this Security Instrument. [Check all applicable boxes] o Assignment of Leases and Rents 0 Other...............,........,..............................................·...·..·..·..·..·..·..·..·· 19. 0 ADDITIONAL TERMS. SIGNATURES: By signing below, Mortgagor agrees to the terms and covenants contained in this Security Instrument and in any attachments, Mortgagor also acknowledges receipt of a copy of this Security Instrument on the date stated on page 1. dZlLlI t1 ..p~ (s¡~:~~i~~~~L '~W~S" ~~~.. ... ... ...... ... ... ..... (D';t~)" ....S.b~....ß.:...'~...........,........... (Signature) SHERRI B. MILES (Date) (Individual) ACKNOWLEDGMENT: STATE OF .~~9M!~~.................................., COUNTY OF .................................................} ss. This instrument was acknowledged before me this . J ~):~...... .. .. .... day of . 9~.~~ty1.~~~/.~q9~.... ... ..' .... .. ....... ... .. .. .... by .MI~Ç~~.L.L,9W~NM!~~~i ~.~~~F.I.~·.MI.~~~.. ~.4~~.~~P.~.~Q.~lf~... ... ,....,... ..U........ ....~. ..... ...................... ................ . My commission expires: " -> .......... .' 0.... ...~;; ;:;:;........................... A/< JI TAYLO~ NOTARY PUBLIC COUN, TY OF, ~ STATE OF LINCOLN ~ WYOMING MY ,0, M SSION eXPI~ES AUG 3, 2009 ~$ ©1994 Bankers Systems,lne,. St, Cloud, MN Form OCP·REMTG,WY 5/11/2005 (page 4 of 4) .........;..--.... ._. ·~._N..····......._,._·._·,·..... ............... .-_...-----~..._... . r;.oC' A:, ,l.j q1-r-j ~l.i"'_j~~.y ~ 000684 EXHIBIT "A" '" Part of Lot 2 of Block' 7 of the Afton'Townsite" Lincoln County, wyoming being more pa~ticularly described as follows: I.:'· ... ,Beginning at a point which is five (S) rod~ West of tne Northeast' Corner of s,aid Lot 2, B19Ck 7, tnence, South ten (10) rods; thence West five (5) rods;' ,thence }fot1;,~ ten (~O') rods; thence East five (S), rods to the pbint, df b~ginning. . '. .~ . .... \ .1 I . .. said land formerly described as follows:' .'.'. .. ~eginning 5 rods ~e~t ~f the'Nqrthwest Corne~ 6f Lot l' Blqck 7 of the Afton Townsite and runn~ng'thence, South 10 rods; thence West 5 rods; 'then6e Harth 10 rods, therièe East 5 rods to 'the point of beginning., .. I· . ." ~ . ,'-:\.--;.,:..::< ~ , " , '. A,. {~~¡~mf!¡~lilii~~: