HomeMy WebLinkAbout915882
60029 (01
;[¡m~~illj~i;~;
æ&J
(H;!U·-'..c: 4
\.' \., J.
WHEN RECORDED, MAIL TO:
Bank 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 -732-3054
RECEIVED 2/8/2006 at 12:10 PM
RECEIVING # 915882
BOOK: 612 PAGE: 14
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
Loan Number: 116834213
Escrow/Closing Number: 60029
~: 100015700063370387
DOC ill #:
(Space Above This Line for Recording Data)
MORTGAGE
(Line of Credit)
THIS MORTGAGE, dated February 1,2006, is between
FAMILY TRUST of JAMES B. FAIRCHILD and SANDRA C. FAIRCHILD, under agreement dated September 22, 2003, and
all amendments thereto
residing at 15790 Via Barranca, Perris, CALIFORNIA 92570, 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:
87 Rayco Drive
(Street)
Thayne, Lincoln, WYOMING 83127
(Municipality, County, State ZIP)
Parcel Identification Number: 34192520040000
and further described as:
Lot 2, Rayco Ranch Estates, Lincoln County, Wyoming, according to that plat filed September 7, 1995 as Instrument
No. 807879 in the Office of County Clerk, Lincoln County, Wyoming.
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 ownership, use or possession of the Premises and all appurtenances thereto.
(the "Premises"),
'/
eJlj
LOAN: The Mortgage will secure your loan in the principal amount of $57,500.00 or so much thereof, as may be advanced and
readvanced from time to time to James B. Fairchild, and Sandra C. Fairchild, the Borrower(s) under the Home Equity Credit Line
Agreement and Disclosure Statement (the "Note") dated February 1, 2006, 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 time to time in accordance with the 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.
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
HELOC WY Mortgage
Page 1 of 4
FE-3131 (WY) (0303)
B~_,(,) '",""'~ SCF
('n:~<5
.j d U .1
.f:, ,C, Ä', C," )'...{ {,) 4'J
U~J,,",-.L:.~·\.JO~
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 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 specity. 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 specity. 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 immediately notity 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 of a claim, you will have the right to choose to use the money either to repair the Premises or to 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 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, 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: Ifwe 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 or the costs necessary to keep the Premises in good condition and repair or to perform any of our other agreements
with you, you may, if you choose, advance any sums to satisty 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 failure to
perform our promises in 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 Fe'bru.ary 1 , 2006 and given by us to B.ank of J:::¡c.bwn Ho 1 P , as
mortgagee, in the original amount of $ 460,000.00 (the "Prior Mortgage"). We shall not increase, amend or modity 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 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 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, use, 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
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 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 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.
0) 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.
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 payoff what we owe on the Note and under this Mortgage. If the money you receive ITom the sale is not enough to payoff 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 ITom tenants after simply notitying 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 in 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.
HELOC WY Mortgage
Page 2 of 4s
FE-3131(WY) (0303)
.,"'w.*> '";t;.~ SCf
;;,:~@~Wl~~t:i ~
;~¡IŒæ];::
n ,. .\' _~', Lj or,)
U .=.,' ~.:., :.1 (j a ¡r,.g
!Î n ." -<: 6
U \..1 U .t
"
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 the rents of
the Premises including those past due after simply notitying them by first class mail to make rental payments to you.
WAIVERS: To the extent permitted by applicable law, we waive and release any error 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 attachment,
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 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 certified mail, return receipt requested, to your address at:
Bank of Juckson 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 under the Note
has terminated, you shall discharge this Mortgage without charge to us, 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 on any other occasion.
HELOC WY Mortgage
Page 3 of 4
FE-3131(WY) (0303)
~ßf- SCF
~J
,r- <¡" ), &;:,,' ó:)
-~ aojÍ.;g
~
!'. On' '. 0( 7
'. t d V _l
THIS MORTGAGE has been signed by each of us under seal on the date first above written.
Witness
Witness
James B. Fairchild, individually and as Trustee, Trustee of
Family Trust, under Revocable Trust Agreement dated
09/22/2003, for the benefit of James B. Fairchild and
Sandra C. Fairchild.
.La~. ~r ð~ T/èt'Stee.
Sandra C. Fairchild, individually and as Trustee, Trustee of
Family Trust, under Revocable Trust Agreement dated
09/22/2003, for the benefit of James B. Fairchild and
Sandra C. Fairchild.
- Trustee
- Trustee
i}~U f1À-ouJf{
Urnes B. Fairchild
~ e,\~drd¿
, Sandra C. Fairchild
-Mortgagor
-Mortgagor
(Seal)
(Seal)
-Revocable Trust Settlor
-Revocable Trust Settlor
STATE OF WYOMING, -r e.>I-ðAJ County ss:
The foregoing instrument was acknowledged before me this ¡'E/- day of ç e-CY11 I, ytj . d(1:l.D by
James B. Fairchild, and Sandra C. Fairchild, individually and as Trustee, of Family T~ndd Revocable Trust Agreement
dated 09/22/2003, for the benefit of James B. Fairchild and Sandra C. Fairchild.
Witness my hand and official seal.
My Commission Expires: q -( ð--ö 7
(Seal)
6~ê&e-
LAURIE COE - NOTARY PUBLIC
County of State of
Teton Wyoming
My Commission Expires 9/1212007
HELOC WY Mortgage
Page 4 of4
FE-3131(WY) (0303)
j~ i~~~~;i~~~;~~;m ~~:
Œj~1;m~I~~j
" r' '0.' ~_- il,," ;(;.;(2
~_~J~,wG\-J
r':nf'n-<. 8
.-' \.; t· , t
.~ ", ~." ...
Loan Number: 116834213
REVOCABLE TRUST RIDER
DEFINITIONS USED IN THIS RIDER.
(A) "Revocable Trust." Family Trust, created under trust instrument dated 09/22/2003, for the benefit of James B.
Fairchild and Sandra C. Fairchild.
(B) "Revocable Trust Trustee(s)." James B. Fairchild, and Sandra C. Fairchild, Trustee(s) of the Revocable
Trust.
(C) "Revocable Trust Settlor(s)."
, Settlor(s) of the Revocable Trust signing below.
(D) "Lender." Bank of Jackson Hole.
(E) "Security Instrument." The Deed of Trust and any riders thereto of the same date as this Rider given to secure
the Note to Lender of the same and covering the Property (as defined below).
(F) "Property." The property described in the Security Instrument and located at:
87 Rayco Drive
Thayne, WYOMING 83127
(Property Address)
THIS REVOCABLE TRUST RIDER is made this 1st day of February, 2006, and is incorporated into and
shall be deemed to amend and supplement the Security Instrument.
ADDITIONAL COVENANTS. In addition to the covenants and agreements made in the Security Instrument,
the Revocable Trust Trustee(s), and the Revocable Trust Settlor(s) and the Lender further covenant and agree as
follows:
B. ADDITIONAL BORROWER(S).
The term "Borrower" when used in the Security Instrument shall refer to the Revocable Trust Trustee(s) and the
Revocable Trust Settlor(s), jointly and severally. Each party signing this Rider below (whether by accepting and
agreeing to the terms and covenants contained herein or by acknowledging all of the terms and covenants contained
herein and agreeing to be bound thereby, or both) covenants and agrees that, whether or not such party is named as
"Borrower" on the first page of the Security Instrument, each covenant and agreement and undertaking of the
"Borrower" in the Security Instrument shall be such party's covenant and agreement and undertaking as "Borrower"
and shall be enforceable by Lender as if such party were named as "Borrower" in the Security Instrument.
MUL TISTATE - Intervivos Revocable Trust Rider - Fannie Mae
Page 1 of 2
12/99
Bo"~"') 'ITffi"9Dt 3C~_
IDS, Inc. - (800) 554-1872
", ,C' ^, '..:-" "",ì rõ;:¡2
\:tit·...·) ...ùa
'-11<--..:.' -~~-...¿,¡
·'"tn")'..: 9
\}d~ J.
Loan Number: 116834213
BY SIGNING BELOW, the Revocable Trust Trustee(s) accepts and agrees to the terms and covenants
contained in this Revocable Trust Rider.
ìf( IJ.5tLs'
James B. Fairchild, individually and as Trustee,
Trustee of Family Trust, under Revocable Trust
Agreement dated 09/22/2003, for the benefit of
James B. Fairchild and Sandra C. Fairchild
- Trustee
~~;AA'~
~ James B. Fairchild
-Borrower
(Seal)
-Revocable Trust Settlor
IDS, Inc, - (800) 554-1872
MUL TISTATE . Inter Vivos Revocable Trust Rider· Fannie Mae
Page 2 of 2
~~~~lmI~Y:j
Sandra C. Fairchild, individually and a Trustee,
Trustee of Fam ily Trust, under Revocable Trust
Agreement dated 09/22/2003, for the benefit of
James B. Fairchild and Sandra C. Fairchild
-Trustee
~A.. ~,~-'
Sandra C. Fairchild
-Borrower
(Seal)
-Revocable TrustSettlor
12/99