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HomeMy WebLinkAbout916536 6U141 ~~~ ,-.-." ,..-' '.. ',-' ¡mi1~*jj*~~Itf: r~':\¡~:b'(. 5 8 9ð , ~ '.' 1. I RECEIVED 3/1 0/2006 at 9:48 AM RECEIVING # 916536 BOOK: 614 PAGE: 58 JEANNE WAGNER LINCOLN COUNTY 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 .9.2:?~:?P.QL.............................................. . The parties and their addresses are: MORTGAGOR: E. LAGRANDE HOBBS AND DEDNA R. HOBBS, HUSBAND AND WIFE P.O. BOX 5036 ETNA, WY 83118 o If checked, refer to the attached Addendum incorporated herein, for additional Mortgagors, their signatures 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 AFTON, WY 83110 2. CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debt (dermed below) and Mortgagor's performance 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 A PART HEREOF. 7 ~'Ç, ~_/ The property is located in . ~I.~Ç~~~... ... ... ... ... . .. ... ... ... ... . .. ... ... ... ... ... .. . ... ... ..... at . m. ~" ç~.. ~~~~.1 ~~... ... ... ... . .. ... .. . ... . .. (County) ... .. . ... ... ... .. . ... ... ... ... ... ... . .. ... ... .. . ... ... ... ... ..., . ~T~.~... ... .. . . .. . .. ... ... ... .. . ... .. . ... .. . ... .. . ., Wyoming . ~~.1.1 ~.. ... ... ... . .. .. (Address) (City) (ZIP Code) Together with all rights, easements, appurtenances, royaities, mineral rights, oil and g:lS 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 $ -' ~.q,P.qQ·.qQ ... . .. ............... ... ... ... .. . ....... . 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 terms of this Security Instrument to protect Lender's security and to perform any of the covenants contained in this Security Instrument. 4. SECURED DEBT AND FUTURE ADV ANCES.The term "Secured Debt" is defIned as follows: A. Debt incurred under the terms of all promissory note(s), contract(s), guaranty(ies) or other evidence of debt described below and all their extensions, renewals, modif1cations 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 02·24·06 IN THE AMOUNT OF $130,000.00 WYOMING - HOME EQUITY LINE OF CREDIT MORTGAGE ¡NOT FOR FNMA, FHlMC. FHA OR VA USE) ~~ © 1994 Bankers Systems, Inc.. St. Cloud, MN Form OCP-REMTG-WY 5/11/2005 (paga 1 of 4) " 09,1..6536 " OOOC59 B. All future advances from' Lender to Mortgagor or other future obligations of Mortgagor to Lender under any promissary note, cantract, guaranty, ar other evidence af debt executed by Martgagar in favor af Lender after this Security Instrument whether or nat this Security Instrument is specifically referenced. If mare than one persan signs this Security Instrument, each Martgagor agrees that this Security Instrument will secure all future advances and future obligatians that are given to or incurred by anyone ar mare Mortgagor, or any ane ar more Martgagor and athers. All future advances and olher future abligations are secured by this Security Instrument even thaugh all ar part may nat yet be advanced. All future advances and other future abligations are secured as if made an the date af this Security Instrument. Nothing in this Security Instrument shall constitute a cammitment to. make additional ar future laans or advances in any amaunt. Any such cammitment must be agreed to in a separate writing. C. All other obligatians Mortgagar owes to. Lender, which may later arise, to. the eXtent not prohibited by law, including, but nat limited to., liabilities far averdrafts relating to. any deposit accaunt agreement between Martgagar and Lender. D. All additional sums advanced and expenses inc\lrred by Lender for insuring, preserving or atherwise protecting the Praperty and its value and any ather sums advanced and expenses incurred by Lender under the tenns of this Security Instrument. In the event that Lender fails to provide any required notice of the right af rescission, Lender waives any subsequent security interest in the Martgagor's principal dwelling that is created by this Security Instrument. 5. MORTGAGE COVENANTS. Mortgagor agrees that the covenants in this sectian are material abligations under the Secured Debt and this Security Instrument. If Martgagor breaches any cavenant in this section, Lender may refuse to make additional extensians af credit and reduce the credit limit. By nat exercising either remedy on Mortgagar's breach, Lender daes natwaive 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 tenus af the Secured Debt and this Security Instrument. Prior Security Interests. With regard to. any other mortgage, deed of trust, security agreement or ather lien document that created a priar security interest or encumbrance on the Property, Martgagar agrees to. make all payments when due and to. perfonn or comply with all covenants. Mortgagor also agrees nat to allaw any modification or extensian 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, encumbrances, 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 amaunts are due and the receipts evidencing Mortgagor's payment. Mortgagar will defend title to the Property against any claims that would impair the lien of this Security Instrument. Mortgagor agrees to assign to. Lender, as requested by Lender, any rights, claims ar defenses Martgagor may have against parties who. supply labor or materials to maintain ar improve the Praperty. Property Condition, Alterations and Inspection. Mortgagar will keep the Praperty in good candition and make all repairs that are reasanably necessary. Martgagar shall nat cammit or allaw any waste, impainnent, ar deteriaratian af the Praperty. Mortgagor agrees that the nature af the accupancy and use will nat substantially change withaut Lender's priar written consent. Mortgagor will not pennit any change in any license, restrictive covenant ar easement withaut Lender's priar written consent. Martgagor will notify Lender of all demands, proceedings, claims and actians against Mortgagor, and of any loss or damage to the Property. Lender or Lender's agents may, at Lender's optian, enter the Property at any reasonable time for the purpose af inspecting the Property. Lender shall give Mortgagor notice at the time of ar before an inspection specifying a reasonable purpase for the inspection. Any inspectian af the Property shall be entirely for Lender's benefit and Martgagor will in no. way rely an Lender's inspectian. Authority to Perform. If Martgagor fails to. perfann any duty or any of the covenants contained in this Security Instrument, Lender may, without notice, perfonn ar cause them to. be perfonned. Mortgagor appoints Lender as attarney in fact to sign Martgagar's name ar pay any amaunt necessary for perfonnance. Lender's right to perfann far Martgagar shall nat create an abligation to perfann, and Lender's failure to perf ann will nat preclude Lender from exercising any af Lender's other rights under the law or this Security Instrument. Leaseholds; Condominiums; Planned Unit Developments. Mortgagar agrees to comply with the provisions of any lease if this Security Instrument is an a leasehold. If the Property includes a unit in a condominium or a planned unit development, Mortgagor will perfonn all of Mortgagor's duties under the cavenants, by-laws, or regulations af the condaminium or planned unit develapment. Condemnation. Martgagar will give Lender prompt natice af any pending or threatened actian, by private ar public entities to purchase or take any or all af the Praperty through condemnatian, eminent domain, ar any other means. Mortgagar autharizes Lender to. intervene in Mortgagor's name in any af the above described actions ar claims. Martgagor assigns to. Lender the proceeds af any award ar claim far damages cannected with a candemnatian ar ather taking af all ar any part af the Praperty. Such proceeds shall be considered payments and will be applied as provided in this Security Instrument. This assignment af proceeds is subject to the tenns af any priar martgage, deed af trust, security agreement orather lien dacument. Insurance. Martgagar shall keep Property insured against lass by fire, fload, theft and ather hazards and risks reasanably assaciated with the Property due to. its type and lacatian. This insurance shall be maintained in the amaunts and far the periads that Lender requires. What Lender requires pursuant to. the preceding two. sentences can change during the tenn af the Secured Debt. The insurance carrier providing the insurance shall be chasen by Martgagar subject to. Lender's appro.val, which shall nat be unreasonably withheld. If Martgagar fails to. maintain the caverage described abave, Lender may, at Lender's aptian, obtain caverage to. pratect Lender's rights in the Property accarding to. the tenns af this Security Instrument. 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 immediately notify Lender af cancellation or tennination of the insurance. Lender shall have the right to hold the policies and renewals. If Lender requires, Mortgagar shall immediately give to. Lender all receipts of paid premiums and renewal natices. Upan loss, Mortgagar shall give immediate notice to. the insurance carrier and Lender. Lender may make proof of loss if not made immediately by Mortgagor. Unless atherwise agreed in writing, all insurance proceeds shall be applied to. the restoratian ar repair af the Praperty or to the Secured Debt, whether or nat then due, at Lender's optian. Any application af proceeds to (page 2 of 4) ~11J ©1994 Bankors Sysloms. Inc.. 51, Cloud. MN Form OCP-REMTG·WY 5/11/2005 r'···l·;·.·I·.·I.·.·,~1 ~::;:::::~:M::::::::: ~:j~.:!~ ~!:.:.:':': :;~:;;:,:¡~i1~t-¡:~;~;~¡r;~:J ",'"j',';.I,' t;.,~;I,'~" ·.".'-_n_.',..__+-<_. ." .I'., \.J: ~ .091.65a6' j - ... ;~~9.'::?*~8 ::::~::~~:~::'::!: G OOt~ 60 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 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 immediately before the acquisition. Financial Reports and Additional Documents. Mortgagor will provide to Lender upon request, any fmancial statement or infonnation Lender may deem reasonably necessary. 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 ÙN 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 pennitted under federal laws and regulations. 8. REMEDIES ON DEFAULT. In addition to any other remedy available under the tenns 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 perfonning 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 tenns 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 pennitted 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) Enviromnental Law means, without limitation, the Comprehensive Enviromnental 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 concerning the public health, safety, welfare, enviromnent or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or contaminant which has characteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or enviromnent. The tenn includes, without limitation, any substances defmed as "hazardous material," "toxic substances," "hazardous waste" or "hazardous súps!ahce" under any Environniental 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 nonnal use and maintenance of the Property. 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 Enviromnental 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 Enviromnental Law concerning the Property. In such an event, Mortgagor shall take all necessary remedial action in accordance with any Enviromnental 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 Enviromnental Law. (page 3 of 4) Ex/5iiii'è.~ ©1994 Bal\kers Systems. II\C" St. Cloud, MN Form OCp·REMTG·WY 5/11/2005 10. 091~G536 ..c' ." c () 0 [~ 61 'r' \J . \.. . 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 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 àre not to be used to interpret or defme 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. 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 Assigmnent 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. ...k~~~.~............¥..~.r(P?. (Signature) E. lAGRANDE HOBBS (Date) ... d..-IM.-:I. .;t/~....... ... ....¡¡ Þ4 IÓ.t. (Signature) DEONA R.r~BS (b':'e) ACKNOWLEDGMENT: STATE OF .~~9M!~~. ...................... ..........., COUNTY OF .~I.~Ç~~~.... ..~.......... .. .... (lodividuaJ) This instrument was acknowledged before me this . ?~J:~... ... ... .. ... day of J~~.~ ... Yt . . ~. ,...... .... .... ...... ... ... ... ~y'~~:i~~i~:·~:i;~~';~'::t~B~~~Q.~~~ W1.F.L..... ................. ··OO"....... . . .......... ......... .......... . (Seal) :;J .. - _ _ .......'1. .... ..... .. .... (Nocary Public) :: ~e ©1994 Bankers Systems,lnc., St, Cloud, MN Form OCP-REMTG-WY 6/11/2006 (page 4 of 4) 091.65:.16 EXHIBIT "A" COOC62 Beginning at a Point 148 rods North of the Southeast comer of Section 10, Township 35 North, Range 119 West . of the 6th P.M., Wyoming to a point; thence 27 rods South 8920' West which, is the true point of beginning, thence North 0 East, 12 rods; thence South 89 30' West, 13 rods; thence South 0 East, 12 rods; thence South 89 30' East, 13 rods to the point of beginning. \ '. .;. -'._r_. . 'f HEP Policy - Schedule A Policy No.: M-9945-111351 Page 3 of 4 STEWART TITLE Guaranty Company ~,</