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After Recording Return To: .
FIRST BANK OF IDAHO, FSB, DBA FIRST BANK OF THE TETONS
P.O. BOX 12860
JACKSON, WYOMING 83001
Prepared By:
FIRST BANK OF IDAHO, FSB, DBA FIRST BANK OF THE TETONS
P.O. BOX 12860
JACKSON, WYOMING 83001
RECEIVED 7/10/2006 at 2:43 PM
RECEIVING # 920090
BOOK: 625 PAGE: 867
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
[Space Above Tlùs Line For Recording Data]
DOC ID #: 494021512
MORTGAGE
(Line of Credit)
CHL #: 129163998
MIN 100174102000023293
I{'
THIS MORTGAGE, dated JUNE 30, 2006 , is between
Ken D Harris, A MARRIED MAN, AS HIS SOLE AND SEPARATE PROPERTY
residing at P.O. Box 3063, Alpine, WYOMING 83128
the person or persons signing as "Mortgagor(s)" below and hereinafter referred to as "we" or "us" and
"Mortgage Electronic Registration Systems, Inc. ("MERS") (sole]y as nOIlÙnee for FIRST BANK OF
IDAHO, FSB, DBA FIRST BANK OF THE TETONS
(hereinafter "you" or "Lender") and Lender's successors and assigns)," with an address at P.O. Box 2026,
Flint, MI 48501-2026, tel. (888) 679-MERS, referred to as the "Mortgagee."
Borrower understands and agrees that MERS holds only legal title to the interests granted by Borrower in this
Mortgage; but, if necessary to comply with law or custom, MERS, (as nOIlÙnee for Lender and Lender's
successors and assigns), has the right: to exercise any or all of those interests, including, but not IiIlÙted to,
the right to foreclose and sell the PreIlÙses; and to take any action required of Lender including, but not
IiIlÙted to, releasing or canceling this Mortgage.
MORTGAGED PREMISES: In consideration of the loan hereinafter described, we hereby mortgage,
grant and convey to MERS (solely as nOIlÙnee for Lender and Lender's successors and assigns) and to the
successors and assigns of MERS, with power of sale, the preIlÙses located at:
535 Forest Circle Drive
Street
Alpine
83128
Municipality
(the "PreIlÙses") and further described as:
LINCOLN
County
WY
State
ZIP
Lot 28 Forest Meadow Subdivision, according to the official plat thereof,
recorded in the Office of the County Clerk, Lincoln County, Wyoming.
Tax No.# 37182830101300 .
The PreIlÙses 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.
HELOC - WY Mortgage with MERS
FE-4331 (WY) (0505)
PLA TlNUM/GMD
Page 1 of 4
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LOAN: The Mortgage will secure your loan in the principal amount of $
thereof as may be advanced and readvanced from time to time to
Ken D Harris
39,600.00
or so much
, and
the Borrower(s) under the Home Equity Credit Line Agreement and Disclosure Statement (the "Note") dated
JUNE 30,2006 , plus interest and costs, late charges and all othercharges related to the loan,all
of which sums are repayable according to the Note. This Mortgage will also secure the perfonnance of all of
the proITÙses and agreements made by us and each Borrower and Co-Signer in the Note, all of our proITÙses
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 LiITÙt set forth in the Note.
OWNERSHIP: We are the sole owner(s) of the PreITÙses. We have the legal right to mortgage the PreITÙses to
you.
BORROWER'S IMPORTANT OBLIGATIONS:
(a) TAXES: We will pay all real estate taxes, assessments, water charges and sewer rents relating to the
PreITÙses 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 PreITÙses in good condition. We will not
make major changes in the building(s) except for nonnal repairs. We will not tear down any of the building(s)
on the PreITÙses without first getting your consent. We will not use the PreITÙses illegally. If this Mortgage is
on a unit in a condoITÙnium or a planned unit development, we shall perfonn all of our obligations under the
declaration or covenants creating or governing the condoITÙnium or planned unit development, the by-laws and
regulations of the condoITÙnium or planned unit development and constituent documents.
(c) INSURANCE: We will keep the building(s) on the PreITÙses 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 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 PreITÙses, we will immediately notify 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 PreITÙses. If you receive payment of a claim, you will have the right to
choose to use the money either to repair the PreITÙses 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 PreITÙses, or part thereof, or for
conveyance in lieu of condemnation, all of which shall be paid to you, subject to the tenns 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 PreITÙses.
(f) OUR AUTHORITY TO YOU: If we fail to perfonn our obligations under this Mortgage, you may, if
you choose, perfonn 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 proITÙses to maintain insurance in effect, or to pay filing fees, taxes or the
Costs necessary to keep the PreITÙses in good condition and repair or to perform any of our other agreements
with 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 failure to perfonn our proITÙses in this Mortgage. Any
replacement insurance that you obtain to cover loss or damages to the PreITÙses 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 OCTOBER 7, 2005 and given by us to
Countrywide Home Loan
as mortgagee, in the original amount of $ 186,700.00
FE-4331 (WY) 105051
Page 2 of 4
('he "Prioe MOclgage"). We iJ'
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increase, amend or modify 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 perfonn 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 nonnal 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
fonnaldehyde, 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.
U) 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 from 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 from tenants
after simply notifying them 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.
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 notifying 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 appìicable 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 P.O. BOX 12860, JACKSON, WYOMING 83001
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.
FE-4331(WY) 105051
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RELEASE: Upon payment of all sums secured by this Mortgage and provided your obligation to make further
advances under the Note has tenninated, yöu 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.
THIS MORTGAGE has been signed by each of us under seal on the date first above written.
WITNESS:
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(SEAL)
Ken D Harris
(SEAL)
Mortgagor:
(SEAL)
Mortgagor:
(SEAL)
Mortgagor:
STATE OF WYOMING,
TETON
County ss:
The foregoing instrument was acknowledged before me this
by Yke..\c., /:.<1 ~C--~L-
(person acknowledging)
JUNE 30, 2006
(date)
PATRICIA STANCARONE NOTARY PUBLIC
COUNTY OF ~SrATE OF
rErON ~ WYOMING
My (:òf1\/'I'il.S!i.a.hhplretMarCh 3. 2010
My COIllllÚssion Expires: 1)
FE-4331(WY) I0505}
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