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HomeMy WebLinkAbout926815 c) (::J OUU'lSO RECEIVED 2/14/2007 at 4:16 PM RECEIVING # 926815 BOOK: 648 PAGE: 780 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY WYOMING OPEN-END MORTGAGE (Securing Future Advances) 0059949206 TillS MORTGAGE is given on February 5th, 2007 The mortgagor is MICHAEL R JEWETT, An Unmarried Man This mortgage is given to FIRST HORIZON HOME LOAN CORPORATION whose address is 4000 Horizon Way, Irving, Texas 75063 In this Mortgage, the tenns "you", "yours" refer to the mortgagor(s). The tenns "we", "us" and "our" refer to FIRST HORIZON HOME LOAN CORPORATION Pursuant to a Home Equity Line of Credit Agreement and disclosures WIder the Federal Truth-In Lending Act dated the same date as this Mortgage (" Agreement"), you may incur indebtedness in amoWIts fluctuating from time to time up to the MAXIMUM PRINCIPAL SUM of TWENTY FIVE THOUSAND THREE HUNDRED & 00/100 Dollars (U.S. $ 25,300,00). The Agreement provides for the full debt, if not paid earlier, to be paid by MARCH 1, 2027 You agree that this Mortgage shall continue to secure all sums now or hereafter advanced WIder the tenns of the Agreement including, without limitation, such sums that are advanced to you whether or not at the time the sums are advanced there is any principal sum outstanding WIder the Agreement. This Mortgage secures to us: (a) the repayment of the debt evidenced by the Agreement, with interest, and all refinancings, renewals, extensions and modifications of the Agreement; (b) the payment of all other sums, with interest, advanced under paragraph 7 of this Mortgage to protect the security of this Mortgage; and (c) the performance of your covenants and agreements under this Mortgage and the Agreement. For this purpose and in consideration of the debt, you do hereby mortgage, grant and convey to us and our successors and assigns the property located in Lincoln COWIty, Wyoming, to wit: LOT 27 OF STAR VALLEY RANCH PLAT 5, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT FILED ON JUNE 30, 1971 AS INSTRUMENT NO 431709 OF THE RECORDS OF THE LINCOLN COUNTY CLERK, WY HELOC FHHLC 03-04 10f6 FH6D271 092681~ 000781. Wlúch property has the address of: 384 SCRUB OAK DR, STAR VALLEY RANCH, WYOMING 83127 "Property Address". TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Mortgage. All of the foregoing is referred to in this Mortgage as the "Property." YOU COVENANT that you are lawfully seized of the estate hereby conveyed and have the right to grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. You warrant and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. YOU AND WE covenant and agree as follows: 1. Payment of Principal, Interest and Other Charges. You shall pay when due the principal and interest owing under the Agreement and all other charges due under the Agreement. 2. Payments of Taxes and Insurance. You will pay, when due, all taxes, assessments, leasehold payments or ground rents (if any), and hazard insurance on the Property and mortgage insurance (if any). 3. Application of Payments. Unless applicable law provides otherwise, all payments received by us under the Agreement and paragraph 1 may be applied by us first to interest and other charges payable under the Agreement and then to the remaining principal balance under the Agreement. 4. Prior Mortgages; Charges; Liens. You shall perform all of your obligations under any mortgage, deed of trust or other security instrwnents with a lien which has priority over this Mortgage, including your covenants to make payments when due . You shall pay all taxes, assessments, charges, fines and impositions attributable to the Property which may attain priority over this Mortgage or any advance under this Mortgage, and leasehold payments or ground rents, if any. Upon our request, you shall promptly furnish to us all notices of amounts to be paid under this paragraph and receipts evidencing any such payments you make directly. You shall promptly discharge any lien (other than a lien disclosed to us in your application or in any title report we obtained) which has priority over this Mortgage or any advance to be made under the Agreement or this Mortgage. 5. Hazard Insurance. You shall keep the Property insured against loss by fire, hazards included within the term "extended coverage" and any other hazards, including floods or flooding, for which we require insurance. This insurance shall be maintained in the amounts and for the periods that we require. You may choose any insurer reasonably acceptable to us. Insurance policies and renewals shall be acceptable to us and shall include a standard mortgage clause. If we require, you shall promptly give us all receipts of paid premiwns and renewal notices. You shall promptly notify the insurer and us of any loss. We may make proof of loss if you do not promptly do so. Insurance proceeds shall be applied to restore or repair the Property damaged, if restoration or repair is economically feasible and our security would not be lessened. Otherwise, insurance proceeds shall be applied to sums secured by this Mortgage, whether or not then due, with any excess paid to you. If you abandon the Property, or do not answer within 30 days our notice to you that the insurer has offered to settle a claim, then we may collect and use the proceeds to repair or restore the Property or to pay swns secured by this Mortgage, whether or not then due. The 30-day period will begin when notice is given. 0059949206 WY HELOC FHHLC 03-04 20f6 FH6D272 092681~iì Any application of proceeds to principal shall not require us to extend or postpone the due date ofmont1ùy payments. If we acquire the Property at a forced sale following your default, your right to any insurance proceeds resulting from damage to the Property prior to the acquisition shall pass to us to the extent of the sums secured by this Mortgage immediately prior to the acquisition. 000782 6. Preservation and Maintenance of Property; Leaseholds. You shall not destroy, damage or substantially change the Property, allow the Property to deteriorate, or commit waste. If this Mortgage is on a leasehold, you shall comply with the lease. If you acquire fee title to the Property, the leasehold and fee title shall not merge UJÙess we agree to the merger in writing. 7. Protection of Our Rights in the Property; Mortgage Insurance. If you fail to perfonn the covenants and agreements contained in this Mortgage, or there is a legal proceeding that may significantly affect our rights in the Property (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture or to enforce the laws or regulations), then we may do, and pay for, anything necessary to protect the Property's value and our rights in the Property. Our actions may include paying any sums secured by a lien which has priority over this Mortgage or any advance under the Agreement or this Mortgage, appearing in court, paying reasonable attorney's fees, paying any sums which you are required to pay under this Mortgage and entering on the Property to make repairs. We do not have to take any action we are pennitted to take under this paragraph. Any amounts we pay under this paragraph shall become additional debts you owe us and shall be secured by this Mortgage. These amounts shall bear interest from the disbursement date at the rate established under the Agreement and shall be payable, with interest, upon our request. If we require mortgage insurance as a condition of making the loan secured by this Mortgage, you shall pay the premiums for such insurance until such time as the requirement for the insurance tenninates. 8. Inspection. We may inspect the Property at any reasonable time and upon reasonable notice. 9. Condemnation. The proceeds of any award for damages, direct or consequential, in connection with any condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to us. 10. You Are Not Released; Forbearance by Us Not a Waiver. Extension of time for payment or modification of amortization of the sums secured by this Mortgage granted by us to any of your successors in interest shall not operate to release your liability or the liability of your successors in interest. We shall not be required to commence proceedings against any successor in interest, refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by you or your successors in interest. Our forbearance in exercising any right or remedy shall not waive or preclude the exercise of any right or remedy. 11" Successors and Assigns Bound; Joint and Several Liability; Co-Signers. The covenants and agreements of this Mortgage shall bind and benefit your successors and pennitted assigns. Your covenants and agreements shall be joint and several. Anyone who co-signs this Mortgage but does not execute the Agreement: (a) is co-signing this Mortgage only to mortgage, grant and convey such person's interest in the Property; (b) is not personally obligated to pay the Agreement, but is obligated to pay all other sums secured by this Mortgage; and (c) agrees that we and anyone else who signs this Mortgage may agree to extend, modify, forbear or make any accommodations regarding the tenus of this Mortgage or the Agreement without such person's consent. 12. Loan Charges. If the loan secured by this Mortgage is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the loan exceed the pennitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the pennitted limit; and (b) any sums already collected from you which exceed pennitted limits will be refunded to you. We may choose to make this refund by reducing the principal owed under the Agreement or by making a direct payment to you. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge under the Agreement. 0059949206 WY HELOC FHHLC 03-04 30f6 FH6D273 03Z6815 000783 13. Notices. Unless otherwise required by law, any notice to you provided for in this Mortgage shall be delivered or mailed by first class mail to the Property Address or any other address you designate by notice to us. Unless otherwise required by law, any notice to us shall be given by first class mail to our address stated above or any other address we designate by notice to you. 14. Governing Law; Severability. Thís Mortgage shall be governed by federal law and, except as preempted by federal law, by the law of jurisdiction in whích the Property is located. In the event that any provision or clause of this Mortgage or the Agreement conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Agreement whích can be given effect without the conflicting provision. To this end the provisions of this Mortgage and the Agreement are declared to be severable. 15. Transfer of the Property. If all or any part of the Property or any interest in it is sold or transferred without our prior written consent, we may, at our option, require immediate payment in full of all sums secured by this Mortgage. However, this option shall not be exercised by us if exercise is prohíbited by federal law as of the date of this Mortgage. 16. Sale of Agreement; Change of Loan Servicer. The Agreement or a partial interest in the Agreement (together with this Mortgage) may be sold one or more times without prior notice to you. A sale may result in a change in the entity (known as the "Loan Servicer") that collects monthly payments due under the Agreement and this Mortgage. There also may be one or more changes of the Loan Servicer unrelated to the sale of the Agreement. If there is a change of the Loan Servicer, you will be given written notice of the change as required by applicable law. The notice will state the name and address of the new Loan Servicer and the address to whích payments should be made. The notice will also contain any infonnation required by applicable law. 17. Hazardous Substances. You shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances on or in the Property. You shall not do, nor allow anyone else to do, anything affecting the Property that is in violation of any Enviromnental Law. The preceding two sentences shall not apply to the presence, use or storage on the Property of Hazardous Substances in quantities that are generally recognized to be appropriate to nonnal residential uses and to maintenance of the Property. You shall promptly give us written notice of any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving the Property and any Hazardous Substance or Enviromnental Law ofwhích you have actual knowledge. If you learn or are notified by any govermnent orregulatory authority, that any removal or other remediation of any Hazardous Substance affecting the Property is necessary, you shall promptly take all necessary remedial actions in accordance with Enviromnental Law. As used in this Mortgage, "Hazardous Substances" are those substances defined as toxic or hazardous substances by Enviromnental Law and the following substances: gasoline, kerosene, other flammable or toxic petrolewn products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or fonnaldehyde, and radioactive materials. As used in thís Mortgage, "Enviromnental Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or enviromnental protection. 18. Acceleration; Remedies. You will be in default if (1) any payment required by the Agreement is not made when it is due; (2) we discover that you have committed fraud or made a material misrepresentation; or (3) you take any action or fail to take any action that adversely affects our security for the Agreement or any right we have in the Property. If a default occurs, we will give you notice specifying: (a) the default; (b) the action required to cure the default; (c) a date not less than 30 days from the date the notice is given to you, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice shall further inform you of any right to reinstate after acceleration and the right to assert in any foreclosure proceeding the non-existence of a default or any other defense you have to acceleration and foreclosure. If the default is not cured on or before the date specified in the notice, we at our option may require immediate payment in full of all sums secured by this Mortgage without further demand and may foreclose this Mortgage by power of sale. 0059949206 WY HELOC FHHLC 03-04 40f6 FH6D274 092681~) 000784 If we invoke the POWER OF SALE, we will give notice of intent to foreclose to you and to the person in possession of the Property, if different, in accordance with applicable law. We will give notice of the sale to you in the manner provided in paragraph 13. We will publish the notice of sale, and the Property will be sold in the manner prescribed by applicable law" We or our designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Mortgage; and (c) any excess to the person or persons legally entitled to it. 19. Satisfaction. Upon your request and payment of all sums secured by this Mortgage, we shall cause the entry of satisfaction to be made upon the records of this Mortgage. You shall pay all costs and fees for entering the satisfaction upon the records of this Mortgage. 20. Riders to this Mortgage. If one or more riders are executed by you and recorded together with this Mortgage, the covenants and agreements of each such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider(s) were part of this Mortgage. D Condominiwn Rider D 1-4 Family Rider DPlanned Unit Development Rider D Other(s) (specify) 21. Waiver of Homestead Exemption. You are hereby releasing and waiving all rights under and by virtue of the homestead exemption laws of the State of Wyoming in the Property . Your waiver means that we may exercise all of our rights under this Security Instrument. Request for Notice of Default and Foreclosure Under Superior Mortgages or Deeds of Trust I(We) and Lender request the holder of any mortgage, deed of trust, or other encwnbrance with a lien which has priority over this Security Instrwnent to give notice to Lender, at Lender's address set forth on page one of this Security Instrwnent, of any default under the superior encwnbrance and of ~y sale or other foreclosure action. 0059949206 WY HELOC FHHLC 03-04 50f6 FH6D275 O~26815 . 0007~~ BY SIGNING BELOW you accept and agree to the terms and covenants contained in this Mortgage and any rid~df executed by you and recorded with it. BOTH SPOUSES MUST SIGN , Mortgagor Mortgagor , Mortgagor STATE OF WYOMING, LINCOLN County ss: The foregoing instrwnent was acknowledged before me this by MICHAEL R JEWETT st:h day of ~ , 2. DD7 ' WITNESS my hand and official seal. My Commission Expires: c¡ -Ict; - D7 ~ÀJM~~ GLORIA K. BYERS. NOTARY PUBLIC County of . State of Uncoln Wyoming My Commlssfon expIres Sept. 15. 2007 This Instrwnent Was Prepared By: FIRST HORIZON HOME LOAN CORPORATION 1315 SOUTH HIGHWAY 89, SUITE 101 JACKSON, WY 83001 After Recording Please Return To: FHHLC - POST CLOSING MAIL ROOM 1555 W WALNUT HILL LN #200 MC 6712 IRVING, TX 75038 0059949206 WY HELOC FHHLC 03-04 60f6 FH6D276 0926815 000786 RIDER TO THE DEED OF TRUST / MORTGAGE / SECURITY DEED 0059949206 Date: 2/5/2007 The escrow of taxes and insurance required in your DEED OF TRUST/MORTGAGE/SECURITY DEED to FIRST HORIZON HOME LOAN CORPORATION , a KANSAS corporation is hereby waived and you are notified that you are not required to deposit with FIRST HORIZON HOME LOAN CORPORATION , a KANSAS corporation any of the amounts set forth in said paragraph. This waiver does not, in any way release you from your obligation to make escrow payments of taxes and insurance to the holder of any prior mortgage, nor does it relieve you of your obligation to keep taxes and insurance premiums current with respect to the mortgaged property. RECEIPT AC Date Date Date HELOC RIDER 40109(8/96)(0706) (01/03)