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HomeMy WebLinkAbout880389880389 RECEIVED LIN COUNTY CLERK 1 R 18 f;[1, 10: 2 3 A Er15'sr of NG !Boon 487 PR PAGE 6. 22 State of Wyoming MORTGAGE (With Future Advance Clause) 1. DATE AND PARTIES. The date of this Mortgage (Security Instrument) is 04;1i 2002,,,», parties, their addresses and tax identification numbers, if required, are as follows: MORTGAGOR: FRED M. PUTNAM AND JEAN PUTNAM, HUSBAND AND WIFE PO BOX 1373 AFTON, WY 83110 13 If checked, refer to the attached Addendum incorporated herein, for additional . 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 83-0315143 2. CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of the Secured Debt (defined below) and Mortgagor's performance under this Security It conveys, mortgages and warrants to Lender, with power of sale, the following described p SUBDIVISION, LINCOLN COUNTY, WYOMING. LINCOLN at The property is located in LINCOLN (County) , ..,...AFTON..................... (Address) (Ci(y) Together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas it ditches, and water stock and all existing and future improvements, structures, fixtures, alt 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 exceed $ 60,0400 , , , , , . , ; , , . . . . . . . This limitation of amount does nqt charges validly made pursuant to this Security Instrument. Also, this limitation does not 1,I terms of this Security Instrument to protect Lender's security and to perform any of thee, Instrument. 4. SECURED DEBT AND FUTURE ADVANCES. The term "Secured Debt" is defined as fo A. Debt incurred under the terms of all promissory note(s), contract(s), guaranty(s) below and all their extensions, renewals, modifications or substitutions. (You rqn secured and you should include the final maturity date of such debt(s).) PROMISSORY NOTE DATED 411112002 IN THE AMOUNT OF $80,000.00 II WYOMING . HOME EQUITY LINE OF CREDIT MORTGAGE INOT FOR FNMA, FHLMC, FHA OR VA USE) ©1994 Bankers Systems, Inc., St. Cloud, MN Form OCP•REMTG•WY 1017/98 Space Above This Ljnq Data and the , their signatures and knowledged, and to secure lortgagor grants, bargains, 5 OF THE WESTVIEW VILLAGE oming , 63110 (ZIP Code) water and riparian rights, Tents that may now, or at ent at any one time shall not : interest and other fees and to advances made under the is contained in this Security evidence of debt described clftcally identify the debt(s) (Page Y of 4) ~°J) UI"16~ 6 13 B. All future advances from Lender to Mortgagor or other future obligations of Mort to ender u II nd note, contract, guaranty, or other evidence of debt executed by Mortgagor in favor er any promissory Instrument whether or not this Security Instrument is specifically referenced. If molte Ad ne person signs this Security Instrument, each Mortgagor agrees that this Security Instrument will secure all fist that are given to or incurred by any one or more Mortgagor, or an one or in a or anger and future obligations advances and other future obligations are secured by this Security Instrument even I, ~Ir aall and others. All future 1µg all or part may not yet . advanced. All future advances and other future obligations are secured as if made on thl cau of this Security Instrument. Nothing in this Security Instrument shall constitute.;a: commitment to make additional 10 re loans or advances in any amount. Any such commitment must be agreed to in a separate writing. C. All other obligations Mortgagor owes to Lender, which may later arise, to the extO prohibited by law, including, but not limited to, liabilities for overdrafts relating to any deposit account agreement bone Mortgagor and Lender. D. All additional sums advanced and expenses incurred by Lender for insuring, pr¢s 49 or otherwise protecting the Property and its value and any other sums advanced and expenses incurred by Lend r the terms of this Security Instrument. In the event that Lender fails to provide any necessary notice of the right of rescis$101 indebtedness secured under paragraph B of this Section, Lender waives any subse uent S i i y respect to any additional i ' q O; principal dwelling that is created by this Security Instrument (but does not waive the secgr in paragraph A of this Section). to nterest in the Mortgagor s est for the debts referenced 5. MORTGAGE COVENANTS. Mortgagor agrees that the covenants in this section are m4 , .1 Debt and this Security Instrument. If Mortgagor breaches any covenant in thi i 61, o bligations under the Secured i s sect on, Lp extensions of credit and reduce the credit limit. By not exercising either remedy on Mortgaig Lender's right to later consider the event a breach if it ha ens a ai ~r y refuse to make additional ach, Lender does not waive pp g n. Payments. Mortgagor agrees that all payments under the Secured Debt will be paid when ¢u of the Secured Debt and this Security Instrument, 1 1~d i n accordance with the terms Prior Security Interests. With regard to any other mortgage, deed of trust, security age' created a prior security interest or encumbrance on the Property Mortgagor agrees to r t 11 or other lien document that , perform or comply with all covenants. Mortgagor also agrees not to allow any modificatioO future advances under any note or agreement secured b the lien doc t i h ' 10 Xtq payments when due and to sion of, nor to request any y umen w t out Lender s pr Writ ten approval. . Claims Against Title. Mortgagor will pay all taxes, assessments, liens, encumbrances, leas and other charges relating to the Property when due. Lender may require Mortgagor to rov to nts, ground rents, utilities, d i p that such amounts are due and the receipts evidencing Mortgagor's payment. Mortgagor against any claims that would impair the lien of this Security Instrument. Mortgagor a reGsl ss en er cop es of all notices efend title to the Property t ' L d g by Lender, any rights, claims or defenses Mortgagor may have against parties who suppiyl' improve the Property. r gn o en er, as requested or materials to maintain or Property Condition, Alterations and Inspection. Mortgagor will keep the Property in go~ 11 that are reasonably necessary. Mortgagor shall not commit or allow any waste im air t 4 ition and make all repairs , p me4 ,o Mortgagor agrees that the nature of the occupancy and use will not substantially charlg q thi erioration of the Property. out Lende ' i i consent. Mortgagor will not permit any change in any license, restrictive covenant or easein consent, Mortgagor will notify Lender of all demands, proceedings, claims and actions a 4i " i r s pr or wr tten out Lender's prior written rt d f g damage to the Property. gagor, an o any loss or Lender or Lender's agents may, at Lender's option, enter the Property at any reasonable t' Property. Lender shall give Mortgagor notice at the time of or before an inspection s elt rt a e purpose of inspecting the re bl p inspection. Any inspection of the Property shall be entirely for Lender's benefit and 1 Lender's inspection. . g asona e purpose for the r will in no way rely on Authority to Perform. If Mortgagor fails to perform any duty or any of the covenants coat Lender may, without notice,. perform or cause them to be performed. Mortgagor a oints ler this Security Instrument, t i pp Mortgagor's name or pay any amount necessary for performance. Lender's right to perform obligation to perform, and Lender's failure to perform will not reclude Lende f i as at orney n fact to sign rtgagor shall not create an ' p r rom exerlc under the law or this Security Instrument. a ny of Lender s other rights Leaseholds; Condominiums; Planned Unit Developments. Mortgagor agrees to comply 14 this Security Instrument is on a leasehold. If the Property includes a unit in a condomini he la provisions of any lease if lan d it d Mortgagor will perform all of Mortgagor's duties under the covenants, by-laws, or regulatipn 'ii unit development. fl, th p ne un evelopment, condominium or planned Condemnation. Mortgagor will give Lender prompt notice of any pending or threatened acti purchase or take any,or all of the Property through condemnation, eminent domain or an p y rivate or public entities to M , y Lender to intervene in Mortgagor`s name °ln' any of t re> above described actions oc claims; I proceeds of any award or claim for damages connected with a condemnation or other taki g ans. ortgagor authorizes goi assigns to Lender the ng Such proceeds shall be considered payments and will be applied as provided in this Securt proceeds is subject to the terms of any prior mortgage deed of trust securit a a g any part of the Property. ment. This assignment of , , y greement or othe iiii do cument. Insurance. Mortgagor shall keep Property. insured. against loss by fire, flood, theft and p associated with the Property due to its type and location. -This insurance shall be maintai d Ilfr ards and risks reasonably ne that Lender requires. The insurance carrier providing the insurance shall be chosen by Mortp which shall not be unreasonabl withh ld If M a a u mounts and for the periods ject to Lender's approval, y e . ortgagor fails to maintain the coverage id Lender's option, obtain coverage to protect Lender's rights in the Property accordin to th t q above, Lender may, at g e er>)n Security Instrument. All insurance policies and renewals shall be acceptable to Lender and shall include a stands applicable, "loss payee clause." Mortgagor shall im di t l rtrq gage clause" and, where me a e y notify Lender of cancellation Lender shall have the right to hold the policies and renewals. If Lender requires, Mortgagor all receipts of paid premiums and renew l i tt 1 im ination of the insurance. mediately give to Lender a not ces. Upon loss, Mortgagor shall give immedia i, and Lender. Lender may make proof of loss if not made immediately by Mortgagor. 1 1 ot° a to the insurance carrier 1 , Unless in writing, all P opertyotorr tosethegSe cured Debt, whether nsora not then dues atl Lebe applied to d ' tq ration or repair of the n er s option. ©1994 Benke-- ° -nc., St. Cloud, MN Form OCP•REMTG•WY 10/7/98 (page 2 of 4) VSSW 6/ ) principal shall not extend or postpone the due date of the scheduled payment nor excess will be paid to the Mortgagor. If the Property is acquired by Lender, Mortl proceeds resulting from damage to the Property before the acquisition shall pass to immediately before the acquisition. Financial Reports and Additional Documents. Mortgagor will provide to Lender up; information Lender may deem reasonably necessary. Mortgagor agrees to sign, deliver,', certifications that Lender may consider necessary to perfect, continue, and preserve 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 DJ upon the creation of, or contract for the creation of, a transfer or sale of the Property. 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 connectl open end home equity plan. Payments. Any Consumer Borrower on any Secured Debt that is an open end home equity due. Property. Any action or inaction by the Borrower or Mortgagor occurs that adversely affpc the Property. This includes, but is not limited to, the following: (a) Mortgagor fails t6 Property; (b) Mortgagor transfers the Property; (c) Mortgagor commits waste or other maintain the Property such that the action or inaction adversely affects Lender's security; the Property or otherwise fails to act and thereby causes a lien to be filed against the Prop Security Instrument;' (e) a sole Mortgagor dies; (f) if more than one Mortgagor, any Mor adversely affected; (g) the Property is taken through eminent domain; (h) a judgment isf Mortgagor and the Property to action that adversely affects Lender's interest; or (i) a 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 Lender or another lender in an aggregate amount greater than the amount permitted under fe4 8, REMEDIES ON DEFAULT. In addition to any other remedy available under the term] may accelerate the Secured Debt and foreclose this Security Instrument in a manner provio In some instances, federal and state law will require Lender to provide Mortgagor with. 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 i immediately due and payable, after giving notice if required by law, upon the occurrence 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 accelerated or after foreclosure proceedings are filed shall not constitute a waiver of Lenc any existing default. By not exercising any remedy on Mortgagor's default, Lender do consider the event a default if it happens again. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTI9N covenant in this Security Instrument, Mortgagor agrees to pay all expenses Lender mcµl protecting its security interest in the Property. Such expenses include, but are not limiltl preserving, or otherwise protecting the Property and Lender's security interest. These expel bear interest from the date of payment until paid in full at the highest rate of interest in 01 Secured Debt. Mortgagor agrees to pay all costs and expenses incurred by Lender its Lender's rights and remedies under this Security Instrument. This amount may include attorneys' fees, court costs, and other legal expenses. This amount does not include attom the Lender. To the extent permitted by the United States Bankruptcy Code, Mortgagor a$r fees Lender incurs to collect the Secured. Debt as awarded by any court exercising juri$d This Security Instrument shall remain in effect until released. Mortgagor agrees to pay release. 10. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this set without limitation, the Comprehensive Environmental Response, Compensation and Liab et seq.), and all other federal, state and local laws, regulations, ordinances, court ( interpretive letters concerning the public health, safety, welfare, environment or, a haL Substance means any toxic, radioactive or hazardous material,' waste, pollutant or contain rende' the substance dangerous, or potentially dangerous to the public health, safety, includes, without limitation, any substances defined as "hazardous material," "toxic "hazardous substance" under any Environmental Law. Mortgagor represents, warrants and agrees that: A. Except as previously disclosed and. acknowledged in writing to Lender, no Hazan stored or released on or in the Property. This rizgrictionAoos not apply to small qu are generally recognized to be appropriate for the -normal use and maintenance. of the I B. Except as previously disclosed and acknowledged in writing to Lender, Mortgagor shall remain in full compliance with any applicable Environmental Law. C. Mortgagor shall immediately notify Lender if a release or threatened release of a F or about the Property or there is a violation of any Environmental Law concerr, Mortgagor shall take all necessary remedial action in accordance with any Environmer D. Mortgagor shall immediately notify Lender in writing as soon as Mortgagor has rea threatened investigation, claim, or proceeding relating to the release or threatened r the violation of any Environmental Law, ©1994 Bankers Systems, Inc., St. Cloud, MN Form OCP•REMTG•WY 10/7/98 614 (mount of any payment. Any to any insurance policies and ~e extent of the Secured Debt t, any financial statement or any additional documents or ;or's obligations under this immediately due and payable is subject to the restrictions the Secured Debt that is an to make a payment when perty or Lender's rights in required insurance on the ructively uses or fails to agor fails to pay taxes on s senior to the lien of this s and Lender's security is it Mortgagor and subjects iholder forecloses on the rower becomes indebted to and regulations. Security Instrument, Lender w if Mortgagor is in default. f the right to cure, or other and principal shall become .fault or anytime thereafter. ;r the balance is due or is to require complete cure of dve Lender's right to later If Mortgagor breaches any rforming such covenants or lees incurred for inspecting, payable on demand and will provided in the terms of the ng, enforcing or protecting not limited to, reasonable s for a salaried employee of lay the reasonable attorneys' tnder the Bankruptcy Code. y recordation costs of such Environmental Law means, (CERCLA, 42 U.S.C. 9601 torney general opinions or bstance; and (2) Hazardous ich has characteristics which or cnvirotu lent. The term :es," "hazardous waste" or ance is or will be located, Hazardous Substances that tenant have been, are, and Substance occurs on, under Property. In such an event, lieve there is any pending or any Hazardous Substance or (page 3 of 4) yy s6p~ C.rC:'irl.~369 11. ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separatjj required to pay to Lender funds for taxes and insurance in escrow. 12. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSs Security Instrument are joint and individual. If Mortgagor signs this Security Instrument Mortgagor does so only to mortgage Mortgagor's interest in the Property to secur¢ Mortgagor does not agree to be personally liable on the Secured Debt, If this Security Inn Lender and Mortgagor, Mortgagor agrees to waive any rights that may prevent Lend r against Mortgagor or any party indebted under the obligation. These rights may i c anti-deficiency or one-action laws. The duties and benefits of this Security Instrument shall assigns of Mortgagor and Lender. 13. SEVERABILITY; INTERPRETATION. This Security instrument is complete and fully may not be amended or modified by oral agreement. Any section in this Security Instrutr related to the Secured Debt that conflicts with applicable law will not be effective, uOll permits the variations by written agreement. If any section of this Security Instrument' c terms, that section will be severed and will not affect the enforceability of the remainder of used, the singular shall include the plural and the plural the singular. The captions and heac Instrument are for convenience only and are not to be used to interpret or define the terms of the essence in this Security Instrument. 14. NOTICE. Unless otherwise required by law, any notice shall be given by delivering it or the appropriate party's address on page 1 of this Security instrument, or to any other adds( 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 and all homestead exemption rights relating to the Property. 16. LINE OF CREDIT. The Secured Debt includes a revolving line of credit. Although the, 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 required by the laws of the jurisdiction where the Property is located, and applicable federal 144 IS. RIDERS. The covenants and agreements of each of the riders checked below are incorporate the terms of this Security Instrument. [Check all applicable boxes] ❑ Assignment of Leases and Rents ❑ Other 19. ❑ ADDITIONAL TERMS. SIGNATURES: By signing below, Mortgagor agrees to the terms and covenants contained in t[t' attachments. Mortgagor also acknowledges receipt of a copy of this Security Instrument on the date Istl (Signature)FRED M,PUTNAM C~.`~/..',~.?.- (Date) (Signature) J N PUTNAM ACKNOWLEDGMENT: STATE OF WY.OM,ING COUNTY OF (Indlvidual) This instrument was acknowledged before me this ,,,,,11TH,,,,,,, day of APRIL~2•~,0; by FRE~,M.,Pl1,TNAM; JEAN,PUTNAM, HUSBAND AND WIFE My commission expires: ,2 ~~YJIo (Seat) lNOh~r - - - - - - - - - - - - KRISTI SCHNEITER NOTARY PUSUC Ccuntyot State of Lincoln oming M Commission Expires ®1994 Benke•- ° - 'ac„ St, Cloud, MN Form OCP-REMTG•WY 1017/98 615 Mortgagor will not be JUND. All duties under this not sign an evidence of debt, it of the Secured Debt and t secures a guaranty between )ringing any action or claim >ut are not limited to, any nd benefit the successors and xI. This Security Instrument tchments, or any agreement law expressly or impliedly e enforced according to its urity Instrument. Whenever the sections of this Security ecurity Instrument. Time is it by first class mail to d in writing. Notice to of liens and assets te4 Debt may be reduced to a Debt, except to the extent and supplement and amend ity Instrument and in any page 1. (Date) . . j SS ~ . . (page 4 014)