HomeMy WebLinkAbout929710
00038:~
After Recording Return To:
THE JACKSON STATE BANK
& TRUST
P.O. BOX 1788
JACKSON, WYOMING 83001
Prepared By: Lorene Carter
HERS HIN #100015700080860709
RECEIVED 5/25/2007 at 11 :02 AM
RECEIVING # 929710
BOOK: 659 PAGE: 382
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
[Space Above This Line For Recording Data]
PARCEL NO.: 1235183010205600
LOAN NO.: 161359382
TITLE NO.: A7125
')
MORTGAGE
(Line of Credit)
THIS MORTGAGE, dated MAY 23 , 2007 , is between
DAVID G. COLLIER, III AND LAURA R. COLLIER, HUSBAND AND WIFE
residing at 180 Redwood Circle
Star Valley Ranch, WYOMING 83127
the person or persons signing as "Mortgagor(s)" below and hereinafter referred to as "we" or "us" and
THE JACKSON STATE BANK & TRUST, A WYOMING BANKING CORPORATION
with an address at
P.O. BOX 1788; JACKSON, WYOMING 83001
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:
180 Redwood Circle
Street
Star Valley Ranch
Lincoln
WYOMING
State
Municipality
83127
ZIP
County
(the "Premises").
and further described as:
LOT 5 OF STAR VALLEY RANCH PLAT 8, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE
OFFICIAL PLAT THEREOF.
TWO PAGE PUD RIDER ATTACHED HERETO AND MADE A PART HEREOF
Initials
. HELOC - WY Mortgage
FE-3131(WYII0303)
Page 1 of 4
ORIGINAL
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The Premises includes all buildings and other improvements now or in the future on the Premises and all rig~0038.1
and interests which derive from our ownership, use or possession of the Premises and all appurtenances thereto.
LOAN: The Mortgage will secure your loan in the principal amount of $
thereof as may be advanced and readvanced from time to time to
David G. Collier III
Laura R. Collier
55,000.00
or so much
, and
the Borrower(s) under the Home Equity Credit Line Agreement and Disclosure Statement (the "Note") dated
MAY 23, 2007 , 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 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 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 Premises, 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 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: If we 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 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 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.
Initials
LOAN NO.: 161359382
eHELOC - WY Mortgage
FE-3131IWY) (03031
Page 2 of 4
ORIGINAL
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P·~"(C~971.n·", 00"
u::;~... . at) PRIOR MORTGAGE: If the provisions of this paragraph are completed, this Mortgage is subject and
subordinate to a prior mortgage dated 05-23-07 and given by us to
The Jackson State Bank & Trust
as mortgagee, in the original amount of 293,600.00 (the "Prior Mortgage"). We shall not
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 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
I
(i) SALE OF PREMISES: We will not sell, transfer ownership of, mortgage or otherwise dispose of our
I
interest in the Premises, in whole or in part, or permit ~y other lien or claim against the Premises without your
prior written consent.
(j) 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.
LOAN NO.: 161359382
Initials
eHELOC" WY Mortgaga
FE-3131 (WY) (0303)
Page 3 of 4
ORIGINAL
Ü~);¿, U' u .u..O
C0038S
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
THE JACKSON STATE BANK & TRUST
P.O. BOX 1788; 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.
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.
THIS MORTGAGE has been signed by each of us under seal on the date first above written.
WITNESS:
AJt~,
Mortgagor: David G. Collier III (
-
((/
(SEAL)
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(SEAL)
Mortgagor: Laura R. Collier
(SEAL)
Mortgagor:
(SEAL)
Mortgagor:
STATE OF WYOMING, bim:obr \e.~
County ss:
The foregoing instrument was acknowledged before me this
David G. Collier III AND Laura R. Collier
by
f'0a.'l 6(3, QQ)l
(date)
(person acknow]e~ging)
My Commission Expires: ~r:q
Notary Public
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LOAN NO.: 161359382
. HELOC - WY Mortgage
FE-3131IWYII0303)
Pege 4 of 4
ORIGINAL
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000386,
PLANNED UNIT DEVELOPl\1ENT RIDER
TillS PLANNED UNIT DEVELOPMENT RIDER is made this 23RD day of MAY
2007 , and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of
Trust, or Security Deed (the "Security Instrument") of the same date, given by the undersigned (the "Borrower")
to secure Borrower's Note to
THE JACKSON STATE BANK & TRUST, A WYOMING BANKING CORPORATION
(the "Lender") of the same date and covering the Property described in the Security Instrument and located at:
180 Redwood Circle
Star Valley Ranch, WYOMING 83127
[property Address]
The Property includes, but is not limited to, a parcel of land improved with a dwelling, together with other such
parcels and certain common areas and facilities, as described in COVENANTS, CONDITIONS AND RESTRICTIONS
(the "Declaration"). The Property is a part of a planned unit development known as
Star Valley Ranch
[Name of Planned Unit Development]
(the "PUD"). The Property also includes Borrower's interest in the homeowners assocIation or equivalent
entity owning or managing the common areas and facilities of the PUD (the "Owners Association") and the
uses, benefits and proceeds of Borrower's interest.
PUD COVENANTS. In addition to the covenants and agreements made in the Security Instrument,
Borrower and Lender further covenant and agree as follows:
A. PUD Obligations. Borrower shall perform all of Borrower's obligations under the PUD's Constituent
Documents. The "Constituent Documents" are the (i) Declaration; (ii) articles of incorporation, trust
instrument or any equivalent document which creates the Owners Association; and (iii) any by-laws or other
rules or regulations of the Owners Association. Borrower shall promptly pay, when due, all dues and
assessments imposed pursuant to the Constituent Documents.
B. Property Insurance. So long as the Owners Association maintains, with a generally accepted
insurance carrier, a "master" or "blanket" policy insuring the Property which is satisfactory to Lender and
which provides insurance coverage in the amounts (including deductible levels), for the periods, and against
loss by fire, hazards included within the term "extended coverage," and any other hazards, including, but not
limited to, earthquakes and floods, for which Lender requires insurance, then:
(i) Lender waives the provision in Section 3 for the Periodic Payment to Lender of the yearly
premium installments for property insurance on the Property; and
(ii) Borrower's obligation under Section 5 to maintain property insurance coverage on the Property is
deemed satisfied to the extent that the required coverage is provided by the Owners Association policy.
What Lender requires as a condition of this waiver can change during the term of the loan.
LOAN NO.: 161359382
Initials
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MULTISTATE PUD RIDER - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
DOCPREP SERVICES. INc. FORM - MS31SON-3S01 Page 1 of 2
ORIGINAL
FORM 3150 1/01
û~2971.0
000387
Borrower shall give Lender prompt notice of any lapse in required property insurance coverage provided by
the master or blanket policy.
In the event of a distribution of property insurance proceeds in lieu of restoration or repair following a loss
to the Property, or to common areas and facilities of the PUD, any proceeds payable to Borrower are hereby
assigned and shall be paid to Lender. Lender shall apply the proceeds to the sums secured by the Security
Instrument, whether or not then due, with the excess, if any, paid to Borrower.
C. Public Liability Insurance. Borrower shall take such actions as may be reasonable to insure that the
Owners Association maintains a public liability insurance policy acceptable in form, amount, and extent of
coverage to Lender.
D. Condemnation. The proceeds of any award or claim for damages, direct or consequential, payable to
Borrower in connection with any condemnation or other taking of all or any part of the Property or the common
areas and facilities of the PUD, or for any conveyance in lieu of condemnation, are hereby assigned and shall be
paid to Lender. Such proceeds shall be applied by Lender to the sums secured by the Security Instrument as
provided in Section XIX 9.
E. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior
written consent, either partition or subdivide the Property or consent to:
(i) the abandonment or termination of the PUD, except for abandonment or termination required by
law in the case of substantial destruction by fire or other casualty or in the case of a taking by condemnation or
eminent domain;
(ii) any amendment to any provision of the "Constituent Documents" if the provision is for the express
benefit of Lender;
(iii) termination of professional management and assumption of self-management of the Owners
Association; or
(iv) any action which would have the effect of rendering the public liability insurance coverage
maintained by the Owners Association unacceptable to Lender.
F. Remedies. If Borrower does not pay PUD dues and assessments when due, then Lender may pay
them. Any amounts disbursed by Lender under this paragraph F shall become additional debt of Borrower
secured by the Security Instrument. Unless Borrower and Lender agree to other terms of payment, these
amounts shall bear interest from the date of disbursement at the Note rate and shall be payable, with interest,
upon notice from Lender to Borrower requesting payment.
BY SIGNING BELOW, Borrower accepts and agrees to the terms and provisions contained in this PUD
Rider.
~~~,'0
r
(Seal) 0<' a;~ 1¿ ( ~--/I...-
-Borrower
(Seal)
-Borrower
David G. Collier III Laura R. Collier
(Seal) (Seal)
-Borrower -Borrower
(Seal) (Seal)
-Borrower -Borrower
LOAN NO.: 161359382
MULTISl'ATE PUD RIDER - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
DOCPREP SERVICES. ¡Ne. FORM - MS31SON-3S01 Page 2 of 2
ORIGINAL
FORM 3150 1/01