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HomeMy WebLinkAbout933733 '. " .~ !' After Recording Return To: THE JACKSON STATE BANK & TRUST P.O. BOX 1788 JACKSON, WYOMING 83001 RECEIVED 10/3/2007 at 4:57 PM RECEIVING # 933733 BOOK: 674 PAGE: 473 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY Prepared By: Rhonda Teris MIN# 100015700084980610 f·;1 {¡ l/ 2 (,~;¡ L r~"vì ""1 000473 [Space Above This Line For Recording Data] PARCEL NO.: LOAN NO.: 173656735 TITLE NO.: THIS MORTGAGE, dated OCTOBER DUSTIN STUMP, AS SOLE OWNER MORTGAGE (Line of Credit) 01 , 2007 , is between residing at 432 Snake River Drive Alpine, WYOMING 83128 the person or persons signing as "Mortgagor(s)" be]ow 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 Joan hereinafter described, we hereby mortgage, grant and convey to you the premises located at: 432 Snake River Drive Street Alpine Lincoln WYOMING State Municipality 83128 ZIP (the "Premises"). County and further described as: , LOT TWO (2) OF RIVERVIEW MEADOWS ADDITION TO THE TOWN OF ALPINE ACCORDING TO THAT PLAT FILED JULY 2,1993 AT DOCUMENT NUMBER 767416 AND MAP NUMBER 264-B IN THE OFFICE OF THE CLERK, LINCOLN COUNTY, WYOMING. TWO PAGE PUD RIDER ATTACHED HERETO AND MADE A PART HEREOF Initials . HELOC . WY Mortgag. FE·3131 (WYI (03031 Page 1 of 4 ORIGINAL The Premises 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. LOAN: The Mortgage will secure your loan in the principal amount of $ thereof as may be advanced and readvanced from time to time to Dustin Stump 31,680.00 or so much .,.A, 000474 ., , and the Borrower(s) under the Home Equity Credit Line Agreement and Disclosure Statement (the "Note") dated OCTOBER 1, 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 perfonnance 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 tenns 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 perfonn 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, 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 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 perfonn 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.: 173656735 . HELOC - WY Mortgage FE-3131(WYI (03031 Page 2 of 4 ORIGINAL (g) PRIOR MORTGAGE: If the provisions of this paragraph are completed, this Mortgage is subject and subordinate to a prior mortgage dated 10-01-07 and given by us to The Jackson State Bank & Trust as mortgagee, in the original amount of 265,000.00 (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. 00047S (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) 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. (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.: 173656735 Initials . HELOC - WY Mortgage FE-31311WYI 103031 Page 3 of 4 ORIGINAL i I I I I NOTICE: Except for any noti~1 required under a~licable law to be giveo io aootber manner, <a) any ootice to us provided for in this Mortga e shall be given by ,.ðelivering 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 erein, and (b) any riotice to you shall be given by certified mail, return receipt requested, to your address at I THE JACKSON STATE BANK & TRUST : 000476 P.O. BOX 1788; JACKSON, WYOMING 83001 : or to such other address as you may designate by nqtice to us. Any notice provided for in this Mortgage shall be deemed to have been given to us or you when given I in the manner designated herein. RELEASE: Upon payment of all sums secured by ~iS Mortgage and provided your obligation to make further advances under the Note has terminated, you shall qischarge this Mortgage without charge to us, except that we shall pay any fees for recording of a satisfaction of tpis Mortgage. I GENERAL: You can waive or delay enforcing aur of your rights under this Mortgage without losing them. Any waiver by you of any provisions of this Mortg~ge will not be a waiver of that or any other provision on any other occasion. I I I THIS MORTGAGE has been signed by each of us ~nder seal on the date first above written. I WITNESS: j)~j~ Mortgagor: Dustin Stump (SEAL) (SEAL) Mortgagor: (SEAL) Mortgagcir: (SEAL) Mortgagor: STATE OF WYOMING, 4i1i'ðlll "e..+on County ss: \0 Wö3- (date) The foregoing instrument was acknowledged before me this Dustin Stump by My Commission Expires: (persoo acknowledging) Vlll fh l(?~ll ~,-V~ Notary Public ~~~ '~~TAIWPUBUC CRISTINA C, MELLON SlATE OF COUNTY OF WYOMING TE:.ïON 2011 MYCOM~ LOAN NO.: 173656735 . HELOC - WY Mortgage FE-3131(WYI (03031 Page 4 of 4 ORIGINAL Borrower: Dustin Stump Loan No: 173656735 Property Address: 432 Snake River Drive Alpine, WYOMING 83128 000477 LEGAL DESCRIPTION LOT TWO (2) OF RIVERVIEW MEADOWS ADDITION TO THE TOWN OF ALPINE ACCORDING TO THAT PLAT FILED JULY 2, 1993 AT DOCUMENT NUMBER 767416 AND MAP NUMBER 264-B IN THE OFFICE OF THE CLERK, LINCOLN COUNTY, WYOMING. Q q~ ~~" DOC'PREP SERVICES, INC. FORM· LEGALDSC-Z130 '000478 PLANNED UNIT D~VELOPMENT RIDER THIS PLANNED UNIT DEVELOPMENT RIbER is made this 1ST day of OCTOBER , 2007 , and is incorporated into and shall be dermed to amend and supplement the Mortgage, Deed of Trust, or Security Deed (the "Security Instrument") M the same date, given by the undersigned (the "Borrower") to secure Borrower's Note to THE JACKSON STATE BANK & TRUST, A WYOMING BANKING CORPORATION i (the "Lender") of the same date and covering the Property described in the Security Instrument and located at: 432 Snake River Drive : Alpine, WYOMING 83128 [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 d scribed in COVENANTS, CONDITIONS AND RESTRICTIONS i (the "Declaration"). Th I Property is a part of a planned unit development known as Riverview Meadows Subdivision [Name of Plan ed Unit Development] (the "PUD"). The Property also includes Borrower1s interest in the homeowners association or equivalent entity owning or managing the common areas and fa~ilities of the PUD (the "Owners Association") and the uses, benefits and proceeds of Borrower's interest. I , PUD COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as ~ollows: A. PUD Obligations. Borrower shall performlall 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 create~ 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 D09uments. B. Property Insurance. So long as the O~ners Association maintains, with a generally accepted insurance carrier, a "master" or "blanket" policy ins1ring the Property which is satisfactory to Lender and which provides insurance coverage in the amounts (i~cluding deductible levels), for the periods, and against loss by fire, hazards included within the term "extenðed coverage," and any other hazards, including, but not limited to, earthquakes and floods, for which Lenderl requires insurance, then: (i) Lender waives the provision in Sectio. 3 for the Periodic Payment to Lender of the yearly premium installments for property insurance on the ïroperty; 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 coverrge is provided by the Owners Association policy. What Lender requires as a condition of this wai~er can change during the term of the loan. I I MULTISTATE PUD RIDER - Single Family - Fannie Mae/Fre~die Mac UNIFORM INSTRUMENT I DOC'PREP SERVICES, INC. FORM - MS3150N-J501 P,ge 1 of 2 TGfflll i LOAN NO.: 173656735 Initials ------ FORM 3150 1/01 000479 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 XK 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. lJ~J~ (Seal) -Borrower (Seal) -Borrower Dustin Stump (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower LOAN NO.: 173656735 MULTISTATE PUD RIDER - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT DOC'PREP SERVICES. INC, FORM· MS31SON-JSOl Page 2 of 2 ORIGINAL FORM 3150 1/01