HomeMy WebLinkAbout934379
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6010716064
WHEN RECORDED, MAIL TO
Trona VaJ.lsy CollllllUDi. ty li'9d4lra1 ctJ
85 ça1:Elway BlVd
~ck Sprj,ngs, WY &2901
RECEIVED 10/26/2007 at 2:53 PM
RECEIVING # 934379
BOOK: 676 PAGE: 810
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
00081.0
SPACE ABOVE THIS LINE FOR AECOADeA'S USE
MORTGAGE
THIS MORTGAGE CONTAINS A DUE-ON-SALE PROVISION AND SECURES INDEBTEDNESS UNDER A CREDIT
AGREEMENT WHICH PROVIDES rOR A REVOLVING LINE OF CREDIT AND MAY CONTAIN A VARIA aLE RATE
OF INTEREST,
THIS MORTGAGE ("Security Instrument") is made 0"
October 17th, 2007
, The Mortgagor is
Larq D_ Heathman
("Borrower"), The Mortgagee is
existing under the laws of
840 R.i.t:
, a corporation organi;ted end
, whosø address is
("lender") ,
5
WHEREAS, Borrower is indebted to Lender as described in this paragraph;
TO SECURE to Lender:
(1) The repayment of all indebtedness due and to become due under the terms and conditions of the LOANLINER Home
Equity Plan Credit Agreement and Truth-in-Lending Disclosures made by Borrowet and dated the same day as this
Security Instrument, and all modifications, amendments, extensions and renewals thereof (herein "Credit
Agreement"), Lender has agreed to make advance& to Borrower under the terms of the Credit Agreement, which
advances will be of a revolving nature and may be made, repaid, and remade from time to time. Borrower and Lender
contemplate a series of advances to be secured by this Security Instrument, The total outstanding principal balanoe
owing at anyone time under the Credit Agreement (not including finance charges thereon at a rate which may vary
from time to time, and any other charges and collection costs which may be owing from time to time under the Credit
Agreement) shell not exceed One ~drœd 'rhousand JJollars and. 00/100
($ 100,000.00 ), That sum is referred to herein as the Maximum Principal Balance and referred to in the Credit
Agreement as tne Credit Limit. On the Final Payment Date, 20 years from the date of this Security Instrument.
the entire indebtedness under the Credit Agreement, if not paid earlier, is due end payable.
(Z) The payment of all other sums advanoed in aocordance herewith to protect the security of this Seourity Instrument,.
with finance charges thereon at e rate which may very as described in the Credit Agreement,
(3) The performance of Borrower's covenants and agreements under this Security Instrument and under the Credit
Agreement,
BORROWER does hereby mortgage, grant and convey to Lender the following desoribed property looated in the County
of LinC!O~ , State of Wyoming:
Lots 6,7, and 8 of !lJ.oak 12 of :First Addi t:ion to the T01fIl of LaÐargEl, foDD.l.ey
'l'lIlBa, Linc:ol.n County, 'Myoming as described on the offj,caJ. plat thereo;f
which has the address of
182 South Oak
Labarqa
{SUIIOt
, Wyoming
83.123 (herein "PrQPerty Address"';
IZiØ Code
(City)
e CUNA MUTUAL INSURANCE SOCIETY, 1991, ALL RIGHTS RESERVED
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TOGETHER with all the improvements now or hereafter erected on the property, and all easements, rights,
appurtenances and fixtures, all of which shall be deemed to be and remain a part of the propertY covered by this
Security Instrument; and all of the foregoing, together with said property (or 'the leasehold estate if this Security
Instrument is on a leasehold) are hereinafter referred to as the "Property."
Complete if applicable:
This Property is part of a condominium project known as N/A
This Property inclUdes Borrower's unit and all Borrower's rights in the oommon elements of the
condominium project,
This Property is in e Planned Unit Development known as HIA
Borrower covenants that Borrower is lawfully seised of the estate hereby oonveyed and has the right to
mortgage, grant and oonvey the Property, and that the Property is unencumbered, except for encumbrances of
record. Borrower warrants and will defend generally the title to the Property against all claims and demands,
subject to encumbrances of reoord.
Borrower and Lender covenant and agree as follows:
1. Payment of Prinoipal, Finance Charges and Other Charges, Borrower shall promptly pay when due all
. amounts borrowed under the Credit Agreement, all finance charges and applioable other charges and collection
oosts as provided in the Credit Agreement,
2. Funds for Taxes Bnd Insurance. Subject to applicable law, Lender, at Lander's option, may require
BorrOwer to pay to Lender on the day monthly payments of prinoipal and finance charges are payable under the
Credit Agreement, until all sums secured by this Security Instrument ere paid in fuJI, a sum (herein "Funds") equal
to oms-twelfth of the yearly taxes and assessments (including condominium end planned unit development
assessments, if any) which may attain priority over this Security Instrument, and ground rents on the Property, if
any, plus one-twelfth of yearly premium installments for hazard insurance and flood Insuranoe, if applioable, all as
reasonably estimated initially and from time to time by Lender on the basis of assessments and bills and
reasonable estim\'ltes thereof. Borrower shall not be obligated to make such peyments of Funds to Lender to the
extent that Borrower makes such payments to the holder of a prior mortgage or deed of trust if such holder is an
institutional lender,
If Borrower pays Funds to Lender, the Funds shall be held in en Institution the deposits or accounts of which
are insured or guaranteed by a Federal or state agency (including Lender if Lender is such an institution)_ Lender
shall apply the Funds to pay said taxes, assessments, insuranoe premiums and ground rents, Lender may not
charge for so holding and applying the Funds, analyzing said account or verifying and compiling said assessments
and bills, unless Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a
charge. Borrower and Lender may agree in writing at the time of execution of this Security Instrument that
interest on the Funds shall be paid to Borrower, and unless such agreement is made or applicable law requires
such interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds.
Lender shall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to
the Funds and the purpose for which each debit to the Funds was made, The Funds are pledged as additional
security for the sums secured by this Security Instrument.
If the amount of the Funds held by Lender, together with the future monthly installments of Funds payable
prior to the due dates of taxes, assessments, insurance premiums end ground rents, shall exceed the amount
required to pay said taxes, assessments, insuranoe premiums and ground rents as they fall due, such excess shall
be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly installments of
Funds. If the amount of the Funds held by Lender shall not be sufficient to pay taxes, assessments, insuranoe
premiums and ground rents as they fall due, Borrower shall pay to Lender any amount necessary to make up the
defloiency in one or more payments as Lender may require.
Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to
Borrower any Funds held by Lender, If under paragraph 22 hereof the Propeny is sold or the Property is
otherwise acquired by Lender, Lender shall apply, no later than immediately prior to the sale of the Property or its
aOQuisition by Lender, any Funds held by Lender at the time of application as a credit against the sums secured
by this Seourlty Instrument,
3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender
under the Credit Agreement and paragraphs 1 and 2 hereof shall be apþlied by Lender first in payment of
amounts payable to Lender by Borrower under paragraph 2 hereof, second, (in the order Lender chooses) to any
finance charges, other oharges and collection costs owing, and third, to the principal balance under the Credit
Agreement,
4, Prior Mortgages and Deeds of Trust; Charges; Liens. Borrower shall perform all of Borrower's obligations
under any mortgage, deed of trust or other security agreement with a lien which has priority over this Security
Instrument, including Borrower's covenants to make payments when due, Except to the extent that any such
charges or impositions are to be paid to Lender under paragraph 2, Borrower ehall payor cause to be paid all
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taxes, assessments and other charges, fines and impositions attributi3ble to the Property whioh may atti3in a
priority over this Security Instrument, and leasehold payments or ground rents, if any. Within five days after any
demand by Lender, Borrower shall exhibit to lender receipts showing that all amounts due under this paragraph
have been paid when due,
5. Hazard Insurance. Borrower shall keep the improvements now existil1g or hereafter erected on the
Property insured against loss by fire, hazards included within the term "extended coverage," floods arad such
other hi3zards as Lender may require and in such amounts and for suoh periods as Lender may require, Unless
Lender in writing requires otherwise, the policy shall provide insurance on a replacement cost basis in an amount
not less than that necessary to comply with any coinsurance percentage stipulated in the hazard insurance
policy, and the amount of coverage shall be no less than the Maximum Principal Balanoe plus the full amount of
any lien which has priority over this Security Instrument.
The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender:
provided, that such approval shall not be unreasonably withheld. All insuranoe policies and renewals thereof
shall be in a form acceptable to Lender and shall include a standard mortgage clause in favor of and in a form
acoeptable to Lender. Lender shall have the right to hold the policies and renewals thereof, subject to the terms
of any mortgage, deed of trust or other security agreement with a lien which has priority over this Security
Instrument,
In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may
make proof of loss if not made promptly by Borrower. All insurance proceeds are hereby assigned to Lender and
shall be paid to Lender to the extent of all sums secured by this Seourity Instrument, subject to the terms of any
mortgage, deed of trust or security agreement with a lien which has priority over this Security Instrument.
Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restore or repair
the Property, if it is eoonomically feasible to do so,
If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the
date notice is mailed by Lender to Borrower that the insurance carrier offers to settle a olaim for insurance
benefits, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to restoration
or repair of the Property or to the sums secured by this Security Instrument,
6. Preservation and Maintenance of Property: Leaseholds; Condominiums; Planned Unit Developments,
Borrower shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration
of the Property and shall oomply with the provisions of any lease if this Security Instrument is on a leasehold. If
this Seourity Instrument is 011 a unit in a condominium or a planned unit development, Borrower shall perform all
of Borrower's obligations under the deolaration or oovenants orea1ing or governing the condominium Or planned
unit development, the by-laws and regulations of the condominium or planned unit development, and the
constituent documents,
7, Protection of Lender's Security, If Borrower fails to perform the covenants and agreements contained in
this Security Instrument, or if any action or prooeeding is oommenoed which materially affects Lender's interest
in the Property, then Lender, at lender's option, upon notice to Borrower, may make such appearances,
disburse suoh sums, including reasonable attorneys' fees, and take such action as is neoessary to protect
Lender's interest, Any amounts disbursed by Lender pursuant to this paragraph 7, with finance charges thereon,
at the rate provided in the Credit Agreement, shall become additional indebtedness of Borrower secured by this
Security Instrument. Unless Borrower and Lender agree to other terms of payment, such amounts shall be
payable upon notice from Lender to Borrower requesting payment thereof. Nothing contained in this paragraph 7
shall require Lender to inour any expense or take any aotion hereunder. Any action taken by Lender under this
paragraph shall not cure any breach Borrower may have committed of any covenant or agreement under this
Security Instrument. Borrower agrees that Lender is subrogated to all of the rights and remedies of any prior
lienor, to the extent of any payment by Lender to suoh lienor,
8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the
Property, provided that Lender shall give Borrower notice prior to any such inspection speoifying reasonable
cause therefor related to Lender's interest in the Property.
9. Condemnation. The prooeeds of any award or olaim for damages, direct or consequential. in connection
with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of
condemnation, are hereby assigned and shall be paid to Lender, to the extent of any indebtedness under the
Credit Agreement, subjeot to the terms of any mortgage, deed of trust or other security agreement with a lien
whioh has priority over this Seourity Instrument,
10. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or
modifioation of amortization of the sums seoured by this Security Instrument granted by Lender to any
sucoessor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower
and Borrower's successors in interest. Lender shall not be required to commence proceedings against such
successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this
Security Instrument by reason of any demand made by the original Borrower and Borrower's suocessors in
interest. Any forbearanoe by Lender in exeroising any right or remedy hereunder. or otherwise afforded by
applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy,
11. Successors and Assigns Bound; Joint and Several Liability; Co-signers, The covenants and agreements
herein oontained shall bind, and the rights hereunder shall inure to, the respective sucoessors and assigns of
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00081.3
Lender and Borrower, subject to the provisions of paragraph 21 hereof, All covenants and agreements of
Borrower shall be joint and several. Any Borrower who co-signs this Security Instrument, but dOes not exeoute
the Credit Agreement, (a) is co-signing this SecuritY Instrument only to mortgage, grant and convey that
Borrower's Interest in the Property to Lender under the terms of this Security Instrument, (b) is not personally
liable under the Credit Agreement or under this Security Instrument, and (0) agrees that Lender and any other
Borrower hereunder may agree to extend, modify, forbear, or make any other accommodations or amendments
with regard to the terms of this Security Instrument or the Credit Agreement, without that Borrower's consent
and without releasing that . Borrower or modifying this Security Instrument as to that Borrower's interest in the
Property ,
12. Notice. Except for any notice required under applicable law to be given in another manner, (a) any
notice to Borrower provided for in this SecuritY Instrument shall be given by delivering it or by mailing such
notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower
may designate by notioe to Lender as provided herein, and (b) any notice to Lender shall be gíven by certified
mail to Lender's address stated herein or to such other address as Lender may designate by notice to Borrower
as prOVided herein, Any notice provided for in this Security Instrument shall be deemed to have been given to
Borrower or Lender when given in the manner designated herein,
13. Governing law; Severability. The state and local laws applicable to this SecuritY Instrument shall be the
laws of the jurisdiction in which the Property is looated, The foregoing sentence shall not limit the applicability of
Federal law to this Security Instrument, In the event that any provision or clause of this Security Instrument or
the Credit Agreement conflicts with applicable law, such conflict shall not affect other provisions of this Security
Instrument or the Credit Agreement whioh can be given effect without the conflicting provision, and to this end
the provisions of this Security Instrument and the Credit Agreement are declared to be $everable, As used
herein, "costs," "expenses" and "attorneys' fees" include all sums to the extent not prohibited by applicable law
or limited herein,
14. Prior Mortgage or Deed of Trust; MOdification; Future Advance, Borrower shall not enter into any
agreement with the holder of any mortgage, deed of trust or other securitY agreement whioh has priority over
this Security Instrument by which that security agreement is modified, amended, extended, or renewed, without
the prior written consent of the Lender. Borrower shall neither request nor acoept any future advance under a
prior mortgage, deed of trust, or other security agreement without the prior written consent of Lender,
15, Borrower's Copy. Borrower shall be furnished a copy of the Credit Agreement and of this Security
Instrument at the time of execution or after recordation hereof,
, 6. Rehabilitation Loan Agreement. Borrower shall fulfill all of Borrower's obligations under any home
rehabilitation, improvement, repair, or other loan agreement which Borrower may enter into with Lender. Lender,
at Lender's option, may require Borrower to execute and deliver to Lender, in a form acceptable to Lender, an
assignment of any rights, claims or defenses which Borrower may have against parties who supply labor,
materials or services in connection with improvements made to the Property,
17. Waiver of Homestead Exemption. To the extent permitted by law, Borrower hereby waives the benefit
of the homestead exemption as to all sums secured by this Security Instrument, .
18. Waiver of Statutes of Limitation. To the extent permitted by law, Borrowet hereby waives statutes of
limitation as a defense to any demand or obligation secured by this Security Instrument,
19. Merger. There shall be no merger of the interest or estate created by this Seourity Instrument with any
other interest or estate in the Property at any time held by or for the benefit of Lender in any capacity, without
the written consent of Lender.
20. Notice of Transfer of ·the Property; Advances after Transfer. Borrower shall give notice to Lender, as
provided in paragraph 12 hereof, prior to any sale or transfer of all or part of the Property or any rights in the
Property. Any person to whom all or part of the Property or any right in the Property is sold or transferred also
shall be obligated to give notioe to lender, as provided in paragraph 12 hereof, promptly after such transfer,
Even if Borrower transfers the Property, Borrower will oontinue to be obligated under the Credit Agreement
and this Security Instrument unless Lender releases Borrower in writing, As a condition to Lender's consent to
any proposed transfer or as a condition to the release of Borrower, Lender may require that the person to whom
the Property is transferred sign an assumption agreement satisfactory to Lender and Lender may impose an
assumption fee. the assumption agreement will not entitle the person signing it to receive advances under the
Credit Agreement,
21. Transfer of the Property, Subject to applicable law, Lender shall have the right to accelerate, that is, to
demand immediate payment in full of all sums secured by this Mortgage or Deed of Trust, if Borrower. without
the written consent of lender, sells or transfers all or part of the Property or any rights in the Property,
If Lender exercises the option to accelerate, Lender shall give Borrower notice of acceleration in accordallce
with paragraph 12 hereof. The notice shall provide a period of not less than 30 days from the date of the notice
within which Borrower may pay the sums declared due. If Borrower fails to pay those sums prior to the
expiration of such period, lender may, without further notice or demand on Borrower, invoke any remedies
permitted by paragraph 22 hereof.
22. Default, Termination and Acceleration; Remedies. Each of the following events shall constitute an event
of default ("event of default") under this Security Instrument: (1) Borrower commits fraud or makes a material
misrepresentation in connection with this Seourity Instrument or the Credit Agreement; (2) Borrower does not
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00081.4
meet the repaymønt terms of the Credit Agreement; or (3) Borrower's aotion or inaction adversely affects the
lender's rights in the Property secured by this Security Instrument. If an event of default occurs, then prior to
exercising any right or remedy provided for in this Security Instrument and prior to acoeleration, lender shall
give notice as provided in paragraph 12 hereof and as required by Ðþplicable law. The notice shall specify: (a)
the event of default; (b) the action required to cure such event of default; (c) a date, not less than 10 days (or
any longer period required by applicable law) from the date the notice is given to Borrower by whioh the event
of default must be cured; (4) that failure to cure the event of default on or before the date specified in the
notice may result in ac:celeratiof1 of the sums secured by this Security Instrument and sale of the Property; and
(5) any other information required by applicable law. The notice shall further inform Borrower of the right to
reinstate after acceleration, if applicable, and the right to bring a COUIt action to assert the nonexistence of an
event of default or any other defense of Borrower to acceleration and sale. If the event of default is not cured on
or before the date specified in the notice, lef1der, at Lender's option, without further notioe or demand, may
declare default, may declare all sums secured by this Security Instrument to be immediately due al"ld pavab/e,
and may in"oke the power of sale and any other remedies permitted by applicable law. lender shall be entitled
to coUect 811 reasonable costs and expenses incurred in pursuing the remedies provided in this paragmph 22,
including, but not limited to, reasonable attorneys' fees.
If Lel"lder invokes the power of sale, lender shall give notice of intent to foraelose to Borrower and to the
person in possession of the Property, if different, in aocordance with appliC'.able law. Lender shall mail a copy of
a notice of the sale to Borrower in the manl"ler provided in paragraph 12 hereof. lender shall publish the notice
of sale and the Property shall be sold in the manner prescribed by applicable law. Lel"lder or lender's desigf1ee
may purchase the Property at any sale. The Proceeds of the sale shall be applied in the fallowing order: (a) to all
reasonable oosts and expenses of the sale, including, but not limited to, reasonable attorneys' fees and costs of
title evidence; (b) to all sums secured by this Seourity Instrument; and (c) the eXcess, if any, to the person or
persons legally entitled thereto.
23. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to
have enforcement of this Security Instrument discontinued at any time prior to the earlier of (i) 5 days (or such
other period as applicable law may specify for reinstatement) before sale of the Property pursuant to any power
of sale contained in this Security Instrument or (ii) entry of a judgment enforoing this Security Instrument. Those
conditions are that Borrower: (a) pays Lender all sums which would then be due under this Security Instrument
and the Credit Agreement had no acceleration occurred; (b) cures all other defaults under this Security
Instrument and the Credit Agreement; (c) pays all reasonable expenses inourred in enforcing this Security
Instrument, including, but not limited to, reasonable attorneys' feE!$; and (d) takes such action as Lender may
reasonably require to assure that the lien of this Security Instrument, Lender's rights in the Property and
Borrower's obligation to pay the sums secured by this Seourity Instrument shall continue unohanged, Upon
reinstatement by Borrower, this Security Instrument and the obligations secured hereby shall remain fully
effective as if no acceleration had oocurred. However, this right to reinstate shall not apply jl"l the case of
acceleration under paragraph 21.
24. Release. This Security Instrument secures a revolving line of credit and advances may be made. repaid.
and remade from time to time, under the terms of the Credit Agreement, When acoordil"lg to the terms of the
Credit Agreement, 1"10 more advances will be made, and Borrower has paid all sums secured by this Security
Instrument (or earlier if required by applicable law), lender shall discharge this Security Instrument. To the
extent permitted by law, Lender may charge Borrower a fee for such discharge and require Borrower to pay
costs of recordation, if any.
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EWY084 (LASell) 8e.9LL
000815
REQUEST FOR NOTICE OF DEFAULT AND FOREClOSURE
UNDER SUPERIOR MORTGAGES OR DEEDS OF ìRUST
Borrower and Lender request the holder of any mortgage, deed of trust or other encumbrance with a lien
which has priority over this Security Instrument to give Notice to Lender, at Lender's address set forth on page
one of this Security Instrument, of any default under the superior encumbrance and of any sale or other
foreclosure action.
BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Seouritv
Instrument and in any rider(s) executed by Borrower and recorded with it.
X Xozf/lJU~ [) ~¿ ~
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LA1Ia'f J) IŒUUMAN
Borrower
Borrower
X
x
(SOB/I
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Borrower
fJorrower
STATE OF
wyoming
County ss:
The foregoing instrument was aCknowledged before me this J.J.-. dD.J+
by I.u-xy D Rea tàmaD,
6b O:-~b~Í d6\)~
Idatel
(person acknDwledgino)
(parton aCknowladglng)
WITNESS my hand and official seal,
My Commission expires: \ f.:¡ I
Sru^^i
Un~~JU ~)ffici
Notary Pu IIc
EWYII84 CI.ASeRI Sð49LL