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HomeMy WebLinkAbout935028 W'LI'/' \ H.tkMM kndl1tle _(9mpðny SINCE 1904 V / '. . 't. RECEIVED 11/20/2007 at 10:22 AM RECEIVING # 935028 BOOK: 679 PAGE: 246 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY \. ..,/ State of Wyoming 000246 Space Above ThIs Line For Recording Data MORTGAGE (W ith Future Advance Clause) 1. DATE AND PARTIES. The date of this Mortgage (Security Instrument) is . J.1:P~:?9.qL.............................................. . The parties and their addresses are: MORTGAGOR: TODD EVAN MERRITT AND MISTIL YN MERRITT, HUSBAND AND WIFE, AS TENANTS BY THE ENTIRETIES 6960 HWY 238 AFTON, WY 83110 o If checked, refer to the attached Addendum incorporated herein, for additional Mortgagors, their signatures and 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 2. CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debt (defined below) and Mortgagor's performance under this Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with power of sale. the following described property: SEE EXHIBIT 'A' ATTATECHED HERE TO AND MADE A PART HERE OF 3;;1 (6f '1 \ The property is located in . ~INÇ~.L.~. . . . . .. . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. at .I?~~.q ~.~.~ ?~~ . . . . . . . . . . . . . . , , . . . . . . . . . . . . . . . . . (County) ..............................,.............................,. " .~fT.q~J......,..................................... .,\Vyomiúg .~~.1.1Q................ (Address) (City) (ZIP Code) Together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, all water and riparian rights, ditches, and water stock and all existing and future improvements, structures, fixtures, and replacements that may now, or at 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 Instrument at anyone time shall not exceed $ . mpp.q·p.q .. . ... .. .. . .. . .. .. .. .. .. .. .. .. .. .. .. .. ... . This limitation of amount does not include interest and other fees and charges validly made pursuant to this Security Instrument. Also. this limitation does not apply to advances made under the terms of this Security Instrument to protect Lender's security and to perform any of the covenants contained in this Security Instrument. 4. SECURED DEBT AND FUTURE ADVANCES. The term "Secured Debt" is defined as follows: A. Debt incurred under the terms of all promissory note(s), contract(s), guaranty(ies) or other evidence of debt described below and all their extensions, renewals, modifications or substitutions. (You must specifically identify the debt(s) secured and you should include the final maturity date of such debt(s).) ONE PROMISSORY NOTE DATED 10 311071N THE AMOUNT OF $10,000.00 WYOMING - HOME EQUITY LINE OF CREDIT MORTGAGE (NOT FOR FNMA, FHLMC, FHA OR VA USE) ~@ © 1994 Bankers Systems, Inc., St. Cloud, MN Form OCP·REMTG-WY 5'1112005 (page 1 of 4) \ '_'~7~;~-·,'~",;J~ÏH·--? : Ji"'~tæI¡ 00024;7 B. All flltAÍr\ in s (Mortgagor or other future obligations of Mortgagor to Lender under any promlSSO.ry note; è~ t ar, ;1 evidence of debt executed by Mortgagor in favor of Lender after thIS Secunty Inst;hm~JIt-A1J.~t "-n t ecdrity Instrument is specifically referenced. If more than one person signs this ~ec~rity Instrjunoot,' HeIf' ~~e ¡ that this Security Instrument will secure all future advances and future obligatlons that 1¡¡.re given~t9 ,)9r~i9GWled by y one or more Mortgagor, or anyone or more Mortgagor and others. All future adva~èës"mrd-ïJtlñ~'l\I~bH 'ons are secured by this Security Instrument even though all or part may not yet be advanced. All future advances and other future obligations are secured as if made on the date of this Security Instrl1;ment. Nothing in this Security Instrument shall constitute a commitment to make additional or future loans or advances many 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 extent not prohibited by law, including, but not limited to, liabilities for overdrafts relating to any deposit account agreement between Mortgagor and Lender. D. All additional sums advanced and expenses incurred by Lender for insuring, preserving or otherwise protecting the Property and its value and any other sums advanced and expenses incurred by Lender under the terms of this Security Instrument. In the event that Lender fails to provide any required notice of the right of rescission, Lender waives any subsequent security interest in the Mortgagor's principal dwelling that is created by this Security Instrument. 5. MORTGAGE COVENANTS. Mortgagor agrees that the covenants in this section are material obligations under the Secured Debt and this Security Instrument. If Mortgagor breaches any covenant in this section, Lender may refuse to make additional extensions of credit and reduce the credit limit. By not exercising either remedy on Mortgagor's breach, Lender does not waive Lender's right to later consider the event a breach if it happens again. Payments. Mortgagor agrees that all payments under the Secured Debt will be paid when due and in accordance with the terms of the Secured Debt and this Security Instrument. Prior Security Interests. With regard to any other mortgage, deed of trust, security agreement or other lien document that created a prior security interest or encumbrance on the Property, Mortgagor agrees to make all payments when due and to perform or comply with all covenants. Mortgagor also agrees not to allow any modification or extension of, nor to request any future advances under any note or agreement secured by the lien document without Lender's prior written approval. Claims Against Title. Mortgagor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Property when due. Lender may require Mortgagor to provide to Lender copies of all notices that such amounts are due and the receipts evidencing Mortgagor's payment. Mortgagor will defend title to the Property against any claims that would impair the lien of this Security Instrument. Mortgagor agrees to assign to Lender, as requested by Lender, any rights, claims or defenses Mortgagor may have against parties who supply labor or materials to maintain or improve the Property. Property Condition, Alterations and Inspection. Mortgagor will keep the Property in good condition and make all repairs that are reasonably necessary. Mortgagor shall not commit or allow any waste, impairment, or deterioration of the Property: Mortgagor agrees that the nature of the occupancy and use will not substantially change without Lender's prior written consent. Mortgagor will not permit any change in any license, restrictive covenant or easement without Lender's prior written consent. Mortgagor will notify Lender of all demands, proceedings, claims and actions against Mortgagor, and of any loss or damage to the Property. Lender or Lender's agents may, at Lender's option, enter the Property at any reasonable time for the purpose of inspecting the Property. Lender shall give Mortgagor notice at the time of or before an inspection specifying a reasonable purpose for the inspection. Any inspection of the Property shall be entirely for Lender's benefit and Mortgagor will in no way rely on Lender's inspection. Authority to Perform. If Mortgagor fails to perform any duty or any of the covenants contained in this Security Instrument, Lender may, without notice, perform or cause them to be performed. Mortgagor appoints Lender as attorney in fact to sign Mortgagor's name or pay any amount necessary for performance. Lender's right to perform for Mortgagor shall not create an obligation to perform, and Lender's failure to perform will not preclude Lender from exercising any of Lender's other rights under the law or this Security Instrument. Leaseholds; Condominiums; Planned Unit Developments. Mortgagor agrees to comply with the provisions of any lease if this Security Instrument is on a leasehold. If the Property includes a unit in a condominium or a planned unit development, Mortgagor will perform all of Mortgagor's duties under the covenants, by-laws, or regulations of the condom'inium or planned unit deveio¡:;mefit. - Condemnation. Mortgagor will give Lender prompt notice of any pending or threatened action, by private or public entities to purchase or take any or all of the Property through condemnation, eminent domain, or any other means. Mortgagor authorizes Lender to intervene in Mortgagor's name in any of the above described actions or claims. Mortgagor assigns to Lender the proceeds of any award or claim for damages connected with a condemnation or other taking of all or any part of the Property. Such proceeds shall be considered payments and will be applied as provided in this Security Instrument. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or other lien document. Insurance. Mortgagor shall keep Property insured against loss by fire, flood, theft and other hazards and risks reasonably associated with the Property due to its type and location. This insurance shall be maintained in the amounts and for the periods that Lender requires. What Lender requires pursuant to the preceding two sentences can change during the term of the Secured Debt. The insurance carrier providing the insurance shall be chosen by Mortgagor subject to Lender's approval, which shall not be unreasonably withheld. If Mortgagor fails to maintain the coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Property according to the terms of this Security Instrument. All insurance policies and renewals shall be acceptable to Lender and shall include a standard "mortgage clause" and, where applicable, "loss payee clause." Mortgagor shall immediately notify Lender of cancellation or termination of the insurance. Lender shall have the right to hold the policies and renewals. If Lender requires, Mortgagor shall immediately give to Lender all receipts of paid premiums and renewal notices. Upon loss, Mortgagor shall give immediate notice to the insurance carrier and Lender. Lender may make proof of loss if not made immediately by Mortgagor. Unless otherwise agreed in writing, all insurance proceeds shall be applied to the restoration or repair of the Property or to the Secured Debt, whether or not then due, at Lender's option. Any application of proceeds to (pege 2 of 4) E'X/5ë'?è.® ©1994 Bankers System., Ino" St. Cloud, MN Form OCP-REMTG-WY 511112005 000248 principal shall not extend or postpone the due date of the scheduled payment nor change the amount of any payment. Any excess will be, paid to the Mortgagor. If the Property is acquired by Lender, Mortgagor's right to any insurance policies and proceeds -resulting from damage to the Property before the acquisition shall pass to Lender to the extent of the Secured Debt immediately before the acquisition. Financial Reports and Additional Documents. Mortgagor will provide to Lender upon request, any financial statement or information Lender may deem reasonably necessary. Mortgagor agrees to sign, deliver, and file any additional documents or certifications that Lender may consider necessary to· perfect, continue, and preserve Mortgagor's obligations under this 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 Debt to be immediately due and payable upon the creation of, or contract for the creation of, a transfer or sale of all or any part of the Property. This right is subject to the restrictions 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 connection with the Secured Debt that is an open end home equity plan. Payments. Any Consumer Borrower on any Secured Debt that is an open end home equity plan fails to make a payment when due. Property. Any action or inaction by the Borrower or Mortgagor occurs that adversely affects the Property or Lender's rights in the Property. This includes, but is not limited to, the following: (a) Mortgagor fails to maintain required insurance on the Property; (b) Mortgagor transfers the Property; (c) Mortgagor commits waste or otherwise destructively uses or fails to maintain the Property such that the action or inaction adversely affects Lender's security; (d) Mortgagor fails to pay taxes on the Property or otherwise fails to act and thereby causes a lien to be filed against the property that is senior to the lien of this Security Instrument; (e) a sole Mortgagor dies; (1) if more than one Mortgagor, any Mortgagor dies and Lender's security is adversely affected; (g) the Property is taken through eminent domain; (h) a judgment is filed against Mortgagor and subjects Mortgagor and the Property to action that adversely affects Lender's interest; or (i) a prior lienholder forecloses on the 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 such Borrower becomes indebted to Lender or another lender in an aggregate amount greater than the amount permitted under federal laws and regulations. 8. REMEDIES ON DEFAULT. In addition to any other remedy available under the terms of this Security Instrument, Lender may accelerate the Secured Debt and foreclose this Security Instrument in a manner provided by law if Mortgagor is in default. In some instances, federal and state law will require Lender to provide Mortgagor with notice of the right to cure, or other 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 interest and principal shall become immediately due and payable, after giving notice if required by law, upon the occurrence of a default or anytime thereafter. 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 Debt after the balance is due or is accelerated or after foreclosure proceedings are filed shall not constitute a waiver of Lender's right to require complete cure of any existing default. By not exercising any remedy on Mortgagor's default, Lender does not waive Lender's right to later consider the event a default if it happens again. 9. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. If Mortgagor breaches any covenant in this Security Instrument, Mortgagor agrees to pay all expenses Lender incurs in performing such covenants or protecting its security interest in the Property. Such expenses include, but are not limited to, fees incurred for inspecting, preserving, or otherwise protecting the Property and Lender's security interest. These expenses are payable on demand and will bear interest from the date of payment until paid in full at the highest rate of interest in effect as provided in the terms of the Secured Debt. Mortgagor agrees to pay all costs and expenses incurred by Lender in collecting, enforcing or protecting Lender's rights and remedies under this Security Instrument. This amount may include, but is not limited to, reasonable attorneys' fees, court costs. and other legal expenses. This amount does not include attorneys' fees for a salaried employee of the Lender. To the extent permitted by the United States Bankruptcy Code, Mortgagor agrees to pay the reasonable attorneys' fees Lender incurs to collect the Secured Debt as awarded by any court exercising jurisdiction under the Bankruptcy Code. This Security Instrument shall remain in effect until released. Mortgagor agrees to pay for any recordation costs of such release. ' ' 10. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in iliis ,section, (1) Environri1ental Law means, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), and all other federal, state and local laws, regulations, ordinances, court orders, attorney general opinions or interpretive letters concerning the public health, safety, welfare, environment or a hazardous substance; and (2) Hazardous Substance means 'any toxic, . radioactive or hazardous ·material, waste, pollutant or contaminant which has characteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or environment. The term includes, without limitation, any substances defined as "hazardous material," "toxic substances," "hazardous waste" or "hazardous substance" under any Environmental Law. Mortgagor represents, warrants and agrees that: .. . . . A. Except as previously disclosed and acknowledged m wntmg to Lender, no Hazardous Substance is or will be located, stored or released on or in the Property. This restriction does not apply to small quantities of Hazardous Substances that are generally recognized to be appropriate for the normal use and maintenance of the Property. B. Except as previously disclosed and acknowledged in writing to Lender, Mortgagor and every tenant have been, are, and shall remain in full compliance with any applicable Environmental Law. C. Mortgagor shall immediately notify L~nde~ if a release or ~hreatened release of a H~ardous Substance occurs on, under or about the Property or there is a viOlatiOn of any Environmental Law concernmg the Property. In such an event, Mortgagor shall take all necessary remèdial action in accordance with any Environmental Law. D. Mortgagor shall immediately notify Lender in writing as soon as Mortgagor has reason to believe there is any pending or threatened investigation, claim, or proceeding relating to the release or threatened release of any Hazardous Substance or the violation of any Environmental Law. (page 3 of 4) ~([f¡ ©1994 Bankers Systems, Inc., St, Cloud, MN Form OCP-REMTG-WY 5/11/2005 11. ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separate agreement, Mortgagor will not ,be required to pay to Lender funds for taxes and insurance in escrow. 000249 12. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Security Instrument are joint and individual. If Mortgagor signs this Security Instrument but does not sign an evidence of debt, Mortgagor does so only to mortgage Mortgagor's interest in the Property to secure payment of the Secured Debt and Mortgagor does not agree to be personally liable on the Secured Debt. If this Security Instrument secures a guaranty between Lender and Mortgagor, Mortgagor agrees to waive any rights that may prevent Lender from bringing any action or claim against Mortgagor or any party indebted under the obligation. These rights may include, but are not limited to, any anti-deficiency or one-action laws. The duties and benefits of this Security Instrument shall bind and benefit the successors and assigns of Mortgagor and Lender. 13. SEVERABILITY; INTERPRETATION. This Security Instrument is complete and fully integrated. This Security Instrument may not be amended or modified by oral agreement. Any section in this Security Instrument, attachments, or any agreement related to the Secured Debt that conflicts with applicable law will not be effective, unless that law expressly or impliedly permits the variations by written agreement. If any section of this Security Instrument cannot be enforced according to its terms, that section will be severed and will not affect the enforceability of the remainder of this Security Instrument. Whenever used, the singular shall include the plural and the plural the singular. The captions and headings of the sections of this Security Instrument are for convenience only and are not to be used to interpret or define the terms of this Security Instrument. Time is of the essence in this Security Instrument. 14. NOTICE. Unless otherwise required by law, any notice shall be given by delivering it or by mailing it by first class mail to the appropriate party's address on page 1 of this Security Instrument, or to any other address designated in writing. Notice to 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 the marshalling of liens and assets and all homestead exemption rights relating to the Property. 16. LINE OF CREDIT. The Secured Debt includes a revolving line of credit. Although the Secured Debt may be reduced to a 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 Secured Debt, except to the extent required by the laws of the jurisdiction where the Property is located, and applicable federal laws and regulations. 18. RIDERS. The covenants and agreements of each of the riders checked below are incorporated into and supplement and amend the terms of this Security Instrument. [Check all applicable boxes] o Assignment of Leases and Rents 0 Other.................................................................................................. 19. 0 ADDITIONAL TERMS. SIGNATURES: By signing below, Mortgagor agrees to the terms and covenants contained in this Security Instrument and in any attachments. Mortgagor also acknowledges receipt of a copy of this Security Instrument on the date stated on page 1. ~ :J .~... f... .Y1JtfJ:h............k Á/r;J ~ ., :~.\~'.. :.. ~.;Jb................ y! ~/r; 1 (Signature) TODD filAN MERRITT (Datc) ëši~~~;~)~~RRITT . '( (Date) ACKNO~:T~7w.9M!~L........... ..................., COUNTY OF ........ i'r..11. ¿.4ræ)........ .........} ss. (IOOividual) This instrument was acknowledged before me this ....... ~ ...... ... Y of ~. .'?~.. . .. . ~1...................... by . TP.qQ. ~y~.~ .¥~.~~I.~Ti MI.~m y~. M~~~!T:I:.. ~~.~~~ ~~.q '\Y!~~" ~.~ .~~~^~m ~X! . .~~n~.EJ:I.E.~. .. ... My commission expires: 2. \ t c.-;. boD is - ,.' (Seal) à 0< - ... ..... . .f.......... (NOIIU"Y Public) COUNTY 0:" UNGOU'J Ex:{5Ëiiè.® '©1994 Bankers Systems, Inc" St, Cloud, MN Form OCP-REMTG-WY 5/11/2005 (page 4 of 4) Home Equity Policy "" ---'--..----- EXHIBIT "A" 000250 Part of Section 21, T32N, R¡ 19W of the 6th P.M., Lincoln County, Wyoming, said parcel being more particularly described on attached Exhibit A. lIEF Polley. Schedule A Polley No.: M-9945-1l6902 Page 4 of 5 STEWART TITLE Guaranty Company --' -.:...-_---- --.-- EXHIBIT A 000251. Legal Desaripcion Trac~ ~ Pa~t of Se~tion 31, T32N R119N of,che 6th P;M., Lincoln CQunty, Wyoming bein~ mote part!oula~ly desd~lbed as follo~l. Be2inning 1320 feet West and S9Ø.Ø fe~t South'of the Northeast corner of Baid Seat ion 2.1 and on t;be Centerline of Afton~Auburn Roadl thence South 245.Ø feetl thence West 178.0 feetl thence North 2~5.Ø feetl thenëe 2ast 178.Ø feet to the'point of Dalinnins. EXCEPXING'THERBPROM the'following described pârcel, Part of Søetion 21, T32N Rl19W o.f the 6th P.M" Lincoln Oounty, Wyo~1ng being identical with the North'6Ø feet of that ttáct of record ín the Off roe of the Clerk of Lincoln County in 'nook 15lPR On pa¡e326, SECONDARXLY deacribea a8 followS I neghmin¡r at a point qn the east l1ne of"tbat tract of'recoro in øaid Office in Book' 154PR on.page 159; S lS·~19.1' W, 674.87 'feet,f~om the northeaat corner òf the NW/4NE/4 of,said SeattoR 21 found as de5cribed in tbe Certified La~d Cornet ReQordation Certifiaotë of reoord in said Officel thence N ØØo-Øl.6' E, 23.95 feet aloR~ said east line to the Northeast paint of, said tract of record in Book 16~ thßnce continuing N ~ø' -Ø1,6'E, 36,05 fe$t along, the-east line, in pa~t, of that tract of record in said Offioe in Doo~ 112PR on page 135 Co the Southwest poin~ of Chat ttact of record in said Office in Book 15ØPR on page 5101 thence N e9°-42.7' E, 178.ØØ feet alonl the South line of said tract of record in Book 15Ø to a 9/B"3I;12" steel IIp1.ke on the eaat: Una of Baid NI.¡/4N1iJ/4 identical with the cente~-line of State Highway 238, thènce B 00"·01.6' W, 6Ø.ø0 feet ~loI12' said idoiltical line to '11 3/B"x:Ù,n st!,!e'l spike: thence S a9°~42.?' w. lie.øø fee~ p~rallel to the said south line to the poltt of be~lnning. TrBcU PArt of the NW/4 NE/4' of SeQtlon 21. T32N R119W of'the 6th P.M., Lincoln County, Wyom1I18'. beit\¡ part of, that troct of record in the Office of the Cler1' of Lincoln County in Book 164PR on page 155, described as followsl BEGXNNING at a point on the ~eB~ line of that tract of record in ~aid office in DODlt 151PR on pa¡e 326, S 15'·19.1' W, 1574.8'1 feet hOl11 the ~Drt:heast comer of the said NW/4 N~/~ found a9 described in the certified Land COrner Recordation Certificate of record in said'office! thence 1:1 ØØ"·01.6Y W, 186'.05 feet slona .aid West line and along the ~lIt Une of that tract of record in said office in Dook 152PR On pa¡e 527 to a No~theaBt comer of that tract of record in said Office in Book lSlPR on page 434, to a po.l.tlt I . thence S 69°-42.7' W, 57,40 feet slons 8 North 1ine of said tract of record in 'Book 101 to a pointl thence N ØØ'-Ø1.G' ß, lå6.ØS feet parallel'to saLd Wear line to a point: thence N 89°.42.7' E, 57.4Ø feet to the point of beginninel aach "point" marked by a steel '¡'·shaped øta\ce 24- lons with metal cap, insQt'ibed "Paul N. scberbel RLS16l¡ lUg Piney, Wyomin¡"1 The base bearin¡ for the foregoi08 tract is the East line of the said NW/4 NE/4 being N øø' -01.6' EI all in accordance with the plat prepared and to be filed in the Office Ij)f the Cleric of Lincoln county t1tle~ "'tERRY WILLIAM JONES nAT