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HomeMy WebLinkAbout935249 (({flU 1', ti ", ',\ "I~\ \" knd'lje ==-==- (9mpö\ I.'} SI,""CE 1 904 RECEIVED 11/30/2007 at 9:44 AM RECEIVING # 935249 BOOK: 680 PAGE: 25 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY r 000025 State or Wyoming Space Above ThIs Line For Recording Data " 'i MORTGAGE (With Future Advance Clause) 1. DATE AND PARTIES. The date~of this Mortgage (Security Instrument) is . J.1:?~:7P.qZ.......................... .......... ........ .... . The parties and their addresses are:' MORTGAGOR: TROY COATES, A MARRIED MAN PO BOX 1313 AFTON, WY 83110 o If checked, refer to the attacled Addendum incorporated herein, for additional Mortgagors, their signatures and acknowledgments. LENDER: THE BANK OF STAR VALLEY ORGANIZED AND EXISTING UNDER,;rHE LAWS OF THE STATE OF WYOMING 384 WASHINGTON STREET PO BOX 8007 AFTON, WY 83110 I.' 2. ry CONVEYANCE. For good and ',Valuable consideration, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debt (defined belowJ 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 ATTACHED HERETO AND MADE A PART HEREOF ! If .) t,~' i" \)\"f"V , í, The property is located in . ~1.~Çp,L,~ . . . . .. . . .. . . . . . . . . . . . . . . . .. . . . . . , .. , . . , . , . . . . . . . . . . . . . . . . . . . .. at . ~~P. ~!~~ Y!~~ P'~I.~L . .. .. . . . .. .. .. , .. . . . . .. . . . (Cowny) ........,..............,...........,...,.\ ......'.""........, .~fr.q~...,..""."................................, Wyoming .~~.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 eXLting 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 LIMI'1:. The total principal amount secured by this Security Instrument at anyone time shall not exceed $ . ~PI9P.q·P.q. .. , ,. . .. . . ..... . . . , . .;'.. .. , . . , . . , . . ... .. . This limitation of amount does not include interest and other fees and charges validly made pursuant to thj:s 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. ; i 4. SECURED DEBT AND FUTURF¡' ADVANCES. The term "Secured Debt" is defined as follows: A. Debt incurred under the ter'ns 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 indude the final maturity date of such debt(s).) ONE PROMISSORY NOTE DATED J 1123/2007 IN THE AMOUNT OF $30,000.00 " WYOMING - HOME EQUITY LINE OF CREDIT"MORTGAGE (NOT FOR FNMA, FHlMC, FHA OR VA USE) ~q¡¡ © 1994 Banker. Sy.tem.,lnc" St, Clc'Jd, MN Form OCP-REMTG-WY 5/11/2005 r {page 1 of 4/ I , Ä;~'i f -'," B.;AÌl~~uture~adJ~è' ltþ'th IJnder to Mortgagor or other future obligations of M;;rtgagor to Lender und~~n?::?o:i~Ory : note, contract, ~ual;últy,'';'Or other evidence of debt executed by Mortgagor ,in favor of Lender after this Security Inst~.tiwh~,r or not ~is Security Ins!rument .is specifically re~erenced. If illore than one person signs this ~ec~rity InstrumeiLt, eaclf Mortgagor agrees that thIs Secunty Instrument will secure alL:.future advances and future obhgations that a,re-igiVed to or incurred by anyone or more Mortgagor, or anyone or more Mortgagor and others. All future advances and other future obligations are secured by this Security Instrument e,:en though all or part may not yet be advanced, All future advances and other future obligations are secured as if made Q:t. the date of this Security Instrument. Nothing in this Security Instrument shall constitute a commitment to make additiohl or future loans or advances in any amount. Any such commitment must be agreed to in a separate writing. ! C. All other obligations Mortga,~or owes to Lender, which may later arise, to the ext~nt not prohibited by law, including, but not limited to, liabilities for overdrafts relating to any deposit account agreement t'etween Mortgagor and Lender. D. All additional sums advanced and expenses incurred by Lender for insuring, íJreserving or otherwise protecting the Property and its value and any other sums advanced and expenses incurred by ::..ender 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 a:~e material obligations under the Secured Debt and this Security Instrument. If Mortgagor breaches any covenant in this sectiol, Lender may refuse to make additional extensions of credit and reduce the credit limit. By not exercising either remedy on Mcrtgagor'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 wht:'n 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 aheement or other lien document that created a prior security interest or encumbrance on the Property, Mortgagor agrees to :¡nake all payments when due and to perform or comply with all covenants. Mortgagor also agrees not to allow any modificatkn or extension of, nor to request any future advances under any note or agreement secured by the lien document without Lender'~:,~prior written approval. Claims Against Title. Mortgagor will pay all taxes, assessments, liens, encumbrances, f;ase 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. Mortfagor will defend title to the Property against any claims that would impair the lien of this Security Instrument. Mortgagorlgrees to assign to Lender, as requested by Lender, any rights, claims or defenses Mortgagor may have against parties who )upply 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, impdrment, 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 actiois 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 sf,ecifying 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. ' 'I Authority to Perform. If Mortgagor fails to perform any duty or any of the covenants I.!ontained in this Security Instrument, Lender may, without notice, perfor'm or cause them to be performed. Mortgagor appoif.its Lender as attorney in fact to sign Mortgagor's name or pay any amount necessary for performance. Lender's right to perfòrm for Mortgagor shall not create an obligation to perform, and Lender's failure to perform will not preclude Lender from fxercising any of Lender's other rights under the law or this Security Instrument. ' Leaseholds; Condominiums; Planned Unit Developments. Mortgagor agrees to cOJilply with the provisions of any lease if this Security Instrument is on a leasehold, If the Property includes a unit in a conddninium or a planned unit development, Mortgagor will perform all of Mortgagor's duties under the covenants, by-laws, or regulations of the condominium or planned unit development. Condemnation. Mortgagor will give Lender prompt notice of any pending or threatet:ed action, by private or public entities to purchase or take any or all of the Property through condemnation, eminent domain, O' any other means, Mortgagor authorizes Lender to intervene in Mortgagor's name in any of the above described actions or daims. Mortgagor assigns to Lender the proceeds of any award or claim for damages connected with a condemnation or other hking of all or any part of the Property, Such proceeds shall be considered payments and will be applied as provided in this ~ecurity Instrument. This assignment of proceeds i$ 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, tlood, theft and other hazarås and risks reasonably associated with the Property due to its type and location. This insurance shall be maintaiD:':d 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 subje;:t 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 rtandard "mortgage clause" and, where applicable, "loss payee clause." Mortgagor shall immediately notify Lender of cance'.Lation or termination of the insurance. Lender shall have the right to hold the policies and renewals. If Lender requires, Mor~gagor 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 op:ion. Any application of proceeds to (page 2 of 4) Ex/5ëiè.1IJ ©1994 Banko" Syatoms, Inc., 51, Cloud, MN Form OCP-REMTG-WY 5/11/2005 ··t~.~~.): ; '.it:r~J 000027 principal shall not extend or postpQhe the due date of the scheduled payment nor change the amount of any payment. Any excess will be paid to the MortgagC)'r, If the Property is acquired by Lender, Mortgagor's right to any insurance policies and proceeds resulting from damage tosthe Property before the acquisition shall pass to Lender to the extent of the Secured Debt immediately before the acquisition. . \ ì ~nan~ Reports and AdditloD(il Documents. Mortgagor will provide t~ Lende~ upon req1;1est, any f~~ncial statement or Info~t~on Lender may deem re,18OI~ably necessary. Mortgagor agr~ to sIgn, deliver, and file any addlt.lO~ documents ~r certifIcatIons that Lender may C\>nslder necessary to perfect, contmue, and preserve Mortgagor's obligatIons under thIS Security Instrument and Lender's lf~n status on the Property. 6. DUE ON SALE. Lender may, at Ü~ option, declare the entire balance of the Secured Debt to be immediately due and payable upon the creation of, or contract fol.. the creation of, a transfer or sale of all or any part of the Property. This right is subject to the restrictions imposed by federalla'¡y (12 C,P,R. 591), as applicable. 'I 7. DEFAULT. Mortgagor will be in def.ault if any of the following occur: Fraud. Any Consumer Borrower eng;lges in fraud or material misrepresentation in connection with the Secured Debt that is an open end home equity plan, 1 I. Payments. Any Consumer Borrower:"n 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 il\~ 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 th;;: 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 Mþrtgagor dies; (f) if more than one Mortgagor, any Mortgagor dies and Lender's security is adversely affected; (g) the Proper:y is taken through eminent domain; (h) a judgment is filed against Mortgagor and subjects Mortgagor and the Property to ~,ction that adversely affects Lender's interest; or (i) a prior lienholder forecloses on the Property and as a result, Lender's f::i.terest is adversely affected. Executive Officers. Any Borrowel; is an executive officer of Lender or an affiliate and such Borrower becomes indebted to Lender or another lender in an aggré~~ate amount greater than the amount permitted under federal laws and regulations. , .i, 8. REMEDIES ON DEFAULT. In a¿'dition 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 ,aw will require Lender to provide Mortgagor with notice of the right to cure, or other notices and may establish time schedul;~s 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 (iving notice if required by law, upon the occurrence of a default or anytime thereafter. Lender shall be entitled to, without liniitation, the power to sell the Property, i The acceptance by Lender of any )¡um in payment or partial payment on the Secured Debt after the balance is due or is accelerated or after foreclosure pro~;eedings 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 haJ.~pens again. 9. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. If Mortgagor breaches any covenant in this Security Instrurr:"~nt, 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 protectint; the Property and Lender's security interest. These expenses are payable on demand and will bear interest from the date of paym.ent until paid in full at the highest rate of interest in effect as provided in the terms of the Secured Debt. Mortgagor agrees 'io pay all costs and expenses incurred by Lender in collecting, enforcing or protecting Lender's rights and remedies unde~r this Security Instrument. This amount may include, but is not limited to, reasonable attorneys' fees, court costs, and oth;,~r legal expenses. This amount does not include attorneys' fees for a salaried employee of the Lender. To the extent permitted ~þy the United States Bankruptcy Code, Mortgagor agrees to pay the reasonable attorneys' fees Lender incurs to collect the Set ured Debt as awarded by any court exercising jurisdiction under the Bankruptcy Code, This Security Instrument shall rema,n in effect until released. Mortgagor agrees to pay for any recordation costs of such release. " 10. ENVIRONMENTAL LAWS AND :,IAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law means, without limitation, the Comprehensiv:e Environmental Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), and all other federal, sta':e 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, radioaç.ive or hazardous material, waste, pollutant or contaminant which has characteristics which render the substance dangerous c:'r potentially dangerous to the public health, safety, welfare or environment. The term includes, without limitation, an}" substances defined as "hazardous material," "toxic substances," "hazardous waste" or "hazardous substance" under any Environmental Law, , Mortgagor represents, warrants an;j agrees that: , A. Except as previously disclo,$ed and acknowledged in writing to Lender, no Hazardous Substance is or will be located, stored or released on or in r!le Property. This restriction does not apply to small quantities of Hazardous Substances that are generally recognized to b~. appropriate for the normal use and maintenance of the Property. B. Except as previously disclose~ and acknowledged in writing to Lender, Mortgagor and every tenant have been, are, and shall remain in full complianc('. with any applicable Environmental Law. C. Mortgagor shall immediately I'otify Lender if a release or threatened release of a Hazardous Substance occurs on, under or about the Property or then', is a violation of any Environmental Law concerning the Property. In such an event, Mortgagor shall take all necessa.:y remedial action in accordance with any Environmental Law. D. Mortgagor shall immediately III Itify 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 Environme!~tal Law. , ~~ ©'994 Bankers Systems. Inc" 5t, ~;Ioud. MN Form OCP-REMTG-WY 5,",2005 (pagø 3 of 4} !: 000028 11. ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separ':,\te agreement, Mortgagor will not be required to pay to Lender funds for taxes and insurance in escrow. 12. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSl~NS BOUND. All duties under this Security Instrument are joint and individual. If Mortgagor signs this Security Instrument bat 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 Io;trument secures a guaranty between Lender and Mortgagor, Mortgagor agrees to waive any rights that may prevent Lende; 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 sh 1lL bind and benefit the successors and assigns of Mortgagor and Lender. . 13. SEVERABILITY; INTERPRETATION. This Security Instrument is complete and frUy integrated. This Security Instrument may not be amended or modified by oral agreement. Any section in this Security Ins;rument, 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 Instrum~nt cannot be enforced according to its terms, that section will be severed and will not affect the enforceability of the remaind;~r of this Security Instrument. Whenever used, the singular shall include the plural and the plural the singular. The captions ano' headings of the sections of this Security Instrument are for convenience only and are not to be used to interpret or define the tfmlS 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 i: 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 regardil~g 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 th:~ 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 federd laws and regulations. 18. RIDERS. The covenants and agreements of each of the riders checked below are incO! po rated 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 ADDmONAL TERMS. t, SIGNATURES: By signing below, Mortgagor agrees to the terms and covenants containe/ in this Security Instrument and in any attachments. Mortgagor also acknowledges receipt of a copy of this Security Instrument on tht: date stated on page 1. H, ~.., , (7/1>~ 1-: ......~~~....,.....................,..................,.....\ t .. ..""......"........,..;",..,.."............ ............................ (Signature) TROY A TES (Date) (Signature) :, ' (Date) ACKNOWLEDGMENT: (. ", (Iooividual) STATE OF ... ..«I.1..~~.! ..~. 2......·......,.., COUNTY OF ............ /':I{f'.vW............. . .... Lss. This instrume¿¡t 1\as ackno~dg d before me this ..,. 2-r.3 . . . . . . ." day of ..,../ !~~ . . .. .. . . . ;i{.Ø¡J .7. . . . . . . ~y·~~~i~~iJ:~;~;· "~~1;;~'¿'i:"""""" ... ............... .... .,. .~.;~.. .. .... ............................, (Seal) , ....... . ....... ....... .... ........ \Nolary Public) ~.. COUNTY OF UNGOLl'J " ',.. ri ~œ ©1994 Bonksr. Syst.m.,lnc.. St. Cloud, MN Form OCP-REMTG-WY 5/11/2005 '. (psQe 4 of 4) / ;~l~l21J' 5:22 307-733-6186 1ICKMAN LANDTITLE iE 05/06 / / Home Equit)iPolicy EXHIBIT "A" 000029 Lot 13, STAR VIEW ESTATES, according to that plat filed November 4, 1981 as Instrument No. 568074 in the Office of the County Clerk, Lincoln County, Wyoming. HEP Pnliey - Schedule A Polity No.: M·9945-116910 PIlge30f4 STEWART TITLE Guaranty Company