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HomeMy WebLinkAbout939527 <b,. 6010816826 RECEIVED 6/4/2008 at 3:50 PM RECEIVING # 939527 BOOK: 696 PAGE: 409 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY (:00409 State of Wyoming .--............--_. Space Above This Line For Recording Data MORTGAGE (With Future AdVance Clause) 1. DATE AND PARTIES. The date of this Mortgage (Security Instrument) IS jì parties, their addresses and tax Identification numbers, Jf reqUITed, are as foHows: MORTGAGOR: Jason W Bills AND Chnstal L Bills, HUSBAND AND 'WIFE June 3,2008 \. /] '{ V, I PO Box 512 Diarnondville, WY 83116 LENDER: MERIDIAN TRUST FEDERAL CREDIT UNlON ORGANIZED AND EXISTING UNDI!R,l1.IE LAWS OF'i'HE UNITED STATES OF AMERlCA 2223 W ARREN AVENUE W'i 82001 TAXfAYER, J.D, II: 83-0179749 2, CONVEYANCE. For good and vahmble consideration, the receipt and sufficiency of which 1S aclmowledged, and to secure the Secured Debt (defined below) and Mortgagor's performance lmder this Security Instrument, Mortgagor grants, bargams, conveys, mortgages and warrants to Lender, \VIth power of sale, the followmg desctlbed property: LEGAL DESCRIPTION ATT ACHED HERETO AND MADE APART HEREOF, AS EXHIBIT'A' The property is located ill Lincoln (County) at 5624 Highway 30 (Address) Kemmerer , Wyoming 83101 (ZIP Code) (City) Iniûab~ ß rUIJ WYOMING. HOME EQUITY LINE OF CREDIT MORTGAGE (NOT FOR FMNA, FHIlvIC. FHA OR VA USE) PAG!! 1 OP 6 DDS-WHM - úOv41.0 Together with all rights, easements, appurtenances, royalties, míneral nghts, oil and gas rights, all water and ripanan nghts, ditches, and water stock and all eXlstiJ)g and future improvements, structures, fIXtures, and replacements that may now, or at any time In the future, be part of the real estate descnbed abo'Ve (allrefeired to as "Property"), 3. MAXIMUM OBUGATION UMIT. The total pnncipal amO\Ult secured by this SecurIty Instrument at anyone time shall not exceed $ 280,000.00 , This limitation of amO\Ult 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 contamed In this Secunty Instrument. 4. SECURED DEBT AND FUTURE ADVANCES.· The term" Secured Debt" is defined as follows: . A, Debt incurred under the tenns of all promIssory note(s), contract(s), guaranty(s) or other evidence of debt described secure and you should include the final matunty date of such deÞt(s). HOME EQUITY LINE OF ÇREDIT AGREEMENT DATED J\Ule 3, 2008 ,AND MATURING May 30, 2009 B. All future advances trom Lender to Mortgagor or other future oblígations of Mortgagor to Lender \Ulder any promIssory note, contract, guaranty, or other eVldence of debt executed by Mortiagor U1 favor of Lender executed after this Security [nstrurnent whether or not this Secunty Instrument IS specifically referenced If more than one person sIgns this Secunty Instrument, each Mortgagor agrees' that this Secunty Instrument will secure all future advances and future obligations that are gIven to or Incurred by anyone or more Mortgagor, or any one or more Mortgagor and other, All future advances and other future obligations are secured by this Security Instrument even though all or part may not yet be advanced, All future advances and other future oblìgations are secured as if made on the date of thís Security Instrument. Nothing ill this Security lnstmment shall constitute a commitment to make additional or futme loans or advances în any amount. Any such commitment must be agreed to ill 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, líabiIities for overdrafts relating to any deposIt acco\Ult agreement between Mortgagor and Lender, D, ALL additional SU1l1S advanced and expenses incurred by Lender for fisuring, preservmg or otherwIse protectmg the Property and its value and any other sums advanced, and expenses incurred by Lender under the tenus of this Secunty Instrument. In the event that Lender fails to provIde any necessary notIce of the nght of rescJssion with respect to any additional indebtedness secmed \Ulder paragraph B of this Section, Lender Wal'VeS any subsequent security interest in the Mortgagor's princIpal dwéJling that IS created by this Security Instrumènt (but does not waIve the security mterest for the debts referenced in paragraph A of this Section), 5, MORTGAGE COVENANTS. Mortgagor agrees that the covenants In this section are material obligations under the Secured Debt and this Security Instrument. 1f Mortgagor breaches any covenant in this' section, Lender may refuse to make additional extensions of credit and reduce the credit Jinut. By not exe!C1sing eIther remedy on Mortgagor's breach, Lender does not waive Lender's nght to later consIder the event a breach If it happens again. Payment!. Mortgagor agrees that all payments under the Secured Debt WJII be paId when due and in accordance with the terms of the Secured Debt and this Secunty Instrument. Prior Security Interests. With regard to any other mortgage, deed of trust, securIty agreement or óther lien document that created a pnor securJty interest or encumbrance on the Property, Mortgagor agrees to make all payments when due and to perfonn or comply with all covenants, Mortgagor also agrees not to allow any modification or extens1Qn of, nor to request any future advances under any note or agreement secured by the lien document WJthout Lender's pnor written approval, Claims Agai1l8t Title. Mortgagor will pay all taxes, assessments, liens, encumbrances, lease payments, grolmd rents, utilities, and other charges relating to the Property when due, Lender may reqUJre Mortgagor to proVIde to Lender copies of all notices that such amounts are due and the receipts eVJdencing Mortgagor's payment. Mortgagor will defend tltle to the Property against any claims that would ImpaIr the lien of this Secunty Instrument. Mortgagor agrees to assign to Lender, as requested by Lender, any rights, clamlS or defenses Mortgagor may have agalnst parties who supply labor or materials to maintain or IDlprove the Pro\,erty. Jl1i1illls:'JûJB ~ WYOMING- HOME EQUITY LJNE OF CREDIT MORTGAGE (NOT FOR FMNA, FHLMC, FHA OR VA USE) PAGE 2 OF 6 DDS-WHM L~00411 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 gíve Mortgagor notice at the time of or before an mspection specifying a reasonable purpose for the inspection. Any inspection of the Property shall be entii:ely for Lender's benefit and Mortgagor will in.no way rely on Lender's inspection, Property Condition, Alterations and Inspection. Mortgagor will keep the Property m good condition and make al1 reparrs that are reasonably necessary, Mortgagor shall not conumt or allow any waste, Impamnent, or deterIoration of the Property. Mortgagor agrees that the nature of the occupancy and use wIll not substantially change without Lender's prior written conseJJt. Mortgagor will not permit any change In ¡my Jicense, restrictive covenant or easement Without Lender's prior written consent. Mortgagor wdl notify Lender of all demands, proceedings, claims and actions agamst Mortgagor, and of any loss or damage to the Property. Authority to PeIform. If Mortgagor fails to perform any duty or any of the covenants contamed m this Security Instrument, Lender may, without notice, perform or cause them to be performed, Mortgagor appoints Lender as attorney m 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 wilJ not preclude Lender ffom exeJCIsing any of Lender's other rights under the law or this Security Instrument. Leaseholds; Condominiums; Planned Unit Developments. Mortgagor agrees to comply If with the proVISions of any lease If this Security Instrument is on a leasehold, The Property fficludes a unit 1ll a condoß1ÌJUWll or a planned unit dtwelopment, Mortgagor will perfonn all of Mortgagor's duties under the covenants, by-laws, or regulations of the condommium or planned urnt development, Condaseholds. Mortagagor wj]J gIve Lender prompt notice of any pending or threatened action, by private or public entities to purchase òr take any or all, of the Property through condemnation, emment domaìn, or any other meW1S, Mortgagor authorizes Lender to intervene III Mortgagor's name m any of the above described actIOns or danns, Mortgagor aSSlgns to Lender the proceed of any award or claim for damages cOlll1ected with a condemnation or other taking of all or any part of the Property, Such proceeds shall be considered payments and wdl be applied tIS provided ill this Security Instrument. This asslgrunent of proceeds 15 subject to the tenus of MY pnor mortgage, deed of trust, security agreement or other lien doclllllent. Insurance. Mortgagor shall keep Property msured agamst loss by fire, flood, theft and other hazards and rIsks reasonably assocIated With the Property due to Its type and location. This msuratice shall be mamtamed in the amounts and for the penods that Lender r<::qulres. The insurance carner providing the 1nSurance shall be chosen by Mortgagor subject to Lender's a approval, whích shall not be unreasonably wIthheld, If Mortgagor fails to maintam the coverage described above, Lender may, at Lender's option, obtam coverage to protect Lender's rights ill the Property according to the terms of this Security Instrument. All insurance policies W1d renewals shall be acceptable to Lender and shall include a standard "mortgage clause" and, where applicable, "loss payee clause" Mortgagor shall nnmediately notify Lender of cancellation or tennmation of the insuranc,e, Lender shaJl have the, right to hold the policies and renewals. If Lender reqwres, Mortgagor shall immediately give to Lender all receipts ofpaìd premIUms and renewal notices, Upon loss, Mortgagor shall give immediate notice to the msurance carrier W1d Lender, Lender may make proof of loss Ifnot made 11III11cdiately by Mortgagor, Unless otherwise agreed .in wnting, 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 l¡ender's option, Any application of proceeds to pnncipal 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 acqurred by Lender, Mortgagor's rIght to any 1ll5\J11Ulce policies and proceeds resulting ftom damage to the Property before the acqUIsition shall pass to Lender to the extent of the Secured Debt lnlffiediately before the acquisition. Financial Reports and Additional Documents. Mortgagor wIll provide to Lender upon request, any financial statement or Infonnation Lender may deem reasonably necessary. Mortgagor agrees to Sign, deliver, and file any additional documenls or certificatIOns that Lender may consIder necessary to perfect, continue, and preserve Mortgagor's obligations under this Secunty Instrument and Lender's lien status on the Property, 6. DUE ON SALE. Lender may, at lts option, declare the entire balance of the Secured Debt to be irrunediately due and payable upon the creation of, or contract for the creation of, II transfer or sale of the Property, This nght is subject to the restrictions imposed by federal law (12 C,F,R. 591), as applicable, 7, Fraud. Any Conslllller BOlTower engages in fraud or matenal misrepresentation in connection WIth the Secured Debt that IS an open end homð eqUIty plan, Initials:~"? (þ./ß WYOMING- HOME EQUffY LINE OF CRBD]T MORTGAGB (NOT FORFMNA, FHLMC, FHA OR VA USE) DDS-WHM PAGE 3 OF 6 L~004~2 Payments. Any Consum~r Borrower on any Secured Debt that is an open-end home ~quIty plan fails to make a payment when due, Property. Any action or maction by the Borrower or Mortgagor occurs that adversely affects the Property or Lender's nghts m the Property. This includes, but is not limited to, the followlDg; (a) Mortgagor fails to mamtam required msurance on the Property; (b) Mortgagor transfers the Property; (c) Mortgagor commits waste or otherwise destructively uses or fails to maintam the Property such that the action or maction adversely affeets Lender's secunty; (d) Mortgagor fails to pay taxes on th~ Property or otherwise fails to act and thereby causes a lien to be filed against the Property that is sewor to the lien of this Secullty Instrument; (e) a sole Mortgagor dies; (t) if more than one Mortgagor, any Mortgagor dies anq Lender's secunty IS adversely affected; (g) the Property js taken tbrough eminent domain; (h) a judgment is med agawst Mortgagor and subjects Mortgagor and the Property to action that adversely affects Lender's mterest; or (i) a pnor lienholder forecloses on the Property and as a result, Lender's mterest IS adversely affected, Executive Officers. Any BOlTower is an executive officer of Lender or an affiliate and such Borrower becomes mdebted to Lender or another lender in an aggregate amount greater than the amount pennitted under federal laws and regulations, 8, REMEDIES ON DEFAULT. In'addition to any other remedy available under the teons of this Secunty Instrument, Lender may accelerate the Secured Debt and foreclose tlùs Security Instrument m a manner provìded by Jaw if Mortgagor IS m default. In some Instances, federal and state Jaw WJIl requirtl Lender to provide Mortgagor With notice of the nght to cure, or other notices and may establish time schedules for foreclosure actions, At 11;Ie option of the Lender, all or any part of the agreed fees and charges, accrued interest and prmcipal shall become lmmediately due and payable, after gmng notice Ifrequired by law, upon the occurrence of II default or anytime thereafter, Lender shaH be entitled to, Wlthout limitation, the power to sen 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 nght to reqwre complete cure of any eXisting default. By not exercising any remedy on Mortgagor's default, Lender does not waIVe Lender's nght to later consider the event a default If it happens again. 9. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECflON COSTS. If Mortgagor breaches any covenant III tbis Security Instrument, Mortgagor agrees to pay all expenses Lender jncurs III performing 'such covenants or protecting its secunty mterest III the Pl'operty, Such expenses mclude, but !lIe not limited to, fees mcurred for mspecting, preserving, or otheTWlse protectmg the Property and Lender's security mterest, These expenses are payable on demand and will bear interest fromthe date of payment lUltil paId in full at the highest rate of interest ill effect as provided III the tenns of the Secured Debt. Mortgagor agrees to pay all costs and expenses illcurred by Lender In colJecting, enforclDg or protecting Lender's nghts and remedies under this Security Instnunent. This amount may include, but IS not limited to, reasonable attorneys' fees, court costs, and other legal expenses, This amount does not mclude attomeys' fees for Ii salaried employee of the Lender. To the extent penmtted by the Umted States Bankruptcy Code, Mortgagor agrees to pay the reasonable attorneys' fees Lender mcurs to coHeet the Secured Debt as awarded by any court exercising )unsdiction under the Bankruptcy Code, This Secunty Instrument shall remam in effect until released, Mortgagor agrees to pay for any recordation costs of such release. }O, ENVffiONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used Íl1 this section, (1) EnVlfonmental Law means, WIthout limitation, the ComprehensIve Environmental Response, Compensation àDd Liability Act (CERCLA, 42 U.s, C, 9601 et seq ,), and all other federal, state and 10ca11aws, regulations, ordinances, court orders, attorney general opinions or interpretive letters concerning the public health, safety, welf!IIe, enVlfonment or a hazardous substance; and (2) Hazardous Substance means any tOXiC, radioactive or hazardous material, waste, pollutant or contammant which has characteristics which render the substance dangerous or potentially dangerous to the public health. safety, welf!IIe or environment. The tenn mcludes, WIthout limitation, any substances defined as "hazardous matenal," "tOXlC substances," "hazardous waste' or "hazardous substance" Wlder any Env1Ionmental Law, Mortgagor represents, warrants and agrees that: A. Except as previously disclosed and acknowledged 111 writing to Lender, no Hazardous Substance IS or will be located, stored or released on or lU the Property. This restriction does not apply to small quantities of Hazardous Substances that are generally recognìzed to be appropriate for the nonnal use and maintenance of the Property. B. Except as preVIously disclosed and acknowledged In wnting to Lender, Mortgagor and every tenant have been, are, and shall remainm full compliance With any applicable Environmental Law. Initilll~.R c~ WYOMING· HOME EQUITY llNB OF CREDIT MORTGAGE (Nor FOR FMNA, FHLMC, FHA OR VA USE) PAGE 4 OF 6 DDS-WHM L"00413 C, Mortgagor shall fnunediately notify Lender if a release or threatened release of a Hazardous Substance occurs on, under or about the Propðrty or there is a violation of any EnvJIonmental Law concerning the Property, In such an event, Mortgagor shall take all necessary remedial action in accordance with my Environmental Law. D, Mortgagor shall immediately notify Lender in wnting as soon as Mortgagor has reason to beHeve there IS any pending or threatened Investigation, claill\ or proceeding relating to the release or threatened release of any Hazardous Substance or the violation of any Environmental Law. 11, ESCROW FOR TAXES AND JNSURANCE, Unless otherwise provided in a separate agreement, Mortgagor wiIJ not be required to pay to Lender funds for taxes and insurance In escrow. 12, JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties 1Ulder this Security Instrument are Jomt and indiVIdual. If Mortgagor signs this Security Instrument but does not sign an evidence of debt, Mortgagor does so only to mortgage, Mortgagor's mterest 1D 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 Len4er and Mortgagor, Mortgagor agrees to waive any rights that may prevent Lender from brmgmg any action or claim against Mortgagor or any party indebted \U1der this obJigation. These ngbts may mclude, 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. Thi$ SecurIty Instrument is complete and fuJly integrated. This Secunty Instrument may not be amended or modified by oral agreement. !illy 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 penruts the vanations by written agreement. If any section of this Secunty Instrwnent cannot be enforced according to Its terms, that section wiJl be severed and will not affect the enforceability of the remamder of this Security Instrument. Whenever used, the smgular shall include the plural and the plural the smgular, The captions and headings of the sectIons of this Security Instrument are for convenience only and are not to be used to intelpret or define the tenus of this Security Instrument. Time is of the essence in this Security Instrument. 14, NOTICE. Unless otherwISe requued by law, any notice shall be given by delivering It or by rnaJJing it by first class mall to the appropnate party's address on page 1 of this Security Instrument, or to any other address designated in wrIting, Notice to one mortgagor wiJl be deemed to be notice to all mortgagors, IS, WAIVERS. Except to the ex.tent prohibited by law,Jv[ortgagor waives any nght regarding the marshalling of liens and assets and all homestead ex.emption rights relating to the Property. 16. LINE OF CREDIT. The Secured Debtmcludes arevolvìng Iineofcredit. Although the Secured Debt ,may be reduced to a zero balance, this Secunty Instrument will remain in effect \U1til released. 17, APPLICABLE, LAW. Tills. Security Instrument IS governed by the laws as agreed to in the Secured Debt, except to the extent reqUired by the laws of the JUl1sdiction where the Property is located, and applicable federal laws and regulations, IS, RIDERS. The covenants and agreements of each of the riders checked below are incolporated mto and supplement and amend the tenns of this Security Instrument. [Check all applicable boxes] o Assignment of Leases and Rents 0 Other 19, ADDITIONAL TERMS. Ini1iaJs~ 75 0-dß WYOMING- HOME BQUlTI LINE OF CR1!DIT MORTGAGE (NOT FOR FMNA, FHLMC. FHA OR VA USE) PAGE 5 OF 6 DDS-WHM 000414 SIGNATURES: By sigmng below Mortgagor agrees to the tenns and covenants contallled in this Secunty Instrwnent and in any a chments, Mortgagor, also acknowledges receipt a copy of this Security Instrument on the date stated on page 1, ad/&¡; ChnsW L Bills rf; :f-ðt' Date Date Date Date Date Date, ' Date ACKNOWLEDGMENT: (Individual) STATE OF Wyommg , COUNTY OF Lincoln ) 58. This instrument WàS acknowledged before me this. 3rd By Jason WBills AND Christal L Bills, HUSBAND AND WIFE day of June, 2008 My comnnssion expues: ~Ä6~/( - LORI KALAN - NOTARY PUBLIC ~-~ Notary Public (Seal) x COUNTY Of LINCOLN STATE OF WYOMING My Commission Expires Feb. 26, 2011 ~J>-.~~,_ WYOMlNO- HOMB EQUITY LINE OF CREDrr MORTGAGE (Nor FOR FMNA, FHLMC, FHA OR VA USE) PAGE 6 OF 6 DlJS·WHM 'L Exhibit A File 6010816826 Description \)00415 The land referred to ín tIllS document is situated in the State of Wyoming, COWlty of Lincoln, and is described as foHows; Parcel KD 1, Lincoln County, Wyonûng as shown on survey map 246-B on record with the Lincoln COWlty Clerk as Receiving No. 922290; and, more particularly described as follows: A parcel ofJalld within an unplatted pottion ofthe City of Kenunerer, Wyonúng and being part of Tracts 39 and 107 and withñt the Northeast Quarter of Section 35 and the Northwest Quarter of Section 36 all of the resurvey of Township 21 North, Range 116 West of the 6tb P,M. City of Kemmerer, Lincoln County, Wyonúng and being more particularly described as foJlows: Beginning at the common corner of Sections 25, 26,35 and 36 of the resurvey of Township 21 North, Range 116 West ofllie 611> P.M., Lincoln County, Wyonûng where is fOWld as standard U.S.G.L.O. brass cap; thence North 89°56'12" East, 665.67 teet to a point on a curve to the right of the West right of way boundary ofV.S. Highway 30. Said point being monumented bya 2 inch diameter aluminum cap on and 5/8 inch rebar with the cap being stamped "eCl, PELS 5465,2006" with other appropriate marldngs (said monument herein after referred to as a 2" eCI cap') set this sW"vey; thence 163.58 feet along the arc of said curve to the right of said West highway right ()f way boundary to the PC of said cw"Ve where is found a standard 6"x6" concrete highway right- of-way marker. Said curve to the right having a central angle of 4~2'30" a radius of 2142.26 feet and a chord of 163.54 feet which bears South 4°06'39" West; thence South 6°12'31" West, 1488.82 feet along said West highway right of way boundary to a point where is found a 2" eCI cap set this survey; thence North 89°58'03" West, 994.85 feet to a point where is found a 2" CCI cap set tlùs survey; thence North 0°04'00" East, 1642.38 feet to a point on the common boundary line between Sections 26 and 35. Said point being monumented by a 2" CCI cap set tlús sW"vey; thence South 89°56'46" East, 50Q,00 feet to the Point of Beginning. :::JZ; ~ ê;;@