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HomeMy WebLinkAbout939665 RECEIVED 6/10/2008 at 1:27 PM RECEIVING # 939665 BOOK: 696 PAGE: 741 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY 6010816820 LOG74j. 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 .9?:9~:?P.q~................................................ . The parties and their addresses are: MORTGAGOR: TROY W, MCLAIN AND HOLLY C. MCLAIN, HUSBAND AND WIFE P.O. BOX 854 THAYNE, WY 83127 o If checked, refer to the attached Addendum incorporated herein, for additional Mortgagors, their signatures and acknowledgments. LENDER: THE BANK OF STAR VALLEY THA YNE BRANCH ORGANIZED AND EXISTING UNDER THE LAWS OF THE STATE OF WYOMING P.O. BOX 928 113 PETERSEN PARKWAY THAYNE, WY 83127 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 perfoanance under this Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with power of sale, the following described property: SEE EXHIBIT "A" HERETO ATTACHED AND MADE A PART HEREOF ",.~ ..~~ i. .r The property is located in . ~I.~ÇP.L.~ .. .. .. . .. .. .. .. .. .. . .. .. . .. .. .. .. .. .. .. .. . .. .. . .. .... . .. .. .... at .!?) P. M~~.qg^~!. ~4!.. .. .. .. . .. .. .. .. .. . .. .. . .. (CoWlty) . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .'. . . . . . . . .. . . . . . . . ., . ~T A~ .~~~~~Y. ~A~Ç.~ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ., Wyoming . ~~.1p. . . . . . . . .. . . . . . . (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 $ . ~P!9P.q·P.q .. .. .. .. .. . .. .. .. .. .. .. .. .. .. .. .. .. . .. ... . This limitation of amount does not ind ude interest and other fees and charges validly made pursuant to this Security Instrument. Also, this limitation does not apply to advances made under the tenns of this Security Instrument to protect Lender's security and to perfoan any of the covenants contained in this Security Instrument. 4. SECURED DEBT AND FUTURE ADVANCES. The tean "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 jÏnall11aturÜy date of sitch debt(s).) ONE PROMISSORY NOTE DATED 6·l081N THE AMOUNT OF $80,000.00 WYOMING - HOME EQUITY LINE OF CREDIT MORTGAGE {NOT FOR FNMA, FHLMC, FHA OR VA USE) Ex{5ëì=è~ © 1994 Bankers Systems, Inc.. St. Cloud, MN Form OCP-REMTG-WY 511112005 ~ IPO~ (.OG742 B. All future advances from Lender to Mortgagor or other future obligations of Mortgagor to Lender under any promissory note, contract, guaranty, or other evidence of debt executed by Mortgagor in favor of Lender after this Security lnstrument whether or not this Security Instrument is specifically referenced. If more than one person signs this Security lnstrument, each Mortgagor agrees that this Security Instrument will secure <Ill future advances and future obligations that are given to or incurred by anyone or more Mortgagor, or anyone or more Mortgagor and others. All future adnnces and other future oblig<ltions are secured by this Security Instrument even though aU or part may not yet be <ldvanced. All future advances and other future obLigations are secured as if made on the d<lte of this Security Instrument. Nothing in this Security Instrument shall constitute a commitment to make additionaL or future loans or advances in any amount. Any such commitment must be <lgreed to in a separate writing. C. All other obligations Mortgagor owes to Lender, which may l<lter arise, to the extent not prohibited by law, including, but not Limited to, li<lbUilies for overdrafts relating to any deposit account agreement between Mortgagor and Lender. D. All additional sums advanced <lnd expenses incurred by Lender for insuring, preserving or otherwise protecting the Property and its V<llue and any other sums advanced and expenses incurred by Lender under the tenns of this Security Instrument. In the event that Lender hlils to provide <lny required notice of the right of rescission, Lender waives any subsequent security interest in the Mortgagor's princip<ll dwelling th<lt is created by this Security lnstrument. 5. MORTGAGE COVENANTS. Mortg<lgor agrees that the coven<lnts in this section are material obligations under the Secured Debt and this Security Instrument. If Mortgagor breaches <lny coven<lnt 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 bre<lch, 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 tenns 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 encumbr<lnce on the Property, Mortgagor <lgrees to make all payments when due and to perform or comply with all covenants, Mortgagor <lLso 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, <lssessments, liens, encumbrances, lease payments, ground rents, utilities, <lnd other charges relating to the Property when due. Lender m<lY require Mortg<lgor to provide to Lender copies uf all notices th<lt sucll <lmoun.ts <Ire due an.d the receipts eviden.cing Mortgagor's paymen.t. Mortgagor wiU defend title to the Property against any claims that would impair tile 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. an.d make all repairs that are reasonably necessary, Mortg<lgor shall not commit or allow any waste, impainnen.t, or deterioration of the Property. Mortg<lgor agrees th<lt the n<lture of tile occupancy <In.d use will not substantially change without Len.der's prior written consent. Mortg<lgor will nut permit any cbange ill an.y license, restrictive covenant or easemen.t without Len.der's prior written. consent. Mortgagor will notify Lender of <Ill demands, proceedings, claims and <lction.s against Mortgagor, an.d of any loss or damage to the Property. Lender or Lender's agents may, <It Lender's option, enter the Property <It any reasunable time for the purpose of inspectin.g the Property. Lender shall give Mortgagor n.otice at the time of or before an. inspection. specifying a reasonable purpose for the inspection. An.y inspection of the Property sll<lll be entirely for Lender's ben.efit and Mortgagor will in. no way rely on Lender I s inspection. ' Authority to Perform. If Mortgagor fails to perfonn an.y duty or any of the coven.an.ts contain.ed in. this Security In.strument, Len.der may, without notice, perform or cause them to be performed. Mortgagor appoin.ts Len.der as attomey in fact to sign Mortg<lgor's name or pay an.y amount necessary for perfonn<ln.ce. Len.der's right to perfonn for Mortg<lgor shall not create an. oblig<ltion to perfonn, and Lender's [<lilure to perform will not preclude Lender from exercising any of Lender's other rights under the law or tllis Security In.strument. Leaseholds; Condominiums; Planned Uuit Developments. Mortg<lgor agrees to comply with the provisions of allY lease if tllis Security Instrument is 011 a le<lsebold, If the Property includes a unit in a condominium or <I planned unit development, Mortgagor will perform all of Mortgagor's duties under the covenants, by-laws, or regulations of the condominium or plan.ned un.it developmen.t. Condemnation. Mortgagor will give Len.der prompt n.otice of any pendin.g 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 Len.der to intervene in Mortgagor's name in any of the above described <lctions or cl<lims. Mortgagor assigns to Lender the proceeds of any <lw<lrd or cl<lim for d<lm<lges connected with a condemnation or other taking of all or any part of the Property. Such proceeds shall be considered payments and will be <lpplied as provided in this Security Instrument. This assignmen.t of proceeds is subject to the terms of any prior mortg<lge, deed of trust, security agreement or other lien document. Insurance. Mortg<lgor shall keep Property insured <lg<linst loss by fire, t1ood, theft <lnd other hazards and risks reasonably <lssociated with tLle Property due to its type <lnd location, This insurance sb<lll be maint<lined in the amounts and for the periods that Lender requires. Wh<lt Lender requires pursuant to the preceding two sentences can ch<lnge 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 Ilot be unreasonably withheld, If Mortgagor fails to maintain the coverage described above, Lender may, at Len.der's option, obtain coverage to protect Lender's rights in the Property according to the tenns of this Security Instrument. All insurance policies and renewals shall be accept<lble to Lender and shall include a standard "mortgage clause" and, where <lpplicable, "loss payee clause." Mortg<lgor shall immediately notify Lender of cancellatioll or termination of the insurance. Lender shall have the right to hold the policies and renewals. lf 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 m<lke proof of loss if not made immediately by Mortg<lgor. 1.1 nless otherwise <lgreed in writing, <Ill insu[(\nce proceeds shall be applied to Property or to the Secured Debt, whether or not then due, <It Lender's option. the restoration or repair of the Any <lpplication of proceeds to ~ -!{(1 Ex¡5Ëii'è.@ ©1994 Bankers Systems, Ino" 5t, Cloud, MN Form OCP-REMTG·WY 5/11/2005 COG743 principal shall not extend or postpone the due date of the scheduled payment nor change ~he amount .of any paym~~t. Any excess will be paid to the Mortgagor. If the Property is acquired by Lender, Mortgagor's fight to any Illsurance 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 t~ Lende: upon req~est, any f~n.ancial statement or infunnaLÌon Lender may deem reasonably necessary. Mortgagor agrees to sIgn, dehver, and file any addltlonal documents or certifications that Lender may consider necessary to perfect, continue, and preserve Mortgagor's obligations under this Security lnstrument and Lender's lien status on the Property. 6. DUE ON SALE. Lender may, at its option, declare the enlÍre 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. Pl"Operty. 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 fCl(uircd insuram.:e 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; (t) 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 execulÍve 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 lO pay all expenses Lender incurs in perfoffilÌng 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 this section, (1) Environmental Law means, without limitation, the Comprehensive Environmcntal 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 in writing 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 Lender if a release or threatened release of a Hazardous Substance occurs on, under or about the Property or there is a violation of any Environmental Law concerning the Property. In such an event, Mortgagor shall take all necessary remedial 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. ~® ©1994 Bankers Systems, Inc" St, Cloud. MN Form OCP-REMTG-WY 5/11/2005 *- /..~ LOG744 11. ESCROW FOR TAXES AND INSURANCE. Unless otberwise provided in a separate 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 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 lnstrument sball bind and benefit tbe successors and assigns of Mortgagor and Lender. 13. SEVERABILITY; INTERPRETATION. Tbis 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. lf any section of this Security Instrument cannot be enfurced accurding tu 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 rigbts re!äting 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 lnstrument. [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. M;7g71S0 acknowledges receipt of a copy of this Security Instrument on the date stated on page 1. ... ..... .... ..~}............ ................ þ .{~; ..g1\/¡.. .r:,)Vlt.~~......jLÞÞ ¡ (Signat ) T Y W, MCLAIN (' Jb;t~~ (Signature) H6~c. MCLAIN (Date) ACKNOWL~~:T~~T.w.~9MI,~~"".................,..........,., COUNTY OF ,... 1;n.( ÒI4.........................} ss. (1IIdividmd) Th·' . 0 ," 'ok 1 .1, .. b f· > 'h' 3RD d· f JUNE 200B tS tnstrument was ac now eugeu e ore me t tS ......"".,........ ay u ..... .'........,.................................... ~y, ,':,:~'~ ,~~~..C,i,o',L':,'I'N~,:p'i~'~.,Y,~,'~,"",M."~,,~,A,I,,!~~~~~·Q A~R Y!l~~.....,. .~..."...,...... ........".,.,.~... .l}.................................... . (Seal) , ' .... ... . ..W~~............... ,;. '__'"O.'~~ "'_.>""" """~":~,:,;~",,,,.,"",,~_,,,,,,,,....~. (NoUlry Public) II S:--í.'I~:,or,) VVJ\LKEH <"- NOrl\I~Ÿ'f'l;Ò¡:ië"¡ i ,COd¡~, TY, Or 'SlATE OF i Lli~COLN WYOMING i.(;y~;;~¿~g~~~o_~.:~~~!;:.~~ ,~~,-2?Oß , ._~-_..--.~.,;;;;.;.--"""-" ~® ©1994 Bankers Systems, Inc" St, Cloud, MN Form OCp·REMTG-WY 5/11/2005 (paga 4 of 4) MAY. 2-7. LVVO ¡2:33PM ALLIANCE TITLE&ESCRO~ NO. 4752 I. L LEGAL DESCRIPTION EXHIBIT 'A' OrderNo: 6010816820 Lot 27 of Star Vaney Ranch Pla.t 3, Lincoln County, Wyoming as described on the official plat filed on March 3,1971 as instrument No. 428885 of the records of the lJncoln County Clerk. .... .........-~" LOG745