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HomeMy WebLinkAbout940913 flJ./73 RECEIVED 7/31/2008 at 10:10 AM RECEIVING # 940913 BOOK: 701 PAGE: 217 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY a&........ ....: _ _ . ¡;mde .. ...... (9mpðny SINCE 1904 COû2:t7 Stule 01' Wyoming Space Above This Line For Recording Dula MORTGAGE (With Future Advance Clause) 1. DATE AND PARTIES. The date of this Mortgage (Security Instrument) is . ~7: .17:?P.q~. .. . .. . . .. .. . . .. .. . .. . . .. .. .. .. . . ... .... .. ...... . The parties and their addresses are: MORTGAGOR: NEAL R. KIEHNE AND MARY A. SNYDER·KIEHNE, HUSBAND AND WIFE, AS TENANTS BY THE ENTIRETIRES 134 COUNTY ROAD 108 ETNA, WY 83118 o If checked, refer to the attached Addendum incorporated herein, for additional Mortgagors, their signatures and acknowledgments. LENDER: THE BANK OF STAR VALLEY THAYNE 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 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" HERETO ATTACHED AND MADE A PART HEREOF The property is located in . ~I.~ÇP.L.~.............................................................. at . P~. ç.q~~.~y .~9~.q .1.q?..,...................... (COlllllY) ..............................................................., .ET~A.......................... .....,.............., Wyoming .?~.1.1?. ............. (Address) (Cily) (ZIP Code) Together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, all water and riparian rights, ditches, and water stock alld 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 include interest and other fees and charges validly made pursuant 10 I his Security Instrument. Also, this limitation does /lot apply to advances made under the terms or tuis Security lustrunlent III protect Lender's sccuIÌty and to perform any or the covenants contained ill this Security I nstrul1lcnl. 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, (Yoll must specifically identify the debt(s) secured and you should include the jÏnal maturity date of such debt(s).) ONE PROMISSORY NOTE DATED 7·17·08IN THE AMOUNT OF $50,000.00 WYOMING - HOME EQUITY LINE OF CREDIT MORTGAGE ¡NOT FOR FNMA. FHLMC. FHA OR VA USEI ~ .", . -_. ît,nkors Systoms. Inc., St. Cloud. MN Form OCP-REMTG-W" -.. - '--')5 J/f~ C00218 B. AI! future advanccs 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 Instrument whether or not this Security Instrument is specifically referenced. If more than one person signs this Security Instrument, each Mortgagor agrees that this Security Instrument will secure all 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 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 obligations are secured as if made on the date 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 agreed to in a scparate writing. C. AI! 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. AI! 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 tenns 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 anu this Security Instrument. If Mortgagor breaches any covenant in this section, Lender may refuse to make additional extensions of credit and reuuce the creditlimil. 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 al! payments under the Secured Debt wil! be paiu when due and in accordance with the teans 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 crcated a prior security interest or encumbrance on the Property, Mortgagor agrees to make all payments when due and to perfoan or comply with al! covenauts. 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 wil! pay al! taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Property when dUt:. 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 tille to the Property against any claims [hat 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 conditioll and make all repairs that are reasonably necessary. Mortgagor sllélll not commit or allow any waste, impaianent, or deterioration of the Property, Mortgagor agrees that the nature of the occupancy and use will not substantially change without Lender's prior writtell consent. Mortgagor will not permit allY change in any license, restrictive covenant or easement without Lender's prior writtell cOllsent. 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 Prupl.:ny. Lender shall givl.: 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 ill no way rely on Lender's iuspeetion. 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 perfonl1 for Mortgagor shall not create an obligation to perfonn, and Lellder'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 allY lease if this Security Instrument is on a leasehold. If the Property includes a unit in a condominium or a planlled unit development, Mortgagor will perform all of Mortgagor's duties undcr [he covenants, by-laws, or regulations of the condominium or planned unit deveIopmt:nt. Condemnation. Mortgagor will give Lender prompt notice of allY 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 condemnatioll 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 Instrumellt. This assignment of proceeds is subject to the tenns 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 ,is:;ociateJ 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 Lendt:r requires pursuant to the preceding two sentences can change during the tean 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. ]f Mortgagor fails to maintain [he coverage described above, Lender may, at Lender's option, obtain coVt:ragt: to protect Lender's rights in the Property according to the terms of this Security Instrument. All insurance policies and renewals shall bc acceptable to Lender and shall iucluue a stalldard "mortgage clause" and, where applicable, "loss payee clause." Mortgagor shall immt:diatcly notify Lender of ca(](;ellatioJl 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 premiurps and renewal notices. Upon loss, Mortgagor shall give immediate notice to the insurance carrier and Lender. Lellder 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 thcn due, at Lender's option. Any application of proceeds to Exi'5ë?è:? ©1994 Bankers Systems, Inc., St. Cloud, MN Form OCP-AEMTG-WY 5111/2005 ,JIL ,* ·....n¡¡).')1cn t.: >::JV'" , ~ princip<ll sh<lll not extend or postpone the due d<lte of the scheduled p<lymeut nor ch<lnge the <lfl1ount of <luy paymenl. Any excess will be p<lid to the Mortg<lgor. If the Property is <lcquired by Lender, Mortgagor's right to any insurance policies and proceeds resulting from d<lm<lge to the Property before the <lcquisition sh<lll p<lSS to Lender to the extent of the Secured Debt immedi<ltely before the <lcquisition. Financial Reports and Additional Documents. Mortgagor will provide to Lender upon request, any financial statement or infonnation Lender may deem reason<lbly necessary, Mortgagor agrees to sign, deliver, and file any additional documents or certifications th<lt Lender m<lY consider necessary to perfect, continue, and preserve Mortgagor's obligations under this Security Instrument <lnd Lender's lien st<ltus on the Property. . 6. DUE ON SALE. Lender m<lY, <It its option, declare the entire b<ll<lnce of the Secured Debt to be immediately due and payable upon the creation of, or contr<lct for the cre<ltion of, <I tnUlsfer or s<lle of <II! or any p<lrt of the Property. This right is subject to the restrictiolls imposed by federal law (12 c.r.l<.. 5(1), <IS <lpplic<lble. 7. DEFAULT. Mortgagor will be in default if any of the following occur: Fraud. Any Consumer Borrower eng<lges in fr¡¡ud or m<lterial misrepresentation in connection with the Secured Debt that is an open eud hOlne 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 tr<lnsfers the Property; (c) Mortgagor commits waste or otherwise destructively uses or fails to maintain the Property such tbat the action or inaction adversely affects Lender's security; (d) Mortgagor fails to pay taxes on the Property or otherwise fails to act aud thereby causes a lieu to be filed against the Property that is senior to the lien of this Security lnslrument; (e) a sole Mortgagor dies; (1) if more tb<ln 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 <lnd the Property to action that adversely affects Lender's interest; or (i) a prior lienholder forecloses on the Property <lnd as <I result, Lender's interest is adversely affected. Executive Officel·S. Any Borrower is <In executive officer of Lender or an affiliate and such Borrower becomes indebted to Lender or <lnother lender in an aggreg<lte amount greater than the amount pennitted under federal laws and regulations. 8. REMEDIES ON DEFAULT. In addition to any other remedy available under the tenns of this Security Instrument, Lender may <lccelerëtte the Secured Debl <lnd foreclose this Security I nstrumcnt in ët manner provided by law if Mortgagor is in default. [n some inst<lnces, fedeŒl <lnd st<lte l<lw will require Lender to provide Mortgagor with notice of the right to cure, or other nOlices and may estëthlish time schedules for foreclosure actions. At the option of the Lemler, all or any p<llt of the agreed fees and ch<lrges, accrued interest and principal shall become immediately due <lnd p<lyable, after giving notice if required by law, upon the occurrence of <I def<lult or anytime thereafter. Lender shall be entitled to, without limit<ltion, 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 aceeler<lted or after foreclosure proceedings <Ire filed sh<lll not constitute a waiver of Lender's right to require complete cure of <lny existing def<lult. By not exercising <lny remedy on Mortgagor's default, Lender does not waive Lender's right to later consider the event a def<lult if it happens again. 9. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. If Mortg<lgor breaches any covenant in tbis Security I nSlrument, Mortg<lgor <lgrees to pay <Ill expenses Lender incurs in perfonning such covenants or protecting its security interest in the ProperlY. Such expenses include, but arc not limited to, fecs incurred for inspecting, preserving, or otherwise protecting the Property and Lender's security interest. These expenses are p<lyable on demand <lnd will bear interest from the d<lte of payment until paid in full at the highest rate of interest in effect as provided in the tenns of the Secured Debt. Mortg<lgor <lgrees to pay <Ill 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 pennitted by the United States Bankruptcy Code, Mortgagor agrees to pay the reasonable attorneys' fees Lender incurs to collect the Secured Debt as aW<lrded by any court exercising jurisdiction under the Bankruptcy Code. This Security Instrument sh<lll remain in effect until released. Mortgagor agrees to pay for any recordation costs of such release. 10. ENVm.ONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (l) Environmental Law means, Wilhout limilation, the Comprebensive Environmental Response, Compens<ltion <lnd Liability Act (CERCLA, 42 V.S.C. 9601 et scq.), and all other feder<ll, st<l(e and local laws, regulations, ordinances, courl orders, <lttorney geneŒI opinions or interpretive lelters concerning lhe publ ic health, safelY, well"are, environment or a haz.ardous subst<lnce; <lnd (2) Hazardous Subslance means <lny toxic, radio<lctive or 11<17.<lrdous In<ltcrial, W<lSle, pollut<lnt or contaminant which h<ls characteristics which render the substance d<lngerous or potentially dangerous to the public health, s<lfety, welfare or environment. The tenn includes, without limitation, any substances defined <IS "hazardous m<lterial," "toxic substances," "hazardous waste" or "hazardous substance" under <lny Environment<ll Law. Mortgagor represents, warrants and agrees that: A. Except ,is previously disclosed and <lcknowledged in Wfltll1g to Lender, no H<lzardous 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 <Ire gener<llly recognized to be appropriate for the norm<ll use and maiuten<lnce of the Property. B. Except as previously disclosed and acknowledged in writing to Lender, Mortg<lgor and every tenant have been, are, and sh<lIl remain in full compliance wilh any applicable Environment<ll L<lw. C. MOftg<lgIJr sh<lll iUU11ediately notify Lender if a release or threateneu rele<lse of a Hazardous Substance occurs 011, under or <lbout the Property or there is a viol<ltion of any Environmental Law concerning the Property. In such an event, Mortgagor shall take all necessary remedial <lction in accordance with <lny 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 thre<ltened release of any Hazardous Substance or the violation of any Environmental Law. Ex:{5ë'i'è~ ©'994 Bankers Systems, Inc.. St. Cloud, MN Form OCp·REMTG·WY 5/11/2005 L~ 00022'(. 11. ESCROW FOR TAXES AND lNSURANCE. Unkss otlierwise provided in a separate agreement, Mortgagor will not be required to pay to LL:nder funds for laxes and illSUraIJCe in escrow. 12. JOlNT AND lNDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Security Instrument are joint and individual. If Mortgagor signs tbis Security Instrument but docs 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 tbe 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 tbe obligation. Tbese 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; lNTERPRETATION. This Security Instrument is complete and fully integrated. Tbis Security Instrument may not he amended or modifiL:d by oral agreement. Any section in this Security Instrument, attaclmlents. or any agreement related to the Secured Debt that conllicts with applicable law will not be effective, unless that law expressly or impliedly permits the variations by written agreement. ]f any section of this Security Instrument cannot be enforced according to its tenns, 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 tbe plural the singular. The captions and headings of the sections of this Security I nstrument are for convenience only and are not to be used to interpret or define the terms of this Security Instrument. Time is of tbe 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 I 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 prolÚbited by law, Mortgagor waives allY right regarding the marshalling of liens and assets and all homeskad exemption rights relating to the Property. 16. LlNE 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 uIHil 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 tenns of this Security J nstrument. (Check all appl icable boxes] o A ssignment of Leases and Rents 0 Other...........................................................................,...,.................. 19. 0 ADDITIONAL TERMS. SIGNATURES: By signing below, Mortgagor agrees to tbe terms and covenants contained in tbis Security Instrument and in any attachments. Mortgagor (llso acknowledges receipt of a copy of this Security] l1strument on the date st(lte 0 (lge 1. ..... A(../M.................N?cOfL ~L,....... ... (Sigl~~·I~NE (Date) (Signature) M . Y SN ER 1 HNE . ....... ..?::/?~Pb. (Da Ie) ACKNOWL~~AGT~O~~~~9MI.~~. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ., CO UNTY 0 F ..L /.1.''1. C.Q.l~ . . . . . . . . . . . . . . . . . . . . . . . . . .} ss. (hvJividlJ'~) '1'1 's' t . . . ·k 1·, I 'd b I· " ., ·1', 17TH .1. 1· JULY 2008 11. ¡Ilsrumenl was ac noweuge eOle me tllS .................... uay 0 .................................................... by . ~~.~~ .~·.~l~~~.~;. ry1A~.Y.~: .~~y.Q~~:~l~~~.~,. ~µ.~~~.~P. ~NQ .~I!f~! A~ .~~~.~~!.~ ~.~.T ~.~~.T.I~.E.~I.~~..; '1' . . 'ï" . . . . . . . . . . .. ........ . . . ,... . .. . My conlln(~":.,~~n expires: t, -I¿¡'-~D/~ .~~....,.............. (Nol:lry PIIl>lic) Ex15iiirè!' ©1994 Bankers Systems, Inc., St. Cloud, MN Farm OCP-REMTG-WY 5/11/2005 (page 4 of 4) EXHIBIT "A" 00022:1. Lot 2 of HORSE HILLS, Lincoln County, Wyoming, as shown on the official plat thereof filed November 7,2007, as Receiving No~ 934691, in the Office of the Clerk of Lincoln County, Wyoming, as Plat No. 934691. . ." ._'-..~..... . .~ ,. .~...~ "7' . n. .-,-- _',." < ......~':... 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