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HomeMy WebLinkAbout942153 ;1., j" ~ \. RECEIVED 9/10/2008 at 12:15 PM RECEIVING # 942153 BOOK: 704 PAGE: 543 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY SIUlC or "')'ol11ln;,: S J:lCC Ahovc This Llnc For Rccordlng Dulu MORTGAGE (With Future Advöncl: Clöusc) 1. DATE AND r ARTIES. The ditte of this Mortgitge (Security Instrument) is . 9~:??:?9.q~................................................ . The pitrties itlld their itddresses are: MORTGAG( JR: ROBERT LANDRY AND LISA LANDRY, AS JOINT TENANTS WITH FULL RIGHTS OF SURVIVORSHIP PO BOX 4176 BEFORD, WY 83112 o If chcckl:J, rerer to the all;¡cheJ I\Jdcndulll illcorp,¡r¡.¡ted hnein, 1'01' aJditional Mortgagors, their signatures and acknl)wlcdgl11l:lIts. LENDER: THE BANK OF ST AR VALLEY THA YNE BRANCH ORGANIZED AND EXISTING UNDER THE LAWS OF THE STATE OF WYOrvllNG P.O. BOX 928 113 PETERSEN PARKWAY THAYNE, WY 83127 2. CONVEYANCE. For good and valuable considcl'èltion, Ihc reccipt and sufricicllcy of which is acknowledged, and to secure lhe Secured Deb( (defined below) ¡¡nJ Mortgagor's perform¡¡nce undl:r this Securily Instrument, Mortgagor g,wnts, bargains, convey.~, II10rtgages and W;II'I,lnts (0 Lender, wilh power or sale, (he rollowing described property: SEE EXHIBIT A ATTACHED HERETO AND MADE A PART HEREOF 1. ..) The properly is locit(ed in .~I.~Ç9.L~."..",.."."."..,.........,..,.."",..,.."...".,..,.'.. öt )?8.ç.q~~.~Y.~Q.1??........................... (C"lInty) .....,............,.,..........,.,.., ...,......................, .m9~Q...........,...........,.,..... ,..........." Wyoming .?~.1.1?...... ........ (Audrcss) (Cily) (ZIP Code) Together wilb all righls, easeml:nts, öppurlenances, royalties, mineral rights, oil öud gas rigl.1ls, all Witter and riparian rights, ditches, and wöter slock and all existing ¡¡nd fUlure improvemeu(s, slructures, JÏXlUn::S, and replacements tbat may uow, or at any time in the future, be part 'If (he real eSla(e described above (all referred to élS "Property"). 3. MAXIMUM OBLIGATION LlMJT. The (o(¡¡1 principal aIllOUII( secured by Ihis Security Inslrument at allY aile time shallllot exceed $ J9.q,9,qq"qq........................................ , This limitali()lI or amoulIl Joes lIot include interest and other fees and charges validly made pursualll 10 tllis Security InstrullleuL. Alw, this limitation dOl:S not apply to advances made under the terms of this Security Instrument !() protecl Lender's security and to perroI'm any of [he e()vellanls contained ill this Security 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), contrael(s), guaranty(ies) or other evidence of debt described below and all their extcnsions, renewals, I1HHJifications or substitutions. (YOIl must specifically identify the debt(s) secured and YOIl should include (he ./ÏllalllwlIIrity datc of sitch de/;((s),) ONE PROMISSORY NOTE DA TED AUGUST 25, 2008 IN THE AMOUNT OF $300,000,00 WYOMING· HOME EQUITY LINE OF CREDIT MORTGAGE (NOT FOR FNMA. FHLMC, FHA OR VA USE) Ex{5Ë!i'è~ @ 1994 Bankers Systems. Inc" St, Cloud, MN Form OCP·REMTG·WY 5/11/2005 -iL ,t:ifz B. All future advances from Lender to Mortgagor or olher future obligations of Mortgagor to Lender under any promissory note, contract, guaranty, or other evidence of debt executed by Mortgagor in favor of Lender afler this Security Instrument wl1ethcr or not this Security Instrument is speeilïcölly referenced. If more than one person signs this Security Instrument, each Mortgagor agrees that this Security Instrulllent will secure all futurc advances and future obligations that are given to or incurred by anyone or 1110re Mortgagor, or <iny one or more Mortgagor and others, All future advances and other future obligations are sec.;ured by this Security lnstrull1ent even thougll all or part may not yet be advanced. All future adv¡jnce.~ and olher fUlUre obligations arc secured as ir made on the date of this Security Instrument. Nothing in this Security Instrument sh¡¡Il constitute ö cOJllllIitment to make additional (II' ruture loans III' advances in any alI1.Q~nt, {\1.~1¡y,:~,uch cOlllmitmentlllust be ;¡greed to in a separate writing. OOú544 C. All other obligations Mortgagor owcs to Lender, which may later ¡¡rise, to the extent not prohibited by law, including, but not limited to, liabilities for overdrai'ls rclatillg to any deposit ac.;count agreement betwccn Mortgagor and Lender. D. All additional sums advanced and expenses incurred by Lender for insuring, preserving or otherwise protecting the Property and its value and any other sums advanced and expenses incurred by Lender under the terms of this Security Instrument. In the event that Lender fails to provide any required nolice of the right of rescission, Lender waives any subsequent security interest inthe Mortgagor's princip<il dwelling that is created by this Security Instrument. 5. MORTGAGE COVENANTS. .tvlortual!1!J' ¡¡urees that the covenants in this section ¡1l"C material obliuations undcr the Secured Debt and this Security Instrul1lenl. ¡(¡v1oLÏgagor breaches any covcn;IlJl ill tbis section, Lender may ~i'efuse 10 make éldditional extensions of credit and reduce the credit limit. By not exercising either remedy on Mortg¡lgor's hreach, Lender LIoes ¡lOt waive Lender's right to later consider the evcnt a breach if it happens again, Payments. Mortgagor agrees that all payments under the Secured Debt will be paid Whetl due and in accordöncc with the tenns of the Secured Debt and this Security Instrument. Prior Security Interests. With regard to any olher mortgage, decd of trust, security agreement or other lien document that created a prior security interest or encumbrance on tbe Property, Mortgagor agrees 10 make all payments wben due and to perfonn or comply with all covenants. Mortgagor also agrees not to allow any modification or extension of, nor to request any future advances under any note or agrcemcnt secured by the I ien document without Lender's prior written approval. Claims Against Title. MUrlgagor will pay all laxes, assessmcnts, liens, cneumhrances, lease paymenls, gruund renls, utilities, and other cbarges rel(iling to the PropCrly when due. Lcnder Illay require r-\'Iorlg;lgor 10 pruvide to Lemler c"pies 01' (ill noticcs tbat such (imounts arc uue and tbe receipts evidencing i\'IOrlgagor's payment. ¡Vlortgagur will derend ¡itle to the IJropeny against any claims that would impair the lieu of this Sccurity Instrumenl. Mortgagor agrccs tu assign to Lenuer, as relluestcu by Lender, any rights, claims or defenses Mortgagor may have (igainst p(irties who supply labor or materials to maintain or improve the Property. Propeliy Condition, Alterations and Inspection. Mortgagor will keep the Property in good condition aud make all repairs that are reasonably necessary. MOrlgagor shall not cOlllmit or allow (iUY W(iste, impairment, or dclerioralion of the Property. Mortgagor agrees that the nature of Ibc occup(incy and use will not substantially change without Lender's prior written consent. Mortgagor will not permit any eh(inge in any liceuse, restrictive eoven(int or easement without Leuder's prior written consent. Mortgagor will notify Lender of all demauds, proceedings, claims and actions agaiust Mortgagor, aud of any loss or damage to the Property. Lender or Lender's agents may, at Lender's option, cnler tbe Property at auy re;¡sonahlc time for Ibe purpose or inspecting tbe Property. Lender sball give Morlgagor notice (it Iile timc of or hefore an inspeetiou specifying a reasollahle purpusc for the inspection. Any inspection of the Property Sll(ill be enlirely for Lender's benc/ït and Mortgagor will in no way rely on Lender's inspeetiun. Authority to Perform. If Mortgagor fails to perform any duty or any of the coveuants contained in LlÜs Security Instrument, Lender may, wilb.out notice, pcrl'orm or cause them to be performed. Mortgagor appoints Leuder as attorney in fact to sign Mortgagor's name or pay any amount necessary for performance. Lender's right to perform for Mortgagor shall not create an obligation to perform, aud Lender's failure to perform will not preclude Lender from exercising any of Lender's other rights under the law or this Security Instrument. Leaseholds; Condominiums; Planncd Uuil Developments. Morlgagnr agrees 10 comply wilh the provlslPns pf' any lease if this Security Instrument is on a leasellOld. If the Prpperly includes a unit in a eondpminiuDl or a planned unit dcvelopmenl, Mortgagor will perform all of Morlgagor's dUlie.~ under the covcnants, by-laws, or regulations uC thc condominium or pl<inned unit development. Condemnation. Mortgagor will give Lender prompt noticc of any pending or threatened action, by private or public entities to purchase or take any or all of'the Property througb 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 condemuation or other taking of all or any part of' the Property. Such proceeds shall be considered payments and will be <ipplied as provided in this Security lnstrumenl. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or otller lien document. Insurance. Mortgagor shall keep Property insured (igainst loss by fire, !lood, theft and olber hnanls and risks reasonably associated with the Properly due to its lype and location, This insurance shall be maintained in the (ilTlUunts and Cor the periods that Lender requires. What Lender requires pursuant to the preceding two sentences can change Juring the t¡,;nn of the Secured Debt. The insurance carrier providing the insurancc shall be chosen by Mortgagor suhject to Lender's approval, which shall not be unreasonably wilhhcld, If' rvlortgago[ rails to ITI¡linlain (he coverage describ¡,;d ahov,e, Lender may, at Lender's option, obtain coverage 10 protect Lender's rights in the Property according to (he terms or this Security Inslrumelll. Unless otherwise aQreed in writiug, all insurance proceeds shall be applied to the Property or to the v Secured Debt, whelher or nol then due, at Lender's option. Any restoration or repair of the application or proceeds to -!/4, (~f!Ii All insurance policies and renewals shall be acceptable to Lender and shall include a standard "mortgage clause" and, where applicable, "loss payee clause." Mortgagor shall immediately notify Lender of cancellation or termination of tbe insurance. Lender shall have the right to hold the policies and renewals. If Lender requires, Mortgagor shall immediatdy give 10 Lender all receipts of paid premiums and renewöl nolices. 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. ~® ©1994 Bankers 5ystoms, Inc" 51. Cloud, MN Form OCPREMTG·WY 5111/2005 principal\"sLw!l n.oJ. t:xtcnd or postpone tbe due date or the scbeduled payment nor change the amount of any payment. AllY excess will he "p11id to the Mortgagor. If Ihe Property is acquired by Lender, Mortgagor's right to any insurance poLicies and proceeds resu!(ing rrom damage to the Property hd'ore Ihe acquisition sùa!l pass to Lender to Ihe extent of the Secured Debt immediately hefore the acquisilion. ("100545 Fill::lJ1dal Reports and A(lditional Documents. MOrLgagor will provide to Lender upon rel[Uest, any financial statement or informal ion LeIJder may dcelll reasonably necessary. Mortgagor agrees to sign, deliver, and file any additionaL documents or certificalions that Lender may consider necessary to perfect, continue, and preserve Morlgagor's obligations under this Security lnslrument and Lcndcr's lien staLus on the Properly. 6. DUE ON SALE. Lt:nder may, at its oplion, declare lhe entire balance of the Secured Debt to be ilTUuediately due and payabLe upon the creation or, or eOIJtraet for tile creation of, a transfer or sale 01" ail or any part of tbe Property. This right is subject to the reslrictions imposed by federal law (12 C.P.R. 591), as applicable. 7. DEFAULT. tI:lorlgagor will he in derault if any of lhe rollowing occur: Fraud. Any Consumer Borrower engages in fraud or I1ICllerial misrepresel1(ation in connection with the Secured Debt that is an open end home equity plan. })ayments. Any Consumer ßorrowt:r on any Secured ])t:bt that is an open end bome equily plan fails to make a payment when due. Property. Any al.:tion or inactioll by the Borrower or Mortgagor occurs tbat adversely affecls tbe Property or Lender's rights in the Property. This includes, but is not limited to, tht: following: (a) Mortgagor f,lils to maintain required insurance on the Property; (b) Mortgagor transfers the Properly; (c) Mortg<lgor COllll1litS waste or otherwise de:structively uses or fails 10 mainlain the ProperlY such tbat Ibe al.:tion or inaction adversely <lffects Lender's security; (d) Morlgagor fails to pay taxes on Ihe Properly or olherwise faib to <let <lnd Ihere:by caust:s <I lien to be filed against the Property that is senior to the lien of this Security Inslrument; (e) a sole Mortgagor dies; (f) if more than one Mortgagor, any Mortgagor dies and Lender's security is adversely affecled; (g) the Property is laken lhrougll eminent domain; (h) a judgment is filed against Mortgagor and subjects MOrlgagor and (he Property to action tbat adversely affects Lender's interest; or (i) a prior lienholder forecloses on the Property and as a result, Lender's interest is adversely affected. ExeclIHve Oflicers. A ny Borrower is an executive ollieer of Lender or an affil iate and such Borrower becomes illdebted to Lender or anolher lender in an aggreg,¡Le anlount greater tban the amount permitted under kderallaws and regulations. S. REMEDIES ON DEFAULT. In addilion to any other remedy available under Ihe tt:1111S of this Security Instrument, Lender lIlay accelerate the Secured Debt and roreelose this Securily !Jlslrul1le:nt in a manner provided by law if Mortgagor is in default. In some inslances, !'cderal and state law will require Lender to provide Mortgagor with notice of the right to cure, or other no(iees and may establish time schedules for foredosure actions. /\t tbe option or the Lender, all or any part of (he agreed rees and charges, accrued interest and principal shall become immediately due and payable, aner giving notice if required by law, upon the occurrcnce of a default or anytime thereafter. Lender sball be entitled to, wilhoutlimitation, the power to sell tbe Property. Tbe acceplance by Lender o · any sum in payment or partial p;tyment on tbe Secured Debt after the balance is due or is acceleraled or after ron:dosure proceedings <Ire fiil:d shall not constitult: a waiver of Lender's rigbl to require complete cure of any t:xisting dd'aull. By not exercising any remedy on Morlg<lgur's default, Lender does not waive Lender's right to later consider the evcnl a default if it happens again. 9. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. If Mortgagor breaches any covt:nanl in (his Security Instrument, Mortg<lgor <lgrees (0 pay all expenses Lender incurs in perfonning such covenants or protecting its security interesL in lhe Property, Such expenst:s include, but arc: nol limited to, fees incurred for inspecting, prest:rving, or olherwise protel.:ting lbe Property and Lcnder's security iJlterest. Tht:se expenses arc payable on demand and will bear interes( from the date of paynlcllt until paid in full at the bighest ralt: or in(eresl in effect <IS provided in tbe tenns of the Secured Dt:bt. rvlorlgagor agrees to pay all costs and expenses incurred by Le:nder in collecting, enforcing or protecting LeJlder's rights and remedies under this Security Instrument. Tbis amount may include, but is not limited to, reasonable attorneys' rees, court costs, and other legal expenses, Tbis amount does not include attorneys' fees for a salaried employee of the Lender, To Ihe l:xtent permitted by tbl: Uniled States 13ankruptcy Codt:, Mortgagor agrees to pay the reasonable attorneys' fees Lendl:r incurs to collect tht: Secured Debt as awarded hy any court exercising jurisdiction under tbe Bankruptcy Code. Tbis Se:curity InslrUl1lent sb,1I1 remain ill cITect ulltil released. ivlorlgagor agrees tu pay for any recordation costs of such release. 10. ENVIRONMENTAL LA WS AND HAZARDOUS SUl.!STANCES. As used ill this section, (i) EnviroruTIental Law means, wi(lwUl limitatioll, llie COInprebensivc 12l1virolllJlellla! Response, COI1lpensalion and Liability Act (CERCLA, 42 V.S.C. 9601 el seq.), and all olher federal, sLate and lucal laws, regulations, ordinances, court orders, altorney general opinions or interpret ive IetlCrs conl.:eming tile publ ic heallh, safely, welrare, environment or a hazardous substance; and (2) Hazardous Substance means any loxic, radil)aClive or hazardous Illall:rial, waste, pollutant or conlan1Ínanl which has characteristics which render tht: subslanct: dangerous or poten( ially dangerous to the: public health, safety, welfare or environment. The term includes, without limitation, any substallces defined as "hazardous material," "toxic substances," "hazardous waste" or "hazardous substancc" under any Environmt:ulal L<1w. Mortgagor 'epreseni.~, warranlS ,Ind agrees that: A. Excepl as previously disclosl:d and acknowled!!cd ill wntln!! to Lender no Hazardous Substance is or will be located stored or released on or in the Pwperty, This ~estrictioll du~~ nOI apply '10 small quantities of Hazardous Substances that <lfe generally recogni¡,ed to be appropriate rur the n01l1li1l use ¡llId 11I;lÍntenance of Ihe Property, 13. Except <IS previously di.~closeJ and acknowlede.ed in writin!! 10 Lender IvIort!!agor and every tenant have been are and shall remain in fulll.:Ol11pli;lnce with allY applicablt: Envirollm~t:nlal Law. ' ~ , , C. Mortgagur shall immediately notify Lender if a release or threalened 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 slullltake 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 invesligatioll, claim, or procĹ“cling relatillg to Ihl.: release or (hreatened release of any Hazardous Substance or the violatioll or any Envirollmelltal Litw, ~~ ,l:r1..f:l.O.. Q.....~ers Systan"'lS, InG., Sl. Cloud, MN Form OCP-REMTG-WY r"/11 ,...,.,.,.,..... /!l,«~ " I 11. ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separate agreement, MortgCigor will not be required to pay to Lender funds for taxes and insurance in escrow. 00&546 12. JOINT AND INDIVIDUAL LIAßILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Secu~ity;Jqstriù:meut are joint and individual. I r Mortgagor signs this Security Instrument but does not sign an evidence of debt, Mortgagordäes so only to mortgage Mortg(lgor's interest in the Property to secure p(lymeut of the Secured Debt and Mortgagor does not agree to be persollally I iable Oil the Secured Dcbt. I r this Securily II1.Qrumcnt secures ,I guaranty between Lender and Mortgagor, Mortgagor (lgrees to waive any rights that m,iY prcvent Lender from bringing any action or claim against Mortgagor or any party indebled under the obligation. Tbesc rights lIlay include, but an:: not limited to, any anti-deficiency or one-action laws, The dUlies and henelïts of this Security Instrument shall bind and benelÏt the successors and assigns of Mortgagor and Lender. 13. SEVERABILITY; INTERPRETATION. This Security Instrumcnt is complete and fully integrated. This Security Instrument may not be amended or modified by oral agreement. Any section in this Security Instrument, attacbments, or any agreement related to the Secured Debt thCit conJlicts with applicable law will not be effective, unless that law expressly or impliedly permits the variations by written agreement. If any scction of this Security ] ustrument cannot be enforced according to its terms, that section will be severed and will not affecttbe enforceability of the J'CIl1C1inder of this Security Instrumènt. Whenever used, the singular shall include the plural (Iud the plural the singular. The captions (lnd headings of the sections of this Security Instrument are for convcnicl]c'c only Cind are not to be u~ed tn inlerpret or define tbe lenm of Ihi~ Security IIISlrumenl. Time is of the essence in this Security r lI~trulllellt. 14. NOTICE. Unless otherwise required hy I<lw. any lIolice ShCiIl be givell hy deliverillg il or by I11Ciiling it by lïrst clas~ mail 10 the appropriate party's address on page I of tbis Securily InstrulIleut, or to any other Ciddress desiguCi(ed in writing, Notice to one mortgagor will be deemed to be notice to Cill mortgagors. 15. WAIVERS. Except to the extent prohibited by law, MortgCigor waives any right regarding the marshalling of liens and assets and all homestead exemption rights relating to the Property. 16. LINE OF CREDIT. The Secured Debt includes a revolving line of credit. Although (he Secured Debt may be reduced to a zero balance, this Security Instrument will remain in effect uulil released. 17. APPLICABLE LAW. This Security ¡ ns(rument is governed by (he ICiWS as agreed 10 in tbe Secured Debt, except to the extent required by the laws of tbe jurisdiction where lhe Property is located, and applicable federal laws and regulations. 18. RIDERS. The covenCinls (I ]d Cigrecl11cnls of each or the ridcrs checked bclow arc incorporated into and supplement and amend the terms of this Security Instrument. [Check aU applicable boxes] o Assignment of Leases and Rents 0 Other............,............,.............",.....,.....",....".............,...,.,..,.,........... 19. 0 ADDITIONAL TERMS. SIGNATU S: By signing below, Mortg¡¡gor agrees (0 the terms and covenants contaiued in tbis Security Instrumenl and in any au.chme""(''ßortio~ aj ack..owlodg" ""ipl of a copy of ,hi, SC,",it~": 00 the d; ''':d on page l. .u.u/¡udd~~ .uuuiV{íJ (Sig~1tROBERT LANDRY (Dale) AC OWL:~:T~~~:....,.. ..tJ~.O..,............,.....,..., COUNTY OF ... .L.( 11 (,CJ[J:?, ............,.. ,."",.,..} ~s. (Individual) Th" 1·1 I I . I ' ., II!:' . Â. "'.riA C'> IS ~trument was ac now euget )eJore l11e (11; ... P."I....J... .. . .. .." day or ....../."':f':l4. 9,r .. P!C.~. t:T. . .. .. .. .. .. . .. .. .. .. . ~y'~~~~~~~~~'~~::; ~/~" 'L4'-'d~~:Y"."" ........ "~....... ........................................ . (Se"l) ... ....... . .... ... ....................... (Nolary Puhlic) SHARON WALKER NOTARY PUBUC COUNTY OF . STATE OF LINCOLN WYOMING MY COMMI$!SIQNIiXPIRES JUNE 14, 2012 ~® ©1994 Bankors Systoms, Inc" SI, Cloud, MN Form OCp·REMTG·WY 5/11/2005 (page 4 of 41 Exhibit A ÜOôS4? A portion of the Gail property, as referred to in the Deed recorded in Book 586PR, on Page 520, with the Office of the Clerk of Lincoln County Wyoming, within the E1/4 of Section 4, T33N, R118W, of the 6th P.M., Lincoln County, Wyoming, the metes and bounds being more particularly described as follows: BEGINNING at the Marlowe A. Scherbel PLS 5368, 1994 location for the Southeast Corner of the SW1/4NE1/4 of said Section 4; Thence S89°08'15"E, along the South line of said SW1/4NE1/4, 200.00 feet; Thence NOoo35'29"E 130.18 feet to a point in the Center Line Heiner-Suter County Road No. 12-127; Thence S69°37'41"E, along said Center Line, 53.13 feet to the Northwest comer of the Kenneth and April Cram property, as referred to in the Deed recorded in Book 449PR, on Page 129, with said Office; Thence SOoo35'29'W, along the West line of said Cram property, 112.44 feet to a Point in said South line; Thence SOoo33'49'W, continuing along said West line, 500.00 feet to the Southwesterly corner of said Cram property; Thence S26°24'20"E, along the Southwesterly line of said Cram Property, 350.65 feet; Thence S80010'45'W 152.56 feet; Thence S89°06'23'W 171.39 feet; Thence N75°52'51'W 85.20 feet to a Point in the East line of the NW1/4SE1/4 of said Section 4; Thence NOoo13'51"E, along said East line, 825.72 feet, to the Point of Beginning