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HomeMy WebLinkAbout942240 RECEIVED 9/15/2008 at 12:18 PM RECEIVING # 942240 BOOK: 704 PAGE: 781 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY SIUI(' or \I'yomlng Space Allo\'(' This Line For Recording Duta MORTGAGE (Witil Future Advance Clause) 1. DATE AND PARTIES. The date of this Mortgage (Security J nstrument) is . 9~:9~:?9.q~.."....."...."..."."....................... . Tile parties and their addresses are: MORTGAGOR: EUGENE A. ROOT AND VERA B. ROOT, HUSBAND AND WIFE P.O. BOX 191 THAYNE, WY 83127 o [1' checked, n.:fer to tbe attached Addendulll incorporatcd 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. CONVEY ANCE. I ;01' good and valu¡¡ble consideration, Ihe receipt and sufficiency of whicil is acknowledged, and to secure the Secured Debt (defined below) and Mortgagor's perfomlancc undcr tbis Security Instrument, Mortgagor grants, bargains, conveys, llIortg¡¡ges aud warranls lu Lender, witll power of sale, tile following described property: SEE EXHIBIT "A" ATTACHED HERETO AND MADE A PART HEREOF i_/ Tile property is located in .~I.~Ç9.L.~............."..........."........"........................ at .1~.8.~ ~~.qQY.~:r.~I!-!~.~9AQ..................... (COllilly) . . . . . .. . . . . . . . . ' . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . .. . . . . . ., .T~.~ YN.E. .. . . . . ... . .... . .. .. . . . . . .... . . . . . . . . . . . . . . ., Wyoming . ~~.1.~?.. ..... ........ (Audrcss) (CilY) (ZIP Code) Together Wilh all rights, casements, appurtenances, royalties, mineral rights, oil and gas rigilts, all water and riparian rights, ditches, ¡¡nd W:ltl'f ~ll)ck alld .ill exi.~ling a III I fUlure il1lrr"vcmelll~. structures, fixtures, and replacements that may now, or at any time in the fu!ure, he p¡¡rt III' Ihe real estate described ¡¡bove (all referred to ¡¡S "Property"). 3. MAXIMUM OBLIGATION LIMIT. Thc total principal amount secured by this Security Instrument at anyone time shall not exceed $ . ??,99.q·9.Q " .... .. .. .. .. .. " .. " .. . .. .. .. .. . .. . "" . This I imitation of amount does not i nelude interest and other fees and charges validly made pursuant to this Security Instrument. Also, this limitation does not apply to advances made under the lenns of this ,ser'urity Instrument to prolcc! Lender's sf'curity anú to perform any of the covenants contained in this Secmity Instrument. 4. SECURED DEBT AND FUTURE ADVANCES. The term "Secured Debt" is defined as follows: A. Debt incurred under the terms or all promissory note(s), contract(s), guaranty(ies) or other evidence of debt described below and all (heir eXlen~iol1s. rencwals, modifications tlf suhstilutiol1s, (VOIl I1Il/.I't specifically identify the debt(s) secured and YOII shollld incLllde the jïUlll maturity date of sllch debt(s).) ONE PROMISSORY NOTE DATED SEPTEMBER 4, 2008 IN THE AMOUNT OF $25,000.00 WYOMING· HOME EQUITY LINE OF CREDIT MORTGAGE (NOT FOR FNMA. FHLMC. FHA OR VA USE) Ex:15ëi"èfJ © 1994 Bankers Systems. Inc,. St, Cloud. MN Form OCP,REMTG,WY 5111/2005 c:f? (pa;.:,ït.~. i 000782 B. All future advances from Lender to Mortgétgor or other future obligéttions of Mortgagor to Lender under étny 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 étgrees that this Security Instrument will secure étll fUlurc advances and future obligations that are given to or incurred by anyone or more Mortgagor. or anyone or mon: Mortgagor and others, All future advances and other future obligations are secured by tbis Security Instrumcnt even though all or parI 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 conunitment to make additional or future loans IH advances in auy amount. Any such commitment must be agreed to in 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, liabilities for overdrafts relétting to étny deposit account agreement between Mortgagor and Lender. D. All additional sums advanced and expenses incurred by Lender for insuring, preserving or otherwise protecting the Property and its vétlue and any other sums advétnced 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 or rescission, Lender waives auy 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 and this Security Instrument. If Mortgagor breaches any covenant in this section, Lender may refuse 10 make additional extensions of credit and reduce the credit limit. 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 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 mOrlgétge, deed of trust, securily agreement or other lieu document that created a prior security interest or encumbrance on the Property, Mortgagor agrees 10 make all paymenls when due and to perform or comply with all covenants. Mortgétgor also agrees not to allow any modification or extension of, nor to request any future advances under any note or agrecment secured by the lien document without Lender's prior wriuell approval. Claims Against Title. Mortgagor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Property when due. Lender may require Mortgagor to provide to Lender copies of all notices that such amounts are due and the receipts evidencing Mortgagor's payment. Mortgagor will defend title to the Property against any claims that 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 bave agétinst parties who supply labor or materials 10 maintain or improve the Property. Property Condition, Alterations and Inspection. Mortgétgor will keep the Property ill good condition and make all repairs that are reasonably necessary. Mortgagor shall not commit or allow any waste, impairment, or deterioralion of the Propcrty. Mortgagor agrees that the nature of the occupancy and use will nol substantially change witlwUI Lender's prior wriUen consent. Mortgagor will not permit étny change in any license, restrictive covenant or casement without Lender's prior written consent. 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 Property. Lender shall give 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 in no way rely on Lender's inspection. Authority to Perform. If Mortgagor fails to perform any duty or étny of the covenants contained in this Sccurity Instrument, Lender may, without notice, perform or cause them to he performed. Mortgagor appoints Lender as attorney in fact to sign Mortgagor's name or pay any amount necessary for performancc. Lender's righl to perform for Mortgagor shall not crcate an obligation to perform, and 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; Planned Unit Developments. Mortgagor étgrees to comply with the provisions of any lease if this Security Instrument is on a leasehold. If the Property includes ét unit in a condominium or a planned unit development, Mortgagor will perform all of Mortgagor's duties under the covenants, by-laws, or regulations of the condominium or planned unit development. Condemnation. Mortgagor will give Lender prompt notice of any pending or 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 étny of the étbove described actions or claims. Mortgagor assigns to Lender the proceeds of any award or claim for damages connected with a condemnéttion or other taking of all or any part of the Property. Such proceeds shall be considered payments étnd will be applied as provided in this Security Instrument. This assignment of proceeds is subject to the terms of any prior mortgage, deed of lrust, security agreement or other lien document. Insurance. Mortgagor shall keep Property insured étgainsl loss by rire, Ilood, thcn and olher haz.ards and risks reasonétbly associated with the Property due to its type and location. This insurancc shall be maintained in Ihe amounts aoJ for thc periods that Lender requires. What Lcnder requires pursuant to the prcceding two sentences can ch;'Hlge duriog the lenn of tho Secured Debt. The insurance carrier providing the insurance shall be chosen by Mortgagor subject to Lcnder's étpproval, which shall not be unreasonably withheld. If Mortgagor fails to maintain the coverage described above, Lcnder méty, at Lcnder's option, obtain coverage to protect Lender's rights in the Property according to the terms of this Security Instrument. All insurance policies and renewals shall be acceptable to Lendcr and shall include a standard "mortgage clétuse" and, where applicable, "loss payee clause." Mortgagor shall immediately notify Lender of cétncellation 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 premiums and renewal notices. Upon loss, Mortgagor shall give immediate notice to the insurance carrier and Lender. Lender métY métke proof of loss if not made immediately by Mortgagor. Unless otherwise agreed in writing, all insurance proceeds shall be applied to the restoralion or repair of the Property or to the Secured Debt, whether or not then due, étt Lender's option. Any applicéttion of proceeds to ~ (~f(pu I ,¥~ŒI ©'994 Bankors Systoms. Inc., St. Cloud, MN Form OCP-REMTG-WY 5/11/2005 00&783 princip¡¡1 sb¡¡lI not extend or postpone tbe due d¡¡te of tbe scl1eduled payment nor ch¡¡nge the ¡¡mount of any payment. Any excess will be p¡¡id to the Mortg¡¡gor. If lIle Property is ¡¡cquired by Lender, Mortgétgor's right to any insurance policies and proceeds resulling from d¡¡mage to tbe Property before tbe acquisition shall P¡¡SS to Lender to tbe extent of the Secured Debt immediCltely before the acquisition. Financial Reports and Additional Documents. MortgClgor will provide to Lender upon request, any financiCll statement or infonnCltion Lender mClY deem reClsonably necessClry. MortgClgor Clgrees to sign, deliver, and file any additional documents or certificCltions thClt Lender m¡¡y consider necessClry to perfect, continue, Clnd preserve Mortgagor's obligations under this Security Instrument and Lender's lieu StCltUS ou tbe Property. 6. DUE ON SALE. Leuder m¡¡y, tIt its option, decl¡¡re tbe entire b¡¡l¡¡uce of the Secured Debt to be immediately due and payable upon tbe creatiou of, or contrClct for tbe creCltion of, CI trClusfer or sClle of all or auy pClrt of tbe Property. This right is subject to the restrictions iIllposed by federall¡¡w (12 C.F.R. 591), tIS Clpplicable. 7. DEFAULT. Mortgagor will he in default if any of tbe following occur: Fraud. Any Consumer Borrower engClges in fraud or mClterial misrepresentCltion in conuection witb tbe Secured Debt that is an open end home equity plan, Payments. Any COllsumer Borrower Oil ¡¡ny Secured Debt thClt is Cln open eud home equity plan fails to make a payment when due. Pl·operty. Auy Clctioll or inClction by lbe Borrower or MortgClgor occurs tbClt Cldversely affects the Property or Lender's rights in lhe Property. This includes, but is not limited to, the following: (¡¡) Mortg¡¡gor fClils to maintain required insurance on the Property; (b) MortgClgor tfélnsfers the Property; (c) Mortg¡¡gor commits waste or otberwi",e destructively uses or fails, to mClintain Ihe Property such that tbe action or in¡¡ction adversely Clffects Lender's security; (d) Mortgagor fails to pay taxes on the Properly or otherwise fails to Clct and thereby c¡¡uses a lien to be filed agClinst the Property that is senior to the lien of this Security Instrument; (e) CI sole MortgClgor dies; (0 if more thCln one Mortgagor, any Mortgagor dies and Lender's security is Cldverscly Clffected; (g) the Property is lClken through eminent domain; (h) a judgment is filed against Mortgagor and subjects MortgClgor and tbe Property to Clction thClt adversely ClITects Lender's interest; or (i) a prior lienholder forecloses on the Property and as a result, Lender's illlerest is Cldversely ¡¡ffected. Executive Oflicers. Any 130rrower is Cln executive officer of Lender or Cln CI[filiate and such Borrower becomes indebted to Lender or ¡¡nother lender in Cln ¡¡ggregate Clmount greClter th¡¡n tbe amount permitted under federal laws and regulations. S. REMEDIES ON DEFAULT. In Clddition to Clny other remedy aVClilClble under the tenllS of this Security Instrument, Lender Il1C1Y accder¡¡te the Secured Debt ¡¡nd foreclose this Security lnstrument in CI mClnner provided by law if Mortgagor is in default. r n some instClnccs, I'eder¡¡I and stClte law will require Lender to provide Mortgagor with notice of the right to cure, or other notices Clnd may estClblisb time schedules for foreclosure actions. At the option of the Lellder, ¡¡II or ¡¡ny put of the agreed fees ¡¡nd charges, Clccrued interest and principal shall become inunedi¡¡tely due ami p¡¡YClble, ¡¡ner giving notice if required by law, upon tbe occurrence of a def¡¡ult or anytime thereafter. Lender sh¡¡1l be entitled to, without limitation, the power to sell the Property, The ClcceplClllcc by Lender or any sum in paymenl or parti¡¡1 payment on the Secured Debt after the balance is due or is accc!crClled or after roreclosure proceedings arc filed shall not cOllstitute CI waiver of Lender's right to require complete cure of any existing default. ßy not exercising Clny remedy on Mortg¡¡gor's defClult, Lender does not waive Lender's right to later consider the event ¡¡ default if it h¡¡ppens Clgain. 9. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. If Mortgagor breaches any covenant in this Security lnstrument, Mortgagor ¡¡grees to pay Clll expenses Lender incurs in perfoaning such covenants or protecting its security interest in the Property. Such expenses illclude, but ;Ire nol limited to, recs incurreu ror inspecting, preserving, or otherwise protecting the Property Clnd Lender's security interest. These expenses are payable on demand and will beu interest from the date of pClyment until paid in full at the highest rate of interest in effect as provided in the teans 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 Illay include, but is not limited to, reasonable attorneys' rees, court cosls, and other legal expenses. This amount docs not include attorneys' fees for a sCllaried employee of the Lender. To the extent permitted by the United StCltes ]3C1nkruptcy Code, MortgClgor Clgrees to PClY the reasonable attorneys' fees Lcnder incurs lo collect the Sccured Debt as awarded by any court exercising jurisdiction under the Bankruptcy Code. This Security Instrument sh¡¡11 'l'emClin in elTed until releClsed. Mortgagor Clgrees to PClY for Clny recordation costs of such release. 10. ENVrnONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (I) Environmental Law means, without IUllilation, the Comprehensive Environmenlal Response, Compensation Clnd LiClbility Act (CERCLA, 42 U .S.C. 9601 ct seq.), Clnd all other federCll, slate and ltJcal laws, regulations, onliuClnccs, court urders, CI(turney general opinions or interpretive lellers concerning the public heCllth, sClfety, welfare, environment or a hClzClrdous substance; and (2) Hazardous Subst¡¡llce means ¡¡ny toxic, radioactive or haZClrdous mClteriClI, wClste, pollutClnt or contaminant which h¡¡s characteristics which render tbe substance d¡¡ngerous or pOlelllially dClngcrous to the public he¡¡lth, sClfety, welfare or environment. The tean includes, without limitCltioll, any substances defined as "hClzardous mClterial," "toxic substances," "hazardous waste" or "hClzardous substancc" under Cluy Euvirollmelltal LClw. Morll!.al!or represents, warranls Clnd al!recs ¡hat: A ~E'Xcept élS previously disclosel Cllld ac~nowledged in wrlllug to Lellder, no -IClzardolls SubstClnce is or will be located, stored or released 011 or ill tbe Property. I'll is restriction docs not apply to small quantities of Hazardous Substances that ¡¡re gellerCllly recognized to be ¡¡ppropriClte ror llle normal use Cllld m¡¡iuteu¡¡nce of the Property. B. Except CIS previously disclosed ¡¡nd acknowledged in writing to Lender, MortgClgor and every tenant have been, are, and shall remain ill full compliance willi any applicable Euvironll1eulal Law. C. Mortgagor shClIl immediately notify Lender if a re!eClse or threatened rcleClse of a HClzardous Substance occurs on, under or about the Property or thcre is a violation of any EnvironmentCll Law concerning the Property. In such an event, Mortgagor shall lake Clll necessary remedial aclion in ClccordClnce with Clny Environmental Law. D. MortgClgor shall immediately notify Lender in writing tIS soon as MortgClgor hCls rc¡¡son to believe there is any pending or threatened investigCltiou, claim, or proceeding relatiug to the releClse or thre¡¡tened reIeClse of any Hazardous Substance or the viol¡¡lioll of Clny Euvirollment¡¡1 Law. ~, ©1994 Bankers Systems, Inc., St. Cloud. MN Form OCP-REMTG,WY 5/11/2005 ~~~ ûO\i784 11. ESCROW FOR TAXES AND INSURANCE. Unless otherwise 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 joiut 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 tl1e Property to secure payment of tl1e Secured Debt and Mortgagor does not agree to be personally liable on the Secured Debt. If tl1is Security Instrument secures a guaranty between Lender and Mortgagor, Mortgagor agrees to waive any rigl1ls Il1at may prevent Lender from bringing any action or claim against Mortgagor or any party indebted under the obligation. These rights may include, but arc not I ¡mired to, any anti-deficiency or one-action laws. The duties and benefits of this Security Instrument shall bind i1nd benclït the successors i1nd assigns of Mortgagor and Lender. 13. SEVERABILITY; INTERPRETATION. This Security Instrument is complete i1nd fully inlegwted. 'l'l1is Security Instrument may not be amended or modified by 0[(11 agreement. Any section ill this Security Instrument, i1tti1Clunenls, or i1ny i1greement related to the Secured Debt that coni1icts with applici1ble law will not be effective, unless tbi1t law expressly or impliedly peanits the variations by written i1greement. If any section of tl1is Security Instrument cannot be enforced i1ccording to its teans, that section will be severed and will not affect the enforcei1bility of tl1e remainder of tbis 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 tenns of this Security Instrument. Time is of the essence in this Security Instrument. 14. NOTICE. Unless otherwise required by law, any notice sball be given by delivering it or by mailing it by first class mail to the appropriate party's address on page I of tbis 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 rigl1t regarding the marshalling of liens and assets and all homestead exemption rights relating to the Property. 16. LINE OF CREDIT. Tbe 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 inlo and supplemcnt and amend the teans of this Security Instrumenl. [Check all applicable boxes] o Assignment of Leases and Rents 0 Other......................,.....................................,...,.......,......................... 19. 0 ADDITIONAL TERMS. SIGNATURES: By signing below, Mortgagor agrees to the teons and covenants contained in tbis Security InstrumeUl and in any attachments. Mortgagor also acknowledges receipt of a copy of this Security Instrument on the date stated on pi1ge 1. ~~................................. (Signature) EUGENE A. ROOT (Date) i;¡;;,z'Kt1'r.Rg~················ ..... ········(Ò~~;· (Individual) ACKNOWLEDGMENT: STATE OF .~~9MI.~~. ....... ............ .............., COUNTY OF .LI.~Ç9.L.~"...,................."",....,.,.....} ss. This instrument was acknowledged before me this . ~!.~ .. ... .. .. .. .... day of . ~W~~M~~~: .~99~.. .. ... .. ....... .. .. ........ ..... by . ~U9~~~.~: .~99,~;. Y~F.~ '~" ~9.0T! ,~US.B~~.o .~~D. ~If,~ . .. . . . . . . . . My commission expires: 06.14.2012 (Seal) WALKER NOTARYPUBUC SHARON . STATE OF COUNTY OF WYOMING LINCOLN My COMMISSION EXPIRES JU~E 14. 2012 -~ ............... .............~................. (Notary Public) ~qp ©1994 Bankers Systems, Ino.. St, Cloud, MN Form OCP,REMTG·WY 511 1/2005 (page 4 of 4) · " LEGAL DESCRIPTION EXHIBIT' A' ûOiJ785 Older No: 6010817034 That pa.rt QfLot 3 of Section 7, TQwnsblp 34 North, Range 118 West of the 61" 'P.M., .> Lincoln County, Wyoming, identical with the North Half ofthnt Tract of record in the Office ofthe Clcrk of Lincoln County in Book 214PR on page 313, described as follows: Beginning at a 5/8 inch:K 12 inch steel spike, South, the base bearing for this survey, 24.0 feet, from the West Qnart(lr corner of said Section 7, as described in tbe Certitled Land Corner Recordation Ce.rtificate ofrecord in the said Office; thence South 90°00' East, 30.0 feet, to a point on the East Right-of-Way ofthe Muddy String County Road No, 12-117; thence continuing South 90°00' East, 270.0 feet, to a point on the East line of said tract; thence North 00000' East, 145.2 feet, along said East line to a point on the North line of said tract; the.ncc North 90°00' We!li, 210.0 feet, along the said North )ine to a point on the East Right-of-Way ofsaid County Road; thence continuing North 90°00' West, 30,0 feet to the Point of Beginning.