HomeMy WebLinkAbout942536
f\lUançe i li!C anu l'';,~;''hJW Vi n Jvuuaõt......'-"
as a courtesy only.
WYOMING TITLE OEED OF TRUST
WHEN RECORDED, MAIL TO ADVANTAGE PLUS FEDERAL CREDIT UNION
PO BOX 4610
SPACE ABOVE THIS LINE FO~OR~€~kèªR'~Dð~ª 83205
(;0\1726
MORTGAGE
THIS MORTGAGE CONTAINS A DUE-ON-SALE PROVISION AND SECURES INDEBTEONESS UNOER A
CREDIT
AGREEMENT WHICH PROVIDES FOR A REVOLVING LINE OF CREOIT AND MAY CONTAIN A VARIABLE
RATE
OF INTEREST.
THIS MORTGAGE
The Mortgagor
("Borrower").
organized and
("security Instrument") is made on SF.P'T'F.MRF.R lñ
is JUSTIN L. AND JAMIE L. WEAVER, HUSBAND AND WIFE
The Mortgagee is ADVANTAGE PLUS FEDERAL CREDIT UNION
, a corporation
existing under the laws of UNITED STATES OF AMERICA
,2008
whose address is
555 NORTH 5th POCATELLO, IDAHO 83201
("Lender").
WHEREAS, Borrower is indebted to Lender as described in this paragraph;
TO SECURE to Lender:
(1) The repayment of all indebtedness due and to become due under the terms and
conditions of the ~
LOANLINER Home Equity plan credit Agreement and Truth-in-Lending Disclosures made by
Borrower and
dated the same day as this security Instrument, and all modifications, amendments,
extensions and
renewals thereof (herein "Credit Agreement"). Lender has agreed to make advances to
Borrower under the
terms of the credit Agreement, which advances will be of a revolving nature and may
be made, repaid, and
remade from time to time. Borrower and Lender contemplate a series of advances to be
secured by this
security Instrument. The total outstanding principal balance owing at anyone time
under the credit
Agreement (not including finance charges thereon at a rate which may vary from time
to time, and any
other charges and collection costs which may be owing from time to time under the
credit Agreement)
shall not.exceed .
thlrty-slx thousand SlX hundred dollars and no/l00~~*
($ 36.600.00 ). That sum is referred to herein as the Maximum principal Balance
and referred to in the
credit Agreement as the Credit Limit. On the Final payment Date, --12 years from the
date of this security
Instrument, the entire indebtedness under the credit Agreement, if not paid earlier,
is due and payable.
(2) The payment of all other sums advanced in accordance herewith to protect the
security of this security
Instrument, with finance charges thereon at a rate which may vary as described in
the credit Agreement.
(3) The performance of Borrower's covenants and agreements under this security
Instrument and under the
page 1
RECEIVED 9/29/2008 at 2:14 PM
RECEIVING # 942536
BOOK: 705 PAGE: 726
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
credit Agreement.
BORROWER does hereby mortgage, grant and convey to Lender, with power of sale, the
following described
property located in the county of LINCOLN
WYOMING TITLE OEED OF TRUST
ú00727
, State of wyoming:
CUNA MUTUAL INSURANCE SOCIETY, 1991, 2005, 08, ALL RIGHTS RESERVED EWY986 (LASER)
o
which has the address of 300 SIXTH STREET
(Street)
COKEVILLE , wyomi ng 83114
(he rei n "property Address"); WIt; 4 and 5 of Block 2 of the Heuett Addition to the Town of Cdœvill.e,
'. Lincoln County, \'Tyaning as described on the officialplat thereof, together
(Cl ty) (Zl P Code)wi:th all buildings, improvaœnts and appurtenances thereon situate or in anywise apperta:i.ning
TOGETHER with ~~~e improvements now or hereafter erected on the property, and all
easements, rights,
appurtenances and fixtures, all of which shall be deemed to be and remain a part of
the property covered by this
security Instrument; and all of the foregoing, together with said property (or the
leasehold estate if this security
Instrument is on a leasehold) are hereinafter referred to as the "property."
Complete if applicable:
This property is part of a condominium project known as
This property includes Borrower's unit and all Borrower's rights in the common
elements of the condominium
project.
This property is in a planned Unit Development known as
Borrower covenants that Borrower is lawfully seised of the estate hereby conveyed
and has the right to
mortgage, grant and convey the Property, and that the property is unencumbered,
except for encumbrances of
record. Borrower warrants and will defend generally the title to the property
against all claims and demands,
subject to encumbrances of record.
Borrower and Lender covenant and agree as follows:
1. payment of principal, Finance charges and Other charges. Borrower shall promptly
pay when due all
amounts borrowed under the credit Agreement, all finance charges and applicable
other charges and collection
costs as provided in the credit Agreement.
2. Funds for Taxes and Insurance. Subject to applicable law, Lender, at Lender's
option, may require
Borrower to pay to Lender on the day monthly payments of principal and-finance
char~es are payable under the
Credlt Agreement, until all sums secured by this security Instrument are paid in
page 2
C:Oû728
WYOMING TITLE DEED OF TRUST
full, a sum (herein "Funds") equal
to one-twelfth of the yearly taxes and assessments (including condominium and
planned unit development
assessments, if any) which may attain priority over this security Instrument, and
ground rents on the property, if
any, plus one-twelfth of yearly premium installments for hazard insurance and flood
insurance, if applicable, all as
reasonably estimated initially and from time to time by Lender on the basis of
assessments and bills and
reasonable estimates thereof. Borrower shall not be obligated to make such payments
of Funds to Lender to the
extent that Borrower makes such payments to the holder of a prior mortgage or deed
of trust if such holder is an
institutional Lender.
If Borrower pays Funds to Lender, the Funds shall be held in an institution the
deposits or accounts of which
are insured or ~uaranteed by a Federal or state agency (including Lender if Lender
is such an instltution). Lender
shall apply the Funds to pay said taxes, assessments, insurance premiums and ground
rents. Lender may not
charge for so holding and applying the Funds, analyzing said account or verifying
and compiling said assessments
and bills, unless Lender pays Borrower interest on the Funds and applicable law
permits Lender to make such a
charge. Borrower and Lender may agree in writing at the time of execution of this
security Instrument that
interest on the Funds shall be paid to Borrower, and unless such agreement is made
or applicable law requires
such interest to be paid, Lender shall not be required to pay Borrower any interest
or earnings on the Funds.
Lender shall give to Borrower, without charge, an annual accounting of the Funds
showing credits and debits to
the Funds and the purpose for which each debit to the Funds was made. The Funds are
pledged as additional
security for the sums secured by this security Instrument.
If the amount of the Funds held by Lender, together with the future monthly
installments of Funds payable
prior to the due dates of taxes, assessments, insurance premiums and ground rents,
shall exceed the amount
required to pay said taxes, assessments, insurance premiums and ground rents as they
fall due, such excess shall
be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower
on monthly installments of
Funds. If the amount of the Funds held by Lender shall not be sufficient to pay
taxes, assessments, insurance
premiums and ground rents as they fall due, Borrower shall pay to Lender any amount
necessary to make up the .
deficiency in one or more payments as Lender may require.
upon payment in full of all sums secured by this security Instrument, Lender shall
promptly refund to
Borrower any Funds held by Lender. If under paragraph 22 hereof the property is sold
or the property is otherwise
acquired by Lender, Lender shall apply, no later than immediately prior to the sale
of the property or its acquisition
by Lender, any Funds held by Lender at the time of application as a credit against
the sums secured by this
security Instrument.
EWY986 (LASER)
o
page 3
WYOMING TITLE DEED OF TRUST
3. Application of payments. unless applicable law provides otherwise, all payments
received by Lender
under the credit Agreement and paragraphs 1 and 2 hereof shall be applied by Lender
first in payment of amounts
payable to Lender by Borrower under paragraph 2 hereof, second, (in the order Lender
chooses) to any finance
charges, other charges and collection costs owing, and third, to the principal
balance under the credit Agreement.
4. prior Mortgages and Deeds of Trust; charges; Liens. Borrower shall perform all of
Borrower's obligations
under any mortga~e, deed of trust or other security agreement with a lien which has
priority over th,s Security
Instrument, including Borrower's covenants to make payments when due. Except to the
extent that any such
charges or impositions are to be paid to Lender under paragraph 2, Borrower shall
payor cause to be paid all
taxes, assessments and other charges, fines and impositions attributable to the
property which may attain a
priority over this security Instrument, and leasehold payments or ground rents, if
any. Within five days after any
demand by Lender, Borrower shall exhibit to Lender receipts showing that all amounts
due under this paragraph
have been paid when due.
5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter
erected on the
property insured against loss by fire, hazards included within the term "extended
coverage," floods and such
other hazards as Lender may require and in such amounts and for such periods as
Lender may require. unless
Lender in writing requires otherwise, the policy shall provide insurance on a
replacement cost basis in an amount
not less than that necessary to comply with any coinsurance percentage stipulated in
the hazard insurance policy,
and the amount of covera~e shall be no less than the Maximum principal Balance plus
the full amount of any l,en
which has priority over this security Instrument.
The insurance carrier providing the insurance shall be chosen by Borrower subject to
approval by Lender;
provided, that such approval shall not be unreasonably withheld. All insurance
policies and renewals thereof shall
be in a form acceptable to Lender and shall include a standard mortgage clause in
favor of and in a·form
acceptable to Lender. Lender shall have the right to hold the policies and renewals
thereof, subject to the terms of
any mortgage, deed of trust or other security agreement with a lien which has
priority over this security
Instrument.
In the event of loss, Borrower shall give prompt notice to the insurance carrier and
Lender. Lender may make
proof of loss if not made promptly by Borrower. All insurance proceeds are hereby
assigned to Lender and shall
be paid to Lender to the extent of all sums secured by this security Instrument,
subject to the terms of any
mortgage, deed of trust or security agreement with a lien which has priority over
this security Instrument. unless
Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied
to restore or repair the
property, if it is economically feasible to do so.
If the property is abandoned by Borrower, or if Borrower fails to respond to Lender
within 30 days from the
date notice is mailed by Lender to Borrower that the insurance carrier offers to
page 4
(;0&729
WYOMING TITLE OEED OF TRUST
settle a claim for insurance
benefits, Lender is authorized to collect and apply the insurance proceeds at
Lender's option either to restoration
or repair of the property or to the sums secured by this security Instrument.
f:Oö730
6. preservation and Maintenance of property; Leaseholds; condominiums; planned unit
Developments.
Borrower shall keep the property in good repair and shall not commit waste or permit
impairment or deterioration
of the property and shall comply with the provisions of any lease if this security
Instrument is on a leasehold. If
this security Instrument is on a unit in a condominium or a planned unit
development, Borrower shall perform all
of Borrower's obligations under the declaration or covenants creating or governing
the condominium or planned
unit development, the by-laws and regulations of the condominium or planned unit
development, and the
constituent documents.
7. Protection of Lender's security. If Borrower fails to perform the covenants and
agreements contained in
this security Instrument, or if any action or proceeding is commenced which
materially affects Lender's interest in
the property, then Lender, at Lender's option, upon notice to Borrower, may make
such appearances, disburse
such sums, including reasonable attorneys' fees, and take such action as is
necessary to protect Lender's
interest. Any amounts disbursed by Lender pursuant to this paragraph 7, with finance
char~es thereon, at the rate
provlded in the credit Agreement, shall become additional indebtedness of Borrower
secured by this security
Instrument. unless Borrower and Lender agree to other terms of payment, such amounts
shall be payable upon
notice from Lender to Borrower requesting payment thereof. Nothing contained in this
paragraph 7 shall require
Lender to incur any expense or take any action hereunder. Any action taken by Lender
under this paragraph .shall
not cure any breach Borrower may have committed of any covenant or agreement under
this security Instrument.
Borrower agrees that Lender is subrogated to all of the rights and remedies of any
prior lienor, to the extent of .
any payment by Lender to such lienor. J
8. Inspection. Lender may make or cau~e to be made reasonable entries upon and
inspections of the
property, provided that Lender shall give Borrower notice prior to any such
inspection specifying reasonable cause
therefor related to Lender's interest in the property.
9. condemnation. The proceeds of any award or claim for damages, direct or
consequential, in connection
with any condemnation or other taking of the property, or part thereof, or for
conveyance in lieu of
condemnation, are hereby assigned and shall be paid to Lender, to the extent of any
indebtedness under the
credit Agreement, subject to the terms of any mortgage, deed of trust or other
security agreement with a lien .
which has priority over this security Instrument.
EWY986 (LASER)
o
10. Borrower Not Released; Forbearance By Lender Not a waiver. Extension of the time
for payment or
modification of amortization of the sums secured by this security Instrument granted
by Lender to any successor
page 5
WYOMING TITLE DEED OF TRUST
in interest of Borrower shall not operate to release, in any manner, the liability
of the original Borrower and .
Borrower's successors in interest. Lender shall not be required to commence
proceedings against such successor
or refuse to extend time for payment or otherwise modify amortization of the sums
secured by this security
Instrument by reason of any demand made by the original Borrower and Borrower's
successors in interest. Any
forbearance by Lender in exercising any right or remedy hereunder, or otherwise
afforded by applicable law, shall
not be a waiver of or preclude the exercise of any such right or remedy.
11. Successors and Assigns Bound; Joint and Several Liabillty; co-signers. The
covenants and agreements
herein contained shall bind, and the rights hereunder shall inure to, the respective
successors and assigns of
Lender and Borrower, subject to the provisions of paragraph 21 hereof. All covenants
and agreements of
Borrower shall be joint and several. Any Borrower who co-signs this security
Instrument, but does not execute
the credit Agreement, (a) is co-signing this security Instrument only to mortgage,
grant and convey that .
Borrower's interest in the property to Lender under the terms of this security
Instrument, (b) is not personally
liable under the credit Agreement or under this security Instrument, and (c) agrees
that Lender and any other
Borrower hereunder may agree to extend, modify, forbear, or make any other
accommodations or amendments
with regard to the terms of this security Instrument or the credit Agreement,
without that Borrower's consent
and without releasing that Borrower or modifying this security Instrument as to that
Borrower's interest ln the
property.
12. Notice. Except for 'any notice required under applicable law to be given in
another manner, (a) any notice
to/Borrower provided for in this security Instrument shall be given by delivering it
or by mailing such notice by
First class mail addressed to Borrower at the property Address or at such other
address as Borrower may
designate by notice to Lender as provided herein, and (b) any notice to Lender shall
be glven by First class mail to
Lender's address stated herein or to such other address as Lender may designate by
notice to Borrower as
provided herein. Any notice provided for in this security Instrument shall be deemed
to have been given to
Borrower or Lender when given in the manner designated herein.
13. Governing Law; severability. The state and local laws applicable to this
security Instrument shall be the
laws of the jurisdiction in which the property is located. The foregoing sentence
shall not limit the applicability of
Federal law to this security Instrument. In the event that any provision or clause
of this security Instrument or the
credit Agreement conflicts with applicable law, such conflict shall not affect other
provisions of this Security
Instrument or the credit Agreement which can be given effect without the conflicting
provision, and to this end
the provisions of this security Instrument and the credit Agreement are declared to
be severable. AS used herein,
"costs," "expenses" and "attorneys' fees" include all sums to the extent not
prohibited by applicable law or
limited herein.
14. Prior Mortgage or Deed of Trust; Modification; Future Advance. Borrower shall
not enter into any
agreement with the holder of any mortgage, deed of trust or other security agreement
page 6
óOû73j.
WYOMING TITLE DEED OF TRUST
which has priority over this
security Instrument by which that security agreement is modified, amended, extended,
or renewed, without the
prior written consent of the Lender. Borrower shall neither request nor accept any
future advance under a prior
mortgage, deed of trust, or other security agreement without the prior written
consent of Lender.
15. Borrower's Copy. Borrower shall be furnished a copy of the Credit Agreement and
of this security
Instrument at the time of execution or after recordation hereof.
16. Rehabilitation Loan Agreement. Borrower shall fulfill all of Borrower's
obligations under any home
rehabilitation, improvement, repair, or other loan agreement which Borrower may
enter into with Lender. Lender,
at Lender's option, may require Borrower to execute and deliver to Lender, in a form
acceptable to Lender, an
assignment of any rights, claims or defenses which Borrower may have against parties
who supply labor,
materials or services in connection with improvements made to the property.
17. waiver of Homestead Exemption. To the extent permitted by law, Borrower hereby
waives the benefit of
the homestead exemption as to all sums secured by this security Instrument.
18. waiver of Statutes of Limitation. To the extent permitted by law, Borrower
hereby waives statutes of
limitation as a defense to any demand or obligation secured by this security
Instrument.
19. Merger. There shall be no merger of the interest or estate created by this
Security Instrument with any
other interest or estate in the property at any time held by or for the benefit of
Lender in any capacity, without
the written consent of Lender.
20. Notice of Transfer of the property; Advances after Transfer. Borrower shall give
notice to Lender, as
provided in paragraph 12 hereof, prior to any sale or transfer of all or part of the
property or any rights in the
property. Any person to whom all or part of the property or any right in the
property is sold or transferred also
shall be obligated to give notice to Lender, as provided in paragraph 12 hereof,
promptly after such transfer.
Even if Borrower transfers the property, Borrower will continue to be obligated
under the Credit Agreement
and this security Instrument unless Lender releases Borrower in writing. As a
condition to Lender's consent to
any proposed transfer or as a condition to the release of Borrower, Lender may
require that the person to whom
the property is transferred sign an assumption agreement satisfactory to Lender and
Lender may impose an
assumption fee. The assumption agreement will not entitle the person signing it to
receive advances under the
credit Agreement.
Û00732
EWY986 (LASER)
o
21. Transfer of the property. Subject to applicable law, Lender shall have the right
to accelerate, that is, to
demand immediate payment in full of all sums secured by this Mortgage or Deed of
Trust, if Borrower, without
the written consent of Lender, sells or transfers all or part of the property or any
rights in the property.
If Lender exercises the option to accelerate, Lender shall give Borrower notice of
acceleration in accordance
with paragraph 12 hereof. The notice shall provide a period of not less than 30 days
page 7
from the date of the notice
within which Borrower may pay the sums declared due. If Borrower fails to pay those
sums prior to the expiration
of such period, Lender may, without further notice or demand on Borrower, invoke any
remedies permitted by
paragraph 22 hereof.
22. Default, Termination and Acceleration; Remedies. Each of the following events
shall constitute an event
of default ("event of default") under this security Instrument: (1) Borrower commits
fraud or makes a material
misrepresentation in connection with this security Instrument or the credit
Agreement; (2) Borrower does not
meet the repayment terms of the Credit Agreement; or (3) Borrower's action or
inaction adversely affects the
Lender's rights in the property secured by this security Instrument. If an event of
default occurs, then prior to
exercisin~ any right or remedy provided for in t is security Instrument and prior to
acceleratlon, Lender shall give
notice as provided in paragraph 12 hereof and as required by -applicable law. The
notice shall specify: (a) the
event of default; (b) the action required to cur such event of default; (c) a date,
not less than 10 days (or any
longer period required by applicable law) from t e date the notice is given to
Borrower by which the event of
default must be cured; (4) that failure to cure he event of default on or before
the date specified in the notice
may result in acceleration of the sums secured b this security Instrument and sale
of the property; and (5) any
other information required by applicable law. The notice shall further inform
Borrower of the right to reinstate .
after acceleration, if applicable, and the right to bring a court action to assert
the nonexistence of an event of
default or any other defense of Borrower to acceleration and sale. If the event of
default is not cured on or before
the date specified in the notice, Lender, at Lender's option, without further notice
or demand, may declare
default, may declare all sums secured by this security Instrument to be immediately
due and payable, and may
invoke the power of sale and any other remedies permitted by applicable law. Lender
shall be entitled to collect all
reasonable costs and expenses incurred in pursuing the remedies provided in this
paragraph 22, including, but not
limited to, reasonable attorneys' fees.
If Lender invokes the power of sale, Lender shall give notice of intent to foreclose
to Borrower and to the
person in possession of the property, if different, in accordance with applicable
law. Lender shall mail a copy of a
notice of the sale to Borrower in the manner provided in paragraph 12 hereof. Lender
shall publish the notice of
sale and the property shall be sold in the manner prescribed by applicable law.
Lender or Lender's designee may
purchase the property at any sale. The Proceeds of the sale shall be applied in the
following order: (a) to all
reasonable costs and expenses of the sale, including, but not limited to, reasonable
attorneys' fees and costs of
title evidence; (b) to all sums secured by this Security Instrument; and (c) the
excess, if any, to the person or
persons legally entitled thereto.
23. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower
shall have the ri~ht to have
enforcement of thlS security Instrument discontinued at any time prior to the
page 8
WYOMING TITLE OEED OF TRUST
000733
COû734
WYOMING TITLE DEEO OF TRUST
earlier of (i) 5 days (or such other
period as applicable law may specify for reinstatement) before sale of the property
pursuant to any power of sale
contained in this security Instrument or (ii) entry of a judgment enforcing this
security Instrument. Those
conditions are that Borrower: (a) pays Lender all sums which would then be due under
this security Instrument
and the credit A~reement had no acceleration occurred; (b) cures all other defaults
under this Securlty Instrument
and the credit Agreement; (c) pays all reasonable expenses incurred in enforcing
this security Instrument,
including, but not limited to, reasonable attorneys' fees; and (d) takes such action
as Lender may reasonably
require to assure that the lien of this security Instrument, Lender's rights in the
property and Borrower's
obligation to pay the sums secured by this security Instrument shall continue
unchanged. upon reinstatement by
Borrower, this security Instrument and the obligations secured. hereby shall remain
fully effective as if no
acceleration had occurred. However, this right to reinstate shall not apply in the
case of acceleration under
paragraph 21.
24. Release. This security Instrument secures a revolving line of credit and
advances may be made, repaid,
and remade from time to time, under the terms of the credit Agreement. when
according to the terms of the
credit Agreement, no more advances will be made, and Borrower has paid all sums
secured by this security
Instrument (or earlier if required by applicable law), Lender shall discharge this
security Instrument. To the extent
permitted by law, Lender may charge Borrower a fee for such discharge and require
Borrower to pay costs of
recordation, if any.
EWY986 (LASER)
o
REQUEST FOR NOTICE OF DEFAULT AND FORECLOSURE
UNDER SUPERIOR MORTGAGES OR DEEDS OF TRUST
Borrower and Lender request the holder of any mortgage, deed of trust or other
encumbrance with a lien
which has priority over this security Instrument to give Notice to Lender, at
Lender's address set forth on page
one of this security Instrument, of any default under the superior encumbrance and
of any sale or other
foreclosure action.
BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained
in this security
Instrument and in any rider(s) executed by Borrower and recorded with it.
XX W ð-$~ C( !¡C,!t'¡
(sea~) (seal)
Borrower Borrower
XX ~~g~LÙ~~ ~/(b(ò~
(seal) (seal)
Borrower Borrower
page 9
WYOMING TITLE DEED OF TRUST
.,
STATE OF WYOMI~ n C~
county of ~
(:Oû735
This instrument was acknowledged before me on
(Date) ct/, /¡) I 'luP/ò
by
Name(s) of person(s)Jll~tì vl L ¡ Wea\Jlf
Name(s) of person(s) ~ L... uJi.a.D;Q} ,
signature of Notarial Office~~~fì ~~r()
(seal. if any)
Title (and Rank~[lV1t\11 VY;OJf\ili¥h
My commi ssi on expi res: Ü ð {
EWY986
(LASER)
~~~". ·..·..,t"
.........~ :\.~ \ W A 'l' :"'"
...... £~~ .........;t./Â. "..
~ v". .. ''Ø ~~
~ .. OTA .. ';.
S : ~ ~~ \ <~.
: * : -"... :
. . .
. . . ~~-
~ \ ÞCJBL\C : ,',
..(ft.. ..,
~ ~ .... .... c l
'" ~ ¡> ........ ~
"'1. 11 OF I'D ~ ',.
'" ,~~
"'IBIIII'"
o
-(
page 10