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After Recording Return To:
US Recordings, Inc.
2925 Country Drive Ste 201
81. Paul, MN 55117
Prepared By:
ANDREAS GEHRING
RECEIVED 1/2/2009 at 2:53 PM
RECEIVING # 944480
BOOK: 712 PAGE: 379
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
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00020079027312008
[Doc ID #J
MIN 1001337-0003468184-4
MORTGAGE
LINE OF CREDIT
nus MORTGAGE, dated DECEMBER 16, 2008 ,is between
MICHAEL W TRAUGHBER, AND CINDY F TRAUGHBER, HUSBAND AND WIFE AS TENANTS BY THE
ENTIRETIES
residing at
220 EAST FIRST AVE, LA BARGE, WY 83123 ,
the person or persons signing as "Mortgagor(s)" below and hereinafter referred to as "we." "our," or "us" and
MORTGAGE ELECTRONIC REGISTRATION SYSTEMS, INC., ("MERS") a Delaware corporation, with an address
of P.O. Box 2026, Flint, MI 48501-2026, tel (888) 679-MERS. MERS is the "Mortgagee" under this Mortgage and is
acting soJely as nominee for
COUNTRYWIDE BANK, FSB
rLender" or "you") and its successors and assigns.
MORTGAGED PREMISES: In consIderation of the loan hereinafter described, we hereby mortgage, grant and
convey to MERS (solely as nominee for Lender and Lender's successors and assigns) and to the successors and assigns of
MERS, the premises located at:
220 EAST FIRST AVE
Street
WY
Stale
LA BARGE
Mmlidpallly
83123 (the "Premises").
ZIp
LINCOLN
COImly
and further described as:
SEE EXIIIßIT . A' ATTACHED IillRETO AND ~1ADE A PART IillREOJ.?
The Premises includes aU buildings and olber improvements now or in the future on the Premises and all rights and
interesls which derive from our ownership. use or possession of the Premises and all appurtenances thereto.
WE UNDERSTAND and agree that MERS is a separate corporation acting solely as nominee for Lender and
Lender's successors and assigns, and holds only legal title to the Interests granted by us In this Mortgage, but, if necessary
to comply with law or custom, MERS (as nominee for Lender and Lender's successors and assigns) has the right: to
exercise any or all of those Interests, including, but not limited to, the right to foreclose and sell the Property, and to take
any action required of Lender Including, but not limited to, releasing or canceling this Mortgage.
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DOC ID It:
LOAN: The Mortgnge will secure your Joan to US in the prindpal amount of$ 130,000.00
as may be advanced and readvanced from time to time to
MICHAEL W. TRAUGHBER
CINDY F. TRAUGHBER
0002007902731200B
or so much thereof
000380
,
,and
the Borrower(s) under the Home Equity Credit Line Agreement and Disclosure Statement (the "Note") dated
DECEMBER 16, 200 B , pJus interest and costs, Jate charges and all othercharges reJated to the Joan, all of which
sums are repayabJe according to the Note. This Mortgage \\111 also secure the performance of alJ of the pronùses and
agreements made by us and each Borrower and Co-Signer in the Note, all of our proRÜSes and agreements In this
Mortgage, any extensions, renewals, amendments, supplements and other modifications of the Note, and any amounts
advanced by you under the teTlTL'i of the section of this Mortgage entitled "Our Authority To You." Loans under the Note
may be made, repaid and remade from time to time In accordance with the tenus of the Note and subject to the Credit
Llnût set forth in the Note.
OWNERSHIP: We are the sole owner(s) of the Premises. We have the legal right to mortgage the Premises to you.
OUR IMPORTANT OBLIGATIONS:
(a) TAXES: We will pay all real estate taxes, assessments, water charges and sewer rents relating to the Premises
when they become due. We wilJ not claim any credit on, or make deduction from, the Joan under the Note because we pay
these taxes and charges. We will provide you with proof of payment upon request.
(b) . MAINTENANCE: We will maintain the buiJding(s) on the Premises In good condition. We will not make
major changes In the bulldlng(s) except for normal repaJrs. We wilJ not tear down any of the buiJding(s) on the Premises
without first getting your consent. We will not use the Premises illegally. If this Mortgage Is on a unit in a condominium
or a planned unit development, we shaI1 perform all of our obl4f<úions under the dec1aration or covenants aeatinR or
governing the condominium or planned unit development, the by-laws and regulations of the condominium or planned
unit development and constituent documents.
(c) INSURANCE: We win keep the buiIding(s) on the Premises insured at all times against Joss by fire, flood and
any other hazards you may specl1ÿ. We may choose the Insurance company, but our choice Is subject to your reasonabJe
approval. The polides must be for at Jeast the amounts and the time periods that you specifY. We will deliver to you upon
your request the polides or other proof of the insurance. The polldes must name you as "mortgagee" and "loss-payee" so
that you win receive payment IDI all insurance claims, to the extent of your interest under this Mortgage, before we do.
The Insurance policies must also provide that you be given not less than 10 days prior written notice of any cancellation
or reduction in coverage, for any reason. Upon request, we shall deliver the policies, certificates or other evidence of
Insurance to you. In the event of loss or damage to the Premises, we win Immediately notify you in writing and file a
proof of loss with the Insurer. You may file a proof of loss on our behalf If we fail or refuse to do so. You may also sign
our name to any check, draft or other order for the payment of Insurance proceeds In the event of loss or damage to the
Premises. If you receive. payment of a claim, you will have the right to choose to use the money either to repair the
Premises or to reduce the amount owing IDI the Note.
(d) CONDEMNATION: We assign to you the proceeds of any award or claim for damages, direct or
consequential, in connection with any condemnation or other taking of the Premises, or part thereof, or for COJIVeyance in
lieu of condemnarlon, all of which shaII be paid to you, subject to the terms of any Prior Mortgage.
(e) SECURTIY INTEREST: We will join with you in signing and filing documents and, at our expense, In doing
whatever you believe Is necessæy to perfect and continue the perfection of your lien and security Interest in the Premises.
It Is agreed that the Lender shall be subrogated to the claims and liens of all parties whose c1ailllS or liens are discharged
or paid with the proceeds of the Agreement secured hereby.
(f) OUR AUTIIORITY TO YOU: If we fail to perform our obligations under this Mortgage, you may, if you
choose, perform our obligations and pay such costs and expenses. You will add the amounts you advance to the SUIIIS
owing on the Note, on which you will charge interest at the interest rate set forth In the Note. If, for example, we fail to
honor our promIses to maintain insU/'anœ In effe.."i, or to pay flUng fees, taxes or the costs necessary to keep the PremIses
In good condition and repair or to perform any of our other agreements with you, you may, If you choose, advance any
S1DIIS to satisfy any of our agreements with you and charge us interest on such advances at the Interest rate set forth In the
Note. This Mortgage secures all such advances. Your payments on our behalf will not cure our failure to perform our
promises in this Mortgage. Any replacement Insurance that you obtain to cover loss or damages to the Premises may be
limited to the amount owing on the Note plus the amount of any Prior Mortgages.
(g) PRIOR MORTGAGE: If the provisions of thIs paragraph are completed, this Mortgage is subject and
subordinate to a prior mortgage dated NOVEMBER 29, 2004 and given by us to
COUNTRYWIDE HOME LOJUlS, IHC_
as mortgagee, In the original amount oU 95,500.00 (the "Prior Mortgage"). We shaII not Increase, amend or
modify the Prior Mortgage without your prior written consent and shall upon receipt of any written notice from the holder
of the Prior Mortgage promptly deliver a copy of such notice to you. We shall pay and perform all of our obligations
under the Prior Mortgage as and when required under the Prior Mortgage.
(b) HAZARDOUS SUBSTANCES: We shall not cause or pennit the presence, use, disposal, storage, or release of
any Hazardous Substances on or In the Premises. We shall not do, nor allow anyone else to do, anything affecting the
Premises that is in violation of any Envirmmental Law. The preceding two sentences shall not apply to the presence, use,
or storage IDI the Premises of small quantities of Hazardous Substances that are generally recognized to be appropriate to
normal residential uses and to mainlenance of the PreRÜses. As used In this paragraph, "Hazardous Substances" are those
substances defined æ toxic or hazardous substances by Environmental Law and the following substances: gasoline,
kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials
containing asbestos or formaldehyde, and radioactive materials. As used In this paragraph, "Environmental Law" means
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DOC ID #: 00020079027312008
federal laws and laws of the jurisdiction where the Premises are located that relate to health, safety or environmental
protection.
(i) SALE OF PREMISES: We will not sell, transfer ownership of, mortgage or otherwise dispose of our interest in
the Premises, in whole or in part, or permit any other lien or claim against the Premises without your prior wrltten
consent.
(f) INSPECTION: We will pennit you to inspect the Premises at any reasonable time. Û 0 V 3 8 ~
NO LOSS OF RIGIITS: The Note and this Mortgage may be negotiated or assigned by you without releasing us or the
Premises. You may add or release any person or property obligated under the Note and this Mortgage without losing your
rights in the Premises.
DEFAULT: Except as may be prohibited by applicable law, and subject to any advance notice and cure period if required
by applicable law, if any event or condition of default as described in the Note occurs, you may foreclose upon this
Mortgage. This means that you may arrange for the Premises to be sold by advertisement and sale or by Judicial
foreclosure, at your option, as provIded by law, in order to payoff what we owe on the Note and under this Mortgage. If
the money you receive from the sale is not enough to pay off what we owe you, we will still owe you the difference wlñch
you may seek to collect from us in accordance with app}iæble law. In addition, you may, in accordance with applicable
law, (I) enter on and take possession of the Premises; (Ii) collect the rental payments, including over-due rental payments,
directly from tenants after simply notifying them first class mail to make rental payments to you; (Iii) manage the
Premises; and (Iv) sign, cancel and change leases. We agree that the interest rate set forth in the Note will continue before
and after a default, entry of ajudgment and foreclosure. In addition. you shall be entitled to collect all reasonable fees and
costs actually incurred by you in proceeding to foreclosure, including, but not lißÛted to, reasonable attorneys fees and
costs of docmnentary evIdence, abstracts and title reports.
ASSIGNMENT OF RENTS; APPOINTMENT OF RECEIVER: As additional security, we assign to you the rents of the
Premises. You or a receiver appointed by the courts shalI be entitled to enter upon, take possession of and manage the
Premises and collect the rents of the Premises including those past due after simply notifying them by first class mail to
make rental payments to you.
WAIVERS: To the extent pemùtted by applicable law, we waIve and release any error or defects in proceedings to
enforce this Mortgage and hereby waive the benefit of any present or future laws provIding for stay of execution,
extension of time. exemption from attachment, levy and sale and homestead exemption.
BINDING EFFECT: Each of us shall be fully responsible for all of the promises and agreements in this Mortgage. Until
the Note has been paid in full and your obUgation to make further advances onder the Note has been tenninated. the
provisions of this Mortgage will be binding on us, our legal representatives, our heirs and all future owners of the
Premises. This Mortgage is for your benefit and for the benefit of anyone to whom you may assign it. Upon payment in
full of all amounts owing to you under the Note and this Mortgage, and provIded any obligation to make further advances
under the Note has terminated, this Mortgage and your rights in the Premises shall end.
NOTICE: Except for any notice required under applicable law to be given in another manner, (a) any notice to us
provIded for in this Mortgage shall be given by delivering it or by mailing such notice by regular first class mail
addressed to us at the last address appearing in your records or at such other address as we may designate by notice to you
IL'I provided herein, and (b) any notice to you shall be given by certifIed mail, return receipt requested, to your address at
For MERS:
P.O. Box 2026, Flint, MI 48501-2026
For Lender:
1199 North Fairfax St. Ste.SOO, Alexandria. VA 22314
or to such other address as you may designate by notice to us. Any notice provIded for in this Mortgage shall be deemed
to have been given to us or you whm givm in the manner designated herein.
RELEASE: Upon payment of all 5I1II"ß secured by this Mortgage and provIded your obligation to make further advances
IDlder the Note has ternúnated, you shall discharge this Mortgage without charge to us, except that we shall pay any fees
for recording of a satisfaction of this Mortgage.
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DOC ID #: 00020079027312008
GElI.'ERAL: You can waive or delay enforcing my of your rights under this Mortgage without losing them. Any wai\'er
by you of any provisions of this Mortgage wlll not be a waiver of that or any other provision on any other occasion.
1HIS MORTGAGE has been signed by each nf us under seal on the date first above wrlttpn .-
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Mort or: MI L W. TRAUGHBER
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CHICAGO TITLE INSURANCE COMPANY
Title No NRE- T008-065215
LEGAL DESCRIPTION
00û383
EXHIBIT "A"
THE LAND REFERRED TO HEREIN BELOW IS SITUATED IN THE COUNTY OF Lincoln, STATE OF Wyoming, AND IS
DESCRIBED AS FOLLOWS:
THE FOLLOWING DESCRIBED REAL ESTATE, SITUATE IN LINCOLN COUNTY AND STATE OF WYOMING,
HEREBY RELEASING AND WAIVING ALL RIGHTS UNDER AND BY VIRTUE OF HOMESTEAD EXEMPTION LAWS
OF THE STATE TO WIT:
PARCEL 1
A TRACT OF LAND BEING PART OF GENERAL LAND OFFICE LOT 8 OF SECTION 6, T26N R112W OF THE 6TH P.M.,
WITHIN THE INCORPORATED LIMITS OF LABARGE, LINCOLN COUNTY, 'WYOMING MORE PARTICULARLY
DESCRIBED AS FOLLOWS, IT BEING THE INTENT TO MORE CORRECTLY DESCRIBED THAT DESCRIPTION OF
RECORD IN THE OFFICE OF THE CLERK OF LINCOLN COUNTY IN BOOK 253 PR ON PAGE 51;
BEGINNING AT A POINT ON THE NORTH LINE OF SAID LOT 8 S89 DEGREES 55'32" E. (S 89 DEGREES 56' E. DLM
RECORD) 417.85 (395.68 FEET RECORD) FEET FROM THE CENTER EAST ONE-SIXTEENTH CORNER OF SAID
SECTION 6 FOUND AS DESCRIBED IN THE CORNER RECORD FILED IN SAID OFFICE;
THENCE CONTINUING S 89 DEG 55'32" E. 409.84 (410.16 FEET RECORD) TO A POINT-ON-LINE ON THE WEST
BANK ON THE GREEN RIVER;
THENCE S 34 DEGREES W. 181 FEET, MORE OR LESS ALONG THE RIGHT BANK MEANDER LINE OF SAID GREEN
RIVER A POINT;
THENCE N 89 DEGREES 52'24" W, 308.24 FEET ALONG A LINE BEING THE CENTERLINE OF THE VACATED
PORTION OF FIRST AVENUE TO ITS INTERSECTION WITH THE EASTERLY BOUNDARY OF THE BLAKE STREET
RIGHT-OF-WAY;
THENCE N 00 DEGREES 07'36" W, 15 FEET TO A POINT ON THE NORTHERLY BOUNDARY OF THE FIRST AVENUE
RIGHT-OF-WAY;
THENCE CONTINUING N 00 DEGREES 07'36" E, 134.69 FEET PROTRACTING THE EASTERLY LINE OF BLAKE
STREET TO THE POINT OF BEGINNING
LESS AND EXCEPT ANY LAND LYING WITHIN THE VACATED PORTION OF FIRST AVENUE
PARCEL 2
THAT PART OF TRACT OF LAND OF RECORD IN THE OFFICE OF THE CLERK OF LINCOLN COUNTY IN BOOK
263PR ON PAGE 572, BEING PART OF GENERAL, LAND OFFICE LOT 8 OF SECTION 6, T26N R1l2W OF THE 6TH
P.M. WITHIN THE INCORPORATED LIMITS OF THE TOWN OF LABARGE, LINCOLN COUNTY, WYOMING
DESCRIBED AS FOLLOWS:
BEGINNING AT THE SOUTHEAST CORNER OF SAID TRACT WHERE FOUND A 5/8 INCH STEEL REINFORCING
ROD WITH ALUMINUM CAP INSCRIBED, "PWR LS560":
THENCE N 00 DEGREES 07'36" E, 134.69 FEET ALONG THE EAST LINE OF SAID TRACT TO THE NORTHEAST
CORNER MARKED BY A 5/8X24 INCH STEEL REINFORCING ROD:
THENCE S 15 DEGREES 05' 27" W, 139.42 FEET TO A POINT ON THE SOUTH LINE OF SAID TRACT AND THE
NORTH LINE OF FIRST AVENUE MARKED BY A 5/8X24 INCH STEEL REINFORCING ROD WITH ALUMINUM CAP
INSCRIBED, "SURVEYOR SHERRILL LTD PLS 164 BIG PINEY WY" AND APPROPRIATE DETAILS:
THENCE S 89 DEGREES 52'24" E, 36.00 FEET ALONG SAID SOUTH LINE AND NORTH LINE TO THE CORNER OF
BEGINNING.
Commonly known as 220 East FIRST AVE, La Barge, WY 83123
However, by showing this address no additional coverage is provided
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