Loading...
HomeMy WebLinkAbout964220WHEN RECORDED, MAIL TO: Account Mountain America Federal Credit Union P.O. Box 9001 West Jordan, Utah 84084 -9001 �OU MOUNTAIN AMERICA f CREDIT UNION P.O. Box 9001 West Jordan, UT 84084 -9001 THIS MORTGAGE is made this 9TH day of APRIL, 2012 among LONNIE K. MCCLURE AND MARY K. MCCLURE (herein "Grantor") and MOUNTAIN AMERICA FEDERAL CREDIT UNION (herein "Lender") a corporation organized and existing under the Laws of the State of Utah whose address is 7181 SOUTH CAMPUS VIEW DRIVE, WEST JORDAN, UTAH 84084. GRANT OF MORTGAGE. In consideration of the indebtedness herein recited, Grantor irrevocably mortgages and conveys to Lender all of Grantor's right, title and interest in and to the following described real property, located in the County of LINCOLN State of WY SEE ATTACHED EXHIBIT "A" PARCEL# 12- 2116- 23 -2 -09- 117.00 which has the address of WY, 83101 (State and Zip Code) Rev121211. Federally insured by NCUA. RECEIVED 4/25/2012 at 10:10 AM RECEIVING 964220 BOOK: 785 PAGE: 159 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY MORTGAGE TO SECURE REAL ESTATE SECURED LOAN NOTE 1315 5TH STREET KEMMERER (Street) (City) 00159 (herein "Property Address Page 1 of 6 MOUNTAIN AMERICA CREDIT UNION P.O. Box 9001 West Jordan, UT 84084-9001 016'0 MORTGAGE TO SECURE HOME EQUITY LINE OF CREDIT AGREEMENT TOGETHER, with all the improvements now or hereafter erected on the property, and all easements, rights, appurtenances; all water, water rights, watercourses and ditch rights (including stock in utilities with ditch or irrigation rights); and all other rights, royalties and profits relating to the real property, including without limitation all minerals, oil, gas, geothermal and similar matters; and rents (subject however to the rights and authorities given herein to Lender to collect and apply such rents), all of which shall be deemed to be and remain a part of the property covered by this Mortgage; and all of the foregoing, together with said property (or the leasehold estate if this Mortgage is on a leasehold) are herein after referred to as the "Property"; FOR THE PURPOSE OF SECURING: 1. Payment of the indebtedness and all other lawful charges evidenced by a revolving line of credit as set forth in the Home Equity Line of Credit Agreement (herein "Agreement dated the 9 day of APRIL, 2012 in the maximum sum of 35,000.00 granted to Grantor, payable by Grantor to the order of Lender at all times, in the manner and with interest as therein set forth and any extensions and /or renewals or modifications thereof; 2. The performance of each agreement of Grantor herein contained; and 3. The payment of all sums expended or advanced by Lender under or pursuant to the terms hereof, together with interest thereon as herein provided. Grantor covenants that Grantor is lawfully seized of the estate hereby conveyed and has the right to grant and convey the Property, and that the Property is unencumbered, except for encumbrances of record. Grantor covenants that Grantor warrants and will defend generally the title to the Property against all claims and demands, subject to encumbrances of record. UNIFORM COVENANTS. Grantor and Lender covenant and agree as follows: 1. Payment of Principal and Interest. Grantor shall promptly pay when due the principal of and interest on the indebtedness evidenced by the Agreement, prepayment and late charges as provided in the Agreement, and the principal of and interest on any Future Advances secured by this Mortgage. 2. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under the Agreement shall be applied first, to collection costs, second to late charges, third to interest payable, and fourth to principal. 3. Charges; Liens. Grantor shall pay all taxes, assessments and other charges, fines and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any. Grantor shall promptly discharge any lien which has priority over this Mortgage; provided that Grantor shall not be required to discharge any such lien so long as Grantor shall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. 4. Hazard Insurance. Grantor shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage and such other hazards as Lender may require and in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage. The insurance carrier providing the insurance shall be chosen by Grantor subject to approval by Lender; provided, that such approval shall not be unreasonably withheld. All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgagee clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, and Grantor shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss, Grantor shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Grantor. Unless Lender and Grantor otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damages, provided such restoration or repair is economically feasible and the security of this Mortgage is not thereby impaired. If such restoration or repair is not economically feasible or if the security of this Mortgage is not thereby impaired. If such restoration or repairs are not economically feasible or if the security of this Mortgage would be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid to Grantor. If the Property is abandoned by Grantor, or if Grantor fails to respond to Lender within 30 days from the date notice is mailed by Lender to Grantor that the insurance carrier offers to settle a claim for insurance benefits, Lender is authorized to collect and apply the insurance proceeds at Rev21312. Federally insured by NCUA. Page 2 of 6 MOUNTAIN AMERICA MORTGAGE CREDIT UNION TO SECURE HOME EQUITY LINE OF CREDIT AGREEMENT P.O. Box 9001 West Jordan, UT 84084 -9001 00161 Lenders option either to restoration or repair of the Property or to the sums secured by this Mortgage. Unless Lender and Grantor otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraph 1 hereof or change the amount of such installments. If under paragraph 17 hereof the Property is acquired by Lender, all right, title and interest of Grantor in and to any insurance policies in and to the proceeds thereof resulting from damage to the Property prior to the sale or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. 5. Preservation and Maintenance of Property; Leaseholds; Condominiums; Planned Unit Developments. Grantor 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 Mortgage is on a leasehold. If this Mortgage is on a unit in a condominium or a planned unit development, Grantor shall perform all of Grantor's obligations under the declaration or covenants creating or governing the condominium or planned unit development, the bylaws and regulations of the condominium or planned unit development, and constituent documents. If a condominium or planned unit development rider is executed by Grantor and recorded together with this Mortgage, the covenants and agreements of such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider were a part hereof. 6. Protection of Lender's Security. If Grantor fails to perform the covenants and agreements contained in this Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Property, including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or decedent, then Lender at Lender's option, upon notice to Grantor, may make such appearances, disburse such sums and take such action as is necessary to protect Lender's interest, including, but not limited to, disbursement or reasonable attorney's fees and entry upon the Property to make repairs. If Lender required mortgage insurance as a condition of making the loan secured by this Mortgage, Grantor shall pay the premiums required to maintain such insurance in effect until such time as the requirement for such insurance terminates in accordance with Grantor's and Lender's written agreement or applicable law. Any amounts disbursed by Lender pursuant to this paragraph 6, with interest thereon, shall become additional indebtedness of Grantor secured by this Mortgage. Unless Grantor and Lender agree to other terms of payment, such amounts shall be payable upon notice from Lender to Grantor requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from time to time on outstanding principal under the Agreement unless payment of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 6 shall require Lender to incur any expense or take any action hereunder. 7. Inspection. Lender may make or cause to be made reasonable entries upon the inspections of the Property, provided that Lender shall give Grantor notice prior to any such inspection specifying reasonable cause therefore related to Lender's interest in the Property. 8. 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. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid to Grantor, in the event of a partial taking of the Property, unless Grantor and Lender otherwise agree in writing, there shall be applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds paid to Grantor. If the Property is abandoned by Grantor, or if, after notice by Lender to Grantor that the condemner offers to make an award or settle a claim for damages, Grantor fails to respond to Lender within 30 days after the date such notice is mailed, Lender is authorized to collect and apply the proceeds, at Lender's option, either to restoration or repair of the Property or to the sums secured by this Mortgage. Unless Lender and Grantor otherwise agree in writing, any such application of proceeds to the principal shall not extend or postpone the due date of the monthly installments referred to in paragraph 1 hereof or change the amount of such installments. 9. Hazardous Substances. Grantor represents and warrants that the Property never has been, and never will be so long as this Mortgage remains a lien on the Property, used for the generation, manufacture, storage, treatment, disposal, release or threatened release of any hazardous waste or substance, as those terms are defined in the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, 42 U.S.C. Section 9601, et seq. "CERCLA the Superfund Amendments and Reauthorization Act "SARA applicable state or Federal laws, or regulations adopted pursuant to any of the foregoing. Grantor authorizes Lender and its agents to enter upon the Property to make such inspections and tests as Lender may deem appropriate to determine compliance of the Property with this section of the Mortgage. In addition, Grantor represents and warrants that the Property does not contain urea Rev21312. Federally insured by NCUA. Page 3 of 6 MOUNTAIN AMERICA MORTGAGE i /A CREDIT UNION TO SECURE HOME EQUITY LINE OF CREDIT AGREEMENT P.O. Box 9001 West Jordan, UT 84084 -9001 x.90162 formaldehyde foam insulation or urea formaldehyde resin in violation of any state laws. Grantor hereby (a) releases and waives any future claims against Lender for indemnity or contribution in the event Grantor becomes liable for cleanup or other costs under any such laws, and (b) agrees to indemnify and hold harmless Lender against any and all claims and losses resulting from a breach of this paragraph of the Mortgage. This obligation to indemnify shall survive the payment of the indebtedness and the satisfaction of this Mortgage. 10. Grantor Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any successor in interest of Grantor shall not operate to release, in any manner, the liability of the original Grantor and Grantor'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 Mortgage by reason of any demand made by the original Grantor and Grantor's successors in interest. 11. Forbearance by Lender Not a Waiver. 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. The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively. 13. Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Grantor, subject to the provisions of paragraph 16 hereof. All covenants and agreements of Grantor shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Grantor provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Grantor at the Property Address or at such other address as Grantor may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requested, to Lender's address stated herein or to such other address as Lender may designate by notice to Grantor as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Grantor or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of Mortgage combines uniform covenants for national use and non uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property, This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. Grantor's Copy. Grantor shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Rehabilitation Loan Agreement. Grantor shall fulfill all of Grantor's obligations under any home rehabilitation, improvement, repair, or other loan agreement which Grantor enters into with Lender. Lender, at Lender's option, may require Grantor to execute and deliver to Lender, in a form acceptable to Lender, an assignment of any rights, claims or defenses which Grantor may have against parties who supply labor, materials or services in connection with improvements made to the Property. 18. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Grantor without Lender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money security interest for household appliances (c) a transfer by devise, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or less not containing an option to purchase, then all the sums secured by this Mortgage shall be immediately due and payable. The loan which is secured by this Mortgage is NOT Assumable. NON UNIFORM COVENANTS. Grantor and Lender further covenant and agree as follows: 19. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Grantor's breach of any covenant or agreement of Grantor in this Mortgage, including the covenants to pay when due and sums secured by this Mortgage, Lender prior to acceleration shall mail notice to Grantor as provided in paragraph 13 hereof specifying: (1) the Rev21312. Federally insured by NCUA. Page 4 of 6 MOUNTAIN AMERICA CREDIT UNION P.O. Box 9001 West Jordan, UT 84084 -9001 00163 MORTGAGE TO SECURE HOME EQUITY LINE OF CREDIT AGREEMENT breach; (2) the action required to cure such breach; (3) a date, not less than 30 days from the date the notice is mailed to Grantor, by which such breach much be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result in acceleration of the sums secured by this Mortgage and sale of the Property. The notice shall further inform Grantor of the right to reinstate after acceleration and the right to bring a court action to assert the nonexistence of a default or any other defense of Grantor to acceleration and sale. If the breach is not cured on or before the date specified in the notice, Lender at Lender's option may declare all of the sums secured by this Mortgage to be immediately due and payable without further demand and those remedies permitted by applicable law may be invoked. Lender shall be entitled to collect all reasonable cost and expenses incurred in pursuing the remedies provided in this paragraph 17, including, but not limited to, reasonable attorney's fees. 20. Judicial Foreclosure. Lender may obtain a judicial decree foreclosing Grantor's interest in all or any part of the Property. 21. Non judicial Foreclosure. Lender may foreclose Grantor's interest in all or any part of the Property by non judicial sale, and specifically by "power of sale" or "advertisement and sale" foreclosure as provided by statute. If the "power of sale" or "advertisement and sale" statute is invoked, Lender shall execute a written notice of the occurrence of an event of default and of the election to cause the Property to be sold and shall record such notice in each county in which Property or some part thereof is located. Lender shall mail copies of such notice in the manner prescribed by applicable law to Grantor and to the other persons prescribed by applicable law. Lender shall give public notice of sale to the persons and in the manner prescribed by applicable law. After the lapse of such time as may be required by applicable law, Lender, without demand on Grantor, shall sell the Property at public auction to the highest bidder at the time and place and under the terms designated in the notice of sale in one or more parcels and in such order as Lender may determine. Lender may postpone sale of all or any parcel of the Property by public announcement at the time and place of any previously scheduled sale. Lender or Lender's designee may purchase the Property at any sale. Lender shall deliver to the purchaser lender's mortgage conveying the Property so sold without any covenant or warranty, expressed or implied, the Recitals in the Lender's mortgage shall be prima facie evidence of the truth of the statement made therein. Lender shall apply the proceeds of the sale in the following order: (a) to all reasonable costs and expenses of the sale, including, but not limited to, reasonable Lender's and attorney's fees and costs of title evidence; (b) to all sums secured by this Mortgage; and (c) the excess, if any, to the person or persons legally entitled thereto or to the county clerk of the county in which the sale took place. 22. Grantor's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage, (By reason of Grantor's Failure to make payments as agreed), Grantor shall have the right to have such proceedings begun by Lender to enforce this Mortgage discontinued at any time prior to the earlier to occur of (i) the fifth day before sale of the Property pursuant to the power of sale contained in the Mortgage or (ii) entry of a judgment enforcing this Mortgage if (a) Grantor pays Lender all sums which would be then due under this Mortgage, the Note and notes securing Future Advances, If any, had not acceleration occurred; (b) Grantor cures all breaches of any other covenants or agreements of Grantor continued in this Mortgage; (c) Grantor pays all reasonable expenses incurred by Lender in enforcing the covenants and agreements of Grantor contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 17 hereof, including, but not limited to, reasonable attorney's fees and (d) Grantor takes such action as Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest in the Property and Grantor's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment and cure by Grantor, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. 23. Assignment of Rents; Appointment of Receiver; Lender in Possession. As additional security hereunder. Grantor hereby assigns to Lender the rents of the Property, provided that Grantor shall, prior to acceleration under paragraph 17 hereof or abandonment of the Property, have the right to collect and retain such rents as they become due and payable. Upon acceleration under paragraph 17 hereof or abandonment of the Property, Lender, in person, by agent or by judicially appointed receiver, shall be entitled to enter upon, take possession of and manage the Property and to collect the rents of the Property, including those past due. All rents collected by Lender or the receiver shall be applied first to payment of the costs of management of the Property and collection of rents, including, but not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the sums secured by this Mortgage. Lender and the receiver shall be liable to account only for those rents actually received. Rev21312. Federally insured by NCUA. Page 5 of 6 MOUNTAIN AMERICA CREDIT UNION P.O. Box 9001 West Jordan, UT 84084 -9001 24. Release of Mortgage. Upon payment of all sums secured by this Mortgage, Lender shall release the Property and shall surrender this Mortgage and all notes evidencing indebtedness secured by this Mortgage. Lender shall release the Property without warranty and without charge to the person or persons legally entitled thereto. Such person or persons shall pay all costs or recordation, if any. 25. Request for Notices. Grantor requests that copies of the notice of default and notice of sale be sent to Grantor's address which is the Property Address. Lender also requests that any notice of default of any other encumbrances on this property be mailed to the Lender at P. O. Box 9001, West Jordan, UT 84084 -9001. IN WITNESS WHEREOF, Grantor has executed this Mortgage. I a f 021 LONNIE K. MCCLURE Grantor MARY] MCCLURE Grantor Grantor STATE OF: UTAH County ss: SALT LAKE On this 9TH day of APRIL, 2012 personally appeared before me, the signer(s) of the above instrument, who duly acknowledged to me that he /sh My Commission Expires: C�G1 Rev21312. Federally insured by NCUA. MORTGAGE TO SECURE HOME EQUITY LINE OF CREDIT AGREEMENT Notary Public: Residing at: executed the same. Grantor 00164 SAMANTHA D EVERETT Notary Public State of Utah Comm. No. 582917 My Comm. Expires Jun 25, 2014 Page 6 of 6 EXHIBIT A File No 880 5454456 Legal Description Exhibit A, in its entirety, documents the legal description of the land referenced in this Document. The legal description may extend to multiple pages. The land referred to in this document is situated in the State of Wyoming, County of Lincoln, and is described as follows: 0®1_6a LOT 4 OF BLOCK 3 OF THE LINCOLN HEIGHTS 4TH SUBDIVISION OF THE TOWN OF KEMMERER, LINCOLN COUNTY, WYOMING AS PER THE PLAT RECORDED OCTOBER 3, 1977, AS PLAT NO. 499086 OF THE RECORDS OF THE LINCOLN COUNTY CLERK.