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935 E. 53RD STREET
DAVENPORT, IA 52807
This document prepared by:
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14700 Citicorp Drive
Hagerstown. MD 21742
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366582
HELOC Card Mortgage Wyoming 2/2000 1 of 7
ACCOUNT NO.: 100041203648000
RECEIVED
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KEMMERER, YI
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BOOK PR PAGE
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HOME EQUITY LINE OF CREDIT MORTGAGE
In this Mortgage, "You "Your" and "Yours" means RICK A. MARQUARDT and DAWN M. MAROUARDT,
HUSBAND AND WIFE AS TENANTS BY THE ENTIRETIES "Mortgagor "We," "Us" and "Our" means
CITIBANK FEDERAL SAVINGS BANK, which has a home office of One Sansome Street, San Francisco, CA
94104. The "Borrower" means RICK A. MARQUARDT and DAWN M. MARQUARDT. gl la Col 1 ONW 00 VE
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The "Agreement" means the Home Equity Line of Credit Agreement and Disclosure of even date herewith signed by
the Borrower in connection with this Mortgage. The "Property" means the real estate, including the leasehold (if
any), located at 816 COTTONWOOD DRIVE, LABARGE, WY 83123, LINCOLN County.
SEE ATTACHED LEGAL DESCRIPTION
THIS MORTGAGE between You and Us is made as of the date next to Your first signature below and has
a final maturity date 30 years and 2 months from such date.
The Agreement provides that the credit secured by the Property is an open -end revolving line of credit at a variable
rate of interest. The maximum amount of all loan advances made to the Borrower under the Agreement and which
may be secured by this Mortgage may not exceed TWENTY TWO THOUSAND dollars ($22,000.00) (the "Credit
Limit At any particular time, the outstanding obligation of Borrower to Us under the Agreement may be any sum
equal to or less than the Credit Limit plus interest and other charges owing under the Agreement and amounts owing
under this Mortgage. Obligations under the Agreement, Mortgage and any riders thereto shall not be released even if
all indebtedness under the Agreement is paid, unless and until We cause a mortgage release to be executed and such
release is properly recorded.
TO SECURE to Us: (a) the payment and performance of all indebtedness and obligations of the Borrower
under the Agreement or any modification or replacement of the Agreement; (b) the payment of all other sums
advanced in accordance herewith to protect the security of this Mortgage, with finance charges thereon at the
variable rate described in the Agreement; and (c) the payment of any future advances made by Us to Borrower
(pursuant to Paragraph 16 of this Mortgage (herein "Future Loan Advances and, in consideration of the
indebtedness herein recited, You hereby mortgage, grant and convey to Us the Property together with the statutory
power of sale;
TOGETHER WITH all the improvements now or hereafter erected on the Property, and all easements,
rights, appurtenances, rents (subject however to the rights and authorities given herein to You to collect and apply
such rents), royalties, mineral, oil and gas rights and profits, water, water rights and water stock, and all fixtures now
or hereafter attached to the Property (which, if this Mortgage is on a unit in a condominium project or planned unit
development, shall include the common elements in such project or development associated with such unit), all of
which, including replacements and additions thereto, shall be deemed to be and remain a part of the Property.
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Mortgage, continued
You and We covenant and agree as follows:
HELOC Card Mortgage Wyoming 2/2000 3 of 7
513
CITIBAN (O'
You covenant that You are lawfully seized of the estate hereby conveyed and have the right to mortgage, grant, and
convey the Property, and that the Property is unencumbered, except for the encumbrances of record and any first
mortgage. You covenant that You warrant and will defend generally the title to the Property against all claims and
demands, except those disclosed in writing to Us as of the date of this Mortgage.
1. Payment of Indebtedness. Borrower shall promptly pay when due the indebtedness secured by this Mortgage
including, without limitation, that evidenced by the Agreement.
2. Application of Payments. Unless applicable law provides otherwise, all payments received by Us under the
Agreement will be applied to the principal balance and any finance charges, late charges, collection costs, and other
charges owing with respect to the indebtedness secured by this Mortgage in such order as We may choose from time
to time.
3. Charges; Liens. Except as expressly provided in this Paragraph 3, You 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, by Your making payments, when due, directly to the payee thereof. In
the event You make payments directly to the payee thereof, upon Our request You shall promptly furnish to Us
receipts evidencing such payment. We reserve the right to require You or the Borrower to pay to an escrow account
amounts to pay taxes and insurance when they are due. If We require payments to be made to an escrow account, the
amount of the payments will be determined in accordance with applicable law and We will pay interest on the
payments, if required by applicable law. You shall make payments, when due, on any indebtedness secured by a
mortgage or other lien that is prior in right time to this Mortgage (a "Prior Mortgage You shall promptly
discharge the lien of any Prior Mortgage not disclosed to Us in writing at the time of application for the Agreement,
provided, however, that You shall not be required to discharge any such lien so long as You shall (a) 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, or (b) secure from the holder of such prior
lien an agreement in form and substance satisfactory to Us subordinating such lien to this Mortgage. You shall not
enter into any agreement with the holder of a Prior Mortgage whereby such Prior Mortgage, or the indebtedness
secured thereby is modified, amended, extended or renewed, without Our prior written consent. You shall neither
request nor allow any future advances to be secured by a Prior Mortgage without Our prior written consent.
4. Hazard Insurance. You 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 We may require
(including flood insurance coverage, if required by Us) and in such amounts and for such periods as We may require.
Unless We require in writing 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. All
insurance policies and renewals thereof shall be in form and substance and with carriers acceptable to Us and shall
include a standard mortgagee clause in favor of and in form and substance satisfactory to Us. In the event of loss,
You shall give prompt notice to the insurance carrier and Us. We may make proof of loss if not made promptly by
You. If the Property is abandoned by You, or if You fail to respond to Us within thirty (30) days from the date the
notice is mailed by Us to You that the insurance carrier offers to settle a claim for insurance benefits, We are
authorized to collect and apply the insurance proceeds at Our option either to restoration or repair of the Property, or
to sums secured by this Mortgage. If the Property is acquired by Us under Paragraph 14 of this Mortgage, all of Your
right, title and interest in and to any insurance policies, and in and to the proceeds thereof resulting from damage to
the Property prior to the sale or acquisition, shall pass to Us to the extent of the sums secured by this Mortgage
immediately prior to such sale or acquisition.
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Mortgage, continued
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CIT IBAN(O'
otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy in
the future. Any waiver by Us must be in writing and signed by Us.
10. Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein
contained shall bind, and the rights hereunder shall inure to, Your and Our respective successors and assigns, subject
to the provisions of Paragraph 13 hereof. All Your covenants and agreements 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.
11. Notices. Except for any notice required under applicable law to be given in another manner, (a) any notice to
You provided for in this Mortgage shall be given by personal delivery or by mailing such notice by first -class
postage paid, addressed to You at the address of the Property shown at the beginning of this Mortgage or at such
other address as You may designate by notice to Us as provided herein, and (b) any notice to Us shall be given by
personal delivery or by mailing such notice by certified mail, return receipt requested, to Our address stated herein or
to such other address as We may designate by notice to You as provided herein.
12. Severability. If any term of this Mortgage is found to be unenforceable, all other provisions will remain in full
force.
13. Due on Transfer Provision Transfer of the Property. If all or any part of the Property or any interest in it is
sold or transferred (or if a beneficial interest in You is sold or transferred and You are not a natural person) without
Our prior written consent, We may, at Our option, require immediate payment in full of all sums secured by this
Mortgage. However, We shall not exercise this option if the exercise is prohibited by applicable law as of the date
of this Mortgage. If We exercise this option, We shall give You notice of acceleration. The notice shall provide a
period of not less than 30 days from the date the notice is delivered or mailed within which all sums secured by this
Mortgage must be paid. If these sums are not paid prior to the expiration of this period, We may invoke any
remedies permitted by this Mortgage without further notice or demand on You.
14. Default. If You breach any term in this Mortgage, or if Borrower fails to perform any obligation under the
Agreement, We may, at Our option, declare all sums secured by this Mortgage to be immediately due and payable
without further demand and may invoke the power of sale under this Mortgage and any other remedies permitted by
law. We may collect from You all reasonable costs incurred in enforcing the terms of this Mortgage, including
attorneys' fees and allocated costs of Our salaried employees.
15. Assignment of Rents. As additional security hereunder, You hereby assign to Us the rents of the Property;
provided, however, that You shall have, prior to acceleration under Paragraph 14 hereof or abandonment of the
Property, the right to collect and retain such rents as they become due and payable.
16. Future Loan Advances. Upon Your request, We at Our option may make Future Loan Advances to You or
Borrower. Such Future Loan Advances, with interest thereon, shall be secured by this Mortgage when evidenced by
a promissory note or agreement stating that said note or agreement is so secured.
17. Release. Upon payment of all sums secured by this Mortgage and any applicable Early Closure Release Fee or
other fees and upon (a) expiration of the Agreement or (b) Your request, We shall release this Mortgage and You
shall pay all costs of recordation along with any reconveyance fee and any statement of obligation fee, if any.
18. Appointment of Receiver; Lender in Possession. Upon acceleration under this Mortgage or abandonment of
the Property, We shall be entitled to have a receiver appointed by a court to enter upon, take possession of, and
manage the Property and collect the rents of the Property including those past due. All rents collected by the
HELOC Card Mortgage Wyoming 2/2000 5 of 7
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Mortgage, continued
517
C lI13A/1/(0•
prepayment charge due. If enactment or expiration of applicable laws has the effect of rendering any provision of
the Agreement or this Mortgage unenforceable according to its terms, We may at Our option, require immediate
payment in full of all sums secured by this Mortgage and may invoke any remedies permitted by Paragraph 14.
26. Waiver of Homestead and Redemption You release and waive all rights under and by virtue of the
homestead exemption laws of Wyoming, the equity of redemption and statutory right of redemption in and to the
Property.
27. Trustee Exculpation. If this Mortgage is executed by a trust, You execute this Mortgage as trustee as
aforesaid, in the exercise of the power and authority conferred upon and vested in it as such trustee, and it is
expressly understood and agreed by Us and by every person hereafter claiming any right hereunder that nothing
contained herein or in the Agreement shall be construed as creating any liability on You personally to pay amounts
owing in connection with the Agreement or this Mortgage or any interest that may occur thereon, or to perform any
covenants either express or implied contained in this Mortgage, all such liability, if any, being expressly waived, and
that any recovery on the Mortgage or the Agreement shall be solely against and out of the Property by enforcement
of the provisions of this Mortgage and the Agreement, but this waiver shall in no way affect the personal liability of
any individual Borrower, co -maker or guarantor of this Agreement.
28. One Mortgagor. If there is only one person executing this Mortgage, such person represents that he or she is
single or [X] married. [Check one as applicable].
HELOC Card Mortgage Wyoming 2/2000 7 of 7
W
BORROWER: MARQUARDT
Title is Vested In: Rick A. Marquardt and Dawn M. Marquardt, Husband and Wife as Tenants by the
Entireties The following described real estate, situate in Lincoln County and State of Wyoming, to wit:
Lots 5, 6, and 7 of Block 2 of the West Valley Subdivision to the Town of LaBarge, Lincoln County, Wyoming
as described on the Official Plat thereof.
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