HomeMy WebLinkAbout978460WHEN RECORDED, MAIL TO:
Mountain America Federal Credit Union
P.O. Box 9001
West Jordan, Utah 84084 -9001 °e)
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II�A CREDIT UNION
P.O. Box 9001 West Jordan, UT 84084 -9001
THIS MORTGAGE is made this 30 day of August 2014 among
DANIEL A NORRIS
(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, UT 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- 3718- 29 -4 -13- 082.00
ALPINE
(City)
Rev08/2014. Federally insured by NCUA.
978460 9/19/2014 10:30 AM
LINCOLN COUNTY FEES: $30.00 PAGE 1 OF 7
BOOK: 839 PAGE: 761 MORTGAGE
JEANNE WAGNER, LINCOLN COUNTY CLERK
1 IIIIII11M 1111 11111113 II 111 it 1110 1111111111 0111 1 11H 111111 III! II I!
MORTGAGE
TO SECURE HOME EQUITY LINE OF CREDIT AGREEMENT
COURTESY RECORDING
This document is being recorded solely as a courtesy
and an accommodation to the parties named herein.
First American Title hereby expressly disclaims any
responsibility or liability for the accuracy or the content
thereof.
which has the address of 704 SUNSET DRIVE
(Street)
WY 83128
(State and Zip Code)
SPACE ABOVE THIS LINE FOR RECORDER USE
(herein "Property Address
Page 1 of 6
MOUNTAIN AMERICA MORTGAGE
CREDIT UNION TO SECURE HOME EQUITY LINE OF CREDIT AGREEMENT
P.O. Box 9001 West Jordan, UT 84084 -9001
FOR THE PURPOSE OF SECURING:
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
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 30 day of August 2014
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.
Borrower covenants that Borrower is lawfully seized of the estate hereby conveyed and has the right to grant and
convey the Property, that the Property is unencumbered, and that Borrower will warrant and defend generally the title to
the Property against all claims and demands, subject to any declarations, easements, or restrictions listed in a schedule of
exceptions to coverage in any title insurance policy insuring Lender's interest in the Property.
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 Note shall be applied first, to accrued but unpaid Interest, second to the unpaid principal balance of your Loan, third to
"Late Charges" as described herein, and finally to collection costs.
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
Rev08 /2014. Federally insured by NCUA. Page 2 of 6
MOUNTAIN AMERICA MORTGAGE
CREDIT UNION
P.O. Box 9001 West Jordan, UT 84084 -9001
TO SECURE HOME EQUITY LINE OF CREDIT AGREEMENT
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
Rev08 /2014. Federally insured by NCUA. Page 3 of 6
MOUNTAIN AMERICA
CREDIT UNION
P.O. Box 9001 West Jordan, UT 84084 -9001
MORTGAGE
TO SECURE HOME EQUITY LINE OF CREDIT AGREEMENT
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
Rev08 /2014. Federally insured by NCUA. Page 4 of 6
MOUN T MOUNTAIN AMERICA MORTGAGE
TO SECURE HOME EQUITY LINE OF CREDIT AGREEMENT
P.O. Box 9001 West Jordan, UT 84084 9001
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.
Rev08 /2014. Federally insured by NCUA. Page 5 of 6
MOUNTAIN AMERICA MORTGAGE
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.
STATE OF:
iLNDore
On this day of IL( personally appeared before me,
DANIEL A NORRIS
the signer(s) of the above instrument, who duly acknowledged to me that he /she /they executed the same.
My Commission Expires:
I3 12,n (1
County ss: k
Notary Public:
Residing at:
TO SECURE HOME EQUITY LINE OF CREDIT AGREEMENT
Grantor Grantor
Grantor
Rev08/2014. Federally insured by NCUA. Page 6 of 6
EXHIBIT A
File No. 880 5653073 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:
LOT 811,813 OF LAKEVIEW ESTATES tHIRD ADDITION TO THE TOWN OF ALPINE, LINCOLN
COUNTY, WYOMING, FILED JULY 3, 2003 AS INSTRUMENT NO. 892064 OF THE RECORDS OF
THE LINCOLN COUNTY CLERK.
12- 37- 18- 29 -4 -13- 082.00