HomeMy WebLinkAbout888543MAR-07-O~ 10:16 FROM:AGF C~SP£~ ID~3074732604 P~G£ 22
REC_IVbD
LtNOOLN COUftT'( CLERK
BOOK PR PAGE___
(Space Above This Line For Rec~'dhg Oat~)
OPEN-END MORTGAGE
Account No.
THIS OPEN-END MORTGAGE. (Security Instrument") is given on
mortgagor is DANIEL A SCHWAB & KRISTI SCHWAB
HAi~H 7 , 2003 . The
C'Sormwer~.
This Secudty Instrument is even to American General F~nancial Services, Inc. which is organized and existing under the laws of
Wyoming, and whose address is 4(17{3 F, PCIPf,AR C'AC, PFR WY R?RrI'i
,Wyoming ("Lender"). Borrower may incur indebtedness to
Lender in amounts fluctuating from time to time up to the principal sum of
HUNDt~q~) FIFT~-THREE DOLLARS Dollars (U.S. $215253 .),
which amount constitutes the maximum amount of unpaid loan indebtedness, exclusive of interest, Ih'ereon, which is secured under this
Security Instrument. This debt is evidenced by Borrower's Home Equity Line of Credit Agreement and Disclosure Statement dated the
same date as this Security' Instrument ("Note"), which provides for monthly payments, with the full debt, if not paid earlier, due and
payable as provided in the Note. This Security Instrument secures to Lender. (a) the repayment of the debt evidenced by the Note. with
interest, and all renewals, extensions and modifications; (b) the payment of ail olher sums, with interest, advanced under pa~graph 7 to
protect the security of this Secudty Instrument; (c) the performance of Borrower% covenants and agreements under this Security
Instrument and the Note; and (d} the unpaid balances of loan advances made after this Security Instrument is delivered to the recorder
for record. For this purpose, Borrower does hereby mortgage, warrant, grant and convey to Lender the following described property
located in LII",~r'OLN County, Wyoming:
[f]~S 2 AND 3 OF THE VALLEY-VU SUBDIVISION, LIbEOLN COUN'I~, WYCNING AS DESCRIBED
ON THE OFFICIAL PLAT THEREOF.
which has the address of 115 VALLEY VII DR AWl'ON Wyoming, 83110
(Stf~l~ (City) (Zi~ Code)
(herein, 'property Address");
TOGETHER WITH all the improvements now or hereafter erecled en the property, and all easements, rights, appurtenances,
rents, royalties, mineral, oil and gas dghts and profits, water rights and stock and all fixtures now or hereafter a part of the property. All
replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security
instrument as the 'Property."
050-20002 (10-13-02) WYY421 HEI. OC Real [:slate IVlorlgm:je
MAR-0?-03 ...... FROM:AGF CASPER ID: 3074732B04
~O~OWE~ OOVENANTS Ih~l Bo~ow~r B I~uJly s~is~ o[ Ih~ eslaJe hereby ~onv~y~ ~nd
8nd gonvey lhe P~p~, 8nd ~1 Jhe Property is unencumber~, ~c~pl for en~umb~nc~ of record.
~rrow~r wB~nJs Bnd will defend g~e~lly Ih~ lille Jo ~e Prop~y ~g~insl ~11 ~l~ims 8nd demands,
gOVENA~S. Bo~wer ~nd L~nder cov~nl ~nd ~gr~e ~s follows:
1. PJym~nl ~t Prlnal~l ind Inl~rJ~l~ P~pJymJnl ind ~lJ GhJrg~ Bo~ow~r ~11 promplly psy when due Ihe principal of
~nd inler~sl on lh~ d~l evidenc~ by Ihe Nolo ~nd ~ny prep~ym~l ~nd 1~1~ ~h~rges du~ under
~. Fund~ tot T~ i~d ln~ut~. Al Ihe ~uesl of L~d~r, ~w~r sh~ll b~in m~k~g monlhly p~ym~ls
~caunl [or lhe p~ymenl of ye~dy ~s, insurance ~d oJh~ ye~dy ~h~rges impa~ upon ~e
3. Application ~l P~m~nl~. Unless ~ppl~ble IBw provides olhe~ise, ~11 p~ym~Js regeiv~ by Lender under psrsgr~hs 1
Bnd 2 sh~ll be ~ppli~ ~s p~v~ ~ Jhe Nolo.
~. ~rg~ Ll~n~. ~w~r sh~ll P~y ~11 J~s, ~s~ssm~nls, ~hsrg~s, fin~s ~nd impasil~s Bllribul~ble Jo Ihe Prope~y wh~h
m~y ~llBin p~ly over lhJs S~u~ly lnslmmml, ~nd I~s~old p~ym~nls or g~und r~Is, ~ ~ny. ~rrower ~BII p~y Ihese obJig~lions in
~ m~nner presorJb~ by L~der ~nd on lim~ dirtily 1o lh~ pe~on ow~ p~ym~l. ~rrower sh~ll prompJJy furnish ~o Lender ~11
hollies of ~maunJs Ja be p~ under lhJs ps.graph. If Bo~wer m~kes lhese p~ymenls dirtily, Bor~wer shsll pramplly ~mish
L~der r~eipls evid~aing ~e pBym~ls. Bar~w~r shBll promplly discharge ~ny li~ which hBs p~o~ly over lhi~ S~urily Insl~m~nl
unless Borrower: (8) 8grees in w~ling Io Ihe p~ym~l ot lh~ oblJgslion s~ur~ by Ihe lien in B msnner 8~epl~ble Io L~der: (b)
conl~sls ~ good f~ilh Jh~ IJ~ by, ar def~ds BgBJnsI ~forcem~l of lhe li~ in, I~1 pro~e~ings ~ich in lh~
to prevent of the lien or fo~eiJure of any pa~ of the Prope~y; or (c) s~ur~ from the holder of the lien ~ agreem~t ~lislacto~ to
Lender subord~aling the li~ to Ibis S~udty Inst~ment. If Lender delouses that any pa~ of the Prope~y is sublet to a li~ which may
a~a~ prmn~ over ~ S~ud~ Inst~ment. If L~der dete~ines that any pad of ~e Prope~ ~ sublet to a li~ ~ich may attain pdodty
over this s~unly Insl~m~l, Lender may give Bo~wer a nolme identi~ing the li~. ~wer ~all satis~ the lien or lake one or more
of Ihe actions sol fo~h ~ove wilhin 10 days of lhe giving of nolice.
5. Hazard Insurance. Bo~wer ~all ke~ the impmv~ls now ~isting or hereaRer erecl~ on the PmpeHy,insur~ against
loss by fire, hazards inciuded with~ ~e te~ "~t~d~ coverage" and any olher hazards for ~ich Lender r~uires insurance. ~is
insurance ~all be maintain~ in ~e amounls and for the ponds Ihat L~der r~uir~. ~e insu~nce comer providing the insurance
snail be chosen by Bo~ower subjecl to L~ders approval which shall not be unr~sonably withheld.
All insurance policies and r~ewals shall be acceptable to Lender and shall include a slandard mo~gage clause. L~der shall
have Ihe right to hold Ihe policies and r~ewals. If L~der r~uires, Bo~wer ~all promp~y give to Lender all receipIs of paid pr~iums
and r~ewal nolices. In the evenl of loss, Bo~ower ~all give pmmpl notice Io Ihe ~ce ca.er ~d Lender. L~der may make
proof of Ioss'E not made promptly by ~rmwer.
Unless L~der and Bo~ower othe~se agree in wdling, insu~nce proceeds shall be applied lo reslomtion or repair of the
Pmpe~y damage, ~ the restoration or repair is ~onomically feasible and L~defs s~urity is not lessened. If the restoration or repair
is nol ~onomically feasible or Lender's s~ud~ would be less~ed, ~e insurance pmce~s shall be applied to Ihe ~ums s~ur~ by
this S~ufily Inst~ment, ~ether or not then due, with any excess pa~d to Bo~wer. If Bo~ower abandons the Property, or does not
answer within 30 days a nolice from L~der thai the insurance carher has oEered Io settle a claim, then Lender may collect the
insurance process. L~der may use the process to repair or reslore the Prope~y or to pay sums s~ured by this S~urily Insl~ment,
whether or nol then due. The 30~ay pedod will begin when the notice is given.
Unle~ the Nole prov~es othe~ise, any applicalion of pmce~s Io prhcipal ~all not ~tend or postpone the due date of the
monthly payrolls referr~ Io in paragraphs 1 and 2 or change the ~ount of the payrolls. If under paragraph 18 the Prope~y is
acquir~ by L~der, Borrowers dghl to any Jnsu~ce policies and proc~s result~g from damage to the Pmpe~y pdor to the
acquisition Shall pass to L~der to the ~tent of the sums s~ur~ by Ihis S~udly Inslmm~l imm~iat~y pdor lo the acquisition.
6. Praaa~atl°n and Melntenanc'e of Property; Leaseholds. Bo~ower shall nol deslroy, damage or substantially change the
Prope~, allow the Pmpe~y to deledomte or commil waste. If this S~udty Inst~m~l ~ on a leas~old, Borrower shall comply with the
p~visions o~ the lease, and if Borrower acquir~ fee lille Io the Prope~y, the leasehold ~d f~ title shall not merge unless L~der
agrees Io ~e merger in wdting.
7. Protection of Lender's Rights In the Property; Mortgage Insurance. If Borrower falls to pedo~ the coven=his and
agreements contain~ in this S~urity Inst~ment, or there is a I~al proce~mg thru may sign~cantly affect Lenders dghls in ~e
Pmpe~ (such as a proce~g Jn bank~ptcy, probate, for condonation or to enfo~e laws or r~ulations), then Lender may do and
pay for whalever is n~essa~ to pml~l the value ot the Prope~y and L~ders dghls m ~e Prope~y. LendePs act~ns may include
paying any sums s~ur~ by a lien wh~h has pdodty ov~ Ibis S~ud~ Insl~m~t, appearing in couP, paying reasonable attorneys'
fees if and as perilled by applicable law, and ~ledng on the Pmpe~y to make repaim. AIIhough L~der may take action under this
pamg~ph 7, L~der does nol have to do so.
Any amounts disburs~ by L~der under this paragraph 7 ~all b~ome addit~nal debt of Bo~ower s~ur~ by this Security
Inst~menl. Unless Borrower and L~der agree to other te~s of payment, these amounts shall bear interest from the date of
disburs~l al the Nole role and shall be payable, with inter~l, upon nolme from Lender Io Bor~wer r~uesling payment If Lender
r~uired moRgage insurance as a condilion ot making the loan s~ur~ by this S~udty Inst~menl, Bo~wer shall pay Ihe premiums
r~uired Io maintain Ihe insurance in effect until such time as ~e r~uir~t for the insurance te~inates in accordance with
Bo~ower's ~nd Lenders wd~en agreement or applicable law.
8. Inspecllon. L~der or ils agent may make reasonable enlHes upon and inspections of the Prope~y. Lender shall give
Bo~ower notice at the time of or prior to an insp~lion sp~ing r~sonable cause for the in~eclion.
g, Condemnation. ~e process of any a~ or claim for damages, dir~l or consequential, in connection with any
condonation or olher taking of any pa~ of lhe Pmpe~y, or ~or convey~ce in li~ of condonation, are hereby assign~ and shall be
paid Io L~der.
In the event of a total t~ing of the' Prope~, the pmce~s shall be appli~ I0 the sums s~ur~ by this Securi[y Inst~m~t,
~ether or not lh~ due, with any ~c~ paid to ~wer, In lhe evil of a pa~ial lak~g o~ ~e Pmpe~y, unle~ Borrower and Lender
othe~ise agree in wdting, Ihe sums s~ur~ by Ihis S~ud~ Inst~ment shall be r~uced by Ihe amount of the pmce~s mullJplied by
Ihe following ~clions: (a) the total amounl of lhe sums s~ur~ imm~iat~y before the taking, divid~ by (b) the fair mamet value of lhe
Pmpe~ imm~iately before the taking. Any balance shall be pa~ lo ~rrower.
050-~o0o2 (1~13-o2) ~422 HELOC Real Esl=lo More=ge
23
H~R-07-03 10:18 FROH:~GF C~SPER ID:3074732804 P~GE 24
If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make an award or
settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to
collect and apply the proceeds, at its option, either to restoration or repair of the Property or to the sums secured by this Secudty
Instrument whether or not then due. Unless the Note provides otherwise, any application of proceeds to principal shall not extend or
postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments.
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 th~s Security Instrument granted by Lender to any successor in interest of Borrower shall not
operate to release the liability of the original Borrower or Borrower's successors in interest. Lender shall not be required to commence
in
proceedings against any successor ' interest 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 odginal Borrower or Borrower's successors in interest. Any
forbearance by Lender in exercising any fight or remedy shall not be a waiver of or preclude the exen::ise of any right or remedy.
11. Successors And Assigns Bound; Joint and Several Llablll~; Co-signers- The covenants and agreements of this
Secudty Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subiect to the provisions of paragraph
16, Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security Instrument but does not
execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey that Borrower's interest in the property
under the terms of this Secudty instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c)
agrees that Lender and any other Borrower may agree to extend, modify, forbear or make any accommodations with regard to the terms
of this Secudty Instrument or the Note without that Borrower's consent.
12. Loan Charges,. If the loan secured by this Secudty Instrument is subject to a law which sets maximum loan charges, and that
law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the loan exceed the
permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit;
and (b) any sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to
make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower.
13. Notices- Any notice to Borrower provided for in this Secudty Instrument shall be given by delivenng it or by mailing it by first
class mail unless applicable law requires use of another method. The notice shall be directed to the Property Address or any other
address Borrower designates by notice to Lender. Any 'notice to Lender shall be given by first class mail to Lender's address stated
herein or any other address Lander designates by notice to Borrower. Any notice provided for in this Security Instrument shall be
deemed to have beert given to Borrower or Lender when given as provided in this paragraph.
14. Governing Law; Severablllty. This Secudty Instrument shall be governed by federal law and the law of the jurisdiction in
which the Property is located. In the event that any provision or clause of this Security Instrument or the Note conflicls with applicable
law, such conflict shall not affect other provisions of this Secudty instrument or the Note which can be given effect without the conflicting
provision. To this end the provisions of this Secudty Instrument and the Note are declared to be severable.
15. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security instrument.
16. Transfer of the Property or s Beneficial Interest in Borrower. If all or any part of the Property or any interest in it is sold or
transferred (or if a beneficiaJ interest in Borrower is sold or transferred and Borrower is not a natural person) without Lender's prior
written consent, Lender may, at Its option, require immediate payment in full of all sums secured by this Secudty Instrument. However,
this option shall not be exercised if the exercise of this option by Lender is prohibited by federal law as of the date of this Security
Instrument.
If Lender exercises this option Lender shall aive Borrower notice of acceleration. The notice shall provide a per~od of not less
an 30 da s from the date the notice is deliverec~ or ma ed within which Borrower must pay all sums secured by this Secudty
lhnstrument. Ylf Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this
Secudty Instrument without further notice or demand on Borrower.
17. Borrower's Right to Reinstate. To the extent required by applicable law, Borrower may have the right to have enforcement
of this Security Instrument discontinued. Upon reinstalement by Borrower, this Security Instrument and the obligations secured thereby
shall remain fully effective as if no acceleration had occurred.
18. Acceleration; Remedies. Except as provided in paragraph 16 if Borrower is in default due to the occurrence of any of the
events of default provided in the "DEFAULT; TERMINATION AND ACCELERATION BY LENDER" provision of the Note, then the
balance remaining unpaid to Lender and any interest accrued thereon, together with fees, damages and losses, shall at the option of
Lender, immediately become due and payable and Lender may proceed to enforce the provisions of this mortgage either by sult at law
or in equity, as it may elect, or to foreclose this mortgage by advertisement and sale of the above described premises, at public venue,
for cash, according to Wyoming statutes governing mortgage foreclosures, and cause to be executed and delivered to the purchaser or
purchasers at any sale, a good and sufficient deed or deeds, and out of the proceeds of such mortgage. Lender shall be entitled to
collect all expenses incurred in pursuing the remedies provided in this paragraph 18, including, but not limited to, reasonable attorneys'
fees if and as permitted by applicable law and costs of title evidence. Acceleration; Remedies.
19. Lender In Possession; Assignment o! Rents- Upon acceleration under paragraph 18 or abandonment of the Property,
Lender (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. Any 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 attorneys' fees if and as permitted by applicable law, and then to the sums secured by this Secudty Instrument. Nothing
herein contained shall be construed as constituting Lender a "mortgage in possession,' unless Lender shall have entered into and shall
remain in actual possession of the Property. .
20. Release. Upon payment of all sums secured by this Security Instrument without charge to Borrower.
21. Advances to Protect Security. This Security Instrument shall secure the unpaid balance of advances made by Lender, with
respect to the property, for the payment of taxes, assessments, insurance premiums and costs incurred for the protection of the
property.
22. Agreement to Pay; Waivers. BorrOwer express}y agrees to pay the debt above secured, and waives all rights of
homeslead exemption in the Property, and relinquishes all rights of curtesy and dower in the property.
050-20002 (10-13-02) VCYY423 HELOC ReaJ Estate Mortgage
CASPER . .- ID: 3074732804 r~r~GE
125
REQUEST FOR NOTICE OF DEFAULT AND FORECLOSURE UNDER
SUPERIOR MORTGAGES OR DEEDS OF TRUST
Mortgagor and Mortgagee request the holder of any mortgage, deed of trust or other encumbrance with a lien
which has priority over this Mortgage to give Notice to Mortgagee, c/o the office address of the registered agent of
Mortgagee on file with the Secretary of State, Corporation Division, of any default under the superior
encumbrance and of any sale or other foreclosure action,
IN WITNESS WHEREOF the Lender has hereunto set hand and seal the date and year first above written,
Witness:
(SEAL)
~ {j o
r
050-20002 {10-13-02) WYY424 HELOC Real Estale Mor[gage