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HomeMy WebLinkAbout89267703018255 89267 RECEIVED LINCOLN COUNTY CLERK BOOK: 53%pR PAGE 670 WHEN RECORDED MAIL TO: THE JACKSON STATE BANK & TRUST P.O. BOX 1788 JACKSON, WYOMING 83001 APN# LOAN #: 34366564 ESCROW/CLOSING #: SPACE / ' OVEr::',;,,., RECORDERS USE M©R'I G,AGE (Eine o.z Credit) THIS MORTGAGE, dated AUGUST 12 , 2003 . !s between Jeffrey P. Palmer AND Diane Palmer, HUSBAND AND WIFE, Cs tenants by the entireties Etna Municipality and further described as: residing a[ Po Box 5185 Etna, WY 83118 the person or persons signing as "Mortgagor(s)" below and her .-::a~cr referred to as "we" or "us" and ' THE JACKSON STATE BANK & TRUST, A WYOMING BAN'.t ]NG CORPORATION with an address at ' P.O. BOX 1788; JACKSON, WYOMING 83001 and,hereinafter referred to as "you" or the "Mortgagee." MORTGAGED PREMISES: In consideration of the loan hereinafter described, we hereby mortgage, grant and convey to you the premises located at: - 267 C-S Lane Lincoln WYOMING 83118 (the "Premises"). Couv, State ZIP Lot 24, Corsi Ranchettes Second Filing Subdivision, Lincoln Cour.';. Wyoming, according to that plat filed in the Office of Lincoln County Clerk N:wember 2, 1995, Instrument No. 811}869, Plat No. 244B. The Premises includes all buildings and other improve~nents -...~w or in the future on the Premises and'all rights and interests which derive from our ownership, use or possession of the Pre:'. i~es and all appurtenances thereto. LOAN: The Mortgage will secure your loan in the principai an.t am ef$ 28,500.00 or so much thereof as may be advanced and readvanced from time to time to Jeffrey P. Palm,.~ Diane Palmer , and , r'e Borrower(s) un'der the Home Equity Credit Line Agreement and Disclosure Statement (the "Note") dated AUGUST 1 ~:, 2003 , plus interest .and costs, late charges and all other charges related to the loan, all of which sums are repayable according to the ·Note. This Mortgage will also secure, the performance of all of the promises and agreements made byTii.s and each Borrower and Co-Signer in the Note, all of our promises and agreements in this Mortgage, any extensions, re~ ~.wals, amendments, supplements and other modifications of the Note, and any amotmts advanced by you under the terms ~f..l~e section of this Mortgage entitled "Our Authority To You." Loans under the Note may be made, repaid and remade from t.:~. e 'to time in accordance with the terms of the Note and subject to the Credit Limit set forth in the Note· OWNERSHIP: We are the sole owner(s) of the Premises. We 1:: e the legal right to mortgage the Premise~ to you. BORROWER'S IMPORTANT OBLIGATIONS: HELOC - WY Mortgage Page: ~f 3 FE - 3131{WY) mom) ORIG[ Initials 12194 671 (a) TAXES: We will pay all real estate taxes, assessm~.s, water charges and sewer rents relating to the Premises when they become due. We will not claim any credit on, or make de itaCfion from, the loan under the Note because we pay these taxes and charges. We will provide you with proof of payment 'upOn:, i ~quest. (b) MAINTENANCE: We will maintain the bUil61n~( ~ bn the Premises in good condition. We will not make major changes in the building(s) except for normal repairs. We {i, il[ :i,)t tear down any of the building(s) on the Premises without first getting your consent. We will not usc the Premises illegall}:J i~:'this Mortgage ison a unit in a condominium or a planned unit development, we shall perform all of our obligations under th: declaration or covenants creating or governing the condominium or planned unit development, the by-laws and regulation.s 01'~he condominium or planned unit development and constituent documents· (c) INSURANCE: We will keep the building(s) c,~ 57.e [ re~ses insUred at all times against loss by fire, flood and any other hazards you may specify. We may choose the insurance ~- vrnpany, but our choice is subject to your reasonable approval. The policies must be forat least the amounts and the time pe~'; .ets th~ you specify. We will deliver to you upon your request the policies or other proof of the insurance. The policies mtsO;! name you as "mortgagee" and "loss-payee" so that you will receive payment on all insurance claims, to the extent qf y% ~.interest under ~this Mortgage, before we do. The insurance policies must also provide that you be given not less thaa,,.t'~: 0ays prior written notice of any cancellation or reduction in coverage, for any reason. Upon request, we shall deliver, the h':. izies, certificates or other evidence of insurance to you In the event of loss or damage to the Premises, we will immediaiely x~.~. i'£7 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 re ~e tc 'i.!;: o~ You may also sign our name to any check, draft or other order for the payment of insurance proceeds in the ew~-:,~.Of loi~' or"damage to the Premises. If you receive payment of a claim, you will have the right to choose to use the money eit?c~ ?o rel~;;. "ihe Premises or: to reduce the amount owing on the Note. (d) CONDEMNATION: We assign to you the pr'dret~ pf any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the -:"ret. ses, or part thereof, or for conveyance in lieu of condemnation, all of Which shall be paid to you, subject to the terms of ar.". P.,0r Mortgage. (e) SECURITY INTEREST: We will join with you signing and filing documents and, at our expense, in doing whatever you believe is necessary to perfect and continue th~. _ .'.(f~tion of your lien and security interest in the Premises. (f) OUR AUTHORITY TO YOU: If we 'fail to perfcn:., our obligations under this Mortgage, you may, if you choose, perform our obligations and pay such costs and expenses. Y~)~ will add the amounts you advance to the sums owing on the Note, on which you will charge interest at the interest rate set im~.h in the Note. If, for example, we fall to honor our promises to maintain insurance in effect, or to pay filing fees, taxes o ~he costs necessary to keep the Premises in good condition and repair or to perform any of our other agreements with you, '.~.,iu may, if you choose, advance any sums to satisfy any of our agreements with you and charge us interest on such advances ;t the interest rate set forth in the Note. This Mortgage secures all such advances. Your payments on our behalf will not cu: our failure to perform our promises in this Mortgage. Any replacement insurance that you obtain to cover loss or damage., io ~e 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 par~;/:;'~h are completed, this Mortgage is subject and subordinate to a prior mortgage dated 08-12-03 and g~.yet-: h'.,' us to The Jackson State Bank & Trust as mortgagee, in the original amount of $ 152,000.0¢, (the "Prior Mortgage"). We shall not increase, amend or modify the Prior Mortgage without your prior written conser, and shall upon receipt of any written notice from the holder of the Prior Mortgage promptly deliver a copy of such notice ~c' 7ou. We shall pay and perform all of our obligations under the Prior Mortgage as and when required under the Prior Mortgag" ' (h) HAZARDOUS SUBSTANCES: We shall not zz.:x~e c.r pe_mit the presence, use, disposal, storage, or release of anY Hazardous Substances on or in the Premises. We shall, no/uz.~ &o.r ,~i0w anyone else to do, anything affecting the Premises that is in violation of any Environmental Law. The preceding two ~eatenc? shall not apply to the presence, use, or storage on the Premises of small quantities of Hazardous Substances that are ..:i.'.neraliy recognized to be appropriate to normal residential uses and to maintenance of the Premises. As used in this paragraph,~ ~H~zardous Substances" are those substances defmed as toxic or hazardous substances by Environmental Law and the fci3o~Yi-~t:_~ substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, vo.'adle ::'.c, vents, materials containing asbestos or formaldehyde, and radioactive materials. As used in this paragraph," ' Envlrc-~ ~::: .,,i Law" means federal laws and laws of the jurisdiction where the Premises are located that relate to health, safety or irm-J. ,~a.el protection. (i) SALE OF PREMISES: We will not sell, tra ,,.,~ ~.:c ow,..::rt, nip of, mortgage or otherWise dispose of our interest in the Premises, in whole or in part, or permit any other lien ,:: c:i:~im:~galnst the Premises without your prior written consent. 0) INSPECTION: We will permit you to inspect the ,.?re ?ises at any reasonable time. NO LOSS OF RIGHTS: The Note and this Mortgage ?e negotiated or assigned by you without releasing us or the Premises. You may add or release any person or property o~;. ired under the Note and this Mortgage without losing your fights in the Premises. , ': DEFAULT: Except as may be prohibited by applicable laxv, ,u.~d subject to any advance notice and cure period if required by applicable law, if any event or condition described in Par~:igi:'aph 12.A. of the Note occurs, you may foreclose upon this Mortgage. This means that you may arrange for the Premises .iq I:,,~ sold by advertisement and sale or by judicial foreclosure, at your option, as provided by law, in order to pay off what v ei~.}~we on the Note and under this Mortgage. If the money you LOAN NO.: 34366564 , ! Initials FE - 3131(WY) 19~o) ~ ORI<! NAL 12/94 ·,... receive from the sale is not enough to pay off what we. owe ~0~': w ~ will Still owe you tl~e' difference which you may seek to collect from us in accordance with ..... ' ' cr · · · apphcable law. I~ addltion~ :~c:l .~ay, in accordance with apphcable law, (i) enter on and take possession of the Premises; (ii) collect the rental payments, i:ac:..~1~!:g over-due rental payments, directly from tenants after simply-notifying them first class mail to make rental pay~eo~:~ :o y?:~ (iii) manage the Premises; and (iv) sign, cancel and change leases. We agree that the interest rate set forth in LL~ N.:te wi!~., ~>.mtinue before and after a default, entry of a judgment and foreclosure. In addition, you shall be entitled to collect all r~son~.::_~ fees and costs actually incurred by you in proceeding to foreclosure, including, but not limited to, reasonable atto~:ys fe~:s and costs of documentary evidence, abstracts and title reports. ASSIGNMENT OF RENTS; APPOINTMENT OF RECE~V't'.~: As additional security, we assign to you the rents of the Premises. You or a receiver appointed by the courts Shal~ be en '~ted to enter upon, take possession of and manage the Premises and collect the rents of the Premises including those pr~st due after simply notifying them by first class mail to make rental payments to you. WAIVERS: To the extent permitted by applicable' law, we waive and release any error or defe~ts in proceedings to enforce this Mortgage and hereby waive the benefit of any present or fw :e laws providing for stay of execution, extension of time, exemption from attaclunent, levy and sale and homestead exemp~ ::ir,: BINDING EFFECT: Each of us shall be fully responsible for all ~f the promises and agreements in this Mortgage. Until the Note has been paid in full and your obligation to make further a~,~es under the Note has been term~ated, the provisions of this Mortgage will be binding on us, our legal representatives, o:.7°~eirs and all future owners of the Premises. This Mortgage is' for your benefit and for the benefit of anyone to whom you frei;.', ~s~ign it. Upon payment in full of all amounts owing to you under the Note and this Mortgage, and provided anY obligatio~:~ [o. 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 tr' be given in another manner, (a) any notice to us provided for in this Mortgage shall be given by delivering it or by mailing s .~cb. 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 as provided herein, and Co) any notice to you shall be given by certified mail, return receipt requ ~.~.ted; to your address at THE JACKSON STATE BANK & TRUST P.O. BOX 1788; JACKSON, WYOMING 83001 or to such other address as you may designate by notice to us. Any aot'ice provided for in this Mortgage shall be deemed to have been given to us or you when given in'the manner designated he~ e:.in ' RELEASE: Upon payment of all sums secured by this Mortgag :: '-.~.i:l provided your obligation to make further advances under the Note has terminated, you shall discharge this Mortgage with~ .:::i',~'.i:arge to us, except that we shall pay any fees for recording of a satisfaction of this Mortgage. ' .i GENERAL: You can waive or delay enforcing any of your right~ a~.de: this Mortgage without losing them. Any waiver by you of any provisions of this Mortgage will not be a waiver of that or any ~'_?er provision on any other occasion. THIS MORTGAGE has been signed by each of us under sea~. or.!:he d~: }: ,,2rst above written. WITNESS: LOAN NO.: 34366564 STATE OF WYO~G, Lincoln by g ~.'¢¢~frq~rp. l~almer Mortgagor: :} ~ane Palmer NO'l~lllt' Pt~UC OF NEW J~RSEY J County ss: ~ O (date) Mortgagor: (SEAL) (SEAL) -_- (/SEAL) (SEAL) The foregoing instrument was acknowledged before me this ...:. Jeffrey P. Palmer A~l~4~m~- · My Commission Expires:. FE - 3131{WY) ~9010) 1 2/94 673 ACKNC,';. <¢L.f. DGEMENT COUNTY OF The foregoing instrument wa.'., acknowledged before me by / ~-'/~day of ~,'_~~ ,20 ~,_~. this Witness my hand My commission expires: :,:-"ticial seal. Not !.~y l~ublic M:~.R~E. K. SMITH