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HomeMy WebLinkAbout892691 RECEIVED L'.INCOLN CLERK COUNTY 03 A!lr;.,2'l I~H l: 58 J.gANNF ~VAGNER ,531 PR PAGE '~t0 7 After recording return to: Principal Residential Mortgage, Inc. c/o Affiliated Computer Svcs 4153 120 St, Urbandale, IA 50323-2314 Space Above This Lif :ECFor Recording Data MORI (';AGE il5 63,5~,2 (With Future A '!!:ance Clause) DATE AND PARTIES. The date of this Mortgage (Security h.~irument) is August 11, parties an¢ their addresses are: MORTGAGOR: ~ · Michael Ray Dart 94 Hillside Way Thayne, WY 83127 and Rafelle J. Dart, b.,,sband and wife 2003 The LENDER: PRINCIPAL BANK Organized and existing under the laws of Iowa P.O. Box 9351 Des Moines, Iowa 50306-9467 42-1466678 1. CONVEYANCE. For good and valuable considers':~:m th~ receipt and sufficiency of which is acknowledged, and to secure the Secured Debts and Mortgagor's ped'ormsr;c:a u3;.ler this Security Instrument, Modgagor grants, bargains, conveys, mortgages and warrants to Lender, with the pe.~(-,, ~')~ sale, the following described property: LOT 62 OF THE STAR VALLEY RANCH PLAT 13, Li":.::;C~ ~N COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT THEREOF.' '~ The property is located inLincoln County at .%4 Hillside Way, ]}hayne, WY 83127 Together with all dghts, easements, appurtenances, r0yalti~, mineral rights, oil and gas rights, all water and riparian rights, wells, ditches and water stock and all existing and fut~ ~e improvements, structures, fixtures, and replacements that may now, or at any time in the future, be pad of the real ~tate described (all referred to as Property). This Security Instrument will remain in effect until the Secured Debts and..~!l underlying, agreements have been terminated in writing by Lender. .~' 2. MAXIMUM OBLIGATION LIMIT. The total principal amoui.:~.Sacured by this SeCurity Instrument at anyone time will not exceed $ 22,800. oo . This limitation of amount !iiii~s not include interest and other fees and charges validly made pursuant to this Security Instrument. Also, this limitat;,,~ does not apply to advances made under the terms of this Security Instrument to protect Lender's security and to perk,.h any of the covenants contained in this Security Instrument. 3. SECURED DEBTS. This Secudty Instrument will secure ti':~ following Secured Debts: A. Specific Debts. The following debts and all extensi ~fs, renewals, refinancings, modifications and replacements. A promissory note, No. 6345192-6 dated Augq~-~t 11, 2003 from Mortgagor to Lender, with a maximum credit limit of $ 22,80o. oo wr.' ~n mterest rate based on the then current index value as the promissory note prescribes and maturing on Augus ' '~_0, 2013 . One or more of the debts secured by this Secudty Instrument contains a future advance ~.~ .:?isicn. B. All Debts. All present and future debts from ?.,~'~ ~¢agor to Lender, even if this Security Instrument is not specifically referenced, or if the future debt is. unre ~, :¢,~, to or of a different type than this debt. If more than one person signs this Security instrument, each agree', i.~at it will secure debts incurred either individually or with others who may not sign this Security Instrument. N: !:ing in this Security Instrument constitutes a commitment to make additional or future loans or advances. Any su .: ~ 3.0remitment must be in writing. In the event that Lender he2102:1 wy 8836685~gWyomin HELO~'~'~'~--ge IA/4x. L__: __ ,:_.L_ ©1996 Bankers ,'.~;'~t,~;;! :::~ St c oud, MN ~" . .-., ,;i;~ ~ .....; .. Page fails to provide notice of the right of rescission, Lendi r waives any subsequent security interest in the Mortgagor's principal dwelling that is created by this Security Ins. t 'l~ment. This Security Instrument will not secure any debt for which a non-possessory, non-purchase money se~;ty~..::,. ;nterest is created in "household goods" in connection 'with a "consumer loan," as those terms are defined b'/,:~ederal law governing unfair and deceptive credit practices. This Security Instrument will not secure any debt'~for;;which a security interest is created in "margin stock" and Lender does not obtain a "statement of purpose," as d. efined and required by federal law governing securities. C. Sums Advanced. All' sums advanced and expe~ses incurred by Lender under the terms of this Security Instrument. '., 4. PAYMENTS. Mortgagor agrees that all payments under ; ~ th.::, ?;ecUred Debts will be paid when due and in accordance with the terms of the Secured Debts and this Security Instrum ~: ;. 5. PRIOR SECURITY INTERESTS. With regard to any othar mortgage, deed of trust, security agreement or other lien document that created a pdor security interest or encumbrance ¢?q ;:he Property, Mortgagor agrees: A. To' make all payments when due and to perform or comply with all covenants. B. To promptly deliver to Lender any notices that Mo,,rtg.~?or recb. ives from the holder. C. Not to allow any modification or extension of, nor ;t::..request.~ny future advances under any note or agreement secured by the lien document without Lender's prior'f,,r!tten.,.-?(,sent. 6. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, .'?~se;:~ments, liens, encumbrances, lease payments, ground rents, utilities, and other charges.relating to the Property v,,'he,-~ due. Lender may require Mortgagor to provide to Lender copies of all notices that such amounts are due and the re¢icts evidencing Mortgagor's payment. Mortgagor will defend title to the Property against any claims that would impair the'!LCn of this Security InStrument. Mortgagor agrees to assign to Lender, as requested by Lender, any rights, claims or defen;.-~s Mortgagor may have against parties who supply labor or materials to maintain or improve the Property. 7. DUE ON SALE. Lender may, at its option, declare the ent,;.: balance of the Secured Debts to be immediately due and payable upon the creation of, or contract for the creation of, :~ transfer or sale of the Property. This dght is subject to the restrictions imposed by federal law governing the preemption :4 state due-on-sale laws, as applicable. 8. WARRANTIES AND REPRESENTATIONS. Mortgagor has the right and authority to enter into this Security Instrument. The execution and delivery of this Security Instrument will not violate any agreement governing Mortgagor or to which Mortgagor is a .party. 9. PROPERTY CONDITION, ALTERATIONS AND INSPECT!ON.. Mortgagor will keep the Property in good condition and make all repairs that are reasonably necessary: Mortgagor wi~:: '~ot commit or allow any waste, impairment, or deterioration of the Property. Mortgagor will keep the Property free of noxi,':,~;s weeds and grasses. Mortgagor agrees that the nature of the occupancy and use will not substantially change without ~.ender's prior written consent. Mortgagor will not permit any change in any license, restrictive covenant or easement ~*..?,'hout Lender's prior written consent. Mortgagor will notify Lender of all demands, proceedings, claims, and actions agai '~t Mortgagor, and of any loss or damage to the Property. Lender or Lender's agents may, at Lender's option, entel the Property at any reasonable time for the purpose of inspecting the Property Lender will give Mortgagor notice at-the time of or before an inspection specifying a reasonable purpose for the inspection. Any inspection of the Property will be entirely for Lender's benefit and Mortgagor will in no way rely on Lender's inspection. ' 10. AUTHORITY TO PERFORM. If Mortgagor fails to perforr ! any duty or any of the covenants contained in this Security Instrument, Lender may, without notice, Perform or cause th~.!~ to be performed. Mortgagor appoints Lender as attorney in fact to sign Mortgagor's name or pay any amount necess~¢!ry-for performance. Lender's right to perform for Mortgagor will not create an obligation to perform, and Lender's failure '::o perform will not preclude Lender from exercising any of Lender's other rights under the law or this Security Instrumeq';'. !i' any construction on the Property is discontinued or not carried on in a reasonable manner, Lender may take all s'?:ps necessary to protect Lender's security interest in the Property, including completion of the construction. 11. ASSIGNMENT OF LEASES AND RENTS. Mortgagor as.,~gns, grants, bargains, conveys, mortgages and warrants to Lender as additional security all.the dght, title and interest ir,,.~he roi!owing (all referred to as Property): existing or future leases, subleases, licenses, guaranties and any other writtbn or verbal agreements for the use and occupancy of the Property, including any extensions, renewals, modifications ..replacements (all referred to as Leases); and rents, issues and profits (all referred to as Rents). In the event any it(,~;, listed as Leases or Rents is determined to be personal property, this Assignment will also be regarded as a secur;t!r,,, ag.~'eement. Mortgagor will promptly provide Lender with copies of the Leases and will certify these Leases are true .a~d correct copies. The existing Leases will be provided on execution of the Assignment, and all future Leases and r:py other information with respect to these Leases will be provided immediately after they are executed. Mortgagor :l',3ay ~;ollect, receive, enjoy and use the Rents so long as Mortgagor is not in default. Upon default, Modgagor will r~.-;eive any Rents in trust for Lender and Mortgagor will not commingle the Rents with any other funds. Mortgagor'.a!;rees that this Security Instrument is immediately effective between Mortgagor and Lender. This Security Instrument ~-, ii'l remain effective dudng any statutory redemption period until the Secured Debts are satisfied. As long as this Assign"r,?nt is in effect, Mortgagor warrants and represents that no default exists under the Leases, and the parties subject to ~,.e Leases have not violated any applicable law on leases, licenses.and landlords and tenants. ~ 12. MORTGAGE COVENANTS. Mortgagor agrees that the c',',venants in this Secudty Instrument are material obligations under the Secured Debts and this Security Instrument. If M~,,tgagor breaches any covenant in this Secudty Instrument. Lender may refuse to make additional extensions of credit or. may reduce the credit limit. By not exercising either remedy on Mortgagor's breach, Lender does not waive Lender's rightl !~ later consider the event a breach if it happens again. 13. DEFAULT. Mortgagor will be in. default if any of the folloW,~g occur: A. Fraud. Mortgagor engages in fraud or material misreli:.~,:esentation in connection with the Secured Debts. B. Payments. Any pady obligated on the Secured Debts'~'ails to make a payment when due. C. Property. Any action or inaction occurs that adversel':?'affects the Property or Lender's rights in the Property. he2102-2wy Wyoming HELOC Mortgage IA/4x ©1996 Bankers Systems: I:ic.~ St Cloud, MN ~--,'~-'-n~~ 14. REMEDIES ON DEFAULT. In add~bon to any'other r~.~r=ledy availab e under the terms of this S t Instrument, Lender may accelerate the Secured Debts and for~CloS(i!this Security Instrument in a manner provided by law if Mortgagor is in default. In some instances, federal and sta~::: law will require Lender to provide Mortgagor with notice of the right to cure, or other notices and may establish time Sc? ?:dules for foreclosure actions. At the option of the Lender, all or any part of the agreed h ~ s and charges, accrued interest and principal will become immediately due and payable, after giving notice if requ':~:d by law, upon the occurrence ora default or anytime thereafter. Lender will be entitled to, without limitation, the l~ower to sell the Property. Upon any sale of the Property, Lender will make and deliver a special or limited warrar~t .' 'deed that conveys the property sold to the purchaser or purchasers. Under this special or limited warranty deed, L, ' der will covenant that Lender has not caused or allowed a lien or an encumbrance to burden the Property and that L'~. ;~der will specially warrant and defend the Property's title of the purchaser or purchasers at the sale against all la .wfUl~..i'::lai~s and demand of all persons claiming by, through or under Lender. . Upon sale of the Property and to the extent not prohibite'(;.;.by law. and after first paying all fees, charges and costs, Trustee will pay to Lender all moneys advanced lot's'pairs, taxes, insurance, liens, assessments and prior encumbrances and interest thereon, and the principal and i.: erest on the Secured Debts, paying the surplus, if any, to Grantor. Lender may purchase the Property. Upon any ~a!~,.... o~'the Property, Trustee will make and deliver a special or limited warranty deed that conveys the properly sold tr. tii~.,:3urchaser or purchasers. Under this special or limited warranty deed, Trustee will covenant that Trustee has ;:or ,',r used or allowed a lien or an encumbrance to burden the Properly and that Trustee will specially warrant and d:-'. ';-md tl;.~'Propedy's title of the purchaser or purchasers at the sale against all lawful claims and demand of all person~' ...~imin(.. ),~, through or under Trustee. The recitals in any deed of conveyance will be prima facie evidence of the facts'set forti;~.:~e,"ein. The acceptance by Lender of any sum in payment or.,g~rtiai .!ii!;:yment on the Secured Debts after the balance is due or is accelerated or after foreclosure proceedings are filed ,~.'!;! not ~cpnstitute a waiver of Lender's right to require complete cure of any existing default. By not exercising any remedy on.I./I,prtgagor's default, Lender does not waive Lender's right to later consider the event a default if it happens again. " 15. EXPENSES; coVENANTS; ATT(':!',~".~:'~Ys' FEES; COLLECTION COSTS~ If Modgag°r breaches ADVANCES ON any covenant in this Security Instrument, Mortgagor'~}.,!i'i,: ~iS to pay all expenses Lender incurs in performing such covenants or protecting its security interest in the Propert)t. '~ ~ich expenses include, but are not limited to, fees incurred for inspecting, preserving, or otherwise protecting the Proper.~);'i~nd Lender's security interest. Mortgagor agrees to pay all costs and expenses incurred .by Lender in collecting, en[0 .~iing, or protecting Lender's dghts and remedies under this Security Instrument. Expenses include, but are not limited.t,.;), r. eas0nable attorneys' fees, court costs, and other legal expenses. These expenses are payable on demand and will Fear interest from the date of payment until paid in full at the highest interest rate in effect as provided for in the terms Of .'_-:~cured Debts. To the extent permitted by the United States Bankruptcy Code, Mortgagor agrees to pay the reasonable ~d!omeys' fees Lender incurs to collect the Secured Debts as awarded by any court exercising jurisdiction under the Bar,~'i-uptcy Code. This Security Instrument will remain in effect until released. Modgagor agrees to pay for any recordation C.: ;ts of such release. 16. ENVIRONMENTAL LAWS AND HAZARDOUS SUB~:!:~:NCES. As used in this section, (1) Environmental Law means, without limitation, the Comprehensive Env ronmer, t;! .Response, Compensation and Liability Act (CERCLA), all other federal, state and local laws, regulations, ordinances, .::.!:~urt orders, attorney general opinions or interpretive letters concerning the public health, safety, welfare, environmen!. ?r a' hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, :wasf~ i' pollutant or Contaminant which has characteristics which render the substance dangerous or potentially dangeroL~s 'ii.;l~he public health, safety, welfare or environment. The term includes, without limitation, any substances defined as "!i~,~'zardous material," "toxic substance," "hazardous waste," "hazardous substance," or "regulated substance" under ar, y :::i~.i?vironmental Law. Mortgagor represents, warrants and agrees that: _ ~ . A. Except as previously disclosed and acknowledged ~r'~ writing to Lender, no Hazardous Substance is or will be located, stored or released on or in the Property. TI~.:ii re.,,{riction does not apply to small quantities of Hazardous Substances that are generally recognized to be a:; ~ ,~)ri:,te ior the normal use and maintenance of the Property. B. Except as previously disclosed and acknOwledged i ~writing to Lender, Mortgagor and every tenant have been, are, and will remain in full compliance with any appliC i:.)le E',wironmental Law. C. Mortgagor will immediately notify Lender if a mlease.'i~,' t~.reatened release of a Hazardous Substance occurs on, under or about the Property or there is a violation o? ~',: Environmental Law concerning the Property. In such an event, Mortgagor will take all necessary remedial ~,::~;ti ~',-h.~. accordance with any Environmental Law. D. Mortgagor will immediately notify Lender in. ',. '.m!~ ~s soon as Modgagor has reason to believe there is any pending or threatened investigation, claim,;. ;proc!-.,~.;l:,ng relating to the release or threatened release of any Hazardous Substance or the violation of any :':.,~viron!.-'~i~t..::~l Law. 1 7. CONDEMNATION. Mortgagor will give Lender pr~':.:pt n(t'~::e of any pending or threatened action by private or public entities to purchase or take any or all of the Prope,";:.¥ :.h.~d!!gh condemnation, eminent domain, or any other means. Mortgagor authorizes Lender to intervene in Mortgagor'~. ~'r~rli~: in any of the above described actions or claims. Mortgagor assigns to Lender the proceeds of any award or claim f~ :' c':::i~ages connected with a condemnation or other taking of all or any part of the Property. Such proceeds will be cons~.. -;r,~ payments and will be applied as provided in this Secudty Instrument. This assignment of proceeds is subject to th% · .~s of any prior mortgage, deed of trust, security agreement or other lien document. , ; . 18. INSURANCE. MortgagOr agrees to keep the Prope~:t,.;~insured against the dsks reasonably associated with the Property. Mortgagor will maintain this insurance in the amou:~.~S Lender requires. This insurance will last until the Property is released from this Security Instrument. Mortgagor may c ;:!)ose the insurance company, subject to Lender's approval, which will not be unreasonably withheld. All insurance P01i( i~i.;s and renewals will include a standard "modgage clause" and, where applicable, "loss payee clause." Mortgagor will give Lender and the insurance comPany in [::'iediate notice of any loss. All insurance proceeds will be applied to restoration or repair of the Properly or to the Secu ',-d Debts, at Lender's option. If Lender acquires the Property in dam'aged condition, Modgagor's rights to any insurance [ ~ ;ides and proceeds will pass to Lender to the extent of the Secured Debts. Wyoming HELOC Mortoage .. ~_;_.. Initials IN4x ": ©1996 Bankers Sys:r ?~i!:!?::..; St Cloud, MN Mortgagor will immediately notifY Lender of cancellation Or.t~;,.ininatic:'~,;)f insurance. If Mortgagor fails to keep the Property insured Lender may obtain insurance to protect Lender's ' m~E.rest, :..,m Property. This insurance may include coverages not originally required of Mortgagor,-may be written by a ~"~ other than one Mortgagor wQuld choose, and may be written at a higher rate than Mortgagor could obtain if Mor~[:p~urchased the insurance. 19. ESCROW FOR TAXES AND INSURANCE. MortgagO~':will not be required to pay to Lender funds for taxes and insurance in escrow. ' ' 20. CO-SIGNERS. If Mortgagor signs this Security Instrum~ ~t but does not sign the Secured Debts, Mortgagor does so only to mortgage Modgagor's interest in the Property to serum-o':, payment of the Secured Debts and Mortgagor does not agree to be personally liable on the Secured Debts. If trois Si;curtly Instrument secures a guaranty between Lender and Mortgagor, Mortgagor agrees to waive any rights that may' prevent Lender from bdnging any action or claim against Mortgagor or any party indebted under the obligation. These ?ghts may include, but are not limited to, any anti-deficiency or one-action laws. 21. WAIVERS. Except to the extent prohibited by law, Mort~'~ag°r'waives all homestead exemption rights relating to the Property. 22. OTHER TERMS. The following are applicable to this Sec,.:' 'ity Instrument: A. Line of Credit. The Secured Debts include a revolvii:g line of credit provision. Although the Secured Debts may be reduced t° a zero balance, this Security Instru:?,ent will remain in effect until the Secured Debts and all underlying agreements have been terminated in wri.ti?l by Lender. 23. APPLICABLE LAW. This Security Instrument is governed by the laws of Iowa, except to the extent otherwise required by the laws of the jurisdiction where the Property is located, a~,:l the United States of America. 24. JOINT AND INDIVIDUAL LIABILITY AND SUCCESSDRS. Each Modgagor's obligations under this Security Instrument are independent of the obligations of any other Mortgagor. Lender may sue each Mortgagor individually or together with any other Mortgagor. Lender may release any pa'~ of the Property and Mortgagor will still be obligated under this Security Instrument for the remaining Property. The *duties and benefits of this Security Instrument will bind and benefit the successors and assigns of Lender and Mortgagor. 25. AMENDMENT, INTEGRATION AND SEVERABILITY. Th.!~i Security Instrument may not be amended or modified' by oral agreement. No amendment or modification of this S~,~'~.,~ty Instrument is effective unless made in writing and executed by Mortgagor and Lender. This Security Instrument !.. ~.h3 complete and final expression of the agreement. If any provision of this Security Instrument is unenforceable, then th~:-u,'enforceable provision will be severed and the remaining proVisions will still be enforceable. 26. INTERPRETATION. Whenever used, the singular includ3s ti~e plural and the plural includes the singular. The section headings are for convenience only and are not to be used to inierpret or define the terms of this Security Instrument. 27, NOTICE, FINANCIAL REPORTS AND ADDITIONA;_ [.OCUM.t:_.~TS. Unless otherwise required by law, any notice will be given by delivering it or mailing itby first class mai~.lc the c-'..i::propdate party's address listed in the DATE AND PARTIES section, or to any other address designated in wri::ing. :'.aotice to one party will be deemed to be notice to all parties. Mortgagor will inform Lender in writing of any Ci*.an:;e in Mortgagor's name, address or other application information. Mortgagor will provide Lender any financi~i~statements or information Lender requests. All financial statements and information Mortgagor g ves Lender will be'.~, ~rrect and complete. Mortgagor agrees to sign, deliver, and file any additional documents or certifications that Lender :-~";/:'~ consider necessary to perfect, continue, and preserve Mortgagor's obligations Under this Security Instrument and td~r ,?,onfirm Lender's lien status on any Property. Time is of the essence. ' '.' 28. AGREEMENT TO ARBITRATE. Lender or Mortgagor m~' submit'to arbitration any dispute, claim or other matter in question between or among Lender and Mortgagor that' ariSa$ out of or relates to this Transaction (Dispute), except as otherwise indicated in this section or as Lender and Mortg~or agree to in writing. For purposes of this section, this Transaction includes this Security Instrument and any other ¢c~cuments, instruments and proposed loans or extensions of credit that relate to this Security Instrument. Lender or ~'?~rtga.gor will not arbitrate any Dispute within any "core proceedings" under the United States bankruptcy laws. , Lender and Mortgagor must consent to arbitrate any Disput~i!::oncerning a debt secured by real estate at the time of the proposed arbitration. Lender may foreclose or exercise, a~:~ powers of sale against real property securing a debt underlying any Dispute before, during or after any arbitrations. Lender may also enforce the debt secured by this real property and underlying the Dispute before, during or after an./.arbitration. Lender or Mortgagor may seek provisional remedies at any l',¥ne from a court having jurisdiction to preserve the rights of or to prevent irreparable injury to Lender or Mortgagor..F~)reclosing or exercising a power of sale, beginning and continuing a judicial action or pursuing self-help remedies will not constitute a waiver of the dght to compel arbitration. The arbitrator will determine whether a Dispute is arbitrable, A zin,'gle arbitrator will resolve any Dispute, whether individual or joint in nature, or whether based on contract, tort, or any Other matter at law or in equity. The arbitrator may consolidate any Dispute with any related disputes, claims or other matt,,rs in question not arising out of this Transaction. Any court having jurisdiction may enter a judgment or decree on the arb trator's award. The judgment or decree will be enforced as any other judgment or decree. .. Lender and Mortgagor acknowledge that the agreements. : transactions or the relationships which reSult from the agreements or transactions between and among Lender ant. ,:~.crtgagor involve interstate commerce. The United States Arbitration Act will govern the interpretation and enforcement Cd this section. The American Arbitration Association s Commercial Arbitratio.'; Rules, in effect on the date of this Secudty Instrument, will govern the selection of the arbitrator and the arbitration proc6zs, unless otherwise agreed to in this Secudty Instrument or another writing. ' he2102-4wy . ~. Wyoming HELOC Mortgage .:', ... IM4x f~'~-'~'~ ©1996 Bankers Syste;,:,:::.::',:?,~ St Cloud MN ~::~-'~r~,L" i' '. 'J Page 4 Acknowledgment. (Individual) 711 29. WAIVER OF TRIAL FOR ARBITRATION. Lender ~i~ ~3.'tgagor understand that the parties have the right or opportunity to litigate any Dispute through a trial' ~'~d!,!i~ .Or jury, but that the parties prefer to reSolve Disputes through arbitration instead of litigation. If any D.k~pt~t{: is arbitrated, Lender ~nd Mortgagor voluntarily and knowingly waive the right to have atdal by jury or ]ucig~.i~ii~.Jring the arbitration. SIGNATURES. By signing, Modgagor agrees to the'~te~.~ and covenants contained in this Security Instrument. Mortgagor also acknowledges receipt of a copy of this Secu?.,, Instrument. /// OF , :OF This instrument was acknowledged"'b/~fore me this ~,/'--day of ~ ~' Michael Ray Dart and Rafe!~'e J. Dart , ~" ~' ~ My commission expires: (Notary by he2102-5wy Wyoming HELOC Mortgage IA/4x ©1996 Bankers $ v:--"~m~..,h-,c. St Cloud, MN Page 5