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HomeMy WebLinkAbout892783Recording requested by: Wells Fargo Bank N.A. Wells Fargo Home Equity 526 Chapel Hil 1 s Drive Colorado Springs, CO 80920 When recorded remm to: Wells Fargo Bank N.A. Wells Fargo Services Co. Consumer Loan Servicing Center P.O. Box 31557 Billings, MT 59107-9900 StYe of Wyoming 892783 RECEIVED LINCOLN COUNTY CLERK · 03 Ur, 25 ?H ti: 35 JEANNE WAGNER 'BOOK ,532 PR PAGE 217 Space Above this Line For Recordh~g Date MORTGAGE 65401701941998 (With Euture Advance Clause) DATE AND PARTIES. The date~ of this Deed of Trust ("Security Instrument") is 22 August 2003 and the parties, their addresses and tax identification numbers, if required, are as follows: MORTGAGOR: JENNIFER LORA MUNNERLYN, AND! IAN TIMOTHY MUNNERLYN, WIFE AND HUSBAND If checked, refer to the attached Addendum incorporated herein, for additional Mortgagors their signatures and acknoWledgments. LENDER: Wells Fargo Bank N.A. 420 Montgomery Street San Francisco, CA 94104 CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debt (defined below) and Mortgagor's performance under this Security Instrument, Mortgagor grgnts, bargains, conveys, mortgages and warrants to Lender, with power of sale, the following described property: See attached Exhibit A The property is located in Lincoln at 118 NORTH BRANCH CIRCLE (CoUnty) (Address) THAYNE , Wyoming 83127- 0000 (City) (Zip Code) WYOMING - MASTER FORM MORTGAGE Page I of a LEWY 1 IO21 O) VMP .o,'r.,,c~ ,o,~s. I~oo..~.-~, 20031957700184 Together with all rights, easements, appm water and riparian rights, ditches, and structures, fixtures, and replacements that estate described above (all referred to as "P MAXIMUM OBLIGATION LIMIT. The at any one time shall not exceed $ 35,000 include interest and other fees and charge~ tenances, roYalties, mineral rights, oil and gas rights, all water stock and all existing and future improvements, may now or at any time in the future be part of the real :operty"). total principal amount secured by this Security Instrument 00 . This limitation of amount does not validly made pursuant to this Security Instrument. Also, this limitation does not apply to advances ~nade under the terms of this Security Instrument to protect Lender's security and to perform any of the__covenants contained in this Security Instrument. SECURED DEBT AND FUTURE ADVfi~qCES. The term "Secured Debt" is defined as follows: A. Debt incurred under the terms of [the promissory note, revolving line of credit, comract, guaranty or other evidence of debt d~ted 8/22/2003 together with all mnendments, extensions, modifications or renewals. The matulity ~ ~ ~ecured Debt is 8/20/2013 . tlortgagor under such evidence of debt. All furore advances e of this Security Instrument. Nothing in this Security merit to make additional or future loans or advances which 3. Any such commitment must be agreed to in a separate B. All future advances from Lender to ~ are secured as if made on the da Agreement shall constitute a commi exceed the amount shown in Sectim writing. C. All sums advanced and expenses i protecting the Property and its val! Lender under the terms of this Secur PAYMENTS. Mortgagor agrees that all [ in accordance with the terms of the Secure~ PRIOR SECURITY INTERESTS. Wi~ agreement or other lien document that O Property, Mortgagor agrees: A. To make all payments when due and B. To promptly deliver to Lender any C. Not to allow any modification or note or agreement secured by the li 7. CLAIMS AGAINST TITLE. MOrtgagoJ payments, ground rents, utilities, and otl require Mortgagor to provide to Lender cz evidencing Mortgagor's payment. Mortg~ would impair the lien of the Security Ins! by Lender, any rights, claims or defense materials to maintain or improve the Prop, 8. DUE ON SALE OR ENCUMBRAN encumbrance, whether voluntary, involu Property or any interest therein, then at i declare all obligations secured hereby in acceleration for and in such particular prohibited by law. 9. PROPERTY CONDITION, ALTERA Property in good condition and make all commit or allow any waste, impairmentl Property free of noxious weeds and grass, will not substantially change without Le change in any license, restrictive cove WYOMING - MASTER FORM MORTGAGE LEWY2 (o21o) acurred by Lender for insuring, preserving or otherwise and any other sums advanced mad expenses incurred by ity Instrument. ayments under the Secured Debt will be paid when due and 1 Debt and this Security Instrument. h regard to any other mortgage, deed of trust, security created a prior security interest or encumbrance on the to perform or comply with all covenants. otices that Mortgagor receives frorn the holder. xtension of, nor to request any future advances under any a document without Lender's prior written consent. will pay all taxes, assessments, liens, encumbrances, lease .er charges relating to the Property when due. Lender may pies of all notices that such amounts are due and the receipts ;or will defend title to the Property against any claims that ument. Mortgagor agrees to assign to Lender, as requested ~ Mortgagor may have against parties who supply labor or ;rty. UE. Upon sale, transfer, hypothecation, assignment or ntary, or by operation of law, of all or any part of the s sole option, Lender may, by written notice to Mortgagor, tmediately due and payable, except to the extent that such ircumstances where exercise of such a right by Lender is TIONS AND INSPECTION. Mortgagor will keep the repairs that are reasonably necessary. Mortgagor shall not or deterioration of the Property. Mortgagor will keep the s. Mortgagor agrees that the nature of the occupancy and use tder's prior written consent. Mortgagor will not permit any rant or easement without Lender's prior written consent. Page 2 of 8 20031957700184 10. 11. Mortgagor will notify Lender of ali dema~ of any loss or damage to the Property. I. Property at any reasonable time for ti. Mortgagor notice at the time of or bef inspection. Any inspection of the Propen,. no way rely on Lender's inspection. AUTHORITY TO PERFORM. If Mo~ contained in this Security Instrument, I performed. Mortgagor appoints Lender amount necessary for performance. Len obligation to perform, and Lender's fallur Lender's other rights under the law or discontinued or not carried on in a reaso~ Lender's security interest in the Property, ASSIGNMENT OF LEASES AND R mortgages and warrants to Lender as add or future leases, subleases, and any othel any portion of the Property, including an3 agreements (all referred to as "Leases" Mortgagor will promptly provide Lender ds, proceedings, Claims, and actions against Mortgagor, and ~nder or Lender's agents may, at Lender's option, enter the e purpose of inspecting the Property. Lender shall give 3re an inspection specifying a reasonable purpose for the shall be entirely for Lender's benefit and Mortgagor will in [gagor falls to perform any duty or any of the covenants ender may, without notice, perform or cause them to be as attorney in fact to sign Mortgagor's name or pay any :ler's right to perform for Mortgagor shall not create an to perform will not preclude Lender from exercising any of Security Instrument. If any construction on the Property is tble manner, Lender may take all steps necessaxy to protect including completion of the construction. ENTS. Mortgagor irrevocably grants, bargains, conveys, .tional security all the right, rifle and to any and all existing written or verbal agreements for the use and occupancy of extensions, renewals, modifications or substitutions of such and rents, issues and profits (all referred to as "Rents"). vith true and correct copies of all existing and future Leases. 12. Mortgagor may collect, receive, enjoy ~ use the Rents so long as Mortgagor is not in default under the terms of this Security Instrument. Mlbrtgagor agrees that this assignment is immediately effective between the parties to this Security Instru~nent. Mortgagor agrees that this assignment is effective as to third parties when Lender take,~ affirma~ve action prescribed by law, and that this assignment will remain in effect during any redemption ~eriod until the Secured Debt is satisfied. Mortgagor agrees that Lender may take actual possession of the property without the necessity of commencing legal action and that actual possession is deem, default and demands that any tenant pay default, Mortgagor will endorse and ~ possession and will receive any Rents in other funds. Any mnounts collected will warrants that no default exists under the agrees to maintain and require any tenant LEASEHOLDS; CONDOMINIUMS; [ comply with the provisions of any lease i a unit in a Condominium Project or is agrees to the following: A. Obligations. Mortgagor shall per Documents. The "Constituent Doc~ ~ to occur when Lender, or its agent, notifies Mortgagor of all future Rents directly to Lender. On receiving notice of [diver to Lender any payment of Rents in Mortgagor's trust for Lender and will not commingle the Rents with any ~e applied as provided in this Security Instrument. Mortgagor -,eases or any applicable landlord/tenant law. Mortgagor also to comply with the terms of the Leases and applicable law. LANNED UNIT DEVELOPMENTS. Mortgagor agrees to ~ this Security Instrument is on a leasehold. If the property is ~art of a Planned Unit Development ("PUD"), Mortgagor )tm all of Mortgagor's obligations under the Constituent tments" are the: (i) Declaration or any other document which creates the Condominium Projects, ~r PUD and any homeowners association or equivalent entity ("Owners Association"); (ii)by-Jaws; (iii) code of regulations; and (iv) other equivalent documents. Mortgagor shall pro4aptly pay, when due, all dues and assessments imposed pursuant to the Constituent Documents. B. Hazard h~surance., So long as th~ Owners Association maintains, with a generally accepted insurance carrier, a 'master" or "blanket" policy on the Condominium Project or PUD which is satisfactory to Lender and which [ rovides insurance coverage in the amounts, for the periods, and against the hazards Lender re tuires, including fire and hazards included within the term "extended coverage," then Mortl;agor's obligation under Section 19 to maintain hazard insurance coverage on the Property is deemed satisfied to the extent that the required coverage is WYOMING - MASTER FORM MORTGAGE LEWY3 (o21o} Page 3,of 8 20031957700184 provided by the Owner's Associatior lapse in required hazard insurance c, proceeds in lieu of restoration or ret common elements, any proceeds pay Lender for application to the sums s, Mortgagor. C. Flood Insurance. Mortgagor agrees which is acceptable, as to form, amo~ D. Public Liability Insurance. Mortga that the Owners Association mainta amount, and extent of coverage to Le E. Condemnation. The proceeds of a payable to Mortgagor in connection the Property, whether of the unit or condemnation, are hereby assigned ~ by Lender to the sums secured by th~ F. Lender's Prior Consent. Mortgagol prior written consent, either patti abandonment or termination of the ~ termination required by law in the c the case of a taking by condemnatio of the Constituent Docun~ents if 1 termination of professional manage Association; or (iv) any action whi insurance coverage maintained by th, G. Remedies. If Mortgagor does not p then Lender may pay them. Any an additional debt of Mortgagor secure{ agree to other terms of payment, the at the Secured Debt rate and shal Mortgagor requesting payment. 13. DEFAULT. Mortgagor will be in defaul payment when due. Mortgagor will be in Instrument or any other document execut, Secured Debt. A good faith belief by Ler person or entity obligated on the Secured i Property is impaired shall also constitute a 14. REMEDIES ON DEFAULT. In some in. Mortgagor with notice of the right to cl foreclosure actions. Subject to these limit foreclose this Security Instrument in a n option of Lender, all or any part of the ~ become immediately due and payable, afte default or anytime thereafter. In addition, the terms of the Secured Debt, this Securi limitation, the power to sell the ProPerty. the Lender is entitled to all remedies provi acceptance by Lender of any sum in payr~ is due or is accelerated or after foreclosu WYOMING - MASTER FORM MORTGAGE LEWY4 (o2~o) 220 policy, Mortgagor shall give Lender prompt notice of any Jverage. In the event of a distribution of hazard insurance iair following a loss to Property, whether to the unit or to ~ble to Mortgagor are hereby assigned and shall be paid to icured by this Security Instrument, with any excess paid to to maintain flood insurance for the life of the Secured Debt tnt and extent of coverage to Lender. got shall take such actions as may be reasonable to insure ms a public liability insurance policy acceptable in form, rider. ay award or claim for damages, direct or consequential, adth any condemnation or other taking of all or any part of of the common elements, or for any conveyance in lieu of nd shall be paid to Lender. Such proceeds shall be applied Security Instrument as provided in Section 18. ' shall not, except after notice to Lender and with Lender's tion or subdivide the Property or consent to: (i) the 2ondominium Project or PUD, except for abandonment or ~se of substantial destruction by fire or other casualty or in a or eminent domain; (ii) any amendment to any provision he provision is for the express benefit of Lender; (iii) merit and assumption of self-management by the Owners ch would have the effect of rendering the public liability ; Owners Association unacceptable to Lender. ay condominium or PUD dues and assessments when due, tounts disbursed by Lender under this section shall become by this Security Instrument. Unless Mortgagor and Lender ;e amounts shall bear interest from the date of disbursement be payable, with interest, upon notice from Lender to if any party obligated on the Secured Debt fails to make default if a breach occurs under the terms of this Security :d for the purpose of creating, securing or guarantying the der that Lender at any time is insecure with respect to any )ebt or that the prospect of any payment or the value of the a event of default. ;tances, federal and state law will require Lender to provide tre or other notices and may establish time schedules for ~tions, if any, Lender may accelerate the Secured Debt and auner provided by law if Mortgagor is in default. At the greed fees and charges, accrued interest and principal shall r giving notice if required by law, upon the occurrence of a Lender shall be entitled to all the remedies provided by law, ty Instrument and any related documents, including without All remedies are distinct, cumulative and not exclusive, and ded at law or equity, whether or not expressly set forth. The ent or partial payment on the Secured Debt after the balance re proceedings are filed shall not constitute a waiver of or Page 4 of 8 20031957700184 15. 16. Lender's right to require complete cure (~f any existing default. By not exercising any remedy on Mortgagor's default, Lender does not waive Lender's right to later consider the event a default if it continues or happens again, i EXPENSES; ADVANCES ON COVEN~qTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when prohibited by law, Mortgagor agrees to pay ail of Lender's expenses if Mortgagor breaches any covenant in this Security InStrument. Mortgagor will also pay on demand any amount incurred by Lender for insuring, inspecting, preserving or otherwise protecting the Property and Lender's security interest. These expenses ~ill bear interest from the date of the payment until paid in full at the highest interest rate in effect ~ provided in the terms of the Secured Debt. Mortgagor agrees to pay ail costs and expenses incurr~ by Lender in collecting, enforcing or protecting Lenders' rights and remedies under this Security It~strument. This amount may include, but is not limited to, attorneys' fees, court costs, and other lega~ expenses. This amount does not include attorneys' fees for a saiaried employee of the Lender. ThisISecurity Instrument shail remain in effect until released. Mortgagor agrees to pay for any recordation costs of such release. ENVIRONMENTAL LAWS AND HA~ARDOIJS SUBSTANCES. As used in this section, (1) Environmentai Law means, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 42 II.S.C. 9601 et seq.), and ail other federai, state and locai laws, regulations, ordinances, cour~ orders, attorney generai opinions or interpretive letters concerning the public heaith, safety, ~elfare, environment or a hazardous substance; and (2) i radioactive or hazardous materiai, waste, pollutant or Hazardous Substance means any toxic,, contaminant which has characteristics which render the substance dangerous or potentiaily dangerous to the public heaith, safety, welfare or environment. The term includes, without limitation, any substances defined as "hazardous material," "toxic substances," "hazardous waste," or "hazardous substance" under any Environmentai Law Mortgagor represents, warrants and agrees that: A. Except as previously disclosed and a :knowledged in writing to Lender, no Hazardous Substance is or will be located, storeq or relea ed on or in the Property. This restriction does not apply to small quantities of Hazardous Subst~ nces that are generaily recognized to be appropriate for the normal use and maintenance of the ~:operty. B. Except as previously disclosed and tenant have been, are, and shall ren Law. C. Mortgagor shail immediately notify Substance occurs on, under or aboul acknowledged in writing to Lender, Mortgagor and every mia in full compliance with any applicable Environmentai Lender if a release or threatened release of a Hazardous the Property or there is a violation of any Environmentai Law concerning the Property. In st, ch an event, Mortgagor shail take ail necessary remediai action in accordance with any Envim amentai Law. D. Mortgagor shall immediately notifi Lender in writing as soon as Mortgagor has reason to believe there is any pending or th; 'atened investigation, claim, or proceeding relating to the release or threatened release of any tazardous Substance or the violation of any Environmentai Law. 17. CONDEMNATION. Mortgagor will givei Lender prompt notice of any pending or threatened action, by private or public entities to purchase .~r take any or ail of the Property through condenmation, eminent domain, or any other means. Mortgagor authorizes Lender to intervene in Mongagor's name in any of the above described actions or Iclaims. Mortgagor assigns to Lender the proceeds of any award or claim for damages com~ected wi~h a condemnation or other taking of ail or any part of the Property. Such proceeds shail be considerqd payments and will be applied as provided in this Security Instrument. This assignment of proceeds ~ subject to the terms of any prior mortgage, deed of trust, WYOMING - MASTER FORM MORTGAGE LEWY5 io21o} Page 5 of 8 20031957700184 18. INSURANCE. Mortgagor shall keep Property insured against lOss by fire, flood, theft and other hazards and risks reasonably associated wi(h the Property due to its type and location. This insurance shall be maintained in the amounts and fbr the periods that Lender requires. The insurance carder providing the insurance shall be chosen by ~ortgagor subject to Lender's approval, which shall not be unreasonably withheld. If Mortgagor fails Ito maintain the coverage described above, Lender may, at Lender's option, obtain coverage to prote~. Lender's rights in the Property according to the terms of this Security Instrument. All insurance policies and renewals shall be acceptable to Lender and shall immediately notify Lender of cancellation~r termination of the insurance. Lender shall have the right to hold the policies and renewals. If LendOr requires, Mortgagor shall immediately give to Lender all I. receipts of paid premiums and renewal no,tees. Upon loss, Mortgagor shall give immediate notice to the insurance carrier and Lender. Lender: may make proof of loss if not made immediately by Mortgagor. Unless otherwise agreed in lwriting, all insurance proceeds shall be applied to the restoration or repair of the Property or t~ the Secured Debt, whether or not then due, at Lender's option. Any application of proceeds to principal shall not extend or postpone the due date of the scheduled payment nor change the amount ~.f any payment. Any excess will be paid to the Mortgagor. If the Property is acquired by Lender, ~lortgagor's right to any insurance policies and proceeds resulting from damage to the Property heft }re the acquisition shall pass to Lender to the extent of the Secured Debt immediately before the acqui~ 19. ESCROW FOR TAXES AND INSURA] Mortgagor will not be required to pay to D 20. FINANCIAL REPORTS AND ADDITB 21. 22. ~ition. qCE. Unless otherwise provided in a separate agreement, ~nder funds for taxes and insurance in escrow. }NAL DOCUMENTS. Mortgagor will provide to Lender upon request, any financial statement information Lender may deem reasonably necessary. Mortgagor agrees to sign, deliver, and filei any additional documents or certifications that Lender may consider necessary to perfect, continue, and preserve Mortgagor's obligations under this Security Instrument and Lender's lien status on the I~roperty. JOINT AND INDIVIDUAL LIABILI[I'Y; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Security Ir~strument arc joint and individual. If Mortgagor signs this Security Instrument but does not sign ~ evidence of debt, Mortgagor does so only to mortgage Mortgagor's interest in the Property to se~.ure payment of the Secured Debt and Mortgagor does not agree to be personally liable on the SecOred Debt. If this Security Instrument secures a guaranty between Lender and Mortgagor, Mortgagoi agrees to waive any rights that may prevent Lender from bringing any action or claim against Mortgagor or any party indebted under thc obligation. These rights may include, but are not limited to! any anti-deficiency or one-action laws. Mortgagor agrees that Lender and any party to this Security lnstrument may extend, modify or make any change in the terms of this Security Instrument or any evidence of debt without Mortgagor's consent. Such a change will not release Mortgagor from the terms iof this Security Instrmncnt. The duties and benefits of this Securi[y Instrument shall bind and benefit the successors and assigns of Mortgagor and Lender. APPLICABLE LAW; SEVERABILIT~; INTERPRETATION. This Security Instrument is governed by the laws of the jurisdiction in which the Property is located, except to the extent otherwise required bY the laws of the j~isdiction where the Property is located. This Security Instrument is complete and fully integratedl This Security Instrument may not be amended or modified by oral agreement. Any section in this SeCurity Instrument, attachments, or any agreement related to the Secured Debt that conflicts with appli.~able law will not be effective, unless that law expressly or impliedly permits the variations by writt~en agreement. If any section of this Security Instrument cannot be enforced according to its tern~s, that section will be severed and will not affect the enforceability of the remainder of this Secgrity Instxument. Whenever used, the singular shall include the plural and the plural the singular. The captions and headings of the sections of this Security Instrument are for convenience only and are not to be used to interpret or define the terms of this Security Instrument. Time is of the essence in this Security InStrument. In the event any section of this WYOMING - MASTER FORM MORTGAGE LEWY6 io2'm} Pege 6 of 8 20031957700184 23. 24. 25. Security Instrument directly conflicts wifl promissory note referenced in Section 4, agreement or promissory note (as applicab agreement or promissory note (as applicab flood/property insurance, all of which I a conditions of said documents and not the S~ NOTICE. Unless otherwise required by la it by first class mail to the ~ppropriate pt shown in Lender's records, or to any other WAIVERS. Except to the extent probit marshalling of liens and assets, and hereby homestead exemption laws of tlfis state. OTHER TERMS. If checked, the followiz ~-] Line of Credit. The Secured D the Secured Debt may be 'reduce effect until released. ~ Construction Loan. This Sec~ construction of an hnprovement [--] Fixture Filing. Mortgagor gran owns now or in the future and Security Instrument suffices as reproduction may be filed of r~ Code. ~ Additional Terms. Home Asset Management SIGNATURES: By signing below, Mortgagoi Instrument and in any attachments. Mortgag Instrument on the date stated on page 1. ,~o.n~or ~NIFER~OR/~ hUNN[I~L~N ~ Mortgagor Mortgagor 223 any section of the revolving line of credit agreement or the terms and conditions of the revolving line of credit e), the arbitration agreement and the agreement to provide [e), the arbitration agreement and the agreement to provide ;ree to by signing this Security Instrument, the terms and a:urity Instrument shall control. w, any notice shall be given by delivering it or by mailing rty's address on page 1 of this Security Instrument, or as address designated in writing. ited by law, Mortgagor waives and right regarding the releasing and waiving all rights under and by virtue of the g are applicable to this Security Instrument: ~bt includes a revolving line of credit provision. Although to a zero balance, this Security Instrument will remain in city Instrument secures an obligation incurred for the )n the Property. s to Lender a security interest in all goods that Mortgagor at are or will become fixtures related to the Property. This financing statement and any carbon, photographic or other :ord for purposes of Article 9 of the Uniform Commercial ~ccount Rider agrees to the terms and covenants contained in this Security ~r also acknowledges receipt of a copy of this Security )ate Mortgagor Date )ate Mortgagor Date Mo~gagor WYOMING - MASTER FORM MORTGAGE LEWY7 (0210) late Mortgagor Page 7 o! 8 Date 20031957700184 ACKNOWLEDGMENT: (Individual) STATE OF WY COUNTY OF Li ncol n The ~regoMg Mstrumentw~ acknowledgedb~oremeby 3ENNIFER LORA MUNNERLYN, IAN TIMOTHY MUNNERLYN Kathleen A. Daulton by their attorney in fact this 22nd day of August 2003 Wimess m~ hand and official seal. (si Notary Public (Title of Officer) My Commission Expires: February 2, 2006 (Seal) WYOMING - MASTER FORM MORTGAGE LEWY8 (021o) Page 8 of 8 20031957700184 225 ~,XHIBIT A Lot 57 of Star Valley Ranch Plat 1.7, Linc9ln County, Wyoming as described on the official plat thereof. ! 226 HOME ASSET MANAGEMENT ACCOUN~ {SM} RIDER TO MORTGAGE/DEED OF TRUST (Open end credit with ~Jf~xed rate ~-~ ~ariable rate interest) This Home Asset Management Account {SM} Rider is dated 8/22/2003 and is an amendment to the Mortgage or Deed of Trust ("Mortgage") o~the same date given by the undersigned, JENNIFER LORA MUNNERLYN, I. AN TIMOIq~-IY MUNNERLYN (hereinafter "Mortgagor") to secure the bon'ower'S EquityLine with FlexAbilitys~ Agreement with Wells Fargo Bank, N.A. ("Lender") of the same date covering the property more particularly described in the Mortgage (the "Property"). In addition to the covenants and agreements made in the Mortgage, Mortgagor and Lender further covenant and agree as folloWs: 1. The word "Note", as used in the Mortgage and ,this Rider, refers to the EquityLine with FlexAbility sa Agreement and Home Asset Management Accou~tt sa Addendum to EquityLine with FlexAbility sa 2. Despite any language to the contrary in the Me,gage, Mortgagor covenants that the Property is unencumbered, except for a first lien purchase money or refinance of purchase money encumbrance in the name of Wells Fargo Home Mortgage, lira., its affiliates, successors or assignees. 3. Paragraph number 4 of the Mortgage, wlfich is captioned SECURED I)EBT AND FUTURE ADVANCES is hereby deleted in its entirety and replaced by ~e following paragraph: SECURED DEBT AND FUTURE ADVANCES. The term "Secured Debt" is defmed as follows: A. Debt incurred under the terms of thq promissory note, revolving line of credit agreement, contract, guaranty or other evidence of debt of s~me date together with all amendments, extensions, modifications or renewals. The maturi~ date of the secured Debt is 8/20/2013 B. All future advances from Lender to ~he borrower under such evidence of debt, whether obligatory or discretionary. All obligatory future--advances and advances to cure breeches of covenants contained in the Mortgage are secured as if madel on the date of this security Imtmment. Nothing in this Security Instrument shall constitute a c6mmitmeat to make additional or future loans or advances which exceed $ 35,000.00 Hamaddr 042903 20031957700184 PAGE I C. All sums advanced and expenses incum the Property and its value and any other su terms of this Security Instrument. D. The terms and conditions of the Note r~ year period for advances under a revolving Except if this Note is secured by property lc Tennessee, the parties have agreed that subj. conditions the Lender may extend the perio~ years for a total of 20 years. Nothing in thisi constitute a commitment to extend the peri( hfitial 10 year period. E. Borrower(s) and the Lender have agree, conditions, the Credit Line Limit ha the N, conditions, inter alia, is the borrower's ma Fargo Home Mortgage, Inc., or one of its shall increase the amount of the Maximurr is in Virginia the "total principal indebtne described in Section 3 hereinabove in the 4. The Note provides for a monthly variable rate of an annual rate of 1.125 plus the "Index Rat, nmy increase if the highest prime rate published in t table (the "Index Rate") increases. The initial Daily which corresponds to an initial ANNUAL PERCI PERCENTAGE RATE will never be more than the minimum monthly payments. ~d by Lender for insuring, preserving, or otherwise protecting ms advanced and expenses incurred by Lender under the ferenced in A above include, but are not limited to, a 10 line of credit. cated in the state of ;ct to certain qualifying [ for advances for another 10 Security Instrument shall for advances beyond the . that subject to the satisfaction of certain qualifying te may be increased quarterly and/or annually. One of those [ntenance of a first mortgage loan on the Property with Wells ~ffiliates. (the "WFHM Loan"). All such increases, if any, Obligation Limit. disclosed in Paragraph 4 (if the Mortgage s "in the 3rd recital) and the current Credit Line Limit ~ame amount(s). nterest expressed as a daffy periodic rate equal to 1/365 of ;". The Daily Periodic Rate of FINANCE CHARGE he Wall Street Journal Western Edition "Money Rates" Periodic Rate of FINANCE CHARGE is 0.0140411 ;NTAGE RATE of 5.125 The ANNUAL L8.00%. Any increase in Daffy Periodic Rate may increase 5.The Paragraph which is captioned hi the Mortgage, ESCROW FOR TAXES AND INSURANCE (which may be found as Paragraph 19, 20, 21, 23, 24, depending on the document) is hereby deleted in its entirety. Da Da Da Hamaridr 042903 Ie Date te Date Ie Date 20031957700184 PAGE 2