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HomeMy WebLinkAbout893143,020174Z~7B (O4) Recording requested by: Wells Fargo Bank N.A. Wells Fargo Home Equity 526 Chapel Hills Drive Colorado Springs, CO 80920 When recorded return to: Well s Fargo Bank N.A, Wel 1 s Fargo Services Co. Consumer Loan Servicing Center P.O. Box 31557 Billings, MT 59107-9900 State of Wyomhlg 893 I 3 BOOK 5~r( PAGE RECEIVED LINCOLN COUNTy CLERK SI)ace Above rids Line For Recor(lh~g Date MORTGAGE 65404351631998 (With Future Advance Clause) DATE AND PART/ES. The date of this Deed of Trust ("Security Instrument") is 2 September 2003 and the parties, their addresses and tax identification numbers, if required, are as follows: MORTGAGOR: MARl< D. PRIEST, A MARRIED PERSON CHRISTINE R. AS A NON VESTED SPOUSE [---] If checked, refer to the attached Addendum incorporated herein, fo~ additiomal Mortgagors their sig~atures 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 Instrmnent, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with power of sale, the following described property: See attached Exhibit A The property is located in Li ncol n at 328 BUCKSKIN WAY (County) (Address) ETNA , Wyoming 83118- 0000 (City) (Zip Code) WYOMING - MASTER FORM MORTGAGE Page ~ o~' e LEWY1 (o21o} VMP UO.,~*~,O.,,-i,oo,~,-~z,, 20030447700072 · Together with all fights, easements, appurtenances, royalties, mineral rights, oil and gas rights, all water and riparian rights, ditches, and water stock and all existing and future improvements, structures, fixtures, and replacements that may now or at any time in the future be part of the real estate described above (all referred to as "Property"). 3. MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at any one time shall not exceed $ 27,200.00 . This limitation of amount does not include interest and other fees and charges validly made pursuant to tiffs Security Instrument. Also, tiffs limitation does not apply to advances made under the terms of this Security Instrument to protect Lender's security and to perform any of the covenants contained in this Security Instrument. 4. SECURED DEBT AND FUTURE ADVANCES. The term "Secured Debt" is defined as tbllows: A. Debt incurred under the terms of the pronfissory note, revolving line of credit, contract, guaranty or other evidence of debt dated 9/2/2003 together with all amendments, extensions, modifications or renewals. The ~naturity date of the Secured Debt is 9/15/2013 B. All future advances from Lender to Mortgagor under such evidence of debt. All future advances are secured as if nude on the date of this Security Instrument. Nothing in this Security Agreement shall constitute a conmfitment to make additional or future loans or advances which exceed the amount shown in Section 3. Any such commitment must be agreed to iu a separate writing. C. All stuns advanced and expenses incurred by Lendei tbr insuriug, preserving or otherwise protecting the Property and its value and any other sums advanced and expenses incurred by Lender under the terms of this Security Instrument. 5. PAYMENTS. Mortgagor agrees that all payments under the Secured Debt will be paid when due and in accordance with the terms of the Secured Debt and this Security Instrument. 6. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, security agreement or other lien document that created a prior security interest or encumbrance on the Property~ Mortgagor agrees: A. To nmke all payments when due and to perform or comply with all covenants. B. To promptly deliver to Lender any notices that Mortgagor receives from the holder. C. Not to allow any modification or extension of, nor to request any future advances under any note or agreement secured by the lien document without Lender's prior written consent. 7. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and 'other charges relating to the Property when due. Lender may require Mortgagor to provide to Lender copies of all notices that such amounts are due and the receipts evidencing Mortgagor's payment. Mortgagor will defend title to the Property against any claims that would in]pair the lien of the Security Instrument. Mortgagor agrees to assign to Lender, as requested by Lender, any fights, claims or defenses Mortgagor may have against parties who supply labor or matefials to maintain or improve the Property. 8. DUE ON SALE OR ENCUMBRANCE. Upon sale, transfer, hypothecatiOn, assignment or encumbrance, whether voluntary, involuntary, or by operation of law, of all or any part of the Property or any interest therein, then at its sole option, Lender may, by written notice to Mortgagor, declare all obligations secured hereby inunediately due and .payable, except to the extent that such acceleration tbr and in such particular circumstances where exercise of such a fight by Lender is prohibited by law. 9. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mortgagor will keep the Property in good condition and make all repairs that are reasonably necessary. Mortgagor shall not commit or allow any waste, impairment, or deterioration of the Property. Mortgagor will keep the Property tree of noxious weeds and grasses. Mortgagor agrees that the nature of the occupancy and use will not substantially change without Lender's prior written consent. Mortgagor will not pernfit auy change in any license, restrictive covenant or easement without Lender's prior written consent. WYOMING - MASTER FORM MORTGAGE LEWY2 (o2~o~ "~" ~ °'" ~ 20030447700072 Mortgagor will notify Lender of all demands, proceedings, clai~ns, and actions against Mortgagor, and of any loss or damage to the Property. Lender or Lender's agents may, at Lender's option, enter the Property at any reasonable time for the purpose of inspecting the Property. Lender shall give Mortgagor notice at the time of or before an inspection specifying a reasonable purpose for the inspection. Any inspection of the Property shall be entirely for Lender's benefit and Mortgagor will in ~m way rely on Lender's inspection. 10. AUTHORITY TO PERFORM. If Mortgagor fails to perform any duty or any of the covenants contained in this Security Instrument, Lender may, without notice, perform or cause them to be pertbrmed. Mortgagor appoints Lender as attorney in fact to sign Mortgagor's name or pay any amount necessary for performance. Lender's right to perform for Mortgagor shall not create an obligation to perform, and Lender's failure to perform will not preclude Lender from exercising any of Lender's other rights under the law or this Security Instrument. If any construction on the Property is discontinued or not carried on in a reasonable manner, Lender may take all steps necessary to protect Lender's security interest in the Property, including completion of the construction. 11. ASSIGNMENT OF LEASES AND RENTS. Mortgagor irrevocably grants, bargains, conveys, mortgages and warrants to Lender as additional security all the right, title and to any and all existing or fi~ture leases, subleases, and any other written or verbal agreements for the use and occupancy of any portion of the Property, including any extensions, renewals, modifications or substitutions of such agreements (all referred to as "Leases") and rents, issues and profits (all referred to as "Rents"). Mortgagor will promptly provide Lender with true and correct copies of all existing and future Leases. Mortgagor lnay collect, receive, enjoy and use the Rents so long as Mortgagor is not in default under the terms of this Security Instrument. Mortgagor agrees that fids assig]m]ent is innnediately effective between the parties to this Security Instrument. Mortgagor agrees that this assignment is effective as to tlfird parties when Lender takes affirmative action prescribed by law, and that this assignn~ent will remain in effect during any redemption period until the Secured Debt is satisfied. Mortgagor agrees that Lender may take actual possession of the property without the necessity of colnmencing legal action and that actual possession is deemed to occur when Lender, or its agent, notifies Mortgagor of dethult and demands that any tenant pay all future Rents directly to Lender. On receiving notice of default, Mortgagor will endorse and deliver to Lender any payment of Rents in Mortgagor's possession and will receive any Rents in trust for Lender and will not commingle the Rents with any other funds. Any amounts collected will be applied as pro.vide'd in tlfis Security Instrument. Mortgagor warrants flint no default exists under the Leases or any applicable landlord/tenant law. Mortgagor also agrees to maintain and require any tenant to comply with the terms of the Leases and applicable law. 12. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Mortgagor agrees to comply with the provisions of any lease if this Security Instrument is on a leasehold. If the property is a unit in a Condominium Project or is part of a Pla~med Unit Development ("PUD"), Mortgagor agrees to the following:' A. Obligations. Mortgagor shall perform all of Mortgagor's obligations under the Constituent Documents. The "Constituent Documents" are the: (i) Declaration or any other document which creates the Condonfinium Projects or PUD and any homeowners association or equivalent entity ("owners Association"); (ii) by-laws; (iii) code of regulations; and (iv) other equivalent documents. Mortgagor shall promptly pay, when due, all dues and assessments imposed pursuant to the Constituent Documents. B. Hazard Insurance. So long as fire Owners Association nmintains, with a generally accepted insurance carrierl a "master" or "blanket" policy on file Condominium Project or PUD which is satisfactory to Lender and which provides insurance coverage in the amounts, for the periods, and against the hazards Lender requires, including fire and hazards included within the term "extended coverage," then Mortgagor's obligation under Section 19 to nmintain hazard insurance coverage on the Property is deemed satisfied to the extent that the required coverage is WYOMING - MASTER FORM MORTGAGE LEWY3 {02~0} Page 3 of B 20030447700072 632 provided by the Owner's Association policy. Mortgagor shall give Lender prompt notice of any lapse in required hazard insurance coverage. In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair tbllowing a loss to Property, whether to the unit or to cmmnon elements, any proceeds payable to Mortgagor are hereby assigned and shall be paid to Lender for application to the sums secured by this Security Instrument, with any excess paid to Mortgagor. C, Flood Insurance. Mortgagor agrees to nmintain flood insurance Ibr the life of the Secured Debt which is acceptable, as to form, amount and extent of coverage to Lender. D. Public Liability Insnrance. Mortgagor shall take such actions as may be reasonable to insure that the Owners Association maimains a public liability insurance policy acceptable in form, amount, and extent of coverage to Lender. E. Condemnation. The proceeds of any award or claim for damages, direct or consequential, payable to Mortgagor in connection with any condermmtion or other taking of all or any part of the Property, whether of the mdt or of the common elements, or for any conveyance m lieu of condemnation, are hereby assigned and shall 'be paid to Lender. Such proceeds shall be applied by Lender to the sums secured by the Security Instrument as provided in Section 18. F. Lender's Prior Consent. Mortgagor ~all not, except after notice to Lender and with Lender's prior written consent, either partition or subdivide the Property or consent to: (i) the abandonment or termination of the Condomi~fium Project or PUD, except tbr abandomnent or ternfination required by law in the case of substantial destruction by fire or other casualty or in the case of a taking by condemnation or eminent domain; (ii) any amendment to any provision of the Constituent Documents if the provision is for the express benefit of Lender; (iii) termination of professional management and assumption of self-management by the Owners Association; or (iv) any action which wOuld have the effect of rendering the public liability insurance coverage maintained by the Owners Association unacceptable to Lender. G. Remedies. If Mortgagor does not pay condonfinium or PUD dues and assessments when due, then Lender may pay them. Any amounts disbursed by Lender under tiffs section shall become additional debt of Mortgagor secured by tiffs Security Instrument. Unless Mortgagor and Lender agree to other terms of payment, these amounts shall bear interest from the date of disbursement at the Secured Debt rate and shall be payable, with interest, upon notice t¥om Lender to Mortgagor requesting payment. 13. DEFAULT. Mortgagor will be in default if any party obligated on the Secured Debt fails to make payment when due. Mortgagor will be in default if a breach occurs under the terms of this Security Instrument or any other document executed for the purpose of creating, securing or guarantying the Secured Debt. A good faith belief by Lender that Lender at any time is insecure with respect to any person or entity obligated on the Secured Debt or that the prospect of any payment or the value of the Property is impaired shall also constitute an event of default. 14. REMEDIES ON DEFAULT. In some instances, federal and state law will require Lender to provide Mortgagor with notice of the right to cure or other notices and may establish time schedules tbr tbreclosure actions. Subject to these linfitations, if any, Lender nmy accelerate the Secured Debt and foreclose fids Security Instrument in a mamler provided by law if Mortgagor is in default. At the option of Lender, all or any part of the agreed fees and charges, accrued interest and principal shall become immediately due and payable, after giving notice if r~quired by law, upon the occurrence of a default or anytime thereafter. In addition, Lender shall be entitled to all the remedies provided by law, the terms of the Secured Debt, fids Security Instrument and any related documents, inchiding without limitation, the power to sell the Property. All remedies are distinct, cumulative and not exclusive, and the Lender is entitled to all remedies provided at law or equity, whether or not expressly set Ibrth. The acceptance by Lender of any suni in payment or partial payment on the Secured Debt after the balance is due or is accelerated or after foreclosure proceedings are filed shall not constitute a waiver of or WYOMING- MASTER FORM MORTGAGE LEWY4 (o2~o) P~g,. o,. 20030447700072 633 Lender's right to require complete cure of any ex~sting 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. 15. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when prohibited by law, Mortgagor agrees to pay all of Lender's expenses if Mortgagor breaches any covenant in this Security Instrument. Mortgagor will also pay on demand any amouut incurred by Lender for insuring, inspecting, preserving or otherwise protecting the Property and Lender's security interest. These expenses will bear interest from the date of the payment until paid in full at the lfighest interest rate in effect as provided in the terms of the Secured Debt. Mortgagor agrees to pay all costs and expenses incurred by Lender in collecting, enforcing or protecting Lenders' rights and remedies under this Security Instrument. This amouni may inchide, but is not limited to, attorneys' fees, court costs, and other legal expenses. This amount does not include attorueys' tees lbr a salaried employee of the Lender. This Security Instrument shall rmnain in effect until released. Mortgagor agrees to pay for any recordation costs of such release. 16. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this sectiou, (1) Environmental Law means, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), and all other federal, state and local laws, regulations, ordinances, court orders, attorney general opinions or interpretive letters concerning the public health, safety, Welfare, enviromnent or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or contaufinant which has characteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or enviro~mrent. The term includes, without limitation, any substances defined as "hazardous material," "toxic substances," "hazardous waste," or "hazardous substance" under any Enviromnental Law. Mortgagor represents, warrants and agrees that: A. Except as previously disclosed and acknowledged in writing to Lender, no Hazardous Substance is or will be located, stored or released on or in the Property. This restriction does not apply to small quantities of Hazardous Substances that are generally recognized to be appropriate for the normal use and maintenance of the Property. B. Except as previously disclosed and acknowledged in writing to Lender, Mortgagor and every tenant have been, are, and shall remain in full compliance with any applicable Environmental Law. C. Mortgagor shall inm~ediately notify Lender if a release or threatened release of a Hazardous Substance occurs on, under or about the Property or there is a violation of any Enviromnental Law concerning the Property. In Such an event, Mortgagor shall take all necessary remedial action in accordance with any Environmental Law. D. Mortgagor shall immediately notify Lender in writing as soon as Mortgagor has reason to believe there is any pending or threatened investigation, claim, or proceeding relating to the release or threatened release of any Hazardous Substance or the violation of any Enviromnental Law. 17. CONDEMNATION. Mortgagor will give Lender prompt notice of any pending or threatened action, by private or public entities to purchase or take any or all of the Property through condenmation, eminent do~nain, or any other means. Mortgagor authorizes Lender to intervene in Mortgagor's name in any of the above described actions or claims. Mortgagor assigns to Lender the proceeds of auy award or claim/bt damages connected with a condemnation or other taking of all or an), part of the Property. Such proceeds shall be' considered payments and will be applied as provided in this Security Instrument. Tiffs assigmnent of proceeds is subject to the terms of any prior mortgage, deed of trust, WYOMING - MASTER FORM MORTGAGE LEWY6 Io2~o) Page 5 of B 20030447700072 18. 19. 20. 21. 22~ INSURANCE. Mortgagor shall keep Property insured against loss by fire, flood, theft and other hazards and risks reasonably associated with the Property due to its type and location. This insurance shall be maintained in the amounts and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Mortgagor subject to Lender's approval, which shall not be um'easonably wiflflmld. If Mortgagor fails to maintain the coverage described above, Lender may, at Lender's option, obtain coverage to protect Leuder's rights in the Property according to the terms of this Security Instrument. All insurance policies and renewals shall be acceptable to Lender aud shall inanediately notify Lender of cancellation or termination of the insurance. Lender shall have the right to hold the policies and renewals. If Lender requires, Mortgagor shall inm~ediately give to Lender all receipts of paid premiums and renewal notices. Upon loss; Mortgagor shall give inunediate notice to the insurance cartier and Lender. Lender nmy make proof of loss if not nmde immediately by Mortgagor. Unless otherwise agreed in writing, all insurance proceeds shall be applied to the restoration or repair of the Property or to 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 of any payment. Any excess will be paid to the Mortgagor. If the Property is acquired by 'Lender, Mortgagor's right to any insurance policies and proceeds resulting from damage to the Property before the acquisition shall pass to Lender to the extent of the Secured Debt inm~ediately before the acquisition. ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separate agreement, Mortgagor will not be required to pay to Lender funds for taxes and insurance in escrow. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Mortgagor will provide to Lender upon request, any financial statement or information Lender may deem reasonably necessary. Mortgagor agrees to sign, deliver, and file any additimml 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 Property. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. Al1 duties under fids Security Instrumeut are joint and individual. If Mortgagor signs this Security Instrument but does not sign an evidence of debt, Mortgagor does so only to mortgage Mortgagor's interest in the Property to secure payment of the Secured Debt and Mortgagor does uot agree to be personally liable on the Secured Debt. If this Security Instrument secures a guaranty between Lender and Mortgagor, Mortgagor agrees to waive any rights that inay prevent Lender t¥om bringing any action or claim against Mortgagor or any party indebted under the obligation. These rights may include, but are not limited to, auy anti-deficiency or one-action laws. Mortgagor agrees that Lender and any party to this Security Instrument 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 of this Security Instrument. The duties and benefits of this Security Instrument shall biud and benefit the successors and assigns of Mortgagor and Lender. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Security Instrument is governed by the laws of flxe jurisdiction in which the Property is located, except to fl~e extent otherwise required by the laws of the jurisdiction where the Property is located. This Security Instrument is complete and fully integrated. This Security Instrument nmy not be a~nended or modified by oral agreement. Any section in this Security Instrument, attachments, or auy agreement related to the Secured Debt that conflicts with applicable law will not be effective, unless that law expressly or impliedly pernfits the variations by written agreement. If auy section of this Security Instrument cam~ot be enlbrced according to its terms, that section will be severed and will not affect the enforceability of the remaiuder of this Security Instrument. Whenever used, the singular shall include the plural and fl~e plural the singular. The captions and headings of the sections of fids Security Instrument are for convenience only and are not to be used to interpret or define the terms of this Security Instrulnent. Time is of the essence in this Security Instrument. In the event any section of fids WYOMING - MASTER FORM MORTGAGE LEWY6 (o21o) Page 6 o~' 8 20030447700072 23. 24. 25. 635 Security Instrument directly conflicts with any section of the revolviug line of credit agreement or promissory note referenced in Section 4, the terms and conditions of the revolving line of credit agreement or promissory note (as applicable), the arbitration agreement and the agreement to provide agreement or promissory note {as applicable), the arbitratiou agreement and the agreement to provide flood/property insurance, all of which I agree to by signing this Security Instrument, die terms and conditions of said docmnents and not the Security Instnnnent shall control. NOTICE. Unless otherwise required by law, any notice shall be given by delivering it or by umiling it by first class mail to the appropriate party's address on page 1 of this Security Instrument, or as shown in Lender's records, or to any other address designated in writing. WAIVERS. Except to the extent prohibited by law, Mortgagor waives and right regarding the umrshalling of liens and assets, and hereby releasing and waiving all rights under and by virtue of the homestead exemption laws of this state. OTII~R TERMS, If checked, the tbllowing are applicable to fids Security Instrument: ~ Line of Credit. The Secured Debt includes a revolving line of credit provision. Although tbe Secured Debt may be reduced to a zero balance, this Security Instrument will remain in effect until released. ~ Construction Loan. This Security Instrument secures an obligation incm-red for the construction of an improvement on the Property. ~ Fixture Filing. Mortgagor grants to Lender a security interest in all goods that Mortgagor owns now or in file future and that are or will become fixtures related to the Property. Tiffs Security Instrument suffices as a financing statement and any carbon, photographic or other reproduction may be filed of record for purposes of Article 9 of the Uniform Commercial Code. ~'] Additional Terms. Home Asset Management Account Rider SIGNATURES: By siglfing below, Mortgagor agrees to the terms and covenants contained in this Security Instrument and in any attachments. Mortgagor also acknowledges receipt of a copy of fids Security Mortgagor MARl< D. PRIEST mt~ ~o~a~or CHRISTINE R. PRIEST ' Date Mortgagor Date Mortgagor Date Mortgagor Date Mortgagor Date Mortgagor Date Mo~lgagor Date WYOMING - MASTER FORM MORTGAGE LEWY7 (o21o) Page 7 of 8 20030447700072 ACKNOWLEDGMENTi (Individual) '08 ,2148 g3G STATE OF WY COUNTY or~~~ The Bregoing instrument was acknowledged be~re me by MARK O. PRIEST, CHRISTINE R. PRIEST this ~24~.~._ day of ~~ Witness my hand and official seal. (Signalure of Officer) (Title of Officer) (Seal) My Conmfission Expires: f KAREN T, WYLIE - NOTARY PUBLIC WYOMING- MASTER FORM MORTGAGE LEWY8 (o21o) Pa,. 8 o,, 20030447700072 HOME ASSET MANAGEMENT ACCOUNT {SM} RIDER TO MORTGAGE/DEED OF TRUST (Open end credit with [---}fi×ed rate variable rate inter.t) Tlfis Hmne Asset Management Account {SM} Rider is dated 9/2/2003 and is an mnendment tothe Mortgage or Deed of Trust ("Mortgage") of the san~e date given by the undersigned, MAi~ D. PRIEST, CHRISTINE R. PRIEST · (hereinafter "Mortgagor") to secure the borrower's EquityLine with FlexAbilitysM Agreen~ent 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 fi~rther covenant and agree as follows: 1. The word "Note", as used in the Mortgage and this Rider, refers to the EquityLine with FlexAbility sM Agreement and Home Asset Management Account sM Addendum to EquityLine with FlexAbility SM. 2. Despite any language to the contrary in the Mortgage, Mortgagor covenants that the Property is unencumbered, except for a £trst lien purchase money or refinance of purchase money encumbrance in the name of Wells Fargo Home Mortgage, h~c., its affiliates, successors or assignees. 3. Paragraph number 4 of the Mortgage, which is captioned SECUI~D DEBT AND FUTURE ADVANCES is hereby deleted in its entirety and replaced by the folloWing paragraph: SECURED DEBT AND FUTURE ADVANCES. The term "Secured Debt" is det~med as follows: A. Debt incurred under the terms of the promissory note, revolving line of credit agreement, contract, guaranty or other evidence of debt of same date together with all amendments, extensions, modifications or renewals. The maturity date of the secured Debt is 9/15/2013 B. All fnture advances from Lender to the 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 made on the date of tiffs security Insaument. Nothing in this Security Instrmnent shall constitute a conmfitment to make additional or future loans or advances which exceed $ 27,200.00 Hamaridr 04290:3 20030447700072 PAGE1 C. All sums advanced and expenses incurred by Lender for insuring, preserving, or otherwise protecting the Property m~d its value and any other sums advanced and expenses incurred by Lender trader the terms of this Security Instrument. D. The temps and conditions of the Note referenced in A above include, btit are not limited to, a 10 year period for advances under a revolving line of credit. Except iftlfis Note is secured by property located in the state of Tmmessee, the parties have agreed that subject to certain qualifying conditions the Lender may extend the period for advances' for another 10 years for a total of 20 years. Nothing in this Security Instrument shall constitute a comanitment to extend the period for advances beyond the initial 10 year period. E. Borrower(s) and the Lender have agreed that subject to the satisfaction of certain qualifying conditions, the Credit Line Limit in the Note may be increased quarterly and/or annually. One of those conditions, inter alia, is the borrower's maintenance of a first mortgage loan on the Property with Wells Fargo Home Mortgage, Inc., or one of its affiliates. (the "WFHM Loan"). All such increases, if any, shall increase the mnount of the Maximmn Obligation Limit disclosed in Paragraph 4 (if the Mortgage is in Virginia the "total principal indebtness "'in the 3rd recital) and the current Credit Line Limit described in Section 3 hereinabove in the san~e amount(s). 4. The Note provides for a monthly variable rate of interest expressed as a daily periodic rate equal to 1/365 of an ammal rate of 0.875 plus the "Index Rate". The Daily Periodic Rate of F1NANCE CHARGE may increase if the highest prhne rate published in the Wall Street Journal Western Edition "Money Rates" table (the "Index Rate") increases. The initial Daily Periodic Rate of FINANCE CHARGE is 0.01335616 which corresponds to an flfitial ANNUAL PERCENTAGE RATE of 4.875 The ANNUAL PERCENTAGE RATE will never be more than 18.00%. Any increase in Daily Periodic Rate may increase the minimum monthly payments. 5.The Paragraph which is captioned in 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. MARK D. PRIEST Date Clt~KISTINE R. PRIEST t Date Date Date Date Date Date Date Hamarirlr 042903 20030447700072 PAGE 2 Exhibit "A" Lot 120 of Nordic Ranches Division No. 9, Lincoln County, Wyoming, according to that plat filed October 4, 2000 as Plat No. 312-B.