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HomeMy WebLinkAbout89487603018431 540 " t"a PAOE_? 5 0 State of Wyoming 89' 876 RECEIVED LINCOLN COUNTY CLERK 0,3 OCT 29 3: 38' Space Above This Line For Recording Data MORTGAGE (With Future Advance Clause) 1. DATE AND PARTIES. The date of tlds Mortgage (Security [nstnnnent) is 9_c_~o_D_e_r_ _2_ _2_,_ _2_0_ 9_3_ _ _ and the parties, their addresses mid trax identification numbers, if required, are as follows: MORTGAGOR:SHAWN RAY STEPHENS AND CINDY ANNE STEPHENS 57 DALE COURT , husband & wife Bedford, WY 83112 If checked, refer to the attached Addendum incorporated herein, for additional Mortgagors, their signatures and acknowledgments. LENDER: First Indiana Bank, N.A. 135 N. Pennsylvania St. Indianapolis, IN 46204 CONVEYANCE. For good and valu~le considermion, the receipt and sufficiency of wNch is acknowledged, and to secure the Secured Debt (defined below) and Mo~gagor's performance under tiffs Security I~trume~, Moagagor grants,' b~g~ns, conveys, mortgages and w~rm~ts to Lender, with power of sale, the ~llowing described property: LOT 8 OF THE GREEN VALLEY SUBDIVISION, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT THEREOF. This Real Estate Mortgage is second and subject only to a First Real Estate Mortgage recording concurrently herewith in favor of First Indiana Bank, N.A. dated 10/22/03 in the original amount of $168,000.00. 3o The property is located in ............_L~_n_~_ 9_l_n- ............ at _5_7_ _pb_L_~_ _C_ _o_tr~,_ X ............................. (County) .................................................... ~e_ _d_f_o_r_d_ ............. Wyoming ....... 8_ _3_1_1_2_ ....... (Address) (CiB') (ZIP Code) Together with all rights, easements, appurtenances, royalties, nfineral rights, oil and gas rights, all water and riparian rights, ditches, mid water stock and all existing m~d future improvements, structures, fixtures, and replacements that may now, or at any time in the fnture, be part of the real estate described above (all referred to as "Property"). MAXIMUM OBLIGATION LIMIT. The total principal mnount secnrcd by tiffs Secttrity Instrument at any one time shall not exceed $ _1_8_,_8_ _0_0_._q9 ......................... TNs limitation of mnount does not include interest and other fees and charges validly made pursuant to this Security Instrument Also, rids linfftation does not apply to advances made under the terms of tlffs Security h~stmment to protect Lender's security and to perform any of the covenants contained in tiffs Security Instrument SECURED DEBT AND FUTURE ADVANCES. The 'term "Secured Debt" is defined as follows: A. Debt iucurred under the terms of all promissory note(s), contract(s), guaranty(s) or other evidence of debt described below mid all their extensiotts, renewals, modifications or substitutions. 0~ou must specifically identify the debt(s) secured and you should inchtde t/~e final maturity date of such debt(s).) The Home Equity Line of Credit executed by SHAWN RAY STEPHENS , CINDY ANNE STEPHENS in favor of First Indiana Bank, N.A., dated 10/22/2003 in the maximum amount of $18800.00 and having a maturity date of 10/22/2023. W YOM lNG - HOME EQUITY LIN E OF CREDIT M ORTGA GE (NOT FOR FNM,a. FHLM C. FHA OR VA USE) ~) 1984 Bankers Syslems, Inc., SI. Cloud, MN Form OCP-REMTG-WY 1017198 (~}2C4 8 6 (W Y)(990~).02 VMP MORTGAGE FORMS- (800)52 ~.7291 B. All future advances from Lender to Mortgagor or other future obligations of Mortgagor to Lender under any promissory note, contract, guaranty, or other evidence of debt executed by Mortgagor in favor of Lender executed ,'flier this. Security InstrUn~ent wh~ther or not tiffs Security Instrument is specifically referenced. If more than one person signs this Security Instrmnent, each Mortgagor agrees that fids Security Instrument will secure all future advances and future obligatio]rs that are given to or incurred by any one or more Mortgagor, or any one or more Mortgagor mid others. All future advances and other future obligations are secured by fids Security Instrument even though all or p,,m may not yet be advanced. All future advances and oilier future obligations are secured as if made on the date of tiffs Security Instrument. Nothing in tiffs Security Instrument slmll constitute a commitment to make additional or future loans or advances in any mnount. Any such conmfitment must be agreed to in a separate writing. C. All other obligations Mortga~0r owes to Lender, wlfich may later arise, to the extent not prohibited by law, including, but not limited to, liabilities for overdrafts relating to any deposit account agreement between Mortgagor mid Lender. D. All additional sums advanced and expenses incurred by Lender for insuring, preserving or otherwise protecting the Property mid its value and ,any other stuns advanced mid :~xpenses incurred by Lender under the terms of tlfis Security Instrument. In the event fllat Lender falls to provide any necessaa-y notice of the right of rescission with respect to any additional indebtedness secured under paragraph B of tiffs Section, Lender waives any subsequent security interest in the Mortgagor' s principal dwelling that is created by tlfis Security Instrument (but does not waive the security interest for the debts referenced in paragraph A of this Section). 5. MORTGAGE COVENANTS. Mortgagor agrees that the coven'mts in tltis section are material obligations under the Secured Debt and this Security Instrument. If Mortgagor breaches any coveimnt in this section, Lender may refuse to make additi.onal extensions of credit and reduce the credit, limit. By not exercising either remedy on Mortgagor' s breach, Lender does not waive Lender' s right to later consider the event a breach if it happens ag,fin. Payments. Mortgagor agrees that all paymeuts under the Secured Debt will be paid when due and in accordance with the terms of the Secured Debt and tiffs Security Instrmnent. Prior Security Interests. With regard to may other mortgage, deed of trust, security agreement or other lien document that created a prior security interest or encumbrance on the Property, Mortgagor agrees to make all payments when due and to perform or comply with all covenants. Mortgagor also agrees not to allow may modification or extension of, nor to request may future advances under any note or agreement secured by the lien document witlmut Lender's prior written approval. Claims Against Title. Mortgagor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, mid other charges relating to the Property when due. Lender ma5, require Mortgagor to provide to Lender copies of all notices that such mnounts are due mid the receipts evidencing MortgagorI s payment. Mortgagor will defend title to the Property against any claims that would impair the lien of this Security Instrument. Mortgagor agrees to assign to Lender, as requested by Lender, any rights, claims or defenses Mortgagor may lmve against parties who supply labor or materials to nmintain or improve the Property. Property Condition, Alterations and Inspection. Mortgagor will keep the Property in good condition mid make all repairs that are reasonably necessary. Mortgagor slufll not conmfit or allow may waste, impairment, or deterioration of the Property. Mortgagor agrees that the imture of the occupancy mid use will not substantially cMnge without Lender's prior written consent. Mortgagor will not permit any change in any license, restrictive covenant or easement witlmut Lender's prior written consent. Mortgagor will notify Lender of all deimmds, proceedings, clai~ns and actions against Mortgagor, and of any loss or danmge to the Property. Lender or Leuder' s agents ma5,, 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. Auy inspection of the Properly shall be entirely for Lender' s benefit mid Mortgagor will in no way rely on Lender' s inspection. Authority to Perform. If Mortgagor fails to perform any duB, or ,'my of the covenants contained in tlfis Security Instrument, Lender may, without notice, perform or cause them to be performed. Mortgagor appoints Lender as attorney in fact to sign Mortgagor's nmne or pay any anioum necessary for perfornmnce. Lender's right to perform for Mortgagor slmll not create aaa 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 tlfis Security Iustrument. Leaseholds; Condominiums; Planned .Unit Developments. Mortgagor agrees to comply with the provisions of may lease if tiffs Security Instrmnem is on a leasehold. If the Property includes a nnit in a condominium or a plamied unit development, Mortgagor will perform all of Mortgagor's duties under the covenants, by-laws, or regulations of'the condominium or plamied mdt development. 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, enfinent donmin, or any other means. Mortgagor authorizes Lender to intervene in Mortgagor' s nmne in any of the above described actions or claims. Mortgagor assigns to Lender the proceeds of any mvard or claim for dmnages comaected with a condemnation or other taking of all or any part of the Property. Such proceeds shall be considered'payments and will be applied as provided in tiffs Security Instrmnent. Tiffs assigmnent of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or other lien document. Insurance. Mortgagor sl~l keep Property insured against loss by fire, flood, theft and other ha~,ards and risks reasonably : associated with the Property due to its type and location. Tiffs insurance shall be maintained in the anlonnts mid for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Mortgagor subject to Lender' s approval, wlfich shall not be unreasonably withheld. If Mortgagor fails to ~naintain the coverage described above, Lender nmy, at Lender' s option, obtain coverage to protect 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 sMll include a standard "mortgage clause" ,'nad, where applicable, "loss payee clause." Mortgagor slmll immediately 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 innnediately give to Lender all receipts of paid premiums mid renewal notices. Upon loss, Mortgagor shall give ilmnediate notice to the insurance carrier and Lender. Lender may nmke proof of loss if not inade inunediately by Mortgagor. Ulfless othem, ise agreed in writing, all insurance proceeds sMll be applied to the restoration or repair of the Property or to file Secured Debt, whether or not then due, at Lender's option. ARV application of proceeds to principal sMll not (~)~-C4 $ 6(W Y)(09o~).o~ - -~,,/- · extend or postpone the due date of the schednled payment nor chm~ge the amount of ,arty 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 pr°perty before the acquisition shall pass to Lender to the extent of the Secured Debt immediately before the acquisition. Financial Reports and Additional Documents. Mortgagor will provide to Lender upon request, any financial statement or i~fformation Lender may 'deem reasonably necessary. Mortgagor agrees to sign, deliver, ,and file any additional documents or certifications that Lender may consider necessary to perfect, continue, and preserve Mortgagor's obligations under tiffs Security Instrument and Lender' s lien status on the Property. 6. DUE ON SALE. Lender may, at its option, declare the entire balance of the Secured Debt to be inunediately due and payable upon the creation of, or contract for the creation of, a transfer or sale of the Property. Tlfis right is subject to the restrictions imposed by federal law (12 C.F.R. 591), as applicable. 7. DEFAULT. Mortgagor will be in default if any of the following occur: Frand. Any Consumer Borrower engages in fraud or ~naterial iifisrepresentation in cmmection with the Secured Debt that is an opeu end home equity plan. Payments. ,4my Consumer Borrower on any Secured Debt tlmt is an open end home equity plan fails to make a payment when due. Property. Any action or inaction by the Borrower or Mortgagor occurs tlmt adverselY affects the Property or Lender' s rights in the Property.. This includes, but is not limited to, the following: (a) Mortgagor fails to maintain required insurance on the Property.; (b) Mortgagor transfers the Property; (c) Mortgagor commits waste or otherwise destructively uses or fails to maint~n the Property. such that the action or inaction adversely ,affects Lender' s security; (d) Mortgagor fails to pay taxes on the Property or othem, ise fails to act ,and thereby causes a lien to be filed against the Property that is senior to the lien of tiffs Security Instrument; (e) a sole Mortgagor dies; (f) if more than one Mortgagor, any Mortgagor dies and Lender' s security is adversely affected; (g) the Property is taken through eminent domain; (1O a judgment is filed against Mortgagor and subjects Mortgagor and the Property to action that adversely affects Lender's interest; or (i) a prior lienholder forecloses on the Property and as a result, Lender's interest is adverSely ,affected. Executive Officers. Any Borrower is an executive officer of Lender or an affiliate and such Borrower becomes indebted to Lender or another lender in an aggregate mnount greater than the mnomit pernfitted under federal laws and regulations. 8. REMEDIES ON DEFAULT. In addition to any other remedy available under the terms of this Security Instrument, Lender may accelerate the Secured Debt mid foreclose this Security Instrument in a manner provided by law if Mortgagor is in 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 for foreclosure actions. At the option of the Lender, all or any part of the agreed fees and charges, accrued interest and principal shall beconle inuuediately due and payable, tffter giving notice if required by law, upon the occurrence of a defanlt or anytime thereafter. Lender shall be entitled to, without linfitation, the power to sell the Property. The acceptance by Lender of any sum in payment or partial payment on the Secured Debt after the balance is due or is accelerated or ~ter foreclosure proceedings are filed shall not constitute a waiver of Lender' s right to require complete cure of 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 ff it happens again. 9. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. If Mortgagor breaches any covenant in tlfis Security Instnnnent, Mortgagor agrees to pay all expenses Lender incurs in performing such covenants or protecting its security interest in the Property. Such expenses include, but are uot liufited to, fees incurred for iuspecting, preserving, or otherwise protecting the Property and Lender's Security interest. These expenses are payable on demand and will bear interest from the date of payment until paid in full at the highest rate of interest 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 Lender's rights and remedies under fids Security Instrument. Tlds aniount may include, but is not limited to, reasonable attorneys' fees, court costs, and other legal expenses. This `mnount does not include attorneys' fees for a salaried employee of the Lender. To the extent permitted by the U~fited States Bankruptcy Code, Mortgagor agrees to pay the reasonable attorneys' fees Lender incurs to collect the Secured Debt as awarded by any court exercising jurisdiction under the Bankruptcy Code. Tliis Security Instrumeut shall remain in effect until released. Mortgagor agrees to pay for any recordation costs of such release. 10. ENVIRONMENTAL, LAWS AND HAZARDOUS SUBSTANCES. As used in tlfis section, (1) Enviromnental Law means, without limitation, the Comprehensive Enviromnentai 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 concenfing the pnblic health, safety, welfare, enviromnent or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollntant or contmninant wlfich has characteristics wlfich render the substance dangerous or potentially dangerous to the public healtl~ s~ety, welfare or enviromnent. The term includes, without limitation, mi3, substances defined as "hazardous material," "to,dc substances," "hazardous waste" or "hazardous snbstance" under any Enviromnental Law. Mortgagor represents, warrants and agrees that : A. Except as previously disclosed and acknowledged iii 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 geueraily recognized to be appropriate for the normal use and maintenance of the Property. B. Except as previously disclosed and' acknowledged iu writing to Lender, Mortgagor ,mid every tenant have been, are, `mid shall remain in full compliance with ,m\v applicable Enviromnental Law. C. Mo~:tgagor shall immediately 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 La~v concerning the Property.. In such an event, Mortgagor shall take all necessary remedial action iu accordance with any Em, iromnental Law. D. Mortgagor shall iuunediately 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 ,mi3, Environmental Law. (~) 1994 BankersSyslems, lnc.,SI. CIoud, MN Form OCP-REMTG-WY 1017198 (~1~®-C4 ~; 6 (W Y){99o~).o2 (page 3 of 4) 453 11. ESCROW FOR TAXES AND INSURANCE. U~fless othenvise Provided in a separate agreement, Mortgagor will not be required to pay to Lender fuuds for taxes ,'md insurance in escrow: 12. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS. BOUND. All duties under Offs Security Instrument are joint and individual. If Mortgagor signs tiffs 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 not agree to be persmmlly liable on the Secured Debt. If this Security Instrument secures a guaranty between Lender ,'md Mortgagor, Mortgagor agrees to waive any rights that may prevent Lender from bringing any action or claim against Mortgagor or any party indebted under the obligation. These rights may include, but are not linfited to, ,'my anti-deficiency or one-action laws. The duties and benefits of this Security Instrument shall bind and benefit the successors and assigns of Mortgagor and Lender. 13. SEVERABILITY; INTERPRETATION. This Security Instrument is complete and fully integrated. Tlfis Security Instnunem may not be mnended or .modified by oral agreement. Any section in this Security Instrmnent, attachinents, or any agreement related to the Secured Debt that conflicts with applicable law will not be effective, mfless that law expressly or impliedly perufits the variations by written agreement. If any section of tiffs Security Instrument cam~ot be enforced according to its terms, that section will be severed and will not affect the enforceability of .the renminder of tlfis Security Instrument. Whenever used, the singular slmll include the plural and the plural the singular. The captions and headings of the sections of this Security Instrument are for conve~ffence only and are not to be used to interpret or define the terms of this Security Instrument. Time is of the essence in tlfis Security Instrument. 14. 15. ]6, 17. 18. NOTICE. Unless othem,ise required by law, any notice slhall be given by delivering it or by mailing it by first class nmil to the appropriate party's address on page 1 of this Security Instrument, or to any other address designated in writing. Notice to one mortgagor will be deemed to be notice to all mortgagors. WAIVERS. Except to the extent prohibited by law, Mortgagor waives any right regarding the marslmlling of liens and assets and all homestead exemption rights relating to the Property. LINE OF CREDIT. The Secured Debt includes a revolving line of credit. Although the Secnred Debt may be reduced to a zero balance, this Security Instrument will remain in effect until released. APPLICABLE LAW. Tiffs Security Instrument is governed by the laws as agreed to in the Secured Debt, except to the extent required by the laws of the jurisdiction where the Property is located, and applicable federal laws and regulations. RIDERS. The cove~mnts and agreements of each of the riders checked below are incorporated into and supplement and amend the terms of this Security Instrument. [Check all applicable boxes] [~ Assigmnent of Leases and Rents ~ Other _L_o_c__ _s _~_~_u_ r_ ~_e_y_ _~_cl_cl_~_n_d_ _m? ................................ 19. [] ADDITIONAL TERMS. SIGNATURES: By sig~ffng below, Mortgagor agrees to the terms and covenants contained in this Security Instrument and in any attachinents. Mortgagor also acknowledges receipt of a copy of this Security Instrument on the date stated on page 1. ACK3qOWLED GMENT: -- STATE OF iD_ ............ COUNTY OF.__T--'P-X--_o_ .... } ss. 0,~,~) Tlus ~nstrumem w~ ~tcknowledged before me fids .... ~_~___ day of_ __ (D__c_'ti-__O_ ~ ~-/~-~- I ~o ~ ...... (~) 1994 Bankers Systems, inc., SI. Cloud, MN Form OCP-RI.:MTG-WY (~--¢4 G 6 (W Y) (9~Ol).O2 (page 4 of 4)