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HomeMy WebLinkAbout895214 MORTGAGE (With Future Advance Clause) DATE AND PARTIES. The date of this Mortgage (Security Instrument) is OCTOBER parties, their addresses and tax identification numbers, if required, are as follows: 27, RECEIVED LINCOLN COUNTY CLERK 03 t"!OV I ?. [1 't 8:3 } 2003 .. .......... ,, MORTGAGOR: ALAN W LAMPE AND SHARON O LAMPE, TENANTS 520 Valley %FU Drive Afton, WY 83110 HUSBAND AND WIFE, AS JOINT sOCIAL SECURITY//: 572-46-1037 558-52-7993 ~-]If checked, refer to the attached Addendum incorporated herein, for additional Mortgagors, their signatures and acknowledgments. LENDER: WYOMING EMPLOYEES FEDERAL CREDIT UNION ORGANIZED AND EXISTING UNDER, ri'HE LAWS OF THE UNITED STATES OF AMERICA 2223 WARREN AVENUE WY 82001 TAXPAYER, I.D. #: 83-0179749 2.¸ 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 grants, bargains, conveys, mortgages and warrants to Lender, with power of sale, the tbllowing described property: LEGAL DESCRIPTION ATTACHED HERETO AND MADE A PA~RT HEREOF, AS EXHIBIT 'A' The property is located in Lincoln at (County) 520 Valley V'U Drive , Afton , Wyoming 83110 (Address) (City) (ZIP Code) Together with all rights, 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"). MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrmnent at any one time shall not exceed $ '12 9,150.0 0 This limitation of amount does not include interest and other lees and charges validly made pursuant to this Security lnstrmnent. Also, this 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. SECURED DEBT AND FUTURE ADVANCES. The term "Secured Debt" is defined as follows: A. Debt incurred under the terms of all promissory note(s), contract(s), guarauty(s) or other evidence of debt described secure and you should include the fiual maturity date of such debt(s). HOME EQUITY LINE OF CREDIT AGREEMENT DATED OCTOBER 27, 2003 , AND MATURING OCTOBER 30, 2018 All future advances frmn Leuder 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 after this Security Instrument whether or not this Security Instrument is specifically referenced. If more than one person signs this Security Instrument, each Mortgagor agrees that this Security Instrument will secure all future advances and future obligations that are given to or incurred by any one or more Mortgagor, or any one or more Mortgagor and others. All future advances and other future obligations are secured by this Security Instrument even though all or part may not yet be advanced. Ail future advances and other future obligations are secured as if made on ~he date of this Security Iustrument. Nothing in this Security Instrunrent slmll constitute a commitment to make additional or future loans or advances iu any amount. Any such commitment must be agreed to in a separate writing. All other obligations Mortgagor owes to Lender, which may later arise, to tire extent not prohibited by law, including. but not limited to, liabilities for overdrafts relating to any deposit account agreement between Mortgagor and Lender. ALL additional Sums advanced and expenses incurred by Lender for insuring, preserving or otherwise protecting tire Property and its value and any other sums advanced, and expenses incurred by Lender under the terms of this Security Instrument. WYOMING- HOME EQUITY LI~E OF CREDIT MORTGAGE (NOT FOR FMNA, FHLMC, FHA OR VA USE) In the event that Leuder fails to provide any necessary notice of the right of rescission with respect to any additional indebtedness secured under paragraph B of this Section, Lender waives any subsequent security interest in the Mortgagor's principal dwelling that is created by this Security Instrument (but does not waive the security interest tbr the debts referenced in paragraph A of this Section). MORTGAGE COVENANTS. Mortgagor agrees that the covenants in this section are material obligations under the Secured Debt and this Security Instrument. If Mortgagor breaches any covenant in this' section, Lender may refuse to make additional 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 again. 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 Iustrument. Prior Security Interests. With regard to any other mortgage, deed of trust, security agreement or other lien document thai 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 any modification or extension of, nor lo request any future advances under any note or agreement secured by the lien document without Lender's prior written approval. Claims Against Title. Mortgagor will pay all taxes, assesslnents, 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 delbnd 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 lvlortgagor may have against parties who supply labor or materials to maintain or improve the Property. 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 agrees that the nature of the occupancy and use will not substantially change without Lender's prior written consent. Mortgagor will not permit any change in any license, restrictive covenant or easement without Lender's prior written consent. Mortgagor will nutty/Lender of all demands, proceedings, claims and actions against Mortgagor, and of any loss or damage to the Property. Lender or Lender's agents may, at Lender's option enter tile Property at any reasonable time for the purpose of inspecting tile 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 no way rely On Lender's inspection. 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 performed. Mortgagor appoints Lender as attorney itl 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 perfortn will not preclude Lender from exercising any of Lender's other rights under the law or this Security Instrument. Leaseholds; Condominiums; Planned Unit Developments. Mortgagor agrees to comply If with tile provisions of any lease if this Security Instrument is on a leasehold. The Property includes a unit in a condominium or a planned unit development, Mortgagor wilt perform all of Mortgagor's duties under the covenants, by-laws, or regulations of the condominium or planned uuit development. Condemnation. Mortgagor will give Lender prompt notice of any pending or threatened acdon, by private or public entities to purchase or take any or all, of the Property through condemnation, eminent domain, 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 any award or claim for damages connected with a condemnation or other takiog of all or any part of the Property. Such proceeds shall be considered payments and will be applied as provided in this Security Instrmnent. This assigument of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or other lien document. 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 insurauce 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 a approval, which shall not be unreasonably withheld. If Mortgagor tails to maintain the coverage described above, Lender may, 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 shall include a standard "mortgage clause" and, where applicable, "loss payee clause" Mortgagor shall 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 immediately give to Lender all receipts of paid premiums and renewal notices. Upon loss, Mortgagor shall give immediate notice to tile insurance carrier and Lender. Lender may make proof of loss if not made immediately by Mortgagor. Unless otherwise agreed in writing, all insurance proceeds sball be applied to tile restoration or repair of the Property or to tile 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 immediately before the acquisition. Financial Reports and Additional Documents. Mortgagor will provide to Lender upon request, any financial statement or infurmation Lender may deem reasonably necessary. Mortgagor agrees to sign, deliver, and file any additioual documeuts or WYOMING- HOME EQUITY LINE OF CREDIT MORTGAGE (NOT FOR FMNA, FHLMC, FHA OR VA USE) DDS4VHM 10. certifications that Lender may consider necessary to perfect, continue, and preserve Mortgagor's obligations under this Security Instrument aud Lender's lien status on the Property. DUE ON SALE. Lender may, at its option, declare the entire balance of the Secured Debt to be immediately due and payable upon the creation of, or contract for the creatiou of, a transfer or sale of the Property. This right is subject to the restrictions imposed by federal law (12 C.F.R. 591), as applicable. DEFAULT. Mortgagor will be in default if any of the following occur: Fraud. Any Consmner Borrower engages in fraud or material misrepresemation in connection with tile Secured Debt that is an open end home equity plan. Payme,fls. Any Consumer Borrower on any Secured Debt that is an open-end home equity plan fails to make a payment when clue. Property. Any action or inaction by the Borrower or Mortgagor occurs that adversely affects the Property or Lender's rights in the Property. This includes, but is not limited to, tile following:. (a) Mortgagor fails to maintain required insurance on the Property; (b) Mortgagor transfers tile Property; (c) Mortgagor cmnmits waste or otherwise destructively uses or fails to maintain tile Property such that the action or inaction adversely affects Lender's security; (d) Mortgagor fails to pay taxes on the Property or otherwise fails to act and thereby causes a lien to be filed against the Property that is senior to the lien of this Security Instrument; (e) a sole Mortgagor dies; (D if more than one Mortgagor, any Mortgagor dies and Lender's security is adversely affected; (g) the Property is taken through emineut domain; (h) 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 leuder in an aggregate amount greater than the amount permitted under federal laws and regulations. REMEDIES ON DEFAULT. In addition to any other remedy available under the terms of this Security Instrument, Lender may accelerate the Secured Debt and 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 optiou of the Lender, all or any part 'of the agreed fees and charges, accrued interest and principal shall become immediately due and payable, after giviug notice if required by law, upon the occurrence of a default or anytime thereafter. Lender shall be eutitled to, without limitation, the power to sell the Property. Tile acceptance by Lender of any sum in payment or partial payment on the Secured Debt after tile balance is due or is accelerated or after 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 if it happens again. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. If Mortgagor breaches any covenant in this Security Instrument, Mortgagor agrees to pay all expenses Lender incurs in performing such covenants or protectiug its security interest in the Property. Such expenses include, but are not limited to, fees incurred for inspecting, 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 this Security Instrument. This amount may include, but is not limited to, reasonable attorneys' fees, court costs, and other legal expeuses. This amount does not include attorneys' fees for a salaried employee of the Lender. To the extent permitted by the Uuited States Bankruptcy Code, Mortgagor agrees 1o pay the reasouable attorneys' fees Lender incurs to collect the Secured Debt as awarded by any court exercising jurisdiction under the Bankruptcy Code. This Security Instrument shall remain in effect until released. Mortgagor agrees to pay for any recordation costs of such release. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Enviromnental Law meaus, without limitafon, the Comprehensive Euviromnental Response, Compeusation 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, environment or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or contaminant which has characteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or environment. The term includes, without limitation ally substances defined as "hazardous material," "toxic substances," "hazardous waste"'or "hazardous substance" under any Euviromnental Law. Mot tgagor 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 Enviromneutal Law. Mortgagor 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 Environmental Law concerning the Property. In such an event, Mortgagor shall tall:~: all'necessary remedial action in accordance with any Environmental Law. WYOMING- IIOIvlE EQUITY LINE OF CREDIT MORTGAGE (NOT FOR FMNA, FnLMC, FUA OR VA USE) DDS4VHM 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 ttazardous Substance or the violation of any Environmental Law. 11. ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separate agreemeHt, Mortgagor will not be required to pay to Lender funds for taxes and insurance in escrow. 12. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Security Instrument 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 not 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 may prevent Lender from bringing any action or claim against Mortgagor or any party indebted under this obligation. These rights may include, but are not limited to, any 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. This Security Instrument may not be amended or modified by oral agreement. Any section in this Security Instrumem, attachments, or any agreement related to the Secured Debt that conflicts with applicable law will not be effective, unless that law expressly or impliedly permits the variations by written' agreement. If any section of this Security Instrument cannot be enforced according to its terms, that section will be severed and will not affect the enforceability of the remainder of this Security Instrument. 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 Instrmnent. 14. NOTICE. Unless otherwise required by law, any notice shall be given by delivering it or by mailing it by first class mail to the appropriate party's address on page 1 Of this Security Instrument, or to any other address designated m writing. Notice to one mortgagor will be deemed to be notice to all mortgagors. 15. WAIVERS. Except to tile extent prohibited by law, Mortgagor waives any right regarding the marshalling of liens and assets and alt homestead exemption rights relating to the Property. 16. LINE OF CREDIT. The Secured Debt includes a revolving line of credit. Although tile Secured Debt ~nay be reduced to a zero balance, this Security Instrument will remain in effect until released: 17. 18. APPLICABLE, LAW. This 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 covenants and agreements of each of the riders checked below are incorporated into and supplelnent and amend the terms of this Security Instrument. [Check all applicable boxes] ~ ] Assigmnent of Leases and Rents II Other 19. [~ ADDITIONAL TERMS. SIGNATURES: By signing helow Mortgagor agrees to tile terms and covenants contained in this Security Instrmnent and in any attachments. Mortgagor; also acknowledges receipt of a copy of this Security Instrument on the date stated on page I (Signature) ALAN W LAMPE ACKNOWLEDGMENT: (Individual) STATE OF (Date) (~g~apre) - ~ ~'-~ SHARON G L/uMPE ~ WYOMING , COUNTY 0P Lincoln }SS. This instrument was acknowledged before me tiffs By ALAN W LAMPE AND SHARON G LAMPE, TENANTS lvly commission expires: (Seal) 27TH day of OCTOBER, 200'3 HUSBAND AND WIFE, AS JOINT ]]'I/ .... I Notary Public WYONnNG- HOME EQUITY LINE OF CREDIT IvlORTGAGE (NOT FOR FMNA, FHLMC, FItA OR VA USE) PAGE 4 OF 4 481 Guarantee No. 12 - 818 7 ROG SCHEDULE C Tile land referred to in this guarantee is situated in the State of Wyoming, County of Lincoln, and is described as follows: That part of the NW~ of Section 6, T31N Rll8W of the 6th P.M., Lincoln County, Wyoming, it being the intent to more correctly describe that tract of record in the Office of the Clerk of Lincoln County on Book llgPR on page 370, as follows: BEGINNING at a breather pipe, N 68°14'03'' E, 2188.55 feet from the southwest corner of said NW~, found as described in the Corner Record filed in said Office; thence S 86°28'36'' E, 140.00 feet to a point~; thence N 03°25'47'' W, 165.22 feet to a point; thence N 86°28'36'' W, 120.00 feet to a point; thence S 03°31'24'' W, 164.00 feet to the PIPE OF BEGINNING.