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HomeMy WebLinkAbout896061 RECEIVED LINCOLN COUNTY CLERK The Docmnent Prevared By: First American Tilte Iosurance Company 7E~0uity Loan Services Division Third Avenue, Suite ?0;~0 Seattle, WA 98104-1814 Wheu Recorded Return To; U.S RecordinRs Inc. 2925 Country'Drive, Suite ""'g,' State of Wyoming 3ooo q 896061 03 ~FC t8 P~'I I: 145 !~oace Above This MORTGAG~,~,' (With Future Advance Clause) Line For Recording Data DATE AND PARTIES. Tim date of tiffs Mortgage (Security Instrument) is ..,l'¢.o.v. emb.er. 28.,.20.03 .................. and the parties, their addresses and tax identification numbers, if required, are as follows: MORTGAGOR: JUSTIN J. PIERANTONI AND DAPHNE KEATHER PIERANTONI, HUSBAND AND WIFE 1 If checked, refer to the attached Addendum incorporated herein, ackmowledgments. LENDER: U.S.Bank, National Association N.D. 4325 17th Avenue SW Fargo, ND 58103 for additional Mortgagors, their signatures and 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 Instrume~tt, Mortgagor .grants, bargains, conveys, mortgages and warrants to Lender, with power of sale, the following described property: The real estate mortgage herein is described in Exhibit "A" which is attaclted hereto and hereby incorporated herein by reference. The property is located in .L.!.N..C..O..L.~.. ........................................................ at 1 42 CR 184 (County) ................................................................ · F..R..E.E.P. ' 'O' .M ....................................... Wyoming .8.3.1..2..0, ............. (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 fitture improvements, structures, fixtures, and replacements that may now, or at any time in fl~e future, be part of the real estate described above (all.referred to as "Property"). WYOMING - HOME EQU TY L NE OF CREDIT MORTGAGE (NOT FOR FNMA, FHLMC, FHA OR VA USE) ~ . 1994 Banker~ Systems, Inc.. St. Cloud. MN Form USBOCPMTG-WY 91512001 341 MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at any one time shall not exceed $ ..... 45,5.00.00 ................................... This limitation of amount does not include interest and other fees and charges validly made pursuant to this Security Instrument. 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 Instrnment. 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 and all their exteusions, renewals, modifications or substitutions. (You must specifically identify the debt(s) secured and you should include the final maturity date of such debt(s).) B. All future advances from Lender to Morigagor or other fiiture 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 whetber or nol this Security Instrument is specifically referenced. If more than one person signs this Security Instrument, eacb 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 otber future obligations are secured by this Security Instrument even though all or part may not yet be advanced. All future advances and other future obligations are secured as if made on the date of this Security Instrument. Nothing in this Security Instrument shall constitute a commitment to make additional or future loans or advances in any amount. Any sucb commitment must be agreed to in a separate writing. C. All other obligations Mortgagor owes to Lender, which may later arise, to the extent not prohibited by law, including, but not limited lo, liabilities for overdrafts relating to any deposit account agreement between Mortgagor and Lender. D. All additional sums advanced and expenses incurred by Lender for insuring, preserving or otberwise protecting the Property and its value and any other sums advanced and expenses incurred by Lender under the terms of tiffs Security Instrnnlent. In the event tbat Lender fails to provide any necessary notice of the right of rescission with respect to anyaddition,al 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 for the debts referenced in paragrapb A of this Section). MORTGAGE COVENANTS. Mortgagor agrees that the covenants in tiffs section are material obligations under the Secured Debt and this Security Instrmnent. If Mortgagor breaches any covenant in this section, Lender may refuse to make additional extensions of credit and reduce the credit limit. By not exercisiug either remedy on Mm'tgagor'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 tile terms of tbe Secured Debt and this Security Instrument. Prior Security Interests. With regard to any other ~nortgage, deed of trust, security agreement or other lien document tbat creaied a prior security interest or encumbrance on the Property, Mortgagor agrees to make all payments when due and Io Fu erform or comply witb all covenants. Mortgagor also agrees not to allow any modification or extension of, nor to request any lure advances uuder any note or agreement secured by the lieu document without Lender's prior written approval. 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 impair the lien of this Security Instrument. Mortgagor agrees to assign to Lender, as requested by Lender, any rights, claims or defenses Mortgagor 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 Le~'~r~rior .written consent. Mortgagor will notify Lender.of all demands, proceedings, claims and actions against Mortgag9 ,~¢ o~ anyy~s}; or damage to the Property. (~u'~~']7' //i~.~j._,,.(~/~ ~ I 1994 Bankers Systems, Inc., St. Cloufl, MN Form USBocPMTG-WY 915/2001 pLender or Lender's agents may, at Lender's option, enter the Property at any reasonable time for the purpose of inspecting the roperty. Lender shall give Mortgagor notice at the time of or before an inspection specifying a reasonable purpose for the inspection. Any inspection of the rroperty shall be eutirely for Lender's benefit and Mortgagor will in no way rely on Lender's inspection, Authority t~ 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. Morlga~or appoints Lender as attorney in fact to si~n Morlgagor's name or pay any amount necessary for performance. Lender's right to perform for MortgagOr s~all not create ~n obli. gation. . ~o perform. , and. Lender's_ failure ~o perform will not preclude Lender from exercising any oFLender's other rl'ghls under tim law or th~s Securfly lnsl~ment. Leaseholds; Condominiums; Planned Unit Developments. Mortgagor agrees to comply with the provisions of any lease if this Security Inslrmnent is on a leasehold. If the Property includes a unit in a condominium or a planned unit development, Mortgagor will perform all of Mortgagor's duties nnder the covenants by-taws, or regulations of the condominium or planned mdt development. Condemnation. Mortgagor will give Lender prompt notice of any pending or threatened action, by private or public entities ~o purchase or take any or all of the Property through condemnation, eminent domain, or any other means. Mortgagor aulhorizes Lender to intervene in Mortgagor's name in any of the above described actions or claims. Mortgagor assigns to Lender the ~roceeds of any award or claim for damages connecled wilh a condemnation or oflmr la.rig of all or any part of the Property. ~uch proceeds shall be considered payments and will be applied as provided in tiffs Security Instrument. This assigmnenl of proceeds is subject to the terms of any prior mortgage, deedof trusl, security agreement or other lien document. Insurance. Morlga~or shall keep Property insured against loss by fire, flood, theft and other hazards and risks reasonably associaled with the rroperty due ~o ils ~pe and location. This insurance shall be mainla~ed 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 unreasonably withheld. If Mortgagor fails ~o maintain lhe coverage described above, Lender may, at Lender's option, obtain coverag~ to protecl Lender's rights in lhe Property according ~o the terms of this Securi~ Instrument. All insurance policies and renewals shall be acceplable Io Lender and shall include a standard "mortgage clause" and, where applicable, "loss payee clause." Mortgagor shall immedialely notify Lender of cancellation or termination of the insurance. Lender shall have the right ~o 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 ~ive immediate notice to the insurance carrier and Lender. Lender may make proof of loss if not made immediately by Mortgagor. Unless othe~ise agreed in writing, all insurance proceeds shall be a~plied to the restoration or repair of the Property or to the Secured Debt, whether or not then due, at Lender s option. Any applicaOon of proceeds to principal shall not extend or postpone the due date of the scheduled pay~nent nor change the amount of any payment. Any excess will b~ paid to the MortgagOr. If the Property is acquired b7 Lender, Mortgagor's right to any insurance policies and proceeds resnltmg from dmnage lo the Property befbre the acquisition shall pass to Lender to the extent of tim Secured Debt immediately before the acquisition. ' Financial Reports and Additional Documents. Mortgagor will provide lo Lender upon request, any financial statement or information Lender may deem reasonably necessary. Mortgagor agrees to sign, deliver, and file anx additional documents or certifications that Lender may consider necessa~ ~o perfect, continue, and preserve Mortgagor s obligations under this Securily Instrmnent and Lender's lien status on the Property. D~ ON S~E. Lender may, at its option, declare the entire balance of the Secured Debt to be immediately due and payable upon the creation of, or contracl for lhe creation 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. DEFA~T. Mortgagor will be in dehult if any of the following occur: Fraud. Any Consumer Borrower engages in fraud or material misrepresentation in connection with the Secured Debt that is an open end home equity plan. Payments. Any Consumer Borrower on any Secured Debt that is an open end home equi~ plan hils to make a payment when due~ 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, the following: {a) Mortgagor fails to m~ntain required insurance on the Property: ~) Mortgagor transfers the Property; (c) Mortgagor commits waste or otbe~ise destructively uses or hils to maintain the Property such that the action or inaction adversely affecls Lender s security: (d) Mortgagor hils to pay t~es on the Property or othe~ise fails to act and thereby causes a lien to be filed ag~nst the Property that ~s senior to the lien of this Security Instrument: (e) a sole Mortgagor dies; (~ if more than one Mortgagor, any Mortgagor dies and L~'s security is adversely affecled; ~ the Property ~s taken through e~ninent domain;, (h) a judgment is filed against Mort~a~r~nd subjects 'Mortgagor and the Property to, action that adversely affects Lender s interest; or (i) a prior lienhol'der]fo~e¢oses~tt~ Property and asa result, Lenders interest is adversely affected. / 49S~2S~//495 I~S~ (p~~ /: .343 Executive Officers. Any Borrower is an executive officer of Lender or an affiliate and such Borrower becomes indebted to Lender or anoflmr lender 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 DeN 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 tbe 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 sball become iimnediately due and payable, after giving notice if required by law, upon the occurrence of a default or anytime thereafter. Lender shall be entitled to, without limitation, 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 after foreclosure proceedings are filed shall not constitnte 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 defanlt 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 protecting its security iuterest in the Property. Such expenses include, but are not limited to, fees incurred for inspecting, reserving, or otherwise protectiug the Property and Lender's security interest. These expenses are payable on demand and will ear interest from the date of payment uutil 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 iucurred 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 expenses. This anmunt does not include attorneys' fees for a salaried employee of the Lender. To the extent permitted by the United 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. This Security Instrument 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 this section, (1) Environmental Law means, withont limitation, the Comprehensive Enviromnental 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, environment or a hazardous substance: and (2) Hazardous Substauce meaus 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, safeP:/, welfare or enviromnent. The term inclndes, without limitation, any substances defined as "hazardous material," "toxic substances," "hazardous waste" or "hazardous substance" nndet any Environmental 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 ou or in tbe Property. This restrictiou does not apply to small quantities of Hazardous Substances that are generally recoguized to be appropriate for the normal use and maintenance of the Property. Except as previously disclosed and acknowledged in writing to Lender, Mortgagor and every tenant have been, are, and shall remain in full cmnpliance with any applicable Environmental Law. Mortgagor shall inunediately 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 take all necessary remedial action in accordauce with any Environmental Law. D. Mortgagor shall immediately notify Lender in writiug as soon as Mortgagor bas 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 Environmental Law. 11. ESCROW FOR TAXES AND INSURANCE. Unless otberwise provided in a separate agreement, Mortgagor will not be required to pay to Lender fimds for taxes and insurance in escrow. 12. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Security Instrmnent 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 the obli~[ation. These rights may include, but are n/~q'IBIfi~d to, ~my assigns of Mortgagor and Lender. 13. SEVERABILITY; INTERPRETATION. This Security Instrument is co~nplete and fully integrated. 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 applicable law will not be effective, unless that law expressly or impliedly permits the variations by written agreement. If any section of this Security Inslrument cannot be enforced according to its terms, that section will be severed and will not affect the enforceability of the remainder of this Security Instrmnent. 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 conveuience 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 in writing. Notice to one ~nortgagor willbe deemed to be notice to all mortgagors. 15. WAIVERS. Except to the extent prohibited by law, Mortgagor waives any right regarding the marshalling of liens and assets and all homestead exemption rights relating to the Property. 16. 17. ]8.¸ 19. LINE OF CREDIT. The Secured Debt includes a revolving line of credit. Although the Secured Debt may be reduced to a zero balance, this Security Instrument will remain in effect until released. 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. Tbe covenants and agreements of each of the riders checked below are incorporated into and supplement and amend the terms of this Security Instrument. _mck all applicable boxes] Assigmnent of Leases and Rents [~] Other ADDITIONAL TERMS. / SIGNATURES: By/sil~lir~-be-e-e-El'~ Mortgagor agrees to the terms and covenants contained in this Security Instrument and in any attachm'6nt~./Mortg~go'~'als'~ i~'~g'.~s-t'eceipt of a copy ~f this Security In~ent on the dale sta~n page 1~ / STATE OF ..... .~.~.~.!~.~ ................. COUNTY DF ...... ~~ ...... } ss "'f~'""~'~ ~b¢;n~t~.ment w~ ~cknow~dgea ~o~ me th~ .... ~ ....... aay or .~..~~ .... ~ ...... ..... .. t[ um, ...................... ..... .................. .................. ............ ~ . 1994 Bankers Systems, Inc., St. Cloud, MN Form USBOCPMTG-WY 9/5/200] 4950~51 (page 5 of 5) EXHIBIT A PART OF THE N 1/2 OF SECTION 28, TOWNSHIP 35N RANGE l19W OF THE 6TH P.M. LINCOLN COUNTY, WYOMING, BEING PART OF THE LAND CONTAINED IN WARRANTY DEED RECORDED JUNE 29, 1994 IN BOOK 353PR ON PAGE 337 OF RECORDS OF LINCOLN COUNTY CLERK AND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT THE NORTHWEST CLOSING CORNER (NORTHWEST CORNER OF GLO LOT 1) OF SAID SECTION 28 AND RUNNING THENCE S 89 DEGREES 38'25" E, 50.001 FEET TO A POINT IN THE EAST RIGHT OF WAY LINE OF STATE LINE COUNTY ROAD 12-114, SAID POINT ALSO BEING THE NORTHWEST CORNER OF THE LAND CONTAINED IN WARRANTY DEED RECORDED IN BOOK 226PR ON PAGE 124 IN SAID OFFICE; THENCE SOUTH, ALONG SAID EAST RIGHT OF WAY LINE AND THE WEST LINE OF LAND CONTAINED IN NOTICE OF EXISTING REAL ESTATE PURCHASE AGREEMENT RECORDED IN BOOK 197PR ON PAGE 194, 309.92 FEET TO THE SOUTHWEST CORNER THEREOF AND THE CENTER OF GRANT CLARK COURT COUNTY ROAD 12-184; THENCE S 89 DEGREES 38'25" E, ALONG THE SOUTH LINE OF THE LAND DESCRIBED IN SAID BOOK 197 AND THE SAID CENTER, 244.69 FEET; THENCE CONTINUING S 89 DEGREES 38'25" E, ALONG SAID CENTERLINE, 319.645 FEET TO A BEND IN THE CENTERLINE; THENCE SOUTH, CONTINUING ALONG SAID CENTERLINE, 20.00 FEET TO THE CENTER AND 9ADIUS POINT FOR A 50 FOOT RADIUS CIRCLE; THENCE S 30 DEGREES 54'32" W, 65.25 FEET; THENCE S 0 DEGREES 24'04" W, 274.71 FEET, ALONG THE EAST LINE OF LAND CONTAINED IN SAID BOOK 353PR; THENCE N 89 DEGREES 26'18" W, 113.68 FEET; THENCE N 0 DEGREES 33'29" W, ALONG THE WEST LINE OF LAND CONTAINED IN SAID BOOK 353PR, 330.53 FEET; THENCE N 89 DEGREES 238'25"W, 462.00 FEET TO THE WEST LINE OF SAID SECTION 28; THENCE NORTH, ALONG LAST SAID WEST LINE,, 29.92 FEET TO THE POINT OF BEGINNING. LESS AND EXCEPT ANY LAND CONTAINED IN WARRANTY DEED RECORDED JUNE 10, 1997 IN BOOK 398PR ON PAGE 94 OF THE RECORDS OF THE LINCOLN COUNTY CLERK. 4950251 EXHIBIT A continued) Permanent Parcel Number: 12-3519-28-2-00-397-00 Justin J. Pierantoni AND Daphne Keather Pierantoni (HUSBAND AND WIFE) 142 COUNTY ROAD 184, FREEDOM WY 83120 Loan Reference Number : 20033101105570 First ~unerican Order No: 4950251 Identifier: ELS UIGgTGqgB-O1FB07 ~ORTG~GE LO~N~ US Recordi,~gs