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when recorded return to:
USAA FEDERAL SAVINGS BANK
HOME EQUITY LOAN SERVICING
10750 McDERMOTT FREEWAY
SAN ANTONIO, TX 78288-0558
896222
RECEIVED
LINCOLN COU,~TY CLERK
State of Wyoming Space Above This Line For Recording Data
MORTGAGE
(With Future Advance Clause)
DATE AND PARTIES. The date of this Mortgage (Security Instrument) is ..D.e..c.e..m..b.e..r..1.0.,..2..0.0..3. ..................... and the
parties, their addresses and tax identification numbers, if required, are as follows:
MORTGAGOR:
Edward William Lowery, II1 and Cheryl Lowery, husband and wife; whose address is 1296 SADDLE DR, ETNA, WY 83118
[] If checked, refer to the attached Addendum incorporated herein, for additional Mortgagors, their signatures and
acknowledgments.
LENDER:
USAA FEDERAL SAVINGS BANK ("USAA FSB")
10750 McDERMOTT FREEWAY
SAN ANTONIO, TX 78288-0558
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 following described property:
See Exhibit A, which is attached to this Mortgage and made a part of this Mortgage as
if fully set forth herein.
The Real Property tax identification number is 361926200189001
The property is located in ................................ .L.i.n.c..o.l.q ..... ' .....................at ................................................
(County)
..................... .1.2..9..6...S.A.p..D..t_.[...D.~. ........................................... .[.T.~ .A. ....................... Wyoming ....... 8..3..1..1.8. ........
(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").
3. MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at any one time shall not
exceed $ .5..0.,.0..0..0...0..0. ....................................... 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
Instrument.
4. 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), guaranty(les) or other evidence of debt described
below and all their extensions, renewals, modifications or substitutions. (When referencing the debts below it is
suggested that you include items such as borrowers' names, note amounts, interest rates, maturity dates, etc.)
That Note dated 12/10/2003 in the original principal amount of $50,000.00 executedby [Borrower(s):] EDWARD
WILLIAM LOWERY III, CHERYL LOWERY to USAA FSB as Lender and having a Maturity Date of 12/20/2018.
WYOMING - MORTGAGE (NOT FOR FNMA, FHLMC, FHA OR VA USE)
~"~'~_~ 1994 Bankers Systems, Inc., SL Cloud, MN Form USAAREMTG-WY 6/4/2OO2
' ~
'~ "',2,':'~?:
(page I of 4)
8 5 0
B. All future advances from Lender to Mortgagor. If more than one person signs this Security Instrument, each Mortgagor
agrees that this Security Instrument will secure all future advances that are given to or incurred by any one or more
Mortgagor, or any one or more Mortgagor and others. All future advances are secured by this Security Instrument even
though all or part may not yet be advanced. All future advances 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 such commitment must be agreed to in a separate writing.
C. All additional sums advanced and expenses incurred by Lender for insuring, 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 make 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 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 ~mprove the Property.
8. DUE ON SALE OR ENCUMBRANCE. 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 creation of, any lien, encumbrance, transfer or sale of the
Property. This right is subject to the restrictions imposed by federal law (12 C.F.R. 591), as applicable. This covenant shall
run with the Property and shall remain in effect until the Secured Debt is paid in full and this Security Instrument is released.
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 free of noxious weeds and grasses. Mortgagor agrees that the nature of the
occupancy and use will not substantially change without L.ender'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 notify 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 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 no 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 performed. 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 interest in and to any and all existing or future 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 may 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 this assignment is immediately effective between the parties to this Security Instrument. Mortgagor
agrees that this assignment is effective as to third parties when Lender takes affirmative action prescribed by law, and that this
assigmnent 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 commencing legal action and that actual possession
is deemed to occur when Lender, or its agent, notifies Mortgagor of default 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 provided in this Security Instrument. Mortgagor warrants that 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
ter~ns 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 inclUdes a unit in a condominium or is part
of a planned unit development ("PUD"), Mortgagor agrees to the following: (i) The Property includes not only the property
described above, but also an undivided interest in certain common elements and facilities of the condominium or PUD, and any
interest of the Mortgagor in the homeowners' association or other equivalent entity owning or managing the common areas and
facilities and the uses, benefits and proceeds of that interest; (ii) Mortgagor will perform all of Mortgagor's duties under the
covenants, by-laws, or regulations of the condominium or PUD; (iii) Mortgagor will take such actions as are reasonable to
ensure that any homeowners' association or equivalent entity maintains a public liability insurance policy and a "master" or
"blanket" policy on the Property providing insurance coverage against loss by fire, hazards included within the term "extended
coverage," and any other hazards, including but not limited to, earthquakes and floods, from which Lender requires insurance
that is acceptable in form, mnount, and extent of coverage to Lender.
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 for foreclosure actions. Subject tO these limitations, if
any, Lender may accelerate the Secured Debt and foreclose this Security Instrument in a manner 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 required 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, this Security Instrument and any
related documents including, without limitation, the power of sale. 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 forth. The acceptance by Lender
of any stun in payment or partial payment on the Secured Debt after the balance is due or is accelerated or after foreclosure
~; ~ !~_97 Benkers Systems. Inc., St. Cloud, MN Form
(page 2 of 4]
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
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 amount 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 highest 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 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 amount
does not include attorneys' fees for a salaried employee of the Lender. This Security Instrument shall remain 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 section, (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, 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, any substances defined as "hazardous material,". "toxic substances," "hazardous waste" or
"hazardous substance" under 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 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 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 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 Environmental 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 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 taking of all or any part of the
Property. Such proceeds shall be considered payments and will be applied as provided in this Security Instrument. This
assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or other lien document.
18. 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. What Lender requires pursuant to the preceding two sentences can change during the term of the Secured
Debt. 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 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 the insurance carrier
and Lender. Lender may make proof of loss if not made 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
dmna. g.e.to the Property before the acquisition shall pass to Lender to the extent of the Secured Debt immediately before the
acqmslt~on.
19. 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.
20. 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
additional documents or certifications that Lender may consider necessary to perfect, continue, and preserve Mortgagor's
obligations under this Security Instrument and Lender's lien status on the Property.
21. 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 the obligation. These rights may include, but are not limited to, any
anti-deficiency or one-action laws. Mortgagor agrees that Lender and any party to this Security 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 bind and benefit the successors and assigns of Mortgagor and Lender.
22. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Security Instrument will be governed by applicable
federal law and the law of the state of Texas without regard to its rules relating to the conflicts of laws, except for matters
regarding the perfection and enforcement of the lien on real property, which will be governed by the law of the state where the
Property is located. 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 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 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
Instrument.
23. 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 mortgagor will be deemed to be notice to all mortgagors.
24. 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.
!(page 3 of 4)
~ : :.~nkets Sys[ems, inc., St. C~oud, MN Fo~m USAAREMTG-~2
852
25. RIDERS. The covenants and agreements of each of the riders described below are incorporated into and supplement and amend
the terms of this Security Instrument:
26. ~ TERMS. If checked, the following are applicable to this Security Instrument:
[] Line of Credit. The Secured Debt includes a revolving line of credit provision. Although the 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 incurred 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 the future
and that are or will become fixtures related to the Property. This 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.
SIGNATURES: By signing 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 this Security_Instrument on the date stated on page I.
,Signature, EDWARD WILLIAM LOWERY I,I (Date, i~;}~"~'e) C ....... I'i~E~)¢ tt~ ................ i~:~t'e;"
(Signature) (Date)
(Signature) (Date)
ACKNOWLEDGMENT: "~ 'J
(,~,~,d~a~) This instrument was ac~owledged betbre me this ....... ~0..~. day of ........ ~~.q.O.~ .........
(~v~,~,~) This instrument was ac~0wledged before me this .................... day of ...................................................
bY .......................................................................... ,
My cmmffission expires:
(Seal)
(Nota~ Public)
(Individual)
STATE OF ..W..Y..O...M.!.N..G. .............................. COUNTY OF .................................................. } ss.
'This instrument was acknowledged before me this .................... day of ...........................................
.by ........ , ........................................................... : ............................ : ......................................
My con:anission expires i
(Seal)
". (Notary Public)
994 Bankers Systems, Inc., St. Cloud, MN Form USAAREMTG-WY 61412002
~ .-' ;,:::": ::~ (page 4 of 4)
853
EXHIB IT A
LEGAL DESCRIPTION
The following described tract of land in Lincoln County, State of WYOming, to-wit:
Lot 129 of Nordic Ranches Division No. 9, Lincoln County, Wyoming, according to that plat filed
October 4, 2000, Plat No. 312-B.
*** Derivation - grantor and grantee names only as shown on reCorded
*** Being the same parcel conveyed to
Edward William Lowery III and Cheryl Lowery
From Rosewood Builders, Inc., an Idaho Corporation
by virtue of a Deed date 6/19/01 recorded 6/21/01 in Deed Book 467, Page 035 in County
of LINCOLN ***