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HomeMy WebLinkAbout898331Recording requested by: Wells Fargo Bank, Wells Fargo Bank, N.A P. 0. BOX 31557 B~LLINGS. MT 59107 DOCUMENT MANAGEMENT BOOK ~ P/~GE . 5__LPR ""' ~ -' V., F_ F,', E f:L ,.s,' v ~ ~ M ! q (:: S/ate of w),omin~ -Space Above Tiffs Lhie For Recording Data REFERENCE #: 2'004040?000522 ACCOUNT #: 0654-654-4220032- 1998 MORTGAGE ~ C ?~ (With Futura Advance CIause) DAT~ AND PARTieS. The date of this Mortgage ("Secufi~, Insmnnenf') is O3/] 2 / 2004 and the parries, their addresses and mx identification nmnbers, if required, are as follows: MORTGAGOR: N. CHRiStINE SK LTON. ~ SINGLE WOMAN [] If checked, refer to the attached Addendmn incoq)orated herein, for additional'Mortgagors their signatures and acknowledgmenls. LENDER:Wells Fargo Bank, 1'1.3.. P. 0 BOX 3155-/ BILL NGS, MI 5910-/ CONVEYANCE. For good and valuable consideration, thc 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: LOT 60 IN STAR VALLEY RANCH PLAT ONE (1) AS PLATIED AND RECORDED N IHE OFF CIAL RECORDS OF LINCOLN COUNTY WYOMING. The property is located in L I NCOLN at: 292 SPRUCE DR THAYNE, WY ~S°~"'~I/ and parcel nmnber of 35192410103600 together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, all water and ]Sparian rights, ditches, and water stock and all existing and furore improvements, structures, fixtures, and replacements that may now or at any time in the fitture be part oflhe real estme described above (all referred to as "Propers"). MAX~UM OBLIGATION LIMIT. The total principal a]nouut secured by this Security Instrument at any one time shall.not exceed $ 15,000. O0 . This ]imitation of amount does not iuclude interest and other fees and charges validly made pursuant to this Security Instrument. Also, riffs limitation does not apply to advances made under lhe terms of this Security Instrun~ent to protect Lender's security and to perform any of the covenants contained in this Secmity Instmmem. SECU~D DEBT AND FUTURE ADVANCES. The term "Secured Debt" is defined as follows: A. Debt incurred nnder the terms of the pronfissory nole, revolving line of credit, :ontract, gmaranty or other evidence of debt dated 03 / 12 / 2004 together with all amendments, extensions, modifications and renewals, and having a matt,rity date of 03 /1212029 *B. All ]'~ture advances from Lender to Mortgagor nnder such evidence of debt. All fittnre advances are Secured as if made on tine date of tiffs Security Instnm~ent. Nothing iu this Security Agreement shall constitute a connnitment to make additional or fnlnre loans or advances which exceed tile anlonnt shown ill Section 3. Any such cmnmitment mt, st be agreed to in a separate writing. C. All snms advanced ahd expenses incurred by Lender for insuriug, preservi.ng, or otbenvise protecting the Property and its valne and any other sunls advanced and expenses incnrred by Lender trader the terms of this Security Illstrunlent. 5. PAYMENTS. Mortgagor agrees that all paynlents under tile Secured Debt will be paid when due and in accordance with lhe terms of tile Secnred Debt and tiffs Security Instnm~ent. 6. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of tnlst, secnrity agreement or other lien docmnent that created a prior security interest or encumbrance on tile Property, Mortgagor agrees: A. To make nil payments when due and to perform or comply with all covennnts. B. To promptly deliver to Lender any notices that Mortgagor receives from the holder. C. Not to allow any modification or extension of, nor Io request any fi~ture ndvances raider any note or agreenlent secured by tile lien docmnent without Lender's prior wrilten consent. 7. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, assessments, liens, encumbrances, lease payments, grolmd rents, utilities, and other charges relating to tine Property when dne. Lender nmy require lVlortgagor 'to provide to Lender copies of all notices that snch amomlts are due and tile receipts evidencing lvlortgagor's payment. Mortgagor will defend lille to the Property against any claims that would impair the lien of tile Security hlstrmnent. Mortgagor agrees to assign to Lender, as reqnested by Lender, any rights, claims or defenses Mortgagor may have against parties who supply labor or materials to maintain or improve the Property. 8. BIlE ON SALE OR ENCUMBRANCE. Upon sale, transfer, hypolbecalion, nssigmnent or encmnbrance, whether volnnlary, i!wolnnlary, or by operation of law; of all or any part of lhe Property or any interest therein, lhen at its sole option, Lender may, by written notice to Mortgagm', declare all obligations secured hereby innnediately due and payable, except to lhe extent lhat such acceleration for and itt snch particular circumstances where exercise of such a right by Lender is prollibited by law._ 9. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Morlgngor will keep the Property in good condition and make all repairs that are reasonably necessary. Mortgagor shall nol commit or allow any waste, inlpainnent, or deterioration of the Property. Mot-tgagor will keep tile Property free of noxious weeds and grasses. Mortgagor agrees that the nature of tile occupancy and rise will not substantially change without Lender's prior wrilten consent. Mortgagor will not permit a~B~ change ill 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 tire Property. Lender or Lender's agents nmy, at Lender's option, enter tile Property nt nny reasonable time roi' the purpose of inspecting the Property. Lender shall give Mortgagor notice nt the time of or before an inspection specifying a reasonable pnrpose for lhe inspection. Any inspection of tile PropexIy shall be entirely for Lender's benefit and Mortgagor will in no way rely mr Lender's inspection. 10. AUTHORITY TO PERFORM. If Mortgagor fnils to pei'form any duty or ally of tile covenants contained in this Security Instnnnent, Lender may, without notice, perform or canse them to be performed. Mortgagor appoints Lender as attonley in fact to sign Mortgagor's name or pay any amount necessary for perfornlance. Lender's right to perform for Mortgagor shall not create an obligation to perform, and Lender's failure 1o perform will not preclude Lender from exercising any of Lender's other rights under the law or this Security Instmnrent. If any constnlction 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 tile Property, inchlding completion of the constnlction. 11. ASSIGNMENT OF LEASES ,AND RENTS. Mortgagor irrevocably grants, bargains, conveys, mortgages and warrants to Lender as additional secnrity all the right, title and to any n,ld all existing or ftlture leases, snbleases, and any olller wrillen or verbal agreenlents for the use and occupancy of any portio,N of the Property, including nny extensions, renewals, lnodifications or substitutions of such agreements (all referred to as "Leases") and rents, issues nnd profits (all referred to as "Rents"). Mortgagor will promptly provide Lender with tnle and correct copies of all existiug and filture Leases. Mortgagor may collect, receive, enjoy and nse tine Rents so long as Mortgagor is not in default under tile terlns of this Security hlstrmnent. Mortgagor agrees that this assignment is immediately effective between tile parties to this Secnrity hlstnmrent. Mortgagor agrees that lifts assignment is effective as to third parties when Lender takes affirmative action prescribed by law, and thnt this nssignment will remain in effect during any redemption period until the Secured Debt is satisfied. Mortgagor agrees thal Lender may'take actual possession of the property without lhe necessity of connuencing legal action and that actual possession is deemed to occnr when Lender, °r its agent, notifies Mortgagor of default and denlauds that any tenant pay all f~tl~re Rents directly to Lender. On receiving notice of default, Mortgagor will endorse and deliver to Lender any payment of Rents in Mortgagor's possession nnd will receive any Rents in tn~st for Lender and will not conuningle tile Rents with ally other fimds. Any amonnts collected will be applied as provided in this Security Instrument. Mortgagor warrants llmt no defanlt exists nnder EQISOB (10/2003) 12. the Leases or any applicable landlord/tenant law. terms of the Leases and applicable law Mortgagor also agrees to maintti~n arid require any tenant to comply with the LEASEHOLDS; CONDOMIN[UMS; PLANNED UNIT DEVELOPMENTS. Mortgagor agrees to comply with the provi'sions of hay lease if this Security Instrument is on a leasehold, lflhe property is a unit in a Condonfinium Project or is part of a Planned Unit Development ("PUD"), Mortgagor agrees 1o the following: A. Obligations. Mortgagor shall perform all of Mortgagor's obligations under the Constituent Docmnents. The "Constitueut Documents" are the: (i) Declaration or any.other docmnent which creates the Condominimn Projects or PUD and any hmneowners association or equivalent entity ("Owners Associatiou");(ii) by-laws; (iii) code of regulations; and (iv) olher equivalent documems. Mortgagor shall prmnptly pay, when due, all dues and assessmenls imposed pursuant to tile Constituent Documents. B. Hazard Insurance. So long as the Owners Associatiou nmintains, with a generally accepted insurance carrier, a "master" or "blanket" policy on the Condonfinium Project or PUD which is satisfi~ctory to Lender and which provides insurance coverage in the amounts, for the periods, and against the hazards Lender requires, including fire and hazards included within the term "extended coverage," then Mortgagor's obligation under Section 19 to maintain hazard insurance coverage on the Propm~[y is deemed satisfied to the extent that the required coverage is provided by the Owner's Association policy. Mortgagor shall give Lender prompt notice of any lapse in required hazard insurance coverage. In the event of a distributiou of hazard insurance proceeds in lieu of restoration or repair following a loss to Property, whether to the unit or to common elements, any proceeds payable to Mortgagor are hereby assigned and shall be paid to Lender for application to the snms secured by this Security Instnnnent, with any excess paid to Mortgagor. C. Flood Insurance. Mortgagor agrees to maintain flood insurauce for the life of the Secured Debt which is acceptable, as to form, ainount and extent of coverage to Lender. D. Public Liability h~surance. Mortgagor shall take such actions as may be reasonable to insure that the Owners Association maintains a public liability insurance policy acceptable in form, amount, and extent of coverage to Lender. E. Condemnation. The proceeds of any award or claiin for damages, direct or consequential, payable to Mortgagor in connection with arty condemnation or other taking of all or any part of the Property, whether of the milt or of the common elements, or for any conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. Such proceeds shall be applied by Lender to the sums secured by the Security Iostrument as provided in Section 18. F. Lender's Prior Consent. Mortgagor shall not, except after notice to Lender and with Lender's prior written consent, either partition or subdivide the Property or consent to: (i) the abaudonment or termination of the Condominium Project or PUD, except for abandonment or terinination reqnired by law in the case of substantial destruction by fire or other casualty or in the case of a taking by condemnation or eufinent domain; (ii) any ameudment to any provision of the Constituent Documents if the provision is for the express benefit of Lender; (iii) termination of professional management and assmnption of self- management by the Owners Association; or (iv) any action which would have the effect of rendering the pt.bite liability insurance coverage maintained by the Owners Association 'unacceptable to Lender. G. Remedies. If Mortgagor does not pay condominimn or PUD dues and assesslnents when due, then Lender may pay them. Any amounts disbursed by Lender under this section shall become additional debt of Mortgagor secured by this Security Instrument. Unless Mortgagor and Lender agree to other terms of payment, these amounts shall bear interest from the date of · disbursement at the Secured Debt rate and shall be payable, with iuterest, upon notice from Lender to Mortgagor requesting payment. 13. DEFAULT~ Mortgagor will be in default if any party obligated on the Secured Debt fails to make payment when due. Mortgagor will be in default if a breach occurs nnder the terms of this Security Instnunent or any other document execmed for the purpose of creating, securing or guarantyiug 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 care 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 lustnm~ent in a maimer provided by law if Mortgagor is m default. At the option of Lender, all or any part of the agreed fees and charges, accrued interest and principal shall become immediatety due and payable, after giving fiofice if required by law, upon the occurrence of a default or anytime thereafter. Iu addition, Lender shall be entitled to all the remedies provided by lave, the terms of the Secured Debt, this Security Instrument and any related documents, including without linfitation, the power to sell the Property. All remedies are distinct, cumulative and not exclusive, and the Lender is entitled to all remedies provided at law or equity, veheHler or not expressly set forth. The acceptance by Lender of any sma 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 defimlt. By not exercising any remedy on Mortgagor's defimlt, Lender does not waive Lender's right to later consider the event a default if it contim~es or happens again. 1S. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when prohibited by law, Mortgngor agrees to pay all of Lender's expenses if Mortgagor breaches any covennnt in this Security Instrument. Mortgagor will also pay on demand any amount incurred by Lender for insuring, inspecting, preserving or othenvise protecting the Property/ind Lender's security interest. These expenses will bear inlerest from the dale of the Payment until paid in fidl at thc ltighest interes! rate in effect as provided in the terms of the Secured Debt. Mortgagor agrees to pay all cosls and expeuses incurred by Lender in collecting, enforcing or protecting Lenders' rights and remedies under Ibis Security Instnnnem. This amount may include, but is not linfited to, attorn%,s' fees, cour! costs, aud 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 relensed. 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 limitafiou, 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, s~ffety, welfare, environment or ;1 hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or contalninant which has characteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or enviromnent. The term includes, without linfitalion, any substances defined as "hazardoUs nmterial," "toxic substances," "hazardous waste" or "hazardous substance" nnder 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 ackuowledged ill writing to Lender, Mortgagor and every tenant have been, are, and shall remain in fidl compliance with an), 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 an), Environmental Law concerning the Property. In such an event, Mortgagor shall t~tke all necessary remedial action in accordance with any Environmental Law. D. Mortgagor shall immediately notif3, Lender itl 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 an), 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 auy or all of the Property through condemlmtion, mninent domain, or any olher means. Mortgagor attthorizes Lender to intervene in Mortgagor' name in any of the above described actions or claims. Mortgagor assigus 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 nmrtgage, deed of trust, security agreement or other lien document. 18. INSURANCE. Mortgagor shall keep Property insured against loss by fire, flood, theft aud other hazards and risks reasona'bly associated with the Property due to its type and location. This insurance shall be maintained in the amounts and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Mortgagor subject to Lender's approval, which shall not be unreasonably witldteld. If Mortgagor fails to maintain the coverage described above, Lender nmy, at Lender's optiou, obtain coverage to protect Lender's rights in the Property according to the terms of this Security Inslnm~ent. All insurance policies aud renewals shall be acceptable to Lender and shall include a standard "tnortgage clause" and, where applicable, "loss payee clause." Mortgagor shall immediately notify Lender of cancellation or termination of the insurance. Leuder 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 carder and Lender. Lender may make proof of loss if not ~nade innnediately by Mortgagor. Unless otherwise agreed in writing, all insurauce 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 payntent. Any excess will be paid to Mortgagor. If the Property is acquired by Lender, Mortgagor's right to auy 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. 19. ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided iu a separate agreement, Mortgagor will not be required to pay to Lender fi~nds for taxes and insurance in escrow. 20. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Mortgagor will provide to Lender upon reqnest, any financial statemeut or information Lender may deem reasonably uecessary. Morlgagor agrees to sign, deliver, and file any additional docmnents or certifications that Lender may consider necessary to perfect, coutinue~ and preserve Mortgagor's obligalions under this Security Instnnnent and Lender's lieu status on tile Property: 21. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this security Instntment are joint aud individual. If Mortgagor sigus this Security Instrument but does not sign an evidence of debt, EQI50D (10/2003) , Mortgagor does so only to mortgage Mortgager's interest in the Property to secure'payment of the Secured Debt and Mortgagor does not agree to be personally liable in the Secnred Debt. If this Security Instmmeut secures a guaranty between Lender and Mortgagor, Mortgagor agrees to waive any rights that may prevent Lender front bringing any action or claim agaiust Mortgagor or afiy party h~debted 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 Inslmment may extend, modify or m~dce any change in the terms of this Security Instnunent or any evidence of debt withont Mortgager's consent. Such a change will not release Mortgagor from the terms of this Security Instnunent. The duties and benefits of this Security Instrmneut shall bind and benefit the successors and assigns of Mortgagor and Lender. 22. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Security Instnmtent is governed by the laws of the jurisdiction in which the Property is located, except to the extent otherwise required by the laws of the jurisdiction where the Properly is located. Tiffs Security Instnunent is complete aud fltlly integrated. This Security Instrument may not be amended of modified by oral agreement. Any section in this Secm'ity Instrument, attachments, or auy agreement related to Ihe Secured Debt that co~dlicts 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 cm~not be e~fforced according to its terms, that section will be severed and will not affect the mfforceability 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 Instnnnent 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 Instmmem. Iu the event any section of tlfis Security Instnunent directly cmffiicts with any section of a certain Home Equity Closing Handbook which contains ihe Account Agreement Terms and Conditions (as applicable), Fixed Rale Note Terms and Conditions (as applicable), the Arbitration Agreement, and lhe Agreement to Provide Flood/Property Insurance, all of which I agree to by signing this Secnrity Instnnnent, the terms of the Home Equity Closing Handbook shall control. 23. NOTICE. Unless othenvise 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 as shown in Lender's records, or to any other address designated in writing. 24. WAIVERS. Except to the extent prohibited by law, Mortgagor waives any right regarding the marshalling of liens and assets, and hereby releasing and waiving all rights trader and by virtue of the hmnestead exemption laws of tiffs state. 25. OTHER TERMS. If checked, the following are applicable to this Security Instrument: t-g-} Line of Credit. The Secured Debt includes a revoh, ing line of credit provision. Although the Secured Debt may be reduced to a zero balance, riffs Security Instrument will remain in effect until released. D-TX-] Construction Loan. This Security Instrmnent secures an obligation incurred for the construction of an improvement on the Property. ~-TZ] Fixtm'e Filing. Mortgagor grants to Lender a security interest in all goods that Mortgagor owns now or in the fi~ture and that are or will become fixtures relates to the Property. This Security Instrmnent suffices as a financing statmneut and any carbon, photographic or other reproduction may be filed of record for purposes of Article 9 of the Uniform Commercial Code. D-/X-] Additional Terms. 26. RIDERS. If checked, the following are applicable to this Security Instrument. The covenants and agreements of each of the riders checked below are incoq~orated into and supplement and amend the terms of this Security Instnnnent. ff~l Third Party Rider ~ Leasehold Rider l--g-} Other EO4g3 Hume Asset Man~oernent Account Rider 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 1. N CHR I ST I NE SKI LTON Mortgagor Date Mortgagor Date , Mortgagor Date Mortgagor Date Mortgagor Date Mortgagor Dale ACIGNOWLEDGMENT: (Individual) STATE OF COUNTY OF The foregoing instrument was acknowledged before ]ne by this } ).-- day of M.,ta-~x Wimess my hand and official seal (Sign~e o£Oft~cer) . C~% (Title of Officer) My Commission Expires: (Seal) ACICNOWLEDGMENT: (Individual) STATE OF COUNTY OF The foregoing instmmem was acknowledged before ~ne by this day of Wimess my hand and official seal. (Signature of Officer) (Title of Ofllcer) My Comnfission Expires: (Seal) EQ150F (10/2003) . HOME ASSET MANAGEMENTs~ ACCOUNT RIDER TO MORTGAGE/DEED OF TRUST (Open end credit with ~-] fixed rate Reference #: 200~0407000522 ~-~variable rate interest) This Home Asset ManagementsM Account Rider is dated 03/1_2/2004 and is au amendment to the lVlortgage or Deed of Trust ("Mortgage") of the sarae dare given by the undersigned, N CHRISTINE SKILTON (hereiuafler "Mortgagor") to secure the borrower's EquityLine with FlexAbilitysM Account Agreement xvith Wells Fargo Bank, N.A. ("Lender") covering the property more particularly described in the Mortgage (the "Property"). In addition to the covenants m~d agreements nmde iu file lqortgage, Mortgagor aud Lender fi]rther covenant m~d agree as follows: 1. The word "Note", as used in the Mortgage m~d tlfis Rider, refers to the EquityLine with FlexAbililys}d Account Agreement m~d Home Asset Managements~ Account Addendum to EquityLine with FlexAbilitysu Account. 2. Despite ,'my langmtge to fl~e contnuy ill the Mortgage, Nlortgagor covenants flint the Property is unencmnbered, except for a first lien purchase money or refinmxce of purchase money encumbrm~ce in the name of Wells Fargo Home Mortgage, Inc., its affiliates, successors or assignees. 3. Paragraph nmnbers 4 of the Mortgage, which is captioned SECURED DEBT AND FUTURE ADVANCES is hereby deleted in its entirety m~d replaced by the following paragraph: SECURED DEBT AND FUTURE ADVANCES. The term "Secured Debt" is defined as follows: A. Debt incurred under the terms of the proufissory note, revolving line of credit agreement, contract, guaranty, or other evidence of debt of salne date together with all amendments, extensions, modificatious or renewals. The maturity date of the Secured Debt is 03 / 12 / 2029 . B. All fittnre advances from Lender to the borrower uuder such evidence of debt, whether obligatory or discretionary. All obligatory fliture advances and advances to cure breeches of covenants contained iu the Mortgage are secured as if made on the date of this Security Instrument. Nothing in this Security Instnnnent shall constitute a commitment to make additional or fl~ture loans or advances which exceed $15,000 00 C. All stuns advauced 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 Insmnnent. D. The terms and conditions of the Note referenced in A above include, but are uot limited to, a 10 year period for advances under a revolving line of credit. Except if this Note is secured by property located in the state of Tennessee, the parties have agreed that subject to certain qualifyiug conditions the Lender may extend the period for advances for auother 10 years for a total of 20 years. Nothing in this Security Instrmnent shall constitule a commitment to extend the period for advances beyond the iuitial 10 ),ear period. E. Borrower(s) and the Lender have agreed that subject to the satisfaction of certain qualifYing conditions, the Credit Line Limit in flxe Note may be increased quarterly and/or annually. One of those conditions, inter alia, is the borrower's maintenance of a first mortgage loan on the Property with Wells Fargo Home Mortgage, Inc., or one of its affiliates. (the "WFHM Loan"). All Such increases, if any, shall increase the amount of tl'xe Maxinmm Obligation Limit disclosed in Paragraph 4 (if the Mortgage is in Virginia the "total principal indebteduess" iu fl~e 3rd recital) and the current Credit Line Limit described iii Section 3 hereinabove in the same amounl(s). 4. The Note provides for a monthly variable rate of interest expressed as a daily periodic rate equal to 1/365 of an ammal rate of 1.4~0 % plus the "Index Rate". The Daily Periodic Rate of FINANCE CHARGE may increase if the highest prime rate published in the Wall Street Journal Western Edition "Money Rates" table (the "Index Rate") iucreases. The initial Daily Periodic Rate of FINANCE CHARGE is .01. 48~ 1% which corresponds toan i~fitial ANNUAL PERCENTAGE RATE of S. 450 %. The ANNUAL PERCENTAGE RATE will never be more than 18.00%. An), increases in Daily Periodic Rate may increase the mininmm monflfly payments. 5. The Paragraph wliich is captioned in the Mortgage, ESCROW FOR TAXES AND INSURANCE (whicll may be found as Paragraph 19, 20, 21, 23, 24 depending on the document) is hereby deleted in its entirety. N CHRISTINE SKILION DATE DATE DATE DATE DATE DATE DATE DATE DATE DATE DATE DATE EQq93B 12/2003