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HomeMy WebLinkAbout899108 RECEIVED U~,,,T ~' CLERK LINOOLN O0 ~'~ ' When Recorded Return To: HOMECOMINGS FINANCIAL NETWORK INC. One Meridian Crossing, Sro. Minneapolis MN 55423 899105 nOOK._ 5.5 4rn~v,,G~ -~ 6 State of Wyoming Space Above Tiffs Lh~e For Recordhlg Data MORTGAGE (With Future Advance Clause) MIN: 100062604205061239 DATE AND PARTIES. The date of this Mortgage (Security Instrutnent) is ....A.?..R.I..L....2..9.T.H..,...2..0..0..4 ................ and file parties, their addresses and tax identification numbers, if required, are as follows: MORTGAGOR: DONLEE L. AULLMAN AND ROZLYN AULLMAN. HLJSBAND AND WIFE [] If checked, refer to the attached Addendum incorporated herein, for additimml Mortgagors, their signatures and acknowledgments. LENDER: HOMECOMINGS FINANCIAL NETWORK, INC. 1687 ll4TH AVE. S.E. SUITE 100 BELLEVUE, WA 98004 "MERS" is Mortgage Electronic Registration Systems, Inc. MERS is a separate corporation fl~at is acting solely as a nominee for Lender and Lender's successors and assigns. MERS is the mortgagee under this Security Instrument. MERS is organized and existing under fl~e laws of Delaware, and has an address and telephone nmnber of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS. CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of wlfich is acknowledged, and to secure the Secured Debt (defined below) and Mortgagor's perfornmnce under this Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to MERS (solely as nominee for Lender and Lender's successors aud assigns) and to the successors and assigns of MERS, wifl~ power of sale, the/bllowing described property: BEGINNING AT A POINT THIRTEEN AND TWO-THIRDS (13 2/3) RODS WEST OF THE NORTHEAST CORNER OF THE NORTHWEST QUARTER OF SECTION 23, TOWNSHIP 34 NORTH, OF RANGE 119 WEST OF THE 6TH P.M., WYOMING AND RUNNING THENCE SOUTH ONE HUNDRED NINETY-TWO FEET (192'), THENCE WEST NINETY FEET (90'), THENCE NORTH ONE HUNDRED NINETY-TWO FEET (192'), THENCE EAST NINETY FEET (90') TO THE PLACE OF BEGINNING. This 2nd Real Estate Mortgage is being recorded concurrently with a 1st Real Estate Mortgage dated April 29, 2004 in favor of HomeComings Financial Network, Inc. in the original amount of _$j.~Q~9.00. Tile property is located in .... .k~..N..q'.u. ...................... : .................................. at .... 1.0..1...R..O..B..E..R.T.S....R..D .................... (County) ................... : ................................................. T...H~. X.N..E. ..................................... Wyonfing .... 8..3..1.¢.7. ........... (Address) (City) (ZIP Code) Together wifll 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 fllat may now, or at any time in the future, be part of fl~e real estate described above (all referred to as "Property"). Mortgagor understands aud agrees that MERS holds only legal title to the interests granted by Nlortgagor in this Security Instrument; but, if necessary to comply with law or custom, MERS (as nominee fur Lender and Lender's successors and assigns) has the right: to exercise any or all of fllose interests, including, but not limited to, fl~e right to foreclose and sell the Pruperty; and to take any action required of Lender including, but not linfited to, releasing and canceling dfis Security hmtrumei~t. MAXIMUM OBLIGATION LIMIT..The total principal amount secured by this Security Instrument at any one titne shall not exceed $ .................. 3.2.,..Q .o. 9.` .O..Q ........................ This limitation of amount does not include interest and other fees and charges validly made pursuant to this Security Instrmnent. Also, this limitation does not apply to advances made under die terms of this Security Instrmnent to protect Lender's security and to pcr/brm any of die covmmnts contained in dfis Security Instrument. SECURED DEBT AND FUTURE ADVANCES. The term "Secured Debt" is defined as follows: A. Debt incurred under file terms of all pronfissory note(s), contract(s), guaranty(s) or other evidence of debt described below and all flieir extensions, renewals, modifications or substitutions. (You must specifically identify the debt(s) secured and you should include the final maturity date of such debt(s).) Borrower(s) Home Equity Line of Credit Agreement and Promissory Note to Lender dated APRI I, 29TH, 2004 in the principal sum of U.S. $ 32, 000.00 , with interest thereon, providing for monthly instalhnents of principal · and interest, with rite balance c~f indebtedness, if not'sooner paid, clue and payable on APRIL 29TH, 2019 WYOMING- HOME EQUITY LINE OF CREDIT MORTGAGE (NOT FOR FNMA, FHLMC, FHA OR VA USE) F~,,x-'~'~'~,~mkers Systems, Inc, St. Cloud, MN Form RFCOCPRMTG~I MFWY7696 111021 I 042 OBOBt2*3 5'7 7 All future advances from Lender to Mortgagor or other future obligations of Mortgagor to Lender under any prounssory note, contract, guaranty, or oilier evidence of debt executed by Mortgagor iii favor of Lender executed after this Secm-ity lnstrmnent whether or not this Security Instrmnent 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 oue or more Mortgagor and others. All-future advauces and other future obligations are secured by this Security Instrumeut even though all or part nmy not yet be advanced. All future advances and oilier future obligations are secured as if made on the ·date of fids Security Instrun~ent. Noflfing in this Security instrument shall constitute a conmlitment to make additional or future loans or advances in any amount. Any such counnitment must be agreed to in a separate writing. All other obligations Mortgagor owes to Lender, ~hich nmy later arise, to the extent not prohibited by law, including, Nit not linfited to, liabilities for overdrafts relating to any deposit acco'hut agreement between Mortgagor and Lender. All additimml stuns advauced and expenses incurred by Lender for insuring, preserving or otherwise protectiug the Property· and its value and any other stuns advanced and expenses incurred by Lender under file terms of this Security Instrument. In the event that Lender fails to provide any necessary notice of the right of rescission with respect to any additimml indebtedness secured under paragraph B of this Section, Lender waives any subsequent secmity interest in the Mortgagor's principal dwelling that is created by this Security Instrument (but does not waive the security interest fur the debts referenced in paragraph A of this Section). MORTGAGE COVENANTS. Mortgagor agrees that the covenants ill this section are nmterial obligations under the Secured Debt and this Security Instrument. It' Mortgagor breaches any covmmnt iii this section, Lender ]nay refuse to nmke additimml extensions of credit and reduce the credit lilnit. By lint exercising either remedy on Mortgago'r's breach, Lender does not waive Lender's right to later cousider the event a breach if it happens again. Payments. Mortgagor agrees that all payments under the Secured Debt will be paid when due and iii accordance with file terms of the SecUred Debt and this Security Instrument. Prior Security Interests. With regard to any other mortgage, deed of trust, security agreement Or other lien docuinent that created a prior security interest or encumbrance on the Property, lVlortgagor agrees to nmke all paymeuts when due and to perform or comply with all covenants. Mortgagor also agrees not to allow any modification or extension of, nor to request any future advances under any note or agreelnent secured by the lien document without Leuder's prior writteu 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 nmy require Mortgagor to provide to Lender copies of all notices that such amounts are due and tile receipts evidencing Mortgagor's payment, lvlortgagor will defeud title to the Property against any claims that would impair the lieu of this Security Instrument. Mortgagor agrees to assign to Lender, as requested by Lender, any rights, claims or defenses Mortgagor may l!ave against parties who supply labor or nmterials 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 reaso~mbly necessary. Mortgagor shall not commit or allow any waste, impairment, or deterioration of the Property. Mortgagor agrees that the nature of die 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 notify Lender of all demands, proceedings, claims and actions agaiust 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 reasmmble time for the propose of inspecting the Property. Lender shall give Mortgagor notice at the time of or before an inspection specifying a reasonable propose for tile inspection. Any inspection of die Property shall be entirely for Lender's beuefit and Mortgagor will iii 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 Secnrity hlstn,ment, Lender may, without notice, perfurm or cause them to be performed. Mortgagor appoints Lender as attorney in thct to sign Mortgagor's tn]me or pay any amount necessary for performance. Lender's right to perform fur Mortgagor shall not create an obligation to perform, and Lender's failure to perfurm will not preclude Lender from exercising auy of Lender's other rights under the laW or this Security Instrmnent. Leaseholds; Condmninimns; 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 condonfinium or a planned mdt development, Mortgagor will perform all of Mortgagor's duties nnder the covenants, by-laws, or regulations of file condonfinimn or planned milt development. Condemnation.' Mortgagor will give Lender prompt notice of any pending or threatened action, by private or public entities to purclmse or take any or all of the Property through condemnation, emiuent domain, or any other means. Mortgagor authorizes Lender to intervene in Mortgagor's na~ne in any of the above described actions or claims, lVlortgagor assigns to Lender the proceeds of any award or claim for danmges cmmected with a condenmatiou or other taking of all or any part of the Property. Sucli proceeds shall be considered phyments and will be applied as provided iii this Security Instrument. This assigmnent of proceeds is subject to the terms of any prior mortgage,·deed of trust, secm-ity agreemeut or other lien documeut. Insurance. Mortgagor shall keep Property insured against loss by fire, flood, }heft and other hazards and risks reasmmbly associated with the Property due tO its type and location. This insurance shall be maintained ill the a~nounts and fur 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 mireasolmbly witltheld. If Mortgagor fails to ,miiiutain die coverage described above, Lender nmy, at Lender's option, obtain coverage to protect Lender's iights in the Property according to the terms of this Security Instrument. All insurauce 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 premimns and renewal notices. Upon loss, MOrtgagor shall give inunediate notice to the insurance carrier and Lender. Lender nmy nmke proof of loss if not nmde immediately by Mortgagor. Unless otherwise agreed in writiqg, 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 postpofie ~he due d~e of d~ scheduled p~ymen~ no~ ch~n~e ~m mnoun~ of ~ny paymenL Any excess will be p~d m ~e Mortgagor. If ~e Pmpe~y is acquh'ed by Lender, Mon~agor's fi~h~ m ~ny h~snmnc~ policies and m rOCeeds resulting from damage to fl~e ProPerty before fl~e acquisition shall'pass to Lender to the extent of tim Secured Debt ~ ~ediately before the acquisitiou. Financial Reports and Additional Documents. Mortgagor will provide to Lender upon request, any fi~mncial statement or infornmtion Lender may deem reaso~mb!y necessary. Mortgagor agrees t9 sigo,>.del~,..a~ fi~.,a~add~fi~ml documents or certifications fl~at Lender n~y consider necessary to perfect, cqnfinne, ~nd pre~e~e., Mortgag'oF'sy~h!ig~tious under fliis Security Instrument and Leuder's lien status on fl~e Property. :';~. ~'~,>m,~ 6. D~ ON SALE. Lender may, at its option, declare me entire balance of me S&:&red DeMi t°.,b¢~i~0iatel~ due and payable upon ~e creation of, or contract lbr a~e creation of, a transfer or sale of ~e Property.. This Yig'g¢~S ~ubject f0 fl~e restrictions imposed by t~deral law (12 C.F;R. 591), as applicable. 7. DEFA~T. Mortgagor will be in delhult if any of fl~e following occur: FraUd. Any Co~umer Bo~ower engages in fraud or n~terial misrepresentation in connection wifl~ fl~e S~cured Debt flint is an open end hmne~equity plan. ,, ~ ..... ~, . v Payments. Any Consmne~ Borrow.er on any Secured Debt fl~at is h~ open end home equit~ plan' f~ils to make a payment when due. '~ Property. Any action or i~mction by tim Borrower or Mortgagor occurs fl~at adversely affects the Property or Lender's rights in fl~e ProPerty. This includes,, but is not linfited to, ~e following: (a) Mortgagor fails to ~mintain required insurauce on the Property; (b) Mortgagor transfers fl~e Property; (c) Mortgagor conmfits waste or ofl~erwise destructively uses or fails to :nmintain ~the..Property such fl~at fl~e a~tion or inaction adversely affects Lender's security; (d) Mortgagor fails to pay taxed on fl~e Property 6r ofl~erwise fails to act and fllereby causes a lien to be filed against fl~e Property fl~at is senior to fl~e lien of tiffs Security Instrument; (e) a sole Mortgagor dies; (0 if more fl~an one Mortgagor, any Mortgagor dies and Lender's security is adversely affected; (g) ~e Property is taken fl~rough eminent domain; (h) a judg~nent is filed against Mortgagor and subjects Mortgagor and ~e Property to actiOn ~at adversely affects Lender's interest; or (i) a prior lie~flmlder /brecloses on the Property and as a result, Lender's int6rest is adversely affected. Executive Officers. Any Borrower is an executive officer of Lender or an affiliate and such Borrower becomes indebted to Lender or anod~er lender in an aggregate amount greater Oran fl~e amount pernfitted under federal laws and regulations. 8. ~D~S ON DEFAULT. In addition to any o~er remedy available under fl~e terms of tiffs Security Instrument, Lender nmy accelerate the Secured Debt and tbreclose tiffs Security Instrument in a mam~er provided by law if Mortgagor is in dethult. In some instances, federal and state law will require Lender t0 provide Mortgagor wiflt notice of fl~e right to cure, or off,er notices and nmy establish time schedules for foreclosure actions. At fl~e option of tim Lender, all or any part of fl~e agreed fees and charges, accrued interest dud principal shall become immediately due and payable, after giving notice if required by law, upon fl~e occurrence of a default or anytime fl~ereafter. Lender shall be entitled to, wiflmut liufitation, fl're power to sell fl~e Property. The acceptance by Lender of any sum in p~yment or partial paymeut on ~e Secured Debt after d~e balance is due or is accelerated or after foreclosure proceedings are filed shall ~mt cmmtimte a waiver of Lender's right to require complete cure of any efisting default. By not exercising any remedy on Mortgagor's default, Lender does not waive. Lender's right to later consider tim event a default ff it happens again. 9. EXPENSES; ADVANCES ON CO~NANTS; ATTOR~YS' FEES; COLLECTION COSTS. If Mortgagor breaches any covmmnt in this Security h~stnunent, Mortgagor agrees to pay all expenses Lender incurs in perfornfing such covenants or protecting its security interest in fl~e Property. ~ch expenses include, but are not linfited to, fees incurred for inspecting, preserving, or ofl~erwise protecting fl~e Property and Lender's security interest. These expmues are payable on demand and will bear interest from ~e date of pay~nent until paid in ~11 at fl~e highest rate of interest iu effect as provided in fl~e terms of fl~e Secured Debt. Mortgagor agrees, to pay all costs and expenses incurred by Eender in collecting, entbrcing or protecting Lender's rights and remedies under tiffs Security Instmmeut. This a~nount nmy include, but is not limited to, reaso~mble attorneys' fees, court costs, and o~er legal expenses. This amount does not include attorneys' fees for a salaried employee of fl~e Lender. To ~e extent pernfitted by fl~e U~ted States Bankruptcy Code, Mortgagor agrees to pay ~e reasonable attorueys' I~es Lender incurs to collect fl~e Secured Debt as awarded by any court exercisiug jurisdiction under rite Bankruptcy Code. This Security Instrument shall rmmfin in effect until released. Mortgagor agrees to pay for any recordation costs of such release. 10, E~O~NTAL LAWS A~ HAZA~OUS SUBSTANCES. As used in ~is section, (1) Environmental Law means, wiflm'ut limitation, d~e 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 inte~retive letters concenfing fl~e public healfl~, safety, welfare, environinent or a hazardous substance; dud (2) Hazardous Substa~me means any tofic, radioactive or hazardous tmterial, waste, pollutant or contanfi~mnt which has characteristics which render ~e substance dangerous or potentially dangerous to ~e public heal~, salary, welfare or enviromnent. The term includes, wifl~out limitation, any substances defined as "hazardous nmterial," "toxic substances," "hazardous waste" or "hazardous substance" under any Bnviromnental Law. Mortgagor represents, warrants and agrees ~at: A. Except as previously disclosed and acknowledged in writing to Lender, no Hazardous ~bstance is or will be located, stored or released on or in die Property. This restriction does not apply to snmll quantities of Hazardous Substances are generally recog~fized to be appropriate for fl~e gormal use and nmintemnce of ~e Property. B. EXcept as previously disclosed and acknowledged in writing to Lender, Mortgagor and every te~mut have been, are, and shall retain in ~11 compliance wifl~ any applicable Enviromnental Law. C. Mortgagor shall immediately notify Lender if a release or fl~eatened release of a Hazardous ~bstance occurs on, under or about ~e Property or fl~ere is a violation of any Enviromnental Law concenfing the Property. In such an event, Mortgagor shall take all necessary remedial action in accordance wifl~ any Enviromnental Law. D. Mortgagor shall in~ediately notify Lender in writing as soon as Mortgagor has reason to believe fl~ere is any pending or fl~reatened investigation, claim, or proceeding relating to ~e release or threatened release of any Hazardous Substance or fl~e violation of any Bnviroumental Law. ~d~'.~' % ~,' :: nkers Systems, Ira., St. Cloud, MN Form RFCOCPRMTGW~OI MFWY7696 111021 I 042-060612-3 '~' ~ 11. 12. 13. 15. 16. 17. 18. ESCROW FOR TAXES AND INSURANCE. Unless Otherwise prOvided in a sephrate agreement, Mortgagor will ]lot be required to pay to Lender funds for taxes and insurance in escrow. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Security Instrument are joint and individual. If Mortgagor signs tiffs Security Instrument but does not sign an evidence of debt, Mortgagor does so only to mortgage Mortgagor's interest in the Property to secure payment of the Secured Debt and Mortgagor does not agree to be personally liable on the Secured Debt. If fids Security h~stmlnent secures a guaranty between :Lender' and Mortgagor, Mortgagor agrees to waive any rights flint umy prevent Lender t~om bringing any action or claim agai~t Mortgagor or any party indebted under ~e obhgaUon. These rights n~y 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 assig~u 0f Mortgagor and Lender SEVERAB~ITY; ~TERP~TATION. This Security Instrument is complete and ~lly integrated. This Security Instrument nmy not be amended or modified by oral agreement. Any section in fids Security Instrument, attachments, or any agreement related to fl~e Secured Debt that con,fliers with applicable law will not be effective, mfless ~at law expressly or impliedly pernfits the variations by writteu agieement. 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 rte renminder of fids Security Iustruntent. Whenever used, ~e Singular shall include the plural and the plural the singular. The captions and headings of the sections of tiffs Security Instrument are tbr convenience only and are not to be used to interpret or define fl~e terms of tiffs Security Instrument. Time is of fl~e essence in this Security Instrument. NOTICE. U~fless otherwise required by law, any notice shall be given by delivering it or by nmiling it by first class ~il to fl~e appropriate party's address on page 1 of this Security Instrument, or to any ofl~er address designated in writing. Notice to one mortgagor will be deemed to be 2otice to all mortgagors. WA~ERS. Except to the extent prohibited by law, Mortgagor waives any right regarding the nmrstialling of liens.and assets and all homestead exemption rights relating to the Property. LI~ OF CREDIT. The Secured Debt includes a revolving line of credit. Although the Secured Debt nmy be reduced to a zero bala~me, tbis Security Instrument will re~mdn in effect until l'eleased. APPLICABLE LAW. This Security I~tmment is governed by the laws as agreed to in fl~e Secured Debt, except to the extent required by the laws of the jurisdiction where the Property is located, and applicable federal laws and regulations. R~ERS. The covenants and agreements of each of the riders checked below are inco~orated into and supplement and amend the terms of this Security Instrument. [O~eck all applicable boxes] ~ Assignment of Leases and Rents ~ Other .................................................................................................. 19. [] ADDITIONAL TER2~IS. SIGNATURES: By Sighting below, Mortgagor agrees to the terms and covenants contained in this Security Instrument and iu any attachments. Mortgagor als0 acknowledges receipt of a Copy of tiffs Security Instrumeut on file date stated ou page 1. (Signature) DONLEE L. AULLMAN (Date) (Signatu/3,)/ ROZLYN AULLMAN (Date) ACKNOWLEDGMRNT: ' , COUNTY OF /~..?.rv-j } ss STATE....~..OF. ~et[-~ O...lz)~......tJhl~ ....................... ~Js ...~.~ :.'.'.'. d~)';;'.:::}~:~:t::~::~¢:~: ..... ' ............ ~a~v~d~) ~ " This instrument was acknowledged before me by .~.~k.~.~...~.,..~tl~.~ .... ~.~.~..~.~~ ......................... : ................... My comnfission expires: ~ ~..,.~~. (Seal) ........................... County of ~ State of Lincoln k~ Wyoming 994 Bankers Systems, Inc., St. Cloud, MN Form RFCOCPRMTGWY 1/11/2001 MFWY7696 (1/021 / 042-060612-3 (page 4 of 4)