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Home My WebLink About899130 RECEIVED State of Wyomi.g ..................... Space Above This Li.e For Recording ~(;0L~,~ O0U~,~"FY CLERK 89-'~'' MOR~GAGE'~ 0~ ~".~" I fi ;~:,,"" 1fi: .q ~ (.With Fu~re Advice Clause) DATE A~ PARTIES. The date of this Mortgage (Sccurily Instrumen0 is ~Y 03',-'2'0'ff4 '~- IL ~'. parties, their addresses and tax identification numbers, if required, are as follows: ,.~7 ~? ~..~ ~ [:~ [~ ~ ,. -~,,~'~:,~' MORTGAGOR: WAYNE M JOHNSON AND BECKIE JOHNSON, TENANTS WITH RIGHT OF SURVIVORSHIP 570 North Spra~ue Creek Drive FAIRVIEW, WY 83119 HUSBAND AND WIFE, AS JOINT SOCIAI. SECURITY #: 520-48 -8454 520-62-0982 "--]If checked, refer to the attached Addendum incorporated herein, for additional Mortgagors, their signatures and acknowledg~nents. LENDER: WYOMING EMPLOYEES FEDERAL CREDIT UNION ORGANIZED AND EXISTING UNDER, THE LAWS OF THE UNITED STATES OF AMERICA 2223 WARREN AVENUE WY 82001 TAXPAYER, I.D. #: 83-0179749 CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of which is acknowledged, and to secure thc Secured Debt (defined below) and Mortgagor's pe,'lbrlnance under this Security Instrulnenl, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with power of sale, the following described property: Lot 2 of Johnson Family Estates, Lincoln County, Wyomin9 as described on the official plat thereof filed April 10, 2003 as Instrument No. 889096 of the records of the Lincoln County Clerk. The property is located in LINCOLN at (County) 570 North Sprague Creek Drive , FAIRVlEW , Wyoming 83119 (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 i,nprovements, structures, fixtures, and replacements that nmy now, or at any time in the future, be part of the real estate described above (all referred to as "Property"). MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at any one time shall not exceed $ 25,000.00 This limitation of amount does not include interest and other ti~es 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. SECURED DEBT AND FUTURE ADVANCES. The ter,n "Secured Debt" is defined as follows: A. Debt incurred under the terms of all promissory note(s), contract(s), guaranty(s) or other evidence of debt described secure and you should include the final maturity date of such debt(s). HOME EQUITY LINE OF CREDIT AGREEMENT DATED MAY 03, 2004 . AND MATURING APRIL 30, 2019 All future advances from Lender m Mortgagor or other future obligations of Mortgagor to Lender under any promissory note, contract, guaranty, or other evidence of debt executed by Mortgagor in favor of Lender executed after this Security Instrument whether or not this Security Instrument is specifically referenced. If more than one person signs this Security Instrument. each Mortgagor agrees that this Security Instrument will secure all future advances and future obligations that are given to or incurred by any one or more Mortgagor, or any one or more Mortgagor and others. All future advances and other future obligations are secured by this Security'Instrmnent even though all or part nYay not yet be advanced. All future advances and other future obligations are secured as if made on the date of this Security Instrument. Nothing ill 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 other obligations Mortgagor owes to Lender, which may later arise, to the extent not prohibited by law, including. but not limited [o, liabilities for overdrafts relating to any deposit account agreement between Mortgagor and Lender. ALL additional sums advanced and expenses incurred by Lender for insuring, preserving or otherwise protecting the Property and its value and any other sums advanced, and expenses incurred by Lender under the terms of this Security Instrument. WYOMING HOME EQUITY LINE OF CREDIT MORTGAGE (NOT FOR FMNA, FI-II.MC. FHA OR VAUSE) DDS-WHM i:?,::":: i: 'i in tile event that Lender fails to provide any necessary notice of the right of rescission with respect to any additional indebtedness secured under paragraph B of this Section, Lender waives any subsequent security interest in the Mortgagor's principal dwelling that is created by this Security Instrument (but does not waive the security interest for the debts referenced in paragraph A of this Section). MORTGAGE COVENANTS. Mortgagor agrees that the covenants in this section are material obligations under the Secured Debt and this Security Instrument. If Mortgagor breaches any covenant in this' section, Lender may refuse to lnake additional extensions of credit and reduce tile credit limit. By not exercising either remedy on Mortgagor's breach, Lender does not waive Lender's right to later consider the event a breach if it happens again. Payments. Mortgagor agrees tliat all payments under the Secured Debt will be paid when due and in accordance with the terms of the Secured Debt and this Security Instrmnent. 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 to make all payments when due and to perform or comply witb all covenants. Mortgagor also agrees not to allow any modification or extension of, nor to request any future advances under ally note or agreement secured by the lien 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 Lenderi 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 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 tile Property. ., Lender or Lender's agents may, at Lender's option, enter tile Property at any reasonable titne for the purpose of inspecting tbe Property. Lender shall give Ivlortgagor notice at the time of or before an inspection specifying a reasonable purpose for the inspection. Any inspection of the Property shall be entirely for Lender's benefit and Mortgagor will in no way rely on Lender's inspection. Authority to Perform. If Mortgagor fails to perform any duty or any of the covenants contained in this Security Instrument, Lender may, without notice, perform or cause them to be performed. Mortgagor appoints Lender as attorney in fact to sign Mortgagor's name or pay any amount necessary for performance. Lender's right to pertbrm for Mortgagor shall not create an obligation to pertbrm, and Lender's failure to perform will not preclude Lender frown exercisi,~g any of Lender's other rights under the law or this Security Instrmnent. Leaseholds; Condominiums; Planned Unit Developments. Mortgagor agrees to comply If with tile provisions of any lease if this Security Instrument is on a leasehold. The Property includes a unit in a condominiuln or a planned unit development, Mortgagor will perfbrm all of Mortgagor's duties under the covenants, by-laws, or regulations of tile condominimn or planned unit development. 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 tbrough condenmation, 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 o,' 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. 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 tbr the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Mortgagor subject to Lender's a approval, whicb shall not be unreasonably withheld. If Mortgagor fails to maintain the coverage described above, Lender may, at Lender's Ol)tion, obtain coverage to protect Lender's rights in the Property according to tile terms of this Security Instrmnent. 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 imlnediately notify Lender of cancellation or termination of the insurance. Lender shall have tile. right to bold 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 ilnmediate notice to the insurance carrier and Lender. Lender may make proof of loss if not made immediately by Mortgagor. Unless otberwise agreed in writing, all insurance proceeds shall be applied to the restoration or repair of lhe Property or to tile Secured Debt, whether or not then.due, at Lender's option. Any application of proceeds to principal shall not extend or postpone the due date of the scheduled payment nor change the amount of any payment. Any excess will be paid to the Mortgagor. If the Property is acquired by Lender, Mortgagor's right to any insurance policies and proceeds resulting from damage to the Property befbre the acquisition shall pass to Lender to tbe extent of the Secured Debt i~nmediately bel-bre the acquisition. Financial Reports and Additional Documents. Mortgagor will provide to Lender upon request, any financial slatement or information Lender may deem reasonably necessary. Mortgagor agrees to sign, deliver, and file any additional documents or WYOMING- nOME EQUITY LINE OF CREDIT MORTGAGE (NOT FOR FMNA, FI1LMC, FHA OR VA USE) DDS-WIIM 6134. 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. DUE ON SALE. Lender may, a.t its option, declare tile entire balance of the Secured Debt to be immediately due and payable upon [be creation of, or contract for the 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. 7. DEFAULT. Mortgagor wilt be in default 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 all open-end home equity plan fails to make a payment when due. Property. Any action or inaction by the Borrower or Mortgagor occurs tbat adversely affects the Property or Lender's rigbts in the Property. This includes, but is not limited to, the following: (a) Mortgagor fails to maintain required insurance on the Property; Co) Mortgagor transfers the Property; (c) Mortgagor commits waste or otherwise destructively uses or fails to ~naintain the Property such that the action or inaction adversely affects Lender's security; (d) Mortgagor fails to pay taxes on the Property or otberwise fails to act and thereby causes a lien to be filed against the Property that is senior to the lien of this Security Instrmnent; (e) a sole Mortgagor dies; (fi if more than one Mortgagor, any Mortgagor dies and Lender's security is adversely affected; (g) tile Property is taken through eminent dmnain; (hi a judgment is filed against Mortgagor and subjects Mortgagor and the Property to action that adversely affects Lender's interest; or (ii a prior limdaolder forecloses oil the Property and as a result, Lender's interest is adversely affected. Executive Officers. Any Borrower is an executive officer of Lender or an affiliate and such Borrower becomes indebted to Lender or another lender in an aggregate amount greater than tile amount permitted under federal laws and regulations. REMEDIES ON DEFAULT. In addition to any other remedy available under tile terms of this Security Instrmnent, Lender may accelerate the Secured Debt and tbreclose this Security Instrument ill a manner provided by law if Mortgagor is in default. In some instances, federal and state law will require Lender to provide Mortgagor with notice of the right to cure, or other notices and may establish time schedules for foreclosure actions. At tile option of the 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 occm-rence of a default or anyfune 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 tbreclosure proceedings are filed shall not conslaute a waiver of Lender's right to require complete cure of any existing default. By nor exercising any remedy on Mortgagor's default, Lender does no[ waive Lender's right to later consider the event a defa all 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 covenams or protecting its security interest il~ the Property. Such expenses include, but are not limited to, fees iucurred tbr inspecting, preserving, or otherwise protecting the Property and Lender's security interest. These expenses are payable on demand and will bear interest from the date of payment until paid in full at the highesl rate of interest in effect as provided in the terms of the Secured Debt. Mortgagor agrees to pay all costs and expenses incurred by Lender in collecting, enforcing or protecting Lender's rights and remedies under this Security Instrument. This amount may include, but is [to[ Ifutitcd to, reasonable attorneys' fees, court costs, and other legal expenses. This amount does nol include attorneys' fees for a salaried employee of the Lender. To the extent permitted by the .United States Bankruptcy Code, Mortgagor agrees to pay tile 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, wilhout 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, welthre, 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 environmem. 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 [be Property. This restriction does riot apply to small quantities of Hazardous Substances that are generalfy recognized to be appropriate for the nora[al use and mamteoaoce of the Property. B. Except as previously disclosed and acknowledged in writing to Lender, Mortgagor and every tenant bare beeu, are. and shall remain iu full compliance with any applicable Enviromnental Law. Mortgagor shall immediately notify Lender if a release or threatened release of a Hazardous Substance occors on, under or about [be Property or there is a violation of any Environmental Law concerning the Property. [n such an event, Mortgagor shall take all necessary remedial action in accordance with any Envirmmlental Law. WYOMING- nOME EQUITY lANE OF CREDIT MORTGAGE [NOT FOR FMNA, FHLMC, FIIA OR VA USEI DDS-Wlth~I D. MortgagOr shall immediately notify Lender in writing as soon as Mortgagor has reason to believe tbere is any pending or threatened investigation, claim, or proceeding relating to the release or threatened release of any tlazardous Substance or the violation of any Environmental Law. 11. 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. 12. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Security Instrument are joint and individual. If Mortgagor signs this Security Instrument but does not sign an evidence of debt, Mortgagor does So only to mortgage. Mortgagor's interest ill the Property to secure payment of the Secured Debt and Mortgagor does not agree to, be personally liable on the Secured Debt. If this Security Instrument secures a guaranty between Lender and Mortgagor, Mortgagor agrees to waive any rights that may prevent Lender from bringing any action or claim against Mortgagor or any party indebted under this obligation. These rights may include, but are not limited to, any anti-deficiency or one-action laws. The duties and benefits of this Security Instrument shall bind and benefit the successors and assigns of Mortgagor and Lender. 13. SEVERABILITY; INTERPRETATION. This Security Iustrument is colnplete and fully integrated. This Security Instrmnent 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 writteu 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 l-bt convenience only and are not to be used to interpret or define the terms ol: this Security Instrument. Time is of the essence in this Security Instrument, 14. NOTICE. Unless otherwi'se required by law, any notice sball be given by delivering it or by mailing it by first class mail to the appropriate party's address on page 1 of this Security Instrument, or to any other address designated m writing. Notice to one mortgagor will be dee~ned 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. 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 eft'cci until released. 17. 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 tbe Property is located,.and applicable federal laws and regulations. 18. RIDERS. The covenants and agreements of each of the riders checked below are incorporated into and supplemeut and amend the terms of this Security Instrument. [Check all applicable boxes[ F~ Assignment of Leases and Rents F---] Other [---]ADDITIONAL TERMS. sIC, LNATURES: By signing below Mortgagor agrees to tile ternts and covenants contained in this Security Instrument and itl any attac~nents. Mortgagor,/j/,/]al~°hackn°)~lb~lges receipt of a copy of this Security Instrument oli the date stated on page 1 LX,~t~r~j' t ~/ . (Date) (Signature) / (Date) WAYNE M JOHNSON BECKIE JOHNSON ACKNOWLEDGMENT: .(Individual) STATE OF WYOMING , COUNTY OF LINCOLN }SS. This instrmnent was acknowledged before me this 3RD By WAYNE M JOHNSON AND BECKIE JOI{NSON, TENANTS WITH RIGHT. O~ SURVIVORSHIP -.,. ,,,,, day of MAY, 2004 I{U.qBAIFD AND WIFE, AS JOINT ~ Notary Public )ITY LINE OF CREDIT MORTGAGE (NOT FOR FMNA, FnLMC, FHA OR VA USE) PAGE 4 OF 4 DDS-WItM