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HomeMy WebLinkAbout899373Recording requested by: Well s Fargo Bank N.A. ~ ~J Q.~. d'" Wells Fargo Home Equity 526 Chapel Hills Drive Colorado Springs, CO 80920-1030 RECEIVED ,_It,COt_I, COUNTY CLERK When recorded return to: Wells Fargo Bank N.A. Wells Fargo Services Co. Consumer Loan Servicing P.O. Box 31557 Billings, MT 59107- 9900 . State of Wyonlhlg Space Above rids Lhm For Recording Date MORTGAGE 65034940391998 (Wid~ Future Advance Clause) DATE AND PARTIES. The date of this Deed of Trust ("Security Instrument") is 14 May 2004 and the parties, fl~eir addresses and tax identification numbers, if required, are as follows: MORTGAGOR: KERRY C KILLIAN, WI FE AND CHRISTY J KILLIAN, HUSBAND AND If checked, refer to fl~e attached Addendum incorporated herein, for additio~ml Mortgagors their signatures and acknowledgments. LENDER: Wells Fargo Bank N.A. 420 Montgomery Street San Francisco, CA 94104 CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of which is acknowledged, and to secure tim Secured Debt (defined below) and Mortgagor's performance under fids Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with'power of sale, fl~e following described property: See attached Exhibit A The property is located in Li ncol n at 1120 LINCOLN (Coanty) KEMMERER , Wyonfing 83101- 0000 (City) (Zip Code) WYOMING - MASTER FORM MORTGAGE page 1 of 8 LEWY1 (o2~ol VMP MORTGAGE FORMS- (8001521-7291 HEIGHTS DRIVE (Address) 20041107900288 Together with all rights~, easements, appurtenances, royalties, nfineral r~ights, oil and gas rights, all water and riparian rights, ditches, aud water stock and all existixtg 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 auy one time shall not:exceed $ 31,000.00 . This linfitation of amount does not include interest and oflxer fees aud 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 the pronfissory note, revolving line of credit, contract, guaranty or other evidence of debt dated §/14/2004 together with all amendments, extensions, modifications or renewals. The maturity date of the Secured Debt is 4/19/~014 B. All future advances from Lender to Mortgagor under such evidence of debt. All future advances are secured as if made on the date of this Security Instrument. Nothing in this Security Agreement shall constitute a comnfitment to make additional or future loans or advances which exceed the amount shown in Section 3. Any such conmfitment must be agreed to in a separate writing. C. All sums advanced and expenses incurred by Lender for insuring, preserving or otherwise protecting the Property and its value and any other sums advauced and expenses incurred by Lender under the terms of this Security Instrument. 5. PAYMENTS. Mortgagor agrees flint all payments under file Secured Debt will be paid when due and in accordauce with the terms of file Secured Debt and this Security Instrument. 6. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, security agreement or other lien docmnent 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 Covemnts. 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 reqfiire 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 file 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 nmintain orimprove the Property. 8. DUE ON SALE OR. ENCUMBRANCE. Upon sale, transfer, hypoflmcation, assigmnent or encmnbrance, whether voluntary, involuntary, or by operation of law, of all or any part of the Property or any interest therein, titan at its sole option, Lender nmy, by iwritten notice to Mortgagor, declare all Obligations secured hereby immediately due and payable, except to file extent that such acceleration for and in such particular circmnstances where exerdise o? such a right by Lender is prohibited by law. 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 conunit 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 uature 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. WYOMING - MASTER FORM MORTGAGE LEWY2 10210) Page 2 of 8 20041107900288 Mortgagor will notify Lender of all demands, proceedings, claink% and actions against Mortgagor, and of any loss or damage to the Property. Lender or Lender's agents nkay, at Lender's option, enter the Property at any reasoimble time for the purpose of inspecting the Property. Lender shall give Mortgagor notice at the time of or before an inspection specifying a reasolmble purpose for the inspection. Any inspection of the Property shall be entirely lbr 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, wifl~out notice, perform or cause thmn to be performed. Nlortgagor appoints Lender as attorney iii fact to sign Mortgagor's imme or pay any alnount necessary for performance. Lender's right to perform for Mortgagor shall not create an obligation to perform, and Lender's fifilure to perform will not preclude Lender from exercising any of Lender's other rights under the law or Otis Security Instrument. If any construction on file Property is discontilmed or not carried on in a reasoimble 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. Ivlortgagor irrevocably grants, bargains, conveys, mortgages and warrants' to Lender as additional security all the right, title and to any and all existing or future leases, subleases, and any other written or verbal agreements for fl~e use and occupancy of any portion of the Property, including any extensions, renewals, tnodifications 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 iii default under file terms of this Security Instnmtent. Mortgagor agrees that this assigmnent is inunediately effective between the parties to this Security Instrument. Mortgagor agrees that this assigmnent is effective as to third parties when Lender takes affirtnative action prescribed by law, and that this assignment will renmin in effect during any redemption period until the Secured Debt is satisfied. Mortgagor agrees that Lender nmy take actual possession of the property without the necessity of conunencing legal action and that actual possession is deemed to occur when Lender, or its agent, notifies Mortgagor of defimlt and deinands that any temant 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 c0nmfingle the Rents with any oilier funds. Any amounts collected will be applied as provided iii this Security Instrument. Mortgagor warrants that no default exists under die Leases or any applicable landlord/tenant law. Mortgagor also agrees to maintain.and require any tenant to comply with the terms of the Leases and applicable law. 12. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Mortgagor agrees to comply with the provisionq of any lease if this Security Instrument is on a leasehold. If the property is a unit iii a Condomirfium Project or is part of a Planned Unit Developlnent ("PUD"), Ivlortgagor agrees to the following:. A. Obligations. Mortgagor shall perform all of Mortgagor's obligations under the Constituent Documents. The "Constituent Documents" are the: (i) Declaration or any other document which creates the Condonfiifium Projec'ts or PUD and any homeowners association or equivalent entity ("Owners Association"); (ii) by-laws; (iii) code of regulations; and (iv) oilier equivalent documentS. Mortgagor shall promptly pay, when due, all dues and assessments imposed pursuant to the Constituent Documents. B. Hazard Insurance. So long as file Owners Association maintaiqs, with a generally accepted insurance carrier, a "nmster" or "blaiflcet" policy on the Condominium Project or PUD which is satisfactory to Lender and which provides insurance coverage iii the amounts, for the periods, and against the hazards Lender requires, including fire and baza?ds included within the term "extended coverage," then Mortgagor's obligation under Section 19 to maintain hazard insurance coverage on the Property is deemed satisfied to the extent fliat the required coverage is WYOMING - MASTER FORM MORTGAGE LEWY3 10210) Page 3 of 8 20041107900288 59? 13. i4. provided by the Owner's Association policy. Mortgagor shall give Lender prompt notice of ally lapse ill required fiazard insurance coverage. In flxe event of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to Property,.wheflmr to the mdt or to common elements, any proceeds payable to Mortgagor are hereby assigned and shall be paid to Lender for application to tile sums secured by this Security Instrument, wifll ally excess paid to Mortgagor. C. Flood Insurance. Mortgagor agrees to maintain flood insurance for the life of the Secured Debt which is acceptable, as to form, amouut and extent of coverage to Lender. D. Public Liability Insurance. Mortgagor shall take such actions as nmy be reasonable to insure that the Owners Association nmintains a public liability insurance policy acceptable in form, amount, and extent of coverage to Lender. E. Condemnation. The proceeds of any award or claim for dmnages, direct or consequential, payable to Mortgagor in connection wifll any condeumation or other taking of all or any part of the Property, whether of the unit or of the conm]on elements, or for any conveyance ill lieu of condennmtion, are hereby assigned and shall be paid to Lender. Such proceeds shall be applied by Lender to the stuns secured by the Security Instm~nent 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 abandomnent or ternfination of the Condominium Project or PUD; except for abandomnent or ternfination required by law in the case of substantial destruction by fire or other casualty or in the case of a taking by condenmation or enfinent domain; (ii) ally amendment to any provision of the Constituent Documents if file provision is for the express benefit of Lender; (iii) terxnination of professiotkal management and assmnption of self-inanagement by file Owners Association; or (iv) any action which would have file effect of rendering the public liability insurance coverage maintained by the Owners Association mmcceptable to Lender. G. Remedies. If Mortgagor does not pay condonfinium or PUD dues and assessments when due, then Lender may pay the]n. Any alnounts disbursed by Lender raider this section shall become additional debt of Mortgagor secured by this Security Instnunent. Unless Mortgagor and Lender agree to other terms of payment, these amounts shall bear interest from file date of disbursexnent at the Secured Debt rate and shall be payable,, with interest, upon notice from Lender to Mortgagor requesting payment. 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 file terms of this Security Instrument or any other docmnent executed for file 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 file Secured Debt or that the prospect of any payment or the value of fl~e Property is impaired shall also constitute an event of default. · REMEDIES ON DEFAULT. In some instances, federal and state law will require Leuder to provide Mortgagor with notice of the right to cure or other notices and may establish dine schedules for foreclosure actions. Subject to these limitations, if any, Lender may accelerate the Secured Debt and foreclose this Security Instrument in a mamler provided by law if M°rtgagor is in default. At file option of Lender, all or any part of file agreed fees and charges, accrued interest and principal shall become immediately due and payable, after giving notice if required by law, upon tile occurrence of a default or anytime thereafter. In addition, Lender shall be entitled to all file remedies provided by law, the terms of the Secured Debt, this Security Instrument and any related documents, including without limitation, the power to sell fl~e Property. All remedies are distinct, cunmlative 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 sum in payment or partial payment on the Secured Debt after the balance is due or is accelerated or after foreclosure proceedings are filed shall not constitute a waiver of or WYOMING - MASTER FORM MORTGAGE LEWY4 Page 4 of 8 20041107900288 5'38 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 expe~kses if Mortgagor breaches any coveuant in this Security h~stnnuent. Mortgagor will also pay on demand any amount incurred by Lender for insuriug, inspecting, preserving or otherwise,protectiug 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 fl~e Secured Debt. Mortgagor agrees to pay all costs and expenses incurred by Lender iu collecting, enfbrcing or protecting Lenders' rights and remedies under tiffs Security Iustmment. This alnount may include, but is not linfited to, attorneys' fees, court costs, and other legal expenses. This amount does uot include attorneys' fees for a salaried employee of the Lender. This Security Instrument shall remain iu effect until released. Mortgagor agrees to pay for any recordation costs of such release. 16. ENVIRONMENTAL LAWS AND ItAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law means, without limitation, the Co~nprehensive Enviromnental Response, Co~npensation 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 file public health, safety, welfare, enviromnent or a hazardous substance; and (2) Hazardous Substance means ally toxic, radioactive or hazardous nhaterial, waste, pollutant or contaminant which has characteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or enviro~uneut. Tile term iucludes, without limitatiou, any substances defined as 'ihazardous nmterial," "toxic substances," "hazardous waste," or "hazardous substance" under any E~vironmental Law. Mortgagor represeuts, warrauts 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 fl~e Property. This restriction does not apply to small quantities of Hazardous Substauces that are generally recog~fized to be appropriate for the nornml use and maintenauce of the Property. B. Except as previoqsly disclosed and acknowledged in writing to Lender, Mortgagor and every tenant have been,! are, and shall remaiu in full compliance with any applicable Environmental Law. ~ C. Mortgagor shallinnnethately~. ' 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 Enviromnental Law concer[fing {.l'~e Property. In such an event, Mortgagor shall take all necessary remedial action in accordance with auy Euviromnental Law. D. Mortgagor shall h~m~ediately notify Lender iu writing as sOon as Mortgagor has reason to believe there is auy pending Or threatened investigation, claim, ~r proceeding relating to the release or threatened release of any Hazardous Substance or the violation of auy Environmental Law. ~ 17. CONDEMNATION. Mortgagor will give Lender prompt uotice of any pending or threatened action, by private' or public entities to purchase or take any or all of the Property through conde~mmtion, eminent donmin, or any other ~neans. Mortgagor authorizes Lender to intervene in Mortgagor's mime in any of the above described actions or claims. Mortgagor assig~ks to Lender the proceeds of any 'award or claim for daniages connected with a coudenmation 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. Tliis assignment of proceeds is subject to the terms of any prior, mortgage, deed of trust, WYOMING - MASTER FORM MORTGAGE LEWY5 10210) Page 5 ot B 20041107900288 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 fl~.e amounts and for file periods that Lender requires. The insurance carder providing the insurance shall be chosen by Mortgagor subject to Lender's approval, which shall not be um:easonably wifltheld. If Mortgagor fails to maintain file 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 itnmediately notify Lende'r of cancellatiou or temfination of the rusurance. Lender shall have the right to hold the policies and renewals. If Lender requires, Mortgagor shall i~mnediately give to Lender all receipts of paid premiumS; and renewal notices. Upon loss, Mortgagor shall give inunediate notice to the insurance carrier and Lender. Lender may make proof of loss if not made inunediately by Mortgagor. Unless otherwise agreed in writing, all insurance proceeds shall be applied to the restoration or repair of the Property or to file Secured Debt, whether or not then due, at Lender's option. Any application of proceeds to principal shall not exteud or postpone the due date of the scheduled payment nor change the amount of any payment. Any excess will be paid to tile Mortgagor. If the Property is acquired by Lender, Mortgagor's right to any tnsurance policies and proceeds resulting from damage to the Property before file acquisition shall pass to Lender to file extent of the Secured Debt inm~ediatel,, before file acquisition. 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, ally fi~mncial statement or information Lender nmy 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 aud 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 [he Secured Debt and Mortgagor does uot agree to be personally liable on the Secured Debt. If this Security Instrmnent secures a guaranty between Lender and Mortgagor, Mortgagor agrees to wmve any rights that nmy prevent Lender from bringiug any action or claim against Mortgagor or any party indebted under the obligation. These rights nmy include, but are not linfited to, any anti-deficiency or one-action laws. Mortgagor agrees that Lender and any party to this Security Instrument may exteud, modify or umke auy change in tile terms of this Security Instrument or any evidence of debt wifllout Mortgagor's consent. Such a change will not release Mortgagor fi'om the terms of this Security Instrument. The duties and benefits of this Security Instrument shall bind and benefit file successors and assigns of Mortgagor and Lender. 22. APPLICABLE LAW; SEVERABIL1TY; INTERPRETATION. This Security Instru~nent is governed by the laws of the jurisdiction in which the Property is located, except to file extent otherwise required by the laws of the jurisdiction where file Property. is located. This Security [nstrulnent 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 fllat law expressly or impliedly pemfits the variations by written agree~nent. 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 renudnder of this Security Instrument. Whenever used, the singular shall include fl~e plural and the plura: 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 Instrumeut. Time is of the essence in this Security Instrument. In the event any section of this WYOMING - MASTER FORM MORTGAGE LEWY6 Page 6 of 8 20041107900288 23. 24. 25. Security Instrument directly conflicts with any section of the revolving line of credit agreement or promissory note referenced in Section 4, the terms and conditions of the revolving line of credit agreement or pronfissory ~mte (as applicable), the arbitration agreement and the agreement to provide agreement or promissory note (as applicable), the arbitration agreement and fire agremnent to provide flood/property insurance, all of which I agree to by signing this Security Instm~nent, the terms and conditions of said documents and not the Security Instrument shall control. NOTICE. Unless otherwise required by law, any notice shall be given by delivering it or by mailing it by first class tnail to the appropriate party's address on page 1 of this Security Instm~nent, or as shown in Lender's records, or to any other address desig~tated in writing. WAIVERS. Except to the extent prohibited by law, Mortgagor waives and right regarding the nmrshalling of liens and assets, and hereby releasing and waiviug all rights under and by virtue of the homestead exemption laws of this state. OTHER TERMS. If ckecked, 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 tnay be reduced to a zero balauce, this Security Instrument will renmin in effect until released. [~] Construction Loan. This Security Instrument secures an obligation incurred for the construction of an improvement on the Property. [~q Fixture Filing. Mortgagor grants to Lender a security interest in all goods fltat Mortgagor owns now or in the future and fl~at 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 Uuiform Commercial Code. ~-] Additional Terms. Home Asset Management Account Rider SIGNATURES: By signing] below, Mortgagor agrees to the ter~ns and covenants contained iu this Security Instmtnent and iu any attachments. Mortgagor also ackuowledg~s receipt of a copy of tiffs Security Instrument on the date stated onPaee 1. ~ / No.~.~,,r KERR~ C KILLIAN Date Mohg.~o~ CH~I~ J KICLIAN Mortgagor Date Mortgagor Date Mortgagor Date Mortgagor Date Mortgagor Date Mortgagor Date WYOMING - MASTER FORM MORTGAGE LEWY7 102101 Page 7 oi' 8 20041107900288 ACKNOWLEDGMENT: (Individual) STATE OF WY COUNTY OF Li nco] n The foregoing instrument was acknowledged before me by KERRY C KILLIAN, CHRISTY ,] KILLIAN this [ q' day of__ ~ Wimess my hand and official seal. (ignature or orfi~(~ L) O Notary Public (Title of Officer) My Conmfission Expires :' I b - c1 - O -"7 WYOMING - MASTER FORM MORTGAGE LEWY8 Io210} Page 20041107900288 Exhibit "A" Lot 10 of Block 1 of the Lincoln Heights 2nd Subdivision to the Town of Kemmerer, Lincoln County, Wyoming as described on the official plat thereof. 60 HOME ASSET MANAGEMENT ACCOUNT {SM} RIDER TO MORTGAGE/DEED OF TRUST (Open end credit with [:-~ixei~ rate ~ variable rate This Home Asset Management Ac'count {SM} Rider is dated to the Mortgage or Deed of Trust (~"Mortgage") of the stone date KERRY C KILLIAN, CHRISTY J KILLIAN interest) 5/14/2004 m~d is mi amendment given by the undersigned, (hereinal'ter "Mortgagor") to secure the borrower's EquityLine with FlexAbilitys~l Agreement with Wells Fargo Bank, N.A ("Lender") covering the prope~xy more particularly described h~ the Mortgage (the "Property"). In addition to the covenants and agreements made in the Mortgage, Mortgagor and Lender fi~rther covenma and agree as follows: 1~ The word "Note", as used in the Mortgage md this Rider, refers to the EquityLine with FlexAbility s~ Agreement and Home Asset Management Account s~l Addendum to EquityLine with FlexAbility s~ 2 Despite m~y language to the contrary in the Mortgage, Mortgagor covenants that tim Property is unencumbered, except for a first lien purchase money or refinance of purchase money encumbrmme in the name of Wells Fargo Bank, N.A., its affiliates, successors or assignees. 3. paragraph number 4 of the Mortgage, which is captioned SECURED DEBT AND FUTURE ADVANCES is hereby deleted in its entirety and replaced by the following paragraph: SECURED DEBT AND FUTURE ADVANCES. The tem~ "Secured Debt" is de£med as follows: A Debt incmTed under the terms of the promissory note, revolving line of credit agreement, contract, guarm~ty or other evidence of debt of same date together with all amenchuents, extensions, modifications or renewals. The maturity date of the secured Debt is 4/19/2014 B. All fidure advances from Lender to the bon'owcr under such evidence of debt, whether obligatory or discretionary. All obligatory future advances and advances to cure breeches of covenm~ts contained in the Mortgage are secured as if made on the date of this security Instrument. Nothing iu this Security Instrument shal' constitute a commitment to make additional or future loans or advances which exceed $ 31,000.00 HAMARIDR 042204 20041107900288 PAGE 1 ' ,,:,'q:,E,',,Z,: ~i' 6 0 C. All sums advanced and expenses incurred by Lender for insuring, preserving, or otherwise protecting rim Property and its value aud any odmr sums advanced and expenses incurred by Lender under file terms of tliis Security Instnltnent. D. The terms mid conditions of the Note referenced in A above include, but are not limiled to, a 10 year period for advances Under a revolving line of credit. Except if this Note is secured by property located iii the state of Tennessee, the parties hav¢ agreed fliat subject to certain qualifying conditions the Lender may extend the period for advances for auotber 10 years for a total of 20 years. Nothing in this Security Instnnnent shall constitute a commitment to extend file period for advances beyond fl~e initial 10 year period. E. Borrower(s) and file Lender have agreed fliat subject to the satisfi~ction ol-certain quali£yiag conditions, the Credit Line Liniit hi tbc Note may be increased quarterly and/or annually. One of those conditions, inter alia, is die borrower's maintenance of a first mortgage loan on die Property with Wells Fargo Bank, N.A., or one o£its affiliates. All such increases, if any, shall increase the amouut Maxinmm Obligation Limit disclosed in Paragraph 4 (i£the Mortgage is in Virginia the "total principal indebmess" in file. 3rd recital) and the current Credit Line Lhnit described in Section 3 hereinabove hi file same mnount(s). 4. The Note provides for a monthly:variable rate of interest expressed as a daily periodic rate equal to 1/365 of an amn~al rate of 1.625 plus time "Index Rate". Tile Daily Periodic Rate of FINANCE CHARGE may increase if die highest prime rate published in the Wall Street Journal Western Edition "Money Rates" table (the 'qndex Rate") increases. Tbe initial Daily Periodic Rate of FINANCE CHARGE is 0.01536885 which co~xesponds to an initial AI~NUAL PERCENTAGE RATE of 5.625 The ANNUAL PERCENTAGE RATE will.never be more flian 18.00%. Any increase in Daily Periodic Rate m~,y increase tim minimmn monthly pay~nents. 5.The Paragrap!~ which is captioned in tile Mortgage, ESCROW FOR TAXES AND INSURANCE (Which may be found as Paragraph 19, 20, 21, 23, 24, depending on tim document) is hereby deleted in its entirety. ~Y C ~LLI~ D~e / CHESTY J ~L~{~t ~ ....... Date Date 'Date Date Date HAMARIDR 042204 Date Date 20041107900288 PAGE2