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HomeMy WebLinkAbout899376CITIBANK Documenl Adlninislralion 1000 Technology Drive - MS 221 O'Fallon, MO 63304 This documen! prepared by: Mike Brand! 1000 Technology Drive MS # 852 O' Fallon, MO 63304 RECEIVED LINCOLN COU!.ITY CLERK ACCOUNT NO.: 002001808238 HOME ]~QUITY LINE OF CREDIT MORTGAGE In this Mortgage, "You", "Your" and "Yours" means Rebekah I Smith and Arntfeldt Pedersen Wife and Husband ("Mortgagor"). "We", "Us" and "Our"' means CITIBANK FEDERAL SAVINGS BANK, which bas a home office of 11800 Spectrum Center Drive, Reston, VA 22090. The "Borrower" lneans Rebekah ]. Smith and Arntfeldt Pedersen The "Agreemeni" ineans tim Home Eqnity Line of Credit Agreement and Disclosure of even date herewith signed by tile Borrower in COlmection with this Mortgage. The "Property" meaos the real estate, including the leasehold (if any), located at 315 Strawberry Creek Lane, BEDFORD, WY 83112 SEE ATTACItED LEGAL DESCRIPTION THIS MORTGAGE between You and Us is made as of the date next to Your first signature below and has a final maturity date 30 years and 2 months from such date. The Agreement provides that the credit secured by tile Property is an open-end revolving lind of credit at a variable rate of interest. The maximum amount of all loan advances made to the Borrower under the Agreement and which may be secured by Ibis Mortgage may not exceed Ten Thousand dollars ( $ 10,000.00 ) ( the "Credit Limiff). At any particular time, Ille outstanding obligation of Borrower to Us under the Agreement may be any stun eqnal to or less than the Credit Limit plus interest and other charges owing under the Agreement and amonnts owing under this Mortgage. Obligations under the Agreement. Mortgage and any riders thereto shall not be released even if all indebtedness nnder the Agreement is paid, nnless and until We cause a mm'tgage release to be executed and such release is properly recorded. TO SECURE to Us: (a) the p~:yment and perfonnaoce of all indebtedness and obligations of tile Borrower under tile Agreement or any modification or replacement of the Agreement; (b) the payment of all oilier sums advanced in accordance herewith to protect tile security of the Mortgage, with finance charges thereon at the variable rate described in the Agreement; and (c) Ibc payment of any fidure advances made by Us to Borrower (pursuant to Paragrapb 16 of this Mortgage (herein "Future Loan Advances")) and, in consideration of the.indebtedness herein recited. You hereby morlgage, grant and convey to Us lhe Property together with the Statutory power of sale; TOGETHER WITH: all the improvements now or hereafter erected oo the Property, and all easements, rights, appnrtenances, rents (subject however to.the rights and aothorities given herein to You to collect aod apply such rents ), royalties, mineral, oil and gas rights and profits;water, water rights and water stock, and all fixtures now or hereafter attached to the Property {which, if'this Mortgage is on. a unit in a Colidominimn project or planned unit development, shall include the common elements in such project or development associated with such unit ), all of which, includiqg replacements and additions thereto, shall be deemed to be and remain a part of the Property. MB-2490 Mortgage - Wyoming - Rev. 8/2002 Page 1 of 6 G2° Loan #: 002001808238 Mortgage, continued IN WITNESS WHEREOF, YOU HAVE ExEcUTED THIS MORTGAGE, AND AGREE TO BE BOUND BY ALL TERMS AND CONDITIONS STATED ON PAGES 3 THROUGH 6 FOLLOWING. ,....--~-hMORTGAGoR IS AN INDIVIDUAL State of Wyoming , County of Lincoln SS: The foregoing instrument was acknowledged before me Ibis Arntfeldt Pedersen May 11, 2004 by Rebekah 3. SmJ rh My Co~nmission Expires: Febraury 2, 2006 ~ ~ELLEY SJ~I:)ALL - NOTARY PUBLIC IF MORTGAGOR IS A TRUST: not personally but solely as trustee as aforesaid. Notar~-~Pu~lic [Print Na~y By: Tille MB-2490 Mortgage - Wyoming - Rev, 8/2002 Page 2 of 6 Loan #: 002001808238 Mortgage, continUed You covenant that You are lawfidly seiz.']d of tbe estate hereby conveyed and have the right to mortgage, grant, and convey the Property, and that lhe Property is unencu;nbered, except for tbe encumbrances of record and any first mortgage. You covenanl that You warrant and will defend generally th6 title to the Property against all claims and demands, except those disclosed in writing to Us as of the date of this Mortgage. Yqu and We covenant and agree as follov,:s: 1. PaYment of Indebtedness. Borrower shall promptly pay when dne the indebtedness secured by this Mortgage inclnding, without limitation, that evidenced by the A: gremnent. 2. Application of Payments. Unless applicable law Provides otherwise, all payments received by Us under the Agreement will be applied to the principal balance and any finance cbarges, late cbarges, collection costs, and other charges owing with respect to file indebtedness secm'ed by the Mortgage in {iuch order as We may choose from time to time. i 3. Charges; Liens. Except as expressly provided in flits Paragrapb 3, You sball pay all taxes, assessments and other charges, fines and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, by Your making payments, when due, directly Io the payee thereof. In the event You make paymenls directly to the payee thereof, upon Our request You shall promptly fl~rnish to Us receipts evidencing such payment. You shall make payments, when due, on any indebtedness secured by a mortgage or oilier lien that is prior in right time to Ihis Mortgage (a "Prior Morlgage"). You sball promptly discbarge the lien of any Prior Mortgage not disclosed to Us in wriling al the time of application for the Agreement, provided, however, that You shall not be required to discharge any such lien so long as You shall (a) in good faitb contest such lieu by, or defend enfm'cement of such lien in, legal proceedings wbich operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof, or (b) secure frmn tim holder of such prior lien an agreement in form and substance satisfactory to Us subordinating such lien to this Mortgage. You sball not enter inlo any agreement with the holder of a Prior Mortgage whereby such Prior Mortgage, or the indebtedness secured thereby is modified, amended, extended or renewed, without Our prior written consent. You shall neither request nor allow any fi~ture advances to be secured by a Prior Mortgage without Our prior written consent. 4. Hazard Insurance. You shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage" and such other hazards as We lnay require (including flood insurance coverage, if required by Us) and in such amounts and for such periods as We may reqnire. Unless We require in writing otherwise, 'the policy shall provide insurance on a replacement cost basis in an anmunt not less tban that necessary to comply with any coinsurance percentage stipulated in the hazard insurance policy. All insurance policies aud renewals tbereof shall be in form and substance and with carriers acceptable to Us and shall include a standard mortgagee clause in favor of and ill form and satisfactory to Us. In the event of loss, You shall give prompt notice to the insurance carrier and Us. We'may make proof of loss if not made promptly by You. If the Property is abandoned by You,' or if You fail to respond to Us within (30) days frmn the date the notice is mailed by Us to You tllat the insurance carrier offers to settle a claim for insurance benefits, We are authorized to collect and apply the insurance proceeds at Our option either to restoration or repair of tile Property, or to sums secured by this Mortgage. If the Property is acquired by Us under Parag:aph 14 of this Mortgage, all of Your right, title and interest in and to any insurance policies, and in and to the proceeds thereof resulting frmn damage to the Property prior ~o the sale or acquisition, shall pass to Us to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. The provisions of this Paragraph 4 shall be subject to tbe provisions of Paragraph 5 if this Mortgage covers a unit in a condominium project or planned unit development. 5. Preservation and Maintenance of Property; Condominiums and Planned Unit Developments.. If this Mortgage is on a unit in a condominium or a planned unit develop~nent (herein "Condominimn Project"), then: (a) You shall perform all of Your obligations nnder the declaration or coveuants creating or governing the Condominium Project, the by-laws and regulations of the Condominium Project, and all constituent documents (herein "Project Documents"), including tl~e payment when due of assessments imposed by the homeowners association or Other governing body of the Condominium Project {herein "Owner's Association"); (b) You shall be deemed 'to have satisfied the insurance requirements under Paragraph 5 of this Mortgage if the Owner's Association maintains in fidl for:e and effect a "master" or "blanket" policy on the Condominium Project which provides insurance coverage against fire, hazards included within the term "ex~ended coverage" and such otber bazards (including flood insurance) as We may require, and in such amounts and for sucb periods as We may require nmning Us as additional loss payee; (c) tbe provisions of any Project Documents regarding the application of any insurance proceeds frmn "master" or "blanket" policies covering the Condominium Project shall supersede the provisions of Paragraph ~1 of this Mortgage to the extent MB-2490 Mortgage - Wyoming - Rev, 8/2002 Page 3 of 6 Loan #: 002001808238 Mortgage, continued payee; (c) the provisions of any Project Documents regarding the application of any insurance proceeds from "~naster" or "blanket" policies covering the Condominimn Proj, ect shall supersede the provisions of Paragraph 4 of this Mortgage to the extent necessary to avoid conflict between the provisionS thereof and hereof; (d) You hereby assign to Us the right to receive distributions on account of the Property nnder "master" or "blanket" policies covering the Condominium Project to the extent not applied to the restoration or repair of the Property, wit,h any such distributions in excess of the amount necessary to satisfy in full the obligations secured by this Mortgage being paid to :You: (e) You shall give Us prompt written notice of any lapse in any insurance coverage under a "master" or "blanket" policy on the Condominium Project; and (f) You shall not, without Our prior written consent, consent to either (i) the abandonment or termination of the Condominium Project (except for the abandonment or termination provided by law in the case of substantial destruction by fire or other casualty or in the case of a taking or condemnation or eminent domain), (ii) any material amendment to:dm Project Documents (including any change in tlie percentage interests of the unit owners in the Condominium Project), or (iii):the effectuation of ally decision by the Owners Association to terminate professional managmnent and assume self-management of the Condominium Project. If the Property has rental units. You shall maintain insurance against rent loss in addition to tbe other hazards for which insurance is required herein. 6. Protection of Our Security. If yoit fail to perform Your obligations under this Mortgage, or if ally action or proceedings adversely affects Our interest in the PrfPerty, We may, at Our option, take any action reasonably necessary (including, . without limitation, paying expenses and attorney~' fees and to bare entry upon the Property to make repairs) to perform Your obligations or to protect Onr interests. Any amounts idisbursed by Us pursuant to this Paragraph 6, with interest thereon at the variable rate described in the Agreement, shall beco~le indebtedness secured by this Mortgage (except as expressly provided herein). Nothing contained in this Paragraph 6 shall require Us to incur any expense or take any action hereunder. 7. InsPection. We or Our agents may enter and inspect the Property, after giving You reasonable prior notice. '8. Condemnation. The proceeds of anyaward or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Us. Neither Borrower nor You will be relieved of any obligation to make paymeuts if We apply the award.received to the outstanding balance owed. If you abandon the Property, or if, after notice by Us to You that tile condemnor offers to make an award or settle a claim for damages, Yon fail to respond to Us within thirty(30) days after the date such notice is mailed, We are authorized to collect and apply the proceeds in the same manner as provided in Paragraph 4 hereof. 9. Forbearance Not a Waiver. Any [orbearance by Us in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of Or preclude the exercise of any such right or remedy in the future. Any waiver by Us must be in writing and signed by Us. ~ 10. Successors'and Assigns Bound; Joint and Several LiabilitYi Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, Your and Our respective successors and assigns, subject to tim provisions of Paragraph 13 hereof. All Your covenan~ts and agreements shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to interpret or defiue the provisions hereof. 11. Notices. Except for any notice required under applicable law to be given in another manner, (a) any notice to You provided for in this Mortgage shall be given by personal delivery or by mailing such notice by first-class postage paid, addressed to You at the address of the Property shown al the beginning of the Mortgage or at such other address as You may designate by notice to Us as provided herein, and (b) any notice te Us shall be given by personal delivery or by mailing such notice by certified mail, return receipt requested, to Our address stated herein to such other address as We may designate by notice to You as provided herein. 12. Severability. If any term of this Mortgage is found to be unenforceable, all other provisions will remain in full force. 13. Due on Transfer Provision - Transfer of the Property. If all or any part of tile Property or any inlerest in it is sold or transferred (or if a beneficial iuterest ia You is sold or transferred and You are not a nalural person) widmut Our prior written consent, We may, at Our option, require immediate payment in full of all sums secured by this Mortgage. However, We shall not exercise this option if the exercise is prOhibited by applicable law as of the date of this Mortgage. If We exercise fids option, We shall give You notice of acceleration. !The notice shall provide a period of not 'less than 30 days from tim date the notice is delivered or mailed within which all stuns secured by this Mortgage nmst be paid. If these sums are not paid prior to the expiration of this period, We may invoke any remedies permitted by this Mortgage without further notice or demand on You. MB-2490 Mortgage - Wyoming - Rev. 8/2002 Page 4 of 6 L°an #: 002001808238 Mortgage, continued 14. Default. If You breach any term in ,this Mortgage, or if Borrower fails to perform any obligation under the Agreement, We may, at our option, declare all sums secured by this Mortgage to be immediately due and payable without further demand and may invoke the power of sale under this Mortgage and any other remedies permitted by law. We may collect from You all reasonable costs incurred in enforcing the terms of this Mortgage, including attorneys' fees and allocated costs of Our salaried employees. 15. Assignment of Rents. As additional security hereunder, You hereby assign to Us the rents of the Property; provided, however, that You shall have, prior to acceleration under Paragraph 14 hereof or abandonment of the Property, the right to ·collect and retain such rents as they become due a,nd payable.~ 16. Future Loan Advances. Upon YourI reqnest, We at Otlr option may make Future Loan Advances to You or Borrower. Such Future Loan Advances, with interest there')n, shall be secnred by this Mortgage when evidenced by a promissory note or agreement stating that said note or agreement is so secured. 17. Release. Upon payment of all sums secnred, by this Mortgage and any applicable Early Closure Release Fee or other fees and upon (a) expiration of the Agreement or (b) Your request, We shall release this Mortgage and You shall pay all costs of recordation,along with any reconveyance fee and any statement of obligation fee, if any. 18. Appointment of Receiver; Lender in Possession. Upon acceleration under this Mortgage or abandonment of the Property, We sball be entitled to have a receiver appointed by a court to enter upon, take possession of, and manage the Property and collect the rents of the Property including those past due. All rents collected by the receiver shall be applied first to payments of the costs of management of the Property and collection of rents, including but not limited to, receiver's fees and premiums on the receiver's bonds and reasonable attorneys' fees and then to the snms secured by this Mortgage. The receiver shall be liable to account only for those rents actually received. 19, Statement of Obligation. We may collect a fee for furnishing a statement of obligation in an amount not to exceed the maximnm amount permitted under applicable law. 20. No Merger. There shall be no merger of the interest or estate created by this Mortgage with any other inlerest or estate in the Property at any time held by or for Our benefit in any capacity, without Our prior wrilten consent. 21. Fixture Filing. This Mortgage constitutes a financing stalement filed as a fixture filing.in the Official Records of the County Recorder of the County in which the Property is located with respect to any and all fixtnres inclnded within the term "Property" as used in this Mortgage and with respect to any goods or other personal property that may now or hereafter become such fixtures. ZZ. Third Party Waivers. In the event ihat any of You has not also signed Ihe Agreement as Borrower, each of You: (a) agrees that We may, from time to time, without notice to, consenl from or demand on You, and wi'thoul affecting or imPairiag io any way aoy of Om' rights or Your obligations ti). renew, extend, accelerate, compromise or change the interest rate or other terms of the Agreement aud.any promissory note or agreement evidencing a Futm'e Loan Advance, and (ii) accept, waive and release other security (including gnarantees) for the obligations arising nnder tile Agreement or any promissory note or agreement evidencing a Future Loan Advance, anti (b) waives ti) any right to reqnire Us to proceed against any Borrower or any olher persons, proceed against or exhanst any Security for the obligations secured by this Morlgage or pursue any other remedy in Our power whatsoever, (ii) any defense or right against Us arising out of any disability m' other defense or cessation of liability of any Borrower for any reason other than full payment, (iii) any defense or righl against Us arising out of Our foreclosure upon the Property, even though such foreclosure results in the loss of any right of subrogatiml, reimbursement or olher right You have against any Borrower, (iv) all presentments, diligence, prolesls, demands and nolice of prolest, dishonor, and nonperformance, tv) until payment in full of the indebtedness secured by this Mortgage,' any right of subrogation or the benefit of any security for ~uch indebtedness, and (vi) the benefit of Ibc statute of limitations affecting the Property to the extent permitted by law. Any partial payment by Borrower or other circumstance that operates to loll any stalule of limitations as to such person sball operale to toll such statute as to You. 23. Choice of Law. This Mortgage will be governed by the laws of the United States and (where not inconsistent) the interest rate laws of the State of California, and the procedural, deficiency, one form of action and foreclosure laws of the slate where the Property is loi:ated. 24. Your Copy. You shall be given one Conformed copy of the Agreement and this Mortgage. MB-2490 Mortgage - Wyoming - Rev. 8/2002 Page 5 of 6 Loan #: 002001808238 Mor tgal~e, continued 7.5. Loan Charges Legislation Affecting Our Rights. If lhe Agreement is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the Agreement exceed the permitted limits, then (a) any such loan charge shall be reduced by the amount uecessary to reduce the charge to the permitted limit; and (b) any such loan charge already collected from You or Borrower which exceeded permitted limits will be refunded to You or Borrower; We ~nay choose to make this refund by reducing the principal owed under the Agreetnent or by making a direct payment to You or Borrower. If a retired reduces principal, the reduOion will be treated as a partial prepayment without any prepayment charge due. If enactment or expiration of applicable laws bas the effect of rendering any provision of the Agreement or this Mortgage unenforceable according to its terms, We may at Our option, require immediate payment in full of all sums secured by this Mortgage and may ifivoke any remedies permitted by Paragraph 14. 26. Waiver of Homestead and Redemption. You release and waive all rights under and by virtue of the homestead exemption laws of Wymning, the equity of rede~nption and statutory right of redemption in and to the Property. 27. Trustee Exculpation. 'If this Mortgage is executed by a trust, You execute this Mortgage as trustee as aforesaid, in the exercise of the power aud audmrity couferred upon and vested iu it as such trustee, and it is expressly understood aud agreed by Us and by every person hereafter claiming auy right hereunder that nothing contained herein or in the Agreement shall be construed as creatiug any liability on You personally to pay amouuts owing in connection with the Agreement or this Mortgage or any interest that may occur thereon, or to perfor~n any, covenants either express or implied contained in this Morlgage, all such liability, if any, being expressly waived, and that any recovery on the Mortgage or the Agree~nenl shall be solely against and out of the Property by enforcement of the provisions of this Mortgage and the Agreement, bul this waiver shall in no way affect the personal liability of any individual Borrower, co-maker or guarantor of this Agreement. 28. ONE MORTGAGOR. If there is only one person executing this Mortgage, such person represents that he or she is [] single or [] married. [Check one as applicable]. MB-2490 Mortgage - Wyoming - Rev. 8/2002 Page 6 ot' 6 LEGAL DESCRIPTION Lot (56 of Bridget l~orest I~anch Subdivision, Amended, Lincoln County, Wyoming as described on the official plat thereof.