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HomeMy WebLinkAbout899856,8 9856 RECEIVED LINCOLN COUNTY OLEFtK WHEN RECORDED MAIL TO: FIRST NATIONAL BANK-WEST PO BOX 3110 ALPINE, WYOMING 83128 DOC ID #: 65 ESCROW/CLOSING #: SPACE ABOVE FOR RECORDERS USE MORTGAGE (Line of Credit) CHL #: 58737881 MD,/ THIS MORTGAGE, dated JUNE 1! , 2004, is between RONALD J TIIACKER and CAROLYN W, THACKER, HUSBAND And WIFE 100015700037046964 residing at PO Box 1114, Thzyne, WYOMING 83127 the person or persons signing as "M,rtgagor(s)" below and hereinafter referred to as "we" or "us" and "Mortgage Electronic Registration Systems, Inc. ("MERS")(solely as nominee for FIRST NATIONAL BANK-WEST' (hereinafter "you" or "Lender") and Lgnder's successors and assigns)," with an address at P.O. Box 2026, Flint, Mi 48501-2026, tel. (888) 679-MERS, referred to as the "Mortgagee." Borrower understands and agrees that- MERS holds only legal title to the interests granted by Borrower in this Mortgage; but, if necessary to comply with law or custom, MERS, (as nominee for Lender and Lender' s successors and assigns), has the right: to exercise any or all of those interests, incl.Ming, but not limited to, the right to foreclose and sell the Premises; and to take any action required of Lender including, but not limited to, releasing or canceling this Mortgage. MORTGAGED PREMISES: In com;ideration of the loan hereinafter described, we hereby mortgage, grant and convey to MERS (solely as nominee for Lender and Lender's successors and assigns) and to the successors and assigns of MERS, with power of sale, the premises located at' 247 Porto Road Street Thayne Lincoln WY 83127 (the "Premises"). Municipality County Slate ZIP and further described as: Lots 169 and 170 of the Star Valley Ranch Plat 18, Lincoln County, Wyonfing as described on the official plat thereof, The Premises inchtdes all buildings ~nd Other improvements now or in the future on the Premises and all rights and interests which derive from our ownership, use or 'mssession of the Premises and all appurtenances thereto. LOAN: The Mortgage will secure your loan in the principal amount of $ 393,750.00 or so much thereof as may be advanced and readvanced from tim,: to time to RONALD J THACKER CAROLYN W. THACKER , , and , the Borrower(s) under the Home Equity Credit Line Agreement and Disclosure Statement (the "Note"] dated JUNE 1, 2004 , plus interest and costs, late charges and all other HELOC - WY Mortgage with MERS FE-4331 (WY) (o2o~) PLATINUM/GMD Page I of 4 )FORM SEDGE - (800)635-4111 charges related to the loan, all of which sums are repayable according to the Note. Thi~ rt Il also secure the performance of all of the promises and agreements made by us and each Borrower and Co-Signer in the Note, all of our promtses and agreements in this Mortgage, any extensions, renewals, amendments, supplements and other modifications of the Note, and any amounts advanced by you under the terms of the section of this Mortgage entitled "Our Authority To You." Loans under the Note may be made, ~eF. aid and remade from time to time in accordance with the terms of the Note and subject to the Credit Limit set forth in the Note.. OWNERSHIP: We are the sole owne'r(s~ of the Premises. We have the legal right to mortgage the Premises to you. BORROWER'S IMPORTANT OBLIGATIONS: (a) TAXES: We will pay all real estate taxes, assessments, water charges and sewer rents relating to the Premises when they become due. We will not claim any credit on, or make deduction from, the loan under the Note because we pay these taxes and charges. We will provide you with lrroof of payment upon request. (b) MAINTENANCE: We will I. . · mmnta~n the building(s) on the Premises in good condition. We will not make major changes in the building(s) except for ;no~mal repairs. We will not tear down any of the building(s) on the Premises without first getting your consent. We will not use ttle Premises illegally. If this Mortgage is on a unit in a condominium or a planned unit development, we shall perform all of'ou: obligations under the declaration or covenants creating or governing the condominium or planned unit development, the by-la~vs and regulations of the condominium or planned unit development and constituent documents. (c) INSURANCE: We will kee~ the building(s) on the Premises insured at all ti~nes against loss by fire, flood and any other hazards you may specify. We may choose the insurance company, but our choice is subject to your reasonable approval. The policies must be for at least the ~amounts and the time periods that you specify. We will deliver to you upon your request the policies or other proof of the'insurance. The policies must name you as "mortgagee" and "loss-payee" so that you will receive payment on all insurance claim;s, to the extent of your interest under this Mortgage, before we do. The insurance policies must also provide that you'be'given not less than 10 days prior written notice of any cancellation or reduction in coverage, for any reason. Upon request, we shall deliver the policies, certificates or other evidence of insurance to you. In the event of loss or damage to the Premises, we will immediately notify you in writing and file a proof of loss with the insurer. You may file a proof of loss on our behalf if we fail or refuse to do so. You ~nay also sign our name to any check, draft or other order for the payment of insuranqe proceeds in the event of loss or da,nage to the Premises. If you receive payment of a claim, you will have the right to choose to u~e the money either to repair the Premises or to reduce the amount owing on the Note. (d) CONDEMNATION: We assign to you the proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the 'Premises, or part thereof, or for conveyance in lieu of condemnation, all of which shall be paid to you, subject to the terms of any Prior Mortgage. (e) SECURITY INTEREST: We w:~ll join with you in signing and filing documents and, at our expense, in doing whatever you believe is necessary to perfect and continue the perfection of your lien and security interest in the Premises. (f) OUR AUTHORITY TO YOU: If we fail to perform our obligations under this Mortgage, you may, if you choose, perform our obligations and pay such costs and expenses. You will add the amounts you advance to the sums owing on the NOte, on which you will charge interest at the interest rate set forth in the Note. If, for example, we fail to honor our promises to maintain insurance in effect, or to pay filing fees, taxes or the costs necessary to keep the Premises in good condition and repair or to perform any of our other a~eements with you, you may, if you choose, advance any sums to satisfy any of our agreements with you and charge us iritersst on such advances at the interest rate set forth in the Note. This Mortgage secures alt such advances. Your payments on our behalf will not cure our failure to perform our promises in this Mortgage. Any replacement insurance that you obtain to cover loss or damages to the Premises may be limited to the amount owing on the Note plus the amount of any Prior Mortgages. (g) PRIOR MORTGAGE: If the provisions of this paragraph are completed, this Mortgage is subject and subordinate to a prior mortgage dated N/A and given by us to N/A as ~nortgagee, in the original amount'of S N/A (the "Prior Mortgage"). We shall not increase, amend or modify the Prior Mortgage without your prior written consent and shall upon receipt of any written notice fi.om the holder of the Prior Mortgage promptly deliver a copy of such notice to you. We shall pay and perform all of our obligations under the Prior Mortgage as and when required un:tier the Prior Mortgage. (h) HAZARDOUS SUBSTANCES: We shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances on or in the Ptemi;ses. We shall not do, nor allow anyone else to do, anything affecting the Premises that is in violation of any Environmental Law. The preceding two sentences shall not apply to the presence, use, or storage on the Premises of small quantities of Haza?dous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Premises..Rs ,ased in this paragraph, "Hazardous Substances" are those substances defined as toxic or hazardous substances by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and her.bicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials. As used in this paragraph, "Environmental Law" means federal laws and laws of the jurisdiction where the Premises are located that relate tc health, safety or environmental protection. (i) SALE OF PREMISES: We will not sell, transfer ownership of, mortgage or otherwise dispose of our interest in the Premises, in whole or in part, or perinit any other lien or claim against the Premises without your prior written consent. FE-4331 (WY) (020fi) " Page 2 of 4 Inilials (j) INSPECTION: We will pert fit you to inspect the Premises at any reasonable time. NO LOSS OF RIGHTS: The Note and this Mortgage may be negotiated or assigned by you without releasing us or the Premises. You may add or release any p:rson or property obligated under the Note and this Mortgage without losing your rights in the Premises. DEFAULT: Except as may be prohibited by applicable law, and subject to any advance notice and cure period if required by applicable law, if any event or condition described in Paragraph 12.A. of the Note occurs, you may foreclose upon this Mortgage. This means that you may arrlange for the Premises to be sold by advertisement and sale or by judicial foreclosure, at your option, as provided by law, in order to pay off what we owe on the Note and under this Mortgage. If the money you receive from the sale ~s not enough to pay off what we owe you, we will still owe you the difference which you may seek to collect from us in accordance with applicable law. In addition, you may, in accordance with applicable law, (i) enter on and take possession of the Premises; (ii) collect the rental payments, including over-due rental pa)anents, directly from tenants after si~nply notifying them first class mail to make rental payments to you; (iii) manage the Premises; and (iv) sign, cancel and change leases. We agree that the inte.res: rate set forth in the Note will continue before and after a default, entry of a judgment and foreclosure. In addition, you Shill I:e entitled to collect all reasonable fees and costs actually incurred by you in proceeding to foreclosure, including, but not limited to, reasonable attorneys fees and costs of documentary evidence, abstracts and title reports. ASSIGNMENT OF RENTS; APPOINTMENT OF RECEIVER: As additional security, we assign to you the rents of the Premises You or a receiver appointed by the courts shall be entitled to enter upon, take possession of and manage the Premises and collect the rents of the Premises including those past due after simply notifying them by first class mail to make rental payments to you. WAIVERS: To the extent permitted by applicable law, we waive and release any error or defects in proceedings to enforce this Mortgage and hereby waive the beaeft of any present or future laws providing for stay of execution, extension of time, exemption from attaclunent, levy ant sac and homestead exemption. BINDING EFFECT: Each of us sht,ll be fully responsible for all of the promises and agreements in this Mortgage. Until the Note has been paid in full and your obligation to make further advances under the Note has been terminated, the provisions of this Mortgage will be binding on us, our legal representatives, our heirs and all future owners of the Premises. This Mortgage is for your benefit and for the benefit )f e.nyone to whom you may assign it. Upon payment in full of all amounts owing to you under the Note and this Mortgage, and provided any obligation to make further advances under the Note has terminated, this Mortgage and your rights in the Preraises shall end. NOTICE: Except for any notice required under applicable law to be given in another manner, (a) any notice to us provided for in this Mortgage shall be given by delivering it or by mailing such notice by regular first class mail addressed tO us at the last address appearmg in your records or at such other address as we may designate by notice to you as provided herein, and (b) any notice to you shall be given by certifed mail, return receipt requested, to your address at PO BOX 3110, ALPINE, WYOMING 83128 or to such other address as you may tesignate by notice to us. Any notice provided for in this Mortgage shall be deemed to have been given to us or you when given ~n the manner designated herein. RELEASE: Upon pa}anent of all sums secured by this Mortgage and provided your obligation to make further advances under the Note has terminated, you shall d!?charge this Mortgage without charge to us, except that we shall pay any fees for recording of a satisfaction of this Mortgage. GENERAL: You can waive or delay en?orcing any of your rights under this Mortgage without losing them. Any waiver by you of any provisions of this Mortgage will not be a waiver of that or any other provision on any other occasion. FE-4331 (WY} (0205) Page 3 or 4 592 THIS MORTGAGE has been signed by each of us under seal on the date first above written. WITNESS: (SEAL) (SEAL) Mortgagor: (SEAL) Mortgagor: .(SEAL) STATE OF WYOMING, Lincoln County ss: The foregoing instrument was acknowledged before me this JUNE 1. 2004 by RONALD J THACKER and CAII. OLYN W, THACKER, HUSBAND And WIFE (date) My Commission Expires: 0r}/'__8/07 (person acknowledging) N~tary~ FE-4331 (WY) (0205) Pal~e 4 of 4