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Home My WebLink About899877#30656(02)' WHEN RECORD ED, MAlL TO: Bank of Jackson Hole P.O. Box 7000 Jackson, WYOMING 830027000 This Instrument was prepared by: Bank of Jackson Hole P.O. Box 7000 Jackson, WYOMING 830027000 307-734-8111 MIN: 100015700036104483 Loan Nomber: 04774822 Escrow/Closing Number: RECEIVED LINCOLn',! COUNTY CLERK } oo c 5 5 7pRp o _( 52). (Space Above This Line for Recording Datal MORTGAGE (Line of Credit) THIS MORTGAGE, dated May 28, 200~:, is between Larry S, Compton and Melinda K. Compton, husband and wife, as tenants by the eutireies residing at: PO Box 2327 Jackson, WYOMING 83001, the person or persons signing as "Mortgagor(s)" below and hereinafter refe,-red to as "we" or "us" and Bank of Jackson tlole, with an address at: P.O. Box 7000 Jackson, WYOMING 830027000 and hereinafter referred to as "you" or tile "Mortgagee." MORTGAGED PREMISES: In coosideration of the loan hereinafter described, we hereby mortgage, grant and convey to yon the premises located at: 333 Bluebird Lane Thayne, WYOMING 83127 (the "Premises"), and further descmbed as: A portion of the NE1/4 SWl/4 of Section 8, T34N, Rll8W, 6th P.M., Lincolu County, Wyomiug and Being more particularly decsribed as follows: BEGINNING at a Point in the Ea~,;t boundary of said NE1/4SWl/4 said point being 329.19 feet NO degrees 37'lY'E, from the BLM type Monument markiJig Lloyd B. Barker's location for the Center Sonth 1/16, Section 8, thence S89 degrees 46'12"W, 655.74 feet;tbe~ce NO degrees14'58"E, 331.235 feet;thence N89 degrees 57'57"E, to said East bonndary, 657.85 feet;thence SO degrees 37'13"W, along said East boundary, 329.01 feet, to the Point of Beginning. Tile Premises includes all buildings and other improvements now or itl tile futnre on the Premises and all rights and interests which derive from our ownership, use or possession of tire Premises and all appurtenaoces thereto. LOAN: The Mortgage will secure your !oan' in tile principal amount of $100,000.00 or so ranch thereof, as may be advanced and readvanced from time to time to l,arry S. Compton, and Melinda K. Comptou, the Borrower(s) under the Hon~e Equity Credit Line Agreement and Disclosure Statement (tile "Note") dated May 28, 2004, plus interest and costs, lale charges and all olher charges related to the loan, all of which sums are repayable according to the Note. This Mortgage will also secure the performance of all of the promises and agreements made by ns and each Borrower and Co-Signer ill the Note, all of our promises and agreemeots in this Mortgage, any extensions, renewals, amendments, supplemeqts and other modifications of the Note, and any amounts advanced by yotl under the terms of tile section of this Mm'tgage entitled "Our Authority To Yot~." Loans under the Note may be made, repaid and ,'emade from time to time in accordance with tlle terms of the Note and subject to the Credit Limit set forth in the Note. OWNERSHIP: We are tile sole owner(s) of the Premises. We have the legal right to motlgage the Premises to you. BORROWER'S IMPORTANT OBLIGATIONS: (al TAXES: We will pay all real estate taxes, assessments water charges and sewer rents relating to tile Premises when they become due.. We will not claim any credit on, or make deduction from, the loan tinder Ihe Note because we pay these taxes and charges. We will provide you with proof of payment upon rcques,t. (b) MAINTENANCE: We will maintain the building(s) on the Premises in good condition. We will not make major changes itl the building(s) except for normal repairs. We will ~aot tear dowu any of the building(s) oil the Premises without first getting your consent. We will not nse the Premises illegally· If this Mortgage is on a unit in a condomininm or a planned unit development, we shall perform all of WYOMING HELOC Mortgage IDS, Inc. - (800) 554-1872 Page 1 of 3 Form ~31(WY) our obligations under tile declaration or coveLmnts creating or governing tile condominium or planned nnit development, the by-laws and regulations of tile condominium or plannel unit development and constitoent docnnrents. (c) INSURANCE: We will keep tile building(s) on the Premises insured at all times against loss by fire, flood and ally other hazards you may specifT. 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 tile time periods tha!. you specify. We will deliver to you upon your request tile 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 claims, to ihe extent of your interest nnder this Mortga se, before we do. The insurance policies must also provide that you be given not less than 10 days prior written notice of any cancell:ltion or reduction in coverage, for ally reason. Upon request, we shall deliver the policies, certificates or other evidence of insurance to! you. Ill the event of loss or damage to the Premises, we will immediately notify yon in writing and file a proof of loss with tile in rorer. You may file a proof of loss on our behalf i f we lhil or refilse to do so. You may also sign our name to any check, draft or other order for the payment of insurance proceeds m the event of loss or damage to the Premises. If you receive payment ora claim, yoL1 will have the ~'ight to choose to use the money either to repair tile Premises or to reduce tile amount owing on tile Note. ed) CONDEMNATION: We assign to you the proceeds of ally award or claim for dalnages, direct or consequential, in connection with any condenmation or other taking ol' the Premises, or pal1. thereof, or for conveyance in lieu of condemnation, all of which shall be paid to you, subject to tile terms of any Prior Mortgage. (e) SECURITY INTEREST: We wi':l join with you in signing and filing docmnents and, at our expense, in doing whatever you believe is necessary to perfect and continne the perfection of your lien and security interest in tile Premises. (0 OUR AUTHORITY TO YOU: If we Fail to perform our obligations under Ibis Mortgage, yoo may, if you choose, peri'cmn our obligations and pay soch costs and expenses. You will add tile amounts you advance to tile sums owing on the Note, on which you will charge interest at the interest rate set l'orth in the Note. 1l; for example, we fail to honm our promises to maintain insui'ance in effect, or to pay filing fees, taxes or tile costs necessmy tc keep the Premises in good condition and repair or Io pertbml any of oor olher agreements with yon, you may, if you choose, advance any sums to satisfy any of one agreemcnls with yon and chaLge tis interest on such advances at the interest rate set fodlh in the Note. This Mortgage secures all such advances. Your payments oil our behalf will not cure our l:ailure 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 tile amount owing on the Note I: lus the amount of any Prior Mollgages. (g) PRIOR MORTGAGE: If the provisions of this paragraph are completed, this Mortgage is subject and subordinate to a prior mortgage daled and given by tls to as mortgagee, iL1 the original amonnt of $ (the "l~rior Mortgage"). We shall [lot inqrease, amend or modi fy the Prior Mortgage without your prior written consent and shall llpon receipt of an), xvritten notice fron~ the holder of tile Prior Mortgage promptly deliver a copy of such notice to you. W~:. shall pay and perform all of our obligations under the Prior Mortgage as and when required under file Prior Mortgage. (bi HAZARDOUS SUBSTANCES: We shall not cause or permit lhe presence, use, disposal, storage, or release of any l/azardons Substances on or in the Prenfises. We sha!l not do, nor allow anyone else to do, anything affecting tile Premises that is ill violation of any Enviromnental Law. The preceding two sentences shall not apply to the presence, use, or storage on the Premises of small quautities of Hazardous Substances that are generally :ecognized to be appropriate to normal residential uses and to maintenance of the Premises. As used iii this paragraph, "Hazardous Substznce:~" 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 herbicides, volatile solvents, materials containing asbestos cr fommldehyde, and radioactive materials. As used in dfis paragraph, "Environmental Law" means federal laws and laws of the jurisdi :lion where the Premises are located thai relate to health, safety or environmental protection. (ii SALE OF PREMISES: We will r~ot sell, transfer ownership of, mortgage or otherwise dispose of our interest in the Premises, in whole or in part, or permit any other lien or claim against tile Premises without your prior written consent. (j) INSPECTION: We will permit yo'l to inspect the Premises at any reasonable time. NO LOSS OF RIGHTS: The Note and this Mortgage may be negotiated or assigned by you withoot releasing us or the Premises. You may add or release any person or property obllgated tinder the Note and this Mortgage without losing your rights iLL the Premises. DEFAULT: Except as may be prohibited by applicable law, and subject to any :ldvance notice and cum period if required by applicable law, if any event or condition described in Paragraph 12.A of tile Note occurs, yon may foreclose upon this Mortgage. This means that you may arrange for the Premises to be said oy 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 fi'om the sale is not enough to pay olT what we owe you, we will still owe yon tile diSfermme which you may seek to collect fi'om us in accordance with applicable law. In addition, you may, m accordance with applicable law, (ii entel on and take possession of tile Promises; (ii) collect the rental payments, including over-due rental payments, directly from tenants after simply notifying them by first class mail to make rental payments to you; (iii) manage the Premises; aud (iv) sign, cancel and change leases. We agree that the interest rate set forth iL1 the Note wilt contimie before and after a default, entry of a judgment and foreclosure. In addition, you shall be entitled to collect all reasonable ti~es and costs actually incurred by you ill proceeding to foreclosure, including, but not limited (o, reasonable attorneys' fees and costs of documentary evidence, abstracts and title reports. WYOMING HELOC Mortgage lOS. Inc. - (800i 554-1872 Page 2 ot 3 Form F~I(.WY)~4 Borrower(s) InitJals-~ ASSIGNMENT OF RENTS; APPOINTMENT OF RECEIVER: As additional security, we assign to you tile rents of the Premises. You or a receiver appointed by the courts shall be entitled to enter upon, take possession of and manage tire Premises and collect the rents of the Premises including lhose past title after fimply notifying them by first class mail to nlake rental payments to yon. WAIVERS: To the extent permitted by apl:licable law, we waive and release any error or defects in proceedings to enlbrce this Mortgage and hereby waive file benefit of ally present or fi,lure laws providing for stay of execntion, extension of time, exemption from attachment levy and sale and homestead exemption. , ' BINDING EFFECT: Each of us shall be fully responsible for all of the promises and agreements in this Mortgage. Until the Note has been paid in fifll and yonr obligation to make fnrther advances under lhe Note has been terminated, the provisions of this Mortgage will be binding on us, our legal representatives, our heirs and all fi. fl~are owners of lhe Premises. This Mod. gage is tbr your benefit and for the benefit of anyone to whom you ,nay assigr, it. Upon payment in fidl of all amonnts o~ving to you raider the Note and this Mortgage, and prov, ided any obligation to make fro',her ad~]'ances under the Note has terminated, this Mortgage and your rights in the Premises shall end. NOTICE: Except for any notice required 6nder 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 a~ the last address appearing 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 certified mail, return receipt requested, to yoi.~r address at: Bani{ of Jackson tlole P.O. Box 7000 Jackson, WYOMING 830027000 or to such other address as yoo may designateby notice to tls. Any notice provided fo,' in this Mortgage shall be deemed to have been given to us or you when given iu the manner designated llerein RELEASE: Upon payment of all sums secitred by this Mortgage and provided yonr obligation to make fi,rther advances under the Note has tm-miuated, you shall discharge this Mo'~tgage without charge to ns, except that we shall pay any fees lbr recording of a satisfaction of this Mo,tgage. ( GENERAL: Y0u~can waive or delay enforcing any of your rights under this Mortgage without losing them. Any waiver by you of any provisions of this Mortgage will not be a w;*iver of that or any other provision on any other occasion. THIS MORTGAGE has been signed by each of tls under seal on the date first above written. WITNESSES: Mortgagor: Larry S. C~npton Mortgagor: Melinda K. Cnnipton (se01) (Seal) Mortgagor: (Seal) Mortgagor: (Sea L STATE OF WYOMING, ~k~'~.~ ~Oq~) County ss: The foregoing insmunent was acknowledged be£ore me this c~~/) day of Comp,on, and Melinda K. Comp,on. Witness nay hand and official seal. My Connnission Expires: 9-t/~' ~-~ (Seal) '~/~ ~7 c~OOq by Larry S. Notary Public WYOMING HELOC Mortgage IDS, Inc. - (~00) 554-1872 Page 3 of 3 Form FE - 3131(WY) 12194