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HomeMy WebLinkAbout900076When Recorded Return To: U.S. BANK CONStR,~R FINANCE DIV. 16 NINTH AVE. NORTH HOPKINS, MN 55343-7617 State of Wyonfing REC£ IVED 'LINCOLN COUNTY CLERK 9 0 0 0 7 6 I 3:39 548 Space Above Tiffs Lh~e For Recordh~g Data MORTGAGE (With Future Advance Clause) DATE AND PARTIES. The date of :his Mortgage (Security Instrument) is Ju_n__e___! .... _2._0_ ~_4 .......... and the parties, their addresses and tax identification numb'~rs, if required, are as follows: MORTGAGOR: R. LEE RITCHE~! SEE ATTACHMENT A 662 SUNSET DR, ALPINE, WY 83128 If checked, refer to the attach,~6 Addendum incorporated herein, for additional Mortgagors, their signatures and acknowledgments. LENDER: U.S. BANK NATION3%~ ASSOCIATION ND 4325 - 17TH AVEN[E SW, FARGO, ND 58103 o CONVEYANCE. For good and vai.uible consideration, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debt (defined below) and Mortgager's performance under this Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warr:mts to Lender, with power of sale, the following described property: SEE "ATTACHMENT A" 4° The property is located in LINCOLN at 662 SUNSET DR (County) ........................................................................................ __AL_ ~.I__N_ .E ..................... Wyoming ........... 8~3!..2_~ ........... (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 ~li existing 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"). MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at any one time shall not exceed $ .9._9_, .0 0_ 0_ _. _ _0_ _0_ ......................................... . This limitation of amount does not include interest and other fees and charges validly made pursuant to d is Security Instrument. Also, this limitation does not apply to advances made under the terms of this Security lnstrumem to protect Lender's security and to perform any of the covenants contained in this Security Instrument. SECURED DEBT AND FUTURE ADVANCES. The term "Secured Debt" is defined as follows: A. Debt incurred under the terms )f all pronnssory note(s), contract(s), guaranty(s) or other evidence of debt described below and all their extensions,, renewals, modifications or substitutions. (You must specifically identify the debt(s) secured and you should include tl!e final maturity date of such debt(s).) All amounts payable to Lender at any time under a U.S. BANK EQUILINE AGREEMENT dated 6/7/2004, signe¢i by R LEE RITCHEY. The length of the repayment period and the maturity date will depend' on the amounts owed at the beginning of the repayment period, but i't will end no later than the maturity date of 7/15/2029. WYOMING - HOME EQUITY LINE OF CREOIr MORTGAGE {NOT FOR FNMA. FHLMC. FHA OR VA USEI (~) 1994 Bankers Systems, Inc., St. Cloud. MN Form C'CF*R/MTG-WY 1017198 (~}.2C465(WY) 1990~ Lo2 VMP MORTGAGE FORMS-1800)521-7291 V~~~of 4) ~ ATTACHMENT A R. Lee Ritchey Revocable T~st Agreement dated April 9, 1997 ~.~ 549 55O B. All future advances from Lender to 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 tiffs Security Ind:rument, each Mortgagor agrees that this Security Instrument will secure all future advances and future obligatioris that are given to or incurred by any one or more Mortgagor, or any one or more Mortgagor and others. All furore advances and other future obligations are secured by tlfis Security Instrument even though all or part may not yet be advanced. All future advances and other future obligations are secured as if made on the date of this Security Instrument. Nothing in this Security Instrument shall constitute a commitment to inake additional or future loans or attvances 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 to, liabilities for overdrafts relating to any deposit account agreement between Mortgagor and Lender. D. All additional sums advanced md 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. In the even[ that Lender fails to pKwide any necessary notice of the right of rescission with respect to any additional indebtedness secured under paragrapl'.i. B of this Section, Lender waives any subsequent security interest in the Mortgagor's principal dwelling that is created by tl]is Security Instrument (but does not waive the security interest for the debts referenced in paragraph A of this Section). 5. MORTGAGE COVENANTS. Morlgagor agrees that the covenants itl this section are material obligations under the Secured Debt and this Security Instriment. If Mortgagor breaches any covenant in this section, Lender may refuse to make additional extensions of credit and reduce the 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 that al! payments under the Secured Debt will be paid when due and in accordance with the terms of the Secured Debt and this Se'c,:urity Instrument. 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 with all covenants. Mortgagor also agrees not to allow any modification or extension of, nor to request any future advances under any note o: 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 tc ~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 wou~d impair the lien of this Security Instrument. Mortgagor agrees to assign to Lender, as requested by Lender, any rights, clai:ns or defenses Mortgagor may have against parties who supply labor or materials to maintain or improve the Property. Property Condition, Alterations ang Inspection. Mortgagor will keep the Property in good condition and make all repairs that are reasonably necessary. Mortgagor shall not connnit or allow any waste, tmpairment, or deterioration of the Property. Mortgagor agrees tbat the nature of the occupancy and use will not substantially cbange without Lender's prior written consent. Mortgagor will not permit ;my change in any license, restrictive covenant or easement without Lender's prior written consent. Mortgagor will noti:.ly Lender of all demands, proceedings, claims and actions against Mortgagor, and of any loss or damage to the Property. Lender or Lender's agents may, at Lender's option, enter the Property at any reasonable time for the purpose of inspecting the Property. Lender shall give Mortgagor notice at the time of or before an inspection specifying a reasonable purpose for the inspection. Any inspection of th$- Property shall be entirely for Lender's benefit and Mortgagor will itl no way rely on Lender's inspection. Authority to Perform. If Mortgagorfails to perform any duty or any of the covenants contained in this Security Instrument, Lender may, without notice, perform or cause them to be pertbrmed. Mortgagor appoints Lender as attorney in fact to sign Mortgagor's name or pay any amount necessary for performance. Lender's right to perform for Mortgagor shall not create an obligation to perform, and Lender's failure to perform will not preclude Lender t¥om exercising any of Lender's other rights under the law or this Security 'lr:strument. · Leaseholds; Condominiums; Plann/id Unit Developments. Mortgagor agrees to comply with the provisions of any lease if this Security InStrument is on a leasehold. If the Property includes a unit in a condonfinium or a planned unit development, Mortgagor will perform all of Mor?gagor's duties under the covenants, by-laws, or regulations of the condominium 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 t~e Property through condemnation, eminent domain, or any other means. Mortgagor authorizes Lender to intervene in Mo:tgagor's name in any of the above described actions or claims. Mortgagor assigns to Lender ihe proceeds of any award or claim for damages connected with a condemnation or other taking of all or any part of the Property. Such proceeds shall b~ Considered payments and will be applied as Provided in this Security Instrument This assignment of proceeds is subject t0 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' i~s type and location. This insurance shall be maintained in the amounts and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Mortgagor subject to Lender's approval, which shall not be unreasonably withheld. If Mortgagor fails to maintain the 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 include a standard "mortgage clause" and, where applicable, "loss payee clause." Mqttgagor shall immediately notify Lender of cancellation or termination of the insurhnce. Lender shall have the right to hold'the policies and renewals. If Louder requires, Mortgagor shall immediately give to Lender all receipts of paid premimc~s and renewal notices. Upon loss, Mortgagor shall give immediate notice to the insurance carrier and Lender. Lender may make proof of loss if not made i~nmediately by Mortgagor. Unless otherWise agreed in writing, ,all insurance proceeds shall be applied to the restoration or repair of the Property or to the Secured Debt, whether or not 'lhen due at Lender's option Any application of proceeds' to principal shall not (~) 1994 Bankers Systems, inc., St, Cloud, MN Form (DCP-REMTG-WY 1017198 (~®-C4651WY} 199011.02 : _ag~f 4) O ooo7¢; · . 551 extend or postpone the due date of thlv scheduled payment nor change the amount of any payment. Any excess will be paid to the Mortgagor. If the Property is a,zquired by Lender, Mortgagor's right to any insurance policies and proceeds resulting from damage to the Property before!, the acquisition shall pass to Lender to the extent of the Secured Debt immediately before the acquisition. Financial Reports and Additional l~ocuments. Mortgagor will provide to Lender upon request, any financial statement or information Lender may deem reasor~ably necessary. Mortgagor agrees to sign, deliver, and file any additional documents or certifications that Lender may comider necessary to perfect, continue, and preserve Mortgagor's obligations under this Security Instrument and Lender's lien:!status on the Property. 6. DUE ON SALE. Lender may, at it,, option, declare the entire balance of the Secured Debt t° be immediately due and payable upon the creation of, or conti':act for the creation ofl a transfer or sale of the Property. This right is subject to the restrictions imposed by federal law (I!~!.C.F.R. 591), as applicable. 7. DEFAULT. Mortgagor will be in defi~ult if any of the following occur: Fraud. Any Consumer Borrowe'i engiges in fraud or material misrepresentation in connection with the Secured Debt that is an open end home equity plan. !~, Payments. Any Consumer BorroWerlOn any Secured Debt that is an open end home equity plan fails to make a payment when due. [ ' Property. Any action or inaction by t!~e Borrower or Mortgagor occurs that adversely affects the Property or Lender's rights in the ProPerty. This includes, but is aot limited to, the following: (a) Mortgagor fails to maintain required insurance on the Property; (b) Mortgagor transfers th;!; Property; (c) Mortgagor connnits waste or otherwise destructively uses or fails to maintain the Property such that the ac?lion or inaction adversely affects Lender's security; (d) Mortgagor fails to pay taxes on the Property or otherwise fails to act ~md thereby causes a lien to be filed against the Property that is senior to the lien of this Security Instrument; (e) a sole M0rtg~gor dies; (f) if more than one Mortgagor, any Mortgagor dies and Lender's security is adversely affected; (g) the Property is~taken through eminent domain; (h) a judgment is filed against Mortgagor and subjects Mortgagor and the Property to actioi~ that adversely affects Lender's interest; or (i) a Prior lienholder forecloses on the PropertY and as a result, Lender's intel:est 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 aggreg!i:~te amount greater than the amount pern-fitted under federal laws and regulations. 8. REMEDIES ON DEFAULT. In ad.lition to any other remedy available under the temps of this Security Instrument, Lender may accelerate the Secured Debt and foreclose this Security Instrument in a manner provided by law if Mortgagor is in default. In some instances, federal..iand state law will require Lender to provide Mortgagor with notice of the right to cure, or other notices and may establi.,fi time schedules for foreclosure actions. At the option of the Lender, all or aay part of the agreed fees and charges, accrued interest and principal shall become immediately due and payable, after gi'(ing notice if required by law, upon the occurrence of a default or anytime thereafter. Lender shall be entitled to, without lirifitation, 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 foreclosure procee:lings are filed shall not constitute a waiver of Lender's right to require complete cure of any existing default. By not exercislng any remedy on Mortgagor's default, Lender does not waive Lender's right to later consider the event a default if it happens again. 9. EXPENSES; ADVANCES ON coyENANTS; ATTORNEYS' FEES; COLLECTION COSTS. If Mortgagor breaches any covenant in this Security Instrument, Mortgagor agrees to pay all expenses Lender incurs in performing such covenants or protecting its security interest in thd Property. Such expenses include, but are not limited to, fees incurred for inspecting, preserving, Or otherwise protecting th.~(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 highest rate of interest in effect as provided in the terms of the Secured Debt. Mortgagor agrbes to pay all costs and expenses incurred by Lender in collecting, enforcing or protecting Lender's rights and remed:~s under this Security Instrument. This amount may include, but is not limited to, reasonable attorneys' fees, court costs/and other legal expeuses. This amount does not include attorneys' fees for a salaried employee of the Lender. To the ext(n[ permitted by the United States Bankruptcy Code, Mortgagor agrees to pay the reasonable attorneys' fees Lender inct'~s to collect the Secured Debt as awarded by any court exercising jurisdiction under the Bankruptcy Code. This Security !4nstrument 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, without limitation, the Comp?ehensive Environmental Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), and all other Iederal, state and local laws, regulations, ordinances, court orders, attorney general opinions or interpretive letters concen-.ing the public health, safety, welfare, enviromnent or a hazardous substance; and (2) Hazardous Substance means any tox!c, radioactive .or hazardous material, waste, pollutant or contaminant which has characteristics which render the subsYance dangerous or potentially dangerous to the public health, safety, welfare or environment. The term includes, wit!:~out limitation, any substances defined as "hazardous material," "toxic substances," "hazardous waste" or "hazardous subst;mce" under any Environmental Law. Mortgagor represents, Warrants and ag~.ees that: A. Except as previously disclosec.i and acknowledged in writing to Lender, no Hazardous Substance is or will be located, stored or released on c.'r in the Property. This restriction does not apply to small quantities of Hazardous Substances that are generallyre~:ogmzed' to be appropriate for the normal use and maintenance of the Property. B. Except as previously disclosed md acknowledged in writing to Lender, Mortgagor and every tenant have been, are, and shall remain in full compliance with any applicable Environmental Law. C. Mortgagor shall inmaediately n:~tify 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 Environmental Law concerning the Property. In such an event, Mortgagor shall take all y'~.ecessary remedial action in accordance with any Enviromnental Law. D. Mortgagor shall immediately r.~ibtify Lender in writing as soon as Mortgagor has reason to believe there is any pending or threatened investighti0n, claim, or proceeding relating to the release or threatened release of any Hazardous Substance or the violation of any Environmental Law. (page 3 of 41 (~ 1994 Bankers Systems, Inc., St. Cloud, MN Form O~:?-RFMTG-WY 10/7/98 (~®-C465(WY) ,990D.02 11. ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separate agreement, Mortgagor will not be required to pay to Lender funds for laxes and insurance in escrow. 12. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties uuder this Security Instrument are joint an?l individual. If Mortgagor signs this Security Instrument but does not sign an evideuce of debt, Mortgagor does so only to.mortgage Mortgager's interest in the Property to secure payment of the Secured Debt and Mortgagor does not agree to k~,e: personally liable on the Secured Debt. If this Security Instrument secures a guaranty between Lender and Mortgagor, M 3rtgagor agrees to. waive any rights that may prevent Lender from bringing any actiou or claim against Mortgagor or any pa;fy indebted mtder the obligation. These rights may include, but are not limited 'to, any anti-deficiency or one-action laws. The duties and benefits of this Security Iustmment shall bind. and benefit ihe successors and assigns of Mortgagor and Lender. 13. SEVERABILITY; INTERPRETATION. This Security Instrument is complete mid fully integrated. This Security Instrument may not be amended o' modified by oral agreement. An5' section in this Security Instrument, attachments, or any agreement related to the Securcci Debt that conflicts with applicable law will notbe effective, unless that law expressly or impliedly permits the variation:; by written agreement. If ,'uty section of this Security Instrument cannot be enforced accordiug to its terms, that section ,viii 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 for convenience only and are not to be used to inteq~ret or define the terms of this Security Instrument. Time is of d~e essence in this Security Instrument. 14. NOTICE. Unless otherwise require>l by law, any notice shall be given by deliveriug it or by mailing it by first class mail to the appropriate party's address'c'u page 1 of this Security Instrument, or to any other address designated in writing. Notice to one mortgagor will be deemed 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' v, ights 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 lustrumer~t will remaiu in effect nutil released. 17. APPLICABLE LAW. This Secur'.ti~, Instrument is governed by the laws as agreed to in the Secured Debt, except to the extent required by the laws of the jm'isdiction where the 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 supplement and amend the terms of this Security ln.;t'rument. [Check all applicable boxes] ~ Assignment of Leases and Rents ~ Other 19. [---] ADDITIONAL TERMS. (Individual) SIGNATURES: By signing below, Mortgagor agrees to the terms and covenants contained in this Security Instrument and in any attachlnents, lvlortgagor also acknowledges receipt of a copy of this Security Instrument on the date stated on page 1. STATE OF ....... ~].9_~P[; ........................... COUNTY OF Llncoln This instrument was acknow.~edged before me this 7th ~ ] day of ,June, 2004 by R. Lee Ritchle.: ' ............. -'-D'J-~ .... : .... '~-~}-~_~'}~'~--~}~}~~}~-: I ~~. ~oT~c J ..................... ~'~--~--~ ...... Y---:---~ ..................... J ' ~ J (~otary Public) ] (~) 1994 Bankers Systems, Inc., Si. Cloud, MN F~rr:'i OCP-REMTG-WY 10/7/9fl (~C4fiS(WY} ISS0~L0~ · (page 4 of 4) Borrower: RITCItEY Loan Number: 00003000275869 553 I~l~bank. ATTACHMENT "A" Property Description Lot 2 of Block 1 of the Alpine Estates Subdivision, Lincoln County, Wyoming as described on the official plat thereof.