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HomeMy WebLinkAbout90032630691 F:EOE IVED -LIJlCOLF! COI.r,~TY 0LERI'( 9:00326 BOOK ....... ~' PAGE State of Wyoming Space Above This Line For Recording Dala MORTGAGE (With Future Advance Clause) DATE AND PARTIES. The date of this Mortgage (Security Instrument) is 9.6.'.0.9.-.2.0.0..4 .................................... and the parties, their addresses and tax identificetion numbers, if required, are as lbllows: MORTGAGOR: RICK L. JOHNSON and MICHELL~ M. JOHNSON, HUSBAND AND WIFE P.O. BOX 103 AUBURN, WY 83111 o [] If checked, refer [o the attached': Addendum incorporated herein, for additional Mortgagors, their signatures and acknowledgments. LENDER: THE BANK OF STAR VALLE7 Organized and existing unde; the laws of the state of Wyoming 384 WASHINGTON STREET PO BOX 8007 AFTON, WY;831 I0 83-031§143 CONVEYANCE, For good and valua~3le consideration, the receipt and stffficiency of which is acknowledged, and to secure the Secured Debt (defined below) and Mortgagor's performance under this Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lenfle with power of sale, the following described property: SEE EXHIBII 'A" AIIACH[0 H[REI0 AND MADE APART HEREOF o The property is located in ..................................................................... at .39.7. LS..TAT. E..~..W.¥.2.~..8 ........................... (County) ...................................................................................... .A.U.B..U.R..N ....................... Wyoming ......... 8.3.! J.1 ......... (Address) (City) (ZIP Code) Together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, all water and rtparian rights, ditches, and water stock and all existing and future improvements, structures, fixtures, and replacements that may now, or at · any time in the future, be part of the reaY 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 $ .4.q,p. q0..9.0. .......................... ~ ................. This limitation of amount does not include interest and other tees and charges validly made pursuant to this S, ecurity 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 SECURED DEBT AND FUTURE .ADyA'NCES. The term "Secured Debt" is defined as follows: A. Debt incurred under the terms olt all promissory note(s), contract(s), guaranty(s) or other evidence of debt described below and all their extensions, renewals, modifications or substim ions. (You must specifically identify the debt(s) secured and you sho~dd include t~¢ final maturity date of such debt(s).) ONE PROMISSORY NOTE DATED 6-9-04 IN !HE AMOUNT OF S4O,OOO.O0 WYOMING - HOME EQUITY LINE OF CREDIT MORTGAGE {NOT FOR FNMA, FHLMC, FHA OR VA USEI ©1994 Ba~r~ke~;s Systems, Inc, St. Cloud, MN Form OCP-REM1G-WY 10/7/98 [page I of 4J B. All future advances from Lend,!:r to Mortgagor or other future obligations of Mortgagor to Lender under any promissory note, contract, guaranty, or offer 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 this Security Instrument, each Mortgagor agrees that this Security Instrument will secure all future advances and future obligations that are given to or incurred by: any one or more Mortgagor, or any one or more Mortgagor and others. All future advances and other future oblig~,tions are secured by this Security Instrmuent even though all or part may not yet be advanced. All future advances ;~rzd other future obligations are secured as if made on the date ol' this Security Instrument. Nothing in this SecUrity Instru~nent shall constitute a commitment to make additional or future loans or advances in any amount. Any such commitment must be agreed to in a separate writing. C. All other obligations Mortgager !owes to Lender, which may later arise, to the extent not prohibited by law, including, but not limited to, liabilities for m)erdrafis relating to any deposit account agreement between Mortgagor and Lender. D. All additional sums advancedca~id 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 ~erms of this Security Instrument. In the event that Lender fails to [mvide any necessary notice of the right of rescission with respect to any additional indebtedness secured under paragral:'.h B of this Section, Lender waives any subsequent security interest in the Mortgagor's principal dwelling that is created by this Security Instrument (but does not waive the security interest for the debts referenced in paragraph A of this Section). MORTGAGE COVENANTS. Mor~g~igor agrees that the covenants in this section are material obligations under the Secured Debt and this Security Instrument. I./Mortgagor breaches any covenant in this section, Lender may refuse to make additional extensions of credit and reduce the ci'ed, it limit. By not exercising either remedy on Mortgagor's breach, Lender does not waive Lender's right to later consider the ev:m a breach if it happens again. Payments. Mortgagor agrees that ;ill Payments under the Secured Debt will be paid when due and in accordance with the terms of the Secured Debt and this Security Ini;trument. 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 cni~umbrance on the Property, Mortgagor agrees to make all payments when due and to perform or comply with all covenant;, iMortgagor also agrees not to allow any modification or extension of, nor to request any future advances under any note or agr,:ement secured by the lien document without Lender's prior written approval. Claims Against Title. Mortgagor w'.ll pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Property when due. Lender may require Mortgagor to provide to Lender copies of all notices that such amounts are due and the reCeipts e'videncing Mortgagor's payment. Mortgagor will defend title to the Property against any claims that would impai:' the lien of this 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 maintain or improve the Property. Property Condition, Alterations and:Inspection. Mortgagor will keep the Property in good condition and make all repairs that are reasonably necessary. Morti:agor shall not cormnit or allow any waste, impairment, or deterioration of the Property. Mortgagor agrees that the nature cf 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. Mortgagor will notify 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 l_~mler's option, enter the Property at any reasonable time for the purpose of inspecting the Property. Lender shall give Mortga.,[o:: notice at the time of or before an inspection specifying a reasonable purpose for the inspection. Any inspection of the ?r0Perty shall be entirely for Lender's benefit and Mortgagor will in no way rely on Lender's inspection. Authority to Perform. If Mortgagor iails to perform any duty or any of the covenants contained in this Security Instrument, Lender may, without notice, perlbrm br cause them to be performed. Mortgagor appoints Lender as attorney in fact to sign Mortgagor's name or pay any amou;it .'.necessary for performance. Lender's right to perform lbr Mortgagor shall not create an obligation to perform, and Lender's' hiilure to perform will not preclude Lender from exercising any of Lender's other rights under the law or this Security Instrurren't. Leaseholds; Condominiums; Planned Unit Developments. Mortgagor agrees to comply with the provisions of any lease il' this Security Instrument ison a leasehold. If the Property includes a unit in a condominium or a planned unit development, Mortgagor will perform all of Mortgagor's duties under the covenants, by-laws, or regulations of the condominimn or plamied 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 the PrCp,:rty through condemnation, eminent domain,· or any other means. Mortgagor authorizes Lender to intervene in Mortgagor's name in any of the, above described actions or claims. Mortgagor assigns to Lender the proceeds of any award or claim for ~lazhages connected .vith a condemnation or other taking of all or any part of the Property. Such proceeds shall be considered [ayments and will be applied as provided in this Security Instrument. This assignment of proceeds is subject to 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 its ~ype and location. This insurance shall be maintained in the amounts and lbr 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 v, itlSheld. If Mortgagor tails to maintain the coverage described above, Lender may, at Lender's Cption, obtain coverage to protect Lender's rights in the Property accord.ing to the terms of this Security Instrument. All insurance policies and renewals sh~all be acceptable to Lender and shall include a standard "mortgage clause" and, where applicable, "loss payee clause." Mortgagor shall immediately notify Lender of cancellation or tenninati0n of the insurance. Lender shall have the right to hold :he policies and renewals. If Lender requires, Mortgagor shall immediately give to Lender all receipts of paid premiums and r~newal notices. Upon loss, Mortgagor shall give immediate notice to the insurance carrier and Lender. Lender may make proof of!oss if not made immediately by Mortgagor. Unless otherwise agreed in writ:Yng.; all ihsurance proceeds shall be applied to the restoration or repair of the Property or to the Secured Deb whether or not then due, at Lender's option. Any application of proceeds to Ipage 2 of 41 1g)1994 Banko'zs Systems, Icrc., SI. Cloud. MN I:o~m (*CP-REMTG-WY 10/7/98 principal shall not extend or postpon~ the due date of the scheduled payment nor change the amount of any payment. Any excess will be paid to the Mortgagor. If! the Property is acquired by Lender, Mortgagor's right to any insurance policies and proceeds resulting from damage to the [iroperty before the acquisition shall pass to Lender to the extent of the Secured Debt immediately before the acquisition. Financial Reports and Additional 12'ocaments. Mortgagor will provide to Lender upon request, any financial statement or information Lender may 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 nnder this Security Instrument and Lender's lien s'ams on the Property. 6. DUE ON SALE. Lender may, at its 6ptilon; declare the entire balance of the Secured Debt to be immediately due and payable upon the creation of, or contract for t.~e :creation of, a transfer or sale of the Property. This right is subject to the restrictions imposed by federal law (12 C.F.R. 591), is applicable· 7. DEFAULT. Mortgagor will be in defimll if any of the following occur: Fraud. Any Consumer Borrower enga'ges in fraud or material misrepresentation in connection with the Secured Debt that is an open end home equity plan. Payments. Any Consumer Borrower cn ~3ny Secured Debt that is an open end home equity plan fails to make a payment when due. Property. Any. action or inaction by the Borrower,. . or Mortgagor occurs that adversely affects the Property or Lender's rights in the Property. This includes, but is not hm~ted to, the following: (a) Mortgagor fails to maintain required insurance on the Property; (b) Mortgagor transfers the Property; (c) Mortgagor commits waste or otherwise destructively uses or fails to maintain the Property such that the action or inaction adversely affects Lender's security; (d) Mortgagor fails to pay taxes on the Property or otherwise fails to act and thereby causes a lien to be filed against the Property that is senior to the lien of this Security Instrument; (e) a sole Mortgago? dies; (f) if more than one Mortgagor, any Mortgagor dies and Lender's security is adversely affected; (g) the Property isqaken through eminent domain; (h) a judgment is filed against Mortgagor and subjects Mortgagor and the Property to action that adversely affects Lender's interest; or (i) a prior lienholder forecloses on the Property and as a result; Lender's interest ~s 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 aggregat: amount greater than the amount permitted under federal laws and regulations. 8. REMEDIES ON DEFAULT. In addition to any other remedy available onder the terms 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 and state law ',will require Lender to provide Mortgagor with notice of the right to cure, or other notices and may establish time schedules fclr foreclosure actions At the option of the Lender, all or anyll part of the agreed fees and charges, accrued interest and principal shall become tmanediately due and payable, after giving notice if required by law, upon the occurrence of a default or anytime thereafter. Lender shall be entitled to, without limiiation, the power to sell the Property. The acceptance by Lender of any sum lin 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 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 ti) later consider the event a default if it happen., again. 9. EXPENSES; ADVANCES ON COVEN,~NTS; ATTORNEYS' FEES; COLLECTION COSTS. If Mortgagor breaches any covenant in this Security Instrument, Mdrtgagor agrees to pay all expenses Lender incurs in performing such covenants or protecting its security interest in the ?r0perty. Such expenses include, but are not limited to, lees incurred for inspecting, preserving, or otherwise protecting the Property and Lender's security interest. These expenses are payable on demand and will bear interest from the date of pay~nent ur~til paid in full at the highest rate of interest in effect as provided in the terms of the Secured Debt. Mortgagor agrees to [,ayl all costs and expenses incurred by Lender in collecting, entbrcing or protecting Lender's rights and remedies under fils Security Instrument. This amount may include, but is not limited to, reasonable attorneys' tees, court costs, and other 'egal expenses. This amount does not include attorneys' fees for a salaried employee of the Lender. To the extent permitted by the United States Bankruptcy Code, Mortgagor agrees to pay the reasonable attorneys' fees Lender incurs to collect the Secured, Debt as awarded by any court exercising jurisdiction under the Bankruptcy Code. This Security Instrument shall remain in' effect until released. Mortgagor agrees to pay for any recordation costs of such release. 10. ENVIRONMENTAL LAWS AND Ht,~ARDOUS SUBSTANCES. As used in this section, (1) Environmental Law means, without limitation, the Comprehensive En:viromncntal Response, Compensation 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 the punic !health, safety, welfare, envirmm~ent or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or contaminant which has characteristics which render the substance dangerous or pq, te~.tially dangerous to the public health, safety, welfare or environment. The term !,n, cludes, without limitation, any substances defined as "hazardous material," "toxic substances," "hazardous waste" or ' hazardous Substance"under any Enviro, nnyental Law. Mortgagor represents, warrants and agr[es .:that: A. Except as previously disclosed a[~d acknowledged in writing to Lender, no Hazardous Subslance is or will be located, stored or released on or in the Property. This restriction does not apply to small quantities of Hazardous Substances that are generally recognized to be appropriate for the normal use and ~naintenance of the Property. B. Except as previously disclosed ard acknowledged in writing to Lender, Mortgagor and every tenant have been, are, and shall remain in full compliance wi::h any applicable Environmental Law. C. Mortgagor shall immediately not~fy '!'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 concerning the Property. In such an event, Mortgagor shall take all necessary're~nedial action in accordance with any Environmental Law. D. Mortgagor shall immediately notify Lender in writing as soon as Mortgagor has reason to believe there is any pending or threatened investigation, claim, or p)oceeding relating to the release or threatened release of any Hazardous Substance or the violation of any Enviromnenta! Law. ~)1994 Flankers Systems, Inc., St. Cloud, MN Form OCP-!~EMTG-WY 1017198 [pago 3 o! 41 11. ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separate agreement, Mortgagor will not [~e required to pay [o Lender funds for taxes and insurance in escrow. 12. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Security Instrument are joint and ind:"vi.':lual. If Mortgagor signs this Security Instrument but does not sign an evidence 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 be personally liable on the Secured Debt. If this Security Instrument secures a guaranty between Lender and Mortgagor, Mortgagor ~grees to waive any rights that may prevent Lender from bringing any action or claim against Mortgagor or any party indebted under 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 Instrument shall bind and benefit the successors and assigns of Mortgagor and Lender. 13. SEVERABILITY; INTERPRETATION. This Security Instrument 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 that law expressly or impliedly permits the variations by written agreement. 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 remainder of this Security Instrument. Whenever used, the singular shall include the pmal and the plural the singular. The captions and headings of the sections of this Security Instrument are for convenience only an~J are not to be used to interpret or define the terms of this Security Instrument. Time is of the essence in this Security lnstrumerLt:. 14. NOTICE. Unless otherwise required by law, any notice shall be given by delivering it or by mailing it by first class mail to the appropriate party's address on p~ge 1 of this Security Instrument, or to any other address designated in writing. Notice to one mortgagor will be deemed to be ni~tice 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 rights relating to the Property 16. LINE OF CREDIT. The Secured Debt includes a revolving line of credit.. Although the Secured Debt may be reduced lo a zero balance, this Security Instrumenl will remain in effect until released. 17. APPLICABLE LAW. This Security, Instrument is governed by the laws as agreed to in the Secured Debt, except to the extent required by the laws of the jurisdictio ~ where the Property is located, and applicable federal laws and regulations 18. RIDERS. The covenants and agreeme~:,ts of each of the riders checked below are incorporated into and supplement and amend the terms of this Security Instrument.' [Check all applicable boxes] [] Assignment of Leases and Rents ~ Other .................................................................................................. 19. [] ADDITIONAL TERMS. SIGNATURES: By signing below, Mortg(.gor agrees to the terms and covenants contained in this Security Instrument and in any attachments. Mortgagor also acknowledges receipt of a copy of this Security Instrument on the date stated on page 1. ACKNOWLEDGMENT: / , STATE OF .W.V.0.m.i.n. it .......... ".: ...................... COUNTY OF ........ (Individual) ' L"/ ................................. J ' " This instrument was acknowledged before me this ......... ~.t.h.... ..... day of .4u.n.e.,..2.0.0?. ........ ./.~.~.~ ............ My c~mg~q~s, itl)~';~l~;;;;':'' '~' 'l' '¢'~; ~' ..................... ...................... i LAN'OE 'P.' Ro~'i~-~':"~'~i~ ~ IMY COUMI ,S$10N EXPIRE~ ©1994 [tankers Systems, Inc., St. Cloud, MN Fo~m ~)CP-REMTG-WY 10/7/98 ; . ":'4.':' ;i.' .' :-:'i.. :'; ! · - ': .;..'. ,.L 08:3§AM Policy FROU-L~nd T(~'~ Company 307-T33-81I- T-340 P.OOB/OOT F-TS1 EXIIlBIT "A" Beginning 411.5 feet South of the 1,lm!hwcst Comer of Lot 1, Section 4, Township 32 North, Range 119 West and running thence South 142 feet, thence East 306.76 feet, thence North 142 feet, thence West 306.76 feet to the point of begirming, i HEP Policy - Schedule A Policy No,: M-9945-1.01006 Page 3 of 4 STEWART TITLE Guaranty Company