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Home My WebLink About900636 WHEN RECORDED MAIL TO: ~ -- FIRST BANK OF IDAltO, FSB, DBA 'FIRST P.O. BOX 12860 JACKSON, WYOMING 83001 DOC ID It: 494003022 ESCROW/CLOSING #: -- SPACEABOVE FOR RECORDERS USE ~NK OF TItE TETONS CHL #: 59315547 MORTGAGE (Line of Credit) THIS MORTGAGE, dated JUN~ 25 , 2004, is between Frank P. Lyons and Kathleen F. Lyons, HUSBAND And WIFE M1N 100174102000012908 residing at P.O. Box 6334, Jaclrson, WYOMING 83002 the person or persons stgning as "Mortgagor(s)" below and hereinafter referred to as "we" or "us" and "/vlortgage Electronic Registration Systems, Inc ("MERS") (solely as nominee for FIRST BANK OF IDAHO, FSB, DCA FIRST BANK OF THE TETONS (hereinafter 'you" or "Lender") and Lender's successors and assigns)," with an address at P.O. Box 2026, Flint, rvli 48501-2026, tel. (888) 679-MERS, refe, rred to as the "Mortgagee." Borrower understands and agrees that MERS holds only legal title to the interests granted by Borrower m 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, including, 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 consideration of the loan hereinafter described, we hereby mortgage, grant and convey to MERS (solely as nomtnee for Lender tnd Lender's successors and assigns) and to tbe successors and assigns of MERS, xvitb power of sale, the prenfises located at: 101 Ashley Drive Alpine Municipality and further described as: StTe¢[ Lincoln ~ County Slate Lot 16 of the Trail Creek Subdivisiofi, I_incoln County, Wyoming as described on the official plat filed April 3, 2002 as Instrument No. 880072 83128 {the "Premises"). zip The Premises includes all buildings and o her improvements now or in the fimu'e on the P,'elnises and all rights and interests which derive frmn our ownership, use or possession of the Premises and all appurtenances thereto. LOAN: The Mortgage will secure your loan in the principal amount of $ 31,000.00 or so much thereof as may be advanced and readvanced from time to time to Frank P. Lyons Kathleen F. Lyons , and , the Borrower[s) under the Home Equity Credit Line Agreement and Disclosure Statement (the "Note" dated JUNE 25, 2004 , plus interest and costs, late charges and all other HELOC. WY Mortgage with MERS FE-43 31 (WY) (0205) PLATINUM/GMD Page I of 4 FORMSEDGE- {800)635-4111 I;~ilials ._~3~' charges related to the loan, all of which stuns are repayable according to thc Note. This Mortgage will also secure the performance of all of the prom,scs sud agreemems made by tis and each Borrower and Co-Signer in the Note, all of our promises and agreements in this Mortgage, any extensions, renewals, amendinents, supplements and other modifications of the Note, and any amounts advanced by you under the terms of the sectiou of this Mo,'tgage entitled "Our Authority To You." Loans under the Note may be made, r~paid and remade fi'om ti]ne to time m accordance with the terms of the Note aod subject to the Credit Limit set forth in the Not). OWNERSHIP: We are the sole owner(s) of the Premises. We have the legal right to mortgage the Prmnises to you. BORROWER'S IMPORTANT OBLIGATIONS: (a) TAXES: We will pay all real es'rote taxes, assessmeuts, water cha,ges and sewer rents relating to the P,'emises when they become due. We will not claim any credit on, or make deduction fi'om, the loan tinder the Note because we pay these taxes and charges. We will provide you witk proof of payment upon request. (b) MAINTENANCE: We will maintain the building(s) on tile Premises m good condition. We will not make major changes in the building(s) except for horn-al repairs. We will not tear down any of the building(s) on the Premises without first getting your consent. We will not use the Premises illegally. If this Mortgage is on a unit in a condominium or a plauned uuit development, we shall perform all of our obligations tinder the declaration or covenants creating or governing the condominium or planned unit development, the by-law; and regulations of the condominium or planned unit development and consnment documents. (c) INSURANCE: We will keep the building(s) on the Premises insured at all times against loss by fire, flood and any other hazards you may specify. We may choose the insurance company, bot om' choice is subject to your reasonable approval. The policies must be for at least the a,nounts and the time periods that you specify. We will deliver to you upon you,' request the policies or other proof of the insararce. The policies nmst name you as "mortgagee" and "loss-payee" so dmt you will receive payment on all insurance cia;ms, 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 nonce of auy cancellation or reduction in coverage, for any reason. Upon reque.;t, we shall deliver the policies, certificates or other evidence of insurance [o you. In the event of loss or damage to the Premises, we will immediately notify you in wrmng and file a proof of loss with tile insurer. You may file a proof of loss on our behall if we fail or refuse to do so. You may also sign our name to any check, draft or other order for the payment of insurance proceeds in the event of loss or damage to the Premises. If you receive payment of a claim, you will have the right to choose to use the money either to repair the Premises or to reduce the amount owing on the Note. (d) CONDEMNATION: We ass;gn to you the proceeds of any award or claim for damages, direct or consequential, in connection with any condemnatiou or uther taking of the Premises, or part thereof, or for conveyance ~n lieu of condemnation, all of which shall be paid to you, subject to the terms of any Prior Mortgage. (e) SECURITY INTEREST: We will join with you in signing and filing documents and, at our expense, in doing whateve,' 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 tinder 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 owiug on the Note, on which you will charge intere;t atthe interest rate set forth in tile Note. If, for example, we fail to honor our promises · to maintain insurance itt effect, or to pay filing fees, taxes or the costs necessary to keep the Premises in good coudition and repair or to pertbrm any of our other agreements with you, you may, if you choose, advance any stuns to satisfy any of our agreements with you and charge us interes': on such advances at the interest rate set forth in the Note. This Mortgage secures all such advances. Your payments on dur behalf will not cure our failure to perform our promises in this Mortgage. Any replacement insurance that you obtain ',o cover loss or damages to the Premises may be lir,fited to the amount owing on the Note plus the amount of arty Prior Mortgages. (g) PRIOR MORTGAGE: If the provisions of this pm'agraph are contpleted, this Mortgage is subject and subordinate to a prior mortgage dated JUNE 25, 2004 and given by us to First Bank of Idaho, FSB d/b/a First Bank of the Tetons as mortgagee, in the original amount o~,'$ 248,000.00 (the "Prior Mortgage"). We shall not increase, ameud or modify the Prior Mortgage without YOUr prior written consent and shall upon receipt of any written notice frown the holder of the Prior Mortgage promptly deliver copy of such notice to you. We shall pay and perforln all of our obligations under the Prior Mortgage as and when required under the Prior Mortgage. (h) HAZARDOUS SUBSTANCES: 'We shall not cause or per,nit tile presence, use, disposal, storage, or release of any Hazardous Substances on or in the Prmnises. We shall not do, nor allow anyone else to do, auything 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 Hazardous .Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Premises. Ag used in this paragraph, "Itazardous Substances" are those substances defined as toxic or hazardous substances by Environmemal Law and the tbllowing substances: gasoline, kerosene, other flmmnable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or funnaldebyde, and radioactive materials. As used in this paragraph, "Enviromnental Law" means federal laws and taws of the jurisdiction where tile Prmnises are located that relate to health, safety or enviromnental protection. (i) 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 the Premises without your prior written consent. FE-4331 (WY)(0205) Page2 of 4 Initial,: ,/T:~ ~.~. 0) INSPECTION: We will permit you to insPect the Premtses at any reasonable time. NO LOSS OF RIGHTS: The Note and ihis Mortgage may be negotiated or assigned by you without releasing us'or the Premises. You may add or release any person or property obligated under the Note and this Mortgage without losing your rights in the Pre]nises. DEFAULT: Except as ntay 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 tile Note occurs, you may foreclose upon this Mortgage. This means that you may arrange for tile 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 is not enough to pay off what we owe you, we will still owe you tile difference wi/ich 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) col!ecl the rental payments, including over-due rental payments, directly fi'om tenants after simply 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 interest r~'te set forth in the Note will continue before and after a default, entry of a judgment and foreclosure. In addition, you shall 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 tile rents of tile Premises. You or a receiver appointed by tne courts shall be entitled to enter upon, take possession of and manage tile Premises and collect the rents of the Premises ir'eluding those past due after simply notifying them by first class mail to make rental payments to you: WAIVERS: To the extent permitted bY aPt;:licable law, we waive and release any error or defects in proceedings to enforce this Mortgage and hereby waive the benefit Cf any present or future laws providing for stay of execution, extension of time, exemption fi'om attachment, levy and saJe a.j~d homestead exemption. BINDING EFFECT: Each of us shall I:.e fully responsible for all of the promises and agreements in this Mortgage. Until tile Note has been paid in full and your obligation to make further advances under the Note has been terminaied, the provisions of this Mortgage will be binding on us, Oui legal representatives, our heirs and all furore owners of the Prmnises. This Mortgage is for your benefit and for the benefit of anyone to whom you may assibm it. Upon payment in full of all amounts owing to you under tile Note and this Mortgage, and provided any obligation to make further advances under the Note has terminated, this Mortgage and yom' rights in the Premises shall end. NOTICE: Except for any notice require:l u]~der applicable law to be given m another manner, (a) any notice to us provided for in this Mortgage shall be given by delix ering it or by mailing such notice by regular first class mail addressed to us at the last address appearing in your records or at ~uch other address as we ]nay designate by notice to you as provided herein, and (b) any notice to you shall be given by certified mail, return receipt requested, to your address at P.O. BOX 12860, JACKSON, wYOMING 83001 or to such other address as you may desigma.te by notice to us. Any notice provided for in this Mortgage shall be deemed to have been given to us or you when given in the manner designated herein. RELEASE: Upon payment of all sums secured by this Mortgage and provided your obligation to make further advances under the Note has terminated, you shall disch'~rge 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 ~nforcing any of your rights Under this IVlortgage without losing tl~em. Any waiver by you of any provisions of this Mortgage will r:ot be a waiver of that or any other provision on any other occasion. FE-4331 (WY) (o2o5) Page 3 om 4 THIS MORTGAGE has been signed by each of us under seal on tile date first above written. WITNESS: Mortgagor: - Frank P. Lyons ~z>~/ (SEAL) Mortgagor: Kathleen F. Lyons Mortgagor: Ivlortgagor: (SEAL) (SEAL) STATE OF VO2~OMING, Teton County ss: The foregoing instrument was acknowledged before me this __ .._ ~ r:. 9~ ~-- ,! _ by Frank P. Lyons and Kathleen F. I,yons, ItUSBAND And WIFE (date) My Commission Expires: (person /~ acknowledamg) ~ ~. Notary Fublic - ~ FE..43 31 (WY) (0205) Page 4 ot 4