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HomeMy WebLinkAbout900843THIS MORTGAGE is given on c. ~.. E VED 9008t 3 WYOMING OPEN-END MORTGAGE (Securing Future Advances) Ju2¥ 2nd' 2004 0049475817 The mortgagor is ROBERT C. STROTHER & VIRGINIA STROTHER, Husband h Wife This mortgage is given to FIRST HORIZON HOME LOAN CORPORATION whose address is . 4000 Horizon Way, Irvin[i, Tekas 75063 In this Mortgage the terms y u , yours refer to the mortgagor(~). Tlie [erlns "we", "US" and "our" rel'~r to FIRST HORIZON HOME LOAN CORPORATION Pursuant to a Home Equity Line of Credit Agreement and disclosures under thc Federal Truth4n Lending Act dated the s,'m~e date as this Mortgage" ' (Agreement"), you nmy incur indebtedness in mnounts fluctuating MAXIMUM PRINCIPAL SUM of TWENTY EIGHT THOUSAND THREE HUNDRED FI FTY & 00 / 100 from time to time tip to the Dollars (U.S. $ 28,350.00). The Agreement provides for the full debt, if not paid earlier, to be paid by AUGUST 1, 2024 You agree that this Mortgage shall cm'.tinue to secure all sums now or hereafter advanced under the terms of the Agreement includiug, without limitation such sums that are advanced to you whether or not at the time the sums are advanced there is any principal stun ou£standing trader the Agreement This Mortgage secures to us: (a) the repayment of die debt evidenced by the Agreement, with interest, and all refinancings, renewals, extensions and mad/fications of the Agreement; (b) th~ payment of all other sums, with interest, advanced under paragraph 7 of this Morrgage to protect the security of this Mortgage; and (c) the pertbmmnce of your covenants and agreements under this Mortgage and the Agreement. For this puq~ose and in consideration of die debt, you do hereby mortgage, grant and convey ro us and our successors and assigns the property located in Lincoln County, Wyoming, to wit: All that tract or parcel of land as shown on Schedule "A" attached hereto which is incorporated here~n and made a part hereof. WY HELOC FHHLC 03-04 1 of 6 FH6D271 o9oo84a Which property has the address of: 1.592 STRAWBERRY CREEK ROAD, BEDFORD, BIYOMING 83112 "Property Address". TOGETHER WITH all the improvemants5 now or hereafter erected on the property, and all easements, appurtmmnces, and fixtures now or hereafter a part of 0.'e property. All replacements and additions shall also be covered by this Mortgage. All of the foregning is referred to in this Mortgage as the "Property." YOU COVENANT that you are lawfully seized of the estate hereby conveyed and have the right to grant and convey the Property and that fl~e Property is unencumbered, except for encumbrances of record. You warrant and will defend generally the title to the Property agai~st all clahns and demands, subject to any encumbrances of record. YOU AND VVE cove~mnt and agree as follows: 1. Payment of P,-incipal, Interest an;l Other Charges. You shall pay when clue die principal and interest owing under the Agreement and all other charges doe under the Agreement. 2. Payments or' Taxes and Insurance. You will pay, when due, all taxes, assessments, leasehold payments or ground rents (if any), and hazard insurance oil the Property and mortgage insurance (if any). 3. Application of Payments. Unless applicable law provides otherwise, all payments received by us under 0re Agreement and paragraph 1 .may be applied by us tint to interest and other cliarges payable under the Agreement and then to the remaining principal balance under the Agreement. 41 Prior Mortgages; Charges; Liens. You shall pertbrm all of your obligations under any mortgage, deed of trust or other security instrmnents with a lien ',vhich has priority over this Mortgage, iucludiug your covenants to make payments when due. You shall pay all taxes, a;;sessments, charges, fines and impositions attributable to the Property which may attain priority over this Mortgage or any advance under Otis Mortgage, and leasehold payments or gronnd rents, if any. Upon our request, you shall promptly furnish to us all notices of mnounts to be paid under this paragraph and receipts evidencing any such payments you make directly. You shall promptly discharge any lien (0d~er than a lien disclosed to us in your application or in any title report we obtained) which has pri6rity over this Mortgage or any advance to bc made under the Agreement or this Mortgage. 5. Hazard Insurance. You shall keep the Property insured against loss by fire, hazards included within the term "extended coverage" and any other hazards, including floods or flooding, for which we require insurance. This i~rsurance shall be maintained in the mnounts ;an] tbr the periods that we require. You may choose any insurer reaso~mbly acceptable to us. Insurance policies and renewals shallbe acceptable to us and shall include a standard mortgage clause. If we require, you shall prompOy give us all receipts of paid premiums and renewal notices. You shall promptly notify the insurer and us of any loss. We may make proof of loss if you do not promptly do so. Insurance proceeds shall be applied to r!'.~store or repair the Property dmnaged, if restoration or repair is economically feasible and our security would not be lessened. Otherwise, insurance proceeds shall be applied to sums secured by this Mortgage, whether or not then clue; with any excess paid to you. If you abandon the Property, or do not answer within 30 days our notice to you that the insurer has offered to settle a claim, then we may collect and use the proceeds to repair or restore the Property or to pay sums sec'areal by fids Mortgage, whefl~er or nut then due. The 30-day period will begin when notice is given. 0049475817 ~ HELOC FHHLC 03-04 2 of 6 F[t6D272 090084'-. . Any application of proceeds to principal shall not require us to extend or postpone file due date of monthly payments. If we acquire the Property at a forced sale following your default, your right to any insurance proceeds resulting from da~nage to the Property prior to the acquisition shall pass to us to the extent of file stuns secured by this Mortgage immediately prior to the acquisition. 6. P,'eservation and Maintenance of Property; Leaseholds. You shall not destroy, damage or subsiantially change the Property, allow the Property to deteriorate, or conm~it waste. If this Mortgage is ou a leasehold, you shall comply with the lease. If you acquire tee title to the Property, the leasehold and fee title shall ~ot merge uxfless we agree to the merger m writing. 7. Protection of Our Rights in the Property; IVlortgage Insurance. If you fitil to perfonn the covenants and agreements contained in this Mortgage, or there is ~' le~, al proceeding that may significautly affect our rights in die Property (such as a proceeding in bm~kruptcy, probate, for condemnation or forfeiture or to enforce t ~e laws or regulations), then we may do, and pay for; anything necessary to pro~ect the Property's value and our rights m the Property. Our actions may include paying any sums seem'ed by a lien which :has priority over tl*is Mortgage or any advance under the Agreement or this Mortgage, appearing in court, paying reaso~mble attorney's f~es, paying any sums which you are required to pay under this Mortgage and entering on the Pro[erty to make reports. We do not have to take any action we are pemfitted to take under this paragraph. Any amounis we pay under this paragraph shall become additimml debts you owe us add shall be secured by fl~is .Mortgage. These mnouhts shall bear interest l¥om the disbursement date at the rate established under the Agreement and shall be payable, with interest, upon Our request. If We require mortgage insurance as a condition of making the loan secured by this Mortgage, you shall pay the premimns for such insurance until such time as fl~e requirement for the insurm~ce tenuinates. 8. Inspection. We may inspect the Prope;ty at any reasonable time and upon reasonable notice. 9. Condemnation. The proceeds of any award for d,'unages, direct or consequential, in connection with any coiidem~mtion or other taking of any part m: the Property, or for conveyance m lieu of condemmaion, are hereby assigned mid shall be paid to us. 10. You Are Not Released; Forbearance by Us Not a Waiver. Extension of time tbr payment or modification of mnortization of the sums secured by this Mortgage granted by us to any of your successors in interest shall not operate to release your liability or the liability of your successors in interest. We shall not be required to conm]ence proceedings against any successor ii1 interest, refuse to extend time ~br payment or otherwise modify mnortization of the sums secured by this Mortgage by reason of any demand made by you or your successors iu interest. Our lbrbearanCe in exercising any right or remedy shall not waive or preclude the exercise of any right or remedy.. 11. Successors and Assigns Bound; Joint and Several Liability; Co-Signers. The covenants and agreements of this Mortgage shall bind and benefit your successors and pem*itted ~assigns. Your cownants and agreements shall be joint a~ several. Anyone who cO-signs this Mortgage but does not execute file Agreemeut: (a) is co-signing this Mortgage only to mortgage, grant m~d convey such person's interest in the Property; (b) is not personally obligated to pay the Agreement, but is obligated to pay all other stuns Secured by this Mortgage; and (c) agrees that we and anyone else who signs this Mortgage may agree to extend, modify,' forbear or make any accommodations regarding the terms of this Mortgage or the Agreement without such person's consent. 12. Loan Charges. If file loan secured by this Mortgage is subject to a law which sets maximum loan charges, and that law is finally inteq)reted so that the intqrest or other lo~m charges collected or to be collected in com~ection widl the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by die amomlt necessary to reduce the charge to the pem*itted limit; and (b) any sums ah'eady collected from you which exceed pem*itted limits will be refunded to you. We may choose to nmke this refund by'redacing the princip',d owed under the Agreement or by making a direct payment to you. If a refund reduces principal, the reduction will be treated as a partial p,-epayment without any prepayment charge under the Agreement. 0049475817 WY HELOC FHHLC 0'3-04 3 of 6 FH6D273 131 Notices. Ulfless otherwise required by law, any notice to you provided tbr in this Mortgage shall be delivered or mailed by first class mail to the Property Address or any other address you desig~mte by notice to us. Unless ofl-~erwise required by law, any notice to us shall be given by first class mail to our address stated above or any other address we desigtmte by notice to you. 14. Governing Law; Severability. This Mortgage shall be governed by federal law and, except as preempted by feder',d law. by the law of jurisdiction in which the Property is located. In file event flint any provision or clause of this Mortgage or the Agreement cmfflicts with applicable law, such conflict shall not affect oilier provisimts of fl~is Mortgage or the Agreement which can be given effect without the conflicting provision. To this end the provisions of this Mortgage and file Agreement are declared to be severable. 15. Transfer of the Property. If all Or ~my part of the Property or any interest in it is sold or transferred without our prior written consent, we may, at our:option, require inm~ediate payment in fi. all of all stuns secured by this Mortgage. However, this option shall not be exercise~ by us if exercise is prohibited by federal law as of thc date of this Mortgage. 16. Sale ol' Agreement; Ch~ge o1' LaanService,'. The Agreement or a partial interest iu the Agreement (together with .this Mortgage) may be sold one or m,)re ~imes without prior notice to you. A sale may result in a change in rite entity (known as the "Loan Servicer") that'collects monthly payments due under the Agreement and this Mortgage. There also may be one or more changes of the Lo,m Servicer urn:elated to the sale of the Agreement. If there is a change of the Loan Servicer, you will be given written notice of fl~e change as required by applicable law. The notice will state the ~um~e and address of the new Loan Servicer and the address to which payments shoukl be made. The notice will also contain any inIbnnafion required by applicable law. 17. Hazm-dous Substances. You shall not cause or permit the presence, use, disposal, ~torage, or release of any Hazardous Subst,'mces on orin the l:'r0perty. You shall not do, nor allow anyone else to do, anything affecting the Property that is in violation of any Envirm[mental Law. The preceding two sentences shall not al)ply to tile presence, use or storage on the Property of Hazardot,s Substances in quantities that are generally recognized to be appropriate to nomlal residential uses and to maintenance ot the Property. You shall pro~nptly give us written notice of any investigation, claim, demand, lawsuit or other action by any' govermnental or regulatory agency or i)rivate party involving the Property and any Hazardous Subsumce or Euviromnental Law of which you have actual kamwle~ ge. If you learn or are notified by any government or regulatory m~thority, flu~t any removal or other remediation of any H itzm dons Substance affecting the Property is necessary, you shall promptly take all necessary remedial actions in accordance with Environmental Law. As used in this Mortgage, ,Hazardous Substances" are those substances defined as toxic or hazardous substances by Enviromnental Law and the following substances: gasoline, kerosene, other llaotmable or toxic petroleum products, toxic pesticides and herbicides, volatile solv~.nts, materials contai[fing asbestos or fbrmaldebyde, and radioactive materials. As used in this Mortgage, "Environlnental Law" means federal laws and laws of fl're jurisdiction where the Property is located that relate to health, safety or environmental protection. 18. Acceleration; Remedies. Yon will be in default if (1) m~y payment reqt,ired by the Agreement is not made when it is due; (2) we discover tlmt you have committed l?raud or made a nmterial misrepresentation; or (3) you take any action or fail to take any action that ad,?ersely affects our security lot' the Agreement or any right we have it) the Property. If a default occurs, we will give you notice specifying: (a) the default; (b) the action required to cure the default; (c) a 'date not less than 30 days from the date the notice is given ~o you, by which the default must be cured; and (d) that failure to cure tbe default on or before the date specified in the notice may result in acceleration of the sums secured by this Mortgage, fOrecl0sure' by judici',d proceeding and sale of the Property. The notice shall further inform you of any right to reinstate after acceleration and the ,'ight to assert it) any foreclosure proceeding the non-existence of a default or any other defense you have to acceleration and roreclosure. Il-' the default is not cured onor berore the date specified inthe notice, we at our option may require immediate payment in full of all Sums seem'ed by this Mortgage witkout fm-ther demand and may Ir'oreclose this Mortgage hy power or sale. 0049475817 WY HELOC FHHLC 03-04 4 of 6 FH6D274 ODOOS4a If we inv0ke the POWER OF SALE, we ;Mil give'notice of intent to foreclose to yon and to the person in possession of the Property, if different, in accort!ance with applicable law. We will give notice or the sale to you in the rammer provided in pm'agraph 13. We will publish the notice of sale, ,'mil the Property will be sold in the manner prescribed by applicable law. We or 0m' designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to ~dl expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Mortgage; and (c) any excess to the person or persons legally entitled to it. 19. Satisfaction. Upon your request ~nd payment of 'all sums secured by this Mortgage, we shall cause die entry of satisfaction to be ~nade upon the record, s of this Mortgage. You shall pay all costs and fees for entering the satisfaction upon the records of this Mortgage. 20. Riders to this Mortgage. If one or nmre riders are executed by you and recorded together with this Mortgage, the covenants and agreements of each such rider shall be incorporated into and shall amend and supplement the cove~mts ~md agreements of this Mortgage as if the rider(s) were part of this Mortgage. [] Condominimn Rider [] 1-4 Fmnily Rider [] Planued Unit Development Rider [] Other(s) (specify) 21. Waiver of Homestead Exemption. You are hereby releasing and waiving all rights nnder and by virtue of the homestead exemption laws of the State. of Wyoming in the Property. Yot,,' wai vet means that we ma), exercise }all of our rights under tbis Security Instrnment. Request for Notice of Defanlt and Foreclosure Under Superior Mortgages or Deeds o~' Trt,st IOVe) and Lender request the holder of .my mortgage, deed of trust, or other encumbrance with a lien which bas priority over this Security l'nstnm~ent to give notice to Lender, at Lender's address set forth on page one of this Security Instrmnent. of any default under fl~e superior encumbrance and of rely sale or other tbreclosure action. 0049475817 WY HELOC FHHLC 03-04 5 of 6 FH6D275 o'uoosqa BY SIGN1NG BELOW, you accept ard agree~ to the terms and cove~mnts contained in this Mortgage and any rider(s) executed by you and recorded with it. BOTH SPOUSES MUST SIGN ROBERT C. STROTHER , Mortgagor , lvlortgagor ,, Mortgagor · Ivlortgagor STATE OF ~r'fOlVlING, Lincoln County ss: The foregoing instrmnent was acknowledged before me this by ROBERT C. STROTHER & VIRC-INTA STROTHER WITNESS my hand and official seal. My Connnission Expires: February 2, 2006 ~ ~ · NOTAflY PtJeUC This instrmnent Was Prepared By: FIRST HORIZON CORPORATION 3505 EAST OVERLAND DRIVE. MERIDIAN, ID 83642 After Recording Please Remm To: : FHHLC POST CLOSING MAIL ROOM 1555 W. WALNUT HILL LN. #200 MC 6712 IRVING, TX 75038 6th day of July, ,2004 0049475817 WY HELOC FHHLC 03-04 6 of 6 FH6D276 o9oos4a 0049475817 EXHIBIT "A" Portions of the SW¼NE¼ and the SE¼NW¼ of Section 31, T34N Rll8W of the 6th P.M., Lincoln County, Wyoming located South of the centerline of the Strawberry Creek County Road No. 12-126 and being more particularly described as follows: BEGINNING at the Center Quarter Corner of said Section 31 and running thence N 34° 10'59" W, 618.99 feet, more or less, to the begimfing of a curve to the right in the centerline of said County Road and having a radius of 1909.859 feet; thence running Southeasterly, along said curve through a central angle of 20026, an arc distance of 681.111 feet to a tangent line; thence S 63045'05" E, along las~ said tangent line, 202164 feet to the beginning of a 19° curve to the left having a radius of 301.56 feet; thence running along last said curve through a central angle of 20016'05'' an arc distance of 106.674 feet to a point on said curve; thence leaving said centerline an:l running South, 208.45 feet, more or less, to a point in South line of said SW¼NE¼, said point being 728.00 feet N 89°44'53" W from the Southeast corner of said SW¼NE¼; thence N 89044'53.' W, 587.08 feet to the POINT OF BEGINNING.