Loading...
HomeMy WebLinkAbout900866r .... Record and Return To: FLONERS, ~RRY Rock~ H~)), CT 86~67 9 0 0 8 .(.'i ,', ,:,.,E IVED LINC(:"!,.. ~' (t:r'~tJt'..iYh".. CLERK This document prepared by: SHAILESit DSOUZA P.O. Box 790017, MS 221 Si', Louis, MO 63179 ACCOUNT NO.: 2709053728 HOME EQUITY LINE OF CREDIT MORTGAGE In this Mortgage, "You", "Your" and "Yours" means WILLIAM LEE FLOWERS and MARY M. FLOWERS~ HUSBAND AND WIFE, AS T~gN~dNTS BY THE ENTIRETIES ("Mortgagor"). "We," "Us" and "Our" meaus CITIBANK FEDERAL SAVINGS BANK, which has a hmne o£fice o£ 11800 Spectrum Center Drive, Reston, VA 22090. The "Bon'ower" means tae individual(s) who has(ye) signed the Holne Equity Line of Credit Agn'eement and Disclosure (the "Agreement") of ~veh date herewith and in connection with this Mortgage. The "Property" means the real estate including the leasehold (if any), located at 429 SNAKE RIVER DR, ALPINE, WY 83128~ LINCOLN County. SEE ATTACHE D LEGAL DESCRIPTION THIS MORTGAGE between You and Us is made as of the date next to Your first siguamre below and has a final maturity date 30 years and 2 months from such date. The Agreement provides that the cre3it secured by the Property is an open-end revolving line of credit at a variable rate df interest. The maximum amm::nt of all loan advances made to the Borrower under the Agreement and which may be secured by this Mortgage may not exceed $.76,000.00 (the "Credit Limit"). At any particular time, the OUtstanding obligation of Borrower ir) Us under the Agreement may be any sum equal 1o or less than the Credit Limit plus interest and other charges owing under the Agreement and amonnts owing nnder this Mortgage. Obligations under the Agreement, Mortgage and any riders thereto shall not be released even iFall indebtedness under the Agreemeut is paid, unless and until We cause a mo~2gage release to be executed and such release is properly recorded. TO' SECURE to Us: (a) the payment and performance of all indebtedness and obligations of tile Borrower under the Agreement or any mo¢.ific~tion or replacement of the Agreement; (b) tile payment of all otl~er sums advanced m accordance herewith to protect the security of this Mortgage, with finance charges thereon al the variable rate described in the Agreement; and (c) the payment of any furore advances made by Us to BmTower (pursuant to Paragraph 16 of this Mortgage (herein "Futm'e Loan Advances")) and, in consideration of the indebtedness hereto recited, You hereby xnortgage, grant and convey to Us the Property together with the statutory power of sale; TOGETHER WITH all the improvements now or hereafter erected on the Property, and all easements, rights, appmtenances, rents (sub~'ect however to the rights and authorities given herein to Yon to collect and apply such rents), royalties, mineral, o!1 and gas rights and profits, water, wale,- rights and water stock, and all fixtures now or hereafter attached to the Property (which, if this Mortgage is on a unit in a condominium project or planned unit development, shall include the conmmn elements in such project or development associated With such unit), all of which, including replacements and additions thereto, shall be deemed to be and remain a part of the.Property. CFX-H-SI-702-WY FLOWERS I of 7 Revised 03/17/2004 ACAPS: 104041207944000 Mortgage, continued 267 c bank® IN WITNESS WHEREOF, YOU HAVE EXECUTED.THIS MORTGAGE, AND AGREE TO BE BOUND BY ALL TERMS AND CONDITIONS STATED ON PAGES 3 TIIROUGH 7 FOLLOWING. IF MORTGAGOR IS AN INDIVIDUAL Mortgagor: WILL1AM LEE FLOWERS , Married [ ] Unmarried /~ Married [ ] 06/14/2004 Unmarried Mortgagor: lvlortgngor: [ I Married [ 1 Unmarried [ ] Married [ I Umnarried Married I I Unmarried [ ] Married [ I Unmarried STATE OF WYOMING, COUNTY OF LINCOLN SS: The foregoing instrument was acknowledged before me this 06/14/2004 by WILLIAM LEE FI,OWERS and MARY M. FLOWERS. IF MORTGAGOR IS A TRUST: not personally but solely as trustee as aforesaid. By: Title CFX-H-SI-702-WY 2 of 7 FI.OWERS Revised 03/17/2004 ACAPS: 104041207944000 Mortgage, continued c bank® You covenant that You are lawfilJy seized of the estate hereby conveyed and have the right to mortgage, grant, and convey the Property, and that the Property is unencumbered, except for the encumbrances of record and any first mortgage. You covenant that Yo.~ warrant and will defend generally the title to the Property against all claims and demands, except those disclosed in w~'iting to Us as of the date o£this Mortgage. You and We covenant and agree as follows: 1. Pay merit of Indebtedness. B~rro a, er shall promptly pay when due tile indebtedness secured by this Mortgage including, without limitation, thai evidenced by the Agreement. 2. Application of Payments. Ualess applicable law provides otherwise, all payments received by Us under the Agreement will be applied to the principal balance and any finance charges, late charges, collection costs, and other charges owing with respect to the indebtedness secured by this Mortgage in such order as We may choose flora time to time. 3. Charges; Liens. Except as expressly provided in this Paragraph 3, You shall pay all taxes, assessments and other charges, fines and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, i;? any, by Your making payments, when due, directly to the payee thereof. In the event Yon make payments directly to the payee thereof; upon Our request You shall promptly fm'nish to Us receipts evidencing snch payment. You shall make pa3nnents, when duc, on any indebtedness secured by a mortgage or other lien that is prior ill right time to this Mortgage (a "Prior IVlortgage"). You shall promptly discharge the lien of any Prior Mortgage not disclosed to Us in writing at the time of application for the Agreement, provided, however, that You shall not be required to discharge any such lien so long as You shall (a) in good t:aith contest such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiti!tre of the Property or any part thereol; or (b) secu,'e fi-om the holder of such p,'ior lien an agreement in form and substance .satisfactory to Us subordinating such lien to this Mortgage. Yon shall not entel' into any agreement with the holder of a Prior Mortgage whereby such Prior Mortgage, or the indebledness scented thereby is modified, amended, extended or renewed, without Our prior written consent. You shall neither request nor allow any fi~ture advances to be secured by a Prior Mortgage without Our prior written consent. 4. Hazard Insurance. You shal~ keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards inclu :ted within the term "extended coverage" and snch other hazards as We may require (including flood insuranc, Coverage, if required by Us) and in such amounts and for such periods as We may l-equire. Unless We require in xwqting otherwise, the policy shall provide insurance on a replacement cost basis in an amount not less than that necessary to comply with any coinsurance percentage stipnlated in tile hazard insurance policy. All insurance policies and renewals thereof shall be in form and substance and witfi carriers acceptable to Us and shall include a standard mortgagee clause in farm' of and in form aod substance satisfactory to Us. In the event of loss, Yon shall give prompt notice ~:o the insurance carrier and Us. We may make proof of loss if not made promptly by You. If the Property is abandoned by You, or if You fail to respond to Us within thirty (30) days fi-om the date the notice is mailed by Us to You that the insurance carrier ofl~rs to settle a claim for insurance benefits, We are authorized to collect and apply the insurance proceeds at Our option either to restoration or repair of the Property, or to sums secured by l!fis Mortgage. If the Property is acquired by Us under Paragraph 14 of this Mortgage, all of Your right, title and iaterest in and to any insurance policies, and in and to the proceeds thereof resulting fi'om damage to the Property prior to the sale or acquisition, shall pass to Us to the extent of the snms secured by this Mortgage inmqed/ately prior to such sale or acquisition. The provisions of this Paragraph 4 shall be snbject to the provisions of Paragraph 5 if this Mortgage covers a unit in a condominium project er ph, m~ed unit development. CFX-H~SI-702-WY FLOWERS 3 of 7 Revised 03/17/2004 ACAPS: 104041207944000 O 900 GG Mortgage, continued c .bank® 5. Preservation and M'.lintenance of Property; Condonfiniums and l'lanned Uni. t Developments. If this Mortgage is on a unit in a condominium or a plmmed milt development (herein "Condominium Project"), then: (a) You shall perform all of Your obligations tinder the declaration or covenants creating or governing the Condominium Project, the by-laws znd regulations of the Condonfinimn Project, and all constituent documents '(!~erein "Project Documents"), including the payment when due of assessnlents imposed by the homeowners association or other governing body'of the Condominium Project (herein "Owuer's Association"); (b) You shall be deemed to have satisfied the insn::anze reqmrements under Paragraph 5 of this Mortgage if the Owners Associa lion maintains in full force and effect ~ "master" or "blanket" policy on the Condomininm Project which provides insurance coverage against fire, hazards included within the term "extended coverage" and such other hazards (including flood insurance) as W(: may require, and in such amounts and for such periods as We may reqnire naming Us as additional loss payee; (c) the I~ rovisions of any Project Documents regarding the application of any iusurance proceeds fi'om "master" or "blanket" policies covering the Condominmm Project shall supersede the provisions of Paragraph 4 of this Mortgage to'the extent necessary to avoid conflict be~ ween tile prowsions fl~ereof and hereof; (d) You hereby assign to Us the right to receive distributions on account of the Property under "master" or "blanket" policies covering the Condomini,: m Project to the extem not applied to the ,'estoration or repair of the Property, with any snch distTibutions in excess offi. e amount necessary to satisfy in lhll the obligations secured by this Mortgage being paid to You; (e) You shall i$ive Us prompt written notice of any lapse in any insurance coverage under a "master" or "blanket" policy on the Condonfinimn Project; and (0 You shall not, without Our prior written consent, consent to either (i) the abandonment or terminatiOn of the Condominium Project (except for the abandmm~ent or ternfination provided by law in the case of substantial destruction by fire or other casualty or in the case of a taking or condemnation or enfinem domain), (ii) any material amendment to the Project Documems (including auy change in the percentage interests of the tuff!' owners in the Condolninium Project), or (iii) the effectuation of any decision by the Owners Association to temfinate professional management and assume self-managemen! of the Condominium Project. If the Property has rental units, You shall maintain insurance against rent loss in addition to the other hazards for which insur,qnce is required herein. 6. Protection of Our Security. If You fail to perform Your obligations tinder this Mortgage, or if any action or proceedings adversely affects Ou~' interest in the Property, We may, at Our option, take any action reasouably necessary (including, without limitation, paying expenses and attorneys' lees and to have entry upon the Property to make repairs) to perform Yonr obligations or to protect Our interests. Any amounts disbursed by Us pnrsuant to this Paragraph 6, with interest thereon at the variable rate described in the Agreement, shall become indebtedness secured by this Mortgage (except as expressly provided herein). Nothing contained in tiffs Paragraph 6 shall reqnire Us to incur any expense or take any action hereunder. 7. Inspection. We or Our agents m;~y enter and inspect tile Property, after giving You reasonable prior notice. 8. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condenmation or other taking of the Property, or part thereol; or lbr conveyance in lieu ofcondenmation, are hereby assigned and shall be paid to Us. Neither Borrower nor You will be relieved of any obligation to make payments if We apply the award received to the outstanding balance owed. If You abandon the Property, or if, aTter notice by Us to Yon that the condemnor offers to make an award Or settle a claim for damages, Yon fail to reSpo~ld to Us within thirty (30) days after the date such notice is mailed, We are authorized to collect and apply the proceeds m the same maturer as provided itl Paragraph 4 hereof. 9. Forbearance Not a Waiver. An? forbearance by Us in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not'be a waiver of or preclude the exercise of any snch right or remedy in the fim~re, Any waiver by Us must be ir writing and signed by Us. CFX-I I-SI-702-WY 4 of 7 FLOWERS Revised 03/17/2004 ACAPS: 104041207944000 Mortgage, continued c bank® 10. Snccessors and Assigns Bonnd; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the r:ghts lmrennder shall innre to, Your and Our respective successors and assigns, subject to the provisions of Parag:apt) 13 hereol: All Your covenants and agreements shall be joint and several. The captions and headings of ihe paragraphs of this Mortgage are fo.- conveuicnce only and are not to be used to inteqoret or define the provisions hereof. ~' 11. Notices. Except for any notice required under applicable law to be given in another manner, (a) any notice to You provided for in this Mortgag: shall be given by personal delivery or by mailing such notice by first-class postage paid, addressed to Yon at the~ address of the Property shown at the beginning of this Mortgage or at such other address as You may desigm.te l:,y notice to Us as provided herein, and (b) any notice to Us shall be given by personal delivery or by mailing such notice by certified mail, return receipt requested, to Our address stated herein or to such other address as We may dzsignate by notice to You as provided herein. 12. Severability. If any term of dfis Mortgage is found to be nnenforceable, all other-provisions will remain in fidl force. 13. Due on Transfer Provision- Transfer of the Property. If all or any part of the Property or any interest in it is sold or transferred (or if a beneficial interest in Yon is sold or transferred aud You are not a natural person) without Our prior written consent, We may, at Our option, reqnire immediate payment in fidl of all sums secmed by this Mortgage. However, We shall nc't exercise this option if the exercise is prohibited by applicable law as of tile date of tlfis Mortgage. If We exercise this option, We shall give Yoff notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is delivered o,' mailed wi,bin which all sums secnred by this Mm',gage must be paid. If these ~'ums are not paid prior to the expiration of this period, We may invoke any remedies pernfitted by this Mortgage without fin'ther notice or demand on You. 14. Default. If You breach any term in this Mortgage, or if Borrower fifils to perform any obligation under the Agreement, We may, at Our option, declare all sums secnred by this Mortgage to be innnediately due and payable without fro',her demand and may invoke the power of sale under this Mortgage and any other remedies pernfitted by law. We may collect fi'om You all reasonable costs incurred in enlbrcing tile terms of this Mortgage, including attorneys' fees and allocated costs of Our salaried employees. 15. Assignment of Rents. As additional security hereunder, You hereby assign 1o Us the rents of the Property; provided, however, that You shall have, prior to acceleration nnder Paragraph 14 hereof or abandonment of the Property, the right to collect and retaiu such rents as they become due and payable. 16. Future Loan Advances. Upon Yonr request, We at Onr option may make Furore Loan Advances to You or Borrower, Such Futm'e Loan Advanc'es, with interest thereon, shall be secured by this Mortgage when evidenced by a promissory note or agreement Stating that said note or agreement is so secured. 17.. Release. Upon payment of all snms secured by this Mortgage and any applicable Early Closm'e Release Fee or other fees and upon (a) expiration of*he Agreement or (b) Yonr request, We shall release this Mortgage and You shall pay all costs of recordation along with any reconveyance fee and any statement of obligation fee, if any. 18. Appointment of Receiver; Lender in Possession. Upon acceleralion nnder this Mortgage or abandonment of the Property, We shall be entitled to bare a receiver appointed by a court to enter npon, take possession of, and manage the Property and collect the r.:nts of the Property including those past due. All rents collected by the receiver shall be applied first to poyn~ent of the costs of management o f the Property and collection 01'rents, including but not limited to, recei'ver'~ fees and preminms on the receiver's bonds and reasonable attorneys' fees and then to the sums secnred by this Mortgage. The receiver shall be liable to account only for those rents actually received. CFX-It-SI-702-WY 5 of 7 FLOWERS Revised 03/17/2004 ACAPS: 104041207944000 Mortgage, continued c bank' 19. Statement of Obligation. W,'; may collect a fee for furnishing a statement of obligation in an amount not to exceed the maxmmm amount pernfitted tinder applicable law. 20. No Merger. There shall be n,_'. merger of the interest or estate created by this Mortgage with any other interest or estate in the Property at any time held by or for Our benefit in any capacity, without Our prior written consent. 21. Fixture Filing. This Mortgage constitutes a financing statement filed as a fixtnre filing in the Official Records of the County Recorder of the county in which the Property is located w~th respect to any and all fixtures included within the term "Property" as used in lhis Mortgage and with respect to any goods or other personal property that may now or hereafter becoxne snch fi~ tures. 22. Third Party Waivers. In the,event that any of You has not also signed the Agreement as Borrower, each of You: (a) agrees that We may, fi'om time to time, without notice to, consent fi'om or demand on You, and without affecting or impairing in any way any'of Our rights or Your obligations, (i) renew, extend, accelerate, compromise or change the interest rate or other terms of the ^greement and any promissory note or agreement evidencing a Furore Loan Advance, and (ii) accept,; waive and release other security (including gnarantees) for the obligations arising under the Agreement or an~ pro~mssory note or agreement evidencing a Future Loan Advance, and (b) waives (i) any right to require Us to proceed against any Borrower or any other person, proceed against or exhaust any security for the obligations secured by this Mortgage or pnrsue any other remedy in Onr power whatsoever, (ii) any defense or right against. Us ari.sinl~ ont of any disability or other defense or cessation of liability of any Borrower for any reason other than full payment, (iii) any defense or right against Us arising out of Our foreclosnre upon the Property, even though such forec!osur", results in the loss of any right of subrogation, reimbursement or other right You have against any Borrower, (ilv) all presentments, diligence, protests, demands and notice of protest, dishonor, and nonperformance, (v) until paynent in full of the indebtedness secured by this Mortgage, any right of subrogation or the benefit of any s':curity for such indebtedness, and (vi) the benefit of the statute of limitations affecting the Property to the exten* perinitted by law. Any partial payment by Borrower or oilier circumstance that operates to toll any statute of limit:ttions as to snch person shall operate to toll such statute as to You. 23. Choice of Law. This Mortghge will be governed by the laws of the United States and (where not inconsistent) the interest rate laws of the State of Cr, lifornia, and the procedural, deticiency, one form of.action and fi~reclosUre laws of the state where the PropertY is 'located. 24. Your Copy. You shall be givm~ one conformed copy of the Agreement and this Mortgage. 25. Loan Charges Legislation Affecting Onr Rights. If the Agreement is subject to a law which sets maximum loan charges, 'and that law is finalli'~/inteq~reted so that the interest or other loao charges collected or to be collected in connection with the Agreenrent'exc~ed the pernfit"~ed limits, then (a) any such loan charge shall be reduced by the amotmt necessary to reduce the charge to the permitted linfit; and (b) any such loan charge already collected fi-om You or Borrower which exceeded permitted lin-fits will be refunded to You or Borrower; We may choose to make this refund by reducing the princi[:al oxved under the Agreement or by making a direct paymeot to You or Borrower. If a refnnd rednces principal, the rgdnction will be treated as a partial prepayment without any prepayment charge due. If enactment or expirahon of'applicable laws has the effect of rendering any provision of the Agreement or this Mortgage Unenforceable according to its terms, We ~nay at Our option, require immediate payment iix fidl of all sums secured by this Mortgage and may invoke any remedies permitted by Paragraph 14. CFX-II-S 1-702-WY 6 o f 7 FLOWERS Revised 03/17/2004 ACAPS: 1040,11207944000 Mortgage, continued c ba. nk" 26. Waiver of Homestead and Redemption. You release and waive all rights under and by virtue of the homestead exemption laws of Wyoming, the equity of redemption and statutory right of redemption in and to die Propm~:y. 27. Trustee Exculpation. If this Mortgage is executed by a n'ust, You execute this Mortgage as trustee as aforesaid, in the exercise of the power and authority confen'ed upon and vested io it as such trustee, and it is' expressly understood and agreed b'y Us and by every person hereafter claiming any right hereunder that nothing contained herein or in the Agreement shall be construed as creating any liability on You personally to pay amounts owing in connection with the Agreement or this Mortgage or any interest that may occur thereon, or to perform any covenants either express or implied contained in this Mortgage, all such liability, if any, being expressly waived, and that any recovery on the Mortgage or tl~e Agreement shall be solely against and out of the Property by enforcement of the provisions of this Mortgage and the Agreement, but this waiver shall in no way affect the personal liability of any individual Borrower, coqnaker or gnaramor of this Agreement. 28. One,~Mortgagor, Iflhere is only one person executing this Mortgage, such person represents that lie or she is [] single or ~uman'ied [Check one as applicable]. CFX-II-SI-702-WY 7 of 7 FLOWERS Revised 03/17/2004 ACAPS: 104041207944000 27,3 Ell81883 SCHEDULE "A" THE FOLLOWING TRACT OF LAND IN LINCOI_N COUNTY, STATE OF W'YOMING. TO-WIT: LOT 51 RIVER VIEW MEADOWS ADD TION TO THE TOWN OF ALPINE WITHIN THE SE¼ OF SECTION 30, T3?N R118W, ACCORDING TO THAT PLAT FILED JULY 2, 1993 AS INSTRUMENT NO. 767416 ' SUBJECT TO RESTR CT ONS RESERVATIONS EASEMENT COVENANTS OIL, GAS OR MINERAL RIGHTS OF RECORD, IF ANY. ' ' ' MEANING AND INTENDING TO DESCRIBE THE SAME PREMISES CONVEYED TO THE MORTGAGOR IN BOOK 37388, AT PAGE 646, INSTRUMENT # 808673 DATED 9/21/95 AND RECORDED 9/22/95 IN THE LINCOLN COUNTY LAND RECORDS TITLE HELD BY: WILLIAM LEE FLOWERS AND MARY M. FLOWERS HUSBAND AND WIFE, AS TENANTS BY THE ENTIRETiE'S ' PA RCE L: 37183040001708 BART: