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HomeMy WebLinkAbout901118Stale of Wyoming Space Above This Line For Recording Data MORTGAGE (Witb Future Advance Clause) D.ATE AND PARTIES. The date of this Morlgage (Security Instrument) is p.7.-p.2...2.0.0..4 .................................... and the P-:arties, theft addresses and tax idei~tification mlmbers, if required, are as follows: .MORTGAGOR: LYNDON D. MOIZKUS, A SIN6LE MAN PO BOX 4~45 BEDFORD, WY 83112 If checked, refer to the attached Addendum incorporated herein, for additional Mortgagors, their signatures and acknowledgments: LENDER: TltE BANK OF STAR VALLEY THAYNE BRANCH Organized and existing under the laws of the state of Wyoming P.O. BOX 928 113 PETERSEN PARKWAY THAYNE, WY 83127 83-0315143 CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debt (defined below) and Mortgagor's l)efformauce under this Security Instrument, Mortgagor grants, bargains; conveys, mortgages and .warrants to Lender, with power of sale, the following described property: All 01 tot 10, Green Valley Subdi¥isien, accmding lo the oltkial plat thereof as recorded in the Olfice of the Counl¥ Clerk. The properly is located in ............................ LI~.[.0.L.N.: ...... i .................... at .2.~..sJ..~.~.~..~.~.~.ay. ?.my.A.T.E.t..A~[. ................. (County) ...................................................................................... B..[.0.F.0..~ p ....................... Wyoming ......... ~3.1J.2. ........ (Address) (City) (ZIP Code) Togethei' with all righls, easements, appurtenances, royalties, minerhl rights, 0il and'gas figlitg;-'ali water ind icipafiaxi-idglits; ditches, and water stock and all existing and fl~tt.n'e improvenrents, structures, fixtures, and replacements that may now, or at any thrie in the fimlre, be part of the real estate described above (all referred to as "Property"). 5IAXIi~tlI. JM { - . )BLIGAq ION LIMIT. The total principal amount secured by this Security Instrument at any one time shall not exceed $ .91. pqq.qO . ..... This limitation of amount does not include interest and other fees and charges validly made pursuant to this Security Iustrument. Also, this limitation does not apply to advances made under the terms ol7 dfis Security In.strument to protect Lender's security and tO perform any of the covenants contained in this Security ]nstl-ument. SECURED DEBT AND FUTURE ADVANCES. The term "Secured Debt" is defined as follows: A. Debt incurred nnder the terms of all promissory note(s), contract(s), guaranty(s) or other evidence of debt described below arrd all their extensions, renewals, modifications or substitutions. (You must specifically identify the debt(s) xecttred and you should include the final maturiO, date of sttch debt(s).) ONE PROMISSORY NOTE DATED 7-2-04 IN THE AMOUNT OF $91,000.00 WYOMING - [lOBE EQUITY LINE OF CREDIT MORTGAGE (NOT FOR FNMA, FHLMC, FHA OR VA USE) ©1994 Bankers Systems, Inc., SI. Cloud, MN Form OCP-REMTG-WY 10/7/98 (page I of 4) B. All flflure advances from Lender to Mortgagor or other future obligations of Mortgagor to Lender under any promis3o.ry note, contract, gnarauty, or other evideuce of debt executed by Mortgagor in favor of Lender executed after this Sec~:r~ty Instrument whether or not this Security Instrument is specifically referenced. If more than one person signs this Security h~strumeut, each Mortgagor agrees fl~at this Secnrity Instrument will secure all future advances anti ~ture obligations that are given to or incurred by.any one or more Mortgagor, or any one or more Mortgagor and others. All ~ture advanees and other future obligations are secured by Ibis Security Instrument even though all or part may not yet be advanced. All [nture advances and other [umre obligations are secured as if made on the date of this Secnrity Instr,.merit. Nothing in this Security Instrument shall conslitute a commitment to make additional or ~ture loans or advances in any amount. Any such comnfitment must be agreed to in a separate writing. C. All o~her obligations Mortgagor owes to Lender, which may later arise, to the extent not prohibited by law, including, but not limited to, liabilities for overdrafts rela6ng to any deposit account agreement between Mortgagor and Lender. D. All additional sums advanced and 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 ~hc event flint Lender fails to provide any necessary notice of the right of rescission with respect to any additional indebtedness scented under paragraph B of this Section, Leuder waives any snbscqucnt security interest in the Mort~agor's ?rincipal dwelling that is created by this Security Instrument (but does not waive the security interest for the debts refe'renced m paragraph A o~ this Section]). MORTGAGE COVENANTS. Mortgagor agrees ll~at the covenants in this section are material obligations under the S~cured Debt and this Security lnsmnnent. I~ Mortgagor breaches any covenant in this section, Lende~ may refl~se to make additional extensions of credit and reduce the crcdit 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 happeus again. l?ayments. Mortgagor agrccs that all payments under lhe Secured Debt will be paid when dne and in accordance wit[{ the re.tins of the Secnred Debt and tiffs Security Instrument. l:rm; Secnrity Interests. With regard to any other mortgage, deed of trust, security agreement or other lien document 'hat crcatcd 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 agrecs not to allow any modification or extension of, nor to request a ny [utme advances under any note or agreement secured by the lien document without Lender's prior written approval. Claims Against Title. Mortgagor will pay all taxes assessments, liens, encmnbrances, lease pay~nents, grouud rents, utilitie and other charges relating to the Property when due. Lender may require Mortgagor to provide to Lender copies of all notic that such amounts are due and the receipts evidencing Mortgagor's payment. Mortgagor will defend title to the Proper-Y against any claims that would impair the lien of this. Sect rity Instrument. Mortgagor agrees to assign to Lender, as rcquestefi by Lender, any rights, claims or defenses Mortgagor may have against parties who supply labor or materials to maintain c improve thc Propcrty. Froperty Condilion, Alterations and Inspection. Mortgagor will keep the Property in good condition and make all repai~ that ate reasonably necessary. Mortgagor shall not commit or allow any waste, hnpairment, or deterioration of the Property- Mortgagor agrees that the natnre of the occupancy and use will not substautially change withont Lender's prior written consent. Mortgagor will not permit any change in any license, restrictive covenant or easement without Lender's prior written conseut. Mortgagor will notify Lender of all demands, proceedings, clam~s 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 t~ne for the purpose of inspecting the Property. Lender shall give Mortgagor notice at ll~e time of or before an inspection specifying a reasonable purpose for the inspection. Any inspection of the Property shall be entirely tbr Lender's bcnefit and Mortgagor will in no way rely on Lender's inspection. Authority to Perform. I[ Mortgagor fails to perk)ma any duty ok any of the coveuants contained in this Security Instrument, Lender may, without noljce; perform or cause them to be performed. Mortgagor appoints Lender as attoruey in fact to sign Mortgagor's name or pay any amonnt necessary tar performance. Lender's right to perfom~ for Mortgagor shall not create an obligalion to perlbrm, and Lender's failure to per[cfm will not preclude Lender from exercising any of Lender's other rights under the law or lifts Security Instrument. Leaseholds; Condominimus; Planned Unit Developments. Mortgagor agrees to comply with the provisions of any lease if lifts Security Instrnment i.s on a leasehold. I[ the Property includes a unit in a condomininm or a plam~ed unit development, · Modgag0r will pel:[orm all of Mortgagor's duties under the covenants, by-laws, or regulations of the condominimn or planned unit development. Condemnation. Mortgagor will give Lender prompt notice of any pending or threatened action, by privale or public entities to purchase or take any or all of the Property through condenmation, eminent domain, or any other means. Mortgagor authorizes Lender to inicrvcne 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 damages connected with a condenmation or other taking of all or any part of the Property. Snch proceeds shall be consklered payments and will be applied as provided in this Security Instrumeut. This assigmuenl of proceeds is subject to the terms of any prior mortgagm deed of trust, secnrity agreement or other lien document. InsUrance. Mortgagor shall keep Property insured against loss by fire, flood, theft and other hazards and risks reasonably associaled with thc Property due to its type and location. This insurance shall be maintained iu 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 um-easonably withheld. It 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 siandard "morlgage clanse" and, where applicable, "loss payee clause." Mortgagor shall immediately notify Lender of cancellation or termination of the insurance. Lender shall have the right to hold the policies and renewals. If Leuder requires, Mortgagor shall hmnediately give to Lender afl receipts of paid premiums 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 immediately by Mortgagor. Unless otherwise agreed in writing, all insurance proceeds shall be applied to the restoration or repair of the Properly. or to the Secured Debt, whether or not then due, at Lender's option. Any application of proceeds to ©1994 Bankers Systems, Inc., St. ClolJd, MN Form OCP-REM[G-WY 10/7/98 (page 2 of 4! principal shall not exlend or postpone the due dale of the scheduled payment nor change the amount of any pay~nent. Any excess will be paid to thc Mortgagor. If the Property is acquired by Lender, Mortgagor's right to any insurance policies and proceeds resulting fi-om damage to the Property before the acquisition shall pass to Lender to the extent of the Secured Debt immediately bdbre the acquisition. Finm:~cial Repro'ts and Additional Docmnenis. Mortgagor will provide to Lender'upon request, any financial statement or information l,ender may deem reasonably necessary. Mortgagor agrees to sign, deliver, and file any additional documents or cerlificatlons that Lender may consider necessary to perfect, continue, and preserve Mortgagor's obligations under this Securily lns[rumei~t and Lender's lien status on the Property. DUE ON SALE. Lender may, at its option, declare the entire balance of the Secured Debt to be immediatdy due and payable upon the crealion of, or contract for the 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), as applicable. I)EFAULT. Mortgagor will be in default if any of the following occur: Fraud. Any Consumer Borrower engages in fraud or material misrepresentation ~ co~mection with the Secured Debt that is an open end home equity plan. Paymenls. Any Consumer Borrower on any Scented Debt that is an open end home equity plan hils to make a payment when duc. ', · Property. Any action or inaction by tire Borrower or Mortgagor occurs that adversely affects tire Property or Lender's rights in the Properly. This includes, but is not limited to, the following: (a) Mortgagor fails to maintain required insnrance on the Property; (b) Mortgagor transfers the Property; (c) Mortgagor commits waste or otherwise destructively uses or fails to maintain the hope~ty such that the action or inaction adversely affects Lender's security; (d) Mortgagor fails to pay taxes on the Properly or otherwise fails to act and thereby causes a lien to be filed against the Property that is senior to the lien of this Secnrity Instrnmeut; (e) a sole Mortgagor dies; (l) if more than one Mortgagor, any Mortgagor dies and Lender's security is adversely affected; (g) the Property is taken lhrough 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 arid as a result, Lender's' interest 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 au aggregate amount greater than the amount permitted under federal laws and regulations. i/EMEDIES ON DEFAULT. In addition to any oilier remedy available under the terms of this Security Instrument, Lender may accelerate thc Secured Debt and lbreclose this Security lnstrnmeut in a manner provided by law if Mortgagor is in default. ~In some instances, federal and state law will lequire Lender to provide Mortgagor with notice of the right to cure, or other notices and may establish time schedules for foreclosure actions. At the option of tile Lender, all or any part of the agreed fees and charges, accrued hrterest and principal shall become immediately due and payable, after giving notice if required by law, upon the occurrence of a default or anytime thereafter. I,ender shall be entitled to, without limitation, tile power to sell the Property. The acceptance by ]Lender of any sum .in payment or partial payment on the Secured Debt after tile balance is due or is accelerated or after foreclosure pro~zeedings 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 to later consider the evenl a default il' it happens again. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. If Mortgagor breaches any covenant in this Security hlstrument, Mortgagor agrees to pay all expenses Lender iucm's in performing such covenants or protecting its security interest in the Properly. Snch expenses include, but are not limited to, fees 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 payment until paid in full at the highest rate of interest in effect as provided in the terms of the Secured Debt. Mortgagor agrees to pay all costs and expenses incurred by Lender in collecting, enforcing or protccting Lender's rights and remedies under this Security Instrument. This amount may include, but is not limited to, reasonable attorneys' fees, court costs, and other legal expenses. This amount does not include attorneys' fees for a salaried employee of the Lender. To' the extent permitted by tile 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. /0. ENVIRONMENTAL LAWS AND ttAZARDOUS SUBSTANCES. As used ici this section, (1) Environmental Law means, withont limitation, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 42 U.S,C. 9601 et seq.), and all other fcderaI, State and local laws, regulations, ordinancfis, cou/-t orders, attorney general opinions or interpretive letters concerning the public health, safety, welfare, environment 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 potentially dangerous to the public health, safety, welfare or enviromnent. The term includes, without limitation, any substances defined as "hazardous material," "toxic substances," "hazardous waste" or "hazardous substance" under any Enviroamental Law. Morlgagor represents, warrants and agrees that: ,i/.,,~, A. l~,xcept as previously disclosed and acknowledged in writing to Lender, no Hazardous';Shbstance is or will be located, stored or rdeased on or in the Property. This restriction does not apply to small quantities of ttazardous Substances that are generally recognized to be appropriate for the normal use and maintenance of the Pr0pei'ty. B. Except as previonsly disclosed and acknowledged in writing to Lender, Mortgagor and every tenant have been, are, and shall remain in full compliance with any applicable Enviromnental Law. C. Mortgagor shall immediately notify 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 necessary remedial action icl accordance with any Enviroimrental Law. D. Mortgagor shall immediately notify Lender in writing as soon as Mortgagor has reason to believe there is any pending or lhreatened investigation, 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 OCP-REM1G-WY 1017198 11. ESCROW FOR TAXES AND INSURANCE. lJnless otherwise provided in a separate agreement, Mortgagor will not be required to pay to Lender flmds for taxes and insurance in escrow. 12. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Secnrity Instrmnent are.joint and individual. If Mortgagor signs this Security Instrument but does not sign an evidence of debt, Mortgagor does so only to mortgage Mortgagor's interest in thc 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 agrees to waive any rights that may prevent Lender from bringing any action or claim against Mortgagor or any party indebted nnder 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 Instrmnent shall bind and benefit the successors and assigns of Mortgagor and Lender. 13. SEVEI~,ABILITY; 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 relaled to the Scented Debt that Conflicts with applicable law will not be effective, unless that laW expressly or impliedly permits the variations by written agreement. If any sectiou of this Security Instrument cannot be enforced according to its terms, ll~at section will be severed and will not affecl the enforceability of the remainder of this Security Instrument. Whenever nsed, the singular shall include thc plural and thc plural the singular. The captions and headings of the sections of this Security Instrument are for convenience only and are not to be nsed to interpret or define the terms of this Security Instrument. Time is of the essence in this Security Instrument. 14. NOTICE. Unless otherwise ~equired by law, any notice shall be given by delivering it or by mailing it by first class mail to tile appropriate pady's address on 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 rights relating to the Property. (' . 16. LINE OF CREI)IT. The Secured Debt includes a revolving line of credit. Although the Secured Debt may be reduced to a zero balance, this Security Instrnment 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 jurisdiction where the Properly is located, and applicable federal laws and regulations. 18. Rll)ERS. The covenants and agreements 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. I27 A I)I)ITIONAL TERMS. SIGNATURES: By s~gniug below, Mortgagor agrees to the terms and covenants contained in this Security Instrnment and m any attachments. Mortgagor also acknowledges receipt of a copy of this Security Instrnment on the date stated on page t. STATE OF .W. yp.m.i.n..q .................................... COUNTY OF ..... L'-~ .0. tT.~.~L~-. ........................ }ss. This instrnment was acknowledged before me this ......... ~ ........ day of ~qly,.~09~ ......................................... by LYNDON O. MOTZKUS A S NGLE MAN ~.~ .......................... ...................... ................. ~( LINCOLN ~ ~OMING {~ ©1994 Ilanket~ Systems. Inc.. St. Cloud, MN Corm OCP-REM'fG WY 10/7/98 (page 4 of 4)