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HomeMy WebLinkAbout901293901293 RECEIVED I_INCOLN COU!',,!]-Y OLERK When Recorded Return To: ., ..... ' *'~ ,'" ~ U. ill. BANK CONSUMER FINANCE D~gOK_. ~----~ b ~..,a~,,,.~I-;'~'lqflvjVt~,,,.~...~__.~,~o_v 16 NINTH AVE. NORTH HOPKINS, MN 55343-7617 State of Wyoming Space Above This Line For Recording Data MORTGAGE (With Futnre Advance Clause) DATE AND PARTIES. The date of this Mortgage (Security Instrument) is .oT_uly 8., __2_9Q.4- ........ and the parries, their addresses and tax identificanon numbers, if required, are as follows: MORTGAGOR:ROBERT L. GARDNER AND KATHERINE DANA GARDNER, HUSBAND AND WIFE 2232 THAYNE-FREEDOM CTY RD 125, THAYNE, WY 83127 If checked, refer to the attached Addendum incorporated herein, for additional Mortgagors, their signatures and acknowledgments. LENDER: U.S. BANK NATIONAL ASSOCIATION ND 4325 - 17TH AVENUE SW, FARGO, ND 58103 CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debt (defined below) and Mortgager's performance under this Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with power of sale, the following described property: SEE "ATTACHMENT A" WYOMING - HOME EQUITY LINE OF CREDIT MORTGAGE {NOT FOR FNMA FHLMC FHA OR VA USE) (~) 1994 Bankers Systems, mc. St. Cloud, MN Form OCP REMTG-WY 1017198 (~)~C465(WY) (99011.02 VMP MORTGAGE FORMS ~-t800)521-7291 The property is located in ................... _L_ I_ _I? g P_ _L_N. ................. at 2232 ~_H~._~'I_ E-_~_m!:_ E_po_M__g~X__I~___._l_25_ .......... (County) T HAYt',I E , Wyoming ....... 8.3 ! ~ .7_ ....... (Address) (City) (ZIP Code) Together with all rights, easements, appurtenances, royalties nfineral rights, oil and gas rights, all water and riparmn 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 real estate described above (all referred to as "Property"). MAXIMUM OBLIGATION LIMIT. The total principal mnount secured by lhis Security Instrument at any one time shall not exceed $ _2__5_ 0__,_9__0_9:_90 ....................................... . This limitauon of mnount does not include interest and other fees and charges validly made pursuant to this Security 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 ADVANCES. The term "Secured Debt" is defined as follows: A. Debt incurred under the terms of all promissory note(s), contractts), guaranty(s) or other evideuce of debt described below and all their extensions, renewals, modifications or substitutions. (You mnst specifically identify the debt(s) secured and you should include the final nmturity date of such debt (s).) All amounts payable to Lender at any time under a U.S. BANK EQUlLINE AGPdZE~4ENT dated 7/8/2004, signed by ROBERT L GARDNER. The length of the repayment period and the maturity date will depend on the amounts owed at the beginnxng of the repalrment period, but it will end no later than the maturity date of 8/8/2029. / B. All future advances from Lender to Mortgagor or other future obligations of Mortgagor to Lender under any promissory note, contract, guaranty, or other evidence of debt executed by Mortgagor in favor of Lender executed after this Security Instrument whether or not this Secnrity Instrument is specifically referenced. If more than one person signs this Security Instrument, each Mortgagor agrees that this Security Instrument will secure all fim~re 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 obligations are secured by this Security Instrument even though all or part may not yet be advanced. All future advances and other future Obligations are secured as if made on the date of this Security Instrument. Nothing in this Security Instrument shall constitute a connnitment 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 Mortgagor owes to Lender, which may later arise, to the extent not prohibited by law, including, but not limited to, liabilities for overdrafts relating 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 the event that Lender fails to provide any necessary notice of the right of rescission with respect to any additional indebtedness secured under paragraph 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 ~n paragraph A of this Section). 5. MORTGAGE COVENANTS. Mortgagor agrees that the covenants in fhis section are material obligations under the Secured Debt and this Security Instrument. If Mortgagor breaches any covenant in this section, Lender may refuse to make additional extensions of credit and reduce the credit 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 hz~ppens again. Payments. Mortgagor agrees that all payments under the Secured Debt will be paid'when due and in accordance with the terms of the Secured Debt mad this Security Instrmnent. Prior Secnrity Interests. With regard to any other mortgage, deed of trust, security agreement or other lien document that created 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 agrees not to allow any modification or extension of, nor to request any future advances under any note or agreement secured by the lien document without Lender's prior written ~,pproval. Claims Against Title. Mortgagor will pay all taxes, assessments, liens, encnmbrances, lease payments, ground rents; utilities, and other charges relath~g 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 evidencing Mortgagor's payment. Mortgagor will defend title to the Property against any claims that would impair 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. Mortgagor shall not colnmit or allow any waste, impairment, or deterioration of [he Property. Mortgagor agrees that the nature of the occupancy and use will not substantially change without Lender's prior written consent. Mortgagor will not penrfft any change in m~y license, restrictiYe covenant or easement without Lender's prior written consent. Mortgagor will notify Lender of all demands, proceedings, claims and actions against Mortgagor, mhd of any loss or damage to the Property. Lender or Lender's agents may, at Lender's option, enter the Property at any reasonable time for the purpose of inspecting the Property. Lender shall give Mortgagor notice at the time of or before an inspection specifying a reasonable purpose for the inspection. Any inspection of the Property shall be entirely for Lender's benefit mhd Mortgagor will in no way rely on Lender's inspection. Anthority to Perform. If Mortgagor fails to perform any duty or any of the covenants contained in this Security Instrument, Lender may, without notice, perform or cause them to be performed. Mortgagor appoints Lender as attorney in tact to sign Mortgagor's name or pay any mnount necessary for performance. Lender's right to perform for Mortgagor shall not create an obligation to perform, and Lender's failure to perform will not preclude Lender from exercising any of Lender's other rights under the law or tiffs Security Instrument. Leaseholds; Condominimns; Planned Unit Developments. Mortgagor agrees to comply with the provisions of any lease if this Security Instrument is on a leasehold. If the Property includes a unit in a condo~ninium or a planned unit development, Mortgagor will perform 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 noti~e of any pending or threatened action, by private or public entities to purchase or take any or all of the Property through condemnation, enfiuent 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 damages connected with a condemnation or other taking of all or any part of the Property. Such proceeds shall be considered payments and will be al)plied as provided in this Security Instrument. This assigmnent of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or other lien document. Insnrance. Mortgagor shall keep Property insured against loss by fire, l~lood, theft and other hazards and risks reasonably associated with the Property due to its type and location. This insurance shall be maintained in 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 unreasonably withheld. If Mortgagor tails 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 standard "mortgage clause" and, where applicable, "loss payee clause." Mortgagor shall immediately notify Lender of c;mcellation or ternffnation of the insnrance. Lender shall have the right to hold the policies and renewals. I1' Lender requires, Mortgagor shall immediately give to Lender all receipts of paid premiums and renewal notices. 'Upon loss, Mortgagor shall give inmrediate notice to the insurance carrier and Lender. Lender may make proof of loss if not made innnediately by Mortgagor. Unless otherwise agreed in writing, all insurance proceeds shall be applied to the restoration or repair of the Property or to the Secured Debt, whether or not then due, at Lender's option. Any application of proceeds to principal shall not (~) 1994 Bankers Systems, Inc., St. Cloud, MN Form OCP-REMTG-WY 10/7/98 ~1~®-C46 5(WY) (9901).o2 extend or postpone 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 Property_ before the acquisition shall pass to Lender to the extent of the Secured Debt immediately before the acquisition. Financial Reports and Additional Docnments, 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 tinder this Security Instrument and Lender's lien slams on the Property. DUE ON SALE. Lender may, at its option, declare the entire balance of the Secured Debt to be immediately due and payable upon the creation of, or contract tbr the creation of, a transfer or sale of the Property. This right is subjec~ to the restrictions imposed by federal law (12 C.F.R. 591), as applicable. DEFAULT. Mortgagor will be in default if any of the following occur: Fraud. Any Consumer Borrower engages in fraud or material misrepresentation in connection with the Secured Debt that ~s an open end home equity plan. Payments. Any Consumer Borrower on any 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 thai adversely affects the Property or Lender's rights in the Property. This includes, but is not limited to, the following: ia) 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 ProperLy 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 Mortgagor dies; (f) if more than one Mortgagor, any Mortgagor dies and Lender's security is adversely affected; (g) the Property is taken through eminent domain; (h) a judg~nent is filed against Mortgagor and snhjects 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 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 an aggregate an~ount greater than the amount permitted under federal laws and regulations. 8. REMEDIES ON DEFAULT. In addition to any other remedy available under the terms of this Security Instrument, Lender may accelerate the Secured Debt and foreclose this Security Instrument in a rammer 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 for foreclosure actions. At the option of the Lender, all or any part of the agreed fees and charges, accrued interest and principal shall become iwdnediately 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 limitation, the power to sell the Property. The acceptance by Lender of any sum in 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 del}mit, Lender does not waive Lender's right to later consider the event a default if it happens again. 91 EXPENSES; ADVANCES ON COVENANTS; A~I~I'OIUqEYS' FEES; COLLECTION COSTS. If MortgagOr breaches any covenant in this Security Instrument, Mortgagor agrees to pay all expenses Lender incurs in performing such covenants or protecting its security interest in the Property. Such 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 fi'om 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 protecting Lender's rights and remedies under this Security Instrument. This mnount 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 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 HAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law means, without linfitation, the Comprehensive Environmental 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 public health, safety, welfare, enviromnent 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 environment. The term includes, without limitation, any substances defined as "hazardous material," "toxic substances," "hazardous waste" or "hazardous substance" under any Environmental Law. Mo~;tgagor represents, warrants and agrees ~hat: A. Except as previously disclosed and achmwledged in writing to Lender, no Hazardous Substance is or will be located, stored or released on or in the Property. This restriction does not apply to small quantities of ltazardous Substances that are generally recognized to be appropriate for tile normal use and maintenance of the Property, B. Except as previously disclosed and acknowledged in writing to Leuder, Mortgagor and every tenant have been, are, and shall remain in full Compliance with any applicable Environmex~tal Law. C. Mortgagor shall inm~ediately 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 in accordance with any Enviromnental 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 proceeding relatiog to the release or tlu'eatened release of any Hazardous Substance or the violation of any Environmental Law. 1994 Bankers Systems, Inc., St. Cloud, MN Form OCP-REMTG WY 1017198 (~®-C465(WY1 (9901L02 ,. (,.-739 11. ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separate agreement, Mortgagor will not be required to pay to 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 individual. 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 agrees 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 ~md benefit the successors and assigns of Mortgagor and Lender. 13. SEVERABILITY; INTERPRETATION. This Security Instrumeul is complete and fully i'ntegrated. This Security Instrument may not be amended or modified by oral agreement. Any secnon iu 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 wrmen agreement. If any section of this Security Instrument cromer 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 plural and the plural the singular. The captious and beadings of the sections of this Security Instrument are for convenience only and are not to be used to interpret or define the terms of this Security Instrument. Time is of the essence in this Security Instrument 14. NOTICE. Unless otherwise required .by law, any notice shall be giveu by delivering it or by mailing it by first class mail to the appropriate party's address on page 1 of this Security Instrument, or to any other address designated in wining. 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 CREDIT. The Secured Debt includes a revolving line of credit. Although the Secured Debt may be reduced to a zero balance, this Security Instrument 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 Property is located, and applicable federal laws and regulations. 18. RIDERS. The covenants and agreements of each of the riders checked below are ~ncorporated 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, Mortgagor agrees to the terms and covenants contained in this Security Instrument and in any attachments. Mortgagor also acknowledges receipt of a copy of this Sectu)ty Instrumeut on the date stated on page 1. S~gnature ~ (Date) (Signatm'e) (Date) ACKNOWLEDGMENT: STATE OF _ _b~___M_._~____f~_____/____A~__.6 .................. COUNTY OF .... _/.-:d_"~__~_.~.~___(~___ .................. } ss. (~,,U~d,~,) This instrument was acknowledged before me this ~ "? day of ..~ .C4_ (_-- ~/ ~ ~ dj t~ ~ by ..... .'_,~_. ~ _ _~_. _&-_ ~_ _7_ _ __ _g_ ....... ~ '/'¢'/~.D ~d _~5/_~ ~ ~i ~(---~ ~"/~/'/£~ _/~_ _ %_ _ _'. __~_ ~. ~. _ .~.-_i~-~ ~J ~i~iiii _i'_ii iiiii~i~-: My commi~~rr_..___ ,a~,~ _ . . ~l '-~' ' _d___~r~d_ _~-~ ...................... (Sll ' C~°.un~r,t,~ltYn°f ~~ot~in°~ll I~ ' --- - (Notary Pablic) (~) 1994 Bankers Systems, loc., St, Cloud, MN Form OCP-REMTG WY 1017/98 (~gG465{WY} 19901).02 (page 4 of 4) Borrower: GARDNER Loan Number: 00003000283101 ATTACHMENT "A" Property Description [ bank. Part of the SE~SE~ of Section 9, T34N, Rll9W of the 6th P.M., LincOln County, Wyoming being more particularly described as follows: BEGINNING at a point 30 feet westerly along the southerly line of said section from ~ a brass cap monument marking the SoUtheast corner of said Section 9; said point of beginning being also in the West line of County Road No. 12-125; thence continu%ng westerly along said southerly line a distance of 366.6 feet; thence northerly, parallel with the east line of said Section, 148.5 feet; thence easterly, parallel with said southerly line a distance of 366.6 feet to a point in said west line of said road; thence soUtherly, along last said West line and parallel with last said east line, 148.5 feet to the POINT OF BEGINNING.