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HomeMy WebLinkAbout901887901887 RECEIVED LtN00L. N COUNTY 0LERK Stale of Wyoming Space AI)ove This Lice For Recording Data MORTGAGE Record and Return to; (With Future Advance Clause) Merrill Lynch Credit Corporation 2001 llishops Gate Bh, ti. Mount Laurel, NJ 08054 DATE AND PARTIES. The date of this Mortgage (Secm-ity Instrument) is ~Ag§_u_S_k_ _5_:_ ~299__4 ..... and the padies, their addresses and tax identification nnmbers, if required, are as follows: MORTGAGOR:AveFy Dan lei PFatt JR, A MARRI ED PERSON 2152 WEST FOREST IIILL COURT, EAGLE, ID 83616 [~_ If checked, refer to the attached Addendum incorporated herein, Cot' addilional'Mortgagors, their signatures and acknowledgments. LENDER: Merrill Lyrlch Credit Corporation 4802 Deer Lake Drive East Jacksonville, I--L 32246 CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of which is acknowledged, and to secm-e the Secured Debt (defined below) and Mortgagor's performance uuder this Security lnstrmneut, Mortgagor grants, bargains, conveys, mortgages and warrants to 1.ender, with power of sale, the following described property: See Attached The property is located in .......... _LJ _N_COL_N ........ at _3_¢D _ [_[_[1! I_0_R_N_ ._ ~D[7_I _V_E .................. (County) ............ O_LPJ CE ............. Wyoming ..... 8_.3_12=8_ .... (Address) {,City) (ZiP Cod=} Together with all rigbls, easements, appurtenances, royalties, mineral rights, oil and gas rights, all water and riparian rights, ditches, and water stock and all existing and flmu'e improvements, structures, fixtures, nnd replacements lbat may now, or at any time in the fl{lure, be part of {be real estate described above (all referred to as "Properly"). MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Inslrument at any one time shall not exceed $ _2_fi_0_, _0_0_0~ _0_0 .... ' ................. . This limitation of amount does not inch,de interest and olher t~es and charges validly made pursuant to this SeCurity instrmnent. Also, this limitation does not apply to advnnces nlade under the terms of tiffs Security Instrument to protect Lender's secnrity and lo perform any of the covenants conlamed in this Security h~strmnent. SECURED DEBT AND FUTURE ADVANCES. The term "Secured I)ebt" is defined as follows: A. Debt incurred under the terms of all promissory note(s), contract(s), guaranty(s) or other evidence of debt described below and all their extensions, renewals, modifications or substittdions. (You must specifically idetiti./) the debt(a9 secured and you should ir~chtde the final maturity date of such debl(.O.) As indicated in the home equity line agreemenL (laEed 8/5/2OO4, wilzh a maturit:y date of 8/5/2034. WYOMING - HOME EQUITY LINE OF CREDIT MORTGAGE (NOr FOR FNMA, FHLMC, FHA OR VA USE) ~1994Banke~sSysl~ms, lac,St. Cloud, MN FormOCP~REM1G-WY 1011198 ~",W'm,-C4 6 5(WY)(99o~) 02 VaR MORTGAGE FORMS B. All futnre advances from Lender to Mortgagor or other futurt: ~}bligations of Mortgagor to Lender nnder any promissory note, contract, gnaranty, or other evidence of debt executed by Mortgagor in favor of ]Lender ex ecuted alter this Security Insh'nment whether or not this Security Instrumeni is specifically referenced. If more than one person signs dfis Security Instrmnent, each Mortgagor agrees tba~ this Security Instrument will secure all fotnre advances and future obligations that are given to or incurred bt, any one or more Mortgagor, or any one or nrore Mortgagor arid others. All fitture advances and other future obligations ;ire secured by this Security Instrument eveu though all or part may not yet be advanced. All filture advances ami other fidnre obligations are secured as if made on the date of this Security Instrument. Nothing in this Security lustrtuuent shall constitnte a commitment to make additional or future loans or advances in any amonnt. Any snch commihuent must be agreed to iu a separate writing. C. All other obligations Mortgagor owes to Lender, which may laler arise, to the exteut not prohibited by law, including, but not limited to, liabilities fbr overdratts relating to any deposit account agreement between Mortgagor and Lender. D. All additional sums advanced arid expenses incurred by Lender fur insm'ing, preserving or otherwise pro/ecling tile Property and its value and any other sums advanced and expenses recurred by Lender nnder the ternis of this Security Instrument. In the event that Lender fails to provide any necessary notice of tile right of rescission with respect to any additional indehtedness secured under paragraph B of this Section, Lender waives a ny sitbsequent security interest itl the Mot tgagor's principal dwelling that is created by this Secnrity Instrument (but does nd waive the security interest for the (lei)is referenced Ul paragraph A of this Section). 5. MORTGAGE COVENANTS. Mortgagor agrees that the covenants itt this section are material obligations nnder tile Secured Debt and this Secnrity Instrument. If Mortgagor breaches any covenant in this section, Lender may rethse 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 happens again. Payments. Mortgagor agrees that all payments under the Secured Deb~ will be paid when dne and in accordance with tile terms of the Secured Debt and this Security Instrument. Prior Security Interests. With regard to any other mortgage, deed of trust, security agreement or other lien clocument that created a prior security interest or encnmbrance on the Property, Mortgagor agrees to make all payments when due and to perform or comply with all covenants. Mortgagor also agrees not to alh)w any modification or extension ol; nor to request any fi_tture advances under any note or agreement seem:ed by the lien doct|meut withont I_ender's prior written approval. Claims Against Title. Mortgagor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Property when due. Lender m.'.~y require Mortgagor to provide to Lender copies of all notices that such aruounts are due and the receipts evidencing Morlgagor's payment. Mortgagor will det~nd title to the Property against any claims that would impair tile lien of this Security lnstruntent. 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 It) maintain or improve the Property. Property Condition, Alteralions and Inspection. Mortgagor will keel) Ibc P~operty in good condition and make all repairs that are reasonably necessary. Mortgagor shall not commit or allow any waste~ impairment, or deterioration of the Property. Mortgagor agrees that the nature of the occupancy arid use will not subshmtially change without Lender's prior written consent· Mortgagor will not permit any change in any license, restriclive covenant or easement without Lender's prior written consent. Mortgagor will notify Lender of all demands, proceedings, claims and actions against Mortgagor, and of any loss or damage to the Property. Lender or Lender's agents may, at Lender's option, enter tile Property at any reasonable time for the purpose of inspecting the Property. Lender shall give Mortgagor notice at the tirne of or befbre an inspection specifying a reasonable ptnpose lk)r lhe inspection. Any inspection of the Property shall be entirely for Lendei's benefit and Mortgagor will in uo way rely on Lender's inspection. Anthority to Perform. If Mortgagor fails to perform any duty or any of tile covenants contained in this Secnrity Instrument, IL.ender may, without notice, perform or cause them to be performed, blortgagor appoints Lender as attorney in l;act to sign Mortgagor's name or pay any amount necessary for performance. Lender's right to perform for Mortgagor shall not creale an obligation to perform, and Leuder's lath|re to perform will not preclude Lender fi'om exercising any of Lender's other rights nnder the law or this Security Instrnment. Leaseholds; Condominiums; Planned Unit Developments. Mortgagor agrees to comply with the provisions of any lease if this Security Instrmnent is on a leasehold. If the Property includes a nnit iu a condominium or a planned unit developrnent, Mortgagor will perform all of Mortgagor's duties under tile covenanls, by-laws, or regntations of the comlominiun~ or planned uhit development. Condemnation. Mortgagor will give Lender prompt not[ce of any pending or threatened action, by private or public entities to purchase or take any or all of the Property through condemnation, eminent domain, or any other meaus. Mortgagor authorizes Lender to intervene itl Mortgagor's name in any of the above described actions or claims. Mortgagor assigns to Lender the proceeds of any award or claim tbr damages connected wilh a condenmation or other taking of all or any part of the Property. Such proceeds shall be Considered payments and will be applied as provided in this Sectn ity Instrument. Th is assignment of proceeds is subject to the terms of any prior morlgage, deed of trust, security agreement or other lien document. Insurance. Mortgagor shall keep Property insured against loss by fire, flot~d, theft and other hazards and risks reasonably associated with the Property dne to its type and location. This insurance shall be maintained m the amounts an(t for the periods that Lender requires. The insurance carrier providing the insm-ance shall be chosen by Mortgagor subject to I endeL's approval, which shall not be unreasonably withheld. If Mortgagor fhils lo maintain the coverage described above, Lender may, at Leuder's option, obtain coverage to protect Lender's rights in the Property according to the terms of lifts Secmity Instrument. /\11 insurance policies and renewals shall be acceptable to Lender and shall inc:lude a staqdard "mortgage clause" and~ where applicable, "loss payee clause." Mortgagor shall immediately notify Lemler of cancellation or ternfination of tile insmance. Lender shall have the right to hold the policies and renewals. If Lender requires, Mortgagor shall immediately give Lender all receipts ofpaid preLniums and renewal notices. Uponh~ss, Mortgagor shall give irnmediate notice lo tlLe insurance carrier and Lender. Lender may make proof of loss if not made immediately by Mortgagor. Unless otherwise agreed ii1 writing, all insurance proceeds shall be applied to tile restoration or repair of the Property or to the Secured Debt, whelher or not then due, at Lender's option. Any application 0f proceeds to priucipal shall not / (page 2 o! 4) (~ 1994 [tankers S~'stems, Inc,, SI. Cloud, MN ~olro OCP-REMI'G-WY 1017198 _ extend or postpone the due date of the scheduled paymenl nor change tile amount of any paymenL Any excess will be paid to the Mortgagor. If the Property is acquired by Lender, Mortgagor's right to any insurance policies and proceeds resultiug from damage to the Property before the acquisition shall pass to Lemlcr to the extent of the Secured Debt immediately belbre the acquisition. Financial Reports and Addilional Documents. Mortgagor will provide to Lender upon reqnest, any financial statement or information Lender may deern reasona'bly 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 under this Security Instmn!ent and Lender's lien statns on the Property. 6. I)UE ON SALE. Lender may, at its option, declare the entire balance of the Secured Debt to be immediately dne and payable upon the creation 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. 7. DEFAULT. Mortgagor will be in default if any of the following occur: Fraud. Any Consmner Borrower engages in fraud or material nrisrepreseniation in connection with the Secured Debt that is 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 that adversely affects the Property or Lender's rights in the Property. This includes, but is not limited to, the tbllowing: (a) Morlgagor t;ails to maintain required insurance on the Property; (b) Mortgagor transfers the Property; (c) Mortgagor commits waste or otherwise destructively uses oi ihils to maintain the Property 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 lnstrurnei~t; (e) a sole Mortgagor dies; (f) if more than one Morlgagor, any Mortgagor dies aod I.ender's secm'ity is adversely affected; (g) the Property is taken through eminent doinain; (h) a jmlgment is filed agaiost Mortgagor and subjects Mortgagor and the Property to action that adversely affects Lender's interest; or (i) a prior lienholder lbrecloses 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 aggregat.e amount greater than the amotmt permitted nnder federal laws and regulations. 8. REMEDIES ON DEFAU1,T. In addition to any other remedy available under the terms of this Security Instrmnent, Lender may accelerate the Secnred Debt and foreclose this Security Instrument in a manner provided by law if Mortgagor is in dethult. In some instances, federal and state law will require Lender to provide Mortgagor wilh nolice 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 tile agreed fees and charges, accrued interest and principal shall become immediately due and payable, alter giving notice if required by law, upon the occun'ence of a default or anytime thereafter. Lender shall be entitled to, without limitation, the power lo sell the Property. The acceptance by Lender of any stun in payment or partial payment on tire Secm'ed 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 complele 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 event a dethult if it happens again. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; C()I~LECTION COSTS. If Mortgagor breaches any covenant in this Security Instruntent, Mortgagor agrees to pay all e×pcuses Lender incurs in performing such covenants or protecting its security interest in the Property. Snch expenses include, but are not limited to, tees inctnxed for inspecting, preserving, or otherwise protecting the Property and Lender's security ildcrest. These expenses are payable on demand and will bear interest from the date of payment nntil paid in fidl at the highesl 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 re~nedies under this Security Instrument. This amount may include, but is not limited to, reasonable attorneys' lees, court costs, and other legal expenses. This amotmt does not include attorneys' lees 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 jmisdiction under tile Bankruptcy Code. This Security Instrument shall remain in eft'crt 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 [,aw means, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act (CERCI,A, 42 U.S.C. 9601 et seq.), and all other federal, state and local laws, regtdatimls, ordinances, court orders, attoruey general opinions or interprelive letters concerni~lg the public health, safety, well'm-e, environment or a hazardons 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, sal~ty, welfitre or environment. The term includes, without limitation, any substances defioed as "hazardous material," "toxic substances," "hazardous waste" or "hazardons substance" unde,' any Enviromnental I~aw. Mortgagor represents, warrants and agrees that: A. Except as previously disclosed and acknowledged in writing lo l~ender, no Hazardous Substance is or will be localed, stored or released on or in the Property, This restrictiou does oot apply to small quantities ot' [[:.lzardotls Substances that are generally recognized to be appropriate for the normal use and maintenance of the Prope[ty. B. Except as previously disclosed and acknowledged in writing to l~ender, Mortgagor and every tenant have been, are, and shall remain in fitll compliance with any applicable Environmental Law. C. Mortgagbr shall immediately notify Lender if a release or threatened release of a Hazardous Substance occurs on, nnder or about the Property or there is a violation of any Envirtmmental 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 relating to the release or threatened release ol any Ilazardous Substance or the violalion of any Environmental l.aw. j (pa~le 3 of 4) ,(~ 1994 Bankers S~,$tems. Inc.. SI Cloud. MN Form OCPJ~EMI'G-WY 10/?/98 (~)®-C465(WY) (9901).02 1 1. ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separate agreelnent, Mortgagor xvill not be required to pay to Lender fimds lbr taxes and insurance in escrow. 12. JOINT AND INDIVIDUAl, LIABILH'Y; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties uuder this Security h~strnment are joint and individual. If Mortgagor signs this Security h~strument but does not sign an evideuce of debt, Mortgagor does so only to mortgage Mortgagor's interest in the Property to secure payment of ttie Secured Debt and Mortgagor does uot agree to be personally liable on the Secured Debt. If this Security Instrument secures a guaranty between Lender and Mortgagor, Mortgagor agrees Io 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, hut are not limiled to, aoy anti-deficiency or one-action laws. The duties and benefits of this Securily llistrumeut shall bind ami benefit the successors and assigns of Mortgagor and Lender. 13. SEVERABILITY; INTERPRETATION. This Security Instrument is complete and fully integrated~ This Security Instrument may not be alnended or modified by oral agreement. Any section iix this Security Instnm'mnt, attachmems, or any agreement related to the SecUred Debt that conflicts with applicable law will not be effective, nnless that law expressly or impliedly permits the variations hy written agreement. If any section nf this Security Instrun~ent cannot be enforced according to its terms, that section will be severed and will not affect the enlbrceability of the remainder of this Security Instn,nent. Wheuever used, the siugular shall include the plural and the plural the singular. The captions and headings of the sections of this Security Iustn,nent are for convenience only and are uot to be used to interpret or define the terms of this Security h~strument. Time is of the essence in this Security Instnm~ent. 14. NOTICE. Unless otherwise required by law, any notice shall b~ given 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 writing. Notice to oue mortgagor will be deemed to be notice to all mortgagors. 15. IVAIVERS. Except to the extent prohibited by law, Mortgagor waives any right regarding the ~narshalling of liens and assets and all homestead exemption rights relating to the Property. 16. lANE OF' CREDIT. The Secured Debt'includes a revolving line of credit. Although the Secm:ed Debt may be reduced to a zero balance, this Security Instrument will renrain in eft'ecl until released. 17. APPLICABLE I~A~iV. This Security Instn~ment 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 incorporated into and supplement and amend the terms of this Security Instrument. [Check all applicable boxes] J~ Assignmeld 6fLeases anti Rents [-X~ Other _Fi_tLs_t_ _[_j _eD_ ~! (_lc_r_ [S_ e_ c_ 9oO~ tJg_m~e RJ (fl_ec ............ 19. [._~-] ADI)ITIONAL TERMS. SIGNATU'RES: By signing below, Mortgagor agrees to the terms and covenanh; contained in this Security Instnunent and in any attacl,nents. Mortgagor also acknowledges receipt of a copy of this Security Instrument ou the date stated ou page 1. 0ndivid"al} This instrumer~t was acknowledged before me this 95~D ........ clay of My commission expires: 5'5;'7 ' , F~*~ ~-~ ~.~ ~ .... ~- - _~,_ ~ ~ ~ -~--~ L./~ -~ ~j - / . o. ~AR - . 0 199~ ~ank~,s System~, m ..... st. Cloud, MN Fm'm OCP-REMIG-WY I0/7/~ J ~*~ J : (page ,I el 4) MORTGAGE RIDER Loan number: 7077584683 This Rider is made this 05th day of August 2004, and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, (Security Instrnment) of the same date given by the undersigned, Avery Daniel Pratt JR (the Borrower) to secure Borrowers' Note (the Note) to Merrill Lynch Credit Corporation (the Lender) of the same date and covering the Property described in the Security Instrument and located at: 369 ELItHORN DRIVE, ALPINE, WY 83128 Borrower and Lender fiirther covenant and agree that the Note is to be secured by a Security instrument that is in fn:st-lien position on the Property. Accordingly, Borrower shall promptly discharge any lien which has priority over this Security Instrun~ent unless Borrower: (a) (b) (c) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, but only so long as Borrower is perforating such agreement; contest the lien in good fhith by, or defends against entbrcement in, legal proceedings, which Lender's opinion operate to prevent enforcement of the lien while those proceedings are pending, but only until such proceedings are concluded; or secures from the holder of the lien an agreement satisPactory to Lending subordinating the lien to this Security Insmunent. If Lender determines that any part of the Property is subject to a lien which can attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Within 10 days of the date on which the notice is given, Borrower shall satisfy the lien or take one or more of the actions including paying all taxes, assessments, charges, fines, and impositions attributable to the Property which can attain priority over this Security Instrmnent, leasehold payments or ground rents on the Property, if any, and Cormnmfity Association Dues, Fees and Asscsslnents, if any. BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenant contained in this Rider. (Seal) {Seal) (Seal) First Lien HELOC Rider HELOC32 (010204) Loan ti ' 7077584683 SECOND HOME RIDLR TIllS SECOND IIOME RIDER is made this 05th day of Angust, 2004, and is incorporated and shall be deemed to amend and supplement the Mortgage, Deed ofTmsl, or Security Deed (the "Security Instrutnent") of the same date given by Ihe undersigned (the "Borrow~:r"} whether there are one or more persons nndersigned to secure Borrower's Note to Men-ill Lyuch Credit ('o~ pot-ation (the "Lender") of the same date and covering tile Property described in the Security Instrnment (the "Property"), which is located at: 369 ELHHORN DRIVE, ALPINE, W Y 83128 [Property Address] In addition to tile covenants and agreements made in the Security Instrument, Borrower and Lender fl~rther covenant and agree that uotwithstanding anything to the contia~y contained iu the Security Instrument the following are added as material obligations under the Security Instroment. Occnp:mcy. Borrower shall occupy, and shall only use, tile P~operty as Borrower's second home. Borrower shall keep tile Property available for f3ortower's exclusive use and enjoyment at all times, and shall not subject the Property ~o any timesharing or other shared ownership arrangement or to any rental pool or agreement that requires Borrower either to rent the Property or give a management firm or any other person any control over the occupancy or use ol:the Property. Borrower's Loan Application. Borrower shall be in default if, during the Loan application process, Bo~xower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate infornration or statements to Lender (or failed to provMe Lender with material information) in connection with the Loan. Material representations include, but are not limited to, representations concerning Borrower's occupancy of Ihe Property as Borrower's second hon~e. llELOC62 (103101) 01 Page I of 2 BY SIGNING BELOW, Bmxower accepts and agrees to [he terms and provisions contained in this Second ttome Rider. _(Seal) (Seal) ~"Ave~.ttel Pratt JR ~/':t~orrower -no.owe,- (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) Borrower -Bon owe~ (Seal) .(Seal) -Bo[rower -Borrower IIELOC62 (103101).02 Page 2 of 2 RightFax 6/24/2004 4:49 PM PAGE 5/007 Fax Server LEGAl, DESCRIPTION THE FOLLOWING DESCRIBED REAL PROPERTY LOCATED IN TIlE COUNTY OF LINCOLN, STATE OF WYOMING, DESCRIBED AS FOLLOWS: LOTS 64 AND 65 OF ALPINE VII,LAGE StJBDIVISION NO. 1, PLAT 3, AMENDED, AS PLATTED AND RECORDED IN THE OFFICIAL RECORDS OF LINCOLN COUNTY, WYOMING.