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HomeMy WebLinkAbout901890Recording requested by: Wells Fargo Bank N.A. 9 018 9 0 Wells Fargo Home Equity · 526 Chapel Hills Drive Colorado Springs, CO 80920-1030 RECEIVED ~ N ~INCOL. COUNTY CLERK When recorded return to: Wells Fargo Bank N.A. Wells Fargo Services Co. Consumer Loan Servicing P.O. Box 31557 Billings, MT 59107-9900 Stale of Wyoming Space Almve tiffs Line For Recording Date MORTGAGE 65045073391998 (With Future Advance Clause) DATE AND PARTIES. The date of this Deed of Trust ("Secretly hmtrnment") is 10 August 2004 and die parties, their addresses attd tax identification numbers, if required, are as follows: MORTGAGOR: W. MARK SULOFF, AND STEPHANIE SULOFF, HUSBAND AND WIFE If checked, refer to file attached Addendum incorporated herein, for additimml lvlortgagors their signatures and acknowledgments. LENDER: Wells Fargo Bank N.A. 420 Montgomery Street San Francisco, CA 94104 CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of which is acknowledged, and to secure file Secured Debt (defined below) and Mortgagor's pertbnnance under this Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, wifll power of sale, the following described property: See attached Exhibit A The property is located in Li ncol n at 245 MADISON (County) Ali-ON , Wyonfing 83110-0000 (City) (Zip Code) WYOMING - MASTER FORM MORTGAGE Pa9. Iot 8 LEWY1 (0403) VMP Mortgage Solutions (800)521-729~ (Address) 20041907900070 Together with all rights, easements, appurtenances, royalties, nfiueral rights, oil and gas rights, all water and riparian rights, ditches, and water stock and all existiug and furore improvements, structures, fixtures, and replacements that nkqy.~mw or at any time in the future be part of the real estate described above (all referred to as "Property"). 3. MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrmnent at any one time shall not exceed $ 30,000.00 . This liufitatiou of amount does not include interest and other fees a~d charges validly inade ptu'sua~lt to this Security Instrument. Also, this linfitation does not apply to advances nmde nnder die terms of this Security lnstruntent to protect Lender's security and to perform any of file covenants contained iu fids Security Instrument. 4. SECURED DEBT AND FUTURE ADVANCES. The term "Secured Debt" is defined as follows: A. Debt incurred under the terms of the promissory nnte, revolving line of credit, contract, guaranty or off, er evidence of debt dated 8/10/2004~ together with all amendments, extensions, modifications or renewals. The nmturity date of thc Secured Debt is 8/10/2044 B. All future advances fi-om Leuder to Mortgagor under such evidence of debt. All future advances are secured as if nmde on tile date of this Security Iustrument. Noflling in fids Security Agreement shall cmmtitute a commitlz~ent to nmke additional or futm'e loans or advances which exceed rite amount shown in Section 3. Any such COlnmitment nmst be agreed to in a separate writing. C. All sums advanced and expenses incurred by Lender fi~r insuring, preserving or otherwise protecting the Propelty and its value and any other sums advanced and expenses iucnrred by Lender under the terms of this Security Instrument. 5. PAYMENTS. Mortgagor agrees that all payments under thc Secured Debt will be paid when clue and in accordance with the terms of the Secured Debt and dfis Seem'icy h~strumertt.. 6. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, security agreement or other lien document fllat created a prior security interest or encumbrance on the Property, Mortgagor agrees: A. To nmke all payments when due and to perfurm m' comply with all covenants. B. To promptly deliver to Lender any notices that Mortgagor receives titan file holder. C. Not to allow any modification or extension of, nor to request any future advances under any note or agremnent secured by the lien docmnent without Lender's prior written consent. 7. CLAIM'S AGAINST TITLE. Mortgagor will pay all taxes, assessments, lie.ns, encumbrances, lease payments, ground rents, utilities, and off,er charges relatiug to the Property when due. Lender may require Mortgagor to provide to Lender copies of all notices that such amounts arc due and the receipts evidencing Mortgagor's payment. Mortgagor will defend title to the Property against any claims that would impair the lien of file Security Instrument. Mortgagm' agrees to assigu to Lender, as requested by Lender, any rights, claims or defenses Mortgagor may have against parties who supply labor or tnaterials to nmintain or improve die Property. 8. DUE ON SALE OR ENCUMBRANCE. Upon sale, transfer, hypothecation, assignment or encmnbrance, whether voluntary, invohmtary, or by opcratiou of law, of all or any part of rite Property or any interest therein, then at its sole option, Lender may, by written notice to Mortgagor, declare all obligations secured hereby inunediately due amt payable, except to the extent that such acceleration tbr and in such particular circumstances where exercise of such a right hy Lender is prohibited by law. 9. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mortgagor will keep the Property iu good condition and nmke all repairs flint are reasonably necessary, lVlortgagor shall not commit or allow any waste, impairment, or deterioration of the Property. Mortgagor will keep the Property free of noxious weeds and grasses. Mortgagor agrees that the torture of.die occupancy and use will not substantially change without Lender's prior written consent. Mortgagor will not permit any change in any license, restrictive cove~mnt or easeme,t without Lender's prior written consent. WYOMING - MASTER FORM MORTGAGE LEWY2 (0403) Page 2 of 8 20041907900070 555 Mortgagor will notify Lender of all denmnds, proceedings, claims, and actions against Mortgagor, and of any loss or danmge to file Property. Lender or Lender's agents may, at Lender's option, enter tile Property at any reasmmble time for file purpose of iuspecting the Property. Lender shall give Mortgagor notice at the time of or before an inspectiou specifying a reasonable purpose flu: file inspection. Any inspection of the Property shall be entirely Ibr Lender's benefit and Mm'tgagor will in no way rely on Lender's inspection. 10. AUTIIORITY TO PERFORM. If Mortgagor fails to peril)tm any duty' or any of the covenants contained in this Security Instrument, Lender umy, without notice, perform or cause them to be perfurmed. Mortgagor appoints Lender as attorney in fi{ct to sign Mortgagor's name or pay any amount necessary for per/bnnance. Lender's right to l)crfonn ]['or Mortgagor shall not create an obligation to perform, and Lender's thilure to perform will nt~t preclude Lender from exercising any of Lender's other rights under file law or this Security Instrument. If any constructiou on the Property is discontinued or not can'ied on in a reasonable Inam~er, Lender n~y take all steps necessary to protect Lender's security interest in the Property, including completion of fide construction. 11. ASSIGI~IENT OF LEASES AND RENTS. Mortgagor irrevocably grants, bargains, conveys, mortgages and warrants to Lender as additiomal security ,'dl d~c right, title and to any and all existiug or future leases, subleases, and any other written or verbal agreements for file use and occupancy of any portion of the Property, including any extensions, renewals, modifications or substitutions of such agreements (all referred to as "Leases") and rents, isst{cs and profits (all referred to as "Rents"). Mortgagor will promptly provide Lender with true and correct copies of all existing and future Leases. Mortgagor nmy collect, receive, enjoy aud use the Rents s~ loug as Mortgagor is not in delhult uoder fine terms of this Security Instrument. Mortgagor agrees that this assignlnent is immediately effective between the parties to this Security Instnmmnt. Mortgagor agrees that this assigmnent is effective as to third parties when Lender takes affirmative action prescribed hy law, and that this assignment will reumin in effect during any redemption period until the Sectn'ed Debt is satisfied. Mortgagor agrees that Lender nmy take actual possession of the property without file necessity of connnencing legal action and that actual possession is deemed to occur when l.ender, or its agent, notifies Mortgagor of default and demands that any tenant pay all future Rents directly to Lender. On receiving notice of default, Mortgagor will endorse and deliver to Lender any payment of Rents in Mortgagor's possession and will receive any Rents iu trust for Lender and will not colnmingte the Reuts with any other funds. Any amounts collected will be applied as provided in this Security Instrument. Mortgagor warrants that no default exists under the Leases or any applicable landlord/te~mnt law. Mortgagor also agrees to nmintain and require any tenant to comply with the terms of the Leases and applicable law. 12. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT I)EVELOPMENTS. Mortgagor agrees to comply with fl~e provisions of any lease if this Security h~strmnent is on a Leasehold. If the property is a unit in a Condominium Project or is part of a Planned Unit Developmeut ("PUl)"), lVlortgagor agrees to file following: A. Obligations. Mortgagor shall perform all of Mortgagor's obligations under the Constituent Documents. The "Coustituent Documents" are the: ti) Declaration or any other document which creates the Condontinium Projects or PUD and any homeowners association or equivalent entity ("Owners Association"); (ii) by-laws; (iii) code of regulations; and (iv) other equivalent docmnents. Mortgagor shall promptly pay, when due, all dues and assessments imposed pursuant to the Constituent Documents. B. Hazard Insurance. So long as fide Ow~mrs Association maintains, with a generally accepted insurance carrier, a "master" or "blanket" policy on the Condominimrt Project or PUD which is satisfactory to Lender and which provides insurauce coverage in tine anmunts, for the periods, and against the hazards Lender requires, including fire aud hazards included withiu the term "extended coverage," then Mortgagor's obligation under Section 19 to maintain hazard insurance coverage on the Property is deemed satisfied tt~ the extent that the required coverage is WYOMING - MASTER FORM MORTGAGE LEWY3 {0403) Page 3 of 8 20041907900070 13. 14. provided by the Owner's Association policy. Mortgagor shall give Lender prompt notice of any lapse in required hazard insurance coverage. In thc event of a distribution of hazard insurance proceeds in lieu of restoration or repair f.oll~)wing a loss to Property, whefl~er to the nnit or to common elements, any proceeds payable to Mortgagm' are hereby assigned and shall be paid to Lender for application to the sums secured by this Security Instrument, with any excess paid to Mortgagor. C. Flood Insurance. Mortgagor agrees to nmintain flood insurance for the life of the Secured Debt which is acceptable, as to for~n, a~nount and extent of coverage to Lender. D. Public Liability Insurance. Mortgagor shall take such actions as may be reasonable to insure fl]at the Owners Association maintains a public liability insurance policy acceptable in form, amount, and extent of coverage to Lender. E. Condemuation. The proceeds of any award or clzfim for damages, direct or consequential, payable to Mortgagor in com~ection with any condemnation or other taking of all or any part of the Property, whether of the unit or of the conunon elements, or for auy conveyance in lieu of condmmiation, are hereby assigned and shall be paid to Lender. Such proceeds shall be apt)lied by Lender to the stuns secured by the Security Instrument as provided in Section 118. F. Lender's Prior Cousent. Mortgagor shall not, except after notice to Lender and with Lender's prior written consent, either partition or subdivide file Property or consent to: (i) the abandonment or ternfination of the Condomi~fium Project or PUD, except for abandonment or terufination required by law in the case of substantial destruction 'by fire or oilier c,'tsualty or in the case of a taking by condemnation or eminent domain; (ii) any amendment to any provision of file Constituent Docmnents if the provisiou is for fl~e exp]ess benefit of Lender; (iii) termi~mtion of professional nmnagement and assumption of self-manageinent by the Owners Association; or (iv) any action which would have the effect of rendering the public liability insurance coverage maintained by file Owners Association unacceptable to Lender. Cl. Remedies. If Mortgagor does not pay condomi]fium or PUD dues and assessments when due, then Lender ~nay pay them. Any amounts disbursed by Lender under fids section shall become additional debt of M?rtgagor secured by this Security lustrumeut. Ulfless Mortgagor aud Leuder agree to other terms of payment, these amounts shall bear interest from the date of disbursement at the Secured Debt rate aud shall be payable, with interest, upon notice dom Lender tn Mortgagor requesting payment. DEFAULT. Mortgagor will be in default if any party obligated on the Secured Debt fails to make pay]nent when due. Mortgagor will be in default if a breach occurs under the terms of fids Security Instrument or any other document executed for the purpose of creating, securing or guarantying the Secured Debt. A good faith belief by Leuder that Lender at any time is insecure with respect to any person or entity obligated on the Secured Debt or that file prospect of any payment or the value of file Property is i~npaired shall also constitute an event of dehult. REMEDIES ON 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 fi)reclosure actions. Subject to these linfitations, if any, Leuder may accelerate the Secured Debt aid foreclose this Security Instru~nent in a nmm~er provided by law if Mortgagor is itl defimlt. At file optiou of Lender, all or any part of the agreed lees and charges, accrued interest and principal shall become inunediately due and payable, alter giving notice il required by law, upon fl~e occurrence of a default or anytime thereafter. In addition, Lender sball be entitled to all the remedies provided by law, the terms of file Secured Debt, this Security Instrmnent and any related documents, including without limitation, the power to sell the Property. All remedies arc distinct, cumulative and not exclusive, and fl~e I.ender is entitled to all remedies provided at law or equity, whether or not expressly set tbrth. The acceptance by Lender of any stun in payment or partial payment on file Secured Debt after the balance is due or is accelerated or after foreclosure proceedings are liled shall not constitute a waiver of or WYOMING- MASTER FORM MORTGAGE LEWY4 Io403} Page" °' ~ 20041907900070 Lender's right to require complete cure of any existing det)mlt. By not exercising any remedy on Mortgagor's dethult, Lender does not waive Lender's right to later consider the event a default if it continues or happens again. 15. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when prohibited by law, Mortgagor agrees to l)ay all of Lender's expenses if lvlortgagor breaches any covmmut in tiffs Security Instrument. Mortgagm' will also pay on demand any amount incurred by Lender for insuring, inspecting, preserving or otherwise protecting the Property and Leuder's security interest. These expenses will bear interest fi-om the date of die payment 'until paid itl fifil at file highest interest rate in effect as provided ill the terms of file Secured Debt. Mortgagor agrees to pay all costs and expenses incurred by Lender in collecting, enforcing or protecting Lenders' rights and remedies under this Security Instrument. This amount may include, but is not limited to, attorneys' fees, court costs, aud oilier legal expenses. This amount does not include attonmys' tees for a salaried employee of the Lender. This Security h~strumcnt shall renmin in effect until released. Mortgagor agrees to pay for any recordation costs of such release. 16. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this sectiou, (1) Environmental Law means, wiflmut linfitation, the Comprehensive Enviromueutal Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 ct seq.), and all other federal, state aud local laws, regulations, ordinances, court orders, attorney geueral opinions or interpretive letters concerning the public healfll, safety, welt'are, environment or a hazardous substance; aud (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or contanfi~mnt which has characteristics which render the subslance dangerous or potentially dangerous to the public health, safety, welfare or environlnent. The term includes, without limitaliou, any substances defined as "hazardous nmterial," "toxic substances," "hazardm~s waste," or "hazardous substance" under any Environmental Law. Mortgagor represents, warrants and agrees fllat: A. Except as previously disclosed and acknowledged in writiug to Lender, no Hazardous Substance is or will be located, stored or released on or ill the Property. This restriction does not apply to small quantities of Hazardous Substances that are generally recoglfized to be appropriate l:or the normal use and nmintemmce of the Property. B. Except as previously disch)sed and acknowledged iu writir~g to Lender, Mortgagor and every tenant have been, are, and shall remain ill filll compliance with ally applicable Environmental Law. C. Mortgagor shall iunnediately notify Lender if a release or threatened release of a Hazardous Substance occors on, under or about the Property m' there is a violation of any Euvil'omnental Law concerifing fl~e Property. In such an event, iVlmtgagor shall take all necessary remedial action in accordance with ally Environmental Law. D. Mortgagor shall immediately notify Lender in writing as soon as Mortgagor has reason to believe fl:sere is any pending or fllreatened investigatiou, claim, or proceeding relating to the release or threatened release of any Hazardous Substance or the violation of auy Enviromnental Law. 17. CONDEMNATION. Mortgagor will give Lender prompt notice of any pending or threatened actiou, by private or public eotities to purchase or take any or all of file Property fllrough condemnation, enfinent domain, or any oilier 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 danmges conuected with a condemnation 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 Secority Insmnneut. This assignment of proceeds is subject to thc terms of any prior mortgage, deed of trust, WYOMING - MASTER FORM MORTGAGE LEWY5 Io4oa} Page 5 of 8 20041907900070 18. INSIFRANCE. Mortgagor shall keep Property insured agai~st loss by fire, flood, theft and other hazards and risks reasotmbly associated with the Property due to its type and location. This insurance shall be maintained in the amou,lts and for th~ periods that Lender requires. The insurauce carrier providing the insurance shall be chosen by Mortgagor suhject to Lender's approval, which shall not be unreasonably withheld. If Mortgagor fails to nudntain the coverage described above, Lender ~miy, at Lender's option, obtain coverage to protect Lender's rights itl the Property according to rite terms of fids Security Instrument. All insurance policies and renewals shall be acceptable to Lender and shall immediately notify Lender of cancellation or ternfirmtion of the insm:ance. Lender shall have the right to hold the policies and renewals. If Lender requires, lvh~rtgagor shall inm~cdiately give to Lender all receipts of paid premiums and renewal notices. Upon loss, lVlortgagor shall give iunnediate notice to the insurance carrier and Lender. Lender may nmke proof of h)ss if not made immediately by Mortgagor. Ulfless otherwise agreed in writiug, all iosurauce proceeds shall be applied to file restoration or repair of file Property or to rite Secured Debt, whether or not then due, at Lender's option. Ally application of proceeds to principal shall ~ot extend or postpone the due date of the scheduled payment nor change the amouut of any payment. Any excess will be paid to the Mortgagor. If rite Property is acquired hy Lender, Mortgagor's right to auy insurance policies and proceeds resulting from damage to the Property belbre file acquisititm shall pass to Lender to file extent of the Secured Debt innnediately before the acquisition. 19. ESCROW FOR TAXES AND INS'URANCE. Unless t~therwise provided in a separate agreement, Mortgagor will not be required to pay to Lender funds ti),' taxes and insurance in escrow. 20. FINANCIAL REPORTS AND ADDITIONAL DOCUglENTS. Mortgagor will provide to Lender upon request, any financial statement or information Leander n~y deem reasonably necessary. Mortgagor agrees to sign, deliver, and file any additioual documents or certifications fl~at Lender may consider necessary to perfect, continue, and preserve Mortgagor's obligations under this Security Instrument and Lender's lien status on the Property. 21. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Security Instru,nent are joint aud individual. If Mortgagor signs this Security Instnmlent but does not sigu an evidence of debt, Mortgagor does so o~dy to mortgage Mortgagor'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 hlstrument secures a guarauty between Lender and Mortgagor, Mortgagor agrees to waive auy rights that nmy prevent Lender from bringing any action or claim against Mortgagor or auy party indebted under the obligation. These fights nmy include, but are uot linfited to, any anti-deficic,~cy or one-action laws. Mortgagor agrees that Lender and any party to this Security Instrument may exte~ld, modify or make any change in the terms of this Security Instrument or any evidence of debt without Mortgagor's consent. Such a chauge will not release Mortg:agor from tile terms of this Secm'ity h~strument. The duties and benefits of this Security Instrmnent shall bind and benefit the successors ;md assigus of Mortgagor and Lender. 22. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Security lnslrument is governed by the laws of file jurisdiction in which fl~e Property is located, except to the extent otherwise required by the laws of the jurisdiction where the Property is located. This Security Instrument is complete and fully integrated. This Security h~strument nmy not be amended or modified by oral agreement. Any section in this Security Instrume~t, attachments, or any agreement related to the Secured Debt that conflicts with applicable law will not be effective, unless tllat law expressly or impliedly pernfits file variations by written agreement. If any section of this Security Instrument camrot be enforced according to its terms, that section will be severed and will not affect the enforceability of file renminder of this Security Instrume~t. Whenever used, file singular shall include the plm'al and the plural file singular. The captions and headings of the sections of this Security Instrument are fbr conve~fience only and are not to be used to it~terpret or defil~e file terms of this Security Instrunrent. Time is of file essence in this Security l,tstrument. Itl the event any section of this WYOMING- MASTER FORM MORTGAGE LEWY6 Io403) P~g"~ °' ~ 20041907900070 Security Instminent directly co~fflicts with any section ol- the revolving line of credit agreelnent or promissory note referenced in Section 4, fl~e terms and conditions of the revolving line of credit agreement or pronfissory note (as applicable), the arbitration ;mreement and the agreement to provide a, greement or promissory note (as applicable), file arbitration a~reetneut and rile a~,reement to provide nood/nroperty insurance, all of which I agree to by si~ ~ w this Security 'Ii~strun~cnt the terms and condmons of smd docmnents and not the Security h~strumcnt shall control. 23. NOTICE. Unless otherwise required by law, arty notice shall be given by delivering it or by mailing it by first class nmil to rile appropriate party's address on page 1 of this Security Instrument, or as shown in Lender's records, or to auy other address designated in writiug. 24. WAIVERS. Except to .the extent prohibited by law, Mortgagor waives and right regarding the marshalling of liens and assets, and hereby releasing and waiving all rights under aud by virtue of file hoinestead exemption laws of this state. 25.OTtlER TERMS. If checked, the following are applicable to this Security Instntment: ~ Line of Credit. The Secured Debt iucludes a revolving line of credit provision. Although the Secured Debt may be reduced to a zero balance, this Security Instnm~ent will renmin iu effect until released. ['~ Construction Loan. This Security Instrument secures an obligation incurred fbr the construction of an ilnprovement on the Property. [--] Fixture Filing. Mortgagor grants to Lender a security interest in all goods that Mortgagor owns ~mw or in the future and that are or will bcc()me fixtures related to file Property. This Security Instrument suffices as a fi~mncing statement and any carbon, photographic or other reproduction nmy be filed of record for purposes of Article 9 of the Unifi)rm Commercial Code. [~] Additional Terms. Home Asset Management Account Rider SIGNATURES: By signing below, Mortgagor agrees to the terms and covenants contaiued in this Security Instrument and in any attachments. Mortgagor also acknowledges receipt of a copy of this Sccmity lnstrum,q~)~on, fl~ date stated on page 1 i / Mortgagor ' ~ - ~ Date Mortgagt~r Date W. MARK SULOFF STEPHANIE SULOFF Mortgagor Date Mortgagt~r Date Mortgagor Dale lvlo~gagor Date Mortgagor Date Mortgag~r Date WYOMING - MASTER FORM MORTGAGE LEWY7 10403) Page 7 of 8 20041907900070 ACKNOWLEDGMENT: (Individual) STATE OF WY COUNTY OF Li ncol n The Ibregoing instrument was acknowledged before me by W. MARK SULOFF, STEPHANIE SULOFF this Witness my hand and official seal. (Sig~e of Officer) My Conmfission Expires: (Seal) ~ JILL H. LARSONZNOTARY PUBLIC 'I OOUNTYO~ ~ ffrAl'EOF t I LINCOLN ~ WYOMINO ~?~,.~Y CO.MISSION EXPIRE. ~,,..~§ JUNE 20,~~ WYOMING- MASTER FORM MORTGAGE LEWY8 loqoa~ v~ ~ °~ ~ 20041907900070 EXHIBIT "A" Part of Lot 2 of Block 11 to the Town of Afton, Lincoln County, Wyoming, being more particularly described as follows: Beginning at a point on' the West boundary line of said Block 11 that is 11 rods Sonth of the Northwest Corner of said Block 11; and running thence East, on a line perpendicular to said West boundary line 14 rods, more or less, to the West boundary line of the Van J. ttokanson property contained in Warranty Deed recorded March 29, 1973 in Book 104PR on page 47 of the records of the Lincoln County Clerk; thence South, on a line parallel to the West boundary line of said Block, 8 rods; thence West, on a line perpendicular to the West boundary line of said Block 14 rods, more or less, to said West boundary line; thence North, along said West boundary line, 8 rods to the point of beginning. HOME ASSET MANAGEMENT ACCOUNT ISM} RIDE R TO 51ORTGAGE/DEED OF TRUST (Open end credit with {---]tiXed rate ~] variable rate This ttmne Asset Manage~nent Account {SM} Rider is dated to the Mortgage or Deed of Trust ("Mortgage") of the same date W. MARK SULOFF, STEPHANIE SULOFF interest) 8/10/2004 and is an amendment given by the undersigned, (hereinafter "Mortgagor")to secure the borrower's EquityLhm ~vith FlcxAbilitys~t Agreement with Wells Fargo Bank, N.A. ("Lender") covering the property more particulm'ly described hi the Mortgage (the "Property"). In addition to the covenants and agreements made ht the Mortgage, Mortgagor and Lender fimher covenant and agree as follows: 1. The word "Note", as used in the Mortgage and this Rider, refers to the EquityLine with FlexAbility s~ Agreement and Home Asset Management Account s~ Addendmn lo Equitykine with FlexAbility 2. Despite any language to the contrary in the Mortgage, Mortgagor covenants that the Property is unencmnbered, except for a first lien purchase money or refinance o1' pttrcbase money encmnbrance in the name of Wells Fargo Bank, N.A., its affiliates, successors or assignces. 3. Paragraph number 4 of the Mortgage, which is captioned S}2CURED DEBT AND FUTURE ADVANCES is hereby deleted in its entirety and replaced by the lbllowing paragraph: SECUR/ED DEBT AND FUTURE ADVANCES. The term "Secured Debt" is defined as follows: A. Debt h~curred under the terms of the pronfissory note, revolving line of credit agreement, contract, guarm~ty or other evidence of debt of same date together with all amendments, extensions, modifications or renewals. The maturity date of the secmcd l)cbt is 8/10/2044 B. All fi~ture advances from Lender to the borrower nndcr such evidence of debt, whelher obligalory or discretionary. All obligatory fittnre advances and advances Io cure breeches of covenants contained in the Mortgage are secured as if made on the date of this security Instrument. Nothing in Ihis Security Instrumeut shall constitute a co~mnitment to make additioual or fidure loans or adwmces which exceed $ 30,000.00 HAMARIDR 042204 20041907900070 PAGEt C. All stuns advanced and expenses incurred by Lender for insuring, preserving, or otherwise protecting file Property and its value and any oilier sums advanced and expenses iucurred by Lender under the terms of this Security Instrument. D. The terms and conditions of the Note referenced in A above include, but are not litnited to, a 10 year period for advances under a revolving line of credit. Except if this Note is secured by property located in file stale of Temlessee, the parties have agreed that subject to certain qualil~,ing conditions the Lender may extend file period for advances for ;mother 10 years for a total of 20 years. Nothing in this Security lnstrmncnt shall constitute a co~mnit,nent to extmid the period for advances beyond the initial 10 year period. E. Borrower(s) and rite Lender have agreed that subject to tile satisfi~ction of certain qualifying conditions, the Credit Line Limit in the Note may be increased quarterly and/or ammally. One of'those conditions, inter alia, is the bon-ower's maintenance of a first mortgage loan on the Property with Wells Fargo Bank, N.A., or one of its affiliates. All such increases, if any, shall increase the amount ot' file Maxitnmn Obligation Liniit disclosed in Paragraph 4 (if the Mortgage is ill Virginia file "total principal indebmess" in the 3rd recital) and the current Credil Line Limit described in Seclion '3 hereinabove in the sam~ amount(s), 4. The Note provides for a montlfly variable rate of interest expressed as a daily pm'iodic rate equal to 1/365 of an a~mual rate of 1.625 plus the "Index Rate". The Daily Periodic Rate of FINANCE CHARGE may increase if the lfighest prime rate published itt the Wall Street Jout]lal Westen~ Edition "Money Rates" table (rite "Index Rate") increases. The initial Daily Periodic Rate of FIN AN CE CHARGE is 0.01605191 which corresponds to an initial ANNUAL PERCENTAGE RATE of 5.875 The ANN UAL PERCENTAGE RATE will never be more fllan 18.00%. Any increase in Daily Periodic Rate may increase the nmdmum monthly payments. 5.The Paragraph Mdch is captioned in tile Mortgage, ESCROW FOR TAXES AND INSURANCE (which may be found as Paragraph 19, 20, 21, 23, 24, depending on the documcm) is hereby deleted in its entirety. W. MARK ~'IJLO~F ~ -- Date STEPHA~qlE SULOFF Date Date Date Date Dale Date Date t-tAMARIDR 042204 20041907900070 PAGIrg 2