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HomeMy WebLinkAbout902133988 Ri_--C E IVED .. ',I':'31_L COUh!TY CLERK 902133 Bt '~()K ........... pR .-., ~.: ~ .............. State of Wyoming Space Above This Line For Recmding Data MORTGAGE (With Furore Advance Clause) DATE AND PARTIES. The date of this Mortgage (Security Instrument) is .0.8.-.1.1...2.0.0..4 .................................... and the parties, tlieir addresses and tax identification numbers, if required, are as folk)ws: MORTGAGOR: CRAIG C. KNECHT and MARILYNN J. ZACH, HUSBAND AND WIFE P.O. BOX 4448 BEDFORD, WY 83112 [] If checked, refer to the attached Addendum incorporated herein, for additional Mortgagors, their signatures and acknowledgments. LENDER: THE BANK OF STAR VALLEY Organized and existing under tho laws of the state of Wyoming 384 WASHINGTON STREET PO BOX 8007 AFTON, WY 83110 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 performance tinder this Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with power of sale, the tbllowing described property: SEE [XltlBIf "A" AIIACItED IIEHEfO AND MADE APART HEREOF The property is located in ................................ LIN.C..O.L.N. ............................... at .4.9.0..O.S..T.R.A..WB..E.RR.¥ C..R.E~.K. £0UN.I]Y.,ROA.O .1.2§... (Coumy) BEOFORD Wyoming 83112 (Address) (City) (ZIP Code) Together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, all water and riparian rights, ditches, and water stock and all existing and future improvements, structures, fixtures, and replacements that may now, or at any time in the fi~tUre, be part of the real estate described above (all referred ti} as "Property"). MAXIMUM OBLIGATION LIMIT. The total principal amount secured by dfis Security Instrument at any one time shall not exceed $ .5.0.,9.0.0.-.0.0. ........................................... This limitation of amount does not include interest and other fees and charges validly made pursuant to this Security Instrument. Also, this limitation does not apply to advances inade uuder the terms of this Security Iustmment 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 proinissory note(s), contract(s), guaranty(s) or other evMence of debt described below and all their extensions, renewals, modifications or substitutions. (Toil must specifically identij~ the debt(s) secured and you should include the final maturity &~te of such debt(s).) ONE PROMISSORY NOTE DATED 811-04 IN THE AMOUNT OF ~50,000.00 WYOMING- HOME EQUITY LINE OF CREDIT MORTGAGE (NOT FOR FNMA, FHLMC, FHA OR VA USE) ©1994 Ilanke~s Sysloms, Inc., SI. Cloud, MN Fo~m OCP-REM'rG-WY 1017198 O OZl,la 0 4 3 B. All future advances from Lender to Mortgagor or other future obligations of Mortgagor to l.endcr r,uder airy 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 Security Instrument is specifically referenced. If more than one person signs this Security Instrument, each Mortgagor agrees that this Security Instrument will secnre all future advances and flmu'e obligadm~s that are given to or incurred by any one or more Mortgagor, tlr any one or more Mortgagor and others. All future advances and other future obligations are secured by this Security Instrument even thongh all or part may not yet be advanced. All future advances and other future obligations are secured as if marie on the dale of this Security Instrmnent. Nothing in this Security Instrument shall constitute a commitmenl to make additional or flmlre loans or advances in any amount. Any snch commitment must be agreed toJn 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 incnrred by Lender for insuring, preserving or otherwise protecting thc 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 tile right of rescission with respect to any additional indebtedness secnred under paragraph B of this Section, Lender waives any subse.quent security interest in tile Mortgager's principal dwelling that is created by this Secnrity Instrument (but does m)t waive lire security interest for the debts referenced tn paragraph A of this Section). ' MORTGAGE COVENANTS. Mortgagor agrees that the covenants in this section are material obligations under tile 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 lhnit. By not exercising either remedy on Mortgager's breach, Lender does not waive Lender's right to later consider the event a breach if it happens again. Pay~nents. Mortgagor agrees that all payments under the Sec[lr~d Debt will be paid when tine and in accordance with lhe 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 document that crealed a prior secnrity interest or encumbrance on the Property, Mortgagor agrees lo make all payments when due and to perfol'm or comply with all covenants. Mortgagor also agrees not to allow auy nlodification or extension of, nor to request any future 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, eucmnbrances, lease payments, ground rents, utilities, and other charges relating to the Property when due. Lender may reqnirc lVlortgagor to provide to Lender copies of alt notices that snch amounts are due and the receipts evidencing Mortgager's payment. Mortgagor will defend title to tl~e Property against any claims that wonld impair the lien of this Security Instrument. Mortgagor agrees to assign 1o 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 cormnit or allow any waste, impairment, or deterioration of the Property. Mortgagor agrees that the nature of the occupancy and use will not substantially change without Lender's prior written consent. Mortgagor will not permit any change in any license, restrictive covenant or easement withont Leudcs"s prior wriuen 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, ar Lender's option, enter the Property al any reasonable time for tile purpose of inspecting the Property. Lender shall give Mortgagor notice at the time of or before an inspection specifying a reasonable purpose lbr the inspection. Any inspection of the Property shall be entirely l:br Lender's benefit and Mortgagor will iu no way rely ou Lender's inspection. Anthority to Perform. If Mortgagor fails to perform any duty or any of the covenants contained in this Security lnstrunlent, Lender may, without notice, perform or cause them to be performed. Mortgagor appoints Lender as attorney ill fact lo sign Mortgager's name or pay any amount necessary tbr pertbrmance. Lender's right to perform for Mortgagor shall not crea~e an obligation to perform, and Lender's failure to pertbrm will not preclude Lender fi'om e>iercising any of Lender's other rights under the law or this Security Instrument. 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 unit in a condominimn or a planned unit development, Mortgagor will perform all of Mortgager's duties nnder the covenants, by-laws, or regulations of tl~e condonimium or planned unit development. Condemnation~ Mortgagor will give Lender prompt notice 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 means. Mortgagor anthorizcs Lender to intervene in Mortgager's name in any of the above described actions or claims. Mortgagor assigns to lmrder the proceeds of any award or claim Ibr damages connected with a condemnation or other taking of all or auy part of the Property. Such proceeds shall be considered payments and will be applied as provkled in this Security htstrument. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or other lien docnmcnt. Insurance.' MortgagOr shall ke~p Property insured against loss by fire, flood, theft anti other hazards and risks reasonably associated with the Property due to its type and location. This insurance shall be maintained ill thc amonnts and for the periods that Lender requires. The insurance carrier providing the insurance shall tlc chosen by Mortgagor subject to Lender's approval, which shall not be unreasonably withheld. If Mortgagor fails to maiulain the coverage described above, l~ender may, at Lender's option, obtain coverage to protect Lender's rights in the Property according to the terms of this Secnrity Instrument. All insurance policies and renewals shall be acceptable to Lender anti shall inclnde a standard "mortgage clause" anti, where applicable, "loss payee clause." Mortgagor shall inm~cdiately notify l.ender of cancellation or termination of tl~c insnrance~ Lender shall have the right to hol'd the policies and renewals. If Lender requires, Mortgagor shall immediately give to l.cndcr all receipts of paid premiums and renewal notices. Upon loss, Mortgagor sllall give immediate notice lo thc insnratlce carrier and Lender. Lender may make proof of loss if not made inunediately by Mortgagor. Unless otherwise agreed in writing, all insurance proceeds shall be applied to tile restoration or repair of the Property or to the Secured Debt, whether or not then due, at l.ender's option. Any application of proceeds to ©1994 Bankers Systom& Inc., St. Cloud, MN [:o,~m OCP-REMTG-WY 10/7/98 (page 2 el 4) principal shall not extend or postpone the due date of the scheduled payment nor change the amount of any paymeut. Auy excess will be paid to the Mortgagor. If the Property is acquired by Lender, Mortgagor's righ~ to any insurance policies and proceeds resulting from damage to the Property before the acquisition shall pass to Lender to thc extent of lhe Secured Debt immediately before thc acquisition. Financial Reports and Additional Documents. Mortgagor will provMe to l.ender upon request, ally financial statemeut 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 obligatious uudcr this Security Instrument and Lender's lien status on the Property. DUE ON SALE. Lender may, at its option, declare the entire balance of die Secured Debt to be innncdiately due a~M 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 Consumer Borrower engages in fraud or material misrepresentation in connection wid~ the Secured Debt lhat is an open end home equity plan. Payments. Any Consumer BorroWer on any Secured Debt that is an ()pen end home equity plan lhils to make a payment when due. Property. Any action or inaction by the Borrower or Mortgagor occurs that adversely affects lite Property or Lender's rights in the Property. This includes, but is not: limited to, the following: (a) Mortgagor fails to maintaiu required insurance on the Property; (b) Mortgagor transfers the Property; (c) Mortgagor commits waste or otherwise destructively uses or fidis 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 lhc Property that is senior to ihe 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 judgment is filed against Mortgagor and subjects Mortgagor and the Property to action that adversely affects Lender's iuterest; or (i) a prior lieifl~older forecloses on tile 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 iudcbtcd to Lender or another lender in an aggregate amount greater than the amount permitted under federal laws and regulations. o REMEDIES ON DEFAULT. In addition to any other remedy available uuder tile terms of this Security Instrument, l~ender may accelerate the Secured Debt and foreclose this Security Instrument in a manner pr6vided by law ii' Mortgagor is in dclhult. 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 Ibr ibreclosure actions. At the option of the Lender, all or any part of the agreed fees and charges, accrued interest and principal shall become inunediately due and payable, after giving notice if required by law, Ul)On the occurrence of a default tlr auytime thereafter. Lender shall be entitled to, without limitation, thc power to sell the Property. The acceptance by Lender of any sum in payment or partial payment on the Secured Debt alter the balance is due or is accelerated or after foreclosure proceedings are filed shall not constitute a waiver of Lender's riglu to require complete cure of any existing default. By not exercising any remedy on Mortgagor's dct'ault, Lender does uot waive l.ender's right to later consider the event a default if it happens again. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. If Mortgagor breaches any covenant in this Security Instrument, Mortgagor agrees to pay all expenses Lender incm's in l)Crfi)rming such covenants or protecting its security interest in the Property. Such expenses include, but are not limited to, fees incurred for iuspcctiug, preserving, or otherwise protecting the Property and Lender's security interest. These expenses are payable on demand aud 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 protecting Lender's rights and remedies under this Security Instrument. This amouut lnay include, but is not limiicd to, reasonable attorneys' fees, court costs, and other legal expenses. This amount docs 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 uuder 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 limitation, the Comprehensive Enviromnental 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 opimons or interpretive letters concerning the public health, safety, welfare, enviroumcnt or a hazardous substance; aud (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollmaut or contaminam which bas characteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or enviromncnt. The term includes, without limitation, any substances defined as "hazardous material," "toxic substances," "hazardous waste" or "hazardous substance" under any Environmental Law. Mortgagor represents, warrants and agrees that: A. Except as previously disclosed and acknowledged in writing to Lender, no Hazardous Substance is or will bc located, stored or released on or in the Property. This restriction does not apply to small quantities of l lazardous Substances Ihat are generally recognized to be appropriate for the normal use and maintenance of the Property. B. Except as previously disclosed and acknowledged in writing to I.cndcr, Mortgagor and every tenant have been, are, and shall remain in full compliance with any applicable Environmental Law. C. Mortgagor shall inunediately notify Lender if a release or threatened release of a tlazardous Substance occm's on, under or about the Property or there is a violation of any Environmental l.aw concerning the Property. In such an event, Mortgagor shall take all necessary remedial action in accordance with auy Environmental Law. D. Mortgagor shall immediately notify Lender in writing as soon as Mortgagor has reason to believe there is auy pending or threatened investigation, claim, or proceeding relating to the release or threatened release of ally l tazardous Substance or the violation of any Enviromnental Law. ©1994 Bankers Systems, Inc., St. Cloud. MN Form OCP-REMTG WY 10/7/9§ (,o,~ge 3 o! 4) o9o21a3 11, ESCROW FOR TAJ(E~ AND INgURANCR. Unle~ mherwi~e provktcd in a separate a~reement, Mml~a~or will n(')~ be teqnired to pay ~o Lender ~nds tbr taxes and ~surance in escrow. 12. JOINT A~ I~IVIDUAL LIABILITY; CO-gIG~Rg~ SUCCESSORS AND ASSIGNS BOUt). All duties under Security Instrument are joint and individual. If Mortgagor signs this 8ccurily Instrumcnl but docs noi sign an evidence of d~bL Mortgagor does so only to mortgage Mortgagor's interesl in the l)ropcrty to secure paymcnl of linc Secured ~cl)t and Mortgagor does no~ agree to be personally liable on the Secured DcbL I~ d~is Security Inslrumcnl secures a guaranty bclwccn Lender and Mortgagor, Mortgagor agrees lo waive any rights Ihat may prcvcnl Lender from bringing any acdon or claim against Mortgagor or any parly ~debted under tl~e obligation. These rights may include, bul are no~ limilcd .), auy and-deficiency or one-action laws. The duties and benefits of this. Security lnslrumcnt shall bind and bcncfil d~c successors and .'~-.~ assigns of Mortgagor and Lender.~ ~;~, ~,.:. ~:..<...: ".5~.~-"~:.~,~,:./].~' ' ..... : ' ..G,, "~'~. ......... - · %.: ~','1 ~ ~'3' · 13. SEVERABILITY; INTE~RETATION. This Security Instrument is complete and lhlly integrated. This Security lnslrtllUellt may not be amended or modified by oral agreement. Any section in this Security Instrument, attachments, m' any agrccmcut related to the Secured Debt that conflicts with applicable law will not I)e effective, unless tl~at law expressly or implicdly pe~its the variations by written agreement. If any secuon of this Sccuray Instrument cannot be enlUrccd according to its terins, that section will be severed and will not affect thc enforceability of thc remainder of this Security lustrumcnt. Whenever used, the singular shall include the plural and the plural the singular. Thc captions and headings of the sections of this Security Instrument are for convenience Olfly and are nol [o be used to lmerprct ur dc fine thc terms of this Security lnslrtmlcnt. Time of the essence in lhis Security Instrnment. 14. NOTICE. U~ess otherwise required by law, any notice shall be given by delivering it or by mailing it by first class mail the appropriate party's address on page 1 of this Security Instrument. or lo any other address designated in writing. Notice n) one mortgagor will be deemed to be notice to all mortgagors. 15. WAIVERS. Except to the extent prohibited by law, Mortgagor waives auy righl regarding the marshalling t)f liens Hud assets and all homestead exemption rights relating to the Property 16. LINE OF CREDIT. The Secured Debl includes a revolving line of credit. Although the Secured Debt may be reduced io a zero balance, this Secnrity Instrument will remain in effect nntil released. '17. APPLICABLE LAW. This Security Instrument is g~verned by the laws as agreed to in the Secured Debl, excepi to thc extcm required by the laws of the jurisdiction where the Property is located, and applicable l'¢deral laws and regulations. 18. R~ERS. The covenants and agreements of each of the riders checked below are incorporated into and supplctncnt and amend the te~s of this Security Instrument. [Check all applicable boxes] ~ Assigmem of Leases and Rents ~ Other .................................................................................................. 19. [] ADDITIONAL TERMS. SIGNATURES: By signing below, Mortgagor agrees to the terms and covenants contained in this Security lnstrun~cnt and in any attaclm~ents. Mortgagor also acknowledges receipt of a copy of this Security [ustrumcnt on the date slated on page 1. ~N rW om . AcKNOWLEDGM , . .... ' STATE OF ;.,...i,., .................................... COUNTY OF ......... /zf.e.~...~ ............... ..j'ss (i.u,~Uu~t) 1 lib Au ual 2004 "' This instrument was ac~owledged before me this .................... day of ...g ............. =..~.,./~ ................. by qabl¢ g, KN[CHT; MbRILYNN J, ZACH, HUSBAND AND W~FE (Seal) . .......... I / ©1994 Bankurs SystornL Inc., St. Cloud. MN Form OCP-REMTG-WY 10/7/98 (page 4 o/41 Home Equity Policy< EXHIBIT "A" That part of the SE1/4SW1/.4.'i:of Section 27, T34N, RllflW, Linc.{)]n County, Wyoming, being par~t, of that tract of record in the Office of the Clerk of Lincoln County in Book 1'18 of Photostatic Records on Page 106, described as follows: .EGIN.NING.at a steel T-shaped stake 24" ' 1}scribed "SURVEY POINT PAUL ~ ,,~] ....... long with metal cap or. said SE1/4SW1/4 identi.e=n ~]]~.}~/¢$~h }{L~$64,, on the East Enhry Survey No. 170, N00~'~[TY~unr~e.~e~c line of Homestead . . · ., '.::i, i uo/.l/ feet from the South one-quarter corner of said ~ec ~on 27. found as described in the Cert~fmed Land Corner Recordation Certificate of recbrd in said office; THENCE NSgo 33.1'W, 41.5.81 feet to a point, on the East line of Bridget Forest Ranches Subdivision, Amended of record the said Office as Plat 116 identical with the Westerly right-of-way line 0f Strawberry Creek County Road No. 12-126; THENCE a. long said East line of the Subdivision identical with the said right-of-way line as follows: THENCE N05o 41'E, 454. feet to a point; THENCE N37~ O0'E, 40.92 feet 'rD a 1, black iron pip% with plastic cap inscribed PE/LS698,, ident[%al with the S°n~hwest Corner of Straw~drry Creek Subdivision of record Jn said Office as Plat No. 26g~)~' T~EN~E N890 35 E, 136.40 feet along the South line or said Strawberry C[eek Subdivision to ~he Southeast Corner of said Subdivision marked by a steel T-shaped stake described above; THENC'E along the Southeast line of 'said .Strawberry Creek Subdivi~[0n as follows: THENCE N36o 10'E, 100.18 feet to a steel T-shaPed st:ike described above; THENCE continuing N36o 10'E, 70.27 feet to a steel T-shaped stake described.above; THENCE N33~ 52.5'E, 97.47 feet to a steel T-shaped stake described above; THENCE continuing N33~ 52.5'E, 87.20 feet to a steel T-shaped stake described above,~ on the East line of said SE1/4SW1/4 identical with the West line of Homestead Entry Survey No 170L HENCE S00o 27 E, the base · T ? , · bearing for this survey, '289.44 feet along said East line of the SE1/4SW1/4 identical with the West line of said Entry to a steel T-shaped stake described .above; THENCE continuing S00o 27'E, 497.67 feet along said identical 1' · mne to the stake of beginning; each "point,, marked by a 5/8" steel reinforcing rod as shown on the said Bridget Forest Ranches Subdivision plat. IIEP Policy - Schedule A Policy No.: M.9945-101027 Page 3 of 4 STIgWART TITLE Guaranty Comp;my