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HomeMy WebLinkAbout902337 RECEIVED ,_.INOOLN COUNTY CLERK ........................... State of Wyonfing ........................................................................ Space Above Tiffs Line For Recording Data ...................... Return to: TransUnion Settlement Solutions 5300 BrandYWine Pkwy., Suite 100 Wilmington, DE 19803 MORTGAGE (With Future Advance Clause) 1. DATE AND PARTIES. The date of this Mortgage (Security Instrument) is 08/10/2004 and the parties, their addresses and tax identification numbers, if required are as follows: MORTGAGOR: Steven M. Piepenburg and R. Elizabeth Piepenburg, lh,sband and Wife, as Tenants by the Entirety 1301 Grover North Road, Grover, WY 83122 [] If checked, refer to the attached Addendum incorporated herein, for additional Mortgagors, 'their signatures and acknowledgments. LENDER: The Provident Bank One East Fourth Street Cincinnati, Ohio 45202 CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of this is acknowledged, and to secure the Secured Debt (defined below) Mortgagor's performance under this Security Instrument, Mortgagor irrevocably grants, conveys, sells and mortgages to Lender, in trust for the benefit of Lender, with power of sale, the following described property: See exhibit "A" attached hereto and by this reference made a part thereof The property is located in Lincoln (County) at 1301 Grover North Road Grover Wyoming 83122 (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 future, be a part of the real estate described above (all referred to as "Property"). MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at any one time shall not exceed $120,000.00 This limitation of amount does not include interest and other tees 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 incun'ed 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 substitutions. (You mttst specifically identify the debt(s) secured and you should include the final maturity date of such debt(s).) A note dated the Tenth day of AUgust, 2004 by R. Elizabeth Piepenburg and Steven M. Piepenburg to Provident Bank with a maturity date of 08/10/2024. , in the amount of $120.000.00 given 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 m favor of Lender executed after this Secm-ity Instrument whether or not this Security Instrument is specifically referenced. Il' more than one person signs this Security Instrument, each Mortgagor agrees that this Security Instrument will secure all future advances and fi~ture obligations that m'e given to or incurred by any one or more Mortgagorl or any one or more Mortgagor and others. All furore 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 am secured as if made on the date of this Security Instrument. Nothing m this Security Instrument shall constitute a commitment to make additional or future loans or advances in any amount. Any such commitment must be agreed to in a separate writing. HELOC-MG-WYvI-Page I of 4 ' C. All other obligations Mortgagor owes to Lender, which may later arise, to the extent not prohibited by law;i t t not limited to, liabilities for overdrafts relating to any deposit account agq'eement between Mortgagor and Lender. D. All additional sums advanced an 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 Secu,'ity Instrument. In tire event that Lender fails to provide any necessary notice of the right of re:,cission with ,'espect to any additional indebtedness secured under paragraph B of this Section, Lender waives any subsequent security interest itl the Mortgagor's principal dwelling that is created by this Security Instrument (but does not waive the security interest for the debts referenced in p:tragraph A of this Section). 5. MORTGAGE CONVENANTS. Mortgagor agrees that the covenants in this section are rnaterial 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 exet'cising 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 Debt will be paid when due and in accordance with the terms of the Secured Debt and this Secm'ity Instrument. Prior Security 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 per,btm or comply with all covenants. Mortgagor also agrees not to allow any modification or extension ok 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. The Mortgagor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating 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 wot, Id 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 hnd make all repairs that are reasonably necessary. Mortgagor shall not commit or allow any waste, impairment, or deterioration of the Property. Mortgagor ag,-ees that the nature of the occupancy and use will not substantially change 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 Propel-ry. Lender or Lender's agents may, at Lender's option, enter the Property at any reasonable time fo~~ 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 and Mortgagor will in no way t-ely on Lender's inspection. Authority 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 fact to sign Mortgagor's name or pay any amount necessary roi- performance. Lender's right to perform for Mortgagor shall ,lot create an obligation to perform, and Lende,"s failure to perform will not preclude Lender fi'om exercising 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 Instrument is on a leasehold. If the Property includes a unit in a condominium or a planned unit development, Mortgagor will perform all or' Mortgagor's duties under the covenants, by-laws, or regulations of the condominiun~ 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 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 applied as provided in this Security Instrument. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or other lien document. Insurance. Mortgagor shall keep Property insured against loss by fire, flood, 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 fails to maintain the coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Property according to the terms of this Security Instrument. All insurance policies and renewals shall be acceptable to Lender and shall include a standard "mortgage clause" and, where applicable, "loss payee clause." Mortgagor shall immediately notify Lender of cancellation or termimttion of the insurance. Lender shall have the right to hold the policies and renewals. If Lender requires, Mortgagor shall immediately give to Lender all receipts of paid premiums and renewal notices. Upon loss, Mortgagor shall give immediate notice to the insurance carrier and Lender. Lender may make proof of loss if not made immediately by Mortgagor. Unless otherwise agreed in writing, all insm'ance 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 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 belbre the acquisition shall pass to Lender to the extent of the Secured Debt immediately before the acquisition. Financial Reports and Additional Documents. Mortgagor will provide to Lender upon request, any financial statement or information Lender may deem reasonably necessary. Mortgagor agrees to sign, deliver, and file an)' additional documents or certifications that Lender may consider necessary to perfect, continue, and preserve Mortgagor's obligations under this Security Instrument and Lender's lien status on the Property. 6. DUE ON SALE. Lender may, at its option, declare the entire balance of the Seem'ed Debt to be immediately due 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 CFR. 591), as applicable. 7. DEFAULT. Mortgagor will be in default if any of the following occur: Fraud. Any Consume,' Borrower engages in fraud or material misrepresentation in connection with the Secured Debt that is an open end home equity plan. Payments. Any Consumer Bolxower 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 Bon'ower or Mortgagor occurs that adversely affects the Property or Lender's rights in the Property. This includes, but not limited to, the following: (a) Mortgagor fails to maintain required insurance on the Property; (b) Mortgagor transfer the Property; (c) Mortgagor commits waste or otherwise destructively uses or i'ails 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 Instrument; (e) a sole Mortgagor dies; (t) 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 interest; or (i) a prior lienholder forecloses on the Property and as a result, Lender's interest is adversely affected. Executive Officers. Any Bon'ower on any secured debt is an executive officer of Lender or an affiliate and such Bon'ower becomes indebted to Lender or another lender in an aggregate amount greater than the amount permitted trader federal laws and regulations. HELOC-MG-WYv 1 -Page 2 of 4 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 foreclosure this Security Instrument in a manner provided by law it' Mortgagor is in default. In some instances, federal and state law will required Lender to provide Mortgagor with notice of the ri..qht to cure, or other notices and may establish time schedules for foreclosure actions. ~ At the option of Lender, all or any part of the agreed fees and charges, accrued interest and principal shall become immediately due and payable, after giving notice if required by law, upon the occurrence of a default or anylime 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 tbreclosure proceedings are filed shall not constitute a waiver of Lender's riuht to require complete cure of any exercising any remedy on Mortgagor's default, Lender does not waive Lender's right to later consider the event a existing default. By not happens again, default if it continues or EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLI~ECTION 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 insuring, inspecting, preserving or otherwise protecting the Property and Lender's security interest. Tbese expenses are payable on demand and will beat' interest fi'om the date of the payment until paid in full at the highest interest rate in effect as provided in the terms of the Secured Debt. Mortgagor agrees to pay all costs and expenses incun-ed by Lender in collecting, enforcing or p,'otecting Lender's rights and remedies under this Security Instrument. This amount may include, but not limited to, reasonable attorneys' tees, court costs, and other legal expenses. This amount does not include attorneys' tees for a salaried employee of the Lender. To the extent permitted 'by the United States Bankruptcy Code, Mortgagor agrees to pay the reasonable attorneys' tees 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. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this secl;io.n, (1) Environmental Law means, without limitation, 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, environment or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or contaminant which has characteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or environment. The term includes, without limitation, any substances defined as "hazardous material," "toxic substances," "hazardous waste" or "hazardous substance" under any Environmental Law. Mortgagor represent, warrants and agrees that: A. Expect as previously disclosed and acknowledged 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 quant/ties of Hazardous Substances that are generally recognized to be appropriate tbr the normal use and maintenance of the Property. g. Except as previously disclosed and acknowledged in writing to Lender. M'ortgagor and every tenant have been, are, and shall remain in full compliance with any applicable Environmental Law. C. Mortgagor shall immediately notify Lender if a release or threatened release of a Hazardous Substance occurs on, under or about the Property or there is a violation of any Environmental Law concerning the Property. In such an event, Mortgagor shall take all necessary remedial action in accordance with any Environmental 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 tln'eatened release of any Hazardous Substance or the violation of any Environmental Law. ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separrtte ag'cement Mortgagor will not be required to pay to the Lender funds for taxes and insurance in escrow. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties t, nder 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 Mortgagor's interest in the Property to secm'e 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 Mo 'tgagor, Mortgagor agrees to waive any rights that may prevent Lender fi'om 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. Mortgagor agrees that Lender and any party to this Security Instrument may extend, modify or make any change in the terms of this Security Instrument or any evidence of debt without Mortgagor's consent~ Such a change will not release Mortgagor fi'om the terms of this Security Instrument. The duties and benefits of this Security Instrument shall bind and benefit the successors and assigns of Mortgagor and Lender. SEVERABILITY; INTERPREATION. This Security Instrument is complete and fully integrated. This Security Instrument may not be amended or modified by oral agreement. Any section in this Secm'ity Instrument. :lttachments, or any agreement related to the Secured Debt that conflicts with applicable law will not be effective, unless that law expressly or impliedly permits tile variations by written agreement. If any section of this Security Instrument cannot be enforced according to its terms, that section will be severed and will not affect tile enforceability of the remainder of this Security Instrument. Whenever used, the singula,- shall include the plural and the plural the singula-. headings of the sections of this Security Instrument are for convenience only and are not to be used to intezpret o~ define The captions and Security Instrument. Time is of the essence in this Security Instrument. the terms of this NOTICE. Unless otherwise required by law, any notice shall be given by delivering it or by mailing it by first class mail to the appropriate party's address on page I of this Secm'ity Instrument, or to any other address designated in writing. Notice to one Mortgagor will be deemed to be notice to all Mortgagors. ~ WAIVER. Except to the extent prohibited by law, Mortgagor waives any right regarding the marshaJling of liens and assets and all homestead exemption rights relating to the Property. LINE OF CREDIT. The Secured Debt includes a revolving line of credit. Althottuh the Secured Debt may be reduced to a zero balance, this Security Instrument will remain in effect until released. ~ 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. 10. 11. 12. 13. 14. 15. 16. 17. 18. RIDERS. T1 covenants and agreements of each of the riders checked below are i~,',~,',~a,-~,t~l [Check all applicable boxes] [] Assignment of Leases and Rents 19. [] ADDITIONAL TERMS. [] Other 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 Security Instrument on the date stated on page 1. (Signature) R. Elizabeth Piepenburg ~Signature) Steven M. Piepenburg ACKNOWLEDGMENT: STATE OF [0 i~-,~ ~ 1-'X(~ COUNTY OF (h,dividuM) This instrument was acknowledged before me this I Ir by R. Elizabeth Piepenburg and Steven M. Piepenburg Li' n _ol ,.-,. day of_ ~5~ L,LO~ ~'b ~' t }SS. My commission expi,'eS:c~ 0 ~-05 (Seal) Exhibit A 0803 THAT PART OF THE SW 1/4 SE 1/4 OF SECTION 29, T33N, R118W, LINCOLN COUNTY, WYOMING, BEING PART OF THAT TRACT-OF RECORD IN THE. OFFICE OF THE CLERK OF LINCOLN COUNTY IN BOOK 465 OF PHOTOSTATIC RECORDS ON PAGE 95: BEGINNING AT THE NORTHWEST CORNER OF SAID SW 1/4 SE 1/4; THENCE N 89 DEGREES 47 MINUTES 37 SECONDS E, 1352.41 FEET, ALONG THE NORTH LINE OF SAID SW 1/4 SE 1/4, TO THE NORTHEAST CORNER OF SAID SW 1/4 SE I/4; THENCE S 00 DEGREES 06 MINUTES 22 SECONDS W, 280.30 FEET, ALONG THE EAST LINE OF SAID SW 1/4 SE 1/4, TO A POINT; THENCE N 89 DEGREES 44 MINUTES 53 SECONDS W, 1349.95 FEET, ALONG A LINE PARALLEL WITH THE SOUTH LINE OF SAD TRACT, TO A POINT ON THE WEST LINE OF SAID SW 1/4 SE 1/4; THENCE N 00 DEGREES 24 MINUTES 53 SECONDS W, 269.50 FEET, ALONG SAID WEST LINE, TO THE CORNER OF BEGINNING. ENCOMPASSING AN AREA OF 8.53 ACRES, MORE OR LESS; THE BASE BEARING FOR THIS SURVEY IS THE SOUTH LINE OF THE SE 1/4 OF SECTION 29, T33N, R118W, BEING S 89 DEGREES 58 MINUTES 30 SECONDS W. SUBJECT TO RESTRICTIONS, RESERVATIONS, EASEMENTS, COVENANTS, OIL, GAS OR MINERAL RIGHTS OF RECORD, IF ANY. Tax ID Number 3318 294 00 385 00 order# = 040713-33972A