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HomeMy WebLinkAbout903114/? When Recorded Return To: HOMECOMINGS FINANCIAL NETWORK, INC. OneMeridianCrossing, Ste. 100 9 0 3 ! Minneapolis MN 554-23 RECEIVED LINCOLN COUNTY CLERK State of Wyoming ,";pace Abt~ve Tltis Line For Recording Data MORTGAGE (With Future Advance C]'ause) MIN: 100062604218775809 DATE AND PARTIES. The date of this Mortgage (Security Instrumcllt) is ...~??.~.B..~.R....2..3..R.D..,....2.0..0..4. ........ and the parties, their addresses and tax identification numbers, if required, arc as 'MORTGAGOR: ERIC BOONE HODGES AND LAURA GERMAINE HOD( il:S, I It!NBAND AND WIFE [] If checked, refer to the attached Addendum incorporated hcrcith fin' additi'onal Mortgagors, their signatures and acknowledgments. LENDER: HOMECOMINGS FINANCIAL NETWORK INC. 14850 QUORUM DRIVE, SUITE 500 DALLAS, TX 75254 "MERS" is Mortgage Electronic Registration Systems, Inc. MERS is ',l scp'aratc corporation that is acting solely as a nominee for Lender and Lender's successors and assigns· MERS is-the m,,lgagee under this Security Instrument. MERS is organized and existing under the laws of Delaware, and has an address :md telephone number of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS. CONVEYANCE. For good and valuable consideration, the receipt and surficiency of which is acknowledged, and to secure the Secured Debt (defined below) and Mortgagor's performance under this Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to MERS (solely as nominee for l_c,der and Lender's successors and assigns) and to the successors and assigns of MERS, with power of sale, the following described property: LOT 4 OF NORBESS ESTATES,' LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT FILED FEBRUARY 13, 2003 AS INSTRU.r.Iti:HT NO. 887772 OF THE RECORDS OF THE LINCOLN COUNTY CLERK. The property is located in .... L .I.N..C.Q .L.N. ....................................................... at ..... 7.1..6...L..~..N..C.9.L. ~...q9 .................... (County) ·..R.D.......1.2. .1. ................................... .B..E..DF..0..R..D. ................................... Wyonfi ng .... 8..3..1..1.2. ........... (Address) ({ 'ity) (ZIP Code) Together with all rights, easements, appurtenances, royalties, mineral ~itzllts, oil aud gas rights, all water and riparian rights, ditches, and water stock and all existing and future improvements, strut[utes, fixtures, and replacements that may now, or at any time in the future, be part of the real estate described above (all referred to as "Property"). Mortgagor understands and agrees that MERS holds only legal title to the interests granted by lX,h,'tg:tgor in this Security Instrument; but, if necessary to comply with law or custom, MERS (as nominee for Lender and Lender's successors and assigns) has the right: to exercise any or all of those interests, including, but not limited to, the right to li~,'cclose and sell the Property; and to take any action required o f Lender including, but not limited to, releasing and cancel i~,g this Sec urity Instrument. MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at any one time shall not exceed $ ................. .2.6,. fi.0.9.:.0..0. ........................ This limitatitm ~f 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 tnade under the terms of this Security Instrument to protect Lender's security and to l)crfot-m any of the covenants contained in this Security Instrument. SECURED DEBT AND FUTURE ADVANCES. The tenn "Secured Debt" 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 substitutions. (You must specifically identify the debt(s) secured and you shouM include the final maturity date of such ~l~,/¢[ (x).) Borrower(s) Home Equity Line of Credit Agreement and Promissory N,~tc t¢ Lender dated SEPTEMBER 23RD, 2004 in the principal sum of U.S. $ 26,600.00 , with interest thcrctm, providing for monthly installments of principal and interest, with the balance of indebtedness, if not sooner paid, clue :, M l)a)'ahle on SEPTEMBER 23 RD, 2019 WYOMING - HOME EQUITY LINE OF CREDIT MORTGAGE (NOT FOR FNMA, FHLMC, FH~ C)t~ V.~ USE) F__,~-'"'~-~6 ID 1994 Bankers Systems, Inc,, St. Cloud, MN Form RFCOCPRMTI3WY 1/11/2001 MFWY7696 11/02) / 042-187768-0 09031.1.4 ( 025 0 B. All future advances from Lender to Mortgagor or other future (flvli~ati~ms of Mortgagor to Lender u. nder ahy promissory note,, contract, guaranty, or other evidence of debt executed by ~ h,rtgag(~r in favor of Lender executed after this Security Instrument whether or not this Security Instrument is specifically referenced. If xnore than one person signs tiffs Security Instrument, each Mortgagor agrees that this Security Instrume~t will secure all future advances and future obligations that are given to or incurred by any one or more Mortgagor, ~r a%, one or more Mortgagor and others. All future advances and other future obligations are secured by this Security Instrument even though all or part may not yet be advanced. All future advances and other future obligations are secured as if made on the date of this Security Instrument. Nothing in this Security Instrument shall constitute a conunitmcllt t~ make additional or future loans or advances in any amonnt. Any such commitment must be agreed to in a separate 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 acc~tmt agreement between Mortgagor and Lender. D. All additional sums advanced and expenses incurred by Lender fi~r i~suring, preserving or otherwise protecting the Property and its value and any other sums advanced and expel~c.~ ii,turfed by Lender under the terms of this Security Instrument. In the event that Lender fails to provide any necessary notice of thc right of rescission with respect to any additional indebtedness secured under paragraph B of this Section, Lender waives a~ly subsequent security interest in the Mortgagor's principal dwelling that is created by fids Security Instrument (but does t~t waive the security interest for the debts referenced in paragraph A of this Section). 5. MORTGAGE COVENANTS. Mortgagor agrees that the covenants il~ tl~is section are material obligations under the Secured Debt and this Security Instrument. If Mortgagor breaches any covena~t i~ this section, Lender may refuse to make additional extensions of credit and reduce the credit limit. By not exercising either remedy ou 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 pay~nents under the Secured Debt will bc paid when due and in accordance with the terms of the Secured Debt and this Security Instrument. Prior Security Interests. With regard to any other mortgage, deed {,1' trust, security agreement or other lien document that created a prior security interest or encumbrance on the Property, IXl~rtg',~gllr agrees to make all payments when due and to pertbrm or comply with all covenants. Mortgagor also agrees not to all(~w a~y modification or extension of, nor to request any future advances under any note or agreement secured by the lien documc~t without Lender's prior written approval. Claims Against Title. Mortgagor will pay all taxes, assessments, lie~ls, c~cumbrances, lease payments, ground rents, utilities, and other charges relating to the Property when due. Lender may requi~c ~Xlortgagor to provide to Lender copies of all notices that such amounts are due and the receipts evidencing Mortgagor's l)aymcm. Mortgagor will defend title to the Property against any claims that would impair the lien of this Security Instrumc,t. Mortgagor agrees to assign to Lender, as requested by Lender, any rights, claims or defenses Mortgagor may have agai~lst p',lrties who supply labor or materials to maintain or improve the Property. Property Condition, Alterations and Inspection. Mortgagor will kccp thc Property in good condition and make all repairs that are reasonably necessary. Mortgagor shall not commit or allow a~3 waste, ilnpainnent, or deterioration of the Property. Mortgagor agrees that the nature of the occupancy and use will n(,t substa~tially change without Lender's prior written consent. Mortgagor will not permit any change in any license, restrictive coveuant 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 the Property at a~y reasonable time for the purpose of inspecting the Property. Lender shall give Mortgagor notice at the time of or before ;,~ i~lspection specifying a reasonable purpose for the inspection. Any inspection of the Property shall be entirely for kc~dcr's benefit and Mortgagor will in no way rely on Lender's inspection. Authority to Perform. If Mortgagor fails to perform any duty or any ~I: tile covenants contained in this Security Instrument, Lender may, without notice, perform or cause them to be performed. ~l~rtgagor appoints Lender as attorney in fact to sign Mortgagor's name or pay any amount necessary for performance. Lc~dcr's right to perform for Mortgagor shall not create an obligation to perform, and Lender's failure to perform will not prech~dc l~cnder from exercising any of Lender's other rights under the law or this Security Instrument. Leaseholds; Condominiums; Planned Unit Developments. Mortgai~r agrees to comply with the provisions of any lease if this Security Instrument is on a leasehold. If the Property includes a trait ia a condonfinium or a planned unit development, Mortgagor will perform all of Mortgagor's duties under the covenants, by-laws, or regulations of the condominium or planned unit development. Condemnation, Mortgagor will give Lender prompt notice of any pe~cli~g o r threatened action, by private or public entities to purchase or take any or all of the Property through condermmtion, emi~c~lt domain, or any other means. Mortgagor authorizes Lender to intervene in Mortgagor's name in any of the above describccl actions or claims. Mortgagor assigns to Lender the proceeds of any award or claim for damages connected with a condem~',~ti~u or other taking of all or any part of the Property. Such proceeds shall be considered payments and will be applied as pn~vided iu this Security Instrument. This assignn~ent 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 insura~cc shall be maintained in the amounts and for the periods that Lender requires. The insurance carrier providing the insurance shall bc chosen by Mortgagor subject to Lender's approval, which shall not be unreasonably withheld. If Mortgagor fails to mail~taiu the coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Propcrt3 according to the terms of this Security Instrument. All insurance policies and renewals shall be acceptable to Lender and sl~all include a standard "mortgage clause" and, where applicable, "loss payee clause." Mortgagor shall i~mnediately notify I.¢~lder of cancellation or termination of the insurance. Lender shall have the right to hold the policies and renewals. If Lender requires, Mortgagor shall i~nn~ediately give to Lender all receipts of paid premiums and renewal notices. Upon loss, Mortga~(~r shall give inm~ediate notice to the insurance carrier and Lender. Lender may make proof of loss if not made innnediately by ~.lortgagor. Unless otherwise agreed in writing, all insurance proceeds shall be applied to the restoration or repair of the Property or to the Secured Debt, whether or not then due, at I.e~lder's option. Any application of proceeds to principal shall not extend or postpone the due date of the scheduled l)'~ymcnt nor change the amount of any payment. Any excess will be paid to the Mortgagor. If the Property is acquired by Lc.der, Mortgagor's right to any insurance policies and proceeds resulting from daxnage to the Property before the acquisitio, sl~,,dl pass to Lender to the extent of the Secured Debt munediately 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 t() sigu, deliver, and file any additional documents or certifications that Lender may consider necessary to perfect, contim~e, and preserve Mortgagor's obligations under this Security Instrument and Lender's lien status on the Property. DUE ON SALE. Lender may, at its option, declare the entire balance ~d' tile Secured Debt to be immediately due and payable upon the creation of, or contract for the creation of, a transfer or sale ~' thc 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 xnaterial misreprcsc~mttim~ iu co~mection 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 borne 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 Leuder's rights in the Property. This includes, but is not limited to, the following: (a) ,\lm'tgagor fails to ~naintain required insurance on the Property; (b) Mortgagor transfers the Property; (c) Mortgagor commits waste or otherwise destructively uses or fails to inaintain 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 tiled against the Property that is smfior to the lien of this Security Instrument; (e) a sole Mortgagor dies; (f) if more thhn one NI.rt,_,atzor, auy Mortgagor dies and Lender's security is adversely affected; (g) the Property is taken through eminent donmin; ~)~t ~udgment ~s filed against Mortgagor and subje'cts Mortgagor and the Property to action that adversely affects Lender's intt:rest; or (i) a prior lienholder forecloses on the Property and as a result, Lender's interest is adversely affected. Executive Officers. Any Borrower is an executive officer of Lender m' an affiliate and such Borrower becomes indebted to Lender or another lender in an aggregate amount greater than the amou n t permitted under federal laws and regulations. REMEDIES ON DEFAULT. In addition to any other remedy available under the terms of this Security Instrument, Lender may accelerate the Secured Debt and foreclose this Security Instrument in a manner provided by law if Mortgagor is in default. In some instances, federal and state law will require Lender to provide Mm'tgagor with notice of the right to cure, or other notices and may establish time schedules for foreclosure actions. At the option of the Lender, all or any part of the agreed fees and charges, accrued interest and principal shall become immediately due and payable, after giving notice if required by law, Ul3tm the occurrence of a default or anytime thereafter. Lender shall be entitled to, without limitation, the power to sell the Property. The acceptance by Lender of any sum in payment or partial paymcm tm the Secured Debt after the balance is due or is accelerated or after foreclosure proceedings are filed shall not constitute a x\','dYer of Lender's right to require complete cure of any existing default. By not exercising any remedy on Mortgagor's defimlt, Leuder does not waive Lender'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 incurs in pertbrnfing such covenants or protecting its security interest in the Property. Such expenses include, but are not linfited to, fees incurred for inspecting, preserving, or otherwise protecting the Property and Lender's security imcrcst. These expenses are payable on demand and 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 inclined by Lender iu collecting, enforcing or protecting Lender's rights and remedies under this Security Instrument. This anlount may iuclude, but is not linfited to, reasonable attorneys' fees, court costs, and other legal expenses. This amount d~es not iuclude attorneys' fees for a salaried employee of the Lender. To the extent permitted by the United States Bankruptcy C~de, Mortgagor agrees to pay the reasonable attorneys' fees Lender incurs to collect the Secured Debt as awarded by any court exercising jurisdiction under the Baukruptcy Code. This Security Instrument shall remain in effect until released. Mortg',lgor agrees to pay for any recordation costs of such release. 10. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. ,,ks used in this section, (1) Enviromnental 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, re'din:races, court orders, attorney general opinions or interpretive letters concerning the public health, safety, welfare, envir, mnent or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pt~llut',tnt or contanfinant which has characteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or enviromnent. 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 l~ender, no Hazardous Substance is or will be located, stored or released on or in the Property. This restriction does not apply to small quantities of Hazardous Substances that are generally recognized to be appropriate for the normal use and ~r, l intenance of the Property. B. Except as previously disclosed and acknowledged in writing to l.ender, Mortgagor and every tenant have been, are, and shall remain in full compliance with any applicable Environmental lxtw. C. Mortgagor shall iimnediately notify Lender if a release or threatc,cd release of a Hazardous Substance occurs on, under or about the Property or there is a violation of any Environmc~,;ll Law concerning the Property. In such an event, Mortgagor shall take all necessary remedial action in accordance with any Environmental Law. D. Mortgagor shall imrnediately notify Lender in writing as soon as rxl(mgagor has reason to believe there is any pending or threatened investigation, claim, or proceeding relating to the release m' threatened release of any Hazardous Substance or the violation of any Environmental Law. ~_~'~¢ © 1994 Bankers Systems, Inc., St. Cloud, MN Form RFCOCPRMTGWY 1/11/2001 MFWY7696 (1/021/ 042-187768-0 11. 12. 13. 14. .::02 ESCROW FOR TAXES AND INSURANCE. Unless otherwise proxiclcd in n separate agree~nent, Mortgagor will not be required to pay to Lender funds for taxes and insurance in escrow. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESS()RS AND ASSIGNS BOUND. All duties under this Security Instrument are joint and individual. If Mortgagor signs this Secu rity Instrument but does not sign an evidence of debt, Mortgagor does so only to mortgage Mortgagor's interest in the Pr~pc,-ty to secure payment of the Secured Debt and Mortgagor does not agree to be personally liable on the Secured Debt. If this Security Instrument secures a guaranty between Lender and Mortgagor, Mortgagor agrees to waive any rights that re'a3 prevent Lender from bringing any action or claim against Mortgagor or any party indebted under the obligation. These rights nmy include, but are not linfited to, any anti-deficiency or one-action laws. The duties and benefits of this Security Instrument shall bind and benefit the successors and assigns of Mortgagor and Lender. SEVERABILITY; INTERPRETATION. This Security Instrument is cmnplete and fully integrated. This Security Instrument nmy not be amended or modified by oral agreement. Any section in this Security Instrument, attachments, or any agreement related to the Secured Debt that conflicts with applicable law will not be effective, unless that law expressly or impliedly perm/ts the variations by written agreement. If any section of this Scct,'i~y lnstrulnent cannot be enforced according to its terms, that section will be severed and will not affect fl~e enforceability ,~ f I I~C remainder of this Security Instrument. Whenever used, the singular shall include the plural and the plural the singular. Thc c',q)tions and headings of the sections of this Security Instrument are for convenience only and are not to be used to interpret ,~ define the terms of this Security Instrument. Time is of the essence in this Security Instrument. NOTICE. Unless otherwise required by law, any notice shall be give, by ddivering it or by nmiling it by first class nmil to the appropriate party's address on page I of this Security Instrument, .r t. any other address designated in writing. Notice to one mortgagor will be deemed to be notice to all nmrtgagors. 15. WAIVERS. Except to the extent prohibited by law, Mortgagor waives any right regarding the marshalling of liens and assets and all homestead exemption rights relating to the Property. 16. LINE OF CREDIT. The Secured Debt includes a revolving line of credit. Although 'the Secured Debt nmy be reduced to a zero balance, this Security Instrument will remain in effect until released. 17. 18. APPLICABLE LAW. This Security Instrument is governed by the lax~ s as agreed to in the Secured Debt, except to the extent required by the laws of the jurisdiction where the Property is located, a.d applicable federal laws and regulations. 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] [] Assigmnent of Leases and Rents [] Other .................................................................................................. 19. [] ADDITIONAL TERMS. SIGNATURES: By signing below, Mortgagor agrees to the terms and covc,:mts 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. ~'~ .... ilS;ie3" (Slime) ~.UP,~ GERMAINE HODGES 0 ACKNOWLEDGMENT: STATE OF ..~..~ ................ , COUNTY OF [ff~.)./~ ..................... } ss. (,.~a~) This ij~strumenb,wasffacknowle, d~"d.before me this ....... ..':;:~._.St.' .... day o_f~ ....................... by ,~Z'..'~ .¢:.....,~..~.~g.~' ..... /L[:. ................... X. . :: .'. . ,d. . . . . . . ............ My commission expires: (Seal) 7 ~ " ~ ............. (Nota~ Public'-'- ~ ~' '-"~'" 'f ............................. 1994 Bankers Systems, Inc,, St, Cloud, MN Form RFCOCPRMTGWY 1/1112001 MFWY7fi96 (1/021 / 042-187768-0 {pa~qe 4 of 4)