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HomeMy WebLinkAbout903411 #30861(02) WHEN RECORDED, MAIL TO: Bank of Jackson Hole P.O. Box 7000 Jackson, WYOMING 830027000 This I,nstrument was prepared by: Bank of Jackson Hole P.O. Box 7000 Jackson, WYOMING 830027000 307-732-3054 MIN: 100015700042231569 Loan Number: 78166265 Escrow/Closing Number: 30861 RECEIVED ~LINCOLN COUNTY CLERK (Space Above This Line for Recording Data) MORTGAGE (Line of Credit) THIS MORTGAGE, dated October 4, 2004, is between Paula Jean Reilly, a single woman residing at: P.O. Box 3794 Alpine, WYOMING 83128, the person or persons signing as "Mortgagor(s)" below and hereinafter referred to as "we" or "us" and Bank of Jackson Hole with an address at: ' P.O. Box 7000 Jackson, WYOMING 830027000 and hereinafter referred to as "you" or the "Mortgagee." MORTGAGED PREMISES: In consideration of the loan hereinafter described, we hereby mortgage, grant and convey to you the premises located at: 24 Wheatridge Lane Etna, Lincoln, WYOMING 83118 (Street) (Municipality, County, State ZIP) (the "Premises"), and further described as: Lot 16 of Nordic Ranches Division No. 3, Lincoln County, Wyoming, according to that plat filed April 6, 1993 as Plat No. 311-B. The Premises includes all buildings and other improvements now or in the future on the Premises and all rights and interests which derive fi.om our ownership, use or possession of the Premises and all appurtenances thereto. * LOAN: The Mortgage will secure your loan in the principal amount of $25,700.00 or so much thereof, as may be advanced and readvanced ~om time to time to Paula Jean Reilly, the Borrower(s) under the Home Equity Credit Line Agreement and Disclosure Statement (the "Note") dated October 4, 2004, plus interest and costs, late charges and all other charges related to the loan, all of which sums are repayable according to the Note. This Mortgage will also secure the performance of all of the promises and agreements made by us and each Borrower and Co-Signer in the Note, all of our promises and agreements in this Mortgage, any extensions, renewals, amendments, supplements and other modifications of the Note, and any amounts advanced by you under the terms of the section of this Mortgage entitled "Our Authority To You." Loans under the Note may be made, repaid and remade fi.om time to time in accordance with the terms of the Note and subject to the Credit Limit set forth in the Note. OWNERSHIP: We are the sole owner(s) of the Premises. We have the legal right to mortgage the Premises to you. BORROWER'S IMPORTANT OBLIGATIONS: (a) TAXES: We will pay all real estate taxesl assessments, water charges and sewer rents relating to the Premises when they become due. We will not claim any credit on, or make deduction fi'om, the loan under the Note because we pay these taxes and charges. We will provide you with proof of payment upon [equest. (b) MAINTENANCE: We will maintain the building(s) on the Premises in good condition. We will not make major changes in the building(s) except for normal repairs. We will not tear down any of the building(s) on the Premises without first getting your consent. We will not use the Premises illegally. If this Mortgage is on a unit in a condominium or a planned unit development, we shall perform all of our obligations under the declaration or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the condominium or planned unit development and constituent documents. (c) INSURANCE: We will keep the building(s) on the Premises insured at all times against loss by fee, flood and any other hazards you may specify. We may choose the insurance company, but our choice is subject to your reasonable approval. The policies must be for HELOC WY Mortgage FE,,.,3131(WY) (0303) Page 1 of 3 Borrower(s) Initials *This Real Estate Mortgage is second and subject ONLY to a First Real Estate Mortgage recording concurrently herewith in favor of Bank of Jackson Hole dated October 4, 2004 in the original amount of $205,600.00. at least the amounts and the time periods that you specify. We will deliver to )'OLI upon your request the p~licies or other proof of the insurance. The policies must name you as "mortgagee" and "loss-payee" so that you will receive payment on all insurance claims, to the extent of your interest under this Mortgage, before we do. The insurance policies must also provide that you be given not less than 10 days prior written notice of any cancellation or reduction in coverage, fol' any reason. Upon request, we shall deliver the policies, certificates or other evidence of insurance to you. In the event of loss or damage to the Premises, we will immediately notify you in writing and file a proof of loss with the insurer. You may file a proof of loss on our behalf if we fail or refuse to do so. You may also sign our name to any check, draft or other order for the payment of insurance proceeds in the event of loss or damage to the Premises. If you receive payment of a claim, you will have the right to choose to use the money either to repair the Premises or to reduce the amount owing on the Note. (d) CONDEMNATION: We assign to you the proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Premises, or part thereof, or fol' conveyance in lieu of condemnation, all of which shall be paid to you, subject to the terms of any Prior Mortgage. (e) SECURITY INTEREST: We will join with you in signing and filing documents and, at our expense, in doing whatever you believe is necessary to perfect and continue the perfection of your lien and security interest in the Premises. (f) OUR AUTHORITY TO YOU: If we fail to perform our obligations under this Mortgage, you may, if you choose, perform our obligations and pay such costs and expenses. You will add the amounts you advance to the sums owing on the Note, on which you will charge interest at the interest rate set forth in the Note. If, for example, we fail to honor our promises to maintain insurance in effect, or to pay filing fees, taxes or the costs necessary to keep the Premises in good condition and repair or to perform any of our other agreements with you, you may, if you choose, advance any sums to satisfy any of our agreements with you and charge us interest on such advances at the interest rate set forth in the Note. This Mortgage secures all such advances. Your payments on our behalf will not cure our failure to perform our promises in this Mortgage. Any replacement insurance that you obtain to cover loss or damages to the Premises may be limited to the amount owing on the Note plus the amount of any Prior Mortgages. (g) PRIOR MORTGAGE: If the provisions of this paragraph are completed, this Mortgage is subject and subordinate to a prior mortgage dated October 4, 2004 and given by us to Bank of Jackson Hole as mortgagee, in the original amount of $205,600.00 (the "Prior Mortgage"). We shall not increase, amend or modify the Prior Mortgage without your prior written consent and shall upon receipt of any written notice fi.om the holder of the Prior Mortgage promptly deliver a cop5' of such notice to you. We shall pay and perform all of our obligations under the Prior Mortgage as and when required under th~ Prior Mortgage. (h) HAZARDOUS SUBSTANCES: We shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances on or in the Premises. We shall not do, nor allow anyone else to do, anything affecting the Premises that is in violation of any Environmental Law. The preceding two sentences shall not apply to the presence, use, or storage on the Premises of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Premises. As used in this paragraph, "Hazardous Substances" are those substances deemed as toxic or hazardous substances by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials. As used in this paragraph, "Environmental Law" means federal laws and laws of the jurisdiction where the Premises are located that relate to health, safety or environmental protection. (i) SALE OF PREMISES: We will not sell, transfer ownership of, mortgage or otherwise dispose of our interest in the Premises, in whole or in part, or permit any other lien or claim against the Premises without your prior written consent. (j) INSPECTION: We will permit you to inspect the Premises at any reasonable time. NO LOSS OF RIGHTS: The Note and this Mortgage may be negotiated or assigned by you without releasing us or the Premises. You may add or release any person or property obligated under the Note and this Mortgage without losing your rights in the Premises. DEFAULT: Except as may be prohibited by applicable law, and subject to any advance notice and cure period if required by applicable law, if any event or condition described in Paragraph 12.A of the Note occur's, you may foreclose upon this Mortgage. This means that you may arrange for the Premises to be sold by advertisement and sale or by judicial foreclosure, at your option, as provided by law, in order to pay offwhat we owe on the Note and under this Mortgage. If the money you receive from the sale is not enough to pay offwhat we owe you, we will still owe you the difference which you may seek to collect fi'om tls in accordance with applicable law. In addition, you may, in accordance with applicable law, (i) enter on and take possession of' the Premises; (ii) collect the rental payments, including over-due rental payments, directly fi.om tenants after simply notifying them by first class mail to make rental payments to you; (iii) manage the Premises; and (iv) sign, cancel and change leases. We agree that the interest rate set forth in the Note will continue before and after a default, entry of a judgment and foreclosure. In addition, you shall be entitled to collect all reasonable fees and costs actually incurred by you in proceeding to foreclosure, including, but not limited to, reasonable attorneys' fees and costs of documentary evidence, abstracts and title reports. ASSIGNMENT OF RENTS; APPOINTMENT OF RECEIVER: As additional security, we assign to you the rents of the Premises. You or a receiver appointed by the courts shall be entitled to enter upon, take possession of and manage the Premises and collect the rents of the Premises including those past due after simply notifying them by first class mail to make rental payments to you. HELOC WY Mortgage Page 2 of 3 FE ;,3131(WY) (0303) Borrower(s)' Initials WAIVERS: To the extent permitted by applicable law, we waive and release any error or defects in proceed~g~ to enforce this Mongagc and hereby waive ~e benefit of any present or ~e laws provid~g for stay of execution, extension of t~e, exemption ~om aaachment, le~ and sale and homestead exemption. B~G EFFECT: Each 0f us shall bc ~lly responsible for all of thc promises and a~cemcnts ~ this Mortgage. Until thc Note has been paid ~n ~11 and yo~ obligation to m~c ~hcr advances under the Note has been te~ated, the provisions of this Mo~gaEe will be binding on us, our legal representatives, o~ he~s and all ~e owners of the Premises. This Mo~gagc is for yo~ benefit and for thc benefit of anyone to whom you may assi~ it. Upon payment ~ ~11 oF all amoums owing to you ~der thc Note and this Mortgage, and provided ~y obligation to make ~hcr adv~ccs ~dcr thc Note has te~ated, tiffs Mo~gagc and your rights ~n thc Premises shall end. NOTICE: Except for ~y notice requital ~der applicable law to be given in another ma~er, (a) ~y notice to us provided for ~ this Moagage shall be given by dcliver~g it or by mail~g such notice by re~lar first class mail addressed to us at thc last ad.ess appe~g ~ yo~ records or at such other address ~ we may desi~atc by notice to you as provided here~, and (b) ~y notice to you shall be given by ce~ified mail, re~ receipt requested, to yo~ ad.ess at: Bank of Jac~on Hole P.O. Box 7000 Jac~on, ~OMING 830027000 or to such other ad&ess as you may desi~ate by notice to us. ~y notice provided for in this Mortgage shall be deemed to have been given to us or you when given ~ the ma~er desi~ated here~. ~LEASE: Upon payment of all sins sec~ed by this Mo~gage ~d provided your obligation to make ~nher advances under the Note has te~ated, you shall disch~ge ~is Mo~gage without charge to ~, except that we shall pay any fees for record~g of a satisfaction of this Mo~gage. GE~: You c~ waive or delay enforc~g any ofyo~ rights under this Mortgage without los~g them ~y waiver by you of any provisions of this Mortgage will not be a waiver of that or ~y other provision on any other occasion. T~S MORTGAGE has been si~ed by each of us under seal on the date first above wri~en. WI~SSES: Mortgagor: Paul~n Reilly [ (_Seal) Mortgagor: (Seal) Mortgagor: (Seal) Mortgagor: (Seal) STATE OF WYOMING, Teton County ss: The foregoing instrument was acknowledged before me this Paula Jean Reilly. Witness my hand and official seal. My Commission Expires: 9-15-07 (Seal) 4th day of October , 2004 by HELOC WY Mortgage Page 3 of 3 FE - 3131(WY) (0303)