Loading...
HomeMy WebLinkAbout904563After Recording Return To: THE JACKSON STATE BANK & TRUST P.O. BOX 1788 JACKSON, WYOMING 83001 Prepared By: Ashlee Wilhite 9014563 RECEIVED LiHCOLN COUNTY CLERK 0!,, Nt3V 12 P?t 14.' 12 J E ANi,.IE WAGNER ",:'/,".,f .',,q:_ R E R. "3 057 · [Space Above This Line For Recto'd( q4 Data] PARCEL NO.: LOAN NO.: 78689503 TITLE NO.: MORTGAGE (Line of Credit) THIS MORTGAGE, dated NOVEMBER 05 , 200.1 . is between Darren C. Rudd AND Arlene L, Rudd, HUSBAND AND WIFE, as It'n:mis by the entireties residing at 102 Anne Rd. Etna, WYOMING 83118 the person or persons signing as "Mortgagor(s)" below and here( ni~ flor rcfcn'cd to as "we" or "us" and THE JACKSON STATE BANK & TRUST, A WYOMING BANKI N(g CO RPORATION with an address at P.O. BOX 1788; JACKSON, WYOMING 83001 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: 102 Anne Rd. Etna Municipality WYOMING 83118 State ZIP Street (the "Premises"). Lincoln CoDllty and further described as: Lot 4 Henry's Mountain Estates, Lincoln County, Wyoming aceordi,g m (ha! plat filed in the Office of the Lincoln County Clerk on November 4, 1996, Instrument No. 828555, Plat No. 371. Initials · HELOC - WY Mortgage FE-3131(WY) (0303) Page 1 of 4 O~I GI~T., The Premises includes all buildings and other improvements mm ,~r h~ the future on the Premises and all rights and interests which derive from our ownership, use or possessi(m of (he Prelnises and all appurtenances thereto. LOAN: The Mortgage will secure your loan in the principal am~mm thereof as may be advanced and readvanced from time to time Darren C. Rudd Arlene L. Rudd 50,000.00 or so much , and the Borrower(s) under the Home Equity Credit Line Agreemem and Disclosure Statement (the "Note") dated NOVEMBER 5 , 2004 , plus interest and costs, la~c 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 Bm'trax cr 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 bc made, repaid and remade from time to time in accordance with the terms of the Note and subject to the Credit Iimit set forth in the Note. OWNERSHIP: We are the sole owner(s) of the Premises. We have thc legal right to mortgage the Premises to you. BORROWER'S IMPORTANT OBLIGATIONS: (a) TAXES: We will pay all real estate taxes, assessments, water charges and sewer rents relating to the Premises when they become due. We will not claim any credit on. or make deduction from, the loan under the Note because we pay these taxes and charges. We will provide y~m with proof of payment upon request. (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. \Vt will not tear down any of the building(s) on the Premises without first getting your consent. We will not u~,c t l~c Premises illegally. If this Mortgage is on a unit in a condominium or a planned unit development, wc ~hall l~crform all of our obligations under the declaration or covenants creating or governing the condominium ~r phmned unit development, the by-laws and regulations of the condominium or planned unit development a nd c,~stit u ent documents. (c) INSURANCE: We will keep the building(s) on the Premises insnred at all times against loss by fire, flood and any other hazards you may specify. We may choose thc ~nsl,rance company, but our choice is subject to your reasonable approval. The policies must be for at least thc :m~ounts and the time periods that you specify. We will deliver to you upon your request the policies or other lm)tff of the insurance. The policies must name you as "mortgagee" and "loss-payee" so that you will receive pa.~ mcnt on all insurance claims, to the extent of your interest under this Mortgage, before we do. The insurance p~licies nmst also provide that you be given not less than 10 days prior written notice of any cancellation o,' reduction m coverage, for any reason. Upon request, we shall deliver the policies, certificates or other evidence of msnrance 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 st~. You may also sign our name to any check, draft or other order for the payment of insurance proceeds in thc cx cm of loss or damage to the Premises. If you receive payment of a claim, you will have the right to choose m ,sc the money either to repair the Premises or to reduce the amount owing on the Note. (d) CONDEMNATION: We assign to you the proceeds ~)1' any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Premises, or part thereof, or for conveyance in lieu of condemnation, all of which shall be paid ti) 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 (he perfection of your lien and security interest in the Premises. (f) OUR AUTHORITY TO YOU: If we fail to perform ot,r 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 ~I thc interest rate set forth in the Note. If, for example, we fail to honor our promises to maintain insurance m clTcct, or to pay filing fees, taxes or the costs necessary to keep the Premises in good condition and repair or It) pcrtbr,n any of our other agreements with you, you may, if you choose, advance any sums to satisfy any of ,mr agreements with you and charge us interest on such advances at the interest rate set forth in the Note. This Mt~l'tgage 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. Initials LOAN NO.: 78689503 · HELOC -WY Mortgage Page 2 of 4 FE-3131{VVY) (0303) ORIGIlq/kI~ 0498 (g) PRIOR MORTGAGE: If the provisions of this paragraph are completed, this Mortgage is subject and subordinate to a prior mortgage dated 11-05-04 mId given by us to The Jackson State Bank & Trust as mortgagee, in the original amount of 292,000.00 (the "Prior Mortgage"). We shall not increase, amend or modify the Prior Mortgage without your prka' written consent and shall upon receipt of any written notice fi.om the holder of the Prior Mortgage promptly deliver a copy of such notice to you. We shall pay and perform all of our obligations under the Prior Mortgage as and when required under the 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. \Vt ~hall not do, nor allow anyone else to do, anything affecting the Premises that is in violation of any En\'iromncntal Law. The preceding two sentences shall not apply to the presence, use, or storage on the Premises ur ,mall quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential u~c.~ and to maintenance of the Premises. As Used in this paragraph, "Hazardous Substances" are those substanc c~ defined as toxic or hazardous substances by Environmental Law and the following substances: gasoline, kcr~cne, 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, "Environmcma Law" means federal laws and laws of the jurisdiction where the Premises are located that relate to health, .~a rcty 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 Premi.~cs at any reasonable time. NO LOSS OF RIGHTS: The Note and this Mortgage may be nc~datcd 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 occurs, you may foreclose upon this Mortgage. This means that you m~t3 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 off what we owe on the Note and under this Mortgage. If the money you receive fi'om the sale is not enough to pay off what we owe you, we will still owe you the difference which you may seek to collect fi.om us in accordance with applicable law. In addition, you may, in accordance with applicablc law, (i) enter on and take possession of the Premises; (ii) collect the rental payments, including over-duc rental payments, directly fi.om tenants after simply notifying them fLrst 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 fimh m the Note will continue before and after a default, entry of a judgment and foreclosure. In addition, you shall bc 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 incltiding those past due after simply notifying them by first clfiss mail to make rental payments to you. WAIVERS: To the extent permitted by applicable law, we waive and release any error or defects in proceedings to enforce this Mortgage and hereby waive the benefit of alny i)rcscnt or future laws providing for stay of execution, extension of time, exemption from attachment, levy and sale and homestead exemption. BINDING EFFECT: Each of us shall be fully responsible fi,r all of the promises and agreements in this Mortgage. Until the Note has been paid in full and your obligatim~ m make further advances under the Note has been terminated, the provisions of this Mortgage will be binding on tis, our legal representatives, our heirs and all future owners of the Premises. This Mortgage is for your benefit ;hq d for the benefit of anyone to whom you may assign it. Upon payment in full of all amounts owing to you under the Note and this Mortgage, and provided any obligation to make further advances under the Nme has terminated, this Mortgage and your rights in the Premises shall end. LOAN NO.: 78689503 Initials · HELOC - WY Mortgage FE-3131 [WY) (0303) Page 3 of 4 ORIGINAL 0904563 · 9499 NOTICE: Except for any notice required under applicable law ut, hc given in another manner, (a) any notice to us provided for in this Mortgage shall be given by delivering, ,, by mailing such notice by regular first class mail addressed to us at the last address appearing m your record, or at such other address as we may designate by notice to you as provided herein, and (b) any notice to you shal b~ given by certified mail, return receipt requested, to your address at THE JACKSON STATE BANK & TRUST P.O. BOX 1788; JACKSON, WYOMING 83001 or to such other address as you may designate by notice to us. A,,. notice provided for in this Mortgage shall be deemed to have been given to us or you when given in the man,ct designated herein. RELEASE: Upon payment of all sums secured by this Mortgage and provided your obligation to make further advances under the Note has terminated, you shall discharge this ;xh)rtgage without charge to us, except that we shall pay any fees for recording of a satisfaction of this Mortgage. GENERAL: You can waive or delay enforcing any of your d~zhts under this Mortgage without losing them. Any waiver by you of any provisions of this Mortgage will not hc ~t waiver of that or any other provision on any other occasion. THIS MORTGAGE has been signed by each of us under seal o. tl~c date first above written. WITNESS: (SEAL) (SEAL) Mortgagor: (SEAL) Mortgagor: (SEAL) STATE OF WYOMING, Teton County ss: The foregoing instrument was acknowledged before me this ~ l ,: ~ ) .~,..'~ ~c~/ Darren C. Rudd AND Arlene L. Rudd (date) by My Commission Expires: (person acknowleflgm f_ } N.tary Public ..-) LOAN NO.: 78689503 · HELOC. WY Mortgage FE-3131 (WY) {0303) Page 4 of 4 ORIGINAL