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HomeMy WebLinkAbout90476731312 Stat~ of Wy~min~ RECEIVED 11/23/2004 at 10:10 AM RECEIVING # 904767 BOOK: 573 PAGE: 322 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMEt;~ER. WY St,.~ Above This Line For Recording Data MORTGAGE (With Future Advance Clause I DATE AND PARTIES. The date of this Mortgage (Security Instrumcm ~s i1.!:!.~;.2.0.0,.4 ................................... parties, their addresses and tax identLficafionnumbers, if required, are as IblIL,ws' MORTGAGOR: STANLEYI. MOON AND EUfiENA R. MOON, HUSBAND AND WIFE AS TENANTS BY THE [NTIRETES PD BOX 517 IHAYNE, WY 83127 and the e [] If checked, refer to the attached Addendum incorporated herein, for additional Mortgagors, their signatures and acknowledgments. IHE BANK OF STAR VALLEY ORGANIZED AND EXI STING UNDER IHE LAWS OF IHE STATE OF WYOMING 384 WASHINGTON STREET POBOX 8007 AFl'ON, WY 83110 83-0315143 CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debt (deftned below) and Mortgagor's performance nnder tills Security Instrument, Mortgagor grants, bargains, conveys, mortgages and WalTants to Lender, withpower of sale, the followi,~ described property: SEE EXHIBIT A AIIACHED HERETO AND MADE APART HEREOF The property is located in ............................... LINC.0L. hJ- ..................... at 98514 H!¢H.W.A.Y..89. ..................... (Coumy) THAYNE Wynming 83127 (Address) ~ ~ .. (ZIP Code) Together with all rights, easements, appurtenances, royalties, mineral ri?hi,, oil and gas rights, all water and nparian rights, ditches, and water stock and all existing and fim~re improvements, structures, fixtures, and replacements that may now, or at any time in the future, be part of the real estate described above (all referrctl ~, as "Property"). MAXIMUM OBLIGATION LIMIT. The total principal mount secured t~v this Security Instrument at any one time shall not exceed $ .8.{}.~.0~..O.O. .......................................... This limitation ol .tmoun! does not include interest and other fees 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 pci'h~rm any of the covenants contained in this Security Instrument. SECURED DEBT AND FUTURE ADVANCES. The term "Secured Dct,i is defined as follows: A. Debt incurred under the terms of all promissory note(s), contraclls~ guaranty(s) or other evidence of debt described below and all their extensions, renewals, modifications or subst~tulions. (You must specifically idento~y the debt(s) secured and you should include the final maturity date of such del,~ .~ ~ ONE PROMISSORY NOTE BATED 11-15-04 IN THE AMOUNT OF $80,000.00 WYOMING - HOME EQUITY LINE OF CREDIT MORTGAGE {NOTFOR FNMA. FHLMC, FHA OH V,'~ USE, ©1994 Rankers Systems, Inc., St. Cloud, MN Form OCP-REMTG-WY 1017/9B (page. 1 of 4) 0323 All future advances from Lender to Mortgagor or other future ()hligations of Mortgagor to Lender under any promissory note, contract, guaranty, or other evidence of debt executed by ~,l.rtgagor 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 Instrumcn~ will secure all future advances and future obligations that are given to or incurred by any one or more Mortgagor, t~r any 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 arc ~L:ctlrcd as if made on the date of this Security Instrument. Nothing in this Security Instrument shall constitute a commitn~c~lt ~ make additional or future loans or advances in any amount. Any such commitment must be agreed to in a separate writing. C. All other obligations Mortgagor owes to Lender, which may l~ttcr arise, to the extent not prohibited by law, including, but not limited to, liabilities for overdrafts relating to any deposit ',~c'count agreement between Mortgagor and Lender. All additional sums advanced and expenses incurred by Lender li)r insuring, preserving or otherwise protecting the Property and its value and any other sums advanced and expcl~scs incurred by Lender under the terms of this Security Instrument. In the event that Lender fails to provide any necessary notice of ~he right of rescission with respect to any additional indebtedness secured under paragraph B of this Section, Lender wai¥cs a~y subsequent security interest in the Mortgagor's principal dwelling that is created by this Security Instrument (but d~)cs ,~ot waive the security interest for the debts referenced in paragraph A of this Section). MORTGAGE COVENANTS. Mortgagor agrees that the covenants ii~ this section are material obligations under the Secured Debt and this Security Instrument. If Mortgagor breaches any coven;.~t in this section, Lender may refuse to make additional extensions of credit and reduce the credit limit. By not exercising 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 Dcht will be 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 ~,l' trust, security agreement or other lien document that created a prior security interest or encumbrance on the Property, Nl~rtgagor agrees to make all payments when due and to perform or comply with all covenants. Mortgagor also agrees not to allc~w any modification or extension of, nor to request any future advances under any note or agreement secured by the lien document \vithout Lender's prior written approval. Claims Against Title. Mortgagor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Property when due. Lender may r~quirc Mortgagor to provide to Lender copies of all notices that such amounts are due and the receipts evidencing Mortgagor's F-lyment. Mortgagor will defend title to the Property against any claims that would impair the lien of this Security Instru,iciit. 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 kcc1) the Property in good condition and make all repairs that are reasonably necessary. Mortgagor shall not commit or allow ~ny waste, impairment, or deterioration of the Property. Mortgagor agrees that the nature of the occupancy and use will ,t~t substantially change without Lender's prior written consent. Mortgagor will not permit any change in any license, restrictive covenant or easement without Lender's prior written consent. Mortgagor will notify Lender of all demands, proceedings, cl:~i,~s 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 any reasonable time for the purpose of inspecting the Property. Lender shall give Mortgagor notice at the time of or bef, rc an inspection specifying a reasonable purpose for the inspection. Any inspection of the Property shall be entirely for t.cndcr'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 ~l' 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 for performance, l.c.&r's right to perform for Mortgagor shall not create an obligation to perform, and Lender's failure to perform will not pr,ch,dc l.ender from exercising any of Lender's other rights under the law or this Security Instrument. Leaseholds; Condominiums; Planned Unit Developments. Mortg;~g,,r agrees to comply with the provisions of any lease if this Security Instrument is on a leasehold. If the Property includes :~ tinit in a condominium 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 pc~ding or threatened action, by private or public entities to purchase or take any or all of the Property through condemnation, cnfi,cnt 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 condct,~latbn or other taking of all or any part of the Property. Such proceeds shall be considered payments and will be applied as p~t~vided in this Security Instrument. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, sccl~rity agreement or other lien document. Insurance. Mortgagor shall keep Property insured against loss by fire, llood, theft and other hazards and risks reasonably associated with the Property due to its type and location. This insural~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 ~:dntain 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 1.cnder of cancellation or termination of the insurance. Lender shall have the right to hold the policies and renewals. If Lcntlcr requires, Mortgagor shall immediately give to Lender all receipts of paid premiums and renewal notices. Upon loss, MorIFtgor shall give immediate notice to the insurance carrier and Lender. Lender may make proof of loss if not made immediately hy rxfl)rtgagor. Unless otherwise agreed in writing, all insurance proceeds sh;dl Property or to the Secured Debt, whether or not then due, at ©1994 Bankers Systems, Inc., St. Cloud, MN Form OCP-REMTG-WY 10/7/98 bc applied to I~ender's option. the restoration or repair of the Any application of proceeds to (page 2 of 4) principal shall not extend or postpone the due date of the scheduled payment nor chang~ th~ ~ount of any payment. Any ~xc~ss ~ill be paid to ~ Mortgagor. If ~ Property is acquired by I ~nd~r, Mortgagoffs right to any ~suranc~ policies and proceeds result~g ~om d~age to ~e Property before ~e acquisition ~h',dl pass to Lender to the extent of the Secur~ Debt ~ediately ~fore the acquisition. Financial Reports and Ad~tional Documents. Mortgagor will provide ~o Lender upon request, any ~mancial statement or ~fo~ation Lender may deem reasonably necessa~. Mortgagor agrcc~ to sign, deliver, and file any additional documents or certificatiom ~at Lender may comider necessary to ~rfect, comint~c, and preserve Mortgagor's obligations under ~is SecuriW I~tmment and ~er's lien stares on ~e ProperS. D~ ON SALE. Lender may, at its option, declare ~e entire balance ~,f thc Secured Debt to be ~ediately due and payable upon the creation of, or contract for ~e creation of, a tra~fer or sale rd' ll~c Property. This right is subject to ~e restrictiom ~sed by federal law (12 C.F.R. 591), as applicable. DEFA~T. Mo~gagor will be ~ default if any of the follow~g occur: Fraud. ~y Co~er Bo~ower engages ~ ~aud or material ~sreprcscntation in co~ection with ~e Secured Debt that is an open end home equi~ pl~. Pa~ents. Any Comumer Bo~ower 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 Borrower or Mortgagor occurs th'L~t adversely affects the Property or Lender's rights in the Property. This includes, but is not limited to, the following: (a) Mortgagor fails to maintain required insurance on the Property; (b) Mortgagor transfers the Property; (c) Mortgagor commits waste or otherwise destructively uses or fails to maintain the Property such that the action or inaction adversely affects l.cnder'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; (f) if more than one Mt~rt~agor, 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 LendeFs interest; 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 or an affiliate and such Borrower becomes indebted to Lender or another lender in an aggregate amount greater than the amount wrmitted 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 Mortgagor 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, Ul)tm lhe 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 t,n the Secured Debt after the balance is due or is accelerated or after foreclosure proceedings are filed shall not constitute a waiver of Lender's right to require complete cure of any existing default. By not exercising any remedy on Mortgagor's dcl'cmlt, Lender 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 e×pcnscs 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 inspecting, preserving, or otherwise protecting the Property and Lender's security inlcrest. 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 incurred by Lender in collecting, enforcing or protecting Lender's rights and remedies under this Security Instrument. This amtmnt may include, but is not limited 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 C~,dc, Mortgagor agrees to pay the reasonable attorneys' fees Lender incurs to collect the Secured Debt as awarded by any court c×crcising jurisdiction under the Bankruptcy Code. This Security Instrument shall remain in effect until released. Mortgag~)r 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 Environmental Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), and all other federal, state and local laws, regulations, ordimmces, court orders, attorney general opinions or interpretive letters concerning the public health, safety, welfare, envirt,mncnt or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, ptdltmmt 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 m',~terial," "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~cndcr, 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 m',dmcnance of the Property. B. Except as previously disclosed and acknowledged in writing to Lender, Mortgagor and every tenant have been, are, and shall remain in full compliance with any applicable Environmental L~tw. 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 Environmcmal 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 lth}rtgagor has reason to believe there is any pending or threatened investigation, claim, or proceeding relating to the release {~r threatened release of any Hazardous Substance or the violation of any Environmental Law. (pag~ 3 of 4J ©1994 Bankers Systems, Inc., St. Cloud, MN Form OCP-REMTG-WY 1017/98 :,' 0 o.. 5 0904?6? ' 11. ESCROWFOR TAXES AND INSURANCE. Unless otherwise provided iii a separate agreement, Mortgagor will not be required to pay to Lender funds for taxes and insurance in escrow. 12. 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 Scorn'try Instrument but does not sign an evidence of debt, Mortgagor does so only to mortgage Mortgagor's interest in the Pr,,pcrty to secure payment of the Secured Debt and Mortgagor does not agree to be personally liable on the Secured Debt. 11' this Security Instrument secures a guaranty between Lender and Mortgagor, Mortgagor agrees to waive any rights that may prevent Lender from 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. The duties and benefits of this Security Instrument shall bind and benefit the successors and assigns of Mortgagor and Lender. 13. SEVER. ABILITY; INTERPRETATION. This Security Instrument is c,,nplctc and fully integrated. This Security Instrument may 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 bc effective, unless that law expressly or impliedly permits the variations by written agreement. If any section of this Scct,'ity Instrument cannot be enforced according to its terms, that section will be severed and will not affect the enforceability of d~c rc,nainder of this Security Instrument. 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 only and are not to be used to interpret or define the terms of this Security Instrument. Time is of the essence in this Security Instrument. 14. NOTICE. Unless otherwise required by law, any notice shall be given by ddivering it or by mailing it by first class mail to the appropriate party's address on page 1 of this Security Instrument, or tt~ any other address designated in writing. Notice to one mortgagor will be deemed to be notice to all mortgagors. lB. 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 may be reduced to a zero balance, this Security Instrument will remain in effect until released. 17. APPLICABLE LAW. This Security Instrument is governed by the laws ,,, agreed to in the Secured Debt, except to the extent required by the laws of th, e jurisdiction where the Property is located, and [t pplicablc federal laws and regulations. 18. 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] [] Assignment of Leases and Rents [] Other .................................................................................................. 19. [] ADDITIONAL TERMS. 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 Insn'umcnt on the date stated on page 1. ACKNOWLEDGMENT: (ludividual) STATE OF ..W.Y. 0.M.I.N.0 .................................. COUNTY OF .... .~..~-:|.l/.1./_,.O.~ ~. ............. ..~....} ss. This instrument was acknowledged before me this ........1.~..1'.~. ...... day of .~..O.V.~.M..qL~,a,.2..O~..¢~... ........................ by .S. TA~k[.Y.T, go. ON; .[U.a.t. Pg.q, ~.l.q0N, Hu..s. qb~P. A~D ~.1.[.[. AS..T.[N6.N Ls: .~.¥. TH [.,~..1. Ia. UJ ..}KY...fl./...,/,~.. ............................ My cormnission expires: ~ ~'. gOd~ "-.5¢// ///// / (Notary Public) ©1994 Bankers Systems, Inc., St. Cloud, MN Form OCP-REMTG-WY 1017198 (page 4 of 4) '::' ' '-' ':*"',' ';'::;!;*;i;: EXHIBIT "A" A portion of the SE1/4 of Section 26, T34N,~ R119\V, 6th P.M., located South from the Town of Thayne, Lincoln County, Wy.o. raingbeing in ore particularly described as follows: Beginning at a point in a road, said point being 10.18 feet N89°5Y20"E and 30.00 feet- S0°08'47"W from the location of the Center Quarter Corner of said Section 26, said point 'being the Northwest Comer of that tract of land describing in Warranty Deed recorded in Book 240 P.R., Page 656, Lincoln County, Wyon~ing; thence running N89°53'20"E along said road, 1170.92 feet, more or less to'an intersection, said point being the Northeast 'comer of that tract of land in Book 240 P.R., Pa~e 656; thence S3°11'377E, also along a road, 657.93 feet to a band in last said road; thence S89°3 l'02"E, continuing along last said road, 357.47 feet, more or less, to a point in the West line of Highway 89, said point being the Northeast Comer of that tract of l:tnd described in Warranty Deed recorded in Book 229 P.R., Page 378, Lincoln Comity, Wyoming; thence S 1 °5 0'05"W, along said West line 949.63 feet, more or less to an h'on Pipe found, said point being the Southeast Comer of that tract of land inBook 229 P.R., Page 378, Lincoln County, Wyoming; thence N88°42'23"W, ~tlong or near a fence 528.49 feet, said point being the Southwest Comer of that tract of land in Book 229 P.R., Page 378; thence N88°28'09"W, continuing along said fence, 81.63 feet, more or less; thence N88°41'22"'W, continuing along or near a fence, 928.91 feet, more or less to thc Southwest Comer of that tract of · land in Book 240 P.R., Page 656; thence N0°08"47"F_, along or near a fence line, 1571.44 feet, more or less to the Northwest Comer of that trnct of land in Book 240 P.R., Page 656, to the point of beginning. . ."'., The intent of this description is to combine and redescribe the land described in Warranty · Deed recorded as Instrument No. 640552 in Book 229 P.R., Page 378 and Warranty Deed recorded as Instrument No. 658533 in Book 240 I'.R., Page 656, Lincoln County, Wyoming Official Records. Excepting therefrom those parcels of land described in Warranty Deed recorded on March 17, 1995, Book 365 P.R., Page 817.