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HomeMy WebLinkAbout90502231326 State of Wyoming RECEIVED 12/6/2004 at 10:33 AM RECEIVING # 905022 BOOK: 574 PAGE: 76 JEANNE WAGNER LINCOLN COUNTY CLERK KEMMERER, WY Space Above This Line For Recording Data MORTGAGE (With Future Advance C. hmsc) DATE AND PARTIES. The date of this Mortgage (Security Instrulncnt) is .1.!:2..3:.2.0.0..4. .................................. and the parties, their addresses and tax identification numbers, if required, are ~t~ tbllows: MORTGAGOR: TERRYL I. LANCASTER PO BOX 22 AFTON, WY 83110 If checked, refer to the attached Addendum incorporated herein acknowledgments. for additional Mortgagors, their signatures and LENDER: THE BANK OF STAR VALLEY ORGANIZEO AND EXISTING UNDER THE LAWS OF THE STAT[ OF WYOMING 384 WASHINGTON STREET PO BOX 8007 AFTON, WY 83110 83-0315143 CONVEYANCE. For good and valuable consideration, the receipt aim sufficiency of which is acknowledged, and to secure the Secured Debt (defined below) and Mortgager's performance under tl~is Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with power of sale, the fidlowing described property: SEE EXHI811 A AIIACHEO HERE10 AND MADE APART HEREOF The property is located in ............................... .L!.~.C. OkN ............................... at ~3..2.!..a..~.C..&S.I..[B ka.N[..c.O.u. Nl.Y..~.q.!.4/ ...... (County) ....................................................................................... ~..[.1.0. ~ ....................... Wyoming ........ .8.3.! J.Q ........ (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 part of the real estate described above (all referred to as "Property"). MAXIMUM OBLIGATION LIMIT. The total principal amount secm'cd by this Security Instrument at any one time shall not exceed $ ~fl.,fl. 0.0...0.O ......................... ' ................. This limitation of amount does not include interest and other fees and charges validly made pursuant to this Security Instrument. Also, ihis limitation does not apply to advances made under the terms of this Security Instrument to protect Lender's security and to pcrlbrrn any of the covenants contained in this Security Instrument. SECURED DEBT AND FUTURE ADVANCES. The term "Secured I)cbt" is defined as follows: A Debt incurred under the terms of all promissory note(s), conmtct(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 should include the final maturity date of such ONE PROMISSORY NOTE DATED 11-23-04 IN THE AMOUNT OF $60,000.00 WYOMING - HOME EQUITY LINE OF CREDIT MORTGAGE (NOT FOR FNMA, FHLMC. FllA OR VA USE_) [page I of 41 ©1994 Bankers Systems, Inc., St. Cloud, MN Form OCP-REMTG-WY 10/7/98 All future advances from Lender to Mortgagor or other future oblig:ttions of Mortgagor to Lender under any promissory note, contract, guaranty, or other evidence of debt executed by Mm'tgagor 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 Instrument will secure all future advances and future obligations that are given to or incurred by any one or more Mortgagor, or 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 are secured as if made on the date of this Security Instrument. Nothing in this Security Instrument shall constitute a commitment tt~ make additional or future loans or advances in any amount. Any such commitment must be agreed to in a separate writing. All other obligations Mortgagor owes to Lender, which may later ;u'isc, to the extent not prohibited by law, including, but not limited to, liabilities for overdrafts relating to any deposit acc~)un~ agreement between Mortgagor and Lender. All additional sums advanced and expenses incurred by Lender I't~r ~nsuring, preserving or otherwise protecting the Property and its value and any other sums advanced and expenses incurred by Lender under the terms of this Security Instrument. In the event that Lender fails to provide any necessary notice of Iht rtght of rescission with respect to any additional indebtedness secured under paragraph B of this Section, Lender waives any subsequent security interest in the Mortgagor's principal dwelling that is created by this Security Instrument (but does nt~t waive the security interest for the debts referenced m paragraph A of this Section). MORTGAGE COVENANTS. Mortgagor agrees that the covenants in this section are material 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 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 Debt 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 ol' trust, security agreement or other lien document that created a prior security interest or encumbrance on the Property, M;~rtgagor agrees to make all payments when due and to perform or comply with all covenants. Mortgagor also agrees not to allow any modification or extension of, nor to request any future advances under any note or agreement secured by the lien documem \vilhtmt 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 require Mortgagor to provide to Lender copies of all notices that such amounts are due and the receipts evidencing Mortgagor's p,~3mcnt. Mortgagor will defend title to the Property against any claims that would impair the lien of this Security Instrumcm. 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 kccp thc Property in good condition and make all repairs that are reasonably necessary. Mortgagor shall not commit or allow any waste, impairment, or deterioration of the Property. Mortgagor agrees that the nature of the occupancy and use will nt~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, claims and actions against Mortgagor, and of any loss or damage to the Property. Lender or Lender's agems may, at Lender's option, enter the Property ;tt any reasonable time for 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 rely on Lender's inspection. Authority to Perform. If Mortgagor fails to perform any duty or any t>l' thc covenants contained in this Security Instrument, Lender may, without notice, perform or cause them to be performed. N.h~rtgagor appoints Lender .as attorney in fact to sign Mortgagor's name or pay any amount necessary for performance Lender's right to perform for Mortgagor shall not create an obligation to perform, and Lender's failure to perform will not preclude lxnder from exercising any of Lender's other rights under the law or this Security Instrument. Leaseholds; Condominiums; Planned Unit Developments. Mortgag{~r agrees to comply with the provisions of any lease if this Security Instrument is on a leasehold. If the Property includes a Unll 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 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 descrihcd actions or claims. Mortgagor assigns to Lender the proceeds of any award or claim for damages connected with a condernnati,~n or other taking of all or any part of the Property. Such proceeds shall be considered payments and will be applied as pr{,vidcd in this Security Instrument. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, secmit y agreement or other lien document. Insurance. Mortgagor shall keep Property insured against loss by fire, Ilood, 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 bc chosen by Mortgagor subject to Lender's approval, which shall not be unreasonably withheld. If Mortgagor fails to maimain 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 anti shall include a standard "mortgage clause" and, where applicable, "loss payee clause." Mortgagor shall immediately notify I.cnder of cancellation or termination 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 tnsurance carrier and Lender. Lender may make proof of loss if not made immediately by Mortgagor. Unless otherwise agreed in writing, all insurance proceeds shall bc applied to the restoration or repair of the Property or to the Secured Debt, whether or not then due, at Ixndcr's option. Any application of proceeds to ©1994 Bankers Systems, Inc., St. Cloud, MN Form OCP-REMIG-WY 10/7/98 {page 2 of 4) principal shall not extend or postpone the due date of the scheduled p~tymcnt nor change the amount of any payment. Any excess will be paid to the Mortgagor. If the Property is acquired by I.ctldcr, Mortgagor's right to any insurance policies and proceeds resulting from damage to the Property before the acquisition .q~ill 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 t~ sign, deliver, and file any 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. DUE ON SALE. Lender may, at its option, declare the entire balance o~ the Secured Debt to be immediately due and payable upon the creation of, or contract for the creation of, a transfer or sale ol 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 material misreprcscntaion in connection with the Secured Debt that is an open end home equity plan. Payments. Any Consumer Borrower on any Secured Debt that is an open cml home 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 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 I.cndcr's security; (d) Mortgagor fails to pay taxes on the Property or otherwise fails to act and thereby causes a lien to be filed ztgainst the Property that is senior to the lien of this Security Instrument; (e) a sole Mortgagor dies; (f) if more than one Mt~rtgagor, 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 Borrower is an executive officer of Lender t~ ~tn affiliate and such Borrower becomes indebted to Lender or another lender in an aggregate amount greater than the amount l~crmitted 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, UpOl~ 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 payment on the Secured Debt after the balance is due or is accelerated or after foreclosure proceedings are filed shall not constitute ~ waiver of Lender's right to require complete cure of any existing default. By not exercising any remedy on Mortgagor's dcl':mlt, Lender does not waive Lender's right to later consider the event a default if it happens again. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COlJ~ECTION COSTS. If Mortgagor breaches any covenant in this Security Instrument, Mortgagor agrees to pay all expenses Lender incurs tn 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 interest. These expenses are payable on demand and will bear interest from the date of payment until paid in full at the highesl 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 alnt~unl may include, but is not limited to, reasonable attorneys' fees, court costs, and other legal expenses. This amount docs n~t 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 cotm cxcrc~sing 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. AK used in this section, (1) Environmental Law means, without limitation, the Comprehensive Environmental Response, Compcnsaion 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, p~llutant 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 del'reed as "hazardous maIcrial," "toxic substances," "hazardous waste" or "hazardous substance" under any Envi'ronmental Law. Mortgagor represents, warrants and agrees that: A. Except as previously disclosed and acknowledged in writing to I.cnder, 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~tmtcnance of the Property. B. Except as previously disclosed and acknowledged in writing to Ixndcr, Mortgagor 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 MoFtgagor has reason to believe there is any pending or threatened investigation, claim, or proceeding relating to the release or threatened release of any Hazardous Substance or the violation of any Environmental Law. [page 3 of 41 ©1994 Bankers Systems, Inc., St. Cloud, MN Form OCP-REMTG-WY 10/7/98 11. ESCROW FOR TA~KF.~ AND INSURANCE. Unless otherwise pn~ided in a scp~aW ~~, Mop.or w~ nor ~ ~. JO~ A~ ~~U~ ~~; CO-SIG~; SUCCI,i~,~()R~ A~ ASSIGNS BO~. ~1 d~s ~r t~i~ S~i~ ~mt ~e jolt ~ ~ividnal. If Mop,or si~ ~is h~-curity lnstrm~t but does not s~ ~ ev~e of &bt, Mo~agor does so ~y to mo~gage Mo~gagor's interest ~ ~c lq'opcrty to scene ~ent of ~ ~ed Debt and Mop,or does not ~ee io be pers~y hable on ~e S~ Dcl',t I~ this SecuriW ~nment ~es a g~w betw~ ~nfler a~ Mo~, Mo~gagor ~r~s to wave my r~s mat m., prevent Le~r ~m ~mg ~y ~fl~ ~ claim ~t Mo~agor or ~y ~ ~b~d under ~ obligation. These rights my ~, but ~e not limi~ to, ~y anti~y or o~fion hws. T~ ~ties ~ b~fi~ ~s Scc'tll'llx instrument ~hall b~ ~ ~fit ~ s~ss~s ~ ~si~ of Mor~or ~ ~r. 13. ~RARH.~y; ~P~A~ON. T~ S~iW ~ent ~s Culnplcte ~d Mly inte~ated. T~ S~iW ~ment ~y not be am~ded or m~d by or~ egret. ~y ~fion tn tins Security ~me~, attachment, or ~y egret x~d m ~ S~nr~ Debt ~t conflic~ wi~ ap~ble hw will n,~t bc effective, ~ess ~t law e~ressly or ~y ~ ~e v~ by ~i~ a~t. If ~y ~h~ of ~is Nccurity lnstrment ~ot be e~or~ ~or~ to im m, ~t ~fi~ wffi be ~v~ ~ wffi not ~t ~ ~or~bilit t~l thc remainder of ~ S~miW ~ument. Whenever ~, ~ ain~dar ~hall ~lnde ~ plum and ~ plm~ ~ sing~ar ~1 hc captions ~ ~ings of ~ ~cfi~ of ~s S~ity ~ment ~e for c~vm ~y and ~e not to be ~d m ~mrprct ,,r define ~e ~m offs Secmiw ~mt. T~ h of ~ e~ ~ ~ S~mi~ ~mm. 14. NOTI~. U~ess o~e req~ by hw, ~y nofi~ ahall be g~vcn hy dcliver~ it or by mailing it by ~st ~ss mail to · e approprhm ~'s addr~s ~ ~e I of ~ S~iW ~eni. ,,' tu any o~er address ~si~a~ ~ writ. No~ to o~ m~gagor wffi ~ ~med Io ~ ~fi~ to ~ ~gors. ~. W~. E~ept to ~ e~t pr~hmd by hw, Mo~agor wal; c, an') right reg~ding ~e ~~ of ~ ~ ~ ~ ~ homestead exmptian I~ Ie~ to ~e ~ope~. 1~. L~ OF ~ED~. T~ Sec~ Debt ~s a revol~ ~e t~ credit. Al~ough ~ S~ Debt ~y ~ re, need to a ~o balance, ~ S~ ~~t wffi remain ~ tff~t until released 17. ~P~CARI~ ~W. ~ S~iW ~m~t is gove~ by ~c I, ,,, a, agreed to ~ ~ Sec~ Debt, e~ept Io ~ exmt xeq~ by ~ hws of ~e j~fi~ w~re ~ Pro~ h located, :~ nd :q*plicable federM hws ~ xeg~fi~. 18. ~ER~. ~ covenant~ and agr~em~ of e~ of ~ x~rs checked hch)w are ~co~or~ ~to and supplement ~ amend ~ ~a of ~ S~iW ~~t. [~ ~ apse ~s] ~ ~si~m~t offs and ~ ~ O~r .................................................................................................. 19. 71 ADDITIONAL TERMS. SIGNATITRF..q: By signing t~low, Mortgagor agrees to the Ierm~ and c{ ,\'Chares contained in this Secmity Instnmmnt and in any at~aehment~. Mongagorp}so acknowledges receipt of a copy of thk Securit. Instrument on the da~e staled on page 1. ACKNOWI,I~GMENT: (.h~vidmd) STA oF .................................. COUN'r¥, ...... .................... } ss. This insmancnt was acknowledged before me this ....... .2.¢!I.t! ....... day of .N.P~.~..~,]]0..I~. ................................ by . .~..R.~.Y,[..~:.1: .AN ,gA..~, .R .... /(...~.../.~.. My commission expires: "~ ,~ ~ ~-./ "~ /g,/'/t /// (Nolary Public) ©1994 Bankers Systems. Inc., St. Claud, MN Fon'n DCP;REMTG-WY 10/7/9~ (p~ge 4 of 4) That part of the SE1/4SW1/4 of Section24, T31N, R119W of the 6"' P.M., Lincoln County, Wyoming being part of that tract of record in the Office ofthe Clerk ofl,incoln Coumv in Book28 of Deeds onpage 350 described as £ollows: COMMF~lqCING at the S1/4 comer of said Section 24; thence S 89058.9' W, along the South line of said Section 24, 513.14 feet to the POINT OF BEGINNING; thence continuing S 89°58.9, W, 220.00 feet to a point; thence N 00006.3, E, 220.00 £eet to a po/m; Itmnce N 89058.9, ~E, 220.00 feet to a point; thence S 00°06.3 W, 220.00 feet to the POINT OF BEGINNING tti~.p Policy- Schedule _A Policy No.: M-9945-101059 Page 3 of 4 STEWART T1TI JE Guaranty Company