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HomeMy WebLinkAbout905094 State of Wyoming Space Above This Line For Recording Data MORTGAGE (With Future Advance Clause) DATE AND PARTIES. The date of this Mortgage (Security Instrument, is .1.2.-.0.3...2004 parties, their addresses and tax identification numbers, if required, are as fo/lows: ........................................ and the MORTGAGOR: SlMA S. C0CKSHUT, A MARRIED PERSON 3190 HIGHWY 237 AUBURN, WY 831! 1 []acknowledgments.If checked, refer to the attached Addendum incorporated herein, fi)r additional Mortgagors, their signatures and LENDER: THE BANK OF STAR VALLEY ORGANIZED AND EXISTING UNDER THE LAWS OF THE STATE OF WYOMING 384 WASHINGTON STREET PO BOX 8007 AFTON, WY 83110 83-0315143 CONVEYANCE. For good and valuable consideration, the receipt and sul'ficiency 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 Lender, with power of sale, the following described property: SEE SCHEDULE C AIIACHE0 HEREI0 AND MADE A PART HEREOF. ~ RECEIVED 12/8/2004 at 4:06 PM RECEIVING # 905094 BOOK: 574 PAGE: 298 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY The property is located in ............................ LINCOLN "' i~;~,~i ............................... at .3.! ~..0. U .~..H.W.y..2.3.7. .............................. (,address') ........................... ' .... AUBUnN Wyoming .... 8311 I (City) (ZIP Cod,.) 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, I'ixtures, and replacements that may now, or at any time in the future, be part Of the real estate described above (all referred io ~s "Property"). MAXIMrUM OBLIGATION LIMIT. The total principal amount secured b) Ihis Security Instrument at any one time shall not exceed $ J 11 .q0.0 00 .......................................... This limitation of anl{mnl does not include interest and other fees and charges validly made pursuant to this Security Instrument. Also, this limilaI~on does not apply to advances made under the Instrument.terms of this Security Instrument to protect Lender's security and to perform any of the covenants contained in this Security SECURED DEBT AND FUTURE ADVANCES. The term "Secured Debt" ix 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 substituti[ms. (JOlt must specifically identify the debt(s) secured and you should include the final maturity date of such debt(s).j ONE PROMISSORY NOTE DATED 11-26-04 IN THE AMOUNT OF ~1 lO,O00.OO WYOMING - HOME EQUITY LINE OF CREDIT MORTGAGE {NOT FOR FNMA, FHLMC. FHA OR VA USE ©1994 Bankers Systems, Inc., SI Cloud, MN Form OCP-REMTG-WY 10/7/98 (page I of 41 B. All future advances from Lender to Mor~g;~gor or other future obligations of Mortgagor to Lender under any promissory note, contract, guaranty, or other evidence of debt executed by Mortgagor 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 arc sccured 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 to make additional or future loans or advances in any amount. Any such commitment must be agrccd to in a separate writing. C. All other obligations Mortgagor owes tt~ l.ender, which may later arise, to the extent not prohibited by law, including, but not limited to, liabilities for overdrafts relating to any deposit account agreement between Mortgagor and Lender. D. All additional sums advanced and cxpcnscs incurred by Lender for insuring, preserving or otherwise protecting the Property and its value and any othcr 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 the' figh~t of ie~cis~ic~]i with r~spe'~t to~'afiy 7/ddiiibnal indebtedness secured under paragraph B of this Scction, Lender waives any subsequent security interest in the Mortgagor's principal dwelling that is created by this Sccurily Instrument (but does not waive the security., imerest for the debts referenced in 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 Mortgagt~r 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 paymcms under the Secured Debt will be paid when due and in accordance with the terms of the Secured Debt and this Security Instrumcnt. Prior Security Interests. With regard to any ,~ther mortgage, deed of trust, security agreement or other lien document that created a prior security interest or encumbrance on the Property, Mortgagor agrees to make all payments when due and to perform or comply with all covenants. Mor~gag~,r 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 document without Lender's prior written approval. Claims Against Title. Mortgagor will pay ~II t:~xes, 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 payment. Mortgagor will defend title to the Property against any claims that would impair the licn ~)f this Security Instrument Mortgagor agrees to assign to Lender, as requested by Lender, any rights, claims or defenses M(~rlgagor may have against parties who supply labor or materials to maintain or improve the Property. Property Condition, Alterations and lnsl~ectim~. Mortgagor will keep the Property in good condition and make all repairs that are reasonably necessary. Mortgagor sh,ll m)t commit or allow any waste, Lmpairment, or deterioration of the Property. Mortgagor agrees that the nature of the occupancy and use will not 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 agents may, at Lender's ,,i~t~n. enter the Property at any reasonable time for the purpose of inspecting the Property. Lender shall give Mortgagor notice ill 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 ~o perform any duty or any of 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 [or performance. Lender's right to perform for Mortgagor shall not create an obligation to perform, and Lender's failure v) perform will not preclude Lender from exercising any of Lender's other rights under the law or this Security Instrument. Leaseholds; Condominiums; Planned Unit l)evelopments. Mortgagor agrees to comply with the provisions of any lease if this Security Instrument is on a leasehold. If Iht Property includes a unit in a condominium or a planned unit development, Mortgagor will perform all of Mortgagor's dm its under the covenants, by-laws, or regulations of the condominium or planned unit development. Condemnation. Mortgagor will give Lender lmm~pt notice of any pending or threatened action, by private or public entities to purchase or take any or all of the Property tlmmgh condemnation, eminent domain, or any other means. Mortgagor authorizes Lender to intervene in Mortgagor's name in ally of the above described acuons or claims. Mortgagor assigns to Lender the proceeds of any award or claim for damagcs c~mnccted with a condemnation or other taking of all or any part of the Property. Such proceeds shall be considered payments and will be applied as provided in this Security Instrument. This assignment of proceeds is subject to the terms of any prior morlgage, deed of trust, security agreement or other lien document. Insurance. Mortgagor shall keep Property insured against loss by fire, flood, theft an~ other hazards and risks reasonably associated with the Property due to its type and h~cation. This insurance shall be maintained in the amounts and for the periods that Lender requires. The insurance carrier lm~viding the insurance shall be chosen by Mortgagor subject to Lender's approval, which shall not be unreasonably withheld. It Mortgagor fails to maintain 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 sh;dl immediately notify Lender 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 n~ticcs. Upon loss, Mortgagor shall give immediate notice to the insurance carrier and Lender. Lender may make proof of loss il' n,~t made immediately by Mortgagor. Unless otherwise agreed in writing, all insurance proceeds shall be applied to Property or to the Secured Debt, whether or not then due, at Lender's option. ©1994 Bankers Systems, Inc., St. Cloud, MN Form OCP-REM [[;-W'~ 10/7/98 the restoration or repair of the Any application of proceeds to (page 2 of 4) 0300 principal shall not extend or postpone the due date df the scheduled l~;tyment nor change the amount of any payment. Any excess will be paid to the Mortgagor. If the Property is acquired by Lender, Mortgagor's right to any insurance policies and proceeds resulting from damage to the Property before the acquisition shall 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 ~(, 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. 6. DUE ON SALE. Lender may, at its option, declare the entire balance ,,f ~hc Secured Debt to be immediately due and payable upon the creation of, or contract for the creation of, a transfer or sale tff the 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 misreprescmation 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 end home equity plan fails to make a payment when due. Property. Any action or inaction by the Borrower or Mortgagor occurs d~a~ ,~tdversely affects the Property or Lender's rights in the Property. This includes, but is not limited to, the following: (a) N'lorlgagor 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_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 against the Property that is senior to the lien of this Security Instrument; (e) a sole Mortgagor dies; (0 if more than one M,~rtt3agor, any Mortgagor dies and Lender's security is adversely affected; (g) the Property is taken through eminent domain; I. ) a judgment is filed against Mortgagor and subjects Mortgagor and the Property to action that adversely affects Lender's inlcrest; 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~r ;tn affiliate and such Borrower becomes indebted to Lender or another lender in an aggregate amount greater than the amount pc~ mitred under federal laws and regulations. 8. REMEDIES ON DEFAULT. In addition to any other remedy available trader 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 /Xlm'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 ch',.'gcs, accrued interest and principal shall become immediately due and payable, after giving notice if required by law, Ul),m 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 ,,n the Secured Debt after the balance.is due.or is accelerated or after foreclosure proceedings are filed shall not constitute a w~dvcr of Lender's right to require complete 'cure of any existing default. By not exercising any remedy on Mortgagor's dclimh, Lender does not waive Lender's right to later consider the event a default if it happens again. 9. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; ('OLLECTION COSTS. If Mortgagor breaches any covenant in this Security Instrument, Mortgagor agrees to pay all expc~scs Lender incurs in performing such covenants or protecting its security interest in the Property. Such expenses include, I)tll are not limited to, fees incurred for inspecting, preserving, or otherwise protecting the Property and Lender's security in~crcsl. These expenses are payable on demand and will bear interest from the date of payment until paid in full at the highest rate t~l' interest in effect as provided in the terms of the Secured Debt. Mortgagor agrees to pay all costs and expenses incurred hy Lender in collecting, enforcing or protecting Lender's rights and remedies under this Security Instrument. This am~tm~ may include, but is not limited to, reasonable attorneys' fees, court costs, and other legal expenses. This amount does nt,t include attorneys' fees for a salaried employee of the Lender. To the extent permitted by the United States Bankruptcy Code, M~)rtgagor agrees to pay the reasonable attorneys' fees Lender incurs to collect the Secured Debt as awarded by any court c.xcrcising jurisdiction under the Bankruptcy Code. This Security Instrument shall remain in effect until released. Mortgae~,r agrees to pay for any recordation costs of such release. 10. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. Az used in this section, (1) Environmental Law means, without limitation, the Comprehensive Environmental Response, Compens:,i,m and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), and all other federal, state and local laws, regulations, ordin moos, court orders, attorney general opinions or interpretive letters concerning, the public h~hlth, safety, welfare, enviromncnt or a hazardous substance; and (2) Hazardous Substance means any toxic,, radi6active or hazardous material, waste, pollutant 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 ma~cnal .... 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 Lender, no Hazardous Substance is or will be located, stored or released on or in the Property. This restriction does not al)ply to small quantities of Hazardous Substances that are generally recognized to be appropriate for the normal use and main~cmmcc 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 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 I.aw concerning the Property. In such an event, Mortgagor shall take all necessary remedial action in accordance with any I-:nvironmental Law. D. Mortgagor shall immediately notify Lender in writing as soon as Morlgagor has reason to believe there is any pending or threatened investigation, claim, or proceeding relating to the release ,,r fl~rcatcned release of any Hazardous Substance or the violation of any Environmental Law. ©1994 Bankers Systems, Inc., St. Cloud, MN Form OCP-REMTG-WY 10/7/98 11. ESCROW FOR TAXES AND INSURANCE. IJnless otherwise provided in a separate agreement; Mortgagor ~vill not be required to pay to Lender funds for taxes and insm'~mce in escrow. 12. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Security Instrument are joint and individual. If Mortgagor signs this Security Instrument but does not sign an evidence of debt, Mortgagor does so only to mortgage Mortgagor's interest in the Property 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 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 alltt benefits of this Security Instrument shall bind and benefit the successors and assigns of Mortgagor and Lender. 13. SEVERABILITY; INTERPRETATION. This Security Instrument is complete 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 ~q)plicable law will not be effective, unless that law expressly or impliedly permits the variations by written agreement. If any section of this Security Instrument cannot be enforced according to its terms, that section will be severed and will not :d'l:_'ct the enforceability of the remainder of this Security Instrument. Whenever used, the singular shall include the plural and thc plural the singular. The 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 delivering it or by mailing it by first class mail to the appropriate party's address on page I of this'Security Instrument, or to any other address designated in writing. Notice to one mortgagor will be deemed to be not ice to all m,~rtgagors. 15. WAIVERS. Except to the extent prohibited hy t',~w, Mortgagor waives any right regarding the marshalling of liens and assets and all homestead exemption rights relating to Ibc Property. 16. LINE OF CREDIT. The Secured Debt includcs a revolving line of credit. Allhough the Secured Debt may be reduced to a zero balance, this Security Instrument will remain in effect until released. 17. APPLICABLE LAW. This Security Instrumcnl i~ governed by the laws aS agreed to in the Secured Debt, except to the extent required by the laws of the jurisdiction where Iht l'mperty is located, and applicable federal laws and regulations. 18. RIDERS. The covenants and agreements of cacl~ 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 [] Olhcr . ................................................................................................ 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 ~ copy of this Security Instrument on the date stated on page 1. .... .... .... ........................... ....... (Signature) SIMA S. COCKSHUT (Date) (Signature) DEREK M. COCKSHUT (Date) ACKNOWLEDGMENT: (Individual) STATE OF .W..Y.0..lylJ.N.~. ................................... COUNTY OF ... L.i.t~".O..O..l .~.. ........... ~ .............} ss. This instrument was acknowledged bcf,,rc me this ........ 2..6.T.H. ....... ~l~z~r~fi~l~~ ........................ by SIMA S. COCKSHUT;. DEREK M. COCKSHUT, A MARRIED PERSON ~....~/.~ ...................... "Y c°mm~sS~Sa',~ n exp ires: ~ ~ ~ ,.*~ .............. ©1994 Bankers Systems, Inc.. St. Cloud. MN Form OCP-REMTG.W'~ 10/7198 (page 4 of 41 .... , ..... c, O2 ALTA COMMITMENT - 1982 -WY Commitment No.' FA 12694 OM SCItEDULE C The land referred to in this commitment is situated in the State of Wyoming, County of Lincoln, and is de,scribed as follows: The McLean property referred tO in Warranty Deed recorded in Book 449PR on page 407 and a portion of the Barber property referred to in Warranty Deed recorded in Book 477PR on page 278 of the records of the Lincoln County Clerk within ~n the SE~SE~'of Section 35, T33N Rll9W of the 6th P.M., Lincoln County, Wyoming, the metes and bounds being more particularly described as follows: BEGINNING at a poin~ in the sou%h line of said SE~SE~, said point being 639.69 feet N 89°2~'26'' W, from the Lloyd B. Ba~er PE/LS 698, 1978 location for the Southeast corner of said SE~SE~; thence N 89°25'26'' W, along the said South line, 466.10 feet to the Southeast corner of the Anderson property referred to in the Warranty Deed recorded in Book 467PR on page'617 in said office; thence N 0o30'42'' E, along the East line of said Anderson property 500.00 feet to a point in the South line of the ComiEo property referred to ~n Deed recorded in Book 460PR on page 753; thence S 89°25'26 E, along said South line, 466.05 feet; thence S 0°31'16'' W, 500.00 feet to the POINT OF BEGINNING. 11/91