HomeMy WebLinkAbout905605'0413
After Recording Return To:
THE JACKSON STATE BAN~<
& TRUST
P.O. BOX 1788
JACKSON, WYOMING 83001
Prepared By: Ashlee Wilhite
RECEIVED 1/3/2005 at 2:35 PM
RECEIVING # 905605
BOOK: 576 PAGE: 413
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
PARCEL NO.: 35193540010500
LOAN NO.: 80002569
TITLE NO.:
[Space .Mm~e ]'his Line For Rccordi.g Data]
MORTGAGE
(Line of Credit)
THIS MORTGAGE, dated DECEMBER 27 , 21)1)4
Jeffery C. Toolson AND Heidi E. Toolson, IIUSBAND AND WIFE
, is between
residing at 218 Caribou Loop
Thayne, WYOMING 83127
the person or persons signing as "Mortgagor(s)" below and hereinafter rcfen'ed to as "we" or "us" and
THE JACKSON STATE BANK & TRUST, A WYOMING BANKING CORPORATION
with an adda'ess at
P.O. BOX 1788; JACKSON, WYOMING 83001
and hereinafter referred to as "you" or thc "Mortgagee."
MORTGAGED PREMISES: In considcr~ltion of the loan hcrcinafter described, we hereby mortgage, grant
and convey to you the premises located at:
218 Caribou Loop
Thayne
Municipality
5VYOMING 83127
State ZIP
Street
(thc ' ' '
I c roses").
Lincoln
and further described as:
Lot 40 Bridget View Ranches, Lincoln County, Wyoming as described on the
official plat thereof.
Initials
· HELOC - WY Mortgage
FE-3131(WY) (0303) Page 1 of 4
ORIGINAL
The Premises includes all buildings and other improvements 1]~),' l' ill thc fiiture on the Premises and all iTights
and interests which derive fi'om our ownership, use or possessi..>t~ . .; ~l~c l'remises and all appurtenances thereto.
LOAN: The Mortgage will secure your loan in the principal t~,,,~t of$
thereof as may be advanced and readvanced from time to time ~
Jeffery C. Toolson
Heidi E. Toolson
20,000.00 or so much
, and
the Borrower(s) under the Home Equity Credit Line Agreemc~t :t~d Disclosure Statement (the "Note") dated
DECEMBER 27, 2004 , plus interest and costs, I:~t. charges and all other charges related to the
loan, all of which sums are repayable according to the Note. TI:i-. ",h~rtgage will also secure the performance of
all of the promises and agreements made by us and each B,:~',,.,vcr and Co-Signer in the Note, all of our
promises and agreements in this Mortgage, any extensions. ~,',tcwals, alnendments, supplements and other
modifications of the Note, and any amounts advanced by you ~lc~' thc terms of the section of this Mortgage
entitled "Our Authority To You." Loans under the Note may b,. ~:~dc, repaid and remade from time to time in
accordance with the terms of the Note and subject to the Credit i i~it set forth in the Note.
OWNERSHIP: We are the sole owner(s) of the Premises. We 1~:~: linc legal right to mortgage the Premises to
you.
BORROWER'S IMPORTANT OBLIGATIONS:
(a) TAXES: We will pay all real estate taxes, assessmem.,, walcr charges and sewer rents relating to the
Premises when they become due. We will not claim any credit ,,~. ~r lmtkc deduction from, the loan under the
Note because we pay these taxes and charges. We will provide ~.< :,~ xxi~l~ proof of payment upon request.
(b) MAINTENANCE: We will maintain the building(s) t)~ tI~c l)l'emises in good condition. We will not
make major changes in the building(s) except for normal repai~'- We will not tear down any of the building(s)
on the Premises without lb'st getting your consent. We will not ,.~. thc Premises illegally. If this Mortgage is on
a unit in a condominium or a planned unit development, wc :~i~:~11 pcrfm'm all of our obligations under the
declaration or covenants creating or governing the condominit,~ ,~ pi:tuned unit development, the by-laws and
regulations of the condominium or planned unit development a~:! ~',,~stituent documents.
(c) INSURANCE: We will keep the building(s) on the lhc~i~c~ it~sured at all times against loss by fire,
flood and any other hazards you may specify. We may choose t l~,. i~ux'ance company, but our choice is subject
to your reasonable approval. The policies must be for at least t lic ~ttilt)l. ll]tS and the time periods that you specify.
We will deliver to you upon your request the policies or other l,q,,~)l' ()f the insurance. The policies must name
you as "mortgagee" and "loss-payee" so that you will receive P:.i. ~cnt oa all insurance claims, to the extent of
your interest under this Mortgage, before we do. The insurance I"'licics must also provide that you be given not
less than 10 days prior written notice of any cancellation o~ ~,',h~ction in coverage, for any reason. Upon
request, we shall deliver the policies, certificates or other evidc~,'~: oi' insurance to you. In the event of loss or
damage to the Premises, we will immediately notify you in writing:: ;~cl fi lc a proof of loss with the insurer. You
may file a proof of loss on our behalf if we fail or refuse to d~,: (~. '~'tm may also sign our name to any check,
draft or other order for the payment of insurance proceeds in tl~c ~.., ~'~l t)f loss or damage to the Premises. If you
receive payment of a claim, you will have the right to choose t~, ~,,., thc money either to repair the Premises or
to reduce the amount owing on the Note.
(d) CONDEMNATION: We assign to you the proceed~ ¢,~ ~tnv award or claim for damages, direct or
consequential, in connection with any condemnation or other t:~l.:i~ of the Premises, or part thereof, or for
conveyance in lieu of condemnation, all of which shall be i;::,i to you, subject to the terms of any Prior
Mortgage.
(e) SECURITY INTEREST: We will join with you in sigt~i~:~ :,~cl filing documents and, at our expense, in
doing whatever you believe is necessary to perfect and continue ~1~,' pcrt'cction of your lien and security interest
in the Premises.
(f) OUR AUTHORITY TO YOU: If we fail to perform ~l~' ,d~li~ations under this Mortgage, you may, if
you choose, perfmTn our obligations and pay such costs and exp~:,c~. You xvill add the amounts you advance to
the sums owing on the Note, on which you will charge interest :.l tl~c interest rate set forth in the Note. If, for
example, we fail to honor our promises to maintain insurance i~ ,'fleet. or to pay filing fees, taxes or the costs
necessary to keep the Premises in good condition and repair (,~ t,, pcrtknm any of our other agreements with
you, you may, if you choose, advance any sums to satisfy any ~l'~,~ ~grccments with you and charge us interest
on such advances at the interest rate set forth in the Note. ~1 I~:, Xlortgage secures all such advances. Your
payments on our behalf will not cure our failure to perform (;t~ l)rt)~fiscs in this Mortgage. Any replacement
insurance that you obtain to cover loss or damages to the Pren~i-.~'~ may be limited to the amount owing on the
Note plus the amount of any Prior Mortgages.
Initi~.:43
LOAN NO.: 80002569
· HELOC -WY Mortgage Page 2 of 4
FE-3131 (WY) (0303) ORTG TIhl~
(g) PRIOR MORTGAGE: If the provisions of this parag:' [i,i~ ~,rc completed, this Mortgage is subjegf and
subordinate to a prior mortgage dated 12-27-04 :;~tl ~ivcn by us to ,;,i.~(
The Jackson State Bank & Trust
as mortgagee, in the original amount of 168,000.00 (the "Prior Mortgage"). We shall not
increase, amend or modify the Prior Mortgage without your p~,,~ .,~, ~ittcn consent and shall upon receipt of any
written notice from the holder of the Prior Mortgage prompti i,'ltxcr a copy of such notice to you. We shall
pay and perform all of our obligations under the Prior ~i~,~[ ~:t.._,c :~s and when required under the Prior
Mortgage.
(h) HAZARDOUS SUBSTANCES: We shall not cause ~)~ i,,'t't~fil the presence, use, disposal, storage, or
release of any Hazardous Substances on or in the Premises. ",,', ~: ~hztll not do, nor allow anyone else to do,
anything affecting the Premises that is in violation of any E~, i~,~,~cntal Law. The preceding two sentences
shall not apply to the presence, use, or storage on the Premisc~ ,~[ -,t~t:~ll quantities of Hazardous Substances that
are generally recognized to be appropriate to normal residenti:~I t~cs ai~d to maintenance of the Premises. As
used in this paragraph, "Hazardous Substances" are those subs I:~,.~.~ dc fined as toxic or hazardous substances by
Environmental Law and the following substances: gasoline. !::~',,scne, other flammable or toxic petroleum
products, toxic pesticides and herbicides, volatile solvents, m:t[,_.~ i:~ls containing asbestos or formaldehyde, and
radioactive materials. As used in this paragraph, "Environm,z~?,:~l l.~w" ~neans federal laws and laws of the
jurisdiction where the Premises are located that relate to heal/i:..:~ t',,(y or envirmmaental protection.
(i) SALE OF PREMISES: We will not sell, transfer ox~:~..~ ,l~p t~t', mortgage or otherwise dispose of our
interest in the Premises, in whole or in part, or permit any otl:c~ ~,'tl <)r claim against the Premises without your
prior written consent.
(j) INSPECTION: We will permit you to inspect the Prc~t~.:, ;~ ;my reasonable time.
NO LOSS OF RIGHTS: The Note and this Mortgage may be ~;..!,~,~t:~tctl or assigned by you without releasing us
or the Premises. You may add or release any person or prop~.~i, t,b}igated under the Note and this Mortgage
without losing your rights in the Premises.
DEFAULT: Except as may be prohibited by applicable law, :~,i :,t~hject to any advance notice an¢ cure period
if required by applicable law, if any event or condition descrit,,.~i i~ I'amgraph 12.A. of the Note occurs, you
may foreclose upon this Mortgage. This means that you ~:~,. ~[rr:tnge for the Premises to be sold by
advertisement and sale or by judicial foreclosure, at your opti,)~.,. :~ provided by law, in order to pay off what
we owe on the Note and under this Mortgage. If the money 5'~ ,cccivc fi'om the sale is not enough to pay off
what we owe you, we will still owe you the difference which ',,,t~ m:~y seek to collect from us in accordance
with applicable law. In addition, you may, in accordance with Z il,l,lic;~blc law, (i) enter on and take possession of
the Premises; (ii) collect the rental payments, including over-<h,: t'cnt,tl payments, directly from tenants after
simply notifying them first class mail to make rental payments ~,, ?t~; (iii) manage the Premises; and (iv) sign,
cancel and change leases. We agree that the interest rate set f~), tl~ m the Note will continue before and after a
default, entry of a judgment and foreclosure. In addition, you ~t~:,11 h c entitled to collect all reasonable fees and
costs actually incurred by you in proceeding to foreclosure, i~-I~,ti~g, but not limited to, reasonable attorneys
fees and costs of documentary evidence, abstracts and title rep(~ t:~.
ASSIGNMENT OF RENTS; APPOINTMENT OF RECEIVE l.',: ..\s additional security, we assign to you the
rents of the Premises. You or a receiver appointed by the court:, :,l~atll bo entitled to enter upon, take possession
of and manage the Premises and collect the rents of the Premis~.,. i~,'lucting those past due after simply notifying
them by first class mail to make rental payments to you.
WAIVERS: To the extent permitted by applicable law, we waix ,. :~t release any error or defects in proceedings
to enforce this Mortgage and hereby waive the benefit of m~,, t~t'cscnt or future laws providing for stay of
execution, extension of time, exemption from attachment, levy :~t ~:~lc and homestead exemption.
BINDING EFFECT: Each of us shall be fully responsible I,,~ alii ~>l' the promises and agreements in this
Mortgage. Until the Note has been paid in full and your oblig:~t i,,,~ t~) m~kc further advances under the Note has
been terminated, the provisions of this Mortgage will be bindit? ~,t~ tis. our legal representatives, our heirs and
all future owners of the Premises. This Mortgage is for your bc~:lit [tnd t'or the benefit of anyone to whom you
may assign it. Upon payment in full of all amounts owing t~, x~t~ under the Note and this Mortgage, and
provided any obligation to make further advances under the Nt,t~ l~;~s terminated, this Mortgage and your rights
in the Premises shall end.
LOAN NO.: 80002569 Init. i:,,.:-z
· HELOC - WY Mortgage
FE-3131(WY) (0303) Page 3 of 4
ORIGINAL
NOTICE: Except for any notice required under applicable law !,;.. ~ivcn in another manner, (a) any notice to
us provided for in this Mortgage shall be given by delivering h , i~., mailing such notice by regular first class
mail addressed to us at the last address appearing in your recor& ,.t ,t such other address as we may designate
by notice to you as provided herein, and (b) any notice to you it.ill bc 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~:~ ~otic'c provided for in this Mortgage shall be
deemed to have been given to us or you when given in the mann,'~ ,icsig tod herein.
RELEASE: Upon payment of all sums secured by this Mortgage :,~d provided your obligation to make further
advances under the Note has terminated, you shall discharge thi~ h,'t~',~gc 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 t'=~?::!, m~dcr this Mortgage without losing them.
Any waiver by you of any provisions of this Mortgage will not i'., :~ ,,\ aiver of that or any other provision on any
other occasion.
THIS MORTGAGE has been signed by each of us under seal o~ :i~. date first above written.
WITNESS:
[
Mortgagor: tJefferv ( . l~}olsoll .- .
Mortgagorf ~Ieidi E. "t ..I ~
"(SEAL)
(SEAL)
Mortgagor:
(SEAL)
Mortgagor:
(SEAL)
STATE OF WYOMING,
The foregoing instrument was acknowledged before me this
Jeffery C. Toolson AND Heidi E. Toolson
by
(person acknowledgin ¢,
My Commission Expires: //-/-~ -'cc~.d360/'~
County ss,'
(date)
...,:.,'v l'ublic
.... i ' Vand~nbr°e~i~OTARY PUBLIC )1
.t~rq'rY OF tg~t},g STATE OF ({
. I!JiSSION EXPIRES NOVEMBER 13, 2007.~/
LOAN NO.: 80002569
· HELOC - WY Mortgage
FE-3131 (WY) (0303)
Page 4 of 4
ORIGINAL