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HomeMy WebLinkAbout905611 RECEIVED 1/4/2005 at 10:21 . RECEIVING Ct 905611 BOOK: 576 PAGE: 42~ JEANNE WAGNER LINCOLN COUNTY CLERK, KEh,';',?; ;::~ER, WY State of Wyoming 5p:, , .\hu~c This Line For Recording Data MORTGAGE (With Future Advance DATE AND PARTIES. The date of this Mortgage (Security Instrum~:~ ~ ~', .t. 2.'.~,'.2.q0~r ................................ and the parties, their addresses and tax identification numbers, if required, are as MORTGAGOR: JOHN BOWERS AND TERI BOWERS, HUSBAND AND x,'/~', PO BOX 65 AFTON, WY 83110 [] If checked, refer to the attached Addendum incorporated herc;~, !',,t additional Mortgagors, their signatures and acknowledgments. LENDER: THE BANK OF STAR VALLEY ORGANIZED AND EXISTING UNDER THE LAWS OF T!ll !;-lATE OF WYOMING 384 WASHINGTON STREET POBOXSO07 AFTON, WY 83110 83-0315143 CONVEYANCE- For good and valuable consideration, the receipt a~:! ':ldL'icncy of which is acknowledged, and to secure the Secured Debt (defined below) and Mortgagor's performance undo: ~::, Security Instrument, Mortgagor gra,,n][~,, bargains, conveys, mortgages and warrants to Lender, with power of sale, the lolL,, i~, ,_lcscribcd property: SEE SCHEDULE ATTACHED HERETO AND MADE A PART HEREOF The property is located in .............................. .L.IN0. q..L.N ..................... at .7.5.]..G.B,0.V.E.B.N..0. BT.H...C. 0...RD.. !.2.0. ....... (County) (; ~, :: I)~,(~.[~ ................ Wyoming ........ 8.3.!.2,2 ........ .................... (ZIP Code) ............ (Address) Together with all rights, easements, appurtenances, royalties, miner:~i :~:",~[~, oil and gas rights, all water and riparian rights, ditches, and water stock and all existing and furore improvements, ,.~t,: ~,~cs, fixtures, and replacements that may now, or at any time in the future, be part of the real estate described above (all rcI.] ! [~):ts "Property"). MAXIMUM OBLIGATION LINIIT. The total principal amount sc~ '.., ! /,:, dfis Security Instrument at any one time shall not exceed $ .4. .D, .0. .0. 0. , 0. 0 ........................................ This limitatic,~: ~ :~m~mnt does not include interest and other fees and charges validly made pursuant to this Security Instrument. Also, th, !,,~iL~tiun does not apply to advances made under the terms of this Security Instrument to protect Lender's security and t, r~,,~m any of the covenants contained in this Security Instrument. SECURED DEBT AND FUTURE ADVANCES. The term "Secure' ! ~cl~t' is defined as follows: A. Debt incurred under the terms of all promissory note(s), co~,~ ~[~). guaranty(s) or other evidence of debt described below and all their extensions, renewals, modifications or :, ,,.tudons (You must specifically identify the debt(s) secured and you should include the finaI maturity date Dis,o'~: ,; .",~).) ' ONE PROMISSORY NOTE DATED .12122104 IN THE AMOUNT oi WYOMING - HOME EQUITY LINE OF CREDIT MORTGAGE (NOT FOR FNMA, FHLMC, i: : ,,:t USE) ©1994 BarC-~¢~*-q'-'*¢4-!'~'~' Inc., St. Cloud, MN Form OCP-REMTG-WY 10/7/98 (page 1 of 4,1 B. All future advances from Lender l,~ >,1,.~ ': ..got or other future obligations of Mortgagor to Lender under any promissory note, contract, guaranty, or other c,.'i<~, ,>f debt executed by Mortgagor in favor of Lender executed after this Securiw Instrument whether or not this &:c.t~i~. : rument is specifically referenced. If more than one person signs this SecuritY, Instrument, each Mortgagor agrcc~ Ii:: =:is Security Instrument will secure all ft~ture advances and future obligations that are given to or incurred by a~>' ~ ,,r more Mortgagor, or any one or more Mortgagor and others. All future advances and other future oNig'aI~,,~, :~ secured by this Security Instrument even though all or part may not yet be advanced. All future advances ~,,nd <,~. ~ . :~'ure obligations are secured as if made on the date of this Security Instrument. Nothing in this Security Instrumcnl >,h~ ..,nstitute a commitment to make additional or future loans or advances in any amount. Any such commitment nms~ I',~. .... cd to in a separate writing. C. All other obligations Mortgagor ov.~.< . rcnder, which may later arise, to the extent not prohibited by law, inch~ding, but not limited to, liabilities for ovcrd r'.~l¢ :,.lating to any deposit account agreement between Mortgagor and Lender. D. Ail additional sums advanced and t'".i: :'"% incurred by Lender for insuring, preserving or otherwise protecting the Property and its value and any olhci' ,:,:: .. advanced and expenses incurred by Lender under the terms of this Security Instrument. In the event that Lender fails to provide ,~, necessary notice of the right of rescission with respect to any additional indebtedness secured under paragraph t~ ,,I ~ii.. %etlon, Lender waives any subsequent security interest in the Mortgagor's principal dwelling that is created by this .%, ,.~.. Instrument (but does not waive the security interest for the debts referenced m paragraph A of this Section). MORTGAGE COVENANTS. Mortga?r ,~:,:, .. that the covenants in this section are material obligations under the Secured Debt and this Security Instrument. If ~I m,_'.t., , !;Feaches any covenant in this section, Lender may refuse to make additional extensions of credit and reduce the credit li~'n!r ; not exercising either remedy on Mortgagor's breach, Lender does not waive Lender's right to later consider the event a b~..~ ~ it happens again. Payments. Mortgagor agrees that ali paym,..,r~ :~;:,Icr the Secured Debt will be paid when due and in accordance with the terms of the Secured Debt and this Security Instrtm:,.'~u Prior Security Interests. With regard t, :,u ;.;'~cr mortgage, deed of trust, security agreement or other lien document that created a prior security interest or enc~ ~':i~ ..... n the Property, Mortgagor agrees to make all payments when due and to perform or comply with all covenants. ~Io ~.. ~: ~ dso agrees not to allow any modification or extension of, nor to request any future advances under any note or agrecmcm ~:~, I by the lien document without Lender's prior written approval. Claims Against Title. Mortgagor will pay ,~il ~. ~s, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Property v:h,..~ .l~:c. Lender may require Mortgagor to provide to Lender copies of all notices that snch amounts are due and the rec~'iF~ ._. ~.h'ncing Mortgagor's payment. Mortgagor will defend title to the Property against any claims that wonld impair thc lic~ ,r ~is Security Instrument. Mortgagor agrees to assign to Lender, as requested by Lender, any rights, claims or defenses .\I, ~ : ~::or may l~ave against parties who supply labor or materials to maintain or improve the Property. Property Condition, Alterations and lnsp<.~! i, ,. Mortgagor will keep the Property in good condition and make all repairs that are reasonably necessary. Mortgagor :<h:tll r r commit or allow any waste, impairment, or deterioration of the Property. Mortgagor agrees that the nature of thc <,<~t~i ~,~,,' and use will not substantially change without Lender's prior written consent. Mortgagor will not permit any cI'~at~:,..: ~y license, restrictive covenant or easement without Lender's prior written consent. Mortgagor will notify Lender oI' al! ,! r:~s',ds, proceedings, claims and actions against Mortgagor, and of any loss or damage to the Property. Lender or Lender's agents may, at Lent cr'~ ~;.i ;~. enter the Property at any reasonable time for the purpose of inspecting the Property. Lender shall give Mortgagor n(>!icc :: ;he time of or before an inspection specifying a reasonable purpose for the inspection. Any inspection of the PropcFl,: <, ! be entirely for Lender's benefit and /VIortgagor will in no way rely on Lender's inspection. - Authority to Perform. If Mortgagor fails t,, [.. =rm any duty or any of tile covenants contained in this Security Instrument, Lender may, without notice, perform or cay,,,. ::~ r~ to be performed. Mortgagor appoints Lender as attorney in fact to sign Mortgagor's name or pay any amount ueccs~.~I :.z performance. Lender's right to perform for Mortgagor sh~all not create an obligation to perform, and Lender's failure t~, :,tm will not preclude Lender frown exercising any of Lender's other rights under the law or this Security Instrument. Leaseholds; Condominiums; Planned Unil ~ i.pments. Mortgagor agrees to comply with the provisions of any lease if this Security Instrument is on a leasehold. If !!: !'r'operty includes a unit in a condominium or a planned unit development, Mortgagor will perform ail of Mortga~or's (It~ : ~der the covenants, by-laws, or regulations of the condominium or planned unit development. ~ Condemnation. Mortgagor will give Lcmlcr ;'r .:.:' notice of any pending or threatened a .... n, by private or public entities to purchase or take any or ali of the Property :hr :~:' 'ondenmat/on, eminent domain, or any other means. Mortgagor authorizes Lender to intervene in Mortgagor's name m :tr~. , i the above described actions or claims. Mortgagor assigns to Lender tile proceeds of any award or claim for damages c. ,r red with a condemnation or other taking of all or any part of the Property. Such proceeds shall be considered pavm~nl, :~, :ii be applied as provided in this Security Instrument. This assignment of proceeds is subject to the terms of any brior ~},: ,[~:., :. deed of trust, security agreement or other IJen document. Insurance. Mortgagor shall keep Properly i~,~::: ~ ,~gainst loss by fire, flood, theft and other hazards and risks reasonably associated with the Property due to its tvt~c :t::,l ! ,ion. This insurance shall be maintained in the amounts and for the periods that Lender requires. The insurance carrier pr'~,', ri,. the insurance shall be chosen by Mortgagor subject to Lender's approval, which shall not be unreasonably ~' . , ]., .7 .... ~thhdc~,. 1,. !g.agor fails to mantam the coverage described above Lender may, at Lender's option, obtain coverage to ' .: :: ' iL, n S in the Property according to the terms of this Security Instrument. protect I ~ n,, ,, t ' Ail insurance policies and renewals shall hc , , :i0Ie to Lender and shall include a standard "mortgage clause" and, where applicable "loss payee Iause. Mortgagor ,!,~i~ ; ~mediately notify Lender of cancellation or termination of the insurance. Lender shall have the right to hold the policic,: ~ ;cnewals. If Lender requires, Mortgagor shall immediately give to Lender ail receipts of paid premiums and renewal n,',li~ !'pon loss, Mortgagor shall give immediate notice to the insurance carrier and Lender. Lender may make proof of loss il ~,, ,,: '.c immediately by Mortgagor. Unless otherwise agreed in writing, all i;:.t ::~-e proceeds shall be applied to the restoration or repair of the Property or to the Secured Debt, wlncthc~ : :~ot then due, at Lender's option. Any application of proceeds to 01994 Bankers Systems, Inc., St, Cloud, MN Form OCP-RErM,:; V. [page 2 of 4) principal shaI1 not extend or postpone the due date of the scheduh i :.,;.~qunl nor change ~he amoun~ of any payment. Any excess will be paid to the Mortgagor. If the Property is acquired b'. ~ ::%'~, Mor~gagor's righ~ ~o any insurance policies and proceeds resulting from damage ~o the Proper~y be~bre the acquish~ .~ iud! pu~s to Lender to ~he extent of the Secured Debt inm~ediately before the acquisition. Financial Reports and Additional Documents. Mortgagor will pr,..,,, tu l.cnder upon requea, any financial statement or infom:ation Lender may deem reasonably necessary. Mon~aaor a~ru. ~,~ :,i~l, deliver, and ~le any additional documents or certifications that Lender may consider necessary to perfecL con:,.:,., and preserve Mortgagor's obligations under this Securky Instrumen~ and Lender's lien aatus on the Property. 6. D~ ON SALE. Lender may, a~ its option, declare ~he entire balanc., dtc .%cured Debt to be ~ediately due and payable upon ~he creation of, or contract ibr the creation of, a ~rans~kr or sai... ~ ~hc lh'oper~y. This right is subjec~ ~o the restrictions ~sposed by federal law (12 C.P.R. 591), as applicable. 7. DEFAULT. Mortgaaor will be in default if any of the followin~ occu, ~raud. Any Consumer Borrower en~a~es in fraud or material misretx :x uhu~ fn co~ection wffh the Secured Debt that is an open end home equity plan. Payments. Any Consumer ~orrower on any Secured Deb~ that is an ~ :: ..'~>.l home equity plan fails ~o make a payment when due. Property. Any action or inaction by the Borrower o a abe Prot~er~v This ;~m,~ ...... . .... , r Mortgagor occur~ .: ,~ ud 'crsely af~kcts ~he Property or Lender's rights in ' ~,~. ~o,, ~}~ ?llowin~: (a~ '..,',u.,~or fai,s ~o maintain required 'nsurance on the mamtan the Proper,y such ,hat the ac,~on ~ in~cd[~ ;::' o~ o,herwise destructively uses or fails the Property or o~herwise fhils ~o act and ~hereby causes a lien to be Ii~ f ,xxin~ d~e Property ~hat is senior ~o ~he lien of this Security Instrument; (e) a sole Mortgagor dies; (0 if more than one h~~ :xk'~-'x securky; (d) Mortgagor t~ils lo pay axes on , ... :tu?r, any Mortgagor dies and Lender's securffy is adversely affected. (g) ~he Property is taken through eminent domain; :! .~ ~ud~nlcn[ iS filed agains~ Mortgagor and subjects Mortgagor and the Property to action that adversely affects Lender'.. ~'.c~us~ or (i) a prior lie~older forecloses on ~he Proper~y and as a result, Lender's imeres~ is adversely affected. Executive OFHcers. Any Borrower is an executive officer of Lender ,.: :~ a/l'iliate and such Borrower becomes indebted Lender or another lender in an aggregate amount greater than :he amoum i, :~,h~ud under federal laws and regulations. 8. ~MED~S ON DEFAULT. In addition to any o:her remedy availaI:~'. ~Jur d~c teans of ~his Securffy InstrumenL Lender may accelerae the Secured Debt and ibreclose ~his Securffy Instrument ~: , ~utnucr provided by law if Mortgagor is in defaulL In some instances, kderal and state law will require Lender ~o providu , ;.~l~u?r with notice of ~he rigM to cure, or o~her notices and may establish t~e schedules for foreclosure actions. At the option of the Lender, ail or any par~ of the agreed fees and ,.i, ~uus, accrued imerest and principal shall become ~mtediaelv due and payable, aker giving notice if required by law, u~ :, . ~c ~ccurrence of a defauk or anyt~e thereaker. Lender sha~l be endded ~o, withou: l~iation, thc power ~o sell the Propen The acceptance by Lender of any sum in paymem or partial paymem ~hu .%cured Deb~ a~er the balance is due or is accelera~ed or a~er foreclosure proceedings are Nled shall not constitute: xJ,.cr or' Lender's righ~ to require complete cure of any existing defaulL ~y no: exercising any remedy on Mortgagor's d~: ,..i,. l_cndcr does no~ waive Lender's righ~ to la,er consider the even~ a default if il happens again. 9. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS, FEES: {: :i.I.ECTION COSTS. If Mortgagor breaches any covenant in ~his Securky Instrumenh Mortgagor agrees to pay all exlXU.., i.uudcx incurs in performing such covenants or pro~ecting its securffy imeres~ in the Proper~y. Such expenses include,u~c not limited to, fees incurred for inspecting, preserving, or o~herwise protecting the Property and Lender's security iix ~ 'I hcsc expenses are payable on demand and will bear in~erest tkom ~he date of paymem until paid in full at the highest r'x~.. ~ imc~cst in effkc[ as provided in the terms of Secured Debt. Mortgagor agrees to pay all costs and expenses incurn.l .,. l.undcr in collecting, enforcing or protecting Lender's rights and remedies under this Securffy Instrument. This am,.::~-~nuy include, but is not lhnked ~o, reasonable attorneys' fees, court costs, and other legal expenses. This amoum does ~: ~ :~:uludc a~orneys' fees tbr a salaried employee the Lender. To the extent pem~kted by the United S~ates Ba~run~c- Co , ............. ~ ~ ~': '.,'u~Sxgor agrees to the reasonable attorneys' lkes Lender incurs to collec~ the Secured Deb~ as awamca ay any court . 'r,_'ixin,, jurisdiction pay ~ under the Ba~ruptcy Code. This Security Instrument shall remain in eftkc~ until released. Mor~gan ~ ~s:u'c~ h~ pay for any recordation costs of such release. 10. EN~VIRON~,~NTAL LAWS AN~ HAZARDOUS SUBSTANCES. As ,~. i m dds section, (1) Environmemal Law means, wkhou~ l~itation, the Comprehensive Environmental Response, Compen. ¢; .~ uuu IJabilkv Ac~ (CERCLA, 42 U.S.C. 9601 et seq.) and ali other fkderal state and local laws regulations, ordh. ; u.~. uour~ orders altorne . · . interm'e~ive letters concerning t~e Public health salkt: w~lth ' , y general o talons Subs}ante means . ' ' . ' ' ' ~ Y, - 're envircu, ,. ,, P or any toxic, radioactive or hazardous m~*~;-~ ,,2 ..... ' ...... ~ hazardous substance; and }? HazardOus ....... ~, wa~t~, pom,~ ~z ,u cuntaminant which has charac ristics ch render the substance dangerous or potentially dangerous to the public ,' ?{h, ~ I~ty welfare or enviro~ent. The te~ includes, wffhout i~:itation, any substances defined as "hazardous m::~, ~I .... k)xic substances .... hazardous waste" or "hazardous substance" under any Envirox~ental Law. ' , Mortgagor represems, warrants and agrees that: A. Except as previously disclosed and ac~owledged in writing to Len.~ ;. nu J fazardous Substance is or Will be located stored or released on or in the Property. This restriction does not a ~ ' ,., .mxt .... are generaily recognized to be anDro~riate fa~ ~ ........ ~ ....... t ~ . . .. 11 quantities of Hazardous Substan tha~ i~_ ~ l~l ~l~ IIUIIII41 U~ aDa malln , u O } C~S B. ~xcept as previously disclosed and ac~owledged in writing to Lendu: ',I,u'ta'uaor and every tenant have been, are, and shall remain in full compliance with any applicable Environmental Law. ~ ~ C. Mortgagor shall ~ediately noti~ Lender if a release or threatened ~ 1.. ~.u ,,I' a t{azardous Substance occurs on, under or about the Property or there is a violation of any Enviro~ental ~ ,:. c,,ucerning the Property. In such an event, Mortgagor shall take all necessary remediaI action in accordance with a~t' ::.. :n)l]121cutal Law. D. Mortgagor shall i~ediately notif~ Lender in writing as soon as Mm'i, ,: u ha~ mason to believe there is any pending or threatened investigation, claM~, or proceeding relating to the release ux '~:ruuluncd release of any Hazardous Substance or the violation of any Environmental Law. ©1994 Bankers Systems, Inc., St. Cloud, /'aN Form OCP-REMTG.Wy 10/7/98 /page 3 of 4) '"! .... 11. 12. 13. 14. 15. 16. 17. 18. ESCROW FOR TAXES A~TD INSURAN('!<. ~qc~s otherwise provided in a s~parate agreement, Mortgagor ~ill not h: required to pay to Lender ~nds for taxes a~d h~,~:: :..c in ~scrow. JOINT AN~ INDIVIDUAL LIABILITY: ('(:' ~;~RS: SUCCESSORS AND ASSIGNS BOUt. All duties under this Security Instrument are joint and indNidual. ~ L~ ~xagor s~gns this Security Instrument but does not sign an evidence of debt, Mortgagor does so only to mortgage NJ,u~u:~ ' inter~st in the Property to secure payment of the Secured De~t and Mortgagor does not agree to b~ personMlv li:~t..'. ; ..,, the S~cured Debt. If this Security Instrument s~cures a gnaranty b~twecn Lender and Mortgagor, Mortgagor a~rc~ u, '.: c any rights that may prevent Lender from bringing any action or cla~u against ~ortgagor or any party indcNcd un~, ~ :he obligation. Thes~ rights may include, but ar~ not I~ited to, any anti-deficiency or one-action la~s. Thc dmiux u~ ~ uncfits of this S~curity Instrument shall ~nd and benefit the successors and assigns of Mortgagor and Lender. SEVERABILITY; INTERPRETATION. [h~ ~. ~ufity Instrument is complct~ and 5ally integrated. This Security Instrument may not 5e amended or modified by oral xu:u~':::. ::~. Any section in this Security Instrument, attachments, or any agreement related to the Secured Debt that conflicts '.~,~ ,: !'.licable law will not be effective, unless that law expressly or impliedly permits the variations by written agreemcn~ ~'. ~:~' section of this Security Instrument cannot be enforced according to its te~s, that section will be severed and will n,< t the enforceability of the remainder of this Security Instrument. Whenever used, the singular shall include the plural ai~] ~1'~ ;ural the singular. The captions and headings of the sections of this Security Instrument are for convenience only and aru ~.,~ ~'.c used to interpret or define the te~s of this Security Instrument, Time is of the essence in this Security Instrument. NOTICE. Unless otherwise required by lav., ,~: :x)tice shall be given by delivering it or by mailing it by first class mail to the appropriate party's address on parc' 1 (~! ~[~' ":-':urity Instrument, or to any other address designated in writing. Notice to one mortgagor will be deemed to be notice t(~ xll ~ r I~agors. WAIVERS. Except to the extent prohibiicd ~* ~. Mortgagor waives any right regarding the marshalling of liens and assets and all homestead exemption rights relating h~ ~..~ i, ,petty. LI~ OF C~DIT. The Secured Debt inciu~h' ~ revolving line of credit. Although the Secured Debt may be reduced to a zero balance, this Security Instrument will rcm:~;~ ~ effect until released. APPLICABLE LAW. This Security lns~ru',uc~'~ ~ ~overned by the laws as agreed to in the Secured Debt, except to the extent required by the laws of the jurisdiction where du: ~, ,~erty is located, and applicable federal laws and regulations. RIDERS. The covenants and agreements (~ ~':~ ,:' the riders checked below are i~corporated into and supplement and amend the te~s of this Security Instrument. [Check all applicable boxes] ~ Assignment of Leases and Rents ~? ()~hc~ ............................................................................................ 19. [] ADDITIONAL TERMS. SIGNATURES: By signing below, Mortgagor ~'; , [o the terms and covenants contained in this Security Instrument and in any attachments. Mortgagor also acknowledges receipt ,,i , ,~py of this Security Instrument on the date stated on page 1. ACKNOWLEDGMENT: STATE OF ..W.¥.OM N~. ..................... COUNTY OF. .~.~.. (-~_i G-/..k.~ ....................... ) (Individual) This instrument was acknowlud~cd .J.O.t:-[bl. by My commission expires: (Seal) LANCE P. ROBIt,4SO? UNCOLN MY-CO,MMtSSION ss. me this 22ND day of DE~EMB~.4~0. :77), ............. OMING .~ @1994 Bankers Systems, Inc., St. Cloud, MN Form OCP-[:! t,;; 7/98 /page 4 of 4) Home Equity Policy EXHIBIT "A" Parcel 1: A portion of Lot 3 of the Poplar Amended Subdivision, accordi~ , t,, tI~r~t plat flied April 12, 1983 as Instrument No. 595147 in the Office of the Lincoln County Clerk more par~' ~[::~'!v described as follows: Begim~ing at the Northwest Comer of said Section 33, T 33 N, i,~ '.~'< \\", 6tl~ P.M., Wyoming, and framing thence North 88039.5' East (S89°43'E Record) 198.42 feet, the~,, !-~,t~tll 00°09' West 1309.60 feet, thence North 89058.5' West 198 feet, thence North 00008' East Base B~.:~:i~t, I304.87 feet along west line of said Section 33 to the corner ofbegi~ming. EXCEPTING therefrom itt l'n~ct of record in the office of the Clerk of Lincoln County in Book 160 of P.R., on Page 12_3, lying in the S,; [i~xxc~t Corner of the foregoing parcel. Parcel 2: That certain Easement Agreement recorded 12/13/04, Book 574 !'. it.. I"~tge 504, records of Lincoln County, Wyoming.