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HomeMy WebLinkAbout90561231403 RECEIVED /4/2005 ;22 AM RECEIVING Ct 91: , ":Z BOOK: 576 P,-: 425 JEANNEW, ;~!ER LINCOLN COUNTY CLE,r.:; iEMMERER, WY State of Wyoming ;:~cc .\bore TMs Line For Recording Data MORTGAGE (With Future Advance Ci,: DATE ANT) PARTIES. The date of this Mortgage (Security Instru~:~ ~:t. i~ .1. 2.-.2. ~.-.2. .0. .0:~ ................................ and the parties, their addresses and tax identification numbers, if required, are a, r ! ,',', s: MORTGAGOR: JODY N. JENSEN AND NORA J. JENSEN, HUSBAND ..;ii} WIFE PO BOX 461 AFTON, WY 83110 [] If checked, refer to the attached Addendum incorporated hc'~ .:: h,r 'additional Mortgagors, their signatures and acknowledgments. LENDER: THE BANK OF STAR VALLEY ORGANIZED AND EXISTING UNDER THE LAWS OF 384 WASHINGTON STREET PO BOX 8007 AFTON, WY 83110 83-0315143 ~;I'ATE OF WYOMING CONWEYANCE. For good and valuable consideration, the receipt :~ ,:!t'icicncy of which is acknowledged, and to secure the Secured Debt (defined below) and Mortgager's performance undo.: :., !4ccuFiry Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with power of sale, the folk, ~,:' ,k%cribed property: SEE SCHEDULE "A" ATTACHED HERETO AND MADE A PART HEREOF The property is located in .............................. LI.N.C.O. LN ...................... at ,4.7..M..E.A~,W,..LAR. K...LAN,E ................. (County) ............................................................................. : ........ $; i i)F,i ..................... Wyoming ........ 8.3.!.! (~ ....... (Address) ' ~ (ZIP Code) Together with all rights, easements, appurtenances, royalties, mineral ~:. !~r,. oil and gas rights, all water and riparian rights, ditches, and water stock and all existing and fmure improvements, st~t~ ,: ~.:~. iixtm'cs, and replacements that may now, or at any time in the future, be part of the real estate described above (all refl::~ ~ :., ,s "Property"). MAXIi'vFUM OBLIGATION LIMIT. The total principal amount seem,. : ;,. /!tis Security Instrument at any one time shall not exceed $ .]..O,.00..0,.0.0 ........................................ This limitation ~, ,: ,unt docs not include interest and other fees and charges validly made pursuant to this Security Instrument. Also, this ! ~:,~[:[!i~,n does not apply to advances made under the terms of this Security Instrument to protect Lender's security and to F' ' d ~n :my of the covenants contained in this Security Instrumem. SECURED DEBT ANT) FUTURE ADVANCES. The term "Secured 1)¢ I.: is Jd'ined as follows: A. Debt incurred under the terms of all promissory note(s), contra..., '.:uaranty(s) or other evidence of debt described below and all their extensions, renewals, modificatiohs or sul, : ~i~(i~s. (You must xpecificaffy identi~ the debt(s) xecz~red and yon should include thefinal maturit date of.such (,~, ~ .,, ~/' ONE PROMISSORY NOTE DATED 12/22104 N T~E AMOUNT OF i~ (:r~o OO WYOMING - HOME EQUITY LINE OF CREDIT MORTGAGE [NOT FOR FNMA, FHLMC, FHA:; :;5) (page I of 4] ©1994 Bankers Sys'rems, Inc., St, Cloud, MN Form OCP-REMTG-Wy 10/7/98 All future advances from Lender to Mortgagor or other future :~,,~s oI' Mortgagor to Lender under any promi:~sory note, contract, guaranty, or other evidence of debt executed by' .'!, .,:~?,,t' in favor of Lender executed after this Security Instrument whether or not this Security Instrument is specifical]: '. ';c~ccd. If more than one person signs this Security Instrument, each Mortgagor agrees that this Security Instrumc;;: ~ll ~ccurc all future advances and future obligations that are given to or incurred by any one or more Mortgagor. ,~v.. one or more Mortgagor and others. All future advances and other fl:lure obligations are secured by this Sect~: I~rumcnt even though all or part may not yet be advanced. All future advances and other future obligations are s~ ~, i :~ il' made on the date of this Security Instrument. Nothing in this Security Instrument shall constitute a commitmc~,: ~, m:tt:c additional or future loans or advances in any amount. Any such commitment must be agreed to in a separate w~ ]~, All other obligations Mortgagor owes to Lender, which may la'.~, :,~ ~sc, t,/ the extent not prohibited by law, including, but not limited to, liabilities for overdrafts relating to any deposit :~, ~:'.u :~grccment between Mortgagor and Lender. All additional snms advanced and expenses incurred by Lend,~ :~,: insuring, preserving or otherwise protecting the Property and its value and any other sums advanced and expe~- 5:l~c~'rcd by Lender under the terms of this Security Instrument. In the event that Lender fails to provide any necessary notice of ~i,_~ln o[ rescission with respect to any additional indebtedness secured under paragraph B of this Section, Lender wai. ,~v subsequent security interest in thk Mortgagor's principal dwelling that is created by this Security Instrument (but do~ , . ,.v:~ivc the security interest for the debts referenced in paragraph A of this Section). MORTGAGE COVENANTS. Mortgagor agrees that the covenants ~:; ,, ~cction are material obligations under the Secured Debt and this Security Instrument. If Mortgagor breaches any covem:~,, ~, ~l~i~ section, Lender may refuse to make additional extensions of credit and reduce the credit limit. By not exercising eith,~~ ;~:dv 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 Del, iii I,c 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 s ,~:,~. security agreement or other lien document that created a prior security interest or encumbrance on the Property, hl,~ :~:~' agrees to make all payments when due and to perform or comply with all covenants. Mortgagor also agrees not to a'. ,i~v m¢:dification or extension of, nor to request any f~ture advances under any note or agreement secured by the lien docum~ ~ . i',l,,m l.cnder's prior written approval. Claims Against Title. Mortgagor wilt pay all taxes, assessments, lie~. ~,'~,uhr'ances, lease payments, ground rents, utilities, and other charges relating to the Property when due. Lender may reel: ',.l,,~sagor to provide to Lender copies of all notices that such amounts are due and the receipts evidencing Mortgagor'~ : ~i~.ut. Mortgagor will defend title to the Property against any claims that would impair the lien of this Security Instrun . ?,i~,ngagor agrees to assign to Lender, as requested by Lender, any rights, claims or defenses Mortgagor may have agai'.~ i,:t'.tics who supply labor or materials to maintain or improve the Property. Property Condition, Alterations and Inspection. Mortgagor will k~ i [1~<' Pn)pcrty in good condition and make all repairs that are reasonably necessary. Mortgagor shall not commit or allow :~:: ...tstc, impairment, or deterioration of the Property. Mortgagor agrees that the nature of the occupancy and use will ~: t~i,,t:tntially change without Lender's prior written consent. Mortgagor will not permit any change in any license, restric:~ .,,'..c~mnt or easement without Lender's prior written consent. Mortgagor will notify Lender of all demands, proceedings, ~:: , ~, :,~cl actions against Mortgagor, and of any loss or damage to the Property. Lender or Lender's agents ma5', at Lender's option, enter the Propertl ; ~m: t'casonable time for the purpose of inspecting the Property. Lender shall give Mortgagor notice at the time of or befl, ,'.~ :',spcction specifying a reasonable purpose for the inspection. Any inspection of the Property shall be entirely for L,~., i', bom:fit and Mortgagor will in no way rely on Lender's inspection. Authority to Perform. If Mortgagor fails to perform any duty or an [!~c covenants contained in this Security Instrument, Lender may, without notice, perform or cause them to be performed ~ ,~t.2~tgor appoints Lender as attorney in fact to sign Mortgagor's name or pay any amount necessary for perIbrmance. Lc~ !, ~ s tight to perform for Mortgagor shall not create an obligation to perform, and Lender's failure to perlbrm will not precl: I ~'~dcr from exercising any of Lender's other rights under the law or this Security Instrument. Leaseholds; Condominiums; Planned Unit Developments. Mortgal:,, :l?~ccs to comply with the provisions of any lease if this Security Instrument is on a leasehold. If the Property includes ~ :~: t~ a condominium or a planned unit development, /vlortgagor will perform all of Mortgagor's duties under the covenant> ht',,.s, or regulations of the condominium or pla~med unit development. Condemnation. Mortgagor will give Lender prompt notice of any pe~ ~ :: ,:,~ t lu'catened action, by private or public entities to purchase or take any or all of the Property through condemnation, etl~i2 ~,! d,,main, or any other means. Mortgagor authorizes Lender to intervene in Mortgagor's name in any of the above descri!~ ] :~c~i~ms or claims. Mortgagor assigns to Lender the proceeds of any award or claim fbr damages connected with a conden::: .:,t~ ~' other taking of all or any part of the Property. Such proceeds shall be considered payments and will be applied as I' i~.~! i:~ this Security Instrument. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, sc=., '. :,::~'ccmcnt or other lien document. Insurance. Mortgagor shall keep Property insured against loss by i:: i~.~d, theft and other hazards and risks reasonably associated with the Property due to its type and location. This insuran , .15:~11 l,c maintained in the amounts and for the periods that Lender requires. The insurance carrier providing the insurance sl~:i ,' ~. h~scn by Mortgagor subject to Lender's approval, which shall not be u~easonably withheld. If Mortgagor fails to ~,,: ~n thc coverage described above, !.ender may, at Lender's option, obtain coverage to protect Lender's rights in the Propc; ' .',',,:-ding to the terms of this Security Instrument. All insurance policies and renewals shall be acceptable to Lender anl !,ti include a standard "mortgage clause" and, where applicable, "loss payee clause." Mortgagor shall immediately notify [ ,Icr of cancellation or termination of the insurance. Lender shall have the right to hold the policies and renewals. If Lend= :'qtfi:cs, Mortgagor shall immediately give to Lender al1 receipts of paid premiums and renewal notices. Upon loss, Mortg:, .. ~ <hall give immediate notice to the insurance carrier and Lender. Lender may make proof of loss if not made immediately b'..: ,~ ~:~:~?r. Unless otherwise agreed in writing, all insurance proceeds sh:,il l,c applied to the restoration or repair of the Property or to the Secured Debt, whether or not then due, ~ !crxJcr's option. Any application of proceeds to ©1994 Bankers Systems, Inc., St. Cloud, MN Form OCP-REMTG-WY 10/7/98 fpage 2 of 4) 0 a 2 7 principal shall not extend or postpone the due date of the scheduled i ~,:~t nor change the amount of any payment. Any excess will be paid to the Mortgagor. If the Property is acquired by ! , :,;..,...\Ior[gagor's right to any insurance policies and proceeds resulting from damage to the Property before the acquisitic~r: ~m'.! p:tss to Lender to the extent of the Secured Debt inunediately before the acquisition. Financial Reports and Additional Documents. Mortgagor will pr~,' :,~ !.cnder upon request, any financial statement or information Lender may deem reasonably necessary. Mortgagor agrc,.. ,.i?n, deliver, and hle any additional documems or certifications that Lender may consider necessary to perfect, conh ,;. ~tnd 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 balanc~ , :: thc Secured Debt to be immediately due and payable upon the creation of, or contract for the creation of, a transfer or sa!~-;,~ [!?.' I'ropcrty. 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 occu:i Fraud. Any Consumer Borrower engages in fraud or material misrep~, , ::m[i~,n 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 ,~.,, ,.~t.J home equity plan fails to make a payment when dne. Property. Any action or inaction by the Borrower or Mortgagor occur. :[: :t,Jvcrsely affects the Property or Lender's rights in the Property. This includes, but is not limited to, the following: (a~, i ,~rg;~z,,~>~' fails to maintain required insurance on the Property; (b) Mortgagor transfers the Property; (c) Mortgagor co~: : , v. astc or otherwise destructively uses or fails to maintain the Property such that the action or inaction adversely at(cc'. , r~,.l~_'r's security; (d) Mortgagor fails to pay taxes on the Property or otherwise fails to act and thereby causes a lien to be ~: x?_nillst the Property that is senior to the lien of this Security Instrument; (e) a sole Mortgagor dies; (t) if more than one :. :' ~:,.~or, any Mortgagor dies and Lender's security is adversely affected; (g) the Property is taken through eminent domain. > :~ iudglnent is filed against Mortgagor and subjects Mortgagor and the Property to action that adversely affects Lendc~ ~:.,~.rcst; 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 : ,~: :tl'i'iliate arid such Borrower becomes indebted to Lender or another lender in an aggregate amount greater than the amoun~ :'.:~ttcd under federal laws and regulations. RENIEDIES ON DEFAULT. In addition to any other remedy avail' ,~ndcr the terms of this Security Instrument, Lender may accelerate the Secured Debt and foreclose this Security Instrument :: :~ ~mnm.:r provided by law if Mortgagor is in default. In some instances, federal and state law will require Lender to pro', ~,!, ',l,,~tg:~gor 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 ax, [~u~'.,..:cs, accrued interest and principal shall become irmnediately due and payable, after giving notice if required by la,,,..', ;ri' ~ Ibc occurrence of a default or anytime thereafter. Lender shall be entitled to, without limitation, the power to sell the Proi., ':i. The acceptance by Lender of any sum in payment or partial payn?: .:~ thc Secured Debt after the balance is due or is accelerated or after foreclosure proceedings are filed shall not constitt: ' '.,,:~i',cr of Lender's right to require complete cure of any existing default. By not exercising any remedy on Mortgagor's !. ::~['.it, I.cnder does not waive Lender's right to later consider the event a default if it happens again. EXPENSES; ADVANCES ON COVENANTS; ATTORlXTEYS' FEi {'()IA~ECTION COSTS. If Mortgagor breaches any covenant in this Security Instrument, Mortgagor agrees to pay all ~:. [:.c, l.coder incurs in performing such covenants or protecting its security interest in the Property. Such expenses inclu, ,,n :u'c not limited to, fees incurred for inspecting, preserving, or otherwise protecting the Property and Lender's securi['. ::,'. :~'s[. 'i'hcse expenses are payable on demand and will bear interest from the date of payment until paid in full at the higher: , ;. ,~I interest in effect as provided in the terms of the Secured Debt. Mortgagor agrees to pay all costs and expenses in: ', i;':,' Lender in collecting, enforcing or protecting Lender's rights and remedies under this Security Instrument. This ,,.tm may include, but is not limited to, reasonable attorneys' fees, court costs, and other legal expenses. This amount d ::,'. include attorneys' fees for a salaried employee of the Lender. To the extent permitted by the United States Bankruptcy ' ~. 5,1ortgagor agrees to pay the reasonable attorneys' fees Lender incurs to collect the Secured Debt as awarded by any c~ : ,.:.tc-rcising jurisdiction under the Bankruptcy Code. This Secnrity Instrument shall remain in effect until released. Mo:: .,,: :tgrces to pay for any recordation costs of such release. 10. ENVIRONMENTAL LAWS ANI) HAZAPJDOUS SUBSTANCES. . ~'.~,~.~1 in this section, (1) Envirormmntai Law means, withont limitation, the Comprehensive Enviromnental Response, C(_x~:i : :,:t[~,.m ttnd Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), and all other federal, state and local laws, regulations, ,.~ i~::[~ccs, court orders, attorney general opinions or interpretive letters concerning the public health, safety, welfare, crv ~ ~'nt or a hazardous substance; arid (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, i [xmnt c)r contaminant which has characteristics which render the substance dangerous or potentially dangerous to the pt!i i i~_:xlth, safety, welfare or envirormtent. The term includes, without limitation, any snbstances defined as "hazardo[~ ::[[~'rixl," "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 I,. ' ;~.i:::, no Hazardous Substance is or will be located, stored or released on or in the Property. This restriction does n; ['. [ !'/ to small quantities of Hazardous Substances that are generally recognized to be appropriate for the nonnaI use and :, ,~?~,_'mmcc of the Property. B. Except as previously disclosed and ac~lowledged in writing to, ! ',,!,r, Mortgagor and every tenant have been, are, and shall remain in full compliance with any applicable Environment:~i C. Mortgagor shall immediately notify Lender if a release or thrc:~; ,..,i ~clcz~se of a Hazardous Substance occurs on, under or about the Property or there is a violation of any Envirog.~: t :d Imw concerning the Property. In such an event, Mortgagor shall take all necessary remedial action in accordance [~ ,~'~ ISovironmental Law. D. Mortgagor shall in-mmdiately notify Lender in writing as soon :?, , i; ,~rs~tgor has reason to believe there is any pending or threatened investigation, claim, or proceeding relating to the rci:~ .. ,,~ du'eatened release of any Hazardous Substance or the violation of any Environmental Law. ©1994 Bankers Systems, lac,, St. Cloud, MN Form OCP-REMTG-WY ~0/7/98 (page 3 of 4) 11. ESCROW FOR TAXES AND INSURANCE. U~less otherwise pru i i~ ~ separate agreement, Mortgagor will ~,kot be required to pay to Lender funds for taxes and insurance in escrow. 12. JOINT AN~D INq)IVIDUAL LIABILITY; CO-SIGNERS; SUCCES! ~i ~\Y]) ASSIGNS BOUNqD. All duties under this Security Instrument are joint and individual, if Mortgagor signs this Sc~ :~ :~, l~I:~ment but does not sign an evidence of debt, Mortgagor does so only to mortgage Mortgagor's interest in the t':..,~v, to secure payment of the Secured Debt and Mortgagor does not agree to be personally liable on the Secured Debl. '~,,~ qccurity Instrument secures a guaranty between Lender and Mortgagor, Mortgagor agrees to waive any rights that ~:: I :,:',c~t [.ender from bringing any action or claim against Mortgagor or any party indebted under the obligation. TI-, ~: ~i~h~s may include, but are not limited to, any anti-deficiency or one-action laws. The duties and benefits of this Secu~ [~rmncnt shall bind and benefi~ the successors and assigns of Mortgagor and Lender. 13. SEVERABILITY; INTERPRETATION. This Security Insmm~ent is !c~c and futly integrated. This Security Instrument may not be amended or modified by oral agreement. Any section in t! ~,.c~F~y Instrument, attachments, or any agreement related to the Secured Debt that conflicts with applicable law wit1 z~,~ ,. ,,:li:c!ivc, unless that law expressly or impliedly permits the variations by written agreement. If any section of this S~ :~i'. }~Irument cannot be enforced according to its terms, that section will be severed and will not affect the enforceability . !c ~cm:dnder of this Security Instrument. Whenever used, the singular shall include the plural and the plural the singular. Ti, ~,'~,~s and headings of the sections of this Security Instrument are for convenience only and are not to be nsed to interpre~.: ~.','i~c tl~c 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 givc:, ,k. livcring it or by mailing it by first class mail to the appropriate party's address on page 1 of this Security Instrument,., , :,l:'. other address designated in writing. Notice to one mortgagor will be deemed to be notice to all mortgagors. 15. VVAIVERS. Except to the extent prohibited by law, Mortgagor waives t i&zl,,t 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 c': ~: \Ithc~ugh the Secured Debt may be reduced to a zero balance, this Security Instrument will remain in effect until released 1'7. APPLICABLE LAW. This Security Instrument is governed by the lax:. :,?~'ccd to in the Secured Debt, except to the extent required by the laws of the jurisdiction where the Property is located, and ; ii~:~hlc l'cderal laws and regulations. t8. RIDERS. The covenants and agreements of each of the riders checked ~ .... ~.'c i~corporated into and snpplement and amend the terms of this Security Instrument. [Check all applicable boxes] ~ Assig~m~ent of Leases and Rents E3 Other .......................................................................................... 19. [] ADDITIONAL TERMS. SIGNATURES: By signing below, Mortgagor agrees to the terms and co',: ~,, c',,nt'aincd in this Security Instrument and in any attact~e-nt~,. Mortgagor also acknowledges receipt of a copy of this Security I:: . :~,:~ on the date stated on page 1. < ,.' '> ........................ ..... 0,~d~,~> This instrument was ac~ow]ed~ed before me this ...... 22ND ©1994 Bankers Systems. Inc, St. Cloud, MN Form OCP-REMTG-WY 10/7/98 . :-:-(,~age 4 of 4) Home Equity Policy 040.9 EXHIBIT "A" Part of the SE1/4SE1/4 of Section 30~ ~',-,,r 6th l~, R118W of the P..',. particularly described as follows' County, Wyoming being more BEG1-NNiNG at the Northeast comer of said SEt/4SE1/4 and rum~: Way Highway 89 North; Thence N 41© 34' W, 550; Thence East 360 feet, more or less to the point of beginning. ' ~i~' cc South 412 feet to the Right-of-