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HomeMy WebLinkAbout908557 RECEIVED 5/19/2005 at 3:39 PM RECEIVING # 908557 BOOK: 585 PAGE: 685 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, VVY 00685 WYOMING OPEN-END MORTGAGE (Securing Future Advances) THIS MORTGAGE is given on May' 12th, 2005 0053577474 The mortgagor is DANNIE K. HADERLIE & TRUDY ANN HADERLIE, Husband & Wife This mortgageisgivento FIRST HORIZON HOME LOAN CORPORATION whose address is 4000 Horizon Way, Irving, Texas 75063 In this Mortgage, theterms"you","yours"re~rto the mortgagor(s). Theterms"we","us"and"our"re~rto FIRST HORIZON HOME LOAN CORPORATION Pursuant to a Home Equity Line of Credit Agreement and disclosures under the Federal Truth-In Lending Act dated the sane date as this Mortgage ("Agreement"), you may incur indebtedness in amounts fluctuating from time to time up to the MAX15'H3M PRINCIPAL SUM of NINETY TWO THOUSAND & 00/100 Dollars (U.S. $ 92,000.00). The Agreelnent provides tbr the full debt, if not paid earlier, to be paid by JUNE l, 2 0 2 5 You agree that this Mortgage shall continue to secure all sums now or hereafter advanced under the terms of the Agreement including, without limitation, such sums that are advanced to you whether or not at the time the sums are advanced there is any principal sum outstanding under the Agreement. This Mortgage secures to us: (a) the repayment of the debt evidenced by the Agreement, with interest, and all refinancings, renewals, extensions and modifications of the Agreement; Co) the payment of all other sums, with interest, advanced under paragraph 7 of this Mortgage to protect the security of this Mortgage; and (c) the performance of your covenants and agreements under this Mortgage and the Agreement. For this purpose and in consideration of the debt, you do hereby mortgage, grant and convey to us and our successors and assigns the property located in Lincoln County, Wyoming, to wit: All that tract or parcel of land as shown on Schedule "A" attached hereto which is incorporated herein and made a part hereof. WY HELOC FHHLC 03-04 I of 6 FH6D271 O0680 Which property has the address of: 5634 LINCOLN COUNTY ROAD 125, FREEDOM, WYOMING 83120 "Property Address". TOGETHER WITH ail the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Mortgage. All of the foregoing is referred to in this Mortgage as the "Property." YOU COVENANT that you are lawfully seized of the estate hereby conveyed and have the right to grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. You warrant and will defend generally the title to the Property against ail claims and demands, subject to any encumbrances of record. YOU AND WE covenant and agree as follows: 1. Payment of Principal, Interest and Other Charges. You shall pay when due the principal and interest owing under the Agreement and ail other charges due under the Agreement. 2. Payments of Taxes and Insurance. You will pay, when due, ail taxes, assessments, leasehold payments or ground rents (if any), and hazard insurance on the Property and mortgage insurance (if any). 3. Application of Payments. Unless applicable law provides otherwise, all payments received by us under the Agreement and paragraph 1 may be applied by us first to interest and other charges payable under the Agreement and then to the remairdng principai balance under the Agreement. 4. Prior Mortgages; Charges; Liens. You shail perform ail of your obligations under any mortgage, deed of trust or other security instruments with a lien which has priority over this Mortgage, including your covenants to make payments when due. You shail pay all taxes, assessments, charges, fines and impositions attributable to the Property which may attain priority over this Mortgage or any advance under this Mortgage, and leasehold payments or ground rents, if any. Upon our request, you shail promptly furnish to us ail notices of amounts to be paid under this paragraph and receipts evidencing any such payments you make directly. You shall promptly discharge any lien (other than a lien disclosed to us in your application or in any title report we obtained) which has priority over this Mortgage or any advance to be made under the Agreement or this Mortgage. 5. Hazard Insurance. You shail keep the Property insured against loss by fire, hazards included within the term "extended coverage" and any other hazards, including floods or flooding, for which we require insurance. This insurance shall be maintained in the amounts and for the periods that we require. You may choose any insurer reasonably acceptable to us. Insurance policies and renewals shall be acceptable to us and shall include a standard mortgage clause. If we require, you shail promptly give us ail receipts of paid premiums and renewal notices. You shail promptly notify the insurer and us of any loss. We may make proof of loss if you do not promptly do so. Insurance proceeds shall be applied to restore or repair the Property damaged, if restoration or repair is economically feasible and our security would not be lessened. Otherwise, insurance proceeds shall be applied to sums secured by this Mortgage, whether or not then due, with any excess paid to you. If you abandon the Property, or do not answer within 30 days our notice to you that the insurer has offered to settle a claim, then we may collect and use the proceeds to repair or restore the Property or to pay sums secured by this Mortgage, whether or not then due. The 30-day period will begin when notice is given. 0053577474 'WY HELOC FHHLC 03-04 2 of 6 FH6D272 Any application of proceeds to principal shall not require us to extend or postpone the due date of mdn~llyL~a~l~ents. If we acquire the Property at a forced sale following your default, your right to any insurance proceeds resulting from damage to the Property prior to the acquisition shall pass to us to the extent of the sums secured by this Mortgage innnediately prior to the acquisition. 6. Preservation and Maintenance of Property; Leaseholds. You shall not destroy, damage or substantially change the Property, allow the Property to deteriorate, or cormnit waste. If this Mortgage is on a leasehold, you shall comply with the lease. If you acquire fee title to the Property, the leasehold and tee title shall not merge unless we agree to the merger in writing. 7. Protection of Our Rights in the Property; Mortgage Insurance. If you fail to perform the covenants and agreements contained in this Mortgage, or there is a legal proceeding that ~nay significantly affect our rights in the Property (such as a proceeding in ba 'nkruptcy, probate, for condemnation or tbrfeiture or to enforce the laws or regulations), then we may do, and pay for, anything necessary to protect the Property's value and our rights in the Property. Our actions may include paying any sums secured by a lien which has priority over this Mortgage or any advance under the Agreement or this Mortgage, appearing in court, paying reasonable attorney's fees, paying any sums which you are required to pay under this Mortgage and entering on the Property to make repairs. We do not have to take any action we are permitted to take under this paragraph. Any amounts we pay under this paragraph shall become additional debts you owe us and shall be secured by this Mortgage. These amounts shall bear interest from the disbursement date at the rate established under the Agreement and shall be payable, with interest, upon our request. If we require mortgage insurance as a condition of ma 'king the loan secured by this Mortgage, you shall pay the premimns for such insurance until such time as the requirement for the insurance terminates. 8. Inspection. We may inspect the Property at any reasonable time and upon reasonable notice. 9. Condemnation. The proceeds of any award for damages, direct or consequential, in cormection with auy condemnation or other tak/ng of any part of the Property, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to us. 10. You Are Not Released; Forbem'ance by Us Not a Waiver. Extension of time for payment or modification of mnortization of the stuns secured by this Mortgage granted by us to any of your successors in interest shall not operate to release your liability or the liability of your successors in interest. We shall not be required to cormnence proceedings against any successor in interest, refuse to extend time for payment or otherwise modify mnortization of the sums secured by this Mortgage by reason of any demand made by you or your successors in interest. Our tbrbearance in exercising any right or remedy shall not waive or preclude the exercise of any right or remedy. 11. Successors and Assigns Bound; Joint and Several Liability; Co-Signers. The covenants and agreements of this Mortgage shall bind and benefit your successors and pem~itted assigns. Your covenants and agreements shall be joint and several. Anyone who co-signs this Mortgage but does not execute the Agreement: (a) is co-signing this Mortgage only to mortgage, grant and convey such person's interest in the Property; (b) is not personally obligated to pay the Agreement, but is obligated to pay all other stuns secured by this Mortgage; and (c) agrees that we and anyone else who signs this Mortgage may agree to extend, modify, forbear or make any accommodations regarding the terms of this Mortgage or the Agreement without such person's consent. 12. Loan Charges. If the loan secured by this Mortgage is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in com'~ection with the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from you which exceed permitted limits will be refunded to you. We may choose to make this refund by reducing the principal owed under the Agreement or by making a direct payment to you. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge under the Agreement. 0053577474 x?,ry HELOC FHHLC 03-04 3 of 6 FH6D273 13. Notices. Unless otherwise required by law, any notice to you provided for in this Mortgage shall be delivered or mailed by first class mail to the Property Address or any other address you designate by notice to us. Unless otherwise required by law, any notice to us shall be given by first class mail to our address stated above or any other address we designate by notice to you. 14. Governing Law; Severability. This Mortgage shall be governed by federal law and, except as preen-tpted by federal law, by the law of jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage or the Agreement conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Agreement which can be given effect without the conflicting provision. To this end the provisions of this Mortgage and the Agreement are declared to be severable. 15. Transfer of the Property. If all or any part of the Property or any interest in it is sold or transferred without our prior written consent, we may, at our option, require inunediate payment in full of all sums secured by this Mortgage. However, this option shall not be exercised by us if exercise is prohibited by federal law as of the date of this Mortgage. 16. Sale of Agn'eement; Change of Lo,tn Servicer. The Agreement or a partial interest in the Agreement (together with this Mortgage) may be sold one or more times without prior notice to you. A sale may result in a change in the entity (known as the "Loan Servicer") that collects monthly payments due under the Agreement and this Mortgage. There also may be one or more changes of the Loan Servicer unrelated to the sale of the Agreement. If there is a change of the Loan Servicer, you will be given written notice of the change as required by applicable law. The notice will state the mune and address of the new Loan Servicer and the address to which payments should be made. The notice will also contain any information required by applicable law. 17. Hazm-dous Substances. You shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances on or in the Property. You shall not do, nor allow anyone else to do, anything affecting the Property that is in violation of any Environmental Law. The preceding two sentences shall not apply to the presence, use or storage on the Property of Hazardous Substances in quantities that are generally recognized to be appropriate to normal residential uses and to mainte~mnce of the Property. You shall promptly give us written notice of any investigation, claim, demand, lawsuit or other action by any govermnental or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law of which you have actual knowledge. If you learn or are notified by any government or regulatory authority, tlmt any removal or other remediation of any Hazardous Substance affecting the Property is necessary, you shall promptly take all necessary remedial actions in accordance with Environmental Law. As used in this Mortgage, "Hazardous Substances" are those substances defined as toxic or hazardous substances by Enviro~m~ental Law and the following substances: gasoline, kerosene, other flatm-nable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials. As used in this Mortgage, "Environmental Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or environlnental protection~ 18. Acceleration; Remedies. You will be in default if (1) any payment required by the Agreement is not made when it is due; (2) we discove,- that you have committed fraud or made a material misrepresentation; or (3) you take any action or fail to take any action that adve,'sely affects ou,' security for the Agj-eement or any right we have in the Property. It' a default occurs, we will give you notice specifying: (a) the default; (b) the action required to cure the default; (c) a date not less than 30 days from the date the notice is given to you, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secm'ed by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice shall further inform you of any ,'ight to reiustate after acceleration and the right to assert in any foreclosure proceeding the non-existence of a default or any other defense you have to acceleration and foreclosu,'e. Il' the default is not cured on or before the date specified in the notice, we at our option may require immediate payment in full of all sums secured by this Mortgage without further demand and may foreclose this Mortgage by power of sale. 0053577474 WY HELOC PHHLC 03-04 4 of 6 FH6D~74 If we invoke the POWER OF SALE, we will give notice of intent to foreclose to you and to the person in possession of the Property, it' different, in accordance with applicable law. We will give notice of the sale to you in the manner provided in pm'agraph 13. We will publish the notice of sale, and the Property will be sold in the manner prescribed by applicable law. We or our designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Mortgage; and (c) any excess to the person or persons legally entitled to it. 19. Satisfaction. Upon your request and payment of all sums secured by this Mortgage, we shall cause the entry of satisfaction to be made upon the records of this Mortgage. You shall pay all costs and fees for entering the satisfaction upon the records of this Mortgage. 20. Riders to this Mortgage. If one or more riders are executed by you and recorded together with this Mortgage, the covenants and agreements of each such rider shall be incorporated into and shall anend and supplement the covenants agreements of this Mortgage as if the rider(s) were part of this Mortgage. [] Condomi~Jmn Rider [] 1-4 Family Rider []Planned Unit Development Rider [] Other(s) (specify) 21. Waiver of Homestead Exemption. You ,'u'e hereby releasing and waiving all rights under and by virtue of the homestead exemption laws of the State of Wyoming in the Property. Your waiver means that we may exercise all of our rights under this Security Instrument. Request for Notice of Default and Foreclosure Under Superior Mortgages or Deeds of Trust I(We) and Lender request the holder of any mortgage, deed of trust, or other encumbrance with a lien which has priority over this Security Iastrmnent to give notice to Lender, at Lender's address set forth on page one of this Security Instrmnent, of any default under the superior encumbrance and of any sale or other foreclosure action. 0053577474 wY HELOC FHHLC 03-04 5 of 6 FH6D275 BY SIGNING BELOW, you accept and agree to the temas and covenants contained in this Mortgage and any rider(s) executed by you and recorded with it. DANNIE K. HADERLIE , Mortgagor TRUDY ANN HADERLIE , Mortgagor , Mortgagor , Mortgagor / : STATE OF WYOMING, {.~~ County ss: The foregoing instrmnent was acknowledged before me this / 2)~ day of by DANNIE K. HADERLIE & TRUDY ANN HADERLIE WITNESS my hand and official seal. My Commission Expires: NOTARy fwJSUC Notary Public This Instrmnent Was Prepared By: FIRST HORIZON CORPORATION 3505 EAST OVERLAND DRIVE MERIDIAN, ID 83642 Aher Recording Please Return To: FHHLC - POST CLOSING MAIL ROOM 1555 W. WALNUT HILL LN. #200 MC IRVING, TX 75038 6712 0053577474 WY HELOC FHHLC 03-04 6 of 6 FH6D276 ~ 0 6 9 i EXHIBIT "A" 0053577474 Part of Section 33, T35N Rll9W of the 6th P.M., Lincoln County, Wyoming; being more particularly described as follows: BEGINNING at a point which is 699 'feet South from the Northwest corner of Lot 1 of said Section 33; thence East 145 feet; thence South 100 feet; thence West 145 feet; thence North 100 feet to the POINT OF BEGINNING.